# EDGAR Filing Document

**Accession Number:** 0001541507
**File Stem:** 0001193125-25-244918
**Filing Date:** 2025-10
**Character Count:** 1105106
**Document Hash:** aefece51d47333baede639e837478a4d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-244918.hdr.sgml**: 20251021

**ACCESSION NUMBER**: 0001193125-25-244918

**CONFORMED SUBMISSION TYPE**: SF-3

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20251021

**DATE AS OF CHANGE**: 20251021

**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
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290988
- **FILM NUMBER:** 251406680

**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
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290988-01
- **FILM NUMBER:** 251406681

**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 October 21, 2025** 

**Registration No. 333-__________** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**———————————** 

**FORM SF-3** 

**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-_________ |
| 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 RETAIL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2 OF COMMISSION DELEGATED REGULATION (EU) 2017/565 AS IT FORMS PART OF UK DOMESTIC LAW, AND AS AMENDED; OR (II) A CUSTOMER WITHIN THE MEANING OF THE PROVISIONS OF THE FSMA AND ANY RULES OR REGULATIONS MADE UNDER THE FSMA TO IMPLEMENT DIRECTIVE (EU) 2016/97 (SUCH RULES OR REGULATIONS, AS AMENDED), WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT, AS DEFINED IN POINT (8) OF ARTICLE 2(1) OF REGULATION (EU) NO 600/2014 AS IT FORMS PART OF UK DOMESTIC LAW, AND AS AMENDED; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF THE UK PROSPECTUS REGULATION.

CONSEQUENTLY, NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 AS IT FORMS PART OF 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 depositor will use the net proceeds from the offering of the notes to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• purchase 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 the Units prior to their allocation to the Transaction SUBI, and for general purposes. 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.] 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 [•]% 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 [•]% 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].]

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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><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*."</sup>

[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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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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##### [**Table of Contents**](#toc)
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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##### [**Table of Contents**](#toc)
**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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##### [**Table of Contents**](#toc)
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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##### [**Table of Contents**](#toc)
&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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##### [**Table of Contents**](#toc)
**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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##### [**Table of Contents**](#toc)
**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*".

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| | |
|:---|:---|
| **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"\*\*\* |

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\* 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 retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) 2017/565 as
it forms part of UK domestic law, and as amended;

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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 professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic
law, and as amended; 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.

**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 PRIIPS Regulation | 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.

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##### [**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\* |
| 3.1 | [Certificate of Formation of the Depositor](d28459dex31.htm) |
| 3.2 | [Limited Liability Company Agreement of the Depositor](d28459dex32.htm) |
| 4.1 | Form of Indenture (including forms of Notes) between Porsche Innovative Lease Owner Trust 20[•]-[•] and [•], as Indenture Trustee\* |
| 5.1 | Opinion of Mayer Brown LLP with respect to legality\* |
| 5.2 | Opinion of Richards Layton & Finger, P.A. with respect to legality\* |
| 8.1 | Opinion of Mayer Brown LLP with respect to United States federal income tax matters\* |
| 10.1 | Form of SUBI Sale Agreement between Porsche Funding Limited Partnership, as Seller, and Porsche Auto Funding LLC, as Buyer\* |
| 10.2 | Form of SUBI Transfer Agreement between Porsche Auto Funding LLC, as Seller, and Porsche Innovative Lease Owner Trust 20[•]-[•], as Issuer\* |
| 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\* |
| 10.4 | Form of Amended and Restated Trust Agreement between Porsche Auto Funding LLC, as Depositor, and [•], as Owner Trustee\* |
| 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\* |
| 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\* |
| 10.7 | [Amended and Restated Servicing Agreement, dated as of November 14, 1997, by Porsche Leasing Ltd. and Porsche Credit Corporation, as Servicer](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\* |
| 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)](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](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)\* |
| 23.1 | Consent of Mayer Brown LLP (included in Exhibits 5.1 and 8.1)\* |
| 23.2 | Consent of Richards Layton & Finger, P.A. (included in Exhibit 5.2)\* |
| 24.1.1 | [Power of Attorney for the Depositor (included in signature page to this registration statement)](#siga) |

---

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##### [**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. (included in signature page to this registration statement)](#sigb)

24.2.1 [Certified Copy of Resolutions of Company authorizing Powers of Attorney](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](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\*

102.1 Asset Data File\*\*\*

103.1 Asset Related Documents\*\*\*

107.1 [Calculation of Filing Fee Table](d28459dexfilingfees.htm)

\* To be filed by amendment.

\*\* 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 registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia, on October 21, 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)
**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Tobias Hausladen and Eli Yaremenko jointly, as his or her true and lawful attorneys-in-fact and agents, together with full power of substitution and resubstitution, for him or her and in his or her own name, place and stead, in any and all capacities, acting alone, to sign this registration statement, any and all amendments (including post-effective amendments) to this registration statement and any or all other documents in connection therewith, and to file the same, with all exhibits thereto, with the Securities and Exchange Commission, granting unto both said attorneys-in-fact and agents authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as might or could be done in person, hereby ratifying and confirming all said attorneys-in-fact and agents or any of them or any substitute or substitute for any of them, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933 this registration statement has been signed 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) | October 21, 2025 |
| /s/ Tobias Hausladen<br> Tobias Hausladen | Director and Treasurer (Performing the Function of Principal Financial Officer, Principal Accounting Officer, Chief Financial Officer) | October 21, 2025 |
| /s/ Eli Yaremenko<br> Eli Yaremenko | Assistant Treasurer | October 21, 2025 |
| /s/ John Boncuore<br> John Boncuore | Director | October 21, 2025 |
| /s/ Lori Rezza<br> Lori Rezza | Director | October 21, 2025 |
| /s/ Al Fioravanti<br> Al Fioravanti | Director | October 21, 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 registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Atlanta, State of Georgia, on October 21, 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 |

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II-S-3

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##### [**Table of Contents**](#toc)
**POWER OF ATTORNEY** 

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Nicolas Leduc and Tobias Hausladen jointly, as his or her true and lawful attorneys-in-fact and agents, together with full power of substitution and resubstitution, for him or her and in his or her own name, place and stead, in any and all capacities, acting alone, to sign this registration statement, any and all amendments (including post-effective amendments) to this registration statement and any or all other documents in connection therewith, and to file the same, with all exhibits thereto, with the Securities and Exchange Commission, granting unto both said attorneys-in-fact and agents authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as might or could be done in person, hereby ratifying and confirming all said attorneys-in-fact and agents or any of them or any substitute or substitute for any of them, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933 this registration statement has been signed 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) | October 21, 2025 |
| /s/ Tobias Hausladen<br> Tobias Hausladen | Director and Treasurer (Performing the Function of Principal Financial Officer, Principal Accounting Officer, Chief Financial Officer) | October 21, 2025 |
| /s/ Eli Yaremenko<br> Eli Yaremenko | Assistant Treasurer | October 21, 2025 |

---

II-S-4

## Exhibit 3.1

**Exhibit 3.1** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***State of Delaware***<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Secretary of State***<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Division of Corporations***<br> ***Delivered 08:02 PM 04/20/2011***<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***FILED 07:22 PM 04/20/2011***<br> ***SRV 110438845 – 4971812 FILE***<br>

CERTIFICATE OF FORMATION

OF

**PORSCHE AUTO FUNDING LLC** 

The undersigned desires to form a limited liability company pursuant to the provisions of the Delaware Limited Liability Company Act, 6 Del C. §18-101 et seq., and hereby states as follows:

ARTICLE I

The name of the limited liability company is "Porsche Auto Funding LLC" (hereinafter referred to as the "Company").

ARTICLE II

The address of the registered office of the Company in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange St., County of New Castle, Wilmington, Delaware 19801.

ARTICLE III

The name and address of the registered agent for service of process on the Company in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange St., County of New Castle, Wilmington, Delaware 19801.

IN WITNESS OF THE FOREGOING, the undersigned has duly executed this Certificate of Formation this 20<sup>th</sup> day of April, 2011.

---

| | |
|:---|:---|
| By: | ![LOGO](g28459g01g01.jpg) |
|  | Maria Principe<br> Authorized Person |

---

## Exhibit 3.2

**Exhibit 3.2** 

AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

PORSCHE AUTO FUNDING LLC

This Amended and Restated Limited Liability Company Agreement (together with the schedules attached hereto as amended, restated, supplemented or otherwise modified from time to time, this "<u>Agreement</u>") of Porsche Auto Funding LLC (the "<u>Company</u>"), is entered into as of May 24, 2023 by Porsche Funding Limited Partnership, a Delaware limited partnership, as the sole equity member (the "<u>Member</u>"), and Lori Rezza and Leonard Padula, as the Special Members (as defined on <u>Schedule A</u> hereto). Capitalized terms used and not otherwise defined herein have the meanings set forth on <u>Schedule A</u> hereto.

The Member, by execution of the original Limited Liability Company Agreement of the Company, dated April 20, 2011 (the "Original LLC Agreement"), heretofore formed the Company as a limited liability company pursuant to and in accordance with the Delaware Limited Liability Company Act (6 <u>Del. C.</u> § 18-101 <u>et seq</u>.), as amended from time to time (the "<u>Act</u>"). The Member and the Special Members hereby amend and restate the Original LLC Agreement in its entirety and agree as follows:

Section 1. Name.

The name of the limited liability company continued without dissolution hereby is Porsche Auto Funding LLC.

Section 2. Principal Business Office.

The principal business office of the Company shall be located at c/o Porsche Financial Services, Inc., One Porsche Drive, Atlanta, Georgia 30354, or such other location as may hereafter be determined by the Member.

Section 3. Registered Office.

The address of the registered office of the Company in the State of Delaware is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801.

Section 4. Registered Agent.

The name and address of the registered agent of the Company for service of process on the Company in the State of Delaware is The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, in the City of Wilmington, County of New Castle, Delaware 19801.

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Section 5. Members; Special Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The mailing address of the Member is set forth on <u>Schedule B</u> attached hereto. The Member was admitted to the Company as a member of the Company upon its execution of a counterpart signature page to the Original LLC Agreement and hereby continues as a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section</u> <u>9(j)</u>, the Member may act by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of any event that causes the Member to cease to be a member of the Company (other than upon continuation of the company without dissolution upon (i) an assignment by the Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to <u>Sections 21 and 23</u>, or (ii) the resignation of the Member and the admission of an additional member of the Company pursuant to <u>Sections 22 and 23</u>), the person acting as an Independent Director pursuant to <u>Section</u> <u>10</u> shall, without any<u> </u>action of any Person and simultaneously with the Member ceasing to be a member of the Company, automatically be admitted to the Company as a Special Member and shall continue the Company without dissolution. No Special Member may resign from the Company or transfer its rights as Special Member unless (i) a successor Special Member has been admitted to the Company as Special Member by executing a counterpart to this Agreement, and (ii) such successor has also accepted its appointment as Independent Director pursuant to <u>Section</u> <u>10</u>; <u>provided</u>, <u>however</u>, the Special Member shall automatically cease to be a member of the<u> </u>Company upon the admission to the Company of a new Member or a substitute Special Member. Each Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of Company assets. Pursuant to Section 18-301 of the Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company. A Special Member, in its capacity as Special Member, may not bind the Company. Except as required by any mandatory provision of the Act, a Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including, without limitation, the merger, consolidation or conversion of the Company. In order to implement the admission to the Company of a Special Member, each person acting as an Independent Director pursuant to <u>Section</u> <u>10</u> shall execute a counterpart to this Agreement. Prior to its admission to the Company<u> </u>as a Special Member, each person acting as an Independent Director pursuant to <u>Section</u> <u>10</u> shall not be a member of the Company.

Section 6. Certificates.

Maria Principe is hereby designated as an "authorized person" within the meaning of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware. Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, her powers as an "authorized person" ceased, and the Member thereupon became the designated "authorized person" and shall continue as the designated "authorized person" within the meaning of the Act. The Member or an Officer shall execute, deliver and file any other certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do business in any jurisdiction in which the Company may wish to conduct business. The Member or an Officer shall also execute, deliver and file any application or similar document necessary for the Company to obtain any license or registration required to conduct its business in any jurisdiction in which the Company may wish to conduct business.

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The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.

Section 7. Purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The purpose to be conducted or promoted by the Company is to engage in the following business and financial activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entering into and performing obligations under one or more agreements pursuant to which the Company may
purchase, receive contributions of or otherwise acquire from time to time retail automobile or light duty truck installment sales contracts and related rights and assets (" <u>Receivables Assets</u> ") and beneficial interests in a trust
consisting of vehicles, user leases and the related rights associated therewith (" <u>SUBI Assets</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) owning, holding, selling, assigning, transferring, pledging, granting security interests in or otherwise
exercising ownership rights with respect to Receivables Assets and SUBI Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) issuing or selling Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acting as settlor or depositor of one or more Delaware statutory trusts or common law trusts (each, an
" <u>Issuer</u> ") formed to issue Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) acquiring, owning, holding, transferring, assigning, pledging, selling or otherwise dealing with any interests
in an Issuer or Securities issued by an Issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) establishing any reserve account, spread account or other credit enhancement or any other account for the
benefit of any Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) transferring or investing any income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) preparing, executing and filing with the Securities and Exchange Commission any documents, including without
limitation registration statements, amendments to registration statements, Form 8-Ks, annual reports, letters or agreements, relating to Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) preparing any private placement memoranda relating to Securities to be offered or sold privately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) serving as a "general partner" or "tax matters" partner of an Issuer for federal, state
or local tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) entering into and performing obligations under agreements reasonably related to transactions described in
clauses (i) through (x) above, including without limitation, any interest rate hedge agreements, transfer agreements, sale agreements, trust agreements, purchase agreements, note purchase agreements, insurance agreements. placement agreements,
indemnity agreements, servicing agreements, pooling agreements or lockbox or controlled account agreements, and any amendments to any of the foregoing or all documents similar to the foregoing (all such agreements, the " <u>Transaction Documents</u> "); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) engaging in any lawful act or activity and to exercise any powers permitted to limited liability companies
organized under the laws of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above-mentioned purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company, by or through the Member, or any Director or Officer on behalf of the Company, may enter into and perform the Transaction Documents and all documents, agreements, certificates or financing statements contemplated thereby or related thereto, all without any further act, vote or approval of any other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule or regulation. The foregoing authorization shall not be deemed a restriction on the powers of the Member or any Director or Officer to enter into other agreements on behalf of the Company.

Section 8. Powers.

Subject to <u>Section</u> <u>9(j)</u>, the Company, and the Board of Directors and the Officers of the Company on behalf of the Company, (i) shall have and exercise all powers necessary, convenient or incidental to accomplish its purposes as set forth in <u>Section</u> <u>7</u> and (ii) shall have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act.

Section 9. Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Board of Directors</u>. Subject to <u>Section</u> <u>9(j)</u>, the business and affairs of the Company shall be managed by or under the direction of a Board of one or more Directors designated by the Member. Subject to <u>Section</u> <u>10</u>, the Member may determine at any time in its sole and absolute discretion the number of Directors to constitute the Board. The authorized number of Directors may be increased or decreased by the Member at any time in its sole and absolute discretion, upon notice to all Directors, and subject in all cases to <u>Section</u> <u>10</u>. The number of Directors as of the date hereof shall be five, at least one of which shall be an Independent Director pursuant to <u>Section</u> <u>10</u>. Each Director elected, designated or appointed by the Member shall hold office until a successor is elected and qualified or until such Director's earlier death, resignation, expulsion or removal. Each Director shall execute and deliver the Directors' Agreement. A Director need not be a Member. The Directors designated by the Member as of the date hereof are listed on <u>Schedule D</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Powers</u>. Subject to <u>Section</u> <u>9(j)</u>, the Board of Directors shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise. Subject to <u>Section</u> <u>7</u>, the Board of Directors has the authority to bind the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Meeting of the Board of Directors</u>. The Board of Directors of the Company may hold meetings, both regular and special, within or outside the State of Delaware. Regular meetings of the Board may be held without notice at such time and at such place as shall from time to time be determined by the Board. Special meetings of the Board may be called by the President on not less than three days' notice to each Director by telephone, facsimile, mail, telegram or any other means of communication, and special meetings shall be called by the President or Secretary in like manner and with like notice upon the written request of any one or more of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Quorum: Acts of the Board</u>. At all meetings of the Board, a majority of the Directors shall constitute a quorum for the transaction of business and, except as otherwise provided in any other provision of this Agreement, the act of a majority of the Directors present at any meeting at which there is a quorum shall be the act of the Board. If a quorum shall not be present at any meeting of the Board, the Directors present at such meeting may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Any action required or permitted to be taken at any meeting of the Board or of any committee thereof may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board or committee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Electronic Communications</u>. Members of the Board, or any committee designated by the Board, may participate in meetings of the Board, or any committee, by means of telephone conference or similar communications equipment that allows all Persons participating in the meeting to hear each other, and such participation in a meeting shall constitute presence in Person at the meeting. If all the participants are participating by telephone conference or similar communications equipment, the meeting shall be deemed to be held at the principal place of business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Committees of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Board may, by resolution passed by a majority of the whole Board, designate one or more committees, each
committee to consist of one or more of the Directors of the Company. The Board may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence or disqualification of a member of a committee, the member or members thereof present at any
meeting and not disqualified from voting, whether or not such members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any such committee, to the extent provided in the resolution of the Board, and subject to, in all cases, <u>Sections 9(j) and 10</u>, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Company. Such committee or committees shall have such name or names as may be determined from
time to time by resolution adopted by the Board. Each committee shall keep regular minutes of its meetings and report the same to the Board when required.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the avoidance of doubt, any committee of the Board shall not have any power or powers prohibited the Board
under <u>Section</u> <u>9(j)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Compensation of Directors; Expenses</u>. The Board shall have the authority to fix the compensation of Directors. The Directors may be paid their expenses, if any, of attendance at meetings of the Board, which may be a fixed sum for attendance at each meeting of the Board or a stated salary as Director. No such payment shall preclude any Director from serving the Company in any other capacity and receiving compensation therefor. Members of special or standing committees may be allowed like compensation for attending committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Removal of Directors</u>. Unless otherwise restricted by law, any Director or the entire Board of Directors may be removed or expelled, with or without cause, at any time by the Member, and, subject to <u>Section</u> <u>10</u>, any vacancy caused by any such removal or expulsion may be filled by action of the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Directors as Agents</u>. To the extent of their powers set forth in this Agreement and subject to <u>Section</u> <u>9(j)</u>, the Directors are agents of the Company for the purpose of the Company's business, and the actions of the Directors taken in accordance with such powers set forth in this Agreement shall bind the Company. Notwithstanding the last sentence of Section 18-402 of the Act, except as provided in this Agreement or in a resolution of the Directors, a Director may not bind the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Limitations on the Company's Activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This <u>Section</u> <u>9(j)</u> is being adopted in order to comply with certain provisions
required in order to qualify the Company as a "special purpose" entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Member shall not, so long as any Obligation is outstanding, amend, alter, change or repeal the definition
of "Independent Director" or <u>Sections 7</u>, <u>8</u>, <u>9</u>, <u>10</u>, <u>16</u>, <u>20</u>, <u>21</u>, <u>22</u>, <u>23</u>, <u>24</u>, <u>25</u>, <u>26</u>, <u>29</u> or <u>31</u> or <u>Schedule A</u> of this Agreement
without <u> </u> the unanimous written consent of the Board (including the Independent Director). Subject to this <u>Section</u> <u>9(j)</u>, the Member reserves the right to amend, alter, change or repeal any provisions contained in this
Agreement in accordance with <u>Section</u> <u>31</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the
Company, the Member, the Board, any Officer or any other Person, neither the Member nor the Board nor any Officer nor any other Person shall be authorized or empowered, nor shall they permit the Company to, and the Company shall not, without the
prior unanimous written consent of the Member and the Board (including each Independent Director), take any Material Action, <u>provided</u>, <u>however</u>, that the Board may not vote on, or authorize the taking of, any Material Action, unless
there is at least an Independent Director then serving in such capacity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Board and the Member shall cause the Company to do or cause to be done all things necessary to preserve and
keep in full force and effect its existence, rights (charter and statutory) and franchises; <u>provided</u>, <u>however</u>, that, subject to the terms of the Transaction Documents, the Company shall not be required to preserve any such right or
franchise if the Board shall determine that the preservation thereof is no longer desirable for the conduct of its business and that the loss thereof is not disadvantageous in any material respect to the Company. The Board also shall cause the
Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) conduct business in its own name and have its own business office (which, however, may be within the premises
of and leased from the Member) at which will be maintained its own separate limited liability company books and records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) observe all requirements of the Delaware Limited Liability Company Act, the Company's certificate of
formation and this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) compensate all consultants and agents directly, from its own bank account, for services provided to it by such
consultants and agents and pay its own liabilities and expenses out of its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) readily identify and allocate any sharing of overhead expenses between the Company and the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) preserve its limited liability company form and hold itself out to the public and all other Persons as a
separate legal entity from the Member and all other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) strictly observe and maintain separate financial records which are and will continue to be maintained to
reflect its assets and liabilities which will be subject to audit by independent public accountants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) declare and pay all dividends in accordance with law, the provisions of its organic documents, and the
provisions of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) maintain its assets and liabilities in such a manner that its individual assets and liabilities can be readily
and inexpensively identified from those of the Member or any other Person, including any other subsidiary or Affiliate of the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) maintain its own books of account and records separate from the Member or any other subsidiary or Affiliate of
the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) not acquire obligations or Securities of its Member and avoid commingling or pooling of its funds or other
assets or liabilities with those of the Member or any other subsidiary or Affiliate of the Member, except with respect to the temporary commingling of collections and except with respect to the Member's retention of certain books and records
of the Company and except to the extent that the provisions of the Transaction Documents permit such commingling;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) properly reflect in its financial records all monetary transactions between it and the Member or any other
subsidiary or Affiliate of the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) maintain an arm's length relationship with its Affiliates and the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) not hold out its credit or assets as being available to satisfy the obligations of others and correct any know
misunderstandings regarding its status as a separate entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) use separate stationery, invoices and checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O) except as contemplated by the Transaction Documents, not pledge its assets for the benefit of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P) maintain adequate capital in light of its contemplated business purpose, transactions and liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Q) cause the Directors, Officers, agents and other representatives of the Company to act at all times with respect
to the Company consistently and in furtherance of the foregoing and in the best interests of the Company.

Failure of the Company, or the Member or Board on behalf of the Company, to comply with any of the foregoing covenants or any other covenants contained in this Agreement shall not affect the status of the Company as a separate legal entity or the limited liability of the Member or the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) So long as any Obligation is outstanding, the Board shall not cause or permit the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except as contemplated by the Transaction Documents, guarantee any obligation of any Person, including any
Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) engage, directly or indirectly, in any business other than the actions required or permitted to be performed
under <u>Section</u> <u>7</u>, the Transaction Documents or this <u>Section</u> <u>9(j)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) incur, create or assume any indebtedness other than as expressly permitted hereunder and under the Transaction
Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any
Person, except that the Company may invest in those investments permitted under the Transaction Documents and may make any loan or advance required or expressly permitted to be made pursuant to any provisions of the Transaction Documents and permit
the same to remain outstanding in accordance with such provisions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) to the fullest extent permitted by law, engage in any dissolution, liquidation, consolidation, merger, asset
sale or transfer of ownership interests other than such activities as are expressly permitted pursuant to any provision of the Transaction Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) except as contemplated by <u>Section</u> <u>7(a)</u>, form, acquire or hold any subsidiary (whether
corporate, partnership, limited liability company or other).

Section 10. Independent Director.

So long as any Obligation is outstanding, the Member shall cause the Company at all times to have at least one Independent Director who will be appointed by the Member. To the fullest extent permitted by law, including Section 18-1101(c) of the Act, the Independent Director shall consider only the interests of the Company, including its respective creditors, in acting or otherwise voting on the matters referred to in <u>Section</u> <u>9(j)(iii)</u>. No resignation or removal of an Independent Director, and no appointment of a successor Independent Director, shall be effective until such successor (i) shall have accepted his or her appointment as an Independent Director by a written instrument, which may be a counterpart signature page to the Directors' Agreement, and (ii) shall have executed a counterpart to this Agreement as required by <u>Section</u> <u>5(c)</u>. In the event of a vacancy in the position of Independent Director, the Member shall, as soon as practicable, appoint a successor Independent Director. All right, power and authority of the Independent Director shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in this Agreement. Except as provided in the second sentence of this <u>Section</u> <u>10</u>, in exercising his rights and performing his duties under this Agreement, each Independent Director shall have a fiduciary duty of loyalty and care similar to that of a director of a business corporation organized under the General Corporation Law of the State of Delaware. No Independent Director shall at any time serve as trustee in bankruptcy for the Company or any Affiliate of the Company. As of the date hereof, the Independent Directors of the Company designated by the Member are Leonard Padula and Lori Rezza.

Section 11. Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Officers</u>. The Officers of the Company shall be designated by the Member. The additional or successor Officers of the Company shall be chosen by the Board and shall consist of at least a President, a Secretary and a Treasurer. The Board of Directors may also choose one or more Vice Presidents, Assistant Secretaries and Assistant Treasurers. Any number of offices may be held by the same person. The Board may appoint such other Officers and agents as it shall deem necessary or advisable who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board. The salaries of all Officers and agents of the Company shall be fixed by or in the manner prescribed by the Board. The Officers of the Company shall hold office until their successors are chosen and qualified. Any Officer may be removed at any time, with or without cause, by the affirmative vote of a majority of the Board. Any vacancy occurring in any office of the Company shall be filled by the Board. As of the date hereof, the Officers of the Company designated by the Member are listed on <u>Schedule E</u> hereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>President</u>. The President shall be the chief executive officer of the Company, shall preside at all meetings of the Board, shall be responsible for the general and active management of the business of the Company and shall see that all orders and resolutions of the Board are carried into effect. The President or any other Officer authorized by the President or the Board shall execute all bonds, mortgages and other contracts, except: (i) where required or permitted by law or this Agreement to be otherwise signed and executed, including <u>Section</u> <u>7(b)</u>; (ii) where signing and execution thereof shall be expressly delegated by the Board to some other Officer or agent of the Company, and (iii) as otherwise permitted in <u>Section</u> <u>11(c)</u>. The President shall be deemed to be the "principal executive officer" of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vice President</u>. In the absence of the President or in the event of the President's inability to act, the Vice President, if any (or in the event there be more than one Vice President, the Vice Presidents in the order designated by the Directors, or in the absence of any designation, then in the order of their election), shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. The Vice Presidents, if any, shall perform such other duties and have such other powers as the Board may from time to time prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Secretary and Assistant Secretary</u>. The Secretary shall be responsible for filing legal documents and maintaining records for the Company. The Secretary shall attend all meetings of the Board and record all the proceedings of the meetings of the Company and of the Board in a book to be kept for that purpose and shall perform like duties for the standing committees when required. The Secretary shall give, or shall cause to be given, notice of all meetings of the Member, if any, and special meetings of the Board, and shall perform such other duties as may be prescribed by the Board or the President, under whose supervision the Secretary shall serve. The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board (or if there be no such determination, then in order of their election), shall, in the absence of the Secretary or in the event of the Secretary's inability to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Board may from time to time prescribe. The Treasurer shall be deemed to be the "principal financial officer" and the "principal accounting officer" of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Treasurer and Assistant Treasurer</u>. The Treasurer shall have the custody of the Company funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board. The Treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the President and to the Board, at its regular meetings or when the Board so requires, an account of all of the Treasurer's transactions and of the financial condition of the Company. The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board (or if there be no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of the Treasurer's inability to act, perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Board may from time to time prescribe.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Officers as Agents</u>. The Officers, to the extent of their powers set forth in this Agreement or otherwise vested in them by action of the Board not inconsistent with this Agreement, are agents of the Company for the purpose of the Company's business and, subject to <u>Section</u> <u>9(j)</u>, the actions of the Officers taken in accordance with such powers shall bind the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Duties of Board and Officers</u>. Except to the extent otherwise provided herein, each Director and Officer shall have a fiduciary duty of loyalty and care similar to that of directors and officers of business corporations organized under the General Corporation Law of the State of Delaware.

Section 12. Limited Liability.

Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and neither the Member nor any Special Member nor any Director shall be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member, Special Member or Director of the Company.

Section 13. Capital Contributions.

The Member has contributed to the Company property of an agreed value as listed on <u>Schedule B</u> attached hereto. In accordance with <u>Section</u> <u>5(c)</u>, no Special Member shall be<u> </u>required to make any capital contributions to the Company.

Section 14. Additional Contributions.

The Member is not required to make any additional capital contribution to the Company. However, the Member may make additional capital contributions to the Company at any time. The provisions of this <u>Section</u> <u>14</u>, are intended to benefit the Member and each Special Member and, to the fullest extent permitted by law, shall not be construed as conferring any benefit upon any creditor of the Company (and no such creditor of the Company shall be a third-party beneficiary of this Agreement) and the Member and each Special Member shall not have any duty or obligation to any creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement (it being understood that the Member may agree separately in writing to make capital contributions to the Company, any limitations on such contributions to be described in such writing).

Section 15. Allocation of Profits and Losses.

The Company's profits and losses shall be allocated to the Member.

Section 16. Distributions.

Distributions shall be made to the Member at the times and in the aggregate amounts determined by the Board. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to the Member on account of its interest in the Company if such distribution would violate Section 18-607 of the Act or any other applicable law or any Transaction Document.

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Section 17. Books and Records.

The Company, under the direction of the Board, shall keep or cause to be kept complete and accurate books of account and records with respect to the Company's business. The books of the Company shall at all times be under the direction of the Board. The Member and its duly authorized representatives shall have the right to examine the Company books, records and documents during normal business hours. The Company, and the Board on behalf of the Company, shall not have the right to keep confidential from the Member any information that the Board would otherwise be permitted to keep confidential from the Member pursuant to Section 18-305(c) of the Act. The Company's books of account shall be kept using the method of accounting determined by the Member. The Company's independent auditor, if any, shall be an independent public accounting firm selected by the Member.

Section 18. Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within 60 days after the end of each fiscal quarter, the Company shall prepare or cause to be prepared an unaudited report setting forth as of the end of such fiscal quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unless such quarter is the last fiscal quarter, a balance sheet of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless such quarter is the last fiscal quarter, an income statement of the Company for such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall use diligent efforts to cause to prepare and mail to the Member, within 90 days after the end of each fiscal year, an audited or unaudited report setting forth as of the end of such fiscal year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a balance sheet of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an income statement of the Company for such fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a statement of the Member's capital account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall, after the end of each fiscal year, use reasonable efforts to cause the Company's independent accountants, if any, to prepare and transmit to the Member as promptly as possible any such tax information as may be reasonably necessary to enable the Member to prepare its federal, state and local income tax returns relating to such fiscal year. Nothing in this <u>Section</u> <u>18</u> shall limit the Company from hiring a person or company to perform its bookkeeping, accounting or other related services.

Section 19. Other Business.

The Member, each Special Member and any Affiliate of the Member or any Special Member may engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and description, independently or with others. The Company shall not have any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement.

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Section 20. Exculpation and Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, neither the Member nor any Special Member nor any Officer, Director, employee or agent of the Company nor any employee, representative, agent or Affiliate of the Member or any Special Member (collectively, the "<u>Covered Persons</u>") shall be liable to the Company or any other Person for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from the Company 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 Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this 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; <u>provided</u>, <u>however</u>, that any indemnity under this <u>Section</u> <u>20</u> by the Company shall be provided out of and to the extent of Company assets only, and the Member and each Special Member shall not have personal liability on account thereof; and <u>provided further</u>, that so long as any Obligation is outstanding, no indemnity payment from funds of the Company (as distinct from funds from other sources, such as insurance) of any indemnity under this <u>Section</u> <u>20</u> shall be payable from amounts allocable to any other Person pursuant to the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company 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 this <u>Section</u> <u>20</u>; <u>provided</u>, <u>however</u>, that any indemnity under this <u>Section</u> <u>20</u> by the Company shall be provided out of and to the extent of Company assets only, and the Member and each Special Member shall not have personal liability on account thereof; and <u>provided further</u>, that so long as any Obligation is outstanding, no indemnity payment from funds of the Company (as distinct from funds from other sources, such as insurance) of any indemnity under this <u>Section</u> <u>20</u> shall be payable from amounts allocable to any other Person pursuant to the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company 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 Company, 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by law, to the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Company or to any other Covered Person, a Covered Person acting under this Agreement shall not be liable to the Company or to any other Person for its good faith reliance on the provisions of this Agreement or any approval or authorization granted by the Company or any other such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The foregoing provisions of this <u>Section</u> <u>20</u> shall survive any termination of this Agreement.

Section 21. Assignments.

Subject to <u>Section</u> <u>23</u>, the Member may assign in whole or in part its limited liability company interest in the Company. The transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If the Member transfers all of its limited liability company interest in the Company pursuant to this <u>Section</u> <u>21,</u> such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to the Member by merger or consolidation in compliance with the Transaction Documents shall, without further act, be the Member hereunder, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.

Section 22. Resignation.

So long as any Obligation is outstanding, the Member may not resign, except as permitted under the Transaction Documents and, in case any rated Securities are outstanding, if the Rating Agency Condition is satisfied. If the Member is permitted to resign pursuant to this <u>Section</u> <u>22</u>, an additional member of the Company shall be admitted to the Company, subject to <u>Section</u> <u>23</u>, upon its execution of an instrument signifying its agreement to be bound by the terms<u> </u>and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.

Section 23. Admission of Additional Members.

One or more additional members of the Company may be admitted to the Company with the written consent of the Member; <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing, so long as any rated Securities remain outstanding, no additional Member may be admitted to the Company unless the Rating Agency Condition is satisfied.

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Section 24. Dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section</u> <u>9(j)</u>, the Company shall be dissolved, and its affairs shall be wound up upon the first to occur of the following: (i) the termination of the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining member of the Company in the Company unless the business of the Company is continued in a manner permitted by this Agreement or the Act or (ii) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act. Upon the occurrence of any event that causes the last remaining member of the Company or the Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon (i) an assignment by the Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to Sections 21 and 23, or (ii) the resignation of the Member and the admission of an additional member of the Company pursuant to Sections 22 and 23), to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining Member in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, the Bankruptcy of the Member or a Special Member shall not cause the Member or a Special Member, respectively, to cease to be a member of the Company and upon the occurrence of such an event, the business of the Company shall continue without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of this Agreement, each of the Member and each Special Member waives any right it might have to agree in writing to dissolve the Company upon the Bankruptcy of the Member or any Special Member, or the occurrence of an event that causes the Member any Special Member to cease to be a member of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets of the Company in an orderly manner), and the assets of the Company shall be applied in the manner, and in the order of priority, set forth in Section 18-804 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company shall have been distributed to the Member in the manner provided for in this Agreement and (ii) the Certificate of Formation shall have been canceled in the manner required by the Act.

Section 25. Waiver of Partition; Nature of Interest.

Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each of the Member and each Special Member hereby irrevocably waives any right or power that such Person might have to cause the Company or any of its assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company. The Member shall not have any interest in any specific assets of the Company, and the Member shall not have the status of a creditor with respect to any distribution pursuant to <u>Section</u> <u>16</u> hereof. The interest of the Member in the Company is personal property.

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Section 26. Benefits of Agreement; No Third-Party Rights.

None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any creditor of the Member or any Special Member except for the provisions of <u>Sections 5(c)</u>, <u>9(j)</u>, <u>10</u>, <u>20(b)</u>, <u>21</u>, <u>22</u>, <u>23</u>, <u>24(b)</u> and <u>(c)</u>, <u>26</u> and <u>31(b)</u> (such provisions, the "<u>Third-Party Benefit Provisions</u>"). Nothing in this Agreement other than the Third-Party Benefit Provisions shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person (except as provided in <u>Section</u> <u>29</u> and except for the Third-Party Benefit Provisions).

Section 27. Severability of Provisions.

Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are valid, enforceable and legal.

Section 28. Entire Agreement.

This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.

Section 29. Binding Agreement.

Notwithstanding any other provision of this Agreement, the Member agrees that this Agreement, including, without limitation, <u>Sections 7</u>, <u>8</u>, <u>9</u>, <u>10</u>, <u>20</u>, <u>21</u>, <u>22</u>, <u>23</u>, <u>24</u>, <u>26</u>, <u>29</u> and <u>31</u>, constitutes a legal, valid and binding agreement of each Member, and is enforceable against each Member by the Company, acting through each Independent Director, in accordance with its terms. In addition, each Independent Director shall be an intended beneficiary of this Agreement.

Section 30. Governing Law.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES), ALL RIGHTS AND REMEDIES BEING GOVERNED BY SAID LAWS.

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Section 31. Amendments.

Subject to <u>Section</u> <u>9(j)</u>, this Agreement may be modified, altered, supplemented or amended pursuant to a written agreement executed and delivered by the Member. Notwithstanding anything to the contrary in this Agreement, so long as any Obligation is outstanding, this Agreement may not be modified, altered, supplemented or amended unless the Rating Agency Condition is satisfied except: (i) to cure any ambiguity or (ii) to convert or supplement any provision in a manner consistent with the intent of this Agreement and the Transaction Documents.

Notwithstanding any other provision of this Agreement, <u>Schedule B</u> hereto may be amended without the prior written consent of any party.

Section 32. Counterparts.

This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Agreement and all of which together shall constitute one and the same instrument.

Section 33. Notices.

Any notices required to be delivered hereunder shall be in writing and personally delivered, mailed or sent by telecopy, electronic mail or other similar form of rapid transmission, and shall be deemed to have been duly given upon receipt (a) in the case of the Company, to the Company at its address in <u>Section</u> <u>2</u>, (b) in the case of the Member, to the Member at its address as listed on <u>Schedule B</u> attached hereto and (c) in the case of either of the foregoing, at such other address as may be designated by written notice to the other party.

[signature page follows]

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Amended and Restated Limited Liability Company Agreement as of the 24th day of May, 2023.

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| | |
|:---|:---|
| MEMBER: | MEMBER: |
| **PORSCHE FUNDING LIMITED** | **PORSCHE FUNDING LIMITED** |
| **PARTNERSHIP** | **PARTNERSHIP** |
| By: Porsche Financial Services, Inc.,<br> its General Partner | By: Porsche Financial Services, Inc.,<br> its General Partner |
| By: | /s/ Ross A. Dupper |
|  | Name: Ross A. Dupper |
|  | Title: President and CEO |
| By: | /s/ Eli Yaremenko |
|  | Name: Eli Yaremenko |
|  | Title: Assistant Treasurer |

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S-2 LLC Agreement

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| |
|:---|
| **SPECIAL MEMBERS**: |
| /s/ Lori Rezza |
| Name: Lori Rezza |
| /s/ Leonard Padula |
| Name: Leonard Padula |

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S-2 LLC Agreement

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SCHEDULE A

<u>Definitions</u> 

A. Definitions

When used in this Agreement, the following terms not otherwise defined herein have the following meanings:

"<u>Act</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Affiliate</u>" means, with respect to any Person, any other Person which directly or indirectly controls, is controlled by, or is under common control with, such Person. The term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and the term "controlled" shall have a meaning correlative to the foregoing. A Person shall not be deemed to be an affiliate of any specified Person solely because such other Person has the contractual right or obligation to manage such specified Person or act as Servicer with respect to the financial assets of such specified Person unless such other Person controls the specified Person through equity ownership or otherwise.

"<u>Agreement</u>" means this Amended and Restated Limited Liability Company Agreement of the Company, together with the schedules attached hereto, as amended, restated or supplemented or otherwise modified from time to time.

"<u>Appointment of Directors</u>" means the Appointment of Directors of the Company by the Member in the form attached as <u>Exhibit A</u>. The Appointment of Directors shall be deemed incorporated into, and a part of, the Agreement.

"<u>Bankruptcy</u>" means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties, or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition, readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within 90 days after the appointment without such Person's consent or acquiescence of a trustee, receiver or liquidator of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days after the expiration of any such stay, the appointment is not vacated. The foregoing definition of "Bankruptcy" is intended to replace and shall supersede and replace the definition of "Bankruptcy" set forth in Sections 18-101(1) and 18-304 of the Act.

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"<u>Board</u>" or "<u>Board of Directors</u>" means the Board of Directors of the Company.

"<u>Certificate of Formation</u>" means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware on April 20, 2011, as amended or amended and restated from time to time.

"<u>Company</u>" means Porsche Auto Funding LLC, a Delaware limited liability company.

"<u>Covered Persons</u>" has the meaning set forth in <u>Section</u> <u>20(a)</u>.

"<u>Directors</u>" means the Persons elected to the Board of Directors from time to time by the Member, including the Independent Director, in their capacity as managers of the Company. A Director is hereby designated as a "manager" of the Company within the meaning of Section 18-101(12) of the Act.

"<u>Directors' Agreement</u>" means the agreement of the Directors in the form attached hereto as <u>Schedule C</u>. The Directors' Agreement shall be deemed incorporated into, and a part of, this Agreement.

"<u>Independent Director</u>" means a natural person who (x)(i) has at least three years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities and (ii) is provided by an entity described in clause (x)(i) and (y) for the five-year period prior to his or her appointment as Independent Director has not been, and during the continuation of his or her service as Independent Director is not: (i) an employee, director, stockholder, partner or officer of the Company or any of its Affiliates (other than his or her service as an Independent Director of the Company or any of its Affiliates); (ii) a creditor (other than any fees or expenses for independent director services), customer or supplier of the Company or any of its Affiliates; or (iii) any member of the immediate family of a person described in clause (y)(i) or (y)(ii).

"<u>Issuer</u>" has the meaning assigned to such term in <u>Section</u> <u>7(a)(iv)</u>.

"<u>Material Action</u>" means to institute proceedings to have the Company be adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy or insolvency proceedings against the Company or file a voluntary bankruptcy petition or any other petition seeking, or consent to, reorganization or relief with respect to the Company under any applicable federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or a substantial part of its property, or make any assignment for the benefit of creditors of the Company, or admit in writing the Company's inability to pay its debts generally as they become due, or, to the fullest extent permitted by law, take action in furtherance of any such action.

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"<u>Member</u>" means Porsche Funding Limited Partnership, as the initial member of the Company, and includes any Person admitted as an additional member of the Company or a substitute member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company; provided, however, the term "Member" shall not include the Special Members.

"<u>Obligations</u>" shall mean any Securities and the indebtedness, liabilities and obligations of the Company under or in connection with this Agreement, the other Transaction Documents or any related document in effect as of any date of determination.

"<u>Officer</u>" means an officer of the Company described in <u>Section</u> <u>11</u>.

"<u>Officer's Certificate</u>" means a certificate signed by any Officer of the Company who is authorized to act for the Company in matters relating to the Company.

"<u>Person</u>" means an individual, partnership, joint venture, corporation, national banking association, trust, limited liability company, other entity, association or unincorporated organization, and a government or agency or political subdivision thereof.

"<u>Rating Agencies</u>" means, at any time, any of Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business, Moody's Investors Services, Inc. and Fitch, Inc. or any successor to any such corporation's business of rating securities which is then providing a rating for any rated Securities.

"<u>Rating Agency Condition</u>" means, with respect to any action, that each shall have been given notice of such action at least ten days (or such shorter period as shall be acceptable to the Rating Agencies) prior to such action and that none of the Rating Agencies shall have notified the Company or the applicable master servicer, owner trustee or indenture trustee in writing that such action will, in and of itself, result in a reduction, qualification or withdrawal of the then current rating of any rated Securities.

"<u>Receivables Assets</u>" has the meaning assigned to such term in <u>Section</u> <u>7(a)(i)</u>.

"<u>Securities</u>" means any bond, note, certificate or other security secured primarily by or evidencing beneficial ownership in any Receivables Assets or SUBI Assets.

"<u>Special Member</u>" means, upon such person's admission to the Company as a member of the Company pursuant to <u>Section</u> <u>5(c)</u>, a person acting as Independent Director, in such person's capacity as a member of the Company. A Special Member shall only have the rights and duties expressly set forth in this Agreement.

"<u>SUBI Assets</u>" has the meaning assigned to such term in <u>Section</u> <u>7(a)(i)</u>.

"<u>Transaction Documents</u>" has the meaning assigned to such term in <u>Section</u> <u>7(a)(xi)</u>.

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B. Rules of Construction

Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms. The words "include" and "including" shall be deemed to be followed by the phrase "without limitation." The terms "herein," "hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section, paragraph or subdivision. The Section titles appear as a matter of convenience only and shall not affect the interpretation of this Agreement. All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document shall be references to such parts of this Agreement.

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SCHEDULE B

<u>Member</u> 

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| | | | |
|:---|:---|:---|:---|
| Name | Mailing Address | Agreed Value of<br>Capital Contribution | Membership<br>Interest |
|  Porsche Funding Limited Partnership | 1 Porsche Drive Atlanta, GA 30354 | $1 | 100% |

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SCHEDULE C

<u>Directors' Agreement</u> 

[__], 20[_]

Porsche Funding Limited Partnership

One Porsche Drive

Atlanta, Georgia 30354

Porsche Auto Funding LLC

c/o Porsche Financial Services, Inc.

One Porsche Drive

Atlanta, Georgia 30354

Re: <u>Directors' Agreement – Porsche Auto Funding LLC</u>

Ladies and Gentlemen:

For good and valuable consideration, each of the undersigned Persons, who have been designated as directors of Porsche Auto Funding LLC, a Delaware limited liability company (the "<u>Company</u>"), in accordance with the Amended and Restated Limited Liability Company Agreement of the Company, dated as of May 24, 2023, as it may be amended or restated from time to time (the "<u>LLC Agreement</u>"), hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the undersigned accepts such person's rights and authority as a Director (as defined in the LLC Agreement) under the LLC Agreement and agrees to perform and discharge such person's duties and obligations as a Director under the LLC Agreement, and further agrees that such rights, authorities, duties and obligations under the LLC Agreement shall continue until such person's successor as a Director is designated or until such person's resignation or removal as a Director in accordance with the LLC Agreement. Each of the undersigned agrees and acknowledges that it has been designated as a "manager" of the Company within the meaning of the Delaware Limited Liability Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Until the date which is one year and one day after the date on which no Obligation (as defined in the LLC Agreement) remains outstanding, each of the undersigned agrees, solely in its capacity as a creditor of the Company on account of any indemnification or other payment owing to the undersigned by the Company, (A) not to acquiesce, petition or otherwise invoke or cause the Company to invoke the process of any court or governmental authority for the purpose of commencing or sustaining a case against the Company under any federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Company or any substantial part of the property of the Company, or ordering the winding up or liquidation of the affairs of the Company, and (B) not to join with or cooperate or encourage any other Person to do any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. THIS DIRECTORS' AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, AND ALL RIGHTS AND REMEDIES SHALL BE GOVERNED BY SUCH LAWS WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

Initially capitalized terms used and not otherwise defined herein have the meanings set forth in the LLC Agreement.

This Directors' Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this Directors' Agreement and all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the undersigned have executed this Directors' Agreement as of the day and year first above written.

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| |
|:---|
| <br> Ross Dupper |
| <br> Tobias Hausladen |
| <br> John Boncuore |
| <br> Lori Rezza |
| <br> Leonard Padula |

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SCHEDULE D

<u>DIRECTORS</u>

1. Ross Dupper

2. Tobias Hausladen

3. John Boncuore

4. Lori Rezza

5. Leonard Padula

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SCHEDULE E

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| | |
|:---|:---|
| OFFICERS | TITLE |
| Ross Dupper | President |
| Tobias Hausladen | Treasurer |
| Jonathan C. Lippert | Secretary |
| John Boncuore | Assistant Secretary |
| Eli Yaremenko | Assistant Treasurer |
| Vivian Hasenjaeger | Assistant Treasurer |

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EXHIBIT A

<u>APPOINTMENT OF DIRECTORS</u> 

Porsche Funding Limited Partnership, a Delaware limited partnership, as the sole member of Porsche Auto Funding LLC (the "Company"), pursuant to the terms of the Amended and Restated Limited Liability Company Agreement of the Company dated as of May 24, 2023 (as the same may be modified, supplemented or amended, the "LLC Agreement"), hereby resolves as follows:

RESOLVED, Lori Rezza, and Leonard Padula are hereby appointed as Independent Directors, and shall serve as Independent Directors pursuant to the LLC Agreement generally, and Section 10 specifically, until replaced by new Independent Directors; and

FURTHER RESOLVED, the following persons are appointed as Directors of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ross Dupper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Tobias Hausladen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. John Boncuore

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Lori Rezza

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Leonard Padula

FURTHER RESOLVED, the above named persons shall serve until new Directors may be appointed by the Member in accordance with the terms of the LLC Agreement, generally, and Sections 9(a). 9(h) and 10 in particular.

Capitalized terms used herein shall have the meanings assigned to them in the LLC Agreement. This Appointment of Directors is effective as of May 24, 2023.

## Exhibit 10.7

**Exhibit 10.7** 

PORSCHE LEASING LTD.

AND

PORSCHE CREDIT CORPORATION

AMENDED AND RESTATED SERVICING AGREEMENT

DATED AS OF NOVEMBER 14, 1997

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  RECITALS  | RECITALS  | 1 |
|  ARTICLE I DEFINITIONS  | ARTICLE I DEFINITIONS  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1. | Definitions | 2 |
|  ARTICLE II ADMINISTRATION AND SERVICING OF LEASES  | ARTICLE II ADMINISTRATION AND SERVICING OF LEASES  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1. | Servicer to Act as Servicer | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.2. | Collection of Monthly Lease Payments and Remittances; Application of Proceeds | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.3. | Records | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.4. | Collection and Application of Security Deposits | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.5. | Servicing Compensation: Fees, Costs and Expenses | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.6. | Repossession and Sale of Leased Vehicles | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.7. | Servicer to Act on Behalf of Origination Trust | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.8. | Third Party Claims | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.9. | Insurance Policies | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.10. | Servicer Not to Resign; Assignment | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.11. | Obligor Insurance Coverage in Respect of Leased Vehicles | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.12. | Certificates of Title | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.13. | Corporate Existence; Status; Merger | 18 |
|  ARTICLE III STATEMENTS AND REPORTS  | ARTICLE III STATEMENTS AND REPORTS  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. | Reporting by the Servicer | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.2. | Annual Certificate of Servicer | 18 |
|  ARTICLE IV SERVICER TERMINATION EVENTS  | ARTICLE IV SERVICER TERMINATION EVENTS  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. | Servicer Termination Events; Termination of Servicer | 19 |
|  ARTICLE V MISCELLANEOUS  | ARTICLE V MISCELLANEOUS  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. | Termination of Agreement | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. | Amendment | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3. | Governing Law | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4. | Notices | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5. | Severability | 22 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7. | Binding Effect | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.8. | Article and Section Headings | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.9. | Execution in Counterparts | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.10. | Rights Cumulative | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.11. | Further Assurances | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.12. | Third-Party Beneficiaries | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.13. | No Waiver | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.14. | Non-Petition Covenant | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.15. | Limitation of Liability | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.16. | Series Liabilities | 24 |
|  EXHIBITS | EXHIBITS | EXHIBITS |
| &nbsp;&nbsp;&nbsp; Exhibit A — Form of Power of Attorney | &nbsp;&nbsp;&nbsp; Exhibit A — Form of Power of Attorney | &nbsp;&nbsp;&nbsp; Exhibit A — Form of Power of Attorney |
| &nbsp;&nbsp;&nbsp; Exhibit B — Form of Power of Attorney | &nbsp;&nbsp;&nbsp; Exhibit B — Form of Power of Attorney | &nbsp;&nbsp;&nbsp; Exhibit B — Form of Power of Attorney |

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-ii-

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**AMENDED AND RESTATED SERVICING AGREEMENT** 

AMENDED AND RESTATED SERVICING AGREEMENT, dated as of November 14, 1997 (as it may be further amended, supplemented or modified, the "<u>Agreement</u>"), between PORSCHE LEASING LTD., a Delaware business trust (the "<u>Origination Trust</u>"), and PORSCHE CREDIT CORPORATION a Delaware corporation (hereinafter, together with its successors and assigns, "<u>PCC</u>" or, in its capacity as servicer hereunder, the "<u>Servicer</u>").

**<u>RECITALS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement is being entered into to amend that certain Servicing Agreement, dated December 20, 1996, to include provisions treating certain payments by PCC, in its capacity as Servicer, to dealers as contributions by the Servicer to the Origination Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Porsche Funding Limited Partnership, as Settlor and Initial Beneficiary, and Wilmington Trust Company as Trustee (together with any successors and permitted assigns in such capacity, the "<u>Origination Trustee</u>") have entered into that certain Amended and Restated Trust Agreement dated as of November 14, 1997 (the same, as amended, supplemented or modified and in effect from time to time, the "<u>Origination Trust Agreement</u>"), pursuant to which Porsche Funding Limited Partnership and the Origination Trustee formed the Origination Trust for the purpose of taking assignments and conveyances of and holding and dealing in various Trust Assets in accordance with the Origination Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Origination Trustee on behalf of the Origination Trust and at the direction of Porsche Funding Limited Partnership, which also is the sole beneficiary of the Origination Trust, intend to create and issue from time to time to or upon the order of Porsche Funding Limited Partnership various special units of beneficial interest in the Origination Trust ("<u>SUBIs</u>"), whose beneficiaries generally will be entitled to the net cash flow arising from designated portfolios of Trust Assets owned by the Origination Trust, and which SUBIs may be used in connection with various Financings (as defined in the Origination Trust Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The parties desire to enter into this Agreement to provide for, among other things, the servicing of the Trust Assets (including those evidenced by the SUBIs) by the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The parties acknowledge that, in connection with one or more Financings, it may be necessary or desirable to enter into supplemental agreements hereto, including one or more SUBI Servicing Agreement Supplements, providing for further specific servicing obligations with respect to each Financing.

NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

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**ARTICLE I** 

**DEFINITIONS** 

Section 1.1. <u>Definitions</u>.

For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (a) unless otherwise defined herein, all capitalized terms shall have the meanings attributed to them in the Origination Trust Agreement, (b) the capitalized terms defined in this Article have the meanings assigned to them in this Article and include (i) all genders and (ii) the plural as well as the singular, (c) all references to words such as "herein", "hereof" and the like shall refer to this Agreement as whole and not to any particular article or section within this Agreement, (d) the term "include" and all variations thereon shall mean "include without limitation", and (e) the term "or" shall include "and/or".

"<u>Agreement</u>" has the meaning set forth in the preamble.

"<u>Board of Directors</u>" means, with respect to any Person, either the Board of Directors of such Person or any duly authorized committee of such Board.

"<u>Board Resolution</u>" means a copy of a resolution certified by the Secretary or an Assistant Secretary of any specified Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification and delivered to the Person to which such resolution is required to be delivered.

"<u>Certificate of Title</u>" shall have the meaning set forth in the Origination Trust Agreement.

"<u>Charged-off Lease</u>" means a Lease with respect to which (a) the related Leased Vehicle has been repossessed and sold or otherwise disposed of, or (b) the Lease has been written off by the Servicer in accordance with its customary policies for writing off lease contracts.

"<u>Collateral Agent</u>" means the Person (if any) acting as collateral agent pursuant to a Collateral Agency Agreement to be entered into by the Origination Trust (and any successors and permitted assigns in such capacity).

"<u>Dealer</u>" shall have the meaning set forth in the Origination Trust Agreement.

"<u>Dealer Agreement</u>" means that certain Dealer Agreement substantially in the form of the Servicer's current form or such other form as the Servicer shall approve, entered into between Servicer and a Dealer providing for the Dealer, acting as an independent contractor, to enter into retail vehicle leases that, if approved by the Servicer (whether acting for its own account or for the account of any Person for whom it is acting as a servicer) in accordance with the terms and conditions of such agreement, will be acquired, along with the title to the related leased vehicle,<u> </u>by the Servicer for its own account or by an assignee of the Servicer, in either case at prices determined as provided for in such agreement.

"<u>Fees and Taxes</u>" has the meaning set forth in <u>Section</u> <u>2.1(b)(ii)</u>.

"<u>Filings</u>" has the meaning set forth in <u>Section</u> <u>2.7(e)</u>.

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"<u>Financing</u>" shall have the meaning set forth in the Origination Trust Agreement.

"<u>Force Majeure Event</u>" means any delay or failure in performance caused by acts beyond the Servicer's reasonable control, including acts of God, war, vandalism, sabotage, accidents, fires, floods, strikes, labor disputes, mechanical breakdown, shortages or delays in obtaining suitable parts or equipment, material, labor, or transportation, acts of subcontractors, interruption of utility services, acts of any unit of government or governmental agency, or any similar or dissimilar cause.

"<u>Initial Beneficiary</u>" has the meaning set forth in the Origination Trust Agreement.

"<u>Insurance Expenses</u>" means any amount of Insurance Proceeds (a) applied to the repair of the related Leased Vehicle, (b) released to an Obligor in accordance with the normal servicing procedures of the Servicer, or (c) representing other related expenses incurred by the Servicer not otherwise included in Liquidation Expenses and recoverable under this Agreement.

"<u>Insurance Policy</u>" means, with respect to a Lease, Leased Vehicle or Obligor, any policy of comprehensive, collision, public liability, physical damage, personal liability, credit health or accident, credit life or employment insurance, or any other form of insurance.

"<u>Insurance Proceeds</u>" means, with respect to any Lease or the related Leased Vehicle or Obligor, proceeds paid to the Servicer, the Origination Trust or the Origination Trustee, on behalf of the Origination Trust, pursuant to an Insurance Policy and amounts paid to the Origination Trust, the Origination Trustee or the Servicer under any other insurance policy related to such Lease, Leased Vehicle or Obligor (including but not limited to any contingent and excess liability insurance policy or residual value insurance policy maintained by or on behalf of the Origination Trust).

"<u>Lease</u>" shall have the meaning set forth in the Origination Trust Agreement.

"<u>Lease Documents</u>" means, with respect to each Lease, the fully executed Lease and any agreement(s) modifying such Lease (including, without limitation, any extension agreement(s) relating to extended Leases).

"<u>Lease Number</u>" means, with respect to any Lease, the number assigned to such Lease, which number is or will be set forth in the Schedule of Leases and Leased Vehicles.

"<u>Lease Proceeds</u>" means all monies received with respect to the Leases and the Leased Vehicles, including Monthly Lease Payments, Liquidation Proceeds, Sales Proceeds, Insurance Proceeds, Payments Ahead and amounts received upon the sale, exchange or other disposition of the related Leased Vehicles.

"<u>Lease Records</u>" has the meaning specified in <u>Section</u> <u>2.3(b)</u>.

"<u>Leased Vehicles</u>" shall have the meaning set forth in the Origination Trust Agreement.

"<u>Liquidation Expenses</u>" means, to the extent not reimbursed to the Servicer through disposition or other fees pursuant to the Lease Documents, reasonable out-of-pocket expenses

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incurred by the Servicer in connection with the attempted realization of the full amounts due or to become due under any Lease, including expenses incurred in connection with the repossession of any related Leased Vehicle, the sale of such a Leased Vehicle, whether upon its repossession or upon return of a Leased Vehicle if the related Lease is a Matured Lease, any collection effort (whether or not resulting in a lawsuit against the Obligor under such Lease) or any application for Insurance Proceeds.

"<u>Liquidation Proceeds</u>" means gross amounts received by the Servicer, the Origination Trust or the Origination Trustee, on behalf of the Origination Trust (before reimbursement for Liquidation Expenses), in connection with the realization of the full amounts due or to become due under any defaulted Lease, whether from the sale or other disposition of the related Leased Vehicle (without regard to whether such proceeds exceed the Stated Residual Value therefor), the proceeds of any collection effort (whether or not resulting in a lawsuit against the Obligor under such Lease), the proceeds of recourse payments by Dealers, receipt of Insurance Proceeds, or collection of amounts due hereunder in respect of that Lease (including but not limited to the application of Security Deposits pursuant to <u>Section</u> <u>2.4</u>) or otherwise.

"<u>Matured Lease</u>" means any Lease that has reached its Maturity Date.

"<u>Matured Leased Vehicle Inventory</u>" as of any date means all Matured Vehicles that have not yet been sold or otherwise disposed of by the Servicer pursuant to this Agreement.

"<u>Matured Vehicle</u>" as of any date means any Leased Vehicle the related Lease of which has reached its Maturity Date, which Leased Vehicle was returned to the Servicer on behalf of the Origination Trust, regardless of the status of the sale or disposition of such Leased Vehicle as of such date.

"<u>Maturity Date</u>" means, with respect to any Lease, the date on which such Lease is scheduled to terminate, as such date may be extended pursuant to <u>Section</u> <u>2.2(b)(ii)</u>.

"<u>Monthly Lease Payment</u>" means, with respect to any Lease, the amount of each fixed monthly payment payable to the Obligee of such Lease in accordance with the terms thereof, net<u> </u>of any portion of such monthly payment that represents late payment charges or collections allocable to payments to be made by Obligors for payment of insurance premiums, excise or use taxes or similar items.

"<u>Obligee</u>" means each Person who is the lessor under a Lease or the assignee thereof, including the Origination Trust.

"<u>Obligor</u>" means each Person who is the lessee under a Lease or a guarantor of the lessee's obligations.

"<u>Opinion of Counsel</u>" means a written opinion of counsel who may, except as otherwise expressly provided in this Agreement, be counsel for the Servicer (including in-house counsel employed by the Servicer or any Affiliate thereof) and who, in the case of opinions delivered to the Origination Trust or the Origination Trustee, shall be reasonably satisfactory to the Origination Trustee.

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"<u>Origination Trust</u>" has the meaning set forth in the preamble.

"<u>Origination Trust Agreement</u>" has the meaning set forth in the Recitals.

"<u>Origination Trust Documents</u>" means and includes this Agreement, the Origination Trust Agreement, and all amendments or supplements or modifications hereto or thereto.

"<u>Origination Trustee</u>" has the meaning set forth in the Recitals.

"<u>Outstanding Lease Balance</u>" means, with respect to any Lease as of any date, the outstanding balance of such Lease calculated in accordance with the Servicer's customary practice, which is an amount equal to (a) the sum of all Monthly Lease Payments remaining to be made (<u>provided</u>, <u>however</u>, that Payments Ahead received but not yet applied are deemed to be Monthly Lease Payments remaining to be made), <u>less</u> any unearned lease charges or other charges relating to the period beginning after the next succeeding Payment Date on such Lease (determined in accordance with the actuarial method) in accordance with the Servicer's usual practices, <u>plus</u> (b) the Stated Residual Value of the related Leased Vehicle.

"<u>Payment Ahead</u>" means any payment of one or more Monthly Lease Payments (other than an early termination of the Lease by the Lessee in accordance with the terms of the related Lease) remitted by an Obligor with respect to a Lease in excess of the Monthly Lease Payment due with respect to such Lease, which sums the Obligor has instructed the Servicer to apply to Monthly Lease Payments due in one or more immediately subsequent calendar months.

"<u>Payment Date</u>" means, as to each Lease, the date each month therein set forth as the date Monthly Lease Payments are due.

"<u>Payment Information</u>" shall have the meaning set forth in <u>Section</u> <u>2.2(c)(i)</u>.

"<u>PCC</u>" has the meaning set forth in the preamble.

"<u>Person</u>" means any legal person, including any individual, corporation, partnership, joint venture, association, joint stock company, trust, limited liability company, bank, trust company, estate (including any beneficiaries thereof), unincorporated organization or government or any agency or political subdivision thereof.

"<u>PFC</u>" means Porsche Funding Corporation, a Delaware corporation.

"<u>Portfolio</u>" means any collection of specified Leases, Leased Vehicles and other associated Trust Assets the proceeds from which are to be segregated within the. Origination Trust accounts from those of Leases and Leased Vehicles in all other Portfolios; "Portfolio" shall include each SUBI Portfolio plus a separate UTI Portfolio consisting of all those Leases, Leased Vehicles and other associated Trust Assets not allocated to any SUBI Portfolio.

"<u>Proceeding</u>" means any suit in equity, action at law or other judicial or administrative proceeding.

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"<u>Rating Agency</u>" means any nationally recognized statistical rating organization then rating any securities issued in connection with a Financing; <u>provided</u> the initial rating of such securities was at the request of PCC.

"<u>Registrar of Titles</u>" shall have the meaning set forth in the Origination Trust Agreement.

"<u>Responsible Officer</u>" means any officer in the corporate trust office of the Origination Trustee with direct responsibility for the administration of the Origination Trust Agreement or any other officer of the Origination Trustee to whom any corporate trust matter is referred because of his or her knowledge of or any familiarity with the particular subject.

"<u>Sales Proceeds</u>" means the proceeds, net of Liquidation Expenses, actually received by the Servicer or the Origination Trustee, on behalf of the Origination Trust, with respect to a Matured Vehicle.

"<u>Schedule of Leases and Leased Vehicles</u>" means the list of Leases and related Leased Vehicles, on microfiche, microfilm or hard paper copy, that are included as Trust Assets in the Origination Trust, as such list may be revised and supplemented from time to time pursuant to <u>Section</u> <u>3.1,</u> and which shall set forth the following information with respect to each such Lease:

Lease Number

Date of Origination

Maturity Date

Monthly Lease Payment

Original Lease Balance

Outstanding Lease Balance as of the last day

of the immediately preceding calendar month

Stated Residual Value

Portfolio

Vehicle Identification Number

Model Year

Make

Model

"<u>Security Deposit</u>" means, with respect to any Lease, the refundable security deposit (if any) specified in such Lease.

"<u>Servicer</u>" has the meaning set forth in the preamble.

"<u>Servicer Termination Event</u>" means any of the acts, events or occurrences set forth in <u>Section</u> <u>4.1(a)</u>.

"<u>Servicing Fee</u>" shall have the meaning specified in <u>Section</u> <u>2.5(a)</u>.

"<u>Settlor</u>" has the meaning set forth in the Recitals.

"<u>Stated Residual Value</u>" means, with respect to a Leased Vehicle, the amount stipulated in the related Lease (as reflected in the Schedule of Leases and Leased Vehicles) as the estimated

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end of term residual value of such Leased Vehicle at the Maturity Date of the related Lease, as established upon the date of origination of the related Lease.

"<u>SUBI</u>" has the meaning set forth in the Recitals.

"<u>SUBI Asset</u>" means (a) any Lease or Leased Vehicle segregated by or on behalf of the Origination Trust into any SUBI Portfolio as to which a SUBI has been created and issued and remains outstanding, and (b) any other Trust Asset allocated to or earned by any SUBI.

"<u>SUBI Portfolio</u>" means, as to each SUBI, that collection of Leases, Leased Vehicles and other associated Trust Assets allocated by the Origination Trust to such SUBI from time to time from among all those Leases, Leased Vehicles and other associated Trust Assets owned by the Origination Trust.

"<u>SUBI Servicing Agreement Supplement</u>" means any supplement or amendment to this Agreement entered into from time to time to accommodate the creation and issuance of a particular SUBI and to specify any special responsibilities or obligations that the Servicer may be required to undertake in connection therewith.

"<u>SUBI Supplement</u>" means any supplement or amendment to the Origination Trust Agreement executed from time to time in connection with the creation and issuance of a particular SUBI.

"<u>Supplemental Servicing Fees</u>" means any late fees, disposition fees, purchase option fees and other administration fees or similar charges (including any fees payable in connection with or pursuant to an extension agreement) paid by any Obligor pursuant to a Lease.

"<u>Title Document</u>" means, with respect to any Leased Vehicle, the Certificate of Title of such Leased Vehicle.

"<u>Trust Agent</u>" means any Person with whom the Origination Trustee contracts to act as its agent with respect to carrying out certain of its duties as Origination Trustee hereunder or under the Origination Trust Agreement, as provided for in the Origination Trust Agreement.

"<u>Trust Asset</u>" means any asset of any type owned by the Origination Trust.

"<u>United States</u>" means the United States of America, its territories and possessions and areas subject to its jurisdiction.

"<u>UTI</u>" means the undivided trust interest in the Origination Trust created pursuant to <u>Section</u> <u>4.1</u> of the Origination Trust Agreement.

"<u>UTI Asset</u>" means all Trust Assets that are not SUBI Assets.

"<u>UTI Certificate</u>" has the meaning set forth in <u>Section</u> <u>4.1</u> of the Origination Trust Agreement.

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"<u>UTI Holder</u>" means initially, PCC and any other registered holder of the UTI Certificate.

"<u>UTI Pledge</u>" means a pledge of, and a grant of a security interest in, the UTI and the UTI Certificate in connection with a Financing.

"<u>UTI Portfolio</u>" means the collection of Leases, Leased Vehicles and other associated Trust Assets not allocated to any SUBI Portfolio.

"<u>UTI Servicing Agreement Supplement</u>" means any supplement or amendment to this Agreement entered into from time to time to specify any special responsibilities or obligations that the Servicer may be required to undertake in connection with the UTI.

**ARTICLE II** 

**ADMINISTRATION AND SERVICING OF LEASES** 

Section 2.1. <u>Servicer to Act as Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to <u>Section</u> <u>3806(b)(7)</u> of the Delaware Business Trust Act, as agent for the Origination Trust, the Servicer shall manage the Origination Trust and shall service, administer and collect under the Leases and the other Trust Assets in accordance with the terms of this Agreement, and shall have full power and authority, acting alone and subject only to the specific requirements and prohibitions of this Agreement, to do any and all things in connection with such servicing, administering and collecting that it may reasonably deem necessary or desirable. The duties of the Servicer shall include, among other things, collecting and posting payments, responding to inquiries of Obligors on the Leases, investigating delinquencies, sending payment statements and reporting tax information to Obligors, disposing of returned vehicles, paying costs of disposition of Leased Vehicles related to Charged-off Leases and policing the Leases, administering the Leases, including accounting for collections, furnishing monthly and annual statements to the Origination Trust with respect to distributions, generating federal and state income tax information and preparing and filing all tax returns (if any) of the Origination Trust.

If the Servicer shall commence a legal proceeding to enforce a Lease, the Origination Trust shall thereupon be deemed to have automatically assigned, solely for the purpose of collection on behalf of the Origination Trust, its interest in such Lease and the related Leased Vehicle to the Servicer to the extent necessary for the purposes of participating in such proceeding. If in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Lease on the grounds that it is not the real party in interest or a holder entitled to enforce such Lease, the Origination Trust shall, at the expense and direction of the Servicer, take

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steps to enforce the Lease, including bringing suit in its name. The Origination Trust shall furnish the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. The Servicer agrees that its servicing of the Leases shall be carried out in accordance with customary and usual procedures of institutions that service leases with respect to similar types of vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Servicer shall continue to maintain or enter into on behalf of the Trust, in the ordinary course of its business, Dealer Agreements with Dealers selected by the Servicer from time to time in its reasonable discretion (together with such supplemental agreements as shall be necessary to permit the Origination Trust to enforce any rights against the Dealers). The Servicer shall direct each of the Dealers with whom it has such a Dealer Agreement (other than those identified in writing by PCC or the Servicer to the Origination Trustee from time to time as nonparticipants in the Origination Trust allocation arrangements) to assign to the Origination Trust all approved Leases (other than those types of leases or those specific leases identified in writing by PCC or the Servicer to the Origination Trustee from time to time) (and the Certificates of Title to the associated Leased Vehicles) originated by the Dealer. The Servicer shall further direct each such Dealer to show on each application for the initial Certificate of Title for each Leased Vehicle (x) the owner of the Leased Vehicle as "Porsche Leasing Ltd." or a nominee thereof and (y) the lienholder being the Collateral Agent (if any) using such phrases as will satisfy the Registrar of Titles in each relevant jurisdiction, or such other designation(s) as the Servicer shall determine. The Servicer shall direct each such Dealer to include the address of the Obligee as the address of the recorded owner and to include the Collateral Agent's address as the address of the lienholder which address shall be care of the Servicer's principal service facility, or that of any substitute or successor Servicer, and otherwise to comply with the Servicer's normal requirements under its Dealer Agreements with respect to each Lease and Certificate of Title. Notwithstanding anything to the contrary contained herein, however, should any such Dealer fail to assign either a lease or leased vehicle to the Origination Trust, the Servicer shall not be obligated to cause any correction thereof, but, unless and until such error is corrected, such lease and leased, vehicle shall not be included as a Trust Asset. Other errors by a Dealer in complying with the foregoing Servicer instructions, if immaterial, shall not affect the status of a lease or leased vehicle as a Trust Asset nor shall the Servicer be obligated to correct them. The obligations of the Servicer pursuant to this <u>Section</u> <u>2.1(b)(i)</u> shall survive any partial or complete termination of the Servicer pursuant hereto for any Lease entered into prior to the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Servicer may pay funds to a Dealer for the purchase by the Origination Trust of Leases and Leased Vehicles and may pay any fees, taxes and the like ("<u>Fees and Taxes</u>") payable by the Origination Trust. Any payment by the Servicer to a Dealer to acquire a Leased Vehicle or a related Lease shall constitute a contribution by the Servicer to the Trust in respect of the Servicer's ownership interest in the UTI and the UTI shall immediately thereafter be deemed to represent the entire beneficial interest in such Leased Vehicle, any related Lease and any related Trust Assets (whether such Lease was originated by a Dealer or by the Trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained in <u>Section</u> <u>2.1(b)(ii)</u>, to the extent that, at the time of any request by the Servicer for reimbursement pursuant to that section the Servicer shall owe any amount to the Origination Trust, the Origination Trust may set off the

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amount of such Servicer obligation against any reimbursement otherwise payable to the Servicer thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall pay to Dealers any "dealer reserve" payments that would be made by the Servicer for Leases originated by the Servicer in accordance with the Servicer's customary practices.

Section 2.2. <u>Collection of Monthly Lease Payments and Remittances; Application of Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall use commercially reasonable efforts to (i) collect all payments required under the terms and provisions of each Lease; and (ii) cause each Obligor to make all payments in respect of the Lease to which such Obligor is a party or otherwise obligated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Consistent with the foregoing, the Servicer may in its discretion (i) waive any late payment charge or other charge that would constitute a Supplemental Servicing Fee, and (ii) extend the Maturity Date of any Lease consistent with the Servicer's customary practices. After such an extension, the Stated Residual Value applicable at the new Maturity Date shall be the amount to which the Outstanding Lease Balance would be expected to decline, in accordance with the Servicer's customary procedures, after the application of all Monthly Lease Payments due prior to and on the new Maturity Date. Notwithstanding the foregoing, the Servicer may not extend the Maturity Date of a Lease in a SUBI Portfolio except in accordance with such conditions as may be set forth in the applicable SUBI Servicing Agreement Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As to any Lease Proceeds or any other payments by or on behalf of any Obligor or otherwise with respect to any Lease or Leased Vehicle including (if applicable) any proceeds of recourse payments by the originating Dealer, whether received by the Servicer through any lock box or similar mechanism used for the collection of regular periodic payments on receivables owned or serviced by it or received directly by the Servicer at any of its servicing offices, but subject to <u>Section</u> <u>2.6</u> with regard to Liquidation Proceeds and Insurance Proceeds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon receipt of any such funds, the Servicer shall deposit such funds into its operating account and shall ascertain promptly (but in any event within two (2) Business Days) the following information: (A) the amount of each receipt, (B) the Lease Number to which such receipt relates, (C) the nature of the payment (<u>i.e.</u>, whether a Monthly Lease Payment, Insurance Proceeds, other Liquidation Proceeds, excess mileage charge, excess wear and tear charge, payment of the Sales Proceeds of the related Leased Vehicle or any other payment by or on behalf of any Obligor), (D) the date of receipt of payment; and (E) the Portfolio to which such Lease has been allocated (collectively, the "<u>Payment Information</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As to any such funds received by the Servicer accompanied by all necessary Payment Information, the Servicer shall (A) enter the Payment Information in its computer system, (B) segregate all such funds by the Portfolio(s) to which such funds relate, and (C) except as set forth in this Agreement, deposit all such funds (net of reimbursement of any Liquidation Expenses incurred by the Servicer with respect to any Leased Vehicle whose Liquidation Proceeds or Sales Proceeds are included among such

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funds) relating to any SUBI Portfolio as set forth in the related SUBI Servicing Agreement Supplement and (D) deposit all funds (net of reimbursement of any Liquidation Expenses incurred by the Servicer with respect to any Leased Vehicle whose Liquidation Proceeds or Sales Proceeds are included among such funds) relating to the UTI Portfolio as directed by Porsche Funding Limited Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As to such funds received by the Servicer that are not accompanied by all Payment Information, the Servicer shall enter into its computer system such Payment Information as is available from <sup>-</sup>time to time. Upon receipt of the remaining Payment Information, the Servicer shall take the actions with respect to such funds as are set forth in <u>Section</u> <u>2.2(c)(ii)</u>. The Servicer shall use its best efforts to obtain any missing Payment Information as soon as practicable after receipt of any such funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Upon the determination by the Servicer that any Lease Proceeds received by it with respect to any Lease constitute one or more Payments Ahead, the Servicer shall maintain appropriate records of such Payment Ahead so as to be able to timely apply such Payment Ahead as a Monthly Lease Payment with respect to the applicable Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As to any other funds received by the Servicer with respect to any Trust Asset:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any such funds relating to a SUBI Asset, the Servicer shall deposit such funds as set forth in the appropriate SUBI Servicing Agreement Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to any such funds relating to any UTI Asset, the Servicer shall pay such funds as directed by the holder of the UTI Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Servicer shall from time to time, in accordance with the Origination Trust Agreement or the applicable SUBI Supplement thereto, identify and allocate on the books and records of the Origination Trust certain Leases and/or Leased Vehicles into the UTI Portfolio or one or more SUBI Portfolios, either upon the initial creation of such SUBI or periodically following its creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Servicer shall account to the Origination Trust for each Portfolio of Trust Assets separately and in accordance with any supplement or amendment to this Agreement entered into with respect to such Portfolio.

Section 2.3. <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As to any Lease Proceeds or other receipts with respect to any Trust Asset, including without limitation Monthly Lease Payments, Liquidation Proceeds, Sales Proceeds and any other payments by or on behalf of any Obligor or otherwise with respect to any Lease or Leased Vehicle, the Servicer shall maintain or cause to be maintained such computer and manual records with respect to all such Lease Proceeds and other receipts in accordance with the customary and usual procedures of institutions which service leases with respect to similar types of vehicles.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall retain or cause to be retained all data (including, without limitation, computerized records), together with all operating software and appropriate documentation, relating directly to or maintained in connection with the servicing of the Leases (the "<u>Lease Records</u>"). The Servicer shall provide or cause to be provided to the Origination Trust upon its request, copies of all such data and appropriate documentation at all reasonable times and upon reasonable notice. The Servicer shall promptly report to the Origination Trust any failure on its part to maintain the Lease Records as herein provided and promptly take appropriate action to remedy any such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the rights of the Servicer shall have been terminated in accordance with <u>Section</u> <u>4.1(b)</u> with regard to any Portfolio, the Servicer shall deliver to the successor servicer appointed pursuant to the terms hereof, or, if otherwise directed by the Origination Trust, to the Person so designated all such data, operating software (other than software which, by its express terms or the terms of any applicable license agreement, may not be assigned by the Servicer) and appropriate documentation necessary for the servicing of the Leases included in that Portfolio, including but not limited to the related Lease Documents and Title Documents, and all monies collected by it and required to be deposited in any account of the Origination Trust relating to that Portfolio, all related Security Deposits and any related Leased Vehicle in its possession that has been repossessed or is part of Matured Leased Vehicle Inventory and in either case has not yet been sold or otherwise disposed of pursuant to <u>Section</u> <u>2.6</u>. In addition, the Servicer shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Leases included in that Portfolio with respect to which such termination shall have occurred to the party that will be assuming responsibility for such servicing, including, without limitation, (i) directing Obligors to remit payments in respect of those Leases to an account or address designated by the Origination Trust or such new servicer and (ii) cooperating, without receipt of payment, as may be requested by the Origination Trust or such new servicer to achieve a transfer of data held in electronic or other form to the new servicer's or the Origination Trust's computer systems.

Section 2.4. <u>Collection and Application of Security Deposits</u>.

Subject to <u>Section</u> <u>2.3(c)</u>, the Servicer shall retain each Security Deposit remitted to it as agent and bailee for the Origination Trust and as proceeds of the Leases, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its customary and usual servicing procedures and the Leases, including but not limited to using the Security Deposit in respect of any Lease for the payment of any amount resulting from the related Obligor's default or failure to pay all amounts required to be paid under such Lease or resulting from excess mileage or excess wear and tear to the related Leased Vehicle. In the event that any Lease becomes a Charged-off Lease or, if earlier, the related Leased Vehicle is repossessed, then the related Security Deposit, to the extent permitted by such Lease and applicable law, shall thereby become Liquidation Proceeds. On at least a monthly basis or (with respect to a SUBI Portfolio) as otherwise set forth in an applicable SUBI Servicing Agreement Supplement, but otherwise as provided in <u>Section</u> <u>2.2(c)(ii)</u>, the Servicer shall remit each Security Deposit that became Liquidation Proceeds (subject to any required reimbursement of Liquidation Expenses pursuant to this Agreement) during the previous month; otherwise, each Security Deposit, after deduction for amounts applied towards the payment of any amount resulting from the related Obligor's default or failure to pay any amounts required to be paid under such Lease or damage to the

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related Leased Vehicle, shall be returned to the related Obligor by the Servicer; <u>provided</u>, <u>however</u> that the Servicer may retain a Security Deposit until the Obligor has repaid all other charges owed under such Lease.

Section 2.5. <u>Servicing Compensation: Fees, Costs and Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As compensation for the performance of its obligations under this Agreement and subject to the terms of this Section and <u>Section</u> <u>4.1(b)</u> and the terms of any applicable SUBI Servicing Agreement Supplement, the Servicer shall be entitled to receive from the Origination Trust, on the first day of each calendar month, a fee (the "<u>Servicing Fee</u>") equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each SUBI Portfolio, the amount set forth in the related SUBI Servicing Agreement Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to each UTI Portfolio, such amount as shall be agreed from time to time between the holder of the UTI and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In addition to the foregoing, the Servicer shall be entitled to retain as additional compensation, for each UTI or SUBI Portfolio, all Supplemental Servicing Fees.

The Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder and shall not be entitled to reimbursement of such expenses except to the extent they constitute Liquidation Expenses or expenses recoverable under an applicable insurance policy, as provided in <u>Section</u> <u>2.6</u>. For so long as there shall be only one Servicer for the Origination Trust, the Servicing Fee shall, for purposes of <u>Section</u> <u>7.1(b)</u> of the Origination Trust Agreement, be deemed to be an expense incurred with respect to the Trust Assets equally based upon the relative value of assets; if at any time the Servicer shall only service some (but not all) Portfolios, the Servicing Fee shall, for purposes of <u>Section</u> <u>7.1(b)</u> of the Origination Trust Agreement, be deemed to be an expense incurred with respect to that discrete group of Trust Assets contained in the Portfolio(s) the Servicer then services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As additional servicing compensation, the Servicer also shall be entitled to the earnings from the investment of Security Deposits retained as and to the extent provided in <u>Section</u> <u>2.4</u> hereof and as permitted by applicable law.

Section 2.6. <u>Repossession and Sale of Leased Vehicles</u>.

In accordance with the servicing procedures specified in this <u>Article II</u>, the Servicer shall use its commercially reasonable efforts (consistent with the customary and usual procedures of institutions that service leases with respect to similar types of vehicles) to repossess or otherwise take possession of the Leased Vehicle related to any Lease that the Servicer shall have determined to be in default.

The Servicer shall, in accordance with the standards set forth in the immediately preceding paragraph:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) follow such practices and procedures as it shall deem necessary or advisable in its servicing of open-end and closed-end leases for automobiles, sports utility vehicles, light-duty trucks and other vehicles, which may include reasonable efforts to realize upon any recourse to Dealers, consigning a Leased Vehicle to a motor vehicle dealer for resale or selling a Leased Vehicle at public or private sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) sell or otherwise dispose of each Leased Vehicle that is so repossessed, in accordance with the related Lease, or that becomes part of Matured Leased Vehicle Inventory and, if the Lease is in default, commence and prosecute any Proceedings (it deems advisable to maximize net collections) in respect of such Lease (and the related Leased Vehicle) in its own name or, if the Servicer deems it necessary, in the name of the Origination Trust.

The obligations of the Servicer under this Section are subject to the provision that, in the event of damage to a Leased Vehicle from a cause for which the Obligor under the related Lease was not required to obtain casualty insurance or maintain such insurance in full force and effect, the Servicer shall not be required to expend its own funds in repairing such Leased Vehicle unless it shall reasonably determine that such restoration will increase Liquidation Proceeds (net of Liquidation Expenses) of the related Lease by at least an equivalent amount. The Servicer shall only expend funds in connection with the repossession and/or sale of any Leased Vehicle to the extent that it reasonably determines that Liquidation Expenses will not exceed the anticipated Liquidation Proceeds. The Servicer shall be responsible for all other costs and expenses incurred by it in connection with any action taken in respect of a Lease or the related Leased Vehicle; <u>provided</u>, <u>however</u>, that subject to <u>Section</u> <u>2.5</u>, it shall be entitled to reimbursement of such costs and expenses to the extent they constitute Liquidation Expenses or expenses recoverable under an applicable insurance policy. All Liquidation Proceeds and Insurance Proceeds shall be deposited and transferred as provided in <u>Section</u> <u>2.2</u>. The foregoing notwithstanding, prior to transferring any such funds out of its operating account, the Servicer shall first deduct therefrom any unreimbursed Liquidation Expenses and Insurance Expenses. In connection with this <u>Section</u> <u>2.6</u>, the Origination Trust shall grant to the Servicer a Power of Attorney in the form attached as <u>Exhibit A</u> with regard to the Leased Vehicles, with full power of substitution.

Section 2.7. <u>Servicer to Act on Behalf of Origination Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to facilitate the servicing of the Leases by the Servicer, the Origination Trust hereby appoints the Servicer as its agent and bailee to retain possession of the Lease Documents, Title Documents and any other related items that from time to time come into possession of the Servicer, and the Servicer hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicer shall maintain each Lease Document and Title Document at its office located at 4343 Commerce Court, Suite 214, Lisle, Illinois 60532, or at such other office as shall be specified to the Origination Trust by 30 days' prior written notice. The Servicer shall promptly report to the Origination Trust any failure on its part to retain possession of the Lease Documents or Title Documents and promptly take appropriate action to remedy any such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon written instructions from the Origination Trust, setting forth a reasonable basis therefor, or in the exercise of its duties and powers hereunder, the Servicer shall release any Lease Document, Title Document, or other related item to the Origination Trust or its agent or

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designee, as the case may be, at such place or places as the Origination Trust may reasonably designate, as soon as practicable. The Servicer shall not be responsible for any loss occasioned by the failure of the Origination Trustee to return any document or any delay in doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall be deemed to have received proper instructions from the Origination Trust with respect to any Lease Document, Title Document, any other related item or any Lease Record, upon its receipt of written instructions by a Responsible Officer of the Origination Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Servicer shall identify from time to time all (i) periodic sales and use tax or property (real or personal) tax reports, (ii) periodic renewals of licenses and permits, (iii) periodic renewals of qualification to act as a trust and a business trust and (iv) other periodic governmental filing, registration or approvals (collectively, "<u>Filings</u>") arising with respect to or required of the Origination Trust, including (in the case of <u>clauses (ii)</u> and <u>(iv)</u>) such licenses, permits, and other Filings as are required for the Origination Trust to accept assignments of Leases and to be identified as the owner of Leased Vehicles on their Certificates of Title, as contemplated by <u>Section</u> <u>2.1(a)(i)</u>. The Servicer shall also identify any surety bonds or other ancillary undertakings required of the Origination Trust in respect of any Filing. The Servicer shall timely prepare and file, or cause to be filed, with the cooperation of the Origination Trustee, on behalf of the Origination Trust with the appropriate Person each Filing and each such ancillary undertaking with a copy to the Origination Trustee. In connection with this <u>Section</u> <u>2.7(e)</u>, the Origination Trust grants to the Servicer the authority to, and will execute and deliver to the Servicer any necessary Power of Attorney in the form attached as <u>Exhibit B</u>, as the Servicer may require in order to effect each such Filing and ancillary undertaking. Should the Servicer at any time receive notice, or have actual knowledge, of any non-compliance with any Filing requirement, it shall promptly so notify the Origination Trustee, and shall promptly take all required action to rectify such noncompliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Origination Trust shall deliver to the Servicer, promptly upon their execution and delivery by the parties thereto, the Origination Trust Agreement and of each amendment and supplement thereto, including without limitation any SUBI Supplement. The Servicer shall not act contrary to any provision of the Origination Trust Agreement, as so amended or supplemented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Servicer agrees to indemnify, defend and hold harmless the UTI Holder (including, if such Person is a partnership, any general partner thereof), each SUBI Holder, the Origination Trust, the Origination Trustee and their respective agents (including without limitation any Trust Agent) for (i) any and all liabilities, losses, damages and expenses that may be incurred as a result of any act or omission by the Servicer in connection with its maintenance and custody of the Lease Documents, Title Documents, Lease Records, the servicing of the Leases, the Servicer's undertakings in <u>clause (e)</u> of this <u>Section</u> <u>2.7</u> or any other activity undertaken or omitted by the Servicer with respect to any Trust Asset or this Agreement, and (ii) any claims by third parties against the Origination Trust with respect to the UTI Portfolio or a SUBI Portfolio that the UTI Assets or the SUBI Assets for such SUBI Portfolio, respectively, are insufficient to satisfy. The obligations set forth in this <u>Section</u> <u>2.7(g)</u> shall survive the termination of this Agreement and the Origination Trust Agreement or the resignation or removal of the Servicer or the Origination Trustee; <u>provided</u>, <u>however</u> that the provisions of this

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 <u>Section</u> <u>2.7(g)</u> shall not require any successor Servicer appointed hereunder to indemnify any Person except with respect to the negligence or misconduct of such successor Servicer in performing its duties hereunder or the breach by such successor Servicer of this Agreement.

Section 2.8. <u>Third Party Claims</u>.

The Servicer shall promptly notify PCC (in the event that PCC is not acting as the Servicer hereunder), Porsche Funding Limited Partnership, and the Origination Trustee, on behalf of the Origination Trust, upon its learning that a claim of whatever kind that would have a material adverse impact on the UTI Holder, any SUBI Holder, the Origination Trustee, the Origination Trust or the Trust Assets, the Servicer, Porsche Funding Limited Partnership or PCC is being made by a third party with respect to any Lease or Leased Vehicle or the servicing thereof or with respect to any other Trust Assets.

Section 2.9. <u>Insurance Policies</u>.

The Servicer shall at all times (a) maintain or cause to be maintained by an Affiliate of the Servicer, on behalf of the Origination Trust, Insurance Policies providing for general liability and vicarious liability coverage (which may be blanket policies covering the Servicer, the Origination Trust and some or all Affiliates of the Servicer) with respect to the Leases, the Leased Vehicles and the Obligors (and shall cause each such Insurance Policy maintained by it or any of its Affiliates to name the Origination Trust as an additional insured or loss payee, as appropriate) of at least the types and in at least the same amounts as are customarily maintained by originators and servicers of leases with respect to similar vehicles, and (b) upon its termination as Servicer as to all or any part of the Trust Assets either continue such coverage of the Origination Trust under such Insurance Policies or provide for equivalent coverage by any substitute or successor Servicer.

Section 2.10. <u>Servicer Not to Resign; Assignment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section</u> <u>4.1(b)</u>, the Servicer shall not resign from the duties and obligations hereby imposed on it as Servicer except upon determination by its Board of Directors that by reason of change in applicable legal requirements the continued performance by the Servicer of its duties as Servicer under this Agreement would cause it to be in violation of such legal requirements in a manner that would result in a material adverse effect on the Servicer or its financial condition, said determination to be evidenced by a Board Resolution to such effect accompanied by an Opinion of Counsel to such effect. No such resignation shall become effective unless and until a new servicer is willing to service the Leases and enters into a servicing agreement with the Origination Trust, such agreement to have substantially the same provisions as this Agreement. The Origination Trust shall not unreasonably fail to consent to such a servicing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (c) of this Section, the Servicer may not assign this Agreement or any of its rights, powers, duties or obligations hereunder; <u>provided</u>, <u>however</u>, that the Servicer may assign this Agreement in connection with a consolidation, merger, conveyance, transfer or lease made in compliance with <u>Section</u> <u>2.13</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer may, at any time without notice or consent, delegate (i) any or all duties under this Agreement to any Person more than 50% of the voting securities of which are owned, directly or indirectly, by Porsche AG, so long as PCC acts as Servicer, or (ii) specific duties to sub-contractors who are in the business of performing such duties; <u>provided</u>, <u>however</u>,<u> </u>that no such delegation shall relieve the Servicer of its responsibility with respect to such duties and the Servicer shall remain obligated and liable to the Origination Trust and the holders of the UTI and the SUBIs for servicing and administering the Trust Assets in accordance with this Agreement as if the Servicer alone were performing such duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as provided in <u>paragraphs (a)</u>, <u>(b)</u> and <u>(c)</u> above, the duties and obligations of the Servicer under this Agreement shall continue until this Agreement shall have been terminated as provided in <u>Section</u> <u>6.1</u> and shall survive the exercise by the Origination Trust, of any right or remedy under this Agreement or the enforcement by the Origination Trust, of any provision of the Origination Trust Documents.

Section 2.11. <u>Obligor Insurance Coverage in Respect of Leased Vehicles</u>.

The Servicer shall use reasonable efforts to ensure that the Obligor under each Lease shall have, and maintain in full force and effect during the term of such Lease, a comprehensive, collision and property damage insurance policy covering the actual cash value of the Leased Vehicle to which such Lease relates and naming the Origination Trust as a loss payee and additional insured, as well as public liability, bodily injury and property damage coverage equal to the greater of the amounts required by applicable state law or industry standards as set forth in the Lease, and naming the Origination Trust as an additional insured. The Servicer shall, on at least a monthly basis, remit any proceeds of such Insurance Policy that the Servicer may receive with respect to a Leased Vehicle in accordance herewith.

In the event that at any time any proceeds of such insurance policy would be recoverable and otherwise paid to the Obligee as loss payee but for the fact that: (a) such insurance policy has lapsed (without the obtaining by the related Obligor (or the Servicer, on behalf of such Obligor) of a new insurance policy meeting the requirements of the immediately preceding sentence); (b) the Servicer has failed to maintain the Origination Trust's rights to receive all proceeds of such insurance policy up to the full amount of the Obligor's obligations under the related Lease (but not exceeding the policy limits); or (c) such insurance policy has not been maintained in full force and effect prior to the Maturity Date of such Lease, the Servicer shall, as soon as reasonably practicable, remit an amount of cash equal to such amounts as would at such time otherwise be recoverable in respect of such Leased Vehicle as Insurance Proceeds, but only if the events described in <u>subsections (a)</u>, <u>(b)</u> or <u>(c)</u> above have occurred because the Servicer did not follow its customary insurance tracking and monitoring procedures. The foregoing obligation of the Servicer shall survive the resignation of the Servicer or any termination of it as Servicer under this Agreement pursuant to <u>Section</u> <u>4.1(b)</u> hereof.

Section 2.12. <u>Certificates of Title</u>.

In connection with the filing of applications for Certificates of Title to the Leased Vehicles, the Servicer shall arrange for the new Certificate of Title identifying the Origination Trust, or its nominee, as the owner of each Leased Vehicle, to be issued by the appropriate

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Registrar of Titles and to be delivered to the Servicer to be held by the Servicer, as agent and bailee on behalf of the Origination Trust.

Section 2.13. <u>Corporate Existence; Status; Merger</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Servicer shall keep in full effect its existence, rights and franchises as a corporation and shall continue to be duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and shall take such actions under the laws of each state as shall be necessary to protect the validity and enforceability of, or to permit the Servicer to perform its obligations under, the Origination Trust Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any corporation or other entity (i) into which the Servicer may be merged or consolidated, (ii) that may result from any merger, conversion, or consolidation to which the Servicer is a party, or (iii) that may succeed by purchase and assumption of all or substantially all of the business of the Servicer, where the Servicer in any of the foregoing cases is not the surviving entity, which corporation or other entity in any of the foregoing cases shall execute an agreement of assumption to perform every obligation of the Servicer under this Agreement, shall be the successor to the Servicer under this Agreement without any further act on the part of any of the parties to this Agreement; <u>provided</u>, <u>however</u>, that the Servicer shall have delivered to the Origination Trustee a certificate and an Opinion of Counsel each stating that such merger, conversion, consolidation or succession and such agreement of assumption comply with this Section. The Servicer shall promptly inform the Origination Trustee and each Rating Agency of any such merger, conversion, consolidation or purchase and assumption where the Servicer is not the surviving entity.

**ARTICLE III** 

**STATEMENTS AND REPORTS** 

Section 3.1. <u>Reporting by the Servicer</u>.

From and after the creation of the first SUBI, on or prior to the tenth (10th) day of each calendar month, the Servicer shall (a) cause to be delivered to the Origination Trust a revised Schedule of Leases and Leased Vehicles, containing data as of the last day of the prior calendar month, and (b) cause to be delivered to the Origination Trust a report in respect of the prior calendar month, setting forth (i) any information relating to the Leases or the Leased Vehicles that normally would be available from a services of leases with respect to similar types of vehicles and is reasonably requested by the Origination Trust and (ii) if required, any additional information required by the terms of any Financing.

Section 3.2. <u>Annual Certificate of Servicer</u>.

From and after the creation of the first SUBI, within 120 days after December 31 of each calendar year, the Servicer shall deliver a certificate to the Origination Trust to the effect that a review of the activities of the Servicer during the prior calendar year (or since the commencement of the Origination Trust in the case of the first such Officer's Certificate) has been made by the Servicer with a view to determining whether during such period the Servicer has performed and observed all of its obligations under this Agreement, and either (i) stating that, to the best of his or her knowledge, no default by the Servicer under this Agreement has

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occurred and is continuing, or (ii) if such a default has occurred and is continuing, specifying such default and the nature and status thereof.

**ARTICLE IV** 

**SERVICER TERMINATION EVENTS** 

Section 4.1. <u>Servicer Termination Events; Termination of Servicer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any of the following acts or occurrences shall constitute a Servicer Termination Event with respect to a SUBI Portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Servicer shall have failed to deposit or transfer any amounts in excess of $500,000 in the aggregate at any time outstanding that are required to be deposited or transferred with respect to such SUBI Portfolio pursuant to <u>Section</u> <u>2.2</u> hereof, which failure continues for five (5) Business Days after the earlier of the discovery of such failure by an officer of the Servicer or receipt by the Servicer of written notice thereof from the Origination Trustee or any holder of a SUBI Certificate with respect to such SUBI Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Origination Trust shall not have received any report required to be delivered with respect to such SUBI Portfolio pursuant to <u>Section</u> <u>3.1</u> hereof within ten (10) Business Days after the date any such report is due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Servicer shall default in the due performance and observance of any other provision of this Agreement with respect to such SUBI Portfolio, which default materially and adversely affects the rights of any holder of a SUBI Certificate with respect to such SUBI Portfolio, and such default shall have continued for a period of 60 days after written notice thereof shall have been given to the Servicer by the Origination Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The entry of a decree or order for relief by a court or regulatory authority having jurisdiction over the Servicer in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or another present or future federal or State bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Servicer and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The commencement by the Servicer of a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or any other present or future federal or State bankruptcy, insolvency or similar law, or the consent by the Servicer to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Servicer or of any substantial part of its property or the making by the Servicer of an assignment for the benefit of creditors or the failure by the Servicer generally to pay its debts as such debts become due or the taking of corporate action by the Servicer in furtherance of any of the foregoing; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any representation, warranty or statement of the Servicer with respect to such SUBI Portfolio made in this Agreement or any other Origination Trust Document to which it is a party or by which it is bound or any certificate, report or other writing delivered pursuant hereto shall prove to be incorrect in any material respect as of the time when the same shall have been made and, within 60 days after written notice thereof shall have been given to the Servicer by the Origination Trust, the circumstance or condition in respect of which such representation, warranty or statement was incorrect shall not have been eliminated or otherwise cured.

The Origination Trust shall give to the Servicer notice of a violation of <u>clauses (iii)</u> or <u>(vi)</u> above promptly upon a Responsible Officer of the Origination Trustee becoming actually aware of any such default by the Servicer.

Notwithstanding the foregoing, a delay or failure in the performance referred to under <u>clause (i)</u> above for a period often (10) Business Days, or referred to in <u>clause (ii)</u> above for a period of twenty (20) Business Days, or referred to in <u>clause (iii)</u> for a period of ninety (90) days, or referred to in <u>clause (vi)</u> for a period of sixty (60) days, shall not constitute a Servicer Termination Event if arising from a Force Majeure Event. Upon the occurrence of a Force Majeure Event, the Servicer shall not be relieved from using all commercially reasonable efforts to perform its obligations in a timely manner, and the Servicer shall provide to the Origination Trust prompt notice of such failure or delay, together with a description of its efforts to perform its obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Servicer Termination Event shall have occurred and be continuing with respect to a SUBI Portfolio, the Servicer may remedy such Servicer Termination Event with respect to such SUBI Portfolio, or the Origination Trust may, by notice given to the Servicer, terminate all or a portion of the rights and powers of the Servicer under this Agreement with respect to such SUBI Portfolio, including all or a portion of the rights of the Servicer to receive the servicing compensation with respect to such SUBI Portfolio provided for in <u>Section</u> <u>2.5</u> hereof for all periods following such termination; <u>provided</u>, <u>however</u> that in no event shall the rights and powers of the Servicer be terminated until such time as the Origination Trust shall have appointed a successor servicer in the manner set forth below. Upon any such termination, all rights, powers, duties and responsibilities of the Servicer under this Agreement with respect to such SUBI Portfolio, whether with respect to the related Lease Documents, the related Title Documents or Lease Records, the Servicing Fee or otherwise, so terminated shall vest in and be assumed by any successor servicer appointed by the Origination Trust pursuant to a servicing agreement with the such SUBI Portfolio, containing substantially the same provisions as this Agreement (including with respect to the compensation of such successor servicer), and the successor servicer is hereby irrevocably authorized and empowered to execute and deliver, on behalf of the Servicer, 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, including, without limitation, directing some or all of the Obligors with respect to such SUBI Portfolio to remit Monthly Lease Payments and all other payments on or in respect of the Leases and the Leased Vehicles to an account or address designated by such new servicer. Further, in such event, the Servicer shall use its commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the affected Leases with respect to such SUBI Portfolio to the new servicer (including transfer of any Security Deposits being held by the

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Servicer with respect to such SUBI Portfolio pursuant to <u>Section</u> <u>2.4</u>), and as promptly as practicable, the Servicer shall provide to the new servicer a current computer tape containing all information from the Lease Records with respect to such SUBI Portfolio required for the proper servicing of the affected Leases, together with documentation containing any and all information necessary for use of the tape.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Origination Trust may waive in writing any Servicer Termination Event by the Servicer in the performance of its obligations hereunder and its consequences with respect to such SUBI Portfolio. Upon any such waiver of a past Servicer Termination Event, such Servicer Termination Event shall cease to exist, and any Servicer Termination 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 Servicer Termination Event or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The UTI Holder may, upon written notice to the Servicer, terminate all or a portion of the rights and powers of the Servicer with respect to the UTI under this Agreement, unless otherwise provided in a UTI Servicing Agreement Supplement.

**ARTICLE V** 

**MISCELLANEOUS** 

Section 5.1. <u>Termination of Agreement</u>.

This Agreement shall, except as otherwise provided herein, terminate upon the earliest of (a) the termination of the Origination Trust; (b) the discharge of the Servicer in accordance with the terms hereof; or (c) the mutual written determination of the parties hereto. Upon termination of this Agreement, the Servicer shall pay over to the Origination Trust, or any other Person entitled thereto, all monies held by the Servicer on behalf of the Origination Trust pursuant to this Agreement.

Section 5.2. <u>Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be amended from time to time in a writing signed by the Origination Trust and the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In particular, but without limiting the foregoing, this Agreement may be amended by means of one or more SUB! Servicing Agreement Supplements in connection with any Financings. Such supplemental agreements may provide, among other things, for further specific servicing obligations relating to SUBI Assets for the particular benefit of holders of related SUBIs. Such supplemental agreements may permit the termination of this Agreement insofar as it applies to such SUBI Assets upon the terms and conditions set forth therein; however, no such supplemental agreement shall permit the termination of this Agreement insofar as it applies to other Trust Assets except as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any amendment or modification effected contrary to the provisions of this Section shall be void.

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Section 5.3. <u>Governing Law</u>.

**THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICT OF LAWS.** 

Section 5.4. <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, any prepaid courier service, or by telecopier, and addressed in each case as follows: (a) if to PCC or the Servicer, at 4343 Commerce Court, Suite 214, Lisle, Illinois 60532, Attention: Robert Dwyer (telecopier no. (630) 505-1755); and (b) if to the Origination Trust, at Wilmington Trust Company, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, (Telecopier No. (302) 651-8882). PCC, the Servicer or the Origination Trustee may change its address for notices hereunder by giving notice of such change to the other such Persons. All notices and demands shall be deemed to have been given upon delivery or tender of delivery thereof to any officer of the Person entitled to receive such notices and demands at the address of such Person for notices hereunder.

Section 5.5. <u>Severability</u>.

If one or more of the provisions of this Agreement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Agreement, and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining covenants, agreements and provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Agreement invalid or unenforceable in any respect.

Section 5.6. <u>Inspection and Audit Rights</u>.

The Servicer agrees that, on reasonable prior notice, it will permit any representative, agent or designee of the Origination Trust, during the normal business hours of the Servicer, to examine all books of account, records, reports and other papers of the Servicer relating to the Trust Assets, to make copies and extracts therefrom, to cause such books to be audited by independent accountants selected by the Origination Trust, and to discuss the affairs, finances and accounts relating to the Trust Assets with its officers, employees and independent accountants (and by this provision the Servicer hereby authorizes such independent accountants to discuss with such representatives such affairs, finances and accounts), all at such reasonable times and as often as may be reasonably requested. Such rights shall include, but shall not be limited to, any off-site storage facilities at which any data (including, without limitation, computerized records), together with all operating software and appropriate documentation, may be held. The Origination Trust and the Origination Trustee agree to keep confidential all the confidential information of the Servicer acquired during any such examination as if such

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information were its own confidential information, except to the extent necessary for the purposes of this Agreement.

Section 5.7. <u>Binding Effect</u>.

The provisions of this Agreement shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto, and all such provisions shall inure to the benefit of the Origination Trust.

Section 5.8. <u>Article and Section Headings</u>.

The article and section headings herein are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

Section 5.9. <u>Execution in Counterparts</u>.

This Agreement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which counterparts shall together constitute but one and the same instrument.

Section 5.10. <u>Rights Cumulative</u>.

All rights and remedies from time to time conferred upon or reserved to the Origination Trust, the Origination Trustee (or any of them, on behalf of the Origination Trust, PCC or the Servicer or to any or all of the foregoing are cumulative, and none is intended to be exclusive of another. No delay or omission in insisting upon the strict observance or performance of any provision of this Agreement, or in exercising any right or remedy, shall be construed as a waiver or relinquishment of such provision, nor shall it impair such right or remedy. Every right and remedy may be exercised from time to time and as often as deemed expedient.

Section 5.11. <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 Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder.

Section 5.12. <u>Third-Party Beneficiaries.</u>

This Agreement will inure to the benefit of and be binding upon the parties hereto and each of the beneficiaries of the Origination Trust (and each pledgee of a UTI Pledge and any Person for whose benefit such pledgee holds such UTI Pledge), who shall be considered to be third-party beneficiaries hereof Except as otherwise provided in this Agreement, no other Person will have any right or obligation hereunder.

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Section 5.13. <u>No Waiver</u>.

No waiver by any party hereto of any one or more defaults by any other party or parties in the performance of any of the provisions of this Agreement shall operate or be construed as a waiver of any future default or defaults, whether of a like or different nature. No failure or delay on the part of any party in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to any party hereto at law, in equity or otherwise.

Section 5.14. <u>Non-Petition Covenant</u>.

The Servicer 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 has been paid in full, the Servicer will not institute against, or join any other person in instituting against PCC, the Origination Trust, Porsche Funding Limited Partnership, PFC, any Special Purpose Entity, or any general partner of a Special Purpose Entity that is a partnership, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law. This Section shall survive the termination of this Agreement or the resignation or removal of the Servicer under this Agreement.

Section 5.15. <u>Limitation of Liability</u>.

It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as trustee of the Origination Trust in the exercise of the powers and authority conferred and vested in it under the Origination Trust Agreement, (b) each of the representations, undertakings and agreements herein made on the part of 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 for binding only the Origination Trust and (c) 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 the Origination Trust under this Agreement or the other Origination Trust Documents except in accordance with the provisions of the Origination Trust Agreement.

Section 5.16. <u>Series Liabilities</u>.

It is expressly understood and agreed by the Servicer, and all persons claiming through the Servicer, the Origination Trust is a series trust pursuant to Sections 3804 and 3806(b)(2) of the Delaware Business Trust Act. As such, separate and distinct records shall be maintained for the UTI Portfolio and each SUBI Portfolio and the Trust Assets associated with the UTI Portfolio and each SUBI Portfolio shall be held and accounted for separately from the other assets of the Origination Trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the UTI and each SUBI shall be enforceable

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against the UTI Portfolio or the related SUBI Portfolio only, and not against the Trust Assets generally or the assets of any other SUBI Portfolio.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers duly authorized as of the day and year first above written.

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| | |
|:---|:---|
| **PORSCHE CREDIT CORPORATION** | **PORSCHE CREDIT CORPORATION** |
| By: | /s/ Robert E. Dwyer, President |
|  | Robert E. Dwyer, President |
| **PORSCHE LEASING LTD.** | **PORSCHE LEASING LTD.** |
| By: | WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Origination Trustee |
| By: | /s/ Jill K. Morrison |

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| | |
|:---|:---|
| Name: | Jill K. Morrison |
| Title: | Administrative Account Manager |

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**EXHIBIT A** 

**TO** 

**SERVICING AGREEMENT** 

**POWER OF ATTORNEY PURSUANT TO SECTION 2.6 OF** 

**AMENDED AND RESTATED SERVICING AGREEMENT** 

**KNOW ALL PERSONS BY THESE PRESENTS**, that **PORSCHE LEASING LTD.** ("<u>Grantor</u>"), a Delaware business trust located at 1100 N. Market Street, Wilmington, DE 19890, does hereby appoint PORSCHE CREDIT CORPORATION ("<u>Grantee</u>"), a Delaware corporation located at 4343 Commerce Court, Suite 214, Lisle IL 60532, as its attorney-in-fact, with full power of substitution, and hereby authorizes and empowers Grantee, in the name of and on behalf of Grantor, to take the following actions from time to time with respect to the motor vehicles referred to in the Amended and Restated Servicing Agreement dated as of November 14, 1997 between Grantor and Grantee as "Leased Vehicles" and described in the currently-effective "Schedule of Leases and Leased Vehicles", as defined therein (such motor vehicles, the "Motor Vehicles"), a copy of which "Schedule of Leases and Leased Vehicles" is maintained by the Grantee and that is incorporated herein by this reference, for the purpose of enabling Grantee in the name of the Grantor to transfer, liquidate or dispose of the Motor Vehicles, upon such terms and conditions as Grantee deems advisable, namely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sign Grantor's name to any certificates of title, assignments of title, transfers of title or registration, or applications for title or registration, or application for transfer of title or registration, or similar forms, with respect to any of the Motor Vehicles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Execute and deliver any and all instruments and take any and all further action in the name of and on behalf of Grantor as may be required or deemed desirable to accomplish any and all of the foregoing and carry out the purposes of this Power of Attorney.

Grantee is hereby empowered to do any and all lawful acts requisite for effecting the transfer of the Motor Vehicles and Grantor hereby ratifies and confirms any and all lawful acts that Grantee shall do pursuant to and in conformity with this Power of Attorney.

This Power of Attorney is revocable upon notice by Grantor, and if not earlier revoked shall expire upon the earlier of (a) the termination of that certain Amended and Restated Trust Agreement dated as of November 14, 1997, by and among Porsche Funding Limited Partnership, and Wilmington Trust Company, as Trustee, and (b) the termination of that certain Amended and Restated Servicing Agreement dated as of November 14, 1997, by and between Grantor and Grantee, as each is amended from time to time.

Grantor executes this power of attorney with the intent to be legally bound hereby, and with the intent that the execution shall have the full dignity afforded by the accompanying witnessing and notarization and all lesser dignity resulting from the absence of such witnessing and notarization or any combination thereof.

Dated this ___ day of _______, 199_.

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| |
|:---|
| **PORSCHE LEASING LTD.** |
| By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Origination Trustee |
| By: |

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 <br> Name:

 <br> Title:

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| | |
|:---|:---|
| **[CORPORATE SEAL]** | **[CORPORATE SEAL]** |
| Address: | 1100 N. Market Street |
|  | Wilmington, DE 19890 |
|  | Attention: Corporate Trust |
|  | Administration |

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| |
|:---|
| Signed, sealed and delivered<br> in the presence of: |
| [Unofficial Witness] |

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STATE OF ______________)

&nbsp;&nbsp;&nbsp;&nbsp;) SS:

COUNTY OF ___________)

I, the undersigned, a Notary Public in and for said County, in said State, hereby certify that [<u>_________</u>], whose name as [<u>______________</u>] of Wilmington Trust Company, a Delaware corporation, is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day, that, being informed of the contents thereof, he, as such officer and with full authority, executed the same voluntarily for and as the act of said entity.

Given under my hand and official seal, this __ day of ____________, 199__.

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| | |
|:---|:---|
| (SEAL) | <br> NOTARY PUBLIC |
|  | My Commission Expires:____________________ |

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**EXHIBIT B** 

**TO** 

**SERVICING AGREEMENT** 

**POWER OF ATTORNEY PURSUANT TO SECTION 2.7(e) OF** 

**AMENDED AND RESTATED SERVICING AGREEMENT** 

**KNOW ALL PERSONS BY THESE PRESENTS**, that **PORSCHE LEASING LTD.** ("<u>Grantor</u>"), a business trust formed under the laws of the State of Delaware, does hereby appoint Porsche Credit Corporation ("<u>Grantee</u>"), a Delaware corporation located at 1100 N. Market Street, Wilmington, DE 19890, as its attorney-in-fact, with full power of substitution, and hereby authorizes and empowers Grantee, in the name of and on behalf of Grantor, to take the following actions from time to time with respect to certain filings referred to in the Amended and Restated Servicing Agreement dated as of November 14, 1997 between Grantor and Grantee, for the purposes of enabling Grantee in the name of the Grantor to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sign Grantor's name to any (i) periodic sales and use or property (real or personal) tax reports, (ii) periodic renewals of licenses and permits, (iii) periodic renewals of qualification to act as a trust and a business trust, or (iv) other periodic governmental filing, registration or approvals (collectively, "<u>Filings</u>"), arising with respect to or required of the Grantor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Identify any surety bonds or other ancillary undertakings required of the Grantor in respect of any Filing, execute and deliver any and all instruments and take any and all further action in the name of and on behalf of Grantor as may be required or deemed desirable to accomplish any and all of the foregoing and carry out the purposes of this Power of Attorney.

Grantee is hereby empowered to do any and all lawful acts requisite for effecting such Filings and the payment of such fees, costs and taxes as necessary to complete these actions, and Grantor hereby ratifies and confirms any and all lawful acts that Grantee shall do pursuant to and in conformity with this Power of Attorney.

This Power of Attorney is revocable upon notice by Grantor, and if not earlier revoked shall expire upon the earlier of (a) the termination of that certain Amended and Restated Trust Agreement dated as of November 14, 1997, by and among Porsche Funding Limited Partnership and the Wilmington Trust Company as Trustee and (b) the termination of that certain Amended and Restated Servicing Agreement dated as of November 14, 1997, by and between Grantor and Grantee.

Grantor executes this power of attorney with the intent to be legally bound hereby, and with the intent that the execution shall have the full dignity afforded by the accompanying witnessing and notarization and all lesser dignity resulting from the absence of such witnessing and notarization or any combination thereof.

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Dated this __ day of ____________, 199_.

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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: |

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 <br> Name:

 <br> Title:

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| | |
|:---|:---|
| **[CORPORATE SEAL]** | **[CORPORATE SEAL]** |
| Address: | 1100 N. Market Street |
|  | Wilmington, DE 19890 |
|  | Attention: Corporate Trust |
|  | Administration |

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Signed, sealed and delivered

in the presence of:

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

[Unofficial Witness]

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STATE OF ______________)

&nbsp;&nbsp;&nbsp;&nbsp;) SS:

COUNTY OF ___________)

I, the undersigned, a Notary Public in and for said County, in said State, hereby certify that _________, whose name as ______________ of Wilmington Trust Company, a Delaware corporation, is signed to the foregoing instrument, and who is known to me, acknowledged before me on this day, that, being informed of the contents thereof, he, as such officer and with full authority, executed the same voluntarily for and as the act of said entity.

Given under my hand and official seal, this __ day of __________, 199_.

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| | |
|:---|:---|
| (SEAL) | <br> NOTARY PUBLIC |
|  | My Commission Expires:____________________ |

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## Exhibit 10.9

**Exhibit 10.9** 

AMENDED AND RESTATED TRUST AGREEMENT

OF

PORSCHE LEASING LTD.,

A Delaware Business Trust

By and Among

PORSCHE FUNDING LIMITED PARTNERSHIP,

As Settlor

PORSCHE CREDIT CORPORATION,

As UTI Holder

And

WILMINGTON TRUST COMPANY,

As Trustee

Dated As Of November 14, 1997

CONFIDENTIAL

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**TABLE OF CONTENTS** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
|  **PART I CREATION OF TRUST** | **PART I CREATION OF TRUST** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1.1. | Creation of Trust | 1 |
|  **PART II TRUST ASSETS** | **PART II TRUST ASSETS** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2.1. | Trust Assets | 2 |
|  **PART III ACCEPTANCE BY TRUSTEE** | **PART III ACCEPTANCE BY TRUSTEE** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3.1. | Acceptance by Trustee | 3 |
|  **PART IV BENEFICIAL INTERESTS IN TRUST** | **PART IV BENEFICIAL INTERESTS IN TRUST** | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.1. | Undivided Trust Interest | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.2. | Special Units of Beneficial Interest | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.3. | Form of Certificate; Registration of Certificates | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.4. | Mutilated, Destroyed, Lost or Stolen Certificates | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4.5. | Retitling of Leased Vehicles | 7 |
|  **PART V DUTIES AND POWERS OF TRUST AND TRUSTEE; TRUSTEE LIABILITY** | **PART V DUTIES AND POWERS OF TRUST AND TRUSTEE; TRUSTEE LIABILITY** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.1. | Duties and Powers of Trustee; Limitations on Trust Activity | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.2. | Duty of Care | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.3. | Certain Matters Affecting the Trustee | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.4. | Trustee Not Liable for Certificates or Leases | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.5. | Indemnity of Trustee and Trust Agents | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.6. | Trustee's Right Not to Act | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5.7. | Doing Business in Other Jurisdictions | 13 |
|  **PART VI APPOINTMENT, COMPENSATION AND REMOVAL OF TRUSTEE** | **PART VI APPOINTMENT, COMPENSATION AND REMOVAL OF TRUSTEE** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.1. | Appointment of Trustee | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.2. | Qualification of Trustee | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.3. | Resignation or Removal of Trustee | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.4. | Successor Trustee | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.5. | Merger or Consolidation of Trustee | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.6. | Appointment of Co-Trustee, Separate Trustee, or Nominee | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.7. | Representations and Warranties of Trustee | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.8. | Trustee's Fees and Expenses | 17 |

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**TABLE OF CONTENTS** 

(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.9. | No Petition | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6.10. | Place of Business | 18 |
|  **PART VII ACCOUNTS** | **PART VII ACCOUNTS** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7.1. | Accounts: Expenses | 18 |
|  **PART VIII TERMINATION** | **PART VIII TERMINATION** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8.1. | Termination of the Trust | 19 |
|  **PART IX MISCELLANEOUS PROVISIONS** | **PART IX MISCELLANEOUS PROVISIONS** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.1. | Amendment | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.2. | GOVERNING LAW | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.3. | Notices | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.4. | Severability of Provisions | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.5. | Construction | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9.6. | Separate Entity | 20 |

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| |
|:---|
|  **EXHIBITS** |
|  Exhibit A - - Definitions |
|  Exhibit B - - Form of Undivided Trust Interest Certificate |
|  Exhibit C - - Form of Certificate of Trust |

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**AMENDED AND RESTATED** 

**TRUST AGREEMENT** 

**AMENDED AND RESTATED TRUST AGREEMENT**, dated as of November 14, 1997 (as it may be modified, supplemented or amended from time to time in accordance with its terms, this "<u>Agreement</u>") of PORSCHE LEASING LTD., a Delaware business trust ("the Trust") among PORSCHE FUNDING LIMITED PARTNERSHIP, a Delaware limited partnership as settlor ("PFLP" or, in its capacity as settlor, the "<u>Settlor</u>"), PORSCHE CREDIT CORPORATION, a Delaware corporation as beneficiary ("<u>PCC</u>" or, in its capacity as beneficiary, the "<u>UTI Holder</u>") and WILMINGTON TRUST COMPANY, as trustee (in such capacity, together with any successor or permitted assignee, the "<u>Trustee</u>"). Certain capitalized terms used herein are defined in <u>Exhibit A</u>.

This Agreement amends and restates that certain Trust Agreement dated as of December 20, 1996 by and among PFLP, as settlor and the initial beneficiary, and the Trustee, as trustee (the "<u>Original Trust Agreement</u>").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:

WHEREAS, on December 20, 1996, the Settlor and the Trustee entered into the Original Trust Agreement, of which PFLP was both the Settlor and the Initial Beneficiary (the "<u>Initial Beneficiary</u>").

WHEREAS, the parties intend that PCC shall be the holder of the Undivided Trust Interest in the Trust.

WHEREAS, the parties hereto intend to amend the Original Trust Agreement to reflect the transfer of the Undivided Trust Interest and the Undivided Trust Interest Certificate to PCC, and to restate the Original Trust Agreement, as amended hereby, in its entirety.

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:

**PART I** 

**CREATION OF TRUST** 

**Section 1.1. <u>Creation of Trust</u>**.

The Trust was formed as a business trust pursuant to Chapter 38 of Title 12 of the Delaware Code, 12 <u>Del. C.</u> § 3801 <u>et</u> <u>seq</u>. (the "<u>Business Trust Statute</u>"), and this Agreement constitutes the governing instrument of the Trust, which shall be known as "PORSCHE LEASING LTD." Upon formation of the Trust the Settlor delivered to the Trustee the sum of $1.00 to have and to hold, with such other Trust Assets as the Trust may from time to time hold, for the benefit of the holders of the Certificates under the terms provided herein. The Trustee filed a Certificate of Trust in the form of <u>Exhibit C</u> attached hereto with the Delaware Secretary of State on December 20, 1996. Pursuant to an Assignment dated of even date herewith, PFLP assigned all of its rights as beneficiary in the Trust, including all of its rights in the Undivided Trust Interest Certificate and

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the Undivided Trust Interest represented thereby, to PCC, which thereupon became the sole holder of the Undivided Trust Interest and the sole beneficiary of the Trust. Any references to the "Initial Beneficiary" in this Agreement, the Servicing Agreement (as defined herein), or any SUBI Supplement (as defined herein) shall be deemed a reference to the UTI Holder.

**PART II** 

**TRUST ASSETS** 

**Section 2.1. <u>Trust Assets</u>**.

Pursuant to this Agreement and the Servicing Agreements, the Trust shall acquire from time to time the following assets (the "<u>Trust Assets</u>") as specified by the UTI Holder or as contemplated by any Servicing Agreement: (a) cash; (b) retail lease contracts (such lease contracts, the "<u>Leases</u>") of automobiles, sports utility vehicles, light duty trucks and other vehicles, together with all accessories, additions and parts constituting a part thereof and all accessions thereto (the "<u>Leased Vehicles</u>"), which Leases are or were originated by vehicle dealers (such dealers being referred to herein as "<u>Dealers</u>"), or directly by the Trust, pursuant to either (i) dealer agreements entered into with the Trust or (ii) dealer agreements entered into with PCC and supplemental dealer agreements for the benefit of the Trust (collectively, "<u>Dealer Agreements</u>"), and all proceeds thereof; (c) the Leased Vehicles and all proceeds thereof, including (i) the residual values of the Leased Vehicles to be realized through the exercise by lessees of purchase options under the Leases, the proceeds of sale of the Leased Vehicles to third parties, payments received from any other Person, either directly or through a Servicer with respect to the residual value of the Leased Vehicles or payments under any residual value insurance policy described below in <u>clause (e)</u> and (ii) each certificate of title or other evidence of ownership of a Leased Vehicle issued by the Registrar of Titles (as defined below) in the respective jurisdiction in which each such Leased Vehicle is registered (each a "<u>Certificate of Title</u>"), which Certificate of Title shall reflect as the owner of such Leased Vehicle "Porsche Leasing Ltd." or such other similar designation as may be acceptable to any applicable department, agency or official in each state responsible for accepting applications for, and maintaining records regarding, Certificates of Title and liens thereon (each a "<u>Registrar of Titles</u>"); (d) all of Porsche Funding Limited Partnership's and PCC's rights (but not their obligations) with respect to any Lease or Leased Vehicle, including without limitation the right to proceeds arising from all dealer repurchase obligations, if any, relating to any Lease or Leased Vehicle arising under any Dealer Agreement; (e) any insurance policy and rights thereunder **or** proceeds therefrom, including without limitation any residual value insurance policy, any policy of comprehensive, collision, public liability, physical damage, personal liability, credit accident or health, credit life or unemployment insurance maintained by any Servicer, the UTI Holder, Porsche Funding Limited Partnership, any obligor under any Lease or any Affiliate of any such Person to the extent that any such policy covers or applies to any Lease, Leased Vehicle or the ability of any lessee under any Lease to make required payments with respect to the Lease or related Leased Vehicles (collectively, "<u>Insurance Policies</u>"); (f) any security deposit with respect to a Lease to the extent due the lessor in accordance with the terms of the Lease; and (g) all proceeds of any of the foregoing.

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**PART III** 

**ACCEPTANCE BY TRUSTEE** 

**Section 3.1. <u>Acceptance by Trustee.</u>** 

The Trustee shall have the rights, powers and duties set forth herein and the Business Trust Statute (except to the extent inconsistent with the express terms of this Agreement) and the Trustee does hereby accept such appointment and agrees to act as trustee of the Trust for the benefit of the UTI Holder and such other Persons as may become beneficiaries hereunder from time to time (including the holders of the SUBI Certificate(s)), subject to the terms and conditions of this Agreement.

**PART IV** 

**BENEFICIAL INTERESTS IN TRUST** 

**Section 4.1. <u>Undivided Trust Interest.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The UTI Holder shall hold an exclusive, undivided beneficial interest (the "<u>Undivided Trust Interest</u>" or the "<u>UTI</u>") in all Trust Assets (the "<u>UTI Assets</u>") other than those divided, identified Trust Assets that are from time to time allocated by the Trust, upon the **written** direction of the UTI Holder and otherwise in accordance with <u>Section</u> <u>4.2</u> hereof, into one or more separate portfolios of Trust Assets (together with any other Trust Asset allocated to or earned by any such portfolio(s), collectively, "<u>SUBI Assets</u>"). Except as otherwise provided for herein, all collections and amounts received with respect to the Undivided Trust Interest shall be distributed or retained by the Trustee, as directed in writing from time to time by the UTI Holder. The Undivided Trust Interest and the Undivided Trust Interest Certificate shall be freely transferable and assignable by the UTI Holder, including, without limitation, by pledge thereof (a "<u>UTI Pledge</u>"). Any purchaser, assignee or pledgee of an interest in the UTI or UTI Certificate must, prior to or contemporaneously with such purchase, assignment or pledge, (i) give to the Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9</u>, (ii) execute an agreement between or among itself and each assignee or pledgee from time to time of any SUBI or SUBI Certificate, to release all claims to the Trust Assets allocated to each 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 all Trust Assets allocated to each SUBI Portfolio, and (iii), in the case of a purchase or assignment, provide to the Trustee an opinion of counsel to the effect that (A) in the event of the bankruptcy or insolvency of such purchaser or assignee, the Trust will not be substantively consolidated with such purchaser or assignee, and (B) that the purchase or assignment does not and will not require registration of the UTI Certificate under applicable United States federal and applicable state securities laws. Nothing contained herein shall be deemed to limit the rights of the holder of the UTI to enter into participation agreements pursuant to which the holder grants one or more participation interests in the UTI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Undivided Trust Interest initially shall be represented by a single trust certificate (together with any replacements thereof, the "<u>Undivided Trust Interest Certificate</u>" or the "<u>UTI Certificate</u>"); <u>provided</u>, <u>however</u>, that at the request of any holder thereof (but only with the consent of any pledgee of a UTI Pledge), the Undivided Trust Interest may be represented by two (2) or more such certificates that, in the aggregate, represent the entire Undivided Trust

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Interest, such divided certificates to be issued pursuant to a supplement to this Agreement (each, a "<u>UTI Supplement</u>") which shall specify any terms or conditions relevant to the issuance thereof, as shall be prescribed and established by such holder and by the pledgee of any UTI Pledge. Except as set forth in any applicable UTI Supplement, any Undivided Trust Interest Certificate shall be in substantially the form of <u>Exhibit B</u> hereto, with such appropriate insertions, omissions, substitutions and other variations as are required by this Agreement and may have such letters, numbers or other marks of identification and such legends and endorsements placed thereon as may, consistently herewith, be directed in writing by the UTI Holder. Any portion of any Undivided Trust Interest Certificate may be set forth on the reverse or subsequent pages thereof. Each Undivided Trust Interest Certificate shall be printed, lithographed, typewritten, mimeographed, photocopied or otherwise produced or may be produced in any other manner as may, consistently herewith, be determined by the UTI Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The UTI shall be a separate series of the Trust as provided in Section 3806(b)(2) of the Business Trust Statute. Separate and distinct records shall be maintained for the UTI and the UTI Assets shall be held and accounted for separately from the other assets of the Trust or any SUBI. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the UTI or the UTI Assets shall be enforceable against the UTI Assets only, and not against the assets of the Trust generally or against any SUBI Assets. Except to the extent required by law or specified in this Agreement, the Undivided Trust Interest shall not be subject to claims, debts, liabilities, expenses or obligations arising from or with respect to any SUBI or the Trustee.

**Section 4.2. <u>Special Units of Beneficial Interest.</u><u> </u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee shall from time to time, as directed in writing by the UTI Holder, identify and allocate or cause to be identified and allocated on the books and records of the Trust one or more separate portfolios of SUBI Assets to be accounted for independently within the Trust (each such portfolio, a "<u>SUBI Portfolio</u>"). Upon their allocation as SUBI Assets, such Trust Assets shall no longer be assets of, or allocated to, the Undivided Trust Interest (unless and until specifically reallocated to the Undivided Trust Interest from that SUBI Portfolio pursuant to the terms hereof or of any SUBI Supplement). The beneficial interest in each such SUBI Portfolio shall constitute a separate "special unit of beneficial interest" ("<u>SUBI</u>") in the Trust. Separate and distinct records shall be maintained for each SUBI Portfolio and the SUBI Assets associated with each SUBI shall be held and accounted for separately from the other assets of the Trust or any other SUBI Assets. The Trustee shall execute and deliver, on behalf of the Trust, to or upon the written order of the UTI Holder, one or more SUBI Certificates evidencing SUBIs, each SUBI representing a specific divided interest in (but only in) such identified SUBI Portfolio and the SUBI Assets allocated thereto, including with respect to each Leased Vehicle included in any such SUBI Portfolio the actual net proceeds received with respect to the disposition of any Leased Vehicle, whether occurring prior to the expiration at maturity of the related Lease (whether by way of voluntary or involuntary early termination of the Lease, insurance payment or purchase by the lessee or a third-party), or upon expiration at the maturity of the related Lease (such net proceeds received at maturity, the "<u>Sale Proceeds</u>"), and whether or not the Sale Proceeds exceed the estimated residual value of such Leased Vehicle as of such Lease maturity as originally set forth on the face of such Lease (the "<u>Stated Residual Value</u>").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each SUBI shall be a separate series of the Trust as provided in Section 3806(b)(2) of the Business Trust Statute. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each SUBI or the related SUBI Assets shall be enforceable against such SUBI Assets only, and not against the assets of the Trust generally or against any other SUBI Assets or the UTI Assets. Except to the extent required by law or specified in this Agreement or in any applicable SUBI Supplement, SUBI Assets with respect to a particular SUBI shall not be subject to claims, debts, liabilities, expenses or obligations arising from or with respect to the Trust, the Trustee, the UTI or any other SUBI. Notice of this limitation on interseries liabilities and the limitation set forth in <u>Section</u> <u>4.1(c)</u> shall be set forth in the certificate of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Business Trust Statute, and upon the giving of such notice in the certificate of trust, the statutory provisions of Section 3804 of the Business Trust Statute relating to limitations on interseries liabilities (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each SUBI and UTI. Except to the extent specified in this Agreement or in any applicable SUBI Supplement, interests in a SUBI or SUBI Certificate shall be freely transferable and assignable by the holder or any pledgee (to the extent of its interest therein) thereof. Any purchaser, assignee or pledgee of an interest in a SUBI or SUBI Certificate must, prior to or contemporaneously with such purchase, assignment or pledge, (i) give to the Trust a non-petition covenant substantially similar to that set forth in <u>Section</u> <u>6.9,</u> (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 SUBI Certificate, to release all claims to the assets of the Trust allocated to the UTI 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 Trust allocated to the UTI Portfolio and each other SUBI Portfolio, and (iii) in the case of a purchase or assignment, provide to the Trustee an opinion of counsel to the effect that the purchase or assignment does not and will not require registration of the SUBI Certificate under applicable United States federal and applicable state securities laws. In the event of a sale or an assignment of a SUBI, such purchaser or assignee shall be a beneficiary

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of the Trust in the manner and to the extent set forth in the SUBI Certificate so acquired and in the applicable SUBI Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each SUBI Portfolio shall be established or SUBI Certificate issued only upon delivery to the Trustee and the UTI Holder of an opinion of counsel that such establishment or issuance shall not cause the Trust or such SUBI Portfolio to be taxable as an "association" or to be a "publicly traded partnership" taxable as an association.

**Section 4.3. <u>Form of Certificate; Registration of Certificates.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Trustee. Certificates bearing a manual or facsimile signatures of individuals who were, at the time when such a signature shall have been affixed, authorized to sign on behalf of the Trustee shall, when duly authenticated pursuant hereto, be validly issued and entitled to the benefits of this Agreement, notwithstanding that such individuals or any of them shall cease to be so authorized prior to the authentication and delivery of such Certificates or did not hold such offices at the date of authentication and delivery of such Certificates. No Certificate shall entitle its holder to any benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on such Certificate a certificate of authentication, executed by the Trustee or an agent thereof, by manual signature; such authentication shall constitute conclusive evidence that such Certificate shall have been duly authenticated and delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustee shall keep or cause to be kept at its offices at 1100 North Market Street, Wilmington, Delaware 19890-0001, or such other office as it shall designate, by written notice to the UTI Holder, a certificate register (the "<u>Certificate Register</u>"), in which, subject to such a reasonable regulations as it may prescribe, the Trustee shall provide for the registration of Certificates and of transfers and exchanges of Certificates as herein provided. Upon surrender for registration of transfer of any Certificate, the Trustee shall execute, authenticate and deliver in the name of the designated transferee or transferees one or more new Certificates of the same type and proportionate beneficial interest dated the date of authentication by the Trustee. Each Certificate presented or rendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form reasonably satisfactory to the Trustee, duly executed by the holder of such Certificate or its attorney duly authorized in writing. Each Certificate surrendered for registration of transfer and exchange shall be canceled and subsequently disposed of by the Trustee in accordance with its customary practice. No service charge shall be made for any registration of transfer or exchange of any Certificate, but the Trustee may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. Prior to the due presentation of a Certificate for registration of transfer, the Trustee and each agent of the Trustee may treat the Person in whose name any Certificate shall be registered in the Certificate Register as the owner of such Certificate for all purposes, subject to any limitations as the registered Certificateholder shall have directed the Trustee in writing to observe, and which the Trustee shall have agreed in writing to observe, for the benefit of any pledgee of a Certificate (including Bavaria Purchase No. 6 Limited). The Trustee shall furnish or cause to be furnished to the Servicers and the UTI Holder, within (3) three Business Days' after receipt by the Trustee of request therefor, a list of the names and addresses of the holders of the Certificates.

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**Section 4.4. <u>Mutilated, Destroyed, Lost or Stolen Certificates.</u>** 

If any mutilated Certificate is surrendered to the Trustee, or the Trustee receives evidence to its satisfaction of the mutilation, destruction, loss or theft of any Certificate, and there is delivered to the Trustee such security or indemnity as may be reasonably required by it to save it and the Trust harmless, then the Trustee shall execute and authenticate, in lieu of such mutilated, destroyed, lost or stolen Certificate a Certificate of the same type and proportionate beneficial interest bearing an identification number not contemporaneously outstanding, which shall constitute for all purposes a substitute for the original Certificate, which original Certificate shall be deemed canceled and shall be so marked on the books and records of the Trustee.

**Section 4.5. <u>Retitling of Leased Vehicles.</u>** 

Each holder of a UTI Certificate or a SUBI Certificate may at any time, at its option, to be exercised by written notice delivered to the Trustee and the applicable Servicer, request that the Leased Vehicles allocated to such UTI Certificate or SUBI Certificate, as the case may be, be retitled in the name of such holder (or a Person designated by such holder) and/or the other Trust Assets allocated to such UTI Certificate or SUBI Certificate, as the case may be, be transferred to such holder (or a Person designated by such holder). Such holder shall indemnify the Trust, the Trustee and such Servicer for, and hold the Trust, the Trustee and such Servicer harmless against, any and all expenses, costs, liabilities, losses and claims incurred by any of them as a result of or relating to such retitling or transfer, or any action or inaction such holder shall take as the registered owner of such Leased Vehicles or the owner of such Trust Assets, including, without limitation, sales and transfer taxes and registration fees.

**PART V** 

**DUTIES AND POWERS OF TRUST AND TRUSTEE; TRUSTEE LIABILITY** 

**Section 5.1. <u>Duties and Powers of Trustee; Limitations on Trust Activity.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee undertakes to perform such duties, and only such duties, as are specified in this Agreement and the Business Trust Statute (except to the extent inconsistent with the express terms of this Agreement) or as may be directed by the UTI Holder (except, in the case of directions by the UTI Holder, with respect to the duties of the Trustee to the extent such duties relate to any SUBI Portfolio and the assets thereof) in a manner not contrary to the terms of this Agreement, from time to time, including (without limitation) in connection with (i) financing transactions of any sort undertaken by the UTI Holder or a Special Purpose Entity secured, directly or indirectly, by Trust Assets, by the Undivided Trust Interest or by any SUBI or any interest therein (including without limitation any financing undertaken in connection with the issuance and assignment of a SUBI and related SUBI Certificates), (ii) any sale by the UTI Holder or a Special Purpose Entity of any interest in one or more SUBIs, (iii) any other asset securitization, secured loan or similar transaction involving Trust Assets or any beneficial interest therein or in the Trust (collectively, the transactions in clauses (i), (ii) and (iii) are referred to herein as "<u>Financings</u>"), (iv) sales by the Trust of Leases and other Trust Assets to the extent permitted by the terms of any existing Financings (so long as the Certificate of Title of any Leased Vehicle so sold is amended to reflect the transfer of ownership thereof from the Trust, unless applicable law permits the

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transfer of ownership of a motor vehicle without an amendment to the vehicle's certificate of title) or (v) activities ancillary thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section</u> <u>5.1(a)</u> or anything else contained in this Agreement, upon the creation of a SUBI the Trustee undertakes to perform such duties with respect to such SUBI, and only such duties, as are specified in this Agreement, the related SUBI Supplement and the Business Trust Statute (except to the extent inconsistent with the express terms of this Agreement and the related SUBI Supplement) or as may be directed by the applicable SUBI Certificateholder in a manner not contrary to the terms of this Agreement and the related SUBI Supplement, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in or permitted by or otherwise contemplated by this Agreement or any Servicing Agreement, the Trust shall not (i) issue beneficial interests in the Trust Assets or securities of the Trust other than the UTI and UTI Certificates and one or more SUBIs and SUBI Certificates; (ii) borrow money on behalf of the Trust; (iii) make loans on behalf of the Trust; (iv) invest in or underwrite securities; (v) offer securities in exchange for Trust Assets (other than UTI Certificates and SUBI Certificates); or (vi) repurchase or otherwise reacquire any UTI Certificate or SUBI Certificate except as permitted by or in connection with any Financing; (vii) acquire any assets, other than Trust Assets as contemplated in <u>Section</u> <u>2,1</u>; (viii) engage in any trade or business; or (ix) except as requested by the UTI Holder, but subject to <u>Section</u> <u>5.1(b)</u>, enter into any agreements or contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trustee shall establish accounts and receive, maintain, invest and disburse funds in accordance with <u>Part VII</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust has entered into a Servicing Agreement with PCC dated as of December 20, 1996, and the Trust shall enter from time to time into one or more other servicing agreements (each a "<u>Servicing Agreement</u>") with Porsche Funding Limited Partnership or with such other or additional Persons as the holder of the UTI Certificate or the holder of any SUBI Certificate shall designate in writing with respect to the applicable Portfolio represented by such Certificate (each, in such capacity, a "<u>Servicer</u>"). PCC is hereby designated as the initial Servicer. Each Servicing Agreement shall specify various duties, powers, liabilities, obligations and compensation of the Servicer with respect to the administration and servicing of those Trust Assets as to which such Servicing Agreement applies, including (without limitation) Leased Vehicles and Leases. The Trust may enter from time to time into one or more agreements (each, a "<u>Nominee Agreement</u>") with any Person that the UTI Holder shall designate, such Person to serve as a nominee for the Trust in those jurisdictions where the Trust cannot be named as owner on Certificates of Title. The Trustee, on behalf of the Trust, shall execute and deliver such documents, certificates, applications, powers of attorney and registrations as shall be requested and prepared by a Servicer pursuant to a Servicing Agreement or by the UTI Holder in connection with the administration of the Trust or the servicing of the Trust Assets, including, without limitation, a power of attorney to each Dealer and the Servicer and, to the extent deemed appropriate by the Servicer, the Lessees; <u>provided, however,</u> that no Trustee shall be obligated to enter into any such documents, certificates, applications, powers of attorney or registrations that adversely affect the Trustee's own rights, duties or immunities under this Agreement or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trustee and the Trust shall have such powers as are necessary and appropriate to the conduct of their duties as set forth in this Agreement, the Servicing Agreements and the SUBI Supplements.

**Section 5.2. <u>Duty of Care.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No provision of this Agreement shall be construed to relieve the Trustee from liability for its own grossly negligent action (or with respect to any handling or disbursement of funds, its own negligent action), its own grossly negligent failure to act (or with respect to any handling or disbursement of funds, its own negligent failure to act), its own bad faith, its own breach of its representations, warranties or covenants given in its individual capacity or its own willful misfeasance; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall not be personally liable for any action taken, suffered or omitted by it or any error of judgment, in each case made in good faith by any officer of, or any other employee of the corporate trust office of, the Trustee, including any vice-president, trust officer or any other officer of the Trustee customarily performing functions similar to those performed by such officers or to whom any corporate trust matter is referred because of such Person's knowledge of or familiarity with the particular subject, unless it shall be proved that the Trustee was grossly negligent (or with respect to any handling or disbursement of funds, negligent) or acted with willful misfeasance in performing its duties in accordance with the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance with the express direction of the UTI Holder (to the extent relating to the Undivided Trust Interest) or the holder or pledgee of a SUBI Certificate in connection with a Financing (to the extent relating to a SUBI) relating to the exercise of any trust power conferred upon the Trustee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>subsection 5.2(a)</u> above, the Trustee shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties under this Agreement, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Trustee to perform, or be responsible for the manner or omission of performance of, any of the duties or obligations of a Servicer under any Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except for actions expressly authorized by this Agreement, the Trustee shall take no action as to which the Trustee has been notified in writing by the UTI Holder, any Special Purpose Entity or other holder or pledgee of a SUBI Certificate or UTI Certificate, or has actual knowledge, that such action would impair the beneficial interests in the Trust, would impair the value of any Trust Asset or would adversely affect the credit rating of any Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All information obtained by the Trustee regarding the administration of the Trust, whether upon the exercise of its rights under this Agreement or otherwise, shall be maintained by

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the Trustee in confidence and shall not be disclosed to any other Person other than to any Trust Agent, the UTI Holder, any Special Purpose Entity (if applicable), any Servicer, any pledgee of a UTI Pledge (or any beneficiary of such pledge) and any assignee or pledgee of a SUBI Certificate, unless such disclosure is permitted by this Agreement or any other agreement contemplated hereby, required by any applicable law or regulation or pursuant to subpoena (and the Trustee has provided notice thereof to the UTI Holder), or such information is already otherwise publicly available.

**Section 5.3. <u>Certain Matters Affecting the Trustee.</u>** 

Except as otherwise provided in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, officer's certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. In particular, but without limitation, whenever in this Agreement it is provided that the Trustee shall receive or may rely on the instructions or directions of the UTI Holder, a Special Purpose Entity, or the holder of a UTI Certificate or a SUBI Certificate in connection with a Financing, any written instruction or direction purporting to bear the signature of any officer of the UTI Holder, a Special Purpose Entity, or the holder of a UTI Certificate or a SUBI Certificate in connection with a Financing reasonably believed by it to be genuine may be deemed by the Trustee to have been signed or presented by the proper party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee may consult with counsel, and any opinion of counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it under this Agreement in good faith and in accordance with such opinion of counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall be under no obligation to exercise any of the discretionary rights or powers vested in it by this Agreement, or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the UTI Holder, a Special Purpose Entity, or the holder of a UTI Certificate or a SUBI Certificate in connection with a Financing or any other beneficiary of the Trust pursuant to the provisions of this Agreement, unless such requesting Person(s) shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that may be incurred therein or thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the UTI Holder, a Special Purpose Entity or by the holder of a UTI Certificate or a SUBI Certificate in connection with a Financing; <u>provided</u>, <u>however</u>, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Agreement, the Trustee may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall be paid by the Person(s) requesting such examination or, if paid by the Trustee, shall be reimbursed as a Trust expense upon demand; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trustee may execute any of the trusts or powers under this Agreement or perform any duties under this Agreement either directly or by or through agents or attorneys or one or more custodians and the Trustee shall not be liable for the acts or omissions of any agent or attorney selected by the Trustee in good faith with reasonable care. By way of illustration and not in limitation of the foregoing, the Trustee may enter from time to time into one or more agency agreements (each a "<u>Trust Agency Agreement</u>") with such Person or Persons selected by the Trustee, including without limitation any Affiliate of the Trustee (each a "<u>Trust Agent</u>"), as are by experience and expertise qualified to act in a trustee capacity and otherwise acceptable to the UTI Holder and any holder of a SUBI Certificate in connection with a Financing. The Trustee shall provide seven days prior written notice to the UTI Holder and to each holder of a SUBI Certificate of any such Trust Agency Agreement. Notwithstanding the foregoing, the Trustee shall replace any Trust Agent if (i) in the good faith judgment of the UTI Holder and the holder of the applicable SUBI Certificate, the compensation or level of service of such Trust Agent shall no longer be reasonably competitive with those of any alternative agent reasonably proposed by the UTI Holder, or (ii) the Trust Agent has materially breached its obligations under the Trust Agency Agreement, the UTI Holder or any holder of a UTI Certificate or a SUBI Certificate in connection with a Financing has given written notice to the Trustee and the Trust Agent of such breach, and the Trust Agent has not cured such breach in all material respects within 15 Business Days thereafter (for purposes of this Agreement, "<u>Business Day</u>" means any day that is not a Saturday, Sunday or other day on which commercial banking institutions in Illinois or Delaware are authorized or obligated by law or executive order to be closed). Such Trust Agency Agreement shall specify the duties, powers, liabilities, obligations and compensation of such Trust Agent(s) to carry out on behalf of the Trustee any or all of its obligations as Trustee of the Trust arising under this Agreement or otherwise and shall contain a non-petition covenant substantially identical to that set forth in <u>Section</u> <u>6.9</u>, <u>provided</u>, <u>however</u>, that nothing contained in any Trust Agency Agreement shall excuse, limit or otherwise affect any power, duty, obligation, liability or compensation otherwise applicable to the Trustee hereunder. The Trust shall pay such amount to the Trust Agent as reasonable compensation for its services and shall provide such reimbursement of expenses as are separately agreed by the Trustee, the UTI Holder, the holder of the applicable SUBI Certificate and the Trust Agent. Notwithstanding anything to the contrary herein, in no event shall any Nominee Agreement be deemed to be a Trust Agency Agreement, or any Servicer or any Affiliate thereof or any Person referred to in the penultimate sentence of <u>Section</u> <u>5.1(e)</u> be deemed to be a Trust Agent.

**Section 5.4. <u>Trustee Not Liable for Certificates or Leases.</u>** 

The Trustee shall have no obligation to perform any of the duties of the UTI Holder or any Servicer unless explicitly set forth in this Agreement or any Servicing Agreement. The Trustee shall at no time have any responsibility or liability for or with respect to (a) the validity or sufficiency of this Agreement (except as set forth in <u>Section</u> <u>6.7)</u> or the due execution hereof by the UTI Holder or the legality, validity and enforceability of any security interest in any Trust Asset; (b) the perfection or priority of such a security interest or the maintenance of any such perfection and priority; (c) the efficacy of the Trust or its ability to generate the payments to be distributed to the UTI Holder or its permitted assignee(s) under this Agreement, including without limitation, the existence, condition, location and ownership of any Trust Asset; (d) the existence and enforceability of any Insurance Policy; (e) the existence and contents of any Lease or any computer or other record thereof; (1) the validity of the assignment of any Trust Asset to the Trust

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or of any intervening assignment; (g) the completeness of any Lease; (h) the performance or enforcement of any Lease; (i) the compliance by the UTI Holder or any Servicer with any covenant or the breach by the UTI Holder or any Servicer of any warranty or representation in any document and the accuracy of any such warranty or representation prior to the Trustee's receipt of notice or other discovery of any noncompliance therewith or any breach thereof; (j) any investment of monies by any Servicer or any loss resulting therefrom (it being understood that the Trustee shall remain responsible for any Trust Assets that it may hold); (k) the acts or omissions of any Dealer or any other Person, the UTI Holder, any Servicer or any Obligor under, or in connection with the origination of, any Lease; (1) any action of any Servicer taken in the name of the Trustee or the acts or omissions of any Servicer under any Servicing Agreement or any other agreement contemplated hereby or thereby; (m) any action by the Trustee taken at the instruction of the UTI Holder, any holder of any Certificate or any Servicer; (n) the preparation, execution or filing of any tax returns on behalf of the Trust; or (o) the preparation, execution or filing of any document or report with the Securities and Exchange Commission or any state securities commission or agency; <u>provided</u>, <u>however</u>, that the foregoing shall not relieve the Trustee of its obligation to perform its duties under this Agreement. Except with respect to a claim based on the failure of the Trustee to perform its duties (i) under this Agreement to authenticate and deliver Certificates at the request of the UTI Holder, or (ii) as set forth in <u>Sections 5.1(e)</u> or 6.9, or based on the Trustee's willful misconduct, bad faith or gross negligence (or with respect to the handling or disbursement of funds, negligence), no recourse shall be had against the Person or institution serving as the Trustee in its individual capacity for any claim based on any provision of this Agreement or any Servicing Agreement, or any Trust Asset or assignment thereof. The Trustee shall not have any personal obligation, liability or duty whatsoever to the UTI Holder or any permitted assignee(s) thereof or any other Person with respect to any such claim, and any such claim shall be asserted solely against the Trust Assets or any indemnitor who shall furnish indemnity as provided in this Agreement. The Trustee shall not be accountable for the use or application by the UTI Holder or a Special Purpose Entity of any of the SUBI Certificates or of the proceeds of such Certificates, or for the use or application of any funds properly paid to any Servicer pursuant to any Servicing Agreement.

**Section 5.5. <u>Indemnity of Trustee and Trust Agents.</u>** 

The Trustee and any Trust Agent shall be indemnified and held harmless out of and to the extent of the Trust Assets with respect to any loss, liability or expense, including reasonable attorneys' and other professionals' fees and expenses (collectively "<u>Claims</u>"), arising out of or incurred in connection with (a) any of the Trust Assets (including without limitation any Claims relating to Leases, Leased Vehicles, consumer fraud, consumer leasing act violation, 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 Trust Asset) or (b) the Trustee's or Trust Agent's acceptance or performance of the trusts and duties contained in this Agreement or any Trust Agency Agreement, with any allocation of such indemnification among the Trust Assets to be made as provided for in <u>Section</u> <u>7.1(b)</u> hereof, <u>provided</u>, <u>however</u>, that neither the Trustee nor any Trust Agent shall be indemnified or held harmless out of the Trust Assets as to any Claim (i) for which the UTI Holder, a Servicer or any of their respective Affiliates shall be liable and shall have paid pursuant to this Agreement or a Servicing Agreement, (ii) incurred by reason of the Trustee's or such Trust Agent's willful misfeasance, bad faith or gross

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negligence (or with respect to the handling or disbursement of funds, negligence), or (iii) incurred by reason of the Trustee's breach of its respective representations and warranties made in its individual capacity pursuant to <u>Sections 6.2</u> or <u>6.7</u> of this Agreement.

**Section 5.6. <u>Trustee</u><u>'</u><u>s Right Not to Act.</u>** 

Notwithstanding anything to the contrary contained herein, the Trustee shall have the right to decline to act in any particular manner otherwise provided for herein if the Trustee, being advised in writing by counsel, determines that such action may not lawfully be taken, or if the Trustee in good faith shall determine that such action would be illegal or subject the Trustee to personal liability or be unduly prejudicial to the rights of other beneficiaries of the Trust; <u>provided, however</u>, that, notwithstanding any other provision herein to the contrary, nothing herein shall be construed to require a SUBI Trustee to take action (or fail to take action) in favor of or with respect to the UTI Holder or the UTI Assets that would be adverse to the interests of the holders of the applicable SUBI Certificate.

**Section 5.7. <u>Doing Business in Other Jurisdictions.</u>** 

Notwithstanding anything contained herein to the contrary, the Trustee shall not be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such action may (i) 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 in respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware becoming payable by the Trust; or (iii) subject the Trust 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 the Trust or the Trustee, as the case may be, contemplated hereby. In the event that the Trustee does not take any action because such action may result in the consequences described in the preceding sentence, the Trustee will appoint an additional trustee pursuant to <u>Section</u> <u>6.6</u> to proceed with such action.

**PART VI** 

**APPOINTMENT, COMPENSATION AND REMOVAL OF TRUSTEE** 

**Section 6.1. <u>Appointment of Trustee.</u>** 

Wilmington Trust Company is hereby designated as Trustee.

**Section 6.2. <u>Qualification of Trustee.</u>** 

Except as otherwise provided in this Agreement, the Trustee under this Agreement shall at all times be (a) a bank or trust company organized under the laws of the United States or one of the fifty states of the United States or the District of Columbia, with capital and surplus of at least $100,000,000, and (b) have a principal place of business, or shall have appointed an agent with a principal place of business, in the State of Delaware. The Trustee need not meet the qualifications set forth in clause (a) above if the Trustee has appointed a Trust Agent that meets such

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qualifications. Neither the UTI Holder nor any of its Affiliates may be appointed Trustee or successor Trustee hereunder.

**Section 6.3. <u>Resignation or Removal of Trustee.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee may at any time resign by giving 30 days prior written notice to the UTI Holder and each other Certificateholder. Upon receiving the notice of resignation the UTI Holder shall promptly appoint a successor Trustee who meets the eligibility requirements set forth in <u>Section</u> <u>6.2</u> by written instrument: <u>provided</u> if a separate Trustee for a SUBI Portfolio has been appointed pursuant to <u>Section</u> <u>6.3(c)</u> the successor for such Trustee shall be appointed by the Certificateholder for such SUBI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Trustee shall cease to be qualified in accordance with <u>Section</u> <u>6.2</u>, or if any representation or warranty made by the Trustee pursuant to <u>Section</u> <u>6.7</u> shall prove to have been untrue in any material respect when made, but the Trustee shall fail to resign after written request therefor by the UTI Holder (or with respect to any SUBI Trustee appointed pursuant to <u>Section</u> <u>6.3(c)</u>, the applicable SUBI Certificateholder), or if at any time the Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Trustee may be removed upon written notice by the UTI Holder (or with respect to any SUBI Trustee appointed pursuant to <u>Section</u> <u>6.3(c)</u>, the applicable SUBI Certificateholder). If the Trustee resigns or is removed under the authority of the immediately preceding sentence, the UTI Holder (or with respect to any SUBI Trustee appointed pursuant to <u>Section</u> <u>6.3(c)</u>, the applicable SUBI Certificateholder) shall promptly appoint a successor Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, together with payment of all amounts owed to the outgoing Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The SUBI Certificateholder for any SUBI Portfolio may appoint a separate Trustee to act as the Trustee under this Agreement for such SUBI Portfolio (the "<u>SUBI Trustee</u>") meeting the requirements set forth in <u>Section</u> <u>6.2</u>. Upon the effectiveness of such appointment such separate Trustee shall be the Trustee under this Agreement for such SUBI Portfolio and the related SUBI Assets and references herein to "the Trustee" or in the Servicing Agreement to "the Origination Trustee" shall with respect to such SUBI Portfolio and the related SUBI Assets mean such separate SUBI Trustee. Neither the UTI Holder nor any of its Affiliates may be a SUBI Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Trustee and appointment of a successor Trustee pursuant to any of the provisions of this part shall not become effective until acceptance of appointment by the successor Trustee.

**Section 6.4. <u>Successor Trustee.</u>** 

Any successor Trustee appointed as provided in <u>Section</u> <u>6.3</u> shall execute, acknowledge and deliver to each Servicer, the UTI Holder, the holder of each UTI Certificate or SUBI Certificate, and to its predecessor Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become

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fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Trustee. The predecessor Trustee shall deliver to the successor Trustee all documents and statements held by it under this Agreement, and the UTI Holder, the holder of each UTI Certificate or SUBI Certificate and the predecessor 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 Trustee all such rights, powers, duties and obligations. No successor Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Trustee shall be eligible under the provisions of <u>Section</u> <u>6.2</u>.

**Section 6.5. <u>Merger or Consolidation of Trustee.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any corporation (i) into which the Trustee may be merged or consolidated, (ii) which may result from any merger, conversion, or consolidation to which the Trustee shall be a party, or (iii) which may succeed to all or substantially all of the corporate trust business of the Trustee, which corporation, if requested by the UTI Holder (or by the applicable SUBI Certificateholder, with respect to any SUBI Trustee), executes an agreement of assumption to perform every obligation of the Trustee under this Agreement, shall be the successor of the Trustee hereunder, <u>provided</u> such corporation shall be eligible pursuant to <u>Section</u> <u>6.2,</u> without the execution or filing of any instrument or any further act on the part of any of the parties hereto (other than the written consent of the UTI Holder or, with respect to any SUBI Trustee, the consent of the applicable SUBI Certificateholder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the happening of any of the events described in <u>Section</u> <u>6.3</u>, <u>Section</u> <u>6.4</u> or <u>paragraph (a)</u> of this <u>Section</u> <u>6.5</u>, the successor trustee shall, to the extent required by Delaware law, cause an amendment to the certificate of trust to be filed with the Secretary of State, in accordance with the provisions of Section 3810 of the Business Trust Statute, indicating the change with respect to the Trustee's identity.

**Section 6.6. <u>Appointment of Co-Trustee, Separate Trustee, or Nominee.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions (other than <u>Section</u> <u>6.3(c)</u> hereof) of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any Trust Asset may at the time be located, the UTI Holder (or the applicable SUBI Certificateholder with respect to SUBI Assets) and the Trustee, acting jointly, shall have the power to execute and deliver all instruments to appoint one or more Persons approved by the Trustee and the UTI Holder (or by the applicable SUBI Certificateholder, with respect to SUBI Assets) to act as co-trustee, jointly with the Trustee, or as a separate trustee or nominee, of all or any part of the Trust, and to vest in such Person, in such capacity and for the benefit of the UTI Holder (or the applicable SUBI Certificateholder, with respect to SUBI Assets) and its permitted assignee(s), such title to the Trust Assets, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the UTI Holder (or the applicable SUBI Certificateholder, with respect to SUBI Assets) and the Trustee may consider necessary or desirable. No co-trustee, separate trustee, or nominee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to <u>Section</u> <u>6.2,</u> except that no co-trustee, separate trustee or nominee with respect to any SUBI or any SUBI Assets under this Agreement may be the UTI Holder or any Affiliate thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;(i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred upon and exercised or performed by the Trustee and such separate trustee and co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the 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 (whether as the Trustee under this Agreement or as successor to any Servicer under this Agreement or any Servicing Agreement), the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust 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 Trustee;

&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;(iii) the UTI Holder (or the applicable SUBI Certificateholder, with respect to SUBI Assets) and the Trustee acting jointly may at any time accept the resignation of or 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 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 Section. 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 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 Trustee. Each such instrument shall be filed with the Trustee and a copy thereof given to each Servicer.

Any separate trustee or co-trustee may at any time appoint the 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 die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts relating to this Agreement and the Trust Assets shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. Notwithstanding anything to the contrary in this Agreement, the appointment of any separate trustee or co-trustee shall not relieve the Trustee of its obligations and duties under this Agreement.

**Section 6.7. <u>Representations and Warranties of Trustee.</u>** 

The Trustee, in its individual capacity, hereby makes the following representations and warranties as of the date hereof on which the UTI Holder, each of its permitted assignees and

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pledgees, and each pledgee or holder of a Certificate (and beneficial owner of any portion thereof in connection with a Financing) may rely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Good Standing.</u> The Trustee is a banking corporation, duly organized, validly existing and in good standing under the law of its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Power and Authority.</u> The Trustee has full corporate power, authority and right to execute, deliver and perform its obligations under this Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Due Execution.</u> This Agreement has been duly executed and delivered by the Trustee, and is a legal, valid and binding instrument enforceable against the Trustee in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors' rights generally and by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Conflict.</u> Neither the execution and delivery of this Agreement 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 or regulation, judgment, decree or order of the State of Delaware or of the United States binding on the Trustee, or the articles of association or bylaws of the Trustee or any provision of any mortgage, indenture, contract, agreement or other instrument to which the Trustee is a party or by which it is bound; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Location of Records.</u> The office where the Trustee keeps its records concerning the transactions contemplated hereby is located at 1100 North Market Street, Wilmington, Delaware 19890-0001.

**Section 6.8. <u>Trustee</u><u>'</u><u>s Fees and Expenses.</u>** 

The Trustee shall be paid out of Trust Assets reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and reimbursement of all reasonable expenses (including without limitation reasonable attorneys' fees), as may be agreed upon in writing between the UTI Holder and the Trustee, for all services rendered by it in the execution of the Trust and in the exercise and performance of any of the powers and duties under this Agreement. In the event a SUBI Trustee is appointed, the compensation for such SUBI Trustee shall be payable in accordance with the applicable SUBI Supplement.

**Section 6.9. <u>No Petition.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee 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, the Trust, any other Special Purpose Entity, or any general partner of a Special Purpose Entity that is a partnership, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other

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proceedings under any federal or state bankruptcy or similar law. This Section shall survive the termination of this Agreement or the resignation or removal of the Trustee under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No bankruptcy, reorganization arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law shall be instituted by the Trust without the Trustee's consent (including each SUBI Trustee appointed pursuant to <u>Section</u> <u>6.3(c))</u>. The Trustee shall not so consent unless directed to do so by the UTI Holder and each Certificateholder.

**Section 6.10. <u>Place of Business.</u>** 

At all times, either the Trustee or a co-trustee hereunder shall be a resident of, or have a principal place of business in, the State of Delaware.

**PART VII** 

**ACCOUNTS** 

**Section 7.1. <u>Accounts: Expenses.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustee will establish and maintain with respect to the Undivided Trust Interest and each SUBI such bank accounts as may be directed in writing by the UTI Holder, with respect to the Undivided Trust Interest, or, with respect to any SUBI Assets, as may be set forth in the applicable SUBI Supplement or as may be directed in writing by the applicable SUBI Certificateholder (collectively, the "<u>Trustee Accounts,</u>" and each such Trustee Account with respect to any particular SUBI, a "<u>SUBI Account</u>"). The Trustee may authorize any Servicer to make deposits into and to make disbursements from any Trustee Accounts in accordance with the terms and provisions of this Agreement and any Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in <u>Section</u> <u>6.8</u> or in any Servicing Agreement, all Trust expenses shall be paid out of the Trust Assets, including without limitation (i) any reimbursement due to any Servicer for payments from its own operating accounts in order to fund (A) drafts by Dealers in payment for the assignment to the Trust of Leases and Leased Vehicles and (B) any other advances made by such Servicer, with the consent of the Trustee (to be given only at the direction of the UTI Holder or in accordance with the terms of any Financing), with respect to any Lease or Leased Vehicle, (ii) Servicer fees (and expenses, if any, not covered by the Servicer fee under any Servicing Agreement), (iii) Trustee fees and expenses, and (iv) other Trust expenses, if any; <u>provided</u>, <u>however</u>, that (x) to the extent that an expense or liability of the Trustee, the UTI Holder or a Special Purpose Entity (if applicable) shall be incurred or suffered with respect to a discrete Trust Asset or group of Trust Assets (including without limitation contract, tort or tax claims relating to one or more specific Leases or Leased Vehicles) (each an "<u>Affected Trust Asset</u>" and collectively, the "<u>Affected Trust Assets</u>"), all of which either are contained within one or more SUBI Portfolios, on the one hand, or among the UTI Portfolio, on the other hand, the holders of each SUBI containing any Affected Trust Asset (<u>pro</u> <u>rata</u> in the ratio of the aggregate value of those Affected Trust Assets held in each such SUBI portfolio as recorded on the books of the Trust to the aggregate value of all Affected Trust Assets held in all such SUBI Portfolios) or the holder of the Undivided Trust Interest, as the case may be, shall bear in full the burden of the Trustee, UTI Holder or Special Purpose Entity expense or liability, but (y) to the extent that any such

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expense or liability of the Trustee, the UTI Holder or a Special Purpose Entity shall be incurred or suffered with respect to the Trust Assets generally, all beneficiaries of the Trust shall bear the burden of such Trust expenses or liabilities on a pro rata basis in the ratio of the aggregate value of Trust Assets held in each respective SUBI Portfolio and the UTI Portfolio, as each is recorded on the books of the Trust, to the total value of all Trust Assets. Any <u>pro</u> <u>rata</u> allocation of an expense or liability among one or more of the SUBI Portfolios or the UTI Portfolio shall be made in good faith and so as not to disproportionately affect any SUBI Portfolio or the UTI Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of the funds deposited into each Trustee Account shall be separately invested by the Trustee from time to time at the written direction of the tin Holder or a Special Purpose Entity (as appropriate) or the applicable Servicer, as its designee, all as specified in the applicable Servicing Agreement; <u>provided</u>, <u>however</u>, that only the applicable SUBI Certificateholder may direct the Trustee as to the investment of deposited funds constituting SUBI Assets.

**PART VIII** 

**TERMINATION** 

**Section 8.1. <u>Termination of the Trust.</u>** 

The Trust shall terminate upon the unanimous written agreement of all of the holders of Certificates; <u>provided</u> all provisions of this Agreement concerning the separateness of the SUBI Portfolio(s) and the UTI Portfolio and the release of all claims by the holder(s) of the UTI Certificate against all Trust Assets other than those that are part of the UTI Portfolio, and by the holder of each SUBI Certificate against all Trust Assets other than those that are part of the SUBI Portfolio relating to such SUBI Certificate, shall survive the termination of the Trust. Upon the termination of the Trust, the Trustee shall cause the certificate of trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Business Trust Statute.

**PART IX** 

**MISCELLANEOUS PROVISIONS** 

**Section 9.1. <u>Amendment.</u>** 

Prior to the first Financing, this Agreement may be amended by written agreement between the UTI Holder and the Trustee (entered into by the Trustee at the written direction of the UTI Holder). After the first Financing any such amendment shall also require such additional approvals, if any, under each Financing as are required thereby; provided, however, that amendments shall not require any approval under a Financing if the holders of such Financing would not be adversely affected by such amendment. Prior to the execution of any amendment to this Agreement, any Servicing Agreement or any other agreement contemplated hereby or thereby, the Trustee shall be entitled to receive and 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, if any, to such execution and delivery have been satisfied. The Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Trustee's own rights, duties or immunities under this Agreement or otherwise.

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**Section 9.2. <u>GOVERNING LAW.</u>** 

THIS AGREEMENT SHALL BE CREATED UNDER AND GOVERNED BY AND CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS.

**Section 9.3. <u>Notices.</u>** 

All demands, notices and communications under this Agreement shall be in writing and shall be delivered or mailed by registered or certified first class United States mail, postage prepaid, return receipt requested; hand delivery; prepaid courier service; or telecopier, and addressed in each case as follows: (a) if to the Settlor or the UTI Holder, to 4343 Commerce Court, Suite 214, Lisle, Illinois 60532, Attention: Robert Dwyer (at Telecopier No. (630) 505-1755) and (b) if to the Trustee, to 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration (at Telecopier No. (302) 651-8882); or at such other address as shall be designated by the Settlor, the UTI Holder, or the Trustee in a written notice to the other parties hereto.

**Section 9.4. <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 or of any Certificates or the rights of the holders thereof.

**Section 9.5. <u>Construction.</u>** 

For all purposes of this Agreement, unless the context otherwise requires or as otherwise expressly provided, (a) all defined terms shall include both the singular and the plural forms thereof; (b) reference to any gender shall include all other genders; (c) all references to words such as "herein", "hereof' and the like shall refer to this Agreement as a whole and not to any particular Part or Section within this Agreement; (d) the term "include" means "include without limitation"; and (e) the term "or" is intended to include the term "and/or."

**Section 9.6. <u>Separate Entity.</u>** 

The Trustee and the UTI Holder shall in all transactions with third parties hold the Trust out as a separate entity from the UTI Holder and any Affiliate of the UTI Holder.

[SIGNATURES ON NEXT PAGE]

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IN WITNESS WHEREOF, each of the undersigned have caused this Trust Agreement 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 Settlor and Initial Beneficiary | **PORSCHE FUNDING LIMITED PARTNERSHIP**, as Settlor and Initial Beneficiary |
| By: | **Porsche Funding Corporation**, its general partner |
| By: | /s/ Richard A. Kosiec |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard A. Kosiec, Treasurer |
| **WILMINGTON TRUST COMPANY**, as Trustee | **WILMINGTON TRUST COMPANY**, as Trustee |
| By: | /s/ Jill K. Morrison |
| Name: | Jill K. Morrison |
| Title: | Administrative Account Manager |
| **PORSCHE CREDIT CORPORATION**, UTI Holder | **PORSCHE CREDIT CORPORATION**, UTI Holder |
| By: | /s/ Robert E. Dwyer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert E. Dwyer, President |

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**EXHIBIT A** 

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

**<u>DEFINITIONS</u>**

"<u>Affected Trust Assets</u>" shall have the meaning set forth in <u>Section</u> <u>7.1(b)</u>.

"<u>Affiliate</u>" of any specified Person means any other Person that directly or indirectly controls, is controlled by or is under common control with such specified Person.

"<u>Agreement</u>" shall have the meaning set forth in the Preamble.

"<u>Business Day</u>" shall have the meaning set forth in <u>Section</u> <u>5.3(e)</u>.

"<u>Business Trust Statute</u>" shall have the meaning set forth in <u>Section</u> <u>1.1</u>.

"<u>Certificate</u>" means a SUBI Certificate or a UTI Certificate.

"<u>Certificateholde</u>r" means any holder of a Certificate.

"<u>Certificate Register</u>" shall have the meaning set forth in <u>Section</u> <u>4.3(b)</u>.

"<u>Certificates of Title</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Claims</u>" shall have the meaning set forth in <u>Section</u> <u>5.5</u>.

"<u>Dealer Agreements</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Dealers</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Financings</u>" shall have the meaning set forth in <u>Section</u> <u>5.1(a)</u>.

"<u>Initial Beneficiary</u>" shall have the meaning set forth in the Recitals.

"<u>Insurance Policies</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Leases</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Leased Vehicle</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Nominee Agreement</u>" shall have the meaning set forth in <u>Section</u> <u>5.1(e)</u>.

"<u>Original Trust Agreement</u>" shall have the meaning set forth in the Recital.

"<u>PCC</u>" means Porsche Credit Corporation, a Delaware corporation.

"<u>PFLP</u>" means Porsche Funding Limited Partnership, a Delaware limited partnership.

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"<u>Person</u>" means any individual, corporation, partnership, joint venture, association, joint stock company, trust, bank, limited liability company, trust company, estate (including any beneficiaries thereof), unincorporated organizations or government or any agency or political subdivision thereof.

"<u>Portfolio</u>" means the UTI Portfolio or any SUBI Portfolio.

"<u>Registrar of Titles</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

"<u>Sale Proceeds</u>" shall have the meaning set forth in <u>Section</u> <u>4.2(a)</u>.

"<u>Secretary of State</u>" means the Secretary of State of the State of Delaware.

"<u>Servicer</u>" shall have the meaning set forth in <u>Section</u> <u>5.1(e)</u>.

"<u>Servicing Agreement</u>" shall have the meaning set forth in <u>Section</u> <u>5.1(e)</u>.

"<u>Settlor</u>" shall have the meaning set forth in the Preamble.

"<u>Special Purpose Entity</u>" shall mean a special purpose corporation, partnership, limited partnership, trust, business trust, limited liability company or other entity created for one or more Financings.

"<u>Stated Residual Value</u>" shall have the meaning set forth in <u>Section</u> <u>4.2(a)</u>.

"<u>SUBI</u>" shall have the meaning set forth in <u>Section</u> <u>4.2(a)</u>.

"<u>SUBI Account</u>" shall have the meaning set forth in <u>Section</u> <u>7.1(a)</u>.

"<u>SUBI Assets</u>" shall have the meaning set forth in <u>Section</u> <u>4.1(a)</u>.

"<u>SUBI Certificate</u>" shall have the meaning set forth in <u>Section</u> <u>4.2(b)</u>.

"<u>SUBI Certificateholder</u>" shall mean any holder of a SUBI Certificate.

"<u>SUBI Portfolio</u>" shall have the meaning set forth in <u>Section</u> <u>4.2(a)</u>.

"<u>SUBI Supplement</u>" shall have the meaning set forth in <u>Section</u> <u>4.2(b)</u>.

"<u>SUBI Trustee</u>" shall have the meaning set forth in <u>Section</u> <u>6.3(c)</u> hereof.

"<u>Trust</u>" shall have the meaning set forth in the Preamble.

"<u>Trust Agency Agreement</u>" shall have the meaning set forth in <u>Section</u> <u>5.3(e)</u>.

"<u>Trust Agent</u>" shall have the meaning set forth in <u>Section</u> <u>5.3(e)</u>.

"<u>Trust Assets</u>" shall have the meaning set forth in <u>Section</u> <u>2.1</u>.

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"<u>Trustee</u>" shall mean Wilmington Trust Company, not in its individual capacity but solely as trustee of the Trust, and its successors and assigns.

"<u>Trustee Accounts</u>" shall have the meaning set forth in <u>Section</u> <u>7.1(a)</u>.

"<u>Undivided Trust Interest</u>" or "<u>UTI</u>" shall have the meaning set forth in <u>Section</u> <u>4.1(a)</u>.

"<u>Undivided Trust Interest Certificate</u>" or "<u>UTI Certificate</u>" shall have the meaning set forth in <u>Section</u> <u>4.1(b)</u>.

"<u>UTI Assets</u>" shall have the meaning set forth in <u>Section</u> <u>4.1(a)</u>.

"<u>UTI Holder</u>" shall have the meaning set forth in the Preamble.

"<u>UTI Pledge</u>" shall have the meaning set forth in <u>Section</u> <u>4.1(a)</u>.

"<u>UTI Portfolio</u>" means Leases and Leased Vehicles not allocated to a SUBI Portfolio and remaining as part of the Undivided Trust Interest.

"<u>UTI Supplement</u>" shall have the meaning set forth in <u>Section</u> <u>4.1(b)</u>.

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**EXHIBIT B** 

**PORSCHE LEASING LTD.** 

**UNDIVIDED TRUST INTEREST CERTIFICATE** 

evidencing an exclusive undivided interest in all Trust Assets (as defined below) other than SUBI Assets (as defined below).

(This Certificate does not represent an obligation of, or an interest in, Porsche Funding Limited Partnership, Porsche Funding Corporation, Porsche Credit Corporation, Wilmington Trust Company or any of their respective affiliates.)

Number UTI- _________________

THIS CERTIFIES THAT ____________________ is the registered owner of a nonassessable, fully-paid, exclusive undivided beneficial interest in the Trust Assets, other than SUBI Assets (such interest, an "<u>Undivided Trust Interest</u>"), of Porsche Leasing Ltd., a Delaware business trust (the "Trust") operated pursuant to an Amended and Restated Trust Agreement dated and effective as of November 14, 1997 (as amended, supplemented or otherwise modified from time to time, the "<u>Agreement</u>"), among Porsche Funding Limited Partnership, as settlor (the "<u>Settlor</u>"), Wilmington Trust Company, ("Wilmington," as trustee, together with any successor or permitted assign, the "<u>Trustee</u>" respectively) and Porsche Credit Corporation, as beneficiary of the Undivided Trust Interest (the "<u>Beneficiary</u>"). A summary of certain of the pertinent portions of the Agreement is set forth below. To the extent not otherwise defined herein, the capitalized terms herein have the meanings set forth in the Agreement.

This Certificate is one of the duly authorized certificates issued under the Agreement and designated as "Porsche Leasing Ltd. Undivided Trust Interest Certificates" (the "<u>Undivided Trust Interest Certificates</u>"). This Undivided Trust Interest Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the holder of this Undivided Trust Interest Certificate by virtue of the acceptance hereof assents and by which such holder is bound. Also to be issued under the Agreement are various series of Certificates, each designated as "Porsche Leasing Ltd. Special Unit of Beneficial Interest Certificates" (the "<u>SUBI Certificates</u>" and, together with the Undivided Trust Interest Certificates, the "<u>Certificates</u>"). Each series of SUBI Certificates, taken together, will evidence an exclusive undivided interest in a separate SUBI Portfolio.

The rights of the holder of this Certificate to the Trust Assets and the proceeds thereof are and will be set forth in the Agreement.

The Certificates do not represent an obligation of, or an interest in, the Settlor, the Beneficiary, Porsche Funding Corporation, Wilmington or any of their respective Affiliates. The Certificates are limited in right of payment to certain collections and recoveries respecting the Leases and the Leased Vehicles not allocated to any SUBI Portfolio, all to the extent and as more specifically set forth in the Agreement. A copy of the Agreement may be examined during normal

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business hours at the principal office of the Trustee, and at such other places, if any, designated by the Trustee, by the holder hereof upon request.

By accepting this Certificate, the holder hereof waives and releases any claim that it may have to any proceeds or assets of the Trust from time to time included within any SUBI Portfolio as SUBI Assets and to those proceeds or assets derived from or earned by such SUBI Assets, and agrees that if such waiver and release is not given effect, that it hereby subordinates all claims it may be deemed to have against all Trust Assets allocated to any SUBI Porfolio as SUBI Assets, and against those proceeds or assets derived from or earned by such SUBI Assets, to the claims thereto of the holders of the SUBI Certificates representing such SUBI Portfolio.

The Agreement permits the amendment thereof and the modification of the rights and obligations of the parties thereto and the rights of holders of Undivided Trust Interest Certificates at any time by the Beneficiary and the Trustee, prior to the first Financing. Thereafter, any such amendment shall require such additional approvals as may be required by each Financing.

As provided in the Agreement, this Certificate and the underlying interests represented hereby are freely transferable and assignable by the holder hereof, subject to the requirements of Section 4.1(a) of the Agreement. Any such transfer or assignment of this Certificate is registrable upon surrender of this Certificate for registration of transfer with the Trustee (or the Trust Agent, if applicable) or by any successor Trustee, accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by the holder hereof or such holder's attorney duly authorized in writing, and thereupon one or more new Undivided Trust Interest Certificates of a like aggregate fractional undivided interest will be issued to the designated permitted transferee.

Prior to due presentation of this Certificate for registration of a permitted transfer, the Trustee, and each agent of the Trustee may treat the Person or entity in whose name this Certificate is registered as the owner hereof for all purposes, and, except as provided for in the Agreement, neither the Trustee nor any such agent shall be affected by any notice to the contrary.

Unless this Certificate shall have a certificate of authentication attached, executed by the Trustee or an agent thereof by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Agreement or be valid for any purpose.

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IN WITNESS WHEREOF, the Trustee on behalf of the Trust and not in its individual capacity has caused this Undivided Trust Interest Certificate to be duly executed.

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| | | |
|:---|:---|:---|
| Dated: November 14, 1997 | **PORSCHE LEASING LTD.** | **PORSCHE LEASING LTD.** |
|  | By: | WILMINGTON TRUST COMPANY, as Trustee |
|  | By: |  |
|  |  | Authorized Officer |

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TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the UTI Certificate referred to in the within-mentioned Trust Agreement.

WILMINGTON TRUST COMPANY,

as Trustee

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| |
|:---|
| By:  |
| Authorized Officer |
| or , |
| as agent for the Trustee |
| By:  |
| Authorized Officer |

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**EXHIBIT C** 

CERTIFICATE OF TRUST OF

<u>PORSCHE LEASING LTD.</u> 

This Certificate of Trust of Porsche Leasing Ltd. (the "Trust"), dated as of December 20, 1996 (the "Certificate of Trust"), is being duly executed and filed by Wilmington Trust Company, as Trustee, to form a business trust under the Delaware Business Trust Act (12 <u>Del. C.</u> § 3801 et 5sz).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name. The name of the business trust formed hereby is Porsche Leasing Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delaware Trustee.</u> The name and business address of the Trustee of the Trust in the State of Delaware is Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-0001. The Trustee is duly authorized to sign this Certificate of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Series Trust.</u> The Trust may issue series of beneficial interests, having separate rights, powers or duties with respect to property or obligations of the Trust, as provided in 12 Del. C. §§ 3804 and 3806(b)(2), such that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets of such series only, and not against the assets of the Trust generally.

IN WITNESS WHEREOF, the undersigned, being the sole Trustee of the Trust, has executed this Certificate of Trust as of the date first above written.

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WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Trustee

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| |
|:---|
| By: |
| Name: |
| Title: |

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Acknowledgment

STATE OF DELAWARE))ss. <br>

COUNTY OF NEW CASTLE)

On this 20th day of December 1996, before me personally appeared________________________ who acknowledged himself to be an officer of the above Trustee, and that he, as such officer, being authorized to do so, executed the foregoing instrument for the purposes therein contained as the free act and deed of said Trustee, and as his free act and deed as an officer of said Trustee.

IN WITNESS WHEREOF, I hereunto set my hand and official seal.

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| |
|:---|
|  <br> Notary Public |
|  My commission expires: |

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## Exhibit 10.10

**Exhibit 10.10** 

**UTI ASSIGNMENT AND ORIGINATION TRUST DOCUMENT AMENDMENT** 

**This UTI ASSIGNMENT AND ORIGINATION TRUST DOCUMENT AMENDMENT** (this "<u>Agreement</u>"), dated as of July 31, 2000 is among PORSCHE FUNDING LIMITED PARTNERSHIP, a Delaware limited partnership, as Settlor and the New UTI Holder (the "<u>Settlor</u>" or the "<u>New UTI Holder</u>"), PORSCHE LEASING LTD., a Delaware business trust (the "<u>Trust</u>"), PORSCHE CREDIT CORPORATION, a Delaware corporation, as the Current UTI Holder and as Servicer ("<u>Current UTI Holder</u>" or the "<u>Servicer</u>"), and WILMINGTON TRUST COMPANY, as Trustee (the "<u>Trustee</u>").

**PRELIMINARY STATEMENT** 

WHEREAS, the Servicer, on behalf of the Trust, desires to implement a deferred like-kind exchange program to enhance the after-tax yield of the Trust's leases and leased vehicles;

WHEREAS, the parties hereto desire to amend the Amended and Restated Servicing Agreement dated as of November 14, 1997 (as amended, modified or supplemented from time to time, the "<u>Servicing Agreement</u>") by and between the Trust and the Servicer to implement and accommodate a deferred like-kind exchange program and to accomplish certain other purposes;

WHEREAS, the parties hereto also desire to amend the Servicing Agreement and the Amended and Restated Trust Agreement dated as of November 14, 1997 (as amended, modified or supplemented from time to time, the "<u>Trust Agreement</u>") by and among the Current UTI Holder, the Settlor and the Trustee to reflect the transfer of the Undivided Trust Interest and the Undivided Trust Interest Certificate to the New UTI Holder;

NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein, the sufficiency of which is hereby acknowledged, the parties agree as follows:

<u>Section</u> <u>1.</u> <u>Definitions</u>. Capitalized terms used herein which are undefined shall have the meanings assigned to them in (a) the Servicing Agreement or (b) if not defined in the Servicing Agreement but defined in or pursuant to the Trust Agreement, the Trust Agreement.

<u>Section</u> <u>2.</u> <u>Assignment of UTI Certificate</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Current UTI Holder hereby assigns and transfers to the New UTI Holder, without recourse, all of the Current UTI Holder's right, title and interest in and to the UTI Interest and the UTI Certificate (and all rights thereunder) of the Trust and all proceeds of the foregoing. As of the date hereof, the New UTI Holder hereby agrees to pay in cash $37,900,298.75 in consideration of the UTI Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to <u>Section</u> <u>4.1(a)</u> of the Trust Agreement, the New UTI Holder 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, the Trust, any other Special Purpose Entity, or any general partner of a Special Purpose Entity that is a partnership, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pursuant to <u>Section</u> <u>4.1(a)</u> of the Trust Agreement, the New UTI Holder releases all claims to the Trust Assets allocated to each SUBI Portfolio and, in the event that such release is not given effect, fully subordinates all claims it may be deemed to have against all Trust Assets allocated to each SUBI Portfolio.

<u>Section</u> <u>3.</u> <u>Amendment of Reflect New UTI Holder</u>. Unless the context requires otherwise, any references to the "UTI Holder" in the Trust Agreement, the Servicing Agreement, any SUBI Supplement or any amendments thereto to Porsche Credit Corporation as the UTI Holder shall be deemed to be references to Porsche Funding Limited Partnership as the UTI Holder.

<u>Section</u> <u>4.</u> <u>Purchase by Origination Trust of Leases and Leased Vehicles</u>. <u>Section</u> <u>2.1(b)(ii)</u> of the Servicing Agreement is hereby deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Servicer may pay funds to a Dealer for the purchase by the Origination Trust of Leases and Leased Vehicles and may pay any fees, taxes and the like ("<u>Fees and Taxes</u>") payable by the Origination Trust. Any payment by the Servicer to a Dealer to acquire a Leased Vehicle or a related Lease shall constitute (A) a loan by the Servicer to the UTI Holder in the amount of the purchase price of such Lease and the related Leased Vehicle, (B) a subsequent capital contribution by the UTI Holder to the Trust in the amount of the purchase price of such Lease and the related Leased Vehicle, (C) the acquisition by the Trust of such Lease and related Leased Vehicle directly from the Dealer; and (D) an increase in the UTI Holder's UTI Interest to reflect the addition of such Lease and the related Leased Vehicle.

<u>Section</u> <u>5.</u> <u>Servicing Fees and Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 2.5(a)(ii)</u> of the Servicing Agreement is hereby deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to the UTI Portfolio, an amount equal to the *product of* (A) 1/12 (B) 1.50%, and (C) the *average of* (x) the aggregate Outstanding Lease Balance of all Leases allocated to the UTI Portfolio as of the *beginning* of the preceding calendar month and (y) the aggregate Outstanding Lease Balance of all Leases allocated to the UTI Portfolio as of the *end* of the preceding calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicing Agreement is amended to add a new <u>Section</u> <u>2.5(c)</u> to read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As additional servicing compensation, the Servicer shall be entitled to receive from the UTI Holder, on the first day of each calendar month, $150 for each Lease and related Leased Vehicle acquired by the Origination Trust in accordance with <u>Section</u> <u>2.1(b)(i)</u>.

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<u>Section</u> <u>6.</u> <u>Treatment of Sales Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Section 2.2(c)(ii)</u> of the Servicing Agreement shall be deleted in its entirety and replaced by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) As to any such funds received by the Servicer accompanied by all necessary Payment Information, the Servicer shall (A) enter the Payment Information in its computer system, (B) segregate all such funds by the Portfolio(s) to which such funds relate, (C) deposit all such funds relating to any SUBI Portfolio as set forth in the related SUBI Servicing Agreement Supplement, (D) deposit all funds other than actual Sales Proceeds (net of reimbursement of any Liquidation Expenses incurred by the Servicer with respect to any Leased Vehicle whose Liquidation Proceeds are included among such funds) relating to the UTI Portfolio as directed by the UTI Holder and (E) deposit an amount equal to Sales Proceeds (net of reimbursement of any Liquidation Expenses incurred by the Servicer with respect to any Leased Vehicle related to such Sales Proceeds) relating to the UTI Portfolio in accordance with <u>Section</u> <u>2.2(c)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Servicing Agreement is amended to add a new <u>Section</u> <u>2.2(c)(v)</u> to read as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) As to any actual Sales Proceeds received by the Servicer relating to the UTI Portfolio, such actual Sales Proceeds will be transmitted to Bank One N.A. for use in connection with a deferred like-kind exchange program in accordance with the Master Exchange Agreement dated July 27, 2000 by and among the Origination Trust, the Servicer and Bank One Exchange Corporation, doing business as "Porsche Payment Center, Inc.," an Illinois corporation as intermediary.

<u>Section</u> <u>7.</u> <u>Full Force and Effect</u>. As expressly amended hereby, the Servicing Agreement shall continue in full force and effect in accordance with the provisions thereof, and no change or modification in any of the terms thereof except as specifically set forth herein has been effected. Any reference to the Servicing Agreement from and after the date hereof shall be deemed to refer to such Servicing Agreement as amended hereby, unless otherwise expressly stated.

<u>Section</u> <u>8.</u> <u>Severability</u>. Each provision of this Agreement shall be severable from every other provision of this Agreement for the purpose of determining the legal enforceability of any provision hereof, and the unenforceability of one or more provisions of this Agreement in one jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in any other jurisdiction.

<u>Section</u> <u>9.</u> <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

<u>Section</u> <u>10.</u> <u>References</u>. References in this Agreement to any or all of the Servicing Agreement or any SUBI Supplement shall be deemed to include a reference to such Servicing

------

Agreement or such SUBI Supplement as it may be amended, restated, modified or supplemented from time to time.

<u>Section</u> <u>11.</u> <u>Headings</u>. The headings of this Agreement are for purposes of reference only and shall not effect the construction of this Agreement.

<u>Section</u> <u>12.</u> <u>No Petition</u>. Each party hereto (and each holder and pledgee of the UTI Certificate, by virtue of its acceptance of such UTI or pledge thereof) 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, the Trust, any other Special Purpose Entity, or any general partner of a Special Purpose Entity that is a partnership, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or other proceedings under any federal or state bankruptcy or similar law. This Section shall survive the termination of the Servicing Agreement, as amended by this Agreement.

(SIGNATURES ON NEXT PAGE)

------

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

---

| | |
|:---|:---|
| PORSCHE LEASING LTD., | PORSCHE FUNDING LIMITED<br> PARTNERSHIP, as Settlor and New UTI Holder |
| By: WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Trustee | <br> By: Porsche Funding Corporation, Its General Partner |
| By: <u>/s/ Ann E. Roberts</u> | By: <u>/s/ Richard A. Kosiec</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Ann E. Roberts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Richard A. Kosiec |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Assistant Vice President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Treasurer |
| WILMINGTON TRUST COMPANY, not in its individual capacity, but solely as Trustee | PORSCHE CREDIT CORPORATION, as Servicer and Current UTI Holder |
| By: <u>/s/ Ann E. Roberts</u> | By: <u>/s/ Ross A. Dupper</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Ann E. Roberts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Ross A. Dupper |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Assistant Vice President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title President |

---

*UTI Assignment and* 

*Origination Trust Document Amendment*

## Ex-24.(2)(1)

**Exhibit 24.2.1** 

Porsche Auto Funding LLC

One Porsche Drive

Atlanta, Georgia 30354

October 21, 2025

I, Jonathan C. Lippert, am Secretary of Porsche Auto Funding LLC (the "<u>Company</u>") and do certify that the attached resolutions were duly adopted by unanimous written consent of the board of managers of the Company on October 21, 2025, and such resolutions have not been amended, rescinded or otherwise modified.

---

| |
|:---|
| /s/ Jonathan C. Lippert<br> By: Jonathan C. Lippert |
| Title: Secretary |

---

I, Tobias Hausladen, as Treasurer of the Company, certify that Jonathan C. Lippert is the duly elected and qualified Secretary of the Company and that the signature above is his signature.

EXECUTED as of October 21, 2025

---

| |
|:---|
|  /s/ Tobias Hausladen<br> By: Tobias Hausladen |
| Title: Treasurer |

---

------

\* \* \*

**RESOLVED FURTHER,** that each officer and manager who may be required to execute the Registration Statement or any amendment or supplement thereto (whether on behalf of the Company or as an officer or manager thereof) is hereby authorized to constitute and appoint each of the current officers or managers or any of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments or supplements (including post-effective amendments) to the Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, the Commission granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, thereby ratifying and confirming that each such attorney-in-fact and agent, and their or his or her substitutes, may lawfully do or cause to be done by virtue thereof;

**FURTHER RESOLVED,** that the President of the Company shall be deemed to be the "principal executive officer" and the "chief executive officer" of the Company pursuant to the instructions on Form SF-3 (the "<u>Instructions</u>") and the Treasurer of the Company shall be deemed to be the "principal financial officer," "principal accounting officer" and "chief financial officer" of the Company pursuant to the Instructions.

## Ex-24.(2)(2)

**Exhibit 24.2.2** 

Porsche Financial Services, Inc.

One Porsche Drive

Atlanta, Georgia 30354

October 21, 2025

I, Jonathan C. Lippert, am Secretary of Porsche Financial Services, Inc. (the "<u>Company</u>"), the general partner of Porsche Funding Limited Partnership ("<u>PFLP</u>"), as UTI Holder of Porsche Leasing Ltd., and do certify that the attached resolutions were duly adopted by unanimous written consent of the board of directors of the Company on October 21, 2025, and such resolutions have not been amended, rescinded or otherwise modified.

---

| |
|:---|
|  /s/ Jonathan C. Lippert<br> By: Jonathan C. Lippert |
| Title: Secretary |

---

I, Tobias Hausladen, as Treasurer of the Company, certify that Jonathan C. Lippert is the duly elected and qualified Secretary of the Company and that the signature above is his signature.

EXECUTED as of October 21, 2025

---

| |
|:---|
|  /s/ Tobias Hausladen<br> By: Tobias Hausladen |
| Title: Treasurer |

---

------

\* \* \*

**RESOLVED FURTHER,** that each officer and manager who may be required to execute the Registration Statement or any amendment or supplement thereto (whether on behalf of the Corporation or as an officer or manager thereof) is hereby authorized to constitute and appoint each of the current officers or managers or any of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments or supplements (including post-effective amendments) to the Registration Statement, and to file the same, with all exhibits thereto and other documents in connection therewith, the Commission granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, thereby ratifying and confirming that each such attorney-in-fact and agent, and their or his or her substitutes, may lawfully do or cause to be done by virtue thereof;

**FURTHER RESOLVED,** that the President of the Corporation shall be deemed to be the "principal executive officer" and the "chief executive officer" of the Corporation pursuant to the instructions on Form SF-3 (the "<u>Instructions</u>") and the Treasurer of the Corporation shall be deemed to be the "principal financial officer," "principal accounting officer" and "chief financial officer" of the Corporation pursuant to the Instructions.

## Ex-Filing

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> | **Exhibit 107.1**<br>**FORM SF-3**<br> **Calculation of Filing Fee Tables**<br><u>SF-3</u><br> (Form Type)<br><u>Porsche Auto Funding LLC</u><br> (Exact Name of Registrant as Specified in its Charter)<br><u>Table 1: Newly Registered and Carry Forward Securities</u> |
|  | <br> Security Type  | <br> Security Class <br> Title | <br>Fee<br> Calculation <br> or Carry<br> Forward<br> Rule<br>| <br> Amount Registered  | <br>Proposed<br> Maximum<br> Offering Price <br> Per Unit<br>| <br>Maximum <br> Aggregate<br> Offering<br> Price<br>| <br> Fee<br> Rate | <br> Amount of<br> Registration <br> Fee | <br>Carry<br> Forward <br> Form<br> Type<br>| <br>Carry<br> Forward <br> File<br> Number<br>| <br>Carry<br> Forward<br> Initial<br> effective <br> date<br>| <br>Filing Fee<br> Previously Paid In<br> Connection with<br> Unsold Securities to <br> be Carried Forward<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Newly Registered Securities |
| &nbsp;&nbsp;&nbsp; Fees to Be<br> Paid<br>| Asset-Backed<br> Securities | Asset-Backed<br> Notes | 457(s)<sup>(1)</sup> |  | 100% |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fees to Be<br> Paid | Other | Special Unit of<br>Beneficial<br>Interest<br>Certificate<sup>(2)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> | <sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Fees Previously Paid <br>|  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Carry Forward Securities |
| &nbsp;&nbsp;&nbsp; Carry Forward<br> Securities<br>|  |  |  |  |  |  |  |  |  |  |  |  |
|  | <br> Total Offering Amounts<sup>(1)</sup> | <br> Total Offering Amounts<sup>(1)</sup> | <br> Total Offering Amounts<sup>(1)</sup> | <br> Total Offering Amounts<sup>(1)</sup> |  | <sup>(1)</sup> |  | <sup>(1)</sup> |  |  |  |  |
|  | Total Fees Previously Paid  | Total Fees Previously Paid  | Total Fees Previously Paid  | Total Fees Previously Paid  |  |  |  | $0.00 |  |  |  |  |
|  | Total Fee Offsets  | Total Fee Offsets  | Total Fee Offsets  | Total Fee Offsets  |  |  |  | $0.00 |  |  |  |  |
|  | Net Fee Due  | Net Fee Due  | Net Fee Due  | Net Fee Due  |  |  |  | <sup>(1)</sup> |  |  |  |  |

---

 <br> <sup>(1)</sup> The registrant is registering an unspecified amount of Asset-Backed Notes as may from time to time be offered at unspecified prices and is deferring payment of all of the registration fees for any such Asset-Backed Notes in accordance with Rule 456(c) and Rule 457(s) of the Securities and Exchange Commission's Rules and Regulations under the Securities Act.<br> <sup>(2)</sup> Porsche Leasing Ltd. will issue a special unit of beneficial interest (the "Transaction SUBI") in specified assets of Porsche Leasing Ltd., including certain motor vehicle leases, the vehicles underlying these leases, and the related rights associated therewith. The Transaction SUBI will be represented by a certificate (the "Transaction SUBI Certificate"), which will be transferred to the issuing entity. Neither the Transaction SUBI nor the Transaction SUBI Certificate is being offered to investors hereunder.<br> <sup>(3)</sup> Not applicable.<br>