# EDGAR Filing Document

**Accession Number:** 0002083410
**File Stem:** 0001193125-25-322560
**Filing Date:** 2025-12
**Character Count:** 1942176
**Document Hash:** 5a77e9e4bb0f61e1381a0020ce57cf08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-322560.hdr.sgml**: 20251217

**ACCESSION NUMBER**: 0001193125-25-322560

**CONFORMED SUBMISSION TYPE**: SF-3/A

**PUBLIC DOCUMENT COUNT**: 23

**FILED AS OF DATE**: 20251217

**DATE AS OF CHANGE**: 20251217

**ABS ASSET CLASS**: Auto leases

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Porsche Auto Funding LLC
- **CENTRAL INDEX KEY:** 0001541507
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 451846995
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290988
- **FILM NUMBER:** 251578808

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
- **BUSINESS PHONE:** (770) 290-2004

**MAIL ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Porsche Leasing Ltd.
- **CENTRAL INDEX KEY:** 0002083410

**ORGANIZATION NAME:**
- **EIN:** 364114978
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SF-3/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290988-01
- **FILM NUMBER:** 251578809

**BUSINESS ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354
- **BUSINESS PHONE:** (770) 290-2004

**MAIL ADDRESS:**
- **STREET 1:** 1 PORSCHE DRIVE
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30354

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on December 17, 2025** 

**Registration No. 333-290988** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**———————————** 

**FORM SF-3/A** 

**REGISTRATION STATEMENT** 

**UNDER** 

**THE SECURITIES ACT OF 1933** 

**<u>PORSCHE AUTO FUNDING LLC</u>** 

**as depositor to the issuing entities described herein** 

**<u>PORSCHE LEASING LTD.</u>** 

**as issuing entity with respect to the Transaction SUBI Certificates** 

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **Porsche Auto Funding LLC** | **45-1846995** |
| **Delaware** | **Porsche Leasing Ltd.** | **36-4114978** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | (I.R.S. Employer Identification Number) |

---

---

| | |
|:---|:---|
| Commission File Number of depositor: | 333-290988 |
| Central Index Key Number of depositor: | 0001541507 |
| Central Index Key Number of sponsor: | 0002003320 |

---

**<u>Porsche Financial Services, Inc.</u>** 

(Exact name of sponsor as specified in its charter)

**One Porsche Drive** 

**Atlanta, Georgia 30354** 

**(770) 290-2004** 

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Tobias Hausladen** 

**One Porsche Drive** 

**Atlanta, Georgia 30354** 

**(770) 290-2004** 

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

***Copies To:***

---

| | |
|:---|:---|
| **Stuart M. Litwin, Esq.**<br> **Mayer Brown LLP** | **Melissa L. Kilcoyne, Esq.**<br> **Mayer Brown LLP** |
| **71 S. Wacker Drive**<br> **Chicago, IL 60606**<br> **(312) 782-0600** | **71 S. Wacker Drive**<br> **Chicago, IL 60606**<br> **(312) 782-0600** |

---

**Approximate date of commencement of proposed sale to the public**: From time to time after this registration statement becomes effective, as determined by 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: [X]

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 AN AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.** 

------

##### [**Table of Contents**](#toc)
The information in this preliminary prospectus is not complete and may be changed. We may not deliver the notes described in this preliminary prospectus until we deliver a final prospectus. This preliminary prospectus is not an offer to sell the notes and is not soliciting an offer to buy the notes and there shall not be any sale of the notes in any jurisdiction where such offer, solicitation or sale is not permitted.

**Subject to Completion, dated [_______] [•], 20[•]** 

**PROSPECTUS**![LOGO](g28459g57e82.jpg)

**$[•]** 

**Porsche Innovative Lease Owner Trust 20[•]-[•]** 

**Issuing Entity** 

**Central Index Key Number: [ ]** 

---

| | |
|:---|:---|
| **Porsche Auto Funding LLC**<br> **Depositor**<br> **Central Index Key Number: 0001541507** | **Porsche Financial Services, Inc.**<br> **Sponsor and Servicer**<br> **Central Index Key Number: 0002003320** |

---

**Porsche Innovative Lease Owner Trust 20[•]-[•] will issue the following asset-backed notes:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. |  |  | **Initial Principal**<br> **Amount<sup>(1)(2)</sup>** | **Interest Rate<sup>(3)</sup>** | **Final Scheduled<br>Payment Date** |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Class A-1 Notes |  | $[•] | [•]% | [•] |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Class A-2[a] Notes<sup>(4)</sup> |  |  | [•]% | [•] |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | [Class A-2b Notes]<sup>(4)</sup> | } | $[•] | [SOFR Rate][Insert<br> Other Benchmark Rate]<br> + [•]%<sup>(5)(6)</sup> | [•] |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Class A-3 Notes |  | $[•] | [•]% | [•] |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Class A-4 Notes |  | $[•] | [•]% | [•] |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | [Class B Notes] |  | $[•] | [•]% | [•] |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Total |  | $[•] |  |  |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. |  |  | **Price to Public<sup>(7)</sup>**  | <br> **Underwriting**<br> **Discount** | **Proceeds to<br>the Depositor** |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Per Class A-1 Note |  | [•]% | [•]% | [•]% |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Per Class A-2[a] Note |  | [•]% | [•]% | [•]% |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | [Per Class A-2b Note] |  | [•]% | [•]% | [•]% |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Per Class A-3 Note |  | [•]% | [•]% | [•]% |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Per Class A-4 Note |  | [•]% | [•]% | [•]% |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | [Per Class B Note] |  | [•]% | [•]% | [•]% |
| &nbsp;&nbsp;&nbsp; **You should carefully read the<br>risk factors set forth under<br>"Risk Factors" beginning on<br>page [•] of this prospectus.**<br>The notes are asset backed<br>securities. The notes will be the<br>obligation solely of the issuing<br>entity and will not be obligations<br>of or guaranteed by Porsche<br>Financial Services, Inc., Porsche<br>Leasing Ltd., Porsche Funding<br>Limited Partnership, Porsche<br>Auto Funding LLC, the<br>underwriters or any of their<br>affiliates. | Total |  | $[•] | $[•] | $[•] |
|  | <br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.]<br> <sup>(2)</sup> [Approximately [5]% of each class of notes will be retained by the depositor or one or more majority-owned affiliates of the sponsor.]<br> <sup>(3)</sup> The interest rate for each class of notes will be a fixed rate, a floating rate or a combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.<br> <sup>(4)</sup> [The allocation of the aggregate initial principal amount of the [Class A-2 notes] between the [Class A-2a notes] and the [Class A-2b notes] will be determined no later than the day of pricing.]<br> <sup>(5)</sup> The Class A-2b notes will accrue interest at a floating rate based on a benchmark plus a spread. The benchmark initially will be [the "SOFR Rate"][Insert Other Benchmark Rate]. However, the benchmark may change in certain situations. For more information on how interest will be calculated on the Class A-2b notes and the circumstances under which the benchmark may change, see "*The Notes—Payments of Interest*" in this prospectus. [NOTE: For illustrative purposes, the prospectus contemplates that the Class A-2b notes will accrue interest at a floating rate based on 30-day average secured overnight financing rate (the "SOFR Rate"). In a particular transaction, there may be no floating rate notes issued or different classes of notes may accrue interest at a floating rate and that floating rate of interest may be based on an alternative index (other than LIBOR), including, for example, another SOFR-based rate such as Term SOFR or SOFR in arrears, or a rate derived from BSBY or Ameribor.]<br> <sup>(6)</sup> [If the sum of [SOFR Rate][Insert Other Benchmark Rate] + [•]% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2b notes, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.]<br> <sup>(7)</sup> Plus accrued interest, if any, from the closing date. | <br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.]<br> <sup>(2)</sup> [Approximately [5]% of each class of notes will be retained by the depositor or one or more majority-owned affiliates of the sponsor.]<br> <sup>(3)</sup> The interest rate for each class of notes will be a fixed rate, a floating rate or a combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.<br> <sup>(4)</sup> [The allocation of the aggregate initial principal amount of the [Class A-2 notes] between the [Class A-2a notes] and the [Class A-2b notes] will be determined no later than the day of pricing.]<br> <sup>(5)</sup> The Class A-2b notes will accrue interest at a floating rate based on a benchmark plus a spread. The benchmark initially will be [the "SOFR Rate"][Insert Other Benchmark Rate]. However, the benchmark may change in certain situations. For more information on how interest will be calculated on the Class A-2b notes and the circumstances under which the benchmark may change, see "*The Notes—Payments of Interest*" in this prospectus. [NOTE: For illustrative purposes, the prospectus contemplates that the Class A-2b notes will accrue interest at a floating rate based on 30-day average secured overnight financing rate (the "SOFR Rate"). In a particular transaction, there may be no floating rate notes issued or different classes of notes may accrue interest at a floating rate and that floating rate of interest may be based on an alternative index (other than LIBOR), including, for example, another SOFR-based rate such as Term SOFR or SOFR in arrears, or a rate derived from BSBY or Ameribor.]<br> <sup>(6)</sup> [If the sum of [SOFR Rate][Insert Other Benchmark Rate] + [•]% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2b notes, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.]<br> <sup>(7)</sup> Plus accrued interest, if any, from the closing date. | <br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.]<br> <sup>(2)</sup> [Approximately [5]% of each class of notes will be retained by the depositor or one or more majority-owned affiliates of the sponsor.]<br> <sup>(3)</sup> The interest rate for each class of notes will be a fixed rate, a floating rate or a combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.<br> <sup>(4)</sup> [The allocation of the aggregate initial principal amount of the [Class A-2 notes] between the [Class A-2a notes] and the [Class A-2b notes] will be determined no later than the day of pricing.]<br> <sup>(5)</sup> The Class A-2b notes will accrue interest at a floating rate based on a benchmark plus a spread. The benchmark initially will be [the "SOFR Rate"][Insert Other Benchmark Rate]. However, the benchmark may change in certain situations. For more information on how interest will be calculated on the Class A-2b notes and the circumstances under which the benchmark may change, see "*The Notes—Payments of Interest*" in this prospectus. [NOTE: For illustrative purposes, the prospectus contemplates that the Class A-2b notes will accrue interest at a floating rate based on 30-day average secured overnight financing rate (the "SOFR Rate"). In a particular transaction, there may be no floating rate notes issued or different classes of notes may accrue interest at a floating rate and that floating rate of interest may be based on an alternative index (other than LIBOR), including, for example, another SOFR-based rate such as Term SOFR or SOFR in arrears, or a rate derived from BSBY or Ameribor.]<br> <sup>(6)</sup> [If the sum of [SOFR Rate][Insert Other Benchmark Rate] + [•]% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2b notes, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.]<br> <sup>(7)</sup> Plus accrued interest, if any, from the closing date. | <br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.]<br> <sup>(2)</sup> [Approximately [5]% of each class of notes will be retained by the depositor or one or more majority-owned affiliates of the sponsor.]<br> <sup>(3)</sup> The interest rate for each class of notes will be a fixed rate, a floating rate or a combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.<br> <sup>(4)</sup> [The allocation of the aggregate initial principal amount of the [Class A-2 notes] between the [Class A-2a notes] and the [Class A-2b notes] will be determined no later than the day of pricing.]<br> <sup>(5)</sup> The Class A-2b notes will accrue interest at a floating rate based on a benchmark plus a spread. The benchmark initially will be [the "SOFR Rate"][Insert Other Benchmark Rate]. However, the benchmark may change in certain situations. For more information on how interest will be calculated on the Class A-2b notes and the circumstances under which the benchmark may change, see "*The Notes—Payments of Interest*" in this prospectus. [NOTE: For illustrative purposes, the prospectus contemplates that the Class A-2b notes will accrue interest at a floating rate based on 30-day average secured overnight financing rate (the "SOFR Rate"). In a particular transaction, there may be no floating rate notes issued or different classes of notes may accrue interest at a floating rate and that floating rate of interest may be based on an alternative index (other than LIBOR), including, for example, another SOFR-based rate such as Term SOFR or SOFR in arrears, or a rate derived from BSBY or Ameribor.]<br> <sup>(6)</sup> [If the sum of [SOFR Rate][Insert Other Benchmark Rate] + [•]% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2b notes, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.]<br> <sup>(7)</sup> Plus accrued interest, if any, from the closing date. | <br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.]<br> <sup>(2)</sup> [Approximately [5]% of each class of notes will be retained by the depositor or one or more majority-owned affiliates of the sponsor.]<br> <sup>(3)</sup> The interest rate for each class of notes will be a fixed rate, a floating rate or a combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.<br> <sup>(4)</sup> [The allocation of the aggregate initial principal amount of the [Class A-2 notes] between the [Class A-2a notes] and the [Class A-2b notes] will be determined no later than the day of pricing.]<br> <sup>(5)</sup> The Class A-2b notes will accrue interest at a floating rate based on a benchmark plus a spread. The benchmark initially will be [the "SOFR Rate"][Insert Other Benchmark Rate]. However, the benchmark may change in certain situations. For more information on how interest will be calculated on the Class A-2b notes and the circumstances under which the benchmark may change, see "*The Notes—Payments of Interest*" in this prospectus. [NOTE: For illustrative purposes, the prospectus contemplates that the Class A-2b notes will accrue interest at a floating rate based on 30-day average secured overnight financing rate (the "SOFR Rate"). In a particular transaction, there may be no floating rate notes issued or different classes of notes may accrue interest at a floating rate and that floating rate of interest may be based on an alternative index (other than LIBOR), including, for example, another SOFR-based rate such as Term SOFR or SOFR in arrears, or a rate derived from BSBY or Ameribor.]<br> <sup>(6)</sup> [If the sum of [SOFR Rate][Insert Other Benchmark Rate] + [•]% is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b notes for such interest accrual period will be deemed to be 0.00%. For a description of how interest will be calculated on the Class A-2b notes, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.]<br> <sup>(7)</sup> Plus accrued interest, if any, from the closing date. |

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• The notes are payable solely from the assets of the issuing entity, which consist primarily of a special unit
of beneficial interest, or "SUBI", in a portfolio of retail closed-end motor vehicle lease contracts and the related leased vehicles (the "**Transaction SUBI** "), payments due on the
lease contracts, proceeds from the sale of the leased vehicles, and funds on deposit in the reserve account.

• The issuing entity will pay interest on and principal of the notes on the [•] day of each month, or, if
the [•] day is not a business day, the next business day, starting on [__________][•], 20[•].

• Credit enhancement for the notes offered hereby will consist of [a reserve account funded with an initial
deposit of not less than [•]% of the aggregate securitization value of the leases and leased vehicles allocated to the Transaction SUBI as of the cut-off date, [excess spread and]]
[overcollateralization], and, in the case of each class of the offered notes (other than the Class [B] notes), the subordination of certain payments to the noteholders of less senior classes of notes.

• The issuing entity will also issue a non-interest bearing certificate
representing an equity interest in the issuing entity, which is not being offered hereby.

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

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| | | |
|:---|:---|:---|
| **UNDERWRITERS** | **UNDERWRITERS** | **UNDERWRITERS** |
| **[•]** | **[•]** | **[•]** |

---

**The date of this prospectus is [__________] [•], 20[•].** 

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  **[WHERE TO FIND INFORMATION IN THIS PROSPECTUS](#tx28459_1)** | **v** |
|  **[WHERE YOU CAN FIND ADDITIONAL INFORMATION](#tx28459_2)** | **v** |
|  **[REPORTS TO NOTEHOLDERS](#tx28459_3)** | **v** |
|  **[WHERE YOU CAN FIND MORE INFORMATION ABOUT YOUR NOTES](#tx28459_4)** | **vi** |
|  **[INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE](#tx28459_5)** | **vi** |
|  **[NOTICE TO INVESTORS: UNITED KINGDOM](#tx28459_6)** | **vii** |
|  **[NOTICE TO INVESTORS: EUROPEAN ECONOMIC AREA](#tx28459_7)** | **vii** |
|  **[SUMMARY OF STRUCTURE AND FLOW OF FUNDS](#tx28459_8)** | **ix** |
|  **[SUMMARY OF TERMS](#tx28459_9)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE PARTIES](#tx28459_10)** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE OFFERED NOTES](#tx28459_11)** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE CERTIFICATES](#tx28459_12)** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INTEREST AND PRINCIPAL](#tx28459_13)** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[EVENTS OF DEFAULT](#tx28459_14)** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ISSUING ENTITY PROPERTY](#tx28459_15)** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[STATISTICAL INFORMATION](#tx28459_16)** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[LEASE REPRESENTATIONS AND WARRANTIES](#tx28459_17)** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[PRIORITY OF PAYMENTS](#tx28459_18)** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CREDIT ENHANCEMENT](#tx28459_19)** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[TAX STATUS](#tx28459_20)** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CERTAIN CONSIDERATIONS FOR ERISA AND OTHER U.S. BENEFIT PLANS](#tx28459_21)** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[\[MONEY MARKET INVESTMENT](#tx28459_22)** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CREDIT RISK RETENTION](#tx28459_23)** | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[\[EU SECURITIZATION REGULATION AND UK SECURITIZATION FRAMEWORK](#tx28459_24)** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CERTAIN VOLCKER RULE CONSIDERATIONS](#tx28459_25)** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[RATINGS](#tx28459_26)** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REGISTRATION UNDER THE SECURITIES ACT](#tx28459_27)** | **13** |
|  **[\[SUMMARY OF RISK FACTORS\]](#tx28459_28)** | **14** |
|  **[RISK FACTORS](#tx28459_29)** | **16** |
|  **[OVERVIEW OF THE TRANSACTION](#tx28459_30)** | **42** |
|  **[USE OF PROCEEDS](#tx28459_31)** | **43** |
|  **[THE ISSUING ENTITY](#tx28459_32)** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[LIMITED PURPOSE AND LIMITED ASSETS](#tx28459_33)** | **43** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CAPITALIZATION AND LIABILITIES OF THE ISSUING ENTITY](#tx28459_34)** | **44** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE ISSUING ENTITY PROPERTY](#tx28459_35)** | **44** |
|  **[THE TRUSTEES](#tx28459_36)** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE OWNER TRUSTEE](#tx28459_37)** | **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[RESIGNATION OR REMOVAL OF THE OWNER TRUSTEE](#tx28459_38)** | **46** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE INDENTURE TRUSTEE](#tx28459_39)** | **46** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ROLE OF THE OWNER TRUSTEE AND THE INDENTURE TRUSTEE](#tx28459_40)** | **47** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE ORIGINATION TRUSTEE](#tx28459_41)** | **48** |
|  **[THE ORIGINATION TRUST](#tx28459_42)** | **48** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[PROPERTY OF THE ORIGINATION TRUST](#tx28459_43)** | **49** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[LEASE ORIGINATION AND THE TITLING OF VEHICLES](#tx28459_44)** | **50** |

---

i

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

(continued)

---

| | |
|:---|:---|
|  | **Page** |
|  **[THE DEPOSITOR](#tx28459_45)** | **50** |
|  **[THE SPONSOR](#tx28459_46)** | **51** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CREDIT RISK RETENTION](#tx28459_47)** | **51** |
|  **[THE SELLER](#tx28459_48)** | **55** |
|  **[THE SERVICER](#tx28459_49)** | **55** |
|  **[ORIGINATION AND SERVICING PROCEDURES](#tx28459_50)** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[UNDERWRITING PROCEDURES](#tx28459_51)** | **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DETERMINATION OF RESIDUAL VALUES](#tx28459_52)** | **58** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REMARKETING PROGRAM](#tx28459_53)** | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[LEASED VEHICLE MAINTENANCE](#tx28459_54)** | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[METHODS OF VEHICLE DISPOSAL](#tx28459_55)** | **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[COLLECTION AND REPOSSESSION PROCEDURES](#tx28459_56)** | **60** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[EXTENSIONS PROGRAMS](#tx28459_57)** | **60** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[LOYALTY PROGRAMS](#tx28459_58)** | **61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[EARLY TERMINATION](#tx28459_59)** | **61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[TANGIBLE AND ELECTRONIC CONTRACTING](#tx28459_60)** | **62** |
|  **[THE ASSET REPRESENTATIONS REVIEWER](#tx28459_61)** | **62** |
|  **[AFFILIATIONS AND CERTAIN RELATIONSHIPS](#tx28459_62)** | **63** |
|  **[THE TRANSACTION SUBI](#tx28459_63)** | **63** |
|  **[THE LEASES](#tx28459_64)** | **64** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CHARACTERISTICS OF THE INCLUDED UNITS](#tx28459_65)** | **64** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[\[EXCEPTIONS TO UNDERWRITING CRITERIA\]](#tx28459_66)** | **67** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ASSET LEVEL INFORMATION](#tx28459_67)** | **67** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[COMPOSITION OF THE \[STATISTICAL\] LEASE PORTFOLIO AS OF THE \[STATISTICAL\] CUT-OFF DATE](#tx28459_68)** | **68** |
|  **[DELINQUENCIES, REPOSSESSIONS, NET LOSSES AND RESIDUAL VALUE LOSS EXPERIENCE](#tx28459_69)** | **75** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DELINQUENCIES, REPOSSESSIONS AND NET LOSSES](#tx28459_70)** | **75** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[RESIDUAL VALUE LOSS EXPERIENCE](#tx28459_71)** | **77** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DELINQUENCY EXPERIENCE REGARDING THE PORTFOLIO OF LEASES AND RELATED LEASED VEHICLES AS OF THE \[STATISTICAL\] CUT-OFF DATE](#tx28459_72)** | **77** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INFORMATION ABOUT CERTAIN PREVIOUS SECURITIZATIONS](#tx28459_73)** | **78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REVIEW OF POOL ASSETS](#tx28459_74)** | **78** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REALLOCATIONS AND REPLACEMENTS](#tx28459_75)** | **79** |
|  **[WEIGHTED AVERAGE LIFE OF THE NOTES](#tx28459_76)** | **80** |
|  **[THE NOTES](#tx28459_77)** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[GENERAL](#tx28459_78)** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DELIVERY OF NOTES](#tx28459_79)** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[BOOK-ENTRY REGISTRATION](#tx28459_80)** | **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DEFINITIVE NOTES](#tx28459_81)** | **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[NOTES OWNED BY TRANSACTION PARTIES](#tx28459_82)** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ACCESS TO NOTEHOLDER LISTS](#tx28459_83)** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[STATEMENTS TO NOTEHOLDERS](#tx28459_84)** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[PAYMENTS OF INTEREST](#tx28459_85)** | **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[\[CALCULATION OF FLOATING RATE INTEREST](#tx28459_86)** | **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[PAYMENTS OF PRINCIPAL](#tx28459_87)** | **95** |

---

ii

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

(continued)

---

| | |
|:---|:---|
|  | **Page** |
|  **[DESCRIPTION OF THE TRANSACTION DOCUMENTS](#tx28459_88)** | **96** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SALE AND ASSIGNMENT OF THE TRANSACTION SUBI CERTIFICATE](#tx28459_89)** | **97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REPRESENTATIONS AND WARRANTIES](#tx28459_90)** | **97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ASSET REPRESENTATIONS REVIEW](#tx28459_91)** | **99** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REQUESTS TO REALLOCATE AND DISPUTE RESOLUTION](#tx28459_92)** | **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ADMINISTRATION AGREEMENT](#tx28459_93)** | **103** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[AMENDMENT PROVISIONS](#tx28459_94)** | **104** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE ACCOUNTS](#tx28459_95)** | **105** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[\[ADVANCES](#tx28459_96)** | **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[PRIORITY OF PAYMENTS](#tx28459_97)** | **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[OVERCOLLATERALIZATION](#tx28459_98)** | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[\[EXCESS SPREAD](#tx28459_99)** | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[OPTIONAL REDEMPTION](#tx28459_100)** | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[FEES AND EXPENSES](#tx28459_101)** | **109** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INDEMNIFICATION OF THE INDENTURE TRUSTEE AND THE OWNER TRUSTEE](#tx28459_102)** | **109** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SERVICING COMPENSATION AND EXPENSES](#tx28459_103)** | **110** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE SERVICING AGREEMENT](#tx28459_104)** | **110** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CUSTODY OF LEASE DOCUMENTS AND CERTIFICATES OF TITLE](#tx28459_105)** | **111** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SALE AND DISPOSITION OF LEASED VEHICLES](#tx28459_106)** | **111** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INSURANCE ON LEASED VEHICLES](#tx28459_107)** | **111** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SERVICER RECORDS, DETERMINATIONS AND REPORTS](#tx28459_108)** | **111** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SECURITY DEPOSITS](#tx28459_109)** | **112** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SERVICER REPLACEMENT EVENTS](#tx28459_110)** | **112** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REMOVAL OR REPLACEMENT OF THE SERVICER](#tx28459_111)** | **113** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[WAIVER OF PAST SERVICER REPLACEMENT EVENTS](#tx28459_112)** | **114** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[EVIDENCE AS TO COMPLIANCE](#tx28459_113)** | **114** |
|  **[THE INDENTURE](#tx28459_114)** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[MATERIAL COVENANTS](#tx28459_115)** | **115** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[NOTEHOLDER COMMUNICATION; LIST OF NOTEHOLDERS](#tx28459_116)** | **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ANNUAL COMPLIANCE STATEMENT](#tx28459_117)** | **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INDENTURE TRUSTEE'S ANNUAL REPORT](#tx28459_118)** | **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DOCUMENTS BY INDENTURE TRUSTEE TO NOTEHOLDERS](#tx28459_119)** | **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SATISFACTION AND DISCHARGE OF INDENTURE](#tx28459_120)** | **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[RESIGNATION OR REMOVAL OF THE INDENTURE TRUSTEE](#tx28459_121)** | **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[EVENTS OF DEFAULT](#tx28459_122)** | **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[RIGHTS UPON EVENT OF DEFAULT](#tx28459_123)** | **118** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[PRIORITY OF PAYMENTS MAY CHANGE UPON AN EVENT OF DEFAULT](#tx28459_124)** | **119** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[AMENDMENT PROVISIONS](#tx28459_125)** | **120** |
|  **[THE ORIGINATION TRUST AGREEMENT AND THE TRANSACTION SUBI SUPPLEMENT](#tx28459_126)** | **122** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE TRANSACTION SUBI, OTHER SUBIS AND THE UTI](#tx28459_127)** | **122** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[RESIGNATION AND REMOVAL OF THE ORIGINATION TRUSTEE](#tx28459_128)** | **122** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INDEMNITY OF ORIGINATION TRUSTEE](#tx28459_129)** | **123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[TERMINATION](#tx28459_130)** | **123** |
|  **[ADDITIONAL LEGAL ASPECTS OF THE ORIGINATION TRUST AND THE TRANSACTION SUBI](#tx28459_131)** | **123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE ORIGINATION TRUST](#tx28459_132)** | **123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[STRUCTURAL CONSIDERATIONS](#tx28459_133)** | **123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[ALLOCATION OF ORIGINATION TRUST LIABILITIES](#tx28459_134)** | **124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INSOLVENCY RELATED MATTERS](#tx28459_135)** | **125** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DODD-FRANK ORDERLY LIQUIDATION FRAMEWORK](#tx28459_136)** | **127** |

---

iii

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

(continued)

---

| | |
|:---|:---|
|  | **Page** |
|  **[ADDITIONAL LEGAL ASPECTS OF THE LEASES AND THE LEASED VEHICLES](#tx28459_137)** | **129** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[VICARIOUS TORT LIABILITY](#tx28459_138)** | **129** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REPOSSESSION OF LEASED VEHICLES](#tx28459_139)** | **131** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[DEFICIENCY JUDGMENTS](#tx28459_140)** | **131** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CONSUMER PROTECTION LAWS](#tx28459_141)** | **131** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[SERVICEMEMBERS CIVIL RELIEF ACT](#tx28459_142)** | **132** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[OTHER LIMITATIONS](#tx28459_143)** | **133** |
|  **[LEGAL INVESTMENT](#tx28459_144)** | **134** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[\[MONEY MARKET INVESTMENT](#tx28459_145)** | **134** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[CERTAIN VOLCKER RULE CONSIDERATIONS](#tx28459_146)** | **134** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[REQUIREMENTS FOR CERTAIN EUROPEAN REGULATED INVESTORS, UK REGULATED INVESTORS AND AFFILIATES](#tx28459_147)** | **134** |
|  **[MATERIAL FEDERAL INCOME TAX CONSEQUENCES](#tx28459_148)** | **136** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[THE ISSUING ENTITY](#tx28459_149)** | **137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[TAX CONSEQUENCES TO U.S. NOTEHOLDERS](#tx28459_150)** | **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[TAX CONSEQUENCES TO NON-U.S. NOTEHOLDERS](#tx28459_151)** | **140** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[RELATED-PARTY NOTE ACQUISITION CONSIDERATIONS](#tx28459_152)** | **141** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[INFORMATION REPORTING AND BACKUP WITHHOLDING](#tx28459_153)** | **142** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[FOREIGN ACCOUNT TAX COMPLIANCE ACT](#tx28459_154)** | **142** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[POSSIBLE ALTERNATIVE CHARACTERIZATION](#tx28459_155)** | **142** |
|  **[TAX SHELTER DISCLOSURE AND INVESTOR LIST REQUIREMENTS](#tx28459_156)** | **143** |
|  **[STATE AND LOCAL TAX CONSEQUENCES](#tx28459_157)** | **144** |
|  **[CERTAIN CONSIDERATIONS FOR ERISA AND OTHER U.S. BENEFIT PLANS](#tx28459_158)** | **144** |
|  **[UNDERWRITING](#tx28459_159)** | **146** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[OFFERING RESTRICTIONS](#tx28459_160)** | **148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[UNITED KINGDOM](#tx28459_161)** | **148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[EUROPEAN ECONOMIC AREA](#tx28459_162)** | **149** |
|  **[FORWARD-LOOKING STATEMENTS](#tx28459_163)** | **149** |
|  **[LEGAL PROCEEDINGS](#tx28459_164)** | **150** |
|  **[LEGAL MATTERS](#tx28459_165)** | **150** |
|  **[GLOSSARY](#tx28459_166)** | **151** |
|  **[INDEX](#tx28459_167)** | **I-1** |
|  **[APPENDIX A STATIC POOL INFORMATION ABOUT PREVIOUS SECURITIZATIONS](#tx28459_168)** | **A-1** |
|  **[APPENDIX B CASH FLOW SCHEDULE](#tx28459_169)** | **B-1** |

---

iv

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##### [**Table of Contents**](#toc)
**WHERE TO FIND INFORMATION IN THIS PROSPECTUS** 

This prospectus provides information about the issuing entity, Porsche Innovative Lease Owner Trust 20[•]-[•], including terms and conditions that apply to the notes offered by this prospectus.

You should rely only on the information provided in this prospectus, including the information incorporated by reference. If you receive any other information, you should not rely on it. We have not authorized anyone to provide you with other or different information. We are not offering the notes offered hereby in any jurisdiction where the offer is not permitted. We do not claim that the information in this prospectus is accurate on any date other than the date stated on the cover.

We have started with two introductory sections in this prospectus describing the notes and the issuing entity in abbreviated form, followed by a more complete description of the terms of the offering of the notes. The introductory sections are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Summary of Terms* —provides important information concerning the amounts and the payment terms of each
class of notes and gives a brief introduction to the key structural features of the issuing entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk Factors* —describes briefly some of the risks to investors in the notes.

We include cross-references in this prospectus to captions in these materials where you can find additional related information. You can find the page numbers on which these captions are located under the **Table of Contents** in this prospectus. You can also find a listing of the pages where the principal terms are defined under "*Index*" beginning on page [I-1] of this prospectus.

If you have received a copy of this prospectus in electronic format, and if the legal prospectus delivery period has not expired, you may obtain a paper copy of this prospectus from the depositor or from the underwriters upon request.

In this prospectus, the terms "we," "us" and "our" refer to Porsche Auto Funding LLC.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION** 

Porsche Auto Funding LLC, as the depositor of the issuing entity, has filed a registration statement with the Securities and Exchange Commission ("**SEC**") under the Securities Act of 1933, as amended. This prospectus is part of the registration statement but the registration statement includes additional information.

The SEC maintains an Internet site at http://www.sec.gov containing reports, proxy and information statements and other information regarding registrants that file electronically with the SEC.

**REPORTS TO NOTEHOLDERS** 

After the notes are issued, unaudited monthly reports containing information concerning the issuing entity, the notes and the leases and leased vehicles allocated to the Transaction SUBI will be prepared by Porsche Financial Services, Inc. ("**PFS**"), and sent on behalf of the issuing entity to the indenture trustee, which will forward the same to Cede & Co. ("**Cede**"), as nominee of The Depository Trust Company ("**DTC**").

Owners of the notes may receive the reports by submitting a written request to the indenture trustee. In the written request you must state that you are an owner of notes and you must include payment for expenses associated with the distribution of the reports. The indenture trustee will also make such reports (and, at its option, any additional files containing the same information in an alternative format) available to noteholders each month via its Internet website, which is presently located at [•]. Assistance in using this Internet website may be obtained by calling the indenture trustee's [customer service desk] at ([•]) [•]-[•]. The indenture trustee will notify the noteholders in writing of any changes in the address or means of access to the Internet website where the reports are accessible.

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The reports do not constitute financial statements prepared in accordance with generally accepted accounting principles. PFS, the seller, the depositor and the issuing entity do not intend to send any of their financial reports to the beneficial owners of the notes.

**WHERE YOU CAN FIND MORE INFORMATION ABOUT YOUR NOTES** 

**The Issuing Entity** 

The issuing entity will file with the SEC all required annual reports on Form 10-K, distribution reports on Form 10-D, monthly asset data files on Form ABS-EE and current reports on Form 8-K. Those reports will be filed with the SEC under the name "Porsche Innovative Lease Owner Trust 20[•]-[•]" and file number [•]-[•]-[•]. [Such reports will not be made available on a website by the depositor, the servicer or any other party as these reports can be viewed electronically through the EDGAR system at the SEC's website described below.]

**The Depositor** 

The depositor has filed with the SEC a Registration Statement on Form SF-3 that includes this prospectus and certain amendments and exhibits under the Securities Act of 1933, as amended, relating to the offering of the notes described herein. This prospectus does not contain all of the information in the Registration Statement. The SEC maintains a website (http://www.sec.gov) that contains reports, registration statements, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

**INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE** 

The SEC allows us to "incorporate by reference" information we file with it, which means that we 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 from the dates of filing of the documents. Such information that we file later with the SEC will automatically update the information in this prospectus. In all cases, you should rely on the most recently printed information rather than contradictory information included in this prospectus. Any information that has been so updated by more recent information shall not, except as so updated, constitute part of this prospectus. We incorporate by reference any current reports on Form 8-K subsequently filed by or on behalf of the issuing entity prior to the termination of the offering.

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**NOTICE TO INVESTORS: UNITED KINGDOM** 

THIS PROSPECTUS MAY ONLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED IN THE UNITED KINGDOM (THE "**UK**") TO PERSONS (I) WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND QUALIFY AS INVESTMENT PROFESSIONALS UNDER ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (AS AMENDED, THE "**FINANCIAL PROMOTION ORDER**"), OR (II) WHO FALL WITHIN ARTICLE 49(2)(A) TO (D) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS ETC.) OF THE FINANCIAL PROMOTION ORDER OR (III) TO WHOM THIS PROSPECTUS MAY OTHERWISE LAWFULLY BE COMMUNICATED OR CAUSED TO BE COMMUNICATED IN THE UK (EACH SUCH PERSON BEING REFERRED TO AS A "**RELEVANT PERSON**"). IN THE UK, ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS PROSPECTUS RELATES, INCLUDING THE NOTES, IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. IN THE UK, THIS PROSPECTUS MUST NOT BE ACTED OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. THE COMMUNICATION OF THIS PROSPECTUS TO ANY PERSON IN THE UK OTHER THAN RELEVANT PERSONS IS UNAUTHORIZED AND MAY CONTRAVENE THE FINANCIAL SERVICES AND MARKETS ACT 2000 (AS AMENDED, THE "**FSMA**").

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSES OF REGULATION (EU) 2017/1129 AS IT FORMS PART OF UK DOMESTIC LAW (AS AMENDED, THE "**UK PROSPECTUS REGULATION**").

THE 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 CLIENT, AS DEFINED IN POINT (7) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014, AS IT FORMS PART OF UK DOMESTIC LAW AND AS AMENDED ("**UK MIFIR**"), WHO IS NOT A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF UK MIFIR (A "**UK PROFESSIONAL CLIENT**"); 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; 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 UK DOMESTIC LAW (AS AMENDED, THE "**UK PRIIPS REGULATION**") FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO UK RETAIL INVESTORS IN THE UK HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY UK RETAIL INVESTOR IN THE UK MAY BE UNLAWFUL UNDER THE UK PRIIPS REGULATION.

[THE CLASS A-1 NOTES HAVE NOT BEEN AND WILL NOT BE OFFERED IN THE UK OR TO UK PERSONS AND NO PROCEEDS OF THE CLASS A-1 NOTES WILL BE RECEIVED IN THE UK.]

**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 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

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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 NOTES OR OTHERWISE MAKING THEM AVAILABLE TO EU RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY EU RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE EU PRIIPS REGULATION.

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**SUMMARY OF STRUCTURE AND FLOW OF FUNDS** 

This structural summary briefly describes certain major structural components, the relationship among the parties, the flow of funds and certain other material features of the transaction. This structural summary does not contain all of the information that you need to consider in making your investment decision. You should carefully read this entire prospectus to understand all the terms of this offering.

**Structural Diagram**![LOGO](g28459dsp14.jpg)

• The SUBI represents a beneficial interest in specific origination trust assets allocated to the SUBI.

• The Transaction SUBI represents a beneficial interest in a portfolio of retail closed-end motor vehicle lease contracts and the related leased vehicles.

<sup>(1)</sup> The certificates, which represent an equity interest in the issuing entity, will initially be issued to the depositor and are not being offered hereby. [The depositor intends to sell [a portion][the majority][all] of the certificates on or after the closing date [to a majority-owned affiliate of the sponsor].] 

<sup>(2)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.]

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**Flow of Funds<sup>(1)</sup>** 

**(Prior to an Acceleration after an Event of Default)**![LOGO](g28459dsp15.jpg)

<sup>(1)</sup> For more information regarding priority of payments, see "*Description of the Transaction Documents—Priority of Payments*".

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**SUMMARY OF TERMS** 

*This summary provides an overview of selected information from this prospectus and does not contain all of the information that you need to consider in making your investment decision. This summary provides an overview of certain information to aid your understanding. You should carefully read this entire prospectus to understand all of the terms of this offering.* 

**THE PARTIES<sup>1</sup>** 

**Issuing Entity** 

Porsche Innovative Lease Owner Trust 20[•]-[•], a Delaware statutory trust, will be the "**issuing entity**" of the notes. The principal asset of the issuing entity will be a beneficial interest in a portfolio of retail closed-end motor vehicle lease contracts, the related [new, CPO and used] leased vehicles and related assets, which we call the "**Transaction SUBI**". The Transaction SUBI is represented by a certificate called the "**Transaction SUBI Certificate**".

**Depositor** 

Porsche Auto Funding LLC, a Delaware limited liability company and a wholly-owned special purpose subsidiary of Porsche Funding Limited Partnership, is the "**depositor**" of the issuing entity. The depositor will sell the Transaction SUBI Certificate to the issuing entity. The depositor or an affiliate of the depositor will be the initial holder of the issuing entity's [certificate][certificates].

You may contact the depositor by mail at One Porsche Drive, Atlanta, Georgia 30354.

**Servicer and Sponsor** 

Porsche Financial Services, Inc., a Delaware corporation, which we refer to as "**PFS**" or the "**servicer**", will service the portfolio of leases and related leased vehicles owned by the origination trust and beneficially held by the issuing entity and is the "**sponsor**" of the transaction described in this prospectus.

PFS, as servicer, will be entitled to receive a servicing fee for each collection period. The "**servicing fee**" for any payment date will be an amount equal to the product of (1) [ ]%; (2) one-twelfth [(or, in the case of the first payment date, a fraction, the numerator of which is the number of

<sup>1</sup> NOTE: Disclose transactions that are not arm's length or transactions that are outside the ordinary course between sponsor, depositor or issuing entity and any other transaction party, if any.

days from but not including the cut-off date to and including the last day of the first collection period and the denominator of which is 360)]; and (3) the aggregate securitization value of the leases and related leased vehicles allocated to the Transaction SUBI as of the first day of the related collection period (or as of the cut-off date, in the case of the first payment date). As additional compensation, the servicer will be entitled to retain all supplemental servicing fees and investment earnings (net of investment losses and expenses) from the investment of amounts on deposit in the collection account, the principal distribution account and the reserve account, if any. The servicing fee, together with any portion of the servicing fee that remains unpaid from prior payment dates, will be payable on each payment date prior to payments to the noteholders from funds on deposit in the collection account with respect to the collection period preceding such payment date, including funds, if any, deposited into the collection account from the reserve account. [However, funds on deposit in the risk retention reserve account will not be used for this purpose.]

[The servicer, in its sole discretion, may elect to (i) deposit in the collection account an amount equal to all or a portion of the aggregate scheduled monthly lease payments due on leases and leased vehicles allocated to the Transaction SUBI but not identified (or not identified in full) during and prior to the related collection period, (ii) deposit in the collection account with respect to a leased vehicle at any time after (1) the early termination of the related lease, an amount equal to the related securitization value immediately prior to such early termination and (2) the scheduled expiration of the related lease, an amount equal to the related Base Residual Value or (iii) make a payment to a lessee if such lessee is entitled to a rebate of an insurance policy or other ancillary product. We refer to each such payment herein as an "**advance**". The servicer will not make an advance with respect to any defaulted unit.

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Advances made by the servicer with respect to any lease will be repaid, if not otherwise reimbursed, from available funds in the collection account and any amounts available from the reserve account. The servicer will not charge interest on amounts so advanced.]

**Origination Trust** 

Porsche Leasing Ltd., a Delaware statutory trust, is the "**origination trust**". Motor vehicle centers or dealers in the Porsche network ("**Centers**") have assigned retail closed-end motor vehicle lease contracts and the related leased vehicles to the origination trust.

The issuing entity will hold the Transaction SUBI Certificate representing the beneficial interest in the Transaction SUBI.

**Seller** 

On the closing date, Porsche Funding Limited Partnership, a Delaware limited partnership, which we refer to as the "**seller**", will sell the Transaction SUBI Certificate to the depositor, and the depositor will sell the Transaction SUBI Certificate to the issuing entity.

**Administrator** 

PFS will be the "**administrator**" of the issuing entity, and in such capacity will provide administrative and ministerial services for the issuing entity.

**Trustees** 

[______________], a [____________], will be the "**owner trustee**."

[____________], a [____________], will be the "**indenture trustee**."

[____________], a [____________], is the "**origination trustee**" of the origination trust and the Transaction SUBI.

**Calculation Agent** 

[____________], a [_________], will be the "**calculation agent**." [The calculation agent will obtain the [SOFR Rate][Insert Other Benchmark Rate] and calculate the interest rate for the Class A-2b notes using the method described in the definition

of ["**SOFR Rate**"][**Insert Other Benchmark Rate**] set forth under "*The Notes—Payments of Interest*." If the administrator has determined prior to the relevant reference time that a benchmark transition event and its related benchmark replacement date have occurred, the administrator will determine an alternative benchmark in accordance with the benchmark replacement provisions described under "*The Notes—Calculation of Floating Rate Interest—Effect of Benchmark Transition Event*". The Class A-2b noteholders 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.]

**Asset Representations Reviewer** 

[____________], a [_________], will be the "**asset representations reviewer**."

**THE OFFERED NOTES** 

The issuing entity will issue and offer the following notes:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class** |  | **Initial Note<br>Principal<br>Amount<sup>(1)(2)</sup>** | **Interest Rate<sup>(3)</sup>** | **Final<br>Scheduled<br>Payment<br>Date** |
|  Class A-1 Notes |  | $[•] | [•]% | [•] |
|  Class A-2[a] Notes<sup>[(4)]</sup><br> [Class A-2b Notes]<sup>[(4)]</sup>  | } | $[•] | [•]%<br> [SOFR Rate][Insert<br> Other Benchmark Rate]<br> + [•]%<sup>(5)(6)</sup> | [•] |
|  Class A-3 Notes |  | $[•] | [•]% | [•] |
|  Class A-4 Notes |  | $[•] | [•]% | [•] |
|  [Class B Notes] |  | $[•] | [•]% | [•] |

---

<sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.] 

<sup>(2)</sup> [Approximately [5]% of each class of notes will be retained by the depositor or one or more majority-owned affiliates of PFS.]

<sup>(3)</sup> The interest rate for each class of notes will be a fixed rate, a floating rate or a combination of a fixed rate and a floating rate if that class has both a fixed rate tranche and a floating rate tranche.

<sup>(4)</sup> [The allocation of the aggregate initial principal amount of the [Class A-2 notes] between the [Class A-2a notes] and the [Class A-2b notes] will be determined no later than the day of pricing.]

<sup>(5)</sup> [The Class A-2b notes will accrue interest at a floating rate based on a benchmark plus a spread. The benchmark initially will be [the SOFR Rate][Insert Other Benchmark Rate]. However, the benchmark may change in certain situations. For more information on how interest will be calculated on the Class A-2b notes and the circumstances under which the benchmark may change, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus. <sup>(6)</sup> [If the sum of [SOFR Rate][Insert Other Benchmark Rate] + % is less than 0.00% for any interest accrual period, then the interest rate for the [Class A-2b] notes for such interest accrual period will be deemed to be 0.00%.]

[The Class A-2a notes and the Class A-2b notes are sometimes referred to as the "**Class A-2 notes**." The Class A-2a notes rank pari passu with the Class A-2b notes.]

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[The allocation of the aggregate initial principal amount between the Class A-2a notes and Class A-2b notes will be determined no later than the day of pricing. PFS has determined, as part of its management of floating rate risk, that the initial principal amount of the Class A-2b notes will not exceed $[_______]. Consequently, the allocation of the aggregate initial principal amount between the Class A-2a notes and Class A-2b notes may result in any number of possible allocation scenarios, including a scenario in which the entire principal amount of the Class A-2 notes is allocated to the fixed rate Class A-2a notes and none of the principal amount is allocated to the floating rate Class A-2b notes.]

The interest rate for each class of notes will be a fixed rate, a floating rate or a combination of a fixed and floating rate if that class has both a fixed rate tranche and a floating rate tranche. For example, the Class [A-2] notes are divided into fixed and floating rate tranches, and the Class [A-2a] notes are the fixed rate notes and the Class [A-2b] notes are the floating rate notes. We refer in this prospectus to notes that bear interest at a floating rate as "**floating rate notes**," and to notes that bear interest at a fixed rate as "**fixed rate notes**."

[For a description of how interest will be calculated on the floating rate notes, see "*The Notes—Calculation of Floating Rate Interest*" in this prospectus.]

We refer to the Class A-1 notes, the Class A-2 notes [and] the Class A-3 notes [and the Class A-4 notes] as the ["**Class A notes**." We refer to the Class A notes and the Class B notes, collectively as the] "**offered notes**" or the "**notes**".

The offered notes are issuable in a minimum denomination of $[ ] and in integral multiples of $[1,000] in excess thereof, subject to certain exceptions set forth in the indenture. See "*The Notes—Delivery of Notes*" in this prospectus.

The issuing entity expects to issue the notes on or about [__________][__], 20[__], which we refer to as the "**closing date**".

**THE CERTIFICATES** 

On the closing date, the issuing entity will also issue a subordinated and non-interest bearing "**certificate**" [in a nominal aggregate principal amount of $[100,000],] which represent the equity interest in the issuing entity and is not offered hereby. The holders of the certificate, or "**certificateholders**", will be

entitled on each payment date only to amounts remaining after payments on the notes and payments of issuing entity expenses and other required amounts on such payment date. The certificate will initially be held by the depositor or an affiliate of the depositor, but the depositor may transfer all or a portion of the certificates to one of its affiliates [or sell [all or] a portion of the certificate][or sell the portion of the certificate not required to be retained] on or after the closing date. However, the portion of the certificate retained by the depositor or another majority-owned affiliate of PFS to satisfy U.S. credit risk retention rules will not be sold, transferred subjected to any credit mitigation or hedged except as permitted under, or in accordance with, those rules. See "*—Credit Risk Retention*" below.

**INTEREST AND PRINCIPAL** 

To the extent of funds available, the issuing entity will pay interest and principal on the notes monthly, on the [___] day of each month (or, if that day is not a business day, on the next business day), which we refer to as the "**payment date**". The first payment date is [__________][__], 20[__]. On each payment date or redemption date, payments on the notes will be made to holders of record as of the close of business on the business day immediately preceding that payment date or redemption date (except in limited circumstances where definitive notes are issued), which we refer to as the "**record date**".

**Interest Payments** 

Interest on the [Class A-1 notes] [and the Class [A-2b] notes] will accrue from and including the prior payment date (or, with respect to the first payment date, from and including the closing date) to but excluding the following payment date and will be due and payable on each payment date.

Interest on the Class A-2[a] notes, the Class A-3 notes[,][and] the Class A-4 notes [and the Class B notes] will accrue from and including the [__] day of the calendar month preceding each payment date (or, with respect to the first payment date, from and including the closing date) to but excluding the [__] day of the month in which such payment date occurs and will be due and payable on each payment date.

Interest accrued as of any payment date but not paid on that payment date will be payable on the next payment date, together with interest on such unpaid amount at the applicable interest rate (to the extent lawful).

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The issuing entity will pay interest on the [Class A-1] notes [and the Class [A-2b] notes] on the basis of the actual number of days elapsed during the period for which interest is payable and a 360-day year. This means that the interest due on each payment date for the [Class A-1] notes [and the Class A-2b notes, as applicable] will be the product of: (i) the outstanding principal amount of the related class of notes before giving effect to any payments made on that payment date, (ii) the applicable interest rate and (iii) the actual number of days from and including the previous payment date (or, in the case of the first payment date, from and including the closing date) to but excluding the current payment date, divided by 360.

[The calculation agent will obtain [the SOFR Rate] [Insert Other Benchmark Rate] for the Class A-2b notes using the method as described under "*The Notes—Calculation of Floating Rate Interest*". If the administrator has determined prior to the relevant reference time that a benchmark transition event and its related benchmark replacement date have occurred, the administrator will determine an alternative benchmark in accordance with the benchmark replacement provisions described under "*The Notes—Calculation of Floating Rate Interest—Effect of Benchmark Transition Event*".]

[If the sum of [the SOFR Rate] [Insert Other Benchmark Rate] and the applicable spread set forth on the front cover of this prospectus is less than 0.00% for any interest accrual period, then the interest rate for the Class A-2b notes for such interest period will be deemed to be 0.00%.]

The issuing entity will pay interest on the Class A-2[a] notes, the Class A-3 notes[,][and] the Class A-4 notes [and the Class B notes] on the basis of a 360-day year consisting of twelve 30-day months. This means that the interest due on each payment date for the Class A-2[a] notes, the Class A-3 notes[,][and] the Class A-4 notes [and the Class B notes] will be the product of (i) the outstanding principal amount of the related class of notes before giving effect to any payments made on that payment date, (ii) the applicable interest rate and (iii) 30 [(or, in the case of the first payment date, the number of days from and including the closing date to but excluding the [__] day of the month in which the first payment date occurs (assuming a 30-day calendar month))], divided by 360. Interest payments on all Class A notes will have the same priority. [Interest payments on the Class B notes will be subordinated to interest payments and, in specified circumstances, principal payments on the Class A notes.]

A failure to pay the interest due on the notes of the Controlling Class (i.e., the senior most class of notes outstanding, with the Class A notes being the most senior and the Class [B] notes being the most junior) on any payment date that continues for a period of [five business days] or more will result in an event of default.

**Principal Payments** 

The issuing entity will generally pay principal on the notes monthly on each payment date in accordance with the payment priorities described below under "—Priority of Payments."

The issuing entity will make principal payments of the notes on each payment date based on the amount of collections and defaults on the leases and leased vehicles allocated to the Transaction SUBI during the related collection period.

This prospectus describes how available funds and amounts on deposit in the reserve account are allocated to principal payments of the notes.

On each payment date, except after acceleration of the notes after an event of default, the issuing entity will distribute funds on deposit in the principal distribution account to pay principal of the notes in the following order of priority:

(1) *first*, to the Class A-1 noteholders, until the Class A-1 notes are paid in full;

(2) *second*, to the Class A-2[a] noteholders [and the Class A-2b noteholders, ratably,] until the Class A-2[a] notes [and the Class A-2b notes are paid in full];

(3) *third*, to the Class A-3 noteholders, until the Class A-3 notes are paid in full; and

(4) *fourth*, to the Class A-4 noteholders, until the Class A-4 notes are paid in full[; and]

(5) [ *fifth*, to the Class B noteholders, until the Class B notes are paid in full].

For a description of how principal will be distributed following acceleration of the notes after an event of default, see "—Interest and Principal Payments after an Event of Default" below.

All unpaid principal of a class of notes will be due on the final scheduled payment date for that class.

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**Interest and Principal Payments after an Event of Default** 

After an event of default under the indenture occurs and the notes are accelerated, the priority of payments of principal will change from the description in "—Interest Payments" above, "—Principal Payments" above and "—Priority of Payments" below.

On each payment date after an event of default under the indenture occurs and the notes are accelerated, after payment of certain amounts to the trustees, the servicer and the asset representations reviewer, interest on the Class A notes will be paid ratably to each class of Class A notes [followed by interest on the Class B notes,] sequentially. Principal payments will then be made first to the Class A-1 noteholders until the Class A-1 notes are paid in full. Next, the noteholders of [each class of] the Class A-2 notes [(to be paid *pro rata* to the Class A-2a notes and the Class A-2b notes)] [and] the Class A-3 notes and the Class A-4 notes will receive principal payments, ratably, based on the outstanding principal amount of [the][each remaining class of] Class A-2 notes [(to be paid *pro rata* to the Class A-2a notes and the Class A-2b notes)], the Class A-3 notes and the Class A-4 notes until each such class is paid in full. [Next, the Class B noteholders will receive principal payments until the Class B notes are paid in full.] Payments of the foregoing amounts will be made from available funds and other amounts, including all amounts held on deposit in the reserve account.

See "*The Indenture—Priority of Payments May Change Upon an Event of Default*" in this prospectus.

If an event of default has occurred but the notes have not been accelerated, then interest and principal payments will be made in the priority set forth under "—Priority of Payments" below and "—*Principal Payments*" above.

**Optional Redemption of the Notes** 

The depositor will have the right at its option to purchase the Transaction SUBI Certificate from the issuing entity on any payment date if the then-outstanding aggregate note balance, either before or after giving effect to any payment of principal required to be made on that payment date, is less than or equal to [5][10]% of the initial note balance. The exercise of that option by the depositor is referred to in this prospectus as the "**optional purchase**".

The purchase price for the Transaction SUBI Certificate shall equal the greater of (a) the note balance plus accrued and unpaid interest up to but not including the date of redemption and (b) the aggregate securitization value of the Included Units as of the last day of the Collection Period immediately preceding the redemption date (the "**optional purchase price**"). The depositor will also pay any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior collection periods) due and payable to the indenture trustee, the owner trustee and the origination trustee, as applicable, under the transaction documents (without regard to any caps set forth therein). The "**redemption price**" for the notes being redeemed will equal the note balance of the notes, plus accrued and unpaid interest on the notes at the applicable interest rates, to but not including the payment date fixed for redemption. No interest will accrue on the notes after the payment date fixed for redemption. It is expected that at the time this option becomes available to the depositor, only the Class [<u> </u>] notes will be outstanding.

Additionally, each of the notes is subject to redemption in whole, but not in part, on any payment date on which the sum of the amounts on deposit in the reserve account and remaining available funds after the payments under clauses [*first*] through [*seventh*] set forth in "—Priority of Payments" below (without regard to any caps set forth therein) would be sufficient to pay in full the aggregate unpaid note balance of all of the outstanding notes as determined by the servicer. On such payment date, (a) the indenture trustee upon written direction from the servicer will transfer all amounts on deposit in the reserve account to the collection account and (b) the outstanding notes will be redeemed in whole, but not in part.

Notice of redemption under the indenture must be given by the indenture trustee not later than [5 days] prior to the applicable redemption date to each registered holder of notes. All notices of redemption will state: (i) the redemption date; (ii) the redemption price; (iii) that the record date otherwise applicable to that redemption date is not applicable and that payments will be made only upon presentation and surrender of those notes and the place where those notes are to be surrendered for payment of the redemption price; (iv) that interest on the notes will cease to accrue on the redemption date; and (v) the CUSIP numbers (if applicable) for the notes.

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**EVENTS OF DEFAULT** 

The occurrence and continuation of any one of the following events will constitute an "**event of default**" under the indenture:

• default in the payment of any interest on any note [of the Controlling Class] when the same becomes due and payable, and such default continues for a period of five (5) business days or more;

• default in the payment of principal of any note at the related final scheduled payment date or the redemption date;

• any failure by the issuing entity to duly observe or perform in any material respect any of its material covenants or agreements in the indenture (other than a covenant or agreement, a default in the observance or
performance of which is elsewhere specifically dealt with), which failure materially and adversely affects the interests of the noteholders, and such failure continues unremedied for a period of ninety (90) days after receipt by the issuing
entity of written notice thereof from the indenture trustee or noteholders evidencing at least a majority of the aggregate outstanding principal amount of the outstanding notes;

• any representation or warranty of the issuing entity made in the indenture proves to have been incorrect in any material respect when made, which failure materially and adversely affects the interests of the
noteholders, and such failure continues unremedied for a period of ninety (90) days after receipt by the issuing entity of written notice thereof from the indenture trustee or noteholders evidencing at least a majority of the aggregate
outstanding principal amount of the outstanding notes; or

• the occurrence of certain events (which, if involuntary, remain unstayed and in effect for a period of more than ninety (90) consecutive days) of bankruptcy, insolvency, receivership or liquidation of the issuing
entity.

Notwithstanding the foregoing, a delay in or failure of performance referred to under the first four bullet points above for a period of 120 days will not constitute an event of default if that delay or failure was caused by force majeure or other similar occurrence.

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 payments will not result in the occurrence of an event of default until the final scheduled payment date or redemption date for that class of notes.

**ISSUING ENTITY PROPERTY** 

The primary asset of the issuing entity will be the Transaction SUBI Certificate, which is described below, and will entitle the issuing entity to receive the scheduled payments under the allocated leases and the amounts realized from sales of the related leased vehicles.

The "**issuing entity property**" will include the following after the close of business on [__________][__], 20[__], which we refer to as the "**cut-off date**":

• Transaction SUBI Certificate;

• amounts on deposit in the accounts owned by the issuing entity and all cash, investment property and other property from time to time credited thereto and all proceeds thereof (including investment earnings on amounts
on deposit therein);

• rights of the issuing entity and the depositor under certain transaction documents; and

• the proceeds of any and all of the above.

For more information regarding the issuing entity's property, you should refer to "*The Transaction SUBI*" and "*The Leases*" in this prospectus.

**The Transaction SUBI Certificate** 

The origination trust will issue the Transaction SUBI, constituting a beneficial interest in the leases and the related vehicles allocated to this transaction. The Transaction SUBI will be represented by a Transaction SUBI Certificate representing a beneficial interest in the origination trust relating solely to the assets allocated to the Transaction SUBI, which are the leases and related vehicles related to this transaction. The Transaction SUBI Certificate will be transferred by the depositor to the issuing

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entity at the time the issuing entity issues the notes. The Transaction SUBI Certificate is not offered under this prospectus.

The Transaction SUBI Certificate will evidence a beneficial interest, not a direct ownership interest, in the related assets allocated to the Transaction SUBI. The Transaction SUBI Certificate will not evidence an interest in any assets of the origination trust other than those assets, and payments made on or in respect of any other origination trust assets will not be available to make payments on the notes. By holding the Transaction SUBI Certificate, the issuing entity is entitled to receive an amount equal to all payments made on or in respect of the assets included in the Transaction SUBI.

**The Leases and the Leased Vehicles** 

The leased vehicles allocated to the Transaction SUBI are [new, CPO and used] automobiles, sport utility vehicles and luxury vehicles titled in the name of the origination trust. The leases to be allocated to the Transaction SUBI are the related retail closed-end motor vehicle lease contracts that were originated by Centers. The leases provide for substantially equal monthly payments (unless the lease is a single payment lease) that amortize a "capitalized cost" (which may exceed the manufacturer's suggested retail price or "**MSRP**") to a contractual residual value of the related leased vehicle established by the servicer at the time of origination of the lease.

The "**securitization value**" of each Included Unit will be (a) as of the close of business on the cut-off date or any date other than the maturity date of the related lease, the sum of (i) the present value (calculated using a discount rate equal to the securitization rate) of the aggregate scheduled payments remaining on the lease (including scheduled payments due but not yet paid) and (ii) the present value (calculated using a discount rate equal to the securitization rate) of the base residual value of the leased vehicle and (b) as of the maturity date of the related lease, the base residual value of the related vehicle; *provided*, *however*, that the securitization value of a Terminated Unit is equal to zero.

The "**base residual value**" for each leased vehicle related to an Included Unit is the lowest of (i) the ALG at Inception of the related vehicle, (ii) the ALG Mark to Market Residual of the related vehicle and (iii) the contractual residual value established by the servicer at the time the related lease was originated or as may be subsequently revised in connection with an extension in accordance with the customary servicing practices.

"**ALG at Inception**" means, with respect to any lease, a residual value estimate for a typical lease contract term, as defined in the customary servicing practices, produced by *Automotive Lease Guide* either at the time the related lease was originated or the first available residual value estimate produced by *Automotive Lease Guide* after the related lease was originated, giving only partial credit or no credit to those options that add little or no value to the resale price of the related vehicle. "**ALG Mark to Market Residual**" means, with respect to any vehicle, the residual value estimate for the relevant model and year of such vehicle, the contractual mileage and the expiration date of the related lease, giving only partial credit or no credit to those options that add little or no value to the resale price of the vehicle, as published in the *Automotive Lease Guide* as of [_________] 20[__].

**STATISTICAL INFORMATION** 

The statistical information in this prospectus is based on a [statistical] portfolio of leases and leased vehicles as of the close of business on [__________][__], 20[__], which we refer to as the "[**statistical] cut-off date**".

[As of the close of business on the statistical cut-off date, the leases and the related leased vehicles in the statistical lease portfolio had an aggregate securitization value of $[•]. The portfolio of leases and related leased vehicles to be allocated to the Transaction SUBI on the closing date will be selected from (i) leases and related leased vehicles in the statistical lease portfolio (ii) leases and related leased vehicles originated after the statistical cut-off date and/or (iii) leases and related leased vehicles originated prior to the statistical cut-off date but that were not included in the statistical lease portfolio, which, in each case, satisfy the criteria set forth under "*Description of the Transaction Documents—Representations and Warranties*" as of the cut-off date (or such other date as may be set forth therein), but such variance is not expected to be material.]

[As of the close of business on the cut-off date, the leases and related leased vehicles had an aggregate securitization value of $[•].]

[The characteristics of the leases and related leased vehicles to be allocated to the Transaction SUBI as of the closing date may vary somewhat from the characteristics of the leases and related leased vehicles described in this prospectus as of the [statistical] cut-off date, although such variance is not expected to be material. The issuing entity has

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provided asset-level information as of the cut-off date with respect to the leases and related leased vehicles on Form ABS-EE. See "*The Leases*—*Asset Level Information*" in this prospectus.]

The leases and the related leased vehicles in the [statistical] lease portfolio described in this prospectus had the following characteristics on the [statistical] cut-off date:

• an aggregate securitization value of $[•] of which $[•] (approximately [•]%) represented the discounted base residual values of the leased vehicles;

• a weighted average original lease term of approximately [•] months; and

• a weighted average remaining lease term of approximately [•] months.

Approximately [•]% of the leases and leased vehicles in the [statistical] lease pool as of the [statistical] cut-off date consist of single payment leases.

For more information about the leases and leased vehicles to be allocated to the Transaction SUBI, see "*The Leases*" in this prospectus.

The "**securitization rate**" for any lease and the related leased vehicle is the annualized rate equal to the greater of (i) [•]% and (ii) the annual rate of finance charges used to determine the lease payment stated in the related lease agreement.

[Insert information on the nature of any exceptions made to the underwriting criteria, if any, and provide data regarding the number of such leases that represent an exception to the underwriting criteria in the lease pool.]

**LEASE REPRESENTATIONS AND WARRANTIES** 

The seller will make certain representations and warranties regarding the characteristics of the leases and related leased vehicles as of the cut-off date. A breach of these representations may, subject to certain conditions, result in the seller being obligated to reallocate the lease and related leased vehicle to the UTI or another SUBI. See "*Description of the Transaction Documents—Representations and Warranties*." This reallocation obligation will constitute the sole remedy available to the noteholders or the issuing entity for any uncured breach by the seller of those representations and warranties.

In addition to the purchase of the Transaction SUBI from the issuing entity in connection with the depositor's exercise of its "optional purchase" option as described above under "—Principal and Interest—Optional Redemption of the Notes," the beneficial interest in any affected leases and related leased vehicles must be reallocated from the Transaction SUBI by the servicer in connection with the grant of a postmaturity term extension with respect to a lease, as described under "*Description of the Transaction Documents—Representations and Warranties*" in this prospectus.

**Review of Asset Representations** 

As more fully described in "*Description of the Transaction Documents—Asset Representations Review*" in this prospectus, if the aggregate securitization value of leases allocated to the Transaction SUBI that are 60 or more days delinquent a specified threshold, then investors holding at least 5% of the aggregate outstanding principal amount of the notes may elect to initiate a vote to determine whether the asset representations reviewer will conduct a review. If investors representing at least a majority of the voting investors vote in favor of directing a review, then the asset representations reviewer will perform a review of specified delinquent leases for compliance with the representations and warranties made by the seller. See "*Description of the Transaction Documents—Asset Representations Review*" in this prospectus.

**PRIORITY OF PAYMENTS** 

On each payment date, except after acceleration of the notes after an event of default, the indenture trustee will make the following payments and deposits from available funds in the collection account (including funds, if any, deposited into the collection account from the reserve account to the extent described under "*Description of the Transaction Documents—The Accounts*" in this prospectus) in the following amounts and order of priority:

• *first,* to the servicer (or any predecessor servicer, if applicable), for reimbursement of all outstanding advances, if any;

• *second,* to the servicer, the servicing fee, together with any unpaid servicing fees in respect of one or more prior collection periods, and any investment earnings (net of investment losses and expenses);

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• *third,* pro rata to the indenture trustee, the owner trustee, the asset representations reviewer and the origination trustee, any accrued and unpaid fees, reasonable expenses and indemnification amounts (including
any such fees, expenses and indemnification amounts with respect to prior collection periods) due and payable under the transaction documents; *provided*, that such accrued and unpaid fees, expenses and indemnification amounts payable
(A) to the indenture trustee pursuant to this clause *third* may not exceed, in the aggregate, $[•] per annum, (B) to the owner trustee pursuant to this clause *third* may not exceed, in the aggregate, $[•] per annum,
(C) to the origination trustee pursuant to this clause *third* may not exceed, in the aggregate, $[•] per annum and (D) to the asset representations reviewer pursuant to this clause *third* may not exceed, in the aggregate,
$[•] per annum; *provided further* that if the accrued and unpaid fees, expenses and indemnification amounts payable to any of the indenture trustee, the owner trustee, the asset representations reviewer or the origination trustee exceeds
such cap, such trustee will receive any unused amount of the other trustees' cap up to an amount not to exceed, in the aggregate, $[•] per annum on the payment date occurring in December of each calendar year;

• *fourth*, to the [Class A] noteholders, the accrued [Class A] note interest (as further described under "*Description of the Transaction Documents—Priority of Payments* "); provided, that if
there are not sufficient funds available to pay the entire amount of accrued interest on the [Class A] notes, the amounts available will be applied to the payment of such interest on a pro rata basis based on the amount of interest owing;

• *fifth*, to the principal distribution account, [the First Allocation of Principal][the principal distribution amount], if any;

[• *sixth*, to the Class B noteholders, the accrued Class B note interest (as further described under "*Description of the Transaction Documents—Priority of Payments*");]

[• *seventh*, to the principal distribution account, [the Second Allocation of Principal, if any;]

• [ *eighth* ], to the reserve account, any additional amount required to increase the amount in the reserve account up to the specified reserve account balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• [ *ninth*, to the noteholders, the Regular Allocation of Principal, if any;]

• [ *tenth* ] *,* pro rata, to the owner trustee, the indenture trustee and the origination trustee, accrued and unpaid fees, expenses and indemnification amounts due and payable under the transaction documents
which have not been previously paid pursuant to clause *third* due solely to the per annum limitation set forth therein; and

• [ *eleventh* ], [to the certificateholders, pro rata, based on the percentage interest of each certificateholder or, to the extent definitive certificates have been issued, to the certificate distribution account for
distribution to the certificateholders, any funds remaining][to or at the written direction of the certificateholders].

The [First Allocation of Principal, Second Allocation of Principal and Regular Allocation of Principal][principal distribution amount] will be paid to the holders of the notes as described under "*The Notes—Payments of Principal*" in this prospectus.

Amounts deposited in the principal distribution account will be paid to the noteholders of the notes as described under "*The Notes—Payments of Principal.*"

For a description of the priority of payments after an event of default under the indenture occurs and the notes are accelerated, see "*The Indenture—Priority of Payments May Change Upon an Event of Default.*"

**CREDIT ENHANCEMENT** 

The credit enhancement provides protection for the notes against losses and delays in payment with respect to the Included Units or other shortfalls of cash flow. The credit enhancement for the notes will be [the reserve account,] [overcollateralization,] [excess spread] [and, in the case of the Class A notes, subordination of certain payments as described below]. If the credit enhancement is not sufficient to cover all amounts payable on the notes, notes having a later final scheduled payment date generally will bear a greater risk of loss than notes having an earlier final scheduled payment date. See also "*Risk Factors—The issuing entity has issued multiple classes of notes, and your notes may be more sensitive to losses, be affected by conflicts of interest between classes and have reduced liquidity or voting power because of an unknown [allocation or] retention of notes— Subordination of certain classes*

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 *of notes means that those classes are more sensitive to losses on the Included Units and your share of losses may not be proportional*" and "*Description of the Transaction Documents—Priority of Payments*" in this prospectus.

The credit enhancement for the notes will be as follows:

---

| | |
|:---|:---|
| Class A notes: | [Subordination of payments on the Class B notes,] overcollateralization, the reserve account [and excess spread]. |
| [Class B notes: | Overcollateralization, the reserve account [and excess spread].] |

---

**[Subordination of Payments on the Class B Notes** 

As long as the Class A notes remain outstanding, payments of interest on any payment date on the Class B notes will be subordinated to payments of interest on the Class A notes and certain other payments on that payment date (including principal payments of the Class A notes in specified circumstances), and payments of principal of the Class B notes will be subordinated to all payments of principal and interest on the Class A notes and certain other payments on that payment date. If the notes have been accelerated after an event of default under the indenture, the priority of these payments will change. For a description of these changes in priority, see "—Interest and Principal—Payment of Principal and Interest after an Event of Default" above and "*The Indenture—Priority of Payments May Change Upon an Event of Default.*"]

**Reserve Account** 

On the closing date, the depositor will deposit from the proceeds of the sale of the notes an amount equal to at least [ <u>]</u>% of the aggregate securitization value as of the cut-off date. Collections on the Included Units and other available funds, to the extent available after payments and deposits of higher priority are made, will be added to the reserve account on each payment date until the amount on deposit in the reserve account is equal to the specified reserve account balance (as described below).

On each payment date, after giving effect to any withdrawals from the reserve account, if the amount of cash on deposit in the reserve account is less than the specified reserve account balance (as described below), the deficiency will be funded by the deposit of available funds in accordance with the priority of

payments described above until the amount on deposit in the reserve account equals the specified reserve account balance. The "**specified reserve account balance**" will be, on any payment date, at least [ <u>]</u>% of the aggregate securitization value as of the cut-off date.

On each payment date, the indenture trustee will withdraw funds from the reserve account to cover any shortfalls in the amounts required to be paid on that payment date with respect to clauses *first* through [*seventh*] under "—Priority of Payments" above.

**Overcollateralization** 

Overcollateralization represents the amount by which the aggregate securitization value exceeds the aggregate outstanding principal amount of the notes. Overcollateralization means that there will be additional assets generating collections that will be available to cover credit losses and residual losses on the leases and related leased vehicles allocated to the Transaction SUBI. The initial amount of overcollateralization [on the closing date] will be approximately [•]% of the aggregate securitization value as of the cut-off date [and is expected to build to an overcollateralization amount on each payment date equal to [the greater of][the sum of] (a)[(i) for each payment date on or prior to the payment date on which the Class [•] notes are paid in full,] [•]% of the securitization value as of the last day of the related collection period [and (ii) for each payment date after the payment date on which the Class [•] notes are paid in full, [•]% of the securitization value as of the last day of the related collection period] and (b)[•]% of the [sum of (x) the] securitization value as of the [initial cut-off date plus (y) the aggregate securitization value of all subsequent leases and related lease vehicles as of the applicable subsequent] cut-off date]] (the "**overcollateralization amount**"). See "*Description of the Transaction Documents—Overcollateralization*" in this prospectus.

[Insert financial information for any credit enhancement provider liable or contingently liable to provide payments representing 10% or more of the cash flow supporting the notes in accordance with Item 1114(b) of Regulation AB.]

**[Excess Spread** 

The aggregate interest component of the lease payments that is expected to be paid by the lessees in respect of the leases to be allocated to the Transaction

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SUBI is expected to be greater than is necessary to pay the sum of the amounts payable under the priority of payments with higher priority than principal. Any such excess amounts will serve as additional credit enhancement. For more information regarding the use of excess spread as credit enhancement for the notes, you should refer to "*Description of the Transaction Documents—Excess Spread*" in this prospectus.]

**TAX STATUS** 

On the closing date, Mayer Brown LLP, special federal tax counsel to the depositor, will deliver its opinion, subject to the assumptions and qualifications therein, to the effect that, for United States federal income tax purposes, (a) the issuing entity will not be classified as an association or a publicly traded partnership, in each case, taxable as a corporation, and (b) the offered notes (other than notes, if any, owned by: (i) the issuing entity or a person considered to be the same person as the issuing entity for United States federal income tax purposes, (ii) a member of an expanded group (as defined in Treasury Regulation Section 1.385-1(c)(4) or any successor regulation then in effect) that includes the issuing entity (or a person considered to be the same person as the issuing entity for United States federal income tax purposes), (iii) a "controlled partnership" (as defined in Treasury Regulation Section 1.385-1(c)(1) or any successor regulation then in effect) of such expanded group or (iv) a disregarded entity owned directly or indirectly by a person described in preceding clause (ii) or (iii)) will be treated as debt for United States federal income tax purposes.

Each noteholder of an offered note, by acceptance of such offered note, will agree to treat such offered note as debt for United States federal, state and local income and franchise tax purposes.

We encourage you to consult your own tax advisor regarding the United States federal income tax consequences of the purchase, ownership and disposition of the notes and the tax consequences arising under the laws of any state or other taxing **jurisdiction.**

See "*Material Federal Income Tax Consequences*" in this prospectus.

**CERTAIN CONSIDERATIONS FOR ERISA AND OTHER U.S. BENEFIT PLANS** 

Subject to the considerations described in "*Certain Considerations for ERISA and Other U.S. Benefit Plans*" in this prospectus, the offered notes may be purchased by employee benefit plans and other retirement accounts. An employee benefit plan, any other retirement plan and any entity deemed to hold "plan assets" of any employee benefit plan or other plan should consult with its counsel before purchasing the offered notes.

See "*Certain Considerations for ERISA and Other U.S. Benefit Plans*" in this prospectus.

**[MONEY MARKET INVESTMENT** 

The Class A-1 notes will be structured to be "eligible securities" for purchase by money market funds as defined in paragraph (a)(12) of Rule 2a-7 under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"). Rule 2a-7 includes additional criteria for investments by money market funds, including requirements and clarifications relating to portfolio credit risk analysis, maturity, liquidity and risk diversification. If you are a money market fund contemplating a purchase of Class A-1 notes, you or your advisor should consider these requirements before making a purchase.]

**CREDIT RISK RETENTION** 

Pursuant to the SEC's credit risk retention rules, 17 C.F.R. Part 246 ("**Regulation RR**"), PFS, as sponsor, is required to retain an economic interest in the credit risk of the leases and related leased vehicles to be allocated to the Transaction SUBI, either directly or through a majority-owned affiliate. PFS intends to satisfy this obligation through the retention by one or more of its majority-owned affiliates of [a combination of] an ["eligible vertical interest"] [and] [an "eligible horizontal residual interest "] [and] [a "risk retention reserve account"] in an [aggregate] amount equal to at least 5% of [the fair value, as of the closing date, of] all of the notes and certificates to be issued by the issuing entity on the closing date.

[Insert description of any retained notes.]

[Insert disclosure required by Items 1104(g), 1108(e) or 1110(a)(3) of any hedges materially related to the credit risk of the securities.]

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[*Retained vertical interest:* The eligible vertical interest retained by the depositor will take the form of [at least [•]% of each class of notes and certificates issued by the issuing entity][a single vertical security], though the depositor may retain more than [•]%, of one or more classes of notes or certificates. As of the closing date, PFS expects that the certificates will have a face amount of $[______], which is equal to approximately [___]% of the aggregate securitization value as of the closing date. The material terms of the notes are described in this prospectus under "*The Notes*".]

[*Retained horizontal interest:* The retained eligible horizontal residual interest retained will take the form of the issuing entity's certificates. PFS expects the issuing entity's certificates and the notes to have a fair value of between $[•] and $[•] and the issuing entity's certificates to have a fair value of between $[•] and $[•], which is between [•]% and [•]% of the fair value, as of the closing date, of all of the notes and certificates to be issued by the issuing entity on the closing date. [The certificate represents 100% of the beneficial interest in the issuing entity.] PFS will recalculate the fair value of the notes and the issuing entity's certificates following the closing date to reflect the issuance of the notes and any material changes in the methodology or inputs and assumptions described below under "*The Sponsor—Credit Risk Retention.*" For a description of the valuation methodology used to calculate the [range of] fair values of the notes and certificates and of the eligible horizontal residual interest set forth in the second preceding sentence, see "*The Sponsor—Credit Risk Retention*" in this prospectus. The material terms of the notes are described in this prospectus under "*The Notes*," and the material terms of the certificates are described in this prospectus under "*The Issuing Entity—Capitalization and Liabilities of the Issuing Entity*."]

[In addition, the depositor or an affiliate thereof may retain some or all of one or more classes of notes.]

[Either of PFS or the depositor may transfer all or a portion of [the "eligible vertical interest" to PFS or] [and] [the eligible horizontal residual interest] to another majority-owned affiliate of PFS [on or] after the closing date.]

[*Risk Retention Reserve Account*: On or prior to the closing date, the [issuing entity] will establish a risk retention reserve account for the benefit of the noteholders. The risk retention reserve account will be funded on the closing date by the retention of a portion of the purchase price for the notes in an

amount equal to $[____]. To the extent that funds from principal and interest collections on the leases are not sufficient to pay the amounts that are prior to the deposits into the reserve account as described under "*Description of the Transaction Documents—Priority of Payments*" in this prospectus, the amount previously deposited in the risk retention reserve account will provide an additional source of funds for those payments; provided, however, that available funds from the risk retention reserve account may not be used to pay the servicing fee so long as PFS or an affiliate is the servicer or to reimburse for advances.]

See "*The Sponsor—Credit Risk Retention*" in this prospectus.

**[EU SECURITIZATION REGULATION AND UK SECURITIZATION FRAMEWORK** 

None of PFS, the seller, the depositor, the servicer, the sponsor, the underwriters, the other parties to the transaction described in this prospectus, or any of their respective affiliates, will undertake, or intends, to retain a material net economic interest in such transaction in a manner that would satisfy the requirements of (i) Regulation (EU) 2017/2402 (as amended, the "**EU Securitization Regulation**") or (ii) the framework for the regulation of securitization in the United Kingdom (the "**UK**") set out in the Securitisation Regulations 2024 (as amended), together with (i) the securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority, (ii) the Securitisation Part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England and (iii) relevant provisions of the Financial Services and Markets Act 2000 (as amended) (collectively, the "**UK Securitization Framework**"). Furthermore, no such person will undertake, or intends, in connection with such transaction, to take any other action or refrain from taking any action to facilitate or enable compliance by any investor with the requirements of the EU Securitization Regulation or the UK Securitization Framework, or by any person with the requirements of any other law or regulation now or hereafter in effect in the European Union (the "**EU**"), any member state of the European Economic Area (the "**EEA**") or the UK, in relation to risk retention, due diligence and monitoring, transparency, credit granting standards or any other conditions with respect to investments in securitization transactions.

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The arrangements described under "*The Sponsor—Credit Risk Retention*" have not been structured with the objective of enabling or facilitating compliance with the requirements of the EU Securitization Regulation or the UK Securitization Framework by any person.

Failure by an investor that is subject to the due diligence requirements of the EU Securitization Regulation or the UK Securitization Framework to comply with such requirements, in either case with respect to an investment in the notes, may result in the imposition of a penalty regulatory capital charge on such investment or other regulatory sanctions and/or remedial measures being imposed or taken by such investor's relevant regulatory authority.

Consequently, the notes may not be a suitable investment for investors that are subject to the EU Securitization Regulation or the UK Securitization Framework. As a result, the price and liquidity of the notes in the secondary market may be adversely affected.

Prospective investors are responsible for analyzing 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 Securitization Regulation, the UK Securitization Regulation or other applicable regulations and the suitability of the notes for investment.

For further information, see "*Legal Investment—Requirements for Certain European Regulated Investors, UK Regulated Investors and Affiliates*".]

[Insert disclosure required by Items 1104(g), 1108(e) or 1110(a)(3) of any hedges materially related to the credit risk of the securities.]

**CERTAIN VOLCKER RULE CONSIDERATIONS** 

The issuing entity is being structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013, implementing the "Volcker Rule" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

**RATINGS** 

The depositor expects that the offered notes will receive credit ratings from two credit rating agencies hired by the sponsor to rate the offered notes (the "**Hired Agencies**").

Although the Hired Agencies are not contractually obligated to monitor the ratings on the notes, we believe that the Hired Agencies will continue to monitor the transaction while the notes are outstanding. The Hired Agencies' ratings on the notes may be lowered, qualified or withdrawn at any time. In addition, a rating agency not hired by the sponsor to rate the transaction or a particular class of notes may provide an unsolicited rating that differs from (or is lower than) the ratings provided by the Hired Agencies. A rating is based on each rating agency's independent evaluation of the assets allocated to the Transaction SUBI 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—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—The ratings of the notes may be withdrawn or lowered, the notes may receive an unsolicited rating or the rating agencies may be perceived as having a conflict of interest, which may have an adverse effect on the liquidity or the market price of the notes*" in this prospectus.

**REGISTRATION UNDER THE SECURITIES ACT** 

The depositor has filed a registration statement relating to the notes with the SEC on Form SF-3. The depositor has met the registrant requirements contained in General Instruction I.A.1 to Form SF-3.

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**[SUMMARY OF RISK FACTORS]<sup>2</sup>** 

*The notes are subject to certain risks that you should consider before making a decision to purchase any notes. This summary is included to provide an overview of the potential risks. It does not contain all of the information regarding the risks that you should consider in making your decision to purchase any notes. To understand these risks fully, you should read "Risk Factors" beginning on page [•].* 

**Risks Relating to the Characteristics, Servicing and Performance of the Leases and Related Leased Vehicles Allocated to the Transaction SUBI Could Result in Delays in Payment or Losses on your Notes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The geographic concentration of the lessees on the leases allocated to the Transaction SUBI and varying economic
circumstances may increase the risk of losses or reduce the return on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The impact of climate-change related events, including efforts to reduce or mitigate the effects of climate
change, may increase the risk of losses or reduce the return on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The residual value of leased vehicles may be adversely affected by discount pricing incentives, marketing
incentive programs, recalls, used car market factors and other market factors, which may result in losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vehicle recalls and other quality issues may have an adverse effect on the Included Units and the payments and
timing of returns on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The concentration of leased vehicles to particular models could negatively affect your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased vehicle turn-in rates may increase losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vicarious tort liability may result in a loss on the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CPO [,][and] used [and electric] vehicles allocated to the Transaction SUBI may incur higher losses than new
vehicles [and vehicles with internal combustion engines], and market factors may reduce the value of CPO [,][and] used [and electric] vehicles, which could result in losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The servicer's discretion over the servicing of the leases and disposition of the leased vehicles may
impact the amount and timing of funds available to make payments on the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit scores and historical loss experience may not accurately predict the likelihood of delinquencies, defaults
and losses on the leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [This prospectus provides information regarding the leases and related leased vehicles as of the statistical cut-off date, which may differ from the characteristics of the leases and related leased vehicles as of the cut-off date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the notes are in book-entry form, your rights can only be exercised indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The notes may not be a suitable investment for you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratings of the notes may be withdrawn or lowered, the notes may receive an unsolicited rating or the rating
agencies may be perceived as having a conflict of interest, which may have an adverse effect on the liquidity or the market price of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Returns on your investment in the notes may be reduced by prepayments on the leases, events of default, optional
redemption of the notes or reallocation of leases and related leased vehicles from the Transaction SUBI.

**Risks Relating to the Limited Nature of the Issuing Entity's Assets.** 

&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience a loss if defaults on the leases or residual value loss exceeds the available credit
enhancement or cash flow enhancement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience a loss or a delay in receiving payments on the notes if the assets of the issuing entity are
liquidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reallocation obligations are limited, and do not protect the issuing entity from all risks that could impact the
performance of the leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your notes may not be repaid on their final scheduled payment date, and failure to pay principal on your notes
will not constitute an event of default until the final scheduled payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's
interest, which may result in delayed or reduced payment on your notes.

<sup>2</sup> *Summary of Risk Factors to be included if the Risk Factors exceed 15 pages.*

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**Risks Relating to the Servicer, its Affiliates or other Transaction Parties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse legal or regulatory developments with respect to PFS or its affiliates could have an adverse effect on
your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse events with respect to PFS, its affiliates or third party providers to whom PFS outsources its activities
could affect the timing of payments on your notes or adversely affect the market value or liquidity of your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A security breach or a cyber-attack affecting PFS could adversely affect PFS' business, results of
operations and financial condition, which could have an adverse effect on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PFS' data practices, including the collection, use, sharing, and security of personal and financial
information of PFS' customers, employees, and third-party individuals, are subject to increasingly complex, restrictive, and punitive laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commingling of assets by the servicer could reduce or delay payments on the notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may experience delays or reduction in payments on your notes following a servicer replacement event and
replacement of the servicer.

**Risks Relating to Macroeconomic, Regulatory or Other External Factors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recent and future economic developments may adversely affect the performance of the leases and related leased
vehicles and may result in reduced or delayed payments on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with consumer protection laws may result in losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The application of the Servicemembers Civil Relief Act and similar state laws may lead to delays in payment or
losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Federal or state regulatory reform could have a significant impact on the servicer, the sponsor, the depositor or
the issuing entity and could adversely affect the timing and amount of payments on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy of the seller or the depositor could result in delays in payments or losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy of the issuing entity could result in delays in payments or losses on your notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial market disruptions, including as a result of global events, and the absence of a secondary market for
the notes could limit your ability to resell your notes.

**Risks Relating to the Issuance of Multiple Class of Notes[, an Unknown Allocation of Notes] or Retention of Notes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subordination of certain classes of notes means that those classes are more sensitive to losses on the Included
Units and your share of losses may not be proportional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [There may be a conflict of interest among classes of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The failure to pay interest on the subordinated classes of notes is not an event of default, and the failure to
make principal payments on any notes will generally not result in an event of default until the applicable final scheduled payment date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The market value, liquidity and voting power of your notes may be adversely impacted by retention of the notes by
the depositor or its affiliates [or by the unknown aggregate initial principal amount of the notes] [and the unknown allocation of Class A-2 notes]

**[Risks Relating to the Issuance of a Floating Rate Class of Notes and the Uncertainty Regarding [the SOFR Rate][Insert Other Benchmark Rate].** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [SOFR][Insert Other Benchmark Rate] is a relatively new reference rate and its composition and characteristics
are not the same as [LIBOR][SOFR].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Any failure of [SOFR][Insert Other Benchmark Rate] to gain market acceptance could adversely affect the Class A-2b notes.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [A decrease in SOFR, including a negative [SOFR Rate][Insert Other Benchmark Rate], would reduce the rate of
interest on the Class A-2b notes.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [The issuing entity may issue floating rate notes, but the issuing entity will not enter into any interest rate
swaps or interest rate caps and you may suffer losses on your notes if interest rates rise.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Risks related to [Compounded] SOFR.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Changes to or elimination of SOFR or the determinations made by the administrator may adversely affect the Class A-2b notes.]

**Risks Relating to Certain Tax Aspects relating to the Issuing Entity and the Notes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is a risk of a taxable deemed exchange of notes if the transaction documents are amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [One or more classes of notes may be issued with original issue discount for federal tax purposes.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-U.S. persons investing in notes could be treated as engaged in a U.S.
trade or business for U.S. federal income tax purposes on account of their own activities.

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**RISK FACTORS** 

An investment in the notes involves significant risks. Before you decide to invest, we recommend that you carefully consider the following risk factors.

***THE CHARACTERISTICS, SERVICING AND PERFORMANCE OF THE LEASES AND RELATED LEASED VEHICLES ALLOCATED TO THE TRANSACTION SUBI COULD RESULT IN DELAYS IN PAYMENT OR LOSSES ON YOUR NOTES.***

**The geographic concentration of the lessees on the leases to be allocated to the Transaction SUBI and varying economic circumstances may increase the risk of losses or reduce the return on your notes.** 

The concentration of the lessees on the leases allocated to the Transaction SUBI in specific geographic areas may increase the risk of loss. A deterioration in economic conditions regardless of reason, a natural or manmade disaster, extreme weather conditions (including an increase in the frequency of extreme weather conditions as a result of climate change), public health concerns (including pandemics), the impact of trade policy (including the imposition of tariffs and any retaliatory tariffs) or civil unrest in the states where lessees reside could adversely affect the ability and willingness of lessees to meet their payment obligations under the leases and the ability to sell or dispose of the related specified vehicles for an amount at least equal to their expected residual values, and may consequently adversely affect the delinquency, default, loss and repossession experience of the issuing entity with respect to the leases and the related leased vehicles of lessees in such states. See "—Macroeconomic, regulatory and other external factors could result in losses on your notes or reduce the market value or liquidity of your notes —Recent and future economic developments may adversely affect the performance of the leases and related leased vehicles and may result in reduced or delayed payments on your notes." As a result, 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 leases. As a result, you may receive principal payments of your notes earlier than anticipated. No prediction can be made and no assurance can be given as to the effect of an economic downturn or economic growth on the rate of delinquencies, prepayments and/or losses on the leases allocated to the Transaction SUBI. See "—*Returns on your investment in the notes may be reduced by prepayments on the leases, events of default, optional redemption of the notes or reallocation of leases and related leased vehicles from the Transaction SUBI.*"

As of the [statistical] cut-off date, [based on the billing address of the lessee], Units representing approximately [ <u>]</u>%, [ <u>]</u>%, [ <u>]</u>%, [ <u>]</u>% and [ <u>]</u>% of the lease contracts in the statistical lease portfolio (by aggregate Securitization Value of the leases and related leased vehicles in the statistical lease portfolio as of the [statistical] cut-off date) were located in [ <u>]</u>, [ <u>]</u>, [ <u>]</u>, [ <u>]</u> and [ <u>]</u>, respectively. No other state accounts for more than [5.00]% of the aggregate Securitization Value of the statistical lease portfolio as of the [statistical] cut-off date. Because of the concentration of lessees in certain states, any adverse economic factors, natural or manmade disasters, extreme weather conditions (including an increase in the frequency of extreme weather conditions as a result of climate change), public health concerns (including pandemics) or civil unrest in those states may have a greater effect on the performance of the leases than if the concentration did not exist, which may result in a greater risk of loss on your notes. In particular, there have been predictions that climate change may lead to an increase in the frequency of natural disasters and extreme weather conditions, with certain states bearing a greater risk of the adverse effects of climate change, which could increase the risks related to geographic concentration of lessees on the leases to be allocated to the Transaction SUBI.

**The impact of climate-change related events, including efforts to reduce or mitigate the effects of climate change, may increase the risk of losses or reduce the return on your notes.** 

The effects of climate change such as natural disasters or extreme weather conditions (including any predicted increase in the frequency and range of natural disasters and extreme weather conditions as a result of climate change) in the locations where lessees work or reside could adversely affect the ability and willingness of lessees to meet their payment obligations under the leases and may consequently adversely affect the delinquency, default, loss and repossession or prepayment experience of the issuing entity with respect to the leases and the related leased vehicles in such states. See "—The geographic concentration of the lessees on the leases to be allocated to the Transaction SUBI and varying economic circumstances may increase the risk of losses or reduce the return on your notes." Further, the pricing of CPO and used vehicles is affected by, among other factors, consumer preferences, which may be impacted by consumer perceptions of climate change and consumer efforts to mitigate or reduce

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climate change-related events by purchasing vehicles that are viewed as more fuel efficient (including vehicles powered primarily or solely through electricity) or legislation relating to emissions and fuel efficiency. An increase in the supply or a decrease in the demand for CPO and used vehicles may impact the residual value of the leased vehicles allocated to the Transaction SUBI. See "—*CPO [,][and] used [and electric] vehicles allocated to the Transaction SUBI may incur higher losses than new vehicles [and vehicles with internal combustion engines], and market factors may reduce the value of CPO [,][and] used [and electric] vehicles, which could result in losses on your notes*."

Further, the implementation of new or revised laws or regulations designed to address or mitigate the potential impacts of climate change (including laws which may adversely impact the auto industry in particular as a result of efforts to mitigate the factors contributing to climate change) could have a significant impact on the servicer, the sponsor, the depositor and the issuing entity (including as a result of an adverse impact generally on the auto finance and resale markets) and could adversely affect the timing and amount of payments on your notes. See "—Adverse events affecting the servicer, its affiliates or other transaction parties could result in losses on your notes or reduce the market value or liquidity of your notes—Adverse legal or regulatory developments with respect to PFS or its affiliates could have an adverse effect on your notes" and "—*Adverse events affecting the servicer, its affiliates or other transaction parties could result in losses on your notes or reduce the market value or liquidity of your notes—Adverse events with respect to PFS, its affiliates or third party providers to whom PFS outsources its activities could affect the timing of payments on your notes or adversely affect the market value or liquidity of your notes*."

Consequently, the impact of climate-change related events, including efforts to reduce or mitigate the effects of climate change, may increase the risk of losses or reduce the return on your notes.

**The resale value of leased vehicles may be adversely affected by discount pricing incentives, marketing incentive programs, recalls, used car market factors and other market factors, which may result in losses on your notes.** 

Historical residual value loss experience on leased vehicles is partially attributable to the introduction and pricing of new vehicle models. For instance, the introduction of a new model by Porsche may impact the resale value of the existing portfolio of similar model types. Discount pricing incentives or other marketing incentive programs on new vehicles by Porsche or by its competitors that effectively reduce the prices of new vehicles may have the effect of reducing demand by consumers for CPO and used vehicles. Further, Porsche may from time to time introduce marketing incentive programs that reduce the prices of new vehicles. Decisions by Porsche with respect to new vehicle production, pricing and incentives may affect CPO and used vehicle prices, particularly those for the same or similar models. For instance, introduction of a new model with additional equipment not reflected in the manufacturer's suggested retail price may impact the resale value of the existing portfolio of similar model types. The reduced demand for CPO and used vehicles resulting from discount pricing incentives, other marketing incentive programs introduced by Porsche or any of its competitors or other market factors may reduce the prices consumers will be willing to pay for CPO and used vehicles, including leased vehicles to be allocated to the Transaction SUBI at the end of the related leases and thus reduce the resale value of such leased vehicles, particularly those for the same or similar models. In addition, to encourage lessees to enter into new financing transactions, Porsche may offer existing lessees a waiver of certain Excess Wear Charges that would otherwise be due under the terms of the lease (up to an established maximum). See "*Origination and Servicing Procedures—Leased Vehicle Maintenance*" in this prospectus. If any such charges are waived, they will not be available as Collections and the existence of the excess wear may have an adverse impact on the residual value of the related vehicle.

The pricing of CPO and used vehicles is affected by the supply and demand for those vehicles, which, in turn, is affected by consumer preferences (including preferences that may change quickly based on factors such as technological improvements, fuel costs, legislation relating to emissions and fuel efficiency, an actual or perceived increase in extreme weather or consumer perceptions of climate change and consumer efforts to mitigate or reduce climate change-related events by purchasing vehicles that are viewed as more fuel efficient (including vehicles powered primarily or solely through electricity)), economic factors, fuel costs, marketing incentives, the introduction and pricing of new vehicle models, vehicle recalls or other potential defects, service campaigns and other factors, including concerns about the viability of the related vehicle manufacturer, an actual failure or bankruptcy of the related vehicle manufacturer and/or other factors, including the certain vehicle quality issues or the discontinuation of vehicle models or brands. Significant increases in the inventory of used motor vehicles subject to a recall may

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also depress the prices at which repossessed motor vehicles may be sold or delay the timing of those sales. Decisions by a manufacturer with respect to new vehicle production, pricing and incentives may affect CPO and used vehicle prices, particularly those for the same or similar models. If programs are implemented by the United States government to stimulate the sale of new vehicles, this may have the effect of further reducing the values of CPO and used vehicles, resulting in increased losses upon disposition of leased vehicles that may result in losses on your notes. Further, the insolvency of a manufacturer or ratings downgrade of a manufacturer may negatively affect CPO and used vehicle prices for vehicles manufactured by that company. An increase in the supply or a decrease in the demand for CPO and used vehicles may impact the resale value of the leased vehicles related to the leases. Decreases in the value of those vehicles may, in turn, reduce the incentive of lessees to make payments on the leases and decrease the proceeds realized by the issuing entity from leased vehicles sold at the end of their lease term or repossessions of leased vehicles.

These and other factors that are beyond the control of the issuing entity, the depositor and the servicer could have a negative impact on the resale value of a vehicle. If the proceeds actually realized upon the sale of the leased vehicles allocated to the Transaction SUBI are substantially lower than the contract residual values that PFS originally established, you may suffer a loss on your investment in the notes.

**The motor vehicle leasing industry has experienced historically elevated used car values starting in 2020, affecting residual value loss experience.** 

The actual sales proceeds realized with respect to the leased vehicles to be allocated to the Transaction SUBI may be lower than PFS' historical residual value loss experience as set forth under "*Delinquencies, Repossessions, Net Losses and Residual Value Loss Experience—Residual Value Loss Experience.*" Residual value loss experience is affected by a number of social, economic and other factors, including changes in interest rates and unemployment levels, and there can be no assurance as to the level of future total delinquencies or the severity of future credit losses as a result of these factors. Most recently, the auto industry experienced historically elevated used car values in the period following the outbreak of Coronavirus Disease 2019 and in subsequent years. See also "—*Macroeconomic, regulatory and other external factors could result in losses on your notes or reduce the market value or liquidity of your notes—Recent and future economic developments may adversely affect the performance of the leases and related leased vehicles and may result in reduced or delayed payments on your notes*". Accordingly, there is no guarantee that the leases to be allocated to the Transaction SUBI will realize similar residual values as set forth under "*Delinquencies, Repossessions, Net Losses and Residual Value Loss Experience—Residual Value Loss Experience*".

**Vehicle recalls and other quality issues may have an adverse effect on the Included Units and the payments and timing of returns on your notes.** 

From time to time, vehicle manufacturers or their suppliers may discover an element in a vehicle that might affect the safety or other features of the vehicle, including compliance with applicable safety or emissions standards or applicable U.S. customs rules. In such cases, the manufacturer, in consultation with the National Highway Traffic Safety Administration ("**NHTSA**"), the U.S. Environmental Protection Agency (the "**EPA**"), the California Air Resources Board (the "**CARB**") and/or U.S. Customs and Border Protection (the "**CBP**"), as applicable, may recall the affected vehicles to perform a remedy. In certain limited cases, such recalls may give rise to the lessee having the right to rescind or terminate its lease.

In addition, recalls or other service campaigns could cause a temporary suspension of sales of the affected vehicles until completion of any necessary repairs, which may cause a delay of the timing of the sales of returned, repossessed or off-lease vehicles in the used car markets. Recalls or other quality issues may also cause a decrease in demand for the affected vehicles in the CPO and used vehicle market, which may cause a decline in values of those vehicles. Declines in values of CPO and used vehicles could cause an increase in credit losses. If any of these events materially affect collections on the leases and related leased vehicles allocated to the Transaction SUBI, you may experience delays in payments or principal losses on your notes if the available credit enhancement has been exhausted.

In August 2024, NHTSA published a supplemental initial decision that could result in a future recall of vehicles equipped with certain frontal driver and passenger air bag inflators manufactured by ARC Automotive Inc. and Delphi Automotive Systems LLC. The supplemental initial decision reiterated NHTSA's earlier conclusion that

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those airbag inflators, and vehicles in which those inflators were installed, contain a defect related to motor vehicle safety. Following submission of written comments by PCNA and other motor vehicle and motor vehicle equipment manufacturers, in December 2024, NHTSA announced that it would conduct additional investigation of the issues related to the supplemental initial decision. That investigation is ongoing as of this date. If, following this investigation, NHTSA decides to proceed to a final decision ordering a recall of vehicles containing these inflators, certain of the leased vehicles related to the Included Units may be subject to such recall (depending on the final parameters of the potential recall and depending on the outcome of judicial challenges to the decision, if any). Investors should monitor news reports for further developments.

Further, vehicle recalls or other quality issues may affect the brand recognition and brand reputation of Porsche, which can cause a decrease in demand for Porsche vehicles in the CPO and used vehicle market, which may cause a decline in values of those vehicles. You may receive payments on your notes earlier than expected due to lessees turning in their vehicles as a result of a decline in the brand reputation of Porsche. See "—*Returns on your investment in the notes may be reduced by prepayments on the leases, events of default, optional redemption of the notes or reallocation of leases and related leased vehicles from the Transaction SUBI*." A decline in the resale value of CPO and used vehicles could cause an increase in credit losses if such vehicles are repossessed or turned in. See "—*CPO [,][and] used [and electric] vehicles allocated to the Transaction SUBI may incur higher losses than new vehicles [and vehicles with internal combustion engines], and market factors may reduce the value of CPO [,][and] used [and electric] vehicles, which could result in losses on your notes*."

The vehicles allocated to the Transaction SUBI may be the subject of existing or future vehicle recalls, service campaigns or warranty extensions. Lessees of leased vehicles affected by a vehicle recall may be more likely to be delinquent in, or default on, payments on their leases. Significant increases in the inventory of used motor vehicles subject to a recall may also depress the prices at which repossessed motor vehicles may be sold or delay the timing of those sales. If any of these events materially affect collections on the leases and related leased vehicles, you may experience delays in payments or principal losses on your notes. In addition, turn-in rates may be higher than expected if lessees turn in their vehicles due to concerns arising from a recall, regardless of whether such vehicle was affected by the recall. As a result, you may receive payment of principal on the notes earlier than you expected.

**The concentration of leased vehicles to particular models could negatively affect your notes.** 

As of the [statistical] cut-off date, the [ ] and the [ ] models represent approximately [ <u>]</u>% and [ <u>]</u>%, respectively, of the lease contracts in the statistical lease portfolio (by aggregate Securitization Value of the leases and related leased vehicles in the statistical lease portfolio as of the [statistical] cut-off date). No other model accounts for more than [10.00]% of the aggregate Securitization Value of the statistical lease portfolio as of the [statistical] cut-off date. Any adverse change in the value of a specific model type (including due to a vehicle recall or other quality issues) would reduce the prices at which recalled or repossessed motor vehicles may be sold or delay the timing of those sales. As a result, you may incur a loss on your investment in the notes. See "—*Vehicle recalls and other quality issues may have an adverse effect on the Included Units and the payments and timing of returns on your notes.*"

**Increased vehicle turn-in rates may increase losses on your notes.** 

Losses may be greater as vehicle turn-in rates upon the expiration of leases increase because sale prices will be dependent on the market value of such vehicles in the used car market. Under each lease, the lessee [and originating Center] may elect to purchase the related vehicle at the expiration of the lease for an amount generally equal to the stated contract residual value established at the inception of the lease. Lessees [and originating Centers] who decide not to purchase their related vehicles at lease expiration will expose the issuing entity to possible losses if the sale prices of such vehicles in the used car market are less than their respective contractual residual values. The level of turn-ins at termination of the leases could be affected by the convenience of the turn-in process generally, lessee views on vehicle quality, the relative attractiveness of new models available to the lessees, sales and lease incentives offered with respect to other vehicles (including those offered by PFS or its affiliates), the level of the purchase option prices for the related vehicles compared to new, CPO and used vehicle prices and economic conditions generally. The early termination of leases by lessees (including due to concerns arising from a vehicle recall, regardless of whether the related leased vehicle was affected by the recall) may affect the number of turn-ins in a particular month. If losses resulting from increased turn-ins exceed the credit enhancement available for the notes, you may suffer a loss on your investment in the notes.

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**CPO [,][and] used [and electric] vehicles allocated to the Transaction SUBI may incur higher losses than new vehicles [and vehicles with internal combustion engines], and market factors may reduce the value of CPO [,][and] used [and electric] vehicles, which could result in losses on your notes.** 

Some of the leased vehicles were CPO and used vehicles at the time when the applicable lessee entered into the lease. Because the value of a CPO and used vehicle may be more difficult to determine than that of a new vehicle, a greater loss may be incurred if a CPO and used vehicle must be repossessed or is turned in by the lessee and sold*.* See "*The Leases—Composition of the Statistical Lease Portfolio as of the [Statistical] Cut-Off Date.*"

Vehicles that are repossessed or turned in are typically sold to the dealer network or at vehicle auctions as CPO and used vehicles pursuant to customary servicing procedures. The pricing of CPO and used vehicles is affected by supply and demand for such vehicles, which in turn is affected by consumer tastes, economic factors, fuel costs, the introduction and pricing of new car models and other factors, such as the introduction of new vehicle sales incentives, legislation relating to emissions and fuel efficiency, the possibility of vehicle recalls or other quality issues affecting the related vehicle models or brands and other factors that are beyond the control of the issuing entity, the depositor or the servicer. Decisions by a manufacturer with respect to new vehicle production, pricing and incentives may affect CPO and used vehicle prices, particularly those for the same or similar models. Adverse conditions affecting one or more automotive manufacturers, including any that could result from vehicle recalls or other quality issues, may negatively affect CPO and used vehicle prices for vehicles manufactured by that company, as described under "—Vehicle recalls and other quality issues may have an adverse effect on the Included Units and the payments and timing of returns on your notes" above. In addition, the introduction of discount pricing incentives or other marketing incentive programs to encourage the purchase of new vehicles could result in reducing the demand for, and value of, CPO and used vehicles.

Consumer preferences relating to CPO and used vehicles can change rapidly and can be influenced by a variety of economic and social factors, such as the current or anticipated future costs of gasoline. Perceptions of the increased severity of the effects of climate change, particularly when combined with predictions that those effects may continue to grow and intensify in both the short and long term, could influence consumer efforts to mitigate or reduce climate change-related events by purchasing or leasing vehicles that are viewed as more fuel efficient (including vehicles powered primarily or solely through electricity). See "—*The impact of climate-change related events, including efforts to reduce or mitigate the effects of climate change, may increase the risk of losses or reduce the return on your notes.*"

A decrease in demand for CPO and used vehicles may adversely affect the resale value of repossessed or turned in vehicles, which in turn could result in increased losses on the related leased vehicles.

[Additionally, some of the leased vehicles allocated to the Transaction SUBI are electric vehicles. A decrease in fuel prices, or an increase in electricity costs (residential or commercial prices in kWh) or lack of sufficiently developed charging infrastructure for electric vehicles could disproportionately reduce the resale value of, and demand for, electric vehicles. A decrease in the demand for electric vehicles or a decline in the price at which an electric vehicle may be sold may adversely affect the resale value of repossessed or turned in electric vehicles. If the proceeds actually realized upon the sale of the leased vehicles allocated to the Transaction SUBI are substantially lower than the contract residual values that PFS originally established, you may suffer a loss on your investment in the notes.]

**Vicarious tort liability may result in a loss on the notes.** 

Some states allow a party that incurs an injury involving a vehicle to sue the owner of the vehicle merely because of that ownership. As owner of the vehicles, the origination trust may be subject to these lawsuits. Most, but not all, states, however, either prohibit these vicarious liability suits against leasing companies 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.

On August 10, 2005, President George W. Bush signed into law the Safe Accountable, Flexible, and Efficient Transportation Equity Act of 2005 (the "**Transportation Act**"), Pub. L. No. 109-59. The Transportation Act provides that an owner of a motor vehicle that rents or leases the vehicle to a person will 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

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(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 was effective upon enactment and applies to any action commenced on or after August 10, 2005. 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 it is expected that the Transportation Act should reduce the likelihood of vicarious liability being imposed on the origination trust. 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. While the vast majority of courts have concluded that the Transportation Act preempts state laws permitting vicarious liability, one New York lower court has reached a contrary conclusion in a case involving a leasing trust. 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 11<sup>th</sup> Circuit upheld the constitutionality of the preemption provisions in the Transportation Act and the plaintiffs' petition seeking review of the decision by the U.S. Supreme Court was denied. In 2010, a similar decision was issued by the U.S. Court of Appeals for the 8<sup>th</sup> Circuit. While the outcome in these cases upheld federal preemption under the Transportation Act, the outcome of any future cases remains uncertain at this time.

The servicer may, but is not required to, maintain liability insurance coverage on behalf of the origination trust. However, this coverage is subject to deductibles and claims could be imposed against the assets of the origination trust which could exceed that coverage. In the event the servicer fails to maintain this liability insurance coverage, the deductible is not satisfied or the insurance coverage protecting the origination trust is insufficient to cover, or does not cover, a material claim, that claim could be satisfied out of the proceeds of the leased vehicles and leases to be allocated to the Transaction SUBI and you could incur a loss on your investment.

For a discussion of the possible liability of the origination 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.

**The servicer's discretion over the servicing of the leases and disposition of the leased vehicles may impact the amount and timing of funds available to make payments on the notes.** 

Although the servicer is obligated to service the leases in accordance with its customary servicing practices, the servicer has broad discretion in servicing the leases, including the ability to grant payment extensions and deferrals and to determine the timing and method of collection (including whether or not to repossess the related leased vehicle) and liquidation procedures. The servicer, in its own discretion, may permit an extension on, or a deferral of, payments due or halt repossession activity on a case-by-case basis or more broadly in accordance with its customary servicing practices, for example, in connection with a natural disaster or public health emergency affecting a large group of lessees. See "*Origination and Servicing Procedures*" in this prospectus. Payment deferrals, extensions or other modifications to the leases or delays in initiating repossession activity may extend the maturity of the leases, increase the weighted average life of any class of notes and reduce the yield on your notes.

In addition, the customary servicing practices may change from time to time and those changes could reduce collections on the leases. Although the customary servicing practices at any time will apply to all leases serviced by the servicer, without regard to whether a lease and related leased vehicle has been allocated to the Transaction SUBI, the servicer is not obligated to maximize collections from the leases. Consequently, the manner in which the servicer exercises its servicing discretion or changes its customary practices could have an impact on the amount and timing of collections on the leases, which may impact the amount and timing of funds available to make payments on the notes.

In addition, supply chain issues related to the availability of new, CPO and used vehicles and the related fluctuating consumer demand for new, CPO and used vehicles may impact the resale value for returned and repossessed leased vehicles. If, for any reason, the servicer is (i) delayed in repossessing a vehicle, (ii) unable to sell returned or repossessed leased vehicles in a timely manner or (iii) unable to sell returned or repossessed leased vehicles for an amount greater than the stated residual value of such lease, you could experience increased losses on the related leases and your notes.

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**Credit scores and historical loss experience may not accurately predict the likelihood of delinquencies, defaults and losses on the leases.** 

A credit score purports only to be a measurement of the relative degree of risk a borrower represents to a lender, i.e., that a borrower with a higher score is statistically expected to be less likely to default on its payment obligations than a borrower with a lower score. Credit scores, including the credit score data presented in this prospectus, reflects credit scores for lessees obtained [at the time of acquisition from the originating Center of their leases], and do not account for changes in lessees' credit profiles subsequent to the date as of which such scores are obtained or calculated. Consequently, information regarding credit scores for the lessees on the leases to be allocated to the Transaction SUBI as of the [statistical] cut-off date presented in "*The Leases*—*Composition of the Statistical Lease Portfolio as of the [Statistical] Cut-Off Date*" should not be relied upon as a basis for an expectation that a lease will be paid in accordance with its terms.

Historical loss and delinquency information set forth in this prospectus under "*Delinquencies, Repossessions, Net Losses and Residual Value Loss Experience*" was affected by several variables, including general economic conditions and market residual values, that are expected to differ in the immediate future, and are likely to differ in the longer term future. Consequently, the net loss experience calculated and presented in this prospectus with respect to the servicer's managed portfolio of leases may not reflect actual experience with respect to the leases to be allocated to the Transaction SUBI. The servicer has experienced variability (including increases) in delinquencies and repossessions on its lease portfolio, which variability may continue. Further, the prices of CPO and used vehicles, including the prices at which the servicer is able to sell repossessed vehicles, are variable, and declines in CPO and used vehicle prices will result in increased credit losses on defaulted leases. In addition, future delinquency rates, rates of repossession, recovery rates or loss experience of the servicer with respect to the leases may be better or worse than that set forth in this prospectus with respect to the servicer's managed portfolio.

In addition, the customary servicing practices have changed over time and may change from time to time in the future, and those changes could reduce collections on the leases to be allocated to the Transaction SUBI. As a result, the delinquency and credit loss experience presented in this prospectus with respect to the servicer's managed portfolio of leases or the static pool information may not reflect actual experience with respect to the leases to be allocated to the Transaction SUBI. If the performance of the leases and related leased vehicles allocated to the Transaction SUBI is worse than expected, the timing and amount of payments on the notes could be adversely affected.

**[This prospectus provides information regarding the leases and related leased vehicles as of the statistical cut-off date, which may differ from the characteristics of the leases and related leased vehicles as of the cut-off date.** 

This prospectus describes the characteristics of the leases and related leased vehicles as of the statistical cut-off date. The portfolio of leases and related leased vehicles to be allocated to the Transaction SUBI on the closing date may vary somewhat from the leases and related leased vehicles in the statistical pool described in this prospectus because the actual pool will be selected from (i) leases and related leased vehicles in the statistical pool, (ii) leases and related leased vehicles originated after the statistical cut-off date and/or (iii) leases and related leased vehicles originated prior to the statistical cut-off date but that were not included in the statistical pool, which, in each case, satisfy the eligibility criteria specified in the transaction documents as of the cut-off date. The leases and related leased vehicles allocated to the Transaction SUBI on the closing date may have characteristics that differ somewhat from the characteristics of the leases and related leased vehicles as of the statistical cut-off date described in this prospectus. The characteristics (as of the cut-off date) of the leases and related leased vehicles allocated to the Transaction SUBI on the closing date will not differ materially from the characteristics (as of the statistical cut-off date) of the leases and related leased vehicles described in this prospectus, and each lease must satisfy the eligibility criteria specified in the transaction documents. Further, the issuing entity has provided asset-level information as of the cut-off date with respect to the leases and related leased vehicles that will be allocated to the Transaction SUBI on the closing date on Form ABS-EE. See "*The Leases*—*Asset Level Information*" in this prospectus. If you purchase a note, you should review such asset-level information provided on Form ABS-EE and you should not assume that the characteristics of the leases transferred to the issuing entity on the closing date will be identical to the characteristics of the leases and related leased vehicles as of the statistical cut-off date described in this prospectus.]

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**Because the notes are in book-entry form, your rights can only be exercised indirectly.** 

Because the notes will be issued in book-entry form, you will be required to hold your interest in the notes through The Depository Trust Company in the United States or Clearstream Banking société anonyme [or the Euroclear System] (in Europe or Asia). Transfers of interests in the notes within The Depository Trust Company or Clearstream Banking société anonyme [or the Euroclear System] must be made in accordance with the usual rules and operating procedures of those systems. So long as the notes are in book-entry form, you will not be entitled to receive a definitive note representing your interest. The notes will remain in book-entry form except in the limited circumstances described under the caption "*The Notes—Book-Entry Registration*." Unless and until the notes cease to be held in book-entry form, neither the indenture trustee nor the owner trustee will recognize you as a "noteholder," as such term is used in the indenture and the trust agreement except in the limited circumstances relating to an investor vote with respect to an asset representations review. Holding the notes in book-entry form could also limit your ability to pledge your notes to persons or entities that do not participate in The Depository Trust Company, Clearstream Banking société anonyme [or the Euroclear System] and to take other actions that require a physical certificate representing the note.

**The notes may not be a suitable investment for you.** 

The notes are not a suitable investment for you if you require a regular or predictable schedule of payments. The 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, residual value, default and market risk, the tax consequences of an investment in the notes or payment on any specific date and the interaction of these factors.

**The ratings of the notes may be withdrawn or lowered, the notes may receive an unsolicited rating or the rating agencies may be perceived as having a conflict of interest, which may have an adverse effect on the liquidity or the market price of the notes.** 

Ratings are not recommendations to buy, sell or hold the notes. Rather, ratings are an assessment by the applicable rating agency of the likelihood that any interest on a class of notes will be paid on a timely basis and that a class of notes will be paid in full by the final scheduled payment date for that class of notes. A rating agency may revise or withdraw its ratings at any time in its sole discretion, and the ratings of any notes may be lowered by a rating agency (including the Hired Agencies) following the initial issuance of the notes, including as a result of losses on the leases in excess of the levels contemplated by a rating agency at the time of its initial rating analysis or due to general adverse trends in the economy. Neither the depositor nor the sponsor nor any of their respective affiliates will have any obligation to take any action to maintain any ratings of the notes. If any rating with respect to the notes is revised or withdrawn, the liquidity or the market value of your notes may be adversely affected. Notes issued in connection with an asset-backed securitization program sponsored by the sponsor may be placed under review for downgrade or may be downgraded at any time by certain or all of the rating agencies hired to rate those notes.

It is possible that, on, prior to or after the closing date, a rating agency not hired by the sponsor to rate the transaction or a particular class of notes may provide an unsolicited rating that differs from (or is lower than) the ratings provided by the Hired Agencies. None of the sponsor, the depositor or any underwriter is obligated to inform investors (or potential investors) in the notes if an unsolicited rating is issued after the date of this prospectus and you should consult with your financial and legal advisors regarding the impact of an unsolicited rating on any class of notes. If any non-hired rating agency provides an unsolicited rating that differs from (or is lower than) the rating provided by the Hired Agencies, the liquidity or the market value of your notes may be adversely affected.

Further, it may be perceived that the Hired Agencies have a conflict of interest that may have affected the ratings assigned to the notes where, as is the industry standard and the case with the ratings of the notes, the sponsor, the depositor or the issuing entity pays the fees charged by the Hired Agencies for their rating services. The perceived conflict of interest may have an adverse effect on the market value of your notes and the ability to resell your notes.

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**Returns on your investment in the notes may be reduced by prepayments on the leases, events of default, optional redemption of the notes or reallocation of leases and related leased vehicles from the Transaction SUBI.** 

You may receive payments on your notes earlier or later than you expected, which may adversely affect your ability to reinvest amounts paid to you at a rate of return that is equal to or greater than the rate of return on your notes. The notes are not a suitable investment for you if you require a regular or predictable schedule of payments or payment on any specific date.

The amount of distributions of principal of your notes and the time when you receive those distributions depend in part on the rate of payments and losses relating to the leases and related leased vehicles. Prepayments, liquidations of the vehicles related to defaulted leases, reallocations of leases and the related vehicles from the Transaction SUBI that do not meet the eligibility criteria or events of default that result in an acceleration of payments on the notes will shorten the life of the notes to an extent that cannot be fully predicted. Further, the leases to be allocated to the Transaction SUBI may be prepaid, in full or in part, either voluntarily, including as a result of marketing programs introduced by Porsche, including the end of term lease loyalty program, or due to concerns arising from a vehicle recall (regardless of whether the related vehicle was affected by the recall), or as a result of defaults, theft of or damage to the related leased vehicles or for other reasons. Porsche's end of term lease loyalty program offers incentives to lease new vehicles to lessees whose lease contracts are nearing expiration, which may include waiver of one or more monthly lease payments. As a result, the leases may be prepaid earlier than expected. Additionally, if the seller or the servicer is required to reallocate leases and related leased vehicles from the Transaction SUBI because of a breach of an applicable representation, warranty or covenant as described under "*Description of the Transaction Documents*—*Representations and Warranties*" payment of principal on the notes will be accelerated.

The depositor will also be permitted at its option to purchase the Transaction SUBI Certificate from the issuing entity when the then-outstanding aggregate note balance is less than or equal to [5][10]% of the aggregate initial note balance of the notes, which may require repayment of the notes prior to the expected principal payment date for one or more classes of notes. If the depositor exercises its right to purchase the Transaction SUBI Certificate, the issuing entity will redeem the notes and, if any of your notes are then outstanding, you will receive the remaining principal balance of your notes plus any other amounts due to noteholders, such as accrued interest through the related payment date. Because your notes will no longer be outstanding, you will not receive the additional interest payments or other distributions that you would have received had the notes remained outstanding. You will bear any reinvestment risks resulting from a faster or slower rate of payments of the leases and leased vehicles allocated to the Transaction SUBI. If you bought your notes at par or at a premium, your yield to maturity will be lower than it would have been if the optional redemption had not been exercised. See "*Description of the Transaction Documents—Optional Redemption*" in this prospectus.

***THE ISSUING ENTITY HAS LIMITED ASSETS, AND DELAYS IN PAYMENT OR LOSSES ON YOUR NOTES COULD ARISE FROM SHORTFALLS OR DELAYS IN AMOUNTS AVAILABLE TO MAKE PAYMENTS ON THE NOTES.***

**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 are secured solely by the assets of the issuing entity. Your notes will not represent an interest in or obligation of the origination trust, the seller, the sponsor, the servicer or the depositor or any of their respective affiliates. Distributions on any class of notes will depend solely on the amount and timing of payments and other collections in respect of the leases to be allocated to the Transaction SUBI, disposition proceeds of the related leased vehicles and the credit enhancement for the notes specified in this prospectus. We cannot assure you that these amounts will be sufficient to make full and timely distributions on your notes. The notes, the leases and the residual values of the leased vehicles allocated to the Transaction SUBI will not be insured or guaranteed, in whole or in part, by the United States or any governmental entity or, by any provider of credit enhancement.

The residual values for the leased vehicles to be allocated to the Transaction SUBI are future projections by PFS and/or Automotive Lease Guide, as described under "*Origination and Servicing Procedures—Determination of Residual Values*" in this prospectus. There is no guarantee that the assumptions regarding future events that are used to determine residual values will prove to be correct. If the predicted residual values of the leased vehicles allocated

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to the Transaction SUBI are substantially higher than the sales proceeds actually realized upon the sale of the leased vehicles, you may suffer losses if the available credit enhancement is exceeded. For a discussion of factors that may contribute to residual value losses, you should refer to "—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—The geographic concentration of the lessees on the leases to be allocated to the Transaction SUBI and varying economic circumstances may increase the risk of losses or reduce the return on your notes", "—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—Increased vehicle turn-in rates may increase losses on your notes" and "—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—Vehicle recalls and other quality issues may have an adverse effect on the Included Units and the payments and timing of returns on your notes".

**You may experience a loss if defaults on the leases or residual value loss exceeds the available credit enhancement or cash flow enhancement.** 

The issuing entity does not have, nor is it permitted or expected to have, any significant assets or sources of funds other than the Transaction SUBI Certificate together with its right to payments under any credit enhancement and available funds in certain accounts. The notes represent obligations solely of the issuing entity and will not be insured or guaranteed by any entity unless otherwise indicated in this prospectus. Accordingly, you will rely primarily upon collections on the leases to be allocated to the Transaction SUBI, disposition proceeds of the related leased vehicles and, to the extent available, any credit enhancement for the issuing entity, including amounts on deposit in any reserve account or similar account. Funds on deposit in any reserve account or similar account will cover shortfalls due to delinquencies and losses on the Included Units up to a certain level. However, if delinquencies and losses create shortfalls which exceed the available credit enhancement for your notes, you may experience delays in payments due to you and you could suffer a loss on your notes.

**You may experience a loss or a delay in receiving payments on the notes if the assets of the issuing entity are liquidated.** 

If an event of default under the indenture occurs and the notes are accelerated, the indenture trustee may liquidate the assets of the issuing entity. As a result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may suffer losses on your notes if the assets of the issuing entity are insufficient to pay the amounts owed
on your notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments on your notes may be delayed until more senior classes of notes are repaid or until the liquidation of
the assets is completed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• your notes may be repaid earlier than scheduled, which will involve the prepayment risks described under
"— *The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—Returns on your investment in the notes may be reduced by prepayments on the leases, events of default, optional redemption of the notes or reallocation of leases and related leased vehicles from the Transaction SUBI*" in this prospectus.

The issuing entity cannot predict the length of time that will be required for liquidation of the assets of the issuing entity to be completed. In addition, liquidation proceeds may not be sufficient to repay the notes in full. Even if liquidation proceeds are sufficient to repay the notes in full, any liquidation that causes the outstanding principal amount of the notes to be paid before the related final scheduled payment date will involve the prepayment risks described above.

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**Reallocation obligations are limited, and do not protect the issuing entity from all risks that could impact the performance of the leases.** 

The seller will make limited representations and warranties about the characteristics of the leases and leased vehicles allocated to the Transaction SUBI. The seller will be obligated to cause a reallocation of the beneficial interest in a lease and the related leased vehicle if there is a breach of the representations or warranties regarding the eligibility of such lease or related leased vehicle (and such breach is not cured and materially and adversely affects the interests of the depositor, the issuing entity or the noteholders in such Included Unit). For example, a reallocation obligation could arise if fraud by a lessee were to result in a breach of a representation. However, the representations and warranties made by the seller are not a guarantee of performance and do not protect the issuing entity from all risks that could impact the performance of the Included Units, including risks related to adverse economic developments. Further, the representations and warranties are made as of the cut-off date or closing date, as applicable, and are not ongoing representations or warranties with respect to the eligibility of the Included Units. Additionally, PFS, as servicer, will be obligated in certain instances to cause a reallocation of the beneficial interest in a lease and related leased vehicle as a result of a lease extension, payment deferral, modification or early termination, as further described under "*Origination and Servicing Procedures*" in this prospectus. While PFS will be obligated to cause the reallocation of Included Units under such circumstances, it may not be financially in a position to fund its reallocation obligation and you could suffer a loss.

**Your notes may not be repaid on their final scheduled payment date, and failure to pay principal on your notes will not constitute an event of default until the final scheduled payment date.** 

It is expected that final payment of each class of notes will occur on or prior to the respective final scheduled payment dates, but the amount of principal required to be paid to the noteholders will be limited to cash available in the collection account and the reserve account, and no assurance can be given that sufficient funds will be available to pay each class of notes in full on or prior to the final scheduled payment date. Therefore, the failure to pay principal of your notes on any payment date will not result in the occurrence of an event of default until the stated maturity date for your notes. See "*The Indenture—Rights Upon Event of Default*". Under certain circumstances, including when required by applicable law or court order, at the direction of a regulatory authority or in accordance with regulatory guidance or in accordance with its customary servicing practices, the servicer may accept a payment in full and waive any deficiency. As a result, there may not be sufficient collections to make payments on the notes. If sufficient funds are not available, final payment of any class of notes could occur later than the final scheduled payment date for that class.

**Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payment on your notes.** 

Because the Transaction SUBI will represent a beneficial interest in the Included Units, you will be dependent on payments made on the leases to be allocated to the Transaction SUBI and proceeds received in connection with the sale or other disposition of the related leased vehicles for payments on your notes. The issuing entity will not have a direct ownership interest in the leases or a direct ownership interest or perfected security interest in the related leased vehicles, which will be titled in the name of the origination trust. It is therefore possible that a claim against or lien on the leased vehicles or the other assets of the origination trust could limit the amounts payable in respect of the Transaction SUBI Certificate to less than the amounts received from the lessees of the leased vehicles or received from the sale or other disposition of the leased vehicles.

[A member of PFS' controlled group formerly maintained a defined benefit pension plan subject to the funding requirements of Title IV of ERISA (the "**Defined Benefit Plan**"). However, the Defined Benefit Plan was fully funded based on a recent actuarial valuation and was terminated in a standard termination on March 31, 2024, with all obligations paid, pursuant to ERISA Section 4041(b). If PFS or any member of its controlled group were to incur defined benefit pension plan obligations subject to Title IV of ERISA in connection with the terminated Defined Benefit Plan or by establishing an applicable pension plan or if an entity with such obligations becomes part of the controlled group that includes PFS, and if the funding requirements of Title IV of ERISA are not complied with for any such plan, liens in favor of and/or enforceable by the Pension Benefit Guaranty Corporation could attach to the leases and leased vehicles owned by the origination trust (including the leases and the leased vehicles allocated to the Transaction SUBI) and could be used to satisfy unfunded ERISA obligations of PFS or any member of such controlled group. Because these liens could attach directly to the leases and leased vehicles allocated to the

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Transaction SUBI and because the issuing entity does not have a prior perfected security interest in the assets of the Transaction SUBI, these liens could have priority over the interest of the issuing entity in the assets of the Transaction SUBI.]

From time to time, the Hired Agencies may request information with respect to any defined benefit pension plans maintained or sponsored by PFS or any of its affiliates. Although PFS will use reasonable efforts to comply with such request, PFS may not be able to provide the requested information. Any rating downgrade could result in a decline in the market value of your notes. To the extent a third-party makes a claim against, or files a lien on, the assets of the origination trust, including the leased vehicles allocated to the Transaction SUBI, it may delay the disposition of those leased vehicles or reduce the amount paid to the holder of the Transaction SUBI Certificate. If that occurs, you may experience delays in payment or losses on your investment in the notes. For more information on the effect of third-party claims or liens on payment of the notes, you should refer to "*Additional Legal Aspects of the Origination Trust and the Transaction SUBI—Allocation of Origination Trust Liabilities*" in this prospectus.

***ADVERSE EVENTS AFFECTING THE SERVICER OR OTHER TRANSACTION PARTIES COULD RESULT IN LOSSES ON YOUR NOTES OR REDUCE THE MARKET VALUE OR LIQUIDITY OF YOUR NOTES.***

**Adverse legal or regulatory developments with respect to PFS or its affiliates could have an adverse effect on your notes.** 

PFS and its affiliates (including Dr. Ing. h.c. F. Porsche Aktiengesellschaft ("**Porsche AG**"), the sponsor's ultimate parent) are parties to, or are periodically otherwise involved in, reviews, investigations and proceedings (both formal and informal), and information-gathering requests, by government agencies, including the U.S. Department of Justice (the "**DOJ**"), and various state authorities and are from time to time subject to class action litigation or similar legal proceedings.

Porsche AG is party to other legal actions and investigations in and outside the United States, and further regulatory proceedings, environmental, consumer, product-related and investor claims could be raised against Porsche AG in the future in various jurisdictions worldwide. These proceedings and actions and the publicity surrounding them could have an adverse effect on your notes, even in circumstances where neither we nor the sponsor is a party to or otherwise involved in the proceedings or other actions. For example, regulatory and legal actions against Porsche AG, Porsche Cars North America, Inc. ("**PCNA**"), the sponsor or other affiliates of the sponsor related to the manufacture and sale of affected vehicles may result in reputational damage to Porsche AG and PCNA, as well as to the "Porsche" brand. The pricing of CPO and used vehicles is affected by the supply and demand for those vehicles. If the demand for used Porsche vehicles decreases as a result of the issues arising after any regulatory or legal actions or other factors, the resale value of the leased vehicles may also decrease. Further, these and any other reviews, investigations, examinations and proceedings (whether formal or informal) and/or information-gathering requests that the sponsor or any of its subsidiaries or affiliates are involved in, or may become involved in, may result in adverse consequences to the sponsor including, without limitation, adverse judgments, settlements, fines, penalties, injunctions, or other actions and may affect the ability of the sponsor or any of its subsidiaries or affiliates to perform its duties under the transaction documents.

**Adverse events with respect to PFS, its affiliates or third party providers to whom PFS outsources its activities could affect the timing of payments on your notes or adversely affect the market value or liquidity of your notes.** 

Adverse events with respect to PFS or any of its affiliates or third party providers to whom it outsources its activities could result in servicing disruptions or affect the performance or market value of your notes and your ability to sell your notes in the secondary market. For example, servicing disruptions could result from unanticipated events beyond the servicer's control, such as natural disasters, civil unrest, labor strikes, cyber-attacks, political instability, armed conflict, military conflict, public health emergencies, the imposition of tariffs and economic disruptions, particularly to the extent such events affect the servicer's business or operations. Further, the failure of certain third parties that the servicer and sponsor rely on to deliver products and services to support their business to fully perform their obligations in a timely manner could adversely impact the servicer's or sponsor's ability to operate its business or perform their respective obligations under the transaction documents or could cause a disruption in collection activities with respect to the leases to be allocated to the Transaction SUBI. In addition, in the event of a

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termination and replacement of the servicer, there may be some disruption of the collection activity with respect to the leases to be allocated to the Transaction SUBI, leading to increased delinquencies, defaults and losses on the leases. Any such disruptions may cause you to experience delays in payments or losses on your notes.

Similarly, if the seller, becomes unable to reallocate any leases and related leased vehicles which do not comply with representations and warranties about the leases and related leased vehicles made by the seller (for example, representations relating to the compliance of the leases with applicable laws), then investors could suffer losses. In addition, adverse corporate developments with respect to servicers of asset-backed securities or their affiliates have in some cases also resulted in a reduction in the market value of the related asset-backed securities. For example, PFS is an indirect subsidiary of Porsche AG. Although Porsche AG is not guaranteeing the obligations of the issuing entity, if Porsche AG ceased to manufacture vehicles or support the sale of vehicles or if Porsche AG faced financial or operational difficulties, such events may reduce the market value of Porsche brand vehicles, and ultimately the amount realized on any Porsche vehicle sold at the end of its lease term or repossessed following a lessee's default under the related lease.

The sponsor relies upon its ability to sell securities in the asset-backed securities market and upon its ability to access various credit facilities to fund its operations. As discussed under "—*Macroeconomic, regulatory and other external factors could result in losses on your notes or reduce the market value or liquidity of your notes—Recent and future economic developments may adversely affect the performance of the leases and related leased vehicles and may result in reduced or delayed payments on your notes*," the global credit and financial markets have recently experienced, and may continue to experience, significant disruption and volatility. If the sponsor's access to funding is reduced or if the sponsor's costs to obtain such funding significantly increases, the sponsor's business, financial condition and results of operations could be materially and adversely affected which could adversely affect the sponsor's ability to perform its obligations under the transaction documents, including as servicer.

Additionally, the ability of the servicer to perform its obligations under the transaction documents will depend, in part, on its ability to store, retrieve, process and manage substantial amounts of information. Any failure or interruption of the servicer's information systems or any third party information systems on which it relies as a result of inadequate or failed processes or systems, human errors, employee misconduct, catastrophic events, network outages, utility outages, electronic or physical infrastructure outages, external or internal security breaches, acts of vandalism, hardware or software failures, computer viruses, malware, ransomware, misplaced or lost data or other events could disrupt the servicer's normal operating procedures, could damage its reputation, could lead to significant costs to remediate and could have an adverse effect on its business, results of operations and financial condition.

From time to time, the servicer may update its servicing systems in order to improve operating efficiency, update technology and enhance customer services. In connection with any updates or transitions, the servicer has experienced, and in the future may experience, disruptions in servicing activities both during and following roll-out of the new servicing systems or platforms caused by, among other things, periods of system down-time and periods devoted to user training. These and other implementation-related difficulties may contribute to higher delinquencies, servicing inefficiencies, data processing issues, manual intervention to supplement or correct systems issues and the need for further updates to the servicing systems. It is not possible to predict with any degree of certainty all of the potential adverse consequences that may be experienced in connection with a failure or interruption of information systems, and any disruptions in servicing activities may have an adverse effect on your notes.

For example, PFS' servicing systems are fully hosted, end-to-end, with one service provider, defi AUTO, LLC ("**defi**"), which provides a software solution to PFS to carry out loan originations, funding and back-office and customer facing services. While defi has a multi-layered business continuity plan and PFS participates in yearly disaster recovery testing, due to PFS' reliance on defi, the adverse events described above relating to third party providers could impact defi and materially and adversely affect the servicer's business, financial condition and results of operation, as well as the servicer's ability to service the leases and the related leased vehicles, resulting in an increased risk of loss on the notes.

Further, many companies (including the servicer) have seen an increase in the number and range of cyber-attacks, which, if successful, could give rise to the loss of significant amounts of sensitive information and the disablement of the information technology systems used to service lessees on the leases and other lessees. The servicer may

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incur significant costs in attempting to protect against such attacks or remediate any vulnerability or resulting breach. If the servicer fails to effectively manage cyber-security risk or is required to devote significant resources towards doing so, this could materially and adversely affect its business, financial condition and results of operation, as well as the servicer's ability to service the leases and the related leased vehicles, resulting in an increased risk of loss on the notes.

Furthermore, if the origination trust becomes the subject of an insolvency proceeding, competing claims to ownership or security interests in the leases and related leased vehicles could arise. These claims, even if unsuccessful, could result in delays in payments on the notes. If successful, the attempt could result in losses or delays in payments to you or an acceleration of the repayment of the notes. See "—Macroeconomic, regulatory and other external factors could result in losses on your notes or reduce the market value or liquidity of your notes—*Bankruptcy of the seller or the depositor could result in delays in payments or losses on your notes*" below.

**A security breach or a cyber-attack affecting PFS could adversely affect PFS' business, results of operations and financial condition, which could have an adverse effect on your notes.** 

PFS collects and stores certain personal and financial information from customers, employees, and other third parties. Security breaches or cyber-attacks involving PFS' systems or facilities, or the systems or facilities of third party providers, could expose PFS 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 PFS' future business with current and potential customers, results of operations and financial condition.

PFS relies on encryption and other information security technologies licensed from third parties to provide security controls necessary to help in securing online transmission of confidential information pertaining to customers, employees, and other aspects of PFS' business. Advances in information system capabilities, new discoveries in the field of cryptography or other events or developments may result in a compromise or breach of the technology that PFS uses to protect sensitive data. A party who can circumvent PFS' security measures by methods such as hacking, fraud, trickery, or other forms of deception could misappropriate proprietary information or cause interruption in PFS' operations. PFS may be required to expend capital and other resources to protect against such security breaches or cyber-attacks or to remediate problems caused by such breaches or attacks. PFS' security measures are designed to protect against security breaches and cyber-attacks, but PFS' failure to prevent such security breaches and cyber-attacks could subject PFS to liability, decrease PFS' profitability and damage PFS' reputation. Even if a failure of, or interruption in, PFS' systems or facilities is resolved timely or an attempted cyber incident or other security breach is avoided or thwarted, it may require PFS to expend substantial resources or to take actions that could adversely affect customer satisfaction or behavior and expose PFS to reputational harm. See also "—*Adverse events with respect to PFS, its affiliates or third party providers to whom PFS outsources its activities could affect the timing of payments on your notes or adversely affect the market value or liquidity of your notes*".

PFS could also be subjected to cyber-attacks that could result in slow performance and loss or temporary unavailability of PFS' information systems. Information security risks have increased because of new technologies, the use of the internet and telecommunications technologies (including mobile devices) to conduct financial and other business transactions, and the increased sophistication and activities of state-sponsored actors, organized crime, perpetrators of fraud, terrorists, and others. In addition, PFS may have increased cyber-security risks and increased vulnerability to security breaches and other information technology disruptions because of increased remote or hybrid work arrangements. PFS may not be able to anticipate or implement effective preventative measures against all security breaches of these types, especially because the techniques used change frequently and because attacks can originate from a wide variety of sources. The occurrence of any of these events could have a material adverse effect on PFS' business, results of operations and financial condition, could adversely affect PFS' ability to service the leases and related leased vehicles and perform its other obligations under the transaction agreements, and could have an adverse effect on your notes.

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**PFS' data practices, including the collection, use, sharing, and security of personal and financial information of PFS' customers, employees, and third party individuals, are subject to increasingly complex, restrictive, and punitive laws and regulations.** 

Under current laws, the failure to maintain compliant data practices could result in consumer complaints and regulatory inquiry, resulting in civil or criminal penalties, as well as brand impact or other harm to PFS' business. In addition, increased consumer sensitivity to real or perceived failures in maintaining acceptable data practices could damage PFS' reputation and deter current and potential customers from using PFS' products and services. For example, well-publicized allegations involving the misuse or inappropriate sharing of personal information have led to expanded governmental scrutiny of practices relating to the safeguarding of personal information and the use or sharing of personal data by companies in the U.S. and other countries. That scrutiny has in some cases resulted in, and could in the future lead to, the adoption of stricter laws and regulations relating to the use and sharing of personal information. For example, some states have enacted, and others are considering enacting data protection regimes that grant consumers broad new rights including access to, deletion of, and limiting the sharing of personal information that is collected by businesses and requiring regulated entities to establish measures to identify, manage, secure, track, produce, update, and delete personal information. In some jurisdictions, these laws and regulations provide a private right of action that would allow customers to bring suit directly against PFS for certain violations of these laws and regulations. These types of laws and regulations could prohibit or significantly restrict financial services providers such as PFS from sharing information among affiliates or with third parties such as vendors, and thereby increase compliance costs, or could restrict PFS' use of personal data when developing or offering products or services to customers. These restrictions could inhibit PFS' development or marketing of certain products or services or increase the costs of offering them to customers. In addition, these laws are state specific and have specific details that are not uniform state-to-state. The cost of compliance with these laws and regulations will likely increase in the future. Any failure to comply with applicable privacy or data protection laws and regulations could result in requirements to modify or cease certain operations or practices, significant liabilities or fines, penalties, or other sanctions, which could adversely affect PFS' ability to service the leases and the related leased vehicles and perform its other obligations under the transaction agreements and could have an adverse effect on your notes.

**Commingling of assets by the servicer could reduce or delay payments on the notes.** 

Subject to the satisfaction of certain conditions set forth in this prospectus, the servicer may be able to commingle funds relating to the transaction such as collections from the leases allocated to the Transaction SUBI and proceeds from the disposition of related leased vehicles sold at the end of their lease term or any repossessed related leased vehicles with its own funds during each Collection Period and may make a single deposit to the collection account on the business day prior to the day on which the funds are needed to make the required distributions to noteholders as further described under "*Description of the Transaction Documents—Priority of Payments*" in this prospectus. If such requirements are satisfied, the servicer will also deposit the aggregate reallocation payment for any leases reallocated from the Transaction SUBI into the collection account on the same date. Until these funds have been deposited into the collection account, the servicer may use and invest these funds at its own risk and for its own benefit and will not segregate them from its own funds. If the servicer were unable to remit such funds or if the servicer were to become a debtor under any insolvency laws, delays or reductions in distributions to you may occur.

**You may experience delays or reduction in payments on your notes following a servicer replacement event and replacement of the servicer.** 

Upon the occurrence of a servicer replacement event, the origination trustee, acting at the direction of the indenture trustee, at the direction of holders of notes evidencing not less than 66<sup>2</sup>⁄<sub>3</sub>% of the aggregate outstanding principal amount of the notes, will terminate the servicer. It may be expensive to transfer servicing to a successor servicer and a successor servicer may not be able to service the leases with the same degree of skill as the servicer. In addition, during the pendency of any servicing transfer or for some time thereafter, lessees may delay making their monthly payments or may inadvertently continue making payments to the predecessor servicer, potentially resulting in losses or delays in payments on the notes. Delays in payments on the notes and possible reductions in the amount of such payments could occur with respect to any cash collections held by the servicer at the time that the servicer becomes the subject of a bankruptcy or similar proceeding.

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Because the servicing fee is structured as a percentage of the aggregate Securitization Value, the fee the servicer receives each month will be reduced as the size of the portfolio of leases allocated to the Transaction SUBI decreases over time. At some point, the amount of the servicing fee payable to the servicer may be considered insufficient by a potential replacement servicer and it may be difficult to find a replacement servicer. Consequently, the time it takes to effect the transfer of servicing to a replacement servicer or the inability to locate a replacement servicer may result in the disruption of normal servicing activities, increased delinquencies and defaults on the leases and delays or reductions in payments on your notes.

***MACROECONOMIC, REGULATORY AND OTHER EXTERNAL FACTORS COULD RESULT IN LOSSES ON YOUR NOTES OR REDUCE THE MARKET VALUE OR LIQUIDITY OF YOUR NOTES.***

**Recent and future economic developments may adversely affect the performance of the leases and related leased vehicles and may result in reduced or delayed payments on your notes.** 

A deterioration in economic conditions and certain economic factors, such as reduced business activity, high unemployment, interest rates, housing prices, energy prices (including the price of gasoline and high energy prices), increased consumer indebtedness (including of lessees on the leases), lack of available credit, the rate of inflation (such as the recent increase in inflation) and consumer perceptions of the economy, tariffs, as well as other factors, such as terrorist events, civil unrest, armed conflicts, military conflicts, cyber-attacks, public health emergencies, extreme weather conditions or significant changes in the political environment and/or public policy, including increased state, local or federal taxation, could adversely affect the ability and willingness of lessees to meet their payment obligations under the leases. The issuing entity's ability to make payments on the notes could be adversely affected if lessees were unable to make timely payments or if the servicer elected to, or was required to, implement forbearance programs for lessees.

The United States has in the past experienced, and may in the future experience, a recession or period of economic contraction or volatility. The outlook for the U.S. economy remains uncertain, and it is currently unclear whether the United States is experiencing, or soon will experience, a recession. Recently, rapidly rising inflation and related economic policies have caused periods of economic contraction that may be prolonged, or economic conditions may worsen. Periods of economic slowdown or recession are often characterized by high unemployment and diminished availability of credit, generally resulting in increases in delinquencies, defaults, repossessions and losses on motor vehicle leases.

Further, periods of economic slowdown may also be accompanied by temporary or prolonged decreased consumer demand for motor vehicles and declining CPO and used vehicle prices. Significant increases in the inventory of CPO and used vehicles during periods of economic slowdown or recession may also depress the prices at which repossessed automobiles may be sold or delay the timing of these sales.

All of these factors could result in reduced or delayed payments on your notes. If an economic downturn is experienced for a prolonged period of time, it is expected that delinquencies will increase and losses on the leases could increase, which could result in losses on your notes.

An improvement in economic conditions could result in prepayments by the lessees of their payment obligations under the leases, either because lessees elect to make payments more frequently or in larger-than-required amounts or because lessees turn in the leased vehicles more frequently in connection with the purchase of new vehicles or entry into a new lease with a new leased vehicle. As a result, you may receive principal payments of your notes earlier than anticipated, which could reduce the return on your notes.

**Failure to comply with consumer protection laws may result in losses on your investment in the notes.** 

Federal and state consumer protection laws, including the federal Consumer Leasing Act of 1976 and Regulation M enforced by the CFPB (as defined below), impose requirements on retail lease contracts such as the leases to be allocated to the Transaction SUBI. The failure by the origination trust or a Center to comply with these requirements may give rise to liabilities on the part of the origination trust or the issuing entity (as owner of the Transaction SUBI Certificate). Further, many states have adopted "lemon laws" that provide vehicle users certain rights with respect to 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 a portion of payment previously paid by the lessee be refunded.

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The seller may be obligated to reallocate from the Transaction SUBI any lease that fails to comply with federal and state consumer protection laws. To the extent that the seller fails to make (or is not required to make) such a reallocation, or to the extent that a court holds the issuing entity liable for violating consumer protection laws regardless of such a reallocation, a failure to comply with consumer protection laws could result in fines or other liability for the origination trust or the issuing entity, including as described in "—Federal or state regulatory reform could have a significant impact on the servicer, the sponsor, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes." For a discussion of federal and state consumer protection laws which may affect the leases, you should refer to "*Additional Legal Aspects of the Leases and Leased Vehicles—Consumer Protection Laws*" in this prospectus.

**The application of the Servicemembers Civil Relief Act and similar state laws may lead to delays in payment or losses on your notes.** 

The federal Servicemembers Civil Relief Act and similar state laws may provide relief to lessees who enter active military service and to lessees in reserve status who are called to active duty after the originations of their leases. On July 29, 2022, the CFPB (as defined below) and the Department of Justice sent a notification letter to auto lending and leasing companies reminding them of the protections offered to servicemembers and their dependents under the Servicemembers Civil Relief Act. The Servicemembers Civil Relief Act provides 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 Servicemembers Civil Relief Act, a lessee may terminate a lease of a vehicle at any time after commencement of active duty 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; (ii) the lessee, while in the military, executes a lease contract for a vehicle and thereafter receives military orders for a permanent change of station outside of the continental United States or for deployment for active duty 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, 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 may be imposed on the lessee for such termination. 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 the vehicle for a defaulted lease during the related lessee's period of active duty and, in some cases, may require the servicer to extend the maturity of the lease contract and readjust the payment schedule for a period of time after the completion of the lessee's military service. If a lessee's obligation to make lease payments is 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 in interest or principal will reduce the amount available for distribution on the notes.

Because the Servicemembers Civil Relief Act and similar state legislation apply to lessees who enter military service after origination, no information can be provided as to the number of leases allocated to the Transaction SUBI that may be affected by the Servicemembers Civil Relief Act or similar state legislation.

For more information regarding the effect of the Servicemembers Civil Relief Act and other similar legislation, you should refer to "*Additional Legal Aspects of the Leases and the Leased Vehicles—Servicemembers Civil Relief Act*" in this prospectus.

**Federal or state regulatory reform could have a significant impact on the servicer, the sponsor, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes.** 

On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "**Dodd-Frank Act**") was signed into law. The Dodd-Frank Act is extensive and significant legislation that, among other things, created a framework for the liquidation of certain bank holding companies and other nonbank financial companies and certain of their subsidiaries in the event such a company is in default or in danger of default and the resolution of such a company under other applicable law would have serious adverse effects on financial stability in the United States, and created the Bureau of Consumer Financial Protection, known as the Consumer Financial Protection Bureau (the "**CFPB**"), an agency responsible for, among other things, administering and enforcing the laws and regulations for consumer financial products and services and conducting examinations of large banks and their affiliates for purposes of assessing compliance with the requirements of consumer financial laws.

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The Dodd-Frank Act impacts the offering, marketing and regulation of consumer financial products and services offered by financial institutions. The CFPB has supervision, examination and enforcement authority over the consumer financial products and services of certain non-depository institutions and large insured depository institutions and their respective affiliates. The CFPB has supervisory, examination and enforcement authority over certain non-depository institutions, including those entities that are larger participants of a market for consumer financial products or services, as defined by rule. On August 7, 2025, the CFPB issued an advance notice of proposed rulemaking seeking information to assist in its consideration of whether to propose a rule to amend the test for determining larger participants in the automobile financing market. Comments were due on or before September 22, 2025. PFS is subject to the CFPB's supervision with respect to PFS' compliance with applicable consumer protection laws. Expanded CFPB jurisdiction over PFS' business may increase compliance costs and regulatory risks. There is considerable uncertainty as to the operating status of federal agencies and the future policies that the current U.S. administration may pursue in areas impacting financial regulation and consumer protection. Federal consumer financial regulation is in a period of extended transition for a variety of reasons, including that nominations for federal agency leadership are pending before the U.S. Senate, executive orders impacting the operations of federal agencies are being issued (with uncertainty around the scope of their application and timing of their implementation), and reductions of personnel are occurring across federal agencies. Many of the current U.S. administration's executive orders are being challenged in court, with initial requests for injunctions being granted, denied, or extended, and the ultimate resolution of the legality of the executive orders is expected to take an extended period of time. Further, in pending litigation challenges to rules, federal agencies have sought to suspend or dismiss the litigation in some cases, and in other cases have not yet taken action. The outlook is similarly uncertain as to pending enforcement cases. It is also uncertain how other federal and state regulators will respond to any changes at the CFPB, which may include increasing or decreasing enforcement activity.

Compliance with the implementing regulations under the Dodd-Frank Act and the oversight of the SEC, CFPB or other government entities, as applicable, has imposed costs on, created operational constraints for, and placed limits on pricing of consumer products with respect to finance companies such as the sponsor. Therefore, requirements imposed by the Dodd-Frank Act may have a significant future impact on the servicing of the leases, or on the regulation and supervision of the servicer, the sponsor, the depositor, the issuing entity and/or their respective affiliates.

The CFPB has successfully asserted the power to investigate and bring enforcement actions directly against securitization special purpose entities. On December 13, 2021, in an action brought by the CFPB, the U.S. District Court for the District of Delaware denied a motion to dismiss filed by securitization trusts by holding that the trusts are "covered persons" under the Dodd-Frank Act because they engage in the servicing of loans, even if through servicers and subservicers. *CFPB v. Nat'l Collegiate Master Student Loan Trust, No. 1:17-cv-1323-SB (D. Del.)*. On February 11, 2022, the district court granted the defendant trusts' motion to certify that order for an immediate interlocutory appeal and stayed the case pending resolution of any appeal. On April 29, 2022, the Third Circuit Court of Appeals granted the defendant trusts' petition for an interlocutory appeal. On May 17, 2023, the Third Circuit Court of Appeals heard oral arguments in connection with the appeal. On March 19, 2024, the Third Circuit Court of Appeals issued its decision on the interlocutory appeal holding that the defendant trusts are "covered persons" under the Dodd-Frank Act and subject to the CFPB's enforcement authority. On May 3, 2024, the defendant trusts filed a petition for a rehearing and rehearing *en banc* with the Third Circuit Court of Appeals. This petition was denied by the Third Circuit Court of Appeals on May 21, 2024. On August 16, 2024, the defendant trusts filed a petition for a writ of certiorari to the U.S. Supreme Court, which was denied on December 16, 2024. On January 16, 2025, the CFPB announced a proposed settlement of the action with the defendant trusts. On April 25, 2025, the CFPB agreed to voluntarily dismiss the case with prejudice. Despite the dismissal of the case, the CFPB and state regulators and attorneys general, who have independent authority to enforce the Dodd-Frank Act, may rely on the prior court decision in the future as precedent in investigating and bringing enforcement actions against other trusts, including the issuing entity.

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, as part of a settlement with the NCSL Trusts and PHEAA. The CFPB alleged multi-year servicing failures by the defendants, including failure to respond to borrower requests, failure 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, and to pay an additional $3 million in redress to affected borrowers, to be allocated by agreement between PHEAA and the NCSL Trusts. Additionally, under the proposed final judgements and orders, the defendant trusts agreed to correct outstanding requests by borrowers and the NCSL Trusts agreed to modify their servicing guidelines to address the CFPB's allegations. On June 21, 2024, a third party, on behalf of the investment vehicle that holds notes issued by the NCSL Trusts, filed a proposed objection to the proposed consent orders and a motion to intervene. This motion to intervene was granted on September 19, 2024, but the court overruled the objection on October 1, 2024. On January 3, 2025, the court agreed to stay the effectiveness of the settlement pending an appeal of its objection. The Third Circuit referred the appeal to the circuit mediator on January 29, 2025, and on August 12, 2025, the parties filed a motion for partial remand. In that motion, the parties stated that, after participation in the Third Circuit's mediation program, they had agreed to the terms of a proposed settlement and that a condition of that settlement is that the District Court grant a motion to partially vacate or modify the stipulated judgments previously entered by the District Court.

In February 2022, the CFPB also issued a compliance bulletin stating its position that automobile loan and lease holders and servicers are responsible for ensuring that their repossession-related practices, and the practices of their service providers, do not violate applicable law, and the CFPB also described its intention to hold loan and lease holders and servicers liable for unfair, deceptive, or abusive acts or practices related to the repossession of automobiles. This compliance bulletin was subsequently withdrawn by the CFPB on May 12, 2025.

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In addition, the framework for the liquidation of "covered financial companies" or their "covered subsidiaries" may apply to the sponsor or its nonbank affiliates, the issuing entity, the origination trust or the depositor, and, if it were to apply, may result in a repudiation of any of the transaction documents where further performance is required or an automatic stay or similar power preventing the indenture trustee or other transaction parties from exercising their rights. This repudiation power could also affect the transfer of the Transaction SUBI Certificate pursuant to the transaction documents as further described under "*Additional Legal Aspects of the Origination Trust and the Transaction SUBI—Dodd-Frank Orderly Liquidation Framework—FDIC's Repudiation Power under OLA*" in this prospectus. Application of this framework could materially adversely affect the timing and amount of payments of principal and interest on your notes.

On December 12, 2023, the FTC issued a final 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) require dealers to keep records of advertisements and customer transactions. The final rule had an effective date of July 30, 2024, but the FTC subsequently issued an order postponing the effective date while a legal challenge against the final rule was pending. On January 27, 2025, the Fifth Circuit Court of Appeals 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 or if this ruling will be appealed.

Further, changes to the regulatory framework in which PFS operates, including, for example, laws or regulations enacted to address the potential impacts of climate change (including laws which may adversely impact the auto industry in particular as a result of efforts to mitigate the factors contributing to climate change) or laws, regulations, executive orders or other guidance enacted in response to a public health emergency, increased inflation or a period of economic contraction or volatility could have a significant impact on the servicer, the sponsor, the depositor or the issuing entity and could adversely affect the timing and amount of payments on your notes.

**Bankruptcy of the seller or the depositor could result in delays in payments or losses on your notes.** 

Following a bankruptcy or insolvency of the seller or the depositor, a court could conclude that the Transaction SUBI certificate is owned by the seller or the depositor, respectively, instead of the issuing entity. This conclusion could be because the court found that any transfer of the Transaction SUBI Certificate from the seller to the depositor or from the depositor to the issuing entity was not a true sale or because the court found that the seller, the depositor or the issuing entity should be treated as the same entity as the seller or the depositor, respectively, for bankruptcy purposes. If this were to occur, you could experience delays in payments due to you or you may not ultimately receive all amounts due to you as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the automatic stay, which prevents a secured creditor from exercising remedies against a debtor in a bankruptcy
without permission from the court, and provisions of the Bankruptcy Code that permit substitution of collateral in limited circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax or government liens on the seller's or the depositor's property (that arose prior to the transfer
of the Transaction SUBI Certificate to the issuing entity) having a prior claim on collections before the collections are used to make payments on the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fact that neither the issuing entity nor the indenture trustee has a perfected security interest in the
leases and related leased vehicles allocated to the Transaction SUBI and may not have a perfected security interest in any cash collections of the leases and related leased vehicles allocated to the Transaction SUBI held by the servicer at the time
that a bankruptcy proceeding begins.

**Bankruptcy of the issuing entity could result in delays in payments or losses on your notes.** 

If the issuing entity becomes subject to bankruptcy proceedings, you could experience losses or delays in the payments on your notes as a result of, among other things, the "automatic stay," which prevents secured creditors from exercising remedies against a debtor in bankruptcy without permission from the court, and provisions of the Bankruptcy Code that permit substitution of collateral in limited circumstances.

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**Financial market disruptions, including as a result of global events, and the absence of a secondary market for the notes could limit your ability to resell your notes.** 

The securities will not be listed on any securities exchange. If you want to sell your notes you must locate a purchaser that is willing to purchase those notes. The underwriters intend to make a secondary market for the notes. The underwriters will do so by offering to buy the notes from investors that wish to sell. However, the underwriters will not be obligated to make offers to buy the notes or otherwise make a market for any class of notes, and may stop making offers at any time. Further, the underwriters and other broker-dealers may be unable, unwilling or restricted from making a market in the notes due to regulatory requirements or otherwise. A market for the offered notes may not develop, or if one does develop, it may not continue or provide sufficient liquidity. In addition, the prices offered, if any, may not reflect prices that other potential purchasers would be willing to pay, were they to be given the opportunity. In addition, because the offered notes will be in book-entry form, this may reduce their liquidity in the secondary market since certain potential investors may be unwilling to purchase notes for which they cannot obtain physical notes.

Additionally, events in the domestic and global financial markets (including rising inflation and potential instability and volatility as a result of global political and economic events) could affect the performance or market value of your notes and your ability to sell your notes in the secondary market. Recent and continuing events in such markets have caused, and may again cause, a significant reduction in liquidity in the secondary market for asset-backed securities. Such illiquidity can have a severely adverse effect on the prices of securities that are especially sensitive to prepayment, credit or interest rate risk, such as the notes. As a result, you may not be able to sell your notes when you want to do so or you may not be able to obtain the price that you wish to receive.

[Insert disclosure related to any material risks related to tariffs, if applicable.]

***THE ISSUING ENTITY HAS ISSUED MULTIPLE CLASSES OF NOTES, AND YOUR NOTES MAY BE MORE SENSITIVE TO LOSSES, BE AFFECTED BY CONFLICTS OF INTEREST BETWEEN CLASSES AND HAVE REDUCED LIQUIDITY OR VOTING POWER BECAUSE OF AN UNKNOWN [ALLOCATION OR] RETENTION OF NOTES.***

**Subordination of certain classes of notes means that those classes are more sensitive to losses on the Included Units and your share of losses may not be proportional.** 

As described under "*The Notes—Payments of Principal*", principal payments on the notes generally will be made to the holders of the notes sequentially so that no principal will be paid on any class of notes until each class of notes with an earlier final scheduled payment date has been paid in full. Additionally, after an event of default and acceleration of the notes, principal on more senior classes of notes will be paid in full prior to principal payments on more junior classes of notes. As a result, a class of notes having a later final scheduled payment date is more likely to suffer the consequences of delinquent payments and defaults on the Included Units than the classes of notes having earlier final scheduled payment dates.

Further, if there are insufficient amounts available to pay all classes of notes the amounts they are owed on any payment date or following an acceleration of the notes, delays in payments or losses will be suffered by the most junior outstanding class or classes of notes even as payment is made in full to more senior classes of notes.

**[There may be a conflict of interest among classes of notes.** 

As described elsewhere in this prospectus, the holders of the most senior class of notes then outstanding will make certain decisions with regard to treatment of defaults by the servicer, acceleration of payments on the notes following an event of a default under the indenture and certain other matters, such as a sale of the Transaction SUBI after an event of default under some circumstances. See "*The Indenture—Rights Upon Event of Default*" in this prospectus. Because the holders of more senior classes of notes will have different interests than holders of more junior classes of notes when it comes to these matters, you may find that courses of action determined by other noteholders do not reflect your interests but that you are nonetheless bound by the decisions of these other noteholders.]

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**[The failure to pay interest on the subordinated classes of notes is not an event of default, and the failure to make principal payments on any notes will generally not result in an event of default until the applicable final scheduled payment date.** 

The indenture provides that failure to pay interest when due on the outstanding subordinated class or classes of notes – for example, for so long as any of the Class A notes are outstanding, the Class B notes – will not be an event of default under the indenture. Under these circumstances, the holders of the subordinated classes of notes which are not the Controlling Class 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 remedial action under the indenture.

The amount of principal required to be paid to investors prior to the applicable final scheduled payment date set forth in this prospectus generally will be limited to amounts available for that purpose. Therefore, the failure to pay principal of a note generally will not result in an event of default under the indenture until the applicable final scheduled payment date or redemption date for the related class of notes.]

**The market value, liquidity and voting power of your notes may be adversely impacted by retention of the notes by the depositor or its affiliates [or by the unknown aggregate initial principal amount of the notes] [and the unknown allocation of Class A-2 notes.]** 

The depositor, or an affiliate of the depositor, initially may retain all or a portion of one or more classes of notes on the closing date. As a result, the market for such a retained class of notes may be less liquid than would otherwise be the case and, if any retained notes are subsequently sold in the secondary market, it could reduce demand for notes of that class already in the market, which could adversely affect the market value of your notes and/or limit your ability to resell your notes. Additionally, if any retained notes are subsequently sold in the secondary market, the voting power of the noteholders of the outstanding notes may be diluted.

[Whether the issuing entity will issue notes with an aggregate initial principal amount of $[ <u>]</u> or $[ <u>]</u> is not expected to be known until the day of pricing. PFS 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 being less liquid than a larger class may be. 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.]

[The allocation of the aggregate initial principal amount between the Class A-2a notes and the Class A-2b notes will be determined no later than the day of pricing, although PFS has determined, as part of its management of floating rate risk, that the initial principal amount of the Class A-2b notes will not exceed $[ <u>]</u>. Consequently, the allocation of the aggregate initial principal amount between the Class A-2a notes and the Class A-2b notes may result in any number of possible allocation scenarios, including a scenario in which the entire principal amount of the Class A-2 notes is allocated to the fixed rate Class A-2a notes and none of the amount balance is allocated to the floating rate Class A-2b notes. Therefore, investors should not expect further disclosure of these matters prior to their entering into commitments to purchase these classes of notes.

As the allocated principal amount of the floating rate Class A-2b notes is increased (relative to the corresponding Class A-2a fixed rate notes), there will be a greater amount of floating rate securities issued by the issuing entity, and therefore the issuing entity will have a greater exposure to increases in the floating rate payable on the floating rate notes. For more information on the risks associated with the issuance of floating rate notes, please see "—*The issuing entity may issue floating rate notes, but the issuing entity will not enter into any interest rate swaps and you may suffer losses on your notes if interest rates rise*" below.

In addition, the maximum aggregate initial principal amount of Class A-2b notes is equal to $[<u>]</u>. The division of the aggregate initial principal amount of the Class A-2 notes between the Class A-2a notes and the Class A-2b notes may result in one of such classes being issued in only a very small principal amount, which may reduce the liquidity of such class of notes.]

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***RISKS RELATED TO THE ISSUANCE OF A FLOATING RATE CLASS OF NOTES AND THE UNCERTAINTY REGARDING [THE SOFR RATE][INSERT OTHER BENCHMARK RATE*] *COULD ADVERSELY AFFECT THE ABILITY OF THE ISSUING ENTITY TO MAKE PAYMENTS AND THE RETURN ON YOUR NOTES.*** 

**[SOFR][Insert Other Benchmark Rate] is a relatively new reference rate and its composition and characteristics are not the same as [LIBOR][SOFR]**.

The secured overnight financing rate published for any day by the Federal Reserve Bank of New York ("**FRBNY**") (or a successor administrator), as the administrator of the benchmark, on the FRBNY's website (or such successor administrator's website) (such rate, "**SOFR**") is a relatively new interest rate index and may not become widely established in the market or could eventually be eliminated. Further, the way that SOFR, including any market accepted adjustments to SOFR, are determined may change over time.

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 DTCC. 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.

SOFR is published by the FRBNY based on data received from sources outside of the sponsor and the issuing entity's control or direction and neither the sponsor nor the issuing entity has control over its determination, calculation or publication. The activities of the FRBNY may directly affect prevailing SOFR rates in ways the issuing entity 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 in the Class A-2b 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 Class A-2b notes.

The FRBNY began to publish SOFR in April 2018. The FRBNY has also been publishing historical indicative secured overnight financing rates going back to 2014. Investors should not rely on any historical changes or trends in SOFR as an indicator of future changes or trends in SOFR. As an overnight lending rate, SOFR may be subject to higher levels of volatility relative to other interest rate benchmarks. Also, since SOFR is a relatively new market index, the Class A-2b notes may not have an established trading market when issued, and an established trading market may not develop or may not provide significant liquidity. Market terms for the Class A-2b notes, such as the spread over the rate reflected in interest rate provisions, may evolve over time, and trading prices of the Class A-2b notes may be lower than those of later-issued notes with interest rates based on SOFR as a result. Similarly, if SOFR does not become widely adopted for securities like the Class A-2b notes, the trading prices of the Class A-2b notes may be lower than those of securities like the Class A-2b notes linked to indices that are more widely used. Investors in the Class A-2b notes may not be able to sell the Class A-2b notes at all or may not be able to sell the Class A-2b notes at prices that will provide them with yields comparable to those of similar investments that have a developed secondary market, and may consequently experience increased pricing volatility and market risk.

Due to the emerging and developing adoption of SOFR as an interest rate index, investors who desire to obtain financing for their Class A-2b notes may have difficulty obtaining any credit or credit with satisfactory interest rates, which may result in lower leveraged yields and lower secondary market prices upon the sale of the Class A-2b notes.

The use of SOFR may present additional risks that could adversely affect the value of and return on the Class A-2b notes. In contrast to other indices, SOFR may be subject to direct influence by activities of the FRBNY, which activities may directly affect prevailing SOFR rates in ways the issuing entity is unable to predict.

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[The composition and characteristics of SOFR are not the same as those of London interbank offered rate ("**LIBOR**") and other floating interest benchmark rates. SOFR is different from LIBOR as: first, SOFR is a secured rate, while LIBOR is an unsecured rate, and second, SOFR is an overnight rate, while LIBOR is a synthetic rate determined by using a methodology intended to approximate the rate that would have been calculated by reference to interbank submissions of different maturities (e.g., three months). 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][term SOFR][SOFR in arrears][insert other benchmark], which is used to determine the [SOFR Rate][Insert Other Benchmark Rate], generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the Class A-2b 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.][Insert discussion of how [Insert Other Benchmark Rate] is different than previously utilized rates, if applicable.]

**[Any failure of [SOFR][Insert Other Benchmark Rate] to gain market acceptance could adversely affect the Class A-2b notes.** 

According to the Alternative Reference Rates Committee, SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to LIBOR in part because it is considered a representation of general funding conditions in the overnight U.S. Treasury repurchase agreement market. However, as a rate based on transactions secured by U.S. Treasury securities, it does not measure bank-specific credit risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market participants would not consider SOFR a suitable replacement or successor for all of the purposes for which LIBOR historically has been used (including, without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen market acceptance of SOFR. Any failure of SOFR to gain wide market acceptance could adversely affect the return on and value of the Class A-2b notes and the price at which investors can sell the Class A-2b notes in the secondary market.

Since SOFR is a relatively new market index, the Class A-2b notes may not have an established trading market when issued, and an established trading market may not develop or may not provide significant liquidity. Market terms for the Class A-2b notes, such as the spread over the rate reflected in interest rate provisions, may evolve over time, and trading prices of the Class A-2b notes may be lower than those of later-issued notes with interest rates based on SOFR as a result. Relatively limited market precedent exists for securities that use SOFR as the interest rate and the method for calculating an interest rate based upon SOFR in those precedents varies. Similarly, if SOFR does not become widely adopted for securities like the Class A-2b notes or the specific formula for the [compounded SOFR rate][term SOFR rate][SOFR in arrears][Insert Other Benchmark Rate] used in the Class A-2b notes may not be widely adopted by other market participants, the trading prices of the Class A-2b notes may be lower than those of securities like the Class A-2b notes linked to indices that are more widely used. Investors in the Class A-2b notes may not be able to sell the Class A-2b notes at all or may not be able to sell the Class A-2b notes at prices that will provide them with yields comparable to those of similar investments that have a developed secondary market, and may consequently experience increased pricing volatility and market risk.]

**[A decrease in [SOFR], including a negative [SOFR Rate][Insert Other Benchmark Rate], would reduce the rate of interest on the Class A-2b notes.** 

The interest rate to be borne by the Class A-2b notes is based on a spread over the [SOFR Rate][Insert Other Benchmark Rate], which is based on [compounded SOFR] or, if the administrator determines prior to the relevant reference time that a benchmark transition event and its related benchmark replacement event have occurred, upon the applicable benchmark replacement.

Changes in SOFR or such benchmark replacement will affect the rate at which the Class A-2b notes accrue interest and the amount of interest payments on the Class A-2b notes. Any decrease in the [SOFR Rate][Insert Other Benchmark Rate] or such benchmark replacement will lead to a decrease in the Class A-2b notes interest rate. To the extent that the [SOFR Rate][Insert Other Benchmark Rate] decreases below 0.00% for any interest period, the rate at which the Class A-2b notes accrue interest for such interest period will be reduced by the amount by which the [SOFR Rate][Insert Other Benchmark Rate] is negative; provided that the interest rate on the Class A-2b notes for

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any interest period will not be less than 0.00%. A negative [SOFR Rate][Insert Other Benchmark Rate] could result in the interest rate applied to the Class A-2b notes decreasing to 0.00% for the related interest period.]

**[The issuing entity may issue floating rate notes, but the issuing entity will not enter into any interest rate swaps or interest rate caps and you may suffer losses on your notes if interest rates rise.** 

The leases and related leased vehicles to be allocated to the Transaction SUBI on the closing date will bear interest at a fixed rate, while the floating rate notes, if any, will bear interest at a floating rate, initially, based on the [SOFR Rate][Insert Other Benchmark Rate] plus an applicable spread. Even though the issuing entity may issue floating rate notes, it will not enter into any interest rate swaps or interest rate caps in connection with the issuance of the notes.

If the interest rate payable on the Class A-2b notes increases due to an increase in the [SOFR Rate][Insert Other Benchmark Rate] to the point where the amount of interest and principal due on the notes, together with other fees and expenses payable by the issuing entity, exceeds the amount of collections and other funds available to the issuing entity to make such payments, the issuing entity may not have sufficient funds to make payments on the notes. If the issuing entity does not have sufficient funds to make such payments, you may experience delays or reductions in the interest and principal payments on your notes.

If market interest rates rise or other conditions change materially after the issuance of the notes and certificate, you may experience delays or reductions in interest and principal payments on your notes. The issuing entity will make payments on the floating rate notes out of its generally available funds—not solely from funds that are dedicated to the floating rate notes. Therefore, an increase in interest rates would reduce the amounts available for distribution to holders of all notes, not just the holders of the floating rate notes, and a decrease in interest rates would increase the amounts available to the holders of all notes.]

**[Risks related to [compounded] SOFR.** 

The FRBNY began to publish, in March 2020, compounded averages of SOFR, which are used to determine compounded SOFR. 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 Class A-2b notes. As a result, you should consider whether any future reliance on compounded SOFR may adversely affect the market values and yields of the Class A-2b notes due to potentially limited liquidity and resulting constraints on available hedging and financing alternatives.

The interest rate on the Class A-2b notes will be based on the [SOFR Rate][Insert Other Benchmark Rate]. The [SOFR Rate][Insert Other Benchmark Rate] will be based on [compounded] SOFR. The administrator may, from time to time, in its sole discretion, make conforming changes (i.e., technical, administrative or operational changes) without the consent of noteholders or any other party, which could change the methodology used to determine the [SOFR Rate][Insert Other Benchmark 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 term of the Class A-2b 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. The administrator will have significant discretion in making SOFR conforming changes. Holders of Class A-2b 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.

You should carefully consider the foregoing uncertainties prior to investing in the notes. In general, events related to SOFR and alternative reference rates may adversely affect the liquidity, market value and yield of your Class A-2b notes.]

**[Changes to or elimination of [SOFR] or the determinations made by the administrator may adversely affect the Class A-2b notes.** 

The FRBNY publishes [SOFR] based on data received by it from sources other than the calculation agent or the sponsor, and neither the calculation agent nor the sponsor has control over its calculation methods, publication

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schedule, rate revision practices or availability of [SOFR] at any time. There can be no guarantee, particularly given its relatively recent introduction, that [SOFR] will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the Class A-2b notes. If the manner in which [SOFR] is calculated, is changed, that change may result in a reduction in the amount of interest payable on the Class A-2b notes and the trading prices of the Class A-2b notes.

In certain circumstances, as described under "*The Notes—Calculation of Floating Rate Interest—Effect of Benchmark Transition Event*", if the administrator has determined prior to the relevant reference time that a benchmark transition event and its related benchmark replacement date have occurred, the [SOFR Rate][Insert Other Benchmark Rate] may cease to be based upon [SOFR] and instead be based upon the benchmark replacement.

If the administrator determines that a benchmark transition event and its related benchmark replacement date have occurred in respect of [SOFR], then the interest rate of the Class A-2b notes will no longer be determined by reference to [SOFR], but instead will be determined by reference to the benchmark replacement. The alternative rate of interest on the Class A-2b 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, in each case, together with any benchmark replacement adjustment. In addition, the terms of the Class A-2b notes expressly authorize the administrator to make benchmark replacement conforming changes. If a particular benchmark replacement or related benchmark replacement adjustment cannot, in the sole discretion of the administrator, 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.

The determination of a benchmark replacement, the calculation of the interest rate on the Class A-2b notes by reference to a benchmark replacement (including the application of a benchmark replacement adjustment), any implementation of benchmark replacement conforming changes and any other determinations, decisions or elections that may be made under the terms of the Class A-2b notes in connection with a benchmark transition event, could adversely affect the value of the Class A-2b notes, the return on the Class A-2b notes and the price at which Class A-2b noteholders can sell such Class A-2b notes.

Additionally, the issuing entity cannot anticipate how long it will take the calculation agent 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.

The administrator will have significant discretion with respect to certain elements of the related benchmark replacement process, including determining whether a benchmark transition event and its related benchmark replacement date have occurred, determining which related benchmark replacement is available, determining the earliest practicable index determination date for using the related benchmark replacement, determining related benchmark replacement adjustments (if not otherwise determined by the applicable governing bodies or authorities) and making related benchmark replacement conforming changes (including potential changes affecting the business day convention and index determination date). Holders of Class A-2b 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. If the administrator, in its sole discretion, determines that an alternative index is not administratively feasible, including as a result of technical, administrative or operational issues, then such alternative index will be deemed to be unable to be determined as of such date. The administrator may determine an alternative to not be administratively feasible even if such rate has been adopted by other market participants in similar products and any such determination may adversely affect the return on the Class A-2b notes, the trading market and the value of the Class A-2b notes.

The issuing entity cannot predict if [SOFR] will be eliminated, or, if changes are made to [SOFR], the effect of those changes. In addition, the issuing entity cannot predict what alternative index would be chosen, should this occur. If SOFR in its current form does not survive or if an alternative index is chosen, the market value and/or liquidity of the Class A-2b notes could be adversely affected.]

If an alternative method or index is designated in place of SOFR for the Class A-2b notes, the U.S. federal income tax consequences of such a benchmark replacement are uncertain. If such a replacement constituted a "significant modification" of the Class A-2b notes under Treasury Regulation section 1.1001-3, the replacement may result in a

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deemed taxable exchange of the Class A-2b notes and the realization of gain or loss, as well as other corollary tax consequences.

The issuing entity cannot predict if [SOFR] will be eliminated, or, if changes are made to [SOFR], the effect of those changes. In addition, the issuing entity cannot predict what alternative index would be chosen, should this occur. If SOFR in its current form does not survive or if an alternative index is chosen, the market value and/or liquidity of the Class A-2b notes could be adversely affected.]

***CERTAIN TAX ASPECTS RELATING TO THE ISSUING ENTITY AND THE NOTES MAY ADVERSELY AFFECT THE RETURN ON YOUR NOTES AND THE MARKET VALUE AND LIQUIDITY OF YOUR NOTES.***

**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" under Treasury Regulation section 1.1001-3, 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 original issue discount ("**OID**") with respect to the offered notes following such modification.

**[One or more classes of notes may be issued with OID for federal tax purposes.** 

One or more classes of notes may be issued with OID for U.S. federal income tax purposes. A U.S. noteholder (as defined under "*Material Federal Income Tax Consequences*") generally will be required to accrue OID for U.S. federal income tax purposes on a current basis as ordinary income and pay tax accordingly, even before such U.S. noteholder receives cash attributable to that income and regardless of such U.S. noteholder's usual method of accounting for such purposes. In addition, if the issuing entity was to become subject to a bankruptcy, holders of any offered note issued with OID may receive a lesser amount for their claim than they would have been entitled to receive under the indenture. Any such claim by the holder of such offered note may be limited to an amount equal to the sum of (i) the original issue price for such offered note and (ii) that portion of the OID that does not constitute "unmatured interest" for purposes of the Bankruptcy Code. As such, any OID that was not amortized as of the date of such bankruptcy filing may constitute unmatured interest that is not available for payment to the holder of such offered note. Additionally, it is unclear whether the rules of Section 1272(a)(6) of the Internal Revenue Code of 1986, as amended (the "**Code**") would apply to offered notes that were issued with OID, and it is possible that the issuing entity may use these rules in constructing an OID schedule. See "*Material Federal Income Tax Consequences—Tax Consequences to U.S. Noteholders—Treatment of OID*."]

**A Non-U.S. Persons investment in the notes could result in such Non-U.S. Person being treated as being engaged in a U.S. trade or business for U.S. federal income tax purposes including 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 offered notes to a beneficial owner that is a Non-U.S. Person turns on a number of facts, including whether interest on the offered notes paid to or accrued by the Non-U.S. Person is effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Person. The determination of whether a Non-U.S. Person 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. Person, which are necessarily unique to that Non-U.S. Person. 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 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. Person through agents and other third parties could be attributed to the Non-U.S. Person in determining whether the Non-U.S. Person 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 an offered note. Therefore, prospective investors are urged to consult their own tax advisors to determine their treatment under these rules in respect of the acquisition of a note and taking into account their own particular facts relating to such acquisition.

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**OVERVIEW OF THE TRANSACTION** 

Please refer to page [ <u>]</u> for a diagram providing an overview of the transaction described in this prospectus. You can find a listing of the pages where the principal terms are defined under "*Index*" beginning on page [I-1].

All of the Centers in PFS' and the seller's network of Centers have entered into agreements pursuant to which they have assigned and will assign retail closed-end motor vehicle lease contracts and the related leased vehicles to Porsche Leasing Ltd., a Delaware statutory trust (the "**origination trust**"). The origination trust was created in December 1996 to avoid the administrative difficulty and expense associated with retitling leased vehicles for the securitization of motor vehicle leases. The origination trust issued to the seller the undivided trust interest representing the entire beneficial interest in the unallocated assets of the origination trust. In this prospectus, we refer to the undivided trust interest in the origination trust as the "**UTI**". See "*The Origination Trust—Property of the Origination Trust*" in this prospectus. In connection with this transaction, the seller will instruct the trustee of the origination trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to establish a special unit of beneficial interest in the origination trust (the "**Transaction SUBI** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to allocate a separate portfolio of leases and the related vehicles leased under those leases and certain related
assets of the origination trust to the Transaction SUBI.

The Transaction SUBI will represent the entire beneficial interest in the Included Units. The origination trust will issue a certificate evidencing the interest in the Transaction SUBI (the "**Transaction SUBI Certificate**") to or upon the order of the seller, as beneficiary of the UTI. Upon the creation of the Transaction SUBI, the Included Units will no longer constitute assets of the origination trust represented by the UTI and the seller's interest in the origination trust assets represented by the UTI will be reduced accordingly. The Transaction SUBI will evidence an indirect beneficial interest, rather than a direct legal interest, in the Included Units. The Transaction SUBI will not represent a beneficial interest in any origination trust assets other than the Included Units. Payments made on or in respect of any origination trust assets other than the Included Units will not be available to make payments on the notes. The seller, as beneficiary of the UTI, may from time to time cause special units of beneficial interest similar to the Transaction SUBI (each, an "**Other SUBI**") to be created. The issuing entity (and, accordingly, the noteholders) will have no interest in the UTI, any Other SUBI or any assets of the origination trust evidenced by the UTI or any Other SUBI. See "*The Origination Trust*" and "*The Transaction SUBI*" in this prospectus.

On the closing date, which is the date of initial issuance of the notes, the seller will sell, transfer, assign, set over and otherwise convey the Transaction SUBI Certificate to the depositor. The depositor will in turn sell, transfer, assign, set over and otherwise convey the Transaction SUBI Certificate to the issuing entity. The issuing entity will pledge the Transaction SUBI Certificate to the indenture trustee as security for the notes issued hereunder. Each note will represent an obligation of the issuing entity.

The notes are the only securities being offered by this prospectus.

The depositor expects that the notes will receive credit ratings from the Hired Agencies. See "*Summary of Terms—Ratings*" and "*Risk Factors—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—The ratings of the notes may be withdrawn or lowered, the notes may receive an unsolicited rating or the rating agencies may be perceived as having a conflict of interest, which may have an adverse effect on the liquidity or the market price of the notes*" above for further information concerning the ratings assigned to the notes, including the limitations of those ratings.

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**USE OF PROCEEDS** 

The net proceeds from the offering of the notes will be paid to the depositor. The depositor will use the net proceeds from the offering of the notes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase from the seller the Transaction SUBI Certificate representing the beneficial interest in leases and
leased vehicles allocated to the Transaction SUBI from the seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make the initial deposit into the reserve account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay other expenses in connection with the issuance of the notes.

The depositor or its affiliates will also use a portion of the net proceeds of the offering of the notes to pay their respective debts, including warehouse debt, secured by Other SUBIs to which the Included Units are allocated prior to their allocation to the Transaction SUBI, and for general purposes. [None of the net proceeds from the offering of the notes will be received or used by the origination trust.] [Insert disclosure, if applicable, of amount of the net proceeds from the offering of the notes that will be used by the origination trust, as issuer of the Transaction SUBI Certificate, including how the origination trust intends to use the proceeds, and the approximate amount intended for each such purpose.] Any such debt may be owed [to the owner trustee, the indenture trustee or] to one or more of the underwriters or their affiliates or entities for which their respective affiliates act as administrator and/or provide liquidity lines, so a portion of the proceeds that is used to pay debt may be paid to [one or more of] the underwriters, [the indenture trustee,] [the owner trustee,] and/or their respective affiliates.

**THE ISSUING ENTITY** 

**Limited Purpose and Limited Assets** 

Porsche Innovative Lease Owner Trust 20[•]-[•] (the "**issuing entity**") is a [statutory trust formed on [__________] [•], 20[•], under the laws of the State of Delaware] by the depositor for the purpose of owning the Transaction SUBI Certificate and issuing the notes. The issuing entity will be established and operated pursuant to a trust agreement. PFS will be the "**administrator**" of the issuing entity. The issuing entity will also issue [one or more] non-interest bearing certificates [in a nominal aggregate principal amount of $[100,000]], which represent the beneficial interest in the issuing entity and are not offered hereby. Only the notes are being offered hereby, but the depositor may transfer all or a portion of the certificates to an affiliate or sell all or a portion of the certificates on or after the closing date. [However, the portion of the certificates retained by the depositor or another majority-owned affiliate of PFS to satisfy U.S. credit risk retention rules will not be sold, transferred, subjected to any credit mitigation or hedged except as permitted under, or in accordance with, those rules. See "*The Sponsor—Credit Risk Retention*". On each payment date, the holder of the certificates (the "**certificateholders**") will be entitled to any Available Funds remaining on that payment date after all deposits and distributions of a higher priority have been made, as described in "*Description of the Transaction Documents—Priority of Payments*" in this prospectus.

The issuing entity will engage in only the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issuing the notes and the certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making payments on the notes and distributions on the certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• selling, transferring and exchanging the notes and the certificate to the depositor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquiring and holding the Transaction SUBI Certificate and the other property of the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making deposits to and withdrawals, directly or indirectly, from the collection account, the reserve account and
the principal distribution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assigning, granting, transferring, conveying and pledging the property of the issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• paying the organizational, start-up and transactional expenses of the
issuing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• holding, managing and distributing to the holders of the issuing entity's certificate any portion of the
issuing entity property released from the lien of indenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into and performing its obligations under the transaction documents to which it is a party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• taking any action necessary, suitable or convenient to fulfill the role of the issuing entity in connection with
the foregoing activities or are incidental thereto or connected therewith or engaging in other activities as may be required in connection with conservation of the assets of the issuing entity and the making of payments on the notes and
distributions on the certificate.

The issuing entity's principal offices are located in [ <u>]</u>, Delaware, in care of [ <u>]</u>, as owner trustee, at the address listed in "*The Trustees*—*The Owner Trustee*" below. The issuing entity's fiscal year ends on December 31<sup>st</sup>.

The issuing entity's trust agreement, including its permissible activities, may be amended in accordance with the procedures described in "*Description of the Transaction Documents—Amendment Provisions*" in this prospectus.

**Capitalization and Liabilities of the Issuing Entity** 

The following table illustrates the expected assets of the issuing entity as of the closing date:

---

| | |
|:---|:---|
|  Transaction SUBI Certificate<sup>(1)</sup> | $[•] |
|  Reserve Account – Initial Balance<sup>(2)</sup> | <u>$[•]</u> |
|  Total | $[•] |
|  <br> <sup>(1)</sup> Aggregate Securitization Value as of the cut-off date.<br> <sup>(2)</sup> To be an amount not less than [•]% of the aggregate Securitization Value of the Included Units as of the cut-off date. | <br> <sup>(1)</sup> Aggregate Securitization Value as of the cut-off date.<br> <sup>(2)</sup> To be an amount not less than [•]% of the aggregate Securitization Value of the Included Units as of the cut-off date. |

---

The following table illustrates the expected capitalization and liabilities of the issuing entity as of the closing date<sup>(1)</sup>:

---

| | | |
|:---|:---|:---|
|  Class A-1 Notes |  | $[•] |
|  Class A-2[a] Notes | [}] | $[•] |
|  Class A-2b Notes] | [}] | $[•] |
|  Class A-3 Notes |  | $[•] |
|  Class A-4 Notes |  | $[•] |
|  [Class B Notes] |  | $[•] |
|  Overcollateralization |  | <u>$[•]</u> |
|  Total |  | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> <sup>(1)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.] |

---

**The Issuing Entity Property** 

The notes will be collateralized by the issuing entity property. The primary asset of the issuing entity will be the Transaction SUBI Certificate, which will evidence a beneficial interest in certain retail closed-end motor vehicle lease contracts, including lessee payments under those lease contracts, the related leased vehicles and other related assets held by the origination trust.

The issuing entity property will consist of all the right, title and interest of the issuing entity in and to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Transaction SUBI Certificate, evidencing a 100% beneficial interest in the Transaction SUBI and the Included
Units on the closing date, and payments made on the Included Units on or after the cut-off date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Transaction SUBI;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• funds on deposit in the reserve account, the principal distribution account and the collection account (including
investment earnings, net of losses and expenses, on amounts on deposit in the collection account and the reserve account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights of the depositor, as buyer, under the SUBI sale agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights of the issuing entity under the administration agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights of the issuing entity, as buyer, under the SUBI transfer agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights of the issuing entity as a third-party beneficiary under the base servicing agreement, origination
trust agreement and the supplements to those agreements, to the extent relating to the Included Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all proceeds of the foregoing.

The issuing entity will pledge the issuing entity property to the indenture trustee under the indenture. For a description of the sale and transfer of the issuing entity property as well as the creation, perfection and priority status of the security interest in that property in favor of the issuing entity, see "*Description of the Transaction Documents—Sale and Assignment of the Transaction SUBI Certificate.*"

[The collection account, the principal distribution account and the reserve account will be initially established with and maintained by [ <u>]</u>, an affiliate of the indenture trustee, as the securities intermediary (the "**account bank**") and will be subject to a securities account control agreement, to be dated as of the closing date (the "**securities account control agreement**"), among the account bank, the issuing entity, the servicer and the indenture trustee.]

The issuing entity will not engage in any activity other than acquiring and holding the Transaction SUBI Certificate and the other issuing entity property, issuing the related securities, distributing payments in respect thereof and any other activities described in this prospectus and in the trust agreement of the issuing entity. The issuing entity will not acquire any assets other than the issuing entity property.

**THE TRUSTEES** 

**The Owner Trustee** 

[[__________] ("[____]") – also referred to herein as the "**owner trustee**" – is a [__________] with trust powers incorporated under the laws of . [__________] The owner trustee's principal place of business is located at [__________], [__________]. Since [___], [_____] has served as trustee in numerous asset-backed securities transactions involving auto loans and auto leases.]

[_____] is subject to various legal proceedings that arise from time to time in the ordinary course of business. [_____] does not believe that the ultimate resolution of any of these proceedings will have a materially adverse effect on its services as owner trustee.

[_____] has provided the above information and has not participated in the preparation of, and is not responsible for, any other information contained in this prospectus.

[Insert additional disclosure pursuant to Items 1109 and 1119 of Regulation AB.]

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 set forth in the trust agreement. The owner trustee is not affiliated with PFS or any of its affiliates. The servicer, the seller, the depositor and their affiliates may maintain normal commercial banking or investment banking relations with the owner trustee and its affiliates in the ordinary course of business. The owner trustee will be paid a fee for its services as described under "*Description of the Transaction Documents—Fees and Expenses*" and will be indemnified against specified losses, liabilities or expenses incurred by the owner trustee in connection with the transaction documents, in each case by the issuing entity to the extent of Available

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Funds available therefor, as described under "*Description of the Transaction Documents—Priority of Payments*" and "*The Indenture—Priority of Payments May Change Upon an Event of Default*" in this prospectus*.* To the extent these fees and indemnification amounts are not paid by the issuing entity, they will be payable by the servicer.

[The owner trustee is an affiliate of one of the underwriters.]

For a description of the roles and responsibilities of the owner trustee, see "—Role of the Owner Trustee and the Indenture Trustee" below.

**Resignation or Removal of the Owner Trustee** 

The owner trustee may resign at any time, in which event the depositor and the administrator, acting jointly, will be obligated to appoint a successor owner trustee within thirty (30) days. The depositor or the administrator will remove the owner trustee if the owner trustee ceases to be eligible to continue as such under the trust agreement or if the owner trustee becomes insolvent or is otherwise incapable of acting. In such circumstances, the depositor and the administrator, acting jointly, will be obligated to appoint a successor owner trustee. Any resignation or removal of the owner trustee and appointment of a successor owner trustee does not become effective until acceptance of the appointment by the successor owner trustee for such issuing entity and payment of all fees, expenses and indemnities (including any attorneys' fees and other legal costs and expenses incurred in connection with any petition for appointment of a successor owner trustee) owed to the outgoing owner trustee.

For a further description of the roles and responsibilities of the owner trustee, see "—Role of the Owner Trustee and the Indenture Trustee" below. For a description of provisions governing the limitation of liability and indemnity provisions applicable to the owner trustee, see "*Description of the Transaction Documents—Indemnification of the Indenture Trustee and the Owner Trustee*" in this prospectus.

**The Indenture Trustee** 

[[__________], a [__________] ("[__________]"), will act as indenture trustee (the "**indenture trustee**") and as paying agent (the "**paying agent**").]

[The indenture will be administered from [__________]'s corporate trust office located at [__________], [__________].]

[[__________] has provided corporate trust services since [•]. As of [__________], 20[•], [__________] was acting as trustee with respect to over [•] issuances of securities with an aggregate outstanding principal amount of over $[•] trillion. This portfolio includes corporate and municipal bonds, mortgage-backed and asset-backed securities and collateralized debt obligations.]

[The indenture trustee will make each monthly statement available to the noteholders via the indenture trustee's internet website at [__________]. For assistance with regard to this service, investors may call the indenture trustee's bondholder services group at [(<u>)</u>____<u>-</u>______].]

[As of [__________], 20[•], [__________] was acting as indenture trustee, registrar and paying agent on [•] issuances of automobile receivables-backed securities with an outstanding aggregate principal balance of approximately $[•].]

[[__________] will also act as the calculation agent. The calculation agent will obtain the [SOFR Rate][Insert Other Benchmark Rate] and calculate the interest rate for the Class A-2b notes as described under "*The Notes–Calculation of Floating Rate Interest*". If the administrator has determined prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the administrator will determine an alternative Benchmark in accordance with the Benchmark Replacement provisions described under "*The Notes–Calculation of Floating Rate Interest–Effect of Benchmark Transition Event*".]

[_____] is subject to various legal proceedings that arise from time to time in the ordinary course of business. [_____] does not believe that the ultimate resolution of any of these proceedings is material to noteholders.

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[Insert additional disclosure pursuant to Items 1109 and 1119 of Regulation AB.]

[The indenture trustee is an affiliate of one of the underwriters.]

The indenture trustee's duties are limited to those duties specifically set forth in the indenture. [__________] is not affiliated with PFS or any of its affiliates. The servicer, the seller, the depositor and their affiliates may maintain normal commercial and investment banking relations with the indenture trustee and its affiliates in the ordinary course of business. The indenture trustee will be paid a fee for its services as described under "*Description of the Transaction Documents—Fees and Expenses*" and will be indemnified against specified losses, liabilities or expenses incurred by the indenture trustee in connection with the transaction documents, in each case by the issuing entity to the extent of Available Funds available therefor, as described under "*Description of the Transaction Documents—Priority of Payments*" and "*The Indenture—Priority of Payments May Change Upon an Event of Default*" in this prospectus*.* To the extent these fees and indemnification amounts are not paid by the issuing entity, they will be payable by the servicer.

For a description of the provisions governing resignation and removal of the indenture trustee, see "*The Indenture*—*Resignation or Removal of the Indenture Trustee*" in this prospectus. For a description of provisions governing the limitation of liability and indemnity provisions applicable to the indenture trustee, see "*Description of the Transaction Documents—Indemnification of the Indenture Trustee and the Owner Trustee*" in this prospectus.

For a further description of the roles and responsibilities of the indenture trustee, see "—*Role of the Owner Trustee and the Indenture Trustee*", "*The Indenture*" and "*Description of the Transaction Documents*" in this prospectus.

**Role of the Owner Trustee and the Indenture Trustee** 

Neither the owner trustee nor the indenture trustee will make any representations as to the validity or sufficiency of the servicing agreement, trust agreement, administration agreement, indenture, asset representations review agreement, the securities or any leases or related documents. As of the closing date, neither the owner trustee nor the indenture trustee will have examined the leases. If no event of default has occurred under the indenture, the owner trustee and indenture trustee will be required to perform only those duties specifically required of them under the servicing agreement, trust agreement, administration agreement or indenture, as applicable. Generally, those duties are limited to the receipt of the various certificates, reports or other instruments required to be furnished to the owner trustee or indenture trustee under the servicing agreement, trust agreement, administration agreement, or indenture, as applicable, and the making of payments or distributions to noteholders and certificateholders in the amounts specified in certificates provided by the servicer.

The owner trustee will be under no obligation to exercise any of the issuing entity's powers or powers vested in it by the servicing agreement, trust agreement or indenture, or other related documents as applicable, or to make any investigation of matters arising thereunder or to institute, conduct or defend any investigation, proceeding or litigation thereunder or in relation thereto at the request, order or direction of any of the certificateholders, unless those certificateholders have offered to the owner trustee security or indemnity reasonably satisfactory to it against the reasonable costs, expenses and liabilities which may be incurred therein or thereby. Under no circumstances will the owner trustee be required to take, expend or risk its own funds or to take any action at the direction of the noteholders or certificateholders if it will determine or be advised by counsel that such action is contrary to the transaction documents or applicable law.

The indenture trustee will be under no obligation to exercise any of the issuing entity's powers or powers vested in it by the servicing agreement, trust agreement or indenture, as applicable, or to make any investigation of matters arising thereunder or to institute, conduct or defend any investigation, proceeding or litigation thereunder or in relation thereto at the request, order or direction of any of the noteholders (other than requests, demands or directions relating to an asset representations review as described under "*Description of the Transaction Documents*—*Asset Representations Review*" or to the investors' rights to communicate with other investors described under "*The Indenture*— *Noteholder Communication; List of Noteholders*"), unless those noteholders have offered to the indenture trustee security or indemnity reasonably satisfactory to the indenture trustee against the reasonable costs, expenses and liabilities which may be incurred by it, its agents and its counsel in compliance with such request or direction. Under no circumstances will the indenture trustee be required to take, expend or risk its

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own funds or to take any action at the direction of the noteholders or certificateholders if it will determine or be advised by counsel that such action is contrary to the transaction documents or applicable law.

The owner trustee and indenture trustee, and any of their affiliates, may hold securities in their own names. In addition, for the purpose of meeting the legal requirements of local jurisdictions or for the enforcement or conflict of interest matters, the owner trustee and indenture trustee, in some circumstances, acting jointly with the depositor or the administrator, respectively, will have the power to appoint co-trustees or separate trustees of all or any part of the issuing entity property. In the event of the appointment of a co-trustee, any rights, powers, duties and obligations of the owner trustee or indenture trustee under the transaction documents that are conferred upon the co-trustee will be exercised or performed singly by the co-trustee subject to applicable direction.

The servicer, the seller and the depositor and their affiliates may maintain other banking relationships with the owner trustee and indenture trustee in the ordinary course of business.

The owner trustee and indenture trustee will be entitled to certain fees and indemnities described under "*Description of the Transaction Documents*—*Fees and Expenses*" and "*Description of the Transaction Documents—Indemnification of the Indenture Trustee and the Owner Trustee*" in this prospectus.

**The Origination Trustee** 

[[__________] ("**[__________]**") – also referred to herein as the "**origination trustee**" – is a [__________]. The origination trustee's principal place of business is located at [__________]. [__________] is an affiliate of [__________]. Since [__________], [__________] has served as origination trustee in numerous asset-backed securities transactions involving auto leases.]

[[__________] is subject to various legal proceedings that arise from time to time in the ordinary course of business. [__________] does not believe that the ultimate resolution of any of these proceedings will have a materially adverse effect on its services as origination trustee.]

[Other than the above two paragraphs, [__________] has not participated in the preparation of, and is not responsible for, any other information contained in this prospectus.]

[__________] is not affiliated with PFS or any of its affiliates. The servicer, the seller, the depositor and their affiliates may maintain normal commercial and investment banking relations with the origination trustee and its affiliates in the ordinary course of business. The origination trustee will be paid a fee for its services as described under "*Description of the Transaction Documents—Fees and Expenses*" and will be indemnified against specified losses, liabilities or expenses incurred by the origination trustee in connection with the transaction documents, in each case by the issuing entity to the extent of Available Funds available therefor, as described under "*Description of the Transaction Documents—Priority of Payments*" and "*The Indenture—Priority of Payments May Change Upon an Event of Default*" in this prospectus*.* To the extent these fees and indemnification amounts are not paid by the issuing entity, they will be payable by the servicer.

[Insert additional disclosure, if applicable, pursuant to Item 1109 of Regulation AB.]

**THE ORIGINATION TRUST** 

Porsche Leasing, Ltd., or the "**origination trust**," is a Delaware statutory trust and is governed by the amended and restated trust agreement, dated as of November 14, 1997 (the "**origination trust agreement**"), among the seller, as settlor and UTI Holder and Wilmington Trust Company, as trustee. To provide for the servicing of the origination trust assets, the origination trust and PFS, as servicer, have entered into an Amended and Restated Servicing Agreement (the "**base servicing agreement**"), dated as of November 14, 1997. All of the Centers in the PFS network have entered into agreements pursuant to which they have assigned and will assign retail closed-end motor vehicle lease contracts to the origination trust. The origination trust was created in December 1996 to avoid the administrative difficulty and expense associated with retitling leased vehicles for the securitization of motor vehicle leases. The origination trust issued to the seller the UTI, which represents the entire beneficial trust interest in the unallocated assets of the origination trust. The primary business purpose of the origination trust is to take

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assignments of, and serve as record holder of title to, the Units in order to facilitate sale or financing transactions involving Units, including the securitization of Units in connection with the issuance of asset-backed securities.

Except as otherwise described under "*The Origination Trust Agreement and the Transaction SUBI Supplement*" in this prospectus, under the origination trust agreement the origination trust has not and may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue beneficial or other interests in the origination trust assets or securities other than (i) with
respect to each issuance of notes, the related Transaction SUBI and the Transaction SUBI Certificate, (ii) one or more Other SUBIs and one or more certificates representing each Other SUBI (the "**Other SUBI Certificates**") and
(iii) the UTI and one or more certificates representing the UTI (the "**UTI Certificates** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• borrow money on behalf of the origination trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make loans on behalf of the origination trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• invest in or underwrite securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer securities in exchange for origination trust assets, with the exception of the Transaction SUBI
Certificate, Other SUBI Certificates and the UTI Certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchase or otherwise reacquire any UTI Certificate or, except as permitted by or in connection with permitted
financing transactions, the Transaction SUBI Certificate or any Other SUBI Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any trade or business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as requested by the UTI Holder, enter into any agreements or contracts.

For further information regarding the origination trust and the servicing of the leases and leased vehicles, you should refer to "*The Origination Trust Agreement and the Transaction SUBI Supplement*" and "*Description of the Transaction Documents—The Servicing Agreement*" in this prospectus.

**Property of the Origination Trust** 

The assets of the origination trust generally consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leases originated by a Center pursuant to dealer agreements entered into with the origination trust or with PFS
and supplemental dealer agreements entered into with the origination trust or directly by the origination trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leased vehicles and all proceeds of those leased vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of the seller's and PFS' rights (but not their obligations) with respect to any lease or leased
vehicle, including without limitation, the right to proceeds from all Center repurchase obligations, if any, relating to any lease or leased vehicle;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights under and proceeds from insurance policies, if any, covering the leases, the related lessees or the
leased vehicles, including but not limited to residual value, liability and credit life insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any security deposits to the extent due to the lessor under the related lease; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all proceeds of the foregoing.

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From time to time after the date of this prospectus, additional leases will be originated by or assigned to the origination trust and, as described below, title to the related leased vehicles will be in the name of the origination trust. These additional leases will not be allocated to any existing Transaction SUBI and will not be included in any existing transaction unless otherwise described in the transaction documents.

**Lease Origination and the Titling of Vehicles** 

Under each lease, the origination trust will be listed as the owner of the related leased vehicle on its certificate of title. Liens will not be placed on the certificates of title, and there will be no indication on any certificates of title to reflect the interest in the leased vehicles of the issuing entity, as holder, or the indenture trustee, as pledgee, of the Transaction SUBI Certificate. The certificates of title to those leased vehicles registered in several states may, however, reflect a first lien or "**administrative lien**" held by the origination trust or the servicer that will exist solely to provide for delivery of title documentation for those leased vehicles to the servicer. Each entity that records an administrative lien (other than the origination trust) will enter into an agreement by which it acknowledges that it has no interest in the related leased vehicles and additionally waives, quitclaims and releases any claim that it may have against the leased vehicles by virtue of those liens.

All Units owned by the origination trust will be held for the benefit of entities that from time to time hold beneficial interests in the origination trust. Those interests will be evidenced with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units not allocated to the Transaction SUBI or any Other SUBI, by the UTI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units included in this transaction, by the Transaction SUBI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Units financed in another transaction, by one or more Other SUBIs.

Entities holding beneficial interests in the origination trust will not have a direct ownership in the related leases or a direct ownership or perfected security interest in the related leased vehicles.

The issuing entity has no direct interest in the Included Units allocated to the Transaction SUBI. Therefore, the issuing entity does not have a perfected lien in the related leases or related leased vehicles, but will have a perfected security interest or ownership interest in the Transaction SUBI Certificate. See "*Risk Factors—The issuing entity has limited assets, and delays in payment or losses on your notes could arise from shortfalls or delays in amounts available to make payments on the notes—Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payment on your notes*."

**THE DEPOSITOR** 

The "**depositor**", Porsche Auto Funding LLC, a Delaware limited liability company, was formed on April 20, 2011. The depositor is a wholly-owned special purpose subsidiary of the seller. The principal place of business of the depositor is at One Porsche Drive, Atlanta, Georgia 30354.

The depositor was organized solely for the limited purposes of acquiring beneficial interests in portfolios of motor vehicle leases and the related leased vehicles, acquiring motor vehicle loans and motor vehicle installment sale contracts and associated rights, issuing or selling securities 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 for these purposes. Since its inception, the depositor has been engaged in these activities solely as (i) the purchaser of beneficial interests in portfolios of motor vehicle leases and the related leased vehicles from the seller pursuant to purchase agreements, (ii) the depositor of beneficial interests in portfolios of motor vehicle leases and the related leased vehicles pursuant to sale agreements, (iii) the purchaser of receivables from the seller pursuant to purchase agreements, (iv) the transferor of motor vehicle loans and motor vehicle installment sale contracts to securitization trusts pursuant to sale and servicing agreements, (v) the depositor that formed various securitization trusts pursuant to trust agreements and (vi) the entity that executes note purchase agreements and purchase agreements in connection with issuances of asset-backed securities.

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**THE SPONSOR** 

Porsche Financial Services, Inc. ("**PFS**") was incorporated in the State of Delaware in 1991 and is an affiliate of Porsche Cars North America, Inc. ("**PCNA**"). The principal activity of PFS is acting as a U.S. finance source for PCNA's franchised Centers, including purchasing retail installment sales contracts and leases originated by such Centers. Both PFS and PCNA are indirect, wholly-owned subsidiaries of Dr. Ing. h.c. F. Porsche Aktiengesellschaft ("**Porsche AG**"). The principal place of business of PFS is at One Porsche Drive, Atlanta, Georgia 30354.

PFS' experience in and overall procedures for originating or acquiring leases and the related leased vehicles is described in "*Origination and Servicing Procedures*" in this prospectus. [PFS has been engaged in the securitization of retail closed-end motor vehicle lease contracts since 2011.] [The securitization transaction contemplated by this prospectus is the [•] term securitization of retail closed-end motor vehicle lease contracts sponsored by PFS.]

PFS has participated in the structuring of the transaction described in this prospectus and has originated the leases and the related leased vehicles to be allocated to the Transaction SUBI. PFS is responsible for servicing the Included Units as described below under "*The Servicer*" and "*Origination and Servicing Procedures*". PFS is also the administrator of the issuing entity.

**Credit Risk Retention** 

Pursuant to the credit risk retention rules, 17 C.F.R. Part 246, PFS, as the sponsor, is required to retain an economic interest in the credit risk of the Included Units, either directly or through one or more majority-owned affiliates. PFS intends to satisfy this obligation with [a combination of] an ["eligible vertical interest"] [and an] ["eligible horizontal residual interest"] [and an eligible horizontal cash reserve account] [aggregate] in the form of its retention [by the depositor][by PFS] of an amount equal to at least 5% of the initial principal amount of each class of notes, [and retention by the depositor, its wholly owned affiliate, of at least 5% of the initial principal amount of certificates issued by the issuing entity on the closing date][the fair value of the notes and the certificates on the closing date].

Pursuant to Regulation RR, the depositor or any other holder is required to retain the "eligible horizontal residual interest" and may not transfer (except to PFS or another majority-owned affiliate of PFS) such interest until the latest of two years after the closing date, the date the aggregate Securitization Value is 33% or less of the aggregate Securitization Value as of the closing date, or the date the aggregate principal amount of the notes is 33% or less of the initial principal amount of the notes. PFS, the depositor and their affiliates may not hedge or finance the "eligible horizontal residual interest" during this period except as permitted under applicable law. The depositor may transfer all or any portion of the "eligible horizontal residual interest" to PFS or another majority-owned affiliate of PFS on or after the closing date.

[*Retained vertical interest:* The retained eligible vertical interest will take the form of at least 5% of each class of notes and certificates issued by the issuing entity, though PFS or one or more of its majority-owned affiliates may retain more than 5% of one or more classes of notes or of the certificates. The material terms of the notes are described in this prospectus under "*The Notes*". The notes of each class retained by PFS or one or more of its majority-owned affiliates as part of the "eligible vertical interest" will have the same terms as all other notes in that class, except that such retained notes 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, as described in "*The Notes*—*Notes Owned by Transaction Parties*." As described under "*Description of the Transaction Documents*—*Priority of Payments*" and "*Description of the Transaction Documents*—*Priority of Payments May Change Upon an Event of Default*" in this prospectus, distributions to holders of the issuing entity's certificates on any payment date are subordinated to all payments of principal and interest on the notes by the issuing entity. On any payment date on which the issuing entity has insufficient funds to make all of the distributions described under "*Description of the Transaction Documents*—*Priority of Payments*", any resulting shortfall will, through operation of the priority of payments, reduce amounts distributable to the holders of the certificates prior to any reduction in the amounts payable for interest on, or principal of, any class of notes. The other material terms of the certificates are described in this prospectus under "*Summary of Terms*—*The Certificates*." 

In accordance with Regulation RR, if the amount of the eligible vertical interest retained at closing is materially different from the amount described above, within a reasonable time after the closing date we will disclose that material difference. [This disclosure will be [made on Form 8-K filed under the CIK number of the depositor][included in the first 10-D filed by the depositor after the closing date]. The fair value of the retained eligible vertical interest is expected to represent at least 5% of the sum of the fair value of the notes and the certificates on the closing date.]

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[*Retained horizontal interest*: The residual interest retained by the depositor is structured to be an "eligible horizontal residual interest" and will take the form of [depositing an amount equal to $[___] into a risk retention reserve account] [retaining the issuing entity's certificates.]

[The fair value of the eligible horizontal residual interest is expected to represent at least 5% of the sum of the fair value of the notes and the certificates on the closing date.]

PFS expects the certificate to have an approximate fair value, as of the closing date, of between $[•] and $[•], which is between [•]% and [•]% of the fair value, as of the closing date, of all of the notes and the certificate issued by the issuing entity on the closing date.

The certificate represents a 100% beneficial interest in the issuing entity.

The [expected]<sup>3</sup> fair value of the notes and the certificate is summarized below:

---

| | | |
|:---|:---|:---|
|  **Class of Notes** | **Expected Fair Value or<br>Range of Fair Values<br>(in dollars)** | **Expected Range of Fair Values**<br> **(as a percentage)** |
|  Class A-1 Notes | $[__] | [__]% to [__]% |
|  Class A-2[a] Notes | $[__] | [__]% to [__]% |
|  [Class A-2b Notes] | $[__] | [__]% to [__]% |
|  Class A-3 Notes | $[__] | [__]% to [__]% |
|  Class A-4 Notes | $[__] | [__]% to [__]% |
|  [Class B Notes] | $[__] | [__]% to [__]% |
|  Certificate | $[__] | [__]% to [__]% |

---

PFS and the depositor will use a fair value measurement framework under generally accepted accounting principles to calculate the fair value of the notes and the certificate. The fair value of the notes will be assumed to be equal to the initial principal amount of the notes, or par. An internal valuation model using discounted cash flow analysis will be used to calculate fair value of the certificate.

The fair value measurement framework will consider various inputs including (i) quoted prices for identical instruments, (ii) quoted prices for similar instruments, (iii) current economic conditions, including interest rates and yield curves, (iv) experience with similar leases in PFS' lease portfolio and prior securitized portfolios, including prepayments, delinquencies, repossessions and net losses based on information for leases and leased vehicles similar to the leases and related leased vehicles to be allocated to the Transaction SUBI on the closing date, and (v) management judgment about the assumptions market participants would use in pricing the instrument.

The expected fair value of the notes is assumed to be equal to the initial principal amount of the notes, or par. Interest is assumed to accrue on each class of notes consistent with the ranges of per annum interest rates set forth in the table below:

---

| | |
|:---|:---|
| **Class of Notes** | **Ranges of Assumed Interest**<br> **Rates** |
| Class A-1 Notes | [__]% to [__]% |
| Class A-2[a] Notes | [__]% to [__]% |
| [Class A-2b Notes] | [__]% to [__]% |
| Class A-3 Notes | [__]% to [__]% |
| Class A-4 Notes | [__]% to [__]% |
| [Class B Notes] | [__]% to [__]% |

---

<sup>3</sup> The bracketed term "expected" will be used for the preliminary prospectus as the final pricing information including the final prospectus will be used to calculate the actual fair value.

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These interest rate ranges are estimated based on recent pricing of notes issued in similar securitization transactions and market-based expectations for interest rates and credit risk.

To calculate the expected fair values of the certificate, PFS used an internal valuation model. This model projects future interest and principal payments of the portfolio of leases and related leased vehicles allocated to the Transaction SUBI, the interest and principal payments on the notes, and any other fees and expenses payable by the issuing entity. The resulting cash flows to the certificate are discounted to present value based on a discount rate that reflects the credit exposure to these cash flows. In completing these calculations, PFS made the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest accrues on the notes at the per annum rates described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as otherwise described in this section, principal and interest cash flows for the Included Units are
calculated using the assumptions as described in "*Weighted Average Life of the Notes*;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [a Benchmark Transition Event will not occur prior to payment in full of the Class A-2[b] notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [in determining the interest payments on the floating rate Class A-2[b] notes, the [SOFR Rate][Insert Other Benchmark Rate] is assumed to be [Compounded SOFR][Insert Applicable Benchmark Rate] and is assumed to reset consistent with the applicable forward rate
curve as of [ <u>]</u>, 20[•];]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leases prepay at a [ <u>]</u> % Prepayment Assumption based on amortization resulting from voluntary
prepayments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [retained and returned vehicles are sold for an amount equal to their Base Residual Value, resulting in no
residual value gain or loss;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the pool experiences a lifetime cumulative net loss rate of approximately [ <u>]</u> % and these losses are
incurred based on the following timing curve:]

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Month** | **Cumulative Net Loss** | **Month** | **Cumulative Net Loss** |
| &nbsp;&nbsp;&nbsp;1 | [ ]% | 19 | [ ]% |
| &nbsp;&nbsp;&nbsp;2 | [ ]% | 20 | [ ]% |
| &nbsp;&nbsp;&nbsp;3 | [ ]% | 21 | [ ]% |
| &nbsp;&nbsp;&nbsp;4 | [ ]% | 22 | [ ]% |
| &nbsp;&nbsp;&nbsp;5 | [ ]% | 23 | [ ]% |
| &nbsp;&nbsp;&nbsp;6 | [ ]% | 24 | [ ]% |
| &nbsp;&nbsp;&nbsp;7 | [ ]% | 25 | [ ]% |
| &nbsp;&nbsp;&nbsp;8 | [ ]% | 26 | [ ]% |
| &nbsp;&nbsp;&nbsp;9 | [ ]% | 27 | [ ]% |
| &nbsp;&nbsp;&nbsp;10 | [ ]% | 28 | [ ]% |
| &nbsp;&nbsp;&nbsp;11 | [ ]% | 29 | [ ]% |
| &nbsp;&nbsp;&nbsp;12 | [ ]% | 30 | [ ]% |
| &nbsp;&nbsp;&nbsp;13 | [ ]% | 31 | [ ]% |
| &nbsp;&nbsp;&nbsp;14 | [ ]% | 32 | [ ]% |
| &nbsp;&nbsp;&nbsp;15 | [ ]% | 33 | [ ]% |
| &nbsp;&nbsp;&nbsp;16 | [ ]% | 34 | [ ]% |
| &nbsp;&nbsp;&nbsp;17 | [ ]% | 35 | [ ]% |
| &nbsp;&nbsp;&nbsp;18 | [ ]% | 36 | [ ]% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certificate cash flows are discounted at [ <u>]</u> %; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositor will not exercise the optional purchase when it is permitted to do so.

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PFS developed these inputs and assumptions by considering the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ABS rate – estimated considering the composition of the leases and related leased vehicles, the performance
of PFS' prior securitized pools and more recent originations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cumulative net loss rate – estimated using assumptions for both the magnitude of lifetime cumulative net
losses and the shape of the cumulative net loss curve. The lifetime cumulative net loss assumption was developed considering the composition of the Included Units, the performance of PFS' prior securitized pools and more recent
originations, trends in CPO and used vehicle values, economic conditions, and the cumulative net loss assumptions of the Hired Agencies. Default and recovery rate estimates are included in the cumulative net loss assumption, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discount rate applicable to the residual cash flows – estimated to reflect the credit exposure to the
residual cash flows. Due to the lack of an actively traded market in residual interests, the discount rate was derived from both quantitative factors, such as prevailing market rates of return for similar instruments, and qualitative factors
that consider the subordinate nature of the first-loss exposure.

PFS believes that the inputs and assumptions described above include the inputs and assumptions that could have a material impact on the fair value calculation or a prospective noteholder's ability to evaluate the fair value calculation. The expected fair value of the notes and the certificate was calculated based on the assumptions described above. You should be sure you understand these assumptions when considering the fair value calculation.

The methodology described above was used to determine the estimated fair value of the eligible horizontal residual interest retained on the closing date by the depositor. In accordance with Regulation RR, within a reasonable time after the closing date, PFS will disclose the actual fair value of the eligible horizontal residual interest retained based on the final pricing information and bond structure, as well as the fair value of the eligible horizontal residual interest required to be retained under Regulation RR. In addition, to the extent the valuation methodology used with respect to the eligible horizontal residual interest actually retained, or any of the key inputs and assumptions used therein, differ materially from those set forth above, we will disclose those material differences. [These disclosures will be made on [Form [8-K][10-D] filed under the CIK number of the issuing entity.]

PFS will recalculate the fair value of the notes and the issuing entity's certificates following the closing date to reflect the issuance of the notes and any material changes in the methodology or inputs and assumptions described above. The fair value of the certificates as a percentage of the sum of the fair value of the notes and the certificates and as a dollar amount, in each case, as of the closing date, will be included in the first periodic report on Form 10-D filed by the depositor after the closing date, together with a description of any material changes in the method or inputs and assumptions used to calculate the fair value. Because all of the issuing entity's certificates are expected to be retained by the depositor or another majority-owned affiliate of PFS on the closing date, the first periodic report on Form 10-D filed by the depositor after the closing date will also disclose the portion of the issuing entity's certificates being retained to satisfy the requirements of Regulation RR.

In addition, the depositor may retain some or all of one or more of the classes of notes.

As described under "*Description of the Transaction Documents—Priority of Payments*" and "*The Indenture—Priority of Payments May Change Upon an Event of Default*" below, payments to certificateholders on any payment date are subordinated to all payments of principal and interest on the notes by the issuing entity. In accordance with the requirements for an "eligible horizontal residual interest" under Regulation RR, on any payment date on which the issuing entity has insufficient funds to make all of the distributions described under "*Description of the Transaction Documents—Priority of Payments*" and "*The Indenture—Priority of Payments May Change Upon an Event of Default*", any resulting shortfall will, through operation of the priority of payments, reduce amounts payable to the certificateholders prior to any reduction in the amounts payable for interest on, or principal of, any class of notes. The material terms of the notes are described in this prospectus under "*The Notes*," and the other material terms of the certificates are described in this prospectus under "*The Issuing Entity—Capitalization and Liabilities of the Issuing Entity*."

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[Notwithstanding the foregoing, none of PFS, the other parties to the transaction described in this prospectus, nor any of their respective affiliates, will undertake, or intends, to retain an interest in such transaction in a manner that would satisfy any risk retention requirements now or hereafter in effect in the EU, any EEA member state, the UK, Japan or any other non-U.S. jurisdiction, or to take any other action or refrain from taking any action to facilitate or enable compliance by any investor in the notes or any other person with the requirements of any law or regulation now or hereafter in effect in the EU, any EEA member state, the UK, Japan or any other non-U.S. jurisdiction in relation to due diligence and monitoring, transparency, credit granting standards or any other conditions with respect to investments in securitization transactions.]

[*Risk Retention Reserve Account*: On or prior to the closing date, the [issuing entity] will establish an eligible account in the name of the indenture trustee for the benefit of the noteholders. The risk retention reserve account is structured to be an "eligible horizontal cash reserve account" and will be funded on the closing date by the retention of a portion of the purchase price for the notes in the amount equal to $[____]. Funds on deposit in the risk retention reserve account may not be used to pay the servicing fee, as long as PFS or an affiliate of PFS is the servicer. 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—Priority of Payments*" in this prospectus but are otherwise unpaid, including each of the notes on the related final scheduled payment date to the extent Collections on the Included Units are insufficient to make such payments.]

[PFS or the depositor may transfer all or a portion of [the "eligible vertical interest"] [and] [the eligible horizontal residual interest] to PFS or another majority-owned affiliate of PFS [on or] after the closing date.]

[PFS or its majority-owned affiliate will no longer be required to hold the [eligible vertical interest] [eligible horizontal residual interest] upon the latest to occur of (i) the date on which the outstanding principal balance of the Included Units is less than or equal to 33% of the initial principal balance as of the closing date, (ii) the date on which the aggregate outstanding principal amount of the notes is less than or equal to 33% of the aggregate initial principal amount of the notes on the closing date and (iii) the date that is two years after the closing date.]

[Insert disclosure required by Items 1104(g), 1108(e) or 1110(a)(3) of any hedges materially related to the credit risk of the securities.]

**THE SELLER** 

On the closing date, Porsche Funding Limited Partnership (the "**seller**") will sell the Transaction SUBI to the depositor, and the depositor will sell the Transaction SUBI to the issuing entity. Proceeds from the sale of the Transaction SUBI will be used to pay down various financing facilities secured by the Transaction SUBI prior to its transfer to the issuing entity, and for general purposes.

**THE SERVICER** 

PFS will be the servicer. PFS offers indirect automotive consumer retail installment sale contract and lease financing, ancillary protection plan production, automotive insurance, vehicle subscription and rental through Porsche Drive, LLC and direct Center financing through (and to) approximately 202 Centers in the United States that sell Porsche vehicles, 48 dealers in the United States that sell Bentley vehicles, 41 dealers in the United States that sell Lamborghini vehicles and 11 dealers in the United States that sell Bugatti Vehicles. PFS has been directly servicing motor vehicle receivables and leases since the early 1990s. Prior to January 2, 1995, receivables and leases originated by PFS were serviced through a third party servicer. The securitization transaction contemplated by this prospectus is the [•] term securitization of retail closed-end motor vehicle lease contracts serviced by PFS. Porsche Leasing Ltd., a Delaware statutory trust, was created and began titling leased vehicles into it in December 1996. As discussed under "*Overview of the Transaction*" in this prospectus, creating the origination trust allowed PFS to avoid the administrative difficulty and expense associated with retitling leased vehicles for the securitization of motor vehicle leases.

PFS has never defaulted in its payment obligations under its asset-backed securitization offerings, and none of the securitization securities have defaulted, or otherwise been accelerated due to the occurrence of an early amortization or other performance triggering event.

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A portion of PFS' and the seller's assets are sold in asset-backed securitization transactions, although the assets remain on PFS' balance sheet. These assets support payments on the asset-backed securitization securities and are not available to PFS' or the seller's creditors generally. PFS expects that asset-backed securitization debt offerings will continue to be a material funding source for PFS.

The servicer will have full power and authority to do any and all things in connection with such managing, servicing, administration and collection that it may deem necessary or desirable. The servicer will make reasonable efforts to collect all payments called for under the terms and provisions of the leases and related leased vehicles as and when the same become due in accordance with its customary servicing practices.

PFS has made adjustments to its customary servicing practices over time, particularly in the areas of repossession timing, collections timing, collections intensity and business processes and workflow. These adjustments are introduced and are implemented after PFS determines that those adjustments will result in an overall improvement in servicing and collections.

PFS is the servicer for all of the loans and leases that it finances. Although PFS may be replaced or removed as servicer upon the occurrence of certain events, including the occurrence of a servicer replacement event (as defined under the applicable transaction documents), PFS generally expects to service the loans sold in and leases allocated to an asset-backed securitization transaction for the life of that transaction. For more information regarding the circumstances under which PFS may be replaced or removed as servicer of the leases and the leased vehicles allocated to the Transaction SUBI, you should refer to "*Description of the Transaction Documents*" in this prospectus. If the servicing of any leases and the leased vehicles (including the Included Units) were to be transferred from PFS to another servicer, there may be an increase in overall delinquencies and defaults due to misapplied or lost payments, data input errors or system incompatibilities. Although PFS expects that any increase in any such delinquencies would be temporary, there can be no assurance as to the duration or severity of any disruption in servicing the leases and the leased vehicles as a result of any servicing transfer.

For more information regarding PFS' experience with respect to its entire portfolio of new, CPO and used motor vehicle leases, including leases owned by the seller or the origination trust and leases that have been sold but are still being serviced by PFS, you should refer to "*Delinquencies, Repossessions, Net Losses and Residual Value Loss Experience*" in this prospectus.

For a description of the roles and responsibilities of the servicer, see "*Description of the Transaction Documents—The Servicing Agreement*" in this prospectus.

[To the extent not described in this prospectus, identify any servicer contemplated by Item 1108(a)(2) and provide the information required by paragraphs (b), (c) and (d) of Item 1108, as applicable, for each servicer contemplated by paragraphs (a)(2)(i), (ii) and (iv) of Item 1108 and each unaffiliated servicer identified in paragraph (a)(2)(iii) of Item 1108 that services 20% or more of the pool assets.]

**ORIGINATION AND SERVICING PROCEDURES** 

The following is a description of the origination, underwriting and servicing of the leased vehicles by PFS and the seller as of the date of this prospectus and any material changes to this information with respect to the origination, underwriting and servicing of the leased vehicles for which the issuing entity will hold a beneficial interest.

The leases are originated or acquired through several origination channels across a spectrum of credit quality lessees. [PFS will act as servicer for each transaction.]

[Insert the disclosure required by Item 1110 regarding (a) any originator or group of originators that originated, or is expected to originate, 10% or more of the pool assets and (b) any originator(s) originating less than 10% of the pool assets if the cumulative amount originated by parties other than the sponsor or its affiliates is more than 10% of the pool assets.] [Insert the disclosure required by Item 1110(b) regarding any originator or group of affiliated originators, that originated, or is expected to originate, 20% or more of the pool assets.]

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**Underwriting Procedures** 

PFS' underwriting standards emphasize many factors, including the applicant's credit history, ability to make payments as they become due, debt ratios, employment status and income, and amount financed relative to the value of the vehicle to be leased. PFS' headquarters for underwriting, servicing and collection are located at its offices in Atlanta, Georgia.

Each applicant for a lease is required to complete a credit application. Applicants include the lessee and co-lessee and guarantor, if any. Applications submitted to PFS generally include the following information about the applicant and the terms of the lease:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying information, such as name, address and social security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• vehicle and contract information such as amount financed and term, employment and income information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monthly mortgage or rent payment, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other personal and financial information.

Centers generally submit applications together with information about the proposed terms of the lease to PFS through web-based systems.

PFS' credit underwriting module relies on both external and internal information in order to evaluate the creditworthiness of the applicant and to provide a credit recommendation or a decision.

In a limited number of cases, a credit report is not available because an applicant does not have an established credit history. If an individual applicant does not have sufficient recent credit history, further information may be obtained in order to evaluate the applicant.

Creditworthiness for commercial applicants is generally determined by utilizing the credit report for a cosigner, if applicable, publicly available information, and historical PFS information. Financial statements may also be requested to further evaluate a company's credit worthiness.

PFS evaluates each individual application with a credit bureau score using a proprietary credit scoring algorithm (the "**PFS Custom Scorecard**") developed by a third party credit scoring company using PFS' own historical data. The PFS Custom Scorecard is used to assess the creditworthiness of an applicant by using the credit bureau data to assign the applicant a proprietary credit score.

Credit applications are automatically evaluated by PFS' credit underwriting module upon receipt. Some credit applications are automatically approved or declined based on a set of predefined rules, including the PFS Custom Scorecard, credit bureau scores, and review rules, which are built into the credit underwriting module in order to check application characteristics against predefined standards. Each application is also checked against red flag rules, lists maintained by the Office of Foreign Assets Control (OFAC), and other global watch lists and high-risk databases. Commercial applications for which there is no individual co-applicant are not subject to automatic approval or rejection and must be manually decided by an underwriter.

If warranted, the underwriter can make a credit decision that deviates from the credit underwriting module's recommendation (an "**override**"). In certain situations, the underwriter must obtain additional authorization as outlined in PFS' internal underwriting guidelines.

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If an automatic decision cannot be made, PFS' underwriters consider the information available in sources outlined in PFS' underwriting guidelines in order to make a credit decision. In this process, the underwriter considers the same information processed by the credit underwriting module and weighs other outside factors not already assessed in the scoring process (if any).

PFS uses risk-based pricing that includes a tiered system of interest rates, depending on applicant credit quality and contract length. Rates vary based on different factors, including credit tier, term and collateral, including whether a new, CPO or used vehicle is being leased. If PFS considers an applicant to be relatively less creditworthy and, as a result, a greater risk, PFS will generally assign the applicant a higher interest rate and a lower advance rate. Special rates may apply as a result of promotional activities.

PCNA established a Certified Pre-Owned ("**CPO**") Vehicle Program to create customer and dealer demand for pre-owned Porsche vehicles and enhance the value of Porsche vehicles. A CPO vehicle is a Porsche vehicle that is fewer than thirteen model years old, has fewer than 125,000 miles and has been inspected by a Porsche dealer and passed an extensive multi-point vehicle inspection. Every CPO Porsche is backed by the remaining 4-year/50,000-mile New Vehicle Limited Warranty. Once that expires, the Certified Pre-Owned Limited Warranty goes into effect, providing an additional 24-months of coverage with unlimited miles. PFS generally treats CPO vehicles as new vehicles rather than used vehicles in its credit analysis.

PFS may review and analyze its portfolio of leases to evaluate the effectiveness of its underwriting guidelines and purchasing criteria. If external economic factors, credit loss or delinquency experience, market conditions or other factors change, PFS may adjust its underwriting guidelines and purchasing criteria in order to change the asset quality of its portfolio or to achieve other goals and objectives.

**Determination of Residual Values** 

Each lease sets forth a residual value, which we refer to in this prospectus as the "**contractual residual value**," established at the time of lease origination (as it may be subsequently revised in connection with an extension of a lease in accordance with the customary servicing practices). The contractual residual value as provided in the lease agreement is the contractual value of the vehicle at the end of the lease and is the amount used to calculate the base scheduled lease payments under the lease. If we assume that the original capitalized cost of the lease is the initial principal amount of the loan, that the lease rate is the interest rate, that the lease term is the term of the loan and that all scheduled payments are timely made, the contractual residual value is the amount to which the outstanding balance would decline at the scheduled expiration of the lease term (unless the lease is a single payment lease). When a vehicle is sold after being returned by the lessee at the end of the related lease, there will be a residual value loss if the net sales proceeds of the vehicle are less than the contractual residual value.

In establishing the publication of residual values (typically on a quarterly basis), PFS analyzes proceeds in the context of vehicle content, mileage, lease term, and other variables for leased vehicles sold through customer, Center, and auction channels. The determined residual values are reviewed and approved by PFS leadership, as well as compared to PFS' historical off-lease vehicle sales performance and various independent industry guides, such as *Automotive Lease Guide* ("**ALG**"), the *National Auto Research Official Used Car Market Guide Monthly* ("**Black Book**"), and *Black Book Cars of Particular Interest (CPI)* ("**Black Book CPI**"), for reasonableness. ALG, Black Book and Black Book CPI are independent publications of residual values which are widely used throughout the automotive finance industry for estimating vehicle market values at lease termination.

The estimated future value of a leased vehicle is a major component of the leasing business. Specifically, any excess of the contractual residual value of a vehicle over its actual future market value represents a residual loss at lease termination. PFS believes that the difference between the contractual residual values and the actual value at maturity may affect consumer behavior concerning purchasing or returning a vehicle to the lessor at lease termination. Furthermore, PFS believes that return rates may decline as actual values are in line with or exceed contractual residual value.

All of the leases and leased vehicles that have been allocated to the Transaction SUBI have been originated under the residual value policies described above. Notwithstanding the foregoing, no assurance can be given as to PFS' future experience with respect to the return rates of vehicles relating to leases originated under these policies. In addition, no assurance can be given that PFS' experience with respect to the return of off-lease vehicles or related

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residual value losses, or the experience of the issuing entity with respect to the leased vehicles, will be similar to that set forth in the residual value loss experience table set forth under "*Delinquencies, Repossessions, Net Losses and Residual Value Loss Experience—Residual Value Loss Experience*" in this prospectus.

**Remarketing Program** 

PFS generally directs inbound customer calls to the remarketing department 90 days prior to lease maturity. In addition, the remarketing advisors proactively call lessees to determine their intent to purchase or return the related leased vehicles during the same period. Prior to lease maturity, PFS contacts each lease customer through a variety of channels, such as electronic mail and direct mail providing each customer with information regarding the lessee's lease obligations, which may include vehicle inspection requirements, turn-in requirements, option to purchase information, financing availability, and the required documentation. If the lessee indicates an intention to purchase the leased vehicle, the lessee is provided with all necessary documents to complete the purchase.

A vehicle inspection, including digital pictures of the vehicle, normally occurs in the final 90 days prior to lease maturity and may occur at the lessee's residence, place of business or a Center. The lessee is provided an estimate for Excess Wear Charges and excess mileage charges and is encouraged to file insurance claims and make repairs prior to returning the vehicle. An inspection report and digital pictures are processed electronically and transmitted for viewing by Centers online to facilitate PFS' online Center purchase channel.

From time to time, PFS has offered and may continue to offer existing lessees special lease programs on selected models for a variety of reasons, including to help mitigate residual value losses and increase sales of such selected models. These programs may offer the lessee, among other things, waiver of lease payments, waiver of Excess Wear Charges, or reduced annual percentage rate financing. There can be no assurance that PFS will offer any such programs in the future or that such programs will not change in the future.

**Leased Vehicle Maintenance** 

Each lease contract provides that the lessee is responsible for all maintenance, repair, service and operating expenses of the leased vehicle. In addition, the lessee is responsible for all damage to the leased vehicle and for its loss, seizure or theft. At the scheduled maturity date of a lease contract, if the lessee does not purchase the leased vehicle, the lease contract requires the lessee to pay the estimated cost to repair any damages to the vehicle resulting from unreasonable or "excessive" wear and use. Unreasonable or excess wear generally includes, but is not limited to, the following: (1) inoperative mechanical and electrical parts including power accessories, (2) any and all dents, dings, scratches, chips or rusted areas on any body or trim part, (3) gouges or tears through bumper covers, broken or dented grilles, (4) mismatched paint or any mark left by special identification, (5) seats, seat belts, headlining, door panels or carpeting which is torn, worn, stained, burned or damaged, (6) cracks, scratches, pits or chips to windshields, windows, head light lenses, sealed beams or taillight assemblies, (7) any tire not part of a matching set of five tires of the same brand, size and quality (or four with an emergency "doughnut"), any tire with less than 1/8 inch of tread or any tire with gouged, cut, torn or plugged sidewalls or (8) any missing parts, accessories and adornments, including bumpers, ornamentation, aerials, hubcaps, rear view mirrors, radio and stereo components or spare tire. In addition to the programs discussed above under "—*Remarketing Program*" and below under "—*Extensions Programs*" and "—*Loyalty Programs*" and to encourage the lessee to enter into a new financing transaction, PFS has offered and may continue to offer existing lessees a waiver of certain Excess Wear Charges that would otherwise be due under the terms of the lease (up to an established maximum). To the extent any Excess Wear Charges are waived, they will not be available as Collections.

**Methods of Vehicle Disposal** 

PFS utilizes PCNA as sub-servicer for Porsche vehicle remarketing. PCNA handles the disposition of all Porsche brand motor vehicles for PFS including repossessions, early terminations and end of term vehicle returns. Each lease currently provides that upon maturity, the lessee has the option to purchase the related motor vehicle for an amount equal to the stated purchase option price.

If the lessee does not exercise this option, the vehicle is returned to a franchised Center and the vehicle is offered for sale to the returning Center through the applicable branded internet site, "Porsche Direct" for Porsche vehicles at a market based price adjusted for mileage and condition. If the Center to which the vehicle is returned

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does not exercise its option to purchase the vehicle, then the vehicle is offered for sale on "Porsche Direct" in an auction bidding environment. If a vehicle is not sold through "Porsche Direct", the vehicle is then offered for sale through the Manheim auction internet site "Ove.com". Vehicles that are not sold through any of those options are then transported and sold through physical auction. PFS uses a system of auto auctions throughout the United States. Generally, PFS has an internal target of 60 days from the time a vehicle is turned in until it is sold. Repossessions and early terminations are handled in accordance with various state requirements.

Remarketing decisions related to auction assignment and logistics are primarily electronic. This allows PFS to control inventory management, flow of vehicles to the auction and placement of the vehicles to auction locations that it believes will yield the highest net recovery value.

PFS has regular sales at different major auction locations throughout the United States. PFS' highest lease volume is in the western U.S. region. See "*Risk Factors*—*The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—The geographic concentration of the lessees on the leases to be allocated to the Transaction SUBI and varying economic circumstances may increase the risk of losses or reduce the return on your notes*". From time to time, auction capacity and demand for pre-owned vehicles in the region where the vehicle is located may be insufficient to absorb the volume. Therefore, PFS may transport vehicles to different regions where it perceives a greater demand in order to maximize the vehicles' recovery values.

**Collection and Repossession Procedures** 

The customer billing process is generally initiated by the distribution of invoices on a monthly basis. Monthly payments are received through various channels, including at a lockbox account or electronically (such as through direct debit or wires). Lessees may utilize a variety of recurring and one-time automated clearinghouse programs that debit funds directly from their bank accounts. As payments are received, they are electronically transferred to PFS and processed through PFS' servicing system for the application of payments to the appropriate accounts.

PFS measures delinquency by the number of days elapsed from the date a payment is due under the lease contract. PFS considers an account delinquent if any amount of a scheduled monthly payment is delinquent starting on the first day after such payment was due. If a monthly payment is 10 days past due, PFS automatically generates and mails a notice to the lessee. If a monthly payment is 20 days past due, PFS automatically generates and mails another notice to the lessee. Generally, PFS initiates telephone contact requesting payment beginning at 25 days past due. As a loss mitigation strategy, PFS may offer payment deferrals to lessees, pursuant to its customary servicing practices. If the delinquent lease cannot be brought current or completely collected within 45 days, PFS, within its customary servicing practices, generally assigns the related leased vehicle for repossession assigning the account to a repossession aggregator company, which finds a repo vendor in the requested location that will attempt to repossess the related leased vehicle. PFS holds repossessed vehicles in inventory to comply with any applicable statutory requirements for reinstatement or redemption and then sells or otherwise disposes of the vehicles. PFS' current policy is to generally charge-off a lease contract on the earlier of (1) the date on which the proceeds of sale of the lease vehicle are applied to the lease contract and (2) the month in which the lease contract reaches its 120th day of delinquency. Any deficiencies remaining after repossession and sale of the leased vehicle or after the full charge-off of the lease may be pursued by or on behalf of PFS to the extent practicable and legally permitted. See "*Additional Legal Aspects of the Leases and the Leased Vehicles—Deficiency Judgments*" in this prospectus.

**Extensions Programs** 

PFS will grant lease-end extensions of motor vehicle lease contracts in accordance with its customary servicing procedures and the Transaction SUBI servicing supplement. Lessees at the end of a lease who intend to lease another Porsche vehicle but cannot do so at lease maturity, for reasons such as awaiting delivery of a new vehicle, preference for the next model year, or other timing circumstances, may qualify for a lease term extension of up to a maximum of twenty-four months. In addition, in the future, PFS may adopt incentive programs that encourage term extensions in connection with the lease of another Porsche vehicle.

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However, an early termination with respect to any lease allocated to the Transaction SUBI will not be permitted unless all end of term lease amounts due and payable by the lessee under that lease on or before the date of the lessee's election to terminate the lease have been paid by or on behalf of the lessee and are deposited in the collection account within the time period required for the servicer to deposit collections into the collection account. Following this early termination, the servicer will charge the lessee any applicable Excess Wear Charges and excess mileage charges in accordance with its customary servicing practices with respect to leases that are terminated early by the related lessee in the absence of an End of Term Lease Loyalty Program or other marketing program.

**Loyalty Programs** 

Occasionally, PFS offers incentives to lessees whose lease contracts are nearing expiration to encourage such lessees to lease or purchase a new vehicle ("**End of Term Lease Loyalty Programs**"). These incentives may include waiver of one or more monthly payments otherwise payable under the related lease for leases to be allocated to the Transaction SUBI. In connection with any incentive provided with regard to a lease under an End of Term Lease Loyalty Program, PFS will deposit the amount of the waived monthly payments into the collection account. These programs are employed to promote customer loyalty by offering attractive early termination options and to provide lessees with an incentive to purchase or lease new vehicles. These programs can also be used to shift vehicles out of peak terminating months and to increase the number of off-lease vehicles that are sold or auctioned during those months in which the purchase price for off-lease vehicles tends to be higher. In connection with the End of Term Lease Loyalty Program, PFS may waive any Excess Wear Charges.

**Early Termination** 

Each lease provides that the lessee or the lessor may terminate the lease before the scheduled end of the lease term (an "**early termination**") for any reason. As long as the lessee is not in default, a lessee has the right to cause an early termination by returning the leased vehicle to the lessor and paying an amount equal to the lesser of (a) (i) the disposition fee as specified in the lease, *plus* (ii) any due and unpaid payments under the lease, *plus* (iii) the scheduled payment amount times the number of scheduled payments not yet due with respect to related lease, *plus* (iv) any fees and taxes related to the early termination, *plus (v)* the contractual residual value of the vehicle, *minus* (vi) unearned rent charges, *minus* (vii) the realized value of the vehicle (as the net amount, if any, that the lessor receives from the sale of the vehicle sold at wholesale in a commercially reasonable manner), *minus* (viii) any insurance proceeds used to repair the vehicle and/or warranty products cancellation rebate amounts ("**early termination liability amount**") or (b) (i) the turn-in fee, if any, specified in the lease as the disposition fee, *plus* (ii) any due and unpaid payments under the lease, *plus* (iii) any remaining payments from the date of termination to the end of the lease, *plus* (iv) any other amounts owed under the lease, *plus* (v) any Excess Wear Charges and any charges for excess mileage, *plus* (vi) any official fees or taxes charged in connection with the lease termination, *minus* (vii) any amounts lessor receives under any insurance policy on the vehicle that are not used to repair or replace the vehicle, or from canceled insurance or other products ("**remaining payment liability amount**"). The lesser of the early termination liability amount and the remaining payment liability amount will be the amount due by the lessee.

Each lease also allows the lessor to cause an early termination of the lease and repossess the related leased vehicle upon a lessee default. Events of default under a lease include, but are not limited to (1) the failure by a lessee to make a payment when due, (2) the failure of the lessee to provide truthful information on the credit application, (3) the failure of the lessee to timely or properly perform any obligation under the lease, or (4) the bankruptcy or other insolvency of the lessee.

If the lessor terminates a lease early due to a lessee default, the lessee will owe the early termination liability amount, *plus* all reasonable expenses incurred by the lessor in the collection of all amounts past due under the lease to the extent permitted by applicable law.

An early termination of a lease may also occur if the related leased vehicle is damaged, destroyed, stolen, abandoned or confiscated by any governmental authority. In situations where the vehicle is a total loss and the lessee has complied with the insurance requirements, paid the deductible and has satisfied all of the obligations under the lease, the lessor will accept the insurance loss proceeds as satisfaction in full of the lessee's early termination liability amount or the remaining payment liability amount, as applicable. If an early termination occurs due to a total loss of the vehicle and the lessee has not complied with the lease insurance requirements, has not paid

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the deductible or has not satisfied all of its obligations under the lease, the lessee will owe the lessor an amount equal to the difference between the early termination liability amount or the remaining payment liability amount, as applicable, and any loss insurance proceeds received by the lessor with respect to the related leased vehicle.

**Tangible and Electronic Contracting** 

Leases are originated in either tangible or electronic form. Following Center and lessee signing of a tangible contract, the Center sends the documentation constituting the tangible record related to the applicable lease to a third-party servicing center, where third-party personnel image the tangible documentation. The imaged contract documents are available for use by PFS personnel to review and audit documentation, and approve funding if the documentation meets compliance and policy requirements. The imaged contract documents continue to be available to PFS personnel for use in the ordinary course of servicing the applicable lease. Following the imaging, the original contract is shipped to a third-party document retention center that has various locations within the continental United States, which use sophisticated security conditions and techniques including advanced fire suppression technology. The servicer may request retrieval of the original contract from the document retention center in the event of the need for re-imaging or for various servicing, re-assignment or enforcement purposes.

Following the Center and the lessee signing of an electronic contract, the Center electronically sends a copy of the documentation constituting the electronic record related to the applicable lease through a third-party system to PFS. A copy of the contract documents is available for use by PFS personnel to review and audit documentation and approve funding if the documentation meets compliance and policy requirements. A copy of the contract documents continues to be available to PFS personnel for use in the ordinary course of servicing the applicable lease. The original authoritative electronically signed contract is sent to PFS' electronic vault system. The servicer may request retrieval of the original authoritative electronically signed contract from PFS' electronic vault system in the event of the need for enforcement purposes.

As of the statistical cut-off date, approximately [•]% of the lease contracts in the statistical lease portfolio (by aggregate Securitization Value of the leases and related leased vehicles in the statistical lease portfolio as of the statistical cut-off date) were originated as electronic contracts.

**THE ASSET REPRESENTATIONS REVIEWER** 

[__], a [__], has been appointed as asset representations reviewer pursuant to an agreement between the sponsor, the servicer, the issuing entity and the asset representations reviewer. [Insert description of the extent to which the asset representations reviewer has had prior experience serving as an asset representations reviewer for asset-backed securities transactions involving motor vehicle leases.]

The asset representations reviewer is not affiliated with the sponsor, the depositor, the servicer, the indenture trustee, the owner trustee, the underwriters or any of their affiliates, nor has the asset representations reviewer been hired by the sponsor or an underwriter to perform pre-closing due diligence work on the leases. The asset representations reviewer may not resign unless the asset representation reviewer is merged into or becomes an affiliate of the sponsor, the servicer, the indenture trustee, the owner trustee or any person hired by the sponsor or an underwriter to perform pre-closing due diligence work on the leases. Upon the occurrence of such an event, the asset representations reviewer will promptly resign and the servicer will appoint a successor asset representations reviewer. All reasonable costs and expenses incurred in connection with the required resignation of the asset representations reviewer and the appointment of a successor asset representations reviewer will be paid by the predecessor asset representations reviewer.

The asset representations reviewer will be responsible for reviewing the Subject Leases for compliance with the Eligibility Representations. Under the asset representations review agreement, the asset representations reviewer will be entitled to be paid the fees and expenses set forth under "*Description of the Transaction Documents—Asset Representations Review—Fees and Expenses for Asset Review*." The asset representations reviewer is required to perform only those duties specifically required of it under the asset representations review agreement, as described under "*Description of the Transaction Documents—Asset Representations Review*." The servicer is required under the asset representation review agreement to provide the asset representation reviewer copies of the lease files and to make available to the asset representation reviewer the related contracts and records maintained by such person during normal business hours upon reasonable prior written notice in connection with a

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review of the leases. The asset representations reviewer will be required to keep all information about the leases obtained by it in confidence and may not disclose that information other than as required by the terms of the asset representations review agreement and applicable law.

The asset representations reviewer will not be liable to any person 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 misconduct, bad faith, breach of the asset representations review agreement or negligence in performing its obligations thereunder. The sponsor will indemnify the asset representations reviewer and its officers, directors, employees and agents for all costs, expenses, losses, damages and liabilities arising from the performance of the asset representations reviewer's obligations under the asset representations review agreement (including the costs and expenses of defending itself against any loss, damage or liability), but excluding any cost, expense, loss, damage or liability resulting from the asset representations reviewer's misconduct, bad faith or negligence, failure to comply with requirements of applicable laws or breach of any of its representations, warranties, covenants or other obligations under the asset representations review agreement. The fees and expenses and indemnity payments of the asset representations reviewer due pursuant to the asset representations review agreement will be paid by the sponsor under the asset representations review agreement. To the extent these fees and expenses and indemnity payments are unpaid for at least 60 days, they will be payable out of Available Amounts as described in "*Description of the Transaction Documents—Priority of Payments*."

**AFFILIATIONS AND CERTAIN RELATIONSHIPS** 

[The following parties are all affiliates of one another: the depositor, the seller, the origination trust and PFS, as, servicer, sponsor and administrator. The depositor and the seller are direct or indirect subsidiaries of Porsche Financial Services, Inc. [An affiliate of one or more of the underwriters is the [indenture trustee][owner trustee][origination trustee]]. [None of the indenture trustee, the owner trustee, the origination trustee or the asset representations reviewer is an affiliate of any of the foregoing parties.] [Additionally, none of the indenture trustee, the owner trustee, the origination trustee or the asset representations reviewer is an affiliate of one another] [describe any material affiliates.]]

**THE TRANSACTION SUBI** 

On or prior to the closing date, the Transaction SUBI will be created and issued by the origination trust under a supplement to the origination trust agreement (the "**Transaction SUBI supplement**" and, together with the origination trust agreement, the "**Transaction SUBI trust agreement**"). To provide for the servicing of the Included Units, the origination trust, the servicer and the origination trustee will enter into a supplement to the base servicing agreement on the closing date (the "**Transaction SUBI servicing supplement**," and together with the base servicing agreement, the "**servicing agreement**"). The Transaction SUBI will represent a beneficial interest, not a direct interest, in the related Included Units. The Transaction SUBI will not represent an interest in any origination trust assets other than the Included Units. The issuing entity and the noteholders will have no interest in the UTI, any Other SUBI or any assets of the origination trust evidenced by the UTI or any Other SUBI. Payments made on or in respect of origination trust assets not represented by the Transaction SUBI will not be available to make payments on the notes. The transaction documents related to the origination trust will include the Transaction SUBI trust agreement, the Transaction SUBI servicing supplement and the Transaction SUBI Certificate. For further information regarding the origination trust, you should refer to "*Additional Legal Aspects of the Origination Trust and the Transaction SUBI—The Origination Trust*" in this prospectus.

The Transaction SUBI Certificate will evidence a beneficial interest in the origination trust assets allocated to the Transaction SUBI, which will generally consist of the related Included Units and all proceeds of or payments on or in respect of the related leases or leased vehicles received after the cut-off date.

On or prior to the closing date, the origination trust will issue a Transaction SUBI Certificate to or upon the order of the seller, as UTI beneficiary. See "*Description of the Transaction Documents—Sale and Assignment of the Transaction SUBI Certificate*" in this prospectus regarding transfers of the Transaction SUBI Certificate.

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**THE LEASES** 

The leases to be allocated to the Transaction SUBI consist of closed-end retail motor vehicle lease contracts for new, CPO and used motor vehicles. Each of the leases was originated by a Center in the ordinary course of that Center's business and assigned to the origination trust in accordance with underwriting procedures described under "*Origination and Servicing Procedures—Underwriting Procedures*" in this prospectus.

Over the term of the lease, the lessee is required to make substantially equal monthly payments (unless the lease is a single payment lease) intended to cover the cost of financing the related leased vehicle, scheduled depreciation of the leased vehicle and certain sales, use or lease taxes. From each payment billed with respect to a leased vehicle, the monthly payment amount that represents the financing cost and depreciation of the leased vehicle (including any capitalized amounts, such as service contract premiums) will be available to the issuing entity to make payments in respect of the related securities. At the scheduled end of the lease term, under the lease the lessee has two options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the lessee can purchase the leased vehicle for an amount (the "**maturity date purchase option amount**") equal to the sum of (a) the purchase option amount specified in the lease, (b) the purchase option fee specified in the lease, if any, (c) any other fees and taxes related to the purchase of the leased vehicle and (d) any due and unpaid payments and other charges under the lease; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the lessee can return the leased vehicle to, or upon the order of, the lessor and pay an amount equal to (a) the turn-in fee, if any, specified in the lease, (b) any amounts assessed by the servicer as a result of excessive wear and use, excess mileage, taxes, parking tickets or fines and (c) any due and unpaid payments under the lease.

An amount equal to the sales proceeds from sales of leased vehicles to the lessees, Centers or at auction and all amounts assessed and collected by the servicer in connection with excessive wear and use and excess mileage charges upon return of the leased vehicles will be available to the issuing entity to make payments in respect of the notes. Because the leases are closed-end leases, the lessees will not be responsible for any amount by which the contractual residual value of the leased vehicle exceeds the sales proceeds received for the leased vehicle at expiration of the lease.

Each lease allocated to the Transaction SUBI is selected from those closed-end leases held in the origination trust's portfolio that meet specific criteria. See "—*Characteristics of the Included Units*" below.

**Characteristics of the Included Units** 

The portfolio information presented in this prospectus is based on a portfolio of leases as of the close of business on [•], 20[•] (the "[**statistical] cut-off date**") and is calculated based on the Securitization Value of the statistical lease portfolio. For more information regarding how the Securitization Value for each lease is calculated, you should refer to "—*Calculation of the Securitization Value*" below.

The characteristics of the leases and related leased vehicles presented in this prospectus are based on the leases and related leased vehicles as of the [statistical] cut-off date that were owned by PFS and met the criteria set forth under "*The Transfer Agreements and the Administration Agreement—Representations and Warranties*" as of the [statistical] cut-off date. [Additional leases and related leased vehicles originated after the [statistical] cut-off date may be included in the portfolio of leases to be allocated to the issuing entity on the closing date.] [The portfolio of leases and related leased vehicles to be allocated to the Transaction SUBI on the closing date may vary somewhat from the leases and related leased vehicles in the statistical pool described in this prospectus because the actual pool will be selected from (i) leases and related leased vehicles in the statistical pool, (ii) leases and related leased vehicles originated after the statistical cut-off date and/or (iii) leases and related leased vehicles originated prior to the statistical cut-off date but that were not included in the statistical pool, which, in each case, satisfy the eligibility criteria specified in the transaction documents as of the cut-off date.] [As of the close of business on the [statistical] cut-off date, the leases and related leased vehicles in the [statistical] lease portfolio described in this prospectus had an aggregate securitization value of $[•].] The leases and related leased vehicles to be allocated to the Transaction SUBI on the closing date had an aggregate securitization value of $[•] as of the cut-off date.]

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[The characteristics of the leases and related leased vehicles allocated to the Transaction SUBI on the closing date may vary somewhat from the characteristics of the leases and related leased vehicles described in this prospectus as of the statistical cut-off date, although such variance is not expected to be material.] [The characteristics of the leases and related leased vehicles allocated to the Transaction SUBI on each funding date as of the applicable subsequent cut-off date may vary somewhat from the characteristics of the leases and related leased vehicles as of the initial cut-off date illustrated in the tables below. Any such variance is not expected to be material.]

The leases and related leased vehicles allocated to the Transaction SUBI [were][will be] selected using selection procedures that were not known or intended by PFS to be adverse to the issuing entity.

As of the [statistical] cut-off date, all of the leases and related leased vehicles in the statistical lease portfolio were originated by motor vehicle Centers and purchased by PFS or the seller from such motor vehicle Centers. Lease contracts are originated in either tangible or electronic form.

As of the [statistical] cut-off date, a majority of the pre-owned vehicles in the statistical lease portfolio (by aggregate Securitization Value of the leases and related leased vehicles in the [statistical] lease portfolio as of the statistical cut-off date) were CPO vehicles, which are vehicles that have passed an inspection by a certified Center and receive additional warranty coverage. See "*Origination and Servicing Procedures—Underwriting Procedures*" in this prospectus for additional information regarding CPO vehicles.

[The leases and related leased vehicles to be allocated to the Transaction SUBI will not include any leases for which the related lessee has received an extension or a deferral. The leases and related leased vehicles to be allocated to the Transaction SUBI will not include any Lamborghini or Bentley vehicles.]

As of the [statistical] cut-off date, the weighted average FICO<sup>®</sup>\* score of the lessees in the statistical lease portfolio is approximately [•]. The FICO<sup>®</sup> score of a lessee is calculated as of the origination of the related lease in the manner described in "*Origination and Servicing Procedures—Underwriting Procedures*" in this prospectus. 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> score, is one of several factors that may be used by PFS in its credit scoring system to assess the credit risk associated with each applicant. See "*Origination and Servicing Procedures—Underwriting Procedures*" in this prospectus. FICO<sup>®</sup> scores are based on independent third party information, the accuracy of which cannot be verified. FICO<sup>®</sup> scores should not necessarily be relied upon as a meaningful predictor of the performance of the Units. In addition, FICO<sup>®</sup> scores may change over time, depending on the conduct of the lessee and changes in credit score technology and therefore, a lessee's FICO<sup>®</sup> score at any time in the future may be higher or lower than the lessee's FICO<sup>®</sup> score as of origination of the related lease. See "*Risk Factors—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—Credit scores and historical loss experience may not accurately predict the likelihood of delinquencies, defaults and losses on the leases*."

[Some of the leases in the statistical lease portfolio are "single payment leases" where the lessee makes a single upfront payment that entitles the lessee to use the related vehicle until the termination of the lease without making additional monthly payments during the term of the lease. Approximately [•]% of the lease contracts in the statistical lease portfolio (by aggregate Securitization Value of the leases and related leased vehicles in the statistical lease portfolio as of the statistical cut-off date) consist of single payment leases. Because single payment leases do not provide for the payment of ongoing scheduled lease payments, the Securitization Value of single payment leases is based entirely on the Base Residual Value of the related leased vehicle. Therefore, single payment leases have no credit exposure to the related lessee, but have greater exposure, as a percentage of the Securitization Value, to residual value risk than non-single payment leases. For more information on residual value risks, see "*Risk Factors—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—The residual value of leased vehicles may be adversely affected by discount pricing incentives, marketing incentive programs, recalls, used car market factors and other market factors, which may result in losses on your notes*" in this prospectus.]

<sup>\*</sup> FICO<sup>®</sup> is a federally registered trademark of Fair, Isaac & Company.

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*Calculation of the Securitization Value* 

Under the servicing agreement, the servicer will calculate a "**Securitization Value**" for each Included Unit equal to the following:

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| | |
|:---|:---|
| **Calculation Date** | **Securitization Value Formula** |
| as of the close of business on the cut-off date or any date other than the maturity date of the related lease | the sum of the present values, calculated using a discount rate equal to the Securitization Rate, of (a) the aggregate scheduled payments remaining on the lease (including scheduled payments due but not yet paid) and (b) the Base Residual Value of the related leased vehicle generally one month after its scheduled maturity date; and |
| as of the maturity date of the related lease | the Base Residual Value of the related leased vehicle. |

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The Securitization Value of a Terminated Unit is equal to zero.

The Securitization Value represents the amount of financing that will be raised against each lease and the related leased vehicle. The Securitization Value will, at any given time during the term of the lease, represent the principal amount of notes that can be amortized by the sum of the scheduled payments due in respect of the leased vehicle over the remaining lease term, plus the Base Residual Value of the leased vehicle, in each case discounted at an annualized rate equal to the Securitization Rate.

"**Securitization Rate**" means, for any Included Unit, an annualized rate equal to the greater of (i) [•]% and (ii) the annual rate of finance charges used to determine the scheduled lease payment stated in the related lease agreement.

The Securitization Rate is determined based on anticipated losses from the selected leases and leased vehicles so that it is anticipated that the excess spread between the coupon rate on the notes and the discount rate on the pool assets will be sufficient to make payments on the notes, after giving effect to, among other things, anticipated losses and prepayments on the selected leases and leased vehicles.

"**Base Residual Value**" means, for each leased vehicle, the lowest of (i) the contractual residual value established by the servicer at the time the related lease was originated or as may be subsequently revised in connection with an extension in accordance with the customary servicing practices, (ii) the ALG at Inception of the related vehicle and (iii) the ALG Mark to Market Residual of the related vehicle. The ALG at Inception and the ALG Mark to Market Residual are residual value estimates produced by the third-party source, ALG, an independent publisher of residual value percentages recognized throughout the automotive finance industry for projecting estimated vehicle market values at lease termination. "**ALG at Inception**" means, with respect to any lease, a residual value estimate for a typical lease contract term, as defined in the customary servicing practices, produced by *Automotive Lease Guide* either at the time the related lease was originated or the first available residual value estimate produced by *Automotive Lease Guide* after the related lease was originated, giving only partial credit or no credit to those options that add little or no value to the resale price of the related vehicle. "**ALG Mark to Market Residual**" means, with respect to any vehicle, the residual value estimate for the relevant model and year of such vehicle, the contractual mileage and the expiration date of the related lease, giving only partial credit or no credit to those options that add little or no value to the resale price of the vehicle, as published in the *Automotive Lease Guide* as of May/June 2025.

The calculation of Base Residual Value has the effect of placing a cap on the total capitalized cost of a vehicle for purposes of calculating the estimated residual value of such vehicle for the purposes of this transaction.

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**[Exceptions to Underwriting Criteria]** 

[None of the leases to be allocated to the Transaction SUBI were originated with exceptions to PFS's written underwriting guidelines.] [Approximately [__] leases, representing [__]% of the aggregate Securitization Value as of the cut-off date, were originated by PFS with exceptions made to the underwriting criteria, including [__], [__], [__] and [__]].

[Insert information on the nature of any exceptions made to the underwriting criteria, if any, and provide data regarding the number of such leases that represent an exception to the underwriting criteria in the asset pool in accordance with Item 1111(a)(8) of Regulation AB.]

**Asset Level Information** 

The issuing entity has provided asset-level information regarding the leases and related leased vehicles that will be allocated to the Transaction SUBI as of the closing date (the "**asset-level data**") as an exhibit to an applicable Form ABS-EE filed by the issuing entity by the date of filing of this prospectus, which is hereby incorporated by reference. The asset-level data comprises each of the data points required with respect to automobile leases identified on Schedule AL to Regulation AB and generally includes, with respect to each lease, the related asset number, the reporting period covered, general information about the lease, information regarding the related leased vehicle, information about the related lessee, information about activity on the lease and information about modifications of the lease during the reporting period. In addition, the issuing entity will provide updated asset-level data with respect to the leases each month as an exhibit to the monthly distribution reports filed with the SEC on Form 10-D.

------

##### [**Table of Contents**](#toc)
**Composition of the [Statistical] Lease Portfolio as of the [Statistical] Cut-Off Date** 

The composition, distribution by vehicle model, original lease term, remaining lease term, quarter of maturity, geographic location, FICO<sup>®</sup> score, securitization value, powertrain, and new, CPO or used are set forth in the tables below.

**Composition of the [Statistical] Lease Portfolio** 

**as of the [Statistical] Cut-off Date** 

---

| | |
|:---|:---|
|  Aggregate Securitization Value | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage New Vehicles | [•]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage CPO Vehicles | [•]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Used Vehicles | [•]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Porsche Vehicles | [•]% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Percentage Non-Porsche Vehicles | [•]% |
|  Base Residual |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregate | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Average | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | $[•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | $[•] |
|  Original Lease Term (Months) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)</sup> | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | [•] |
|  Remaining Lease Term (Months) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)</sup> | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | [•] |
|  Seasoning (Months)<sup>(2)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)</sup> | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum | [•] |
|  FICO<sup>®</sup> Score<sup>(3)</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average<sup>(1)(4)</sup> | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minimum<sup>(4)</sup> | [•] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maximum<sup>(4)</sup> | [•] |
|  Discounted Base Residual as a % of Aggregate Securitization Value | [•]% |
|  Base Residual as a % of MSRP | [•]% |

---

(1) Weighted 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.

(4) FICO<sup>®</sup> scores are calculated as of the origination of
the related leases.

------

##### [**Table of Contents**](#toc)
**Distribution of the [Statistical] Lease Portfolio by Vehicle Model** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vehicle Model** | **Number of<br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  Cayenne Base | [•] | [•]% | $[•] | [•]% |
|  Macan Base | [•] | [•] | [•] | [•] |
|  Macan S | [•] | [•] | [•] | [•] |
|  Panamera Base | [•] | [•] | [•] | [•] |
|  Cayenne S | [•] | [•] | [•] | [•] |
|  911 S | [•] | [•] | [•] | [•] |
|  Cayenne Turbos | [•] | [•] | [•] | [•] |
|  Macan GTS | [•] | [•] | [•] | [•] |
|  911 Base | [•] | [•] | [•] | [•] |
|  911 Turbos | [•] | [•] | [•] | [•] |
|  911 GTS | [•] | [•] | [•] | [•] |
|  Panamera S | [•] | [•] | [•] | [•] |
|  Cayenne GTS | [•] | [•] | [•] | [•] |
|  911 GTX | [•] | [•] | [•] | [•] |
|  718 Base | [•] | [•] | [•] | [•] |
|  Panamera GTS | [•] | [•] | [•] | [•] |
|  718 GTX | [•] | [•] | [•] | [•] |
|  718 S | [•] | [•] | [•] | [•] |
|  Panamera Turbos | [•] | [•] | [•] | [•] |
|  718 GTS | [•] | [•] | [•] | [•] |
|  Macan Turbos | [•] | [•] | [•] | [•] |
|  **Total** | [•] | [•]**%** | $[•] | [•]**%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

**Distribution of the [Statistical] Lease Portfolio by Original Lease Term** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Range of Original Lease Term (Months)** | **Number of<br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
| 1 - 12 | [•] | [•]% | $[•] | [•]% |
| 13 - 24 | [•] | [•] | [•] | [•] |
| 25 - 36 | [•] | [•] | [•] | [•] |
| 37 - 48 | [•] | [•] | [•] | [•] |
| 49 - 60 | [•] | [•] | [•] | [•] |
|  Total | [•] | [•]**%** | $[•] | [•]**%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

------

##### [**Table of Contents**](#toc)
**Distribution of the [Statistical] Lease Portfolio by Remaining Lease Term** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Range of Remaining Lease**<br> **Term (Months)** | **Number of<br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
| 1 - 12 | [•] | [•]% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | [•]% |
| 13 - 24 | [•] | [•] | [•] | [•] |
| 25 - 36 | [•] | [•] | [•] | [•] |
| 37 - 48 | [•] | [•] | [•] | [•] |
| 49 - 60 | [•] | [•] | [•] | [•] |
|  Total | [•] | [• ]**%** | $[•] | [•]**%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

**Distribution of the [Statistical] Lease Portfolio by Quarter of Maturity** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter of Maturity** | **Number of<br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  1st Quarter 2025 | [•] | [•]% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | [•]% |
|  2nd Quarter 2025 | [•] | [•] | [•] | [•] |
|  3rd Quarter 2025 | [•] | [•] | [•] | [•] |
|  4th Quarter 2025 | [•] | [•] | [•] | [•] |
|  1st Quarter 2026 | [•] | [•] | [•] | [•] |
|  2nd Quarter 2026 | [•] | [•] | [•] | [•] |
|  3rd Quarter 2026 | [•] | [•] | [•] | [•] |
|  4th Quarter 2026 | [•] | [•] | [•] | [•] |
|  1st Quarter 2027 | [•] | [•] | [•] | [•] |
|  2nd Quarter 2027 | [•] | [•] | [•] | [•] |
|  3rd Quarter 2027 | [•] | [•] | [•] | [•] |
|  4th Quarter 2027 | [•] | [•] | [•] | [•] |
|  1st Quarter 2028 | [•] | [•] | [•] | [•] |
|  2nd Quarter 2028 | [•] | [•] | [•] | [•] |
|  3rd Quarter 2028 | [•] | [•] | [•] | [•] |
|  4th Quarter 2028 | [•] | [•] | [•] | [•] |
|  1st Quarter 2029 | [•] | [•] | [•] | [•] |
|  2nd Quarter 2029 | [•] | [•] | [•] | [•] |
|  3rd Quarter 2029 | [•] | [•] | [•] | [•] |
|  **Total** | [•] | [•]**%** | $[•] | [•]**%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

------

##### [**Table of Contents**](#toc)
**Distribution of the [Statistical] Lease Portfolio by Geographic Location** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Location** | **Number of<br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  Alabama | [•] | [•]% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | [•]% |
|  Alaska | [•] | [•] | [•] | [•] |
|  Arizona | [•] | [•] | [•] | [•] |
|  Arkansas | [•] | [•] | [•] | [•] |
|  California | [•] | [•] | [•] | [•] |
|  Colorado | [•] | [•] | [•] | [•] |
|  Connecticut | [•] | [•] | [•] | [•] |
|  Delaware | [•] | [•] | [•] | [•] |
|  Florida | [•] | [•] | [•] | [•] |
|  Georgia | [•] | [•] | [•] | [•] |
|  Hawaii | [•] | [•] | [•] | [•] |
|  Idaho | [•] | [•] | [•] | [•] |
|  Illinois | [•] | [•] | [•] | [•] |
|  Indiana | [•] | [•] | [•] | [•] |
|  Iowa | [•] | [•] | [•] | [•] |
|  Kansas | [•] | [•] | [•] | [•] |
|  Kentucky | [•] | [•] | [•] | [•] |
|  Louisiana | [•] | [•] | [•] | [•] |
|  Maine | [•] | [•] | [•] | [•] |
|  Maryland | [•] | [•] | [•] | [•] |
|  Massachusetts | [•] | [•] | [•] | [•] |
|  Michigan | [•] | [•] | [•] | [•] |
|  Minnesota | [•] | [•] | [•] | [•] |
|  Mississippi | [•] | [•] | [•] | [•] |
|  Missouri | [•] | [•] | [•] | [•] |
|  Montana | [•] | [•] | [•] | [•] |
|  Nebraska | [•] | [•] | [•] | [•] |
|  Nevada | [•] | [•] | [•] | [•] |
|  New Hampshire | [•] | [•] | [•] | [•] |
|  New Jersey | [•] | [•] | [•] | [•] |
|  New Mexico | [•] | [•] | [•] | [•] |
|  New York | [•] | [•] | [•] | [•] |
|  North Carolina | [•] | [•] | [•] | [•] |
|  North Dakota | [•] | [•] | [•] | [•] |
|  Ohio | [•] | [•] | [•] | [•] |
|  Oklahoma | [•] | [•] | [•] | [•] |
|  Oregon | [•] | [•] | [•] | [•] |
|  Pennsylvania | [•] | [•] | [•] | [•] |
|  Rhode Island | [•] | [•] | [•] | [•] |
|  South Carolina | [•] | [•] | [•] | [•] |
|  South Dakota | [•] | [•] | [•] | [•] |
|  Tennessee | [•] | [•] | [•] | [•] |
|  Texas | [•] | [•] | [•] | [•] |
|  Utah | [•] | [•] | [•] | [•] |
|  Vermont | [•] | [•] | [•] | [•] |
|  Virginia | [•] | [•] | [•] | [•] |
|  Washington | [•] | [•] | [•] | [•] |
|  West Virginia | [•] | [•] | [•] | [•] |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Location** | **Number of<br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  Wisconsin | [•] | [•] | [•] | [•] |
|  Wyoming | [•] | [•] | [•] | [•] |
|  **Total** | **[•]** | **[•]%** | $**[•]** | **[•]%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

(3) Represents all leases of less than 1.00% of the Securitization Value in the statistical lease portfolio as of
the [statistical] cut-off date.

**Distribution of the [Statistical] Lease Portfolio by FICO<sup>®</sup> Score** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FICO<sup>®</sup> Score Range<sup>(3)</sup>**  | **Number of** <br>**Leases** | **Percentage of** <br>**Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate** <br>**Securitization<br>Value<sup>(1)(2)</sup>** | **Percentage of** <br>**Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
| 650 - 699 | [•] | [•]% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | [•]% |
| 700 - 749 | [•] | [•] | [•] | [•] |
| 750 - 799 | [•] | [•] | [•] | [•] |
| 800 - 849 | [•] | [•] | [•] | [•] |
| 850 - 899 | [•] | [•] | [•] | [•] |
|  900 and greater | [•] | [•] | [•] | [•] |
|  **Total** | **[•]** | **[•]%** | $**[•]** | **[•]%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

(3) FICO<sup>®</sup> scores are calculated as of the origination of
the related leases.

------

##### [**Table of Contents**](#toc)
**Distribution of the [Statistical] Lease Portfolio by Securitization Value** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securitization Value Range ($)** | **Number of<br>Leases** | **Percentage of<br> Total Number** <br>**of Leases<sup>(1)</sup>** | **Aggregate<br> Securitization** <br>**Value<sup>(1)(2)</sup>** | **Percentage of <br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  15,000.01 - 20,000.00 | [•] | [•]% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | [•]% |
|  20,000.01 - 25,000.00 | [•] | [•] | [•] | [•] |
|  25,000.01 - 30,000.00 | [•] | [•] | [•] | [•] |
|  30,000.01 - 35,000.00 | [•] | [•] | [•] | [•] |
|  35,000.01 - 40,000.00 | [•] | [•] | [•] | [•] |
|  40,000.01 - 45,000.00 | [•] | [•] | [•] | [•] |
|  45,000.01 - 50,000.00 | [•] | [•] | [•] | [•] |
|  50,000.01 - 55,000.00 | [•] | [•] | [•] | [•] |
|  55,000.01 - 60,000.00 | [•] | [•] | [•] | [•] |
|  60,000.01 - 65,000.00 | [•] | [•] | [•] | [•] |
|  65,000.01 - 70,000.00 | [•] | [•] | [•] | [•] |
|  70,000.01 - 75,000.00 | [•] | [•] | [•] | [•] |
|  75,000.01 - 80,000.00 | [•] | [•] | [•] | [•] |
|  80,000.01 - 85,000.00 | [•] | [•] | [•] | [•] |
|  85,000.01 - 90,000.00 | [•] | [•] | [•] | [•] |
|  90,000.01 - 95,000.00 | [•] | [•] | [•] | [•] |
|  95,000.01 - 100,000.00 | [•] | [•] | [•] | [•] |
|  100,000.01 - 105,000.00 | [•] | [•] | [•] | [•] |
|  105,000.01 - 110,000.00 | [•] | [•] | [•] | [•] |
|  110,000.01 - 115,000.00 | [•] | [•] | [•] | [•] |
|  115,000.01 - 120,000.00 | [•] | [•] | [•] | [•] |
|  120,000.01 - 125,000.00 | [•] | [•] | [•] | [•] |
|  125,000.01 - 130,000.00 | [•] | [•] | [•] | [•] |
|  130,000.01 - 135,000.00 | [•] | [•] | [•] | [•] |
|  135,000.01 - 140,000.00 | [•] | [•] | [•] | [•] |
|  140,000.01 - 145,000.00 | [•] | [•] | [•] | [•] |
|  145,000.01 - 150,000.00 | [•] | [•] | [•] | [•] |
|  150,000.01 - 155,000.00 | [•] | [•] | [•] | [•] |
|  155,000.01 - 160,000.00 | [•] | [•] | [•] | [•] |
|  160,000.01 - 165,000.00 | [•] | [•] | [•] | [•] |
|  165,000.01 - 170,000.00 | [•] | [•] | [•] | [•] |
|  170,000.01 - 175,000.00 | [•] | [•] | [•] | [•] |
|  175,000.01 and greater | [•] | [•] | [•] | [•] |
|  **Total** | [•] | [•]**%** | $[•] | [•]**%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

------

##### [**Table of Contents**](#toc)
**Distribution of the [Statistical] Lease Portfolio by Powertrain** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Powertrain** | **Number of <br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br> Securitization <br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  Battery Electric | [•] | [•]% | $[•] | [•]% |
|  Hybrid Electric(3) | [•] | [•] | [•] | [•] |
|  Internal Combustion | [•] | [•] | [•] | [•] |
|  **Total** | **[•]** | **[•]%** | **$[•]** | **[•]%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

(3) Includes vehicles with a plug-in hybrid electric power source.

**Distribution of the [Statistical] Lease Portfolio by New, CPO or Used** 

**as of the [Statistical] Cut-off Date** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New/CPO/Used** | **Number of <br>Leases** | **Percentage of<br>Total Number<br>of Leases<sup>(1)</sup>** | **Aggregate<br> Securitization <br>Value<sup>(1)(2)</sup>** | **Percentage of<br>Aggregate<br>Securitization<br>Value<sup>(1)(2)</sup>** |
|  New | [•] | [•]% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[•] | [•]% |
|  CPO | [•] | [•] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | [•] |
|  Used | [•] | [•] | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | [•] |
|  **Total** | **[•]** | **[•]%** | **$[•]** | **[•]%** |

---

(1) Balances and percentages may not add to total due to rounding.

(2) Based on the Securitization Rate.

------

##### [**Table of Contents**](#toc)
**DELINQUENCIES, REPOSSESSIONS, NET LOSSES AND RESIDUAL VALUE LOSS EXPERIENCE** 

[Insert description of any economic or other factors specific to any state or region where 10% or more of the leases are located which may materially impact the pool assets or pool asset fund.]

[Insert description of any economic or other factors specific to that concentration that may materially impact the leases or transaction cash flows.]

**Delinquencies, Repossessions and Net Losses** 

The following tables provide information relating to PFS' experience with respect to its entire portfolio of new (and when noted, used) Porsche motor vehicle leases and the related leased vehicles, which includes leases owned by the seller or the origination trust and leases that have been sold but are still being serviced by PFS. Credit losses are an expected cost in the business of extending credit and are considered in PFS' pricing process. PFS' strategy is to minimize credit losses while providing financing support for the sale of the leased vehicles.

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 Charges and excess mileage charges are credited when proceeds are received. See "*Risk Factors—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—The motor vehicle leasing industry experienced historically elevated used car values starting in 2020, affecting residual value loss experience*" and "—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—Credit scores and historical loss experience may not accurately predict the likelihood of delinquencies, defaults and losses on the leases."

[Disclosure of fluctuations in data to be added as applicable.]

**PFS Managed Lease Portfolio** 

**Delinquency Experience<sup>(1)(2)</sup>** 

**(Dollars in Thousands)** 

---

| | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | **As of [December 31],** | |
|  | **[•]** | **[•]** | **[•]** | | **[•]** | **[•]** | **[•]** | | **[•]** | **[•]** | **[•]** | | **[•]** | **[•]** | **[•]** | | **[•]** | **[•]** | **[•]** | |
|  Dollar Amount of Lease Contracts Outstanding ($)<sup>(3)</sup> |  | [•] | [•] |  |  | [•] | [•] |  |  | [•] | [•] |  |  | [•] | [•] |  |  | [•] | [•] |  |
|  Number of Lease Contracts Outstanding |  | [•] | [•] |  |  | [•] | [•] |  |  | [•] | [•] |  |  | [•] | [•] |  |  | [•] | [•] |  |
|  | **Dollars** |  | **%** |  | **Dollars** |  | **%** |  | **Dollars** |  | **%** |  | **Dollars** |  | **%** |  | **Dollars** |  | **%** |  |
|  Lease Contracts Delinquent<sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  31-60 Days |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |
|  61-90 Days |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |
|  91 Days or More |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |
|  Total 31+ Delinquencies |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |  | $[•] | [ | •]% |
|  | **Units** |  | **%** |  | **Units** |  | **%** |  | **Units** |  | **%** |  | **Units** |  | **%** |  | **Units** |  | **%** |  |
|  Lease Contracts Delinquent<sup>(4)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  31-60 Days |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |
|  61-90 Days |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |
|  91 Days or More<sup>(5)</sup> |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |
|  Total 31+ Delinquencies |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |  | •] | [ | •]% |

---

<sup>(1)</sup> Data presented in the table is based upon lease balances for new, CPO and used vehicles serviced by PFS, including those lease contracts that have been sold but are serviced by PFS. [Totals do not include service loaners, Porsche employee loans, mobility vehicles, specialty fleet vehicles, and any Lamborghini or Bentley vehicles.] 

<sup>(2)</sup> Dollar amounts and percentages may not add to total delinquencies due to rounding. 

<sup>(3)</sup> Outstanding balance is the sum of the present value of the remaining lease payments under the lease and the present value of the contractual residual value.

---

| | |
|:---|:---|
| <sup>[(4)</sup> | An account is considered delinquent if any amount of a scheduled monthly payment is delinquent starting on the first day after such payment was due.]  |

---

<sup>(5)</sup> PFS' current policy is to generally charge-off contract deficiencies on the earlier of (1) the date on which the proceeds of sale of the vehicle are applied to the contract and (2) the month in which the contract reaches its 120th day of delinquency.

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**PFS Managed Lease Portfolio** 

**Net Credit Loss And Repossession Experience<sup>(1)</sup>** 

**(Dollars in Thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **[**●**]** | **[**●**]** | **[**●**]** | **[**●**]** | **[**●**]** |
|  Dollar Amount of Lease Contracts Outstanding ($)<sup>(2)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Average Dollar Amount of Lease Contracts Outstanding ($)<sup>(2)(3)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Number of Lease Contracts Outstanding | [●] | [●] | [●] | [●] | [●] |
|  Average Number of Lease Contracts Outstanding<sup>(2)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Number of Repossessions<sup>(4)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Number of Repossessions as a Percentage of the Average Number of Lease Contracts Outstanding | [●]% | [●]% | [●]% | [●]% | [●]% |
|  Charge-offs ($)<sup>(5)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Recoveries ($)<sup>(6)</sup> | ([●]) | ([●]) | ([●]) | ([●]) | ([●]) |
|  Net Losses ($)<sup>(7)</sup> | [●] | [●] | [●] | [●] | [●] |
|  Net Losses as a Percentage of Average Dollar Amount of Lease Contracts Outstanding | [●]% | [●]% | [●]% | [●]% | [●]% |

---

<sup>(1)</sup> Data presented in the table is based upon lease balances for new, CPO and used vehicles serviced by PFS, including those lease contracts that have been sold but are serviced by PFS. [Totals do not include service loaners, Porsche employee loans, mobility vehicles, specialty fleet vehicles, and any Lamborghini or Bentley vehicles.] 

<sup>(2)</sup> Outstanding balance is the sum of the present value of the remaining lease payments under the lease and the present value of the contractual residual value.

<sup>(3)</sup> Averages are computed by taking a simple average of the month end outstanding amounts for each period presented. 

<sup>(4)</sup> Excludes post charge-off repossessions.

<sup>(5)</sup> Charge-offs are generally comprised of (1) the net outstanding account balance of the lease contracts determined to be uncollectible in the period or (2) net loss on the sale of repossessed vehicles prior to charge-off, as applicable.

<sup>(6)</sup> Recoveries generally include the net amounts received with respect to lease contracts previously charged-off, including proceeds from the disposition of previously charged-off vehicles. 

<sup>(7)</sup> Net Losses generally represent the sum of the amounts outlined in note 5 and note 6 above, net of certain fees. 

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**Residual Value Loss Experience** 

Set forth below is information concerning residual value loss experience and return rates for Porsche vehicles at lease termination. The residual value loss rates are indicated as the difference between the ALG at Inception and the Sales Proceeds. See "*Origination and Servicing Procedures*—*Determination of Residual Values.*"

**Residual Value Loss Experience<sup>(1)(2)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** | **For the year ended December 31,** |
|  | **[•]** | **[•]** | **[•]** | **[•]** | **[•]** |
|  Total Number of Vehicles Scheduled to Terminate<sup>(3)</sup> | [•] | [•] | [•] | [•] | [•] |
|  Total ALG at Inception on Vehicles Scheduled to Terminate ($)<sup>(3)</sup> | [•] | [•] | [•] | [•] | [•] |
|  Number of Returned Vehicles Sold by PFS | [•] | [•] | [•] | [•] | [•] |
| Returned Vehicles Sold by PFS Ratio<sup>(4)</sup> | [•]% | [•]% | [•]% | [•]% | [•]% |
|  Total Gain/(Loss) on ALG at Inception on Returned Vehicles Sold by PFS ($)<sup>(4)</sup> | [•] | [•] | [•] | [•] | [•] |
|  Average Gain/(Loss) on ALG at Inception on Returned Vehicles Sold by PFS ($)<sup>(4)</sup> | [•] | [•] | [•] | [•] | [•] |
|  Total ALG at Inception on Returned Vehicles Sold by PFS ($)(4) | [•] | [•] | [•] | [•] | [•] |
| Total Gain/(Loss) on ALG at Inception on Returned Vehicles Sold by PFS as a Percentage of ALG at Inception of Returned Vehicles sold by PFS<sup>(4)</sup> | [•]% | [•]% | [•]% | [•]% | [•]% |
| Total Gain/(Loss) on ALG at Inception on Returned Vehicles Sold by PFS as a Percentage of ALG at Inception of Vehicles Scheduled to Terminate<sup>(4)</sup> | [•]% | [•]% | [•]% | [•]% | [•]% |

---

<sup>(1)</sup> Data presented in the table is based upon leases for new, CPO and used Porsche vehicles serviced by PFS in the United States that have a sale date in the specified period. Data includes all vehicles terminated at scheduled maturity, terminating past scheduled maturity and early terminations. 

<sup>(2)</sup> Data excludes repossessions. Totals do not include service loaners, Porsche employee loans, mobility vehicles, specialty fleet vehicles, and any Lamborghini or Bentley vehicles. 

<sup>(3)</sup> Totals include leases that have been terminated pursuant to a lessee default. 

<sup>(4)</sup> Totals do not include leases that have been terminated pursuant to a lessee default. 

In addition to the payment and other characteristics of a portfolio of leases and related leased vehicles, delinquencies, repossessions, credit loss and residual value loss experience are also affected by a number of social, economic and other factors, including changes in interest rates and unemployment levels, and there can be no assurance as to the level of future total delinquencies or the severity of future credit losses as a result of these factors. Accordingly, the delinquency, repossession, credit loss and residual value loss experience of the leases may differ from those shown in the foregoing tables. See "*Risk Factors—The Characteristics, Servicing and Performance of the Leases and Related Leased Vehicles Allocated to the Transaction SUBI Could Result in Delays in Payment or Losses on your Notes—The resale value of leased vehicles may be adversely affected by discount pricing incentives, marketing incentive programs, recalls, used car market factors and other market factors, which may result in losses on your notes*".

See "*The Servicer*" and "*Origination and Servicing Procedures*" in this prospectus for additional information regarding the servicer.

**Delinquency Experience Regarding the Portfolio of Leases and Related Leased Vehicles as of the [Statistical] Cut-off Date** 

The following table sets forth the delinquency experience regarding the portfolio of leases and related leased vehicles as of the [statistical] cut-off date. The servicer considers a lease delinquent if any amount of a scheduled monthly payment is delinquent on the first day after such payment was due. The period of delinquency is based on the number of days payments are contractually past due. As of the cut-off date, none of the leases in the statistical lease portfolio were more than 30 days delinquent. [As of the [statistical] cut-off date, none of the leases in the lease portfolio were delinquent by more than 30 days.]

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Historical Delinquency<br>Status<sup>(1)</sup>** | **Number of**<br> **Leases** | **Percentage of**<br> **Total Number**<br> **of Leases** | **Aggregate Outstanding<br>Principal Amount** | **Percentage of<br>Total Aggregate<br>Outstanding<br>Principal Amount** |
|  Delinquent no more than once for 30-59 days<sup>(2)</sup> | [•] | [•]% | $[•] | [•]% |
|  Delinquent more than once for 30-59 days but never for 60 days or more | [•] | [•] | [•] | [•] |
|  Delinquent at least once for 60 days or more | [•] | [•] | [•] | [•] |
|  **Total** | **[•]** | **100.00%** | **$[•]** | **100.00%** |

---

<sup>(1)</sup> As of the cut-off date.

<sup>(2)</sup> Delinquent no more than once for 30-59 days represent accounts that were delinquent one time but never exceeded 59 days past due.

**Information About Certain Previous Securitizations** 

Appendix A to this prospectus ("**Appendix A**") sets forth in tabular and graph format [vintage origination information][static pool information about prior pools of leases and related leased vehicles that were securitized by PFS]. Static pool information consists of [cumulative net losses, delinquency and prepayment data for prior securitized pools and summary information for the original characteristics of the prior pools]. The term "securitized pool" refers to the securitized pool of leases as of the related cut-off date. The characteristics of the securitized pools included in Appendix A may vary somewhat from the characteristics of the leases and related leased vehicles allocated to the Transaction SUBI in this transaction. The static pool information reflects the static pool performance of all motor vehicle retail installment sale contracts for new, CPO and used Porsche vehicles originated by dealers and included in PFS' managed loan portfolio by vintage origination year for the last five years. [The static pool information includes only Porsche vehicles.]

The characteristics of leases and related leased vehicles included in the static pool data discussed above, as well as the social, economic and other conditions existing at the time when those leases and related leased vehicles were originated and repaid, may vary materially from the characteristics of the leases and related leased vehicles to be allocated to the Transaction SUBI in connection with this transaction and the social, economic and other conditions existing at the time when the leases and related leased vehicles to be allocated to the Transaction SUBI in connection with this transaction were originated and those that will exist in the future when the leases and related leased vehicles to be allocated to the Transaction SUBI in connection with the current transaction are required to be repaid. As a result, there can be no assurance that the static pool data referred to above will correspond to or be an accurate predictor of the performance of the leases and related leased vehicles to be allocated to the Transaction SUBI in connection with this securitization transaction.

[Insert disclosure required by Item 1105, including appropriate introductory and explanatory information to introduce the characteristics, the methodology used in determining or calculating the characteristics and any terms or abbreviations used. Include a description of how the static pool differs from the pool underlying the securities being offered, such as the extent to which the pool underlying the securities being offered was originated with the same or differing underwriting criteria, loan terms, and risk tolerances than the static pools presented.]

**Review of Pool Assets** 

In connection with the offering of the notes, the depositor has performed a review of the leases and leased vehicles in the pool as of the [statistical] cut-off date [as of the initial cut-off date (and will perform such review with respect to any subsequent leases as of the applicable subsequent cut-off date)] and the disclosure regarding the leases and leased vehicles 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.

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As part of the review, PFS 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 were reviewed and approved by PFS senior management to ensure the accuracy of such descriptions. PFS 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 ensure the descriptions were accurate. PFS officers 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 leased vehicles or payments on the notes.

In addition, PFS employees performed a review of the Rule 193 Information to confirm that the leases and leased vehicles in the [statistical] pool [as of the initial cut-off date (and will perform such review with respect to any subsequent leases and leased vehicles as of the applicable subsequent cut-off date)] satisfied the criteria set forth in the [first] paragraph under "*Description of the Transaction Documents—Representations and Warranties*" in this prospectus. Statistical information relating to the leases and leased vehicles was recalculated using data tapes containing information from PFS's information systems, which includes databases containing certain attributes of the leases and leased vehicles, as well as originations data. The review of Rule 193 Information relating to credit approvals and exceptions to credit policies consisted of the application of PFS's internal control procedures, which include regular quality assurance and information technology internal audits on origination, funding and data systems to ensure accuracy of data and that previously originated leases and leased vehicles complied with underwriting guidelines. In addition, [•] lease files [relating to the initial leases and leased vehicles [and leases with characteristics similar to the initial leases and leased vehicles]] were randomly selected in order to compare certain lease characteristics selected by the depositor to the applicable information on the data tapes. [Based on this review, there were [•] discrepancies related to [•] of the [•] lease files selected. The discrepancies were related to [•].]

Portions of the review of legal matters and the review of statistical information were performed with the assistance of third parties engaged by the depositor. The depositor determined the nature, extent and timing of the review and the level of assistance provided by the third parties. 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.

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.

**Reallocations and Replacements** 

[No assets securitized by PFS were the subject of a demand to reallocate or replace for breach of the representations and warranties during the [•] year period ending [•], 20[•].] [The following table provides information regarding the demand, reallocation and replacement history with respect to Units securitized by PFS during the period from [______], 20[__] to [______], 20[__].]

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Issuing Entity** | **Check if<br>Registered** | **Name of<br>Originator** | **Total Leases in<br>ABS by<br>Originator** | **Total Leases in<br>ABS by<br>Originator** | **Leases that Were<br>Subject of<br>Demand** | **Leases that Were<br>Subject of<br>Demand** | **Leases<br>That Were<br>Reallocated or<br>Replaced** | **Leases<br>That Were<br>Reallocated or<br>Replaced** | **Leases Pending<br>Reallocation or<br>Replacement<br>(within cure period)** | **Leases Pending<br>Reallocation or<br>Replacement<br>(within cure period)** | **Demand in<br>Dispute** | **Demand in<br>Dispute** | **Demand<br>Withdrawn** | **Demand<br>Withdrawn** | **Demand Rejected** | **Demand Rejected** |
|  Porsche Innovative Lease Owner Trust 20[__]-[_] |  | Originator<br>1 | # | $% | # | $% | # | $% | # | $% | # | $% | # | $% | # | $% |
|  Porsche Innovative Lease Owner Trust 20[__]-[_] |  | Originator<br>2 | # | $% | # | $% | # | $% | # | $% | # | $% | # | $% | # | $% |

---

Please refer to the Form ABS-15G filed by [PFS][the depositor] on [______], 20[__] for additional information. The CIK number of [PFS is 0002003320][the depositor is 0001541507].

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**WEIGHTED AVERAGE LIFE OF THE NOTES** 

The following information is provided solely to illustrate the effect of prepayments of the leases and the related leased vehicles 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 Included Units (including scheduled monthly payments on and prepayments and liquidations of the leases) and losses on the Included Units, which cannot be predicted with certainty.

A prepayment of a lease in full (including payment in respect of the contractual residual value of the related leased vehicle) may be in the form of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• net proceeds resulting from early lease terminations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales proceeds following a default under the lease; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reallocation payments made by the seller or the servicer.

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 of a security is outstanding. As the rate of payment of principal on the notes 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 notes could occur significantly earlier than the applicable final scheduled payment date. If lease prepayments cause the principal of the notes to be paid earlier than anticipated, the noteholders will bear the risk of being able to reinvest principal payments at interest rates at least equal to the applicable interest rate.

[The timing of changes in the [SOFR Rate][Insert Other Benchmark Rate] may affect the actual yields on the notes even if the aggregate rate of the [SOFR Rate][Insert Other Benchmark Rate] is consistent with your expectations. Prospective investors must make an independent decision as to the appropriate [SOFR Rate][Insert Other Benchmark Rate] assumptions to be used in deciding whether to purchase a note.]

Historical levels of lease delinquencies and defaults, leased vehicle repossessions and losses and residual value losses are discussed under "*Delinquencies, Repossessions, Net Losses and Residual Value Loss Experience*" in this prospectus. PFS can give no assurances that the leases will experience the same rate of prepayment or default or any greater or lesser rate than PFS' historical rate, or that the residual value experience of leased vehicles related to leases that are scheduled to reach their maturity dates will be the same as PFS' historical residual value loss experience for all of the leases in its portfolio (including leases that PFS has sold to third parties but continues to service).

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 noteholders. In the event of prepayments of the leases, noteholders 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. 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 rate of prepayment on the leases is actually different than the rate the investor anticipates at the time it purchases those notes.

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In sum, the following factors will affect an investor's expected yield:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the price the investor paid for the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the rate of prepayments, including losses, in respect of the leases and the related leased vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) 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 surpass 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 depositor elects to purchase the Transaction SUBI Certificate from the issuing entity on any related payment date when the aggregate unpaid principal amount of those notes is less than or equal to [5][10]% of the aggregate initial note balance. 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. See "*Description of the Transaction Documents—Optional Redemption*" in this prospectus.

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 as the "**Prepayment Assumption**," assumes that the original principal balance of the leases will prepay at 100% of the following curve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In month [ ], prepayments occur at [ ]% ABS and increase by [ ]% ABS
each month until reaching [ ]% ABS in month [ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In month [ ], prepayments increase to [ ]% ABS and remain at that level through month
[ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In month [ ], prepayments increase to [ ]% ABS and remain at that level through month
[ ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In month [ ], prepayments decrease to [ ]% ABS and remain at that level until the
original principal balance of the contract has been paid in full.

Neither any ABS rate nor the Prepayment Assumption 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all scheduled payments are timely received and no lease is ever delinquent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all payments related to single payment leases have been received prior to the cut-off date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all scheduled payments are made and all Base Residual Values are received according to the schedule set forth in
Appendix B to this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as of the cut-off date, [ ] months have elapsed since the
origination of the leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no reallocation payment is required to be made by the seller or PFS in respect of any Included Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there are no losses in respect of the leases;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payments on the notes are made on the [ ] day of each month, whether or not that day is a Business
Day commencing on [ ], 20[ ];

[• the Class A-2 notes consist of Class A-2a notes and Class A-2b notes;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the initial principal amounts of the Class A-1 notes, the Class A-3 notes[,] [and] the Class A-4 notes [and the Class B notes] are equal to the applicable initial principal amount as set forth on the cover page of this
prospectus [and the initial principal amounts of the Class A-2a notes and the Class A-2b notes are $[ ] and $[ ], respectively];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class A-1 notes [and the Class A-2b notes] will be paid interest on the basis of the actual number of days elapsed during the period for which interest is payable and a 360-day year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class A-2[a] notes, the Class [A-3] notes, the Class [A-4] notes [and the Class B notes] will be paid interest on the basis of a 360-day year consisting
of twelve 30-day months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interest accrues on the notes at the following per annum fixed coupon rates: Class A-1 notes, [ ]%; Class A-2[a] notes, [ ]%; [Class A-2b notes, [SOFR Rate][Insert Other
Benchmark Rate] + [ ]%;] Class A-3 notes, [ ]%; Class A-4 notes, [ ]%; [Class B notes, [ ]%;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [the [SOFR Rate][Insert Other Benchmark Rate] is assumed to remain constant at [___]%;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment income on accounts held by the issuing entity equals zero;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on each payment date, the servicing fee is the product of (1) [ ] per annum, (2) one-twelfth [(or, in the case of the first payment date, one-sixth)] and (3) the aggregate Securitization Value of the Included Units as of the first day of the
related Collection Period and all other monthly fees and expenses equal $[ ] in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reserve account is funded with an amount equal to $[ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate Securitization Value of the Included Units as of the cut-off date is $[ ], based on the Securitization Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the weighted average life to call assumes that an optional purchase occurs on the payment date on which the
aggregate outstanding Note Balance is less than or equal to 10% of the aggregate initial Note Balance before giving effect to any payments of principal required to be made on such payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as indicated in the tables, the optional purchase option to redeem the notes will not be exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the closing date is assumed to be [ ], 20[ ].

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%, 100%, 150% and 200% 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, "100% Prepayment Assumption" assumes that a lease will prepay at 100% of the Prepayment Assumption and so forth.

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##### [**Table of Contents**](#toc)
**Percent of the Initial Note Balance at Various Prepayment Assumptions** 

**Class A-1 Notes** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payment Date** | **0%** | **50%** | **100%** | **150%** | **200%** |
|  Closing Date | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  Weighted Average Life <br>(Years) to Call | [•] | [•] | [•] | [•] | [•] |
|  Weighted Average Life <br>(Years) to Maturity | [•] | [•] | [•] | [•] | [•] |

---

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##### [**Table of Contents**](#toc)
**Percent of the Initial Note Balance at Various Prepayment Assumptions** 

**Class A-2[a and Class A-2b] Notes** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payment Date** | **0%** | **50%** | **100%** | **150%** | **200%** |
|  Closing Date | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  Weighted Average Life <br>(Years) to Call | [•] | [•] | [•] | [•] | [•] |
|  Weighted Average Life <br>(Years) to Maturity | [•] | [•] | [•] | [•] | [•] |

---

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##### [**Table of Contents**](#toc)
**Percent of the Initial Note Balance at Various Prepayment Assumptions** 

**Class A-3 Notes** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payment Date** | **0%** | **50%** | **100%** | **150%** | **200%** |
|  Closing Date | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  Weighted Average Life <br>(Years) to Call | [•] | [•] | [•] | [•] | [•] |
|  Weighted Average Life <br>(Years) to Maturity | [•] | [•] | [•] | [•] | [•] |

---

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##### [**Table of Contents**](#toc)
**Percent of the Initial Note Balance at Various Prepayment Assumptions** 

**Class A-4 Notes** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payment Date** | **0%** | **50%** | **100%** | **150%** | **200%** |
|  Closing Date | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  Weighted Average Life <br>(Years) to Call | [•] | [•] | [•] | [•] | [•] |
|  Weighted Average Life <br>(Years) to Maturity | [•] | [•] | [•] | [•] | [•] |

---

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##### [**Table of Contents**](#toc)
**[Percent of the Initial Note Balance at Various Prepayment Assumptions** 

**Class B Notes]** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Payment Date** | **0%** | **50%** | **100%** | **150%** | **200%** |
|  Closing Date | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  [_____], 20[•] | [•]% | [•]% | [•]% | [•]% | [•]% |
|  Weighted Average Life <br>(Years) to Call | [•] | [•] | [•] | [•] | [•] |
|  Weighted Average Life <br>(Years) to Maturity | [•] | [•] | [•] | [•] | [•] |

---

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**THE NOTES** 

**General** 

The issuing entity will issue the notes pursuant to the terms of the indenture, a form of which has been filed as an exhibit to the registration statement, to be dated as of the closing date (the "**indenture**") between the issuing entity and the indenture trustee for the benefit of the noteholders. We will file a copy of the finalized indenture with the SEC concurrently with or prior to the time we file this prospectus with the SEC. Each noteholder will have the right to receive payments made with respect to the Transaction SUBI Certificate and other assets in the issuing entity property and certain rights and benefits available to the indenture trustee under the indenture. [_______] will be the indenture trustee.

The paying agent will distribute principal and interest on each payment date to holders in whose names the notes were registered on the related record date. All payments required to be made on the notes will be made monthly on each payment date, which will be the [__] day of each month or, if that day is not a Business Day, then the next Business Day, beginning [________], 20[__] (the "**payment date**").

The "**record date**" means, with respect to each payment date or redemption date, (i) for any definitive notes and certificates, the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such payment date or redemption date occurs, (ii) for any book-entry notes, the close of business on the Business Day immediately preceding such payment date or redemption date, or (iii) any other day specified in the transaction documents. See "—Definitive Notes" below. No investor acquiring an interest in the notes issued in book-entry form, as reflected on the books of the clearing agency, or a person maintaining an account with such clearing agency (a "**Note Owner**" and together with noteholders, collectively "**investors**") will be entitled to receive a certificate representing that owner's note, except as set forth in "—Definitive Notes" below.

The initial principal amount, interest rate and final scheduled payment date for each class of notes is set forth on the cover page to this prospectus.

Distributions to the certificateholders will be subordinated to distributions of principal of and interest on the notes to the extent described in "*Description of the Transaction Documents—Priority of Payments*" and "*The Indenture—Priority of Payments May Change Upon an Event of Default*" in this prospectus.

**Delivery of Notes** 

The offered notes will be issued in the minimum denomination of $[____] and in integral multiples of $[1,000] in excess thereof (except for two notes of each class which may be issued in a denomination other than an integral of $[1,000]). The offered notes will be issued on or about the closing date in book-entry form through the facilities of DTC and Clearstream [and Euroclear] against payment in immediately available funds.

**Book-Entry Registration** 

Each class of offered notes will be available only in book-entry form [except in the limited circumstances described below under "—Definitive Notes" in this prospectus]. All book-entry notes will be held by DTC, in the name of Cede & Co. ("**Cede**"), as nominee of DTC. Investors' interests in the notes will be represented through financial institutions acting on their behalf as direct and indirect participants in DTC. Investors may hold their notes through DTC, Clearstream Banking Luxembourg S.A. ("**Clearstream**") [or Euroclear Bank S.A./N.V. ("**Euroclear**")], which will hold positions on behalf of their customers or participants through their respective depositories, which in turn will hold such positions in accounts as DTC participants.

All book-entry notes will be delivered to the indenture trustee as custodian for DTC and registered in the name of Cede, the nominee of DTC. Investors' interests in the notes will be represented through financial institutions acting on their behalf as direct and indirect participants in DTC. As a result, investors will only be able to exercise their rights as a noteholder indirectly through DTC (if in the United States) and its participating organizations, or Clearstream or Euroclear (in Europe or Asia) and their participating organizations. Holding the notes in book-entry form could also limit an investor's ability to pledge or transfer its notes to persons or entities that do not participate in DTC, Clearstream or Euroclear.

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##### [**Table of Contents**](#toc)
Interest and principal on the notes will be paid by the issuing entity to DTC as the record holder of those notes while they are held in book-entry form. DTC will credit payments received from the issuing entity to the accounts of its participants which, in turn, will credit those amounts to noteholders either directly or indirectly through indirect participants. This process could delay receipt of payments from the issuing entity with respect to an investor's beneficial interest in notes in the event of misapplication of payments by DTC participants or indirect participants or bankruptcy or insolvency of those entities and an investor's recourse will be limited to its remedies against those entities. The 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.

Investors electing to hold their notes through DTC will follow the settlement practices applicable to U.S. corporate debt obligations. Investors electing to hold global notes 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.

For notes held in book-entry form, actions of noteholders under the indenture will be taken by DTC upon instructions from its participants and all 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 holders of book-entry notes in accordance with DTC's procedures.

Investors should review the procedures of DTC, Clearstream and Euroclear for clearing, settlement and withholding tax procedures applicable to their purchase of the notes.

**Definitive Notes** 

Any retained notes may be issued as definitive notes and registered in the name of the depositor or one or more of the depositor's affiliates. The [offered] notes will be issued in fully registered, certificated form to owners of beneficial interests in a global note or their nominees rather than to DTC or its nominee, only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the administrator advises the indenture trustee in writing that DTC is no longer willing or able to discharge
properly its responsibilities as depository with respect to the notes, and the administrator or the indenture trustee, as applicable, is unable to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;• after the occurrence of an event of default under the indenture, beneficial owners representing in the aggregate
at least a majority of the outstanding principal amount of all the notes, voting as a single class, advise the indenture trustee through DTC (or its successor) in writing that the continuation of a book-entry system through DTC (or its successor) is
no longer in the best interest of those owners.

Payments or distributions of principal of, and interest on, the notes will be made by a paying agent directly to holders of notes in definitive registered form in accordance with the procedures set forth in this prospectus and in the indenture. Payments or distributions on each payment date and on the final scheduled payment date, as specified in this prospectus, will be made to holders in whose names the definitive notes were registered on the record date. Payments or distributions will be made via DTC to the extent applicable, and in the event notes are not held through DTC, by wire transfer to each noteholder as it appears on the register maintained by the indenture trustee or by other means to the extent provided in the indenture. The final payment or distribution on any note, whether notes in definitive registered form or notes registered in the name of Cede, however, will be made only upon presentation and surrender of the note at the office or agency specified in the notice of final payment or distribution to noteholders.

Notes in definitive registered form will be transferable and exchangeable at the offices of the indenture trustee, or at the offices of a transfer agent or registrar named in a notice delivered to holders of notes in definitive registered form. No service charge will be imposed for any registration of transfer or exchange, but the indenture trustee, transfer agent or registrar may require payment of a sum sufficient to cover any tax or other governmental charge imposed in connection therewith.

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**Notes Owned by Transaction Parties** 

In determining whether noteholders holding the requisite Note Balance have given any request, demand, authorization, direction, notice, consent, vote or waiver under any transaction document, notes owned by the issuing entity, the seller, the depositor, the servicer, the administrator, any certificateholder or any of their respective affiliates will be disregarded and deemed not to be "outstanding" unless all of the notes are then owned by the issuing entity, the seller, the depositor, the servicer, the administrator, any certificateholder or any of their respective affiliates, except that, in determining whether the indenture trustee will be protected in relying upon any such request, demand, authorization, direction, notice, consent, vote or waiver, only notes that a responsible officer of the indenture trustee knows to be so owned will be so disregarded. Notes that have been pledged in good faith will be regarded as "outstanding" if the pledgee of those notes provides written notice to the indenture trustee that the pledgee has the right to act with respect to those notes and that the pledgee is not the issuing entity, the seller, the depositor, the servicer, the administrator, any certificateholder or any of their respective affiliates.

**Access to Noteholder Lists** 

To the extent that definitive notes have been issued in the limited circumstances described under "—*Definitive Notes*" above, the note registrar will furnish or cause to be furnished to the indenture trustee and the paying agent a list of the names and addresses of the noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• as of each record date, within five days of that record date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• within five days after receipt by the note registrar of a written request from the indenture trustee for that
list.

The indenture does not provide for the holding of annual or other meetings of noteholders.

**Statements to Noteholders** 

On or prior to the [second] Business Day preceding each payment date, the servicer will provide to the indenture trustee and, on each payment date, the indenture trustee will forward or otherwise make available to each noteholder a statement (prepared by the servicer) setting forth for that payment date and the related Collection Period the following information (or such other substantially similar information so long as such information satisfies the requirements of Item 1121 of Regulation AB):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of the distribution on or with respect to each class of notes allocable to principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of the distribution on or with respect to each class of notes allocable to interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class A-1 Note Balance, the Class A-2[a] Note Balance[, the Class A-2b Note Balance], the Class A-3 Note Balance, the Class A-4 Note Balance, [and the Class B Note Balance,] in each case after giving effect to payments on such payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the First Allocation of Principal[, the Second Allocation of Principal] and the Regular Allocation of Principal
for such payment date;

---

| | |
|:---|:---|
| [• | the number of, and aggregate amount of monthly principal and interest payments due on, the related leases which are delinquent as of the end of the related Collection Period;]  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Delinquency Percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate Securitization Value of 60-Day Delinquent Leases as of the
end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the Delinquency Percentage exceeds the Delinquency Trigger;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate servicing fee paid to the servicer, the amount of any unpaid servicing fees and the change in such
amount from that of the prior payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of fees paid to the indenture trustee, the owner trustee, the origination trustee, the SUBI trustee
and the asset representations reviewer, the amount of any unpaid fees to the indenture trustee, owner trustee, the origination trustee, the SUBI trustee and the asset representations reviewer and any changes in such amount from the prior payment
date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• (i) the amount on deposit in the reserve account and the Specified Reserve Account Balance, each as of the
beginning and end of the related Collection Period, (ii) the amount to be deposited in the reserve account in respect of such payment date, if any, (iii) the reserve account draw amount and the reserve account excess amount, if any, to be
withdrawn from the reserve account on such payment date, (iv) the balance on deposit in the reserve account on such payment date after giving effect to such changes in such balance from the immediately preceding payment date;

---

| | |
|:---|:---|
| [• | the amount available in the collection account for payment of the aggregate amount payable or distributable on the notes, the amount of any principal or interest shortfall with respect to each class of notes and the amount required from any applicable credit enhancement provider to pay any shortfall;]  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate reallocation payment with respect to reallocated leases paid by the servicer or the sponsor with
respect to the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of leases that are 31-60, 61-90, 91-120 and over 120 days delinquent as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate securitization value of leases that are 31-60, 61-90, 91-120 and over 120 days delinquent as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of the total aggregate outstanding principal amount of leases that are 31-60, 61-90, 91-120 and over 120 days delinquent as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Note Factor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of the interest shortfall from the preceding payment date, if any, on such payment date and the change
in such amounts from the preceding payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the aggregate amount of residual losses and credit losses for that Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of Included Units at the beginning and at the end of that Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Aggregate Securitization Value as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number and Securitization Value of vehicles turned-in by lessees at
the end of the related lease terms [and the residual value realization rates on such vehicles]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a summary of material modifications, extensions or waivers, if any, to the terms of the leases related to the
Included Units during that Collection Period, or since the closing date, if such modifications, extensions or waivers have become material over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a summary of material breaches of representations or warranties related to eligibility criteria for the Units,
together with the number and aggregate Securitization Value of reallocated Included Units in connection with such breaches during that Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number and aggregate Securitization Value of reallocated Included Units in connection with a Postmaturity
Term Extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a summary of any material breach by the issuing entity of covenants contained in the transfer agreements.

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The servicer may, in its sole discretion, elect to include the information specified in the [•], [•] and [•] bullet points above in 30-day increments beginning with 30-59 days delinquency in lieu of the increments set forth in such bullet points above.

The "**Note Factor**" for each class of notes will be a seven-digit decimal that the servicer will compute prior to each payment date with respect to that class of notes. The note factor represents the remaining outstanding principal amount of that class of notes as of that payment date (after giving effect to payments made on that payment date), expressed as a fraction of the initial outstanding principal amount of that class of notes. Each note factor will initially be 1.0000000, and will thereafter decline to reflect reductions in the principal amount of the related class of notes. A noteholder's portion of the principal amount of the notes will be the product of (i) the original denomination of the note and (ii) the applicable note factor.

DTC will supply these reports to noteholders of book-entry notes in accordance with its procedures. Since owners of beneficial interest in a global note will not be recognized as noteholders, DTC will not forward monthly reports to those owners. Copies of monthly reports may be obtained by owners of beneficial interests in a global note as provided in this prospectus.

Within a reasonable period of time after the end of each calendar year during the term of the issuing entity, but not later than the latest date permitted by law, the indenture trustee and paying agent will furnish information required to complete United States federal and state income tax returns to each person who on any record date during the calendar year was a registered noteholder. See "*Material Federal Income Tax Consequences*" in this prospectus.

**Payments of Interest** 

Interest on the unpaid outstanding principal amount of each class of notes will accrue at the applicable interest rate listed on the cover of this prospectus and will be due and payable monthly on each payment date.

Interest will accrue and will be calculated on the various classes of notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Actual/360.* Interest on the Class A-1 notes [and the Class A-2b notes] will be calculated on the basis of the actual days elapsed during the period for which interest is payable and assuming a 360-day year. This means that
the interest due on each payment date for the Class A-1 notes [and the Class A-2b notes] will be the product of (i) the outstanding principal amount of
the related class of notes before giving effect to any payments made on that payment date, (ii) the related interest rate and (iii) the actual number of days from and including the previous payment date (or, in the case of the first
payment date, from and including the closing date) to but excluding the current payment date, divided by 360.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *30/360.* Interest on the Class A-2[a] notes, the Class A-3 notes[,] [and] the Class A-4 notes [and the Class B notes] will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. This means that the interest due on each payment date for the Class A-2[a] notes, the Class A-3 notes[,] [and] the Class A-4 notes [and the Class B notes] will be the product of (i) the outstanding principal amount of the related class
of notes before giving effect to any payments made on that payment date, (ii) the related interest rate and (iii) 30 (or in the case of the first payment date, the number of days from and including the closing date to but excluding the [__] day
of the month in which the first payment date occurs (assuming a 30 day calendar month)), divided by 360.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Interest Periods.* Interest will accrue on the outstanding principal amount of each class of notes
(a) with respect to the Class A-1 notes [and the Class A-2b notes], from and including the most recent payment date (or in the case of the first payment
date, the closing date) to but excluding that specified payment date or (b) with respect to the Class A-2[a] notes, the Class A-3 notes[,] [and] the Class A-4 notes [and the Class B notes], from and including the [__] day of the calendar month preceding a payment date (or in the case of the first payment date, from and including the closing date) to
but excluding the [__] day of the month in which that payment date occurs. Interest accrued as of any payment date but not paid on that payment date will be payable on the next payment date, together with interest on such amount at the applicable
interest rate (to the extent lawful).

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For notes in book-entry form, interest on each note will be paid to noteholders of record of the notes as of the Business Day immediately preceding the payment date. For notes in definitive form, interest on each note will be paid to noteholders of record of the notes as of the close of business on the last Business Day of the calendar month preceding the related payment date.

[Interest on the floating rate notes will be calculated based on [the SOFR Rate][Insert Other Benchmark Rate] plus the applicable spread set forth on the cover page to this prospectus; provided that, if the sum of [the SOFR Rate][Insert Other Benchmark Rate] and such 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%. For purposes of computing interest on the floating rate notes, the following terms have the following meanings: [insert additional definitions related to Other Benchmark Rate, if applicable]]

For notes in book-entry form, interest on each note will be paid to noteholders of record of the notes as of the Business Day immediately preceding the payment date. For notes in definitive form, interest on each note will be paid to noteholders of record of the notes as of the close of business on the last Business Day of the calendar month preceding the related payment date. The final interest payment on each class of notes is due on the earlier of (a) the payment date (including any redemption date) on which the Note Balance of that class of notes is reduced to zero or (b) the applicable final scheduled payment date for that class of notes.

A failure to pay the interest due on the notes on any payment date that continues unremedied for a period of five Business Days or more will result in an event of default. See "*The Indenture—Events of Default*" in this prospectus.

**[Calculation of Floating Rate Interest** 

Interest on the floating rate notes will be calculated based on the [SOFR Rate][Insert Other Benchmark Rate] plus the applicable spread set forth on the cover page to this prospectus; provided that, if the sum of the [SOFR Rate][Insert Other Benchmark Rate] and such spread is less than 0.00% for any Interest Period, then the interest rate for the floating rate notes for such Interest Period will be deemed to be 0.00%.

[The "**SOFR Rate**" will be obtained by the calculation agent for each Interest Period on the second U.S. Government Securities Business Day before the first day of such Interest 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][Term SOFR][SOFR in arrears] is published [on the FRBNY's Website][by the Term SOFR Administrator] (the "**SOFR Determination Time**") (or, if the Benchmark is not the [SOFR Rate][Insert Other Benchmark Rate], the time determined by the administrator after giving effect to the Benchmark Replacement Conforming Changes) (the "**Reference Time**") and, except as provided below following a determination by the administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, will mean, with respect to the Class A-2b notes as of any SOFR Adjustment Date, a rate equal to [Compounded SOFR][Term SOFR][SOFR in arrears]; <u>provided</u>, <u>that</u>, the administrator will have the right, in its sole discretion, to make applicable [SOFR] Adjustment Conforming Changes. For the purposes of computing interest on the floating rate notes prior to the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the following terms will have the following respective meanings:]

["**Compounded SOFR**" with respect to any U.S. Government Securities Business Day, will 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;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for a 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;&nbsp;&nbsp;&nbsp;&nbsp;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for a tenor of 30 days 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.]

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["**SOFR in arrears**" will mean the average daily SOFR rate for the applicable interest period posted to the FRBNY's Website on any U.S. Government Securities Business Day with respect to the applicable interest period, compounded daily on Business Days in accordance with each previous Business Day's posting.]

["**Term SOFR**" will mean the Term SOFR Reference Rate for a tenor comparable to the applicable interest accrual period at the SOFR Determination Time, as such rate is published by the Term SOFR Administrator; provided, however, that if as of the SOFR Determination Time on such date, the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Transition Event with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to the date of such SOFR Determination Time.]

["**Term SOFR Administrator**" will mean CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the administrator).]

["**Term SOFR Reference Rate**" will mean the forward-looking term rate based on SOFR.]

"**FRBNY's Website**" will 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**" will mean, with respect to any [SOFR Rate][Insert Other Benchmark 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 decides, from time to time, may be appropriate to adjust such [SOFR Rate][Insert Other Benchmark Rate] in a manner substantially consistent with or conforming to market practice (or, if the administrator decides that adoption of any portion of such market practice is not administratively feasible or if the administrator determines that no market practice exists, in such other manner as the administrator determines is reasonably necessary).

"**U.S. Government Securities Business Day**" will 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 [Class A-2b] 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 [Class A-2b] notes will be rounded to the nearest cent (with one-half cent being rounded upwards).

*Effect of Benchmark Transition Event* 

Notwithstanding the foregoing, if the administrator 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 will replace the then-current Benchmark for all purposes relating to the floating rate notes in respect of such determination on such date and all such determinations on all subsequent dates.

The administrator will deliver written notice to each Hired Agency and to the calculation agent on any SOFR Adjustment Date if, as of the applicable Reference Time, the administrator has determined with respect to the related Interest Period that there will be a change in the [SOFR Rate][Insert Other Benchmark 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.

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In connection with the implementation of a Benchmark Replacement, the administrator will have the right to make Benchmark Replacement Conforming Changes from time to time.

Any determination, decision or election that may be made by the administrator or any other person in connection with a Benchmark Transition Event, a Benchmark Replacement Conforming Change or a Benchmark Replacement as described above, including any determination with respect to administrative feasibility (whether due to technical, administrative or operational issues), a tenor, rate, an 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 the consent of any other person (including any noteholder). The holders of the Class A-2b 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. Notwithstanding anything to the contrary in the transaction documents, none of the issuing entity, the owner trustee, the indenture trustee, the calculation agent, the paying agent, the administrator, the sponsor, the depositor or the servicer will have any liability for any action or inaction taken or refrained from being taken by it with respect to any Benchmark, Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other matters related to or arising in connection with the foregoing. Each noteholder and beneficial owner of notes, 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 indenture trustee, the calculation agent, the paying agent, the administrator, the sponsor, the depositor and the servicer relating to any such determinations.]

**Payments of Principal** 

On each payment date prior to the acceleration of the notes following an event of default, the Principal Distribution Amount will be applied to make principal payments on the notes, in sequential priority so that no principal payments will be made on any class of notes until all notes with an earlier final scheduled payment date have been paid in full. Thus, on each payment date prior to the acceleration of the notes following an event of default, the Principal Distribution Amount will be applied to the notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *first,* to the Class A-1 noteholders, until the Class A-1 notes are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *second,* to the Class A-2 noteholders,[ pro rata among the Class A-2a notes and the Class A-2b notes,] until the Class A-2 notes are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *third,* to the Class A-3 noteholders, until the Class A-3 notes are paid in full; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *fourth,* to the Class A-4 noteholders, until the Class A-4 notes are paid in full[; and]

[• *fifth,* to the Class B noteholders, until the Class B notes are paid in full].

The remaining outstanding principal amount of each class of notes will be due on the related final scheduled payment date for such class or on the redemption date. Failure to pay the full outstanding principal amount of a class of notes by the applicable final scheduled payment date or redemption date will be an event of default under the indenture. At any time that the outstanding principal amounts of the notes have been declared due and payable following the occurrence of an event of default under the indenture, principal payments will be made first to the Class A-1 noteholders until the Class A-1 notes are paid in full, and then ratably to all other noteholders on each payment date, based on the aggregate outstanding principal amount of each class of notes (other than the Class A-1 notes), until all events of default have been cured or waived as provided in the indenture or all notes have been paid in full. Such payments will be made from Available Funds and other amounts, including all amounts held on deposit in the reserve account.

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To the extent not previously paid prior to those dates, the outstanding principal amount of each class of notes will be payable in full on the payment date specified below (each, a "**final scheduled payment date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-1 notes, the [___] payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-2[a] notes [and the Class A-2b notes], the [___] payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-3 notes, the [___] payment date; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Class A-4 notes, the [___] payment date[; and]

[• for the Class B notes, the [___] payment date].

**Payments of Principal on each Payment Date** 

**(other than Payment Dates after the Notes have been accelerated following the occurrence** 

**of an Event of Default)**![LOGO](g28459dsp111.jpg)

**DESCRIPTION OF THE TRANSACTION DOCUMENTS** 

The following section summarizes material provisions of the "**SUBI sale agreement**" entered into between the seller and the depositor, the "**SUBI transfer agreement**" entered into between the depositor and the issuing entity, the base servicing agreement entered into between the origination trust and the servicer, the "**Transaction SUBI servicing supplement**" entered into between the origination trust, the servicer and the origination trustee and the "**indenture**" entered into between the issuing entity and the indenture trustee. This section also summarizes the material provisions of the "**administration agreement**" entered into between the issuing entity, PFS and the indenture trustee and the "**asset representations review agreement**" entered into between the asset representations reviewer, the issuing entity and the servicer. We sometimes refer to the SUBI sale agreement, the SUBI transfer agreement, the base servicing agreement, the Transaction SUBI servicing supplement, the indenture and the administration agreement as the "**transaction documents**".

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Forms of the transaction documents have been filed as exhibits to the registration statement of which this prospectus is a part. We will file a copy of the actual basic documents with the SEC on Form 8-K concurrently with or prior to the time we file this prospectus with the SEC. We refer you to the forms of the transaction documents for additional details on the terms of the basic documents.

**Sale and Assignment of the Transaction SUBI Certificate** 

Under the SUBI sale agreement, the seller will sell, transfer, assign, set over and otherwise convey to the depositor all of its right, title and interest in, to and under the Transaction SUBI Certificate, the Transaction SUBI and all collections received thereunder after the close of business on the cut-off date. The SUBI sale agreement will create a first priority security interest in that property in favor of the depositor.

Under the SUBI transfer agreement, on the closing date, the depositor will sell, transfer, assign, set over and otherwise convey to the issuing entity all of its right, title and interest in, to and under the Transaction SUBI Certificate, the Transaction SUBI and all collections received thereunder after the close of business on the cut-off date. The SUBI transfer agreement will create a first priority security interest in that property in favor of the issuing entity.

Under the indenture, the issuing entity will pledge all of its right, title and interest in, to and under the issuing entity property to the indenture trustee as security for the notes. The terms of the indenture will create a first priority security interest in the issuing entity property in favor of the indenture trustee for the benefit of the noteholders.

The Included Units will be identified in a schedule appearing as a schedule to the Transaction SUBI supplement. In the SUBI sale agreement, the seller will make representations and warranties with respect to each lease and related leased vehicle, including, among other things, that each lease met the Eligibility Representations as of the cut-off date. See "—Representations and Warranties" below.

**Representations and Warranties** 

The seller, pursuant to the SUBI sale agreement, will represent and warrant that, among other things, as of the cut-off date, each Unit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had a lessee which was (a) a resident of, or organized under the laws of and with its chief executive office
in, the United States, (b) not PFS or an affiliate of PFS, (c) not shown on the servicer's electronic records as a government or a governmental subdivision or agency, (d) not shown on the servicer's records as a debtor in
a pending bankruptcy proceeding and (e) not the lessee of any Defaulted Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease required substantially equal monthly payments and provides for level payments that
fully amortize the adjusted capitalized cost of the lease (which may exceed the manufacturer's suggested retail price or "**MSRP**") to the related contractual residual value over the lease term, unless the lease is a single
payment lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease was payable solely in U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease had an original lease term of not less than [__] months and not more than [__]
months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease had a remaining lease term of not less than [__] months and not more than [__]
months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• had a Securitization Value of no greater than $[__];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not more than [__] days past due as of the cut-off date and was not a
Defaulted Unit;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease represented the valid, legal, and binding payment obligation of the related lessee,
enforceable in all material respects against that lessee in accordance with its terms and not, according to the servicer's records, subject to any right to offset, counterclaim, defense or other lien, security interest, mortgage, pledge or
encumbrance in, of or on that lease in favor of any other person, except for those liens permitted under the transaction documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease required the related lessee to insure the related Vehicle under a physical damage
insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease did not require the lessee to consent to the transfer, sale or assignment of the
rights of the origination trust under that lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contract for which did not, in whole or in part, materially contravene any law, rule or regulation applicable
thereto (including, without limitation, those relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was generated in the ordinary course of the origination trust's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease is an "account", "tangible chattel paper" or
"electronic chattel paper" within the meaning of Section 9-102 of the UCC as in effect in the state of origination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which, (i) if such Unit constitutes tangible chattel paper, for which there is only one original of the
related lease, and (ii) if such Unit constitutes electronic chattel paper, for which there is only a single "authoritative copy" (as such term is used in Section 9-105 of the UCC) of each
electronic "record" constituting or forming a part of such lease, and, in each case, which is held by the servicer (or its custodian or vaulting agent) on behalf of the origination trust, and the servicer has "control" of
such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• was not shown in the servicer's records as having any credit-related recourse to the related Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for which the related lease was in full force and effect, and has not been satisfied, subordinated or rescinded;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is with respect to a Porsche brand vehicle.

We refer to the foregoing representations and warranties as the "**Eligibility Representations**".

If a responsible officer of any party to the SUBI sale agreement discovers or receives notice of a breach of any of the Eligibility Representations with respect to any Included Unit which materially and adversely affects the interests of the issuing entity or the noteholders in such Included Unit, the party discovering such breach or receiving written notice of such breach will give prompt written notice of that breach to the other party to the SUBI sale agreement; *provided*, that delivery of the monthly servicer's certificate which identifies that Included Units are being or have been reallocated will be deemed to constitute prompt notice by the seller and the depositor of that breach; *provided*, *further*, that the indenture trustee and the owner trustee will be deemed to have knowledge of such breach only if a responsible officer of the indenture trustee or owner trustee, as applicable, has actual knowledge thereof, including without limitation upon receipt of written notice; *provided*, *further*, that the failure to give such notice will not affect any obligation of the seller under the SUBI sale agreement. The owner trustee (at the direction of a certificateholder) or the indenture trustee (at the written direction of a noteholder) may notify the seller of a breach by delivering written notice to the seller identifying the Included Unit and the related breach of an Eligibility Representation.

If the breach materially and adversely affects the interests of the issuing entity or the noteholders in the Included Unit, then the seller will either (a) correct or cure that breach, if applicable, or (b) cause such Unit to be reallocated from the Transaction SUBI to the UTI or an Other SUBI, in either case on or before the payment date following the end of the Collection Period which includes the 60th day (or, if the seller elects, an earlier date) after the date the seller became aware or was notified of that breach. Any such breach or failure will be deemed not to materially and adversely affect the interests of the issuing entity or the noteholders if it has not affected the ability of

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the depositor (or its assignee) to receive and retain payment in full of the aggregate Securitization Value on such Included Unit. In consideration for the reallocation, the seller will pay (or will cause to be paid) to the issuing entity a reallocation payment equal to the Securitization Value of the applicable Included Unit as of the end of the Collection Period immediately preceding such payment date (the "**reallocation payment**") on the date of reallocation or an earlier date, if elected by the seller. The reallocation obligation will constitute the sole remedy available to the issuing entity and the indenture trustee for the failure of an Included Unit to meet any of the Eligibility Representations.

In addition, the servicer, will be required to cause the reallocation of any Included Units from the Transaction SUBI to the UTI or an Other SUBI which include leases as to which the servicer grants a Postmaturity Term Extension. See "*Origination and Servicing Procedures—Extensions Programs*" in this prospectus. In consideration for such reallocation, PFS will make a deposit to the collection account in an amount equal to reallocation payment for the applicable Included Unit.

The reallocation payment must be made by the seller or the servicer, as applicable, as of the payment date immediately following the end of the Collection Period in which the related cure period ended or the Postmaturity Term Extension was granted. Upon making that payment, the related Unit will no longer constitute an Included Unit.

An investor wishing to direct the indenture trustee to request a reallocation as described above may contact the indenture trustee in writing with the details of the purported breach of an Eligibility Representation, the identity of the related lease and a reference to the indenture. If the requesting investor is not a noteholder as reflected on the note register, the indenture trustee may require that the requesting investor provide a certification from the requesting investor that it is, in fact, a beneficial owner of notes, as well as any additional piece of documentation reasonably satisfactory to the indenture trustee, such as a trade confirmation, account statement, letter from a broker or dealer or another similar document (collectively, the "**verification documents**"). PFS will be responsible for reimbursing the indenture trustee for any expenses incurred in connection with such verification.

**Asset Representations Review** 

As discussed above under "—*Representations and Warranties*," the seller will make the Eligibility Representations regarding the leases and related leased vehicles. The asset representations reviewer will be responsible for performing a review of certain leases for compliance with the Eligibility Representations when the asset review conditions have been satisfied. In order for the asset review conditions to be satisfied, the following two events must have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Delinquency Percentage for any payment date exceeds the Delinquency Trigger, as described below under
"— *Delinquency Trigger* "; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A majority of the voting investors have voted to direct a review of the applicable Subject Leases pursuant to the
process described below under "— *Asset Review Voting* ".

If the asset review conditions are satisfied (the first date on which the asset review conditions are satisfied is referred to as the "**Review Satisfaction Date**"), then the asset representations reviewer will perform an Asset Review as described under "—Asset Review" below.

*Delinquency Trigger* 

On or prior to each determination 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 Included Units where the related leases are 60-Day Delinquent Leases as of the last day of that Collection Period to (ii) the aggregate Securitization Value of all Included Units as of the last day of that Collection Period. "**60-Day Delinquent Leases**" means, as of any date of determination, [all leases and related leased vehicles (other than reallocated leases) that are 60 or more days delinquent as of such date (or, if such date is not the last day of a Collection Period, as of the last day of the Collection Period immediately preceding such date), as determined in accordance with the servicer's customary servicing practices]. The "**Delinquency Trigger**" for any payment date and the related Collection Period is [•]%.

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The Delinquency Trigger was calculated as a multiple of [•] times the previous historical monthly peak Delinquency Percentage, rounded to the nearest whole percentage, of PFS's securitization transactions under the Porsche Innovative Lease Owner Trust platform from [•] through [•]. PFS believes the Delinquency Trigger is appropriate based on its experience and observation of historical 60-Day Delinquent Leases in its securitization transactions over time. The Delinquency Trigger has been set at a level in excess of historical peak Delinquency Percentage to assure that the Delinquency Trigger is not exceeded due to events unrelated to PFS's underwriting, such as ordinary fluctuations in the economy, rising oil prices, housing price declines, terrorist events, extreme weather conditions or an increase of a lessor's payment obligations under other indebtedness incurred by the lessor.

"**Subject Leases**" means, for any Asset Review, all leases which are 60-Day Delinquent Leases as of the related Review Satisfaction Date.

*Asset Review Voting* 

The monthly distribution report filed by the depositor on Form 10-D will disclose if the Delinquency Percentage on any payment date exceeds the Delinquency Trigger. If the Delinquency Percentage on any payment date exceeds the Delinquency Trigger, then investors holding at least 5% of the aggregate outstanding balance of the notes (the "**Instituting Noteholders**") may elect to initiate a vote to determine whether the asset representations reviewer will conduct the review described under "—Asset Review" below by giving written notice to the indenture trustee of their desire to institute such a vote within 90 days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. If any of the Instituting Noteholders is not a noteholder as reflected on the note register, the indenture trustee may require that investor to provide verification documents to confirm that the investor is, in fact, a beneficial owner of notes.

If the Instituting Noteholders initiate a vote as described in the preceding paragraph, the indenture trustee will submit the matter to a vote of all noteholders through DTC and the depositor will include on Form 10-D that a vote has been called. Under the current voting procedures of DTC, DTC (as the holder of record for the notes) transfers the right to vote with respect to securities to the DTC participants that hold record date positions via an omnibus proxy. DTC notifies its participants holding positions in the security of their entitlement to vote. DTC participants are responsible for distribution of information to their customers, including any ultimate beneficial owners of interests in the securities. See "*The Notes—Book-entry Registration*." The indenture trustee may set a record date for purposes of determining the identity of investors entitled to vote in accordance with Section 316(c) of the Trust Indenture Act of 1939, as amended.

The vote will remain open until the 150<sup>th</sup> day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. The "**Noteholder Direction**" will be deemed to have occurred if investors representing at least a majority of the voting investors vote in favor of directing a review by the asset representations reviewer. The seller, [PFS,] the depositor and the issuing entity are required under the transaction documents to cooperate with the indenture trustee to facilitate the voting process. Following the completion of the voting process, the next Form 10-D filed by the depositor will disclose whether or not a Noteholder Direction has occurred.

Within [five Business Days] of the Review Satisfaction Date, the indenture trustee will send a written notice to the seller, [PFS,] the depositor, the servicer and the asset representations reviewer specifying that the asset review conditions have been satisfied, providing the applicable Review Satisfaction Date and directing the asset representations reviewer to conduct an asset review. Within [ten] Business Days of receipt of such notice, the servicer will provide the asset representations reviewer a list of the Subject Leases.

*Fees and Expenses for Asset Review* 

As described under "—Fees and Expenses", the asset representations reviewer will be paid [an annual][a monthly] fee of $[•] by the [issuing entity][sponsor] in accordance with the asset representations review agreement. However, that [annual] fee does not include the fees and expenses of the asset representations reviewer in connection with an asset review of the Subject Leases. Under the asset representations review agreement, the asset representations reviewer will be entitled to receive a fee of $[•] [for each Subject Lease][per hour for its time spent conducting the Asset Review][as a flat fee for such Asset Review][plus reasonable out-of-pocket travel expenses]. All fees payable to, and expenses incurred by, the asset representations reviewer in connection with the Asset

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Review (the "**Review Expenses**") will be payable by [the sponsor][the issuing entity][, and to the extent the Review Expenses remain unpaid after 90 days, they will be payable by the issuing entity out of amounts on deposit in the Collection Account as described under "*Description of the Transaction Documents—Priority of Payments*" in this prospectus.] In addition, if the asset representations reviewer participates in a dispute resolution proceeding and its reasonable out-of-pocket expenses and reasonable compensation for the time it incurs in participating in the proceeding are not paid by a party to the dispute resolution within [ninety] days of the end of the proceeding, the [issuing entity][sponsor] will reimburse the asset representations reviewer for such expenses.

*Asset Review* 

The asset representations reviewer will perform a review of the Subject Leases for compliance with the Eligibility Representations (an "**Asset Review**") in accordance with the procedures set forth in the asset representations review agreement. These procedures will generally consist of a comparison of the Eligibility Representations to certain data points contained in the data tape, the lease contract and certain other documents in the lease file, and other records of the sponsor and the servicer with respect to that Subject Lease. The review is not designed to determine why a lessor is delinquent or the creditworthiness of the lessor, either at the time of any Asset Review or at the time of origination of the related lease. The Asset Review is also not designed to establish cause, materiality or recourse for any failure of a lease to comply with the Eligibility Representations.

Under the asset representations review agreement, the asset representations reviewer is required to complete its review of the Subject Leases by the [60<sup>th</sup>] day after the asset representations reviewer receives the applicable review materials for the Subject Leases from the servicer. However, if review materials are inaccessible, clearly unidentifiable and/or illegible, the asset representations reviewer will request that the servicer provide an updated copy of that review material and the review period will be extended for an additional [30] days. The asset representations reviewer will be required to keep all information about the leases and related leased vehicles obtained by it in confidence and may not disclose that information other than as required by the terms of the asset representations review agreement and applicable law. Upon completion of its review, the asset representations reviewer will provide a report to the indenture trustee, the issuing entity, the sponsor and the servicer of the findings and conclusions of the review of the Subject Lease, and the depositor will file such report on the Form 10-D filed by the depositor with respect to the Collection Period in which the asset representations reviewer's report is provided. The indenture trustee will have no obligation to forward the review report to any noteholder or to any other person.

The Asset Review will consist of performing specific tests for each Eligibility Representation and each Subject Lease and determining whether each test was passed, failed or not able to be completed as a result of missing or incomplete review materials. If the servicer notifies the asset representations reviewer that a Subject Lease was paid in full by or on behalf of the lessor or reallocated from the pool before the review report is delivered, the asset representations reviewer will terminate the tests of that lease and the Asset Review of that lease will be considered complete. If a Subject Lease was included in a prior Asset Review, the asset representations reviewer will not conduct additional tests on any such duplicate Subject Lease unless the asset representations reviewer was not able to complete the tests for that Subject Lease as a result of missing or incomplete review materials. The asset representations reviewer will not be responsible for determining whether noncompliance with the representations and warranties constitutes a breach of the Eligibility Representations with respect to any Subject Lease. If the asset representations reviewer determines that there was a "test fail" for a Subject Lease, the sponsor will investigate whether the noncompliance of the Subject Lease with an Eligibility Representation materially and adversely affects the interests of the issuing entity or the noteholders in the Subject Lease such that the sponsor would be required to reallocate such lease and related leased vehicle. In conducting this investigation, the sponsor will refer to the information available to it, including the asset representations reviewer's report.

**Requests to Reallocate and Dispute Resolution** 

An investor wishing to direct the indenture trustee to request a reallocation from the Transaction SUBI to the UTI or an Other SUBI or to refer a reallocation dispute to mediation (including nonbinding arbitration) or arbitration may contact the indenture trustee in writing with the details of the purported breach of an Eligibility Representation or the requested method of dispute resolution, as applicable. If the requesting investor is not a noteholder as reflected on the note register, the indenture trustee may require that the requesting investor provide verification documents to confirm that the requesting investor is, in fact, a beneficial owner of notes. If the depositor, the issuing entity, the owner trustee (in its discretion or at the direction of a certificateholder) or the

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indenture trustee (in its discretion or at the direction of an investor) (each, a "**requesting party**") requests that the sponsor reallocate any lease and related leased vehicle due to a breach of an Eligibility Representation as described under "—Representations and Warranties" in this prospectus and the reallocation request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the requesting party within 180 days of the receipt of notice of the request by the sponsor, the requesting party may refer the matter, at its discretion, to either mediation (including nonbinding arbitration) or arbitration; *provided*, *however*, (i) if the indenture trustee declines to act in accordance with this paragraph at the direction of an investor due to the failure of such investor to offer the indenture trustee security or indemnity reasonably satisfactory to the indenture trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with such act, such investor will be deemed to be a "requesting party" or (ii) if the owner trustee declines to act in accordance with this paragraph at the direction of a certificateholder due to the failure of such certificateholder to offer the owner trustee security or indemnity reasonably satisfactory to the owner trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with such act, such certificateholder will be deemed to be a "requesting party."

If both the owner trustee (on behalf of one or more certificateholders) and the indenture trustee (on behalf of one or more Note Owners or noteholders) are requesting parties, then the indenture trustee as requesting party will have the right to make the selection of mediation (including nonbinding arbitration) or arbitration. If more than one Note Owner or noteholder has directed the indenture trustee in connection with a request to pursue dispute resolution, then the indenture trustee will act at the direction of the Note Owners or noteholders, as applicable, holding a majority of the outstanding aggregate principal amount of the notes held by such directing Note Owners or noteholders. If more than one certificateholder has directed the owner trustee in connection with a request to pursue dispute resolution, then the owner trustee will act at the direction of the certificateholders holding the majority of the voting interests of such directing certificateholders. An investor need not direct an Asset Review to be performed prior to submitting a reallocation request with respect to any lease or using the dispute resolution proceedings with respect to that lease. The failure of the investors to direct an Asset Review will not affect whether any investor can pursue dispute resolution. In addition, whether any individual investor voted affirmatively, negatively or abstained in the vote to cause an Asset Review will not affect whether that investor can use the dispute resolution proceeding. An investor also will be entitled to refer to dispute resolution a dispute related to any leases, including any lease that the asset representations reviewer did not review, any lease that the asset representations reviewer reviewed and found to have failed a test and any lease that the asset representations reviewer reviewed and determined that no tests were failed.

The sponsor will inform the requesting party in writing upon a determination by the sponsor that a lease subject to a demand to reallocate will be reallocated and the monthly distribution report filed by the depositor on Form 10-D for the Collection Period in which such leases and related leased vehicles were reallocated will include disclosure of such reallocation. A failure of the sponsor to inform the requesting party that a lease subject to a demand will be reallocated within 180 days of the receipt of notice of the request will be deemed to be a determination by the sponsor that no reallocation of that lease and related leased vehicle due to a breach of an Eligibility Representation is required. The monthly distribution report filed by the depositor on Form 10-D for the Collection Period in which a reallocation demand is made and for each subsequent Collection Period until such reallocation demand is resolved or the related lease and related leased vehicle is reallocated, will include disclosure regarding the date of the reallocation demand as well as the status of such reallocation demand for each applicable lease. Additionally, PFS will make Form ABS-15G filings disclosing the status of reallocation demands on a periodic basis as required by applicable law.

Although the indenture trustee and the owner trustee may request that the sponsor reallocate a lease and related leased vehicle due to a breach of an Eligibility Representation, nothing in the transaction documents requires the indenture trustee or owner trustee to exercise this discretion, the transaction documents do not provide any requirements regarding what factors the indenture trustee or owner trustee, as applicable, should consider when determining whether to exercise its discretion to request a reallocation of a Unit from the Transaction SUBI to the UTI or an Other SUBI and neither the indenture trustee nor the owner trustee intends to exercise such discretion. Consequently, it is likely that the requesting party will be the indenture trustee or owner trustee acting at the direction of an investor. If the requesting party is the indenture trustee or owner trustee acting at the direction of an investor, then the indenture trustee or owner trustee, as requesting party, will continue to act at the direction of the investor in making all decisions related to a mediation or arbitration, as applicable.

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If a Subject Lease that was reviewed by the asset representations reviewer during an Asset Review is the subject of a dispute resolution proceeding, 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 and reasonable compensation 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 will be paid by a party to the dispute resolution as determined by the arbitrator for the dispute resolution or as allocated as mutually agreed by the parties as part of a mediation, if such dispute resolution is an arbitration or mediation, respectively.

If the requesting party selects mediation (including nonbinding arbitration), the mediation will be administered by [a nationally recognized arbitration and mediation association][one of [identify options]] selected by the requesting party. The fees and expenses of the mediation will be allocated as mutually agreed by the parties as part of the mediation. The mediator will be appointed from a list of neutrals maintained by the American Arbitration Association (the "**AAA**").

If the requesting party selects arbitration, the arbitration will be administered by [a nationally recognized arbitration and mediation association][one of [identify options]] jointly selected by the parties (or, if the parties are unable to agree on an association, by the AAA). The arbitrator will be appointed from a list of neutrals maintained by the AAA. The arbitrator will make its final determination no later than 90 days after the appointment (or as soon as practicable thereafter). In its final determination, the arbitrator will determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration and administrative fees) and reasonable attorneys' fees to the parties as determined by the arbitrator in its reasonable discretion. No person may bring a putative or certified class action to arbitration.

Any mediation and arbitration described above will be held in New York, New York (or, such other location as the parties mutually agree upon) and will be subject to certain confidentiality restrictions (which will not limit disclosures required by applicable law) and additional terms set forth in the indenture. The requesting party will provide notice of its intention to refer the matter to mediation or arbitration, as applicable, to the seller, with a copy to PFS, the depositor, the issuing entity, the owner trustee and the indenture trustee. Upon receipt of the notice of intent to refer the matter to mediation or arbitration, PFS, the depositor, the issuing entity, the owner trustee (acting at the direction of a certificateholder) and the indenture trustee (acting at the direction of a noteholder or Note Owner) will advise the requesting party and the seller of an intent to join in the mediation or arbitration, which will result in their being joined as a requesting party in the proceeding.

A requesting party may not initiate a mediation or arbitration as described above with respect to a lease that is, or has been, the subject of an ongoing or previous mediation or arbitration (whether by that requesting party or another requesting party) but will have the right, subject to a determination by the parties to the existing mediation or arbitration that such joinder would not prejudice the rights of the participants to such existing mediation or arbitration or unduly delay such proceeding, to join an existing mediation or arbitration with respect to that lease if the mediation or arbitration has not yet concluded. In the case of any such joinder, if the initial requesting party is the indenture trustee (on behalf of one or more Note Owners or noteholders), any decisions related to the mediation or arbitration will be made by the indenture trustee at the written direction of the requesting party holding a majority of the note balance of all of the notes held by such directing noteholders and/or Note Owners. If the initial requesting party is the owner trustee (on behalf of one or more certificateholders), any decisions related to the mediation or arbitration will be made by the owner trustee at the written direction of the certificateholders holding the majority of the voting interests of the directing certificateholders.

**Administration Agreement** 

PFS will be the administrator under the administration agreement. The administrator will perform all of its duties as administrator under the administration agreement, the indenture, the trust agreement and other related agreements as well as certain duties and obligations of the issuing entity and the owner trustee under those agreements. However, except as otherwise provided in those agreements, the administrator will have no obligation to make any payment required to be made by the issuing entity under the agreements. The administrator will monitor the performance of the issuing entity and the owner trustee (in its capacity as owner trustee under the trust agreement) and will advise those parties when action is necessary to comply with their duties and obligations under the administration agreement, the indenture, the trust agreement and other related agreements. In furtherance of the

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foregoing, the administrator will take all appropriate action that is the duty of the issuing entity and the owner trustee to take pursuant to those agreements.

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 receive $[___] annually, which will be solely an obligation of the servicer.

**Amendment Provisions** 

The transaction documents (other than the indenture) generally may be amended by the parties thereto without the consent of any noteholder, the indenture trustee, the issuing entity, the owner trustee or any other person, in each case if one of the following requirements is met by the depositor, servicer or administrator 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;(i) an opinion of counsel to the effect that such amendment will not materially and adversely affect the interests of the noteholders has been delivered to 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;(ii) an officer's certificate to the effect that such amendment will not materially and adversely affect the interests of the noteholders has been delivered 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rating Agency Condition is satisfied with respect to such amendment and the indenture trustee is so notified in writing.

Any amendment to the transaction documents also may be made by the parties thereto with the consent of the noteholders holding not less than a majority of the aggregate outstanding principal amount of the outstanding notes; provided, that no amendment to the SUBI sale agreement may (i) reduce the interest rate or principal amount of any note or change or delay the final scheduled payment date of any note without the consent of the applicable noteholder or (ii) reduce the percentage of the aggregate outstanding principal amount of the 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 notes which were required to consent to such matter before giving effect to such amendment. The transaction documents may also be amended without the consent of the noteholders for the purpose of conforming the terms of the transaction documents to the description of such terms in this prospectus or, to the extent not contrary to this prospectus, to the description thereof in an offering memorandum with respect to any class of notes not offered by this prospectus or the certificates.

Notwithstanding anything under this heading or in any other transaction document to the contrary, the SUBI sale agreement may be amended by the depositor and the seller without the consent of the servicer, the indenture trustee, the issuing entity, the owner trustee, any noteholder or any other person and without satisfying any other amendment provisions of the SUBI sale agreement or any other transaction document solely in connection with any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes to be made by the administrator; provided, that the issuing entity has delivered notice of such amendment to the Hired Agencies on or prior to the date such amendment is executed; provided, further, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes will not affect the owner trustee's and indenture trustee's rights, indemnities or obligations without the owner trustee's or indenture trustee's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to the SUBI sale agreement may be retroactive (including retroactive to the Benchmark Replacement Date) and the SUBI sale agreement may be amended more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.

No amendment to the transaction documents (excluding the indenture) will be effective which affects the rights, protections, immunities, indemnities or duties of the indenture trustee or the owner trustee, as applicable, without the prior written consent of the indenture trustee or the owner trustee, respectively.

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**The Accounts** 

The issuing entity will have the following bank accounts, which will initially be established and maintained at and in the name of the indenture trustee on behalf of the noteholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the collection account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the principal distribution account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the reserve account [and a risk retention reserve account].

Amounts on deposit in the collection account, the principal distribution account and the reserve account may be invested by the indenture trustee at the direction of the servicer in one or more permitted investments as set forth in the indenture; *provided* that, funds deposited within two Business Days of a payment date may remain uninvested. Permitted investments are limited to obligations or securities that mature so that funds will be available on the next payment date. As additional compensation, the servicer will be entitled to retain or receive all investment earnings (net of investment losses and expenses) from the investment of amounts on deposit in the collection account, the principal distribution account and the reserve account, if any, as described below under "—*Servicing Compensation and Expenses*".

The accounts will be maintained with the account bank so long as it is an eligible institution as set forth in the transaction documents. If the account bank ceases to be an eligible institution, then the servicer will be required, with the assistance of the account bank as may be necessary, to cause each account to be moved to an eligible institution.

*Collection Account* 

If the monthly remittance condition described below is not satisfied, PFS as servicer will be required to deposit an amount equal to all Collections into the collection account within two Business Days after identification. However, if the monthly remittance condition is satisfied, the servicer will not be required to remit Collections it receives with respect to the Transaction SUBI during a Collection Period to the collection account until the Business Day immediately preceding each payment date.

The "**monthly remittance condition**" will be satisfied if (i) PFS is the servicer, (ii) no servicer replacement event has occurred and is continuing and (iii) PFS has (x) a [short-term][long-term] debt rating of at least "[__]" from [__] and (y) a [short-term][long-term] rating of at least "[__]" from[__]. The servicer may also remit Collections to the collection account on any other alternate remittance schedule (but not later than the related payment date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the collection account, Collections may be commingled and used by the servicer at its own risk and are not required to be segregated from its own funds.

*Principal Distribution Account* 

On each payment date, payments will be made from the collection account to the principal distribution account as set forth in "—Priority of Payments" below and the indenture trustee will make payments from amounts deposited in the principal distribution account on that payment date in the order of priority set forth above under "*The Notes—Payments of Principal.*"

*Reserve Account* 

To the extent that Collections and amounts on deposit in the reserve account are insufficient, the noteholders will have no recourse to the assets of the certificateholder, the depositor, the seller or servicer as a source of payment.

The reserve account initially will be funded by a deposit from proceeds of the offering of the notes on the closing date in an amount equal to not less than [__]% of the aggregate Securitization Value as of the cut-off date.

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As of any payment date, the amount of funds actually on deposit in the reserve account may, in certain circumstances, be less than the Specified Reserve Account Balance. On each payment date, the issuing entity will, to the extent available, deposit the amount, if any, necessary to cause the amount of funds on deposit in the reserve account to equal the Specified Reserve Account Balance to the extent set forth below under "—Priority of Payments."

The amount of funds on deposit in the reserve account may decrease on each payment date by withdrawals of funds to cover shortfalls in the amounts required to be distributed pursuant to clauses *first* through [*seventh*] under "—Priority of Payments" below.

If the amount of funds on deposit in the reserve account on any payment date, after giving effect to all deposits and withdrawals from the reserve account on that payment date, is greater than the Specified Reserve Account Balance for that payment date, then the indenture trustee will deposit the amount of the excess into the collection account and the excess will then be distributed as part of Available Funds for that payment date as specified under "—Priority of Payments" below.

In addition, on any payment date if the sum of the amount in the reserve account and the amount of remaining Available Funds after payment of the amounts set forth in clauses *first* through [*seventh*] under "—Priority of Payments" (without regard to any caps set forth therein) would be sufficient to pay in full the aggregate unpaid principal amount of all of the outstanding notes, then the indenture trustee will, if instructed by the servicer, withdraw all amounts from the reserve account and deposit such amounts into the principal distribution account for distribution as part of Available Funds for that payment date.

**[Advances** 

On each payment date, the servicer may elect to deposit into the collection account an advance in an amount equal to all or a portion of the aggregate scheduled monthly lease payments due on Included Units but not identified (or not identified in full) during and prior to the related Collection Period (a "**monthly payment advance**"). Additionally, the servicer may elect to deposit into the collection account on the related Payment Date, (1) an advance with respect to a leased vehicle at any time after the early termination of the related lease, an amount equal to the related Securitization Value immediately prior to such early termination, and (2) an advance with respect to a leased vehicle at any time after the scheduled expiration of the related lease in an amount equal to the related Base Residual Value (each, a "**sales proceeds advance**"). If as of the close of business on the last day of a Collection Period, a lessee is entitled to a rebate of an insurance policy or other ancillary product, then the servicer may elect to advance to the lessee an amount equal to such rebate to the extent the servicer expects to recover the amount of the rebate from the insurer, the seller of the ancillary product or another person (each, a "**rebate advance**"). Advances relating to rebates can be delivered to lessees and reported in the monthly servicer's certificate in any manner the servicer selects in its discretion. An "**advance**" means a monthly payment advance, a sale proceeds advance or a rebate advance, as the context may require.

In addition, the servicer will not make an advance unless it reasonably believes, in its sole discretion, that such advance is likely to be recoverable from subsequent Collections or Recoveries on the leases or related leased vehicles. No advances will be made with respect to Defaulted Units. Advances are designed to maintain a regular flow of payments on the Included Units and increase the likelihood of timely payment of amounts due on the notes by providing additional amounts to be available for distributions although such advances must be reimbursed and are not a guarantee or insurance against losses. The servicer will be reimbursed for any advance from Available Funds prior to any payments of interest on or principal of the notes.]

**Priority of Payments** 

On each payment date, except after acceleration of the notes after an event of default under the indenture, the indenture trustee will make, or cause to be made, the following deposits and distributions (based solely on and in accordance with the servicer's instructions), to the extent of Available Funds then on deposit in the collection account with respect to the Collection Period for such payment date – including the Reserve Account Draw Amount, if any, deposited into the collection account from the reserve account, in the following order of priority (which we sometimes refer to as the "**payment waterfall**"):

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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;&nbsp;&nbsp;&nbsp;&nbsp;(1) *first,* to the servicer (or any predecessor servicer, if applicable), for reimbursement of all outstanding advances, if any[, provided that available funds from the risk retention reserve account will not be used for this purpose as long as the servicer is PFS or an affiliate of PFS];

&nbsp;&nbsp;&nbsp;&nbsp;&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) *second*, to the servicer, the servicing fee, together with any unpaid servicing fees in respect of one or more prior Collection Periods, [provided that available funds from the risk retention reserve account will not be used for this purpose as long as the servicer is PFS or an affiliate of PFS] and any investment earnings (net of investment losses and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&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) *third,* pro rata, to the indenture trustee, the owner trustee, the asset representations reviewer and the origination trustee, any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior Collection Periods) due and payable under the transaction documents; *provided*, that such accrued and unpaid fees, expenses and indemnification amounts payable (A) to the indenture trustee pursuant to this clause *third* may not exceed, in the aggregate, $[__] per annum, (B) to the owner trustee pursuant to this clause *third* may not exceed, in the aggregate, $[__] per annum, (C) to the origination trustee pursuant to this clause *third* may not exceed, in the aggregate, $[__] per annum and (D) to the asset representations reviewer pursuant to this clause *third* may not exceed, in the aggregate, $[__] per annum; *provided further* that if the accrued and unpaid fees, expenses and indemnification amounts payable to any of the indenture trustee, the owner trustee, the asset representations reviewer or the origination trustee exceeds such cap, such trustee will receive any unused amount of the other trustees' cap up to an amount not to exceed, in the aggregate, $[__] per annum on the payment date occurring in December of each 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;(4) [*fourth*,] pro rata, to the [Class A] noteholders, the accrued [Class A] note interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related Interest Period on each class of the [Class A] notes at their respective interest rates on the respective Note Balances as of the immediately preceding payment date (or the closing date, in the case of the first Interest Period), after giving effect to all payments of principal to the [Class A] noteholders on or prior to such preceding payment date; and (ii) the excess, if any, of the amount of interest due and payable to the [Class A] noteholders on such preceding payment date over the amounts actually paid to the [Class A] noteholders on the immediately preceding payment date, plus interest on any such shortfall at the respective interest rates of each class of the [Class A] notes for the related Interest Period (to the extent permitted by law); *provided*, that if there are not sufficient funds available to pay the entire amount of the accrued Class A note interest, the amounts available will be applied to the payment of such interest on the Class A notes on a pro rata basis based on the amount of interest payable to each class of Class A 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;(5) *fifth,* to the principal distribution account for distribution pursuant to the first paragraph of "*The Notes—Payments of Principal*" above, [the First Allocation of Principal][the Principal Distribution Amount], if any;

[(6) *sixth,* [to the noteholders of the Class B notes, the accrued Class B note interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related interest period on the Class B notes at the Class B interest rate on the Class B Note Balance as of the previous payment date or the closing date, as the case may be, after giving effect to all payments of principal to the Class B noteholders on or prior to such preceding payment date, and (ii) the excess, if any, of the amount of interest due and payable to the Class B noteholders on the preceding payment date over the amounts in respect of interest actually paid to the Class B noteholders on the preceding payment date, plus interest on any such shortfall at the Class B interest rate (to the extent permitted by law);]

[(7) *seventh,* to the principal distribution account pursuant to the first paragraph of "*The Notes—Payments of Principal*" above, [the Second Allocation of Principal, 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;(8) *eighth,* to the reserve account, any additional amounts required to increase the amount on deposit in the reserve account up to the Specified Reserve Account Balance;

[(9) *ninth,* to the noteholders pursuant to the first paragraph of "*The Notes—Payments of Principal*" above, the Regular Allocation of Principal, if any;]

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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;&nbsp;&nbsp;&nbsp;&nbsp;(10) *tenth*, pro rata, to the owner trustee, the indenture trustee and the origination trustee, accrued and unpaid fees, expenses and indemnification amounts due and payable under the transaction documents which have not been previously paid pursuant to clause *third* due solely to the per annum limitation set forth therein; 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;(11) *eleventh*, any remaining funds will be distributed to or at the direction of the certificateholder.

Upon and after any distribution to the certificateholder of any amounts, the noteholders will not have any rights in, or claims to, those amounts. On each payment date, after all deposits and distributions of higher priority as described above, the certificateholder will be entitled to any funds remaining on that payment date.

If the sum of the amounts required to be distributed pursuant to clauses *first* through [*seventh*] above exceeds the sum of Available Funds for that payment date, the indenture trustee (based solely on and in accordance with the servicer's instructions) will withdraw from the reserve account and deposit in the collection account for distribution in accordance with the payment waterfall an amount equal to the lesser of the funds on deposit in the reserve account and the amount of such shortfall.

**Overcollateralization** 

Overcollateralization represents the amount by which the aggregate Securitization Value exceeds the aggregate outstanding principal amount of the notes. Overcollateralization means that there will be additional assets generating collections that will be available to cover credit losses on the Included Units that are not otherwise covered by excess collections on or in respect of the Included Units, if any. The initial amount of overcollateralization on the closing date will be approximately [___]% of the aggregate Securitization Value as of the cut-off date and is expected to build to an overcollateralization amount on each payment date equal to [___]% of the aggregate Securitization Value as of the cut-off date (the "**overcollateralization amount**").

**[Excess Spread** 

The aggregate interest component of the lease payments that is expected to be paid by the lessees in respect of the leases allocated to the Transaction SUBI is expected to be greater than the amount necessary to pay the sum of the amounts payable under the priority of payments with higher priority than principal. Any such excess amounts will serve as additional credit enhancement. Any excess spread will be applied on each payment date, as a component of Available Funds, as described under " —*Priority of Payments*" above to increase over time the amount of overcollateralization as of any payment date to the overcollateralization amount.]

[Insert financial information for any credit enhancement provider liable or contingently liable to provide payments representing 10% or more of the cash flow supporting the notes in accordance with Item 1114(b) of Regulation AB.]

**Optional Redemption** 

The depositor will have the right, at its option, to purchase the Transaction SUBI Certificate from the issuing entity on any payment date if the then-outstanding aggregate Note Balance, either before or after giving effect to any payment of principal required to be made on that payment date, is less than or equal to [5][10]% of the initial Note Balance. The exercise of that option by the depositor is referred to in this prospectus as the "**optional purchase**".

The purchase price for the Transaction SUBI Certificate shall equal the greater of (a) the Note Balance plus accrued and unpaid interest up to but not including the date of redemption and (b) the aggregate Securitization Value of the Included Units as of the last day of the Collection Period immediately preceding the redemption date (the optional purchase price"). The depositor will also pay any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior Collection Periods) due and payable to the indenture trustee, the owner trustee and the origination trustee, as applicable, under the transaction documents (without regard to any caps set forth therein). In connection with an optional purchase, the notes will be redeemed on such payment date in whole, but not in part, for the redemption

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price. The "**redemption price**" for the notes being redeemed will equal the Note Balance of the notes, plus accrued and unpaid interest on the notes at the applicable interest rates, to but not including the payment date fixed for redemption. No interest will accrue on the notes after the payment date fixed for redemption. It is expected that at the time this option becomes available to the depositor, only the Class [__] notes will be outstanding.

Additionally, each of the notes is subject to redemption in whole, but not in part, on any payment date on which the sum of the amounts on deposit in the reserve account and remaining Available Funds after the payments under clauses *first* through [*seventh*] set forth in "—Priority of Payments" above (without regard to any caps set forth therein) would be sufficient to pay in full the aggregate unpaid Note Balance of all of the outstanding notes as determined by the servicer. On such payment date, (i) the indenture trustee upon written direction from the servicer will transfer all amounts on deposit in the reserve account to the collection account and (ii) the outstanding notes will be redeemed in whole, but not in part.

The administrator will provide at least 10 days' prior notice of the redemption of the notes to the issuing entity, the owner trustee and the indenture trustee. Notice of redemption under the indenture will be given by the indenture trustee at the written direction and expense of the issuing entity not later than 5 days prior to the applicable redemption date to each registered holder of notes. All notices of redemption will state: (i) the redemption date; (ii) the redemption price; (iii) that the record date otherwise applicable to that redemption date is not applicable and that payments will be made only upon presentation and surrender of those notes and the place where those notes are to be surrendered for payment of the redemption price; (iv) that interest on the notes will cease to accrue on the redemption date; and (v) the CUSIP numbers (if applicable) for the notes.

**Fees and Expenses** 

The fees and expenses paid or payable from Available Funds are set forth in the table below. Those fees and expenses are paid on each payment date as described above under "—Priority of Payments" and "*The Indenture—Priority of Payments May Change Upon an Event of Default*".

---

| | |
|:---|:---|
| **Recipient** | **Fees and Expenses Payable\*** |
|  Servicer | The servicing fee and investment earnings as described below under "—Servicing Compensation and Expenses" |
|  Indenture Trustee | $[•] per annum plus expenses\*\* |
|  Owner Trustee | $[•] per annum plus expenses\*\* |
|  Origination Trustee | $[•] per annum plus expenses\*\* |
|  Asset Representations<br> Reviewer | $[•] per annum [plus expenses] and, in connection with an Asset Review, $[•] per lease reviewed as described above under "—Asset Representations Review —Fees and Expenses for Asset Review"\*\*\* |

---

\* The fees and expenses described above do not change upon an event of default although actual expenses incurred may be higher after an event of default.

\*\* The issuing entity has the primary obligation to pay the fees and expenses of the indenture trustee, the owner trustee and the origination trustee, and to the extent not satisfied by the issuing entity, the servicer will have the obligation to pay such fees and expenses.

\*\*\* [The sponsor has the primary obligation to pay the fees and expenses of the asset representations reviewer.]

**Indemnification of the Indenture Trustee and the Owner Trustee** 

Under the indenture, the indenture trustee will be indemnified for, and held harmless against, any and all loss, liability, claim, action, suit or expense (including reasonable attorneys' fees and including all loss, liability, claim, action, suit or expense incurred in connection with enforcement of its indemnification rights) incurred by it in connection with the administration of the transaction documents or the trust created thereby or the performance of its duties as indenture trustee, including, with certain limitations, the costs and expenses of defending itself against any claim in connection with the exercise or performance of any of its powers or duties under the indenture. Such amounts will be payable by the issuing entity from Available Funds as described above under "—Priority of Payments" and as described below under "*The Indenture*—*Priority of Payments May Change Upon an Event of Default*" and, to the extent not satisfied by the issuing entity, by the servicer. However, the indenture trustee will not be indemnified from and against any of the foregoing expenses arising or resulting from (i) the indenture

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trustee's own willful misconduct, negligence or bad faith, (ii) the inaccuracy of certain of the indenture trustee's representations and warranties, or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the indenture trustee.

Under the trust agreement, the owner trustee will be indemnified from and against any and all loss, liability, damage, expense, tax, penalty, claim, action, suit, arbitration, mediation, proceeding, cost, expense or disbursement and legal fees and expenses (including court costs and reasonable legal fees and expenses in connection with the enforcement of the indemnification rights under the trust agreement) of any kind and nature whatsoever which may at any time be imposed on, incurred by or asserted against the owner trustee in any way relating to or arising out of the trust agreement, the other transaction documents, the issuing entity property, the creation, operation, administration and termination of the issuing entity or the transactions contemplated by the trust agreement, the issuance of the notes and certificates, the application of any law, rule or regulation to the issuing entity, its assets or its beneficiaries, the acts or omissions of the issuing entity, servicer, administrator, depositor or any other agent of the issuing entity, or the action or inaction of the owner trustee. Such amounts will be payable by the issuing entity from Available Funds as described above under "—Priority of Payments" and as described below under "*The Indenture*—*Priority of Payments May Change Upon an Event of Default*" and, to the extent not satisfied by the issuing entity, by the servicer. However, the owner trustee will not be indemnified from and against (i) any of the foregoing expenses if determined by final order of a court of competent jurisdiction arising or resulting from (A) the owner trustee's own willful misconduct or gross negligence under the trust agreement or (B) the inaccuracy of certain of the owner trustee's representations and warranties, or (ii) income taxes or other charges on, based on or measured by, any fees, commissions or compensation received by the owner trustee, in its individual capacity.

For a description of the indemnification of the origination trustee, see "*The Origination Trust Agreement and the Transaction SUBI Supplement—Indemnity of Origination Trustee*" in this prospectus.

**Servicing Compensation and Expenses** 

The servicer will be entitled to compensation for the performance of its servicing and administrative obligations with respect to the Included Units under the Transaction SUBI servicing supplement. The servicer will be entitled to receive a servicing fee in respect of the Included Units equal to, for each Collection Period, the product of (1) [ ]%, (2) one-twelfth [(or, in the case of the first payment date, a fraction, the numerator of which is the number of days from but not including the cut-off date to and including the last day of the first Collection Period and the denominator of which is 360)] and (3) the aggregate Securitization Value of all Included Units as of the first day of that Collection Period (or in the case of the first payment date, as of the cut-off date) (the "**servicing fee**"). The servicing fee will be payable on each payment date.

As additional compensation, the servicer will be entitled to retain any Supplemental Servicing Fees. In addition, the servicer will be entitled to receive all investment earnings (net of investment losses and expenses) from the investment of funds on deposit in the collection account, the reserve account and the principal distribution account, if any. The servicing fee, together with any portion of the servicing fee that remains unpaid from prior payment dates and any investment earnings (net of investment losses and expenses), will be payable on each payment date from funds on deposit in the collection account with respect to the Collection Period preceding that payment date, including funds, if any, deposited into the collection account from the reserve account and any advances made by the servicer.

The servicer will pay all expenses incurred by it in connection with its servicing activities (including any fees and expenses of sub-servicers to whom it has delegated servicing responsibilities) and generally will not be entitled to reimbursement of those expenses. The servicer will have no responsibility, however, to pay any losses with respect to any origination trust assets or any losses in connection with the investment of funds on deposit in the collection account, the reserve account and the principal distribution account.

**The Servicing Agreement** 

Under the servicing agreement, the servicer will manage the origination trust as agent for, and subject to the supervision, direction and control of, the origination trust. The obligations of the servicer include, among other things, acquiring vehicles and originating leases on behalf of the origination trust, collecting and posting payments, responding to inquiries of lessees, investigating delinquencies, sending payment statements and reporting required

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tax information (if any) to lessees, disposing of returned vehicles, commencing legal proceedings to enforce leases and servicing the leases, including accounting for collections and generating federal income tax information. In this regard, the servicer will make reasonable efforts to collect all amounts due on or in respect of the leases and the related leased vehicles. The servicer will be obligated to service the leases in accordance with the customary practices of the servicer with respect to the vehicles and leases held by the origination trust, without regard to whether those vehicles and leases have been allocated into a SUBI portfolio, 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 automotive leases that it services for itself or others.

As holder and pledgee of the Transaction SUBI Certificate, the issuing entity and the indenture trustee, respectively, will be third-party beneficiaries of the Transaction SUBI servicing supplement.

The servicing agreement will require the servicer to apply for and maintain all licenses and make all filings required to be held or filed by the origination trust in connection with the ownership of leases and leased vehicles and to take all necessary steps to evidence the origination trust's ownership on the certificates of title to the leased vehicles.

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 origination trust.

**Custody of Lease Documents and Certificates of Title** 

To reduce administrative costs and facilitate servicing of the leases and PFS' and the seller's own portfolio of leases, the origination trust has appointed the servicer as its 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. 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, including leases and vehicles which are assets allocated to the UTI or Other SUBI assets. The servicer may delegate specific custodian duties to sub-contractors who are in the business of performing those duties. For example, the servicer has hired a third-party to hold original certificates of title for vehicles that it services. The accounting records and certain computer systems of PFS will reflect the allocation of the leases and leased vehicles to the Transaction SUBI and the interest of the holders of the Transaction SUBI Certificate in those leases and leased vehicles.

**Sale and Disposition of Leased Vehicles** 

Under the servicing agreement and in accordance with the customary servicing practices, the servicer on behalf of the issuing entity will use commercially reasonable efforts to enforce the provisions of the leases and to repossess or otherwise take possession of the leased vehicle related to any lease 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 "*Origination and Servicing Procedures—Collection and Repossession Procedures*" and "*Additional Legal Aspects of the Leases and the Leased Vehicles—Deficiency Judgments*" in this prospectus.

**Insurance on Leased Vehicles** 

Each lease will require the related lessee to maintain in full force and effect during the related lease term a comprehensive collision and physical damage insurance policy covering the actual cash value of the related leased vehicle and naming the origination trust as loss payee. However, the servicer is not required to monitor whether the lessees have insurance, and the servicer will have no liability in the event any lessee fails to acquire that insurance.

**Servicer Records, Determinations and Reports** 

The servicer will retain or cause to be retained all computer and/or manual records with respect to the related Included Units and the collections relating to each Included Unit in accordance with its customary servicing practices with respect to similar types of leases and leased vehicles. Upon the occurrence and continuance of a servicer default and termination of the servicer's obligations under the Transaction SUBI servicing supplement, the servicer will use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the related Included Units to a successor servicer.

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The servicer will perform some monitoring and reporting functions on behalf of the depositor, the issuing entity and the noteholders, including the preparation and delivery to the issuing entity, the indenture trustee and each paying agent, on or before each determination date prior to the satisfaction and discharge of the indenture, of a certificate setting forth all information necessary to make all distributions required on the related payment date, and to prepare statements setting forth the information described in this prospectus under "*The Notes—Statements to Noteholders*."

**Security Deposits** 

The servicer may, but is not required to, obtain a security deposit from a lessee. The origination trust's rights related to the Included Units 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, if any, 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 becomes a Charged-off Lease or, if earlier, the related leased vehicle is repossessed, the related security deposit, if any, will, to the extent provided by applicable law and that lease, constitute Collections. On the payment date related to the Collection Period in which the security deposit becomes a part of Collections, the servicer will deposit those amounts in the collection account. The origination trust may not have an interest in the security deposits that is enforceable against third parties until they are deposited into the collection account. If the lessee has paid a security deposit, such 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 any 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).

**Servicer Replacement Events** 

The occurrence and continuation of any one or more of the following events constitute "**servicer replacement events**" under the Transaction SUBI servicing supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure by the servicer 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 (10) Business Days] after discovery thereof by a responsible officer of the servicer or receipt by the servicer of written notice thereof from the indenture trustee or
noteholders evidencing a majority of the aggregate outstanding principal amount of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure by the servicer to duly observe or perform in any material respect any other of its covenants or
agreements in the base servicing agreement and the Transaction SUBI servicing supplement, which failure materially and adversely affects the rights of the issuing entity or the noteholders, and which continues unremedied for a period of ninety
(90) days after discovery thereof by a responsible officer of the servicer or receipt by the servicer of written notice thereof from the indenture trustee or noteholders evidencing at least a majority of the aggregate outstanding principal
amount of the notes (it being understood that the reallocation of an Included Unit by the seller pursuant to the SUBI sale agreement or the servicer pursuant to the Transaction SUBI servicing supplement will be deemed to remedy any incorrect
representation or warranty with respect to such Included Unit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any representation or warranty of the servicer made in any transaction document to which the servicer is a party
or by which it is bound or any certificate delivered pursuant to the base servicing agreement or the Transaction SUBI servicing supplement 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 a period of ninety (90) days after discovery

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thereof by a responsible officer of the servicer or receipt by the servicer of written notice thereof from the indenture trustee or noteholders evidencing at least a majority of the aggregate outstanding principal amount of the notes (it being understood that the reallocation of an Included Unit by the seller pursuant to the SUBI sale agreement or the servicer pursuant to the Transaction SUBI servicing supplement will be deemed to remedy any incorrect representation or warranty with respect to such Included Unit); or <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of certain events (which, if involuntary, remain unstayed for more than 90 consecutive days) of
bankruptcy, insolvency, receivership or liquidation of the servicer.

Notwithstanding the foregoing, a delay in or failure of performance referred to under the first three bullet points above for a period of 120 days will not constitute a servicer replacement event if that delay or failure was caused by force majeure or other similar occurrence.

In addition, the servicer will not be liable for any failure or delay in the performance of its obligations or the taking of any action under the Transaction SUBI supplement or under any other transaction document (and such failure or delay will not constitute a breach of any transaction document or a servicer replacement event, as applicable) if such failure or delay arises from compliance by the servicer with any law or court order, the direction of a regulatory authority or regulatory guidance.

Upon the occurrence and continuation of any servicer replacement event, the sole remedy available to the holder of the Transaction SUBI Certificate will be to remove the servicer and appoint a successor servicer. However, if the commencement of a bankruptcy or similar case or proceeding were the only servicer replacement event, and a bankruptcy trustee or similar official has been appointed for the servicer, the origination trustee or such official may have the power to prevent the servicer's removal. See "—Removal or Replacement of the Servicer" below.

The existence or occurrence of any "material instance of noncompliance" (within the meaning of Item 1122 of Regulation AB) will not create any presumption that any event under the first two bullet points above has occurred.

**Removal or Replacement of the Servicer** 

If a servicer replacement event is unremedied, the origination trustee will, at the direction of the indenture trustee, acting at the direction of noteholders holding not less than 66<sup>2</sup>⁄<sub>3</sub>% of the aggregate outstanding principal amount of the notes voting as a single class, by notice given to the servicer, the issuing entity, the indenture trustee and the administrator, terminate the rights and obligations of the servicer under the base servicing agreement and the Transaction SUBI servicing supplement with respect to the Transaction SUBI portfolio and the Included Units. [Any successor servicer must be an established institution having a net worth of not less than $[_____] and whose regular business includes the servicing of comparable motor vehicle lease contracts having an aggregate outstanding principal balance of not less than $[_____].]

The servicer may not resign from its obligations and duties under the servicing agreement unless it determines that its duties thereunder are no longer permissible by reason of a change in applicable legal requirements and that the continuance of those duties would cause the servicer to be in violation of those legal requirements in a manner that would have a material adverse effect on the servicer or its financial condition. No such resignation will become effective until a successor servicer has assumed the servicer's obligations under the servicing agreement. The servicer may not assign the servicing agreement or any of its rights, powers, duties or obligations thereunder except in connection with a consolidation, merger, conveyance or transfer of substantially all of its assets. However, the servicer may delegate, at any time without notice or consent, (i) any or all of its duties under the servicing agreement to any person more than 50% of the voting securities of which are owned, directly or indirectly, by Porsche AG or any successor thereto so long as PFS is the servicer, or (ii) specific duties to sub-contractors who are in the business of performing those duties. However, the servicer will remain responsible for any duties it has delegated.

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Upon the termination or resignation of the servicer, the servicer will continue to perform its functions as servicer, until a newly appointed servicer for the Transaction SUBI portfolio has assumed the responsibilities and obligations of the resigning or terminated servicer under the Transaction SUBI servicing supplement.

Upon appointment of a successor servicer, the successor servicer will be the successor in all respects to the servicer in its capacity as servicer under the servicing agreement with respect to the Transaction SUBI portfolio, and will be subject to all of the responsibilities, duties and liabilities relating thereto, except with respect to the obligations of the predecessor servicer that survive its termination as servicer. If a bankruptcy trustee or similar official has been appointed for the servicer, that trustee or official may have the power to prevent the indenture trustee, the owner trustee, the noteholders or the holder of the issuing entity's certificate from effecting a transfer of servicing. [The predecessor servicer will have the right to be reimbursed for any outstanding advances made with respect to the Included Units to the extent funds are available therefor in accordance with the payment waterfall.]

In the event of a replacement of PFS as servicer, the issuing entity is required to cause the successor servicer to agree to indemnify PFS against any losses, liabilities, damages or expenses (including attorneys' fees) as a result of the negligence or willful misconduct of such successor servicer occurring after the servicer replacement date.

**Waiver of Past Servicer Replacement Events** 

The origination trustee, acting at the direction of the Indenture Trustee (acting at the direction of the holders of not less than 66<sup>2</sup>⁄<sub>3</sub>% of the aggregate outstanding principal amount of the notes), may waive any default of the servicer.

**Evidence as to Compliance** 

The servicing agreement provides that a registered public accounting firm (who may also render other services to the servicer or its affiliates) will annually furnish to the issuing entity, with a copy to the indenture trustee, an attestation report.

The Transaction SUBI servicing supplement will also provide for delivery on or before March 30 of each calendar year, beginning [____][•], 20[•], of an officer's certificate stating that (i) a review of the servicer's activities during the preceding calendar year and of performance under the servicing agreement has been made under the supervision of the officer, and (ii) to the best of the officer's knowledge, based on the review, the servicer has fulfilled all its obligations under the servicing agreement in all material respects throughout the year, or, if there has been a failure to fulfill any of these obligations in any material respect, specifying each failure known to the officer and the nature and status of the failure.

In addition, except as described below, the servicer and each other party that participates in the servicing function with respect to more than 5% of the Units and other assets comprising the issuing entity will deliver annually to the issuing entity, a report (an "**Assessment of Compliance**") that assesses compliance by that party with the servicing criteria set forth in Item 1122(d) of Regulation AB (17 C.F.R. 229.1122) and that contains the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a statement of the party's responsibility for assessing compliance with the servicing criteria applicable
to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a statement that the party used the criteria in Item 1122(d) of Regulation AB to assess compliance with the
applicable servicing criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the party's Assessment of Compliance with the applicable servicing criteria during and as of the end of the
prior calendar year, setting forth any material instance of noncompliance identified by the party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a statement that a registered public accounting firm has issued an Attestation Report on the party's
Assessment of Compliance with the applicable servicing criteria during and as of the end of the prior calendar year.

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Further, except as described below, each party which is required to deliver an Assessment of Compliance will also be required to simultaneously deliver a report (an "**Attestation Report**") of a registered public accounting firm, prepared in accordance with the standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board, that expresses an opinion, or states that an opinion cannot be expressed, concerning the party's assessment of compliance with the applicable servicing criteria.

An annual report on Form 10-K with respect to the issuing entity will be filed with the SEC within 90 days after the end of each fiscal year. The annual report will contain the statements, certificates and reports discussed above.

The servicer will also give the issuing entity and the indenture trustee notice of any servicer replacement event under the servicing agreement.

**THE INDENTURE** 

The following summary describes the material terms of the indenture pursuant to which the notes will be issued. A form of indenture has been filed as an exhibit to the registration statement of which this prospectus is a part. We refer you to the form of indenture for additional details on the terms of the indenture.

**Material Covenants** 

The indenture provides that the issuing entity will not, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as expressly permitted by the indenture and the other transaction documents, sell, transfer, exchange or
otherwise dispose of any of the properties or assets of the issuing entity or engage in any other activities other than financing, acquiring, owning, pledging and managing the Transaction SUBI and other collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&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 under the Internal Revenue Code of 1986, as amended (the "**Code** "), or applicable state law) or assert any claim against any present or former holder of the notes because of the payment of taxes levied or
assessed upon any part of the issuing entity property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dissolve or liquidate in whole or in part, except as otherwise permitted by the transaction documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit the validity or effectiveness of the indenture to be impaired or permit any person to be released from any
covenants or obligations with respect to the notes under that indenture except as may be expressly permitted thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (except certain
permitted encumbrances) to be created on or extend to or otherwise arise upon or burden the assets of the issuing entity or any part thereof, or any interest therein or the proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit the lien of the indenture to not constitute a valid first priority security interest (except certain
permitted encumbrances) in the collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;• merge or consolidate with, or transfer substantially all of its assets to, any other person.

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**Noteholder Communication; List of Noteholders** 

Investors may send a request to the depositor at any time notifying the depositor that the investor would like to communicate with other investors with respect to an exercise of their rights under the terms of the transaction documents. If the requesting investor is not a noteholder as reflected on the note register, the depositor may require that the requesting investor provide verification documents to confirm that the requesting investor is, in fact, a beneficial owner of notes. The depositor will disclose in each Form 10-D information regarding any request received during the related Collection Period from an investor to communicate with other investors related to the investors exercising their rights under the terms of the transaction documents. The disclosure in the Form 10-D regarding the request to communicate will include the name of the investor making the request, the date the request was received, a statement to the effect that the issuing entity has received a request from the investor, which states that the investor is interested in communicating with other investors with regard to the possible exercise of rights under the transaction documents and a description of the method other investors may use to contact the requesting investor. PFS and the depositor will be responsible for any expenses incurred in connection with the filing of such disclosure and the reimbursement of any costs incurred by the indenture trustee in connection with the preparation thereof.

With respect to the notes of the issuing entity, three or more holders of the notes or one or more holders of such notes evidencing not less than 25% of the aggregate outstanding Note Balance of the notes, voting as a single class may, by written request to the indenture trustee accompanied by a copy of the communication that the applicant proposes to send, obtain access to the list of all current noteholders maintained by the indenture trustee for the purpose of communicating with other noteholders with respect to their rights under the indenture or under the notes.

**Annual Compliance Statement** 

The issuing entity will be required to deliver annually to the indenture trustee and each Hired Agency a written officer's statement as to the fulfillment of its obligations under the indenture which, among other things, will state that to the best of the officer's knowledge, the issuing entity has complied in all material respects 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, as amended, the indenture trustee will be required to mail each year to all noteholders a brief report setting forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• its eligibility and qualification to continue as indenture trustee under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information regarding a conflicting interest of the indenture trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any change to the amount, interest rate and maturity date of any indebtedness owing by the issuing entity to the
indenture trustee in its individual capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;• any additional issue of notes that has not been previously reported; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any action taken by it that materially affects the notes or the trust property and that has not been previously
reported.

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**Documents by Indenture Trustee to Noteholders** 

The indenture trustee, at the expense of the issuing entity, will deliver to each noteholder of a definitive note, not later than the latest date permitted by law, such information as may be required by law to enable such holder to prepare its United States federal and state income tax returns.

**Satisfaction and Discharge of Indenture** 

The indenture will be discharged with respect to the collateral securing the related notes upon the delivery to the indenture trustee for cancellation of all the related notes or, subject to specified limitations, upon deposit with the indenture trustee of funds sufficient for the payment in full of principal of and accrued interest on notes.

**Resignation or Removal of the Indenture Trustee** 

The indenture trustee may resign at any time upon 30 days' written notice, in which event the issuing entity will be obligated to appoint a successor indenture trustee. The issuing entity will remove the indenture trustee if the indenture trustee ceases to be eligible to continue as such under the indenture or if the indenture trustee becomes insolvent or otherwise becomes incapable of acting. In such circumstances, the issuing entity will be obligated to appoint a successor indenture trustee. In addition, noteholders representing a majority of the aggregate outstanding principal amount of the outstanding notes may remove the indenture trustee with 30 days' prior written notice by so notifying the indenture trustee and the issuing entity and may appoint a successor indenture trustee. Any resignation or removal of the indenture trustee and appointment of a successor indenture trustee does not become effective until acceptance of the appointment by the successor indenture trustee.

**Events of Default** 

The occurrence and continuation of any one of the following events will constitute an "**event of default**" under the indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in the payment of any interest on any note [of the Controlling Class] when the same becomes due and
payable, and such default continues for a period of [five (5) Business Days] or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in the payment of principal of any note at the related final scheduled payment date or the redemption
date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure by the issuing entity to duly observe or perform in any material respect any of its material
covenants or agreements in the indenture (other than a covenant or agreement, a default in the observance or performance of which is elsewhere specifically dealt with), which failure materially and adversely affects the interests of the noteholders,
and such failure continues unremedied for a period of ninety (90) days after receipt by the issuing entity of written notice thereof from the indenture trustee or noteholders evidencing at least a majority of the aggregate outstanding principal
amount of the outstanding notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any representation or warranty of the issuing entity made in the indenture proves to have been incorrect in any
material respect when made, which failure materially and adversely affects the interests of the noteholders, and which failure continues unremedied for a period of ninety (90) days after receipt by the issuing entity of written notice thereof
from the indenture trustee or noteholders evidencing at least a majority of the aggregate outstanding principal amount of the outstanding notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of certain events (which, if involuntary, remain unstayed and in effect for a period of more than
ninety (90) consecutive days) of bankruptcy, insolvency, receivership or liquidation of the issuing entity.

Notwithstanding the foregoing, a delay in or failure of performance referred to in the first four bullet points above for a period of 120 days will not constitute an event of default if that delay or failure was caused by force majeure or other similar occurrence.

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The 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 indenture trustee and each Hired Agency.

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 on a class of notes due to a lack of amounts available to make such payments will not result in the occurrence of an event of default until the final scheduled payment date or redemption date for that class of notes.

**Rights Upon Event of Default** 

Upon the occurrence and continuation of any event of default (other than an event of default arising from a bankruptcy, insolvency, receivership or liquidation of the issuing entity), the indenture trustee may, or if directed by noteholders representing not less than a majority of the outstanding principal amount of the [outstanding notes][Controlling Class of notes], will, declare the principal of the notes to be immediately due and payable. Upon the occurrence of an event of default arising from a bankruptcy, insolvency, receivership or liquidation of the issuing entity, the notes will automatically be accelerated and all accrued and unpaid interest on and principal of the notes will be immediately due and payable without any declaration or other act by the indenture trustee or the noteholders.

If an event of default is unremedied and the notes have not been accelerated, the indenture trustee may institute proceedings to collect amounts due or foreclose on the issuing entity property, exercise remedies as a secured party or, if the notes have been accelerated, sell the Transaction SUBI Certificate and other issuing entity property. Upon the occurrence of an event of default resulting in acceleration of the notes, the indenture trustee may sell the Transaction SUBI and the other issuing entity property or may elect to have the issuing entity maintain possession of the Transaction SUBI and the other issuing entity property and apply Collections as received. However, the indenture trustee is prohibited from selling or liquidating the Transaction SUBI and the other issuing entity property following such an event of default and acceleration of the notes unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositor elects to exercise the optional purchase and purchases the Transaction SUBI Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the holders of 100% of the aggregate outstanding principal amount of the [outstanding notes][Controlling
Class of notes] consent to such sale or liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proceeds of that sale are sufficient to pay in full all unpaid principal of and accrued interest on all
outstanding notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• there has been an event of default described in one of the first two bullet points under the caption
"— *Events of Default*" above and the indenture trustee determines that the Collections on 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 the notes had not been declared due and payable, and the indenture trustee obtains the consent of holders of 66<sup>2</sup>⁄<sub>3</sub>% of
the aggregate outstanding principal amount of the notes.

Notwithstanding the foregoing, if the event of default does not relate to a payment default or insolvency of the issuing entity, the indenture trustee is prohibited from selling or liquidating the Transaction SUBI Certificate and the other issuing entity property unless the holders of all of the aggregate outstanding principal amount of the outstanding notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the outstanding notes.

Prior to selling the issuing entity property, the administrator must obtain an opinion of counsel from counsel to the issuing entity (at the expense of the issuing entity) to the effect that that sale will not cause the origination trust or an interest in 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 federal income tax purposes.

Subject to the provisions of the indenture relating to the duties of the indenture trustee, if an event of default occurs and is continuing, the indenture trustee will be under no obligation to exercise any of the rights or powers under the 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

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complying with such request. Subject to such provisions for indemnification and certain limitations contained in the indenture, noteholders holding not less than a majority of the outstanding note balance will 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. In addition, noteholders holding not less than a majority of the outstanding note balance may, in certain cases, waive any event of default 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.

**Priority of Payments May Change Upon an Event of Default** 

Following the occurrence and during the continuation of an event of default under the indenture which has resulted in an acceleration of the notes, the priority of payments changes (including payments of principal on the notes). On each payment date after an event of default and acceleration of the notes, payments will be made by the indenture trustee (based solely on and in accordance with the servicer's instructions) from all funds (including all amounts held on deposit in the reserve account) available to the issuing entity (net of liquidation costs associated with the sale of the trust estate) in the following order of priority:

*first*, pro rata*,* to the indenture trustee, the owner trustee, the asset representations reviewer and the origination trustee, any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior Collection Periods) pursuant to the terms of the transaction documents, in each case, to the extent not previously paid;

*second,* to the servicer (or any predecessor servicer, if applicable), for reimbursement of all outstanding advances, if any[, provided that available funds from the Risk Retention Reserve Account will not be used for this purpose as long as the servicer is PFS or an affiliate of PFS];

*third*, to the servicer, the servicing fee, together with any unpaid servicing fees in respect of one or more prior Collection Periods, [provided that available funds from the Risk Retention Reserve Account will not be used for this purpose as long as the servicer is PFS or an affiliate of PFS] and any investment earnings (net of investment losses and expenses);

*fourth*, pro rata, to the noteholders of the Class A notes, the accrued Class A note interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related interest period on the Class A-1 notes, the Class A-2[a] notes, [the Class A-2b notes,] the Class A-3 notes and the Class A-4 notes at the respective interest rates for such Class on the respective Note Balance of each such class as of the preceding payment date (or the closing date, in the case of the first Interest Period), after giving effect to all payments of principal to the noteholders of such class on or prior to such preceding payment date; and (ii) the excess, if any, of the amount of interest due and payable to the Class A noteholders on the preceding payment dates over the amounts actually paid to the Class A noteholders on the preceding payment dates, plus interest on any such shortfall at the respective interest rates on such Class A notes for the related Interest Period (to the extent permitted by law); *provided*, that if there are not sufficient funds available to pay the entire amount of the accrued Class A note interest, the amounts available will be applied to the payment of such interest on each class of Class A notes on a pro rata basis based on the amount of interest payable to each class of Class A notes;

[*fifth*, *(a)*, if the acceleration of the notes results from an event of default that arises from (i) a default in the payment of any interest on any note of the Controlling Class when the same becomes due and payable, (ii) a default in the payment of the principal of any note on the related final scheduled payment date or the redemption date or (iii) the occurrence of certain events of bankruptcy, insolvency, receivership or liquidation of the issuing entity, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class A-1 noteholders in respect of principal thereof, until
the Class A-1 notes have been paid in full; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class A-2[a] noteholders[, the Class A-2b noteholders] [and] the Class A-3 noteholders [and the Class A-4 noteholders], in respect of principal
thereof, *pro rata* based on the Note Balance of each such class, until each such class of notes has been paid in full;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [to the Class B noteholders, the accrued Class B note interest, which is the sum of (i) the
aggregate amount of interest due and accrued for the related interest period on the Class B notes at the Class B interest rate on the Class B Note Balance as of the previous payment date or the closing date, as the case may be, after
giving effect to all payments of principal to the Class B noteholders on or prior to the preceding payment date; and (ii) the excess, if any, of the amount of interest due and payable to the Class B noteholders on prior payment dates
over the amounts in respect of interest actually paid to the Class B noteholders on those prior payment dates, plus interest on any such shortfall at the Class B interest rate for the related interest period (to the extent permitted by
law); and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [to the Class B noteholders, in respect of principal thereon, until the Class B notes have been paid in
full];

*fifth*, *(b)*, if the acceleration of the notes results from an event of default that arises from any event other than those events described above in clause *fifth (a)*, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [to the Class B noteholders, the accrued Class B note interest, which is the sum of (i) the
aggregate amount of interest due and accrued for the related interest period on the Class B notes at the Class B interest rate on the Class B Note Balance as of the previous payment date or the closing date, as the case may be, after
giving effect to all payments of principal to the Class B noteholders on or prior to the preceding payment date; and (ii) the excess, if any, of the amount of interest due and payable to the Class B noteholders on prior payment dates
over the amounts in respect of interest actually paid to the Class B noteholders on those prior payment dates, plus interest on any such shortfall at the Class B interest rate for the related interest period (to the extent permitted by
law);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class A-1 noteholders, in respect of principal thereon, until
the Class A-1 notes have been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to the Class A-2[a] noteholders [and the Class A-2b noteholders] [and] the Class A-3 noteholders [and the Class A-4 noteholders], in respect of principal
thereon, pro rata, based on the Note Balance of each class of such class A notes, until each class of such class A notes has been paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [to the Class B noteholders, in respect of principal thereon, until the Class B notes have been paid in
full;] and]

*sixth,* to the certificateholders, pro rata, based on the percentage interest of each certificateholder, or, to the extent definitive certificates have been issued, to the certificate distribution account for distribution to or at the direction of the certificateholders, any funds remaining.

Following the occurrence of any event of default under the indenture which has not resulted in an acceleration of the notes, the issuing entity will continue to pay interest and principal on the notes on each payment date in the manner set forth under "*Description of the Transaction Documents—Priority of Payments*" above, until the notes are accelerated.

**Amendment Provisions** 

The indenture may be modified as follows:

The issuing entity and, when authorized by an issuing entity order, the indenture trustee may, at any time and from time to time, enter into one or more 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 for the purposes of modifying in any manner the rights of the noteholders under the indenture subject to the satisfaction 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuing entity delivers an opinion of counsel to the indenture trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the noteholders;

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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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuing entity delivers an officer's certificate to the indenture trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the 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;(iii) the Rating Agency Condition is satisfied with respect to such supplemental indenture and the indenture trustee is so notified in writing.

The issuing entity and the indenture trustee (when authorized by an issuing entity order) may, with prior notice to each Hired Agency and the owner trustee, also enter into one or more supplemental indentures without obtaining the consent of the noteholders for the purpose of conforming the terms of the indenture to the description of such terms in this prospectus or, to the extent not contrary to this prospectus, to the description thereof in an offering memorandum with respect to any class of notes not offered by this prospectus or the certificates.

The issuing entity and the indenture trustee, when authorized by an issuing entity order, may also, with prior notice to the Hired Agencies and with the consent of the noteholders of not less than a majority of the aggregate outstanding principal amount of the [outstanding notes][Controlling Class], enter into an indenture or supplemental indentures for the purpose of 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 the noteholders under the indenture; *provided*, that no such supplemental indenture will, without the consent of the holder of each outstanding note affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change the final scheduled payment date of any note or reduce the principal amount thereof, the interest rate
thereon or the redemption price with respect thereto, or change any place of payment where, or the coin or currency in which, any note or the interest thereon is payable, or impair the right of the noteholders to institute suit for the enforcement
of the provisions of the indenture requiring the application of funds available therefor, to the payment of any such amount due on the notes on or after the respective due dates thereof (or, in the case of redemption, on or after the redemption
date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate principal amount of the outstanding notes, the consent of the holders of
which is required for any such supplemental indenture, or the consent of the holders of which is required for any waiver of compliance with certain provisions of the indenture or certain defaults thereunder and their consequences as provided for in
the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify or alter the provisions of the indenture regarding the voting of notes held by the issuing entity, the
seller, the depositor, the servicer, the administrator or any of their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate outstanding principal amount of the outstanding notes, the consent of the
holders of which is required to direct the indenture trustee to direct the issuing entity to sell or liquidate the issuing entity property if the proceeds of such sale or liquidation would be insufficient to pay the principal amount of and accrued
but unpaid interest on the outstanding notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify the percentage of the aggregate principal amount of the notes required to amend the sections of the
indenture which specify the applicable percentage of aggregate principal amount of the notes necessary to amend the indenture or the other transaction documents, except to increase any percentage specified in the indenture or to provide that certain
additional provisions of the indenture or the transaction documents cannot be modified or waived without the consent of the holder of each outstanding note affected thereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit the creation of any lien ranking prior to or on a parity with the lien of the indenture with respect to
any part of the issuing entity property or, except as otherwise permitted or contemplated in the transaction documents, terminate the lien of the indenture on any property at any time subject to the indenture or deprive the holder of any note of the
security provided by the lien of the indenture.

[Notwithstanding anything under this heading or in any other transaction document to the contrary, the indenture may be amended by the administrator, on behalf of the issuing entity, without the consent of the servicer, the indenture trustee, the depositor, the seller, the owner trustee, any noteholder or any other person and without satisfying any other amendment provisions of the indenture or any other transaction document solely in connection with any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any

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Benchmark Replacement Conforming Changes to be made by the administrator; *provided*, that the issuing entity has delivered notice of such amendment to the Hired Agencies on or prior to the date such amendment is executed; *provided*, *further*, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes will not affect the owner trustee's and indenture trustee's rights, indemnities or obligations without the owner trustee's or indenture trustee's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to the indenture may be retroactive (including retroactive to the Benchmark Replacement Date) and the indenture may be amended more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.]

No amendment or supplemental indenture will be effective which affects the rights, protections, immunities, indemnities or duties of the indenture trustee or the owner trustee, as applicable, without the prior written consent of the indenture trustee or the owner trustee, respectively.

**THE ORIGINATION TRUST AGREEMENT AND THE TRANSACTION SUBI SUPPLEMENT** 

**The Transaction SUBI, Other SUBIs and the UTI** 

The seller, as the UTI beneficiary, is the initial beneficiary of the origination trust. The UTI beneficiary will hold the UTI, which represents an exclusive and undivided beneficial interest in all origination trust assets other than (a) any origination trust assets allocated to Other SUBIs and (b) the Included Units. The UTI beneficiary in the future may cause the origination trustee to create Other SUBIs which the UTI beneficiary may sell or pledge in connection with financings similar to the transaction described in this prospectus. Each holder or pledgee of the UTI will be required to expressly waive any claim to all origination trust assets other than the UTI assets and to fully subordinate any of those claims in the event that the waiver is not given full effect. Each holder or pledgee of any Other SUBI will be deemed to have waived any claim to all origination trust assets, except for the related Other SUBI assets, and to fully subordinate those claims in the event that the waiver is not given effect. Except under the limited circumstances described in this prospectus under "*Additional Legal Aspects of the Origination Trust and the Transaction SUBI—Allocation of Origination Trust Liabilities*" and in this section, the Included Units relating the Transaction SUBI will not be available to make payments in respect of, or pay expenses relating to, the UTI or any Other SUBI. Origination trust assets allocated to the UTI and any Other SUBI assets will not be available to make payments in respect of, or pay expenses relating to, the Transaction SUBI.

The Transaction SUBI and each Other SUBI will be created pursuant to a separate supplement to the origination trust agreement, which will amend the origination trust agreement only with respect to the SUBI to which it relates. The Transaction SUBI supplement will amend the origination trust agreement only as it relates to the Transaction SUBI.

All origination trust assets, including the Included Units, will be owned by the origination trust. Those Included Units will be segregated from the rest of the origination trust assets on the books and records of the origination trust and the servicer, and the holders of other beneficial interests in the origination trust – including the UTI and any Other SUBIs – will have no rights in or to those Included Units. Under the origination trust agreement, liabilities of the origination trust will be respectively allocated to the Included Units, the UTI assets and Other SUBI assets if incurred in each case with respect thereto, or will be allocated pro rata among all origination trust assets if incurred with respect to the origination trust assets generally.

**Resignation and Removal of the Origination Trustee** 

The origination trustee may at any time resign by giving thirty (30) days prior written notice to the UTI beneficiary and the issuing entity, as holder of the Transaction SUBI Certificate. Upon receiving the notice of resignation, the holder of the UTI will promptly appoint a successor trustee who meets the eligibility requirements set forth in the origination trust agreement by written instrument.

If at any time (a) the origination trustee fails to be qualified in accordance with the origination trust agreement, (b) any representation or warranty made by the origination trustee pursuant to the origination trust agreement proves to have been untrue in any material respect when made, (c) the origination trustee is legally unable to act, or (d) in certain events of bankruptcy or insolvency of the origination trustee, then the origination trustee may

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be removed upon written notice by the holder of the UTI Certificate or the Transaction SUBI Certificate or the assignee or pledgee of the UTI Certificate or the Transaction SUBI Certificate in connection with a financing.

If the origination trustee resigns or is removed, the holder of the UTI Certificate or Transaction SUBI Certificate will promptly appoint a successor trustee by written instrument. Any resignation or removal of the origination trustee and appointment of a successor trustee will not become effective until acceptance of appointment by the successor trustee.

The origination trustee will be under no obligation to exercise any of the discretionary rights or powers vested in it by the origination trust agreement, or to institute, conduct or defend any litigation under the origination trust agreement or in relation thereto, unless the party requesting such action has offered to the origination trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby.

**Indemnity of Origination Trustee** 

The origination trustee will be indemnified and held harmless with respect to any loss, liability or expense, including reasonable attorneys' and other professionals' fees and expenses, arising out of or incurred in connection with (a) any of the origination trust assets (including, without limitation, any claims relating to leases, leased vehicles, consumer fraud, consumer leasing act violations, misrepresentation, deceptive and unfair trade practices, and any other claims arising in connection with any lease, personal injury or property damage claims arising with respect to any leased vehicle or any claim with respect to any tax arising with respect to any origination trust asset) or (b) the origination trustee's acceptance or performance of the trusts and duties contained under the origination trust agreement, with any allocation of such indemnification among the origination trust assets to be made as provided for in the origination trust agreement, provided, however, none of the origination trustee or any trust agent will be indemnified or held harmless out of the origination trust assets as to any claim (i) for which the UTI beneficiary, a servicer or any of their respective affiliates is liable and has paid, (ii) incurred by reason of such entity's willful misfeasance, bad faith or gross negligence (or with respect to the handling or disbursement of funds, negligence), or (iii) incurred by reason of the originator trustee's breach of its representations and warranties pursuant to the origination trust agreement. The origination trustee will in no event have any recourse to any SUBI assets, including such SUBI assets which were UTI assets at the time a claim against the origination trustee arose.

**Termination** 

The origination trust will dissolve, upon unanimous written agreement of all holders of SUBI certificates and the UTI Certificate, and the obligations and responsibilities of the UTI beneficiary and the origination trustee will terminate upon the later to occur of the full payment of all amounts owed under the origination trust agreement, the trust agreement and indenture and any financing in connection with all SUBIs.

**ADDITIONAL LEGAL ASPECTS OF THE ORIGINATION TRUST AND THE TRANSACTION SUBI** 

**The Origination Trust** 

The origination trust is a Delaware statutory trust. As a Delaware statutory trust, the origination trust may be eligible to be a debtor in its own right under the Bankruptcy Code. See "*Risk Factors—Macroeconomic, regulatory and other external factors could result in losses on your notes or reduce the market value or liquidity of your notes—Bankruptcy of the seller or the depositor could result in delays in payments or losses on your notes*" in this prospectus. As such, the origination trust may be subject to insolvency laws under the Bankruptcy Code or similar state laws ("**insolvency laws**"). If so, the automatic stay under the Bankruptcy Code and similar state provisions could result in a delay in payments to noteholders, and claims against the origination trust assets could have priority over the beneficial interest in those assets represented by the Transaction SUBI Certificate as more fully described under "*Additional Legal Aspects of the Leases and the Leased Vehicles—Vicarious Tort Liability*" in this prospectus.

**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 will not directly own the

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related Transaction SUBI assets. Instead, the origination trust will own the origination trust assets, including all Transaction SUBI assets, and the origination trustee will take actions with respect thereto in the name of the origination trust on behalf of and as directed by the beneficiaries of the origination trust (i.e., the holders of the UTI Certificate and all Other SUBI Certificates). The primary asset of the issuing entity will be a Transaction SUBI Certificate evidencing a 100% beneficial interest in the Transaction SUBI assets, and the indenture trustee will take action with respect thereto in the name of the issuing entity and on behalf of the noteholders and the depositor. Beneficial interests in the leases and leased vehicles represented by the Transaction SUBI Certificate, rather than direct legal ownership, are 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 origination trustee and the servicer will segregate the Transaction SUBI assets allocated to the Transaction SUBI from the other origination trust assets on the books and records each maintains for these assets. Neither the servicer nor any holders of other beneficial interests in the origination trust will have rights in the Transaction SUBI assets, and payments made on any origination trust assets other than the Transaction SUBI assets generally will not be available to make payments on the notes or to cover expenses of the origination trust allocable to such Transaction SUBI assets.

**Allocation of Origination Trust Liabilities** 

The origination trust assets are and may in the future continue to be comprised of several portfolios of Other SUBI assets, together with the Included Units and the UTI assets. The UTI beneficiary may in the future pledge the UTI as security for obligations to third-party lenders, and may in the future create and sell or pledge Other SUBIs in connection with other financings. Pursuant to the origination trust agreement, as among the beneficiaries of the origination trust, an origination trust liability relating to a particular portfolio of origination trust assets will be allocated to and charged against the portfolio of origination trust assets to which it belongs. Origination trust liabilities and expenses incurred with respect to the origination trust assets generally will be borne pro rata among all portfolios of origination trust assets. The origination trustee and the beneficiaries of the origination trust, including the issuing entity, will be bound by that allocation. In particular, the origination trust agreement will require the holders from time to time of the UTI Certificate and any Other SUBI Certificates to release and waive any claim they might otherwise have with respect to the Included Units and to fully subordinate any claims to the Included Units in the event that such waiver is not given effect. Similarly, the holders of the notes or the Transaction SUBI Certificate will be deemed to have waived any claim they might otherwise have with respect to the UTI assets or any Other SUBI assets. See "*The Origination Trust Agreement and the Transaction SUBI Supplement—The Transaction SUBI, Other SUBIs and the UTI*" in this prospectus.

Because the issuing entity and the indenture trustee will not own directly or have a direct security interest in the Included Units, and since their respective interests generally will be an indirect beneficial ownership interest and a security interest in the indirect beneficial ownership interest, claims of third-party creditors of the origination trust will take priority over the interests of the issuing entity and the indenture trustee in those Included Units. Potentially material examples of those claims could 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;(1) tax liens arising against the depositor, PFS, the seller, the origination trust, the UTI beneficiary or 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;(2) liens arising under various federal and state criminal statutes;

&nbsp;&nbsp;&nbsp;&nbsp;&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) certain liens in favor of the Pension Benefit Guaranty Corporation; 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;(4) judgment liens arising from successful claims against the origination trust arising from the operation of leased vehicles titled in the name of the origination trust.

See "*Risk Factors—The issuing entity has limited assets, and delays in payment or losses on your notes could arise from shortfalls or delays in amounts available to make payments on the notes—Interests of other persons in the leases and the leased vehicles could be superior to the issuing entity's interest, which may result in delayed or reduced payment on your notes,*" "*Risk Factors—The characteristics, servicing and performance of the leases and related leased vehicles allocated to the Transaction SUBI could result in delays in payment or losses on your notes—Vicarious tort liability may result in a loss on your notes*," "*Additional Legal Aspects of the Leases and the Leased Vehicles—Vicarious Tort Liability*" and "—*Consumer Protection Laws*" for a further discussion of these risks.

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The UTI beneficiary may create and sell or pledge Other SUBIs in connection with other financings. Each holder or pledgee of the UTI or any Other SUBI will be required to expressly disclaim any interest in the Transaction SUBI and the Included Units, and to fully subordinate any claims to the Transaction SUBI and the Included Units in the event that this disclaimer is not given effect.

**Insolvency Related Matters** 

As described under "*The Origination Trust Agreement and the Transaction SUBI Supplement—The Transaction SUBI, Other SUBIs and the UTI*" and "*Additional Legal Aspects of the Origination Trust and the Transaction SUBI*—*Allocation of Origination Trust Liabilities*" in this prospectus, each holder or pledgee of the UTI Certificate and any Other SUBI Certificate will be required to expressly disclaim any interest in the Included Units and to fully subordinate any claims to the Included Units in the event that disclaimer is not given effect. Similarly, the holder and pledgee of the Transaction SUBI Certificate will be required to expressly disclaim any interest in the UTI assets and Other SUBI assets and to fully subordinate any claims to the UTI assets and Other SUBI assets in the event that disclaimer is not given effect. Although no assurances can be given, the depositor believes that in the unlikely event of a bankruptcy of PFS or the seller, the Included Units would not be treated as part of PFS' or the seller's bankruptcy estate. 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 PFS or the seller under any insolvency laws will result in consolidation of the assets and liabilities of the origination trust, the depositor or the issuing entity with those of PFS or the seller. With respect to the depositor, these steps include its creation as a separate, special purpose limited liability company of which the seller is the sole equity member, pursuant to a limited liability agreement containing certain limitations, including the requirement that the depositor must have at all times at least one independent director 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 the independent director.

However, delays in payments on the notes and possible reductions in the amount of those payments could occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a court were to conclude that the assets and liabilities of the origination trust, the depositor or the issuing
entity should be consolidated with those of PFS or the seller in the event of the application of applicable insolvency laws to PFS or the seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a filing were to be made under any insolvency law by or against the origination trust, the depositor or the
issuing entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&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 the Transaction SUBI Certificate from the seller to the depositor, or the transfer of the Transaction SUBI Certificate from the depositor to the issuing entity were not a true sale, or that the depositor and the issuing entity should be treated as the same entity as the seller for bankruptcy purposes, any of the following could delay or prevent payments on the notes:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Bankruptcy Code that permit substitution of collateral in certain circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain tax or government liens on PFS' or the seller's property having a prior claim on collections
before the collections are used to make payments on the notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuing entity not having a perfected security interest in the Included Units or any cash collections held by
PFS at the time that PFS becomes the subject of a bankruptcy proceeding.

In an insolvency proceeding of PFS or the seller, (1) reallocation payments made by PFS, as servicer, in respect of certain Included Units, (2) payments made by PFS or the seller on certain insurance policies required to be obtained and maintained by lessees pursuant to the leases and (3) payments made by PFS or the seller to the depositor may be recoverable by PFS or the seller as debtor-in-possession or by a creditor or a trustee in bankruptcy

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of PFS or the seller as a preferential transfer from PFS or the seller if those payments were made within one year prior to the filing of a bankruptcy case in respect of PFS or the seller. In addition, the insolvency of PFS could result in the replacement of PFS as servicer, which could in turn result in a temporary interruption of payments on the notes. See "*Risk Factors—Macroeconomic, regulatory and other external factors could result in losses on your notes or reduce the market value or liquidity of your notes—Bankruptcy of the seller or the depositor could result in delays in payments or losses on your notes*" and "*Risk Factors*—*Adverse events affecting the servicer, its affiliates or other transaction parties could result in losses on your notes or reduce the market value or liquidity of your notes—Adverse events with respect to PFS, its affiliates or third party providers to whom PFS outsources its activities could affect the timing of payments on your notes or adversely affect the market value or liquidity of your notes*" in this prospectus.

On the closing date, Mayer Brown LLP, special 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 applicable statutes to federal bankruptcy cases, if PFS or the seller were to become a debtor in a case under the United States Bankruptcy Code, as amended (the "**Bankruptcy Code**"), in a properly presented and decided case, (i) the bankruptcy court would determine that the transfer of the Transaction SUBI Certificate pursuant to the SUBI sale agreement constitutes a sale of such Transaction SUBI Certificate to the depositor by the seller, as opposed to a loan, and, therefore, (1) the Transaction SUBI Certificate would not be property of PFS' or the seller's bankruptcy estate under Section 541 of the Bankruptcy Code, and (2) Section 362(a) of the Bankruptcy Code would not operate to stay payments by the servicer of collections on the Included Units in accordance with the transfer agreements; and the bankruptcy court would not substantively consolidate the assets and liabilities of PFS or the seller, on the one hand, with those of the depositor or the origination trust, on the other hand. Among other things, that opinion will assume that each of the origination trust (or the origination trustee when acting on its behalf) and the depositor will follow certain procedures in the conduct of its affairs, including maintaining separate records and books of account from those of PFS or the seller, not commingling its respective assets with those of PFS or the seller, doing business in a separate office from PFS or the seller and not holding itself out as having agreed to pay, or being liable for, the debts of PFS or the seller. In addition, that opinion will assume that except as expressly provided by the origination trust agreement 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), neither PFS nor the seller will generally guarantee the obligations of the origination trust or the depositor to third parties, and will not conduct the day-to-day business or activities of any thereof, other than in its capacity as servicer acting under and in accordance with the servicing agreement or in its capacity as administrator under the administration agreement. Each of PFS, the seller, the origination trust 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 origination trust and the depositor. 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 any of PFS, the seller, the origination trust or the depositor, and a court were to order the substantive consolidation of the assets and liabilities of any of those entities with those of PFS or the seller or if an attempt were made to litigate any of the foregoing issues, delays in distributions on the Transaction SUBI Certificate (and possible reductions in the amount of those distributions) to the issuing entity, and therefore to the noteholders, could occur.

The seller, as the UTI beneficiary, will treat its conveyance of the Transaction SUBI Certificate 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 PFS or the seller, and PFS or the seller as debtor-in-possession or a creditor, receiver or bankruptcy trustee of PFS or the seller were to take the position that the sale, transfer and assignment of the Transaction SUBI Certificate by the seller to the depositor should instead be treated as a pledge of the Transaction SUBI Certificate to secure a borrowing by PFS or the seller, delays in payments of proceeds of that Transaction SUBI Certificate to the issuing entity, and therefore to the noteholders, could occur or (should the court rule in favor of that position) reductions in the amount of those payments could result. On the closing date, Mayer Brown LLP, special counsel to the depositor, will deliver an opinion to the effect that, subject to certain facts, assumptions and qualifications specified therein, in the event that PFS or the seller were to become a debtor in a case under the Bankruptcy Code subsequent to the sale, transfer and assignment of the Transaction SUBI Certificate to the depositor, the sale, transfer and assignment of the Transaction SUBI Certificate from the seller to the depositor would be characterized as an absolute sale, transfer and assignment, and the

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Transaction SUBI Certificate and the proceeds thereof would not be property of PFS' or the seller'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 the Transaction SUBI Certificate as against the seller which the depositor will assign to the issuing entity and the issuing entity will pledge to the indenture trustee. The indenture trustee will perfect its security interest in the Transaction SUBI Certificate. Accordingly, if the conveyance of the Transaction SUBI Certificate by the seller 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 seller, although a case or proceeding under any insolvency law with respect to the seller could result in delays or reductions in distributions on the Transaction SUBI Certificate as indicated above, notwithstanding that perfected security interest.

In the event that the servicer were to become subject to a case under the Bankruptcy Code, certain payments made within one year of the commencement of that case (including reallocation 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—Macroeconomic, regulatory and other external factors could result in losses on your notes or reduce the market value or liquidity of your notes—Bankruptcy of the seller or the depositor could result in delays in payments or losses on your notes*" in this prospectus.

**Dodd-Frank Orderly Liquidation Framework** 

*General*. On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "**Dodd-Frank Act**") was signed into law. The Dodd-Frank Act, among other things, gives the Federal Deposit Insurance Corporation (the "**FDIC**") authority to act as receiver of bank holding companies, financial companies and their respective subsidiaries in specific situations under the "Orderly Liquidation Authority" (the "**OLA**") as described in more detail below. The OLA provisions were effective on July 22, 2010. The proceedings, standards, powers of the receiver and many other substantive provisions of OLA differ from those of the 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 exactly what impact these provisions will have on any particular company, including the sponsor, the seller, the depositor, the origination trust or the issuing entity, or their respective creditors.

*Potential Applicability to the origination trust, the sponsor, the seller, the depositor and the issuing entity*. There is uncertainty about which companies will be subject to OLA rather than the 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 the company is in default or in danger of default, the failure of such company and its resolution under the Bankruptcy Code would have serious adverse effects on financial stability in the United States, no viable private sector alternative is available to prevent the default of the company and an OLA proceeding would mitigate these adverse effects.

The issuing entity, the origination trust or the depositor could also potentially be subject to the provisions of OLA as a "covered subsidiary" of the sponsor or the seller. For the issuing entity, the origination trust or the depositor to be subject to receivership under OLA as a covered subsidiary of the sponsor or the seller (1) the FDIC would have to be appointed as receiver for the sponsor or the seller under OLA as described above, and (2) the FDIC and the Secretary of the Treasury would have to jointly determine that (a) the issuing entity, the origination trust or the depositor is in default or in danger of default, (b) the liquidation of that 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 the sponsor or the seller.

The Secretary of the Treasury could determine that the failure of the sponsor or the seller or any potential covered subsidiary thereof would have serious adverse effects on financial stability in the United States. In addition, OLA could apply to the sponsor, the seller, the depositor, the origination trust or a particular issuing entity or, if it were to apply, the timing and amounts of payments to the noteholders could be less favorable than under the Bankruptcy Code.

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*FDIC's Repudiation Power Under OLA*. If the FDIC were appointed receiver of PFS or of the seller or of a covered subsidiary under OLA, the FDIC would have various powers under OLA, including the power to repudiate any contract to which PFS the seller or a covered subsidiary was a party, if the FDIC determined that performance of the contract was burdensome and that repudiation would promote the orderly administration of PFS', the seller's or such covered subsidiary's affairs. In January 2011, the Acting General Counsel of the FDIC issued an advisory opinion confirming, among other things, its intended application of the FDIC's repudiation power under OLA. In that advisory opinion, the Acting General 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 Acting General Counsel was of the opinion that the FDIC as receiver for a covered financial company, which could include PFS, the seller or their respective subsidiaries (including the depositor, the origination trust or the issuing entity), cannot repudiate a contract or lease unless it has been appointed as receiver for that entity that is a party to that contract or lease or the separate existence of that entity may be disregarded under other applicable law. In addition, the Acting General 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 PFS, the seller or their respective subsidiaries (including the depositor, the origination trust 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 assets 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 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 Acting General Counsel will recommend that the FDIC Board of Directors incorporate a transition period of 90 days for any provisions in any further regulations affecting the statutory power to disaffirm or repudiate contracts. To the extent any future regulations or subsequent FDIC actions in an OLA proceeding involving PFS, the seller or their respective subsidiaries (including the depositor, the origination trust or any issuing entity), are contrary to this advisory opinion, payment or distributions of principal and interest on the securities issued by the issuing entity could be delayed or reduced.

We will structure the transfers contemplated hereby of each Transaction SUBI Certificate with the intent that they would be treated as legal true sales under applicable state law. If the transfers are so treated, based on the Acting General Counsel of the FDIC's advisory opinion rendered in January 2011 and other applicable law, PFS believes that the FDIC would not be able to recover the Transaction SUBI Certificate or the related SUBI assets allocated to the Transaction SUBI using its repudiation power. However, if those transfers were not respected as legal true sales, then the purchaser under the applicable transfer agreement would be treated as having made a loan to the related seller, and the issuing entity under the applicable transfer agreement would be treated as having made a loan to the depositor, in each case secured by the Transaction SUBI Certificate and the related SUBI assets. The FDIC, as receiver, generally has the power to repudiate secured loans and then recover the collateral after paying actual direct compensatory damages to the lenders as described below. If the sponsor or the depositor were placed in receivership under OLA, the FDIC could assert that the sponsor or the depositor, as applicable, effectively still owned the transferred Transaction SUBI Certificate and related SUBI assets because the transfers by the sponsor to the depositor or by the depositor to the issuing entity were not true sales. In such case, the FDIC could repudiate that transfer of the Transaction SUBI Certificate and related SUBI assets and the issuing entity would have a secured claim for actual direct compensatory damages as described below. Furthermore, if the issuing entity were placed in receivership under OLA, this repudiation power would extend to the securities issued by such issuing entity. In such event, noteholders would have a secured claim in the receivership of such issuing entity. The amount of damages that the FDIC would be required to pay would be limited to "actual direct compensatory damages" determined as of the date of the FDIC's appointment as receiver. There is no general statutory definition of "actual direct compensatory damages" in this context, but the term does not include damages for lost profits or opportunity. However, under OLA, in the case of any debt for borrowed money, actual direct compensatory damages is no less than the amount lent plus accrued interest plus any accreted OID as of the date the FDIC was appointed receiver and, to the extent that an allowed secured claim is secured by property the value of which is greater than the amount of such claim and any accrued interest through the date of repudiation or disaffirmance, such accrued interest.

Regardless of whether the transfers under the SUBI transfer agreement and the SUBI sale agreement are respected as legal true sales, as receiver for PFS or the seller or a covered subsidiary the FDIC could:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• require the issuing entity, as assignee of the seller and the depositor, to go through an administrative claims
procedure to establish its rights to payments collected on the Transaction SUBI Certificate and related SUBI assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the issuing entity were a covered subsidiary, require the indenture trustee for the noteholders to go through
an administrative claims procedure to establish its rights to payments on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• request a stay of proceedings to liquidate claims or otherwise enforce contractual and legal remedies against
PFS, the seller or a covered subsidiary (including the depositor or the issuing entity); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repudiate PFS' ongoing servicing obligations under a servicing agreement, such as its duty to collect and
remit payments or otherwise service the leases and leased vehicles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prior to any such repudiation of a servicing agreement, prevent any of the indenture trustee or the noteholders
from appointing a successor servicer.

There are also statutory prohibitions on (1) any attachment or execution being issued by any court upon assets in the possession of the FDIC, as receiver, (2) any property in the possession of the FDIC, as receiver, being subject to levy, attachment, garnishment, foreclosure or sale without the consent of the FDIC, and (3) any person exercising any right or power to terminate, accelerate or declare a default under any contract to which PFS, the seller or a covered subsidiary (including the depositor, the origination trust or any issuing entity) that is subject to OLA is a party, or to obtain possession of or exercise control over any property of PFS, the seller or any covered subsidiary or affect any contractual rights of PFS, the seller or a covered subsidiary (including the depositor, the origination trust or any issuing entity) that is subject to OLA, without the consent of the FDIC for 90 days after appointment of FDIC as receiver. The requirement to obtain the FDIC's consent before taking these actions relating to a covered company's contracts or property is comparable to the "automatic stay" in bankruptcy.

If the FDIC, as receiver for PFS, the seller, the depositor or the issuing entity, were to take any of the actions described above, payments and/or distributions of principal and interest on the securities issued by the issuing entity would be delayed and may be reduced.

*FDIC's Avoidance Power Under OLA.* The proceedings, standards and many substantive provisions of OLA relating to preferential transfers differ from those of the Bankruptcy Code. If PFS, the seller or any of their affiliates were to become subject to OLA, there is an interpretation under OLA that previous transfers of Other SUBI Certificates by PFS, the seller or those affiliates perfected for purposes of state law and the Bankruptcy Code could nevertheless be avoided as preferential transfers.

In December 2010, the Acting General Counsel of the FDIC issued an advisory opinion providing an interpretation of OLA which concludes that the treatment of preferential transfers under OLA was intended to be consistent with, and should be interpreted in a manner consistent with, the related provisions under the Bankruptcy Code. In addition, on July 6, 2011, the FDIC issued a final rule that, among other things, codified the Acting General Counsel's interpretation. The final rule was effective August 15, 2011. Based on the final rule, a transfer of the Transaction SUBI Certificate perfected by the filing of a UCC financing statement against the seller, the depositor and the issuing entity as provided in the applicable transfer agreement would not be avoidable by the FDIC as a preference under OLA due to any inconsistency between OLA and the Bankruptcy Code in defining when a transfer has occurred under the preferential transfer provisions of OLA. To the extent subsequent FDIC actions in an OLA proceeding are contrary to the final rule, payment or distributions of principal and interest on the notes issued by the issuing entity could be delayed or reduced.

**ADDITIONAL LEGAL ASPECTS OF THE LEASES AND THE LEASED VEHICLES** 

**Vicarious Tort Liability** 

Although the origination trust will own the leased vehicles allocated to the Transaction SUBI and the issuing entity will have a beneficial interest in the leased vehicles (as evidenced by the Transaction SUBI Certificate), 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 an action against the

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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 (as discussed below), the origination trust and the origination trust assets may be subject to liability to that injured party. However, the laws of many states either (i) do not permit these types of suits, or (ii) provide that the lessor's liability is capped 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).

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, where a large number of leases were originated, the holder of title of a motor vehicle, including an origination 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 that motor vehicle. It is not clear whether there is a limit on an owner's liability. In the context of the denial of a motion brought by a defendant to dismiss a claim based on the negligent use or operation of a motor vehicle, the Court of Appeals of New York ruled that a finance company acting as an agent for an origination trust may be considered an "owner" of a motor vehicle and thus subject to joint and several liability with the lessee for the negligent use or operation of the leased motor vehicle for the duration of a lease. As a result of the ruling in New York, losses could arise if lawsuits are brought against the origination trust, the seller or PFS, as agent of the origination trust, in connection with the negligent use or operation of any leased vehicles owned by the origination trust, including the leased vehicles allocated to the Transaction SUBI. This case was decided prior to the enactment of the Transportation Act.

The Transportation Act provides that an owner of a motor vehicle that rents or leases the vehicle to a person will 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 was effective upon enactment and applies to any action commenced on or after August 10, 2005. The Transportation Act was intended to preempt state and local laws that impose possible vicarious tort liability on entities owning motor vehicles that are rented or leased and it is expected that the Transportation Act should reduce the likelihood of vicarious liability being imposed on a titling trust. State and federal courts considering whether the Transportation Act preempts state laws permitting vicarious liability have generally concluded that these laws are preempted with respect to cases commenced on or after August 10, 2005. One New York lower court, however, has reached a contrary conclusion in a recent case involving a leasing trust. 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 11<sup>th</sup> Circuit upheld the constitutionality of the preemption provisions in the Transportation Act and the plaintiffs' petition seeking review of the decision by the U.S. Supreme Court was denied. In 2010, a similar decision was issued by the U.S. Court of Appeals for the 8<sup>th</sup> Circuit. While the outcome in these cases upheld federal preemption under the Transportation Act, the outcome of any future cases remains uncertain at this time.

The origination trust may, but is not required to maintain insurance, and the origination trust is or would be a named insured under the origination trust's applicable insurance policies. However, in the event that all applicable insurance coverage were to be exhausted (including the coverage provided by the contingent and excess liability insurance policies) and damages in respect of vicarious liability were to be assessed against the origination trust, claims could be imposed against the origination trust assets, including any leased vehicles allocated to the Transaction SUBI, and in certain circumstances, with respect to a leased vehicle that is an Other SUBI asset or a UTI asset. If any of these claims were imposed against the origination trust assets, investors in the notes could incur a loss on their investment.

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**Repossession of Leased Vehicles** 

In the event that a default by a lessee has not been cured within a certain period of time after notice, the servicer will ordinarily 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 cure the default under the related lease. If by the end of that period the default has not been cured, the servicer will attempt to sell the leased vehicle. The net repossession proceeds therefrom may be less than the remaining amounts due under the lease at the time of default by the lessee.

**Deficiency Judgments** 

The proceeds of the sale of a leased vehicle generally will be applied first to the expenses of resale and repossession and then to the satisfaction of the amounts due under the related lease. While some states impose prohibitions or limitations on deficiency judgments if the net proceeds from resale of a leased vehicle do not cover the full amounts due under the related lease, a deficiency judgment can be sought in those states that do not directly prohibit or limit those judgments. However, in some states, a lessee may be allowed an offsetting recovery for any amount not recovered at resale because the terms of the resale were not commercially reasonable. In any event, a deficiency judgment would be a personal judgment against the lessee for the shortfall, and a defaulting lessee would be expected to have little capital or sources of income available following repossession. Therefore, in many cases, it may not be useful to seek a deficiency judgment. Even if a deficiency judgment is obtained, it may be settled at a significant discount or may prove impossible to collect all or any portion of a judgment.

Courts have applied general equitable principles in litigation relating to repossession and deficiency balances. These equitable principles may have the effect of relieving a lessee from some or all of the legal consequences of a default.

In several cases, consumers have asserted that the self-help remedies of lessors violate the due process protection provided under the Fourteenth Amendment to the Constitution of the United States. Courts have generally found that repossession and resale by a lessor do not involve sufficient state action to afford constitutional protection to consumers.

**Consumer Protection Laws** 

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, issued by the CFPB, for example, require that a number of disclosures be made at the time a vehicle is leased, 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;(1) the amount and type of all payments due at the time of origination of the 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;(2) a description of the lessee's liability at the end of the lease term;

&nbsp;&nbsp;&nbsp;&nbsp;&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 amount of any periodic payments and manner of their 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;&nbsp;&nbsp;&nbsp;&nbsp;(4) the circumstances under which the lessee may terminate the lease prior to the end of the lease term;

&nbsp;&nbsp;&nbsp;&nbsp;&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 capitalized cost of the vehicle; 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;(6) a warning regarding possible charges for early termination.

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Most states have adopted Article 2A of the Uniform Commercial Code 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 origination trust as owner or lessor of the leases and may also apply to the issuing entity of a series as holder of the Transaction SUBI Certificate. The failure to comply with these consumer protection laws may give rise to liabilities on the part of the servicer, the origination trust and the origination trustee, including liabilities for statutory damages and attorneys' fees. In addition, claims by the servicer, the origination trust and the origination trustee may be subject to setoff as a result of any noncompliance.

Many states have adopted "**lemon laws**" 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 origination 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 origination trust may be able to assert a claim against the manufacturer of any such defective leased vehicle, such claim may not be successful. To the extent a lessee is able to compel the origination trust to terminate the related lease, the lease will be deemed to be a Charged-off Lease and amounts received thereafter on or in respect of that lease will constitute sales proceeds. A "**Charged-off Lease**" means a lease that has been written off by the servicer in connection with its customary servicing practices for writing off leases. As noted below, the seller will represent and warrant to the origination trustee as of the cut-off date that the related leases and leased vehicles to be allocated to the Transaction SUBI comply with all applicable laws, including lemon laws, in all material respects. Nevertheless, one or more leased vehicles may become subject to return (and the related lease terminated) in the future under a lemon law.

**Servicemembers Civil Relief Act** 

The Servicemembers Civil Relief Act and similar state laws may provide relief to members of the Army, Navy, Air Force, Marines, National Guard, Reservists, Space Force, Coast Guard and 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, 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 nonpayment. Furthermore, under the Servicemembers Civil Relief Act, a lessee may terminate a lease of a vehicle at anytime 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); or (ii) the lessee, while in the military, executes a lease contract for a vehicle and thereafter receives military orders for a permanent change of station outside of the continental United States or to deploy with a military unit for a period of not less than 180 days. No early termination charges (as defined in the Servicemembers Civil Relief Act) may be imposed on the lessee for such termination. 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 have increased and may continue to increase the number of citizens who are in active military service, including persons in reserve or national guard 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 defaulted vehicle during the related lessee's period of active duty and, in some cases, may require the servicer to extend the maturity 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. Thus, if a lease goes into default, there may be delays and losses occasioned by the inability to exercise the origination trust's rights 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 or extended, the servicer will not be required to advance such amounts. Any resulting shortfalls in interest or principal will reduce the amount available for distribution on the notes.

On December 20, 2019, the National Defense Authorization Act for Fiscal Year 2020 was enacted (the "**2020 NDAA**"). The 2020 NDAA amended the Servicemembers Civil Relief Act 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

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National Guard duty, active Guard and Reserve duty, or inactive-duty training. In addition, these provisions allow the spouse of a servicemember who sustained a catastrophic injury or illness to terminate a vehicle lease one year from the date of the catastrophic event, as long as that servicemember sustained the injury or illness 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 vehicle 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 Servicemembers Civil Relief Act) may be imposed on the lessee for such termination.

Further, on January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (the "**2021 NDAA**") was enacted. The 2021 NDAA further amended the Servicemembers Civil Relief Act 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 Servicemembers Civil Relief Act) may be imposed on the lessee for such termination.

On December 27, 2021, the National Defense Authorization Act for Fiscal Year 2022 (the "**2022 NDAA**") was signed 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 motor vehicle leases in the Servicemembers Civil Relief Act 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, these laws may impose limitations that would impair the ability of the servicer to repossess a vehicle under a Defaulted Unit during the related lessee's period of active duty and, in some cases, may require the servicer to extend the lease termination 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 Servicemembers Civil Relief Act would apply to leases such as the leases to be allocated to the Transaction SUBI. 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.

**Other Limitations** 

In addition to laws limiting or prohibiting deficiency judgments, numerous other statutory provisions, including applicable insolvency laws, may interfere with or affect the ability of the servicer to enforce the rights of the origination 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.

State and local government bodies across the United States generally have the power to create licensing and permit requirements. It is possible that the issuing entity, the servicer or the origination trust could fail to have some required licenses or permits. In that event, the issuing entity, the servicer or the origination trust, as applicable, could be subject to liability or other adverse consequences.

Any shortfalls or losses arising in connection with the matters described above, to the extent not covered by amounts payable to the noteholders from amounts available under a credit enhancement mechanism, could result in losses to noteholders.

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**LEGAL INVESTMENT** 

**[Money Market Investment** 

The Class A-1 notes will be structured to be "eligible securities" for purchase by money market funds as defined in paragraph (a)(11) of Rule 2a-7 under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"). Rule 2a-7 includes additional criteria for investments by money market funds, including requirements and clarifications relating to portfolio credit risk analysis, maturity, liquidity and risk diversification. It is the responsibility solely of the fund and its advisor to satisfy those requirements.]

**Certain Volcker Rule Considerations** 

The issuing entity is being structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013, implementing the "Volcker Rule" (Section 619 of the Dodd-Frank Act).

**Requirements for Certain European Regulated Investors, UK Regulated Investors and Affiliates** 

Regulation (EU) 2017/2402 of the European Parliament and of the Council of December 12, 2017 laying down a general framework for securitization and creating a specific framework for simple, transparent and standardised securitization and amending certain other EU directives and regulations (as amended, the "**EU Securitization Regulation**") is directly applicable in member states of the EU and .is applicable in any current non-EU states of the EEA.

Article 5 of the EU Securitization Regulation places certain conditions on investments in a "securitisation" (as defined in the EU Securitization Regulation) (the "**EU Due Diligence Requirements**") by an "institutional investor", defined in the EU Securitization Regulation to include: (a) an insurance undertaking or a reinsurance undertaking, each as defined in Directive 2009/138/EC, as amended, known as Solvency II; (b) 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; (c) an alternative investment fund manager as defined in Directive 2011/61/EU that manages and/or markets alternative investment funds in the EEA; (d) 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 (e) a credit institution or an investment firm as defined in and for purposes of Regulation (EU) No 575/2013, as amended, known as the Capital Requirements Regulation (the "**EU CRR**"). The EU Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of entities that are subject to the EU CRR (such affiliates, together with all such institutional investors, "**EU Affected Investors**").

Pursuant to the EU Due Diligence Requirements, an EU Affected Investor must, amongst other things, prior to investing in a securitization, verify (a) that the originator, sponsor or original lender (each as defined in the EU Securitization Regulation) retains on an ongoing basis a material net economic interest of not less than 5% in such securitization in accordance with the EU Securitization Regulation, (b) that the originator, sponsor or securitization special purpose entity (each as defined in the EU Securitization Regulation) has, where applicable, made available the information required by Article 7 of the EU Securitization Regulation in accordance with the frequency and modalities provided for in that Article, and (c) that certain credit-granting requirements are satisfied.

With respect to the UK, the Securitisation Regulations 2024 (as amended, the "**SR 2024**"), together with (i) the securitisation sourcebook of the handbook of rules and guidance adopted by the UK Financial Conduct Authority (the "**SECN**"), (ii) the Securitisation Part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England (the "**PRASR**") and (iii) relevant provisions of the Financial Services and Markets Act 2000 (as amended, the "**FSMA**"), set out the framework for the regulation of securitization (collectively, the "**UK Securitization Framework**").

Regulations 32B to 32D (inclusive) of the SR 2024, SECN 4 and Article 5 of Chapter 2 of the PRASR, as applicable, place certain conditions on investments in a "securitisation" (as defined in the SR 2024) (the "**UK Due** 

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 **Diligence Requirements**") by an "institutional investor", defined in the SR 2024 to include: (a) an insurance undertaking or a reinsurance undertaking, each as defined in section 417(1) of the FSMA; (b) 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, or a fund manager of such a 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; (c) an AIFM as defined in regulation 4 of the Alternative Investment Fund Managers Regulations 2013 (the "**AIFM Regulations**") that has permission under the FSMA for managing an AIF (as defined in regulation 3 of the AIFM Regulations) and which markets or manages an AIF in the UK, or a small registered UK AIFM, as defined in the AIFM Regulations; (d) a management company as defined in section 237(2) of the FSMA; (e) 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; (f) a CRR firm as defined in Article 4(1)(2A) of Regulation (EU) No 575/2013, as it forms part of UK domestic law (as amended, the "**UK CRR**"); and (g) an FCA investment firm as defined in Article 4(1)(2AB) of the UK CRR. The UK Due Diligence Requirements also apply to investments by certain consolidated affiliates, wherever established or located, of entities that are subject to the UK CRR (such affiliates, together with all such institutional investors, "**UK Affected Investors**").

Pursuant to the UK Due Diligence Requirements, a UK Affected Investor must, amongst other things, prior to investing in a securitization, verify (a) that the originator, sponsor or original lender (each as defined in the SR 2024) retains on an ongoing basis (or, in the case of certain UK Affected Investors, continually retains) a material net economic interest of not less than 5% in such securitization in accordance with the UK Securitization Framework, (b) that the originator, sponsor or securitisation special purpose entity (each as defined in the SR 2024) has made available sufficient information to enable such UK Affected Investor independently to assess the risks of holding the securitisation position (and has committed to make further information available on an ongoing basis) in accordance with the elements of the UK Securitisation Framework to which such UK Affected Investor is subject, and (c) that, except in specified cases, certain credit-granting requirements are satisfied.

None of PFS, the seller, the depositor, the servicer, the sponsor, the underwriters, the other parties to the transaction described in this prospectus, nor any of their respective affiliates, will undertake, or intends, to retain a material net economic interest in such transaction in a manner that would satisfy the requirements of the EU Securitization Regulation or the UK Securitization Framework. Furthermore, no such person will undertake, or intends, in connection with such transaction, to take any other action or refrain from taking any action to facilitate or enable compliance by EU Affected Investors with the EU Due Diligence Requirements, by UK Affected Investors with the UK Due Diligence Requirements, or by any person with the requirements of any other law or regulation now or hereafter in effect in the EU, any EEA member state or the UK, in relation to risk retention, due diligence and monitoring, transparency, credit granting standards or any other conditions with respect to investments in securitization transactions.

The arrangements described under "*The Sponsor—Credit Risk Retention*" have not been structured with the objective of enabling or facilitating compliance with the requirements of the EU Securitization Regulation or the UK Securitization Framework by any person.

Failure by an EU Affected Investor to comply with the EU Due Diligence Requirements or by a UK Affected Investor to comply with the UK Due Diligence Requirements, in either case with respect to an investment in the notes described in this prospectus, may result in the imposition of a penalty regulatory capital charge on such investment or other regulatory sanctions and/or remedial measures being imposed or taken by such investor's relevant regulatory authority. Consequently, the notes may not be a suitable investment for EU Affected Investors or UK Affected Investors. As a result, the price and liquidity of the notes in the secondary market may be adversely affected.

Prospective investors are responsible for analyzing 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 Securitization Regulation, the UK Securitization Framework or other applicable regulations and the suitability of the notes for investment.

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**MATERIAL FEDERAL INCOME TAX CONSEQUENCES** 

Set forth below is a discussion of certain of the material United States federal income tax consequences relevant to the purchase, ownership and disposition of the offered notes. This discussion is based upon current provisions of the Code, existing and proposed Treasury Regulations thereunder, current administrative rulings, judicial decisions and other applicable authorities. To the extent that the following summary relates to matters of law or legal conclusions with respect thereto, such summary represents the opinion of Special Tax Counsel, subject to the qualifications set forth in this section. There are no cases or Internal Revenue Service (the "**IRS**") rulings on similar transactions involving both debt and equity interests issued by an entity similar to the issuing entity with terms similar to those of the offered notes. As a result, it is possible that the IRS could challenge the conclusions reached in this prospectus, and no ruling from the IRS has been or will be sought on any of the issues discussed below. Furthermore, legislative, judicial or administrative changes may occur, perhaps with retroactive effect, which could affect the accuracy of the statements and conclusions set forth in this prospectus as well as the tax consequences to noteholders.

The following discussion does not purport to deal with all aspects of United States federal income taxation that may be relevant to the noteholders in light of their personal investment circumstances nor, except for limited discussions of particular topics, to holders subject to special treatment under the United States federal income tax laws, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• life insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulated investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• S-corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trusts and estates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that hold the notes or certificates as a position in a "straddle" or as part of a synthetic
security or "hedge," "conversion transaction" or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons that have a "functional currency" other than the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accrual method taxpayers subject to special tax accounting rules as a result of their use of financial statements
pursuant to Section 451(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to any alternative minimum tax, including corporations subject to the corporate alternative
minimum tax on adjusted financial statement income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investors in pass-through entities.

This information is directed to prospective purchasers that are unrelated to the issuing entity who purchase offered notes at their issue price in the initial distribution thereof, who (except as discussed below under "*—Tax Consequences to Non-U.S. Noteholders*") are citizens or residents of the United States, including domestic corporations, and who hold the offered notes as "capital assets" within the meaning of Section 1221 (generally, property held for investment) of the Code. Prospective investors are urged to consult with their tax advisors as to the federal, state, local, foreign and any other tax consequences to them of the purchase, ownership and disposition of the offered notes.

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Special rules, not addressed in this discussion, may apply to persons purchasing notes through entities or arrangements treated for United States federal income tax purposes as partnerships, and any such partnership purchasing notes and persons purchasing notes through such a partnership should consult their own tax advisors in that regard to the application of the United States federal income tax laws to their particular situations as well as any tax consequences arising under the laws of any state, local or foreign taxing jurisdiction.

As used herein, the term "**noteholder**" means a beneficial owner of an offered note. The term "**U.S. noteholder**" means any noteholder that is, for U.S. federal income tax purposes, a U.S. Person (as defined below). A "**Non-U.S. noteholder**" means any noteholder other than a U.S. noteholder or an entity or arrangement treated as a partnership for U.S. federal income tax purposes. A "**U.S. Person**" means: (i) a citizen or resident of the United States, (ii) an entity treated as a corporation for U.S. federal income tax purposes created or organized under the laws of the United States, any state thereof, or the District of Columbia, (iii) an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source, or (iv) a trust if (a) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. Persons have authority to control all substantial decisions of the trust or (b) such trust was in existence on August 20, 1996 and is eligible to elect, and has made a valid election, to be treated as a U.S. Person despite not meeting the requirements of clause (a).

The following discussion addresses offered notes, which the depositor, the servicer and the noteholders will agree to treat as indebtedness for United States federal income tax purposes. On the closing date, Special Tax Counsel will deliver its opinion, subject to the assumptions and qualifications therein, to the effect that, based on the terms of the offered notes, the transactions relating to the leases and related leased vehicles allocated to the Transaction SUBI as set forth herein and the applicable provisions of the trust agreement and related documents, (i) the offered notes (other than any notes, if any, owned by: (A) the issuing entity or a person considered to be the same person as the issuing entity for United States federal income tax purposes, (B) a member of an expanded group (as defined in Treasury Regulation Section 1.385-1(c)(4) or any successor regulation then in effect) that includes the issuing entity (or a person considered to be the same person as the issuing entity for United States federal income tax purposes), (C) a "controlled partnership" (as defined in Treasury Regulation Section 1.385-1(c)(1) or any successor regulation then in effect) of such expanded group or (D) a disregarded entity owned directly or indirectly by a person described in preceding clause (B) or (C)) will be treated as debt for United States federal income tax purposes; and (ii) for United States federal income tax purposes, the issuing entity will not be classified as an association or a publicly traded partnership taxable as a corporation. Noteholders should be aware that, as of the closing date, no transaction closely comparable to that contemplated herein has been the subject of any judicial decision, Treasury Regulation or IRS revenue ruling. Although Special Tax Counsel will issue opinions to the effect described above, the IRS may successfully take a contrary position and the tax opinions are not binding on the IRS or on any court. The discussion below assumes the characterizations provided in these opinions are correct.

**The Issuing Entity** 

At closing the issuing entity will be disregarded as separate from its owner, the depositor, for United States federal income tax purposes but may be treated as a partnership should the depositor transfer any of the certificates to another party (that is not treated as the same person as the depositor for United States federal income tax purposes) or should any of the notes be characterized by the IRS as equity of the issuing entity.

If the issuing entity is treated as a partnership for United States federal income tax purposes, partnership audit rules would generally apply to the issuing entity. Under these rules, unless an entity elects otherwise, taxes arising from audit adjustments are required to be paid by the entity rather than by its partners or members. The parties responsible for the tax administration of the issuing entity described herein will have the authority to utilize, and intend to utilize, any exceptions available under these provisions (including any amendments thereto) and IRS regulations so that the issuing entity's members, 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. It is unclear to what extent these elections will be available to the issuing entity and how any such elections may affect the procedural rules available to challenge any audit adjustment that would otherwise be available in the absence of any such elections. Prospective investors are urged to consult with their tax advisors regarding the possible effect of these rules.

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**Tax Consequences to U.S. Noteholders** 

*Treatment of Stated Interest*. Assuming the offered notes are treated as debt for United States federal income tax purposes and are not issued with OID, stated interest on an offered note will be taxable to a U.S. noteholder for U.S. federal income tax purposes as ordinary income when received or accrued in accordance with the noteholder's regular method of accounting for such purposes. Interest received on a note may constitute "investment income" for purposes of some limitations of the Code concerning the deductibility of investment interest expense.

*Treatment of OID*. It is possible that one or more classes of offered notes may be issued with OID. In general, OID is the excess of the stated redemption price at maturity of a debt instrument over its issue price, unless that excess falls within a statutorily defined *de minimis* exception (i.e., is less than 0.25% of the weighted average maturity of the debt instrument (determined by taking into account the number of complete years following issuance until payment is made for each partial principal payment) multiplied by the stated redemption price at maturity of the debt instrument). An offered note's stated redemption price at maturity is the aggregate of all payments required to be made under the offered note through maturity except for payments of "qualified stated interest." Qualified stated interest is generally interest that is unconditionally payable in cash or property, other than debt instruments of the issuing entity, at fixed intervals of one year or less during the entire term of the instrument at specified rates. The issue price of an offered note will be the first price at which a substantial amount of the offered notes of the applicable class is sold, excluding sales to bond holders, brokers or similar persons acting as initial purchasers, placement agents or wholesalers.

If an offered note were treated as being issued with OID, a U.S. noteholder would be required to include OID in income for U.S. federal income tax purposes as interest over the term of the offered 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, each payment under an offered note (other than a payment of qualified stated interest not yet required to be included in oncome) would be treated as an amount already included in income, to the extent of OID that has accrued as of the date of the distribution and is not allocated to prior distributions, or as a repayment of principal. This treatment would have no significant effect on U.S. noteholders using the accrual method of accounting. However, cash method U.S. noteholders may be required to report income on the offered notes in advance of the receipt of cash attributable to that income.

In the case of a debt instrument as to which the repayment of principal may be accelerated as a result of the prepayment of other obligations securing the debt instrument, under Section 1272(a)(6) of the Code, the periodic accrual of OID is determined by taking into account (i) a reasonable prepayment assumption in accruing OID and (ii) adjustments in the accrual of OID when prepayments do not conform to the prepayment assumption, and regulations could be adopted changing the application of these provisions to the offered notes. It is unclear whether those provisions would be applicable to the offered notes in the absence of such regulations or whether use of a reasonable prepayment assumption may be required or permitted without reliance on these rules. If this provision applies to the offered notes, the amount of OID that will accrue in any given "accrual period" may either increase or decrease depending upon any actual prepayment rate. In the absence of such regulations (or statutory or other administrative clarification), the issuing entity may determine any information reports or returns to the IRS and the noteholders regarding OID, if any, will be based on the assumption that the leases will prepay at a rate based on assumptions, if any, used in pricing the offered notes offered hereunder. However, no representation will be made regarding the prepayment rate of the leases. Accordingly, noteholders are advised to consult their own tax advisors regarding the impact of any prepayments under the leases (and the OID rules) if the offered notes offered hereunder are issued with OID.

In the case of an offered note purchased with *de minimis* OID, generally, a portion of such OID is taken into income upon each principal payment on the offered note. Such portion equals the *de minimis* OID times a fraction whose numerator is the amount of principal payment made and whose denominator is the stated principal amount of the offered note. Any such amount of *de minimis* OID includible in income is generally treated as gain recognized on the retirement of the offered notes.

It is possible that certain offered notes will be treated as "Short-Term Notes", which have a fixed maturity date not more than one year from the issue date. A U.S. noteholder of a Short-Term Note will generally not be required to include OID on the Short-Term Note in income as it accrues, provided the holder of the offered note is

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not an accrual method taxpayer, a bank, a broker or dealer that holds the offered note as inventory, a regulated investment company or common trust fund, or the beneficial owner of pass-through entities specified in the Code, or provided the holder does not hold the instrument as part of a hedging transaction, or as a stripped bond or stripped coupon. Instead, the holder of a Short-Term Note would include the OID accrued on the offered note in gross income for U. S. federal income tax purposes upon a sale or exchange of the offered note or at maturity, or if the note is payable in installments, as principal is paid thereon. A holder of a Short-Term Note would be required to defer deductions for any interest expense on an obligation incurred to purchase or carry the offered note to the extent it exceeds the sum of the interest income, if any, and OID accrued on the offered note. However, a U.S. noteholder may elect to include OID in income as it accrues on all obligations having a maturity of one year or less held by the holder in that taxable year or thereafter, in which case the deferral rule of the preceding sentence will not apply. For purposes of this paragraph, OID accrues on a Short-Term Note on a ratable, straight-line basis, unless the holder irrevocably elects, under regulations to be issued by the United States Department of the Treasury, to apply a constant interest method to such obligation, using the holder's yield to maturity and daily compounding. 

*Market Discount* 

The offered notes, whether or not issued with OID, will be subject to the "**market discount rules**" of Section 1276 of the Code. In general, these rules provide that if the U.S. noteholder purchases an offered note at a market discount (that is, a discount from its stated redemption price at maturity (which is generally the stated principal amount) or if the related offered notes were issued with OID, its original issue price (as adjusted for accrued original issue discount, that exceeds a *de minimis* amount specified in the Code)) and thereafter (a) recognizes gain upon a disposition, or (b) receives payments of principal, the lesser of (i) that gain or principal payment or (ii) the accrued market discount, will be taxed as ordinary interest income. Generally, the accrued market discount will be the total market discount on the related offered note multiplied by a fraction, the numerator of which is the number of days the U.S. noteholder held that offered note and the denominator of which is the number of days from the date the U.S. noteholder acquired that offered note until its maturity date. The U.S. noteholder may elect, however, to determine accrued market discount under the constant-yield method.

Limitations imposed by the Code which are intended to match deductions with the taxation of income may defer deductions for interest on indebtedness incurred or continued, or short-sale expenses incurred, to purchase or carry an offered note with accrued market discount. A U.S. noteholder may elect to include market discount in gross income as it accrues and, if that U.S. noteholder makes such an election, it is exempt from this rule. Any such election will apply to all debt instruments acquired by the taxpayer on or after the first day of the first taxable year to which that election applies. The adjusted basis of an offered note subject to that election will be increased to reflect market discount included in gross income, thereby reducing any gain or increasing any loss on a sale or taxable disposition.

*Total Accrual Election* 

A U.S. noteholder may elect to include in gross income all interest that accrues on an offered note using the constant-yield method described above under the heading "—Original Issue Discount," with modifications described below. For purposes of this election, interest includes stated interest, acquisition discount, OID, *de minimis* OID, market discount, *de minimis* market discount and unstated interest, as adjusted by any amortizable bond premium (described below under "—Amortizable Bond Premium") or acquisition premium (described below under – "*Acquisition Premium*").

In applying the constant-yield method to an offered note with respect to which this election has been made, the issue price of the offered note will equal the electing U.S. noteholder's adjusted basis in the offered note immediately after its acquisition, the issue date of the offered note will be the date of its acquisition by the electing U.S. noteholder, and no payments on the offered note will be treated as payments of qualified stated interest. This election will generally apply only to the offered note with respect to which it is made and may not be revoked without the consent of the IRS. U.S. noteholders should consult with their own advisers as to the effect in their circumstances of making this election.

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*Amortizable Bond Premium* 

In general, if a U.S. noteholder purchases an offered note at a premium (that is, an amount in excess of the amount payable upon the maturity thereof), that U.S. noteholder will be considered to have purchased such offered note with "**amortizable bond premium**" equal to the amount of that excess. That U.S. noteholder may elect to amortize the bond premium as an offset to interest income and not as a separate deduction item as it accrues under a constant-yield method over the remaining term of the offered note. That U.S. noteholder's tax basis in the offered note will be reduced by the amount of the amortized bond premium. Any elections to amortize the bond premium as an offset to interest income will apply to all debt instruments (other than instruments the interest on which is excludible from gross income) held by the U.S. noteholder at the beginning of the first taxable year for which the election applies or thereafter acquired and is irrevocable without the consent of the IRS. Bond premium on an offered note held by a U.S. noteholder who does not elect to amortize the premium will decrease the gain or increase the loss otherwise recognized on the disposition of such offered note.

*Acquisition Premium* 

A U.S. noteholder that purchases in a secondary market an offered note that was originally issued with OID, for an amount that is less than or equal to the sum of all amounts (other than payments of qualified stated interest) payable on the offered note after the purchase date but that is in excess of its adjusted issue price (such excess being "**acquisition premium**") and that does not make the election described above, is permitted to reduce the daily portions of OID, if any, by a fraction, the numerator of which is the excess of the U.S. noteholder's adjusted basis in the offered note immediately after its purchase over the adjusted issue price of the offered note, and the denominator of which is the excess of the sum of all amounts payable on the offered note after the purchase date, other than payments of qualified stated interest, over the offered note's adjusted issue price.

U.S. noteholders should consult their tax advisors with regard to OID, market discount and premium matters concerning their offered notes.

*Disposition of Offered Notes* 

If a U.S. noteholder sells an offered note, the U.S. noteholder will recognize gain or loss in an amount equal to the difference between the amount realized on the sale and the noteholder's adjusted tax basis in the offered note. The adjusted tax basis of the offered note to a particular U.S. noteholder will equal the U.S. noteholder's cost for the offered note, increased by any OID and market discount previously included by the U.S. noteholder in income from the note and decreased by any amortizable bond premium previously amortized and any principal payments previously received by the U.S. noteholder on the offered note. Any gain or loss will be capital gain or loss if the offered note was held as a capital asset, except for gain representing accrued interest or accrued market discount not previously included in income. Capital gain or loss will be long-term if the offered note was held by the U.S. noteholder for more than one year and otherwise will be short-term. Any capital losses realized 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.

*Net Investment Income*. Certain non-corporate U.S. noteholders will be subject to a 3.8 percent tax, in addition to regular tax on income and gains, on some or all of their "net investment income," which generally will include interest, OID and market discount realized on an offered note and any net gain recognized upon a disposition of an offered note. U.S. noteholders should consult their tax advisors regarding the applicability of this tax in respect of their offered notes.

**Tax Consequences to Non-U.S. Noteholders** 

If interest paid to or accrued by a Non-U.S. noteholder is not effectively connected with the conduct of a trade or business within the United States by the Non-U.S. noteholder (or under certain tax treaties is not attributable to a United States permanent establishment maintained by such Non-U.S. noteholder), the interest generally will be considered "**portfolio interest**," and generally will not be subject to United States federal income tax and withholding tax (however see the discussion of FATCA below), as long as the Non-U.S. noteholder:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is not actually or constructively a "**10 percent shareholder**" of the
depositor (or of a holder of 10 percent of the applicable outstanding certificates), or a "**controlled foreign corporation**" with respect to which the issuing entity or depositor is a "**related person**" within
the meaning of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provides an appropriate statement on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, signed under penalties of perjury, certifying that the beneficial owner of the offered note is not a United States person within the meaning of
Section 7701(a)(30) of the Code (a "**Non-U.S. Person**") and providing that Non-U.S. noteholder's name and address. If the information
provided in this statement changes, the Non-U.S. noteholder must so inform the issuing entity (or, if applicable, other intermediary) within 30 days of change.

If the interest were not portfolio interest or if applicable certification requirements were not satisfied, and if the interest is not effectively connected with the conduct of a trade or business in the United States (or under certain tax treaties is not attributable to a United States permanent establishment maintained by such Non-U.S. noteholder), then the interest would be subject to United States federal income and withholding tax at a rate of 30 percent unless reduced or eliminated pursuant to an applicable tax treaty. Non-U.S. noteholders should consult their tax advisors with respect to the application of the withholding and information reporting regulations to their particular circumstances.

Any capital gain realized on the sale, redemption, retirement or other taxable disposition of an offered note by a Non-U.S. noteholder will be exempt from United States federal income and withholding tax, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&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. noteholder (or under certain tax treaties is not attributable to a United States permanent establishment maintained by such Non-U.S. noteholder); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of a foreign individual, the Non-U.S. noteholder is not
present in the United States for 183 days or more in the taxable year.

If the interest, gain or income on an offered note held by a Non-U.S. noteholder is effectively connected with the conduct of a trade or business in the United States by the Non-U.S. noteholder (and under certain tax treaties is attributable to a United States permanent establishment maintained by such Non-U.S. noteholder), the Non-U.S. noteholder, although exempt from the withholding tax previously discussed if an appropriate statement is furnished, generally will be subject to United States federal income tax on such interest, gain or income at regular federal income tax rates. In addition, if the Non-U.S. noteholder is a foreign corporation, it may be subject to a branch profits tax equal to the currently applicable rate of its "**effectively connected earnings and profits**" within the meaning of the Code for the taxable year, as adjusted for specified items, unless it qualifies for a lower rate under an applicable tax treaty.

**Related-Party Note Acquisition Considerations** 

The United States Department of the Treasury and the IRS have issued Treasury Regulations under Section 385 of the Code that address the debt or equity treatment of instruments held by certain parties related to the issuing entity. In particular, in certain circumstances, an offered note that otherwise would be treated as debt is treated as equity for United States federal income tax purposes during periods in which the offered note is held by an applicable related party (meaning a member of an "expanded group" that includes the issuing entity (or its owner(s)), generally based on a group of corporations or controlled partnerships connected through 80% direct or indirect ownership links). Under the Treasury Regulations, any offered notes treated as equity under these rules could result in adverse tax consequences to such related party noteholder, including that United States federal withholding taxes could apply to distributions on the offered notes. If the issuing entity were to become liable for any such withholding or failure to so withhold, the resulting impositions could reduce the cash flow that would otherwise be available to make payments on all offered notes. In addition, when a recharacterized offered note is acquired by a beneficial owner that is not an applicable related party, that offered note is generally treated as reissued for United States federal income tax purposes and thus may have tax characteristics differing from offered notes of the same class that were not previously held by a related party. As a result of considerations arising from these rules, the trust agreement will provide restrictions on certain potential holders of certificates if they are related to a noteholder. The issuing entity does not expect that these Treasury Regulations will apply to any of the offered

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notes. However, the Treasury Regulations are complex and have not yet been applied by the IRS or any court. In addition, the IRS has reserved certain portions of the Treasury Regulations pending its further consideration. Prospective investors are urged to consult their tax advisors regarding the possible effects of these rules.

**Information Reporting and Backup Withholding** 

Payments of principal and interest, as well as payments of proceeds from the sale, exchange, retirement or other taxable disposition of an offered note, may be subject to "backup withholding" tax under Section 3406 of the Code if a recipient of such payments fails to furnish to the payor certain identifying information. Any amounts deducted and withheld would be allowed as a credit against such recipient's United States federal income tax, provided that appropriate proof is provided under rules established by the IRS. Furthermore, certain penalties may be imposed by the IRS on a recipient of payments that is required to supply information but that does not do so in the proper manner. Backup withholding will not apply with respect to payments made to certain exempt recipients. Information may also be required to be provided to the IRS concerning payments, unless an exemption applies. Noteholders should consult their tax advisors regarding the rates for backup withholding, their qualification for exemption from backup withholding and information reporting and the procedure for obtaining such an exemption.

**Foreign Account Tax Compliance Act** 

Pursuant to the Sections 1471 through 1474 of the Code and the Treasury Regulations promulgated thereunder ("**FATCA**"), a United States withholding tax at the rate of 30% is imposed on payments of interest or, under rules previously scheduled to take effect on January 1, 2019, on gross proceeds from the sale or other taxable disposition of the offered notes made to non-U.S. financial institutions and certain other non-U.S. non-financial entities (including, in some instances, where such an entity is acting as an intermediary) that fail to comply with certain information reporting obligations. Proposed Treasury Regulations would eliminate FATCA withholding on payments of gross proceeds from such sale or other taxable disposition. The issuing entity and any withholding agent may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. If an amount in respect of United States withholding tax were to be deducted or withheld from interest or principal payments on the offered notes as a result of a noteholder's failure to comply with these rules or the presence in the payment chain of an intermediary that does not comply with these rules, neither the issuing entity nor any paying agent nor any other person would be required to pay additional amounts as a result of the deduction or withholding of such tax. As a result, investors may receive less interest or principal than expected. Certain countries have entered into, and other countries are expected to enter into, agreements with the United States to facilitate the type of information reporting required under FATCA. While the existence of such agreements will not eliminate the risk that offered notes will be subject to the withholding described above, these agreements are expected to reduce the risk of the withholding for investors in (or indirectly holding offered notes through financial institutions in) those countries. Non-U.S. noteholders should consult their own tax advisors regarding FATCA and whether it may be relevant to their purchase, ownership and disposition of the offered notes.

**Possible Alternative Characterization** 

Although as described above, Special Tax Counsel will deliver an opinion that the offered notes will be properly treated as debt for United States federal income tax purposes, no ruling will be sought from the IRS on the characterization of the offered notes for such purposes and the opinion of Special Tax Counsel will not be binding on the IRS. Thus, no assurance can be given that such a characterization will prevail. Were the IRS to contend successfully that the offered notes were not debt obligations for United States federal income tax purposes, the issuing entity would be classified for United States federal income tax purposes as a partnership.

If the offered notes (whether some or all the classes of offered notes) were treated as equity interests in a partnership, the issuing entity would be treated as a "publicly traded partnership" if the notes are considered listed on an exchange or traded on a secondary market or the substantive equivalent. No effort will be made to monitor the notes, and they may very well be so treated if considered equity. A publicly traded partnership is taxed in the same manner as a corporation unless at least 90% of its gross income consists of specified types of "qualifying income." The issuing entity is not expected to qualify for the "qualifying income" exception.

If the issuing entity was treated as a publicly traded partnership taxable as a corporation, the issuing entity would be subject to United States federal income taxes (and state and local taxes) at corporate tax rates on its net

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income. Distributions on the recharacterized notes might not be deductible in computing the issuing entity's taxable income, and distributions to the noteholders of such notes would probably be treated as dividends to the extent paid out of after-tax earnings. Such an entity-level tax could result in reduced distributions to noteholders, or the noteholders could be liable for a share of such tax. In addition, payments on recharacterized notes to Non-U.S. noteholders would be subject to withholding tax regardless of whether the issuing entity is taxed as a corporation or a partnership (subject to the application of an applicable income tax treaty).

Alternatively, if the issuing entity were treated as a partnership other than a publicly traded partnership taxable as a corporation, the issuing entity itself would not be subject to United States federal income tax, but noteholders that were determined to be partners in the partnership may have adverse United States federal income tax consequences. For example, tax-exempt holders, including pension plans could recognize "unrelated business taxable income". Non-U.S. noteholders would be subject to United States federal income and/or withholding tax (on income allocated to them and in connection with sales or transfers of a note) and tax filing requirements. In addition, payments on the recharacterized notes would likely be treated as "guaranteed payments" within the meaning of Section 707 of the Code, in which case the amount and timing of income to a U.S. noteholder would generally not be expected to materially differ from that which would be the case were the notes not recharacterized. On the other hand, if payments are not treated as "guaranteed payments", note that U.S. noteholders would be taxed on the partnership income regardless of when distributions are made to them and are not entitled to deduct miscellaneous itemized deductions that are not allocable to a trade or business (which may include their share of partnership expenses). In addition, to the extent the partnership's expenses are treated as allocable to a trade or business, the amount or value of interest expense deductions available to noteholders of recharacterized notes with respect to the partnership's interest expense may be limited under the rules of Section 163(j) of the Code. In addition, the transferee of a recharacterized note could be required to withhold 10% of the purchase price (and the transferor could suffer such withholding) if the transferee does not obtain an affidavit meeting the requirements of Section 1446(f) of the Code or satisfy the requirements of guidance thereunder so as to exempt the amount realized from such withholding. If a transferee is required to withhold and does not, the issuing entity is required to withhold, but only on distributions to such transferee. The issuing entity has not created a mechanism for a transferee of a note recharacterized as equity to obtain such an affidavit from a transferor. To the extent partnership expenses are treated as investment expenses, individuals are generally subject to limitations on their ability to deduct their share of partnership expenses. All noteholders treated as equity holders may have adverse timing and character consequences.

In addition, as described above, partnership audit rules apply to partnerships and entities treated as partnerships. As described above, the parties responsible for the tax administration of the issuing entity will have the authority to utilize, and intend to utilize, any exceptions available so that the issuing entity's equity holders, 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. As such, holders of equity (including noteholders of notes recharacterized as equity) could be obligated to pay any such taxes and other costs, and may have to take the adjustment into account for the taxable year in which the adjustment is made rather than for the audited taxable year. Prospective investors are urged to consult with their tax advisors regarding the possible effect of these rules on them.

Because the issuing entity will treat the offered notes as indebtedness for United States federal income tax purposes, it will not comply with the tax reporting requirements applicable to the possible alternative characterizations of the notes discussed above. Except where indicated to the contrary, the following discussion assumes that the offered notes are debt for United States federal income tax purposes.

**TAX SHELTER DISCLOSURE AND INVESTOR LIST REQUIREMENTS** 

Treasury Regulations directed at "potentially abusive" tax shelter activity can apply to transactions not conventionally regarded as tax shelters. These regulations require taxpayers to report certain information on IRS Form 8886 if they participate in a "reportable transaction" and to retain certain information relating to such transactions. Organizers and sellers 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 an investment in the securities. A noteholder may be required to report an investment in the securities even if the securities are treated as debt for United States federal income tax purposes. Significant penalties can be imposed for

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failure to comply with these disclosure and investor list requirements. Prospective investors should consult their tax advisors concerning any possible disclosure obligation with respect to their investment.

Prospective investors should consult their tax advisors concerning any possible disclosure obligation with respect to an investment in the securities, and should be aware that the depositor and other participants in the transaction intend to comply with such disclosure and investor list requirement as each participant in its own discretion determines apply to it with respect to this transaction.

**STATE AND LOCAL TAX CONSEQUENCES** 

The above discussion does not address the tax treatment of the notes or the issuing entity under any state or local tax laws. The activities to be undertaken by the servicer in servicing the leases and leased vehicles and collecting lease payments will take place throughout the United States and, therefore, many different tax regimes potentially apply to different portions of these transactions. Additionally, it is possible a state or local jurisdiction may assert its right to impose tax on the issuing entity with respect to its income related to leases and leased vehicles collected from customers located in such jurisdiction. It is also possible that a state may require that a noteholder treated as an equity-owner (including non-resident holders) file state income tax returns with the state pertaining to leases and leased vehicles collected from customers located in such state (and may require withholding on related income). Certain states have also recently enacted partnership audit rules that correspond with the audit rules that now apply to partnerships for United States federal income tax purposes, and similar considerations apply to those state partnership audit rules as apply to the current federal partnership audit rules. Prospective investors are urged to consult with their tax advisors regarding the state and local tax treatment of the issuing entity as well as any state and local tax considerations for them of purchasing, holding and disposing of offered notes, certificates or membership interests.

**CERTAIN CONSIDERATIONS FOR ERISA AND OTHER U.S. BENEFIT PLANS** 

Subject to the following discussion, the offered notes may be acquired with assets of 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, a "plan" as defined in and subject to Section 4975 of the Code or an entity or account deemed to hold "plan assets" of any of the foregoing (each a "**Benefit Plan**") as well as by an "employee benefit plan" as defined in Section 3(3) of ERISA, whether or not subject to Title I of ERISA, a "plan" as defined in Section 4975 of the Code, or an entity or account deemed to hold "plan assets" of the foregoing (together with Benefit Plans, "**Plans**"). Section 406 of ERISA and Section 4975 of the Code prohibit a Benefit Plan from engaging in certain 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 requires fiduciaries of a Benefit Plan subject to ERISA to make investments that are prudent, diversified and in accordance with the governing plan documents. The prudence of a particular investment must be determined by the responsible fiduciary of a Benefit Plan by taking into account the particular circumstances of the Benefit Plan and all of the facts and circumstances of the investment, including, but not limited to, the matters discussed under "*Risk Factors*" in this prospectus and the fact that in the future, there may be no market in which such fiduciary will be able to sell or otherwise dispose of the notes should the Benefit Plan purchase them. Unless the context clearly indicates otherwise, any reference in this section to the acquisition, holding or disposition of the notes will 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 notes if assets of the issuing entity were deemed to be assets of the Benefit Plan. Under a regulation issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA (the "**ERISA 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 to plan assets contained in the ERISA regulation were applicable. An equity interest is defined under the ERISA regulation as an interest other than an instrument which is treated as indebtedness under applicable local law and which has no substantial equity features. Although there is little guidance on the subject, the depositor believes that, as of the closing date, the offered notes should be treated as indebtedness of the issuing entity without substantial equity features for purposes of the ERISA regulation. This

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determination is based in part upon the traditional debt features of the offered notes, including the reasonable expectation of purchasers of notes that the offered notes will be repaid when due, traditional default remedies, as well as the absence of conversion rights, warrants or other typical equity features. The debt treatment of the offered notes for ERISA purposes could change if the issuing entity incurs losses. This risk of recharacterization is enhanced for notes that are subordinated to other classes of securities.

However, without regard to whether the offered notes are treated as an equity interest for purposes of the ERISA regulation, the acquisition or holding of the 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 administrator, the underwriters, the owner trustee, the indenture trustee or any of their affiliates is or becomes a party in interest or a disqualified person with respect to such Benefit Plan. Certain exemptions from the prohibited transaction rules could be applicable to the acquisition and holding of the offered notes by a Benefit Plan depending on the type and circumstances of the plan fiduciary making the decision to acquire such notes. Included among these exemptions are: Prohibited Transaction Class Exemption ("**PTCE**") 96-23, (as amended), regarding transactions effected by "in-house asset managers"; PTCE 95-60 (as amended), regarding investments by insurance company general accounts; PTCE 91-38 (as amended), regarding investments by bank collective investment funds; PTCE 90-1 (as amended), regarding investments by insurance company pooled separate accounts; and PTCE 84-14 (as amended), regarding transactions effected by "qualified professional asset managers". In addition to the class exemptions listed above, the Pension Protection Act of 2006 provides a statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code for prohibited transactions between a Benefit Plan and a person or entity that is a party in interest or disqualified person to such Benefit Plan solely by reason of providing services to the Benefit Plan or a relationship to such service providers (other than a party in interest or disqualified person that is a fiduciary, or its affiliate, that has or exercises discretionary authority or control or renders investment advice with respect to the assets of the Benefit Plan involved in the transaction), *provided* that there is adequate consideration for the transaction. Even if the conditions specified in one or more of these exemptions are met, the scope of the relief provided by these exemptions might or might not cover all acts which might be construed as prohibited transactions. There is a risk that none of these, or any other exemption, will be available with respect to any particular transaction involving the offered notes and prospective purchasers that are Benefit Plans should consult with their advisors regarding the applicability of any such exemption.

The underwriters, the trustees, the depositor, the servicer or their affiliates may be the sponsor of, or investment advisor with respect to, one or more Benefit Plans. Because these parties may receive certain benefits in connection with the sale or holding of offered notes, the acquisition of offered notes using plan assets over which any of these parties or their affiliates has investment authority might be deemed to be a violation of a provision of Title I of ERISA or Section 4975 of the Code. Accordingly, the offered notes may not be purchased using the assets of any Benefit Plan if any of the underwriters, the trustees, the depositor, the servicer or their affiliates has investment authority for those assets, or is an employer maintaining or contributing to the Benefit Plan, unless an applicable prohibited transaction exemption is available to cover such purchase.

Governmental plans (as defined in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA) and other plans may not be subject to Title I of ERISA or to the prohibited transaction provisions under Section 4975 of the Code. However, federal, state, local or other laws or regulations governing the investment and management of the assets of such plans may contain fiduciary and prohibited transaction requirements similar to those under ERISA and the Code discussed above and may include other limitations on permissible investments. In addition, any such plan that is qualified and exempt from taxation under Sections 401(a) and 501(a) of the Code is subject to the prohibited transaction rules set forth in Section 503 of the Code. Accordingly, fiduciaries of governmental, church and other plans, in consultation with their advisors, should consider the requirements of their respective pension codes with respect to investments in the offered notes, as well as general fiduciary considerations.

By acquiring an offered note (or interest therein), each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) will be deemed to represent and warrant that either (a) it is not acquiring and will not hold the offered note (or any interest therein) with any assets of (i) a Benefit Plan or (ii) any Plan that is subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the Code ("**Similar Law**") or (b) if it is a Benefit Plan or a Plan that is subject to Similar Law (i) such note is rated at least "BBB-" or its equivalent by at least one nationally recognized statistical rating organization at the time of purchase or transfer and (ii) the acquisition,

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holding and disposition of such note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

The sale of offered notes to a Plan is in no respect a representation that this investment meets all relevant legal requirements with respect to investments by Plans generally or by a particular Plan, or that this investment is appropriate for Plans generally or any particular Plan.

Prospective Plan investors should consult with their legal advisors concerning the impact of ERISA and Section 4975 of the Code or any other Similar Law, the effect of the assets of the issuing entity being deemed "plan assets" and the applicability of any exemption prior to making an investment in the offered notes. Each Plan fiduciary should determine whether under the fiduciary standards of investment prudence and diversification, an investment in the offered notes is appropriate for the Plan, also taking into account the overall investment policy of the Plan and the composition of the Plan's investment portfolio.

None of the issuing entity, the depositor, the administrator, the indenture trustee, the owner trustee, any underwriter, or any of their respective affiliated entities will act as a fiduciary to a Plan with respect to such Plan's decision to invest in the offered notes, to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the acquisition of any of the offered notes by any Plan. The sale of the offered notes to a Plan is in no respect a representation by the issuing entity, the depositor, the administrator, the trustees, any underwriter or any of their respective affiliated entities that such investment meets all relevant legal requirements for investments by Plans generally or by any particular Plan, or that an investment is appropriate for Plans generally or for any particular Plan.

**UNDERWRITING** 

Subject to the terms and conditions set forth in the underwriting agreement relating to the offered notes, the depositor has agreed to sell and the underwriters named below have severally but not jointly agreed to purchase the principal amount of the offered notes set forth opposite its name below subject to the satisfaction of certain conditions precedent.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Underwriter** | **Principal<br>Amount of Class A-1<br>Notes<sup>(1)(2)</sup>** | **Principal<br>Amount of Class<br>A-2[a] Notes<sup>(1)(2)</sup>** | **[Principal<br>Amount of Class<br>A-2b Notes<sup>(1)(2)</sup>]** | **Principal<br>Amount of Class A-3<br>Notes<sup>(1)(2)</sup>** | **Principal<br>Amount of Class<br>A-4 Notes<sup>(1)(2)</sup>** |
|  [__________] | $— | $— | $— | $— | $— |
|  [__________] |  |  |  |  |  |
|  [__________] |  |  |  |  |  |
|  **Total** | $[•] | $[•] | $[•] | $[•] | $[•] |

---

---

| | | |
|:---|:---|:---|
| **[Underwriter** | **Principal<br>Amount of Class B<br>Notes<sup>(1)(2)</sup>** | **Principal<br>Amount of Class B<br>Notes<sup>(1)(2)</sup>** |
|  [__________] | $— |  |
|  [__________] |  |  |
|  [__________] |  |  |
|  **Total** | $[ | •]] |

---

<sup>(1)</sup> [Approximately [5]% of each class of notes will be retained by the depositor or one or more majority-owned affiliates of PFS.]

<sup>(2)</sup> [All or a portion of one or more of the classes of notes offered hereby may be initially retained by the depositor or an affiliate thereof.]

The underwriting agreement provides that the obligations of the underwriters are subject to certain conditions precedent and that the underwriters will be obligated to purchase all the offered notes if any are purchased. The underwriting agreement provides that, in the event of a default by an underwriter, in certain circumstances the purchase commitments of the non-defaulting underwriters may be increased or the underwriting agreement may be terminated. The depositor has been advised by the underwriters that the underwriters propose to

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offer the offered notes to the public initially at the offering prices set forth on the cover page of this prospectus and to certain dealers at these prices less the concessions and reallowance discounts set forth below:

---

| | | |
|:---|:---|:---|
| **Class** | **Selling Concession<br>Not to Exceed<sup>(1)</sup>** | **Reallowance Discount<br>Not to Exceed** |
|  Class A-1 Notes | **[•]**% | **[•]**% |
|  Class A-2[a] Notes | **[•]**% | **[•]**% |
|  [Class A-2b Notes] | **[•]**% | **[•]**% |
|  Class A-3 Notes | **[•]**% | **[•]**% |
|  Class A-4 Notes | **[•]**% | **[•]**% |
|  [Class B Notes] | **[•]**% | **[•]**% |

---

<sup>(1)</sup> In the event of possible sales to affiliates, one or more of the underwriters may be required to forego a *de minimis* portion of the selling concession they would otherwise be entitled to receive.

If all of the classes of offered notes are not sold at the initial offering price, the underwriters may change the offering price and other selling terms. After the initial public offering, the underwriters may change the public offering price and selling concessions and reallowance discounts to dealers.

The offered notes will be sold by the depositor to the underwriters, who will offer the notes from time to time in negotiated transactions at varying prices to be determined at the time of sale, subject to prior sale, when, as and if delivered to and accepted by the underwriters and subject to various prior conditions, including the underwriters' right to reject orders in whole or in part.

The depositor and PFS have agreed, jointly and severally, to indemnify the underwriters against certain liabilities, including civil liabilities under the Securities Act, or to contribute to payments which the underwriters may be required to make in respect thereof. In the opinion of the SEC, such indemnification for liabilities of an indemnified person for such person's violations of securities laws is against public policy as expressed in the Securities Act and may, therefore, be unenforceable.

Until the distribution of the offered notes is completed, rules of the SEC may limit the ability of the underwriters and certain selling group members to bid for and purchase the notes. As an exception to these rules, the underwriters are permitted to engage in certain transactions that stabilize the prices of the offered notes. Such transactions consist of bids or purchases for the purpose of pegging, fixing or maintaining the price of such offered notes.

The underwriters may engage in over-allotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids with respect to the offered notes in accordance with Regulation M under the Securities Exchange Act of 1934 (as amended, the "**Exchange Act**"). Over-allotment transactions involve syndicate sales in excess of the offering size, which creates a syndicate short position. Stabilizing transactions permit bids to purchase the offered notes so long as the stabilizing bids do not exceed a specified maximum. Syndicate coverage transactions involve purchases of the offered notes in the open market after the distribution has been completed in order to cover syndicate short positions. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the offered notes originally sold by the syndicate member are purchased in a syndicate covering transaction. These over-allotment transactions, stabilizing transactions, syndicate covering transactions and penalty bids may cause the prices of the offered notes to be higher than they would otherwise be in the absence of these transactions. Neither the depositor nor any of the underwriters will represent that it will engage in any of these transactions or that these transactions, once commenced, will not be discontinued without notice.

It is expected that delivery of the offered notes will be made against payment therefor on or about the closing date. Rule 15c6-1 of the SEC under the Exchange Act generally requires trades in the secondary market to settle in one Business Day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the offered notes on the date hereof will be required, by virtue of the fact that the offered notes initially will settle more than one Business Day after the date hereof, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement. It is suggested that purchasers of offered notes who wish to trade offered notes on the date hereof consult their own advisors.

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[In the ordinary course of its business one or more of the underwriters and their respective affiliates have provided, and in the future may provide other investment banking and commercial banking services to the depositor, the servicer, the issuing entity and their affiliates.]

As discussed under "*Use of Proceeds*" above, the depositor or its affiliates will apply all or a portion of the net proceeds of the offering of the offered notes to pay their respective debts secured by the Included Units prior to their allocation to the Transaction SUBI, and for general purposes. One or more of the underwriters, the indenture trustee, the owner trustee and/or their respective affiliates or entities for which their respective affiliates act as administrator and/or provide liquidity lines, may receive a portion of the proceeds as a repayment of that debt.

The indenture trustee, on behalf of the issuing entity and at the direction of the servicer, may from time to time invest the funds in accounts and permitted investments acquired from the underwriters or their affiliates.

The offered notes are new issues of securities with no established trading market and there is a risk that one will not develop or, if it does develop, that it will continue or that it will provide sufficient liquidity. The underwriters tell us that they intend to make a market in the offered notes as permitted by applicable laws and regulations. However, the underwriters are not obligated to make a market in the offered notes and any such market-making may be discontinued at any time at the sole discretion of the underwriters. Accordingly, we give no assurance regarding the liquidity of, or trading markets for, the offered notes.

The depositor will receive aggregate proceeds of approximately $[•] from the sale of the offered notes (representing approximately [•]% of the initial note balance of the offered notes) after paying the aggregate underwriting discount of $[•] on the offered notes. Additional offering expenses are estimated to be $[•].

Certain of the offered notes initially may be retained by the depositor or an affiliate of the depositor (the "**Retained Notes**"). Any Retained Notes will not be sold to the underwriters under the underwriting agreement. Retained Notes may be subsequently sold from time to time to purchasers directly by the depositor or through underwriters, broker-dealers or agents who may receive compensation in the form of discounts, concessions or commissions from the depositor or the purchasers of the Retained Notes. If the Retained Notes are sold through underwriters or broker-dealers, the depositor will be responsible for underwriting discounts or commissions or agent's commissions. The Retained 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.

**Offering Restrictions** 

Each underwriter has severally, but not jointly, represented to and agreed with the depositor and PFS that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it will not offer or sell any offered notes within the United States, its territories or possessions or to
persons who are citizens thereof or residents therein, except in transactions that are not prohibited by any applicable securities, bank regulatory or other applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it will not offer or sell any offered notes in any other country, its territories or possessions or to persons
who are citizens thereof or residents therein, except in transactions that are not prohibited by any applicable securities law.

**United Kingdom** 

Each underwriter has, 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 notes to any UK retail investor in the UK. For these purposes:

&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;(i) a client, as defined in point (7) of Article 2 (1) of UK MiFIR, who is not a UK professional client; or

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&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 UK professional client; or

&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 UK domestic
law (as amended, the "**UK Prospectus Regulation** "); and

&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 notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.

Each underwriter has also, severally and not jointly, represented and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 FSMA) received by it in connection with the issue or sale of any notes in circumstances in which Section 21(1) of the FSMA does not apply to
the issuing entity or the depositor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in
relation to any notes in, from or otherwise involving the UK.

**European Economic Area** 

Each underwriter has, 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 notes to any EU retail investor in the EEA. For these purposes:

&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;(i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended,
" **MiFID II** ");

&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;(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;(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 notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes.

**FORWARD-LOOKING STATEMENTS** 

This prospectus (including any related free writing prospectus prepared by us or on our behalf, if any) and the documents incorporated by reference herein contain forward-looking statements. In addition, certain statements made in future SEC filings by the sponsor, the issuing entity or the depositor, in press releases and in oral and written statements made by or with the sponsor's, 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 those that discuss, among other things, outlook or other non-historical matters; projections, expenses, future cash flows; our expectations and

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intentions; and the assumptions that underlie these matters. Forward-looking statements often use words such as "will," "anticipate," "target," "expect," "estimate," "intend," "plan," "goal," "believe," "forecast," "outlook," or other words of similar meaning. The sponsor, 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.

Numerous factors could cause the return on your investment in the notes to differ materially from your expectations based on such forward-looking statements, including, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the characteristics, servicing and performance of the leases, which could result in delays in payment or losses
on your notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the limited nature of the issuing entity's assets, which could result in delays in payment or losses on
your notes arising from shortfalls or delays in amounts available to make payments on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse events affecting the servicer, its affiliates or other transaction parties, which could result in losses
on your notes or reduce the market value or liquidity of your notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the issuance of multiple classes of notes by the issuing entity or retention of notes by the depositor or its
affiliates, which may result in your notes being more sensitive to losses, being affected by conflicts of interest between classes and having reduced liquidity or voting power because of such retention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain features of the notes and financial market disruptions, which may adversely affect the return on your
notes or the market value and liquidity of your notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other risk factors identified from time to time in our public disclosures, including in the reports that we file
with the SEC.

You should carefully consider the factors referred to above in evaluating these forward-looking statements.

When considering these forward-looking statements, you should keep in mind these risks, uncertainties and other cautionary statements made in this prospectus and in the documents incorporated by reference. See the factors set forth under the "*Risk Factors*" in this prospectus.

Future performance and actual results may differ materially from those expressed in forward-looking statements. Many of the factors that will determine these results and values are beyond the ability of the sponsor, the issuing entity or the depositor to control or predict. The forward-looking statements made by us or on our behalf speak only as of the date they are made or as of the date indicated, and the sponsor, the issuing entity and the depositor do not undertake any obligation to update forward-looking statements as a result of new information, future events or otherwise, except to the extent required by law.

**LEGAL PROCEEDINGS** 

[Insert disclosure required by Item 1117 of Regulation AB regarding any legal proceedings pending against the sponsor, depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) of Regulation AB, or other party contemplated by Item 1100(d)(1) of Regulation AB, or of which any property of the foregoing is the subject, that is material to security holders. Include similar information as to any such proceedings known to be contemplated by governmental authorities.]

**LEGAL MATTERS** 

Certain legal matters with respect to the notes, including United States federal income tax matters, will be passed upon for the servicer and the depositor by [_____________]. Certain legal matters for the underwriters will be passed upon by [____________].

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**GLOSSARY** 

"**Available Funds**" means, for any payment date and the related Collection Period, if any, an amount equal to the sum of the following amounts: (i) all Collections identified by the servicer during such Collection Period (other than any scheduled lease payment received in a Collection Period prior to the Collection Period in which such scheduled lease payment is due), (ii) any reallocation payments made by the servicer, (iii) any reallocation payments made by the seller, (iv) all amounts on deposit in the collection account in connection with the redemption of the notes on the redemption date, (v) any advances made by the servicer in connection with such payment date and (vi) all investment earnings (if any) on amounts on deposit in the collection account and the reserve account for the related Collection Period.

["**Benchmark**" means, initially, the [SOFR Rate][Insert Other Benchmark Rate]; provided that if the administrator 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][Insert Other Benchmark 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 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;&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;&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;&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 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 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;&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;&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;&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 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 Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the administrator decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the administrator decides that adoption of any portion of such market practice is not administratively feasible or if the administrator determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the administrator determines is reasonably necessary).]

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["**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;&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;&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;&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;&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;&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.]

"**Business Day**" means any day other than a Saturday, a Sunday or a day on which banking institutions in the states of Delaware, Georgia or New York, or in the state in which the corporate trust office of the indenture trustee, the owner trustee or the account bank is located, are authorized or obligated by law, executive order or government decree to be closed.

"**Class A-1 Note Balance**" means, at any time, $[•], reduced by all payments of principal made prior to such time on the Class A-1 notes.

"**Class A-2[a] Note Balance**" means, at any time, $[•], reduced by all payments of principal made prior to such time on the Class A-2[a] notes.

["**Class A-2b Note Balance**" means, at any time, $[•], reduced by all payments of principal made prior to such time on the Class A-2b notes].

"**Class A-3 Note Balance**" means, at any time, $[•], reduced by all payments of principal made prior to such time on the Class A-3 notes.

"**Class A-4 Note Balance**" means, at any time, $[•], reduced by all payments of principal made prior to such time on the Class A-4 notes.

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##### [**Table of Contents**](#toc)
["**Class B Note Balance**" means, at any time, $[•], reduced by all payments of principal made prior to such time on the Class B notes.]

"**Collection Period**" means the period commencing on the first day of each calendar month and ending on the last day of such calendar month (or, in the case of the initial Collection Period, the period commencing on the close of business on the cut-off date and ending on [________], 20[__]). As used in this prospectus, the "related" Collection Period with respect to any date of determination or payment date will be deemed to be the Collection Period which immediately precedes that date of determination or payment date.

"**Collections**" means, with respect to any Collection Period, an amount equal to the following, but only to the extent relating solely to the Transaction SUBI Portfolio (a) all scheduled lease payments on any lease that are paid during such Collection Period, (b) Sales Proceeds in respect of any leased vehicle and (c) Excess Wear Charges (unless waived), excess mileage charges (unless waived) and any other payments, receipts, Recoveries, or any residual value insurance proceeds and other insurance proceeds paid by or on behalf of any lessee or otherwise with respect to any Included Unit; *provided that* the term "*Collections*" will not include (i) Supplemental Servicing Fees, (ii) payments allocable to sales, use or other taxes (which will be collected by the servicer and remitted to the applicable Governmental Authority or used to reimburse the servicer for payment of such amounts in accordance with customary servicing practices), (iii) payments allocable, if any, to premiums for insurance policies purchased by the servicer on behalf of any lessee (which will be collected by the servicer and remitted to the applicable insurance company (or if such amounts were paid by the servicer, to the servicer) in accordance with customary servicing practices), (iv) payments allocable to fines for parking violations incurred by any lessee but assessed to the origination trust as the owner of the related vehicle (which will be collected by the servicer and remitted to the applicable governmental authority (or if such amounts were paid by the servicer, to the servicer) in accordance with customary servicing practices) and (v) rebates of premiums with respect to the cancellation of any insurance policy or service contract.

["**Controlling Class**" means, with respect to any notes outstanding, the Class A notes (voting together as a single class) as long as any Class A notes are outstanding, and thereafter the Class B notes as long as any Class B notes are outstanding.]

"**Defaulted Unit**" means any Unit with a related lease for which any of the following has occurred during a Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any payment on such lease is past due 120 or more days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the related vehicle has been repossessed but has not been charged off; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such related has been charged off in accordance with the customary servicing practices.

"**Delinquency Trigger**" means, for any payment date and the related Collection Period, [•]%.

"**Excess Wear Charges**" means, with respect to any Unit, the amount of charges for wear to the related vehicle identified by the servicer at the expiration of the lease.

["**First Allocation of Principal**" means, with respect to any payment date, an amount equal to the excess, if any, of (x) the Note Balance of the Class A notes as of that payment date (before giving effect to any principal payments made on the Class A notes on that payment date) over (y) the aggregate Securitization Value of the Included Units as of the last day of the related Collection Period; *provided*, *however*, that the First Allocation of Principal for any payment date on and after the final scheduled payment date for any class of Class A notes will not be less than the amount that is necessary to reduce the Note Balance of that class of Class A notes to zero.]

"**Included Units**" means, for any Collection Period, all Units allocated to the Transaction SUBI as of such Collection Period, other than Units the beneficial interest in which were reallocated from the Transaction SUBI during such Collection Period.

------

##### [**Table of Contents**](#toc)
"**Interest Period**" means, with respect to any specified payment date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to the Class A-1 notes [and the Class A-2b notes], the period from and including the most recent payment date on which interest has been paid (or, in the case of the first Interest Period, from and including the closing date) to but excluding
the current Payment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to the Class A-2[a] notes, the Class [A-3] notes[,] [and] the Class [A-4] notes [and the Class B notes], the period from and including the [__] day of the previous calendar month (or, in the case of the
first Interest Period, from and including the closing date) to but excluding the <u>[ ]</u> day of the month in which that payment date occurs.

"**ISDA Definitions**" means the 2006 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**" means 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.

"**Non-U.S. Person**" means any person other than (i) a citizen or resident of the United States, (ii) a corporation organized in or under the laws of the United States or any state or the District of Columbia, (iii) an estate the income of which is includable in gross income for United States federal income tax purposes, regardless of its source, (iv) a trust, (1) if a United States court is able to exercise primary supervision over the administration of such trust and one or more United States persons (within the meaning of section 7701(a)(30) of the Code) has the authority to control all substantial decisions of the issuing entity or (2) if it has made a valid election under U.S. Treasury regulations to be treated as a domestic trust, or (v) an entity or arrangement treated as a partnership for United States federal income tax purposes.

"**Note Balance**" means, with respect to any date of determination, for any class, the Class A-1 Note Balance, the Class A-2[a] Note Balance[, the Class A-2b Note Balance], the Class A-3 Note Balance[,][ or] the Class A-4 Note Balance [or the Class B Note Balance], as applicable, or with respect to the notes generally, the sum of all of the foregoing.

["**Principal Distribution Amount**" means, for any payment date, an amount equal to the excess, if any, of (a) the aggregate outstanding principal amount of the notes as of the immediately preceding payment date (after giving effect to any payments made to the holders of the notes on such payment date), or as of the closing date, in the case of the first payment date, over the excess of (b) the aggregate Securitization Value as of the last day of the related Collection Period minus the overcollateralization amount with respect to such payment date; *provided*, that the Principal Distribution Amount on and after the final scheduled payment date of any class of notes will not be less than the amount that is necessary to reduce the aggregate outstanding principal amount of that class of notes to zero; *provided*, *further*, that if the sum of the amounts in the reserve account and the remaining Available Funds after the payments under clauses *first* through [*seventh*] under "*Description of the Transaction Documents—Priority of Payments*" on that payment date would be sufficient to pay in full the aggregate unpaid principal amount of all of the outstanding notes and the servicer specifies in the servicer's certificate that amounts on deposit in the reserve account will be included in the Reserve Account Draw Amount on any Payment Date in accordance with the provisions set forth in the second sentence of the definition of Reserve Account Draw Amount, then the Principal Distribution Amount for such payment date will mean an amount equal to the aggregate outstanding principal amount of all of the outstanding notes.]

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##### [**Table of Contents**](#toc)
"**Postmaturity Term Extension**" means, with respect to any Included Unit, that the servicer has granted an extension of the term of the related lease, and the lease term as so extended ends beyond the last day of the Collection Period immediately preceding the final scheduled payment date for the class of notes with the latest final scheduled payment date.

"**Rating Agency Condition**" means, with respect to any event or circumstance and each Hired Agency, either (a) written confirmation (which may be in the form of a letter, a press release or other publication, or a change in such Hired Agency's published ratings criteria to this effect) by that Hired Agency that the occurrence of that event or circumstance will not cause such Hired Agency to downgrade, qualify or withdraw its rating assigned to any of the notes or (b) that such Hired Agency has been given notice of that event or circumstance at least ten days prior to the occurrence of that event or circumstance (or, if ten days' advance notice is impracticable, as much advance notice as is practicable and is acceptable to such Hired Agency) and such Hired Agency will not have issued any written notice that the occurrence of that event or circumstance will itself cause such Hired Agency to downgrade, qualify or withdraw its rating assigned to the notes. Notwithstanding the foregoing, no Hired Agency has any duty to review any notice given with respect to any event, and it is understood that such Hired Agency may not actually review notices received by it prior to or after the expiration of the ten (10) day period described in <u>clause (b)</u> above. Further, each Hired Agency retains the right to downgrade, qualify or withdraw its rating assigned to all or any of the notes at any time in its sole judgment even if the Rating Agency Condition with respect to an event had been previously satisfied pursuant to <u>clause (a)</u> or <u>clause (b)</u> of this definition.

"**Recoveries**" means, with respect to any lease or leased vehicle that has become a Defaulted Unit, all monies collected by the servicer (from whatever source, including, but not limited to, proceeds of a deficiency balance recovered after the charge-off of the related lease) on such Defaulted Unit, net of any expenses incurred by the servicer in connection therewith, Supplemental Servicing Fees and any payments required by law to be remitted to the lessee.

["**Regular Allocation of Principal**" means, with respect to any Payment Date, an amount not less than zero equal to (1) the excess, if any, of (a) the Note Balance of the Notes as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) over (b) (i) the Pool Balance as of the end of the related Collection Period less (ii) the overcollateralization amount minus (2) the sum of the First Allocation of Principal and the Second Allocation of Principal for such Payment Date.]

"**Relevant Governmental Body**" means 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.

"**Reserve Account Draw Amount**" means, for any payment date, the amount withdrawn from the reserve account, equal to the lesser of (a) the amount, if any, by which the sum of the amounts required to be paid pursuant to clauses *first* through [*seventh*] under "*Description of the Transaction Documents—Priority of Payments*" exceeds the sum of (i) Available Funds for such payment date and (ii) advances made by the servicer on such payment date, if any, or (b) the amount on deposit in the reserve account (excluding any investment earnings) on such payment date; provided, however, that if such payment date is the redemption date, the "Reserve Account Draw Amount" means an amount equal to the amount of cash or other immediately available funds on deposit in the reserve account on the redemption date.

"**Sales Proceeds**" means, with respect to any leased vehicle (including any leased vehicle related to a Defaulted Unit), an amount equal to the aggregate amount of sales proceeds received by the servicer from the purchaser in connection with the sale or other disposition of that leased vehicle, inclusive of (i) excess mileage charges and Excess Wear Charges charged to the lessee and (ii) any extension depreciation payments related to such leased vehicle, calculated in accordance with the customary servicing practices, net of any and all out-of-pocket costs and expenses incurred by the servicer in connection with that sale or other disposition, including without limitation, all inspection, repossession, auction, reconditioning, transport and any and all other similar liquidation and refurbishment costs and expenses and regardless of whether or not such proceeds exceed the Base Residual Value for such leased vehicle.

"**SEC**" means the Securities and Exchange Commission.

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##### [**Table of Contents**](#toc)
["**Second Allocation of Principal**" means, with respect to any payment date, an amount equal to (1) the excess, if any, of (x) the sum of the Note Balance of the Class A notes and the Class B notes as of that payment date (before giving effect to any principal payments made on the Class A notes and the Class B notes on that payment date) over (y) the aggregate Securitization Value of the Included Units as of the last day of the related Collection Period Collection Period, minus (2) the First Allocation of Principal for that payment date; *provided*, *however*, that the Second Allocation of Principal on and after the final scheduled payment date for the Class B notes will not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B notes to zero (after the application of the First Allocation of Principal).]

"**Short-Term Note**" means any note that has a fixed maturity date of not more than one year from the issue date of that note.

"**Special Tax Counsel**" means Mayer Brown LLP, as special federal tax counsel to the depositor.

"**Specified Reserve Account Balance**" means, for any payment date, an amount not less than [___]% of the aggregate Securitization Value as of the cut-off date; *provided*, however, on any payment date after the notes are no longer outstanding following payment in full of the principal of and interest on the notes, the "Specified Reserve Account Balance" will be $0.

"**Supplemental Servicing Fees**" means any and all (i) late fees, (ii) extension fees, (iii) prepayment charges, (iv) early termination fees or any other fees paid to the servicer in connection with the termination of any lease (other than scheduled lease payments and Excess Wear 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 issuing entity, the depositor or the origination trust with respect to any Unit.

"**Unit**" means, collectively, a leased vehicle, the related lease and the other origination trust assets directly related to the lease and leased vehicle.

"**Terminated Unit**" means an Included Unit for which any of the following has occurred during a Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the related leased vehicle was sold or otherwise disposed of by the servicer following (i) the related lease
becoming a Defaulted Unit, (ii) the lease becoming subject to an End of Term Lease Loyalty Program or other marketing program or (iii) the scheduled or early termination (including any early termination by the related lessee) of the
related lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the related lease became a Defaulted Unit or the related lease terminated or expired more than 120 days prior to
the end of that Collection Period and the related leased vehicle was not sold; or

&nbsp;&nbsp;&nbsp;&nbsp;&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 identified by the servicer following a casualty or other loss with respect to the related leased vehicle.

------

##### [**Table of Contents**](#toc)
**INDEX** 

---

| | |
|:---|:---|
|  [SOFR Rate][Insert Other Benchmark Rate] | 93 |
|  [SOFR] Adjustment Conforming Changes | 94 |
|  [statistical] cut-off date | 7, 64 |
|  10 percent shareholder | 141 |
|  2020 NDAA | 132 |
|  2021 NDAA | 133 |
|  2022 NDAA | 133 |
|  60-Day Delinquent Leases | 99 |
|  AAA | 103 |
|  ABS | 81 |
|  account bank | 45 |
|  acquisition premium | 140 |
|  administration agreement | 96 |
|  administrative lien | 50 |
|  administrator | 2, 43 |
|  advance | 1, 106 |
|  AIFM Regulations | 135 |
|  ALG | 58 |
|  ALG at Inception | 7, 66 |
|  ALG Mark to Market Residual | 7, 66 |
|  amortizable bond premium | 140 |
|  Appendix A | 78 |
|  Assessment of Compliance | 114 |
|  asset representations review agreement | 96 |
|  asset representations reviewer | 2 |
|  Asset Review | 101 |
|  asset-level data | 67 |
|  Attestation Report | 115 |
|  Available Funds | 151 |
|  Bankruptcy Code | 126 |
|  base residual value | 7 |
|  Base Residual Value | 66 |
|  base servicing agreement | 48 |
|  Benchmark | 151 |
|  Benchmark Replacement | 151 |
|  Benchmark Replacement Adjustment | 151 |
|  Benchmark Replacement Conforming Changes | 151 |
|  Benchmark Replacement Date | 152 |
|  Benchmark Transition Event | 152 |
|  Benefit Plan | 144 |
|  Black Book | 58 |
|  Black Book CPI | 58 |
|  Business Day | 152 |
|  calculation agent | 2 |
|  CARB | 18 |
|  CBP | 18 |
|  Cede | v, 88 |
|  Centers | 2 |
|  certificate | 3 |
|  certificateholders | 3, 43 |
|  CFPB | 32 |
|  Charged-off Lease | 132 |
|  Class A notes | 3 |

---

---

| | |
|:---|:---|
|  Class A-1 Note Balance | 152 |
|  Class A-2 notes | 2 |
|  Class A-2[a] Note Balance | 152 |
|  Class A-2b Note Balance | 152 |
|  Class A-3 Note Balance | 152 |
|  Class A-4 Note Balance | 152 |
|  Class B Note Balance | 153 |
|  Clearstream | 88 |
|  closing date | 3 |
|  Code | 41, 115 |
|  Collection Period | 153 |
|  Collections | 153 |
|  Compounded SOFR | 93 |
|  contractual residual value | 58 |
|  controlled foreign corporation | 141 |
|  Controlling Class | 153 |
|  CPO | 58 |
|  customary servicing practices | 111 |
|  cut-off date | 6 |
|  Defaulted Unit | 153 |
|  defi | 28 |
|  Defined Benefit Plan | 26 |
|  Delinquency Percentage | 99 |
|  Delinquency Trigger | 99, 153 |
|  depositor | 1, 50 |
|  Dodd-Frank Act | 32, 127 |
|  DOJ | 27 |
|  DTC | v |
|  early termination | 61 |
|  early termination liability amount | 61 |
|  EEA | vii, 12 |
|  effectively connected earnings and profits | 141 |
|  Eligibility Representations | 98 |
|  End of Term Lease Loyalty Programs | 61 |
|  EPA | 18 |
|  ERISA | 144 |
|  ERISA regulation | 144 |
|  EU | 12 |
|  EU Affected Investors | 134 |
|  EU CRR | 134 |
|  EU Due Diligence Requirements | 134 |
|  EU PRIIPS Regulation | VIII |
|  EU Prospectus Regulation | vii, 149 |
|  EU retail investor | vii, 149 |
|  EU Securitization Regulation | 12, 134 |
|  Euroclear | 88 |
|  event of default | 6, 117 |
|  Excess Wear Charges | 153 |
|  Exchange Act | 147 |
|  FATCA | 142 |
|  FDIC | 127 |
|  final scheduled payment date | 96 |
|  Financial Promotion Order | vii |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  First Allocation of Principal | 153 |
|  fixed rate notes | 3 |
|  floating rate notes | 3 |
|  FRBNY | 37 |
|  FRBNY's Website | 94 |
|  FSMA | vii |
|  Hired Agencies | 13 |
|  Included Units | 153 |
|  indenture | 88, 96 |
|  indenture trustee | 2, 46 |
|  Insert Other Benchmark Rate | 2 |
|  insolvency laws | 123 |
|  Instituting Noteholders | 100 |
|  Interest Period | 154 |
|  Investment Company Act | 11, 134 |
|  investors | 88 |
|  IRS | 136 |
|  ISDA Definitions | 154 |
|  ISDA Fallback Adjustment | 154 |
|  ISDA Fallback Rate | 154 |
|  issuing entity | 1, 43 |
|  issuing entity property | 6 |
|  lemon laws | 132 |
|  market discount rules | 139 |
|  maturity date purchase option amount | 64 |
|  MiFID II | vii, 149 |
|  monthly payment advance | 106 |
|  monthly remittance condition | 105 |
|  MSRP | 7, 97 |
|  NCSL Trusts | 33 |
|  NHTSA | 18 |
|  Non-U.S. noteholder | 137 |
|  Non-U.S. Person | 141, 154 |
|  Note Balance | 154 |
|  Note Factor | 92 |
|  Note Owner | 88 |
|  noteholder | 137 |
|  Noteholder Direction | 100 |
|  notes | 3 |
|  offered notes | 3 |
|  OID | 41 |
|  OLA | 127 |
|  optional purchase | 108 |
|  optional purchase price | 5, 108 |
|  origination trust | 2, 42, 48 |
|  origination trust agreement | 48 |
|  origination trustee | 2, 48 |
|  Other SUBI | 42 |
|  Other SUBI Certificates | 49 |
|  overcollateralization amount | 10, 108 |
|  override | 57 |
|  owner trustee | 2, 45 |
|  paying agent | 46 |
|  payment date | 3, 88 |
|  payment waterfall | 106 |
|  PCNA | 27, 51 |
|  PFS | v, 1, 51 |

---

---

| | |
|:---|:---|
|  PFS Custom Scorecard | 57 |
|  PHEAA | 33 |
|  Plans | 144 |
|  Porsche AG | 27, 51 |
|  portfolio interest | 140 |
|  Postmaturity Term Extension | 155 |
|  PRASR | 134 |
|  Prepayment Assumption | 81 |
|  Principal Distribution Amount | 154 |
|  PTCE | 145 |
|  Rating Agency Condition | 155 |
|  reallocation payment | 99 |
|  rebate advance | 106 |
|  record date | 3, 88 |
|  Recoveries | 155 |
|  redemption price | 5, 109 |
|  Reference Time | 93 |
|  Regular Allocation of Principal | 155 |
|  Regulation RR | 11 |
|  related person | 141 |
|  Relevant Governmental Body | 155 |
|  Relevant Person | vii |
|  remaining payment liability amount | 61 |
|  requesting party | 102 |
|  Reserve Account Draw Amount | 155 |
|  Retained Notes | 148 |
|  Review Expenses | 101 |
|  Review Satisfaction Date | 99 |
|  Rule 193 Information | 78 |
|  Sales Proceeds | 155 |
|  sales proceeds advance | 106 |
|  SEC | v, 155 |
|  SECN | 134 |
|  Second Allocation of Principal | 156 |
|  securities account control agreement | 45 |
|  securitization rate | 8 |
|  Securitization Rate | 66 |
|  securitization value | 7 |
|  Securitization Value | 66 |
|  seller | 2, 55 |
|  servicer | 1 |
|  servicer replacement events | 112 |
|  servicing agreement | 63 |
|  servicing fee | 1, 110 |
|  Short-Term Note | 156 |
|  Similar Law | 145 |
|  SOFR | 37 |
|  SOFR Adjustment Date | 93 |
|  SOFR Determination Time | 93 |
|  SOFR in arrears | 94 |
|  SOFR Rate | 2 |
|  Special Tax Counsel | 156 |
|  specified reserve account balance | 10 |
|  Specified Reserve Account Balance | 156 |
|  sponsor | 1 |
|  SR 2024 | 134 |
|  SUBI sale agreement | 96 |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
|  SUBI transfer agreement | 96 |
|  Subject Leases | 100 |
|  Supplemental Servicing Fees | 156 |
|  Term SOFR | 94 |
|  Term SOFR Administrator | 94 |
|  Term SOFR Reference Rate | 94 |
|  Terminated Unit | 156 |
|  transaction documents | 96 |
|  Transaction SUBI | i, 1, 42 |
|  Transaction SUBI Certificate | 1, 42 |
|  Transaction SUBI servicing supplement | 63, 96 |
|  Transaction SUBI supplement | 63 |
|  Transaction SUBI Trust Agreement | 63 |
|  Transportation Act | 20 |
|  U.S. Government Securities Business Day | 94 |

---

---

| | |
|:---|:---|
|  U.S. noteholder | 137 |
|  U.S. Person | 137 |
|  UCITS | 134 |
|  UK | vii, 12 |
|  UK Affected Investors | 135 |
|  UK CRR | 135 |
|  UK Due Diligence Requirements | 135 |
|  UK MiFIR | vii |
|  UK PRIIPS Regulation | vii |
|  UK Professional Client | vii |
|  UK Prospectus Regulation | vii, 149 |
|  UK retail investor | vii, 148 |
|  UK Securitization Framework | 12, 134 |
|  Unit | 156 |
|  UTI | 42 |
|  UTI Certificates | 49 |
|  verification documents | 99 |

---

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##### [**Table of Contents**](#toc)
**<u>APPENDIX A</u>**

STATIC POOL INFORMATION ABOUT PREVIOUS SECURITIZATIONS

[The information in Appendix A also will be presented in graphical format.]

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##### [**Table of Contents**](#toc)
**<u>APPENDIX B</u>**

**CASH FLOW SCHEDULE** 

Modeling Assumption: The cash flow schedule appearing in the immediately following table was generated assuming (i) that the lessees make their remaining scheduled lease payments starting in [____], until all scheduled lease payments are made and (ii) that the residual value of the related leased vehicles is received in the month following the month in which the lease term ends.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Monthly Period Ended** | **Securitization Value** | **Monthly Lease Payment** | **Base Residual Value** |
|  Cut-Off 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;&nbsp;&nbsp;&nbsp;&nbsp;[____] | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[____] |
|  [____] | [____] | [____] | [____] |

---

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##### [**Table of Contents**](#toc)
No dealer, salesperson or other person has been authorized to give any information or to make any representations not contained in this prospectus and, if given or made, such information or representations must not be relied upon as having been authorized by the depositor, the sponsor or the servicer underwriters. This prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, the securities offered hereby to anyone in any jurisdiction in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make any such offer or solicitation. Neither the delivery of this prospectus nor any sale made hereunder shall, under any circumstances, create an implication that information herein or therein is correct as of any time since the date of this prospectus.

**Porsche Innovative Lease Owner Trust 20[•]-[•]** 

**Issuing Entity** 

---

| | | | |
|:---|:---|:---|:---|
|  Class A-1 Notes |  |  | $[•] |
|  Class A-2[a] Notes | [} | ] | $[•] |
|  [Class A-2b Notes] | [} | ] | $[•] |
|  Class A-3 Notes |  |  | $[•] |
|  Class A-4 Notes |  |  | $[•] |
|  [Class B Notes] |  |  | $[•] |

---

**Porsche Auto Funding LLC** 

**Depositor** 

**Porsche Financial Services, Inc.** 

**Sponsor and Servicer** 

**PROSPECTUS** 

**UNDERWRITERS** 

**[•]** 

**[•]** 

Until [●], 20**[**●**]**, which is ninety days following the date of this prospectus, all dealers effecting transactions in the notes, whether or not participating in this distribution, may be required to deliver this prospectus. This delivery requirement is in addition to the obligation of dealers to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

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##### [**Table of Contents**](#toc)
**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

Item 12. Other Expenses of Issuance and Distribution.

The following is an itemized list of the estimated expenses to be incurred in connection with the offering of the securities being offered hereunder other than underwriting discounts and commissions:

---

| | |
|:---|:---|
|  Registration Fee | $872670.00 |
|  Legal Fees and Expenses | $2835000.00 |
|  Accountant Fees and Expenses | $346500.00 |
|  Trustee Fees and Expenses | $425250.00 |
|  Rating Agency Fees | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000.00 |
|  Printing Expenses | $315000.00 |
|  Asset Representation Review Expenses | $30000.00 |
|  Miscellaneous Expenses | $170305.19 |
|  **Total** | $**8894725.19** |

---

Item 13. Indemnification of Directors and Officers.

**Porsche Auto Funding LLC** 

Section 18-108 of the Limited Liability Company Act of Delaware empowers a limited liability company, subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement, to indemnify and hold harmless any member, manager or other person from and against any and all claims and demands whatsoever.

Porsche Auto Funding LLC, the registrant, was formed under the laws of the State of Delaware. The limited liability company agreement of the registrant provides, in effect that, subject to certain limited exceptions, it will indemnify its members, officers, directors, independent directors, employees and agents of the registrant, and employees, representatives, agents or affiliates of any of the foregoing (collectively, the "Covered Persons"), to the fullest extent permitted by applicable law, for any loss, damage or claim incurred by such Covered Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the registrant and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by the limited liability company agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by reason of such Covered Person's gross negligence or willful misconduct with respect to such acts or omissions; *provided, however,* that any indemnity under the limited liability company agreement by the registrant shall be provided out of and to the extent of registrant assets only, and the members shall not have personal liability on account thereof.

To the fullest extent permitted by applicable law, expenses (including reasonable legal fees) incurred by a Covered Person defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the registrant prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the registrant of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be determined that the Covered Person is not entitled to be indemnified as authorized in the limited liability company agreement.

A Covered Person shall be fully protected in relying in good faith upon the records of the registrant and upon such information, opinions, reports or statements presented to the registrant by any person as to matters the Covered Person reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the registrant, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts pertinent to the existence and amount of assets from which distributions to the member might properly be paid.

------

##### [**Table of Contents**](#toc)
To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the registrant or to any other Covered Person, a Covered Person acting under the limited liability company agreement shall not be liable to the registrant or to any other Covered Person for its good faith reliance on the provisions of the limited liability company agreement or any approval or authorization granted by the registrant or any other Covered Person.

Reference is also made to the form of Underwriting Agreement filed as Exhibit 1.1 hereto among the Registrant, Porsche Financial Services, Inc. and the underwriters named therein, (see Exhibit 1.1), which provides for indemnification by and of the Registrant in certain circumstances.

Item 14. Exhibits.

---

| | |
|:---|:---|
| **EXHIBITS** | **EXHIBITS** |
| **Exhibit No.** | **Description** |
| 1.1 | [Form of Underwriting Agreement](d28459dex11.htm) |
| 3.1 | [Certificate of Formation of the Depositor\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dex31.htm) |
| 3.2 | [Limited Liability Company Agreement of the Depositor\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dex32.htm) |
| 4.1 | [Form of Indenture (including forms of Notes) between Porsche Innovative Lease Owner Trust 20\[•\]-\[•\] and \[•\], as Indenture Trustee](d28459dex41.htm) |
| 5.1 | [Opinion of Mayer Brown LLP with respect to legality](d28459dex51.htm) |
| 5.2 | [Opinion of Richards Layton & Finger, P.A. with respect to legality](d28459dex52.htm) |
| 8.1 | [Opinion of Mayer Brown LLP with respect to United States federal income tax matters](d28459dex81.htm) |
| 10.1 | [Form of SUBI Sale Agreement between Porsche Funding Limited Partnership, as Seller, and Porsche Auto Funding LLC, as Buyer](d28459dex101.htm) |
| 10.2 | [Form of SUBI Transfer Agreement between Porsche Auto Funding LLC, as Seller, and Porsche Innovative Lease Owner Trust 20\[•\]-\[•\], as Issuer](d28459dex102.htm) |
| 10.3 | [Form of Administration Agreement among Porsche Innovative Lease Owner Trust 20\[•\]-\[•\], as Issuer, Porsche Financial Services, Inc., as Administrator, and \[•\], as Indenture Trustee](d28459dex103.htm) |
| 10.4 | [Form of Amended and Restated Trust Agreement between Porsche Auto Funding LLC, as Depositor, and \[•\], as Owner Trustee](d28459dex104.htm) |
| 10.5 | [Form of Asset Representations Review Agreement among Porsche Innovative Lease Owner Trust 20\[•\]-\[•\], as Issuer, Porsche Financial Services, Inc., as Sponsor and as Servicer, and \[•\], as Asset Representations Reviewer](d28459dex105.htm) |
| 10.6 | [Form of Securities Account Control Agreement among Porsche Innovative Lease Owner Trust 20\[•\]-\[•\], as Issuer, Porsche Financial Services, Inc., as Servicer, \[•\], as Indenture Trustee, and \[•\], as Securities Intermediary](d28459dex106.htm) |
| 10.7 | [Amended and Restated Servicing Agreement, dated as of November 14, 1997, by Porsche Leasing Ltd. and Porsche Credit Corporation, as Servicer\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dex107.htm) |
| 10.8 | [Form of Transaction SUBI Supplement 20\[•\]-\[•\] to Amended and Restated Servicing Agreement among Porsche Leasing Ltd., as Origination Trustee, Porsche Financial Services, Inc., as Servicer, and Wilmington Trust Company, as Origination Trustee](d28459dex108.htm) |
| 10.9 | [Amended and Restated Trust Agreement of Porsche Leasing Ltd., dated as of November 14, 1997, by and among Porsche Funding Limited Partnership, as Settlor, Porsche Credit Corporation, as UTI Holder, and Wilmington Trust Company, as Trustee (including form of UTI Certificate)\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dex109.htm) |
| 10.10 | [UTI Assignment and Origination Trust Document Amendment dated as of July 31, 2000 among Porsche Funding Limited Partnership, as Settlor and the new UTI Holder, Porsche Leasing Ltd., Porsche Credit Corporation, as Current UTI Holder and Servicer, and Wilmington Trust Company, as Trustee\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dex1010.htm) |
| 10.11 | [Form of Transaction SUBI Supplement 20\[•\]-\[•\] to Amended and Restated Trust Agreement between Porsche Funding Limited Partnership, as UTI Holder, and Wilmington Trust Company, as Origination Trustee (including form of SUBI Certificate)](d28459dex1011.htm) |
| 23.1 | Consent of Mayer Brown LLP (included in [Exhibits 5.1](d28459dex51.htm) and [8.1](d28459dex81.htm)) |
| 23.2 | [Consent of Richards Layton & Finger, P.A. (included in Exhibit 5.2)](d28459dex52.htm) |
| 24.1.1 | [Power of Attorney for the Depositor\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dsf3.htm#siga) |

---

------

##### [**Table of Contents**](#toc)
24.1.2 [Power of Attorney for Porsche Financial Services, Inc., as General Partner of Porsche Funding Limited Partnership, as UTI Holder, on behalf of Porsche Leasing Ltd.\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dsf3.htm#sigb)

24.2.1 [Certified Copy of Resolutions of Company authorizing Powers of Attorney\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dex2421.htm)

24.2.2 [Certified Copy of Resolutions of Porsche Financial Services, Inc., as General Partner of Porsche Funding Limited Partnership, as UTI Holder, on behalf of Porsche Leasing Ltd., authorizing Powers of Attorney\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dex2422.htm)

25.1 Statement of Eligibility and Qualification of the Indenture Trustee on Form T-1\*\*

36.1 [Form of Depositor Certification for Shelf Offerings of Asset-Backed Securities](d28459dex361.htm)

102.1 Asset Data File\*\*\*

103.1 Asset Related Documents\*\*\*

107.1 [Calculation of Filing Fee Table\*](http://www.sec.gov/Archives/edgar/data/1541507/000119312525244918/d28459dexfilingfees.htm)

\* Previously filed on October 21, 2025.

\*\* To be filed pursuant to Section 305(b)(2) of the Trust Indenture Act of 1939.

\*\*\* To be incorporated by reference at the time of the Rule 424(h) or Rule 424(b) filing, as applicable, for such offering.

Item 14(b). The information required to be filed by Item 601(b)(107) of Regulation S-K (17 CFR 229.601) is included in Exhibit 107.1.

Item 15. Undertakings.

The undersigned registrant hereby undertakes:

(a) *As to Rule 415*:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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% 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;&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 periodic 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 (the "Exchange Act") that are incorporated by reference in this registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of this registration statement.

*Provided further, however*, that clauses (i) and (ii) above do 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)).

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *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, supersede 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the registrant is relying on Rule 430D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 prospectus filed by the undersigned registrant pursuant to Rule 424(b)(3) and (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;&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) as part of a registration statement in reliance on Rule 430D relating to an offering made pursuant to Rule 415(a)(1)(vii) or (a)(1)(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 the 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, supersede 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; or

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(6) If the registrant is relying on Rule 430D, with respect to any offering of securities registered on Form SF-3, to file the information previously omitted from the prospectus filed as part of an effective registration statement in accordance with Rule 424(h) and Rule 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 Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement 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.

(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 of 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 Filings in Reliance on Rule 430(A).

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from any 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 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 the 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, in accordance with the rules and regulations prescribed by the Securities and Exchange Commission under Section 305(b)(2) of the Act.

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##### [**Table of Contents**](#toc)
(f) As to Filings Regarding Asset-Backed Securities Incorporating by Reference Subsequent Exchange Act Documents by Third Parties.

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 Exchange Act of a third party that is incorporated by reference in the registration statement in accordance with Item 1100(c)(1) of Regulation AB 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.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant, Porsche Auto Funding LLC, 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 Amendment No. 1 to this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia, on December 17, 2025.

---

| | | |
|:---|:---|:---|
| **PORSCHE AUTO FUNDING LLC,** | **PORSCHE AUTO FUNDING LLC,** | **PORSCHE AUTO FUNDING LLC,** |
| a Delaware Limited Liability Company (Registrant) | a Delaware Limited Liability Company (Registrant) | a Delaware Limited Liability Company (Registrant) |
| By: | <u>/s/ Tobias Hausladen</u> | <u>/s/ Tobias Hausladen</u> |
|  | Name: | Tobias Hausladen |
|  | Title: | Treasurer |
|  |  | (senior officer in charge of securitization) |
| By: | <u>/s/ Eli Yaremenko</u> | <u>/s/ Eli Yaremenko</u> |
|  | Name: | Eli Yaremenko |
|  | Title: | Assistant Treasurer |

---

II-S-1

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##### [**Table of Contents**](#toc)
Pursuant to the requirements of the Securities Act of 1933 this Amendment No. 1 to the registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title |  |
| /s/ Nicolas Leduc<br> Nicolas Leduc | Director and President (Performing the Function of Principal Executive Officer) | December 17, 2025 |
| /s/ Tobias Hausladen<br> Tobias Hausladen | Director and Treasurer (Performing the Function of Principal Financial Officer, Principal Accounting Officer, Chief Financial Officer) | December 17, 2025 |
| /s/ Eli Yaremenko<br> Eli Yaremenko | Assistant Treasurer | December 17, 2025 |
| /s/ John Boncuore<br> John Boncuore | Director | December 17, 2025 |
| /s/ Lori Rezza<br> Lori Rezza | Director | December 17, 2025 |
| /s/ Al Fioravanti<br> Al Fioravanti | Director | December 17, 2025 |

---

II-S-2

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the registrant, Porsche Leasing Ltd., 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 Amendment No. 1 to this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia, on December 17, 2025.

---

| | | |
|:---|:---|:---|
| **PORSCHE LEASING LTD.,** | **PORSCHE LEASING LTD.,** | **PORSCHE LEASING LTD.,** |
| a Delaware statutory trust (Registrant) | a Delaware statutory trust (Registrant) | a Delaware statutory trust (Registrant) |
| By: Porsche Financial Limited Partnership, as UTI Holder | By: Porsche Financial Limited Partnership, as UTI Holder | By: Porsche Financial Limited Partnership, as UTI Holder |
| By: Porsche Financial Services, Inc., as general partner of Porsche Financial Limited Partnership | By: Porsche Financial Services, Inc., as general partner of Porsche Financial Limited Partnership | By: Porsche Financial Services, Inc., as general partner of Porsche Financial Limited Partnership |
| By: | <u>/s/ Nicolas Leduc</u> | <u>/s/ Nicolas Leduc</u> |
|  | Name: | Nicolas Leduc |
|  | Title: | President and Chief Executive Officer |
|  |  | (senior officer in charge of securitization) |
| By: | <u>/s/ Tobias Hausladen</u> | <u>/s/ Tobias Hausladen</u> |
|  | Name: | Tobias Hausladen |
|  | Title: | Treasurer |

---

II-S-3

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##### [**Table of Contents**](#toc)
Pursuant to the requirements of the Securities Act of 1933 this Amendment No. 1 to the registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title |  |
| /s/ Nicolas Leduc<br> Nicolas Leduc | Director and President (Performing the Function of Principal Executive Officer) | December 17, 2025 |
| /s/ Tobias Hausladen<br> Tobias Hausladen | Director and Treasurer (Performing the Function of Principal Financial Officer, Principal Accounting Officer, Chief Financial Officer) | December 17, 2025 |
| /s/ Eli Yaremenko<br> Eli Yaremenko | Assistant Treasurer | December 17, 2025 |

---

II-S-4

## Exhibit 1.1

**Exhibit 1.1** 

**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]** 

**PORSCHE AUTO FUNDING LLC** 

**(TRANSFEROR)** 

**PORSCHE FINANCIAL SERVICES, INC.** 

**(SPONSOR AND SERVICER)** 

**$[ ] [ ]% Auto Lease Asset Backed Class A-1 Notes** 

**$[ ] [ ]% Auto Lease Asset Backed Class A-2[a] Notes** 

**[$[ ] [SOFR Rate] [Other Benchmark Rate] + [ ]% Auto Lease Asset Backed Class A-2b Notes]** 

**$[ ] [ ]% Auto Lease Asset Backed Class A-3 Notes** 

**$[ ] [ ]% Auto Lease Asset Backed Class A-4 Notes** 

**[$[ ] [ ]% Auto Lease Asset Backed Class B Notes]** 

**<u>FORM OF UNDERWRITING AGREEMENT</u>**

[ ], 20[ ]

[ ],

as Representative of the several Underwriters

named on Schedule I hereto

[ ]

[ ]

Ladies and Gentlemen:

SECTION 1. *<u>Introductory</u>*. Porsche Auto Funding LLC (the "<u>Transferor</u>") proposes to transfer $[ ] aggregate principal amount of [ ]% Auto Lease Asset Backed Class A-1 Notes (the "<u>Class</u> <u>A-1 Notes</u>"), $[ ] aggregate principal amount of [ ]% Auto Lease Asset Backed Class A-2[a] Notes (the "<u>Class</u> <u>A-2[a] Notes</u>"), [$[ ] aggregate principal amount of [SOFR Rate][Other Benchmark Rate] + [ ]% Auto Lease Asset Backed Class A-2b Notes (the "<u>Class</u> <u>A-2b Notes</u>"),] $[ ] aggregate principal amount of [ ]% Auto Lease Asset Backed Class A-3 Notes (the "<u>Class</u> <u>A-3 Notes</u>"), [and] $[ ] aggregate principal amount of [ ]% Auto Lease Asset Backed Class A-4 Notes (the "<u>Class</u> <u>A-4 Notes</u>"[), and $[ ] aggregate principal amount of [ ]% Auto Lease Asset Backed Class B Notes (the "Class B Notes"], and together with the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes], [and] the Class A-3 Notes [and the Class A-4 Notes], the "<u>Notes</u>") to the underwriters set forth on <u>Schedule I</u> (each, an "<u>Underwriter</u>" and collectively, the "<u>Underwriters</u>"), acting severally and not jointly, for whom [ ] is acting as representative (the "<u>Representative</u>"). The Notes will be issued pursuant to an Indenture, dated as of [ ] (as amended, supplemented or modified from time to time, the "<u>Indenture</u>"), between Porsche Innovative Lease Owner Trust 20[ ]-[ ] (the "<u>Issuer</u>") and [ ], as indenture trustee (in such capacity, the "<u>Indenture Trustee</u>"). The assets of the Issuer include, among other things, a special unit of beneficial interest in a portfolio of automobile leases and related vehicles that were originated by Porsche motor vehicle dealers (the "<u>Transaction SUBI</u>") and certain related rights.

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The Transaction SUBI Certificate issued by Porsche Leasing Ltd. (the "<u>Origination Trust</u>") and related property will be sold to the Transferor by Porsche Funding Limited Partnership ("<u>PFLP</u>" or the "<u>Seller</u>") and will be sold to the Issuer by the Transferor. The Transaction Leases and Transaction Vehicles will be serviced for the Issuer by Porsche Financial Services, Inc. ("<u>PFS</u>"), as servicer (in such capacity, the "<u>Servicer</u>").

Capitalized terms used but not otherwise defined in this Underwriting Agreement (this "<u>Agreement</u>") shall have the meanings set forth in <u>Appendix A</u> to the SUBI Sale Agreement, dated as of [ ] (as amended, supplemented or modified from time to time, the "<u>SUBI Sale Agreement</u>") between the Seller and the Transferor. As used herein, the term "<u>Issuer Information</u>" means any information of the type specified in clauses (1) – (5) of footnote 271 of Commission Release No. 33-8591 (Securities Offering Reform), and the term "<u>Road Show Information</u>" means the information contained in any "road show" (as defined under Rule 433(h)(4) of the Securities Act of 1933, as amended (the "<u>Securities Act</u>")) in which representatives of the Seller, PFS or the Transferor participate, including the road show presentation dated [ ].

The Transferor has prepared and filed with the Securities and Exchange Commission (the "<u>Commission</u>") in accordance with the provisions of the Securities Act, as amended, and the rules and regulations of the Commission thereunder (collectively, the "<u>Act</u>"), a shelf registration statement on Form SF-3 (having the registration number [ ]), including a form of prospectus relating to the offering of asset-backed notes. The registration statement as amended has been declared effective by the Commission not more than three years prior to the date hereof, or the Transferor has prepared and filed (before the expiration of such three year period) with the Commission in accordance with the Act, a new shelf registration statement on Form SF-3 and such new registration statement includes unsold securities covered by the earlier registration statement, which such unsold securities may continue to be offered and sold until the earlier of the effective date of the new registration statement or 180 days after the third anniversary of the initial effective date of the prior registration statement, as permitted pursuant to paragraph (a)(5)of Rule 415 of the Act. If any post-effective amendment has been filed with respect thereto, prior to the execution and delivery of this Underwriting Agreement, the most recent such amendment shall have been declared effective by the Commission. 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 referred to in this Underwriting Agreement as the "<u>Registration Statement</u>." The Transferor proposes to file with the Commission pursuant to Rule 424(b) under the Act ("<u>Rule 424(b)</u>") a final prospectus dated [ ] (such prospectus, as amended and supplemented, the "<u>Final Prospectus</u>"), relating to the Notes and the method of distribution thereof.

Prior to the date and time of the first Contract of Sale (as defined below) for the Notes, the Transferor has prepared Issuer Free Writing Prospectus(es) (as defined below) issued at or prior to the Time of Sale (as defined below). At or prior to [ ] (Eastern Time) (U.S.) on [ ] (i.e., the date and time the first Contract of Sale (as defined below) for the Notes (the "<u>Time of Sale</u>") was entered into as designated by the Representative), the Transferor had prepared the following information: a preliminary prospectus, dated [ ] (the "<u>Preliminary Prospectus</u>"), any CDI Intex files and the Road Show Information (collectively, the "<u>Time of Sale Information</u>").

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Pursuant to this Agreement, and subject to the terms hereof, the Transferor agrees to sell to the Underwriters, the respective principal amount of each class of Notes set forth opposite the name of such Underwriter on <u>Schedule I</u>.

SECTION 2. *<u>Representations and Warranties</u>*. Each of the Transferor and PFS severally represents and warrants to, and agrees with, the several Underwriters as of the date hereof (unless otherwise specified) and as of the Closing Date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transferor has prepared and filed the Registration Statement with the Commission in accordance with the provisions of the Act, including a form of prospectus, relating to the Notes. The Registration Statement, as amended, has been declared effective by the Commission and remains effective as of the date hereof. The conditions to the use of a registration statement on Form SF-3 under the Act and the conditions of Rule 415 under the Act, including the Registrant Requirements set forth in General Instruction I.A. of Form SF-3, have been satisfied as of the date of this Underwriting Agreement and will be satisfied as of the Closing Date. The conditions to the use of 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. As of the date that is ninety days after [ ], the requirements of General Instruction I.A. of Form SF-3 have been met. No stop order suspending the effectiveness of the Registration Statement has been issued, and no proceeding for that purpose has been instituted or threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Preliminary Prospectus, as of its date, and the Time of Sale Information, as of the Time of Sale and as of the Closing Date, did not and will not contain an untrue statement of a material fact and did not and will not 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 (it being understood that no representation or warranty is made with respect to the omission of pricing and price-dependent information, which information shall of necessity appear only in the Final Prospectus). The Final Prospectus, as of its date and as of the Closing Date, does not and will not contain any untrue statement of a material fact and did not and will not 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 Registration Statement, as of its most recent effective date and as of the Closing Date, did not and will not contain any untrue statement of material fact and did not and will not 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; *provided, however*, that the foregoing does not apply to (1) that part of the Registration Statement which constitutes the Statements of Eligibility of Qualification (Form T-1) of the Indenture Trustee or other indenture trustees under the Trust Indenture Act of 1939, as amended (the "<u>Trust Indenture Act</u>") or (2) the Underwriters' Information (as defined in <u>Section</u> <u>9(b)</u> hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the Closing Date and as of the date hereof, the Transferor's representations and warranties in the Transaction Documents will be and are true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the Closing Date and as of the date hereof, each of PFS's and PFLP's representations and warranties in the Transaction Documents will be and are true and correct.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Agreement has been duly authorized, executed and delivered by the Transferor and PFS, and, as of the Closing Date, each Transaction Document to which the Transferor or PFS is a party and the issuance and sale of the Notes will have been duly authorized, executed and delivered by the Transferor and PFS, respectively. Each Transaction Document to which PFLP or the Origination Trust is a party will have been duly authorized, executed and delivered by PFLP or the Origination Trust, respectively. Neither the execution and delivery by the Transferor, PFS, PFLP or the Origination Trust, as applicable, of such instruments, nor the performance by the Transferor, PFS, PFLP or the Origination Trust respectively, of the transactions herein or therein contemplated, as applicable, nor the compliance by the Transferor, PFS, PFLP or the Origination Trust, as applicable, with the provisions hereof or thereof, as applicable, will (i) conflict with the organizational documents of such entity, (ii) result in a material conflict with any of the provisions of any judgment, decree or order binding on the Transferor, PFS, PFLP or the Origination Trust, as applicable, or its properties, (iii) conflict with any indenture or agreement or instrument to which the Transferor, PFS, PFLP or the Origination Trust is a party or by which such entity's properties are bound (other than violations of such laws, rules, regulations, indentures or agreements 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 Transferor's, PFS's, PFLP's or the Origination Trust's ability to perform their respective obligations under, the Transaction Documents), (iv) conflict with any applicable law, rule or regulation or (v) result in the creation or imposition of any lien, charge or encumbrance upon any of the Transferor's, PFS's, PFLP's or the Origination Trust's, as applicable, property pursuant to the terms of any such indenture, mortgage, contract or other instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any material taxes, fees and other governmental charges in connection with the execution, delivery and performance by the Transferor or PFS of this Agreement and by the Transferor, PFS, PFLP or the Origination Trust of each Transaction Document to which it is a party shall have been paid or will be paid by the Transferor or PFS, as applicable, at or before the Closing Date to the extent then due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Notes, when validly issued pursuant to the Indenture, and when sold to the Underwriters pursuant to this Agreement, will conform in all material respects to the descriptions thereof contained in the Preliminary Prospectus and the Final Prospectus and will be validly issued and entitled to the benefits and security afforded by the Indenture. When executed and delivered by the parties thereto, each of the Indenture and each Transaction Document to which the Transferor, PFS, PFLP or the Origination Trust is a party will constitute the legal, valid and binding obligation of the Transferor, PFS, PFLP or the Origination Trust, as applicable, enforceable against such entity in accordance with its terms, except to the extent that the enforceability thereof may be subject to bankruptcy, insolvency, reorganization, receivership, conservatorship, moratorium or other similar laws now or hereafter in effect relating to creditors' rights in general and to general principles of equity. All approvals, authorizations, consents, filings, orders or other actions of any person, corporation or other organization, or of any court, governmental agency or body or official (except with respect to the securities laws of any foreign jurisdiction or the state securities or blue sky laws of various jurisdictions), required in connection with the valid and proper authorization and issuance of the Notes pursuant to the Indenture and sale of the Notes pursuant to this Agreement have been or will be taken or obtained on or before the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) None of the Transferor, the Issuer or the Origination Trust is now, and following the issuance of the Notes none of the Transferor, the Issuer or the Origination Trust will be, an "investment company" that is registered or required to be registered under, or is otherwise subject to the restrictions of, the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"). Neither the Transferor nor PFS will authorize any person to act in such a manner as to require registration of the Transferor, the Issuer or the Origination Trust under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Issuer is being structured so as not to constitute a "covered fund" as defined in the final regulations issued December 10, 2013, implementing the "Volcker Rule" (Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act), and the Issuer either does not rely solely on the exemption from the definition of "investment company" set forth in Section 3(c)(1) and/or Section 3(c)(7) of the Investment Company Act or is entitled to the benefit of the exclusion for loan securitizations in the Volcker Rule under 17 C.F.R. 75.10(c)(8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Indenture has been duly qualified under the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Since the respective dates as of which information is given in the Preliminary Prospectus and in the Final Prospectus, there has not occurred any material adverse change, or any development involving a prospective material adverse change, in or affecting the condition, financial or otherwise, earnings, business or operations of the Seller, the Transferor, PFS or the Origination Trust and their respective subsidiaries, taken as a whole, except as disclosed to the Underwriters in writing prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Each of the Transferor and PFS acknowledges that in connection with the offering of the Notes: (1) the Underwriters have acted at arms' length, are not agents of or advisors to, and owe no fiduciary duties to, the Transferor, PFS or any other Person, (2) none of the Underwriters has provided any legal, regulatory, accounting, insurance or tax advice in any jurisdiction, (3) the Underwriters owe the Transferor and PFS only those duties and obligations set forth in this Agreement and (4) the Underwriters may have interests that differ from those of the Transferor and PFS. Each of the Transferor and PFS waives to the fullest extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offer of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) None of the Issuer, the Seller, the Transferor or PFS has received an order from the Securities and Exchange Commission (the "<u>Commission</u>"), any State securities commission or any foreign government or agency thereof preventing or suspending the offering of the Notes, and to the best knowledge of the Transferor and PFS, no such order has been issued and no proceedings for that purpose have been instituted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) PFS has provided a written representation (the "<u>17g-5 Representation</u>") to each nationally recognized statistical rating organization (as defined in the Exchange Act) hired by PFS to rate the Notes (collectively, the "<u>Hired NRSROs</u>"), which satisfies the requirements of paragraph (a)(3)(iii) of Rule 17g-5 of the Exchange Act ("<u>Rule 17g-5</u>") and a copy of which has been delivered to each Underwriter. PFS has complied, and has caused the Transferor to comply, with the 17g-5 Representation, other than any breach of the 17g-5 Representation (A) that would

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not have a material adverse effect on the Notes or (B) arising from a breach by any of the Underwriters of the representation, warranty and covenant set forth in <u>Section</u> <u>4(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Neither the Transferor nor PFS has engaged any person to provide third-party "due diligence services" (as defined in Rule 17g-10 under the Exchange Act) relating to the Notes, other than [ ] or another nationally recognized independent accounting firm acceptable to the Representative (the "<u>Accounting Firm</u>"). The Transferor obtained a "third-party due diligence report" (as defined in Rule 15Ga-2 under the Exchange Act ("<u>Rule 15Ga-2</u>")), prepared by the Accounting Firm titled "[ ]", dated [ ] (the "<u>Accountant's Due Diligence Report</u>"), and neither the Transferor nor PFS has received any "third-party due diligence report" (as defined in Rule 15Ga-2) other than the Accountant's Due Diligence Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Transferor has (i) furnished to the Commission a Form ABS-15G (the "<u>Form ABS-15G</u>") containing the findings and conclusions of the Accountant's Due Diligence Report and meeting all other requirements of Rule 15Ga-2, including by furnishing such Form ABS-15G to the Commission on EDGAR within the time period required by Rule 15Ga-2, and (ii) provided a draft of the Form ABS-15G, not materially different from the Form ABS-15G furnished to the Commission, to counsel for the Underwriters and to the Representative in a reasonable period of time prior to the furnishing of such Form ABS-15G to the Commission as set forth in clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) PFS has complied, 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>"), in each case directly or (to the extent permitted by the Credit Risk Retention Rules) through a "majority-owned affiliate" (as defined in the Credit Risk Retention Rules, a "<u>Majority-Owned Affiliate</u>"). On the Closing Date, PFS or a Majority-Owned Affiliate of PFS will retain an ["eligible horizontal residual interest"]["eligible vertical interest"] (as defined in the Credit Risk Retention Rules) equal to at least 5% of the fair value [(determined using a fair value measurement framework under United States generally accepted accounting principles)] of all the "ABS interests" (as defined in the Credit Risk Retention Rules) in the Issuer issued as part of the transactions contemplated by the Transaction Documents (such interest, the "<u>Retained Interest</u>"), determined as of the Closing Date. PFS is solely responsible for the calculation of the fair value of the Retained Interest. The Preliminary Prospectus contains all of the required disclosures under 17 C.F.R. §246.4(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) As of the Closing Date, the Indenture has been duly qualified under the Trust Indenture Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Transaction SUBI Certificate, when duly and validly executed by the Origination Trustee, and delivered in accordance with the Origination Trust Agreement (as supplemented by the Transaction SUBI Supplement), will be validly issued and outstanding and entitled to the benefits of the Origination Trust Agreement (as supplemented by the Transaction SUBI Supplement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The Transferor was not, on the date on which the first bona fide offer of the Notes sold pursuant to this Agreement was made, an "ineligible issuer" as defined in Rule 405 under the Securities Act.

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SECTION 3. *<u>Purchase, Sale and Delivery of Notes</u>*. On the basis of the representations, warranties and agreements herein contained, but subject to the terms and conditions herein set forth, the Transferor agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from the Transferor the respective principal amount of each class of Notes set forth opposite the name of such Underwriter on <u>Schedule I</u> at a purchase price equal to the following percentages of the aggregate principal amounts thereof: (i) in the case of the Class A-1 Notes, [ ]%, (ii) in the case of the Class A-2[a] Notes, [ ]%, [(iii) in the case of the Class A-2b Notes, [ ]%], [(iv)] in the case of the Class A-3 Notes, [ ]% [and][,] [(v)] in the case of the Class A-4 Notes, [ ]% [and [(vi)] in the case of the Class B Notes, [ ]%]. Delivery of and payment for the Notes shall be made at the offices of [ ], at [ ] a.m. (New York City time) on [ ] (the "<u>Closing Date</u>"). Delivery of one or more global notes representing the Notes shall be made against payment of the aggregate purchase price therefor in immediately available funds drawn to the order of the Transferor. The global notes to be so delivered shall be registered in the name of Cede & Co., as nominee of The Depository Trust Company ("<u>DTC</u>"). The interests of beneficial owners of the Notes will be represented by book entries on the records of DTC and participating members thereof. Definitive Notes representing the Notes will be available only under limited circumstances.

SECTION 4. *<u>Offering by Underwriters</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the satisfaction of the conditions in <u>Section</u> <u>7</u> and subject to <u>Section</u> <u>8</u>, each Underwriter, severally and not jointly, agrees to purchase the Notes for resale upon the terms and conditions set forth in the Final Prospectus. The Transferor authorizes each Underwriter to take all such action as it may deem advisable in respect of all matters pertaining to sales of the Notes to dealers and to retail purchasers and to member firms and specialists, including the right to make variations in the selling arrangements with respect to such sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, each Underwriter, severally and not jointly, agrees that it has not offered or sold and will not offer or sell any Notes within the United States, its territories or possessions or to persons who are citizens thereof or residents therein, except in transactions that are not prohibited by any securities, bank regulatory or other applicable law that applies to such Underwriter or an offer of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, each Underwriter, severally and not jointly, agrees that it has not violated and will not violate any applicable securities laws in its offer or sale of any Notes within any other country, its territories or possessions or to persons who are citizens thereof or residents therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Underwriter, severally and not jointly, represents and agrees (i) that it did not enter into any Contract of Sale for any Notes prior to the Time of Sale and (ii) that it will, at any time that such Underwriter is acting as an "underwriter" (as defined in Section 2(a)(11) of the Securities Act) with respect to the Notes, deliver to each investor to whom Notes are sold by it during the period prior to the filing of the Final Prospectus (as notified to the Underwriters by the Transferor), prior to the applicable time of any such Contract of Sale with respect to such investor, the Preliminary Prospectus.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Transferor, PFS or an Underwriter determines or becomes aware that any "written communication" (as defined in Rule 405 under the Securities Act) (including without limitation the Preliminary Prospectus) or oral statement (when considered in conjunction with all information conveyed at the time of the "contract of sale" within the meaning of Rule 159 under the Securities Act and all Commission guidance relating to such rule (the "<u>Contract of Sale</u>")) made or prepared by the Transferor or such Underwriter contains an untrue statement of material fact or omits to state a material fact necessary to make the statements, in light of the circumstances under which they were made, not misleading at the time that a Contract of Sale was entered into, either the Transferor or such Underwriter may prepare corrective information, with notice to the other party and such Underwriter shall deliver such information in a manner reasonably acceptable to both parties, to any person with whom a Contract of Sale was entered into based on such written communication or oral statement, and such information shall provide any such person with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adequate disclosure of the contractual arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adequate disclosure of the person's rights under the existing Contract of Sale at the time termination is sought;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) adequate disclosure of the new information that is necessary to correct the misstatements or omissions in the information given at the time of the original Contract of Sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a meaningful ability to elect to terminate or not terminate the prior Contract of Sale and to elect to enter into or not enter into a new Contract of Sale.

If new Contracts of Sale are entered into in accordance with this <u>Section</u> <u>4(e)</u>, then notwithstanding the definition of Time of Sale set forth in <u>Section</u> <u>1</u>, "Time of Sale" shall refer to the first time and date on which such new Contracts of Sale were entered into. Any costs or losses incurred in connection with any such termination or reformation shall be subject to <u>Section</u> <u>9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Underwriter, severally but not jointly, represents and agrees that (i) it is a Qualified Institutional Buyer and (ii) it has not engaged nor will it engage in any form of general solicitation or general advertising (within the meaning of Regulation D under the Securities Act) in connection with any offer or sale of the Notes in the United States. Each Underwriter, severally but not jointly, acknowledges that purchases and resales of the Notes are restricted as described under "Transfer Restrictions" in the Final Prospectus and covenants that it will not sell the Notes other than in compliance with such transfer restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Underwriter, severally but not jointly, represents and agrees that, (a) it has not delivered, and will not deliver, any Rating Information (as defined below) to a Hired NRSRO or other nationally recognized statistical rating organization and (b) it has not participated, and will not participate, in any oral communication regarding Rating Information with any Hired NRSRO or other nationally recognized statistical rating organization unless a designated representative from PFS participates in such communication or a designated representative of PFS has directed the applicable Underwriter to orally communicate with such Hired NRSRO (but only with respect to those specific matters that such designated representative of PFS has directed such Underwriter

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to orally communicate); provided, however, that if an Underwriter receives an oral communication from a Hired NRSRO, such Underwriter is authorized to inform such Hired NRSRO that it will respond to the oral communication with a designated representative from PFS or refer such Hired NRSRO to PFS, who will respond to the oral communication. For purposes of this paragraph, "<u>Rating Information</u>" means any information provided to a Hired NRSRO for the purpose of (a) determining the initial credit rating for the Notes, including information about the characteristics of the Transaction SUBI, the Transaction SUBI Certificate, the leases and related leased vehicles allocated to the Transaction SUBI, any other related property and the legal structure of the Notes, and (b) undertaking credit rating surveillance on the Notes, including information about the characteristics and performance of the Transaction SUBI, the Transaction SUBI Certificate, the leases and related leased vehicles allocated to the Transaction SUBI and any other related property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each Underwriter, severally and not jointly, agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 of the United Kingdom (as amended, the "<u>FSMA</u>")) received by it in connection with the issue or sale of any Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Issuer or the Transferor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Notes in, from or otherwise involving the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) Each Underwriter, severally and not jointly, represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any UK Retail Investor in the United Kingdom ("<u>UK</u>"). For the purposes of this <u>Section</u> <u>4(i)(A)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the expression "<u>UK Retail Investor</u>" 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;(a) a client, as defined in point (7) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of UK domestic law, and as amended ("<u>UK MiFIR</u>"), who is not a who is not a professional client, as defined in point (8) of Article 2(1) of UK MiFIR (a "<u>UK Professional Client</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) 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 (as amended), where that customer would not qualify as a UK Professional Client; 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;(c) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of the UK domestic law, as amended; and

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&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 Notes to be offered so as to enable an investor to decide to purchase or subscribe to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Underwriter severally and not jointly represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Notes to any EU Retail Investor in the European Economic Area. For the purposes of this <u>Section</u> <u>4(i)(B)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) the expression "<u>EU Retail Investor</u>" 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;(a) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "<u>MiFID II</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) 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;(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;(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 Notes to be offered so as to enable an investor to decide to purchase or subscribe to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each Underwriter severally but not jointly represents that it has not engaged and will not engage any person to provide third-party "due diligence services" (as defined in Rule 17g-10 under the Exchange Act) relating to the Notes, it being understood that the Accounting Firm has been engaged by PFS and the Transferor for the purpose of providing the Accountant's Due Diligence Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each Underwriter, severally and not jointly, agrees that (i) if the Final Prospectus is not delivered with a confirmation in reliance on Rule 172 under the Securities Act, it will include in every confirmation sent out by such Underwriter the notice required by Rule 173 under the Securities Act informing the investor that the sale was made pursuant to the Registration Statement and that the investor may request a copy of the Final Prospectus from such Underwriter; (ii)if a paper copy of the Final Prospectus is requested by a person who receives a confirmation, such Underwriter shall deliver a printed or paper copy of such Final Prospectus; and (iii) if an electronic copy of the Final Prospectus is delivered by an Underwriter for any purpose, such copy shall be the same electronic file containing the Final Prospectus in the identical form transmitted electronically to such Underwriter by or on behalf of the Transferor specifically for use by such Underwriter pursuant to this Section 4(d); for example, if the Final Prospectus is delivered to an Underwriter by or on behalf of the Transferor in a single electronic file in .pdf format, then such Underwriter will deliver the electronic copy of the Final Prospectus in the same single electronic file in .pdf format. Each Underwriter further agrees that if it delivers to an investor the Final Prospectus in .pdf format, upon such Underwriter's receipt of a request from the investor within the period for which delivery of the Final Prospectus is required, such Underwriter will promptly

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deliver or cause to be delivered to the investor, without charge, a paper copy of the Final Prospectus.

SECTION 5. *<u>Covenants of the Transferor</u>*. The Transferor (and, with respect to <u>clauses (e)</u>, <u>(h)</u>, <u>(k)</u>, <u>(l)</u> and <u>(n)</u>, PFS) covenants and agrees with the Underwriters that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transferor will advise the Underwriters promptly of: (i) any proposal to amend or supplement the Preliminary Prospectus or the Final Prospectus, and will not effect such amendment or supplement without first furnishing to the Underwriters a copy of each such proposed amendment or supplement and obtaining the Underwriters' consent, which consent will not unreasonably be withheld and (ii) any order or communication suspending or preventing, or threatening to suspend or prevent, the offer and sale of the Notes, or any prevention or suspension of the use of the Preliminary Prospectus or the Final Prospectus or of any proceedings or examinations that may lead to such an order or communication, by any authority administering any applicable laws, as soon as practicable after the Transferor is advised thereof, and will use its best efforts to prevent the issuance of any such order or communication and to obtain as soon as possible its lifting, if issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any event occurs as a result of which the Preliminary Prospectus or the Final 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 Final Prospectus to comply with applicable laws, the Transferor (in compliance with <u>Section</u> <u>5(a)</u>) promptly will prepare, or cause to be prepared, an amendment or supplement that will correct such statement or omission or effect such compliance. The consent to any amendment shall not operate as a waiver or limitation of any rights of the Underwriters hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Transferor will deliver to the Underwriters, without charge, electronic copies of the Preliminary Prospectus (and each other preliminary prospectus, if more than one has been prepared by the Transferor), the Final Prospectus and all amendments and supplements to such documents, in each case as soon as available and in such quantities and to such recipients as any Underwriter shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Transferor will arrange to qualify the Notes for offer and sale under the applicable laws of such jurisdictions as the Underwriters reasonably shall request, and will maintain all such qualifications for so long as required for the distribution of the Notes and, thereafter, to the extent required by such jurisdictions. PFS will promptly advise the Underwriters of the receipt by PFS of any notification with respect to the suspension of the qualification of the Notes for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) From the date hereof until the retirement of the Notes, or until none of the Underwriters maintains a secondary market in the Notes, whichever occurs first, the Transferor will deliver to each of the Underwriters, through the Representative, the annual statement of compliance furnished to the Indenture Trustee pursuant to the Transaction SUBI Servicing Supplement, as soon as such statements are furnished to the Indenture Trustee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) So long as any of the Notes are outstanding, the Transferor will deliver to each of the Underwriters, through the Representative: (i) all documents distributed to Noteholders and (ii) from time to time, any information concerning the Transferor or the Issuer filed with any governmental or regulatory authority that is publicly available, as the Underwriters reasonably may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On or before the Closing Date, PFS shall cause its computer records relating to the Origination Trust Assets to be marked to show the allocation of the Transaction Units to the Transaction SUBI and the Issuer's ownership of the Transaction SUBI Certificate and the beneficial interest in the Transaction Units, and from and after the Closing Date neither the Transferor nor PFS shall take any action inconsistent, and PFS shall cause the Seller to not take any action inconsistent, with the Issuer's ownership of the Transaction SUBI Certificate and the beneficial interest in the Transaction Units other than as permitted by the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Upon request, the Transferor will furnish to the Underwriters copies of any Issuer Free Writing Prospectus, the Preliminary Prospectus, the Final Prospectus, and all amendments and supplements to such documents, in each case as soon as available and in such quantities as the Underwriters may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The information provided by the Transferor pursuant to <u>Section</u> <u>5(i)</u> of this Agreement will not, at the date thereof, contain any 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the extent, if any, that any of the ratings assigned to the Notes by any of the Hired NRSROs are conditional upon the furnishing of documents or the taking of any other actions by the Transferor or PFS, as the case may be, the relevant party shall furnish, or cause to be furnished, such documents and take any such other actions as promptly as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) PFS will comply, and will cause the Transferor to comply, with the 17g-5 Representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Transferor will comply with the Securities Act, the Exchange Act and the rules and regulations thereunder so as to permit the completion of the distribution of the Notes as contemplated in this Agreement and the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) PFS will comply, and will cause each of its affiliates to comply, with the Credit Risk Retention Rules, as in effect from time to time, in connection with the Porsche Innovative Lease Owner Trust 20[ ]-[ ] transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) If the filing of any Issuer Free Writing Prospectus, the Preliminary Prospectus or the Final Prospectus or any portion thereof is required under Rule 424(b), Rule 424(h) or Rule 433of the Commission, the Transferor will file such Issuer Free Writing Prospectus, Preliminary Prospectus or Final Prospectus, properly completed, and any supplement thereto, pursuant to Rule 424(b), Rule 424(h) or Rule 433, as applicable, within the prescribed time period and will provide evidence satisfactory to the Underwriters of such timely filing. The Transferor (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 Final Prospectus

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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;(o) The Indenture shall have been qualified pursuant to the Trust Indenture Act.

SECTION 6. *<u>Payment of Expenses</u>*. Except as otherwise agreed in writing by the Transferor and the Representative, the Transferor will pay all expenses (including legal fees and disbursements) incident to the transactions contemplated by this Agreement, including: (a) the preparation, distribution and printing of the Registration Statement, the Preliminary Prospectus, each other preliminary prospectus or "written communication" (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or a solicitation of an offer to buy the Notes, and the Final Prospectus, and each amendment or supplement thereto, and delivery of copies thereof to the Underwriters, (b) the preparation of this Agreement, (c) the preparation, issuance and delivery of the Notes to the Underwriters (or any appointed clearing organizations), (d) the fees and disbursements of PFS', the Seller's, the Transferor's and the Origination Trust's counsel and accountants, (e) the qualification of the Notes under applicable laws in accordance with <u>Section</u> <u>5(d)</u>, including filing fees and the fees and disbursements of counsel in connection therewith, (f) any fees charged by Hired NRSROs for the rating (or consideration of the rating) of the Notes, (g) the fees and expenses incurred with respect to any filing with, and review by, DTC or any similar organizations, (h) the fees and disbursements of the Indenture Trustee and its counsel, if any, (i) the fees and disbursements of [ ] acting in its capacity as owner trustee (in such capacity, the "<u>Owner Trustee</u>") under the Amended and Restated Trust Agreement, dated as of the Closing Date (the "<u>Trust Agreement</u>"), between the Transferor and the Owner Trustee, and its counsel, (j) the fees and disbursements of the Origination Trustee and its counsel, if any, (k) the costs and expenses (including any damages or other amounts payable in connection with legal and contractual liability) associated with reforming any Contracts for Sale of the Notes made by the Underwriters caused by a breach of any representation in <u>Section</u> <u>2</u> and (l) the fees and disbursements of counsel to the Representative and the other Underwriters.

SECTION 7. *<u>Conditions of the Obligations of the Underwriters</u>*. The obligations of the Underwriters to purchase and pay for the Notes will be subject to the accuracy of the representations and warranties made herein as of the date of this Agreement and the Closing Date, to the accuracy of the statements of officers made pursuant hereto, to the performance by the Transferor and PFS of their obligations hereunder, and to the following additional conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or before the Closing Date, the Underwriters shall have received letters, dated as of the date of the Preliminary Prospectus and as of the date of the Final Prospectus, respectively, of [ ], independent certified public accountants, each substantially in the form of the drafts to which the Underwriters have agreed previously and otherwise substantially in form and substance reasonably satisfactory to the Underwriters and their counsel and [ ] shall have furnished to the Representative a copy of the Accountant's Due Diligence Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the date hereof, there shall not have occurred any change, or any development involving a prospective change, in the condition, financial or otherwise, or in the earnings, business

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or operations of the Issuer, the Seller, the Transferor, PFS or the Origination Trust, and their respective subsidiaries, taken as a whole, that, in the Underwriters' judgment, is material and adverse and that makes it impracticable or inadvisable to market the Notes on the terms and in the manner contemplated in the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall have received an opinion of [ ], in-house counsel to the Seller, the Transferor and PFS, addressed to the Underwriters and the Indenture Trustee, dated the Closing Date and satisfactory in form and substance to the Underwriters and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Underwriters shall have received from [ ], special counsel to the Seller, the Transferor, PFS, the Issuer and the Origination Trust, (i) an opinion or opinions, subject to customary qualifications, assumptions, limitations and exceptions, addressed to the Underwriters and dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters and their counsel, with respect to general corporate matters, certain perfection matters, matters related to the creation of a security interest, securities law matters, Investment Company Act matters, tax matters, enforceability matters, certain true sale and non-consolidation matters, the validity of the Notes and the Final Prospectus and the information contained in the Final Prospectus and (ii) a negative assurance letter, addressed to the Underwriters and dated the Closing Date, in form and substance reasonably satisfactory to the Underwriters and their counsel, with respect to the most recent Preliminary Prospectus delivered prior to the Time of Sale and the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Underwriters shall have received a negative assurance letter of [ ], addressed to the Underwriters and dated the Closing Date, with respect to the most recent Preliminary Prospectus delivered prior to the Time of Sale and the Final Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Underwriters shall have received an opinion addressed to the Underwriters, the Transferor and the Servicer of [ ], counsel to the Indenture Trustee, dated the Closing Date and in form and substance reasonably satisfactory to the Underwriters and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Underwriters shall have received an opinion or opinions addressed to the Underwriters, the Transferor and the Servicer of [ ], counsel to the Owner Trustee and special Delaware counsel to the Transferor, the Origination Trust, the Origination Trustee and the Issuer, dated the Closing Date and in form and substance reasonably satisfactory to the Underwriters and their counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Underwriters shall have received certificates dated the Closing Date of any two of the President, the Chief Financial Officer, any Vice President, the Controller, the Treasurer, the Secretary, Assistant Treasurer or the Assistant Secretary of the Transferor and PFS in which such officers shall state that: (A) the representations and warranties made by such entity contained in the Transaction Documents and this Agreement are true and correct, that such party has complied with all agreements and satisfied all conditions on its part to be performed or satisfied under such agreements on or before the Closing Date, (B) since the respective dates as of which information is given in the Preliminary Prospectus and the Final Prospectus, there has not occurred any material adverse change, or any development involving a prospective material adverse change, in or affecting the condition, financial or otherwise, or in the earnings, business or operations of the

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Issuer, the Transferor, the Seller or the Servicer except as disclosed to the Underwriters in writing prior to the date of the Preliminary Prospectus and (C) the Registration Statement has been declared effective, no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose have been instituted or are threatened by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Underwriters shall have received evidence satisfactory to the Underwriters that, on or before the Closing Date, UCC-1 financing statements have been or are being filed in all applicable governmental offices reflecting (A) the transfer of the interest of the Seller in the Transaction SUBI Certificate and the proceeds thereof to the Transferor pursuant to the SUBI Sale Agreement, (B) the transfer of the interest of the Transferor in the SUBI Sale Agreement, the Transaction SUBI Certificate and the proceeds thereof to the Issuer pursuant to the SUBI Transfer Agreement, and (C) the grant by the Issuer to the Indenture Trustee under the Indenture of a security interest in the interest of the Issuer in the SUBI Sale Agreement, the SUBI Transfer Agreement, the Transaction SUBI Certificate and the proceeds thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Class A-1 Notes, Class A-2[a] Notes, [Class A-2b Notes,] Class A-3 Notes[,] [and] Class A-4 Notes [and Class B Notes] shall have received at least the ratings indicated in the Ratings Free Writing Prospectus from the nationally recognized statistical rating organizations therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Underwriters shall have received, from each of the Seller, PFS and the Transferor, a certificate executed by a secretary or assistant secretary thereof to which shall be attached certified copies of the: (i) organizational documents, (ii) applicable resolutions and (iii) designation of incumbency of each such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Issuer shall have delivered to DTC (or to the Indenture Trustee as an approved custodian therefor) each of the global Notes described in Section 3 hereof, duly executed by the Issuer and authenticated by the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Issuer shall have executed and delivered to DTC a standard "letter of representations" in electronic form sufficient to cause DTC to qualify each Class of Notes for inclusion in DTC's book-entry registration and transfer system, and each Class of Notes shall have been approved by DTC for inclusion on its book-entry registration and transfer system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Underwriters shall have received such opinions, addressed to the Underwriters and dated the Closing Date, as are delivered to the Hired NRSROs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Representative shall have received evidence of ratings letters that assign the ratings to the Notes specified in the Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Final Prospectus shall have been filed and no stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceeding for that purpose shall have been instituted or, to the knowledge of the Transferor, PFS or any Underwriter, threatened by the Commission or by any authority administering any state securities or blue sky law, and any requests for additional information (to be included in the Final Prospectus or the Registration Statement or otherwise) shall have been complied with to the satisfaction of the Underwriters.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Representative shall have received an opinion of in-house counsel to the Asset Representations Reviewer, dated the Closing Date and satisfactory in form and substance to the Representative and counsel for the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The Transferor will provide or cause to be provided to the Underwriters conformed copies of such opinions, certificates, letters and documents as the Underwriters or their counsel reasonably request.

SECTION 8. *<u>Termination</u>*. This Agreement shall be subject to termination by notice given by the Underwriters to the Transferor if: (a) after the execution and delivery of this Agreement and prior to the Closing Date: (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange; (ii) trading of any securities of Dr. Ing. h.c. F. Porsche Aktiengesellschaft shall have been suspended on any exchange or in any over-the-counter market; (iii) any general moratorium on commercial banking activities in New York shall have been declared by either Federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis that, in the Underwriters' judgment, is material and adverse, and (b) in the case of any of the events specified above, such event singly or together with any other such event makes it, in the Underwriters' judgment, impracticable or inadvisable to market or deliver the Notes on the terms and in the manner contemplated in the Final Prospectus.

SECTION 9. *<u>Indemnification and Contribution</u>*. (a) The Transferor and PFS will, jointly and severally, indemnify and hold harmless each Underwriter, and each person, if any, who controls such Underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and the respective officers, directors and employees of such person from and against any losses, claims, damages and liabilities (including, without limitation, any legal or other expenses incurred by any Underwriter or any such person in connection with defending or investigating any such action or claim) to which they or any of them may become subject, under the Securities Act, the Exchange Act or other federal or state law or regulation, whether statutory, at common law or otherwise, as incurred, insofar as such losses, claims, damages or liabilities (or actions in respect thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Time of Sale Information (it being understood that such indemnification with respect to the Time of Sale Information does not include the omission of pricing and price-dependent information, which information shall of necessity appear only in the Final Prospectus), any Form ABS-15G furnished to the Commission on EDGAR with respect to the transactions contemplated by this Agreement (taken as a whole, together with the Preliminary Prospectus and the Final Prospectus), the Final Prospectus or any amendment, exhibit or supplement thereto, any Issuer Information, the Registration Statement or any information provided by the Seller, the Transferor or PFS to any Underwriter or any holder or prospective purchaser of the Notes, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading; *provided*, *however*, that neither the Transferor nor PFS will be liable in any such case to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue

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statement in, or omission or alleged omission from, any of such documents in reliance upon and in conformity with the Underwriters Information (as defined below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arise out of or are based upon the performance or the breach of the Transferor's obligations under <u>Section</u> <u>5(l)</u> herein.

The indemnity agreements in this <u>Section</u> <u>9(a)</u> will be in addition to any liability that the Transferor or PFS may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Underwriter, severally and not jointly, agrees to indemnify and hold harmless the Transferor and PFS and each person, if any, who controls such parties within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, and the respective officers, directors and employees of such person from and against any losses, claims, damages or liabilities (including, without limitation, any legal or other expenses incurred by any of them in connection with defending or investigating any such action or claim) to which any of them may become subject, under the Securities Act, the Exchange Act or other federal or state law or regulation, whether statutory, at common law or otherwise, as incurred, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in the Preliminary Prospectus, the Final Prospectus or any amendment, exhibit or supplement thereto, or arise out of or are based upon the omission or the alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances in which they were made, not misleading, in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with the Underwriters Information (as defined below), and (ii) the failure upon the part of any Underwriter to deliver the Preliminary Prospectus prior to the Time of Sale to any investor with whom such Underwriter entered into a Contract of Sale at such Time of Sale. As used herein, the term "<u>Underwriters Information</u>" means the information set forth in the second sentence of the eleventh paragraph (regarding market making) under the caption "Plan of Distribution" in the Preliminary Prospectus or Final Prospectus. This indemnity agreement will be in addition to any liability that each Underwriter may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to either <u>subsection (a)</u> or <u>(b)</u>, such person (the "<u>indemnified party</u>") promptly shall notify the person against whom such indemnity may be sought (the "<u>indemnifying party</u>") in writing and the indemnifying party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the indemnified party to represent the indemnified party and any others the indemnifying party may designate in such proceedings and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless: (i) the indemnifying party and the indemnified party agree on the retention of such counsel at the indemnifying party's expense, (ii) the named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between such parties or (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified

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party to represent the indemnified party within a reasonable time after notice of the institution of such action. It is understood that the indemnifying party shall not, in respect of the legal expenses of any indemnified party in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one counsel (in addition to any local counsel) for all such indemnified parties and that all such fees and expenses shall be reimbursed promptly as they are incurred. Such counsel shall be designated in writing by the Transferor, in the case of parties indemnified pursuant to <u>subsection (a)</u>, and by the Representative, in the case of parties indemnified pursuant to <u>subsection (b)</u>. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding 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 claims that are the subject matter of such proceeding and (ii) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of such indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section is unavailable or insufficient to hold harmless an indemnified party under <u>subsection (a)</u> or <u>(b)</u>, then each indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in <u>subsection (a)</u> or <u>(b)</u>: (i) in such proportion as is appropriate to reflect the relative benefits received by the Transferor, PFS, the Issuer and their affiliates on the one hand and the Underwriters on the other from the offering of the Notes, or (ii) if the allocation provided by <u>clause (i)</u> is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in <u>clause (i)</u> but also the relative fault of the Transferor, PFS, the Issuer and their affiliates on the one hand and the Underwriters on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Transferor, PFS, the Issuer and their affiliates on the one hand and the Underwriters on the other in connection with the offering of the Notes shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses other than underwriting discounts and commissions received by the Underwriters) received by the Transferor, PFS, the Issuer and their affiliates 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 Transferor, PFS, the Issuer or their affiliates on the one hand or by any Underwriter on the other hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Underwriters' respective obligations to contribute pursuant to this Section are several in proportion to the respective principal amounts of Notes they have purchased hereunder, and not joint. For purposes of this <u>Section</u> <u>9</u>, each person who controls any Underwriter within the meaning of either the Securities Act or the Exchange Act and each director, officer, employee and agent of such Underwriter shall have the same rights to indemnification and contribution as such Underwriter, and each person who controls the Transferor or PFS within the meaning of either the Securities

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Act or the Exchange Act and each officer and director of the Transferor or PFS shall have the same rights to indemnification and contribution as the Transferor or PFS, subject in each case to the applicable terms and conditions of this <u>subsection (d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section were determined by *pro rata* allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages and liabilities referred to in the preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the other provisions of this Section, no Underwriter (except as may be provided in the agreement among Underwriters relating to the offering of the Notes) shall be required to contribute any amount in excess of the amount by which the total underwriting discounts and commissions received by such Underwriter exceed the amount of any damages that such Underwriter otherwise has 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 Securities Act) shall be entitled to contribution or indemnity from any person who was not guilty of such fraudulent misrepresentation. The remedies provided for in this Section are not exclusive and shall not limit any rights or remedies that otherwise may be available to any indemnified party at law or in equity.

SECTION 10. *<u>Defaults by an Underwriter</u>*. If any one or more Underwriter(s) fail(s) to purchase and pay for any of the Notes agreed to be purchased by such Underwriter(s) hereunder, and such failure constitutes a default in the performance of its or their obligations under this Agreement, the remaining Underwriter(s) shall be obligated severally to take up and pay for (in the respective proportions that the amount of Notes set forth opposite their names in <u>Schedule I</u> bears to the aggregate amount of Notes set forth opposite the names of all the remaining Underwriter(s)) the Notes that the defaulting Underwriter(s) agreed but failed to purchase; *provided*, *however*, that if the aggregate amount of Notes that the defaulting Underwriter(s) agreed but failed to purchase exceeds 10% of the aggregate principal amount of Notes, the remaining Underwriter(s) shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Notes, and if such non-defaulting Underwriter(s) do not purchase all the Notes, this Agreement will terminate without liability to any non-defaulting Underwriter. In the event of a default by any Underwriter as set forth in this paragraph, the Closing Date shall be postponed for such period, not exceeding seven days, as the remaining Underwriter(s) shall determine in order that the required changes (if any) in the Final Prospectus or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Underwriter(s) of any liability to the Transferor, PFS, their affiliates or any non-defaulting Underwriter(s) for damages occasioned by its default hereunder.

SECTION 11. *<u>[Reserved]</u>*.

SECTION 12. *<u>No Bankruptcy Petition</u>*. Each Underwriter covenants and agrees that, before the date that is one year and one day after the payment in full of all notes issued by the Issuer or any other common law or statutory trust or limited liability company formed by the Transferor in connection with the issuance of securities, it will not institute against, or join any

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other person in instituting against, the Transferor, the Issuer, the Origination Trust or any other such trust or limited liability company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any Federal or state bankruptcy or similar law.

SECTION 13. *<u>Survival of Representations and Obligations</u>*. The respective indemnities, agreements, representations, warranties and other statements set forth in or made pursuant to this Agreement or contained in certificates of officers submitted pursuant hereto shall remain operative and in full force and effect, regardless of any investigation or statement as to the results thereof, and will survive delivery of and payment for the Notes. If for any reason the purchase of the Notes by the Underwriters is not consummated, the Transferor shall remain responsible for the expenses to be paid or reimbursed pursuant to <u>Section</u> <u>6</u> and the obligations pursuant to <u>Section</u> <u>9</u> shall remain in effect. If for any reason the purchase of the Notes by the Underwriters is not consummated, other than termination of this Agreement pursuant to <u>Section</u> <u>10</u> with respect to the defaulting Underwriter(s), the Transferor will reimburse the Underwriters severally, upon demand, for all out-of-pocket expenses (including fees and disbursements of counsel) incurred by any Underwriter in connection with the offering of the Notes. The provisions of Sections 6, 9, 14, 15, 16, 18, 20 and 22 hereof shall survive the termination or cancellation of this Agreement.

SECTION 14. *<u>Notices</u>*. All communications hereunder will be in writing and will be mailed or delivered and confirmed in each case as follows: (a) if to the Underwriters, to the Representative at [ ], [ ], Attention: [ ]; (b) if to the Transferor, at Porsche Auto Funding LLC, One Porsche Drive, Atlanta, GA 30354, Attention: Porsche Financial Legal Services Department; and (c) if to PFS, at Porsche Financial Services, Inc., One Porsche Drive, Atlanta, GA 30354, Attention: Porsche Financial Legal Services Department.

SECTION 15. *<u>Successors</u>*. This Agreement will inure to the benefit of and be binding upon the parties hereto, their respective successors and agents, and the directors, employees, officers and control persons referred to in <u>Section</u> <u>9</u>, and no other person will have any rights or obligations hereunder.

SECTION 16. *<u>Applicable Law, Waiver of Jury Trial, Entire Agreement</u>*. **THIS AGREEMENT AND ALL DISPUTES, CLAIMS, CONTROVERSIES, DISAGREEMENTS, ACTIONS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING THE SCOPE OR VALIDITY OF THIS PROVISION, WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLE OF CONFLICTS OF LAWS THEREOF OR ANY OTHER JURISDICTION (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAWS), AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS**. **EACH OF THE PARTIES TO THIS AGREEMENT HEREBY 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 AGREEMENT, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY**. This Agreement represents the entire agreement between the Transferor and PFS, on the one hand,

------

and the Underwriters, on the other, with respect to the preparation of the Final Prospectus or the Preliminary Prospectus, the conduct of the offering of the Notes and the purchase and sale of the Notes.

SECTION 17. *<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 or the enforceability of such provision in any other jurisdiction.

SECTION 18. *<u>Amendment</u>*. 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.

SECTION 19. *<u>Headings</u>*. The headings in this Agreement are for the purposes of reference only and shall not limit or otherwise affect the meaning hereof.

SECTION 20. *<u>Counterparts</u>*. This Agreement may be executed in counterparts, each of which shall constitute an original, but all of which together shall constitute one instrument. The words "executed," "execution," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement or the other Transaction Documents shall include images of manually executed signatures transmitted by facsimile or other electronic format (including, without limitation, "pdf", "tif" or "jpg") and other electronic signatures (including, without limitation, DocuSign and AdobeSign). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.

SECTION 21. *<u>Representation</u>*. The Representative will act for the several Underwriters in connection with the transactions contemplated by this Agreement, and any action under this Agreement taken by the Representative will be binding upon all the Underwriters.

SECTION 22. *<u>Submission to Jurisdiction</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;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement, any documents executed and delivered in connection herewith or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive 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;(b) consents that any such action or proceeding may be brought and maintained 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;(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 set forth in <u>Section</u> <u>14</u> or, if not therein, in the Indenture; and

&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 23. *<u>Recognition of the U.S. Special Resolution Regimes</u>*.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Section 23, a "<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k). "<u>Covered Entity</u>" means any of the following: (i) a "<u>covered entity</u>" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "<u>covered bank</u>" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "<u>covered FSI</u>" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "<u>Default Right</u>" 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. "<u>U.S. Special Resolution Regime</u>" 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

SECTION 24. *<u>Offering Communications</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following terms have the specified meanings for purposes of this Underwriting Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Ratings Free Writing Prospectus</u>" means the free writing prospectus dated [ ], [ ].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Derived Information</u>" means such written information (including any Intex CDI file) regarding the Notes as is disseminated by any Underwriter to a potential investor, which information is neither (A) Issuer Information nor (B) contained in (1) the Registration Statement, the Preliminary Prospectus, the Final Prospectus or any amendment or supplement to any of them, taking into account information incorporated therein by reference (other than information incorporated by reference from any information regarding the Notes that is disseminated by any Underwriter to a potential investor) or (2) any computer tape in respect of the Notes or the related receivables furnished by the Transferor or PFS to any Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Issuer Free Writing Prospectus</u>" means any "issuer free writing prospectus", as defined in Rule 433 of the Act ("<u>Rule 433</u>"), relating to the Notes that (A) is required to be filed with the Commission by the Transferor, (B) is a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i), whether or not required to be filed with the Commission ("Road Show Information") or (C) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Notes or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Transferor's records pursuant to Rule 433(g).For the avoidance of doubt, the Ratings Free Writing Prospectus shall constitute an Issuer Free Writing Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Issuer Information</u>" has the meaning given to such term in Rule 433(h)(2) and footnote 271 of the Commission's Release No. 33-8591 (Securities Offering Reform).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Underwriter Free Writing Prospectus</u>" means "written communications" (as defined in Rule 405 under the Act) containing no more than the following: (1) information included in the Time of Sale Information with the consent of the Transferor (except as provided in clauses (2) through (5) below), (2) information relating to the class, size, rating, price, CUSIPs, coupon, yield, spread, benchmark, status and/or legal maturity date of the Notes, the weighted average life, expected final payment date, trade date, settlement date and payment window of one or more classes of Notes and the underwriters for one or more classes of the Notes, (3) the eligibility of the Notes to be purchased by ERISA plans, (4) 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/or (5) any Derived Information.

[signature pages follow]

------

If the foregoing is in accordance with your understanding of our agreement, kindly sign and return to us the enclosed duplicate hereof, whereupon it will become a binding agreement among the undersigned and the remaining Underwriters.

---

| |
|:---|
| Very truly yours, |
| PORSCHE AUTO FUNDING LLC |
| By:  |
| Name: |
| Title: |
| By:  |
| Name: |
| Title: |
| PORSCHE FINANCIAL SERVICES, INC. |
| By:  |
| Name: |
| Title: |
| By:  |
| Name: |
| Title: |

---

*PILOT 20[ ]-[ ] UWA Signature Page* 

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---

| |
|:---|
| The foregoing Underwriting Agreement is hereby confirmed and accepted as of the date first written above. |
| [ ] |
| &nbsp;&nbsp;&nbsp; on behalf of itself and as Representative of the Several Underwriters |
| By:  |
| Name: |
| Title: |

---

*PILOT 20[ ]-[ ] UWA Signature Page*

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**SCHEDULE I – Terms Exhibit** 

to Underwriting Agreement

PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]

Dated: [ ], [ ]

To: PORSCHE FINANCIAL SERVICES, INC.

PORSCHE AUTO FUNDING LLC

Re: Underwriting Agreement, dated [ ], [ ]

**1.**  **<u>Terms of the Notes</u>** 

---

| | | | |
|:---|:---|:---|:---|
| **Class** | **Initial Note Balance** | **Interest Rate** | **Final Scheduled Payment Date** |
|  A-1 | $[ ] | [ ]% | [ ], [ ] |
|  A-2[a] | $[ ] | [ ]% | [ ], [ ] |
|  [A-2b] | $[ ] | [ ]% | [ ], [ ] |
|  A-3 | $[ ] | [ ]% | [ ], [ ] |
|  A-4 | $[ ] | [ ]% | [ ], [ ] |
|  [B] | $[ ] | [ ]% | [ ], [ ] |

---

**2.**  **<u>Underwriters</u>** 

The Underwriters named below are the "Underwriters" for the purpose of this Underwriting Agreement and for the purposes of the above-referenced Underwriting Agreement as such Underwriting Agreement is incorporated herein and made a part hereof.

[ ]

[ ]

[ ]

[ ]

[ ]

[ ]

**3.**  **<u>Underwriting</u>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underwriter** | **Class A-1<br>Notes** | **Class A-2[a]<br>Notes** | **[Class A-2b<br>Notes]** | **Class A-3<br>Notes** | **Class A-4<br>Notes** | **[Class B<br>Notes]** | **Total** |
|  [ ] | $[ ] | $[ ] | $[ ] | $[ ] | $[ ] | $[ ] | $[ ] |
|  [ ] | $[ ] | $[ ] | $[ ] | $[ ] | $[ ] | $[ ] | $[ ] |

---

Schedule I-1

------

---

| | |
|:---|:---|
|  [ ] | $[ ] |
|  [ ] | $[ ] |
|  [ ] | $[ ] |
|  Total<br>| $[ ] |

---

**4.**  **<u>Purchase Price, Discounts and Concessions</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A-1** | **Class A-**<br>**2[a]** | **[Class A-**<br>**2b]** | **Class A-**<br>**3** | **Class A-**<br>**4** | **[Class B]** |
|  Gross Purchase Price | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% |
|  Underwriting Discount | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% |
|  Net Purchase Price | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% |
|  Maximum Dealer Selling Concessions | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% |
|  Maximum Dealer Reallowance Discounts | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% | [ ]% |

---

**5.**  **<u>Time of Sale</u>** 

[ ] (Eastern Time) (U.S.) on [ ], [ ] (the time the first Contract of Sale was entered into as designated by the Underwriters).

**6.**  **<u>Closing Date</u>** 

Pursuant to Rule 15c6-1(d) under the Securities Exchange Act of 1934, as amended, the Underwriters, the Transferor and PFS hereby agree that the Closing Date shall be [ ], [ ], [ ], New York City time.

Schedule I-2

## Exhibit 4.1

**Exhibit 4.1** 

**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]** 

Class A-1 [ ]% Auto Lease Asset Backed Notes

Class A-2[a] [ ]% Auto Lease Asset Backed Notes

[Class A-2b [SOFR Rate][Insert Other Benchmark Rate] + [ ]% Auto Lease Asset Backed Notes]

Class A-3 [ ]% Auto Lease Asset Backed Notes

Class A-4 [ ]% Auto Lease Asset Backed Notes

[Class B [ ]% Auto Lease Asset Backed Notes]

**FORM OF INDENTURE** 

Dated as of [ ]

**[ ]**,

as the Indenture Trustee

------

*CROSS REFERENCE TABLE<sup>1</sup>* 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIA Section | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indenture Section  |
| 304 (d) | 2.9 |
| 310 (a) (1) | 6.11 |
| (a) (2) | 6.11 |
| (a) (3) | 6.10; 6.11 |
| (a) (4) | N.A.<sup>2</sup> |
| (a) (5) | 6.11 |
| (b) | 6.8; 6.11 |
| (c) | N.A. |
| 311 (a) | 6.12 |
| (b) | 6.12 |
| (c) | N.A. |
| 312 (a) | 7.1 |
| (b) | 7.2 |
| (c) | 7.2 |
| 313 (a) | 7.3 |
| (b) (1) | 7.3 |
| (b) (2) | 7.3 |
| (c) | 7.3 |
| (d) | 7.3 |
| 314 (a) | 3.9 |
| (b) | 3.6; 11.16 |
| (c) (1) | 11.1 |
| (c) (2) | 11.1 |
| (c) (3) | 11.1 |
| (d) | 11.1 |
| (e) | 11.1 |
| (f) | N.A. |
| 315 (a) | 6.1(b) |
| (b) | 6.5 |
| (c) | 6.1(a) |
| (d) | 6.1(c) |
| (e) | 5.13 |
| 316 (a) (1) (A) | 5.11 |
| (a) (1) (B) | 5.12 |
| (a) (2) | N.A. |
| (b) | 5.7 |
| (c) | 5.6(b) |
| 317 (a) (1) | 5.3(b) |
| (a) (2) | 5.3(d) |
| (b) | 3.3(c)(i)-(ii) |
| 318 (a) | 11.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Note: This Cross Reference Table shall not, for any purpose, be deemed to be part of this Indenture.

<sup>2</sup> N.A. means Not Applicable.

*Indenture* *(PILOT 20[ ]-[ ])*

------

**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Incorporation by Reference of Trust Indenture Act | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.3 | Other Interpretive Provisions | 2 |
|  ARTICLE II THE NOTES | ARTICLE II THE NOTES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | Form | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Execution, Authentication and Delivery | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3 | Temporary Notes | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4 | Registration of Transfer and Exchange | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.5 | Mutilated, Destroyed, Lost or Stolen Notes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.6 | Persons Deemed Owners | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.7 | Payment of Principal and Interest; Defaulted Interest | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.8 | Cancellation | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.9 | Release of Collateral | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.10 | Book-Entry Notes | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.11 | Notices to Clearing Agency | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.12 | [Definitive Notes | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.13 | Authenticating Agents | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.14 | Tax Treatment | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.15 | Certain Transfer Restrictions on all Notes | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.16 | Certain Transfer Restrictions on Certain Notes | 11 |
|  ARTICLE III COVENANTS | ARTICLE III COVENANTS | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Payment of Principal and Interest[; Determination of [SOFR Rate][Insert Other Benchmark Rate]; Benchmark Replacement] | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Maintenance of Office or Agency | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Money for Payments to be Held in Trust | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | Existence | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 | Protection of Collateral | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6 | Opinions as to Collateral | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.7 | Performance of Obligations; Administration of the Transaction SUBI Assets | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.8 | Negative Covenants | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.9 | Annual Compliance Statement | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.10 | Restrictions on Certain Other Activities | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.11 | Restricted Payments | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.12 | Notice of Events of Default | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.13 | Further Instruments and Acts | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.14 | Delivery of Transaction SUBI Certificate | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.15 | Compliance with Laws | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.16 | Removal of Administrator | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.17 | Perfection Representations, Warranties and Covenants | 21 |

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-i- *Indenture* *(PILOT 20[ ]-[ ])*

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.18 | Exchange Act Filings. Perfection Representations, Warranties and Covenants | 21 |
|  ARTICLE IV SATISFACTION AND DISCHARGE | ARTICLE IV SATISFACTION AND DISCHARGE | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | Satisfaction and Discharge of Indenture | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Application of Trust Money | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 | Repayment of Monies Held by Paying Agent | 22 |
|  ARTICLE V EVENTS OF DEFAULT; REMEDIES | ARTICLE V EVENTS OF DEFAULT; REMEDIES | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | Events of Default | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Acceleration of Maturity; Waiver of Event of Default | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | Remedies; Priorities | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5 | Optional Preservation of the Collateral | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6 | Limitation of Suits | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7 | Rights of Noteholders to Receive Principal and Interest | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.8 | Restoration of Rights and Remedies | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.9 | Rights and Remedies Cumulative | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | Delay or Omission Not a Waiver | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | Control by Noteholders | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 | Waiver of Past Defaults | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13 | Undertaking for Costs | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.14 | Waiver of Stay or Extension Laws | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.15 | Action on Notes | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.16 | Performance and Enforcement of Certain Obligations. | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.17 | Sale of Collateral | 33 |
|  ARTICLE VI THE INDENTURE TRUSTEE | ARTICLE VI THE INDENTURE TRUSTEE | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Duties of the Indenture Trustee | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | Rights of the Indenture Trustee | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Individual Rights of the Indenture Trustee | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 | The Indenture Trustee's Disclaimer | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5 | Notice of Events of Defaults | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6 | Reports by the Indenture Trustee to Noteholders | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7 | Compensation and Indemnity | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8 | Removal, Resignation and Replacement of the Indenture Trustee | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9 | Successor Indenture Trustee by Merger | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10 | Appointment of Co-Indenture Trustee or Separate Indenture Trustee. | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.11 | Eligibility; Disqualification | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.12 | Preferential Collection of Claims Against the Issuer | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.13 | Trustee as Holder of Transaction SUBI Certificate | 42 |

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-ii- *Indenture* *(PILOT 20[ ]-[ ])*

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.14 | Representations and Warranties of the Indenture Trustee | 42 |
|  ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS | ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 | Preservation of Information; Communications to Noteholders | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 | Reports by the Indenture Trustee | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 | Noteholder Demand for Reallocation, Dispute Resolution | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.5 | Asset Review Voting | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.6 | Dispute Resolution | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.7 | Cooperation with Voting | 49 |
|  ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES | ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 | Collection of Money | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 | Trust Accounts | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.3 | Servicer Certificate; Statements to Noteholders | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.4 | Disbursement of Funds | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.5 | General Provisions Regarding Accounts | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.6 | Release of Collateral | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.7 | Opinion of Counsel | 59 |
|  ARTICLE IX SUPPLEMENTAL INDENTURES | ARTICLE IX SUPPLEMENTAL INDENTURES | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 | Supplemental Indentures Without Consent of Noteholders | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 | Supplemental Indentures with Consent of Noteholders | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3 | Execution of Supplemental Indentures | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4 | Effect of Supplemental Indenture | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5 | Conformity With Trust Indenture Act | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.6 | Reference in Notes to Supplemental Indentures | 62 |
|  ARTICLE X REDEMPTION OF NOTES | ARTICLE X REDEMPTION OF NOTES | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | Redemption | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | Form of Redemption Notice | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 | Notes Payable on Redemption Date | 64 |
|  ARTICLE XI MISCELLANEOUS | ARTICLE XI MISCELLANEOUS | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 | Compliance Certificates and Opinions, etc. | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 | Form of Documents Delivered to the Indenture Trustee | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 | Acts of Noteholders | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 | Notices | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 | Notices to Noteholders; Waiver | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.6 | Alternate Payment and Notice Provisions | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.7 | Conflicts with Trust Indenture Act | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.8 | Information Requests | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.9 | Effect of Headings and **Table of Contents** | 69 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.10 | Successors and Assigns | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.11 | Severability | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.12 | Benefits of Indenture | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.13 | Legal Holidays | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.14 | Governing Law | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.15 | Separate Counterparts | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.16 | Recording of Indenture | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.17 | Trust Obligation | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.18 | No Petition | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.19 | TIA Incorporation and Conflicts | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.20 | Intent | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.21 | Each SUBI Separate; Assignees of SUBI | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.22 | Submission to Jurisdiction; Waiver of Jury Trial | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.23 | Subordination of Claims | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.24 | Limitation of Liability of Owner Trustee | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.25 | Information Requests | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.26 | Regulation AB Information to be Provided by the Indenture Trustee | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.27 | Form 8-K Filings | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.28 | Electronic Signatures and Transmission | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.29 | Anti-Money Laundering Laws | 76 |

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Schedule I Perfection Representations, Warranties and Covenants

Exhibit A Form of Notes

Exhibit B Servicing Criteria to be Addressed in Indenture Trustee's Assessment of Compliance

Exhibit C Form of Indenture Trustee's Annual Certification

-iv- *Indenture* *(PILOT 20[ ]-[ ])*

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This INDENTURE, dated as of [ ], (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Indenture</u>") is between PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>"), and [ ], a [ ], solely as indenture trustee and not in its individual capacity (the "<u>Indenture Trustee</u>").

Each party agrees as follows for the benefit of the other party and the equal and ratable benefit of the Holders of the Issuer's [ ]% Auto Lease Asset Backed Notes, Class A-1 (the "<u>Class</u> <u>A</u><u>-1 Notes</u>"), [ ]% Auto Lease Asset Backed Notes, Class A-2[a] (the "<u>Class</u> <u>A</u><u>-2[a] Notes</u>"), [[SOFR Rate][Insert Other Benchmark Rate] + [ ]% Auto Lease Asset Backed Notes, Class A-2b (the "<u>Class</u> <u>A</u><u>-2b Notes</u>"),] [ ]% Auto Lease Asset Backed Notes, Class A-3 (the "<u>Class</u> <u>A</u><u>-3 Notes</u>") [and][,] [ ]% Auto Lease Asset Backed Notes, Class A-4 (the "<u>Class</u> <u>A</u><u>-4 Notes</u>" and, together with the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes] and the Class A-3 Notes, the "[<u>Notes][Class A Notes</u>]") [and [ ]% Auto Loan Asset Backed Notes, Class B Notes (the "Class B Notes" and together with the Class A Notes, the "Notes")].

**GRANTING CLAUSE** 

The Issuer, to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of the Issuer'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 Trust Estate and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the Trust Estate, 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 which at any time constitute all or part of or are included in the proceeds of any of the Trust Estate (collectively, the "<u>Collateral</u>").

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

The foregoing Grant is made in trust to secure (i) 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 (ii) compliance with the provisions of this Indenture, each as provided in this Indenture.

Without limiting the foregoing Grant, any Transaction Unit the beneficial interest in which was reallocated from the Transaction SUBI Portfolio to the UTI Portfolio pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement or <u>Section</u> <u>8.12</u> of the SUBI Supplement to Servicing Agreement shall be deemed to be automatically released from the Lien of this Indenture without any action being taken by the Indenture Trustee upon payment by PFLP or the Servicer, as applicable, of the related Reallocation Amount for such Unit.

1 *Indenture* *(PILOT 20[ ]-[ ])*

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**ARTICLE I** 

**DEFINITIONS AND INCORPORATION BY REFERENCE** 

**Section 1.1 <u>Definitions</u>**. Capitalized terms are used in this Indenture as defined in <u>Appendix</u> <u>A</u> to the SUBI Sale Agreement dated as of the date hereof (the "<u>SUBI Sale Agreement</u>") by and between Porsche Funding Limited Partnership ("<u>PFLP</u>"), as seller, and Porsche Auto Funding LLC (the "<u>Transferor</u>"), as buyer.

**Section 1.2 <u>Incorporation by Reference of Trust Indenture Act</u>**. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

"<u>Commission</u>" means the Securities and Exchange Commission.

"<u>indenture securities</u>" means the Notes.

"<u>indenture security holder</u>" means a Noteholder.

"<u>indenture to be qualified</u>" means this Indenture.

"<u>indenture trustee</u>" or "<u>institutional trustee</u>" means the Indenture Trustee.

"<u>obligor</u>" on the indenture securities means the Issuer and any other obligor on the indenture securities.

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

**Section 1.3 <u>Other Interpretive Provisions</u>**. All terms defined in this Indenture shall have the defined meanings when used in any certificate or other document delivered pursuant hereto unless otherwise defined therein. For purposes of this Indenture and all such certificates and other documents, unless the context otherwise requires: (a) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Indenture are used as defined in that Article; (b) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Indenture as a whole and not to any particular provision of this Indenture; (c) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Indenture 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; (d) the term "including" and all variations thereof means "including without limitation"; (e) except as otherwise expressly provided herein, 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; (f) references to any Person include that Person's successors and assigns; (g) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms; and (h)

2 *Indenture* *(PILOT 20[ ]-[ ])*

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headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

**ARTICLE II** 

**THE NOTES** 

**Section 2.1 <u>Form</u>**. The Class A-1 Notes, Class A-2[a] Notes, [Class A-2b Notes,] Class A-3 Notes[,][and] Class A-4 Notes [and Class B Notes], in each case together with the Indenture Trustee's certificate of authentication, shall be in substantially the form set forth in <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 the Notes, as evidenced by their execution of the 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 the Note.

Each Note shall be dated the date of its authentication. 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 on behalf of the Issuer by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them 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 has the power and authority to and shall, upon Issuer Order, authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount of $[ ], Class A-2[a] Notes for original issue in an aggregate principal amount of $[ ], [Class A-2b Notes for original issue in an aggregate principal amount of $[ ],] Class A-3 Notes for original issue in an aggregate principal amount of $[ ][,][and] Class A-4 Notes for original issue in an aggregate principal amount of $[ ] [and Class B Notes for original issue in an aggregate principal amount of $[ ]]. The Note Balance of Class A-1 Notes, Class A-2[a] Notes, [Class A-2b Notes,] Class A-3 Notes[,][and] Class A-4 Notes Outstanding [and Class B Notes Outstanding] at any time may not exceed such amounts except as provided in <u>Section</u> <u>2.5</u>.

Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $[100,000] and in integral multiples of $[1,000] in excess thereof (except for two Notes of each Class which may be issued in a denomination other than an integral multiple of $[1,000]).

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

3 *Indenture* *(PILOT 20[ ]-[ ])*

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authorized signatories, 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, in accordance with <u>Section</u> <u>2.12</u>, the Issuer may execute, and upon receipt of an Issuer Order, the Indenture Trustee shall authenticate and deliver, temporary Notes which 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 in accordance with the preceding paragraph, the Issuer 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 the temporary Notes at the office or agency of the Issuer to be maintained as provided in <u>Section</u> <u>3.2</u>, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee upon Issuer Order shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

**Section 2.4 <u>Registration of Transfer and Exchange</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall cause to be kept a register (the "<u>Note Register</u>") in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. [ ] shall initially be "Note Registrar" for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

If a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the 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 conclusively rely upon a certificate executed on behalf of the Note Registrar by a Responsible Officer thereof 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;(b) Upon surrender for registration of transfer or exchange of any Note at the office or agency of the Issuer to be maintained as provided in <u>Section</u> <u>3.2</u>, if the requirements of Section 8-401 of the UCC and this Indenture are met, the Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes, in any authorized denominations, of the same Class and a like aggregate outstanding principal amount.

At the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like aggregate outstanding principal amount,

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upon surrender of the Notes to be exchanged 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 Issuer shall execute and, upon Issuer Request, the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, 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;(d) Every Note presented or surrendered for registration of transfer or exchange shall be (i) duly endorsed by, or be accompanied by, a written instrument of transfer in form and substance satisfactory to the Issuer and the Indenture Trustee duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing, with such signature guaranteed by an "eligible grantor institution" meeting the requirements of the Note Registrar and Indenture Trustee which requirements include membership or participation in a Securities Transfer Agents Medallion Program ("<u>STAMP</u>") or such other "signature guarantee program" as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act and (ii) accompanied by such other documents as the Indenture Trustee may require, including but not limited to the applicable IRS Form W-8 or W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuer, the Note Registrar and the Indenture Trustee 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 Notes, other than exchanges pursuant to <u>Section</u> <u>2.3</u> or <u>Section</u> <u>9.5</u> not involving any transfer.

The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of any Notes selected for redemption or of any Note for a period of fifteen (15) days preceding the due date for any payment with respect to such Note.

**Section 2.5 <u>Mutilated, Destroyed, Lost or Stolen Notes</u>**. If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security, surety, bond or indemnity as may be required by it to hold the Issuer, the Note Registrar, and the Indenture Trustee harmless, then, in the absence of written notice to the Issuer, or to a Responsible Officer of 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 Issuer shall execute and upon its written request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; *provided,* that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may upon delivery of the security, surety, bond or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost

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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 Issuer 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, surety, bond or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

Upon the issuance of any replacement Note under this <u>Section</u> <u>2.5</u>, the Issuer or the Indenture Trustee may require the payment by the 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[, the Securities Intermediary] or the Note Registrar) connected therewith.

Every replacement Note issued pursuant to this <u>Section</u> <u>2.5</u> in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

In authenticating the Notes hereunder, the Indenture Trustee shall be entitled to receive and have no liability for relying on a certification from the Issuer that the requirements of Section 8-401 or section 8-405 of the UCC, as applicable, have been met.

The provisions of this <u>Section</u> <u>2.5</u> are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

**Section 2.6 <u>Persons Deemed Owners</u>**. Prior to due presentment for registration of transfer of any Note, the Issuer, the Note Registrar, the Paying Agent, the Indenture Trustee and any agent of the Issuer the Note Registrar, the Paying Agent or the Indenture Trustee shall treat the Person in whose name any Note is registered (as of the day 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 Issuer, the Note Registrar, the Paying Agent, the Indenture Trustee nor any agent of the Issuer the Note Registrar, the Paying Agent or the Indenture Trustee shall be affected by notice to the contrary.

**Section 2.7 <u>Payment of Principal and Interest; Defaulted Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Note shall accrue interest at its respective Interest Rate, and such interest shall be payable on each Payment Date as specified therein, subject to <u>Sections 3.1</u> and <u>8.4</u>. Any installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date, by wire transfer of immediately available funds to such account at a bank or other depository institution having appropriate wire transfer facilities as a Noteholder shall designate by written instruction

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requested and received by the Paying Agent not later than five (5) Business Days prior to the Record Date related to the applicable Payment Date or by such alternative method of payment as may be determined in accordance with <u>Section</u> <u>11.6</u>, except that, unless Definitive Notes have been issued pursuant to <u>Section</u> <u>2.12</u>, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment shall be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date or on the Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to <u>Section</u> <u>10.1</u>) which shall be payable as provided below. The funds represented by any such wires returned undelivered shall be held in accordance with <u>Section</u> <u>3.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The principal of each Note shall be payable in installments on each Payment Date as provided in <u>Section</u> <u>8.4</u>. Notwithstanding the foregoing, the entire unpaid Note Balance and all accrued interest thereon shall be due and payable, if not previously paid, on the earlier of (i) the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or the Holders of a majority of the aggregate Note Balance of the Outstanding Notes, have declared the Notes to be immediately due and payable in the manner provided in <u>Section</u> <u>5.2</u> and (ii) with respect to any Class of Notes, on the Final Scheduled Payment Date for that Class. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Indenture Trustee expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be transmitted prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in <u>Section</u> <u>10.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Issuer defaults on a payment of interest on any Class of Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful at the applicable Interest Rate for such Class of Notes), which shall be due and payable on the Payment Date following such default. The Issuer shall pay such defaulted interest to the Persons who are Noteholders on the Record Date for such following Payment Date.

**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 Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer 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 Issuer shall direct by an Issuer Order that they be destroyed or returned to it; *provided*, that such Issuer Order is timely and that such Notes have not been previously disposed of by the Indenture Trustee.

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**Section 2.9 <u>Release of Collateral</u>**. Subject to <u>Section</u> <u>11.1</u>, the Indenture Trustee shall release property from the Lien of this Indenture only upon receipt of an Issuer Request, accompanied by an Officer's Certificate and an Opinion of Counsel, and, unless the Notes have been redeemed in accordance with Section 10.1, Independent Certificates in accordance with TIA Sections 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. If the Commission shall issue an exemptive order under TIA Section 304(d) modifying the Issuer's obligations under TIA Sections 314(c) and 314(d)(1), subject to <u>Section</u> <u>11.1</u> and the terms of the Transaction Documents, the Indenture Trustee shall release property from the lien of this Indenture in accordance with the conditions and procedures set forth in such exemptive order. Notwithstanding the foregoing, any Transaction Unit the beneficial interest in which was reallocated from the Transaction SUBI Portfolio to the UTI Portfolio pursuant to <u>Section</u> <u>8.12</u> of the Transaction SUBI Servicing Supplement or <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement shall be deemed to be automatically released from the Lien of this Indenture without any action being taken by the Indenture Trustee upon payment of the related Reallocation Amount for such Transaction Unit.

**Section 2.10 <u>Book-Entry Notes</u>**.

The Notes, upon original issuance, shall be issued in the form of typewritten notes representing the Book-Entry Notes representing global notes ("<u>Global Notes</u>"), to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuer. One fully registered Global Note shall be issued with respect to each $500 million in principal amount of each Class of Notes and any such lesser amount. 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</u> <u>2.12</u>. Unless and until definitive, fully registered Notes (the "<u>Definitive Notes</u>") have been issued to Note Owners pursuant to <u>Section</u> <u>2.12</u>:

&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;(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 Noteholders of the Notes, and shall have no obligation to the Note Owners;

&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;(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 and/or the Clearing Agency Participants or Persons acting through Clearing Agency Participants. Pursuant to the Note Depository Agreement, unless and until Definitive Notes are issued pursuant to <u>Section</u> <u>2.12</u>, the initial Clearing Agency shall make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and

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&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 aggregate Note Balance of the Outstanding Notes, 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 and/or Clearing Agency Participants or Persons acting through 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 the Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to <u>Section</u> <u>2.12</u>, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

**Section 2.12 <u>[Definitive Notes</u>**.

If (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator or the Indenture Trustee 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 beneficial interests aggregating at least a majority of the aggregate Note Balance of the Outstanding Notes (voting together as a single class), advise the Indenture Trustee through the Clearing Agency or its successor in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interests of the Note Owners, then the Indenture Trustee shall instruct the Clearing Agency to notify each Clearing Agency Participant of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten Note or Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and each may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.]

**Section 2.13 <u>Authenticating Agents</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the request of the Issuer, the Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture Trustee may appoint one or more Persons (each, an "<u>Authenticating Agent</u>") 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>2.3</u>, <u>2.4</u>, <u>2.5</u>, <u>2.10</u>, <u>2.12</u> and <u>9.5</u>, as fully to all intents and purposes as though each such

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Authenticating Agent had been expressly authorized by those 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any entity resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any entity 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 Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuer. 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 Issuer. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee may appoint a successor Authenticating Agent and shall give written notice of any such appointment to the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of <u>Section</u> <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;(a) The Issuer has entered into this Indenture, and the Notes (other than Notes held by the Issuer or any Person treated as the same Person as the Issuer for U.S. federal income tax purposes) shall be issued, with the intention that, for U.S. federal, state and local income and franchise tax purposes, the Notes (other than Notes held by the Issuer or any Person treated as the same Person as the Issuer for U.S. federal income tax purposes) shall be characterized as indebtedness. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of a beneficial interest in a Note, if applicable), agree to treat such Notes (other than Notes held by the Issuer or any Person treated as the same Person as the Issuer for U.S. federal income tax purposes) for U.S. federal, state and local income and franchise tax purposes as indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the date on which it acquires a Note (or interest therein) and thereafter promptly upon request, each Noteholder and Note Owner shall provide to the Indenture Trustee, Paying Agent and/or the Issuer (or other person responsible for withholding of taxes) with its Tax Information. Each Noteholder and Note Owner shall provide such person updated Tax Information if any Tax Information previously delivered expires or becomes obsolete or inaccurate in any respect. Each Noteholder and Note Owner is deemed to understand that by acceptance of a Note or interest therein, such Noteholder or Note Owner agrees to supply the foregoing information. Further, each Noteholder and Note Owner is deemed to understand that the Issuer, Indenture Trustee and Paying Agent have the right to withhold as required on amounts payable with respect to the Note (without any corresponding gross-up) on any beneficial owner of an interest in a Note that fails to comply with the preceding sentences. The Issuer, Indenture Trustee

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and Paying Agent shall be fully protected in relying upon, and each Noteholder and Note Owner by its acceptance of a Note hereunder agrees to indemnify and hold the Issuer, Indenture Trustee and Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Issuer, Indenture Trustee or Paying Agent's reliance upon, any Tax Information provided by any Noteholder or Note Owner to the Issuer, the Indenture Trustee or the Paying Agent pursuant to this section.

**Section 2.15 <u>Certain Transfer Restrictions on all Notes</u>**. By acquiring a Note (or interest therein), each purchaser and transferee (and if the purchaser or transferee is a Plan, its fiduciary) shall be deemed to represent and warrant that either: (a) it is not acquiring and will not hold such Note (or any interest therein) with any assets of (i) a Benefit Plan or (ii) any Plan subject to Similar Law; or (b) if it is a Benefit Plan or a Plan that is subject to Similar Law (i) such Note is rated at least "BBB-" or its equivalent by at least one nationally recognized statistical rating organization at the time of purchase or transfer and (ii) the acquisition, holding and disposition of such Note (or any interest therein) will not give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar Law.

**Section 2.16 <u>Certain Transfer Restrictions on Certain Notes</u>**. Any Notes (or interests therein) beneficially owned by the Issuer or a Person that is treated as the same Person as the Issuer for U.S. federal income tax purposes after the Closing Date may not be transferred for U.S. federal income tax purposes to another Person (other than a Person that is considered to be the same Person as the Issuer for U.S. federal income tax purposes) unless the Administrator shall cause an Opinion of Counsel, of nationally recognized tax counsel, to be delivered to the Transferor and the Indenture Trustee to the effect that (x) such Notes will be treated as debt for United States federal income tax purposes and (y) the sale of such Notes will not cause the Issuer to be classified as an association or publicly traded partnership taxable, in either case, as a corporation for U.S. federal income tax purposes. The transferee acknowledges that any transfer in violation of the foregoing will be of no force and effect, will be void ab initio, and will not operate to transfer any rights to the transferee. In addition, if for tax or other reasons it may be necessary to track such Notes (e.g., the Notes have original issue discount), tracking conditions such as requiring that such Notes be in definitive registered form or have a different CUSIP may be required by the Administrator as a condition to such transfer (e.g. if the Notes have original issue discount).

**ARTICLE III** 

**COVENANTS** 

**Section 3.1 <u>Payment of Principal and Interest[; Determination of [SOFR Rate][Insert Other Benchmark Rate]; Benchmark Replacement]</u>**. <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer will duly and punctually pay the principal of and interest on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing and subject to <u>Section</u> <u>8.4</u>, on each Payment Date the Issuer shall cause to be paid all amounts on deposit in the Collection Account which represent Available Funds for such Payment Date in accordance with the <u>Section</u> <u>5.4</u> or <u>8.4(a)</u> of this Indenture, as applicable. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or

<sup>1</sup> To include relevant language with respect to determination of such Other Benchmark Rate and any Other Benchmark Rate replacement if the Benchmark is a Benchmark Rate other than SOFR Rate.

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principal shall be considered to have been paid by the Issuer to such Noteholder for all purposes of this Indenture. Interest accrued on the Notes shall be due and payable on each Payment Date. The final principal payment on each Class of Notes is due on the earlier of (a) the Redemption Date or (b) the applicable Final Scheduled Payment Date for that Class of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The Paying Agent initially shall be the "Calculation Agent" for the purpose of obtaining the [SOFR Rate][Insert Other Benchmark Rate] pursuant to this <u>Section</u> <u>3.1</u>. Upon any resignation of the Calculation Agent, the Administrator shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Calculation Agent. If a Person other than the Paying Agent is appointed by the Administrator as the Calculation Agent, the Administrator will give the Paying Agent prompt written notice of the appointment of the Calculation Agent.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [So long as the Class A-2b Notes are Outstanding, the Calculation Agent shall obtain the [SOFR Rate][Insert Other Benchmark Rate] in accordance with the definition of "[SOFR Rate][Insert Other Benchmark Rate]" on each [SOFR][Insert Other Benchmark Rate] Adjustment Date and shall promptly provide such rate to the Administrator or such person as directed by the Administrator. The [SOFR Rate][Insert Other Benchmark Rate] obtained by the Calculation Agent, in the absence of manifest error, will be conclusive and binding on the Noteholders.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [If the Administrator 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 will replace the then-current Benchmark for all purposes relating to the Class A-2b Notes in respect of such determination on such date and all such determinations on all subsequent dates. The Administrator shall deliver written notice to each Rating Agency and the Calculation Agent on any [SOFR][Insert Other Benchmark Rate] Adjustment Date if, as of the applicable Reference Time, the Administrator has determined with respect to the related Interest Period that there will be a change in the [SOFR Rate][Insert Other Benchmark Rate] or the terms related thereto since the immediately preceding [SOFR][Insert Other Benchmark Rate] Adjustment Date due to a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred. The Administrator shall have the right to make [SOFR][Insert Other Benchmark Rate] Adjustment Conforming Changes and, in connection with the implementation of a Benchmark Replacement, Benchmark Replacement Conforming Changes, from time to time.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [All percentages resulting from any calculation on the Class A-2b 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 A-2b Notes will be rounded to the nearest cent (with one-half cent being rounded upwards).]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Any determination, decision or election that may be made by the Administrator or any other Person in connection with a Benchmark Transition Event, a Benchmark Replacement Conforming Change or a Benchmark Replacement pursuant to this <u>Section</u> <u>3.1</u> (or pursuant to any capitalized term used in this <u>Section</u> <u>3.1</u> or in any such capitalized term), including any

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determination with respect to administrative feasibility (whether due to technical, administrative or operational issues), 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 the consent of any other Person (including any Noteholder). The Class A-2b Noteholders shall not have any right to approve or disapprove of these changes and shall be deemed by their acceptance of a Note to have agreed to waive and release any and all claims relating to any such determinations. Notwithstanding anything to the contrary in the Transaction Documents, none of the Issuer, the Owner Trustee, the Indenture Trustee, the Administrator, the Calculation Agent, the Paying Agent, the Sponsor, the Depositor or the Servicer will have any liability for any action or inaction taken or refrained from being taken by it with respect to any Benchmark, Benchmark Transition Event, Benchmark Replacement Date, Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes or any other matters related to or arising in connection with the foregoing. Each Noteholder and beneficial owner of Notes, 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 Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the Paying Agent, the Administrator, the Sponsor, the Depositor and the Servicer relating to any such determinations.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [None of the Indenture Trustee, the Owner Trustee, the Paying Agent[, the Securities Intermediary], or the Calculation Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of the [SOFR Rate][Insert Other Benchmark Rate], the Benchmark or Benchmark Replacement or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any event giving rise to the replacement of the [SOFR Rate][Insert Other Benchmark Rate] or a Benchmark Replacement (each of which shall be determined by Administrator), (ii) to select, identify or designate any Benchmark Replacement, or other successor or replacement benchmark index, any Benchmark Replacement Date, any Benchmark Transition Event, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, identify or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index or (iv) to determine whether or what [SOFR][Insert Other Benchmark Rate] Adjustment Conforming Changes, Benchmark Replacement Rate Conforming Changes or other amendments are necessary or advisable, if any, in connection with any of the foregoing.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [None of the Indenture Trustee, the Owner Trustee, the Paying Agent[, the Securities Intermediary,] or the Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of its duties set forth in this Indenture or any other Transaction Document as a result of the unavailability of the [SOFR Rate][Insert Other Benchmark Rate] or Benchmark and absence of the designation of a Benchmark Replacement Rate, including as a result of any inability, delay, error or inaccuracy on the part of any other transaction party, including without limitation the Administrator, in providing any direction, instruction, notice or information required or contemplated by the terms of this Indenture and reasonably required for the performance of such duties.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [None of the Indenture Trustee[, the Securities Intermediary] or the Calculation Agent shall have any liability for any interest rate published by any publication that is the source

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for determining the Interest Rate of the Class A-2b Notes, including but not limited to the Reuters Screen (or any successor source), the FRBNY's website, the Bloomberg Financial Markets Commodities News 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 3.2 <u>Maintenance of Office or Agency</u>**. As long as any of the Notes remain Outstanding, the Issuer shall maintain in [ ] an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served, which office or agency shall initially be located at the Corporate Trust Office provided in clause (a)(2) of such term. The Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. The Issuer shall give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency. If at any time the Issuer 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 Issuer 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>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As provided in <u>Sections 5.4(b)</u>, <u>8.4(a)</u> and <u>8.4(b)</u>, all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Accounts shall be made on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn therefrom for payments on the Notes shall be paid over to the Issuer except as provided in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By noon, New York City time, on the Business Day prior to each Payment Date and on or before the Redemption Date, the Issuer shall deposit or cause to be deposited into the Collection Account Available Funds with respect to the related Collection Period, and the Paying Agent shall hold or cause to be held such sum for the benefit of the Persons entitled thereto pursuant to the Transaction Documents and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of its action or failure so to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer 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;(i) 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 provided in the Transaction Documents;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;(iv) promptly 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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, including any FATCA Withholding (including obtaining and retaining from Persons entitled to payments with respect to the Notes any Tax Information and making any withholdings with respect to the Notes as required by the Code (including FATCA) and paying over such withheld amounts to the appropriate governmental authority); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) comply with respect to any applicable reporting requirements in connection with any payments made by it on any Notes and any withholding of taxes therefrom, and, upon request, provide any Tax Information to the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer 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 a payment by any paying agent to the Indenture Trustee, such paying agent shall be released from all further liability with respect to such money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to applicable laws with respect to the 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 Issuer upon receipt of an Issuer Request and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof and all liability of the Indenture Trustee or such paying agent with respect to such trust money shall thereupon cease; *provided*, *however*, that the Indenture Trustee or such paying agent, before being required to make any such payment, shall at the reasonable expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than thirty (30) days from the date of such publication, any unclaimed balance of such money then remaining shall be paid to the Issuer. The Indenture Trustee may also adopt and employ, at the written direction of and at the expense of the Issuer, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose Notes have been called but have not been 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 of any paying agent, at the last address of record for each such Noteholder).

**Section 3.4 <u>Existence</u>**. The Issuer shall keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of Delaware (unless it becomes, or any

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successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the Issuer 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 Issuer 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 Issuer 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 (except to the extent that the interest of the Indenture Trustee therein cannot be perfected by the filing of a financing statement). The Issuer 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 Issuer, and shall take such other action necessary or advisable to:

&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;(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;(d) enforce any of the Collateral;

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

The Issuer hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all financing statements, continuation statements or other instruments required to be filed (if any) pursuant to this Section; *provided, however,* 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. Notwithstanding any statement to the contrary contained herein or in any other Transaction Document, the Issuer shall not be required to notify any Dealer or any insurer with respect to any Insurance Policy about any aspect of the transactions contemplated by the Transaction Documents. The Indenture Trustee shall release property from the Lien of this Indenture only in accordance with <u>Section</u> <u>4.1</u>, <u>5.4</u> (in connection with the exercise of remedies), <u>8.4</u> or <u>10.1</u>.

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**Section 3.6 <u>Opinions as to Collateral</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the Closing Date, the Issuer 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, either (i) such action has been taken with respect to the recording and filing of this Indenture, any supplemental indentures hereto and any other requisite documents, and with respect to the filing of any financing statements and continuation statements as are necessary to perfect and make effective the first priority lien and security interest of this Indenture and reciting the details of such action, or (ii) no such action is necessary to make such lien and security interest effective.

**Section 3.7 <u>Performance of Obligations; Administration of the Transaction SUBI Assets</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall not take any action and shall use its reasonable 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 Collateral 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 ordered by any bankruptcy or other court or as expressly provided in this Indenture, the other Transaction Documents or such other instrument or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer 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 Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer has contracted with the Administrator, and the Administrator has agreed, to assist the Issuer in performing its duties under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer shall, and shall cause the Administrator and the Servicer to, punctually perform and observe all of its respective obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included in the Collateral, including but not limited to preparing (or causing to be prepared) and 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 Issuer, as a

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party to the Transaction Documents and as Holder of the Transaction SUBI Certificate, shall not waive, amend, modify, supplement or terminate 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.

**Section 3.8 <u>Negative Covenants</u>**. So long as any Notes are Outstanding, the Issuer shall not:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as expressly permitted by this Indenture or in the other Transaction Documents, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer;

&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;(d) except as otherwise permitted by the Transaction Documents, dissolve or liquidate in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) permit the validity or effectiveness of this Indenture to be impaired, permit the Lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture, except as may be expressly permitted hereby, (ii) permit any Lien (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 or (iii) 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 Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) merge or consolidate with, or transfer substantially all of its assets to, any other Person.

**Section 3.9 <u>Annual Compliance Statement</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as the Seller is required to file any reports with respect to the Issuer under the Exchange Act, the Issuer shall deliver to the Indenture Trustee and each Rating Agency, within 90 days after the end of each calendar year (beginning with the year ending December 31, 20[ ]), an Officer's Certificate stating, as to the Authorized Officer signing such Officer's Certificate, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a review of the activities of the Issuer during such year (or since the Closing Date, in the case of the first such Officer's Certificate) 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;(ii) to the best of such Authorized Officer's knowledge, based on such review, the Issuer has complied in all material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a 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;(b) The Issuer shall:

&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 Issuer is required (if at all) to file the same with the Commission, copies of the annual reports and such other information, documents and reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) as the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act or such other reports required pursuant to TIA Section 314(a)(1);

&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 other information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

&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 by mail to all Noteholders as required by TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 3.9(b) as may be required pursuant to rules and regulations prescribed from time to time by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture Trustee's receipt of such shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Issuer's compliance with any of its covenants hereunder (as to which the Indenture Trustee is entitled to rely exclusively on Officer's Certificates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall be the same as the fiscal year of the Servicer, which is the calendar year.

**Section 3.10 <u>Restrictions on Certain Other Activities</u>**. Except as otherwise provided in the Transaction Documents, the Issuer shall not: (i) engage in any activities other than financing, acquiring, owning, pledging and managing the Transaction SUBI Certificate and the other Collateral in the manner contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness other than the Notes; (iii) 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

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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 (iv) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

**Section 3.11 <u>Restricted Payments</u>**. The Issuer shall not, directly or indirectly, (a) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer or the Administrator, (b) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (c) set aside or otherwise segregate any amounts for any such purpose; *provided*, that the Issuer may cause to be made distributions to the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee, the Origination Trustee, the Noteholders and the Certificateholder as permitted by, and to the extent funds are available for such purpose under, this Indenture, the Servicing Agreement, the Transaction SUBI Supplement, the Administration Agreement or the Trust Agreement. Other than as set forth in the preceding sentence, the Issuer shall not, directly or indirectly, make distributions from the Trust Accounts.

**Section 3.12 <u>Notice of Events of Default</u>**. The Issuer 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 Issuer is taking or proposes to take with respect thereto.

**Section 3.13 <u>Further Instruments and Acts</u>**. Upon request of the Indenture Trustee, the Issuer 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 purpose of this Indenture.

**Section 3.14 <u>Delivery of Transaction SUBI Certificate</u>**. On the Closing Date, the Issuer shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the Transaction SUBI Certificate. The Indenture Trustee shall take possession of the Transaction SUBI Certificate in New York and shall at all times during the period of this Indenture maintain custody of the Transaction SUBI Certificate in New York.

**Section 3.15 <u>Compliance with Laws</u>**. The Issuer 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 Issuer to perform its obligations under the Notes, this Indenture or any other Transaction Document.

**Section 3.16 <u>Removal of Administrator</u>**. For so long as any Notes are Outstanding, the Issuer shall not remove the Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection therewith.

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**Section 3.17 <u>Perfection Representations, Warranties and Covenants</u>**. The perfection representations, warranties and covenants attached hereto as <u>Schedule I</u> shall be deemed to be part of this Indenture for all purposes.

**Section 3.18 <u>Exchange Act Filings. Perfection Representations, Warranties and Covenants</u>**. The Issuer hereby authorizes the Servicer and the Transferor, or either of them, to prepare, sign, certify and file any and all reports, statements and information respecting the Issuer and/or the Notes required to 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 cease to be of further effect with respect to 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>, <u>3.11</u> and <u>3.13</u>, (e) the rights, protections and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under <u>Section</u> <u>6.7</u> and the obligations of the Indenture Trustee under <u>Section</u> <u>4.2</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 Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either (i) all Notes theretofore authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in <u>Section</u> <u>2.5</u> and (2) Notes for which payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in <u>Section</u> <u>3.3</u>) have been delivered to the Indenture Trustee for cancellation or (ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable at the latest occurring Final Scheduled Payment Date within one year, 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 Issuer, and the Issuer, in the case of <u>clauses (1)</u>, <u>(2)</u> or <u>(3)</u>, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States (which 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 not theretofore delivered to the Indenture Trustee for cancellation, when due, to the latest occurring Final Scheduled Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to <u>Section</u> <u>10.1</u>), as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Issuer has delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel and (if required by the TIA or the Indenture Trustee and if such discharge is not related to a redemption of the Notes in accordance with Section 10.1) a certificate from a firm of certified public accountants, each meeting the applicable requirements of <u>Section</u> <u>11.1(a)</u> and, subject to <u>Section</u> <u>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 (*provided*, that such Officer's Certificate need not state that the Rating Agency Condition has been satisfied if all amounts owing on each Class of Notes have been paid or will be paid in full on the date of delivery of such Officer's Certificate)).

**Section 4.2 <u>Application of Trust Money</u>**. All monies deposited with the Indenture Trustee pursuant to <u>Section</u> <u>4.1</u> shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture. Such monies need not be segregated from other funds of the Indenture Trustee except to the extent required herein 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 Issuer, be paid to the Indenture Trustee to be held and applied according to <u>Section</u> <u>3.3</u> and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

**ARTICLE V** 

**EVENTS OF DEFAULT; REMEDIES** 

**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 be 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;(a) default in the payment of any interest on any Note [of the Controlling Class] when the same becomes due and payable, and such default shall continue for a period of five (5) Business Days or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of principal of any Note at the related Final Scheduled Payment Date or the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure by the Issuer to duly observe or perform in any material respect any of its material covenants or agreements 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), which failure materially and adversely affects the interests of the Noteholders, and such failure shall continue unremedied for a period of ninety (90) days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at least a majority of the aggregate Note Balance of the Outstanding Notes, a written notice

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specifying such failure and requiring it to be remedied and stating that such notice is a "<u>Notice of Default</u>" hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any representation or warranty of the Issuer made in this Indenture proves to have been incorrect in any material respect when made, which failure materially and adversely affects the interests of the Noteholders, and which failure continues unremedied for a period of ninety (90) days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or by Noteholders evidencing at least a majority of the aggregate Note Balance of the Outstanding Notes, a written notice specifying such failure and requiring it to be remedied and stating that such notice is a "<u>Notice of Default</u>" hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Bankruptcy Event with respect to the Issuer;

*provided, however*, that a delay in or failure of performance referred to under <u>clauses (a)</u>, <u>(b)</u>, <u>(c)</u> or <u>(d)</u> above for a period of one hundred twenty (120 days) will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence.

**Section 5.2 <u>Acceleration of Maturity; Waiver of Event of Default</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in the following sentence, if an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee may, or if directed in writing by the Noteholders representing not less than a majority of the aggregate Note Balance of the [Controlling Class][Outstanding Notes], shall declare all the Notes to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. If an Event of Default specified in <u>Section</u> <u>5.1(e)</u> occurs, all unpaid principal, together with all accrued and unpaid interest thereon, of all Notes, and all other amounts payable hereunder, shall automatically become due and payable without any declaration or other act on the part of the Indenture Trustee or any Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter provided for in this <u>Article V</u>, the Noteholders representing a majority of the aggregate Note Balance of the [Controlling Class][Outstanding Notes], by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay (A) all payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred and (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in <u>Section</u> <u>5.12</u>.

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No such rescission shall affect any subsequent default or impair any right consequent thereto.

If the Notes have been declared due and payable or have automatically become due and payable following an Event of Default, the Indenture Trustee may institute Proceedings to collect amounts due, exercise remedies as a secured party (including foreclosure or sale of the Collateral) or elect to maintain the Collateral and continue to apply the proceeds from the Collateral as if there had been no declaration of acceleration. Any sale of the Collateral by the Indenture Trustee will be subject to the terms and conditions of <u>Section</u> <u>5.4</u>.

**Section 5.3 <u>Collection of Indebtedness and Suits for Enforcement by Indenture Trustee</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer covenants that if (i) default is made in the payment of any interest on any Note [of the Controlling Class] when the same becomes due and payable, and such default continues for a period of five (5) Business Days or more, or (ii) default is made in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable, the Issuer will, upon demand of the Indenture Trustee in writing as directed by Noteholders representing a majority of the aggregate Note Balance of the [Controlling Class][Outstanding Notes], pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on such Notes for principal and interest, with interest upon 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 and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case the Issuer shall fail forthwith to pay the amounts described in <u>clause (a)</u> above upon such 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 Issuer or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Default shall have occurred and is continuing, the Indenture Trustee may, as more particularly provided in <u>Section</u> <u>5.4</u>, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Collateral, Proceedings under the Bankruptcy 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 Issuer or its property or such other obligor or Person, or in case of any other comparable judicial proceedings relative to the Issuer or

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other obligor upon the Notes, or to the creditors or property of the Issuer 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;(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 made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence, bad faith or willful misconduct) and of the Noteholders allowed in such Proceedings;

&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 Holders of Notes in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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 of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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 Issuer, 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 that 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, indemnities and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence, bad faith or willful misconduct, and any other amounts due the Indenture Trustee under <u>Section</u> <u>6.7</u>.

&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 Holder thereof or to authorize the Indenture Trustee 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any 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, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

&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;(a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may 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;(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 Issuer 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;(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercise any other 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;(iv) subject to <u>Section</u> <u>5.17</u>, after an acceleration of the maturity of the Notes pursuant to <u>Section</u> <u>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;

*provided, however*, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default which accelerates the maturity of the Notes, unless (A) the Transferor elects to exercise its rights to purchase the Transaction SUBI Certificate pursuant to <u>Section</u> <u>3.18</u> of the SUBI Transfer Agreement, (B) the holders of [100% of the aggregate Note Balance of the Outstanding Notes][a majority of the aggregate Note Balance of the Controlling Class] have consented to such sale or liquidation, (C) the proceeds of such sale or liquidation are sufficient to pay in full all unpaid the principal of and the accrued interest on all Outstanding Notes or (D) the default relates to the failure to pay interest or principal when due (a "<u>Payment Default</u>") and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Collections on the Trust Estate will 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 the Notes had not been declared due and payable; and, in the case of (<u>D</u>) above, the Indenture Trustee obtains the consent of the holders of 66-2/3% of the Outstanding Principal Amount of the

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[Outstanding Notes][Controlling Class]. In determining such sufficiency or insufficiency with respect to <u>clauses (C)</u> and <u>(D)</u> of the preceding sentence, the Indenture Trustee may, but need not, obtain 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. Notwithstanding anything herein to the contrary, if the Event of Default does not relate to a Payment Default or Bankruptcy Event with respect to the Issuer, the Indenture Trustee may not sell or otherwise liquidate the Trust Estate unless the Holders of all Outstanding Notes consent to such sale or the proceeds of such sale are sufficient to pay in full the principal of and accrued interest on the Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of <u>Section</u> <u>8.4</u> of this Indenture, if the Indenture Trustee collects any money or property pursuant to this <u>Article V</u> and the Notes have been accelerated, it shall pay out such money or property (and other amounts, including all amounts held on deposit in the Reserve Account) held as Collateral for the benefit of the Noteholders (net of liquidation costs associated with the sale of the Trust Estate) in the following order of priority, based solely on and in accordance with the Servicer's Certificate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first,* pro rata, to the Indenture Trustee, the Origination Trustee, the asset representations reviewer and the Owner Trustee, any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior Collection Periods) pursuant to the terms of this Indenture, the Origination Trust Agreement or the Trust Agreement, as applicable, in each case, to the extent not previously paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Servicer (or any predecessor Servicer, if applicable), for reimbursement of all outstanding Advances, if any[, provided that Available Funds from the Risk Retention Reserve Account will not be used for this purpose as long as the Servicer is PFS or an Affiliate of PFS];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third,* to the Servicer, the Servicing Fee, together with any unpaid Servicing Fees in respect of one or more prior Collection Periods[, provided that Available Funds from the Risk Retention Reserve Account will not be used for this purpose as long as the Servicer is PFS or an Affiliate of PFS] and any Investment Earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, pro rata, to the Noteholders of the Class A Notes, the Accrued Class A Note Interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related interest period on the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes,] the Class A-3 Notes and the Class A-4 Notes at the respective interest rates for such Class on the Note Balance of each such Class as of the previous payment date or the Closing Date, as the case may be, after giving effect to all payments of principal to the holders of the Notes of such Class on or prior to the preceding Payment Date and (ii) the excess, if any, of the amount of interest due and payable to the Class A Noteholders on prior Payment Dates over the amounts in respect of interest actually paid to the Class A Noteholders on those prior Payment Dates, plus interest on any such shortfall at the respective interest rates on such Class A Notes for the related interest period (to the extent permitted by law); *provided*, that if there are not sufficient funds available to pay the entire amount of the Accrued Class A Note Interest, the amounts available will be applied to the

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payment of such interest on each Class of Class A Notes on a pro rata basis based on the amount of interest payable to each Class of Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [*fifth*, *(a)*, if the acceleration of the Notes results from an Event of Default that arises from (i) a default in the payment of any interest on any Note of the Controlling Class when the same becomes due and payable, (ii) a default in the payment of the principal of any Note on the related Final Scheduled Payment Date or the Redemption Date or (iii) the occurrence of certain events of bankruptcy, insolvency, receivership or liquidation of the Issuer, 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;(A) to the Class A-1 Noteholders, in respect of principal thereon, until the Class A-1 Notes have been paid in full; [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;(B) to the Class A-2[a] Noteholders[, the Class A-2b Noteholders] [and] the Class A-3 Noteholders and the Class A-4 Noteholders, in respect of principal thereon, pro rata based on the Note Balance of each such Class until each such Class of Notes has been 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;&nbsp;&nbsp;&nbsp;&nbsp;(C) [to the Class B Noteholders, the Accrued Class B Note Interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related interest period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance as of the previous payment date or the closing date, as the case may be, after giving effect to all payments of principal to the Class B Noteholders on or prior to the preceding payment date; and (ii) the excess, if any, of the amount of interest due and payable to the Class B Noteholders on prior payment dates over the amounts in respect of interest actually paid to the Class B Noteholders on those prior payment dates, plus interest on any such shortfall at the Class B Interest Rate for the related interest period (to the extent permitted by law); 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;(D) [to the Class B Noteholders, in respect of principal thereon, until the Class B Notes have been paid in full];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *fifth*, *(b)*, if the acceleration of the Notes results from an event of default that arises from any event other than those events described above in clause *fifth (a)*, 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;(A) to the Class B Noteholders, the Accrued Class B Note Interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related interest period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance as of the previous payment date or the closing date, as the case may be, after giving effect to all payments of principal to the Class B Noteholders on or prior to the preceding payment date; and (ii) the excess, if any, of the amount of interest due and payable to the Class B Noteholders on prior payment dates over the amounts in respect of interest actually paid to the Class B Noteholders on those prior payment dates, plus interest on any such shortfall at the Class B Interest Rate for the related interest period (to the extent permitted by law);

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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;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the Class A-1 Noteholders, in respect of principal thereon, until the Class A-1 Notes have been 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;&nbsp;&nbsp;&nbsp;&nbsp;(C) to the Class A-2[a] Noteholders [and the Class A-2b Noteholders] [and] the Class A-3 Noteholders [and the Class A-4 Noteholders], in respect of principal thereon, pro rata, based on the Note Balance of each Class of such Class A Notes, until each Class of such Class A Notes has been 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;&nbsp;&nbsp;&nbsp;&nbsp;(D) [to the Class B Noteholders, in respect of principal thereon, until the Class B Notes have been paid in full;] and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *sixth,* to the Certificateholders, pro rata, based on the percentage interest of each Certificateholder, or, to the extent definitive certificates have been issued, to the certificate distribution account for distribution to or at the direction of the Certificateholders, any funds remaining.

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

Prior to an acceleration of the Notes after an Event of Default, if the Indenture Trustee collects any money or property pursuant to this <u>Article V</u>, such amounts shall be deposited into the Collection Account and distributed in accordance with <u>Section</u> <u>8.4</u> hereof.

**Section 5.5 <u>Optional Preservation of the Collateral</u>**. If the Notes have been declared or are automatically due and payable under <u>Section</u> <u>5.2</u> following an Event of Default and such declaration or automatic occurrence and its consequences have not been rescinded and annulled, if permitted hereunder, the Indenture Trustee may but need not, elect to maintain possession of the Trust Estate (unless the Transferor has elected to purchase the Transaction SUBI Certificate pursuant to <u>Section</u> <u>3.18</u> of the SUBI Transfer Agreement) and, if the Indenture Trustee elects to maintain such possession, it shall continue to apply the proceeds thereof in accordance with <u>Section</u> <u>5.4(b)</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 Collateral. In determining whether to maintain possession of the Collateral, the Indenture Trustee may, but need not, obtain and conclusively 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 Collateral for such purpose.

**Section 5.6 <u>Limitation of Suits</u>**.

&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, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Holders of not less than 25% of the aggregate Note Balance of the Outstanding Notes have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as the Indenture Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the aggregate Note Balance of the Outstanding Notes.

No Noteholder or group of Noteholders shall have any right in any manner whatsoever 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 Noteholders or to enforce any right under this Indenture, except, in each case, to the extent and 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 aggregate Note Balance of the Outstanding Notes, the Indenture Trustee shall take the action directed by the holders representing the largest percentage of the Note Balance of the Outstanding Notes, notwithstanding any other provisions of this Indenture.

&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 Issuer. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the Issuer 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>Rights of Noteholders to Receive Principal and Interest</u>**. Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in 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</u> <u>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 Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and

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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 <u>Article V</u> 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 5.4</u>, <u>5.6</u>, <u>6.2(d)</u> and <u>6.2(e)</u>, Noteholders holding not less than a majority of the aggregate Note Balance of the [Outstanding Notes][Controlling Class] 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;(a) such direction shall not be in conflict with any rule of law or with this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be effective only to the extent the Indenture Trustee is permitted to take such action pursuant to <u>Section</u> <u>5.4(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the conditions set forth in <u>Section</u> <u>5.5</u> have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the aggregate Note Balance of the Outstanding Notes to sell or liquidate the Trust Estate shall be of no force and effect;

&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, applicable law and the terms of this Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such direction shall be in writing;

*provided*, *further*, that, subject to <u>Section</u> <u>6.1</u>, the Indenture Trustee need not take any action that 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 declaration of the acceleration of the maturity of the Notes as provided in <u>Section</u> <u>5.2</u>, the Holders of Notes of not less than a majority

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of the aggregate Note Balance of the Outstanding Notes, may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or interest on any of the Notes, (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each Noteholder or (c) arising from a Bankruptcy Event with respect to the Issuer. In the case of any such waiver, the Issuer, 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 Default or Event of Default or impair any right consequent thereto.

Upon any such waiver, such Default or 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 prior, subsequent or other Default or 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 the Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the aggregate Note Balance of the Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after the respective 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 Issuer covenants (to the extent that it may lawfully do so) that it shall 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 Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but shall 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 Issuer 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 Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with <u>Section</u> <u>5.4(b)</u>, if the maturity of the Notes has been accelerated pursuant to

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 <u>Section</u> <u>5.2</u>, or <u>Sections 8.4(a)</u> and <u>8.4(b)</u> of this Indenture, if the maturity of the Notes has not been accelerated.

**Section 5.16 <u>Performance and Enforcement of Certain Obligations</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Promptly following a request from the Indenture Trustee to do so, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by (i) the Servicer of its obligations to the Issuer under or in connection with the Servicing Agreement or (ii) the Transferor or PFLP, as applicable, of each of their obligations under or in connection with the SUBI Sale Agreement, in each case, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with each such agreement and the SUBI Transfer 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 Transferor, PFLP or the Servicer thereunder and the institution of legal or administrative actions or Proceedings to compel or secure performance by the Servicer of its obligations under the Servicing Agreement or by the Transferor or PFLP, as applicable, of each of their obligations under or in connection with the SUBI Sale Agreement.

&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 the Holders of a majority of the aggregate Note Balance of the Outstanding Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against (i) PFLP or the Transferor under or in connection with the SUBI Sale Agreement, (ii) the Servicer under or in connection with the Servicing Agreement or (iii) the Transferor under or in connection with the SUBI Transfer Agreement, including the right or power to take any action to compel or secure performance or observance by the Transferor, the Servicer, PFS or PFLP of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under such Transaction Documents and any right of the Issuer to take such action shall be suspended.

**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</u> <u>5.4(a)</u>, the Indenture Trustee or its agent shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee or its agent 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 or its agent shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest bidder, *provided*, *however*, that the Indenture Trustee or its agent may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee or its agent shall give notice to the Transferor and the Servicer of any proposed sale, and the Transferor, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee or its agent may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuer 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</u> <u>5.4</u> and this <u>Section</u> <u>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.

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**ARTICLE VI** 

**THE INDENTURE TRUSTEE** 

**Section 6.1 <u>Duties of the Indenture Trustee</u>.** 

&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 shall 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;(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;(i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the other Transaction Documents to which it is a party and no implied duties (including fiduciary duties) covenants, liabilities or obligations shall be read into this Indenture or the other Transaction Documents against the Indenture Trustee; and

&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, without liability, as to the truth of the statements and the correctness of the calculations and opinions expressed therein, upon certificates, statements, reports (including payment instructions) or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Indenture Trustee, 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 mathematical calculations or other facts stated therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee shall 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;(i) this paragraph does not limit the effect of <u>paragraph (b)</u> of this Section;

&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;

&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 this Indenture, any other Transaction Document or a direction received by it pursuant to <u>Section</u> <u>5.11</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee shall have no duty to monitor the performance of the Issuer, the Servicer, the Administrator, or their respective agents or any other Person, nor shall it have any liability in connection with misconduct or nonfeasance by the Issuer, the Servicer, the Administrator or any other Person. The Indenture Trustee shall have no liability in connection with compliance of the Issuer, the Servicer or the Administrator or

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their respective agents with statutory or regulatory requirements. The Indenture Trustee shall not make or be deemed to have made any representations or warranties with respect to the Trust Estate or any security interest or the validity or sufficiency of any assignment of the Trust Estate or any security interest to the Issuer or the Indenture Trustee.

&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 <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u> of this Section.

&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 Issuer.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No provision of this Indenture or any other Transaction Document 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 thereunder 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 indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Every provision of this Indenture and each other Transaction Document relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this <u>Section</u> <u>6.1</u> and to the provisions of the TIA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Indenture Trustee is authorized and directed to execute the Securities Account Control Agreement and the Administration Agreement and shall take all actions required to be taken by the Indenture Trustee under the Securities Account Control Agreement or the Administration Agreement, respectively.

**Section 6.2 <u>Rights of the Indenture Trustee</u>**. Subject to the provisions of <u>Section</u> <u>6.1</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may conclusively rely on and shall be protected in acting or refraining from acting upon any document (including the Servicer's Certificate) believed by it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate, recalculate, certify or verify any fact, numerical information, or matter stated in the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before the Indenture Trustee acts or refrains from acting, it may require and conclusively rely upon an Officer's Certificate or an Opinion of Counsel, as applicable. The Indenture Trustee shall not be liable for any action it takes, suffers or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel. Any such Officer's Certificate or Opinion of Counsel requested by the Indenture Trustee shall be an expense of the Person requesting the Indenture Trustee to act or refrain from acting or otherwise shall be an expense of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee may execute any of the trusts or powers hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party or perform any duties hereunder or under any of the Transaction Documents to which the Indenture Trustee is a party

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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, the Administrator, any co-trustee or separate trustee appointed in accordance with the provisions of <u>Section</u> <u>6.10</u>, or any other such agent, attorney, custodian or nominee appointed with due care by it hereunder.

&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 reasonably believes to be authorized or within discretion or rights or powers conferred upon it by this Indenture; *provided*, *however*, that the Indenture Trustee's conduct does not constitute willful misconduct, negligence or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee may consult with counsel, accountants and experts of its selection, and the advice or opinion of counsel with respect to legal matters and the advice or opinion of accountants and experts relating to their respective areas of expertise relating to this Indenture, the Notes and any Transaction Documents to which the Indenture Trustee is a party 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, accountants or experts.

&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 under this Indenture or in relation to this Indenture or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee reasonable security or indemnity satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursements, advances and liabilities that 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;(g) The Indenture Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Indenture Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by a Responsible Officer of the Indenture Trustee, and such notice references the Notes and this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In no event shall the Indenture Trustee be responsible or liable for special, indirect, incidental, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee shall not be liable for any loss or damage, or any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any reason which is beyond the control of the Indenture Trustee, including, but not limited to, the provision of any present or future applicable law or regulation or act of any governmental authority, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of god, disease, epidemics or pandemics, shelter-at-home orders, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services, unavailability of the Federal Reserve Bank wire or telex system or other applicable wire or funds transfer system, or unavailability of any securities clearing system, the failure of another

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party to perform its obligations hereunder or other force majeure events; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practice in the banking industry to resume performance as soon as practicable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any permissive right or privilege of the Indenture Trustee hereunder shall not be deemed to be or otherwise be constructed as a duty or obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture Trustee shall not be responsible or liable for the existence, genuineness, or value of the Trust Estate, for the legality, enforceability, effectiveness or sufficiency of the Transaction Documents, for the creation, perfection, continuation, priority, sufficiency or protection of any Liens with regard to the Trust Estate or the Transaction Documents, or for any defect or deficiency as to any such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Indenture Trustee shall not be liable for any action or inaction of the Issuer, the Noteholders, the Servicer or any other party (or agent thereof) to this Indenture or any other Transaction Document, or the monitoring, supervision or investigation of such Persons, and may assume compliance by such Persons with their obligations under this Indenture or any other Transaction Documents, unless a Responsible Officer of the Indenture Trustee has actual knowledge or received written notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Notwithstanding anything to the contrary in this Indenture, the Indenture Trustee shall not be required to take any action that is not in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Except as otherwise provided herein or in the other Transaction Documents, the Indenture Trustee shall not have any duty to conduct any investigation as to the occurrence of any condition requiring the reallocation of any Transaction Unit, or the eligibility of any Transaction Unit for purposes of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Indenture Trustee may accept and reasonably rely on all accounting, records and work of any duly authorized Person without audit, and the Indenture shall have no liability for the acts or omissions of any such Person. If any error, inaccuracy or omission (collectively "<u>Errors</u>") exists in any information received, and such Errors, without the knowledge of a Responsible Officer of the Indenture Trustee, should cause or materially contribute to the Indenture Trustee making or continuing any Error (collectively, "<u>Continued Errors</u>"), the Indenture Trustee shall have no liability for such Continued Errors except as a result of its own negligence, bad faith or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Indenture Trustee shall not be imputed with any knowledge of, nor responsibility for, the terms and conditions of any other agreement, instrument or document other than the Transaction Documents to which the Indenture Trustee is a party, or information possessed or obtained by any other Person, or any affiliate, line of business, or other division of [ ] (and vice versa) unless such person is a Responsible Officer of the Indenture Trustee who also has such actual knowledge or information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Indenture Trustee shall have no liability for any failure of performance or inability to perform hereunder caused by the failure of another Person to perform or fully and correctly perform such Person's duties pursuant to the Transaction Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) With respect to a particular act, the prudent person standard shall be deemed satisfied to the extent that this Indenture provides that the Indenture Trustee acts at the direction of any Noteholder or group of Noteholders and the Indenture Trustee acts in accordance with such direction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) So long as [ ] acts in each such role, all rights, benefits, protections, immunities and indemnities afforded to the Indenture Trustee hereunder shall be applicable to the Paying Agent, the Calculation Agent, the Authenticating Agent or the Note Registrar, as if set forth herein, *mutatis mutandis.*

**Section 6.3 <u>Individual Rights of the Indenture Trustee</u>**. Subject to Section 310 of the TIA, the Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Transferor, the Owner Trustee, the Administrator and their respective Affiliates with the same rights it would have if it were not the Indenture Trustee, and the Transferor, the Owner Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking and investment banking relationships with the Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar, co-registrar, co-paying agent, co-trustee or separate trustee may do the same with like rights. However, the Indenture Trustee must comply with <u>Section</u> <u>6.11</u>.

**Section 6.4 <u>The Indenture Trustee</u><u>'</u><u>s Disclaimer</u>**. The Indenture Trustee shall not be responsible for and makes no representation as to the validity, adequacy or enforceability of this Indenture or the Notes, shall not be accountable for the Issuer's use of the proceeds from the Notes, and shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes, all of which shall be taken as the statements of the Issuer, other than the Indenture Trustee's certificate of authentication.

**Section 6.5 <u>Notice of Events of Defaults</u>**. If an Event of Default occurs and is continuing and if it is either actually known by a Responsible Officer of the Indenture Trustee or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall deliver to each Noteholder and the Administrator notice of the Event of Default within ninety (90) days after such knowledge or notice occurs. Except in the case of an Event of 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 the Indenture Trustee to Noteholders</u>**. The Indenture Trustee and the Paying Agent, at the expense of the Issuer, shall deliver to each Person who on any Record Date during the calendar year was a registered Noteholder of a Definitive Note, not later than the latest date permitted by law, such information as may be required by law to enable such Holder to prepare its federal and state income tax returns.

**Section 6.7 <u>Compensation and Indemnity</u>**. The Indenture Trustee shall be (i) paid from time to time such compensation as the Servicer and the Indenture Trustee shall from time to time agree in writing for services rendered by the Indenture Trustee hereunder in accordance with a fee letter between the Servicer and the Indenture Trustee, (ii) reimbursed for all reasonable

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expenses, advances and disbursements reasonably incurred by it in connection with the performance of its duties as Indenture Trustee and (iii) indemnified for, and held harmless against, any and all loss, liability, claim, action, suit, or expense (including reasonable attorneys' fees and including all loss, liability, claim, action, suit or expense incurred in connection with enforcement of its indemnification rights) incurred by it in connection with the administration of the trust or trusts hereunder or the performance of its duties as Indenture Trustee, in each case by the Issuer from Available Funds and to the extent not satisfied thereby, by the Servicer. The Indenture Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Indenture Trustee shall notify the Issuer and the Servicer promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Servicer shall not relieve the Issuer or the Servicer of its obligations hereunder. The Issuer shall, or shall cause the Servicer to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuer shall, or shall cause the Servicer to, pay the fees and expenses of such counsel. None of the Administrator, the Issuer or the Servicer shall be liable for or required to indemnify the Indenture Trustee from and against any of the foregoing expenses or indemnities arising or resulting from (i) its own willful misconduct, negligence or bad faith, (ii) the inaccuracy of any representation or warranty contained in <u>Section</u> <u>6.12</u> made by the Indenture Trustee or (iii) taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Indenture Trustee.

The compensation and indemnity obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture and the resignation or removal of [ ] in any of its capacities hereunder. When the Indenture Trustee incurs expenses after the occurrence of an Event of Default set forth in <u>Section</u> <u>5.1(e)</u> with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state bankruptcy, insolvency or similar law.

Any amounts payable by the Issuer to the Indenture Trustee pursuant to this <u>Section</u> <u>6.7</u> shall be paid in accordance with <u>Section</u> <u>8.4(a)</u> or <u>Section</u> <u>5.4(b)</u> of this Indenture, as applicable.

**Section 6.8 <u>Removal, Resignation and Replacement of the Indenture Trustee</u>**. The Indenture Trustee may resign at any time upon thirty (30) days' written notice to the Issuer, the Administrator and the Servicer. The Holders of a majority of the aggregate Note Balance of the Outstanding Notes may remove the Indenture Trustee without cause upon thirty (30) days' prior written notice by so notifying the Indenture Trustee and the Issuer, and following that removal may appoint a successor to the Indenture Trustee. The Issuer shall remove the Indenture Trustee if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indenture Trustee fails to comply with <u>Section</u> <u>6.11</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Bankruptcy Event occurs with respect to the Indenture Trustee;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee otherwise becomes incapable of acting.

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If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee which satisfies the requirements set forth in <u>Section</u> <u>6.11</u>.

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee, without any further act, deed or conveyance, shall have all the rights, powers and duties of the Indenture Trustee under this Indenture subject to satisfaction of the Rating Agency Condition. 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 the Indenture Trustee to the successor Indenture Trustee.

If a successor Indenture Trustee does not take office within sixty (60) days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority of the aggregate Note Balance of the Outstanding Notes may petition any court of competent jurisdiction, at the expense of the Issuer, for the appointment of a successor Indenture Trustee.

If the Indenture Trustee fails to comply with <u>Section</u> <u>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.

Any resignation or removal of the Indenture Trustee and appointment of a successor Indenture Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Indenture Trustee pursuant to this <u>Section</u> <u>6.8</u> and payment of all fees and expenses owed to the outgoing Indenture Trustee.

Notwithstanding the resignation or removal of the Indenture Trustee pursuant to this Section, the Issuer's and the Administrator's obligations under <u>Section</u> <u>6.7</u> shall continue for the benefit of the retiring Indenture Trustee.

The Indenture Trustee shall not be liable for the acts or omissions of any successor Indenture Trustee.

**Section 6.9 <u>Successor Indenture Trustee by Merger</u>**. Subject to <u>Section</u> <u>6.11</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 <u>Section</u> <u>6.11</u>. The Indenture Trustee shall provide the Administrator prior written notice of any such transaction.

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Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee.

**Section 6.10 <u>Appointment of Co</u><u>-Indenture Trustee or Separate Indenture Trustee</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions of this Indenture, at any time, after delivering written notice to the Administrator, 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 and the Administrator acting jointly 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 and the Administrator 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</u> <u>6.11</u> and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under <u>Section</u> <u>6.8</u>.

&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;(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 intended 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 Collateral 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;(ii) no separate trustee or co-trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder, including acts or omissions of predecessor or successor trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee and the Administrator may at any time accept the resignation of or, acting jointly, remove any separate trustee or co-trustee.

&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 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

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Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee and a copy thereof given to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may at any time constitute the Indenture 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 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. Notwithstanding anything to the contrary in this Indenture, the appointment of any separate trustee or co-trustee shall not relieve the Indenture Trustee of its obligations and duties under this Indenture.

**Section 6.11 <u>Eligibility; Disqualification</u>**. The Indenture Trustee shall at all times satisfy the requirements of TIA Section 310(a) and, in addition, shall have or have a parent with a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and shall have a long term issuer rating of investment grade or better by each Rating Agency or shall otherwise be acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the requirements of TIA Section 310(b). Neither the Issuer nor any Affiliate of the Issuer may serve as Indenture Trustee.

**Section 6.12 <u>Preferential Collection of Claims Against the Issuer</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.

**Section 6.13 <u>Trustee as Holder of Transaction SUBI Certificate</u>**. Following the occurrence and continuation of an Event of Default, to the extent that the Issuer has rights as a Holder of the Transaction SUBI Certificate, including rights to distributions and notice, or is entitled to consent to any actions taken by the Transferor, the Issuer may initiate such action or grant such consent only with consent of the Indenture Trustee at the written direction of the Noteholders of not less than a majority of the Note Balance of the Outstanding Notes. Following the occurrence and continuation of an Event of Default, the Indenture Trustee shall exercise rights as a Holder of the Transaction SUBI Certificate or the right to consent or withhold consent with respect to actions taken by the Transferor or the Issuer, upon the written direction of Holders of a majority of the Note Balance of the Outstanding Notes; *provided*, *however*, that any direction to the Indenture Trustee to remove or replace the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 66-2/3% of the Note Balance of the Outstanding Notes.

**Section 6.14 <u>Representations and Warranties of the Indenture Trustee</u>**. The Indenture Trustee hereby makes the following representations and warranties as of the date hereof on which the Issuer and the Noteholders shall rely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee is a [ ] duly organized and validly existing under the laws of [ ];

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;(iii) this Indenture has been duly executed and delivered by the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) this Indenture is a legal, valid and binding obligation of the Indenture Trustee enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and to general principles of equity.

**ARTICLE VII** 

**NOTEHOLDERS' LISTS AND REPORTS** 

**Section 7.1 <u>The Issuer to Furnish the Indenture Trustee Names and Addresses of Noteholders</u>**. The Issuer shall furnish or cause to be furnished to the Indenture Trustee and the Paying Agent (a) not more than five (5) days after each 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 (b) at such other times as the Indenture Trustee or the Paying Agent may request in writing, within five (5) days after receipt by the Issuer of any such request, a list of similar form and content; *provided*, *however*, that so long as (i) the Indenture Trustee is the Note Registrar, or (ii) 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</u>.** 

&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</u> <u>7.1</u> and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as the Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such <u>Section</u> <u>7.1</u> upon receipt of a new list so furnished; *provided*, *however*, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved or maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. Upon receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more Noteholders of Notes evidencing not less than 25% of the aggregate Note Balance of the Outstanding Notes to receive a copy of the current list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Noteholders produced in response thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Investor may send a request to the Transferor at any time notifying the Transferor that such Investor would like to communicate with other Investors with respect to an exercise of their rights under the terms of the Transaction Documents. Each request must include

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(i) the name of the Investor making the request, (ii) a statement to the effect that such Investor is interested in communicating with other Investors with regard to the possible exercise of rights under the Transaction Documents and (iii) a description of the method other Investors may use to contact the requesting Investor. Additionally, in the case of such requesting Noteholder, the Transferor may require such Noteholder to provide Verification Documents. An Investor that delivers a request under this <u>Section</u> <u>7.2(c)</u> shall be deemed to have certified to the Issuer and the Servicer that its request to communicate with other Investors relates solely to a possible exercise of rights under the Transaction Documents and will not be used for other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Issuer shall include in each monthly distribution report on Form 10-D any request that complies with the requirements of <u>Section</u> <u>7.2(c)</u> hereof received during the related Collection Period from a Noteholder to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes. The Issuer shall include in any such monthly distribution report on Form 10-D (i) the name of the Noteholder making the request, (ii) the date that the request was received, (iii) a statement to the effect that the Issuer has received a request from such Noteholder stating that such Noteholder is interested in communicating with other Noteholders with regard to the possible exercise of their rights under the Indenture or under the Notes and (iv) a description of the method other Noteholders may use to contact the requesting Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

**Section 7.3 <u>Reports by the Indenture Trustee</u>**. If required by TIA Section 313(a), within sixty (60) days after each March 31, beginning with March 31 [ ], 20[ ], the Indenture Trustee shall mail to each Noteholder as required by TIA Section 313(c), 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). A copy of each report at the time of its mailing to Noteholders shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuer shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange.

**Section 7.4 <u>Noteholder Demand for Reallocation, Dispute Resolution</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Investor becomes aware of a breach of PFLP's representations and warranties in <u>Section</u> <u>3.1</u> of the SUBI Sale Agreement that would require PFLP to cause a Unit to be reallocated to the UTI Portfolio pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement, such Investor (the "<u>Requesting Investor</u>") may, by written notice to the Indenture Trustee, direct the Indenture Trustee to notify PFLP of such breach and request that PFLP cause the related Transaction Unit to be reallocated to the UTI Portfolio. Any such written notice to the Indenture Trustee shall identify the Transaction Unit, as well as the related breach of representation or warranty. If the Requesting Investor is a Note Owner, then each written notice from such Requesting Investor must be accompanied by Verification Documents. Upon receipt of any written notice of a repurchase request that complies with the requirements of this <u>Section</u> <u>7.4</u>, the Indenture Trustee shall forward such written notice to PFLP and request that PFLP cause the related Transaction Unit to be reallocated to the UTI Portfolio pursuant to <u>Section</u> <u>3.3(c)</u> of the SUBI Sale Agreement. For the avoidance of doubt, following delivery of such notice and request to PFLP, the Indenture Trustee

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shall have no responsibility or liability for the decision by PFLP with respect to such Transaction Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Requesting Investor directs the Indenture Trustee to request the reallocation of a Transaction Unit pursuant to <u>clause (a)</u> above, and the request has not been fulfilled or otherwise resolved to the reasonable satisfaction of such Requesting Investor within 180 days of the receipt of notice of the request by PFLP, the Indenture Trustee shall, at the direction of such Requesting Investor, refer the matter to either mediation (including nonbinding arbitration) or arbitration pursuant to <u>Section</u> <u>3.6</u> of the SUBI Sale Agreement; <u>provided</u>, <u>however</u>, if the Indenture Trustee declines to refer the matter to mediation (including nonbinding arbitration) or arbitration due to the failure of such Requesting Investor to offer the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the reasonable costs, expenses, disbursement, advances and liabilities that might be incurred by it, its agents and its counsel in connection with such request, the Requesting Investor may directly refer the matter to either mediation (including nonbinding arbitration) or arbitration pursuant to <u>Section</u> <u>3.6</u> of the SUBI Sale Agreement.

**Section 7.5 <u>Asset Review Voting</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Delinquency Percentage on any Payment Date exceeds the Delinquency Trigger, then Noteholders (if the Notes are represented by Definitive Notes) or Note Owners (if the Notes are represented by Global Notes) holding at least 5% of the Outstanding Note Balance (the "<u>Instituting Noteholders</u>") may elect to initiate a vote to determine whether the Asset Representations Reviewer shall conduct an Asset Review by giving written notice to the Indenture Trustee of their desire to institute such a vote within ninety (90) days after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger; *provided*, *however*, that the failure of any Noteholder or Note Owner to institute such a vote shall not preclude such Noteholder or Note Owner, as applicable, from pursuing dispute resolution pursuant to <u>Section</u> <u>3.6</u> of the SUBI Sale Agreement. If any Instituting Noteholder is not a Noteholder as reflected on the Note Register, the Indenture Trustee may require such Instituting Noteholder to provide Verification Documents to confirm that the Instituting Noteholder is, in fact, a Note Owner. If the Instituting Noteholders initiate a vote as described in this <u>clause (a)</u>, the Indenture Trustee shall submit the matter to a vote of all Noteholders, which shall be through the Clearing Agency if the Notes are represented by Global Notes, and the Issuer will include or cause to be included in the related Form 10-D that such a vote has been called. The Indenture Trustee may set a Record Date for purposes of determining the identity of Noteholders or Note Owners, as applicable, entitled to vote in accordance with TIA Section 316(c). The vote will remain open until the 150<sup>th</sup> day after the filing of the Form 10-D disclosing that the Delinquency Percentage exceeds the Delinquency Trigger. Abstaining from, voting in favor of, or voting against causing the Asset Representations Reviewer to conduct an Asset Review shall not preclude any Noteholder from pursuing dispute resolution pursuant to <u>Section</u> <u>3.6</u> of the SUBI Sale Agreement. The "<u>Noteholder Direction</u>" shall be deemed to have occurred if Noteholders representing at least a majority of the voting Noteholders vote in favor of directing an Asset Review of the Subject Leases by the Asset Representations Reviewer. Following the completion of the voting process, the next Form 10-D filed by the Depositor will disclose whether or not a Noteholder Direction has occurred.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within [five (5)] Business Days of the Review Satisfaction Date, the Indenture Trustee will send a written notice (a "<u>Review Notice</u>") to PFLP, the Depositor, the Servicer and the Asset Representations Reviewer specifying that the asset review conditions have been satisfied, providing the applicable Review Satisfaction Date and directing the Asset Representations Reviewer to conduct an Asset Review of the Subject Leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding <u>clauses</u> <u>(a)</u> and <u>(b)</u> of this <u>Section</u> <u>7.5</u>, a Noteholder (if the Notes are represented by Definitive Notes) or Note Owner (if the Notes are represented by Global Notes) need not direct an Asset Review be performed prior to (i)(x) directing the Indenture Trustee to notify PFLP of a breach of PFLP's representations and warranties in <u>Section</u> <u>3.1</u> of the SUBI Sale Agreement that would require PFLP to reallocate a Transaction Unit pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement and (y) requesting that PFLP repurchase the related Transaction Unit pursuant to <u>Section</u> <u>7.4</u> hereof or (ii) referring the matter, at its discretion, to either mediation (including nonbinding arbitration) or arbitration pursuant to <u>Section</u> <u>3.6</u> of the SUBI Sale Agreement.

**Section 7.6 <u>Dispute Resolution</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Transferor, the Issuer, the Owner Trustee (at the direction of a Certificateholder) or the Indenture Trustee (at the direction of an Investor pursuant to <u>Section</u> <u>7.4</u> of this Indenture) (the "<u>Requesting Party</u>") requests that PFLP reallocate any Transaction Unit pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement, and the request has not been fulfilled or otherwise resolved to the reasonable satisfaction of the Requesting Party within 180 days of the receipt of notice of the request by PFLP, the Requesting Party shall have the right to refer the matter, at its discretion, to either mediation or arbitration pursuant to this <u>Section</u> <u>7.6</u>. If the Requesting Party is the Indenture Trustee acting at the direction of an Investor, the Indenture Trustee as Requesting Party shall act at the direction of such Investor in making all decisions related to mediation or arbitration. PFLP shall inform the Requesting Party in writing upon a determination by PFLP that a Transaction Unit subject to a demand shall be reallocated and the monthly distribution report filed by the Issuer on Form 10-D for the Collection Period in which such Transaction Unit were reallocated shall include disclosure of such reallocation. A failure of PFLP to inform the Requesting Party that a Transaction Unit subject to a demand will be reallocated within 180 days of the receipt of notice of the request shall be deemed to be a determination by PFLP that no reallocation of that Transaction Unit due to a breach of <u>Section</u> <u>3.2</u> of the SUBI Sale Agreement is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Requesting Party shall provide notice in accordance with the provisions of <u>Section</u> <u>11.4</u> of its intention to refer the matter to mediation or arbitration, as applicable, to PFLP, with a copy to the Issuer and the Indenture Trustee. PFLP agrees that it shall participate in the resolution method selected by the Requesting Party. PFLP shall provide notice to the Transferor, the Issuer and the Indenture Trustee that it has received a request to mediate or arbitrate a reallocation request. Upon receipt of such notice, the Transferor, the Issuer and the Indenture Trustee shall advise the Requesting Party and PFLP of an intent to join in the mediation or arbitration, which shall result in their being joined as a Requesting Party in the proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Requesting Party may not initiate a mediation or arbitration pursuant to this <u>Section</u> <u>7.6</u> with respect to a Transaction Unit that is, or has been, the subject of an ongoing or

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previous mediation or arbitration (whether by that Requesting Party or another Requesting Party) but shall have the right, subject to a determination by the parties to the existing mediation or arbitration that such joinder would not prejudice the rights of the participants to such existing mediation or arbitration or unduly delay such proceeding, to join an existing mediation or arbitration with respect to that Transaction Unit if the mediation or arbitration has not yet concluded. In the case of any such joinder, if the initial Requesting Party is the Indenture Trustee (at the direction of one or more Investors), any decisions related to the mediation or arbitration shall be made by the Indenture Trustee on behalf of such Investors holding a majority of the Note Balance of all of the Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Requesting Party selects mediation as the resolution method, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The mediation shall be administered by [a nationally recognized arbitration and mediation association] [one of [identify acceptable options]] selected by the Requesting Party pursuant to such association's mediation procedures in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The fees and expenses of the mediation shall be allocated as mutually agreed by the parties as part of the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The mediator shall be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the reallocation dispute and shall be appointed from a list of neutrals maintained by the American Arbitration Association (the "<u>AAA</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Requesting Party selects arbitration as the resolution method, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The arbitration shall be administered by [a nationally recognized arbitration and mediation association] [one of [identify acceptable options]] jointly selected by the parties, or if the parties are unable to agree on an association, by the AAA, and conducted pursuant to such association's arbitration procedures in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The arbitrator shall be impartial, knowledgeable about and experienced with the laws of the State of New York that are relevant to the dispute hereunder and shall be appointed from a list of neutrals maintained by AAA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The arbitrator shall make its final determination no later than [90] days after appointment or as soon as practicable thereafter. The arbitrator shall resolve the dispute in accordance with the terms of this Indenture, and may not modify or change this Indenture in any way. The arbitrator shall not have the power to award punitive damages or consequential damages in any arbitration conducted by it[, and PFLP shall not be required to pay more than the applicable Securitization Value with respect to any Transaction Unit which PFLP is required to reallocate under the terms of the SUBI Sale Agreement or this Indenture, as applicable]. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and reasonable attorneys' fees to the

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parties as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator shall be in writing and counterpart copies shall be promptly delivered to the parties. The determination may be enforced in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) No person may bring a putative or certified class action to arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The following provisions shall apply to both mediations and arbitrations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any mediation or arbitration shall be held in [City, State] or such other location mutually agreed to by the Requesting Party and PFLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding this dispute resolution provision, the parties shall have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, provided such relief would otherwise be available by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The details and/or existence of any unfulfilled reallocation request, any meetings or discussions regarding any unfulfilled reallocation request, mediations or arbitration proceedings conducted under this <u>Section</u> <u>7.6</u>, including all offers, promises, conduct and statements, whether oral or written, made in the course of the parties' attempt to resolve an unfulfilled reallocation request, any information exchanged in connection with any mediation, and any discovery taken in connection with any arbitration (collectively, "<u>Confidential Information</u>"), shall be and remain confidential and inadmissible (except disclosures required by Applicable Law) for any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding under this <u>Section</u> <u>7.6</u>) other than as required to be disclosed in accordance with applicable law, regulatory requirements, or court order or to the extent that PFLP, in its sole discretion, elects to disclose such information. Such information shall be kept strictly confidential and shall not be disclosed or discussed with any third party, and except that a party may disclose such information to its own attorneys, experts, accountants and other agents and representatives (collectively "<u>Representatives</u>"), as reasonably required in connection with any resolution procedure under this <u>Section</u> <u>7.6</u>, and the Asset Representations Reviewer, if an Asset Review has been conducted), if the disclosing Party (a) directs such Representatives to keep the information confidential, (b) is responsible for any disclosure by its Representatives of such information and (c) takes at its sole expense all reasonable measures to restrain such Representatives from disclosing such information. If any party receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for Confidential Information, the recipient shall promptly notify the other party and shall provide the other party with the opportunity to object to the production of its Confidential Information or seek other appropriate protective remedies, consistent with the applicable requirements of law and regulation. If, in the absence of a protective order, such party or any of its representatives are compelled as a matter of law, regulation, legal process or by regulatory authority to disclose any portion of the Confidential Information, such party may disclose to the party compelling disclosure only the part of such Confidential Information that is required to be disclosed.

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**Section 7.7 <u>Cooperation with Voting</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of PFS and the Transferor hereby acknowledges and agrees that it shall cooperate with the Indenture Trustee to facilitate any vote by the Instituting Noteholders pursuant to the terms of <u>Section</u> <u>7.5</u> of this Indenture.

**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 Collateral, 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 a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in <u>Article V</u>.

**Section 8.2 <u>Trust Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall cause to be established:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For the benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible Account (the "<u>Collection Account</u>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be maintained with [the Securities Intermediary] or its designee. No checks shall be issued, printed or honored with respect to the Collection Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For the benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible Account (the "<u>Principal Distribution Account</u>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be maintained with [the Securities Intermediary] or its designee and which may be a sub-account of the Collection Account. No checks shall be issued, printed or honored with respect to the Principal Distribution Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the benefit of the Noteholders, in the name of the Indenture Trustee, an Eligible Account (the "<u>Reserve Account</u>"), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders, which Eligible Account shall be maintained with [the Securities Intermediary] or its designee. No checks shall be issued, printed or honored with respect to the Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Funds on deposit in the Collection Account, the Reserve Account and the Principal Distribution Account (collectively, the "<u>Trust Accounts</u>") shall be invested by ]the Securities Intermediary] in Permitted Investments selected in writing by the Servicer and of which the

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Servicer provides notification (pursuant to standing instructions or otherwise); *provided*, that it is understood and agreed that none of the Servicer, the Indenture Trustee, [the Securities Intermediary] or the Issuer shall be liable for any loss arising from such investment in Permitted Investments. All such Permitted Investments shall be held by or on behalf of the Indenture Trustee as secured party for the benefit of the Noteholders; *provided,* that on each Payment Date all Investment Earnings on funds on deposit in the Trust Accounts shall be distributed to the Servicer as additional servicing compensation in accordance with <u>Section</u> <u>5.4(b)</u> or <u>Section</u> <u>8.4(a)</u> hereof, as applicable. The investments of funds on deposit in the Collection Account pertaining to the Collection Period shall mature so that such funds will be available on the next Payment Date, subject to <u>Section</u> <u>8.5(c)</u> hereof. The investments of funds on deposit in the Reserve Account shall mature so that such funds in an amount equal to the Reserve Account Draw Amount will be available on the next Payment Date, subject to <u>Section</u> <u>8.5(c)</u> hereof. No Permitted Investment shall be sold or otherwise disposed of prior to its scheduled maturity unless a default occurs with respect to such Permitted Investment and the Servicer directs the [Indenture Trustee][Securities Intermediary] in writing to dispose of such Permitted Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise provided in <u>Section</u> <u>8.2(b)</u>, the Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof and all such funds and proceeds shall be part of the Trust Estate. Except as otherwise provided herein, the Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders. If, at any time, any Trust Account ceases to be an Eligible Account, the Servicer shall promptly notify the Indenture Trustee in writing (unless such Trust Account is an account with the Indenture Trustee or an Affiliate thereof) and within thirty (30) days (or any longer period if the Rating Agency Condition is satisfied with respect to such longer period) after becoming aware of the fact, establish a new Trust Account (with the assistance of [the Securities Intermediary] as may be necessary) as an Eligible Account and shall direct the Indenture Trustee to transfer any cash and/or any investments to such new Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to the Trust Account Property, the parties hereto agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Trust Account Property that consists of uninvested funds shall be held solely in Eligible Accounts and, except as otherwise provided herein, each such Eligible Account shall be subject to the exclusive custody and control of the Indenture Trustee, and, except as otherwise provided in the Transaction Documents, the Indenture Trustee or its designee shall have sole signature authority with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Trust Account Property that constitutes Physical Property shall be delivered to the Indenture Trustee or its designee, in accordance with <u>paragraph (a)</u> of the definition of "Delivery" and shall be held, pending maturity or disposition, solely by the Indenture Trustee or any such designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Trust Account Property that is an "uncertificated security" under Article 8 of the UCC and that is not governed by <u>clause (iv)</u> below shall be delivered to the Indenture Trustee or its designee in accordance with <u>paragraph (c)</u> of the definition of "Delivery" and shall be maintained by the Indenture Trustee or such designee, pending maturity or disposition, through continued registration of the Indenture Trustee's (or its designee's) ownership of such security on the books of the issuer thereof;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Trust Account Property that is an uncertificated security that is a "book-entry security" (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a securities account at a Federal Reserve Bank and eligible for transfer through the Fedwire<sup>®</sup> Securities Service operated by the Federal Reserve System pursuant to Federal book-entry regulations shall be delivered in accordance with <u>paragraph (b)</u> of the definition of "Delivery" and shall be maintained by the Indenture Trustee or its designee or a securities intermediary (as such term is defined in Section 8-102(a)(14) of the UCC) acting solely for the Indenture Trustee or such designee, pending maturity or disposition, through continued book-entry registration of such Trust Account Property as described in such paragraph; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent any Trust Account Property is credited to a securities account, the account agreement establishing such securities account shall provide that the account agreement is governed solely by the law of the State of New York and that the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention; and such institution acting as securities intermediary shall have at the time of entry of the account agreement and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America which satisfies the criteria provided in Article 4(1)(a) or (b) of the Hague Securities Convention; the jurisdiction of such institution acting as securities intermediary with respect to such securities account shall be the State of New York; and (if the Indenture Trustee is not the securities intermediary with respect to such securities account) the Indenture Trustee, the Issuer and such securities intermediary shall agree in writing that such securities intermediary will comply with entitlement orders originated by the Indenture Trustee with respect to such securities account without further consent of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee, to the extent it is acting in the capacity of securities intermediary with respect to Trust Account Property, represents, warrants and covenants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is a "securities intermediary," as such term is defined in Section 8-102(a)(14)(ii) of the relevant UCC, that in the ordinary course of its business maintains "securities accounts" for others, as such term is used in Section 8-501 of the relevant UCC, and an "intermediary" as defined in the Hague Securities Convention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pursuant to Section 8-110(e)(1) of the relevant UCC for purposes of the relevant UCC, the jurisdiction of the securities intermediary is the State of New York. Further, the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America engaged in a business or other regular activity of maintaining securities accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except for the Collection Account, the Reserve Account and the Principal Distribution Account, there are no accounts required to be maintained under the Transaction

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Documents. No checks shall be issued, printed or honored with respect to the Collection Account, the Reserve Account or the Principal Distribution Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the extent that there are any other agreements with the Indenture Trustee or [the Securities Intermediary] governing the Trust Accounts, the parties agree that each and every such agreement is hereby amended to provide that, with respect to the Trust Accounts, the law applicable to all issues specified in Article 2(1) of the Hague Securities Convention shall be the laws of the State of New York.

**Section 8.3 <u>Servicer Certificate; Statements to Noteholders</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer shall cause the Servicer to deliver to the Indenture Trustee and each Paying Agent, with a copy to each of the Rating Agencies, a Servicer's Certificate containing all information necessary to make the payments, transfers and distributions pursuant to <u>Section</u> <u>8.4</u> on such Payment Date (and, if applicable, <u>Section</u> <u>5.4</u>), together with the written statements to be furnished by the Indenture Trustee to the Noteholders pursuant to <u>clause (b)</u> of this <u>Section</u> <u>8.3</u>, including among other things, the following information with respect to the related Payment Date and the related Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of the distribution on or with respect to each class of notes allocable to principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of the distribution on or with respect to each class of notes allocable to interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Class A-1 Note Balance, the Class A-2[a] Note Balance[, the Class A-2b Note Balance], the Class A-3 Note Balance, the Class A-4 Note Balance, [and the Class B Note Balance,] in each case 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;(iv) the First Allocation of Principal[, the Second Allocation of Principal] and the Regular Allocation of Principal for such payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [the number of, and aggregate amount of monthly principal and interest payments due on, the related leases which are delinquent as of the end of the related Collection Period;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Delinquency Percentage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the aggregate Securitization Value of 60-Day Delinquent Leases as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) whether the Delinquency Percentage exceeds the Delinquency Trigger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the aggregate servicing fee paid to the servicer, the amount of any unpaid servicing fees and the change in such amount from that of the prior payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the amount of fees paid to the indenture trustee, the owner trustee, the origination trustee, the SUBI trustee and the asset representations reviewer, the amount of

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any unpaid fees to the indenture trustee, owner trustee, the origination trustee, the SUBI trustee and the asset representations reviewer and any changes in such amount from the prior payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) (i) the amount on deposit in the reserve account and the Specified Reserve Account Balance, each as of the beginning and end of the related Collection Period, (ii) the amount to be deposited in the reserve account in respect of such payment date, if any, (iii) the reserve account draw amount and the reserve account excess amount, if any, to be withdrawn from the reserve account on such payment date, (iv) the balance on deposit in the reserve account on such payment date after giving effect to such changes in such balance from the immediately preceding payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) [the amount available in the collection account for payment of the aggregate amount payable or distributable on the notes, the amount of any principal or interest shortfall with respect to each class of notes and the amount required from any applicable credit enhancement provider to pay any shortfall;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the aggregate reallocation payment with respect to reallocated leases paid by the servicer or the sponsor with respect to the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the number of leases that are 31-60, 61-90, 91-120 and over 120 days delinquent as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the aggregate securitization value of leases that are 31-60, 61-90, 91-120 and over 120 days delinquent as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the percentage of the total aggregate outstanding principal amount of leases that are 31-60, 61-90, 91-120 and over 120 days delinquent as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) the Note Factor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) the amount of the interest shortfall from the preceding payment date, if any, on such payment date and the change in such amounts from the preceding payment date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) the aggregate amount of residual losses and credit losses for that Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) the number of Included Units at the beginning and at the end of that Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) the Aggregate Securitization Value as of the end of the related Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) the number and Securitization Value of vehicles turned-in by lessees at the end of the related lease terms [and the residual value realization rates on such vehicles]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) a summary of material modifications, extensions or waivers, if any, to the terms of the leases related to the Included Units during that Collection Period, or since the closing date, if such modifications, extensions or waivers have become material over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) a summary of material breaches of representations or warranties related to eligibility criteria for the Units, together with the number and aggregate Securitization Value of reallocated Included Units in connection with such breaches during that Collection Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) the number and aggregate Securitization Value of reallocated Included Units in connection with a Postmaturity Term Extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) a summary of any material breach by the issuing entity of covenants contained in the transfer agreements.

Each amount set forth pursuant to <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u>, and <u>(iv)</u> above shall be expressed in the aggregate and as a dollar amount per $1,000 of the Initial Note Balance of a Note. No disbursements shall be made directly by the Servicer to a Noteholder, and the Servicer shall not be required to maintain any investor record relating to the posting of disbursements or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before each Determination Date, the Servicer shall deliver to the Indenture Trustee and each Paying Agent (with a copy to each Rating Agency and the Issuer), and the Indenture Trustee shall forward (or make available on its website, as described below) to each Noteholder of record as of the most recent Record Date, a statement setting forth for the Collection Period and Payment Date relating to such Determination Date information including, among other things, the amounts available for payments, interest, principal and fees.

The Indenture Trustee shall make available via the Indenture Trustee's internet website all reports or notices required to be provided by the Indenture Trustee under this <u>Section</u> <u>8.3</u>. Any information that is disseminated in accordance with the provisions of this <u>Section</u> <u>8.3</u> shall not be required to be disseminated in any other form or manner; *provided, however*, any such information that must be delivered to the Rating Agencies under this <u>Section</u> <u>8.3</u> shall be sent by the Servicer by electronic mail to each Rating Agency. The Indenture Trustee will make no representations or warranties as to the accuracy or completeness of such documents and will assume no responsibility therefor.

The Indenture Trustee's internet website shall be initially located at "[ ]" or at such other address as shall be specified by the Indenture Trustee from time to time in writing to the Noteholders, the Servicer, the Issuer or any Paying Agent. In connection with providing access to the Indenture Trustee's internet website, the Indenture Trustee may require registration and the acceptance of a disclaimer. The Indenture Trustee shall not be liable for the dissemination of information in accordance with this Agreement. The Indenture Trustee shall notify the Noteholders in writing of any changes in the address or means of access to the internet website where the reports are accessible.

&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's Certificate delivered by

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the Servicer to the Indenture Trustee, and the Indenture Trustee shall be fully protected in relying upon such Servicer's Certificate.

**Section 8.4 <u>Disbursement of Funds</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Notes have been accelerated pursuant to <u>Section</u> <u>5.2</u>, on each Payment Date, the Indenture Trustee (based solely on information contained in, and as directed by, the Servicer's Certificate delivered on or before the related Determination Date pursuant to <u>Section</u> <u>8.3</u>) shall make the following deposits and distributions, to the extent of Available Funds and the Reserve Account Draw Amount on deposit in the Collection Account for such Payment Date, in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the Servicer (or any predecessor Servicer, if applicable), for reimbursement of all outstanding Advances, if any[, provided that Available Funds from the Risk Retention Reserve Account will not be used for this purpose as long as the Servicer is PFS or an Affiliate of PFS];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second,* to the Servicer, the Servicing Fee, together with any unpaid Servicing Fees in respect of one or more prior Collection Periods[, provided that Available Funds from the Risk Retention Reserve Account will not be used for this purpose as long as the Servicer is PFS or an Affiliate of PFS] and any Investment Earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, pro rata, to the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer and the Origination Trustee, any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior Collection Periods) due and payable under this Indenture, the Trust Agreement and the Origination Trust Agreement, as applicable; *provided*, that such accrued and unpaid fees, expenses and indemnification amounts payable (A) to the Indenture Trustee pursuant to this clause *third* may not exceed, in the aggregate, $[ ] per annum, (B) to the Owner Trustee pursuant to this clause *third* may not exceed, in the aggregate, $[ ] per annum (C) to the Origination Trustee pursuant to this clause *third* may not exceed, in the aggregate, $[ ] per annum and (D) to the Asset Representations Reviewer pursuant to this clause *third* may not exceed, in the aggregate, $[ ] per annum; *provided further* that if the accrued and unpaid fees, expenses and indemnification amounts payable to any of the Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer or the Origination Trustee exceeds such cap, such trustee will receive any unused amount of the other trustees' cap up to an amount not to exceed, in the aggregate, $[ ] per annum on the Payment Date occurring in December of each calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, pro rata, to the [Class A] Noteholders, the Accrued [Class A] Note Interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related interest period on each class of the [Class A] Notes at their respective interest rates on the respective Note Balances as of the previous payment date or the Closing Date, as the case may be, after giving effect to all payments of principal to the [Class A] Noteholders on or prior to such preceding payment date; and (ii) the excess, if any, of the amount of interest due and payable to the [Class A] Noteholders on the preceding payment date over

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the amounts in respect of interest actually paid to the [Class A] Noteholders on the preceding payment date, plus interest on any such shortfall at the respective interest rates of each class of the [Class A] Notes for the related interest period (to the extent permitted by law); provided, that if there are not sufficient funds available to pay the entire amount of the accrued Class A Note Interest, the amounts available will be applied to the payment of such interest on the Class A Notes on a pro rata basis based on the amount of interest owing to each class of Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *fifth*, to the Principal Distribution Account for distribution to the Noteholders pursuant to <u>Section</u> <u>8.4(b)</u>, [the First Allocation of Principal][the Principal Distribution Amount], if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) [*sixth*, to the Noteholders of the Class B notes, the Accrued Class B Note Interest, which is the sum of (i) the aggregate amount of interest due and accrued for the related interest period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance as of the previous payment date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Class B Noteholders on or prior to such preceding payment date, and (ii) the excess, if any, of the amount of interest due and payable to the Class B Noteholders on the preceding payment date over the amounts in respect of interest actually paid to the Class B Noteholders on the preceding payment date, plus interest on any such shortfall at the Class B Interest Rate (to the extent permitted by law);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) [*seventh*, to the Class B Noteholders, the Accrued Class B Interest;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) [*eighth*, to the Principal Distribution Account for distribution to the Noteholders pursuant to Section 8.4(b), the Second Allocation of Principal, if any;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *ninth*, to the Reserve Account, any additional amounts required to increase the amount in the Reserve Account up to the Specified Reserve Account Balance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) [*tenth*, to the Noteholders pursuant to Section 8.4(b), the Regular Allocation of Principal, if any;]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *eleventh*, pro rata, to the Owner Trustee, the Indenture Trustee and the Origination Trustee, accrued and unpaid fees, expenses and indemnification amounts due and payable under this Indenture, the Trust Agreement and the Origination Trust Agreement, as applicable, which have not been previously paid pursuant to clause *third* due solely to the per annum limitation set forth therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *twelfth*, any remaining funds shall be distributed to or at the direction of the Certificateholder.

Notwithstanding any other provision of this <u>Section</u> <u>8.4</u>, following the occurrence and during the continuation of an Event of Default which has resulted in an acceleration of the Notes, the Indenture Trustee shall apply all amounts on deposit in the Collection Account pursuant to <u>Section</u> <u>5.4(b)</u> of the Indenture.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the acceleration of the Notes pursuant to <u>Section</u> <u>5.2</u> of this Indenture, on each Payment Date and the Redemption Date, the Paying Agent shall distribute [the First Allocation of Principal, the Second Allocation of Principal and the Regular Allocation of Principal][all amounts on deposit in the Principal Distribution Account to Noteholders in respect of principal of the Notes to the extent of the funds therein in the following order of priority]:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Holders of the Class A-2 Notes [, pro rata among the Holders of the Class A-2a Notes and the Holders of the Class A-2b Notes,] in respect of principal, until the Class A-2[a] Notes [and the Class A-2b Notes] are paid in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, to the Holders of the Class A-3 Notes in respect of principal, until the Class A-3 Notes are paid in full; [and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *fourth*, to the Holders of the Class A-4 Notes in respect of principal, until the Class A-4 Notes are paid in full[.][; and]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) [*fifth*, to the Holders of the Class B Notes, until the Class B Notes are paid in full.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Issuer shall cause (i) the Servicer to deposit all Collections and Advances into the Collection Account in accordance with the Transaction SUBI Servicing Supplement and (ii) the Servicer or PFLP, as applicable, to deposit all Reallocation Amounts with respect to the Collection Period preceding such Payment Date in the Collection Account in accordance with the Transaction SUBI Servicing Supplement and the SUBI Sale Agreement, as applicable. On or before each Payment Date, all amounts required to be withdrawn from the Reserve Account and deposited into the Collection Account in accordance with <u>Section</u> <u>8.6</u> of the Transaction SUBI Servicing Supplement shall be withdrawn by the Paying Agent from the Reserve Account and deposited to the Collection Account (based solely on and in accordance with the Servicer's Certificate).

**Section 8.5 <u>General Provisions Regarding Accounts</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The funds on deposit in the Trust Accounts shall be invested in Permitted Investments in accordance with and subject to <u>Section</u> <u>8.2</u> and all interest and investment income (net of losses and investment expenses) on funds on deposit in the Trust Accounts shall be distributed in accordance with the provisions of <u>Section</u> <u>8.4(a)</u> or <u>Section</u> <u>5.4(b)</u> hereof, as applicable. [The Securities Intermediary] shall not be directed to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to [the Securities Intermediary] to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. [The Securities Intermediary shall have no duty to invest funds deposited in the Trust Accounts within two (2) Business Days of a Payment Date.]

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>6.1(c)</u>, [the Securities Intermediary] shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to [the Security Intermediary's] failure to make payments on any such Permitted Investments issued by [the Securities Intermediary] in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (i) investment directions shall not have been given in writing by the Servicer in accordance with <u>Section</u> <u>8.2</u> for any funds on deposit in the Trust Accounts to [the Securities Intermediary] by 11:00 a.m., New York City time (or such other time as may be agreed by the Servicer [and the Securities Intermediary]), on any Business Day, (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</u> <u>5.2</u> or (iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or received from the Trust Estate are being applied in accordance with <u>Section</u> <u>5.4</u> of this Indenture, then the [Securities Intermediary][Indenture Trustee] shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer; *provided*, *however*, that if no such instruction has been given to [the Securities Intermediary], the funds deposited shall remain uninvested; *provided, further*, that, to the extent that funds in the Trust Accounts are required to make distributions on a Payment Date pursuant to <u>Section</u> <u>5.4(b)</u> or <u>8.4(a)</u>, such funds shall not be invested during the two (2) Business Days prior to such Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee may hold interest and investment income (net of losses and investment expenses) on funds on deposit in the Collection Account in a separate sub-account of the Collection Account for future remittance pursuant to <u>Section</u> <u>5.4(b)</u> or <u>8.4(a)</u> of this Indenture, as applicable.

**Section 8.6 <u>Release of Collateral</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the payment of its fees and expenses pursuant to <u>Section</u> <u>6.7</u>, the Indenture Trustee may if permitted by and in accordance with the terms hereof, 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 or such other document. No party relying upon an instrument executed by the Indenture Trustee as provided in this <u>Article VIII</u> 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;(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all amounts due to the Indenture Trustee pursuant to <u>Section</u> <u>6.7</u> have been paid (as certified by an Authorized Officer of the Issuer in an Officer's Certificate delivered to the Indenture Trustee), release any remaining portion of the Collateral that secured the Notes from the Lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. Such release shall include delivery to the Issuer or its designee of the Transaction SUBI Certificate, release of the Lien of this Indenture and transfer of dominion and control over the Trust Accounts to the Issuer or its designee. The Indenture Trustee shall release

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property from the Lien of this Indenture pursuant to this Section only upon receipt of an Issuer Request accompanied by an Officer's Certificate or an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

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, acknowledges that from time to time the Indenture Trustee shall release the Lien of this Indenture (or shall be deemed to automatically release the Lien of this Indenture without any further action) on any Transaction Unit to be reallocated from the Transaction SUBI Portfolio to the UTI Portfolio (i) in accordance with <u>Section</u> <u>8.12</u> of the Transaction SUBI Servicing Supplement or (ii) in accordance with <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement.

**Section 8.7 <u>Opinion of Counsel</u>**. The Indenture Trustee shall receive at least seven days' notice (or such shorter notice acceptable to the Indenture Trustee) when requested by the Issuer to take any action pursuant to <u>Section</u> <u>8.6(a)</u>, accompanied by copies of any instruments involved, and the Indenture Trustee may also require as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; *provided,* that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may rely, as to factual matters, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action.

**ARTICLE IX** 

**SUPPLEMENTAL INDENTURES** 

**Section 9.1 <u>Supplemental Indentures Without Consent of Noteholders</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without the consent of the Noteholders or any other Person, the Issuer and the Indenture Trustee (when so directed by an Issuer Order) at any time and from time to time, 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 purposes of modifying in any manner the rights of the Noteholders under this Indenture subject to the satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer delivers an Officer's Certificate to the Indenture Trustee to the effect that such supplemental indenture will not materially and adversely affect the interests of the Noteholders; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rating Agency Condition is satisfied with respect to such supplemental indenture and the Issuer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such supplemental indenture;

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 that may be therein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without the consent of the Noteholders or any other Person, the Issuer and the Indenture Trustee (when so directed by an Issuer Order), may also enter into one or more indentures supplemental hereto for the purpose of conforming the terms of this Indenture to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or the Certificates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the execution of any such supplemental indenture, the Issuer shall provide written notification of the substance of such supplemental indenture to each Rating Agency and the Owner Trustee; and promptly after the execution of any such supplemental indenture, the Issuer shall furnish a copy of such supplemental indenture to each Rating Agency, the Owner Trustee and the Indenture Trustee; *provided*, that no supplemental indenture pursuant to this <u>Section</u> <u>9.1</u> shall be effective which affects the rights, protections, immunities, indemnities or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this <u>Section</u> <u>9.1</u>, the Indenture Trustee shall deliver to the Noteholders a copy of such supplemental indenture. Any failure of the Indenture Trustee to mail a copy of such supplemental indenture, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Notwithstanding anything under this heading or in any other Transaction Document to the contrary, this Indenture may be amended by the Administrator, on behalf of the Issuer, without the consent of the Servicer, the Indenture Trustee, the Depositor, PFLP, the Owner Trustee, any Noteholder or any other person and without satisfying any other amendment provisions of this Indenture or any other Transaction Document solely in connection with any SOFR Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes to be made by the Administrator; provided, that the Issuer has delivered notice of such amendment to the Rating Agencies on or prior to the date such amendment is executed; provided, further, that any such SOFR Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes will not affect the Owner Trustee's and Indenture Trustee's rights, indemnities or obligations without the Owner Trustee's or Indenture Trustee's consent, respectively. For the avoidance of doubt, any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to this Indenture may be retroactive (including retroactive to the Benchmark Replacement Date) and this Indenture may be amended more than once in connection with any SOFR Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.]

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**Section 9.2 <u>Supplemental Indentures with Consent of Noteholders</u>**. The Issuer and the Indenture Trustee, when authorized by an Issuer Order, may also, with prior notice from the Issuer to the Rating Agencies and with the consent of the Holders of not less than a majority of the aggregate Note Balance of the Outstanding Notes, by Act of such Holders delivered to the Issuer and the Indenture Trustee, enter into an indenture or 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 of modifying in any manner the rights of the Noteholders under this Indenture; *provided*, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) change the Final Scheduled Payment Date of any Note, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right of the Noteholders to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in <u>Article V</u>, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce the percentage of the aggregate Note Balance of the Outstanding Notes, the consent of the Holders of which is required for any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences as provided for in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;(iv) reduce the percentage of the aggregate Note Balance of the Outstanding Notes the consent of the Holders of which is required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Trust Estate pursuant to <u>Section</u> <u>5.4</u> if the proceeds of such sale or liquidation would be insufficient to pay the aggregate Note Balance of the Outstanding Notes plus accrued but unpaid interest on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) modify any provision of this Section in any respect adverse to the interests of the Noteholders except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Transaction Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected thereby; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) 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 or in the Transaction Documents, 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.

It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall

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approve the substance thereof. Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall deliver to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by the Issuer and at the Issuer's expense) setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

**Section 9.4 <u>Effect of Supplemental Indenture</u>**. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and 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 Issuer 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 be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

**Section 9.5 <u>Conformity With Trust Indenture Act</u>**. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

**Section 9.6 <u>Reference in Notes to Supplemental Indentures</u>**. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this <u>Article IX</u> 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 Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

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**ARTICLE X** 

**REDEMPTION OF NOTES** 

**Section 10.1 <u>Redemption</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to <u>Section</u> <u>3.18</u> of the SUBI Transfer Agreement, the Transferor shall be permitted at its option to purchase the interest in the Transaction SUBI evidenced by the Transaction SUBI Certificate from the Issuer on any Payment Date if the Note Balance of the Outstanding Notes is less than or equal to [5][10]% of the Initial Note Balance. The purchase price for the Transaction SUBI Certificate shall equal the Optional Purchase Price, which amount shall be deposited by the Transferor into the Collection Account on the Redemption Date. In connection with an Optional Purchase, the Notes shall be redeemed on the Redemption Date in whole, but not in part, for the Redemption Price. If the Transferor exercises the Optional Purchase, on the Redemption Date, prior to 1:00 p.m., New York City time, the Paying Agent shall transfer the Optional Purchase Price from the Collection Account to the Noteholders as the Redemption Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Notes is subject to redemption in whole, but not in part, on any Payment Date on which the sum of the amounts in the Reserve Account and the remaining Available Funds after the payments under *clauses first* through [*seventh*] of <u>Section</u> <u>8.4(a)</u> (without regard to any caps set forth therein) would be sufficient to pay in full the aggregate unpaid Note Balance of all of the Outstanding Notes as determined by the Servicer. On such Payment Date, (i) the Indenture Trustee upon written direction from the Servicer shall transfer all amounts on deposit in the Reserve Account to the Collection Account and (ii) the Outstanding Notes shall be redeemed in whole, but not in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Notes are to be redeemed pursuant to <u>Section</u> <u>10.1(a)</u> or <u>10.1(b)</u>, the Administrator shall provide at least ten (10) days' prior written notice of the redemption of the Notes to the Issuer, the Indenture Trustee and the Owner Trustee and the Indenture Trustee shall provide prompt (but not later than five (5) days prior to the applicable Redemption Date) notice thereof to the Noteholders.

**Section 10.2 <u>Form of Redemption Notice</u>**. Notice of redemption under <u>Section</u> <u>10.1</u> shall be given by the Indenture Trustee by first-class mail, postage prepaid, transmitted or mailed 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 appearing in the Note Register. In addition, the Administrator shall notify each Rating Agency upon the redemption of the Notes, pursuant to the Administration Agreement.

All notices of redemption shall state:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Redemption Price;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that the Record Date otherwise applicable to such Redemption Date is not applicable and that payments shall be made only upon presentation and surrender of such Notes, and the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in <u>Section</u> <u>3.2</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that interest on the Notes shall cease to accrue on the Redemption Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the CUSIP numbers (if applicable) for such Notes.

Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. In addition, the Issuer shall notify each Rating Agency upon redemption of the Notes. 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 Note.

**Section 10.3 <u>Notes Payable on Redemption Date</u>**. The Notes to be redeemed shall, following notice of redemption as required by <u>Section</u> <u>10.2</u> (in the case of redemption pursuant to <u>Section</u> <u>10.1</u>), on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer 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, etc</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer 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 that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if required by the TIA, an Independent Certificate in accordance with TIA Section 314(c)(3), except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

Every certificate or opinion furnished in accordance with TIA Section 314(e) 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;(i) a statement that each signatory of such certificate or opinion has read or has caused to be 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;(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

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&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;(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;(b) In addition to any obligation imposed in <u>Section</u> <u>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;(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 Issuer 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 in accordance with TIA Section 314(d) (within [ninety (90)] days of such deposit) to the Issuer 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;(ii) Whenever the Issuer 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 <u>clause (i)</u> above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if in accordance with TIA Section 314(d), the fair value to the Issuer 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 fiscal year of the Issuer, as set forth in the Officer's Certificates delivered pursuant to <u>clause (i)</u> and this <u>clause (ii)</u>, is 10% or more of the Note Balance of the Outstanding Notes, but such Officer's Certificates need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officer's Certificate is less than $25,000 or less than one percent of the then-aggregate Note Balance of the Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Other than as contemplated by <u>Section</u> <u>11.1(b)(v)</u>, whenever any property or securities are to be released from the Lien of this Indenture, the Issuer 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 ninety (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;(iv) Whenever the Issuer 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 <u>clause (iii)</u> above, the Issuer 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 <u>clauses (A)</u> or <u>(B)</u> of <u>Section</u> <u>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 <u>clause</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(iii)</u> above and this <u>clause (iv)</u>, equals 10% or more of the Note Balance of the Outstanding Notes, 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 one percent of the then aggregate Note Balance of the Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding <u>Section</u> <u>2.9</u> or any other provision of this Section, the Issuer may (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 Trust Accounts as and to the extent permitted or required by 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 of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his or her certificate or opinion is based are erroneous. 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 Servicer, the Transferor, the Administrator or the Issuer, stating that the information with respect to such factual matters is in the possession of the Servicer, the Transferor, the Administrator or the Issuer, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

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 Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer'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 Issuer 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>.

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**Section 11.3 <u>Acts of Noteholders</u>.** 

&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 Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to <u>Section</u> <u>6.1</u>) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by any Noteholder 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 Issuer in reliance thereon, whether or not notation of such action is made upon such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any provision of this Indenture or any other Transaction Document that requires the consent, direction or other action of all or a portion of Note Owners or Holders shall be deemed to require that such consent, direction or other action be taken by such Note Owners or Holders, as applicable.

**Section 11.4 <u>Notices</u>**. Unless otherwise expressly specified or permitted by the terms hereof, all demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as set forth on <u>Schedule III</u> to the SUBI Sale Agreement, or at such other address as shall be designated by any of the specified addressees 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.

The Indenture Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail or pdf transmission or other similar unsecured electronic methods; *provided*, *however*, that the Indenture Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. The Indenture Trustee shall be entitled to the protections provided by <u>Section</u> <u>6.2</u>, including <u>Sections 6.2(a)</u> and <u>(b)</u>, in relying on documents and instructions sent by unsecured email or pdf transmission or other

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similar unsecured electronic methods. The Indenture Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Indenture Trustee's reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction, provided that the Indenture Trustee's conduct does not constitute willful misconduct, negligence or bad faith.

**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 or via electronic transmission to each Noteholder affected by such event, at such Noteholder's address as it appears on the Note Register, not later than the latest date, 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 to 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 the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or an Event of Default.

**Section 11.6 <u>Alternate Payment and Notice Provisions</u>**. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that is different from the methods provided for in this Indenture for such payments or notices, *provided,* that such methods are reasonable and acceptable to the applicable depository and consented to in writing by the Indenture Trustee. The Indenture Trustee shall acknowledge receipt of any instructions from the Issuer regarding any alternate method of notice or payment as described in the preceding sentence. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.

**Section 11.7 <u>Conflicts with Trust Indenture Act</u>**. 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 Trust Indenture Act, such required provision shall control.

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**Section 11.8 <u>Information Requests</u>**. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Seller 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 11.9 <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 11.10 <u>Successors and Assigns</u>**. All covenants and agreements in this Indenture and the Notes by the Issuer 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 11.11 <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 11.12 <u>Benefits of Indenture</u>**. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than (i) the parties hereto and their successors hereunder, (ii) the Owner Trustee, (iii) the Noteholders and (iv) 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. For the avoidance of doubt, the Owner Trustee is a third-party beneficiary of this Indenture and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

**Section 11.13 <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 11.14 <u>Governing Law</u>. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** 

**Section 11.15 <u>Separate Counterparts</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.

**Section 11.16 <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 Issuer and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

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**Section 11.17 <u>Trust Obligation</u>**. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner or a beneficial interest in a Note, by accepting the benefits of this Indenture, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, 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 Paying Agent, the Note Registrar or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Transferor or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person described in <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee, the Paying Agent, the Note Registrar 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 11.18 <u>No Petition</u>**. 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 of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties, (i) such party shall not authorize any 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, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence, join or institute against, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction; *provided*, *however*, that the foregoing shall not prevent the Indenture Trustee from filing a proof of claim in any such Proceeding.

**Section 11.19 <u>TIA Incorporation and Conflicts</u>**. The provisions of Sections 310 through 317 of the TIA that impose duties on any Person (including the provisions automatically deemed included herein unless expressly included by this Indenture) are a party 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 11.20 <u>Intent</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is the intent of the Issuer that the Notes constitute indebtedness for all financial accounting purposes and the Issuer agrees and each purchaser of a Note (by virtue of the

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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;(b) It is the intent of the Issuer that the Notes constitute indebtedness for U.S. federal, state and local income and franchise tax purposes and the Issuer 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 U.S. federal, state and local income and franchise tax purposes.

**Section 11.21 <u>Each SUBI Separate; Assignees of SUBI</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 Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. Code</u> § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI and the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only, and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio. Each party hereto agrees for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

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**Section 11.22 <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;(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 for the Southern District of New York and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or Proceeding may be brought and maintained 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;(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</u> <u>11.4</u> of this Indenture;

&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;(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 11.23 <u>Subordination of Claims</u>**. The Issuer's obligations under this Indenture are obligations solely of the Issuer and will not constitute a claim against the Transferor to the extent that the Issuer does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by accepting the benefits of this Indenture on behalf of the Issuer, the Certificateholders, by accepting the Certificate, and the Indenture Trustee (in its individual capacity and as Indenture Trustee), by entering into this Indenture, and each Noteholder and each Note Owner, by accepting the benefits of this Indenture, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Transferor. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder, each Note Owner or each Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, 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

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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 Transferor), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Indenture Trustee (in its individual capacity and as the Indenture Trustee), by entering into or accepting this Indenture, the Certificateholders, by accepting the Certificate, the Owner Trustee, by accepting the benefits of this Indenture on behalf of the Issuer, and each Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Indenture.

**Section 11.24 <u>Limitation of Liability of Owner Trustee</u>**. It is expressly understood and agreed by the parties that (a) this Indenture is executed and delivered on behalf of the Issuer by [ ], not individually or personally, but solely in its capacity as Owner Trustee, at the direction of the Depositor in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, warranties, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, undertakings and agreements by [ ] but is made and intended for the purpose for binding only, and is binding only on the Issuer, (c) nothing herein contained shall be construed as creating any liability on [ ], individually or personally or as Owner Trustee, to perform any covenant or obligation either expressed or implied contained herein of the Issuer, 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 made no and will make no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Indenture and (e) under no circumstances shall [ ], be personally liable for the payment of any indebtedness, indemnity obligations or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Indenture or any other related documents, as to all of which recourse shall be limited to the assets of the Issuer. The parties hereto hereby acknowledge that the Administrator is authorized pursuant to the Trust Agreement to take action on behalf of the Issuer.

**Section 11.25 <u>Information Requests</u>**. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Transferor 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 11.26 <u>Regulation AB Information to be Provided by the Indenture Trustee</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For so long as the Transferor is filing reports under the Exchange Act with respect to the Issuer, the Indenture Trustee shall (i) on or before the fifth Business Day of each month, notify the Transferor, in writing, of any Form 10-D Disclosure Item with respect to the Indenture Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Transferor; *provided*, *however*, that the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee to Transferor, and (ii) as promptly as

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practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Transferor, in writing, such updated information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as available but no later than March 15 of each calendar year for so long as the Transferor is filing reports under the Exchange Act with respect to the Issuer, commencing on March 15, 20[ ], the Indenture Trustee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deliver to the Transferor a report regarding the Indenture Trustee's assessment of compliance with the Servicing Criteria 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 B</u> or such criteria as mutually agreed upon by the Transferor and the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cause a firm of registered public accountants that is qualified and independent with the meaning of Rule 2-01 of Regulation S-X under the Securities Act to deliver a report for inclusion in the Transferor's filing of Exchange Act Form 10-K with respect to the Issuer that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered to the Transferor 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event that modifications are required to the report regarding the Indenture Trustee's assessment of compliance with the Servicing Criteria or the registered public accountants report after the delivery of such reports in accordance with <u>clauses (i)</u> and <u>(ii)</u> of this <u>Section</u> <u>11.26(b)</u> as a result of written communications received by the Transferor from the Commission or otherwise, then the Indenture Trustee as promptly as practicable following notice to a Responsible Officer of the Indenture Trustee shall provide to the Transferor such modified reports, the costs and expenses incurred therewith shall be paid by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) deliver to the Transferor 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) on behalf of the Issuer or the Transferor substantially in the form attached hereto as <u>Exhibit C</u> or such form as mutually agreed upon by the Transferor and the Indenture Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) notify the Transferor in writing of any affiliations or relationships (as described in Item 1119 of Regulation AB) between the Indenture Trustee and any Item 1119 Party, *provided*, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the notification in the prior calendar year.

The Indenture Trustee acknowledges that the parties identified in <u>clause (iv)</u> 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee shall provide the Servicer with (i) notification, as soon as practicable and in any event within five (5) Business Days, of all demands communicated (other than by the Servicer) to a Responsible Officer of the Indenture Trustee for the reallocation of any Transaction Unit pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement and (ii) promptly upon reasonable request in writing by the Servicer, any other information reasonably requested by the Servicer in the Indenture Trustee's possession and that can be provided to the Servicer without unreasonable effort or expense to facilitate compliance by the Servicer with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Indenture Trustee have (x) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or with the Servicer's compliance with the Exchange Act or (y) any duty or obligation to undertake any investigation or inquiry related to reallocation activity or otherwise to assume any additional duties or responsibilities in respect of the Transaction Documents or the transactions contemplated thereby. In no event shall the Indenture Trustee be deemed to be a "securitizer" as defined in Section 15Ga of the Exchange Act, nor shall it have any responsibility for making any filing to be made by a securitizer under the Exchange Act. A demand does not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties.

**Section 11.27 <u>Form 8-K Filings</u>**. So long as the Transferor is filing Exchange Act Reports with respect to the Issuer, the Indenture Trustee shall promptly notify the Transferor, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a Responsible Officer of the Indenture Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Transferor or the Servicer has actual knowledge). The Indenture Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Indenture Trustee or any action or failure to act by the Indenture Trustee.

**Section 11.28 <u>Electronic Signatures and Transmission</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Indenture, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Indenture, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Indenture may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of

75 *Indenture* *(PILOT 20[ ]-[ ])*

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such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Indenture or the Notes that a document, including this Indenture and the Notes, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature by facsimile or electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

**Section 11.29 <u>Anti-Money Laundering Laws</u>**. To help the government fight the funding of terrorism and money laundering activities, applicable Anti-Money Laundering Laws requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Accordingly, in order to comply with applicable Anti-Money Laundering Laws, the Indenture Trustee and the Paying Agent are required to obtain from the Issuer on or before the Closing Date and from time to time thereafter documentation to verify and record information that identifies each Person who opens an account. For a non-individual Person such as a business entity, a charity, a trust or other legal entity, the Indenture Trustee and Paying Agent will ask for documentation 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 relevant documentation and information (including beneficial owners representing more than 25% of the beneficial ownership interest in such entities). The Indenture Trustee and Paying Agent may, to the fullest extent permitted by applicable law, including applicable Anti-Money Laundering Laws, 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 Indenture Trustee and Paying Agent to perform its obligations hereunder which, at the sole option of the Indenture Trustee or Paying Agent, may result in the resignation of the Indenture Trustee or Paying Agent, as applicable, pursuant to the terms of this Indenture.

[Remainder of Page Intentionally Left Blank]

76 *Indenture* *(PILOT 20[ ]-[ ])*

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

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| | |
|:---|:---|
| **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ], as Issuer** | **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ], as Issuer** |
| By: | [ ], not in its individual capacity but solely as Owner Trustee |

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 <br> By:

Name: <br> Title:

S-1 *Indenture* *(PILOT 20[ ]-[ ])*

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| |
|:---|
|  **[ ],** |
|  as Indenture Trustee |
|  By:___________________________________ |
|  Name: |
|  Title: |

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S-2 *Indenture* *(PILOT 20[ ]-[ ])*

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**SCHEDULE I** 

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS** 

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

**<u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This 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 Liens and is enforceable as such as against creditors of and purchasers from the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Transaction SUBI Certificate 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;3. Each Trust Account constitutes either a "deposit account" or a "securities account" within the meaning of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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.

**<u>Creation</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Issuer 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;7. The Issuer 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.

I-1 *Indenture* *(PILOT 20[ ]-[ ])*

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**<u>Perfection</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Issuer has caused or will have caused, within ten days after the effective date of this 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;9. 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;(i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; or

&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;(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;10. With respect to the Trust Accounts that constitute deposit accounts, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer 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 Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer 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;11. With respect to Collateral or Accounts or subaccounts thereof that constitute securities accounts or securities entitlements, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer 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 such Trust Accounts without further consent by the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer has taken all steps necessary to cause the Indenture Trustee to become the account holder of such Trust Accounts.

I-2 *Indenture* *(PILOT 20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. With respect to the Trust Accounts that constitute securities accounts or securities entitlements, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Issuer 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 such Trust Accounts without further consent by the Issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer 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 each of such Trust Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Other than the transfer of the Transaction SUBI and the Transaction SUBI Certificate from PFLP to the Transferor under the SUBI Sale Agreement, the transfer of the Transaction SUBI and the Transaction SUBI Certificate from the Transferor to the Issuer under the SUBI Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee pursuant to the Indenture, none of PFLP, the Transferor or the Issuer has pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuer has not authorized the filing of, and is not aware of any financing statements against the Issuer 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.

**<u>Priority</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Issuer has not authorized the filing of, and is not aware of any financing statements against the Issuer that include a description of collateral covering the Collateral other than any financing statement (i) relating to the conveyance of the Transaction SUBI Certificate by PFLP to the Transferor under the SUBI Sale Agreement, (ii) relating to the conveyance of the Transaction SUBI Certificate by the Transferor to the Issuer under the SUBI Transfer Agreement, (iii) relating to the security interest granted to the Indenture Trustee under this Indenture or (iv) that has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Issuer is not aware of any material judgment, ERISA or tax lien filings against the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. None of the instruments, tangible chattel paper or electronic 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 Issuer or the Indenture Trustee.

I-3 *Indenture* *(PILOT 20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. No Trust Account that constitutes a securities account or securities entitlement is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of any such Trust Account to comply with entitlement orders of any Person other than the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. No Trust Account that constitutes a deposit account is in the name of any Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the bank maintaining such Trust Account to comply with instructions of any Person other than the Indenture Trustee.

**<u>Survival of Perfection Representations</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Notwithstanding any other provision of this Indenture or any other Transaction Document, the perfection representations, warranties and covenants contained in this <u>Schedule I</u> 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.

I-4 *Indenture* *(PILOT 20[ ]-[ ])*

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<u>EXHIBIT A</u> 

**FORM OF CLASS [A-1] [A-2[A]] [[A-2B]] [A-3] [A-4] [B] NOTES** 

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| | |
|:---|:---|
| REGISTERED | $___________________<sup>1</sup> |
| No. R-________ | CUSIP NO.______________ |
|  | ISIN.______________ |

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UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER 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 IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING NOTE BALANCE OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

BY ACQUIRING THIS NOTE (OR ANY INTEREST HEREIN), EACH PURCHASER OR TRANSFEREE (AND, IF THE PURCHASER OR TRANSFEREE IS A PLAN (AS DEFINED BELOW), ITS FIDUCIARY) (I) WILL BE DEEMED TO REPRESENT AND WARRANT THAT EITHER (A) SUCH PURCHASER OR TRANSFEREE IS NOT ACQUIRING AND WILL NOT HOLD THIS NOTE (OR ANY INTEREST HEREIN) ON BEHALF OF, OR WITH ANY ASSETS OF A PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") (EACH, A "BENEFIT PLAN"), OR A PLAN THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE (OR ANY INTEREST HEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW AND (II) ACKNOWLEDGES AND AGREES IF IT IS A BENEFIT PLAN OR A PLAN THAT IS SUBJECT TO SIMILAR LAW, IT SHALL NOT ACQUIRE THIS NOTE (OR INTEREST HEREIN) AT ANY TIME THAT THE RATINGS ON THIS NOTE ARE BELOW INVESTMENT GRADE OR IF THIS NOTE HAS BEEN CHARACTERIZED AS OTHER THAN INDEBTEDNESS FOR APPLICABLE LOCAL LAW PURPOSES. FOR PURPOSES OF THE FOREGOING, "PLAN" MEANS AN "EMPLOYEE BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF ERISA WHETHER OR NOT SUBJECT TO TITLE I OF ERISA, A "PLAN" AS DEFINED IN SECTION 4975 OF THE

<sup>1</sup> Denominations of $1,000 and integral multiples of $1,000 in excess thereof (except for two Notes of each Class which may be issued in a denomination other than an integral multiple of $1,000).

A-1 *Indenture* *(PILOT 20[ ]-[ ])*

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CODE, OR AN ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING.

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

A-2 *Indenture* *(PILOT 20[ ]-[ ])*

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**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]** 

[CLASS [A-1 [ ]%] [CLASS A-2[A] [ ]%] [CLASS A-2B [SOFR RATE][INSERT OTHER BENCHMARK RATE + [ ]%] [CLASS A-3 [ ]%] [CLASS A-4 [ ]%] [CLASS B [ ]%]

AUTO LEASE ASSET BACKED NOTES

Porsche Innovative Lease Owner Trust 20[ ]- [ ], a statutory trust organized and existing under the laws of the State of Delaware (including any successor, the "<u>Issuer</u>"), for value received, hereby promises to pay to [______], or registered assigns, the principal sum of [___] DOLLARS ($[___]), in monthly installments on the [●] day of each month, or if such day is not a Business Day, on the immediately succeeding Business Day, commencing on [ ] (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 [A-1] [A-2[a]] [A-2b] [A-3] [A-4] [B] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date, at the rate per annum shown above (the "<u>Interest Rate</u>"), in each case as and to the extent set forth in <u>Sections 2.7</u>, <u>3.1</u>, <u>5.4(b)</u>, <u>8.2</u> and <u>8.4(a)</u> of the Indenture; *provided*, *however*, that the entire unpaid Class [A-1] [A-2[a]] [A-2b] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [___] (the "<u>Final Scheduled Payment Date</u>"), (ii) the Redemption Date, if any, pursuant to <u>Section</u> <u>10.1</u> of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to <u>Section</u> <u>5.2</u> of the Indenture. Interest on this Note will accrue for each Payment Date from and including [the preceding Payment Date (or, in the case of the initial Payment Date, from and including the Closing Date) to but excluding such Payment Date]<sup>1</sup> [the [●] day of the prior calendar month (or, in the case of the initial Payment Date from and including the Closing Date) to but excluding the [●] day of the calendar month in which such Payment Date occurs].<sup>2</sup> Interest will be computed on the basis of [Class A-1[, A-2b]: actual days elapsed and a 360-day year] [Class A-2[a], A-3, A-4, [B]: a 360-day year consisting of twelve 30-day months]. 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 Issuer 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>1</sup> The Class A-1 [and A-2b Notes].

<sup>2</sup> The Class A-2[a], A-3, A-4 and B Notes.

A-3 *Indenture* *(PILOT 20[ ]-[ ])*

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IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually, by its Authorized Officer.

Dated: _____________________, [ ]

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| | |
|:---|:---|
| **PORSCHE INNOVATIVE LEASE**<br> **OWNER TRUST 20[ ] - [ ]** | **PORSCHE INNOVATIVE LEASE**<br> **OWNER TRUST 20[ ] - [ ]** |
| By: | [ ], |
|  | not in its individual capacity |
|  | but solely as Owner Trustee |
| By: |  |

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Name:<br>

Title:<br>

A-4 *Indenture* *(PILOT 20[ ]-[ ])*

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**INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION** 

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

Dated: _____________________, [ ]

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| | |
|:---|:---|
| **[ ]**, | **[ ]**, |
| not in its individual capacity | not in its individual capacity |
| but solely as Indenture Trustee | but solely as Indenture Trustee |
| By: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signatory |

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A-5 *Indenture* *(PILOT 20[ ]-[ ])*

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**[REVERSE OF NOTE]** 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its [Class A-1 [ ]%] [Class A-2[a] [ ]%] [Class A-2b [SOFR Rate][Insert Other Benchmark Rate] + [ ]%] [Class A-3 [ ]%] [Class A-4 [ ]%] [Class B [ ]%] Auto Lease Asset-Backed Notes (herein called the "<u>Class [A-1] [A-2[a]] [A-2b] [A-3] [A-4] [B] Notes</u>"), all issued under an Indenture dated as of [ ] (such Indenture, as supplemented or amended, is herein called the "<u>Indenture</u>"), between the Issuer and [ ], a [ ], not in its individual capacity but solely as trustee (the "<u>Indenture Trustee</u>"), which term includes any successor Indenture Trustee under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms used in this Note that are not otherwise defined herein and that are defined in the Indenture or the SUBI Sale Agreement shall have the meanings assigned to them in or pursuant to the Indenture or in <u>Appendix A</u> of the SUBI Sale Agreement.

The Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes,] the Class A-3 Notes[,][and] [the Class A-4 Notes,] [and the Class B Notes] are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture. All covenants and agreements made by the Issuer 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 Class [A-1] [A-2[a]] [A-2b] [A-3] [A-4] [B] Note Balance shall be due and payable on the earliest of (i) [ ] (the "<u>Final Scheduled Payment Date</u>"), (ii) the Redemption Date, if any, pursuant to <u>Section</u> <u>10.1</u> of the Indenture and (iii) the date the Notes are accelerated after an Event of Default pursuant to <u>Section</u> <u>5.2</u> of the Indenture. All principal payments on the Class [A-1] [A-2[a]] [A-2b] [A-3] [A-4] [B] Notes shall be made pro rata to the Class [A-1] [A-2[a]] [A-2b] [A-3] [A-4] [B] Noteholders entitled thereto.

Payments of principal of and interest on this Note made on each Payment Date, Redemption Date or upon acceleration shall be made by check mailed first-class, postage prepaid, 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 Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the registered Holder hereof as of the close of business on the Record Date preceding such Payment Date or Redemption Date by notice mailed prior to such Payment Date or Redemption Date which shall specify the amount then due and

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payable and such amount shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the place specified by the Indenture Trustee in such notice.

The Issuer shall pay interest on overdue installments of interest at the Class [A-1] [A-2[a]] [A-2b] [A-3] [A-4] [B] Interest Rate to the extent lawful.

Each Noteholder or Note Owner, by acceptance of this Note, or, in the case of a Note Owner of a beneficial interest in this Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the Administrator or the Seller 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 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.

It is the intent of the Issuer, the Noteholders and the Note Owners that, for purposes of U.S. federal, state and local income, franchise tax purposes, the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes,] the Class A-3 Notes, [the Class A-4 Notes,] [and the Class B Notes] (other than any Notes that are owned during any period of time by either the Issuer or a Person that is considered the same Person as the Issuer for United States federal income tax purposes) will be characterized as indebtedness. The Noteholders, by acceptance of this Note (and each Note Owner by its acceptance of a beneficial in a note, if applicable), agree to treat, and to take no action inconsistent with the treatment of, the Notes for such tax purposes as indebtedness.

Each Noteholder and Note Owner, by accepting this Note or, in the case of a Note Owner, a beneficial interest in this Note, hereby covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not authorize any 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, its creditors generally, any party to the Indenture or any other creditor of such Bankruptcy Remote Party and (ii) such party shall not commence, join with any other Person in commencing or institute, with any other Person, any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

A-7 *Indenture* *(PILOT 20[ ]-[ ])*

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THIS NOTE AND THE INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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 (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. Code</u> § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI and the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only, and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets, and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

A-8 *Indenture* *(PILOT 20[ ]-[ ])*

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**ASSIGNMENT** 

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

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: _____________ _______________________________ \*/

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| |
|:---|
| Signature Guaranteed:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Signatures must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other "signature guarantee program" as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. |

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\*/ NOTE: 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.

A-9 *Indenture* *(PILOT 20[ ]-[ ])*

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**EXHIBIT B** 

**SERVICING CRITERIA TO BE ADDRESSED IN** 

**INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE** 

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | ***Applicable***<br> ***Indenture***<br> ***Trustee***<br> ***Servicing***<br> ***Criteria*** |
| &nbsp;&nbsp;&nbsp;**Reference** | **Criteria** | |
|  | **Cash Collection and Administration** |  |
| &nbsp;&nbsp; 1122(d)(2)(ii) | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. | X |
|  | **Investor Remittances and Reporting** |  |
| &nbsp;&nbsp; 1122(d)(3)(ii) | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. | X<sup>1</sup> |
| &nbsp;&nbsp; 1122(d)(3)(iii) | Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements. | X |
| &nbsp;&nbsp; 1122(d)(3)(iv) | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.<br>| X |

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<sup>1</sup> Solely with regard to timeframes and that distributions were made in accordance with the instructions of the Servicer.

B-1 *Indenture* *(PILOT 20[ ]-[ ])*

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**EXHIBIT C** 

**FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION** 

RE: PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]

[ ], not in its individual capacity but solely as indenture trustee (the "Indenture Trustee"), certifies to Porsche Auto Funding, LLC (the "Transferor"), and its officers, with the knowledge and intent that they will rely upon this certification, that:

&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, and Item 1122 of Regulation AB (the "Servicing Assessment") that was delivered by the Indenture Trustee to the Transferor pursuant to the Indenture, dated as of [ ] (the "<u>Indenture</u>"), by and between the Indenture Trustee and Porsche Innovative Lease Owner Trust 20[ ]-[ ];

&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 Servicing Assessment; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To the best of its knowledge, all of the information required to be provided under <u>Section</u> <u>11.27</u> of the Indenture has been provided to the Transferor.

[ ], not in its individual capacity but solely as Indenture Trustee <br> By:

Name: <br> Title:

Date: _________________________

C-1 *Indenture* *(PILOT 20[ ]-[ ])*

## Exhibit 5.1

**Exhibit 5.1** 

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| | |
|:---|:---|
| ![LOGO](g28459g1216075717181.jpg) |  |
|  | Mayer Brown LLP<br> 71 South Wacker Drive<br> Chicago, IL 60606 |
| December 17, 2025 | United States of America<br>T: +1 312 782 0600<br> F: +1 312 701 7711<br> mayerbrown.com |

---

Porsche Auto Funding LLC

Porsche Leasing Ltd.

One Porsche Drive

Atlanta, GA 30354

---

| | |
|:---|:---|
| **Re:** | **Porsche Auto Funding LLC**  |

---

**Registration Statement on Form SF-3** 

**Registration Nos. 333-290988 and 333-290988-01** 

Ladies and Gentlemen:

We have acted as special counsel to Porsche Auto Funding LLC (the "<u>Company</u>"), a Delaware limited liability company, 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 contemplated in the Registration Statement, the Notes will be issued from time to time in a series, with each series being issued by a Delaware statutory trust (each, a "<u>Trust</u>") to be formed by the Company pursuant to a trust agreement between the Company and a trustee. For each series, the Notes will be issued pursuant to an indenture (the "<u>Indenture</u>") between the related Trust and an indenture trustee. Capitalized terms used herein without definition have the respective meanings assigned in such terms in the Registration Statement.

In that regard, we generally are 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 Amended and Restated Trust Agreement (including the form of Certificate included as an exhibit thereto), the form of SUBI Sale Agreement, the form of SUBI Transfer Agreement, the form of Transaction SUBI Supplement to Amended and Restated Trust Agreement (including the form of Transaction SUBI Certificate included as an exhibit thereto), the form of Transaction SUBI Supplement to Amended and Restated Servicing Agreement, the form of Securities Account Control Agreement, the form of Administration Agreement and the form of Asset Representations Review Agreement (collectively, the "<u>Operative Documents</u>").

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including

Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability

partnership) and Tauil & Chequer Advogados (a Brazilian law partnership).

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Mayer Brown LLP

Porsche Auto Funding LLC

Porsche Leasing Ltd.

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 and authenticated by the Indenture Trustee and sold by the Company or by the Trust, at the direction of the Company, as applicable, and (c) payment of the agreed consideration for such Notes shall have been received by the 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 Trust and will be legally issued and binding obligations of the Trust and entitled to the benefits afforded by the related Indenture, except as may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium or other laws relating to or affecting creditors' rights generally (including, without limitation, fraudulent conveyance laws), and by general principles of equity, 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 and the laws of the State of New York and the State of Delaware. 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 or this exhibit.

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Mayer Brown LLP

Porsche Auto Funding LLC

Porsche Leasing Ltd.

---

| |
|:---|
| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

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## Exhibit 5.2

**Exhibit 5.2**![LOGO](g28459dsp148a.jpg)

December 17, 2025

Porsche Leasing Ltd.

1100 N. Market Street

Wilmington, DE 19890

Re: <u>Porsche Leasing Ltd.</u>

Ladies and Gentlemen:

We have acted as special Delaware counsel to Porsche Leasing Ltd., a Delaware statutory trust (the "Trust"), in connection with the transactions contemplated by the Trust Agreement, dated as of December 20, 1996, by and among Porsche Funding Limited Partnership ("PFLP"), as settlor and initial beneficiary, and Wilmington Trust Company, a Delaware corporation with trust powers ("Wilmington Trust"), as trustee, as amended by the Amended and Restated Trust Agreement, dated as of November 14, 1997 (as amended and restated, the "Origination Trust Agreement"), by and among PFLP, as Settlor and as UTI Holder, as assignee of Porsche Financial Services, Inc. (formerly known as Porsche Credit Corporation), and Wilmington Trust, as Trustee (the "Origination Trustee"). This opinion is being delivered pursuant to your request. Capitalized terms used herein and not otherwise defined shall have the respective meanings set forth in the Origination Trust Agreement.

We have examined original or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Origination Trust Agreement attached as Exhibit 10.9 to the Registration Statement on Form SF-3 (Registration No. 333-290988) filed with the Securities and Exchange Commission (the "SEC") on October 21, 2025 and incorporated by reference into
the Registration Statement on Form SF-3 to be filed with the SEC on December 17, 2025 (the "Registration Statement");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A certified copy of the Certificate of Trust of the Trust (the "Certificate of Trust"), as filed
in the office of the Secretary of State of the State of Delaware (the "Secretary of State") on December 20, 1996;

![LOGO](g28459g1216080552773.jpg)

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Porsche Leasing Ltd.

December 17, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A form of Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (the "SUBI
Supplement" and together with the Origination Trust Agreement, the "Trust Agreement"), attached as Exhibit 10.11 to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A form of Transaction SUBI Certificate (the "SUBI Certificate") attached to the SUBI Supplement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Certificate of Good Standing for the Trust, dated December 16, 2025, obtained from the Secretary of
State.

We have not reviewed any documents other than the foregoing documents for purposes of rendering our opinions as expressed herein. In particular, we have not reviewed any document (other than the foregoing documents) that is referred to in or incorporated by reference into any document reviewed by us. We have assumed that there exists no provision of any such other document that bears upon or is inconsistent with our opinions as expressed herein. For purposes of this opinion, we have conducted no independent factual investigation of our own but rather have relied solely upon the foregoing documents, the statements and information expressly set forth therein and the additional matters recited or assumed herein, all of which we have assumed to be true, complete and accurate in all material respects.

Based upon the foregoing and upon an examination of such questions of law and the statutes of the State of Delaware as we have deemed necessary or appropriate, and subject to the assumptions, exceptions, limitations, and qualifications set forth herein, we advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is duly formed and is validly existing in good standing as a Delaware statutory trust under the Delaware Statutory Trust Act, 12 <u>Del. C.</u> § 3801, <u>et</u> <u>seq</u>. (the "Act")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Upon execution and delivery of a SUBI Supplement by the parties thereto pursuant to the terms of the Origination Trust Agreement, the Trust will have the power and authority under the Origination Trust Agreement, the SUBI Supplement and the Act to execute and deliver the SUBI Certificate, and the SUBI Certificate will be duly authorized by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When the SUBI Certificate to be issued pursuant to a SUBI Supplement has been duly authorized by all necessary trust action and has been duly executed, authenticated and delivered against payment therefor as described in the Origination Trust Agreement and the related SUBI Supplement and as contemplated by the Registration Statement, the SUBI Certificate will represent a valid and, subject to the qualifications set forth in paragraph 4 below, fully paid, and non-assessable beneficial interest in the assets of the Trust and the holder thereof shall be entitled to the benefits of the Origination Trust Agreement and the related SUBI Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Holder of the SUBI Certificate, as a beneficial owner of the Trust, will 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 of Delaware.

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Porsche Leasing Ltd.

December 17, 2025

We note that the Holder of the SUBI Certificate may be obligated to make payments as set forth in the Origination Trust Agreement or SUBI Supplement.

The foregoing opinions are subject to the following exceptions, qualifications and assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The foregoing opinions are limited to the laws of the State of Delaware currently in effect. We express no opinion with respect to (i) federal laws, including without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Trust Indenture Act of 1939, as amended, and the Investment Company Act of 1940, as amended, or the United States Corporate Transparency Act or any similar statute of any other jurisdiction, (ii) state tax, insurance, pension or employee benefit plan, securities or blue sky laws, or (iii) the laws, rules and regulations relating to the particular nature of the Trust's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. We have assumed (i) that the Origination Trust Agreement and the Certificate of Trust will be in full force and effect and will not be amended, (ii) the due organization, formation or creation, as the case may be, and valid existence in good standing of each party (other than the Trust) to the documents examined by us under the laws of the jurisdiction governing its organization, (iii) except to the extent provided in paragraph 2 above, that each party had or will have the power and authority to execute and deliver, and to perform its obligations under, the documents examined by us, (iv) the legal capacity of natural persons who are signatories to the documents examined by us, (v) except to the extent provided in paragraph 3 above, that each party had or will have duly authorized, executed and delivered the documents examined by us, (vi) that any amendment or restatement of any document reviewed by us has been accomplished in accordance with, and was permitted by, the relevant provisions of said document prior to its amendment or restatement from time to time (vii) that when issued, the SUBI Certificate will contain a certificate of authentication executed by the Origination Trustee, or an agent thereof, by manual signature, (viii) that the Origination Trust Agreement constitutes and will constitute the entire agreement among the parties thereto with respect to the subject matter thereof, including, without limitation, the creation, operation and termination of the Trust, and that the Origination Trust Agreement and the Certificate of Trust will be in full force and effect, (ix) that the execution, delivery and performance of the documents examined by us by each of the parties thereto does not require the consent or approval of, the withholding of objection on the part of, the giving of notice to, the filing, registration or qualification with, or the taking of any other action in respect of, any governmental authority or agency applicable to it or any of its property or violate any agreement, indenture or instrument to which it is a party or by which it is bound or any provision of any law, rule, regulation, judgment, order, writ, injunction or decree of any court or governmental authority applicable to it or any of its property, (x) each Person to whom a SUBI Certificate is to be issued by the Trust shall receive such SUBI Certificate for such SUBI in accordance with the Origination Trust Agreement and the related SUBI Supplement, and (xi) that the Trust derives no income from or connected with sources within the State of Delaware and has no assets, activities (other than having a Delaware trustee as required by the Act and the filing of documents with the Secretary of State) or employees in the State of Delaware. We note that we have been retained to act as special Delaware counsel in connection with the transactions contemplated by the Origination Trust

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Porsche Leasing Ltd.

December 17, 2025

Agreement and the Registration Statement. We are not regular counsel to the Trust and are not generally informed as to its business affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The opinion in paragraph 3 above is subject to (i) applicable bankruptcy, insolvency, liquidation, moratorium, receivership, reorganization, fraudulent transfer and similar laws or proceedings relating to and affecting the rights and remedies of creditors generally, (ii) principles of equity, including applicable law relating to fiduciary duties (regardless of whether considered and applied in a proceeding in equity or at law), (iii) applicable public policy with respect to the enforceability of provisions relating to exculpation, indemnification or contribution, and (iv) judicial imposition of an implied covenant of good faith and fair dealing.

&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 the Origination Trust Agreement or any SUBI Supplement to the contrary, we note that upon the occurrence of an event of dissolution of the Trust or a series thereof, the Trust cannot make any payments or distributions to the beneficial owners of the Trust or applicable series thereof until creditors' claims are either paid in full or reasonable provision for payment thereof has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. We express no opinion with respect to (i) provisions of a document reviewed by us to the extent that such provisions purport to bind a person or entity that is not a party to such document, (ii) transfer restrictions in a document reviewed by us to the extent that a transfer occurs by operation of law, (iii) any provisions in the Origination Trust Agreement or a SUBI Supplement that purport to restrict any right that a party may have to apply for a judicial dissolution of the Trust or (iv) the limitation on liabilities of separate series of the Trust as provided in Section 3804(a) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. With respect to all documents examined by us, we have assumed that (i) all signatures on documents examined by us are genuine, (ii) all documents submitted to us as originals are authentic, (iii) all documents submitted to us as copies conform with the original copies of those documents, (iv) the documents, in the forms submitted to us for our review, have not been and will not be altered or amended in any respect material to our opinions expressed herein, and (v) in connection with the documents of which we have received a form, that all blanks contained in such documents have been properly and appropriately completed, and optional provisions included in such documents have been properly and appropriately selected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. We have not participated in the preparation of the Registration Statement (other than this opinion) or any other offering materials with respect to the Trust and assume no responsibility for their contents, except for this opinion.

We consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement. We also consent to the use of our name in the Registration Statement. In giving the foregoing consents, 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.

------

Porsche Leasing Ltd.

December 17, 2025

---

| |
|:---|
| Very truly yours, |
| /s/Richards, Layton & Finger, P.A. |

---

DKD/DPZ

## Exhibit 8.1

**Exhibit 8.1**![LOGO](g28459g1216081445164.jpg)

December 17, 2025 Mayer Brown LLP 71 South Wacker Drive Chicago, IL 60606 United States of America T: +1 312 782 0600 F: +1 312 701 7711 mayerbrown.com

Porsche Auto Funding LLC

Porsche Leasing Ltd.

One Porsche Drive

Atlanta, GA 30354

---

| | |
|:---|:---|
| **Re:** | **Porsche Auto Funding LLC**  |

---

**Registration Statement on Form SF-3** 

**Registration Nos. 333-290988 and 333-290988-01** 

Ladies and Gentlemen:

We have acted as special federal tax counsel to Porsche Auto Funding LLC (the "<u>Company</u>"), a Delaware limited liability company, 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 contemplated in the Registration Statement, the Notes will be issued from time to time in series, with each series being issued by a Delaware statutory trust (each, a "<u>Trust</u>") to be formed by the Company pursuant to a trust agreement between the Company and a trustee. For each series, the Notes will be issued pursuant to an Indenture between the related Trust and an indenture trustee. Capitalized terms used herein without definition have the respective meanings assigned to such terms in the Registration Statement.

In that regard, we generally are familiar with the proceedings required to be taken in connection with the proposed authorization, issuance and sale of any series of Notes and have examined copies of such documents, limited liability company records and other instruments as we have deemed necessary or appropriate for the purpose 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 Amended and Restated Trust Agreement (including the form of Certificate included as an exhibit thereto), the form of SUBI Sale Agreement, the form of SUBI Transfer Agreement, the form of Transaction SUBI Supplement to Amended and Restated Trust Agreement (including the form of Transaction SUBI Certificate included as an exhibit thereto), the form of Transaction SUBI Supplement to Amended and Restated Servicing Agreement, the form of Securities Account Control Agreement, the form of Administration Agreement and the form of Asset Representations Review Agreement (collectively, the "<u>Operative Documents</u>"). In addition, we have assumed that the Operative Documents with respect to each series are executed

Mayer Brown is a global services provider comprising an association of legal practices that are separate entities including

Mayer Brown LLP (Illinois, USA), Mayer Brown International LLP (England & Wales), Mayer Brown Hong Kong LLP (a Hong Kong limited liability

partnership) and Tauil & Chequer Advogados (a Brazilian law partnership).

------

Mayer Brown LLP

Porsche Auto Funding LLC

Porsche Leasing Ltd.

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.

We hereby confirm and adopt the opinions set forth in the Prospectus (to the extent they relate to U.S. federal income tax consequences) forming part of the Registration Statement under the captions "*Summary of Terms—Tax Status*" and "*Material Federal Income Tax Consequences*."

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 ("<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.

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 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.

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Mayer Brown LLP

Porsche Auto Funding LLC

Porsche Leasing Ltd.

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| |
|:---|
| Very truly yours, |
| /s/ Mayer Brown LLP |
| Mayer Brown LLP |

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## Exhibit 10.1

**Exhibit 10.1** 

**FORM OF SUBI SALE AGREEMENT** 

dated as of [ ], [ ]

between

**PORSCHE FUNDING LIMITED PARTNERSHIP,** 

as Seller

and

**PORSCHE AUTO FUNDING LLC,** 

as Buyer

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.1 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 1.2 Other Interpretive Provisions | 1 |
|  ARTICLE II PURCHASE AND CONTRIBUTION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.1 Agreement to Sell and Contribute | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.2 Consideration and Payment | 2 |
|  ARTICLE III REPRESENTATIONS AND WARRANTIES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.1 Representations and Warranties of the Seller | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.2 Representations and Warranties of Seller regarding the Purchased Assets. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.3 Reallocation upon Breach | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.4 Protection of Title | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.5 Other Liens or Interests | 5 |
|  ARTICLE IV MISCELLANEOUS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.1 Transfers Intended as Sales; Security Interest | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.2 Notices, Etc | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.3 Governing Law | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.4 Headings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.5 Separate Counterparts | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.6 Amendment | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.7 Waivers | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.8 Entire Agreement | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.9 Severability of Provisions | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.10 Binding Effect; Assignability | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.11 Acknowledgment and Agreement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.12 Cumulative Remedies | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.13 Nonpetition Covenant | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.15 Each SUBI Separate; Assignees of SUBI | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.16 Electronic Signatures and Transmission | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 4.17 Merger or Consolidation | 12 |

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Schedule I Representations and Warranties with Respect to Units

Schedule II Perfection Representations, Warranties and Covenants

Schedule III Notice of Addressees

Appendix A Definitions

-i- *SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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**SUBI SALE AGREEMENT** 

THIS SUBI SALE AGREEMENT is made and entered into as of [ ], [ ] (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>") by PORSCHE FUNDING LIMITED PARTNERSHIP, a Delaware limited partnership (the "<u>Seller</u>"), and PORSCHE AUTO FUNDING LLC, a Delaware limited liability company (the "<u>Buyer</u>").

<u>WITNESSETH</u>:

WHEREAS, Porsche Leasing Ltd. is a Delaware statutory trust (the "<u>Origination Trust</u>") formed and operated pursuant to that certain Amended and Restated Trust Agreement dated as of November 14, 1997 (as amended by the UTI Assignment and Origination Trust Document Amendment, dated as of July 31, 2000, and as further amended, restated, supplemented or modified and in effect from time to time, the "<u>Origination Trust Agreement</u>") for the purpose, among other things, of acquiring title to Units;

WHEREAS, on the date hereof, the Seller, as owner of the entire undivided interest in the Origination Trust (the "<u>UTI Portfolio</u>"), and Wilmington Trust Company, as Trustee (the "<u>Origination Trustee</u>"), are entering into that certain Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Transaction SUBI Supplement</u>") to create a special unit of beneficial interest (the "<u>Transaction SUBI</u>"); and

WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to acquire, the Seller's entire beneficial ownership interest in (A) the Units allocated to the Transaction SUBI (the "<u>Transaction SUBI Portfolio</u>") and (B) the certificate issued as evidence thereof (the "<u>Transaction SUBI Certificate</u>");

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>Definitions</u>. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <u>Appendix A</u> hereto, which also contains rules as to usage that are applicable herein.

SECTION 1.2 <u>Other Interpretive Provisions</u>. For purposes of this Agreement, unless the context otherwise requires: (a) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (b) 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; (c) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices 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,

*SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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clause or other subdivision of such Section or definition; (d) the term "including" and all variations thereof means "including without limitation"; (e) except as otherwise expressly provided herein, 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; (f) references to any Person include that Person's successors and assigns; (g) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

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 irrevocably transfers, assigns, sets over, sells and otherwise conveys to the Buyer, and the Buyer hereby purchases from the Seller, all of the Seller's right, title and interest in, to and under Transaction SUBI Certificate, the Transaction SUBI and all Collections received thereunder after the close of business on the Cut-Off Date (collectively, the "<u>Purchased Assets</u>"). Concurrently herewith, pursuant to the Transaction SUBI Supplement, the Seller shall direct the Origination Trustee and the Servicer to identify from the Origination Trust Assets allocable to the UTI Portfolio, and to allocate to the Transaction SUBI Portfolio represented by the Transaction SUBI Certificate, the Transaction SUBI Assets identified in <u>Section</u> <u>11.1</u> of the Transaction SUBI Supplement.

SECTION 2.2 <u>Consideration and Payment</u>. In consideration of the transfer of the Purchased Assets to the Buyer pursuant to <u>Section</u> <u>2.1</u> on the Closing Date, the Buyer shall pay to the Seller on the Closing Date the SUBI Allocation Price with respect thereto by (i) the amount received by the Buyer from the Initial Purchasers in connection with the purchase of the Notes less the Initial Reserve Account Deposit Amount, (ii) delivery to the Seller of a promissory note and (iii) if the SUBI Allocation Price exceeds the amount of any cash payment for the account of the Seller on such day pursuant to <u>clause (</u><u>i</u><u>)</u> or the amount of the promissory note delivered pursuant to <u>clause (ii)</u>, such excess shall automatically be considered to have been contributed to the Buyer by the Seller as a capital contribution.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

SECTION 3.1 <u>Representations and Warranties of the Seller</u>. The Seller makes the following representations and warranties as of the Closing Date on which the Buyer will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Purchased Assets to the Issuer pursuant to the SUBI Transfer Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Seller is a limited partnership and the Origination Trust is a statutory trust, in each case, validly existing and in good standing under the laws of its state of organization, and each of the Seller and the Origination Trust has, in all material respects, all power

2 *SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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and authority required to carry on its business as it is now conducted. Each of the Seller and the Origination Trust 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 Seller or the Origination Trust, respectively, to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Transaction Units or any other part of the Purchased Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by each of the Seller and the Origination Trust of each Transaction Document to which it is a party (i) have been duly authorized by all necessary limited partnership or statutory trust 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 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 Seller's ability to perform its obligations under, the Transaction Documents).

&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 Seller or the Origination Trust 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 have a material adverse effect on the enforceability or collectibility of the Transaction Units or any other part of the Purchased Assets or would not materially and adversely affect the ability of the Seller or the Origination Trust to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which the Seller or the Origination 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 such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors' rights generally and, if applicable, the rights of creditors of limited partnerships from time to time in effect or by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Lien Filings</u>. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</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) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Transaction Units, or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

3 *SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Security Interests</u>. The Seller has not authorized the filing of any financing statements against the Seller that include a description of collateral covering any portion of the Purchased Assets other than any financing statement relating to security interests granted under the Transaction Documents or that have been or, prior to the assignment of such Purchased Assets hereunder, will be terminated, amended or released. This Agreement creates a valid and continuing security interest in the Purchased Assets (other than the Related Security with respect thereto, to the extent that an ownership interest therein cannot be perfected by the filing of a financing statement) in favor of the Buyer which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Creation, Perfection and Priority of Security Interests</u>. The representations and warranties regarding creation, perfection and priority of security interests in the Purchased Assets, which are attached to this Agreement as <u>Schedule II</u>, are true and correct in all material respects to the extent that they are applicable.

SECTION 3.2 <u>Representations and Warranties of Seller regarding the Purchased Assets</u>. On the date hereof, the Seller hereby makes the representations and warranties set forth on <u>Schedule I</u> to the Buyer as to each Unit. Such representations and warranties shall survive the sale of the Purchased Assets to the Issuer under the SUBI Transfer Agreement, and the Grant of the Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture. The Seller hereby agrees that the Issuer shall have the right to enforce any and all rights assigned to the Issuer under the SUBI Transfer Agreement, including the right to cause the Seller to reallocate any Transaction Unit with respect to which it is in breach of the representations and warranties set forth in <u>Schedule I</u> directly against the Seller as though the Issuer were a party to this Agreement, and the Issuer shall not be obligated to exercise any such rights indirectly through the Buyer. Any inaccuracy of any such representations or warranties will be deemed not to constitute a breach of such representation or warranty if such inaccuracy does not affect the ability of the Issuer to receive and retain payment in full on such Transaction Unit.

SECTION 3.3 <u>Reallocation upon Breach</u>. Upon discovery by or written notice to a Responsible Officer of the Buyer or the Seller of a breach of any representation and warranty set forth in <u>Section</u> <u>3.2</u> with respect to any Transaction Unit at the time such representation and warranty was made which materially and adversely affects the interests of the Issuer or the Noteholders in such Transaction Unit, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party; *provided*, that delivery of a Servicer's Certificate which identifies that Transaction Units are being or have been reallocated shall be deemed to constitute prompt notice by the Seller and the Buyer of such breach; *provided*, *further*, that the Indenture Trustee and the Owner Trustee will be deemed to have knowledge of such breach only if a Responsible Officer of the Indenture Trustee or Owner Trustee, as applicable, has actual knowledge thereof, including without limitation upon receipt of written notice; *provided, further,* that the failure to give such notice shall not affect any obligation of the Seller hereunder. If the breach materially and adversely affects the interests of the Buyer, the Issuer or the Noteholders in such Transaction Unit, then the Seller shall either (a) correct or cure such breach or (b) direct the Origination Trustee and the Servicer to reallocate the non-compliant Transaction Unit from the Transaction SUBI to the UTI (or an Other SUBI designated by the Seller), in either case on or before the Payment Date following the end of the Collection Period which includes the 60th day

4 *SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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(or, if the Seller elects, an earlier date) after the date the Seller became aware or was notified of such breach. Any such breach or failure will be deemed not to materially and adversely affect the interests of the Issuer or the Noteholders if such breach or failure has not affected the ability of the Buyer (or its assignee) to receive and retain payment in full of the aggregate Securitization Value on such Transaction Unit. Any such reallocation by the Seller shall be at a price equal to the related Reallocation Amount. In consideration for such reallocation, the Seller shall make (or shall cause to be made) a payment to the Buyer (or its assignee) equal to the Reallocation Amount by depositing such amount into the Collection Account prior to noon, New York City time, on such date of reallocation (or, if the Seller elects, an earlier date). Upon payment of such Reallocation Amount by the Seller, the Buyer (or its assignee) shall release and shall execute and deliver such instruments of release, transfer, reallocation or assignment, in each case without recourse or representation, as may be reasonably requested by the Seller to evidence such release, transfer, reallocation or assignment. It is understood and agreed that the obligation of the Seller to reallocate any Transaction Unit and pay the related Reallocation Amount as described above shall constitute the sole remedy with respect to such breach available to the Buyer (or its assignee).

SECTION 3.4 <u>Protection of Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and other financing 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 Purchased Assets, to the extent that the interest of the Buyer therein can be perfected by the filing of a financing statement. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller shall notify the Buyer in writing within ten (10) days following the occurrence of (i) any change in the Seller's organizational structure as a limited partnership, (ii) any change in the Seller's "location" (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in the Seller's name. The Seller shall take 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 to amend all previously filed financing statements or continuation statements described in <u>clause (a)</u> above.

SECTION 3.5 <u>Other Liens 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 Transaction SUBI or the Transaction SUBI Certificate to any other Person, or grant, create, incur, assume or suffer to exist any Lien (other than Permitted Liens) on any interest therein, and the Seller shall defend the right, title and interest of the Buyer (or any subsequent assignee of the Buyer) in, to and under the Transaction SUBI against all claims of third parties claiming through or under the Seller.

5 *SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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ARTICLE IV

MISCELLANEOUS

SECTION 4.1 <u>Transfers Intended as Sales; Security Interest</u>.

&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, transfers, assignments, conveyances and contributions without recourse rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. The sale, transfer, assignment, conveyance and contribution of the Transaction SUBI and the Transaction SUBI Certificate 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 Transaction SUBI and the Transaction SUBI Certificate and the beneficial interest in the Units allocated thereto hereunder are and 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in the event that the Transaction SUBI, the Transaction SUBI Certificate and the other Purchased Assets are 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 Transaction SUBI, the Transaction SUBI Certificate and the other Purchased Assets, 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;(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;(ii) the conveyance provided for in <u>Section</u> <u>2.1</u> shall be deemed to be a grant of, and the Seller hereby grants to the Buyer, 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 Transaction SUBI, the Transaction SUBI Certificate and the other Purchased Assets, 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;(iii) the possession by the Buyer or its agent of the Transaction SUBI Certificate 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;(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 4.2 <u>Notices,</u> <u>Etc</u><u>.</u> All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States

6 *SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as specified on <u>Schedule</u> <u>III</u> hereto, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. 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; *provided*, *however*, that any notice to a Noteholder mailed within the time and in the manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

SECTION 4.3 <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, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

SECTION 4.4 <u>Headings</u>. The article and 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.

SECTION 4.5 <u>Separate Counterparts</u>. This Agreement may be executed in any number of counterparts, including in counterparts executed via electronic signature, 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. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

SECTION 4.6 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement (including Appendix A) may be amended by the Seller and the Buyer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller or the Buyer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Seller or the Buyer delivers an Officer's Certificate of the Seller or the Buyer, respectively, to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&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 is satisfied with respect to such amendment and the Seller or the Buyer notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

7 *SUBI Sale Agreement* *PILOT 20[ ]-[ ]*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement (including <u>Appendix A</u>) may also be amended from time to time by the Seller and the Buyer, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate principal amount of the Outstanding Notes, 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; *provided,* that no amendment to this Agreement shall (i) reduce the interest rate or principal amount of any Note or change 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 Note Balance of the Outstanding Notes, the consent of which is required to consent to any matter without the consent of the Holders of at least the percentage of the Note Balance which were required to consent to such matter before giving effect to such amendment. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any term or provision of this Agreement (including <u>Appendix A</u>) may also be amended from time to time by the Seller and the Buyer, for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or the Certificates, without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person; *provided*, *however*, that the Seller and the Buyer shall provide written notification of the substance of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee and promptly after the execution of any such amendment, the Seller and the Buyer shall furnish a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any such amendment, the Buyer shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Buyer shall furnish a copy of such amendment to each Rating Agency and the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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. 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 or immunities under this Agreement without the prior written consent of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything under this <u>Section</u> <u>4.6</u> of this Agreement or in any other Transaction Document to the contrary, this Agreement (including <u>Appendix A</u>) may be amended by the Seller and the Buyer without the consent of the Servicer, the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person and without satisfying any other provision in this <u>Section</u> <u>4.6</u> or any other Transaction Document solely in connection with any

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[SOFR][Insert Other Benchmark Rate] Adjustment Conforming Changes or, following the determination of a Benchmark Replacement, any Benchmark Replacement Conforming Changes to be made by the Administrator; *provided*, that the Issuer has delivered notice of such amendment to the Rating Agencies on or prior to the date such amendment is executed; *provided, further*, that any such [SOFR][Insert Other Benchmark Rate] Adjustment Conforming Changes or any such Benchmark Replacement Conforming Changes shall not affect the Owner Trustee's or Indenture Trustee's rights, indemnities or obligations without the Owner Trustee or Indenture Trustee's consent, respectively. For the avoidance of doubt, any [SOFR][Insert Other Benchmark Rate] Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes in any amendment to this Agreement may be retroactive (including retroactive to the Benchmark Replacement Date) and this Agreement may be amended more than once in connection with any [SOFR][Insert Other Benchmark Rate] Adjustment Conforming Changes or any Benchmark Replacement Conforming Changes.

SECTION 4.7 <u>Waivers</u>. No failure or delay on the part of the Buyer, the Servicer, the Seller, the Issuer 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 either party 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. Notwithstanding anything to the contrary in this Agreement or any other Transaction Document, the Seller shall not be liable for any failure or delay in the performance of its obligations or the taking of any action hereunder or under any other Transaction Document (and such failure or delay shall not constitute a breach of any Transaction Document) if such failure or delay arises from compliance by Seller with any law or court order, the direction of a regulatory authority or regulatory guidance.

SECTION 4.8 <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 hereto.

SECTION 4.9 <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 4.10 <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 provided in <u>Section</u> <u>3.11</u> or as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations of the

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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 4.11 <u>Acknowledgment and Agreement</u>. By execution below, the Seller expressly acknowledges and consents to the sale of the Transaction SUBI, the Transaction SUBI Certificate and the other Purchased Assets and the assignment of all rights and obligations of the Seller related thereto by the Buyer to the Issuer pursuant to the SUBI Transfer Agreement and the mortgage, pledge, assignment and grant of a security interest in the Transaction SUBI, the Transaction SUBI Certificate and the other Purchased Assets by the Issuer 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 4.12 <u>Cumulative Remedies</u>. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

SECTION 4.13 <u>Nonpetition</u> <u>Covenant</u>. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any 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 its creditors generally, 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, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement.

SECTION 4.14 <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;(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;(b) consents that any such action or proceeding may be brought and maintained 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;

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&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</u> <u>4.2</u> of this Agreement;

&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;(e) **to the extent permitted by applicable law, each party hereto 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**.

SECTION 4.15 <u>Each SUBI Separate; Assignees of SUBI</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof, acknowledges and agrees) that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. Code</u> § 3801 <u>et</u> <u>seq</u>., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only, and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets other than the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement, and (ii) satisfy any other transfer restrictions expressly set forth in the Origination Trust Agreement. Each party hereto agrees for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

SECTION 4.16 <u>Electronic Signatures and Transmission</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Agreement that a document, including this Agreement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

SECTION 4.17 <u>Merger or Consolidation</u>. Any entity into which Seller may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger, sale, transfer, conversion or consolidation to which Seller shall be a party, or any entity succeeding to the business of Seller, shall be the successor to Seller under this Agreement, in each case, without the execution or filing of any additional paper or any further act on the part of any of the parties hereto. 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.

[Signature Pages Follow]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

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| | |
|:---|:---|
| **PORSCHE FUNDING LIMITED**<br> **PARTNERSHIP** | **PORSCHE FUNDING LIMITED**<br> **PARTNERSHIP** |
| By: | PORSCHE FINANCIAL SERVICES, INC., |
|  | its General Partner |
| By: |  |
| Name: | Name: |
| Title: | Title: |
| By: |  |
| Name: | Name: |
| Title: | Title: |

---

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---

| |
|:---|
| **PORSCHE AUTO FUNDING LLC** |
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

---

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**SCHEDULE I** 

**REPRESENTATIONS AND WARRANTIES** 

**WITH RESPECT TO UNITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Ownership of the Transaction Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the Cut-Off Date, good and valid ownership of each Transaction Unit will be validly and effectively vested in the Origination Trust, free and clear of all Liens, except for Permitted Liens (and no Liens, other than a Lien of the type described in <u>clause (1)(f)</u> of the definition of Permitted Liens, shall be noted on the certificate of title for any Vehicle included in any such Transaction Unit).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the Closing Date, good and valid ownership of the beneficial interest in each Transaction Unit will be validly and effectively conveyed to, and vested in the Buyer, free and clear of all Liens, except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Event of Loss</u>. According to the Servicer's electronic records on the Cut-Off Date, no Vehicle included in any Transaction Unit was subject to an event which would constitute an Event of Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Eligible Units</u>. As of the Cut-Off Date, each Transaction Unit included in the Transaction SUBI Portfolio was an Eligible Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amortization of Leases</u>. The Lease included in each Transaction Unit was written on a constant yield basis and provides for substantially equal monthly payments (unless the Lease is a single payment Lease), such that, at the end of the lease term, the capitalized cost has been amortized to an amount equal to the Contractual Residual Value of the related Vehicle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Valid Assignment</u>. No Transaction Lease was originated in, or is subject to the laws of, any jurisdiction under which the transfer and assignment of a beneficial interest in such Transaction Lease or the related Transaction Vehicle pursuant to a transfer of the Transaction SUBI Certificate or the Transaction SUBI or any other transaction contemplated hereunder to occur on or about the Closing Date, is unlawful, void or voidable. No Transaction Vehicle is subject to the laws of any jurisdiction under which the transfer and assignment of a beneficial interest in such Transaction Vehicle pursuant to a transfer of the Transaction SUBI Certificate or the Transaction SUBI, or any other transaction contemplated hereunder to occur on or about the Closing Date, is unlawful, void or voidable.

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**SCHEDULE II** 

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS** 

In addition to the representations, warranties and covenants contained in the SUBI Sale Agreement, the Seller hereby represents, warrants, and covenants to the Buyer as follows on the Closing Date:

**<u>General</u>**

1. The SUBI Sale Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Transaction SUBI Certificate in favor of the Buyer, which security interest is prior to all other Liens and is enforceable as such as against creditors of and purchasers from the Seller.

2. The Transaction SUBI Certificate constitutes a "general intangible," "instrument," "certificated security," or "tangible chattel paper," within the meaning of the applicable UCC.

**<u>Creation</u>**

3. Immediately prior to the sale, transfer, assignment and conveyance of the Transaction SUBI Certificate by the Seller to the Buyer, the Seller owned and had good and marketable title to the Transaction SUBI Certificate free and clear of any Lien (other than Permitted Liens), 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 Lien attaches is not impaired during the pendency of such proceeding.

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

5. The Seller has received all consents and approvals required by the terms of the Transaction SUBI Certificate, 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 Transaction SUBI Certificate hereunder.

**<u>Perfection</u>**

6. The Seller has caused or will have caused, within ten (10) days after the effective date of the SUBI 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 Transaction SUBI Certificate from the Seller to the Buyer and the security interest in the Transaction SUBI Certificate granted to the Buyer hereunder.

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7. To the extent that the Transaction SUBI Certificate 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 Transaction SUBI Certificate from the Seller to the Buyer under the SUBI Sale Agreement and from the Buyer to the Issuer under the SUBI 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 Transaction SUBI Certificate. 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 Transaction SUBI Certificate 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 Transaction SUBI Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

**<u>Survival of Perfection Representations</u>**

10. Notwithstanding any other provision of the SUBI Sale Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this <u>Schedule II</u> shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed.

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**SCHEDULE III** 

**NOTICE ADDRESSES** 

<u>If to the Issuer:</u> 

[ ]

with copies to the Administrator and the Indenture Trustee

<u>If to the Indenture Trustee:</u> 

[ ]

<u>If to the Owner Trustee:</u> 

[ ]

<u>If to the Origination Trustee:</u> 

[ ]

<u>If to PFLP or the Seller:</u> 

Porsche Funding Limited Partnership

One Porsche Drive

Atlanta, Georgia 30354

Attention: [Treasurer]

With a copy to:

Porsche Auto Funding LLC

One Porsche Drive

Atlanta, Georgia 30354

Attention: [General Counsel]

<u>If to the Transferor:</u> 

Porsche Auto Funding LLC

One Porsche Drive

Atlanta, Georgia 30354

Attention: [Treasurer]

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<u>If to PFS, the Servicer or the Administrator:</u> 

Porsche Financial Services, Inc.

One Porsche Drive

Atlanta, Georgia 30354

Attention: [Treasurer]

With a copy to:

Porsche Auto Funding LLC

One Porsche Drive

Atlanta, Georgia 30354

Attention: [General Counsel]

<u>If to the Asset Representations Reviewer:</u> 

[ ]

<u>If to [Rating Agency]:</u> 

[ ]

<u>If to [Rating Agency]:</u> 

[ ]

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**APPENDIX A** 

**DEFINITIONS** 

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

"*60-Day Delinquent Leases*" means, as of any date of determination, all Leases (other than Reallocated Leases and Defaulted Leases) that are sixty (60) or more days delinquent as of such date (or, if such date is not the last day of a Collection Period, as of the last day of the Collection Period immediately preceding such date), as determined in accordance with the Servicer's Customary Servicing Practices.

"*Accrued [Class A] Note Interest*" means, with respect to any Payment Date, the sum of the [Class A] Noteholders' Monthly Accrued Interest for such Payment Date and the [Class A] Noteholders' Interest Carryover Shortfall for such Payment Date.

["*Accrued Class B Note Interest*" means, with respect to any Payment Date, the sum of the Class B Noteholders' Monthly Accrued Interest for such Payment Date and the Class B Noteholders' Interest Carryover Shortfall for such Payment Date.]

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

"*Administration Agreement*" means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuer and the Indenture Trustee, as the same may be amended, restated, modified or supplemented from time to time.

"*Administrator*" means PFS, or any successor Administrator under the Administration Agreement.

"*Advance*" has the meaning set forth in Section 8.5 of the Transaction SUBI Servicing Supplement.

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

"*ALG at Inception*" means, with respect to any Lease, a residual value estimate for a typical lease contract term, as defined in the Customary Servicing Practices, produced by *Automotive Lease Guide* either at the time the related Lease was originated or the first available residual value estimate produced by *Automotive Lease Guide* after the related lease was originated, giving only partial credit or no credit to those options that add little or no value to the resale price of the related vehicle.

"*ALG Mark to Market Residual*" means, for any Vehicle, the residual value estimate for the relevant model and year of such Vehicle, the contractual mileage and the expiration date of the related Lease, giving only partial credit or no credit to those options that add little or no value to the resale price of the Vehicle, as published in the *Automotive Lease Guide* as of [●].

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"*Allocation Price*" means, with respect to any Unit, an amount equal to 100% of the Securitization Value thereof as of the close of business on the Cut-Off Date.

"*Anti-Money Laundering Laws*" has the meaning set forth in Section 11.13(a) of the Trust Agreement.

"*Applicable KYC Laws*" has the meaning set forth in Section 11.13(b) of the Trust Agreement.

"*Applicable Tax State*" means, as of any date, each State as to which any of the following is then applicable: (a) the State in which the Issuer is located and (b) the State of Georgia.

"*Asset Representations Review Agreement*" means the Asset Representations Review Agreement, dated as of the date hereof, among the Issuer, PFS and the Asset Representations Reviewer.

"*Asset Representations Reviewer*" means [ ], a [ ], or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

"*Asset Review*" has the meaning assigned to such term in the Asset Representations Review Agreement.

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

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

"*Authorized Officer*" means (a) with respect to the Issuer, (i) any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date or (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 Issuer pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Owner Trustee and the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and (b) with respect to the Owner Trustee, the Indenture Trustee[, the Securities Intermediary] and the Servicer, any officer of the Owner Trustee, the Indenture Trustee[, the Securities Intermediary] or the Servicer, as applicable, who is authorized to act for the Owner Trustee, the Indenture Trustee[, the Securities Intermediary] or the Servicer, as applicable, in matters relating to the Owner Trustee, the Indenture Trustee[, the Securities Intermediary] or the Servicer and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee, the Indenture Trustee[, the Securities Intermediary] and the Servicer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

"*Available Funds*" means, for any Payment Date and the related Collection Period, if any, an amount equal to the sum of the following amounts: (i) all Collections identified by the Servicer

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during such Collection Period (other than the Payaheads not yet due as of the end of such Collection Period), (ii) any amounts paid with respect to such Payment Date by PFS to the Issuer in accordance with <u>Sections 8.12</u> and <u>8.14</u> of the Transaction SUBI Servicing Supplement, (iii) any amounts paid with respect to such Payment Date by PFLP to the Issuer in accordance with <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement, (iv) all amounts on deposit in the Collection Account in connection with the redemption of the Notes on the Redemption Date, (v) any Advances made by the Servicer in connection with such Payment Date and (vi) all Investment Earnings (if any) on amounts on deposit in the Collection Account and the Reserve Account for the related Collection Period.

"*Bankruptcy Code*" means the United States Bankruptcy Code, 11 U.S.C. 101 et seq., as amended.

"*Bankruptcy Event*" means, with respect to any Person, (i) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person 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 such Person, or ordering the winding-up or liquidation of such Person's affairs, and such decree or order shall remain unstayed and in effect for a period of more than ninety (90) consecutive days or (ii) the commencement by such Person 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 such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of such Person, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

"*Bankruptcy Remote Party*" means any of the Transferor, the Issuer, the Origination 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 Origination Trust.

"*Base Residual Value*" means, for each Vehicle related to an Included Unit, the lowest of (a) the ALG at Inception of the related Vehicle, (b) the ALG Mark to Market Residual of the related Vehicle and (c) the Contractual Residual Value of the related Vehicle.

["*Benchmark*" means, initially, the [SOFR Rate][Insert Other Benchmark Rate]; provided that if the Administrator 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][Insert Other Benchmark 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 as of the Benchmark Replacement Date:

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&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;(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;(3) the sum of (a) the alternate rate of interest that has been selected by the Administrator 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 as of the Benchmark Replacement Date:

&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;(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;(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Administrator 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 Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Administrator decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Administrator decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Administrator 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;&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

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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;(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;&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;(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;(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.]

"*Benefit Plan*" means (i) any "employee benefit plan" as defined in Section 3(3) of ERISA, that is subject to Title I of ERISA, (ii) a "plan" as defined in and subject to Section 4975 of the Code or (iii) any entity or account deemed to hold the "plan assets" of any of the foregoing.

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

"*Business Day*" means any day other than a Saturday, a Sunday or a day on which banking institutions in the states of Delaware, Georgia or New York, or in the state in which the Corporate

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Trust Office of the Indenture Trustee[, the Securities Intermediary] or the Owner Trustee is located, are authorized or obligated by law, executive order or government decree to be closed.

["*Calculation Agent*" means, initially, [_______] and its successors in interest and any successor calculation agent.]

"*Casualty*" means, with respect to any Transaction Unit, that the Servicer has actual knowledge that the Vehicle included in such 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 Lease.

"*Certificate*" means a certificate evidencing the beneficial interest of the Certificateholders in the Issuer, substantially in the form of <u>Exhibit A</u> to the Trust Agreement.

"*Certificate Register*" shall have the meaning set forth in Section 3.4 of the Trust Agreement.

"*Certificateholder*" means initially, [_______], and any other Holder of a Certificate, as reflected in the Certificate Register.

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

"*Class A Note Balance*" means, at any time, the sum of the Class A-1 Note Balance, the Class A-2[a] Note Balance, [the Class A-2b Note Balance,] the Class A-3 Note Balance and the Class A-4 Note Balance at such time.

"*Class A Noteholders' Interest Carryover Shortfall*" means, with respect to any Payment Date, the excess, if any, of (A) the sum of (i) the Class A Noteholders' Monthly Accrued Interest for the preceding Payment Date and (ii) any Class A Noteholders' Interest Carryover Shortfall on such preceding Payment Date, over (B) the amount in respect of interest that was actually paid to Noteholders of Class A Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of Class A Notes on such preceding Payment Date, to the extent permitted by law, at the respective Interest Rates borne by such Class A Notes for the related Interest Period.

"*Class A Noteholders' Monthly Accrued Interest*" means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes], the Class A-3 Notes and the Class A-4 Notes at the respective Interest Rate for such Class on the Note Balance of the Notes of each such Class on the Closing Date, with respect to the first Payment Date, and on the immediately preceding Payment Date, after giving effect to all payments of principal to the Noteholders of the Notes of such Class on or prior to such preceding Payment Date, with respect to each subsequent Payment Date.

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

"*Class A-1 Final Scheduled Payment Date*" means the Payment Date occurring in [ ].

"*Class A-1 Interest Rate*" means [ ]% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year).

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

"*Class A-1 Noteholder*" means the Person in whose name a Class A-1 Note is registered on the Note Register.

"*Class A-1 Notes*" means the Class of auto lease asset backed notes designated as Class A-1 Notes, issued in accordance with the Indenture.

["*Class A-2 Notes*" means, collectively, the Class A-2[a] Notes[ and the Class A-2b Notes].]

"*Class A-2[a] Final Scheduled Payment Date*" means the Payment Date occurring in [ ].

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

"*Class A-2[a] Note Balance*" means, at any time, the Initial Class A-2[a] Note Balance reduced by all payments of principal made prior to such time on the Class A-2[a] Notes.

"*Class A-2[a] Noteholder*" means the Person in whose name a Class A-2[a] Note is registered on the Note Register.

"*Class A-2[a] Notes*" means the Class of auto lease asset backed notes designated as Class A-2[a] Notes, issued in accordance with the Indenture.

["*Class A-2b Final Scheduled Payment Date*" means the Payment Date occurring in [ ].]

["*Class A-2b Interest Rate*" means [SOFR Rate][Insert Other Benchmark Rate] + [ ]% per annum (computed on the basis of the actual number of days elapsed during the applicable Interest Period, but assuming a 360-day year); provided, however, that, for any Interest Period for which the sum of [SOFR Rate][Insert Other Benchmark Rate] + [ ]% is less than [ ]%, the Class A-2b Interest Rate shall be deemed to be [ ]%.]

["*Class A-2b Note Balance*" means, at any time, the Initial Class A-2b Note Balance reduced by all payments of principal made prior to such time on the Class A-2b Notes.]

["*Class A-2b Noteholder*" means the Person in whose name a Class A-2b Note is registered on the Note Register.]

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["*Class A-2b Notes*" means the Class of auto lease asset backed notes designated as Class A-2b Notes, issued in accordance with the Indenture.]

"*Class A-3 Final Scheduled Payment Date*" means the Payment Date occurring in [ ].

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

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

"*Class A-3 Noteholder*" means the Person in whose name a Class A-3 Note is registered on the Note Register.

"*Class A-3 Notes*" means the Class of auto lease asset backed notes designated as Class A-3 Notes, issued in accordance with the Indenture.

"*Class A-4 Final Scheduled Payment Date*" means the Payment Date occurring in [ ].

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

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

"*Class A-4 Noteholder*" means the Person in whose name a Class A-4 Note is registered on the Note Register.

"*Class A-4 Notes*" means the Class of auto lease asset backed notes designated as Class A-4 Notes, issued in accordance with the Indenture.

["*Class B Final Scheduled Payment Date*" means the Payment Date occurring in [ ].]

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

["*Class B Note Balance*" means, at any time, the Initial Class B Note Balance reduced by all payments of principal made prior to such time on the Class B Notes.]

["*Class B Noteholder*" means the Person in whose name a Class B Note is registered on the Note Register.]

["*Class B Noteholders' Interest Carryover Shortfall*" means, with respect to any Payment Date, the excess, if any, of (A) the sum of (i) the Class B Noteholders' Monthly Accrued Interest for the preceding Payment Date and (ii) any Class B Noteholders' Interest Carryover Shortfall on such preceding Payment Date, over (B) the amount in respect of interest that was actually paid to Noteholders of Class B Notes on such preceding Payment Date, plus interest on the amount of

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interest due but not paid to Noteholders of Class B Notes on such preceding Payment Date, to the extent permitted by law, at the Class B Interest Rate for the related Interest Period.]

["*Class B Noteholders' Monthly Accrued Interest*" 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 on the Closing Date, with respect to the first Payment Date, and on the immediately preceding Payment Date, after giving effect to all payments of principal to the Class B Noteholders on or prior to such preceding Payment Date, with respect to each subsequent Payment Date.]

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

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

"*Closing Dat*e" means [ ].

"*Code*" means the Internal Revenue Code of 1986, as amended, modified or supplemented from time to time, and any successor law thereto, and the regulations promulgated and the rulings issued thereunder.

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

"*Collection Account*" means the account designated as such, established and maintained pursuant to <u>Section</u> <u>8.2</u> of the Indenture.

"*Collection Period*" means the period commencing on the first day of each calendar month and ending on the last day of such calendar month (or, in the case of the initial Collection Period, the period commencing on the close of business on the Cut-Off Date and ending on [ ]). As used herein, the "related" Collection Period with respect to any date of determination or a Payment Date shall be deemed to be the Collection Period which immediately precedes such date of determination or Payment Date.

"*Collections*" means, with respect to any Collection Period, an amount equal to the following, but only to the extent relating solely to the Transaction SUBI Portfolio: (a) all scheduled lease payments on any Transaction Lease that are paid during such Collection Period, (b) Sales Proceeds in respect of any Transaction Vehicle and (c) Excess Wear Charges (unless waived), Excess Mileage Charges (unless waived) and any other payments, receipts, Recoveries, or any residual value insurance proceeds and other insurance proceeds paid by or on behalf of any Lessee or otherwise with respect to any Transaction Unit; *provided* that the term "*Collections*" shall not include (i) Supplemental Servicing Fees, (ii) payments allocable to sales, use or other taxes (which shall be collected by the Servicer and remitted to the applicable Governmental Authority or used to reimburse the Servicer for payment of such amounts in accordance with Customary Servicing Practices), (iii) payments allocable, if any, to premiums for insurance policies purchased by the Servicer on behalf of any Lessee (which shall be collected by the Servicer and remitted to the applicable insurance company (or if such amounts were paid by the Servicer, to the Servicer) in

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accordance with Customary Servicing Practices), (iv) payments allocable to fines for parking violations incurred by any Lessee but assessed to the Origination Trust as the owner of the related Vehicle (which shall be collected by the Servicer and remitted to the applicable Governmental Authority (or if such amounts were paid by the Servicer, to the Servicer) in accordance with Customary Servicing Practices) and (v) rebates of premiums with respect to the cancellation of any insurance policy or service contract.

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

["*Compounded SOFR*" means, with respect to any U.S. Government Securities Business Day:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the applicable compounded average of SOFR for a 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;(2) if the rate specified in (1) above does not so appear, the applicable compounded average of SOFR for a tenor of 30 days as published in respect of the first preceding U.S. Government Securities Business Day for which such rate appeared on the FRBNY's Website.]

"*Contractual Residual Value*" means, for any Unit, the contractual residual value of the related Vehicle established at the time of origination of the related Lease or as subsequently revised in connection with an extension of a Lease in accordance with Customary Servicing Practices.

["*Controlling Class*" means, with respect to any Notes Outstanding, the Class A Notes (voting together as a single Class) as long as any Class A Notes are Outstanding, and thereafter the Class B Notes as long as any Class B Notes are Outstanding.]

"*Corporate Trust Office*" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as used with respect to the Indenture Trustee, the office of the Indenture Trustee at which at any particular time the Transaction Documents shall be administered which office at date of the execution of the Indenture is located at (1) solely for the purposes of transfer, surrender, exchange or presentation for final payment, to [ ], Attn: [ ] and (2) for all other purposes, to [ ], Attention: [ ], or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Administrator, the Servicer, the Owner Trustee and the Issuer, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Administrator, the Servicer and the Owner Trustee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [as used with respect to the [Securities Intermediary], the office of the [Securities Intermediary] 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 [ ], Attention: [ ], or at such other address as the [Securities Intermediary] may designate from time to time by notice to the Noteholders, the Administrator, the Servicer, the Owner Trustee and the Issuer, or the principal corporate trust office of any successor [Securities Intermediary] (the address of which

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the successor [Securities Intermediary] will notify the Indenture Trustee, the Administrator, the Servicer and the Owner Trustee);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [as used with respect to the Calculation Agent, the office of the Calculation Agent at which at any particular time the Transaction Documents shall be administered, which office at date of the execution of the Indenture is located at [ ], Attention: [ ], or at such other address as the Calculation Agent may designate from time to time by notice to the Noteholders, the Administrator, the Servicer, the Owner Trustee and the Issuer, or the principal corporate trust office of any successor Calculation Agent, as applicable (the address of which the successor Calculation Agent will notify the Indenture Trustee, the Administrator, the Servicer and the Owner Trustee);]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as used with respect to the Owner Trustee, the principal office of the Owner Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of this Agreement is located at [ ], Attention: [ ], or at such other address as the Owner Trustee may designate by notice to the Certificateholder and the Transferor, 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 Transferor).

"*Credit Losses*" means, for any Collection Period, an amount equal to the excess of (a) the sum of the Securitization Value for all Included Units charged-off (i.e., that became Terminated Units before maturity of the related Lease and for which all scheduled payments thereunder have not been made) during that Collection Period over (b) the sum of Sales Proceeds and Recoveries and insurance proceeds identified by the Servicer with respect to charged-off Units during that Collection Period.

"*CTA*" means the Corporate Transparency Act, expected to be codified at 31 U.S.C. § 5336 et seq., and its implementing regulations.

"*Customary Servicing Practices*" means the customary servicing practices of the Servicer or any Sub-Servicer with respect to all Vehicles and Leases held by the Origination Trust, without regard to whether such Vehicles and Leases have been identified and allocated into a SUBI Portfolio, as such practices may be changed from time to time, it being understood that the Servicer and such Sub-Servicers may not have the same "*Customary Servicing Practices*".

"*Cut-Off Date*" means [ ].

"*Dealer*" means a motor vehicle dealership in the PFS dealer network.

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

"*Defaulted Unit*" means any Unit with a related Lease for which any of the following has occurred during a Collection Period: (a) any payment on such Lease is past due [120] or more days, (b) the related Vehicle has been repossessed but has not been charged off or (c) such related Lease has been charged off in accordance with Customary Servicing Practices.

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"*Definitive Note*" means a definitive fully registered Note issued pursuant to <u>Section</u> <u>2.12</u> of the Indenture.

"*Delinquency Percentage*" means, for any Payment Date and the related Collection Period, an amount equal to the ratio (expressed as a percentage) of (i) the aggregate Securitization Value of all Included Units where the related Leases are 60-Day Delinquent Leases as of the last day of that Collection Period to (ii) the aggregate Securitization Value of all Included Units as of the last day of that Collection Period.

"*Delinquency Trigger*" means, for any Payment Date and the related Collection Period, [ ]%.

"*Delinquent Unit*" means any Transaction Unit (other than a Defaulted Unit) with a related Transaction Lease on which any payment is past due for more than [30] days.

"*Delivery*" when used with respect to Trust Account Property means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to (I) bankers' acceptances, commercial paper, and negotiable certificates of deposit and other obligations that constitute "instruments" as defined in Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer of actual possession thereof to the Indenture Trustee or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed to the Indenture Trustee or its nominee or custodian or endorsed in blank, and (II) with respect to a "certificated security" (as defined in Section 8-102(a)(4) of the UCC) transfer of actual possession thereof (i) by physical delivery of such certificated security 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, or to another person, other than a "securities intermediary" (as defined in Section 8-102(a)(14) of the UCC), who acquires possession of the certificated security on behalf of the Indenture Trustee or its nominee or custodian or, having previously acquired possession of the certificate, acknowledges that it holds for the Indenture Trustee or its nominee or custodian or (ii) if such certificated security is in registered form, by delivery thereof to a "securities intermediary", endorsed to or registered in the name of the Indenture Trustee or its nominee or custodian, and the making by such "securities 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 "securities intermediary" of a confirmation of the purchase of such certificated security by the Indenture Trustee or its nominee or custodian (all of the foregoing, "<u>Physical Property</u>"), 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 Property 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;(b) with respect to any securities issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association or the other government agencies, instrumentalities and establishments of the United States identified in Appendix A to Federal Reserve Bank Operating Circular No. 7 as in effect from time to time that is a "book-entry security" (as such term is defined in Federal Reserve Bank Operating Circular No. 7) held in a

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securities account and eligible for transfer through the Fedwire<sup>®</sup> Securities Service operated by 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 securities account maintained with a Federal Reserve Bank by a "participant" (as such term is defined in Federal Reserve Bank Operating Circular No. 7) that is a "depository institution" (as defined in Section 19(b)(1)(A) of the Federal Reserve Act) pursuant to applicable Federal regulations, and issuance by such depository institution of a deposit notice 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 making by such depository institution of entries in its books and records identifying such book entry security held through the Federal Reserve System pursuant to Federal book-entry regulations or a security entitlement thereto as belonging to the Indenture Trustee or its nominee or custodian and indicating that such depository institution 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;(c) with respect to any item of Trust Account Property that is an "uncertificated security" (as defined in Section 8-102(a)(18) of the UCC) and that is not governed by clause (b) above, (i) registration on the books and records of the issuer thereof in the name of the Indenture Trustee or its nominee or custodian, or (ii) registration on the books and records of the issuer thereof in the name of another person, other than a securities intermediary, who acknowledges that it holds such uncertificated security for the benefit of the Indenture Trustee or its nominee or custodian.

"*Depositor*" means Porsche Auto Funding LLC, a Delaware limited liability company, in its capacity as Depositor under the Trust Agreement.

"*Determination Date*" means the [_____] Business Day preceding the related Payment Date, beginning [ ].

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

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

"*E-Sign Act*" means the Electronic Signatures in Global and National Commerce Act.

["*Eligible Account*" means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution (which may by 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), having corporate trust powers and acting as trustee for funds deposited in such account, or is an affiliate of such trustee, so long as the long-term deposit rating or issuer rating of such depository institution shall have a credit rating from [ ] of at least "[ ]" and a long-term unsecured debt rating from [ ] of at least "[ ]".]

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["*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) which at all times (a) satisfies one of the following conditions (i) has (A) either a long-term deposit rating of at least "[ ]" by [ ] or a short-term unsecured debt rating or issuer rating of at least "[ ]" by [ ] and (B) either a short-term issuer rating of at least "[ ]" by [ ] or a long-term deposit rating or issuer rating of "[ ]" by [ ] or (ii) is an institution that otherwise satisfies the Rating Agency Condition and (b) whose deposits are insured by the Federal Deposit Insurance Corporation up to the legal limits of such insurance.]

"*Eligible Unit*" means, at the Cut-Off Date, a Unit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lessee of which was (i) a resident of, or organized under the laws of and with its chief executive office in, the USA, (ii) not PFS or an Affiliate of PFS, (iii) not shown on the Servicer's electronic records as a government or a governmental subdivision or agency, (iv) not shown on the Servicer's records as a debtor in a pending bankruptcy proceeding and (v) not the Lessee of any Defaulted Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for which the related Lease required substantially equal monthly payments and provided for level payments that fully amortize the adjusted capitalized cost of such Lease to the related Contractual Residual Value over the term of such Lease, unless the Lease is a single payment Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for which the related Lease was payable solely in Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for which the related Lease had an original lease term of not less than [ ] months and not more than [ ] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for which the related Lease had a remaining lease term of not less than [ ] months and not more than [ ] months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) which had a Securitization Value no greater than $[ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) which is not a Delinquent Unit or a Defaulted Unit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for which the related Lease represented the valid, legal, and binding payment obligation of the related Lessee, enforceable in all material respects against that Lessee in accordance with its terms and not, according to the Servicer's records, subject to any right to offset, counterclaim, defense or other lien, security interest, mortgage, pledge or encumbrance in, of or on that lease in favor of any other person, except for Permitted Liens under the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for which the related Lease required the related Lessee to insure the related Vehicle under a physical damage insurance policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) for which the related Lease arose under a contract that did not require the Lessee under such contract to consent to the transfer, sale or assignment of the rights of the Origination Trust under such contract;

14 *Definitions (PILOT 20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the contract for which did not, in whole or in part, materially contravene any law, rule or regulation applicable thereto (including, without limitation, those relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity, fair debt collection practices and privacy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) which was generated in the ordinary course of the Origination Trust's business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) for which the related Lease is an "account", "tangible chattel paper" or "electronic chattel paper" within the meaning of Section 9-102 of the UCC as in effect in the state of origination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) which, (i) if such Unit constitutes tangible chattel paper, for which there is only one original of the related Lease, and (ii) if such Unit constitutes electronic chattel paper, for which there is only a single "authoritative copy" (as such term is used in Section 9-105 of the UCC) of each electronic "record" constituting or forming a part of such Lease, and, in each case, which is held by the Servicer (or its custodian or vaulting agent) on behalf of the Origination Trust, and the Servicer has "control" of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) which was not shown in the Servicer's records as having any credit-related recourse to the related Dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) for which the related Lease was in full force and effect, and had not been satisfied, subordinated or rescinded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) for which the related Vehicle is a Porsche brand Vehicle.

"*End of Term Lease Loyalty Program*" has the meaning set forth in <u>Section</u> <u>8.14</u> of the Transaction SUBI Servicing Supplement.

"*End User*" means, with respect to each Lease, the lessee thereunder.

"*ERISA*" means the Employee Retirement Income Security Act of 1974, as amended and any successor law thereto, and the regulations promulgated and rulings issued thereunder.

"*Event of Default*" has the meaning set forth in <u>Section</u> <u>5.1</u> of the Indenture.

"*Event of Loss*" means, with respect to any Transaction Unit, a Casualty with respect to the Vehicle included in such Unit.

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

"*Excess Wear Charges*" means, with respect to any Unit, the amount of charges for wear to the related Vehicle identified by the Servicer at the expiration of the Lease.

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

15 *Definitions (PILOT 20[ ]-[ ])*

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"*Exchange Act Reports*" means any reports on Form 10-D, Form 8-K and Form 10-K filed or to be filed by the Transferor with respect to the Issuer under the Exchange Act.

"*FATCA*" means Sections 1471 through 1474 of the Code, any regulations or official interpretations thereunder or official interpretations thereof and any current or future agreements entered into pursuant to Section 1471(b)(1) of the Code, any published intergovernmental agreement entered into in connection with the implementation of such sections of the Code, and any applicable fiscal or regulatory legislation, rules or official practices adopted pursuant to such published intergovernmental agreement.

"*FATCA Withholding*" means any withholding or deduction required pursuant to FATCA.

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

"*Financing*" means, collectively, (i) any financing transaction of any sort undertaken by PFS or any Affiliate of PFS involving, directly or indirectly, Origination Trust Assets (including, without limitation, any financing undertaken in connection with the issuance and assignment of any SUBI and related SUBI Certificate), (ii) any sale or purchase by the Transferor or any other Special Purpose Entity of any interest in one or more SUBIs and (iii) any other asset securitization, synthetic lease, sale-leaseback, secured loan or similar transaction involving Origination Trust Assets or any beneficial interest therein or in the Origination Trust.

["*First Allocation of Principal*" means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Class A Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period; provided, however, that the First Allocation of Principal for any Payment Date on and after the Final Scheduled Payment Date for any Class of Class A Notes shall not be less than the amount that is necessary to reduce the Note Balance of that Class of Class A Notes to zero.]

"*Form 10-D Disclosure Item*" means with respect to any Person, (a) any legal proceedings pending against such Person or of which any property of such Person is then subject, or (b) any proceedings known to be contemplated by governmental authorities against such Person or of which any property of such Person would be subject, in each case that would be material to the Noteholders.

["*FRBNY*" means the Federal Reserve Bank of New York.]

["*FRBNY's Website*" means 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.]

16 *Definitions (PILOT 20[ ]-[ ])*

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["*GAAP*" means generally accepted accounting principles in the USA, applied on a materially consistent basis.]

"*Global Notes*" has the meaning set forth in <u>Section</u> <u>2.10</u> of the Indenture.

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

"*Grant*" means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, 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.

"*Hague Securities Convention*" means the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Intermediary (concluded July 5, 2006).

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

"*Included Units*" means, for any Collection Period, all Transaction Units as of the beginning of such Collection Period (or, in the case of the initial Collection Period, the Closing Date), other than Units the beneficial interest in which were reallocated by PFLP during such Collection Period pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement or by PFS during such Collection Period pursuant to <u>Section</u> <u>8.12</u> of the Transaction SUBI Servicing Supplement.

"*Indenture*" means the Indenture, dated as of the Closing Date, between the Issuer and the Indenture Trustee, as the same may be amended, restated, modified or supplemented from time to time.

"*Indenture Trustee*" means [ ], a [ ], not in its individual capacity but as indenture trustee under the Indenture, or any successor trustee under the Indenture.

"*Independent*" means, when used with respect to any specified Person, that such Person (i) is in fact independent of the Issuer, 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 Issuer, any such other obligor, the Administrator or any Affiliate of any of the foregoing Persons and (iii) is not connected with the Issuer, 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.

17 *Definitions (PILOT 20[ ]-[ ])*

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"*Independent Certificate*" means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of <u>Section</u> <u>11.1</u> of the Indenture, made by an independent appraiser or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of "Independent" in this Appendix A and that the signer is Independent within the meaning thereof.

"*Initial Beneficiary*" means PFLP, as initial beneficiary under the Origination Trust Agreement and its permitted successors and assigns.

"*Initial Class A-1 Note Balance*" means $[ ].

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

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

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

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

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

"*Initial Note Balance*" means, for any Class, the Initial Class A-1 Note Balance, the Initial Class A-2[a] Note Balance[, the Initial Class A-2b Note Balance], the Initial Class A-3 Note Balance, and the Initial Class A-4 Note Balance[ or the Initial Class B Note Balance], as applicable, or with respect to the Notes generally, the sum of the foregoing.

"*Initial Reserve Account Deposit Amount*" means an amount equal to $[ ].

"*Initial Securitization Value*" means an amount equal to $[ ].

"*Instituting Noteholders*" has the meaning set forth in <u>Section</u> <u>7.5(a)</u> of the Indenture.

"*Insurance Policy*" means (i) any theft and physical damage insurance policy maintained by a Lessee, providing coverage against loss or damage to or theft of the related Leased Vehicle, in which the Servicer or the Origination Trust is named as loss payee with respect to one or more Transaction Units and (ii) any credit life or credit disability insurance payable in connection with any Transaction Unit.

"*Interest Period*" means, with respect to any specified Payment Date, (a) with respect to the Class A-1 Notes [and the Class A-2b Notes], the period from and including the Closing Date (in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding that specified Payment Date (for example, for a Payment Date in June, the Interest Period is from and including the Payment Date in May to but excluding the Payment Date in June) [and] (b) for the Class A-2[a] Notes, the Class A-3 Notes and the Class A-4 Notes, the period from and including the [ ] day of the calendar month preceding each Payment Date (or the Closing Date in the case of the first Payment Date) to but excluding the [ ] day of the month in which that Payment Date occurs [and [(c)] for the Class B Notes, the period from and including the [ ] day

18 *Definitions (PILOT 20[ ]-[ ])*

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of the calendar month preceding each Payment Date (or the Closing Date in the case of the first Payment Date) to but excluding the [ ] day of the month in which that Payment Date occurs].

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

"*Investment Earnings*" means any investment earnings (net of investment losses and expenses) from the investment of amounts on deposit in the Collection Account, the Principal Distribution Account and the Reserve Account.

"*Investor*" means (a) with respect to any Global Note, each related Note Owner and (b) with respect to any Definitive Note, each related Noteholder.

["*ISDA Definitions*" means the 2006 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.]

"*Issuer*" means Porsche Innovative Lease Owner Trust 20[ ]-[ ], a Delaware statutory trust established pursuant to the Trust Agreement and the filing of the Certificate of Trust, until a successor replaces it and, thereafter, means such successor.

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

"*Item 1119 Party*" means the Transferor, PFLP, the Servicer, the Indenture Trustee, the Owner Trustee, the Asset Representations Reviewer, any underwriter of the Notes[, any Swap Counterparty] and any other material transaction party identified by the Transferor or PFLP to the Indenture Trustee and the Owner Trustee in writing.

"*Lease*" means a lease of a Vehicle.

"*Lessee*" means, with respect to each Lease, the lessee thereunder.

19 *Definitions (PILOT 20[ ]-[ ])*

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

"*Monthly Payment Advance*" has the meaning set forth in <u>Section</u> <u>8.5</u> of the Transaction SUBI Servicing Supplement.

"*Monthly Remittance Condition*" has the meaning set forth in <u>Section</u> <u>8.3</u> of the Transaction SUBI Servicing Supplement.

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

"*Note*" means a Class A-1 Note, Class A-2[a] Note, [Class A-2b Note,] Class A-3 Note, [or] Class A-4 Note [or Class B Note], in each case substantially in the form of <u>Exhibit A-1 or A-2</u>, as applicable, to the Indenture.

"*Note Balance*" means, with respect to any date of determination, for any Class, the Class A-1 Note Balance, the Class A-2[a] Note Balance, [the Class A-2b Note Balance,] the Class A-3 Note Balance, or the Class A-4 Note Balance [or Class B Note Balance], as applicable, or with respect to the Notes generally, the sum of all of the foregoing.

"*Note Depository Agreement*" means the letter of representations, dated as of the Closing Date, executed by the Issuer in favor of DTC, as the initial Clearing Agency relating to the Notes, as the same may be amended or supplemented from time to time.

"*Note Factor*" means, with respect to the Notes or any Class of Notes on any Payment Date, a six-digit decimal figure equal to the Note Balance of the Notes or such Class of Notes, as applicable, as of the end of the preceding Collection Period divided by the Note Balance of the Notes or such Class of Notes, as applicable, as of the Closing Date. The Note Factor will be 1.000000 as of the Closing Date; thereafter, the Note Factor will decline to reflect reductions in the Note Balance of the Notes or such Class of Notes, as applicable.

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

"*Note Register*" and "*Note Registrar*" have the respective meanings set forth in <u>Section</u> <u>2.4</u> of the Indenture.

"*Noteholder*" means, as the context requires, all of the Class A-1 Noteholders, the Class A-2[a] Noteholders, [the Class A-2b Noteholders,] the Class A-3 Noteholders, [and] the Class A-4 Noteholders [and the Class B Noteholders], or any of the foregoing.

"*Noteholder Direction*" has the meaning set forth in Section 7.5(a) of the Indenture.

20 *Definitions (PILOT 20[ ]-[ ])*

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["*Noteholders' Interest Carryover Shortfall*" means, with respect to any Payment Date, the excess, if any, of the Noteholders' Monthly Accrued Interest for the preceding Payment Date and any outstanding Noteholders' Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that was actually paid to Noteholders on such preceding Payment Date, plus interest on the amount of Noteholders' Monthly Accrued Interest and any outstanding Noteholders' Interest Carryover Shortfall due but not paid to Noteholders on the preceding Payment Date, to the extent permitted by law, at the respective Interest Rates borne by such Notes for the related Interest Period.]

["*Noteholders' Monthly Accrued Interest*" means, with respect to any Payment Date, the aggregate amount of interest accrued for the related Interest Period on the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes,] the Class A-3 Notes, [and] the Class A-4 Notes [and the Class B Notes] at their respective Interest Rate for such Class on the Note Balance of the Notes of each such Class as of the immediately preceding Payment Date (or the Closing Date, in the case of the first Interest Period), after giving effect to all payments of principal to the Noteholders of the Notes of such Class on or prior to such preceding Payment Date.]

"*Officer's Certificate*" means (i) with respect to the Issuer, a certificate signed by any Authorized Officer of the Administrator on behalf of the Issuer and (ii) with respect to the Transferor, the Administrator or the Servicer, a certificate signed by the chairman of the board, the president, any executive vice president, any vice president, the treasurer, any assistant treasurer or the controller of the Transferor, the Administrator or the Servicer, as applicable.

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

"*Optional Purchase*" has the meaning set forth in <u>Section</u> <u>3.18</u> of the SUBI Transfer Agreement.

"*Optional Purchase Price*" has the meaning set forth in <u>Section</u> <u>3.18</u> of the SUBI Transfer Agreement.

"*Origination Servicing Agreement*" means the Amended and Restated Servicing Agreement, dated as of November 14, 1997, between the Origination Trust and PFS, as amended by the UTI Assignment and Origination Trust Document Amendment, dated as of July 31, 2000, as the same may be amended, restated, modified or supplemented from time to time.

"*Origination Trust*" means Porsche Leasing Ltd., a Delaware statutory trust formed under the Statutory Trust Statute.

"*Origination Trust Agreement*" means the Amended and Restated Trust Agreement, dated as of November 14, 1997, among PFLP, as Settlor and UTI Holder (as assignee of PFS (f/k/a Porsche Credit Corporation)), and the Origination Trustee, as Trustee, as amended by the UTI

21 *Definitions (PILOT 20[ ]-[ ])*

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Assignment and Origination Trust Document Amendment, dated as of July 31, 2000, as amended, supplemented and modified by the Transaction SUBI Supplement and as the same may be amended, restated, modified or supplemented from time to time.

"*Origination Trust Assets*" means, at any time, all assets owned by the Origination Trust at such time.

"*Origination Trust Documents*" means the Origination Trust Agreement, the Transaction SUBI Supplement, the Origination Servicing Agreement, the Transaction SUBI Servicing Supplement, the Transaction SUBI Certificate and all amendments or modifications thereto.

"*Origination Trustee*" means, [Wilmington Trust Company], a [Delaware corporation with trust powers], not in its individual capacity but solely as origination trustee under the Origination Trust Agreement, and any successor Origination Trustee under the Origination Trust Agreement.

"*Other SUBI*" means any special unit of beneficial interest in the Origination Trust other than the Transaction SUBI.

"*Other SUBI Assets*" means the Origination Trust Assets allocated to any SUBI other than the Transaction SUBI.

"*Other SUBI Certificate*" means a certificate of beneficial ownership representing beneficial ownership of the Origination Trust Assets allocated to any SUBI other than the Transaction SUBI.

"*Other SUBI Portfolio*" means a portfolio of Origination Trust Assets allocated to a SUBI Portfolio other than the Transaction SUBI Portfolio.

"*Outstandin*g" means, as of any date, all Notes (or all Notes of an applicable Class) theretofore authenticated and delivered under the Indenture except:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been authenticated and delivered pursuant to the 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 percentage of the Note Balance have given any request, demand, authorization, direction, notice, consent, vote or waiver hereunder or under any Transaction Document, Notes owned by the Issuer, PFLP, the

22 *Definitions (PILOT 20[ ]-[ ])*

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Transferor, the Servicer, the Administrator, any Certificateholder or any of their respective Affiliates shall be disregarded and deemed not to be Outstanding unless all of the Notes are then owned by the Issuer, PFLP, the Transferor, the Servicer, the Administrator, any Certificateholder or any of their respective Affiliates, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent, vote or waiver, only Notes that a Responsible Officer of the Indenture Trustee 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 provides written notice to the Indenture Trustee of such pledgee's right so to act with respect to such Notes and that such pledgee is not the Issuer, PFLP, the Transferor, the Servicer, the Administrator, any Certificateholder or any of their respective Affiliates.

"*Owner Trustee*" means [ ], a [ ], not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder.

"*Payahead*" means a scheduled payment in respect of a Transaction Unit received in a Collection Period prior to the Collection Period in which such scheduled payment is due.

"*Paying Agent*" means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in <u>Section</u> <u>6.11</u> of the Indenture and is authorized by the Issuer to make the payments to and distributions from the Collection Account and the Principal Distribution Account, including the payment of principal of or interest on the Notes on behalf of the Issuer.

"*Payment Date*" means the [ ] day of each calendar month beginning [ ]; *provided*, *however*, whenever a Payment Date would otherwise be a day that is not a Business Day, the Payment Date shall be the next Business Day. As used herein, the "related" Payment Date with respect to a Collection Period shall be deemed to be the Payment Date which immediately follows such Collection Period.

"*Payment Default*" has the meaning set forth in <u>Section</u> <u>5.4(a)</u> of the Indenture.

"*Permitted Investments*" means any one or more of the following types of investments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct obligations of, and obligations fully guaranteed as to timely payment by, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demand deposits, time deposits or certificates of deposit of any depository institution (including any Affiliate of the Transferor, the Servicer, the Indenture Trustee or the Owner Trustee) or trust company incorporated under the laws of the United States or any state thereof or the District of Columbia (or any domestic branch of a foreign bank) and subject to supervision and examination by Federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in <u>clause (a)</u> above or a portion of such obligation for the benefit of the holders of such depository receipts), *provided that*, at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Payment Date), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit

23 *Definitions (PILOT 20[ ]-[ ])*

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of a Person other than such depository institution or trust company) of such depository institution or trust company shall have a short-term issuer rating from [ ] of at least "[ ]" and a short-term issuer rating from [ ] of at least "[ ]";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial paper (including commercial paper of any Affiliate of the Transferor, the Servicer, the Indenture Trustee or the Owner Trustee) having, at the time of the investment or contractual commitment to invest therein, a short-term issuer rating from [ ] of at least "[ ]" and a short-term issuer rating from [ ] of at least "[ ]";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) investments in money market funds (including funds for which the Transferor, the Servicer, the Indenture Trustee or the Owner Trustee or any of their respective Affiliates is investment manager or advisor) having a credit rating in the highest rating category from [ ] and [ ];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) bankers' acceptances issued by any depository institution or trust company referred to in <u>clause (b)</u> above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations with respect to any security that is a direct obligation of, or fully guaranteed by, the United States or any agency or instrumentality thereof, the obligations of which are backed by the full faith and credit of the United States, in either case entered into with a depository institution or trust company (acting as principal) referred to in <u>clause (b)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any other investment with respect to which the Rating Agency Condition is satisfied.

Each of the Permitted Investments may be purchased from the Indenture Trustee or through an Affiliate of the Indenture Trustee. Each Permitted Investment must mature or be liquidated on or before each Payment Date.

24 *Definitions (PILOT 20[ ]-[ ])*

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

"*PFLP*" means Porsche Funding Limited Partnership, a Delaware limited partnership, and its successors and assigns.

"*PFS*" means Porsche Financial Services, Inc., a Delaware corporation, and its successors and assigns.

"*Physical Property*" has the meaning specified in the definition of "*Delivery*" above.

"*Plan*" means an "employee benefit plan" as defined in Section 3(3) of ERISA, whether or not subject to Title I of ERISA, a "plan" as defined in Section 4975 of the Code, or any entity or account deemed to hold the plan assets of any of the foregoing.

"*Postmaturity Term Extension*" means, with respect to any Included Unit, that the Servicer has granted an extension of the term of the related Lease, and the Lease term as so extended ends beyond the last day of the Collection Period immediately preceding the Final Scheduled Payment Date for the Class of Notes with the latest Final Scheduled Payment Date.

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

"*Principal Distribution Account*" means the account designated as such, established and maintained pursuant to <u>Section</u> <u>8.2</u> of the Indenture.

["*Principal Distribution Amount*" means, for any Payment Date, an amount equal to the excess, if any, of (a) the aggregate Outstanding Note Balance of the Notes as of the immediately preceding Payment Date (after giving effect to any payments made to the Holders of the Notes on such Payment Date), or as of the Closing Date, in the case of the first Payment Date, over the excess of (b) the aggregate Securitization Value of the Included Units as of the last day of the related Collection Period minus the Target Overcollateralization Amount with respect to such Payment Date; *provided*, that the Principal Distribution Amount on and after the Final Scheduled Payment Date of any class of Notes will not be less than the amount that is necessary to reduce the aggregate Outstanding Note Balance of that Class of Notes to zero; *provided*, *further*, that if the Servicer specifies in the Servicer's Certificate that amounts on deposit in the Reserve Account will be included in the Reserve Account Draw Amount on any Payment Date in accordance with the provisions set forth in the second sentence of the definition of Reserve Account Draw Amount, then the Principal Distribution Amount for such Payment Date will be an amount equal to the aggregate unpaid Note Balance of all of the Outstanding Notes.]

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

25 *Definitions (PILOT 20[ ]-[ ])*

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"*Prospectus*" means the final prospectus dated [ ], [ ] relating to the Notes.

"*Rating Agency*" means each of [ ] and [ ].

"*Rating Agency Condition*" means, with respect to any event or circumstance and each Rating Agency, either (a) written confirmation (which may be in the form of a letter, press release or other publication, or a change in such Rating Agency's published ratings criteria to this effect) by such Rating Agency that the occurrence of such event or circumstance will not cause such Rating Agency to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) that such Rating Agency shall have been given notice of such event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten days' advance notice is impracticable, as much advance notice as is practicable and is acceptable to such Rating Agency) and such Rating Agency shall not have issued any written notice that the occurrence of such event or circumstance will itself cause such Rating Agency to downgrade, qualify or withdraw its rating assigned to the Notes. Notwithstanding the foregoing, no Rating Agency has any duty to review any notice given with respect to any event, and it is understood that such Rating Agency may not actually review notices received by it prior to or after the expiration of the ten (10) day period described in <u>clause (b)</u> above. Further, each Rating Agency retains the right to downgrade, qualify or withdraw its rating assigned to all or any of the Notes at any time in its sole judgment even if the Rating Agency Condition with respect to an event had been previously satisfied pursuant to <u>clause</u> <u>(a)</u> or <u>clause (b)</u> above.

"*Reallocation Amount*" means, with respect to any Transaction Unit, an amount equal to equal to the Securitization Value of such Transaction Unit as of the end of the Collection Period immediately preceding the Payment Date on which such payment is made.

"*Rebate Advance*" has the meaning set forth in <u>Section</u> <u>8.5</u> of the Transaction SUBI Servicing Supplement.

"*Record Date*" means, unless otherwise specified in any Transaction Document, with respect to any Payment Date or Redemption Date, (i) for any Definitive Notes and for the Certificates, the close of business on the last Business Day of the calendar month immediately preceding the calendar month in which such Payment Date or Redemption Date occurs and (ii) for any Global Notes, the close of business on the Business Day immediately preceding such Payment Date or Redemption Date.

"*Records*" means, for any Lease and related Leased Vehicle, 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 Lease and related Leased Vehicle or the related Lessee.

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

26 *Definitions (PILOT 20[ ]-[ ])*

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"*Redemption Date*" means, in the case of a redemption of the Notes pursuant to <u>Section</u> <u>10.1</u> of the Indenture, the Payment Date specified by the Administrator or the Issuer pursuant to <u>Section</u> <u>10.1</u> of the Indenture.

"*Redemption Price*" means an amount equal to the sum of (a) the unpaid Note Balance of all Notes redeemed *plus* (b) accrued and unpaid interest thereon at the applicable Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date.

["*Reference Time*" means, if the Benchmark is not the [SOFR Rate][Insert Other Benchmark Rate], the time determined by the Administrator after giving effect to the Benchmark Replacement Conforming Changes.]

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

["*Regular Allocation of Principal*" means, with respect to any Payment Date, an amount not less than zero equal to (1) the excess, if any, of (a) the Note Balance of the Notes as of such Payment Date (before giving effect to any principal payments made on the Notes on such Payment Date) over (b) (i) the Pool Balance as of the end of the related Collection Period less (ii) the Targeted Overcollateralization Amount minus (2) the sum of the First Allocation of Principal and the Second Allocation of Principal for such Payment Date.]

"*Regulation AB*" means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1110-229.1125, 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)) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

"*Related Rights*" means, with respect to any Vehicle and related Lease, all Origination Trust Assets to the extent such assets are associated with such Unit.

["*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.]

"*Reportable Event*" means any event required to be reported on Form 8-K, and in any event, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) entry into a material definitive agreement related to the Issuer, the Notes or the Transaction SUBI Portfolio or an amendment to a Transaction Document, even if the Transferor is not a party to such agreement (e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(2)of Regulation AB);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) termination of a Transaction Document (other than by expiration of the agreement on its stated termination date or as a result of all parties completing their obligations under such agreement), even if the Transferor is not a party to such agreement

27 *Definitions (PILOT 20[ ]-[ ])*

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(e.g., a servicing agreement with a servicer contemplated by Item 1108(a)(2) of Regulation AB);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to the Servicer only, the occurrence of a Servicer Replacement Event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the resignation, removal, replacement, or substitution of the Indenture Trustee or the Owner Trustee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) with respect to the Indenture Trustee only, a required distribution to Holders of the Notes is not made as of the required Payment Date under the Indenture.

"*Reporting Date*" means the second Business Day preceding the related Payment Date.

"*Requesting Investor*" has the meaning set forth in Section 7.4(a) of the Indenture.

"*Requesting Party*" has the meaning set forth in Section 11.30 of the Indenture.

"*Reserve Account*" means the account designated as such, established and maintained pursuant to <u>Section</u> <u>8.2</u> of the Indenture.

"*Reserve Account Draw Amount*" means, for any Payment Date, the amount withdrawn from the Reserve Account, equal to the lesser of (a) the amount, if any, by which the sum of the amounts required to be paid pursuant to clauses *first* through [*seventh*] of Section 8.4(a) of the Indenture exceeds the sum of (i) Available Funds for such Payment Date and (ii) Advances made by the Servicer on such Payment Date, if any, or (b) the amount on deposit in the Reserve Account (excluding any Investment Earnings) on such Payment Date; provided, however, that if such Payment Date is the Redemption Date, the "Reserve Account Draw Amount" means an amount equal to the amount of cash or other immediately available funds on deposit in the Reserve Account on the Redemption Date.

"*Residual Losses*" means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual losses and a negative number in the case of residual gains) equal to (a) the sum of all residual losses (i.e., the amount by which the Base Residual Value of a Transaction Unit exceeds the Sales Proceeds for such Unit) for all Included Units that became Terminated Units during such Collection Period following the scheduled termination of the related Leases *minus* (b) the sum of all Excess Mileage Charges and Excess Wear Charges received by the Servicer with respect to Included Units during such Collection Period.

"*Responsible Officer*" means, (a) with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any vice president, assistant vice president, 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, in each case, shall have direct responsibility

28 *Definitions (PILOT 20[ ]-[ ])*

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for the administration of the Indenture, (b) with respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee, including any Managing Director, Director, Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or Associate, 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 and, in each case, having direct responsibility for the administration of the Issuer, and (c) with respect to the Servicer or Transferor, any officer of such Person having direct responsibility for the transactions contemplated by the Transaction Documents, including the President, Treasurer or Secretary or any Vice President, Controller, 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.

"*Review Conditions*" means (i) the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger for that Payment Date and (ii) the required percentage of Noteholders or Note Owners, as applicable, have voted to direct an Asset Review of the Subject Leases.

"*Review Notice*" has the meaning set forth in Section 7.5 of the Indenture.

"*Review Report*" has the meaning set forth in <u>Section</u> <u>1.2</u> of the Asset Representations Review Agreement.

"*Review Satisfaction Date*" means, with respect to any Asset Review, the first date on which (a) the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger and (b) a Noteholder Direction with respect to such Asset Review has occurred.

"*Sales Proceeds*" means, with respect to any Transaction Vehicle (including any Transaction Vehicle related to a Defaulted Unit), an amount equal to the aggregate amount of sales proceeds received by the Servicer from the purchaser in connection with the sale or other disposition of such Transaction Vehicle, inclusive of (i) Excess Mileage Charges and Excess Wear Charges charged to the Lessee and (ii) any extension depreciation payments related to such Transaction Vehicle, calculated in accordance with the Customary Servicing Practices, 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 inspection, repossession, auction, reconditioning, transport and any and all other similar liquidation and refurbishment costs and expenses and regardless of whether or not such proceeds exceed the Base Residual Value for such Transaction Vehicle.

"*Sales Proceeds Advance*" has the meaning set forth in <u>Section</u> <u>8.5</u> of the Transaction SUBI Servicing Supplement.

"*Sarbanes Certification*" has the meaning set forth in <u>Section</u> <u>11.26(b)</u> of the Indenture.

"*Sarbanes-Oxley Act*" means the Sarbanes-Oxley Act of 2002, as amended, modified or supplemented from time to time, and any successor law thereto.

29 *Definitions (PILOT 20[ ]-[ ])*

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["*Second Allocation of Principal*" means, with respect to any Payment Date, an amount equal to (1) the excess, if any, of (a) the sum of the Class A Note Balance and the Class B Note Balance as of such Payment Date (before giving effect to any principal payments made on the Class A Notes and the Class B Notes on such Payment Date) over (b) the Pool Balance as of the end of the related Collection Period minus (2) the First Allocation of Principal for such Payment Date; provided, however, that the Second Allocation of Principal on and after the Final Scheduled Payment Date for the Class B Notes shall not be less than the amount that is necessary to reduce the outstanding principal amount of the Class B Notes to zero (after the application of the First Allocation of Principal).]

["*Securities Account Control Agreement*" means the Securities Account Control Agreement, dated as of the Closing Date, among the Issuer, the Servicer, the Securities Intermediary, and the Indenture Trustee, as the secured party.]

"*Securities Act*" means the Securities Act of 1933, as amended.

["*Securities Intermediary*" means [ ] in its capacity as a securities intermediary under the Securities Account Control Agreement, or any successors or assigns in such capacity.]

"*Securitization Rate*" means, with respect to any Included Unit, an annualized rate that is equal to the greater of (i) [ ]% and (ii) the "contract APR" for the Lease related to that Included Unit.

"*Securitization Value*" means, for each Included Unit, (a) as of the close of business on the Cut-Off Date or any date other than the maturity date of the related Lease, the sum of (i) the present value (discounted at the Securitization Rate) of the aggregate scheduled payments remaining on the Lease (including scheduled payments due and not yet paid) and (ii) the present value (discounted at the Securitization Rate) of the Base Residual Value of the related Vehicle and (b) as of the maturity date of the related Lease, the Base Residual Value of the related Vehicle; *provided*, *however*, that the Securitization Value of a Terminated Unit is equal to zero.

"*Servicer*" means PFS, initially, and any replacement Servicer appointed pursuant to the Transaction SUBI Servicing Supplement.

"*Servicer Replacement Event*" means any one or more of the following that shall have occurred and be continuing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure by the Servicer 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 (10) Business Days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing a majority of the aggregate principal amount of the Outstanding Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any failure by the Servicer to duly observe or perform in any material respect any other of its covenants or agreements in the Servicing Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which continues unremedied for a period of ninety (90) days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders

30 *Definitions (PILOT 20[ ]-[ ])*

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evidencing at least a majority of the aggregate principal amount of the Outstanding Notes (it being understood that the reallocation of a Transaction Unit by PFLP pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement or by PFS pursuant to <u>Section</u> <u>8.12</u> of the Transaction SUBI Servicing Supplement shall be deemed to remedy any incorrect representation or warranty with respect to such Transaction Unit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any representation or warranty of the Servicer made in any Transaction Document to which the Servicer is a party or by which it is bound or any certificate delivered pursuant to Servicing Agreement proves to have been incorrect in any material respect when made, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which failure continues unremedied for a period of ninety (90) days after discovery thereof by a Responsible Officer of the Servicer or receipt by the Servicer of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the aggregate principal amount of the Outstanding Notes (it being understood that the reallocation of a Transaction Unit by PFLP pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement or by PFS pursuant to <u>Section</u> <u>8.12</u> of the Transaction SUBI Servicing Supplement 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;(d) the Servicer suffers a Bankruptcy Event;

*provided*, *however*, 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 120 days will not constitute a Servicer Replacement Event if such delay or failure was caused by force majeure or other similar occurrence. The existence or occurrence of any "material instance of noncompliance" (within the meaning of Item 1122 of Regulation AB) shall not create any presumption that any event in <u>clauses</u> <u>(a)</u>, <u>(b)</u> or <u>(c)</u> above has occurred.

"*Servicer's Certificate*" has the meaning set forth in <u>Section</u> <u>8.3(a)</u> of the Indenture.

"*Servicing Agreement*" means the Origination Servicing Agreement, as amended, modified and supplemented by the Transaction SUBI Servicing Supplement, as further amended, restated, modified or supplemented from time to time.

"*Servicing Criteria*" means the "servicing criteria" set forth in Item 1122(d) of Regulation AB.

"*Servicing Fee*" means, for any Payment Date, an amount equal to the *product of* (A) one-twelfth [(or, in the case of the first Payment Date, a fraction, the numerator of which is the number of days from but not including the Cut-Off Date to and including the last day of the first Collection Period and the denominator of which is 360),] (B) the Servicing Fee Rate and (C) the aggregate Securitization Value at the first day of such Collection Period (or, in the case of the first Payment Date, at the close of business on the Cut-Off Date) of all Included Units for such Collection Period.

"*Servicing Fee Rate*" means [ ]% per annum.

"*Settlor*" means PFLP, as settlor under the Origination Trust Agreement.

"*Similar Law*" has the meaning set forth in <u>Section</u> <u>3.5</u> of the Trust Agreement.

31 *Definitions (PILOT 20[ ]-[ ])*

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["[*SOFR*] *Adjustment Conforming Changes*" means, 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 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 decides that adoption of any portion of such market practice is not administratively feasible or if the Administrator determines that no market practice exists, in such other manner as the Administrator determines is reasonably necessary).]

["*SOFR Adjustment Date*" means the second U.S. Government Securities Business Day before the first day of such Interest Period.]

["*SOFR Determination Time*" means 3:00 p.m. (New York time) on the U.S. Government Securities Business Day, at which time [Compounded SOFR][Term SOFR][SOFR in arrears] is published on the FRBNY's Website.]

["*SOFR in arrears*" shall mean the average daily SOFR Rate for the applicable interest period posted to the FRBNY's Website on any U.S. Government Securities Business Day with respect to the applicable interest period, compounded daily on Business Days in accordance with each previous Business Day's posting.]

["*SOFR Rate*" means the rate that will be obtained by the Calculation Agent 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 below following a determination by the Administrator that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, shall mean, with respect to the Class A-2b Notes as of any SOFR Adjustment Date, a rate equal to [Compounded SOFR][Term SOFR][SOFR in arrears]; *provided,* that the Administrator will have the right, in its sole discretion, to make applicable [SOFR] Adjustment Conforming Changes.]

"*Special Purpose Entity*" means any special purpose corporation, partnership, limited partnership, trust, business trust, limited liability company or other entity created for one or more Financings.

"*Specified Reserve Account Balance*" means, for any Payment Date, an amount equal to [ ]% of the aggregate Securitization Value as of the Cut-Off Date; provided, however, on any Payment Date on or after the Notes are no longer Outstanding following payment in full of the principal of and interest on the Notes, the "Specified Reserve Account Balance" shall be $0.

"*Statutory Trust Statute*" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq.

"*Sub-Servicer*" means any Affiliate of the Servicer or any sub-contractor to whom any or all duties of the Servicer (including, without limitation, its duties as custodian) under the Transaction Documents have been delegated in accordance with the Servicing Agreement.

"*SUBI*" means a special unit of beneficial interest in the Origination Trust.

32 *Definitions (PILOT 20[ ]-[ ])*

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"*SUBI Allocation Price*" means, with respect to all Units to be allocated to the Transaction SUBI on the Closing Date, the aggregate of the Allocation Prices for all Units to be so allocated on such date.

"*SUBI Assets*" means a separate portfolio of Origination Trust Assets allocated to a SUBI.

"*SUBI Certificate*" means any trust certificate representing any SUBI.

"*SUBI Portfolio*" means any portfolio of Origination Trust Assets allocated to the Transaction SUBI or any Other SUBI.

"*SUBI Sale Agreement*" means the SUBI Sale Agreement, dated as of the Closing Date, between PFLP and the Transferor, as the same may be amended or modified from time to time.

"*SUBI Transfer Agreement*" means the SUBI Transfer Agreement, dated as of the Closing Date, between the Transferor and the Issuer, as amended or supplemented from time to time.

"*Subject Leases*" means, for any Asset Review, all 60-Day Delinquent Leases as of the related Review Satisfaction Date; provided, however, that any Lease that is repurchased by [ ] and reallocated to the UTI or is paid off after such date will no longer be a Subject Lease.

"*Supplemental Servicing Fees*" means any and all (i) late fees, (ii) extension fees, (iii) prepayment charges, (iv) early termination fees or any other fees paid to the Servicer in connection with the termination of any Lease (other than scheduled lease payments and Excess Wear 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 Transferor, the Issuer or the Origination Trust with respect to any Unit.

"*Target Overcollateralization Amount*" means, for any Payment Date, an amount equal to [ ]% of the aggregate Securitization Value of the Included Units as of the Closing Date; *provided*, *that* the Target Overcollateralization Amount shall not exceed the aggregate Securitization Value of the Included Units on such Payment Date.

"*Tax Information*" means information and/or properly completed and signed tax certifications sufficient to eliminate the imposition of or to determine the amount of any withholding of tax, including FATCA Withholding, imposed on payments to the provider, and to allow the recipient to comply with any reporting or other obligations under any applicable tax law, including but not limited to Internal Revenue Service Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY, as applicable, and any required supporting documentation.

"*Taxes*" means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property, sales, use, license, occupation and franchise taxes and including any related interest, penalties or other additions) imposed by any jurisdiction or taxing authority (whether foreign or domestic).

["*Term SOFR*" shall mean the forward-looking term rate based on SOFR that is two U.S. Government Securities Business Days prior to the first day of the applicable interest period, as such rate is posted to FRBNY's Website; provided, however, that if as of 5:00 p.m. New York

33 *Definitions (PILOT 20[ ]-[ ])*

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City time, the forward-looking term rate has not been posted to FRBNY's Website, then the Term SOFR shall mean the forward-looking term rate based on SOFR that is on the first preceding U.S. Government Securities Business Day for which such rate was posted to FRBNY's Website.]

"*Terminated Unit*" means an Included Unit for which any of the following has occurred during a Collection Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the related Vehicle was sold or otherwise disposed of by the Servicer following (i) such Unit becoming a Defaulted Unit, (ii) a Lease becoming subject to an End of Term Lease Loyalty Program or other marketing program or (iii) the scheduled or early termination (including any early termination by the related Lessee) of the related Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Unit became a Defaulted Unit or the related Lease terminated or expired more than 120 days prior to the end of such Collection Period and the related Vehicle was not sold; or

&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 identified by the Servicer following a Casualty or other loss with respect to the related Vehicle.

"*Test Fail*" has the meaning assigned to such term in the Asset Representations Review Agreement.

"*TIA*" or "*Trust Indenture Act*" means the Trust Indenture Act of 1939, as amended and as in force on the date hereof, unless otherwise specifically provided.

"*Transaction Documents*" means the Indenture, the Notes, the Note Depository Agreement, the Transaction SUBI Servicing Supplement, the Transaction SUBI Supplement, the Origination Servicing Agreement (solely to the extent that its provisions relate to or affect the Transaction SUBI and the Transaction SUBI Portfolio), the Origination Trust Agreement (solely to the extent that its provisions relate to or affect the Transaction SUBI and the Transaction SUBI Portfolio), the SUBI Sale Agreement, the SUBI Transfer Agreement, the Administration Agreement, the Trust Agreement,[ and] the Asset Representations Review Agreement[ and the Securities Account Control Agreement], as the same may be amended or modified from time to time.

"*Transaction Lease*" means, for any Transaction Vehicle, the Lease for such Transaction Vehicle.

"*Transaction SUBI Assets*" means the Origination Trust Assets allocated to the Transaction SUBI.

"*Transaction SUBI Certificate*" means the certificate representing the beneficial interest in the Origination Trust Assets comprising the Transaction SUBI Portfolio, issued pursuant to the Transaction SUBI Supplement.

34 *Definitions (PILOT 20[ ]-[ ])*

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"*Transaction SUBI Portfolio*" means the Origination Trust Assets that are from time to time identified and allocated to the Transaction SUBI in accordance with the terms of the Origination Trust Documents.

"*Transaction SUBI Servicing Supplement*" means the Transaction SUBI Supplement 20[ ]-[ ] to the Origination Servicing Agreement, dated as of the Closing Date, among the Origination Trust, the Origination Trustee and the Servicer, as the same may be amended or modified from time to time.

"*Transaction SUBI Supplement*" means the Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement, dated as of the Closing Date, between PFLP, as UTI Holder, and the Origination Trustee, as the same may be amended, restated, modified or supplemented from time to time.

"*Transaction Unit*" means a Unit that has been allocated to the Transaction SUBI Portfolio, the entire beneficial ownership interest in which is represented by the Transaction SUBI Certificate.

"*Transaction Vehicle*" means, at any time, a Vehicle then identified and allocated to the Transaction SUBI.

"*Transferor*" means Porsche Auto Funding LLC, a Delaware limited liability company, in its capacity as transferor under the SUBI Transfer Agreement.

"*Treasury Regulations*" means regulations, including proposed or temporary regulations, promulgated under the Code from time to time.

"*Trust Account Property*" means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), and all proceeds of the foregoing.

"*Trust Accounts*" has the meaning set forth in <u>Section</u> <u>8.2</u> of the Indenture.

"*Trust Agreement*" means the Trust Agreement, dated as of [ ], as amended and restated by the Amended and Restated Trust Agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee, as the same may be amended, restated, modified or supplemented from time to time.

"*Trust Estate*" means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuer, including without limitation (i) the Transaction SUBI Certificate (transferred pursuant to the SUBI Transfer Agreement), evidencing a 100% beneficial interest in the Transaction SUBI and the Included Units, including the right to payments thereunder after the Cut-Off Date, (ii) the Transaction SUBI, (iii) the rights of the Issuer to the funds on deposit from time to time in the Trust Accounts 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 any Investment Earnings), (iv) the rights of the Transferor, as buyer, under the SUBI Sale Agreement, (v) the rights

35 *Definitions (PILOT 20[ ]-[ ])*

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of the Issuer under the Administration Agreement, (vi) the rights of the Issuer, as buyer, under the SUBI Transfer Agreement, (vii) the rights of the Issuer, as a third-party beneficiary, under the Transaction SUBI Servicing Supplement, (viii) the rights of the Issuer, as a third-party beneficiary, under the Origination Servicing Agreement, (ix) the rights of the Issuer, as a third-party beneficiary, under the Transaction SUBI Supplement, (x) the rights of the Issuer, as a third-party beneficiary, under the Origination Trust Agreement and (xi) all proceeds of the foregoing.

["*U.S. Government Securities Business Day*" means 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.S. Tax Person*" means a Person that is a "United States person" as defined in Section 7701(a)(30) of the Code, generally including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation or partnership organized in or under the laws of the United States, any State or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an estate, the income of which is includible in gross income for United States tax purposes, regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a trust if a U.S. court is able to exercise primary supervision over the administration of the trust and one or more U.S. Tax Persons have the authority to control all substantial decisions of the trust or a trust that has elected to be treated as a U.S. Tax Person.

"*UCC*" means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended from time to time.

"*UETA*" means Title 15, United States Code, Sections 7001 et seq., the Uniform Electronic Transactions Act.

["*Unadjusted Benchmark Replacement*" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.]

"*Underwriters*" means [ ], [ ], [ ], [ ] and [ ].

"*Underwriting Agreement*" means the Underwriting Agreement, dated as of [ ], among [ ], on its own behalf and as representative of the several Underwriters, PFS and the Depositor.

"*Unit*" means a Vehicle, the related Lease and the Related Rights associated therewith.

"*United States*" or "*USA*" means the United States of America (including all states, the District of Columbia, territories and political subdivisions thereof).

"*UTI*" has the meaning specified in <u>Section</u> <u>4.1(a)</u> of the Origination Trust Agreement.

36 *Definitions (PILOT 20[ ]-[ ])*

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"*UTI Asset*" has the meaning specified in <u>Section</u> <u>4.1(a)</u> of the Origination Trust Agreement.

"*UTI Beneficiary*" means PFLP.

"*UTI Certificate*" has the meaning specified in <u>Section</u> <u>4.1(a)</u> of the Origination Trust Agreement.

"*UTI Portfolio*" means the portfolio consisting of all Origination Trust Assets not allocated to a SUBI Portfolio.

"*Vehicle*" means an automobile, sport utility vehicle and luxury vehicle, together with any and all non-severable appliances, parts, instruments, accessories, furnishings, other equipment, accessions, additions, improvements, substitutions and replacements from time to time in or to such vehicle.

"*Verification Documents*" means, with respect to any Note Owner, a certification from such Note Owner certifying that such Person is in fact, a Note Owner, as well as an additional piece of documentation reasonably satisfactory to the recipient, such as a trade confirmation, account statement, letter from a broker or dealer or other similar document.

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. Amounts to be calculated hereunder shall be continuously recalculated at the time any information relevant to such calculation changes.

37 *Definitions (PILOT 20[ ]-[ ])*

## Exhibit 10.2

**Exhibit 10.2** 

**SUBI TRANSFER AGREEMENT** 

dated as of [ ], [ ]

between

**PORSCHE AUTO FUNDING LLC,** 

as Seller

and

**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ],** 

as Issuer

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 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 | Other Interpretive Provisions | 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 Transaction SUBI and Transaction SUBI Certificate | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.2 | Consideration and Payment | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.3 | Representations and Warranties of Seller | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.4 | Protection of Title | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.5 | Other Liens or Interests | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 2.6 | Initial Reserve Account Deposit | 4 |
|  ARTICLE III MISCELLANEOUS | ARTICLE III MISCELLANEOUS | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.1 | Transfers Intended as Sales; Security Interest | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.2 | Notices, Etc | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.3 | Governing Law | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.4 | Headings | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.5 | Separate Counterparts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.6 | Amendment. | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.7 | Waivers | 7 |
| &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 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.10 | Binding Effect; Assignability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.11 | Acknowledgment and Agreement | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.12 | Cumulative Remedies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.13 | Nonpetition Covenant | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.14 | Submission to Jurisdiction; Waiver of Jury Trial | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.15 | Each SUBI Separate; Assignees of SUBI | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.16 | Limitation of Liability of Owner Trustee | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.17 | Electronic Signatures and Transmission | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.18 | Purchase of the Transaction SUBI Certificate | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.19 | [Multiple Roles | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECTION 3.20 | Third-Party Beneficiaries | 11 |

---

Schedule I Perfection Representations, Warranties and Covenants

-i- *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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**SUBI TRANSFER AGREEMENT** 

THIS SUBI TRANSFER AGREEMENT (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>") is made and entered into as of [ ], [ ] by PORSCHE AUTO FUNDING LLC, a Delaware limited liability company (the "<u>Seller</u>"), and PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>").

<u>WITNESSETH</u>:

WHEREAS, Porsche Leasing Ltd. is a Delaware statutory trust (the "<u>Origination Trust</u>") formed and operated pursuant to that certain Amended and Restated Trust Agreement dated as of November 14, 1997 (as amended by the UTI Assignment and Origination Trust Document Amendment, dated as of July 31, 2000, and as further amended, restated, supplemented or modified and in effect from time to time, the "<u>Origination Trust Agreement</u>") for the purpose, among other things, of acquiring title to Units;

WHEREAS, on the date hereof, the Seller purchased the Transaction SUBI and the Transaction SUBI Certificate (each as defined below) from Porsche Funding Limited Partnership, a Delaware limited partnership ("<u>PFLP</u>"), pursuant to a SUBI Sale Agreement (as from time to time amended, restated, supplemented or otherwise modified and in effect, the "<u>SUBI Sale Agreement</u>") by and between Porsche Funding Limited Partnership, as seller, and Porsche Auto Funding LLC, as buyer;

WHEREAS, the Seller, as depositor, and [ ], as owner trustee (the "<u>Owner Trustee</u>"), formed Porsche Innovative Lease Owner Trust 20[ ]-[ ] as a Delaware statutory trust pursuant to a Trust Agreement;

WHEREAS, on the date hereof, PFLP, as owner of the entire undivided interest in the Origination Trust (the "<u>UTI Portfolio</u>"), and [Wilmington Trust Company], as Trustee (the "<u>Origination Trustee</u>"), are entering into that certain Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Transaction SUBI Supplement</u>") to create a special unit of beneficial interest (the "<u>Transaction SUBI</u>");

WHEREAS, the Seller desires to sell to the Issuer, and the Issuer desires to acquire, the Seller's entire beneficial ownership interest in (A) the Units allocated to the Transaction SUBI (the "<u>Transaction SUBI Portfolio</u>") and (B) the certificate issued as evidence thereof (the "<u>Transaction SUBI Certificate</u>");

WHEREAS, the Seller desires to assign rights under the SUBI Sale Agreement to the Issuer; and

WHEREAS, the Issuer will finance its acquisition of the Transaction SUBI Certificate and the other Transferred Assets (as defined below) by issuing notes pursuant to an Indenture dated as of the date hereof (as amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Indenture</u>") with [ ], as indenture trustee (the "<u>Indenture Trustee</u>");

*SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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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>Definitions</u>. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <u>Appendix</u> <u>A</u> to the SUBI Sale Agreement, which also contains rules as to usage that are applicable herein.

SECTION 1.2 <u>Other Interpretive Provision</u><u>s</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) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (b) 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; (c) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices 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; (d) the term "including" and all variations thereof means "including without limitation"; (e) except as otherwise expressly provided herein, 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; (f) references to any Person include that Person's successors and assigns; (g) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

ARTICLE II

PURCHASE AND CONTRIBUTION

SECTION 2.1 <u>Agreement to Sell and Transfer Transaction SUBI and Transaction SUBI Certificate</u>. On the terms and subject to the conditions set forth in this Agreement, on the date hereof, the Seller hereby irrevocably transfers, assigns, sets over, sells and otherwise conveys to the Issuer, and the Issuer hereby purchases from the Seller, all of the Seller's right, title and interest in, to and under the Transaction SUBI Certificate, the Transaction SUBI, all Collections received thereunder after the close of business on the Cut-Off Date and all rights of the Seller under the SUBI Sale Agreement (collectively, the "<u>Transferred Assets</u>").

SECTION 2.2 <u>Consideration and Payment</u>. In consideration of the Transferred Assets conveyed to the Issuer pursuant to <u>Section</u> <u>2.1</u> on the Closing Date, the Issuer shall pay to the Seller on the Closing Date the SUBI Allocation Price with respect thereto by delivering to, or upon

2 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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the order of, the Seller, (i) a promissory note and (ii) all of the Notes and the Certificate on the Closing Date.

SECTION 2.3 <u>Representations and Warranties of Seller</u>. The Seller makes the following representations and warranties as of the Closing Date on which the Issuer will be deemed to have relied in acquiring the Transferred Assets. The representations and warranties speak as of the execution and delivery of this Agreement and will survive the conveyance of the Transferred Assets to the Issuer pursuant to this Agreement and the pledge thereof by the Issuer to the Indenture Trustee pursuant to the Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Existence and Power</u>. The Seller is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority required to carry on its business as it is now conducted. The Seller 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 Seller to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Transaction Units or any other part of the Transferred Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authorization and No Contravention</u>. The execution, delivery and performance by the Seller of each Transaction Document to which it is a party (i) have been duly authorized by all necessary limited liability company action on the part of the Seller 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 Seller's ability to perform its obligations under, the Transaction Documents).

&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 Seller 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 have a material adverse effect on the enforceability or collectibility of the Transaction Units or any other part of the Transferred Assets or would not materially and adversely affect the ability of the Seller to perform its obligations under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Effect</u>. Each Transaction Document to which the Seller is a party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller 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 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;(e) <u>Lien Filings</u>. The Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller.

3 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>No Proceedings</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) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Seller of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or enforceability of the Transaction Units, or (iv) relate to the Seller that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Creation, Perfection and Priority of Security Interests</u>. The representations and warranties regarding creation, perfection and priority of security interests in the Transferred Assets, which are attached to this Agreement as <u>Schedule I</u>, are true and correct in all material respects to the extent that they are applicable.

SECTION 2.4 <u>Protection of Title</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller shall authorize and file such financing statements and cause to be authorized and filed such continuation and other financing 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 Issuer under this Agreement in the Transferred Assets (to the extent that the interest of the Issuer can be perfected by the filing of a financing statement). The Seller shall deliver (or cause to be delivered) to the Issuer file-stamped copies of, or filing receipts for, any document filed as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller shall notify the Issuer and the Administrator in writing within ten (10) days following the occurrence of (i) any change in the Seller's organizational structure as a limited liability company, (ii) any change in the Seller's "location" (within the meaning of Section 9-307 of the UCC of all applicable jurisdictions) and (iii) any change in the Seller's name. The Seller shall take 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 to amend all previously filed financing statements or continuation statements described in <u>clause (a)</u> above.

SECTION 2.5 <u>Other Liens 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 Transaction SUBI or the Transaction SUBI Certificate to any other Person, or grant, create, incur, assume or suffer to exist any Liens (other than Permitted Liens) on any interest therein, and the Seller shall defend the right, title and interest of the Issuer in, to and under the Transaction SUBI or the Transaction SUBI Certificate against all claims of third parties claiming through or under the Seller.

SECTION 2.6 <u>Initial Reserve Account Deposit</u>. On the Closing Date the Seller will deposit, or cause to be deposited from proceeds of the sale of the Notes, into the Reserve Account an amount equal to the Initial Reserve Account Deposit Amount.

4 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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ARTICLE III

MISCELLANEOUS

SECTION 3.1 <u>Transfers Intended as Sales; Security Interest</u>.

&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, transfers, assignments, conveyances and contributions without recourse rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. The sale, transfer, assignment, conveyance and contribution of the Transaction SUBI, the Transaction SUBI Certificate and the Seller's rights under the SUBI Sale Agreement 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 Transaction SUBI and the Transaction SUBI Certificate and the beneficial interest in the Units allocated thereto hereunder are and 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 in the Transaction Documents 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, in the event that the Transaction SUBI, the Transaction SUBI Certificate and the Seller's rights under the SUBI Sale Agreement are held to be property of the Seller, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Transaction SUBI, the Transaction SUBI Certificate and the Seller's rights under the SUBI Sale Agreement, then it is intended that:

&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;(ii) The conveyance provided for in <u>Section</u> <u>2.1</u> shall be deemed to be a grant by the Seller of, and the Seller hereby grants to the Issuer, 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 Transaction SUBI, the Transaction SUBI Certificate and the Seller's rights under the SUBI Sale Agreement, 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;(iii) The possession by the Issuer or its agent of the Transaction SUBI Certificate 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;(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

5 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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applicable) of the Issuer for the purpose of perfecting such security interest under applicable law.

SECTION 3.2 <u>Notices, Etc</u><u>.</u> All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as specified on <u>Schedule III</u> of the SUBI Sale Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. 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; *provided, however,* that any notice to a Noteholder mailed within the time and in the manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

SECTION 3.3 <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, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

SECTION 3.4 <u>Headings</u>. The article and 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.

SECTION 3.5 <u>Separate Counterparts</u>. This Agreement may be executed in any number of counterparts, including in counterparts executed via electronic signature, 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. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

SECTION 3.6 <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by the Seller without the consent of the Indenture Trustee, the Issuer, any Noteholder, PFLP, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Seller delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Seller delivers an Officer's Certificate of the Seller to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

6 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rating Agency Condition is satisfied with respect to such amendment and the Seller notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by the Seller, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate Note Balance of the Outstanding Notes, 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. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any term or provision of this Agreement may also be amended from time to time by the Seller for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or Certificates, without the consent of the Indenture Trustee, any Noteholder, PFLP, the Issuer, the Owner Trustee or any other Person; *provided*, *however*, that the Seller shall provide written notification of the substance of such amendment to the Indenture Trustee, PFLP, the Issuer and the Owner Trustee and promptly after the execution of any such amendment, the Seller shall furnish a copy of such amendment to the Indenture Trustee, PFLP, the Issuer and the Owner Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any such amendment, the Seller shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment, the Seller shall furnish a copy of such amendment to each Rating Agency and the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the execution of any amendment to this Agreement, the Owner 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. 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 or immunities under this Agreement without the prior written consent of such Person.

SECTION 3.7 <u>Waivers</u>. No failure or delay on the part of the Issuer, the Servicer, the Seller 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 Issuer or the Seller in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party 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

7 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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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 Issuer and the Seller and their respective successors and permitted assigns. 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 pledge of the Transaction SUBI and the Transaction SUBI Certificate and the assignment of all rights and obligations of the Seller related thereto by the Issuer 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 Issuer under this Agreement.

SECTION 3.12 <u>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>. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any 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, its creditors generally, 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,

8 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This <u>Section</u> <u>3.13</u> shall survive the termination of this Agreement.

SECTION 3.14 <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;(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;(b) consents that any such action or proceeding may be brought and maintained 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;(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</u> <u>3.2</u>;

&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;(e) **to the extent permitted by applicable law, each party hereto 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.**

SECTION 3.15 <u>Each SUBI Separate; Assignees of SUBI</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof, acknowledges and agrees) that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. Code</u> § 3801 <u>et</u> <u>seq</u>., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets and (ii) no creditor or holder of a claim

9 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets other than the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement, and (ii) satisfy any other transfer restrictions expressly set forth in the Origination Trust Agreement. Each party hereto agrees for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

SECTION 3.16 <u>Limitation of Liability of Owner Trustee</u>. It is expressly understood and agreed by the parties that (a) this document is executed and delivered on behalf of the Issuer by [ ], not individually or personally, but solely in its capacity as Owner Trustee, at the direction of the Depositor in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (b) each of the representations, warranties, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, undertakings and agreements by [ ] but is made and intended for the purpose for binding only, and is binding only on the Issuer, (c) nothing herein contained shall be construed as creating any liability on [ ], individually or personally or as Owner Trustee, to perform any covenant or obligation either expressed or implied contained herein of the Issuer, 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 made no and will make no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (e) under no circumstances shall [ ], be personally liable for the payment of any indebtedness, indemnity obligations or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents, as to all of which recourse shall be limited to the assets of the Issuer.

SECTION 3.17 <u>Electronic Signatures and Transmission</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or

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information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Agreement that a document, including this Agreement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature by electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

SECTION 3.18 <u>Purchase of the Transaction SUBI Certificate</u>*.* The Seller shall have the right at its option (the "<u>Optional Purchase</u>") to purchase the Transaction SUBI Certificate from the Issuer on any Payment Date upon ten (10) days' prior notice to the Administrator or the Issuer if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Note Balance is less than or equal to [5] [10]% of the Initial Note Balance. The purchase price for the Transaction SUBI Certificate shall equal the greater of (a) the Note Balance, together with accrued and unpaid interest thereon at the applicable Interest Rate up to but not including the Redemption Date and (b) the Aggregate Securitization Value of the Transaction Units as of the last day of the Collection Period immediately preceding the Redemption Date (the "<u>Optional Purchase Price</u>"), which amount shall be deposited by the Seller into the Collection Account by no later than 10:00 a.m. New York time on the Redemption Date. The Seller shall also pay any accrued and unpaid fees, reasonable expenses and indemnification amounts (including any such fees, expenses and indemnification amounts with respect to prior collection periods) due and payable to the Indenture Trustee, the Owner Trustee and the Origination Trustee, as applicable, under the Transaction Documents (without regard to any caps set forth therein). If the Seller exercises the Optional Purchase, the Notes shall be redeemed and in each case in whole but not in part on the related Payment Date for the Redemption Price. The Seller shall be permitted to pay the Optional Purchase Price pursuant to this <u>Section</u> <u>3.18</u>, net of amounts to be distributed to the Seller or its Affiliates on the related Redemption Date, and accounts between the Seller and such Affiliates shall be adjusted accordingly.

SECTION 3.19 [<u>Multiple Roles</u>*.* It is expressly acknowledged, agreed and consented to that [Wilmington Trust Company] will be acting in the capacity of Origination Trustee and its affiliate, [ ] will be acting in the capacity as Owner Trustee. [Wilmington Trust Company] and [ ] may, in such capacities, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other equitable principles to the extent that any such conflict or breach arises from the performance by [Wilmington Trust Company] of its express duties set forth in the Origination Trust Agreement or the performance by [ ] of its express duties set forth in the Trust Agreement, all of which defenses, claims or assertions are waived by the parties hereto.]

SECTION 3.20 <u>Third-Party Beneficiaries</u>*.* This Agreement shall inure to the benefit of and be binding upon the parties hereto, and their respective successors and permitted assigns and

11 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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the Owner Trustee shall be an express third-party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder.]

[Remainder of Page Intentionally Left Blank]

12 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

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| |
|:---|
|  **PORSCHE AUTO FUNDING LLC**,<br> as Seller |
| By: |
|  Name: |
|  Title: |

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| |
|:---|
| By: |
|  Name: |
|  Title: |

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S-1 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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| | |
|:---|:---|
| **PORSCHE INNOVATIVE LEASE<br>OWNER TRUST 20[ ]-[ ],**<br>as Issuer | **PORSCHE INNOVATIVE LEASE<br>OWNER TRUST 20[ ]-[ ],**<br>as Issuer |
|  By: | [ ], not in its individual capacity but solely as Owner Trustee |

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| |
|:---|
|  By: |
|  Name: |
|  Title: |

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S-2 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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**SCHEDULE I** 

**PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS** 

In addition to the representations, warranties and covenants contained in the SUBI Transfer Agreement, the Seller hereby represents, warrants, and covenants to the Issuer as follows on the Closing Date:

**<u>General</u>**

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

2. The Transaction SUBI Certificate constitutes a "general intangible," "instrument," "certificated security," or "tangible chattel paper," within the meaning of the applicable UCC.

**<u>Creation</u>**

3. Immediately prior to the sale, transfer, assignment and conveyance of the Transaction SUBI Certificate by the Seller to the Buyer, the Seller owned and had good and marketable title to the Transaction SUBI Certificate 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 Seller has received all consents and approvals to the sale of the Transaction SUBI Certificate hereunder to the Issuer required by the terms of the Transaction SUBI Certificate to the extent that it constitutes an instrument or a payment intangible.

5. The Seller has received all consents and approvals required by the terms of the Transaction SUBI Certificate, to the extent that it constitutes a securities entitlement, certificated security or uncertificated security, to the transfer to the Issuer of its interest and rights in the Transaction SUBI Certificate hereunder.

**<u>Perfection</u>**

6. The Seller has caused or will have caused, within ten days after the effective date of the SUBI 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 Transaction SUBI Certificate from the Seller to the Issuer and the security interest in the Transaction SUBI Certificate granted to the Issuer hereunder.

I-1 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

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7. To the extent that the Transaction SUBI Certificate constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Issuer.

8. Other than the transfer of the Transaction SUBI Certificate from PFLP to the Seller under the SUBI Sale Agreement and from the Seller to the Issuer under the SUBI 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 Transaction SUBI Certificate. 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 Transaction SUBI Certificate 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 Transaction SUBI Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

**<u>Survival of Perfection Representations</u>**

10. Notwithstanding any other provision of the SUBI Transfer Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this <u>Schedule I</u> shall be continuing, and remain in full force and effect until such time as all obligations under the Transaction Documents and the Notes have been finally and fully paid and performed.

I-2 *SUBI Transfer Agreement* *(PILOT 20[ ]-[ ])*

## Exhibit 10.3

**Exhibit 10.3** 

**FORM OF ADMINISTRATION AGREEMENT** 

**among** 

**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ],** 

**as Issuer,** 

**PORSCHE FINANCIAL SERVICES, INC.,** 

**as Administrator** 

**and** 

**[ ],** 

**as Indenture Trustee** 

**Dated as of [ ], [ ]** 

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1. | Duties of the Administrator | 1 |
| 2. | RECORDS | 3 |
| 3. | COMPENSATION; PAYMENT OF FEES AND EXPENSES | 3 |
| 4. | INDEPENDENCE OF THE ADMINISTRATOR | 3 |
| 5. | NO JOINT VENTURE | 3 |
| 6. | OTHER ACTIVITIES OF THE ADMINISTRATOR | 4 |
| 7. | REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR | 4 |
| 8. | ADMINISTRATOR REPLACEMENT EVENTS; TERMINATION OF THE ADMINISTRATOR | 5 |
| 9. | ACTION UPON TERMINATION, REMOVAL OR RESIGNATION | 6 |
| 10. | LIENS | 6 |
| 11. | NOTICES | 6 |
| 12. | AMENDMENTS | 6 |
| 13. | GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL | 7 |
| 14. | HEADINGS | 8 |
| 15. | COUNTERPARTS | 8 |
| 16. | ENTIRE AGREEMENT | 8 |
| 17. | SEVERABILITY OF PROVISIONS | 9 |
| 18. | NOT APPLICABLE TO PFS IN OTHER CAPACITIES; MERGER OF ADMINISTRATOR | 9 |
| 19. | BENEFITS OF THE ADMINISTRATION AGREEMENT | 9 |
| 20. | ASSIGNMENT | 9 |
| 21. | NONPETITION COVENANT | 9 |
| 22. | LIMITATION OF LIABILITY OF OWNER TRUSTEE AND INDENTURE TRUSTEE | 10 |
| 23. | EACH SUBI SEPARATE; ASSIGNEES OF SUBI | 10 |
| 24. | DELEGATION OF DUTIES | 11 |
| 25. | DEFINITIONS; OTHER INTERPRETIVE PROVISIONS | 11 |
| 26. | ELECTRONIC SIGNATURES AND TRANSMISSION | 12 |
| 27. | INDENTURE TRUSTEE | 12 |

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-i- *Administration Agreement* *(PILOT 20[ ]-[ ])*

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THIS ADMINISTRATION AGREEMENT (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>") dated as of [ ], [ ], is among PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>"), PORSCHE FINANCIAL SERVICES, INC., a Delaware corporation, as administrator ("<u>PFS</u>" or, in its capacity as administrator, the "<u>Administrator</u>"), and [ ], a [ ], as indenture trustee (the "<u>Indenture Trustee</u>").

W I T N E S S E T H :

WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and the Certificate pursuant to the Trust Agreement and has entered into or is subject to certain agreements in connection therewith, including, (i) the SUBI Transfer Agreement, (ii) the Indenture and (iii) the Note Depository Agreement (the Trust Agreement and each of the agreements referred to in <u>clauses (i)</u> through <u>(iii)</u> are referred to herein collectively as the "<u>Issuer Documents</u>");

WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the Indenture Trustee for the benefit of the Noteholders pursuant to the Indenture;

WHEREAS, pursuant to the Issuer Documents, the Issuer is required to perform certain duties;

WHEREAS, the Issuer desires to have the Administrator administer the affairs of the Issuer and perform certain of the duties of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement), and to provide such additional services consistent with this Agreement and the Issuer Documents as the Issuer may from time to time request; and

WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee 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;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;(a) <u>Duties with Respect to the Issuer Documents</u>. The Administrator shall perform all of its duties as Administrator under this Agreement and the Issuer Documents and administer and perform all of the duties and obligations of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) under the Issuer Documents; *provided*, *however*, except as otherwise provided in the Issuer Documents, that the Administrator shall have no obligation to make any payment required to be made by the Issuer under any Issuer Document. In addition, the Administrator shall consult with the Issuer and the Owner Trustee regarding its duties and obligations under the Issuer Documents; *provided, further, however*, that the Administrator shall have no obligation, and the Owner Trustee shall be required to fully perform its duties, with respect to the obligations of the Owner Trustee under Sections 11.13, 11.14, 11.15, 11.16 and 11.17 of the Trust Agreement and to otherwise comply with the requirements of the Owner Trustee

*Administration Agreement* *(PILOT 20[ ]-[ ])*

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related to Regulation AB. The Administrator shall monitor the performance of the Issuer and the Owner Trustee and shall advise the Issuer and the Owner Trustee when action is necessary to comply with the Issuer's and the Owner Trustee's duties and obligations under the Issuer Documents. The Administrator shall perform such calculations, and shall prepare for execution by the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) or shall cause the preparation by other appropriate persons of all such documents, reports, filings, instruments, promissory notes, certificates, notices and opinions as it shall be the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) to prepare, execute, file or deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) to take pursuant to the Issuer Documents, and shall prepare, execute, file and deliver on behalf of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) all such documents, reports, filings, instruments, promissory notes, certificates, notices and opinions as it shall be the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) to prepare, execute, file or deliver pursuant to the Issuer Documents or otherwise by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices to Rating Agencies</u>. The Administrator shall give notice to each Rating Agency of (i) any merger or consolidation of the Owner Trustee pursuant to Section 10.4 of the Trust Agreement; (ii) any merger or consolidation of the Indenture Trustee pursuant to Section 6.9 of the Indenture; (iii) any resignation or removal of the Indenture Trustee pursuant to Section 6.8 of the Indenture; (iv) any Event of Default of which it has been provided notice pursuant to Section 6.5 of the Indenture; (v) any supplemental indenture pursuant to Section 9.1 or 9.2 of the Indenture; and (vi) the termination of, and/or appointment of a successor to, the Servicer pursuant to Section 8.1 of the Transaction SUBI Servicing Supplement; in the case of each of <u>clauses (i)</u> through <u>(vi)</u>, promptly upon the Administrator being notified thereof by the Owner Trustee, the Indenture Trustee or the Servicer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Action by Administrator</u>. Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, take any action that the Issuer directs the Administrator not to take or which would result in a violation or breach of the Issuer's covenants, agreements or obligations under any of the Issuer Documents. The Administrator shall not direct the Owner Trustee to take any action in contravention of <u>Section</u> <u>4.1</u> of the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <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;(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 Issuer of the proposed action and the Issuer shall not have withheld consent or provided an alternative direction. For the purpose of the preceding sentence, "non-ministerial matters" shall include, without limitation:

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Calculation Agents], successor Administrators or successor Servicers, or the consent to the assignment by the Note Registrar, the Paying Agent, [the Calculation Agent] or the Indenture Trustee of its obligations under the Indenture; 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;(C) the removal 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;(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 [or Certificateholders] under the Transaction Documents, (y) except as provided in the Transaction Documents, sell the Trust Estate or (z) take any other action that the Issuer directs the Administrator not to take on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Dissolution of Issuer</u>. Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer in accordance with Section 9.2 of the Trust Agreement.

&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 Issuer, the Transferor and the Indenture Trustee at any time during normal business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation; Payment of Fees and Expenses</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 $[5,000] annually, which shall be solely an obligation of the Servicer. The Administrator shall pay all expenses incurred by it in connection with its activities hereunder.

&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 Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or to represent the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuer.

&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 Issuer 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 the Administrator or the Issuer or (iii) shall be deemed to confer on the Administrator or the Issuer any express, implied or apparent authority to incur any obligation or liability on behalf of the other.

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&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 Issuer, the Owner Trustee or the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties of the Administrator</u>. The Administrator represents and warrants to the Issuer 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;(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 or affect the enforceability or collectibility of the Receivables or any other part of the Collateral.

&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;(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 have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Collateral or 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;(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 corporations from time to time in effect or by general principles of equity.

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&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;(a) Subject to <u>clause (d)</u> below, the Administrator may resign its duties hereunder by providing the Issuer 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;(b) Subject to <u>clauses (d)</u> and <u>(e)</u> below and <u>Section</u> <u>3.15</u> of the Indenture, the Issuer 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;(c) The occurrence of any one of the following events (each, an "<u>Administrator Replacement Event</u>") shall also entitle the Issuer, subject to <u>Section</u> <u>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;(i) 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 Issuer or the Noteholders, and which continues unremedied for [ninety (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 Note Balance of the Outstanding Notes; 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;(ii) the Administrator suffers a Bankruptcy Event;

*provided*, *however*, that a delay in or failure of performance referred to under <u>clause (i)</u> above for a period of [one hundred fifty (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;(d) If an Administrator Replacement Event shall have occurred, the Issuer may, subject to <u>Section</u> <u>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; *provided*, *however*, that such termination shall not become effective until such time as the Issuer, subject to <u>Section</u> <u>19</u> hereof, shall have appointed a successor Administrator in the manner set forth below. Upon any such termination or upon a resignation of the Administrator in accordance with <u>Section</u> <u>8(a)</u> hereof, 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 Issuer, subject to <u>Section</u> <u>19</u> hereof, pursuant to a management agreement between the Issuer 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 Issuer to the new Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Issuer, subject to <u>Section</u> <u>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;9. <u>Action upon Termination, Removal or Resignation</u>. Promptly upon the effective date of the termination, or the removal or resignation of the Administrator pursuant to <u>Section</u> <u>8</u>, the Administrator shall be entitled to be paid by the Servicer all fees accruing to it to the date of such termination, removal or resignation.

&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;11. <u>Notices</u>. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as specified on Schedule III to the SUBI Sale Agreement, or at such other address as shall be designated by any of the specified addressees 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.

&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;(a) Any term or provision of this Agreement may be amended by the Administrator without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Administrator delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Administrator delivers an Officer's Certificate of the Administrator to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the 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;(iii) the Rating Agency Condition is satisfied with respect to such amendment and the Administrator notifies the Indenture Trustee in writing that 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;(b) This Agreement may also be amended from time to time by the Issuer, the Administrator and the Indenture Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate Note Balance of the Outstanding Notes,

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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. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any term or provision of this Agreement may also be amended from time to time by the Administrator for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or the Certificates, without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person; provided, however, that the Administrator shall provide written notification of the substance of such amendment to the Indenture Trustee and the Owner Trustee and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to the Indenture Trustee and the Owner Trustee.

&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 pursuant to this <u>Section</u> <u>12</u>, the Administrator shall provide written notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Administrator shall furnish a copy of such amendment to each Rating Agency, the Owner Trustee and the Indenture Trustee; *provided*, that no amendment pursuant to this <u>Section</u> <u>12</u> shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed).

&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 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. 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 or immunities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law; Submission to Jurisdiction; Waiver of Jury Trial</u>.

&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, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES** 

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 **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;(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;(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;(ii) consents that any such action or proceeding may be brought and maintained 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;(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</u> <u>11</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;&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; 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;(v) **to the extent permitted by applicable law, each party hereto 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.**

&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;15. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, including in counterparts executed via electronic signature, 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. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <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

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thereof, superseding all prior oral and written understandings. There are no unwritten agreements among the parties hereto with respect to the transactions described in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <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;18. <u>Not Applicable to PFS in Other Capacities; Merger of Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement shall affect any obligation PFS may have in any other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any entity into which PFS may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger, sale, transfer, conversion or consolidation to which PFS shall be a party, or any entity succeeding to the business of PFS shall be the successor to PFS under this Agreement, shall be the successor to PFS under this Agreement, in each case, without the execution or filing of any additional paper or any further act on the part of any of the parties hereto. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <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 <u>Section</u> <u>6.10</u> of 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;20. <u>Assignment</u>. Each party hereto hereby acknowledges and consents to the mortgage, pledge, assignment and Grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuer'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 will have the right to exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement pursuant to the Grant of such security interest in the event the Issuer shall fail to exercise the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Nonpetition Covenant</u>. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any 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,

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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, its creditors generally, 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, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction; *provided*, *however*, that the foregoing shall not prevent the Indenture Trustee from filing a proof of claim in any such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Limitation of Liability of Owner Trustee and Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is expressly understood and agreed by the parties that (i) this Agreement is executed and delivered on behalf of the Issuer by [ ], not individually or personally, but solely in its capacity as Owner Trustee, at the direction of the Depositor in the exercise of the powers and authority conferred and vested in it under the Trust Agreement, (ii) each of the representations, warranties, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, undertakings and agreements by [ ] but is made and intended for the purpose of binding only, and is binding only on the Issuer, (iii) nothing herein contained shall be construed as creating any liability on [ ], individually or personally or as Owner Trustee, to perform any covenant or obligation either expressed or implied contained herein of the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto, (iv) [ ] has made no and will make no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (v) under no circumstances shall [ ], be personally liable for the payment of any indebtedness, indemnity obligations or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents, as to all of which recourse shall be limited to the assets of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained herein to the contrary, this Agreement has been executed and delivered by [ ], not in its individual capacity but solely in its capacity as Indenture Trustee, and in no event shall [ ] in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto as to all of which recourse shall be had solely to the assets of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Each SUBI Separate; Assignees of SUBI</u>. Each party hereto acknowledges and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof, acknowledges and agrees) that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. Code</u> § 3801 <u>et</u> <u>seq</u>., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only and not against any Other SUBI Assets or the UTI Portfolio and

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(ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets, and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Delegation of Duties</u>. The Administrator may, at any time without notice or consent, delegate (a) any or all of its duties under the Transaction Documents to any of its Affiliates or (b) specific duties to sub-contractors or other professional services firms (including accountants, outside legal counsel or similar concerns) who are in the business of performing such duties; provided, that no such delegation shall relieve the Administrator of its responsibility with respect to such duties and the Administrator shall remain obligated hereunder as if the Administrator alone were performing such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Definitions; Other Interpretive Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such terms in <u>Appendix A</u> to the SUBI Sale Agreement dated as of the date hereof (as amended or modified from time to time, the "<u>SUBI Sale Agreement</u>") by and between Porsche Funding Limited Partnership, as seller, and Porsche Auto Funding LLC, as buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of this Agreement, unless the context otherwise requires: (i) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (ii) 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; (iii) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices 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; (iv)

11 *Administration Agreement* *(PILOT 20[ ]-[ ])*

------

the term "including" and all variations thereof means "including without limitation"; (v) except as otherwise expressly provided herein, 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; (vi) references to any Person include that Person's successors and assigns; (vii) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms; and (viii) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Electronic Signatures and Transmission</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Agreement that a document, including this Agreement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature by electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. <u>Indenture Trustee</u>. In acting hereunder, the Indenture Trustee shall have the rights, protections, immunities and indemnities granted to it under the Indenture.

[SIGNATURES ON NEXT PAGE]

12 *Administration Agreement* *(PILOT 20[ ]-[ ])*

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

---

| |
|:---|
| **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]** |
|  By: [ ], not in its individual capacity but solely as Owner Trustee |
| By: |
|  Name: |
|  Title: |

---

S-1 *Administration Agreement* *(PILOT 20[ ]-[ ])*

------

---

| |
|:---|
| **PORSCHE FINANCIAL SERVICES, INC.**, |
|  as Administrator |
| By: |
|  Name: |
|  Title: |
| By: |
|  Name: |
|  Title: |

---

S-2 *Administration Agreement* *(PILOT 20[ ]-[ ])*

------

---

| |
|:---|
|  [ ]**,** |
| not in its individual capacity but solely as Indenture Trustee |
| By: |
|  Name: |
|  Title: |

---

S-3 *Administration Agreement* *(PILOT 20[ ]-[ ])*

------

Joinder of Servicer:

PORSCHE FINANCIAL SERVICES, INC., as Servicer, joins in this Agreement solely for purposes of <u>Section</u> <u>3</u>.

---

| |
|:---|
| **PORSCHE FINANCIAL SERVICES, INC.**, |
|  as Servicer |
| By: |
|  Name: |
|  Title: |
| By: |
|  Name: |
|  Title: |

---

S-4 *Administration Agreement* *(PILOT 20[ ]-[ ])*

## Exhibit 10.4

**Exhibit 10.4** 

**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]** 

**FORM OF AMENDED AND RESTATED TRUST AGREEMENT** 

**between** 

**PORSCHE AUTO FUNDING LLC,** 

**as the Depositor,** 

**and** 

**[ ],** 

**as the Owner Trustee** 

**Dated as of [ ]** 

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**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1 | *Capitalized Terms* | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.2 | *Other Interpretive Provisions* | 1 |
| ARTICLE II ORGANIZATION | ARTICLE II ORGANIZATION | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1 | *Name* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2 | *Office* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3 | *Purposes and Powers* | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4 | *Appointment of the Owner Trustee* | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5 | *Declaration of Trust* | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6 | *Organizational Expenses; Liabilities of the Holders.* | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7 | *Title to the Trust Estate* | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8 | *Representations and Warranties of the Depositor* | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9 | *Situs of Issuer* | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10 | *[Covenants of the Certificateholder* | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11 | *[Federal Income Tax Allocations* | 5 |
| ARTICLE III CERTIFICATE AND TRANSFER OF CERTIFICATE | ARTICLE III CERTIFICATE AND TRANSFER OF CERTIFICATE | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1 | *Initial Ownership* | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2 | *Authentication of Certificate* | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3 | *Form of the Certificate* | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4 | *Registration of Certificates* | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5 | *Transfer of Certificate* | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.6 | *Lost, Stolen, Mutilated or Destroyed Certificates* | 8 |
| ARTICLE IV ACTIONS BY OWNER TRUSTEE | ARTICLE IV ACTIONS BY OWNER TRUSTEE | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1 | *Prior Notice to Certificateholder with Respect to Certain Matters* | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2 | *Action by Certificateholder with Respect to Certain Matters* | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3 | *Action by Certificateholder with Respect to Bankruptcy* | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4 | *Restrictions on Certificateholder's Power* | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.5 | *Majority Control* | 9 |
| ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES | ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1 | *Application of Trust Funds* | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2 | *Method of Payment* | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3 | *Signature on Returns* | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4 | *Tax Matters* | 10 |
| ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE | ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1 | *General Authority* | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2 | *General Duties* | 11 |

---

-i- *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3 | *Action upon Instruction* | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4 | *No Duties Except as Specified in this Agreement or in Instructions* | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5 | *No Action Except under Specified Documents or Instructions* | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6 | *Restrictions* | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7 | *Regulatory Investigations* | 13 |
| ARTICLE VII CONCERNING THE OWNER TRUSTEE | ARTICLE VII CONCERNING THE OWNER TRUSTEE | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1 | *Acceptance of Trusts and Duties* | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2 | *Furnishing of Documents* | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3 | *Representations and Warranties* | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4 | *Reliance; Advice of Counsel* | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5 | *Not Acting in Individual Capacity* | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6 | *The Owner Trustee May Own Notes* | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.7 | *Doing Business in Other Jurisdictions* | 16 |
| ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE | ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1 | *The Owner Trustee's Fees and Expenses* | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2 | *Indemnification* | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3 | *Payments to the Owner Trustee* | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4 | *Survival* | 18 |
| ARTICLE IX TERMINATION OF TRUST AGREEMENT | ARTICLE IX TERMINATION OF TRUST AGREEMENT | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1 | *Termination of Trust Agreement* | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2 | *Dissolution of the Issuer* | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3 | *Limitations on Termination* | 18 |
| ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES | ARTICLE X SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1 | *Eligibility Requirements for the Owner Trustee* | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2 | *Resignation or Removal of the Owner Trustee* | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3 | *Successor Owner Trustee* | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4 | *Merger or Consolidation of the Owner Trustee* | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5 | *Appointment of Co-Trustee or Separate Owner Trustee* | 21 |
| ARTICLE XI MISCELLANEOUS | ARTICLE XI MISCELLANEOUS | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1 | *Amendments* | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2 | *No Legal Title to Trust Estate in Certificateholder* | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3 | *Limitations on Rights of Others* | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4 | *Notices* | 23 |

---

-ii- *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

------

**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5 | *Severability* | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6 | *Separate Counterparts* | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7 | *Successors and Assigns* | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8 | *No Petition* | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.9 | *Headings* | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10 | *Governing Law* | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11 | *Each SUBI Separate; Assignees of SUBI* | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.12 | *Waiver of Jury Trial; Submission to Jurisdiction* | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.13 | *Information Requests* | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.14 | *Form 10-D and Form 10-K Filings* | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.15 | *Form 8-K Filings* | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.16 | *Anti-Money Laundering Laws* | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.17 | *Information Requests* | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.18 | *Information to Be Provided by the Owner Trustee* | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.19 | *Electronic Signatures and Transmission* | 29 |

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EXHIBIT A – Form of Certificate

-iii- *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

------

This **AMENDED AND RESTATED TRUST AGREEMENT** is made as of [ ] (as amended, restated, supplemented or otherwise modified and in effect from time to time, this "<u>Agreement</u>") between **PORSCHE AUTO FUNDING LLC**, a Delaware limited liability company, as the depositor (the "<u>Depositor</u>"), and [ ], a [ ] ("[ ]"), as the owner trustee (in such capacity, the "<u>Owner Trustee</u>").

**RECITALS** 

WHEREAS, the Depositor and the Owner Trustee entered into that certain Trust Agreement dated as of [ ] (the "<u>Original Trust Agreement</u>") and filed a certificate of trust with the Secretary of State of the State of Delaware, pursuant to which the Issuer (as defined below) was created; and

WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and restate the Original Trust Agreement;

NOW THEREFORE, IN CONSIDERATION of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

**ARTICLE I** 

**DEFINITIONS** 

SECTION 1.1 *Capitalized Terms*. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in <u>Appendix</u> <u>A</u> to the SUBI Sale Agreement dated as of the date hereof (as from time to time amended, restated, supplemented or otherwise modified and in effect, the "<u>SUBI Sale Agreement</u>") by and between Porsche Funding Limited Partnership, as seller, and the Depositor, as buyer, which also contains rules as to usage that are applicable herein.

SECTION 1.2 *Other Interpretive Provisions*. 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) 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; (b) 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; (c) 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; (d) the term "including" and all variations thereof means "including without limitation"; (e) 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; (f) references to any Person include that Person's successors and assigns; (g) unless the context otherwise requires, defined terms shall be equally applicable to

*Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

------

both the singular and plural forms; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

**ARTICLE II** 

**ORGANIZATION** 

SECTION 2.1 *Name*. The trust created under the Original Trust Agreement and continued hereby shall be known as "Porsche Innovative Lease Owner Trust 20[ ]-[ ]" (the "<u>Issuer</u>"), in which name the Owner Trustee, the Administrator or the Servicer (to the extent set forth in the Transaction Documents) may conduct the business of such trust, make and execute contracts and other instruments on behalf of such trust and sue and be sued.

SECTION 2.2 *Office*. The office of the Issuer shall be in care of the Owner Trustee at its Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholder, the Depositor and the Administrator.

SECTION 2.3 *Purposes and Powers*. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to issue the Notes pursuant to the Indenture and the Certificate pursuant to this Agreement, and to sell, transfer and exchange the Notes and the Certificate and to pay interest on and principal of the Notes and make distributions on the Certificate and to issue one or more promissory notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to acquire and hold the property and assets set forth in the SUBI Transfer Agreement from the Depositor pursuant to the terms thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to assign, Grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to hold, manage and distribute to the Certificateholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to enter into and perform its obligations under the Transaction Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to engage in other activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to compliance with the Transaction Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholder and payments to the Noteholders.

2 *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

------

Each of the Owner Trustee and the Administrator, as applicable, is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the Issuer nor any Person acting on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement, the other Transaction Documents or the Statutory Trust Statute.

SECTION 2.4 *Appointment of the Owner Trustee*. Upon the execution of this Agreement, the Owner Trustee shall continue as trustee of the Issuer, to have all the rights, powers and duties set forth herein. The Owner Trustee accepts such appointment.

SECTION 2.5 *Declaration of Trust*. 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 Certificateholder, subject to the obligations of the Issuer under the Transaction Documents. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the parties hereto that, for U.S. federal, state and local income and franchise tax purposes, so long as there is a single beneficial owner of the Certificate for U.S. federal income tax purposes, the Issuer will be disregarded as an entity separate from such beneficial owner and the Notes will be characterized as indebtedness. Further, the parties agree that in such case, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports or other forms consistent with the characterization of the Issuer as an entity separate from its beneficial owner. In the event that the Issuer is deemed to have more than one beneficial owner for U.S. federal income tax purposes, the Issuer will file returns, reports and other forms consistent with the characterization of the Issuer as a partnership (that is not treated as a publicly traded partnership), and this Agreement may be amended to include such provisions as may be required under Subchapter K of the Code. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the Secretary of State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Statute. Notwithstanding anything herein or in the Statutory Trust Statute to the contrary, it is the intention of the parties hereto that the Issuer constitute a "business trust" within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code.

SECTION 2.6 *Organizational Expenses; Liabilities of the Holders*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall pay the organizational expenses of the Issuer as they may arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Certificateholder (including the Depositor if the Depositor becomes a Certificateholder) shall have any personal liability for any liability or obligation of the Issuer.

SECTION 2.7 *Title to the Trust Estate*. Legal title to all the Trust Estate shall be vested at all times in the Issuer as a separate legal entity.

SECTION 2.8 *Representations and Warranties of the Depositor*. The Depositor hereby represents and warrants to the Owner Trustee that, as of the date hereof:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Existence and Power*. The Depositor is a limited liability company validly existing and in good standing under the laws of the State of Delaware and has, in all material respects, all power and authority required to carry on its business as now conducted. The Depositor 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 Depositor to perform its obligations under the Transaction Documents and the Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Authorization and No Contravention*. The execution, delivery and performance by the Depositor of each Transaction Document to which it is a party (i) have been duly authorized by all necessary action on the part of the Depositor and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations of such laws, rules, regulations, indenture or agreements 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 Depositor's ability to perform its obligations under, the Transaction Documents to which it is a party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Consent Required*. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the Depositor of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings which have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the ability of the Depositor to perform its obligations under the Transaction Documents to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Binding Effect*. Each Transaction Document to which the Depositor is a party and the Underwriting Agreement constitutes the legal, valid and binding obligation of the Depositor enforceable against the Depositor 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 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 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;(e) *No Proceedings*. 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) assert the invalidity or unenforceability of this Agreement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Depositor of its obligations under this Agreement or any of the other Transaction Documents or the collectibility or

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enforceability of the Transaction Units, or (iv) relate to the Depositor that would materially and adversely affect the U.S. federal or Applicable Tax State income, franchise or similar tax attributes of the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Regulatory Compliance*. The Depositor hereby covenants and agrees to take all action necessary from time to time to cause compliance by the Issuer with the CTA (if applicable to the Issuer) and any implementing regulations.

SECTION 2.9 *Situs of Issuer*. The Issuer shall be organized in the State of Delaware (it being understood that the Issuer may have bank accounts located and maintained outside of Delaware).

SECTION 2.10 *[Covenants of the Certificateholder*. Each Certificateholder, by becoming an owner of a Certificate and beneficial owner of the Issuer, hereby acknowledges and agrees (a) that the Certificateholder is subject to the terms, provisions and conditions of the Certificate and this Agreement, to which the Certificateholder agrees to be bound; and (b) that it shall not take any position in such Certificateholder's returns inconsistent with <u>Section</u> <u>2.5</u> herein and <u>Section</u> <u>2.14</u> of the Indenture.]

SECTION 2.11 *[Federal Income Tax Allocations*. If the Certificates have more than one beneficial owner for United States federal income tax purposes, then for United States federal income tax purposes each item of income, gain, loss, credit and deduction for a month shall be allocated to the Certificateholder as of the first Record Date following the end of such month in proportion to their percentage interests on such Record Date. The Seller (or the Administrator in accordance with the Administration Agreement and <u>Section</u> <u>5.4</u>) is authorized, in its sole discretion, (i) to modify the allocations in this paragraph if necessary or appropriate for the allocations to fairly reflect the economic income, gain or loss to the Certificateholder or otherwise comply with the requirements of the Code and (ii) to determine whether or not to make any available tax elections such as an election under Section 1278 or 754 of the Code.]

**ARTICLE III** 

**CERTIFICATE AND TRANSFER OF CERTIFICATE** 

SECTION 3.1 *Initial Ownership*. Upon the formation of the Issuer and until the issuance of the Certificate, the Depositor shall be the sole beneficiary of the Issuer; and upon the issuance of the Certificate, the Depositor will no longer be a beneficiary of the Issuer, except to the extent that the Depositor is the Certificateholder.

SECTION 3.2 *Authentication of Certificate*. Concurrently with the sale of the Transaction SUBI Certificate and the beneficial interest in the Transaction SUBI represented thereby to the Issuer pursuant to the SUBI Transfer Agreement, the Owner Trustee shall cause the Certificate to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Depositor, signed by its chairman of the board, its president, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Depositor. The Certificate shall represent 100% of the beneficial interest in the Issuer and shall be fully-paid and nonassessable.

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SECTION 3.3 *Form of the Certificate*. The Certificate, upon issuance, will be issued in the form of a typewritten Certificate, substantially in the form of <u>Exhibit A</u> hereto, representing a definitive Certificate and shall be registered in the name of "[Porsche Auto Funding LLC]" as the initial registered owner thereof. The Owner Trustee shall execute and authenticate, or cause to be authenticated, the definitive Certificate in accordance with the instructions of the Depositor.

SECTION 3.4 *Registration of Certificates*. The Owner Trustee shall maintain at its office referred to in <u>Section</u> <u>2.2</u>, or at the office of any agent appointed by it and approved in writing by the Certificateholder at the time of such appointment, a register (the "<u>Certificate Register</u>") for the registration and transfer of the Certificate. The Owner Trustee shall deliver a copy of the Certificate Register to the Indenture Trustee within five (5) Business Days of written request thereof.

SECTION 3.5 *Transfer of Certificate*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Certificateholder may assign, convey or otherwise transfer all or any of its right, title and interest in the Certificate; *provided*, that (i) the Owner Trustee and the Issuer receive an Opinion of Counsel stating that, in the opinion of such counsel, such transfer will not cause the Issuer to be treated as an association or publicly traded partnership, in each case, taxable as a corporation for United States federal income tax purposes and (ii) the Certificate may not be acquired by or for the account of or with the assets of a Benefit Plan or any Plan that is subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the Code ("<u>Similar Law</u>"). By acquiring and holding a Certificate (or any interest therein), the holder thereof shall be deemed to have represented and warranted that it is not, and is not acquiring or holding the Certificate (or any interest therein) on behalf of, or with the assets of, a Benefit Plan or a Plan that is subject to Similar Law. The Owner Trustee shall have no duty to independently determine that the requirement in (ii) above is met and shall incur no liability to any person in the event the holder of the Certificate does not comply with such restrictions. Subject to the transfer restrictions contained herein and in the Certificate, the Certificateholder may transfer all or any portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee accompanied by the documents required by this Section. Such transfer may be made by the registered Certificateholder in person or by such Certificateholder's attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied at its Corporate Trust Office designated for such purpose by a written instrument of transfer and with such other documentation, signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee, the Depositor or the Administrator may reasonably require to comply with applicable law, including, without limitation, Anti-Money Laundering Laws and Applicable KYC Laws. Promptly upon the receipt of such documents and receipt by the Owner Trustee of the transferor's Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver to such Certificateholder a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a new Certificate evidencing such transferor's new percentage of beneficial interest in the Issuer. Subsequent to a transfer and upon the

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issuance of the new Certificate or Certificates, the Owner Trustee shall notify the Indenture Trustee of such transfer, the name and address of the transferee, and cancel and destroy the Certificate surrendered to it in connection with such transfer. The Owner Trustee may treat, for all purposes whatsoever, the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate, and neither the Owner Trustee, nor any agent of the Owner Trustee shall be affected by notice to the contrary. No transfer of all or any part of a Certificateholder's interest (or any economic interest therein) shall be made to any transferee other than a U.S. Tax Person. Further, in the event of any transfer of a Certificate, the transferor shall deliver to any transferee an IRS Form W-9 (or applicable successor form) certifying that it is a U.S. Tax Person if so required in order to avoid withholding under Section 1446(f) of the Code or related regulations or Internal Revenue Service guidance (together with any other appropriate certifications or documentation required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As a condition precedent to any registration of transfer under this <u>Section</u> <u>3.5</u>, the Owner Trustee may require the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless each of the transferor and the transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein including, but not limited to <u>clauses</u> <u>(d)</u> and <u>(e)</u> of this <u>Section</u> <u>3.5</u>. The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No transfer (or purported transfer) of all or any part of a Certificateholder's interest (or any economic interest therein), whether to another Certificateholder or to a person who is not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void <u>ab</u> <u>initio</u>, and no person shall otherwise become a Certificateholder if, after such transfer (or purported transfer), the Issuer would have more than 95 direct or indirect holders of an interest in the Certificates. For purposes of determining whether the Issuer will have more than 95 direct or indirect holders of an interest in the Certificates, each Person indirectly owning an interest through a partnership (including any entity treated as a partnership for federal income tax purposes), a grantor trust or an S Corporation (within the meaning of Section 1361(a)(1) of the Code) for U.S. federal income tax purposes (or an entity disregarded as separate from any of the foregoing) (each such entity, a "<u>flow-through entity</u>") shall be treated as a Certificateholder unless the Depositor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner's interest in the flow-through entity is attributable to the flow-through entity's interest (direct or indirect) in the Issuer. Each Certificateholder (or indirect holder on whose behalf any Certificates are held) shall notify the Administrator of any changes in ownership, and the Administrator shall monitor the number of direct and indirect holders for purposes of this <u>clause (d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No transfer shall be permitted if the same is effected through an established securities market or secondary market (or the substantial equivalent thereof)

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within the meaning of Section 7704 of the Code or would make the Issuer ineligible for "safe harbor" treatment under Section 7704 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that the Depositor (or an Affiliate of the Depositor that owns any Certificates) intends to transfer any of the Certificates to a third party, the parties to this Agreement will amend this Agreement as necessary to prevent any application of the Treasury Regulations under Section 385 of the Code (including any subsequent or successor provision) that would result in the recharacterization of any of the Notes as equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon the effectiveness of any transfer, the Certificate Registrar shall deliver a copy of the Certificate Register to the Indenture Trustee.

SECTION 3.6 *Lost, Stolen, Mutilated or Destroyed Certificates.* If (i) any mutilated Certificate is surrendered to the Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that the Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity as may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this <u>Section</u> <u>3.6</u>, the Issuer or Owner Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner Trustee) connected therewith. Any duplicate Certificate issued pursuant to this <u>Section</u> <u>3.6</u> shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

**ARTICLE IV** 

**ACTIONS BY OWNER TRUSTEE** 

SECTION 4.1 *Prior Notice to Certificateholder with Respect to Certain Matters*. With respect to the following matters, the Owner Trustee shall not take action, and the Depositor shall not direct the Owner Trustee to take any action, unless at least ten (10) days before the taking of such action (or such shorter notice acceptable to the Certificateholder), the Owner Trustee shall have notified the Certificateholder in writing of the proposed action and the Certificateholder shall not have notified the Owner Trustee in writing prior to the tenth (10<sup>th</sup>) day (or such shorter notice acceptable to the Certificateholder) after such notice is given that the Certificateholder has withheld consent or provided alternative direction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

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&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 not required and such amendment materially adversely affects the interests of the Certificateholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amendment, change or modification of the SUBI Transfer Agreement or the Administration Agreement, except to cure any ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable.

SECTION 4.2 *Action by Certificateholder with Respect to Certain Matters*. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholder, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to <u>Section</u> <u>8</u> thereof or (c) appoint a successor Administrator pursuant to <u>Section</u> <u>8</u> of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder.

SECTION 4.3 *Action by Certificateholder with Respect to Bankruptcy*. To the fullest extent permitted by law, the Owner Trustee shall not have the power to commence a voluntary Proceeding in bankruptcy relating to the Issuer until one year and one day after the Note Balance that is Outstanding of all the Notes has been reduced to zero without the prior written approval of the Certificateholder and the delivery to the Owner Trustee by the Certificateholder of a certificate certifying that the Certificateholder reasonably believes that the Issuer is insolvent.

SECTION 4.4 *Restrictions on Certificateholder's Power*. The Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to (i) any obligation of the Issuer or the Owner Trustee under this Agreement or any of the Transaction Documents, (ii) <u>Section</u> <u>2.3</u> or (iii) applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given.

SECTION 4.5 *Majority Control*. To the extent that there is more than one Certificateholder, any action which may be taken or consent or instructions which may be given by the Certificateholder under this Agreement may be taken by the Certificateholder holding in the aggregate a percentage of the beneficial interest in the Issuer equal to more than 50% of the beneficial interest in the Issuer at the time of such action.

**ARTICLE V** 

**APPLICATION OF TRUST FUNDS; CERTAIN DUTIES** 

SECTION 5.1 *Application of Trust Funds*. Distributions on the Certificate shall be made by the Indenture Trustee in accordance with the provisions of the Indenture. Subject to the lien of the Indenture, the Owner Trustee shall promptly distribute to the Certificateholder all other amounts (if any) received by the Issuer or the Owner Trustee in respect of the Trust Estate. After

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the Indenture has been discharged with respect to the Collateral, the Owner Trustee shall distribute all amounts received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the written direction of the Certificateholder.

SECTION 5.2 *Method of Payment*. Subject to the Indenture, distributions required to be made to the Certificateholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the Certificateholder pursuant to this Agreement or any other Transaction Document shall be made to the Certificateholder by wire transfer, in immediately available funds, to the account of the Certificateholder designated by the Certificateholder to the Owner Trustee and Indenture Trustee in writing.

SECTION 5.3 *Signature on Returns*. Subject to <u>Section</u> <u>2.5</u>, the Certificateholder shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee at the written direction of the Certificateholder.

SECTION 5.4 *Tax Matters*. In the event the Issuer is treated as a partnership for U.S. federal income tax purposes, the Administrator shall have the right to designate a "partnership representative" or designated individual within the meaning of Section 6223 of the Code (and any regulations thereunder or corresponding provision of state law) and make any elections or determinations in its discretion under Subchapter K of the Code and otherwise for U.S. federal and other tax purposes.

**ARTICLE VI** 

**AUTHORITY AND DUTIES OF OWNER TRUSTEE** 

SECTION 6.1 *General Authority*. The Owner Trustee is authorized and directed to execute and deliver on behalf of the Issuer the Transaction Documents to which the Issuer is named as a party, and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer or the Owner Trustee is named as a party and any amendment thereto, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee's execution thereof, and the Owner Trustee is further authorized, at the written direction of the Depositor, to execute on behalf of the Issuer and to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal amount of $[ ], Class A-2[a] Notes in the aggregate principal amount of $[ ], [Class A-2b Notes in the aggregate principal amount of $[ ],] Class A-3 Notes in the aggregate principal amount of $[ ], [and] [,] Class A-4 Notes in the aggregate principal amount of $[ ] [and Class B Notes in the aggregate principal amount of $[ ]]. In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such action as the Depositor or the Administrator directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Certificateholder for such action, and the Owner Trustee shall not be liable to any Person for any action or inaction taken pursuant to such direction.

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SECTION 6.2 *General Duties*. 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 the other Transaction Documents and to administer the Issuer for the benefit of the Certificateholder, subject to the terms of the Transaction Documents, and in accordance with the provisions of this Agreement and the other Transaction Documents. 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 Issuer or the Owner Trustee hereunder or under any other Transaction Document. The Owner Trustee shall not be liable for the default or failure of the Administrator or any other Person to carry out its obligations under the Administration Agreement or any other Transaction Documents, and the Owner Trustee shall have no duty to monitor and shall not be liable for the performance of the Administrator or any other Person under the Administration Agreement or any other Transaction Document. The Owner Trustee shall have no obligation to administer, service or collect the Transaction Units or the Transaction SUBI or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Transaction Units or the Transaction SUBI. The Owner Trustee shall not be required to perform any of the obligations of the Issuer under any Transaction Document that are required to be performed by PFS, PFLP, the Servicer, the Depositor, the Administrator or the Indenture Trustee.

SECTION 6.3 *Action upon Instruction*.

&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 Transaction Documents, the Certificateholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholder pursuant to <u>Article IV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>7.1</u>, the Owner Trustee shall not be required to take any action hereunder or under any other Transaction Document if the Owner Trustee shall have reasonably determined or 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 other Transaction Document or is otherwise contrary to law.

&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 any other Transaction Document or is unsure as to the application of any provision of this Agreement or any other Transaction Document 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 shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction as to the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Certificateholder received, the Owner Trustee shall not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such

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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 other Transaction Documents, as it shall deem to be in the best interests of the Certificateholder, 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;(d) The Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation, at the request, order or direction of the Certificateholder or any other Person, unless such Certificateholder or such Person has offered to the Owner Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by the Owner Trustee (including, without limitation, the reasonable fees and expenses of its counsel) therein or thereby, including such advances as the Owner Trustee shall reasonably request.

SECTION 6.4 *No Duties Except as Specified in this Agreement or in Instructions*. 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, any document contemplated hereby to which the Issuer or the Owner Trustee 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</u> <u>6.3</u>; and no implied duties (including fiduciary duties arising at law or in equity) or obligations shall be read into this Agreement or any other Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing statement, continuation statement or financing statement amendment in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it or the Issuer hereunder or under any other Transaction Document, or to prepare or file any filing or report with the Commission (including any filings required under the Sarbanes-Oxley Act) or pursuant to any other securities law, or to prepare or file any license, qualification to do business, tax, regulatory or other filing or reports for the Issuer, or to monitor or enforce the satisfaction of any risk retention, insurance, CTA or other regulatory requirements applicable to the Issuer, its assets or its beneficial owners, or to record this Agreement or any other Transaction Document. To the extent that, at law or in equity, the Owner Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Issuer or the Certificateholder, it is hereby understood and agreed by the other parties hereto that all such duties and liabilities are hereby eliminated and replaced by the duties and liabilities of the Owner Trustee expressly set forth in this Agreement and the Statutory Trust Statute. The Owner Trustee nevertheless agrees that it will, at its own cost and expense, 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 that are not related to the ownership or the administration of the Trust Estate. The Owner Trustee shall have no responsibility or liability for or with respect to the genuineness, value, sufficiency or validity of the Trust Estate.

SECTION 6.5 *No Action Except under Specified Documents or Instructions*. 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

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Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to <u>Section</u> <u>6.3</u>.

SECTION 6.6 *Restrictions*. The Owner Trustee shall not, nor shall Depositor direct the Owner Trustee to, take any action (a) that is inconsistent with the purposes of the Issuer set forth in <u>Section</u> <u>2.3</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, state and local income and franchise tax purposes or (ii) cause the Issuer or any portion thereof to be treated as an association or publicly traded partnership, in each case, taxable as a corporation for U.S. federal, state and local income and franchise tax purposes. None of the Certificateholder, the Depositor or the Administrator shall direct the Owner Trustee to take action that would violate the provisions of this <u>Section</u> <u>6.6</u>.

SECTION 6.7 *Regulatory Investigations*. It shall be the duty and responsibility of the Administrator (and not the Owner Trustee) to cause the Issuer to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating in any way to the Issuer, its assets or the conduct of its business.

**ARTICLE VII** 

**CONCERNING THE OWNER TRUSTEE** 

SECTION 7.1 *Acceptance of Trusts and Duties*. 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 moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this Agreement. The Owner Trustee shall not be personally liable or accountable hereunder or under any other Transaction Document under any circumstances notwithstanding anything herein or in the Transaction Documents to the contrary, except (i) for its own willful misconduct or gross negligence in the performance of its express duties under this Agreement, (ii) in the case of the inaccuracy of any representation or warranty contained in <u>Section</u> <u>7.3</u> expressly made by the Owner Trustee, in its individual capacity or (iii) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. In particular, but not by way of limitation of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Owner Trustee shall not be personally liable for any error of judgment made by any of its officers or employees or for acts or omissions believed, in good faith, to be authorized or within its powers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no provision of this Agreement shall require the Owner Trustee to expend or risk its personal funds or otherwise incur any financial liability in the exercise of its rights or powers hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) under no circumstances shall the Owner Trustee be personally liable for any representation, warranty, covenant, obligation or indebtedness of the Issuer;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in no event shall the Owner Trustee be liable for any damages in the nature of special, punitive, indirect, incidental or consequential damages, however styled, including without limitation, lost profits, or for any losses or the Owner Trustee's non-performance due to forces beyond the control of the Owner Trustee including, without limitation, another party's failure to perform, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, insurrection, revolution, nuclear or natural catastrophes, acts of God, government shelter in place orders, pandemics, epidemics and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services provided to the Owner Trustee by third parties; it being understood that the Owner Trustee shall use reasonable efforts which are consistent with accepted practice 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;(e) the Owner Trustee shall not be personally liable for the default or misconduct of the Issuer, the Depositor, the Administrator, the Servicer, any document custodian or any other Person hereunder or under any other Transaction Document, nor shall the Owner Trustee be liable for any delay in the performance or failure to perform its duties if such failure is a result of another party failing to perform their responsibilities, and the Owner Trustee shall have no obligation or personal liability to monitor or perform the obligations of the Issuer, the Depositor, the Administrator, the Servicer, any document custodian or any other Person hereunder or under any other Transaction Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Owner Trustee shall not be personally responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by any Person other than the Owner Trustee.

SECTION 7.2 *Furnishing of Documents*. The Owner Trustee shall furnish to the Certificateholder promptly upon receipt of a written request therefor, 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.

SECTION 7.3 *Representations and Warranties*. The Owner Trustee hereby represents and warrants to the Depositor for the benefit of the Certificateholder, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a national banking association validly existing under the federal laws of 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;(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;(c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of

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the rights of creditors of banks generally and to equitable limitations on the availability of specific remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 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, or constitute any default under its charter documents or by-laws.

SECTION 7.4 *Reliance; Advice of Counsel*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Owner Trustee shall incur no personal liability to anyone in acting upon any signature, instrument, notice, resolution, instruction, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be genuine and signed by the proper party or parties and need not investigate any fact or matter stated therein, including verifying the correctness of any numbers or calculations. 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 the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof conclusively rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other Authorized Officers of the relevant party, 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. Prior to taking or refraining from taking any action, the Owner Trustee may request and will be entitled to receive an officer's certificate or opinion of counsel and will not be liable for any acts or omissions taken in good faith reliance thereon.

&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 other Transaction Documents, the Owner Trustee (i) may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, but the Owner Trustee shall not be personally liable for the conduct or misconduct of such agents, custodians, nominees (including persons acting under a power of attorney) or attorneys selected with reasonable care and (ii) may consult with counsel, accountants, experts and other skilled persons knowledgeable in the relevant area to be selected with reasonable care and employed by it at the expense of the Issuer. Any action taken or declined to be taken by the Owner Trustee in reliance on such advice shall be deemed to be duly authorized, and the Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it in accordance with the written opinion or advice of any such counsel, accountants, experts or other such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owner Trustee will not be deemed to have notice or knowledge of, and shall not be required to act upon (including sending any notice), any fact or event (including without limitation any Default, Event of Default or breach of representation or warranty

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under any Transaction Document) unless a Responsible Officer of the Owner Trustee has actual knowledge thereof and written notice of such fact or event is received by a Responsible Officer of the Owner Trustee and such notice references the Issuer or this Agreement and the fact or event. Absent written notice in accordance with this <u>Section</u> <u>7.4(c)</u>, the Owner Trustee may conclusively assume that no such fact or event has occurred. The Owner Trustee shall have no duty to inquire into, investigate or take any action to determine whether any event (including any Default, Event of Default or breach representation or warranty) has in fact occurred and shall have no duty to make any determination as to the materiality or effect of any fact, matter or event (including any Default, Event of Default or breach of representation or warranty).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Delivery of any reports, information or other documents to the Owner Trustee on behalf of the Issuer and any publicly available information does not constitute notice to the Owner Trustee and the Owner Trustee shall not be deemed to have actual or constructive knowledge of any information contained therein or determinable from information contained therein, including the Issuer's, the Depositor's, the Administrator's or any servicer's compliance with any covenants or obligations under the other Transaction Documents.

SECTION 7.5 *Not Acting in Individual Capacity*. Except as provided in this <u>Article VII</u>, in accepting the trusts hereby created, [ ] acts solely as the 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 other Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof.

SECTION 7.6 *The Owner Trustee May Own Notes*. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes. The Owner Trustee may deal with the Depositor, the Indenture Trustee, the Underwriters, the Administrator and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Depositor, the Indenture Trustee, the Underwriters, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates.

SECTION 7.7 *Doing Business in Other Jurisdictions*. Notwithstanding anything contained herein to the contrary, [ ] shall not be required to take any action if the taking of such action will (a) require the consent or approval or authorization or order of, or the giving of notice to, or the registration with, or the taking of any other action required by, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (b) 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 the State of Delaware becoming payable by [ ]; or (c) subject [ ] to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the consummation of the transactions by [ ] contemplated hereby. The Owner Trustee shall be entitled to obtain advice of counsel (at the expense of the Issuer) to determine whether any action required to be taken pursuant to this Agreement results in the consequences described in <u>clauses (a)</u>, <u>(b)</u> and <u>(c)</u> of the preceding sentence. In the event that said counsel advises the Owner Trustee that such

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action will result in such consequences, the Issuer will appoint an additional trustee pursuant to <u>Section</u> <u>10.5</u> hereof to proceed with such action.

**ARTICLE VIII** 

**COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE** 

SECTION 8.1 *The Owner Trustee's Fees and Expenses*. Compensation for all services rendered by the Owner Trustee under this Agreement (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) shall be paid to the Owner Trustee pursuant to Section 8.4(a) or Section 5.4(b) of the Indenture, as applicable (in either case to the extent of Available Funds available therefor), in accordance with the terms of an applicable fee letter. The Owner Trustee shall, upon its request and in accordance with an applicable fee letter, be reimbursed pursuant to Section 8.4(a) or Section 5.4(b) of the Indenture, as applicable (in either case to the extent of Available Funds available therefor), for all reasonable expenses, disbursements and advances incurred or made by the Owner Trustee in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents, experts and counsel as the Owner Trustee may employ in connection with the exercise, enforcement and performance of its rights and its duties hereunder or amendments or modifications hereto, including but not limited to expenses related to <u>Sections</u> <u>4.3</u> and <u>5.3</u> hereof), except any such expense that may be attributable to its willful misconduct or gross negligence (other than an error in judgment).

SECTION 8.2 *Indemnification*. The Owner Trustee in its individual capacity and as trustee and its successors, assigns, directors, officers, employees, experts, counsel and agents (the "<u>Indemnified Parties</u>") shall be indemnified, defended and held harmless by the Issuer from and against, any and all loss, liability, damage, expense, tax, penalty, claim, action, suit, arbitration, mediation, proceeding, cost, expense or disbursement, and legal fees and expenses (including court costs and reasonable legal fees and expenses in connection with the enforcement of the indemnification rights hereunder against the Issuer, the Administrator, the Depositor or the Servicer) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Owner Trustee, in its individual capacity and as trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the other Transaction Documents, the Trust Estate, the creation, operation, administration, and termination of the Issuer or the transactions contemplated hereby, the issuance of the Notes and Certificates, the application of any law, rule or regulation to the Issuer, its assets or its beneficiaries, the acts or omissions of the Issuer, Servicer, Administrator, Depositor or any other agent of the Issuer or the action or inaction of the Owner Trustee hereunder; *provided*, *however*, that neither the Issuer nor the Servicer shall be liable for or required to indemnify the Owner Trustee from and against (i) any of the foregoing expenses if determined by final order of a court of competent jurisdiction to be the result of (a) the Owner Trustee's own willful misconduct or gross negligence under this Agreement or (b) the inaccuracy of any representation or warranty contained in <u>Section</u> <u>7.3</u> expressly made by the Owner Trustee in its individual capacity, or (ii) income taxes or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee, in its individual capacity. Indemnification amounts payable hereunder shall be paid pursuant to Section 8.4(a) or Section 5.4(b) of the Indenture, as applicable (in either case to the extent of Available Funds available therefor). The Depositor shall cause the Servicer to indemnify the

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Indemnified Parties, jointly and severally with the Issuer, and to the extent not paid in full in accordance with the preceding sentence on or before the Payment Date following the end of the Collection Period that includes the thirtieth (30<sup>th</sup>) day after the request therefor, such indemnification shall be paid by the Servicer pursuant to Section 8.15 of the Transaction SUBI Servicing Supplement (without regard to such limitation). The provisions of this <u>Section</u> <u>8.2</u> shall survive the termination of this Agreement and the resignation or removal of the Owner Trustee.

SECTION 8.3 *Payments to the Owner Trustee*. Any amounts paid to the Owner Trustee pursuant to this <u>Article VIII</u> and the Transaction SUBI Servicing Supplement shall be deemed not to be a part of the Trust Estate immediately after such payment.

SECTION 8.4 *Survival*. The provisions of this <u>Article VIII</u> shall survive the resignation or removal of the Owner Trustee and the termination of this Agreement.

**ARTICLE IX** 

**TERMINATION OF TRUST AGREEMENT** 

SECTION 9.1 *Termination of Trust Agreement*. The Issuer shall wind-up and dissolve upon the written direction of the Certificateholder at any time after the discharge of the Indenture in accordance with <u>Article IV</u> of the Indenture, at which time this Agreement shall terminate (other than provisions hereof which by their terms survive termination). The bankruptcy, liquidation, dissolution, death or incapacity of the Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle the 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 Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto.

SECTION 9.2 *Dissolution of the Issuer*. Upon dissolution of the Issuer, the Administrator shall wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Statute. 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 is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuer and at the written direction of the Certificateholder, 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 Statute. The Owner Trustee, upon surrender of the outstanding Certificates, shall distribute the remaining Trust Estate (if any) in accordance with <u>Article V</u> hereof and, at the written direction and expense of the Certificateholder, 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 Statute, at which time the Issuer shall terminate and this Agreement (other than <u>Article VIII</u>) shall be of no further force or effect.

SECTION 9.3 *Limitations on Termination*. Except as provided in <u>Section</u> <u>9.1</u>, neither the Depositor nor the Certificateholder shall be entitled to revoke, dissolve or terminate the Issuer.

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**ARTICLE X** 

**SUCCESSOR OWNER TRUSTEES AND ADDITIONAL** 

**OWNER TRUSTEES** 

SECTION 10.1 *Eligibility Requirements for the Owner Trustee*. The Owner Trustee shall at all times be a bank (i) authorized to exercise corporate trust powers, (ii) having, or having a direct or indirect parent that has, a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such bank 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 corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust Statute. 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 immediately in the manner and with the effect specified in <u>Section</u> <u>10.2</u>.

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of <u>Section</u> <u>10.1</u> and shall fail to resign after written request therefor by the Depositor or 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 Depositor or the Administrator may remove the Owner Trustee. If the Depositor or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Depositor and the Administrator, acting jointly, 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, expenses and indemnities (including any attorneys' fees and other legal costs and expenses incurred in connection with any petition for appointment of a successor owner trustee) owed to the outgoing Owner Trustee.

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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</u> <u>10.3</u> and payment of all fees and expenses owed to the outgoing Owner Trustee. The Depositor shall provide (or shall cause to be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies.

SECTION 10.3 *Successor Owner Trustee*. Any successor Owner Trustee appointed pursuant to <u>Section</u> <u>10.2</u> shall execute, acknowledge and deliver to the Depositor, 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 the 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 Depositor 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</u> <u>10.1</u>.

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Depositor shall mail (or shall cause to be mailed) notice of the successor of the Owner Trustee to the Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Depositor shall fail to mail (or cause to be mailed) such notice within ten (10) days after acceptance of appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Depositor. Any successor Owner Trustee appointed pursuant to this <u>Section</u> <u>10.3</u> shall promptly file an amendment to the Certificate of Trust with the Secretary of State identifying the name and, the principal place of business of such successor Owner Trustee in the State of Delaware.

SECTION 10.4 *Merger or Consolidation of the Owner Trustee*. Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder; *provided,* that such Person shall be eligible pursuant to <u>Section</u> <u>10.1</u>; and *provided, further* that the Owner Trustee shall file an amendment to the Certificate of Trust of the Issuer, if required by applicable law, and mail notice of such merger or consolidation to the Depositor and the Administrator. The Owner Trustee shall provide the Administrator notice of any such transaction.

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SECTION 10.5 *Appointment of Co-Trustee or Separate Owner Trustee*. 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 may at the time be located, the Depositor 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 Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or 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 Estate, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Depositor and the Owner Trustee may consider necessary or desirable. If the Depositor shall not have joined in such appointment within fifteen (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 trustee pursuant to <u>Section</u> <u>10.1</u> and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to <u>Section</u> <u>10.3</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;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 Issuer 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Depositor and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

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 copies thereof given to the Depositor and the Administrator.

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Any separate trustee or co-trustee may at any time appoint the Owner 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 Agreement on its behalf and in its name. If any separate trustee or co-trustee shall 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 trustee. The Owner Trustee shall have no obligation to determine whether a co-trustee or separate trustee is legally required in any jurisdiction in which any part of the Trust Estate may be located.

**ARTICLE XI** 

**MISCELLANEOUS** 

SECTION 11.1 *Amendments*.

&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 Depositor and the Owner Trustee, without the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person subject to the satisfaction of one 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Depositor delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Depositor delivers an Officer's Certificate of the Depositor to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the 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;(iii) the Rating Agency Condition is satisfied with respect to such amendment and the Depositor notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment;

*provided*, that no amendment shall be effective which affects the rights, protections or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Depositor and the Owner Trustee, with the consent of the Holders of Notes evidencing not less than a majority of the aggregate Note Balance of the Outstanding Notes, 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. It will not be necessary to obtain the consent of the Noteholders to approve the particular form of any proposed amendment, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any term or provision of this Agreement may also be amended from time to time by the Depositor and the Owner Trustee (at the direction of the Administrator) for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or the Certificates, without the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person, <u>provided</u>, <u>however</u>, that the Depositor shall provide written notification of such amendment to the Indenture Trustee and promptly after execution of any such amendment, the Depositor shall furnish a copy of such amendment to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any such amendment, the Depositor shall provide written notification of the substance of such amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Depositor shall furnish a copy of such amendment to each Rating Agency, the Owner Trustee and the Indenture Trustee.

&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 Indenture Trustee and the Owner 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. The Indenture Trustee and the Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects the Indenture Trustee's or the Owner Trustee's own rights, duties or immunities under this Agreement.

SECTION 11.2 *No Legal Title to Trust Estate in Certificateholder*. The Certificateholder shall not have legal title to any part of the Trust Estate. The Certificateholder shall be entitled to receive distributions with respect to its undivided beneficial 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 Certificateholder to and in its 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 11.3 *Limitations on Rights of Others*. The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Administrator, the Certificateholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, 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 11.4 *Notices*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly specified or permitted by the terms hereof, all demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as specified on <u>Schedule III</u> to the SUBI Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties

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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.

&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 the Certificateholder shall be given by first-class mail, postage prepaid or by electronic transmission, at the address of the Certificateholder as shall be designated by such party in a written notice to each other party. Any notice to a Certificateholder mailed within the time and in the manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder shall receive such notice.

SECTION 11.5 *Severability*. 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 11.6 *Separate Counterparts*. 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 Agreement.

SECTION 11.7 *Successors and Assigns*. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the Owner Trustee and its successors and the Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Certificateholder shall bind the successors and assigns of the Certificateholder.

SECTION 11.8 *No Petition*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section</u> <u>4.3</u> of this Agreement, the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into this Agreement, the Depositor, the Certificateholder, by accepting the Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such party shall not authorize any 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, its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any proceeding against such

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Bankruptcy Remote Party under any bankruptcy, reorganization, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositor's obligations under this Agreement are obligations solely of the Depositor and will not constitute a claim against the Depositor to the extent that the Depositor does not have funds sufficient to make payment of such obligations. In furtherance of and not in derogation of the foregoing, each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby acknowledges and agrees that such Person has no right, title or interest in or to the Other Assets of the Depositor. To the extent that, notwithstanding the agreements and provisions contained in the preceding sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or Note Owner and the Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have any such interest, claim to, or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), then such Person further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full, which, under the terms of the relevant documents relating to the securitization or conveyance of such Other Assets, 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 Depositor), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement will be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each of the Owner Trustee (in its individual capacity and as the Owner Trustee), by entering into or accepting this Agreement, each Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner, by accepting the benefits of this Agreement, hereby further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section and the terms of this Section may be enforced by an action for specific performance. The provisions of this Section will be for the third party benefit of those entitled to rely thereon and will survive the termination of this Agreement.

SECTION 11.9 *Headings*. 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 11.10 *Governing Law*. **THIS AGREEMENT SHALL BE GOVERNED BY AND 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 HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS**.

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SECTION 11.11 *Each SUBI Separate; Assignees of SUBI.* The Owner Trustee (in its individual capacity and as the Owner Trustee), the Depositor, the Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this Agreement, hereby intends and agrees that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. Code</u> § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only, and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

SECTION 11.12 *Waiver of Jury Trial; Submission to Jurisdiction*. Each of the parties hereto herby irrevocably and unconditionally:

&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 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 Delaware, the courts of the United States of America for the District of Delaware and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such Proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any such court or that such 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;(c) agrees that service of process in any such Proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of

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mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>11.4</u> of this Agreement;

&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;(e) **to the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any 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 11.13 *Information Requests*. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Depositor or any of their Affiliates at the expense of the Servicer, the Issuer, 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, including without limitation any Anti-Money Laundering Laws.

SECTION 11.14 *Form 10-D and Form 10-K Filings*. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer (i) no later than the fifth (5<sup>th</sup>) Business Day of each calendar month, the Owner Trustee shall notify the Depositor of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the Depositor and (ii) no later than [ ] of each calendar year, commencing [ ], [ ], the Owner Trustee shall notify the Depositor in writing of any affiliations or relationships between the Owner Trustee and any Item 1119 Party; *provided*, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the notification in the prior calendar year.

SECTION 11.15 *Form 8-K Filings*. So long as the Depositor is filing Exchange Act Reports with respect to the Issuer, the Owner Trustee shall promptly notify the Depositor, but in no event later than one (1) Business Days after its occurrence, of any Reportable Event described in <u>clause (e)</u> of the definition thereof with respect to the Owner Trustee of which a Responsible Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in <u>clause (e)</u> of the definition thereof as to which the Depositor or the Servicer has actual knowledge). The Owner Trustee shall be deemed to have actual knowledge of any such event solely to the extent that it relates to the Owner Trustee in its individual capacity or any action taken by the Owner Trustee (and not by someone else on its behalf) under this Agreement.

SECTION 11.16 *Anti-Money Laundering Laws*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuer may impose additional transfer restrictions on the Certificates and the Owners to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "<u>PATRIOT Act</u>"), the National Defense Act for Fiscal Year 2021 and other similar laws or regulations (collectively, "<u>Anti-Money Laundering Laws</u>"), including requiring each transferee of a Certificate to make representations to the Issuer, the Depositor, the Administrator and the Owner Trustee, in connection with such compliance. For purposes of Anti-Money Laundering Laws, until a transfer

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of any Certificate occurs in compliance with the terms of this Agreement, (i) the Depositor is and shall be deemed to be the sole direct owner of the Issuer and (ii) one or more senior officers or other individuals affiliated with the Depositor are and shall be deemed to be the persons with the power and authority to exercise substantial control over the Issuer and after a transfer of any Certificate occurs in compliance with the terms of this Agreement (x) each Certificateholder is and shall be deemed to be a direct owner of the Issuer and (y) one or more senior officers or other individuals affiliated with the Certificateholder(s) are and shall be deemed to be persons with the power and authority to exercise substantial control over the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furthermore, in order to comply with 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 ("<u>Applicable KYC Law</u>"), the Owner Trustee is required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Owner Trustee, each Holder of a Certificate derived from or earned by such holder and each of the other parties hereto agrees to provide to each of the Owner Trustee upon its request from time to time such identifying information and documentation as may be available for such party in order to enable each of the Owner Trustee to comply with Applicable KYC Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The CTA may require the Issuer to file reports with the U.S. Financial Crimes Enforcement Network. It shall be the Administrator's duty and not the Owner Trustee's duty to prepare such filings, cause the Issuer to make such filings, and to cause the Issuer to comply with its obligations under the CTA, if any. The parties hereto, and each Certificateholder, by virtue of its acceptance of a Certificate, acknowledge and agree that, for purposes of the CTA, to the fullest extent permitted by law, (i) the Certificateholder is and shall be deemed to be the sole direct owner of the Issuer and (ii) one or more senior officers or other individuals affiliated with the Depositor or the Administrator are and shall be deemed to be persons with the power and authority to exercise substantial control over the Issuer.

SECTION 11.17 *Information Requests*. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Depositor or any of their Affiliates at the expense of the Servicer, the Issuer, 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, including without limitation any Anti-Money Laundering Laws.

SECTION 11.18 *Information to Be Provided by the Owner Trustee*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Owner Trustee shall provide the Depositor and the Servicer (each, a "<u>Reporting Party</u>" and, collectively, the "<u>Reporting Parties</u>") with (i) notification as soon as practicable and in any event within five (5) Business Days of all demands communicated to a Responsible Officer of the Owner Trustee for the reallocation of any Transaction Unit pursuant to <u>Section</u> <u>3.3</u> of the SUBI Sale Agreement and (ii) promptly upon written request by a Reporting Party, any other information reasonably requested by a Reporting Party that is in the Owner Trustee's possession and reasonably accessible to it to facilitate compliance by the Reporting Parties with Rule 15Ga-1 under the Exchange Act and Items 1104(e), 1117, 1118, 1119 and 1121(c) of Regulation AB. In no event shall the Owner Trustee and the applicable Reporting Party have (x) any responsibility or liability in connection with

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any filing required to be made by a securitizer under the Exchange Act or Regulation AB or with any Reporting Party's compliance with the Exchange Act or Regulation AB or (y) 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 the Transaction Documents or the transactions contemplated thereby. In no event shall the Owner Trustee be deemed to be a "securitizer" as defined in Section 15G(a)(1) of the Exchange Act with respect to the transactions contemplated by the Transaction Documents, nor shall it have (A) any responsibility for making any filing required to be made by a securitizer under the Exchange Act or Regulation AB, or (B) any duty or obligation to undertake any investigation or inquiry related to reallocation activity or otherwise to assume any additional duties or responsibilities in respect to the transactions contemplated by the Transaction Documents. For purposes of this section, a "demand" is limited to a demand for enforcement of a reallocation remedy received by the Owner Trustee. A demand does not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Owner Trustee shall, as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to any information regarding the Owner Trustee as is required for the purpose of compliance with Item 1117 of Regulation AB, provide to the Depositor, in writing, such updated information.

SECTION 11.19 *Electronic Signatures and Transmission*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. This Agreement, any documents to be delivered pursuant to this Agreement and any notices to be delivered to the Owner Trustee hereunder may be transmitted between the parties by e-mail to an e-mail address at which the recipient has consented to receive the same; provided that any instruction or notice to the Owner Trustee delivered by email shall not be deemed delivered until receipt of such email has been confirmed by the Owner Trustee. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to by an authorized individual on behalf of the party through the use of: (a) an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law; (b) an original manual signature; or (c) a faxed, scanned or photocopied manual signature. Each electronic signature or faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or

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sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties. The Owner Trustee shall be not liable for, and shall be indemnified and held harmless by the Issuer and the Servicer in accordance with <u>Section</u> <u>8.2</u> of this Agreement against any loss arising out of the use of electronic or digital signatures and electronic methods of submission with respect to this Agreement and any documents or notices delivered pursuant to this Agreement or the related documents, including the risk of the Owner Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Agreement that a document, including this Agreement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers hereunto duly authorized as of the day and year first above written.

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| |
|:---|
| [ ]**,** |
|  individually and as Owner Trustee |
|  By: |
|  Name: |
|  Title: |

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| |
|:---|
| **PORSCHE AUTO FUNDING LLC,**<br> as Depositor |
|  By: |
|  Name: |
|  Title: |
|  By: |
|  Name: |
|  Title: |

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EXHIBIT A

FORM OF CERTIFICATE

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| | |
|:---|:---|
| NUMBER | 100% BENEFICIAL INTEREST |

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R-[ ]

PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]

CERTIFICATE

Evidencing the 100% beneficial interest in all of the assets of the Issuer (as defined below) which includes the Transaction SUBI Certificate sold to the Issuer by the Depositor.

**(This Certificate does not represent an interest in or obligation of Porsche Auto Funding LLC, Porsche Financial Services, Inc., Porsche Funding Limited Partnership or any of their respective Affiliates, except to the extent described below.)** 

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE ACCOUNT OF OR WITH ANY 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>")) WHICH IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (B) A PLAN DESCRIBED BY SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), WHICH IS SUBJECT TO SECTION 4975 OF THE CODE, (C) ANY ENTITY OR ACCOUNT DEEMED TO HOLD THE PLAN ASSETS OF ANY OF THE FOREGOING BY REASON OF ANY EMPLOYEE BENEFIT PLAN'S OR A PLAN'S INVESTMENT IN SUCH ENTITY OR (D) ANY PLAN OR RETIREMENT ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("<u>SIMILAR LAW</u>").

THIS CERTIFIES THAT [ ] is the registered owner of a 100% nonassessable, fully-paid beneficial interest in certain distributions of PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>") formed by Porsche Auto Funding LLC, a Delaware limited liability company, as depositor (the "<u>Depositor</u>").

A-1 *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

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The Issuer was created pursuant to a Trust Agreement dated as of [ ] as amended and restated as of [ ] (as further amended, restated, supplemented or modified and in effect from time to time, the "<u>Trust Agreement</u>"), between the Depositor and [ ], as owner trustee (the "<u>Owner</u> <u>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 Appendix A to the SUBI Sale Agreement, dated as of [ ], between Porsche Funding Limited Partnership and the Depositor, as the same may be amended or supplemented from time to time.

This Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The provisions and conditions of the Trust Agreement are hereby incorporated by reference as though set forth in their entirety herein.

The holder of this Certificate acknowledges and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Indenture, the Sale and Servicing Agreement and the Trust Agreement, as applicable.

**THIS CERTIFICATE SHALL 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 HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** 

By accepting this Certificate, the Certificateholder hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by the Bankruptcy Remote Parties (i) such Person 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 Person 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.

By acquiring and holding this Certificate (or any interest herein), the holder hereof shall be deemed to have represented and warranted that it is not, and is not acquiring and will not hold this Certificate (or any interest herein) on behalf of, or with the assets of, a Benefit Plan or a Plan that is subject to Similar Law.

A-2 *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

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By accepting and holding this Certificate (or any interest therein), the holder hereof shall be deemed to have represented and warranted that it is a United States person under Section 7701(a)(30) of the Code.

It is the intention of the parties to the Trust Agreement that, for U.S. federal, state and local income and franchise tax purposes, (i) so long as there is a single beneficial owner of the Certificates for U.S. federal income tax purposes, the Issuer will be disregarded as an entity separate from such beneficial owner, and if there is more than one beneficial owner of the Certificates for U.S. federal income tax purposes, the Issuer will be treated as a partnership and (ii) the Notes will be characterized as indebtedness. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax treatment.

By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents the entire beneficial interest in the Issuer only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document.

The Certificateholder hereby intends and agrees that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. Code</u> § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only, and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

A-3 *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

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IN WITNESS WHEREOF, the Issuer has caused this Certificate to be duly executed.

Dated:<u> </u>

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| | |
|:---|:---|
| **PORSCHE INNOVATIVE LEASE<br>OWNER TRUST 20[ ]-[ ]** | **PORSCHE INNOVATIVE LEASE<br>OWNER TRUST 20[ ]-[ ]** |
|  By: | [ ], |
|  | not in its individual capacity,<br> but solely as Owner Trustee |
|  By: |  |
|  Name: |  |
|  Title: |  |

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A-4 *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

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OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Certificate referred to in the within-mentioned Trust Agreement.

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| | |
|:---|:---|
| [ ], | [ ], |
| not in its individual capacity,<br> but solely as Owner Trustee | not in its individual capacity,<br> but solely as Owner Trustee |
|  By: |  |
|  | Authenticating Agent |

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A-5 *Amended and Restated Trust Agreement* *(PILOT 20[ ]-[ ])*

## Exhibit 10.5

**Exhibit 10.5** 

**FORM OF ASSET REPRESENTATIONS REVIEW AGREEMENT** 

**among** 

**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ],** 

as Issuer,

**PORSCHE FINANCIAL SERVICES, INC.,** 

as Sponsor and Servicer

and

**[ ],** 

as Asset Representations Reviewer

Dated as of [ ]

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I USAGE AND DEFINITIONS | ARTICLE I USAGE AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | Usage and Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.2 | Additional Definitions | 2 |
|  ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER | ARTICLE II ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | Engagement; Acceptance | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2 | Confirmation of Scope | 3 |
|  ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS | ARTICLE III ASSET REPRESENTATIONS REVIEW PROCESS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | Review Notices | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | Identification of Subject Leases | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | Review Materials | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | Performance of Reviews | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.5 | Review Reports | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.6 | Limitations on Review Obligations | 5 |
|  ARTICLE IV ASSET REPRESENTATIONS REVIEWER | ARTICLE IV ASSET REPRESENTATIONS REVIEWER | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | Representations and Warranties | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | Covenants | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3 | Fees, Expenses and Indemnities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4 | Limitation on Liability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5 | Indemnification by Asset Representations Reviewer | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.6 | Indemnification of Asset Representations Reviewer | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.7 | Inspections of Asset Representations Reviewer | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.8 | Delegation of Obligations | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.9 | Confidential Information | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.10 | Personally Identifiable Information | 11 |
|  ARTICLE V RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER | ARTICLE V RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | Eligibility Requirements for Asset Representations Reviewer | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | Resignation and Removal of Asset Representations Reviewer | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | Successor Asset Representations Reviewer | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | Merger, Consolidation or Succession | 14 |
|  ARTICLE VI OTHER AGREEMENTS | ARTICLE VI OTHER AGREEMENTS | 15 |

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i

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | Independence of Asset Representations Reviewer | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | No Petition | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3 | Limitation of Liability of Owner Trustee | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4 | Termination of Agreement | 15 |
|  ARTICLE VII MISCELLANEOUS PROVISIONS | ARTICLE VII MISCELLANEOUS PROVISIONS | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | Amendments | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 | Assignment. | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 | Binding Effect; Third-Party Beneficiaries. | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 | Notices, Etc. | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.5 | Governing Law | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.6 | Headings | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.7 | Counterparts | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.8 | Waivers | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.9 | Entire Agreement | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.10 | Severability of Provisions | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.11 | Cumulative Remedies | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.12 | Submission to Jurisdiction; Waiver of Jury Trial | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.13 | Electronic Signatures and Transmission | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.14 | Merger or Consolidation | 19 |

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Schedule A – Representations and Warranties, Review Materials and Tests

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ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of , 20[ ] (this "<u>Agreement</u>"), among PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ], a Delaware statutory trust, as Issuer (the "<u>Issuer</u>"), PORSCHE FINANCIAL SERVICES, INC., a Delaware corporation ("<u>PFS</u>"), as Sponsor (in such capacity, the "<u>Sponsor</u>") and Servicer (in such capacity, the "<u>Servicer</u>"), and [_____], a [_____], as Asset Representations Reviewer (the "<u>Asset Representations Reviewer</u>").

WITNESSETH:

WHEREAS, in the regular course of business, motor vehicle centers or dealers in the Porsche network have assigned retail closed-end motor vehicle lease contracts and the related leased vehicles to Porsche Leasing Ltd., as origination trust (the "<u>Origination Trust</u>");

WHEREAS, in connection with a securitization transaction sponsored by PFS, the Origination Trust established a special unit of beneficial interest (the "<u>SUBI</u>") and allocated to the SUBI certain leases and related leased vehicles owned by the Origination Trust, which are represented by a SUBI certificate representing a beneficial interest in that SUBI (the "<u>20[ ]-[ ] SUBI Certificate</u>");

WHEREAS, the Origination Trust issued the 20[ ]-[ ] SUBI Certificate to Porsche Funding Limited Partnership ("<u>PFLP</u>"), as UTI Beneficiary, and PFLP transferred the 20[ ]-[ ] SUBI Certificate to Porsche Auto Funding LLC (the "<u>Transferor</u>"), which in turn transferred the 20[ ]-[ ] SUBI Certificate to the Issuer pursuant to a SUBI Transfer Agreement, in exchange for the Notes and Certificates issued by the Issuer;

WHEREAS, the Issuer has granted a security interest in the 20[ ]-[ ] SUBI Certificate to the Indenture Trustee, for the benefit of the Holders of Notes, as security for the Notes issued by the Issuer under the Indenture; and

WHEREAS, the Issuer desires to engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with the representations and warranties made with respect thereto;

NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration, and the mutual terms and conditions contained herein, the parties hereto agree as follows.

**ARTICLE I** 

**USAGE AND DEFINITIONS** 

Section 1.1 <u>Usage and Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definitions</u>. Except as otherwise defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the SUBI Sale Agreement, dated as of the date hereof (as from time to time amended, supplemented or otherwise modified and in effect, the "<u>SUBI Sale Agreement</u>") between PFLP and the Transferor, which also contains rules as to usage that are applicable herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Other Interpretive Provisions</u>. For purposes of this Agreement, unless the context otherwise requires: (a) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (b) 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; (c) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices 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; (d) the term "including" and all variations thereof means "including without limitation"; (e) except as otherwise expressly provided herein, 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; (f) references to any Person include that Person's successors and assigns; (g) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

Section 1.2 <u>Additional Definitions</u>. The following terms have the meanings given below:

"<u>Asset Review</u>" means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Subject Lease according to <u>Section 3.4</u>.

"<u>Confidential Information</u>" has the meaning set forth in <u>Section 4.9(b)</u>.

"<u>Information Recipients</u>" has the meaning set forth in <u>Section 4.9(a)</u>.

"<u>Issuer PII</u>" has the meaning set forth in <u>Section 4.10(a)</u>.

"<u>Personally Identifiable Information</u>" or "<u>PII</u>" has the meaning stated in <u>Section 4.10(a)</u>.

"<u>Review Fee</u>" has the meaning set forth in <u>Section 4.3(b)</u>.

"<u>Review Materials</u>" means, for an Asset Review and a Subject Lease, the documents and other materials for each Test listed under "Review Materials" in <u>Schedule A</u>.

"<u>Review Report</u>" means, for an Asset Review, the report of the Asset Representations Reviewer prepared in accordance with <u>Section 3.5</u>.

"<u>Test</u>" has the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Test Complete</u>" has the meaning set forth in <u>Section 3.4(c)</u>.

"<u>Test Fail</u>" has the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Test Incomplete</u>" has the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Test Pass</u>" has the meaning set forth in <u>Section 3.4(a)</u>.

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**ARTICLE II** 

**ENGAGEMENT OF ASSET REPRESENTATIONS REVIEWER** 

Section 2.1 <u>Engagement; Acceptance</u>. The Issuer hereby engages [ ] to act as the Asset Representations Reviewer for the Issuer. [ ] hereby accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement.

Section 2.2 <u>Confirmation of Scope</u>. The parties confirm that the Asset Representations Reviewer is not responsible for determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents.

**ARTICLE III** 

**ASSET REPRESENTATIONS REVIEW PROCESS** 

Section 3.1 <u>Review Notices</u>. On receipt of a review notice from the Indenture Trustee in accordance with Section 7.4 of the Indenture, the Asset Representations Reviewer will start an Asset Review. The Asset Representations Reviewer will have no obligation to start an Asset Review until a review notice is received.

Section 3.2 <u>Identification of Subject Leases</u>. Within [__] [Business Days][calendar days] after receipt of a review notice, the Servicer will deliver to the Asset Representations Reviewer a list of the Subject Leases.

Section 3.3 <u>Review Materials</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Access to Review Materials</u>. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Subject Leases within [__] [Business Days][calendar days] after receipt of the review notice in one or more of the following ways in the Servicer's reasonable discretion: (i) by electronic posting of Review Materials to a password-protected website to which the Asset Representations Reviewer has access, (ii) by providing originals or photocopies of documents relating to the Subject Leases at one of the properties of the Servicer or (iii) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove PII from the Review Materials so long as all information in the Review Materials necessary for the Asset Representations Reviewer to complete the Asset Review remains intact and unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Missing or Insufficient Review Materials</u>. 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 reasonably determines that any of the Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than [__] [Business Days][calendar days] before completing the review, and the Servicer will use reasonable efforts to provide the Asset Representations Reviewer access to such missing Review Materials or other documents or information to correct the insufficiency within [__] [Business Days][calendar days]. [If the missing or insufficient Review Materials have not been provided by the Servicer within [__] [Business Days][calendar days], the parties agree that the Subject Lease will have a Test Incomplete for the related Test(s) and the Review Report will indicate the reason for the Test Incomplete.]

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Section 3.4 <u>Performance of Reviews</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Test Procedures. For an Asset Review, the Asset Representations Reviewer will perform for each Subject Lease the procedures listed under "Tests" in <u>Schedule A</u> for each representation and warranty (each, a "<u>Test</u>"), using the Review Materials listed for each such Test in <u>Schedule A</u>. For each Test and Subject Lease, the Asset Representations Reviewer will determine in its reasonable judgment if the Test has been satisfied (a "<u>Test Pass</u>") or if the Test has not been satisfied (a "<u>Test Fail</u>"), or if the Test could not be concluded as a result of missing or incomplete Review Materials (a "<u>Test Incomplete</u>"). The Asset Representations Reviewer will use such determination for all Subject Leases that are subject to the same Test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Period</u>. The Asset Representations Reviewer will complete the Review of all of the Subject Leases within [__] [Business Days][calendar days] after receiving access to the Review Materials under <u>Section 3.3(a)</u>. However, if missing or additional Review Materials are provided to the Asset Representations Reviewer under <u>Section 3.3(b)</u>, the review period will be extended for an additional [__] [Business Days][calendar days].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Completion of Review for Certain Subject Leases</u>. Following the delivery of the list of the Subject Leases and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Subject Lease is paid in full by or on behalf of the Obligor or purchased from the Issuer by the Sponsor, the Depositor or the Servicer according to the applicable Transaction Document. On receipt of notice, the Asset Representations Reviewer will immediately terminate all Tests of such Leases and the Review of such Leases will be considered complete (a "<u>Test Complete</u>"). In this case, the Review Report will indicate a Test Complete for the Leases and the related reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Previously Reviewed Lease: Duplicative Tests</u>. If any Subject Lease was included in a prior Asset Review, the Asset Representations Reviewer will not perform the same Tests on it, but will include the results of the previous Tests in the Review Report for the current Asset Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Duplicative Tests</u>. If the same Test is required for more than one representation or warranty listed on <u>Schedule A</u>, the Asset Representations Reviewer will only perform the Test once for each Review Lease but will report the results of the Test for each applicable representation or warranty on the Review Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Termination of Review</u>. If an Asset Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than [__] [Business Days][calendar days] before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Asset Review immediately and will have no obligation to deliver a Review Report.

Section 3.5 <u>Review Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within [__] [Business Days][calendar days] after the end of the Asset Review period under <u>Section 3.4(b)</u>, the Asset Representations Reviewer will deliver to the Issuer, the Sponsor, the Servicer and the Indenture Trustee a Review Report indicating for each Subject Lease whether there was a Test Pass or a Test Fail for each Test, or whether the Subject Lease was a Test

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Complete and the related reason. The Review Report will contain a summary of the findings and conclusions of the Asset Representations Reviewer with respect to the Asset Review to be included in the Issuer'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 Issuer PII. On the reasonable request of the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, the Asset Representations Reviewer will provide additional details on the Test results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <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 Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, until the earlier of (i) payment in full of the Notes and (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will have no obligation to respond to questions or requests for clarification from Noteholders or any Person other than the Servicer or the Indenture Trustee, acting solely on behalf of the Noteholders, and will direct such Persons to submit written requests to the Servicer.

Section 3.6 <u>Limitations on Review Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Review Process Limitations</u>. The Asset Representations Reviewer will have no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to determine whether a Delinquency Trigger has occurred or whether the required percentage of Noteholders has voted to direct an Asset Review under the Indenture, and may rely on the information in any review notice delivered by the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to determine which Leases are subject to an Asset Review, and may rely on the lists of Subject Leases provided by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to obtain or confirm the validity of the Review Materials and no liability for any errors in the Review Materials and may rely on the accuracy and completeness of the Review Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to obtain missing or insufficient Review Materials from any party or any other source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to take any action or cause any other party to take any action under any of the Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Subject Leases.

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**ARTICLE IV** 

**ASSET REPRESENTATIONS REVIEWER** 

Section 4.1 <u>Representations and Warranties</u>. The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

&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 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;(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;(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 (A) conflict with, or be a breach or default under, any indenture, loan agreement, guarantee or other agreement or instrument under which the Asset Representations Reviewer is a debtor or guarantor, (B) result in the creation or imposition of any Lien on any of the properties or assets of the Asset Representations Reviewer under the terms of any indenture, loan agreement, guarantee or other agreement or instrument, (C) violate the organizational documents of the Asset Representations Reviewer or (D) violate any law or any 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 properties 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;(d) <u>No Proceedings</u>. There are no proceedings or investigations pending or, to the knowledge of the Asset Representations Reviewer, 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 (A) asserting the invalidity of this Agreement, (B) seeking to prevent the completion of the transactions contemplated by this Agreement or (C) 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Eligibility</u>. The Asset Representations Reviewer meets the eligibility requirements in <u>Section 5.1</u>, and will notify the Issuer and the Servicer promptly if it no longer meets, or reasonably expects that it will no longer meet, the eligibility requirements in <u>Section 5.1</u>.

Section 4.2 <u>Covenants</u>. The Asset Representations Reviewer covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Eligibility</u>. It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in <u>Section 5.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Systems; Personnel</u>. It 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 Subject 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 Asset Reviews as required by this Agreement.

&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 an Asset Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement or repayment of the Notes in full, whichever comes first.

Section 4.3 <u>Fees, Expenses and Indemnities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>[Monthly][Annual] Fee</u>. The Sponsor will pay the Asset Representations Reviewer, as compensation for agreeing to act as the Asset Representations Reviewer under this Agreement, [a monthly][an annual] fee equal to $[•]. The [monthly][annual] fee will be paid as agreed in <u>Section 4.3(d)</u> by the Sponsor until this Agreement is terminated; <u>provided</u>, that in the year in which all Notes are paid in full, the annual fee shall be reduced pro rata by an amount equal to the days of the year in which the Notes are no longer outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review Fee</u>. Following the completion of an Asset Review and the delivery to the Indenture Trustee, the Sponsor and the Servicer of the Review Report, or the termination of an Asset Review according to <u>Section 3.4(e)</u>, and the delivery to the Sponsor of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of [up to $[•] for each account containing a Subject Lease][$[•] per hour][insert any other rate agreed upon by the Asset Representations Reviewer and the Sponsor] (the "<u>Review Fee</u>"). However, no Review Fee will be charged for any Tests that were performed in a prior Asset Review or for any Asset Review in which no Tests were completed prior to the Asset Representations Reviewer being notified of a termination of the Asset Review in accordance with <u>Section 3.4(e)</u>. The Sponsor will pay the Review Fee to the Asset Representations Reviewer in accordance with the terms of <u>Section 4.3(d)</u> of this Agreement. If an Asset Review is terminated according to <u>Section 3.4(e)</u>, the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Asset Review no later than five Business Days before the final Payment Date to be reimbursed no later than the final Payment Date.

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&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 Sponsor will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Asset Review upon receipt of a detailed invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Payment of Fees and Indemnities</u>. The Asset Representations Reviewer shall submit reasonably detailed invoices to the Sponsor for any amounts owed to it under this Agreement. To the extent not paid by the Sponsor within [__] [Business Days][calendar days] following the receipt of a detailed invoice, the fees provided for in this <u>Section 4.3</u> and the indemnities provided for in <u>Section 4.6(a)</u> shall be paid by the Issuer pursuant to Section 8.4(a) of the Indenture; <u>provided</u>, that prior to any such payment pursuant to the Indenture, the Asset Representations Reviewer shall notify the Sponsor in writing that such payments have been outstanding for at least [__] [Business Days][calendar days]. For the avoidance of doubt, to the extent that such owed amounts are not paid in full by the Sponsor or any other party, upon receipt of a detailed invoice, the Asset Representations Reviewer shall be entitled to payment by the Sponsor of incurred but otherwise unpaid amounts.

Section 4.4 <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, breach of this Agreement or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable for special, 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 4.5 <u>Indemnification by Asset Representations Reviewer</u>.

The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer, the Sponsor, the Owner Trustee and the Indenture Trustee (each, an "Indemnified Party") and their respective directors, officers, employees and agents for all costs, expenses, losses, damages and liabilities (including any reasonable legal fees and expenses incurred by an Indemnified Party in connection with the enforcement of any indemnification or other obligation of the Asset Representations Reviewer) 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 failure to comply with the requirements of applicable federal, state or local laws and regulations in the performance of its duties hereunder or (c) the Asset Representations Reviewer's breach of any of its representations, warranties, covenants or other obligations in this Agreement. The Asset Representations Reviewer's obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the permitted resignation or removal of the Asset Representations Reviewer.

Section 4.6 <u>Indemnification of Asset Representations Reviewer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification</u>. The Sponsor will indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an "<u>Indemnified Person</u>"), for all costs,

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expenses, losses, damages and liabilities resulting from the performance of the Asset Representations Reviewer's obligations under this Agreement (including the costs 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 failure to comply with the requirements of applicable federal, state and local laws and regulations in the performance of its duties hereunder or (iii) the Asset Representations Reviewer's breach of any of its representations, warranties, covenants or other obligations in this Agreement.

&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 <u>Section 4.6(a)</u>, notify the Sponsor of the Proceeding. The Sponsor may participate in and assume the defense and settlement of a Proceeding at its expense. If the Sponsor notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and the Sponsor will not be liable for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Sponsor, and an Indemnified Person. If there is a conflict, the Sponsor 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 Sponsor and the Indemnified Person, which approval will not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Survival of Obligations</u>. The Issuer's obligations under this <u>Section 4.6</u> will survive the permitted resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment</u>. If the Sponsor makes any payment under this <u>Section 4.6</u> and the Indemnified Person later collects any of the amounts for which the payments were made to it from others, the Indemnified Person will promptly repay the amounts to the Sponsor.

Section 4.7 <u>Inspections of Asset Representations Reviewer</u>.

The Asset Representations Reviewer agrees that, with reasonable prior notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Sponsor, 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 Issuer's, the Servicer's or the Sponsor'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 Issuer, the Servicer and the Sponsor will, and will cause its authorized representatives to, hold in confidence any proprietary confidential information of the Asset Representations Reviewer except if disclosure may be required by law or if the Issuer, the Servicer or the Sponsor reasonably determines that it is required to make the disclosure under this Agreement or the other Transaction Documents. Except as described in <u>Section 4.2(c)</u>, the Asset Representations Reviewer will

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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 4.8 <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 parties to this Agreement.

Section 4.9 <u>Confidential Information</u>.

&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 <u>Section 4.9</u>, 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 Issuer, the Sponsor 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 Asset Reviews of Subject 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 PFS 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;(b) <u>Definition</u>. "<u>Confidential Information</u>" means oral, written and electronic materials (irrespective of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) lists of Subject Leases and any related Review Materials;

&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 contracts; and

&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 Sponsor or the Servicer, which contain information supplied by or on behalf of the Sponsor or the Servicer or their representatives.

However, 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 Issuer, the Sponsor 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 Issuer, the Sponsor 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 Issuer, the Sponsor or the Servicer provides permission to the applicable Information Recipients to release.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Protection</u>. The Asset Representations Reviewer will use reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes 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 <u>Section 4.9</u>.

&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 Issuer, the Sponsor and the Servicer with notice of the requirement and will cooperate, at the Sponsor's expense, in the Issuer's and the Sponsor's pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Sponsor 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;(e) <u>Responsibility for Information Recipients</u>. The Asset Representations Reviewer will be responsible for a breach of this <u>Section 4.9</u> by its Information Recipients.

&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 Issuer, the Sponsor and the Servicer and the Issuer, the Sponsor and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney's fees, incurred for the enforcement.

Section 4.10 <u>Personally Identifiable Information</u>.

&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), vehicle identification number(s) or "VIN(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>Issuer PII</u>" means PII furnished by the Issuer, 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;(b) <u>Use of Issuer PII</u>. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII. None of the Issuer, the Sponsor or the Servicer intend to share, provide or supply any Issuer PII to the Asset Representations Reviewer. However, if the Asset Representations Reviewer receives any Issuer PII, the Asset Representations Reviewer will promptly (i) notify the Servicer and (ii) delete and destroy such Issuer PII in accordance with <u>Section 4.10(c)</u>. Notwithstanding the foregoing, the Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer's business, including any legally required codes of conduct, including those relating to privacy, security and

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data protection. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards designed to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer 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;(c) <u>Additional Limitations</u>. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations Reviewer's disclosure of Issuer PII is also subject to the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII [except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform an Asset Review, (B) with the prior consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer 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 Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

&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 Issuer PII with or to any third party without the prior consent of the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Breach</u>. The Asset Representations Reviewer will notify the Issuer 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 Issuer PII and, where applicable, immediately take action to prevent any further breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Return or Disposal of Issuer PII</u>. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Asset Review or the request of the Issuer, all Issuer 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 Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer's further use or disclosure of Issuer PII to that required by applicable law.

&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 Issuer regarding the Asset Representations Reviewer's compliance with this <u>Section 4.10</u>. The Asset Representations Reviewer and the Issuer agree to modify this <u>Section 4.10</u> as necessary from time to time for either party to comply with applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Affiliates and Third Parties</u>. If the Asset Representations Reviewer processes the PII of the Issuer's Affiliates or a third party when performing an Asset 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 <u>Section 4.10</u>, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party will be entitled to enforce the PII related terms of this <u>Section 4.10</u> against the Asset Representations Reviewer as if each were a signatory to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Audit of Asset Representations Reviewer</u>. The Asset Representations Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer's compliance with this Agreement 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. The Issuer agrees to make reasonable efforts to schedule any audit described in this <u>Section 4.10</u> with the inspections described in <u>Section 4.7</u>. The Asset Representations Reviewer will also permit the Issuer and its authorized representatives during normal business hours on reasonable advance written notice to audit any service providers used by the Asset Representations Reviewer with the Sponsor's prior written consent to fulfill the Asset Representations Reviewer's obligations under this Agreement.

**ARTICLE V** 

**RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS** 

**REVIEWER** 

Section 5.1 <u>Eligibility Requirements for Asset Representations Reviewer</u>. The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, [the Calculation Agent,] the Owner Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Leases prior to the Closing Date.

Section 5.2 <u>Resignation and Removal of Asset Representations Reviewer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Resignation of Asset Representations Reviewer</u>. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless (a) the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1 or (b) upon determination that the performance of its duties under this Agreement is no longer permissible under applicable law. The Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date and including an Opinion of Counsel supporting its determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Removal of Asset Representations Reviewer</u>. If any of the following events occur, the Sponsor, 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;(i) [the Asset Representations Reviewer no longer meets the eligibility requirements in <u>Section 5.1</u>;

&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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a Bankruptcy Event of the Asset Representations Reviewer occurs.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Resignation or Removal</u>. The Sponsor will notify the Issuer, 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;(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 <u>Section 5.3(b)</u>.

Section 5.3 <u>Successor Asset Representations Reviewer</u>.

&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 Sponsor will appoint a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

&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 Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or has entered into a new agreement with the Issuer and the Servicer on substantially the same terms as this Agreement.

&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 Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer's rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses (including the fees and expenses of counsel) of transitioning the Asset Representations Reviewer's obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on such obligations on receipt of an invoice with reasonable detail of the expenses from the Issuer or the successor Asset Representations Reviewer.

Section 5.4 <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 <u>Section 5.1</u>, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer's obligations under this Agreement (unless the assumption happens by operation of law).

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**ARTICLE VI** 

**OTHER AGREEMENTS** 

Section 6.1 <u>Independence of Asset Representations Reviewer</u>.

The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer, the Owner Trustee or the Indenture Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless authorized by the Issuer, the Owner Trustee, or the Indenture Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer, the Owner Trustee or the Indenture Trustee and will not be considered an agent of the Issuer, the Owner Trustee or the Indenture Trustee. None of the Issuer, the Owner Trustee or the Indenture Trustee will be responsible for monitoring the performance of the Asset Representations Reviewer or liable to any Person for the failure of the Asset Representations Reviewer to perform its obligations hereunder. Nothing in this Agreement will make the Asset Representations Reviewer and any of the Issuer, the Owner Trustee or the Indenture Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

Section 6.2 <u>No Petition</u>.

Each of the parties, by entering into this Agreement, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all securities issued by the Depositor or by a trust for which the Depositor was a depositor (including, without limitation, the Issuer) or (b) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against (i) the Depositor or (ii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This <u>Section 6.2</u> will survive the termination of this Agreement.

Section 6.3 <u>Limitation of Liability of Owner Trustee</u>.

This Agreement has been signed on behalf of the Issuer by [ ] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will [ ] in its individual capacity be liable for the Issuer's obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

Section 6.4 <u>Termination of Agreement</u>.

This Agreement will terminate, except for the obligations under Section 4.5 or as otherwise stated in this Agreement, on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

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**ARTICLE VII** 

**MISCELLANEOUS PROVISIONS** 

Section 7.1 <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any term or provision of this Agreement may be amended by PFS and the Asset Representations Reviewer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) PFS delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) PFS delivers an Officer's Certificate to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rating Agency Condition is satisfied with respect to such amendment and PFS notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may also be amended from time to time by PFS and the Asset Representations Reviewer, with the consent of the Noteholders evidencing not less than a majority of the aggregate Note Balance of the Outstanding Notes 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. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any term or provision of this Agreement may also be amended from time to time by PFS and the Asset Representations Reviewer, for the purpose of conforming the terms of this Agreement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or the Certificates, without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person; *provided*, *however*, that PFS shall provide written notification of such amendment to the Indenture Trustee, the Issuer, the Owner Trustee and promptly after the execution of any such amendment, PFS shall furnish a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the execution of any such amendment, PFS shall provide written notification of the substance of such amendment to each Rating Agency, the Indenture Trustee and the Owner Trustee; and promptly after the execution of any such amendment, PFS shall furnish a copy of such amendment to each Rating Agency, the Indenture Trustee and the Owner Trustee;

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 *provided*, that no amendment shall be effective which affects the rights, protections, immunities, indemnities or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed)

Section 7.2 <u>Assignment</u>. Except as stated in <u>Section 5.4</u>, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the parties to this Agreement.

Section 7.3 <u>Binding Effect; Third-Party Beneficiaries</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, and each of the Owner Trustee and the Indenture Trustee shall be an express third party beneficiary hereof and may enforce the provisions hereof as if it were a party hereto. 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 7.4 <u>Notices, Etc</u>. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as specified on Schedule III to the SUBI Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. 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; *provided*, *however*, that any notice to a Noteholder mailed within the time and in the manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

Section 7.5 <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, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.**

Section 7.6 <u>Headings</u>. The article and section headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement.

Section 7.7 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, including in counterparts executed via electronic signature, 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. Delivery of an executed counterpart of a signature page of this Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

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Section 7.8 <u>Waivers</u>. No failure or delay on the part of PFS, the Issuer or the Asset Representations Reviewer 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 any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any party hereto 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 7.9 <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 hereto with respect to the subject matter hereof.

Section 7.10 <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 7.11 <u>Cumulative Remedies</u>. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

Section 7.12 <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;(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;(b) consents that any such action or proceeding may be brought and maintained 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;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 7.3 of this Agreement;

&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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) **to the extent permitted by applicable law, each party hereto 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.**

Section 7.13 <u>Electronic Signatures and Transmission</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Agreement that a document, including this Agreement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

Section 7.14 <u>Merger or Consolidation</u>. Any entity into which PFS may be merged or converted or with which it may be consolidated, to which it may sell or transfer its business and assets as a whole or substantially as a whole or any entity resulting from any merger, sale, transfer, conversion or consolidation to which PFS shall be a party, or any entity succeeding to the business of PFS, shall be the successor to PFS under this Agreement, in each case, without the execution or filing of any additional paper or any further act on the part of any of the parties hereto. 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.

[Remainder of Page Left Blank]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

---

| | |
|:---|:---|
|  **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]- [ ]**, as Issuer | **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]- [ ]**, as Issuer |
| By: | [__________], not in its individual capacity, but solely as Owner Trustee |
| By: |  |
|  | Name: |
|  | Title: |
|  **PORSCHE FINANCIAL SERVICES, INC.**, as Sponsor and Servicer | **PORSCHE FINANCIAL SERVICES, INC.**, as Sponsor and Servicer |
| By: |  |
|  | Name: |
|  | Title: |
| By: |  |
|  | Name: |
|  | Title: |
| [ ], as Asset Representations Reviewer | [ ], as Asset Representations Reviewer |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to Asset Representations Review Agreement]

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**<u>Schedule A</u>**

[To be attached]

## Exhibit 10.6

**Exhibit 10.6** 

**FORM OF SECURITIES ACCOUNT CONTROL AGREEMENT** 

among

**PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ],** 

as Issuer,

**PORSCHE FINANCIAL SERVICES, INC.,** 

as Servicer,

**[ ],** 

in its capacity as Indenture Trustee

and

**[ ],** 

as Securities Intermediary

Dated as of [ ]

*PILOT 20[ ]-[ ]* 

*Securities Account Control Agreement* 

------

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined Terms | 1 |
|  ARTICLE II ACCOUNTS | ARTICLE II ACCOUNTS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts | 1 |
|  ARTICLE III RIGHTS OF THE SECURED PARTY | ARTICLE III RIGHTS OF THE SECURED PARTY | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Control of Accounts by Secured Party | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Control by Issuer or Third Parties Concerning Trust Accounts | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perfection of Security Interests in Accounts | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notices of Adverse Claims | 3 |
|  ARTICLE IV RIGHTS AND RESPONSIBILITIES OF SECURITIES INTERMEDIARY | ARTICLE IV RIGHTS AND RESPONSIBILITIES OF SECURITIES INTERMEDIARY | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Obligations | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Representations of Securities Intermediary | 3 |
|  ARTICLE V MISCELLANEOUS | ARTICLE V MISCELLANEOUS | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amendment and Other Modifications. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination; Survival. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Governing Law | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Submission to Jurisdiction; Waiver of Jury Trial | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Binding Effect | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Waiver; Cumulative Remedies | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severability of Provisions | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notices, etc | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headings | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparts | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concerning the Secured Party | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Indemnification | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Proceedings | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Recourse | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limitations on Liability of Securities Intermediary | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Signatures and Transmission | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limitation of Liability of the Owner Trustee | 9 |

---

-i-

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**SECURITIES ACCOUNT CONTROL AGREEMENT** (this "<u>Agreement</u>"), dated as of [ ], [ ], among **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]**, as Issuer (the "<u>Issuer</u>"), **PORSCHE FINANCIAL SERVICES, INC.**, as Servicer (the "<u>Servicer</u>"), [ ], as Securities Intermediary (the "<u>Securities Intermediary</u>"), and [ ], not in its individual capacity, but solely in its capacity as Indenture Trustee (the "<u>Secured Party</u>").

**PREAMBLE** 

Pursuant to the Indenture, dated as of the date hereof, by and between the Issuer and the Indenture Trustee (as amended or modified from time to time, the "<u>Indenture</u>"), the Issuer has granted to the Secured Party, for the benefit of the Noteholders, a first priority security interest in the Trust Accounts and all funds, Trust Account Property (as defined in <u>Appendix A</u> to the SUBI Sale Agreement) or other property on deposit from time to time in or credited to the Trust Accounts, including all investments and Proceeds thereof and all income thereon (collectively, the "<u>Trust Account Property</u>"). The Trust Accounts currently existing under the Indenture are the Reserve Account, the Collection Account and the Principal Distribution Account maintained and held at the Securities Intermediary by the Issuer in the name of the Secured Party, subject to the first priority security interest of the Secured Party for the benefit of the Noteholders in the Trust Accounts granted by the Issuer to the Secured Party to secure payment of the Notes.

The parties hereto are entering into this Agreement to perfect the Secured Party's security interest in the Trust Accounts by "control," within the meaning of Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York (the "<u>UCC</u>").

**ARTICLE I** 

**DEFINITIONS** 

**Section 1.1** <u>Defined Terms</u>. Except as otherwise specified herein or if the context may otherwise require, capitalized terms used but not otherwise defined herein have the meanings ascribed thereto in the SUBI Sale Agreement, dated as of the date hereof (as amended or modified from time to time, the "<u>SUBI Sale Agreement</u>"), between Porsche Funding Limited Partnership, as seller, and Porsche Auto Funding LLC, as buyer.

**ARTICLE II** 

**ACCOUNTS** 

**Section 2.1** <u>Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Securities Intermediary represents and warrants to each of the Secured Party and the Issuer that, as of the date hereof, the Securities Intermediary does not know of any claim to or interest in the Trust Accounts, except the first priority security interest of the Secured Party in the Trust Accounts for the benefit of the Noteholders and the other claims and interests of the parties referred to in this Agreement. The Securities Intermediary does not have and shall not have in the future, any security interest, lien or right of setoff on or against the Trust Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary, the Issuer and the Secured Party agree that the Securities Intermediary is the securities intermediary and the Issuer is the entitlement

-1- *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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holder as to each Trust Account subject to the first priority security interest of the Secured Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Securities Intermediary, the Issuer and the Secured Party agree that all property credited to the Trust Accounts shall be treated as "financial assets" under Article 8 of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Securities Intermediary shall not accept any "entitlement order," within the meaning of Section 8-102(a)(8) of the UCC, or other instruction regarding the Trust Accounts except from the Secured Party; *provided, that*, the Securities Intermediary shall make such distributions as instructed by the Secured Party (in accordance with the Servicer's Certificate) and invest funds on deposit in accordance with the Servicer's instructions pursuant to <u>Section</u> <u>8.2(b)</u> of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Securities Intermediary, the Issuer and the Secured Party agree that, with respect to the Trust Accounts, the jurisdiction of the Securities Intermediary for purposes of Articles 8 and 9 of the UCC shall be the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Securities Intermediary shall at all times be a "participant" (as such term is defined in the Federal Book-Entry Regulations) in the Federal Reserve System.

**ARTICLE III** 

**RIGHTS OF THE SECURED PARTY** 

**Section 3.1** <u>Control of Accounts by Secured Party</u>. The Securities Intermediary, the Issuer and the Secured Party agree that the Securities Intermediary shall comply with each entitlement order originated by the Secured Party without further consent of the Issuer or any other Person.

**Section 3.2** <u>No Control by Issuer or Third Parties Concerning Trust Accounts</u>. The Securities Intermediary shall not comply with any instructions of the Issuer or any other Person (other than the Secured Party) concerning the Trust Accounts (including any order that is originated by the Issuer and that would require the Securities Intermediary to make a free delivery of Trust Accounts to the Issuer or any other Person). Additionally, the Securities Intermediary shall not agree with any third party (other than the Secured Party) that the Securities Intermediary will comply with orders originated by such third party concerning the Trust Accounts. Notwithstanding the foregoing, the Securities Intermediary shall invest amounts on deposit in the Trust Accounts pursuant to instructions from the Servicer in accordance with <u>Section</u> <u>8.2(b)</u> of the Indenture.

**Section 3.3** <u>Perfection of Security Interests in Accounts</u>. It is intended that the first priority security interest of the Secured Party in the Trust Accounts be perfected by control of the Trust Accounts under Sections 8-106(d), 9-106(a) and 9-314(a) of the UCC. In addition, it is intended for purposes of Articles 8 and 9 of the UCC that (i) the Issuer be deemed to be the related "entitlement holder", (ii) the Securities Intermediary be deemed to be the related "securities intermediary", (iii) all such property held by the Securities Intermediary in the Trust Accounts and all rights of the Secured Party or Issuer against the Securities Intermediary arising out of such property, including any free credit balances, be deemed to be "financial assets", and (iv) the

-2- *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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Secured Party be deemed to have "control" of such Trust Accounts under Section 8-106(d) of the UCC with respect to the first priority security interest therein granted to the Secured Party pursuant to the Indenture. With respect to any proceeds of the Trust Account Property that constitute a deposit account, as defined in Article 9 of the UCC, it is intended for purposes of Article 9 of the UCC that (i) the Securities Intermediary is the bank with which such deposit account is maintained and the Secured Party is the bank's customer with respect to such deposit account, and (ii) the Issuer, the Secured Party and the Securities Intermediary agree that the Securities Intermediary will comply with instructions originated by the Secured Party directing disposition of funds in such deposit accounts without further consent of the Issuer.

**Section 3.4** <u>Notices of Adverse Claims</u>. The Securities Intermediary shall promptly notify the Secured Party and the Issuer if any other person claims that it has a property interest in the Trust Accounts or that it is a violation of such person's rights for anyone else to hold, transfer or deal with the Trust Accounts.

**ARTICLE IV** 

**RIGHTS AND RESPONSIBILITIES OF SECURITIES INTERMEDIARY** 

**Section 4.1** <u>Limited Obligations</u>. This Agreement does not create any obligation of the Securities Intermediary except for those expressly set forth in this Agreement. The Securities Intermediary may conclusively rely and shall be fully protected in acting or refraining from acting upon notices and communications it believes to be genuine and given by the appropriate party. The Securities Intermediary need not investigate, recalculate, certify or verify any fact, numerical information, or matter stated in any such notice, communication or document. Except for permitting a withdrawal, delivery or payment in violation of <u>Article III</u>, the Securities Intermediary shall not be liable to the Secured Party or the Issuer for any error of judgment made in good faith and in accordance with this Agreement, nor shall it otherwise be liable under this Agreement except as a result of its own willful misconduct, bad faith or negligence in the performance of its duties hereunder.

**Section 4.2** <u>Representations of Securities Intermediary</u>. The Securities Intermediary, to the extent it is acting in the capacity of securities intermediary with respect to Trust Account Property, represents, warrants and covenants that, as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is a "securities intermediary," as such term is defined in Section 8-102(a)(14)(ii) of the relevant UCC, that in the ordinary course of its business maintains "securities accounts" for others, as such term is used in Section 8-501 of the relevant UCC, and an "intermediary" as defined in the Hague Securities Convention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the law of the State of New York shall govern all issues specified in Article 2(1) of the Hague Securities Convention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Securities Intermediary has and shall continue to have at all relevant times one or more offices (within the meaning of the Hague Securities Convention) in the United States of America engaged in a business or other regular activity of maintaining securities accounts.

-3- *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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**ARTICLE V** 

**MISCELLANEOUS** 

**Section 5.1** <u>Amendment and Other Modifications</u>. This Agreement may be amended, supplemented or otherwise modified from time to time, and the observance of any term of this Agreement may be waived, by the parties hereto. Any such modification or waiver of this Agreement shall be in writing and shall be signed by all the parties hereto.

**Section 5.2** <u>Termination; Survival</u>. This Agreement shall terminate upon satisfaction and discharge of the Indenture. However, Article IV shall survive termination of this Agreement.

**Section 5.3** <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 LAWS, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** The Issuer and the Securities Intermediary agree that, to the extent any agreement covering the Trust Accounts is not currently governed by the law of the State of New York, such agreement is hereby amended so that the law of the State of New York governs the Trust Accounts, including, without limitation, all issues specified in Article 2(1) of the Hague Convention on the Law Applicable to Certain Rights in Respect of Securities held with an Securities Intermediary (the "<u>Hague Securities Convention</u>"). The Issuer and the Securities Intermediary agree that no such governing law provision may be amended or modified without the written consent of the Secured Party. To the extent that the Trust Accounts, or any agreements between the Securities Intermediary, the Secured Party and the Issuer with respect to the Trust Accounts, are at any time governed by laws other than the laws of the State of New York, the parties hereto do not consent to the new governing law for the purposes of Article 7 of the Hague Securities Convention.

**Section 5.4** <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;(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;(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;(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

-4- *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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similar form of mail), postage prepaid, to such Person at its address determined in accordance with <u>Section</u> <u>5.8</u>;

&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;(e) **to the extent permitted by applicable law, each party hereto 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.**

**Section 5.5** <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. 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 5.6** <u>No Waiver; Cumulative Remedies</u>. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

**Section 5.7** <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 5.8** <u>Notices,</u> <u>etc</u>. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as specified on <u>Schedule III</u> to the SUBI Sale Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. 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; *provided*, *however*, that any notice to a Noteholder mailed within the time and in the manner prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

**Section 5.9** <u>Headings</u>. The article and section headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement.

**Section 5.10** <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, including in counterparts executed via electronic signature, 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. Delivery of an executed counterpart of a signature page of this

-5- *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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Agreement by electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement.

**Section 5.11** <u>Concerning the Secured Party</u>. To the extent that the rights, protections and immunities of the Secured Party are not explicitly stated herein, the Secured Party shall enjoy the same rights, protections and immunities afforded to it in the Indenture.

**Section 5.12** <u>[Indemnification</u>. The indemnification furnished to the Secured Party under <u>Section</u> <u>6.7</u> of the Indenture shall extend to and cover the exercise of its respective rights and the performance of its respective obligations under this Agreement. To the extent [ ] is acting as Securities Intermediary, such indemnification furnished to the Secured Party under <u>Section</u> <u>6.7</u> of the Indenture shall also extend to and cover the exercise of the Securities Intermediary's rights and the performance of its obligations under this Agreement. This <u>Section</u> <u>5.12</u> shall survive the resignation or removal of the parties, the resignation or removal of [ ] in any of its capacities hereunder, and the termination of this Agreement.]

**Section 5.13** <u>No Proceedings</u>. Each of the Securities Intermediary and the Secured Party hereby agree that, from and after the Closing Date and until the date one (1) year plus one (1) day following the date on which all amounts due with respect to the Notes have been paid in full in cash, it will not directly, or indirectly, institute or cause to be instituted against the Issuer any proceedings of the type referred to in the definition of "Bankruptcy Event"; <u>provided</u>, that the foregoing shall not in any way limit the Securities Intermediary's or the Secured Party's right to pursue any claims against the Issuer in any proceeding voluntarily commenced by the Issuer or in any proceeding commenced by a Person other than the Indenture Trustee or other creditor rights or remedies that the Securities Intermediary or the Secured Party may have for claims against the Issuer under applicable law.

**Section 5.14** <u>Limited Recourse</u>. Notwithstanding any other provision of this Agreement, the Notes or the Indenture, the obligations of the Issuer hereunder and thereunder are limited-recourse obligations of the Issuer. Such obligations are non-recourse to the Issuer, its assets and its property other than the Collateral, and are payable solely from the Collateral, subject to any prior security interests therein, and following realization of the Collateral, any claims of any party hereto under this Agreement, the Notes or the Indenture (other than the Issuer) shall be extinguished and shall not thereafter be reinstated. No recourse shall be had against any principal, director, officer, employee, beneficiary, shareholder, partner, member, trustee, agent or affiliate of the Issuer or any person owning, directly or indirectly, any legal or beneficial interest in the Issuer, or any successors or assigns of any of the foregoing (the "<u>Exculpated Parties</u>") for the payment of any amounts payable hereunder or thereunder. No party hereto (other than the Issuer) shall enforce the liability and obligation of the Issuer to perform and observe the obligations contained in this Agreement, the Notes and the other Transaction Documents to which the Issuer is a party by any action or proceeding wherein a money judgment establishing any personal liability shall be sought against the Issuer, subject to the following sentence, or the Exculpated Parties. It is understood that the foregoing provisions of this <u>Section</u> <u>5.14</u> shall not (i) prevent recourse to the Collateral for the sums due or to become due under any security, instrument or agreement which is part of the Collateral, (ii) constitute a waiver, release or discharge of any indebtedness or obligation of the Issuer under the Notes, or secured by the Indenture, until the Collateral has been realized, whereupon any such outstanding indebtedness or obligation shall be extinguished, (iii)

-6- *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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limit the right of any Person to name the Issuer as a party defendant in any action or suit or in the exercise of any other remedy under this Agreement and the other Transaction Documents, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained) enforced against the Issuer, (iv) impair the right of any party hereto (other than the Issuer) to obtain the appointment of a receiver or (v) constitute a waiver of any right which any party hereto (other than the Issuer) may have under any applicable insolvency laws to file a claim for the full amount of the indebtedness or obligations secured by the Indenture or to require that the Collateral shall continue to secure all of the indebtedness or obligations owing to the Noteholders in accordance with the Notes and the Transaction Documents to which the Issuer is a party.

**Section 5.15** <u>Limitations on Liability of Securities Intermediary</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall not subject the Securities Intermediary to any duty, obligation or liability except as is expressly set forth herein. In particular (without implied limitation), the Securities Intermediary need not investigate whether the Secured Party is entitled under the Transaction Documents, or otherwise, to give any entitlement order or any other directions, instructions or other orders in any instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities Intermediary shall be protected in acting or refraining from acting upon any written notice, certificate, instruction, request or other paper or document, as to the due execution thereof and the validity and effectiveness of the provisions thereof and as to the truth of any information therein contained, which the Securities Intermediary in good faith believes to be genuine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Securities Intermediary may consult with and obtain advice from counsel, accountants or other experts of its own choice in the event of any dispute or question as to the construction of any provision hereof or otherwise in connection with its duties hereunder, and any action taken or omitted by the Securities Intermediary in reasonable reliance upon such advice shall be full justification and protection to it. The Securities Intermediary shall not be liable for any error of judgment or for any act done or step taken or omitted except in the case of its willful misconduct, bad faith or negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Securities Intermediary shall have no duties hereunder except those which are expressly set forth herein and in any modification or amendment hereof. For the avoidance of doubt, nothing herein shall impose or imply on the part of the Securities Intermediary any duties of a fiduciary nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Securities Intermediary may engage or be interested in any financial or other transactions with any party hereto and may act on, or as depositary, trustee or agent for, any committee or body of holders of obligations of such Persons as freely as if it were not the Securities Intermediary hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Securities Intermediary shall not be obligated to take any action which in its reasonable judgment would cause it to incur any expense or liability not otherwise contemplated hereunder unless it has been furnished with an indemnity with respect thereto which is reasonably satisfactory to the Securities Intermediary.

-7- *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Securities Intermediary may rely conclusively upon the contents of any notice, consent, instruction or other communication or document from the Indenture Trustee, for the benefit of the Secured Party, the Issuer or the Servicer that the Securities Intermediary believes in good faith to be genuine and from the proper Person, without any further duty of inquiry or independent investigation on its part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Securities Intermediary shall not be deemed to have notice or knowledge of any Event of Default or any other default under any Transaction Document unless an Authorized Officer of the Securities Intermediary has actual knowledge or Securities Intermediary shall have received written notice thereof. In the absence of such actual knowledge or receipt of such notice, the Securities Intermediary may conclusively assume that none of such events have occurred and the Securities Intermediary shall not have any obligation or duty to determine whether any Event of Default or any other default under any Transaction Document has occurred or is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No provision of this Agreement or any other Transaction Document shall be construed to require the Securities Intermediary to perform, supervise, monitor or accept any responsibility for the performance of, the obligations of the Issuer hereunder or under any other Transaction Document or any Person other than itself under any Transaction Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Securities Intermediary shall not be liable for any delays in performance for causes beyond its reasonable control, including acts of declared or undeclared war (including acts of terrorism), public disorder, rebellion, sabotage, fire, flood, epidemic, pandemic, shelter-at-home order, landslide, lightning, fire, hurricane, earthquake, flood, strike, restriction by civil or military authority in their sovereign or contractual capacities, transportation failure, loss or malfunctions of communications or computer (software and hardware) services, power line or other utility failures or interruptions, the failure of another party to perform its duties, or inability to obtain labor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All rights, benefits, protections, immunities and indemnities afforded to the Paying Agent under the Indenture shall be applicable to the Securities Intermediary, as if set forth herein, mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) In no event shall the Securities Intermediary be liable for any special, indirect, incidental, punitive or consequential damages (including lost profits).

**Section 5.16** <u>Electronic Signatures and Transmission.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Agreement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Agreement may be accepted, executed or agreed to through the use of an electronic signature in accordance

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with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Agreement that a document, including this Agreement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature by electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

**Section 5.17** <u>Limitation of Liability of the Owner Trustee</u><u>.</u> It is expressly understood and agreed by the parties that (a) this Agreement is executed and delivered on behalf of the Issuer by [ ], not individually or personally, but solely in its capacity as Owner Trustee, in the exercise of the powers and authority conferred and vested in it under the trust agreement of the Issuer, (b) each of the representations, warranties, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, warranties, undertakings and agreements by [ ] but is made and intended for the purpose for binding only, and is binding only on the Issuer, (c) nothing herein contained shall be construed as creating any liability on [ ], individually or personally or as Owner Trustee, to perform any covenant or obligation either expressed or implied contained herein of the Issuer, 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 made no and will make no investigation as to the accuracy or completeness of any representations or warranties made by the Issuer in this Agreement and (e) under no circumstances shall [ ], be personally liable for the payment of any indebtedness, indemnity obligations or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents, as to all of which recourse shall be limited to the assets of the Issuer.

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**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their respective officers thereunto duly authorized, all as of the day and year first above written.

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| | |
|:---|:---|
| **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]**, as Issuer | **PORSCHE INNOVATIVE LEASE OWNER TRUST 20[ ]-[ ]**, as Issuer |
| By: | [ ], not in its individual capacity but solely as Owner Trustee |
| By: |  |

---

Name:<br>

Title:<br>

S-1 *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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---

| |
|:---|
| **PORSCHE FINANCIAL SERVICES, INC.**, <br> as Servicer |
| By: |

---

Name:<br>

Title:<br>

 <br> By:

Name:<br>

Title:<br>

S-2 *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

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| |
|:---|
| [ ],<br> not in its individual capacity but solely as Indenture Trustee, as Secured Party |
| By: |

---

Name:<br>

---

| |
|:---|
| Title: |
| [ ],<br> as Securities Intermediary |

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 <br> By:

Name:<br>

Title:<br>

S-3 *PILOT 20[ ]-[ ]* *Securities Account Control Agreement*

## Exhibit 10.8

**Exhibit 10.8** 

**FORM OF TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO** 

**AMENDED AND RESTATED SERVICING AGREEMENT** 

by and among

**PORSCHE LEASING LTD.,** 

as Origination Trust

**[WILMINGTON TRUST COMPANY]**,

as Origination Trustee

and

**PORSCHE FINANCIAL SERVICES, INC.**,

as Servicer

Dated as of [ ]

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  ARTICLE VI | DEFINITIONS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Interpretive Provisions | 2 |
|  ARTICLE VII | REPRESENTATIONS AND WARRANTIES OF SERVICER | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Existence and Power | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorization and No Contravention | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Consent Required | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Proceedings | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Bond | 4 |
|  ARTICLE VIII | SPECIFIC REQUIREMENTS FOR ADMINISTRATION AND SERVICING OF THE TRANSACTION SUBI PORTFOLIO | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointment of Servicer. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicer Bound by Origination Servicing Agreement. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Application of Proceeds. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Deposits | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicer Advances | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicer's Certificate | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Servicing Fee | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance Lapses; Repairs | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Licensing of Origination Trust | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Fees and Expenses; Indemnity for Taxes | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Officer's Certificate | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postmaturity Term Extension | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security Deposits | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loyalty Programs | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Registered Public Accounting Firm Attestation | 8 |
|  ARTICLE IX | TERMINATION OF SERVICER | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of Servicer as to Transaction SUBI Portfolio. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Effect on Other Parties | 10 |
|  ARTICLE X | MISCELLANEOUS | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amendment. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notices | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Governing Law | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Headings | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Separate Counterparts | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waivers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement | 12 |

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-i- *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third-Party Beneficiaries | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severability of Provisions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Waiver; Cumulative Remedies | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonpetition Covenant | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission to Jurisdiction; Waiver of Jury Trial | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Further Assurances | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each SUBI Separate; Assignees of SUBI | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Requests | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Signatures and Transmission. | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Termination of Transaction SUBI Servicing Supplement | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulation AB | 16 |

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Exhibit A Servicing Criteria to be Addressed in Servicer's Assessment of Compliance

-ii- *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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**TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO** 

**AMENDED AND RESTATED SERVICING AGREEMENT** 

**THIS TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO AMENDED AND RESTATED SERVICING AGREEMENT** (as amended, restated, supplemented or modified and in effect from time to time, the "<u>Transaction SUBI Servicing Supplement</u>"), dated as of [ ], is among PORSCHE LEASING LTD., a Delaware statutory trust (the "<u>Origination Trust</u>"), [WILMINGTON TRUST COMPANY], a [Delaware corporation], not in its individual capacity but solely as Origination Trustee (hereinafter, together with its successors and assigns, the "<u>Origination Trustee</u>") of the Origination Trust and PORSCHE FINANCIAL SERVICES, INC., a Delaware corporation (formerly known as Porsche Credit Corporation), as Servicer ("<u>PFS</u>" or, in its capacity as servicer, together with its successors and assigns, the "<u>Servicer</u>").

**RECITALS** 

WHEREAS, Porsche Funding Limited Partnership ("<u>PFLP</u>"), a Delaware limited partnership and the Origination Trustee are parties to the Amended and Restated Trust Agreement dated as of November 14, 1997 (as amended by the UTI Assignment and Origination Trust Document Amendment, dated as of July 31, 2000, and as further amended, restated, supplemented or modified and in effect from time to time, the "<u>Origination Trust Agreement</u>").

WHEREAS, the Origination Trust and the Servicer have entered into that certain Amended and Restated Servicing Agreement dated as of November 14, 1997 (as amended, restated, supplemented or modified and in effect from time to time, the "<u>Origination Servicing Agreement</u>"), which provides, among other things, for the servicing of the Origination Trust Assets by the Servicer.

WHEREAS, on the date hereof, PFLP, as UTI Holder (the "<u>UTI Holder</u>") and the Origination Trustee are entering into that certain Transaction SUBI Supplement 20[ ]-[ ] to the Origination Trust Agreement (as amended, restated, supplemented or modified and in effect from time to time, the "<u>Transaction SUBI Supplement</u>") to supplement the terms of the Origination Trust Agreement (i) to cause the Origination Trustee to identify and allocate Origination Trust Assets to a particular SUBI Portfolio (the "<u>Transaction SUBI Portfolio</u>"), which shall constitute SUBI Assets, and (ii) to create and issue to PFLP a SUBI Certificate (such SUBI Certificate, together with any replacements thereof, the "<u>Transaction SUBI Certificate</u>"), that will evidence the entire beneficial interest in the related SUBI Portfolio (the "<u>Transaction SUBI</u>") including the Transaction Vehicles and the Transaction Leases, with the Origination Trust continuing to hold record title to the Transaction Vehicles as agent and nominee for the holder of the Transaction SUBI Certificate, and (iii) to set forth the terms and conditions thereof.

WHEREAS, on the date hereof, Porsche Auto Funding LLC (the "<u>Transferor</u>") will purchase the Transaction SUBI Certificate, the related beneficial interest in the Transaction SUBI and certain other assets from PFLP, and the Issuer (as defined below) will purchase the Transaction SUBI Certificate, the related beneficial interest in the Transaction SUBI and certain other assets from the Transferor. The Issuer is expected to fund such purchase by issuing the Notes and Certificate.

1 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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WHEREAS, Porsche Innovative Lease Owner Trust 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>"), is entering into an asset-backed financing transaction pursuant to, among other agreements, an Indenture (the "<u>Indenture</u>") with [ ], as Indenture Trustee (the "<u>Indenture Trustee</u>"), pursuant to which the Issuer will issue asset-backed notes and will Grant a security interest to the Indenture Trustee in certain of its assets, including the Transaction SUBI Certificate and the beneficial interest in the Transaction SUBI.

WHEREAS, the Origination Trust desires to retain the Servicer to provide certain services with respect to the Transaction SUBI Portfolio beneficially owned by the Issuer, and the parties hereto desire, pursuant to this Transaction SUBI Servicing Supplement, to supplement the terms of the Origination Servicing Agreement insofar as they apply to the Transaction SUBI Portfolio, providing for specific servicing obligations that will benefit the Issuer, as holder of the Transaction SUBI Certificate, and the Indenture Trustee, as the pledgee of the Transaction SUBI Certificate on behalf of the Noteholders.

**NOW THEREFORE**, in consideration of the premises and the mutual covenants herein contained and in the Origination Servicing Agreement, the parties hereto agree to the following supplemental obligations with regard to the Transaction SUBI Portfolio:

**ARTICLE VI** 

**DEFINITIONS** 

**<u>Section</u> <u>6.1</u> <u>Definitions</u>**. For all purposes of this Transaction SUBI Servicing Supplement, except as otherwise expressly provided or unless the context otherwise requires, unless otherwise defined herein, all capitalized terms used herein shall have the meanings attributed to them (a) in <u>Appendix A</u> of the SUBI Sale Agreement, (b) if not defined therein, by the Origination Servicing Agreement, (c) if not defined therein, by the Origination Trust Agreement or (d) if not defined therein, by the Transaction SUBI Supplement.

**<u>Section</u> <u>6.2</u> <u>Other Interpretive Provisions</u>**. For purposes of this Transaction SUBI Servicing Supplement, unless the context otherwise requires: (a) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Transaction SUBI Servicing Supplement are used as defined in that Article; (b) the words "hereof," "herein" and "hereunder" and words of similar import refer to this Transaction SUBI Servicing Supplement as a whole and not to any particular provision of this Transaction SUBI Servicing Supplement; (c) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Transaction SUBI Servicing Supplement 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; (d) the term "including" and all variations thereof means "including without limitation"; (e) except as otherwise expressly provided herein, 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; (f) references to any Person include that Person's successors and assigns; (g) unless the context otherwise requires, defined terms shall be equally applicable to both the singular and plural forms; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

2 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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**ARTICLE VII** 

**REPRESENTATIONS AND WARRANTIES OF SERVICER** 

The Servicer represents and warrants to the Transferor, the Issuer and the Indenture Trustee on behalf of the Noteholders as follows:

**<u>Section</u> <u>7.1</u> <u>Existence and Power</u>**. The Servicer is a corporation validly existing and in good standing under the laws of Delaware and has, in all material respects, all power and authority to carry on its business as it is now conducted. The Servicer 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 Servicer to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the Transaction SUBI Assets.

**<u>Section</u> <u>7.2</u> <u>Authorization and No Contravention</u>**. The execution, delivery and performance by the Servicer of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Servicer 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 Servicer's ability to perform its obligations under, the Transaction Documents).

**<u>Section</u> <u>7.3</u> <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 Servicer 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 have a material adverse effect on the enforceability or collectibility of the Transaction SUBI Assets or would not materially and adversely affect the ability of the Servicer to perform its obligations under the Transaction Documents.

**<u>Section</u> <u>7.4</u> <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 such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors' rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity.

**<u>Section</u> <u>7.5</u> <u>No Proceedings</u>**. There are no actions, suits or proceedings pending or, to the knowledge of the Servicer, threatened against the Servicer before or by any Governmental Authority that (i) assert the invalidity or unenforceability of this Transaction SUBI Servicing Supplement or any of the other Transaction Documents, (ii) seek to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Transaction SUBI Servicing Supplement or any of the other Transaction Documents, (iii) seek any determination or ruling that would materially and adversely affect the performance by the Servicer of its obligations

3 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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under this Transaction SUBI Servicing Supplement or any of the other Transaction Documents, or (iv) relate to the Servicer that would materially and adversely affect the federal or Applicable Tax State income, excise, franchise or similar tax attributes of the Notes.

**<u>Section</u> <u>7.6</u> <u>Fidelity Bond</u>**. The Servicer shall not be required to maintain a fidelity bond or errors and omissions policy.

**ARTICLE VIII** 

**SPECIFIC REQUIREMENTS FOR ADMINISTRATION AND SERVICING** 

**OF THE TRANSACTION SUBI PORTFOLIO** 

**<u>Section</u> <u>8.1</u> <u>Appointment of Servicer</u>**.

&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 Transaction SUBI Assets for the benefit of each holder and pledgee of the Transaction SUBI Certificate, and shall make collections on the Transaction Units in accordance with its Customary Servicing Practices, using the same degree of skill and attention that the Servicer exercises with respect to all comparable automotive leases and leased vehicles that it services for itself or others. In repossessing or otherwise converting the ownership of a Transaction Vehicle, the Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the standard of care required by Section 2.6 of the Origination Servicing Agreement, which practices and procedures may include the sale of the related Transaction Vehicle at a public or private sale, the submission of claims under an insurance policy and other actions by the Servicer in order to realize upon a Transaction Unit. Notwithstanding anything to the contrary in this Transaction SUBI Servicing Supplement or any other Transaction Document, the Servicer shall not be liable for any failure or delay in the performance of its obligations or the taking of any action hereunder or under any other Transaction Document (and such failure or delay shall not constitute a breach of any Transaction Document or a Servicer Replacement Event) if such failure or delay arises from compliance by the Servicer with any law or court order, the direction of a regulatory authority or regulatory guidance.

&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</u> <u>2.10</u> of the Origination Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer is hereby authorized to commence, in its own name or in the name of the Origination Trust, a legal Proceeding (including a bankruptcy Proceeding) relating to or involving a Transaction Lease, a Lessee or a related Transaction Vehicle. If the Servicer shall commence a legal Proceeding to enforce a Transaction Unit, the Origination 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 Origination Trust shall, at the Servicer's expense and written direction, take steps to enforce such Transaction Unit, including bringing suit in its name.

4 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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&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 SUBI Portfolio separately from any Other SUBI Portfolio.

**<u>Section</u> <u>8.2</u> <u>Servicer Bound by Origination Servicing Agreement</u>**.

&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 Origination Servicing Agreement with respect to the Transaction Units, including the provisions of <u>Article II</u> thereof relating to the administration and servicing of Leases; and the provisions set forth herein shall operate either as additions to or modifications of the existing obligations of the Servicer under the Origination Servicing Agreement, as the context may require. In the event of any conflict between the provisions of this Transaction SUBI Servicing Supplement and the Origination Servicing Agreement with respect to the Transaction SUBI, the provisions of this Transaction SUBI Servicing Supplement shall prevail.

&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 Transaction SUBI Portfolio under this Transaction SUBI Servicing Supplement, general references in the Origination Servicing Agreement to: (i) a SUBI Portfolio shall be deemed to refer more specifically to the Transaction SUBI Portfolio; (ii) a SUBI Servicing Agreement Supplement shall be deemed to refer more specifically to this Transaction SUBI Servicing Supplement; and (iii) a SUBI Supplement shall be deemed to refer more specifically to the Transaction SUBI Supplement.

**<u>Section</u> <u>8.3</u> <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;(a) Prior to the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall deposit an amount equal to all Collections received in respect of the Transaction SUBI into the Collection Account within two (2) Business Days after identification; *provided, however*, that if the Monthly Remittance Condition is satisfied then the Servicer shall not be required to deposit into the Collection Account an amount equal to the Collections received during any Collection Period until noon, New York City time, on the Business Day immediately preceding each Payment Date (it being understood that, with respect to Sales Proceeds, the Servicer shall be obligated to remit an amount equal to Sales Proceeds into the Collection Account and shall not be obligated to remit the actual Sales Proceeds). The "<u>Monthly Remittance Condition</u>" shall be deemed to be satisfied if (i) PFS is the Servicer, (ii) no Servicer Replacement Event has occurred and is continuing and (iii) PFS has [(x) a short-term debt rating of at least "[ ]" from [ ] and either (y) (A) a long-term unsecured debt rating of at least "[ ]" from [ ] or (B) a short-term unsecured debt rating of at least "[ ]" from [ ]]. Notwithstanding the foregoing, the Servicer may remit Collections to the Collection Account on any other alternate remittance schedule (but not later than the related Payment Date) if the Rating Agency Condition is satisfied with respect to such alternate remittance schedule. Pending deposit into the Collection Account, Collections may be commingled and used by the Servicer at its own risk and are not required to 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;(b) After the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall pay an amount equal to Collections in accordance with the instructions provided from time to time by the holder of the Transaction SUBI Certificate.

5 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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**<u>Section</u> <u>8.4</u> <u>Net Deposits</u>**. For so long as the Monthly Remittance Condition is satisfied, the Servicer shall be permitted to deposit into the Collection Account only the net amount distributable to Persons other than the Servicer and its Affiliates on the next Payment Date. The Servicer shall, however, account for all deposits and distributions in the Servicer's Certificate as if the amounts were deposited and/or distributed separately.

**<u>Section</u> <u>8.5</u> <u>Servicer Advances</u>**. On each Payment Date, the Servicer may deposit into the Collection Account prior to 11:00 a.m., New York City time, an advance in an amount equal to all or a portion of the aggregate scheduled monthly lease payments due on Included Units but not identified (or not identified in full) during and prior to the related Collection Period (a "<u>Monthly Payment Advance</u>"). The Servicer may deposit into the Collection Account prior to 11:00 a.m., New York City time, on the related Payment Date, (a) an advance with respect to an Included Unit at any time after the early termination of the related Transaction Lease, an amount equal to the related Securitization Value immediately prior to such early termination, and (b) an advance with respect to an Included Unit at any time after the scheduled expiration of the related Transaction Lease in an amount equal to the related Base Residual Value (each, a "<u>Sales Proceeds Advance</u>"). No Monthly Payment Advances or Sales Proceed Advances will be made with respect to Defaulted Units. As of the close of business on the last day of a Collection Period, if the Lessee shall be entitled to a rebate of an insurance policy or other ancillary product, then the Servicer may, at its option, advance to the Lessee an amount equal to such rebate to the extent the Servicer expects to recover the amount of the rebate from the insurer, the seller of the ancillary product or another Person (each, a "<u>Rebate Advance</u>" and, together with the Monthly Payment Advances, and the Sales Proceeds Advances, an "<u>Advance</u>"). Rebate Advances can be delivered to the Lessees and reported in the Servicer's Certificates in any manner the Servicer may select in its discretion. The Servicer may not make an Advance unless it reasonably believes, in its sole discretion, that such Advance is likely to be recoverable from subsequent Collections or Recoveries on the Included Units. The Servicer shall be entitled to receive reimbursement for any outstanding Advances made with respect to the Transaction Units to the extent funds are available therefor in accordance with the Indenture. Notwithstanding the foregoing, following any replacement of PFS as Servicer pursuant to <u>Section</u> <u>9.1</u>, the successor Servicer shall not be required to make any Advances.

**<u>Section</u> <u>8.6</u> <u>Servicer</u><u>'</u><u>s Certificate</u>**. On or before each Determination Date prior to the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall deliver to the Indenture Trustee and each Paying Agent (with a copy to each Rating Agency and the Issuer) a Servicer's Certificate reflecting information as of the close of business of the Servicer for the immediately preceding Collection Period containing the information described in Section 8.3(a) of the Indenture. At the sole option of the Servicer, each Servicer's Certificate may be delivered in electronic or hard copy format.

**<u>Section</u> <u>8.7</u> <u>Servicing Fee</u>**. Notwithstanding anything to the contrary in Section 2.5 of the Origination Servicing Agreement, on each Payment Date, the Indenture Trustee on behalf of the Issuer shall pay to the Servicer in accordance with Section 8.4(a) or Section 5.4(b) of the Indenture the Servicing Fee for the immediately preceding Collection Period as compensation for its services. In addition, the Servicer may retain any Supplemental Servicing Fees. The Servicer also will be entitled to receive Investment Earnings during each Collection Period from Available Funds in accordance with Section 8.4(a) or Section 5.4(b) of the Indenture.

6 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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**<u>Section</u> <u>8.8</u> <u>Insurance Lapses; Repairs</u>**. Notwithstanding anything to the contrary in Section 2.11 of the Origination Servicing Agreement, the Servicer shall not be required to monitor whether any Lessee has, and shall have no liability in the event that any Lessee fails to maintain in full force and effect, a physical damage insurance policy covering any Transaction Unit or naming the Origination 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.

**<u>Section</u> <u>8.9</u> <u>Licensing of Origination Trust</u>**. The Servicer shall cause the Origination Trust to apply for and maintain at all times all licenses and permits necessary to carry on the Origination Trust's leasing business in each jurisdiction in which the Origination 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 Origination Trust, taken as a whole.

**<u>Section</u> <u>8.10</u> <u>Payment of Fees and Expenses; Indemnity for Taxes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall or shall cause PFLP to pay all expenses incurred in connection with the administration and servicing of the Transaction SUBI and the Transaction Units, including, without limitation, expenses incurred by it in connection with its activities hereunder, including the fees and disbursements of the Origination Trustee not otherwise paid in accordance with <u>Section</u> <u>8.4(a)</u> or <u>Section</u> <u>5.4(b)</u> of the Indenture, independent accountants, taxes imposed on the Servicer and any Origination Trustee indemnity claims. The Servicer shall cause PFLP to pay any and all taxes levied or assessed upon the Issuer or upon all or 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;(b) The Servicer shall pay all expenses (other than expenses described in the definition of Liquidation Proceeds) incurred by it in connection with its activities hereunder, including the fees, expenses, indemnification amounts and disbursements of the Indenture Trustee (as more fully described in <u>Section</u> <u>6.7</u> of the Indenture), the Owner Trustee (as more fully described in <u>Sections 8.1</u> and <u>8.2</u> of the Trust Agreement), independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to the Noteholders and the Certificateholder, to the extent not otherwise paid in accordance with <u>Section</u> <u>8.4(a)</u> or <u>Section</u> <u>5.4(b)</u> of the Indenture.

**<u>Section</u> <u>8.11</u> <u>Annual Officer</u><u>'</u><u>s Certificate</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer will deliver to the Rating Agencies and the Issuer, with a copy to the Indenture Trustee, on or before March 30 of each calendar year, beginning on March 30, 20[ ] an Officer's Certificate (with appropriate insertions) 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;(b) The Servicer will deliver to the Issuer, on or before March 30 of each year, beginning on March 30, 20[ ], a report regarding the Servicer's assessment of compliance with the Servicing Criteria specified in Exhibit A as applicable to the Servicer during the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18 and Rule 15d-18 of the

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Exchange Act and Item 1122 of Regulation AB, or such other criteria as mutually agreed upon by the Transferor and the Servicer.

**<u>Section</u> <u>8.12</u> <u>Postmaturity Term Extension</u>**. Consistent with its Customary Servicing Practices, the Servicer may, in its discretion, grant a Postmaturity Term Extension with respect to any Transaction Lease. If the Servicer grants a Postmaturity Term Extension with respect to a Transaction Lease, then the Servicer shall direct the Origination Trustee and the Servicer to reallocate the Transaction Unit related to such Transaction Lease from the Transaction SUBI Portfolio to the UTI Portfolio (if the Servicer is PFS) or to an Other SUBI designated by the Servicer (if the Servicer is not PFS) on or before the Payment Date following the end of the Collection Period during which such Postmaturity Term Extension was granted. In consideration for such reallocation, the Servicer shall make a payment to the Issuer equal to the Reallocation Amount by depositing such amount into the Collection Account prior to [noon, New York City time], on such Payment Date.

**<u>Section</u> <u>8.13</u> <u>Security Deposits</u>.** In accordance with <u>Section</u> <u>2.4</u> of the Origination Servicing Agreement, prior to noon, New York City time, on the Payment Date related to the Collection Period in which a Security Deposit (as defined in the Origination Servicing Agreement) becomes Liquidation Proceeds (as defined in the Origination Servicing Agreement), the Servicer shall deposit such amounts (subject to any required reimbursement of Liquidation Expenses pursuant to the Origination Servicing Agreement) into the Collection Account.

**<u>Section</u> <u>8.14</u> <u>Loyalty Programs</u>**. The Servicer may, in its discretion, with respect to any Included Unit, offer a Lessee whose Lease is nearing expiration incentives to lease a new Vehicle or purchase a new Vehicle under the Servicer's end of term lease loyalty program (the "<u>End of Term Lease Loyalty Program</u>"). In connection with any incentive provided with regard to a lease under an End of Term Lease Loyalty Program, PFS shall deposit the amount of the waived monthly payments into the Collection Account within the time period thereafter stated in <u>Section</u> <u>8.3</u> of this Transaction SUBI Servicing Supplement after the payment has been processed (or, in the sole discretion of the Servicer, an earlier date). In connection with the End of Term Lease Loyalty Program, PFS may waive any Excess Wear Charges, and any such waived amounts shall not be required to be deposited into the Collection Account.

**<u>Section</u> <u>8.15</u> <u>Annual Registered Public Accounting Firm Attestation</u>**. On or before March 30<sup>th</sup> of each year, beginning March 30, 20[ ], the Servicer shall cause a firm of independent registered public accountants (who may also render other services to the Servicer, the Transferor or their respective Affiliates) to furnish to the Issuer, with a copy to the Indenture Trustee, the Servicer, and the Transferor, 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 paragraph (c) 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 Servicer, however, shall not be obligated to add as an addressee or reliance party with respect to any report described above any Person who does not comply with or agree to the required

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procedures of such firm of independent certified public accountants, including but not limited to execution of engagement letters or access letters regarding such reports.

**ARTICLE IX** 

**TERMINATION OF SERVICER** 

**<u>Section</u> <u>9.1</u> <u>Termination of Servicer as to Transaction SUBI Portfolio</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence and continuation of any Servicer Replacement Event, the Servicer shall provide to the Indenture Trustee, the Issuer, the Administrator, the Asset Representations Reviewer and each Rating Agency prompt notice specifying such Servicer Replacement Event, together with a description of its efforts to perform its obligations. The Servicer may not resign except in accordance with <u>Section</u> <u>2.10(a)</u> of the Origination Servicing Agreement. No such resignation will become effective until a successor Servicer has (i) assumed the responsibilities and obligations of PFS as servicer and (ii) provided in writing the information reasonably requested by the Transferor to comply with its reporting obligation under the Exchange Act with respect to a replacement Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Servicer Replacement Event shall have occurred and be continuing, the Origination Trustee shall, at the written direction of the Required Related Holders (as defined below), by notice given to the Servicer, the Issuer, the Indenture Trustee and the Administrator, terminate the rights and obligations of the Servicer under this Transaction SUBI Servicing Supplement and the Origination Servicing Agreement with respect to the Transaction SUBI Portfolio and the Included Units. In the event the Servicer is removed or resigns as Servicer with respect to servicing the Transaction SUBI Portfolio, the Required Related Holders shall appoint a successor Servicer. With respect to any Servicer Replacement Event, the Origination Trustee, acting at the written 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 aggregate Note Balance of the Outstanding Notes and thereafter, the Issuer, acting at the written 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;(c) 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. All reasonable costs and expenses incurred in connection with transferring the Records to the successor Servicer and all other reasonable costs and expenses incurred in connection with the transfer to the successor Servicer related to the performance by the Servicer hereunder will be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the effectiveness of the assumption by the successor Servicer of its duties pursuant to this <u>Section</u> <u>9.1</u>, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under the Origination Servicing Agreement with respect to the Transaction SUBI Portfolio, 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</u> <u>9.1(e)</u>. No Servicer shall resign or be relieved of its

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duties under the Origination Servicing Agreement, as Servicer of the Transaction SUBI Portfolio, until a newly appointed Servicer for the Transaction SUBI Portfolio shall have assumed the responsibilities and obligations of the resigning or terminated Servicer under this Transaction SUBI Servicing Supplement (such time, the "<u>Servicer Replacement Date</u>"). In the event of a replacement of PFS as Servicer, the Issuer shall cause the successor Servicer to agree to indemnify PFS against any losses, liabilities, damages or expenses (including attorneys' fees), as a result of the negligence or willful misconduct of such successor Servicer occurring after the Servicer Replacement Date. The predecessor Servicer shall be entitled to receive reimbursement for any outstanding Advances made with respect to the Transaction Units to the extent funds are available therefor in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No termination or resignation of the Servicer as to the Transaction SUBI Portfolio shall affect the obligations of the Servicer pursuant to <u>Section</u> <u>2.7(g)</u> of the Origination Servicing Agreement; *provided* that following the replacement of the Servicer pursuant to this <u>Section</u> <u>9.1</u>, such Servicer shall have no duties, responsibilities or other obligations hereunder with respect to matters arising after such replacement.

**<u>Section</u> <u>9.2</u> <u>No Effect on Other Parties</u>**. Upon any termination of the rights and powers of the Servicer with respect to the Transaction SUBI Portfolio pursuant to <u>Section</u> <u>9.1</u> hereof, or upon any appointment of a successor to the Servicer with respect to the Transaction SUBI Portfolio, all the rights, powers, duties and obligations of the Origination Trustee, the UTI Holder and the Settlor under the Origination Trust Agreement, the Servicing Agreement, the Transaction SUBI Supplement, any other SUBI Supplement, any other SUBI Servicing Agreement Supplement or any other Origination Trust 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 X** 

**MISCELLANEOUS** 

**<u>Section</u> <u>10.1</u> <u>Amendment</u>**.

&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 Origination Servicing Agreement, the Origination Servicing Agreement, as supplemented by this Transaction SUBI Servicing Supplement, to the extent that it deals solely with the Transaction SUBI and the Transaction SUBI Portfolio, may be amended in accordance with this <u>Section</u> <u>10.1</u>.

&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 this Transaction SUBI Servicing Supplement may be amended by the Servicer without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee, the Origination Trustee or any other Person subject to the satisfaction of one of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Servicer delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will
not materially and adversely affect the interests of the Noteholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Servicer delivers an Officer's Certificate of the Servicer to the Indenture Trustee to the effect
that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rating Agency Condition is satisfied with respect to such amendment and the Servicer notifies the
Indenture Trustee in writing that 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;(c) This Transaction SUBI Servicing Supplement may also be amended from time to time by the Servicer, with the consent of the Noteholders evidencing not less than a majority of the aggregate Note Balance of the Outstanding Notes, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Transaction SUBI Servicing Supplement or of modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Transaction SUBI Servicing Supplement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any term or provision of this Transaction SUBI Servicing Supplement may also be amended from time to time by the Servicer, for the purpose of conforming the terms of this Transaction SUBI Servicing Supplement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or the Certificates, without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person; *provided*, *however*, that the Transferor and the Servicer shall provide written notification of such amendment to the Indenture Trustee, the Issuer, the Owner Trustee and promptly after the execution of any such amendment, the Transferor and the Servicer shall furnish a copy of such amendment to the Indenture Trustee, the Issuer and the Owner Trustee.

&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 such amendment, the Servicer shall provide written notification of the substance of such amendment to each Rating Agency, the Indenture Trustee, the Owner Trustee and the Origination Trustee; and promptly after the execution of any such amendment, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Indenture Trustee, the Owner Trustee and the Origination Trustee; *provided*, that no amendment shall be effective which affects the rights, protections, immunities, indemnities or duties of the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed).

&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 Transaction SUBI Servicing Supplement, 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 Transaction SUBI Servicing Supplement 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 or execute on behalf of the Issuer any such amendment which adversely affects the Owner Trustee's or the Indenture

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Trustee's, as applicable, own rights, duties, protections, indemnities or immunities under this Transaction SUBI Servicing Supplement.

**<u>Section</u> <u>10.2</u> <u>Notices</u>**. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as set forth on <u>Schedule III</u> of the SUBI Sale Agreement or at such other address as shall be designated in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. 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; *provided, however,* that any notice to a Noteholder mailed within the time prescribed in this Transaction SUBI Servicing Supplement shall be conclusively presumed to have been duly given, whether or not the Noteholder shall receive such notice.

**<u>Section</u> <u>10.3</u> <u>Governing Law</u>. THIS TRANSACTION SUBI 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, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** 

**<u>Section</u> <u>10.4</u> <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 Transaction SUBI Servicing Supplement.

**<u>Section</u> <u>10.5</u> <u>Separate Counterparts</u>**. This Transaction SUBI Servicing 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.

**<u>Section</u> <u>10.6</u> <u>Waivers</u>**. No failure or delay on the part of the Servicer, the Transferor, the Issuer 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 any party hereto in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by any party hereto under this Transaction SUBI Servicing Supplement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Transaction SUBI Servicing Supplement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.

**<u>Section</u> <u>10.7</u> <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

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subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.

**<u>Section</u> <u>10.8</u> <u>Third-Party Beneficiaries</u>**. This Transaction SUBI Servicing Supplement shall inure to the benefit of and be binding upon the parties hereto, the Issuer and the Indenture Trustee, as holder and pledgee, respectively, of the Transaction SUBI Certificate, and their respective successors and permitted assigns and the Origination Trustee and the Owner Trustee shall be express third-party beneficiaries hereof and may enforce the provisions hereof as if it were a party hereto. Except as otherwise provided in this Section, no other Person will have any right hereunder.

**<u>Section</u> <u>10.9</u> <u>Severability of Provisions</u>**. If any one or more of the covenants, agreements, provisions or terms of this Transaction SUBI Servicing 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 Transaction SUBI Servicing Supplement and shall in no way affect the validity or enforceability of the other provisions of this Transaction SUBI Servicing Supplement. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Transaction SUBI Servicing Supplement invalid or unenforceable in any respect.

**<u>Section</u> <u>10.10</u> <u>No Waiver; Cumulative Remedies</u>**. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

**<u>Section</u> <u>10.11</u> <u>Nonpetition Covenant</u>**. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any 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, its creditors generally, 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, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Transaction SUBI Servicing Supplement.

**<u>Section</u> <u>10.12</u> <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;(a) submits for itself and its property in any legal action or proceeding relating to this Transaction SUBI Servicing Supplement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the

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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;(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;(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</u> <u>10.2</u>;

&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;(e) **to the extent permitted by applicable law, each party hereto 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 Transaction SUBI Servicing Supplement, any other Transaction Document, or any matter arising hereunder or thereunder.**

**<u>Section</u> <u>10.13</u> <u>Binding Effect</u>**. The provisions of the Origination Servicing Agreement and this Transaction SUBI Servicing Supplement, insofar as they relate to the Transaction SUBI Portfolio, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. This Transaction SUBI Servicing Supplement 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.

**<u>Section</u> <u>10.14</u> <u>Limitation of Liability</u>**. It is expressly understood and agreed by the parties hereto that (a) this Transaction SUBI Servicing Supplement is executed and delivered by [Wilmington Trust Company], not individually or personally but solely as Origination Trustee of the Origination Trust under the Origination Trust Agreement, 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 Origination Trustee and the Origination Trust is made and intended not as personal representations, undertakings and agreements by [Wilmington Trust Company] but is made and intended for the purpose of binding only the Origination Trust, (c) nothing herein contained shall be construed as creating any liability on [Wilmington Trust Company], 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 (d) [Wilmington Trust Company] has made no investigation as to the accuracy or completeness of any representations and warranties made by the Origination Trustee or the Origination Trust in this Transaction SUBI Servicing Supplement and (e) under no circumstances shall [Wilmington Trust Company] be personally liable for the payment of any indebtedness or expenses of the Origination Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by any party under this Transaction SUBI Servicing Supplement or the other Origination Trust Documents except in accordance with the provisions of the Origination Trust Agreement.

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**<u>Section</u> <u>10.15</u> <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 Transaction SUBI Servicing Supplement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder.

**<u>Section</u> <u>10.16</u> <u>Each SUBI Separate; Assignees of SUBI</u>**. Each party hereto acknowledges and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof, acknowledges and agrees) that (i) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del</u>. <u>Code</u> § 3801 <u>et</u> <u>seq</u>., (ii)(A) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only and not against any Other SUBI Assets or the UTI Portfolio and (B) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or Transaction SUBI Portfolio, (iii) except to the extent required by law, UTI Assets or Other SUBI Assets with respect to any SUBI shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (iv)(A) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or the assets allocated thereto and (B) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets other than the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI and (v) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (A) give to the Origination Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u> of the Origination Trust Agreement, and (B) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

**<u>Section</u> <u>10.17</u> <u>Information Requests</u>**. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer, the Transferor 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.

**<u>Section</u> <u>10.18</u> <u>Electronic Signatures and Transmission</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Transaction SUBI Servicing Supplement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or

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process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Transaction SUBI Servicing Supplement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Transaction SUBI Servicing Supplement may be accepted, executed or agreed to through the use of an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Transaction SUBI Servicing Supplement that a document, including this Transaction SUBI Servicing Supplement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit signature by electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

**<u>Section</u> <u>10.19</u> <u>Termination of Transaction SUBI Servicing Supplement</u>**. This Transaction SUBI Servicing Supplement shall terminate upon of the termination of the Transaction SUBI Supplement. Any such termination hereunder shall effect a termination only with respect to the Transaction SUBI Portfolio and not as to any other Origination Trust Assets, including any Origination Trust Assets allocated to any Other SUBI, and shall not effect a termination of the Origination Servicing Agreement or any other supplement to the Origination Servicing Agreement.

**<u>Section</u> <u>10.20</u> <u>Regulation AB</u>**. The Servicer shall cooperate fully with the Transferor and the Issuer to deliver to the Transferor and the Issuer (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 Transferor or the Issuer to permit the Transferor to comply with the provisions of Regulation AB and its reporting obligations under the Exchange Act, together with such disclosures relating to the Servicer and the Transaction Units, or the servicing of the Units, reasonably believed by the Seller to be necessary in order to effect such compliance.

**[SIGNATURES ON THE FOLLOWING PAGE]** 

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**IN WITNESS WHEREOF**, the parties hereto have caused this Transaction SUBI 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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| | |
|:---|:---|
| **PORSCHE LEASING LTD.** | **PORSCHE LEASING LTD.** |
| By: | [WILMINGTON TRUST COMPANY], |
|  | not in its individual capacity |
|  | but solely as Origination Trustee |
| By: |  |
| Name: | Name: |
| Title: | Title: |

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| |
|:---|
| **PORSCHE FINANCIAL SERVICES, INC.**,<br> as Servicer |
| By: |
| Name: |
| Title: |
| By: |
| Name: |
| Title: |

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| |
|:---|
| [**WILMINGTON TRUST COMPANY]**, |
| not in its individual capacity |
| but solely as Origination Trustee |
| By: |
| Name: |
| Title: |

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**EXHIBIT A** 

**SERVICING CRITERIA TO BE ADDRESSED IN** 

**SERVICER'S ASSESSMENT OF COMPLIANCE** 

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | ***Applicable***<br> ***Servicer***<br> ***Servicing***<br> ***Criteria*** |
| &nbsp;&nbsp;&nbsp; **Reference** | **Criteria** | |
|  | **General Servicing Considerations** |  |
| &nbsp;&nbsp;&nbsp; 1122(d)(1)(i) | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(1)(ii) | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(1)(iii) | Any requirements in the transaction agreements to maintain a back- up servicer for the pool assets are maintained. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(1)(v) | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information. | X |
|  | **Cash Collection and Administration** |  |
| &nbsp;&nbsp;&nbsp; 1122(d)(2)(i) | Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(2)(iv) | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. | X |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | ***Applicable***<br> ***Servicer***<br> ***Servicing***<br> ***Criteria*** |
| &nbsp;&nbsp;&nbsp; 1122(d)(2)(v) | Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(2)(vii) | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. | X |
|  | **Investor Remittances and Reporting** |  |
| &nbsp;&nbsp;&nbsp; 1122(d)(3)(i) | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. | X |

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B-2 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | ***Applicable***<br> ***Servicer***<br> ***Servicing***<br> ***Criteria*** |
|  | **Pool Asset Administration** | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(i) | Collateral or security on pool assets is maintained as required by the transaction agreements or related asset pool documents. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(ii) | Pool assets and related documents are safeguarded as required by the transaction agreements. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(iii) | Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(iv) | Payments on pool assets, including any payoffs, made in accordance with the related pool asset 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. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(v) | The Servicer's records regarding the accounts and the accounts agree with the Servicer's records with respect to an obligor's unpaid principal balance. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(vi) | Changes with respect to the terms or status of an obligor's account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(vii) | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(viii) | Records documenting collection efforts are maintained during the period a pool asset is delinquent in | X |

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B-3 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | &nbsp;&nbsp;&nbsp;***Servicing Criteria*** | ***Applicable***<br> ***Servicer***<br> ***Servicing***<br> ***Criteria*** |
|  | 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 pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). |  |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(xiv) | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. | X |
| &nbsp;&nbsp;&nbsp; 1122(d)(4)(xv) | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. | X |

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B-4 *Transaction SUBI Supplement to* *Servicing Agreement (PILOT 20[ ]-[ ])*

## Exhibit 10.11

**Exhibit 10.11** 

**FORM OF TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO** 

**AMENDED AND RESTATED TRUST AGREEMENT** 

between

**PORSCHE FUNDING LIMITED PARTNERSHIP**,

as UTI Holder

and

**[WILMINGTON TRUST COMPANY]**,

as Origination Trustee

Dated as of [ ], [ ]

------

**TABLE OF CONTENTS** 

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page** |
|  PART X. | DEFINITIONS; THIRD-PARTY BENEFICIARIES | DEFINITIONS; THIRD-PARTY BENEFICIARIES | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.1 | Definitions. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10.2 | Third-Party Beneficiaries. | 2 |
|  PART XI. | CREATION OF THE TRANSACTION SUBI | CREATION OF THE TRANSACTION SUBI | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.1 | Initial Creation of Transaction SUBI Portfolio and Transaction SUBI. | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.2 | Subsequent Removals From the Transaction SUBI Portfolio. | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.3 | Issuance and Form of Transaction SUBI Certificate. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.4 | Filings; Termination of Transaction SUBI; Related Matters. | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.5 | Representations and Warranties of Origination Trustee. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11.6 | Merger and Consolidation of Origination Trustee | 6 |
|  PART XII. | ASSIGNMENT OF THE TRANSACTION SUBI | ASSIGNMENT OF THE TRANSACTION SUBI | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12.1 | Assignment. | 6 |
|  PART XIII.  | MISCELLANEOUS PROVISIONS | MISCELLANEOUS PROVISIONS | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.1 | Amendment, Etc. | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.2 | Governing Law. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.3 | Notices. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.4 | Severability of Provisions. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.5 | Effect of Transaction SUBI Supplement on Origination Trust Agreement and Transaction Documents. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.6 | Each SUBI Separate; Assignees of SUBI. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.7 | No Petition; Release of Claims. | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.8 | Tax Matters. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.9 | Entire Agreement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.10 | Submission to Jurisdiction; Waiver of Jury Trial | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.11 | Limitation of Liability. | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.12 | Separate Counterparts. | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.13 | Electronic Signatures and Transmission. | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.14 | [Multiple Roles. | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.15 | Form 10-D Filings | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.16 | Form 8-K Filings | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.17 | Indemnification | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13.18 | Information to Be Provided by the Origination Trustee | 14 |

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Exhibit A - Form of Transaction SUBI Certificate <br> Schedule 1 - Description of Transaction SUBI Assets

-i- *Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (PILOT 20[ ]-[ ])*

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**TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO** 

**AMENDED AND RESTATED TRUST AGREEMENT** 

**OF PORSCHE LEASING LTD.** 

**THIS TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO AMENDED AND RESTATED TRUST AGREEMENT** (as amended, restated, supplemented or modified and in effect from time to time, the "<u>Transaction SUBI Supplement</u>") is dated and effective as of [ ], [ ], between PORSCHE FUNDING LIMITED PARTNERSHIP, a Delaware limited partnership ("<u>PFLP</u>"), as holder of the Undivided Trust Interest (in such capacity, the "<u>UTI Holder</u>" and in its capacity as settlor, the "<u>Settlor</u>"), and [WILMINGTON TRUST COMPANY], a [Delaware corporation with trust powers], as origination trustee (the "<u>Origination Trustee</u>").

**RECITALS** 

WHEREAS, PFLP (as assignee of PFS) and the Origination Trustee are parties to the Amended and Restated Trust Agreement, dated as of November 14, 1997 (as amended by the UTI Assignment and Origination Trust Document Amendment, dated as of July 31, 2000, and as further amended, restated, supplemented or modified and in effect from time to time, the "<u>Origination Trust Agreement</u>");

WHEREAS, the Origination Trust Agreement contemplates that from time to time the Origination Trustee, on behalf of Porsche Leasing Ltd. (the "<u>Origination Trust</u>") and at the direction of the UTI Holder, will identify and allocate on the Origination Trust's books and records certain Origination Trust Assets from the Undivided Trust Interest to separate SUBI Portfolios and will create and issue certificates to the UTI Holder representing separate special units of beneficial interest in the Origination Trust or "<u>SUBIs</u>", the beneficiary or beneficiaries of which will hold an exclusive 100% undivided beneficial ownership interest in the related SUBI Portfolios, all as set forth in the Origination Trust Agreement.

WHEREAS, the parties hereto desire to supplement the terms of the Origination Trust Agreement (i) to cause the Origination Trustee to identify and allocate Origination Trust Assets to a SUBI Portfolio (the "<u>Transaction SUBI Portfolio</u>"), which shall consist of Transaction Units consisting of Transaction Leases, Transaction Vehicles and the associated Related Rights, (ii) to create and issue to the UTI Holder a SUBI Certificate (such SUBI Certificate, together with any replacements thereof, the "<u>Transaction SUBI Certificate</u>") that will evidence and represent the entire and exclusive beneficial ownership interest in the related SUBI (the "<u>Transaction SUBI</u>") and the interests in the Transaction SUBI Portfolio represented thereby, (iii) to provide for the Origination Trust's continued holding of record title to the Transaction SUBI Portfolio (including the Transaction Vehicles) as agent and nominee for (and solely for the benefit of) the holder of the Transaction SUBI Certificate, and (iv) to set forth the terms and conditions thereof.

WHEREAS, concurrently herewith, the Origination Trustee, the Origination Trust and the Servicer are entering into that certain Transaction SUBI Supplement 20[ ]-[ ] to Amended and Restated Servicing Agreement (as amended, restated, supplemented or modified and in effect from time to time, the "<u>Transaction SUBI Servicing Supplement</u>") pursuant to which, among other things, the terms of the Origination Servicing Agreement will be supplemented insofar as they apply to the Transaction SUBI Portfolio, providing for specific servicing obligations.

*Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (PILOT 20[ ]-[ ])*

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WHEREAS, concurrently herewith, (i) PFLP and Porsche Auto Funding LLC, a Delaware limited liability company (the "<u>Transferor</u>"), are entering into a SUBI Sale Agreement, pursuant to which the Transferor will purchase the Transaction SUBI Certificate and certain related assets and (ii) the Transferor and Porsche Innovative Lease Owner Trust 20[ ]-[ ], a Delaware statutory trust (the "<u>Issuer</u>"), are entering into a SUBI Transfer Agreement, pursuant to which the Transferor will transfer the Transaction SUBI Certificate and certain related assets to the Issuer.

WHEREAS, concurrently herewith, the Issuer 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>") between the Issuer and [ ], as indenture trustee (the "<u>Indenture Trustee</u>"), pursuant to which, among other things, the Issuer will issue notes and will Grant a security interest to the Indenture Trustee in certain of its assets, including the Transaction SUBI Certificate.

**NOW THEREFORE**, in consideration of the premises and the mutual covenants contained herein and in the Origination Trust Agreement, the parties hereto agree to the following supplemental obligations with regard to the Transaction SUBI Portfolio:

**PART X.** 

**DEFINITIONS; THIRD-PARTY BENEFICIARIES** 

Section 10.1 <u>Definitions</u>.

For all purposes of this Transaction SUBI 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 <u>Appendix A</u> to the SUBI Sale Agreement, (b) all capitalized terms used herein which are not defined herein or in the SUBI Sale Agreement and which are defined in the Origination Trust Agreement shall have the meanings attributed to them by the Origination Trust Agreement, (c) all references to words such as "herein", "hereof" and the like shall refer to this Transaction SUBI Supplement as a whole and not to any particular article or section within this Transaction SUBI Supplement, (d) the term "include" and all variations thereon shall mean "include without limitation", and (e) the term "or" shall include "and/or".

Section 10.2 <u>Third-Party Beneficiaries</u>.

The holder and pledgees of the Transaction SUBI Certificate (including the Issuer and the Indenture Trustee), and their respective successors, permitted assigns and pledgees are third-party beneficiaries of the Origination Trust Agreement and this Transaction SUBI Supplement, insofar as they apply to the Transaction SUBI.

**PART XI.** 

**CREATION OF THE TRANSACTION SUBI** 

Section 11.1 <u>Initial Creation of Transaction SUBI Portfolio and Transaction SUBI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to Sections 4.2(a) and 4.2(b) of the Origination Trust Agreement, the UTI Holder hereby directs the Origination Trustee to identify and allocate or cause to be identified and allocated on the books and records of the Origination Trust a separate portfolio of SUBI Assets to

2 *Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (PILOT 20[ ]-[ ])*

------

be accounted for and held in trust independently from all other Origination Trust Assets consisting of those Units (each, a "<u>Transaction SUBI Asset</u>"), which shall include the Transaction Vehicles which are identified on <u>Schedule 1</u> to this Transaction SUBI Supplement, the Transaction Leases relating thereto and all other Origination Trust Assets to the extent related thereto (other than cash which does not constitute Collections identified on or after the Cut-Off Date). Based upon their identification and allocation by the UTI Holder pursuant to such <u>Schedule 1</u>, the Origination Trustee hereby identifies and allocates as Transaction SUBI Assets such portfolio of SUBI Assets to be held by the Origination Trust, as agent and nominee (and solely for the benefit) of the holder of the Transaction SUBI Certificate, each such SUBI Asset to be identified on the books and records of the Origination Trust as belonging exclusively to the Transaction SUBI Portfolio; *provided* that any Collections identified on or prior to the Cut-Off Date for any such Transaction Unit identified on <u>Schedule 1</u> shall not be allocated as Transaction SUBI Assets and shall not belong to the Transaction SUBI Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Also pursuant to Section 4.2(a) of the Origination Trust Agreement, the Origination Trustee hereby creates a SUBI which shall be known as the "<u>Porsche Leasing Ltd. Transaction Special Unit of Beneficial Interest 20[ ]-[ ]</u>" or "<u>Transaction SUBI</u>" and which shall represent an exclusive and specific 100% beneficial interest solely in the Transaction SUBI Portfolio and those proceeds or assets derived from or earned by such Transaction SUBI Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In accordance with Section 3.1 of the Origination Trust Agreement, [Wilmington Trust Company] agrees to act as trustee of the Origination Trust for the benefit of the holder of the Transaction SUBI Certificate.

Section 11.2 <u>Subsequent Removals From the Transaction SUBI Portfolio</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon compliance by PFS with directions provided to it by PFLP pursuant to Section 3.3 of the SUBI Sale Agreement to reallocate the beneficial interest in any Transaction Unit, such Unit shall be identified on a schedule to the related Servicer's Certificate and reallocated from the Transaction SUBI Portfolio to the Undivided Trust Interest on the Payment Date that the payment of the related Reallocation Amount is made. On such Payment Date, the Origination Trustee will make (or cause to be made) a notation in its records reflecting the reallocation of such Origination Trust Assets as of the time thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon compliance by the Servicer with the provisions of Section 8.12 of the Transaction SUBI Servicing Supplement to reallocate any Transaction Unit subject to a Postmaturity Term Extension, such Unit will be identified on a schedule to the related Servicer's Certificate and reallocated from the Transaction SUBI Portfolio to the Undivided Trust Interest (if the Servicer is PFS) or to any Other SUBI designated by the Servicer (if the Servicer is not PFS) on the Payment Date that the payment of the related Reallocation Amount is made. On such Payment Date, the Origination Trustee will make (or cause to be made) a notation in its records reflecting the reallocation of such Origination Trust Assets as of the time thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon compliance by the Servicer with the provisions of Section 8.14 of the Transaction SUBI Servicing Supplement to terminate a Transaction Lease related to an Included Unit subject to an End of Term Lease Loyalty Program, such Unit will be identified on a schedule to the related Servicer's Certificate and reallocated from the Transaction SUBI Portfolio to the

3 *Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (PILOT 20[ ]-[ ])*

------

Undivided Trust Interest (if the Servicer is PFS) or to any Other SUBI designated by the Servicer (if the Servicer is not PFS) in accordance with the provisions of Section 8.14 of the Transaction SUBI Servicing Supplement. On such Payment Date, the Origination Trustee will make (or cause to be made) a notation in its records reflecting the reallocation of such Origination Trust Assets as of the time thereof.

Section 11.3 <u>Issuance and Form of Transaction SUBI Certificate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transaction SUBI shall be represented by a Transaction SUBI Certificate which shall represent an exclusive 100% beneficial ownership interest in the Transaction SUBI and the Transaction SUBI Portfolio, as further set forth herein. The Transaction SUBI Certificate shall be substantially in the form of <u>Exhibit A</u> attached hereto, with such appropriate insertions, omissions, substitutions and other variations as are required by this Transaction SUBI Supplement and may have such letters, numbers or other marks of identification and such legends and endorsements placed thereon as may, consistent herewith and with the Origination Trust Agreement, be directed by the UTI Holder with the consent of the holder and each permissible pledgee of the Transaction SUBI Certificate. Any portion of the Transaction SUBI Certificate may be set forth on the reverse thereof. The Transaction SUBI Certificate shall be printed, lithographed, typewritten, mimeographed, photocopied or otherwise produced or may be produced in any other manner as may, consistent herewith and with the Origination Trust Agreement, be determined by the UTI Holder with the consent of the holder and each permissible pledgee of the Transaction SUBI Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As required by Section 4.2(b) of the Origination Trust Agreement, the Transaction SUBI Certificate shall contain an express written release and subordination of any claim by any holder thereof to any proceeds or assets of the Origination Trustee and to all of the Origination Trust Assets other than those from time to time included within the Transaction SUBI Portfolio.

Section 11.4 <u>Filings; Termination of Transaction SUBI; Related Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The UTI Holder and the Origination Trustee will undertake all other and future actions and activities as may be required by the Servicer (pursuant to the Transaction SUBI Servicing Supplement) to perfect (or evidence) and confirm the foregoing identification and allocation of SUBI Assets to the Transaction SUBI Portfolio, including, solely with respect to the UTI Holder, filing or causing to be filed UCC financing statements and executing and delivering all related filings, documents or writings as may be deemed reasonably necessary by the Servicer hereunder or under any of the Transaction Documents and as are presented to them in final execution form; *provided*, *however*, that in no event will the UTI Holder, the Servicer or the Origination Trustee be required to take any action to indicate any Person as lienholder or change the Person listed as owner on the Certificate of Title for any Transaction Vehicle allocated to the Transaction SUBI Portfolio. The UTI Holder hereby irrevocably makes and appoints each of the Origination Trustee and the Servicer, and any of their respective officers, employees or agents, as the true and lawful attorney-in-fact of the UTI Holder (which appointment is coupled with an interest and is irrevocable) with power to sign on behalf of the UTI Holder any security agreements, mortgages, assignments, affidavits, letters of authority, notices or similar documents necessary or appropriate to be executed or filed pursuant to this Section.

4 *Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (PILOT 20[ ]-[ ])*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If all of the Transaction Units have been liquidated into cash and all of such cash shall have been distributed in accordance with the Transaction SUBI Servicing Supplement or the Transferor has purchased the Transaction SUBI Certificate from the Issuer pursuant to <u>Section</u> <u>3.18</u> of the SUBI Transfer Agreement, then, at the direction of the holder of the Transaction SUBI Certificate, the Transaction SUBI shall be terminated and the Transaction SUBI Certificate shall be returned to the Origination Trustee and canceled thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon a written direction to the Origination Trustee to revoke and terminate the Transaction SUBI by the holder of the Transaction SUBI Certificate, the Origination Trustee shall (i) revoke and terminate the Transaction SUBI and (ii) promptly, at the expense of the holder of the Transaction SUBI Certificate, distribute the Transaction SUBI Assets to the holder of the Transaction SUBI Certificate; *provided, however,* that the Transaction SUBI shall not be subject to such revocation and termination prior to the earlier of (A) the acceleration of the maturity of the Notes under Section 5.2 of the Indenture following an Event of Default or (B) payment in full of the principal and accrued interest on the Notes.

Section 11.5 <u>Representations and Warranties of Origination Trustee</u>.

The Origination Trustee hereby makes the following representations and warranties on which the Settlor and UTI Holder, each of their permitted assignees and each holder of the Transaction SUBI Certificate may rely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing</u>. The Origination Trustee is a corporation with trust powers, duly organized, validly existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority</u>. The Origination Trustee has full power, authority and right to execute, deliver and perform this Transaction SUBI Supplement and has taken all necessary action to authorize the execution, delivery and performance by it of this Transaction SUBI Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Due Execution</u>. This Transaction SUBI Supplement has been duly executed and delivered by the Origination Trustee, and this Transaction SUBI Supplement and the Origination Trust Agreement are legal, valid and binding instruments enforceable against the Origination Trustee in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency and other similar laws relating to the enforcement of creditors' rights generally and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflict</u>. Neither the execution and delivery of this Transaction SUBI Supplement nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof, will conflict with or result in a breach of, or constitute a default (with notice or passage of time or both) under any provision of any law, governmental rule, regulation, judgment, decree or order binding on the Origination Trustee or the charter or bylaws of the Origination Trustee or any provision of any mortgage, indenture, contract, agreement or other instrument to which the Origination Trustee is a party or by which it is bound. No consent, approval or authorization of, or filing, registration or qualification with, or the giving of notice or the taking of any other action with respect to, any federal or Delaware state Governmental

5 *Transaction SUBI Supplement 20[ ]-[ ] to Origination Trust Agreement (PILOT 20[ ]-[ ])*

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Authority is required on the part of the Origination Trustee in connection with the execution, delivery and performance by the Origination Trustee of the Origination Trust Agreement, the Origination Servicing Agreement, the Transaction SUBI Servicing Supplement and this Transaction SUBI Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Location of Records</u>. The office where the Origination Trustee keeps its records concerning the transactions contemplated hereby is located at [1100 North Market Street, Wilmington, Delaware 19890-0001].

Section 11.6 <u>Merger and Consolidation of Origination Trustee</u><u>.</u> The Origination Trustee shall give notice to the Transferor and the Administrator within a reasonable time after affecting any merger, consolidation, or other transaction set forth in Section 6.5 of the Origination Trust Agreement.

**PART XII.** 

**ASSIGNMENT OF THE TRANSACTION SUBI** 

Section 12.1 <u>Assignment</u>.

The parties to this Transaction SUBI Supplement hereby acknowledge and consent to the mortgage, pledge, assignment and Grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuer's rights hereunder and to the Transaction SUBI and the Transaction SUBI Certificate. The parties to this Transaction SUBI Supplement hereby acknowledge and consent to (i) the sale from PFLP to the Transferor and (ii) the sale from the Transferor to the Issuer of the Transaction SUBI Certificate, the beneficial interest in the Transaction SUBI and the related assets. In addition, the parties to this Transaction SUBI Supplement hereby acknowledge and agree that after the occurrence of an Event of Default and the exercise of remedies related thereto the Indenture Trustee will have the right to exercise all rights, remedies, powers, privileges and claims of the Issuer under this Transaction SUBI Supplement.

**PART XIII.** 

**MISCELLANEOUS PROVISIONS** 

Section 13.1 <u>Amendment, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding <u>Section</u> <u>9.1</u> of the Origination Trust Agreement, the Origination Trust Agreement, as supplemented by this Transaction SUBI Supplement, to the extent that it deals solely with the Transaction SUBI, the Transaction SUBI Portfolio and the Transaction SUBI Certificate, may be amended in accordance with this <u>Section</u> <u>13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any term or provision of the Origination Trust Agreement or this Transaction SUBI Supplement may be amended by PFLP without the consent of the Origination Trustee, the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) PFLP delivers an Opinion of Counsel to the Indenture Trustee and the Origination Trustee to the effect that
such amendment will not materially and adversely affect the interests of the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) PFLP delivers an Officer's Certificate of the PFLP to the Indenture Trustee and the Origination
Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Rating Agency Condition is satisfied with respect to such amendment and PFLP notifies the Indenture
Trustee and the Origination Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Transaction SUBI Supplement may also be amended from time to time by PFLP, with the consent of the Noteholders evidencing not less than a majority of the aggregate Note Balance of the Outstanding Notes, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Transaction SUBI Supplement or of modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment, but it will be sufficient if such consent approves the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in the Origination Trust Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any term or provision of this Transaction SUBI Supplement may also be amended from time to time by PFLP, for the purpose of conforming the terms of this Transaction SUBI Supplement to the description thereof in the Prospectus or, to the extent not contrary to the Prospectus, to the description thereof in an offering memorandum with respect to the Notes or Certificates, without the consent of the Origination Trustee, the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prior to the execution of any such amendment, PFLP shall provide written notification of the substance of such amendment to each Rating Agency, the Origination Trustee, the Indenture Trustee and the Owner Trustee; and promptly after the execution of any such amendment, PFLP shall furnish a copy of such amendment to each Rating Agency, the Origination Trustee, the Indenture Trustee and the Owner Trustee; *provided*, that no amendment shall be effective which affects the rights, protections, immunities, indemnities or duties of the Origination Trustee, the Indenture Trustee or the Owner Trustee without the prior written consent of such Person (which consent shall not be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to the execution of any amendment to this Transaction SUBI Supplement, the Owner Trustee and the Origination 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 the Origination Trust Agreement or this Transaction SUBI Supplement and that all conditions precedent to the execution and delivery of such amendment have been satisfied.

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Section 13.2 <u>Governing Law</u>.

**THIS TRANSACTION SUBI SUPPLEMENT SHALL BE GOVERNED BY AND 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 HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.** 

Section 13.3 <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly specified or permitted by the terms hereof, all demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service or by electronic transmission and addressed in each case as specified on <u>Schedule III</u> of the SUBI Sale Agreement, or at such other address as shall be designated by any of the specified addressees 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice required or permitted to be given to the Certificateholder shall be given by first-class mail, postage prepaid or by electronic transmission, at the address of the Certificateholder as shall be designated by such party in a written notice to each other party. Any notice to a Certificateholder mailed within the time and in the manner prescribed in this Transaction SUBI Supplement shall be conclusively presumed to have been duly given, whether or not the Certificateholder shall receive such notice.

Section 13.4 <u>Severability of Provisions</u>.

Any provision of this Transaction SUBI Supplement 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 13.5 <u>Effect of Transaction SUBI Supplement on Origination Trust Agreement and Transaction Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided herein: (i) the parties shall continue to be bound by all provisions of the Origination Trust Agreement; and (ii) the provisions set forth herein shall operate either as additions to or modifications of the obligations of the parties under the Origination Trust Agreement, as the context may require. In the event of any conflict between the provisions of this Transaction SUBI Supplement and the Origination Trust Agreement with respect to the Transaction SUBI, the provisions of this Transaction SUBI Supplement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes of determining the parties' obligations under this Transaction SUBI Supplement with respect to the Transaction SUBI, general references in the Origination Trust Agreement to: (i) the SUBI Portfolio shall be deemed to refer more specifically to the Transaction SUBI Portfolio; (ii) the SUBI Supplement shall be deemed to refer more specifically to this

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Transaction SUBI Supplement; and (iii) the SUBI Servicing Agreement Supplement shall be deemed to refer more specifically to the Transaction SUBI Servicing Supplement.

Section 13.6 <u>Each SUBI Separate; Assignees of SUBI</u>.

Each party hereto acknowledges and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof acknowledges and agrees) that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del</u>. <u>Code</u> § 3801 <u>et</u> <u>seq</u>., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only, and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or any Transaction SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or any Other SUBI Assets and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or any Other SUBI Assets shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in Section 6.9 of the Origination Trust Agreement, (ii) agree for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio 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 Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio and (iii) satisfy any other transfer restrictions expressly set forth in the Origination Trust Agreement.

Section 13.7 <u>No Petition; Release of Claims.</u>

Subject to <u>Section</u> <u>6.9(b)</u>, of the Origination Trust Agreement, with respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee of the Transaction SUBI Certificate by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof) covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any 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

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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, its creditors generally, 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, arrangement, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction; *provided*, *however*, that nothing herein shall prevent the Origination Trustee from filing a proof of claim in any such proceeding.

Section 13.8 <u>Tax Matters</u>.

Each of the parties hereto and any holder or pledgee of the Transaction SUBI Certificate (including the Issuer and the Indenture Trustee, respectively) agree that for U.S. federal, state and local income, franchise and/or value added tax purposes it shall not treat this Transaction SUBI 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). Instead, each of such parties agrees, and will consistently report, that for U.S. federal, state and local income, franchise and/or value added tax purposes the Origination Trust holds the Transaction SUBI Portfolio and each asset therein as a mere agent of the Issuer. Each such party further agrees that the Origination Trust is acting as holder of record title to the Transaction SUBI Portfolio, including the Transaction Vehicles, solely for the benefit of, and as agent and nominee of, the Issuer, and shall not hold itself out or act in a manner inconsistent with it acting merely as agent and nominee.

Section 13.9 <u>Entire Agreement</u>.

**THIS TRANSACTION SUBI SUPPLEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT BETWEEN 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 13.10 <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;(a) submits for itself and its property in any Proceeding relating to this Transaction SUBI 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 Delaware, the courts of the United States of America for the District of Delaware and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such Proceeding may be brought and maintained in such courts and waives any objection that it may now or hereafter have to the venue of such Proceeding in any

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such court or that such Proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such 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</u> <u>13.3</u> of this Transaction SUBI Supplement;

&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;(e) **to the extent permitted by applicable law, each party hereto irrevocably waives all right of trial by jury in any Proceeding or counterclaim based on, or arising out of, under or in connection with this Transaction SUBI Supplement, any other Transaction Document, or any matter arising hereunder or thereunder.**

Section 13.11 <u>Limitation of Liability</u>.

It is expressly understood and agreed by the parties hereto that (a) this Transaction SUBI Supplement is executed and delivered by [Wilmington Trust Company], not individually or personally but solely as Origination Trustee of the Origination Trust under the Origination Trust Agreement, 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 Origination Trustee and the Origination Trust is made and intended not as personal representations, undertakings and agreements by [Wilmington Trust Company] but is made and intended for the purpose of binding only the Origination Trust, (c) nothing herein contained shall be construed as creating any liability on [Wilmington Trust Company], 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, (d) [Wilmington Trust Company] has made no investigation as to the accuracy or completeness of any representations and warranties made by the Origination Trustee or the Origination Trust in this Transaction SUBI Servicing Supplement and (e) under no circumstances shall [Wilmington Trust Company] be personally liable for the payment of any indebtedness or expenses of the Origination Trust or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by any party under this Transaction SUBI Supplement or the other Origination Trust Documents except in accordance with the provisions of the Origination Trust Agreement.

It is further understood that the Origination Trustee, in its individual capacity, shall have no recourse to any Transaction SUBI Assets, including such Transaction SUBI Assets that were UTI Assets at the time a claim against the Origination Trustee arose. Notwithstanding the foregoing, the previous sentence shall in no way impair the right of the Origination Trustee to amounts due to it pursuant to Sections 5.4 and 8.4 of the Indenture, solely to the extent that there are Available Funds available to pay such amounts.

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Section 13.12 <u>Separate Counterparts</u>.

This Transaction SUBI Supplement 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.

Section 13.13 <u>Electronic Signatures and Transmission</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Transaction SUBI Supplement, any reference to "written" or "in writing" means any form of written communication, including, without limitation, electronic signatures, and any such written communication may be transmitted by electronic transmission. The term "electronic signature" shall mean any electronic symbol or process attached to, or associated with, a contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record. Each of the parties hereto agrees that this Transaction SUBI Supplement, any addendum or amendment hereto or any other document necessary for the consummation of the transactions contemplated by this Transaction SUBI Supplement or the Origination Trust Agreement may be accepted, executed or agreed to by an authorized individual on behalf of the party through the use of: (a) an electronic signature in accordance with the E-Sign Act, UETA or any applicable state law; (b) an original manual signature; or (c) a faxed, scanned or photocopied manual signature. Each electronic signature or faxed, scanned or photocopied manual signature shall for all purposes have the same validity, legal effect and admissibility in evidence as an original manual signature. Each of the parties hereto are authorized to accept written instructions, directions, reports, notices or other communications delivered by electronic transmission and shall not have any duty or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or information on behalf of the party purporting to send such electronic transmission; and none of the parties hereto shall have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information delivered to such party, including, without limitation, the risk of such party acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any requirement in this Transaction SUBI Supplement or the Origination Trust Agreement that a document, including this Agreement, is to be signed or authenticated by "manual signature" or similar language shall not be deemed to prohibit electronic signature and shall not be deemed to prohibit delivery thereof by electronic transmission.

Section 13.14 [<u>Multiple Roles</u>.

It is expressly acknowledged, agreed and consented to that [Wilmington Trust Company] will be acting in the capacity of Origination Trustee hereunder and its affiliate, [ ] will be acting in the capacity as Owner Trustee. [Wilmington Trust Company] and [ ] may, in such capacities, discharge its separate functions fully, without hindrance or regard to conflict of interest principles, duty of loyalty principles or other equitable principles to the extent that any such conflict or breach arises from the performance by [Wilmington Trust Company] of its express

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duties set forth in the Origination Trust Agreement or the performance by [ ] of its express duties set forth in the Trust Agreement, all of which defenses, claims or assertions are waived by the parties hereto.]

Section 13.15 <u>Form 10-D Filings</u>.

For so long as the Transferor is filing reports under the Exchange Act with respect to the Issuer, the Origination Trustee shall (i) on or before the fifth Business Day of each month, notify the Transferor, in writing, of any Form 10-D Disclosure Item with respect to the Origination Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably satisfactory to the Transferor; *provided*, *however*, that the Origination 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 Origination Trustee to the Transferor, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Origination Trustee of any changes to such information, provide to the Transferor, in writing, such updated information.

Section 13.16 <u>Form 8-K Filings</u>.

So long as the Transferor is filing Exchange Act Reports with respect to the Issuer, the Origination Trustee shall promptly notify the Transferor, but in no event later than one (1) Business Day after its occurrence, of any Reportable Event of which a Responsible Officer of the Origination Trustee has actual knowledge (other than a Reportable Event described in <u>clause (a)</u> or <u>(b)</u> of the definition thereof as to which the Transferor or the Servicer has actual knowledge). The Origination Trustee shall be deemed to have actual knowledge of any such event to the extent that it relates to the Origination Trustee in their individual capacity or any action by the Origination Trustee under this Transaction SUBI Supplement or the Origination Trust Agreement.

Section 13.17 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Wilmington Trust Company] shall indemnify the Transferor, each Affiliate of the Transferor or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) any untrue statement of a material fact contained in any information provided in writing by [Wilmington
Trust Company] to the Transferor or its affiliates under <u>Sections 13.15</u> or <u>13.16</u> (such information, the " <u>Provided Information</u> "), or (B) the omission to state in the Provided Information a material fact required
to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided*, by way of clarification, that <u>clause (B)</u> of
this paragraph shall be construed solely by reference to the related information and not to any other information communicated in connection with a sale or purchase of securities,

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without regard to whether the Provided Information or any portion thereof is presented together with or separately from such other information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any failure by [Wilmington Trust Company] to deliver any information, report, or other material when and as
required under <u>Sections 13.15</u> or <u>13.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of any failure of performance described in <u>clause (a)(ii)</u> of this Section, [Wilmington Trust Company], shall promptly reimburse the Transferor for all costs reasonably incurred in order to obtain the information, report or other material not delivered as required by [Wilmington Trust Company].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained herein, in no event shall [Wilmington Trust Company] be liable for special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if [Wilmington Trust Company] has been advised of the likelihood of such loss or damage and regardless of the form of action.

Section 13.18 <u>Information to Be Provided by the Origination Trustee</u>.

The Origination Trustee shall provide the Transferor and the Servicer with (i) notification, as soon as practicable and in any event within five (5) Business Days, of all demands communicated to a Responsible Officer of the Origination Trustee for the reallocation of any Transaction Unit pursuant to Section 3.3 of the Indenture and (ii) promptly upon written request, any other information reasonably requested in the Origination Trustee's possession and that can be provided without unreasonable effort or expense to facilitate compliance with Rule 15Ga-1 under the Exchange Act. In no event shall the Origination 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 in respect of the Transaction Documents or the transactions contemplated thereby. A demand does not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties.

[SIGNATURES ON THE FOLLOWING PAGE]

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**IN WITNESS WHEREOF**, the parties hereto have caused this Transaction SUBI Supplement to be duly executed by their respective officers as of the day and year first above written.

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| | |
|:---|:---|
| **PORSCHE FUNDING LIMITED PARTNERSHIP**, as UTI Holder | **PORSCHE FUNDING LIMITED PARTNERSHIP**, as UTI Holder |
| By: | PORSCHE FINANCIAL SERVICES, INC., |
|  | its General Partner |
| By: |  |
| Name: | Name: |
| Title: | Title: |
| By: |  |
| Name: | Name: |
| Title: | Title: |

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---

| |
|:---|
| **[WILMINGTON TRUST COMPANY**], |
| as Origination Trustee |
| By: |
| Name: |
| Title: |

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**EXHIBIT A** 

**<u>FORM OF TRANSACTION SUBI CERTIFICATE</u>**

**PORSCHE LEASING LTD.** 

**TRANSACTION SPECIAL UNIT OF BENEFICIAL INTEREST 20[ ]-[ ]** 

**CERTIFICATE** 

Evidencing an exclusive undivided 100% beneficial interest in all Transaction SUBI Assets (as defined below).

(This Certificate does not represent an obligation of, or an interest in, Porsche Financial Services, Inc., Porsche Funding Limited Partnership, Porsche Auto Funding LLC, [Wilmington Trust Company] or any of their respective affiliates other than the Origination Trust (as defined below)).

Number Transaction SUBI 20[ ]-[ ], No. [ ]

THIS CERTIFIES THAT [ ], a [ ], is the registered owner of a 100% nonassessable, fully-paid, exclusive undivided beneficial interest in the Transaction SUBI Portfolio (such interest, a "<u>Transaction SUBI</u>") of Porsche Leasing Ltd., a Delaware statutory trust (the "<u>Origination Trust</u>") formed by Porsche Funding Limited Partnership, a Delaware limited partnership (as assignee of Porsche Financial Services, Inc. (f/k/a Porsche Credit Corporation)), as settlor ("<u>PFLP</u>" or, in its capacity as settlor thereunder, and, together with any successor or assign, the "<u>Settlor</u>"), and [Wilmington Trust Company], a [Delaware corporation], as trustee (the "<u>Origination Trustee</u>"). The Origination Trust was created pursuant to a Trust Agreement dated as of December 20, 1996, as amended and restated by that certain Amended and Restated Trust Agreement dated as of November 14, 1997 (as amended, restated, supplemented or modified and in effect from time to time, the "<u>Origination Trust Agreement</u>"), between the Origination Trustee and PFLP, as Settlor and as UTI Holder (as assignee of Porsche Financial Services, Inc. (f/k/a Porsche Credit Corporation) pursuant to the UTI Assignment and Origination Trust Document Amendment, dated as of July 31, 2000), as supplemented for purposes hereof by that certain Transaction SUBI Supplement 20[ ]-[ ] to Amended and Restated Trust Agreement dated as of [ ], [ ] (as amended, restated, supplemented or modified and in effect from time to time, the "<u>Transaction SUBI Supplement</u>"), between PFLP, as the UTI Holder (the "<u>UTI Holder</u>") and the Origination Trustee. To the extent not otherwise defined herein, capitalized terms used herein have the meanings set forth in the Origination Trust Agreement or the Transaction SUBI Supplement.

This Certificate is the duly authorized certificate issued under the Origination Trust Agreement and the Transaction SUBI Supplement, and is designated as "Porsche Leasing Ltd. Transaction Special Unit of Beneficial Interest 20[ ]-[ ] Certificate" (the "<u>Transaction SUBI Certificate</u>"). This Transaction SUBI Certificate is issued under and is subject to the terms, provisions and conditions of the Origination Trust Agreement (including the Transaction SUBI Supplement), to which Origination Trust Agreement the holder of this Transaction SUBI Certificate by virtue of the acceptance hereof assents and by which such holder is bound. There has also been issued an Undivided Trust Interest Certificate (the "<u>Undivided Trust Interest</u> 

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 <u>Certificate</u>"), and there may also be issued under the Origination Trust Agreement various other series of certificates representing Special Units of Beneficial Interest (the "<u>SUBI Certificates</u>" and, together with the Undivided Trust Interest Certificate, the "<u>Certificates</u>"). The Undivided Trust Interest Certificate evidences an exclusive, undivided interest in the Origination Trust Assets other than SUBI Assets (each as defined in the Origination Trust Agreement); each other series of SUBI Certificates will evidence an exclusive undivided interest in a separate SUBI Portfolio other than the Transaction SUBI Portfolio.

This Transaction SUBI Certificate does not represent an obligation of, or an interest in, the Settlor, the Origination Trustee, the UTI Holder or any of their respective Affiliates other than the Origination Trust. A copy of the Origination Trust Agreement may be examined during normal business hours at the principal office of the Origination Trustee, and at such other places, if any, designated by the Origination Trustee, by the holder hereof upon request.

By accepting this Transaction SUBI Certificate, the holder hereof releases (or fully subordinates, but only to the extent such release is not given effect) any claim in respect of this Transaction SUBI Certificate to any proceeds or assets of the Origination Trustee and to all of the assets of the Origination Trust other than those from time to time included within the Transaction SUBI Portfolio (the "<u>Transaction SUBI Assets</u>") and those proceeds or assets derived from or earned by the Transaction SUBI Assets.

Prior to due presentation of this Transaction SUBI Certificate for registration of a permitted transfer, the Origination Trustee, the certificate registrar and any of their respective agents may treat the Person or entity in whose name this Transaction SUBI Certificate is registered as the owner hereof for the purpose of receiving distributions and for all other purposes, and, except as provided for in the Origination Trust Agreement, neither the Origination Trustee, the certificate registrar nor any such agent shall be affected by any notice to the contrary.

The holder of this Transaction SUBI Certificate covenants and agrees that, prior to the date which is one year and one day after the date upon which all obligations under each Financing have been paid in full, it will not institute against, or join any other Person in instituting against, any Bankruptcy Remote Party, any Proceeding under any federal bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction or similar law.

No bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceedings under any federal or state bankruptcy, insolvency or similar law shall be instituted by the Origination Trust without the unanimous consent of the Origination Trustee and each certificateholder hereunder. The Origination Trustee shall not so consent unless directed to do so by the UTI Holder and by all of the certificateholders.

Unless this Transaction SUBI Certificate shall have been executed by an authorized officer of the Origination Trustee, by manual signature, this Transaction SUBI Certificate shall not entitle the holder hereof to any benefit under the Origination Trust Agreement or be valid for any purpose.

A-2 *Transaction SUBI Supplement 20[ ]-[ ]* *to Origination Trust Agreement*

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IN WITNESS WHEREOF, the Origination Trustee on behalf of the Origination Trust and not in its individual capacity has caused this Transaction SUBI Certificate to be duly executed.

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| | | |
|:---|:---|:---|
| Dated: _________________________, [ ] | **PORSCHE LEASING LTD.** | **PORSCHE LEASING LTD.** |
|  | By: | [WILMINGTON TRUST COMPANY],<br> not in its individual capacity<br> but solely as Origination Trustee |
|  | By: |  |
|  |  | Authorized Officer |

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A-3 *Transaction SUBI Supplement 20[ ]-[ ]* *to Origination Trust Agreement*

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Transaction SUBI Certificate issued under the within-mentioned Origination Trust Agreement and the Transaction SUBI Supplement.

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| |
|:---|
|  [**WILMINGTON TRUST COMPANY**]**,** <br> as Origination Trustee |
|  By:_____________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Officer |
|  or_______________________________, |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as agent for the Origination Trustee |
|  By:_____________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Authorized Officer |

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A-4 *Transaction SUBI Supplement 20[ ]-[ ]* *to Origination Trust Agreement*

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**SCHEDULE 1** 

Transaction SUBI Supplement

20[ ]-[ ]

DESCRIPTION OF TRANSACTION UNITS

[On file with the Indenture Trustee and the Servicer]

I-1 *Transaction SUBI Supplement 20[ ]-[ ]* *to Origination Trust Agreement*

## Exhibit 36.1

**Exhibit 36.1** 

**<u>FORM OF CERTIFICATION</u>**

I [Chief Executive Officer of the Depositor] certify as of [the date of the final prospectus] that:

1. I have reviewed the prospectus relating to the Class A-1 Notes, Class A-2[a] Notes[, Class A-2b Notes], Class A-3 Notes[,][and] Class A-4 Notes [and Class B Notes] of Porsche Innovative Lease Owner Trust 20[ ]-[ ] (the " <u>securities</u> ") and am familiar with, in all material respects, the following: The characteristics of the securitized assets underlying the
offering (the " <u>securitized assets</u> "), the structure of the securitization, and all material underlying transaction agreements as described in the prospectus;

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;

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

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.

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.

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| | |
|:---|:---|
| By: |  |
|  | Name: [Chief Executive Officer of the Depositor] |
|  | Title: Chief Executive Officer of Porsche Auto Funding LLC |
|  | Date: [Date of the final prospectus] |

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