Document:

Exhibit 10.2

  

  
     

    

    Execution Version

  

  

  

  SECURITIES PURCHASE AGREEMENT

   

  

   by and between

   

    

  MERCADOLIBRE, INC.

   

    

  and

   

    

  MERLIN DF HOLDINGS, LP

   

    

  March 11, 2019

  
    
      

  

  
  Securities Purchase Agreement

  

  

  SECURITIES PURCHASE AGREEMENT (this “Agreement”),

      dated as of March 11, 2019, by and between MercadoLibre, Inc., a Delaware corporation (the “Company”), and Merlin DF Holdings, LP, a Delaware limited
      partnership and an affiliate of Dragoneer Investment Group, LLC (the “Purchaser”).

   

    

  WHEREAS, concurrently with the execution and delivery of this Agreement, the Company entered into a Securities Purchase
      Agreement with PayPal, Inc. (“PayPal”) pursuant to which PayPal will purchase shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”) (the “Concurrent Private Placement”);

   

    

  WHEREAS, on the date hereof, the Company will file a Registration Statement on Form S-3ASR and a prospectus supplement thereto
      with the U.S. Securities and Exchange Commission (the “SEC”) registering the sale of Common Stock and announcing the Company’s intention to complete a sale of
      shares of the Common Stock, which sale is expected to be completed on or prior to March 15, 2019 (the “Concurrent Public Offering”);

   

    

  WHEREAS, subject to the terms and conditions set forth herein, the Company desires to issue and sell to the Purchaser, and the
      Purchaser desires to purchase from the Company, an aggregate of 100,000 shares of Series A Preferred Stock, par value $0.001 per share, of the Company (the “Series A
          Preferred Stock”), the rights, preferences and privileges of which are to be set forth in a Certificate of Designation, in the form attached hereto as Exhibit A (the “Certificate of Designation”), which shares of Series A Preferred Stock shall be convertible in certain circumstances into authorized shares of Common Stock;

   

    

  WHEREAS, the Board (as defined below) has (i) determined that it is in the best interests of the Company and its stockholders,
      and declared it advisable, to enter into this Agreement and the Certificate of Designation providing for the transactions contemplated hereby and thereby in accordance with the General Corporation Law of the State of Delaware (the “DGCL”), upon the terms and subject to the conditions set forth herein and therein, and (ii) approved the execution, delivery and performance of this Agreement and
      the Certificate of Designation consummation of the transactions contemplated hereby and thereby in accordance with the DGCL, upon the terms and conditions contained herein and therein; and

   

    

  WHEREAS, the Purchaser has approved the execution, delivery and performance of this Agreement and the consummation of the
      transactions contemplated hereby in accordance with applicable Law (as defined below), upon the terms and conditions contained herein.

   

    

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

   

    

  1.          Definitions.  As used in this Agreement, the following terms shall have the following respective meanings:

   

    

  “Affiliate” means, with respect to
      any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such specified Person.

   

    

  “Agreement” shall have the meaning
      set forth in the preamble.

   

    

  “Anti-Money Laundering Laws” shall
      have the meaning set forth in Section 3.19.

    

  
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  “Bankruptcy and Equity Exception”
      shall have the meaning set forth in Section 3.2.

   

    

  “Board” shall mean the Board of
      Directors of the Company.

   

    

  “Business Day” shall mean any day,
      other than a Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or California or is a day on which banking institutions located in the State of New York or California are authorized or required by Law or
      other governmental action to close.

   

    

  “Certificate of Designation” has the
      meaning set forth in the recitals.

   

    

  “Capital Stock” shall mean, with
      respect to any Person, any and all shares of stock, partnership interests or other equivalent interests (however designated, whether voting or non-voting) in such Person’s equity.

   

    

  “Common Stock” shall have the
      meaning set forth in the recitals.

   

    

  “Closing” shall have the meaning set
      forth in Section 2.2(a).

   

    

  “Closing Date” shall have the
      meaning set forth in Section 2.2(a).

   

    

  “Company” shall have the meaning set
      forth in the preamble.

   

    

  “Concurrent Public Offering” shall
      have the meaning set forth in the recitals.

   

    

  “Consent” shall have the meaning set
      forth in Section 3.6.

   

    

  “control” (including the terms “controlling,” “controlled by” and “under common control with”) with respect to any Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such
      Person, whether through the ownership of Equity Securities, by contract or otherwise.

   

    

  “Conversion Shares” shall mean the
      shares of Common Stock issuable upon conversion of the Series A Preferred Stock as provided for in this Agreement and the Certificate of Designation.

   

    

   “DGCL” shall have the meaning set
      forth in the recitals.

   

    

  “Environmental Laws” shall have the
      meaning set forth in Section 3.15.

   

    

  “Equity Securities” shall mean, with
      respect to any Person, (i) shares of Capital Stock of, or other equity or voting interest in, such Person, (ii) any securities convertible into or exchangeable for shares of Capital Stock of, or other equity or voting interest in, such Person, (iii)
      options, warrants, rights or other commitments or agreements to acquire from such Person, or that obligates such Person to issue, any Capital Stock of, or other equity or voting interest in, or any securities convertible into or exchangeable for
      shares of Capital Stock of, or other equity or voting interest in, such Person, and (iv) obligations of such Person to grant, extend or enter into any subscription, warrant, right, convertible or exchangeable security or other similar agreement or
      commitment relating to any Capital Stock of, or other equity or voting interest (including any voting debt) in, such Person.

   

    

  “Exchange Act” shall mean the
      Securities Exchange Act of 1934, as amended, and all of the rules and regulations promulgated thereunder.

  
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  “FCPA” shall have the meaning set
      forth in Section 3.18.

   

    

  “GAAP” shall mean U.S. generally
      accepted accounting principles.

   

    

  “Governmental Entity” shall mean any
      United States or non-United States federal, state or local government, or any agency, bureau, board, commission, department, tribunal or instrumentality thereof or any court, tribunal, or arbitral or judicial body, including NASDAQ.

   

    

  “HMT” shall have the meaning set
      forth in Section 3.20.

   

    

  “Intellectual Property” shall have
      the meaning set forth in Section 3.10.

   

    

  “IT Systems” shall have the meaning
      set forth in Section 3.11.

   

    

   “Law” shall mean any applicable
      law, statute, code, ordinance, rule, regulation, or agency requirement of or undertaking to or agreement with any Governmental Entity, including common law.

   

    

  “Lien” shall mean any lien, charge,
      pledge, security interest, claim or other encumbrance.

   

    

  “Material Adverse Effect” means any
      change, event, effect or circumstance (each, an “Effect”) that, individually or taken together with all other Effects that have occurred prior to, and are
      continuing as of, the date of determination of the occurrence of the Material Adverse Effect, has a material adverse effect on the business, properties, management, financial position, stockholders’ equity, results of operations or prospects of the
      Company and its Subsidiaries taken as a whole.

   

    

  “NASDAQ” shall mean Nasdaq Global
      Market (or its successor).

   

    

  “OFAC” shall have the meaning set
      forth in Section 3.20.

   

    

  “Organizational Document” shall
      mean, as applicable, an entity’s agreement or certificate of limited partnership, limited liability company agreement, certificate of formation, certificate or articles of incorporation, bylaws or other similar organizational documents.

   

    

  “Person” shall mean any individual,
      corporation, limited liability company, limited or general partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government, any agency or political subdivisions thereof or other “Person” as contemplated by
      Section 13(d) of the Exchange Act.

   

    

  “Personal Data” shall have the
      meaning set forth in Section 3.11.

   

    

  “Purchase Price” shall have the
      meaning set forth in Section 2.1.

   

    

  “Purchaser” shall have the meaning
      set forth in the preamble.

   

    

  “Purchaser Adverse Effect” shall
      have the meaning set forth in the Section 4.3.

   

    

  “Representatives” shall mean, with
      respect to any Person, such Person’s Affiliates and such Person’s and each such Affiliate’s respective directors, officers, employees, managers, trustees, principals, stockholders, members, general or limited partners, agents and other
      representatives.

   

    

  “Rule 144” shall have the meaning
      set forth in Section 4.9(a).

  
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  “Sanctioned Country” shall have the
      meaning set forth in Section 3.20.

   

    

  “SEC” shall mean have the meaning
      set forth in the recitals.

   

    

  “SEC Documents” shall have the
      meaning set forth in Section 3.7.

   

    

  “SEC Reports” shall mean (i) the
      Company’s Form 10-K for the fiscal year ended December 31, 2018 and (ii) the portions of the Company’s Definitive Proxy Statement on Schedule 14A that are incorporated by reference into the Company’s Form 10-K for the fiscal year ended December 31,
      2018.

   

    

  “Securities Act” shall mean the
      Securities Act of 1933, as amended, and all of the rules and regulations promulgated thereunder.

   

    

  “Series A Preferred Stock” has the
      meaning set forth in the recitals.

   

    

  “Subject Shares” shall have the
      meaning set forth in Section 2.1.

   

    

  “Subsidiary” means, with respect to
      any Person, any other Person of which at least a majority of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is directly or
      indirectly owned or controlled by such Person and/or by one or more of its Subsidiaries.

   

    

  “Taxes” shall mean any and all
      taxes, levies, fees, imposts, duties and charges of whatever kind (including any interest, penalties or additions to the tax imposed in connection therewith or with respect thereto) imposed by any Governmental Entity, including, without limitation,
      taxes imposed on, or measured by, income, franchise, profits or gross receipts, and any ad valorem, value added, sales, use, service, real or personal property, capital stock, license, payroll, withholding (including that collected as a withholding
      agent), employment, social security, workers’ compensation, unemployment compensation, utility, severance, production, excise, stamp, occupation, premium, windfall profits, transfer and gains taxes and customs or duties.

   

    

  “Transfer” shall mean, with respect
      to any security, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of such security or any interest therein, including the grant of an option or other right, whether directly or
      indirectly, whether voluntarily, involuntarily or by operation of law.

   

    

  “UNSC” shall have the meaning set
      forth in Section 3.20.

   

    

  2.          Authorization, Purchase and Sale of the Securities.

   

    

  2.1          Authorization, Purchase and Sale.

   

    

  (a)          Subject to and upon the terms
      and conditions of this Agreement, the Company will issue and sell to the Purchaser, and the Purchaser will purchase from the Company, at the Closing, 100,000 shares of Series A Preferred Stock (such shares, the “Subject Shares”) for an aggregate purchase price of $100,000,000 (the “Purchase Price”).

   

    

  2.2          Closing.

   

    

  (a)          Subject to the satisfaction
      or waiver of the conditions set forth in this Agreement, the closing of the purchase and sale of the Subject Shares (the “Closing”) shall take place at the
      offices of Cleary Gottlieb Steen & Hamilton LLP, One Liberty Plaza, New York, NY 10006, on the tenth (10th) Business Day after the satisfaction or waiver of the
      latest to occur of the conditions set forth in Section 6 (other than
      those conditions that by their nature are to be satisfied at the Closing, but subject to their satisfaction), or at such other place or such other date as mutually agreed to by the parties hereto (the date on which the Closing occurs, the “Closing Date”).

  
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  (b)          Subject to the satisfaction
      or waiver on or prior to the Closing Date, of the conditions set forth in Section 6, the Closing:

   

    

  (i)          the Company shall deliver to
      the Purchaser evidence, reasonably acceptable to the Purchaser, that the Subject Shares have been issued in book-entry form; and

   

    

  (ii)          the Purchaser shall deliver,
      or cause to be delivered, to the Company the Purchase Price by wire transfer of immediately available funds to an account or accounts that the Company shall designate at least two (2) Business Days prior to the Closing Date. 

   

    

  3.          Representations and Warranties of the Company.  The Company hereby represents and warrants, as of the date hereof and as of the Closing Date, to the Purchaser as follows:

   

    

  3.1          Organization and Power. The Company and each of its Subsidiaries have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of
      organization, are duly qualified to do business and are in good standing in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and
      authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified or in good standing or have such power or authority would not, individually or in the
      aggregate, have a Material Adverse Effect.

   

        

  3.2          Authorization.  The Company has full right, power and authority to execute and deliver
      this Agreement and the Certificate of Designation, and to perform its obligations hereunder and thereunder, and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement and the Certificate
      of Designation and the due and proper authorization of the consummation by it of the transactions contemplated hereby and thereby has been duly and validly taken.  This Agreement has been duly authorized, executed and delivered by the Company and,
      assuming due execution and delivery by the Purchaser, this Agreement constitutes, and (as of the Closing) the Certificate of Designation will constitute, a valid and binding agreement of the Company enforceable against the Company in accordance with
      its terms, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar Laws of general applicability relating to or affecting creditors’ rights and to general equity principles (the “Bankruptcy and Equity Exception”).

   

        

  3.3          The Subject Shares. The Subject Shares have been duly authorized and, when issued in accordance with
      the terms of this Agreement, will be validly issued, fully paid and non-assessable, and the issuance of the Subject Shares will not be subject to any preemptive or similar rights. Upon any conversion of the Subject Shares  into shares of Common Stock
      pursuant to the Certificate of Designation, the shares of Common Stock issued upon such conversion will be validly issued, fully paid and non-assessable, and will not be subject to any preemptive or similar rights. The shares of Common Stock to be
      issued upon any conversion of the Subject Shares into shares of Common Stock have been duly reserved for such issuance.

  
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  3.4          Capitalization. The Company has the following authorized capitalization: 110,000,000 shares of Common
      Stock and 40,000,000 shares of preferred stock, par value $0.001 per share; all the outstanding shares of capital stock of the Company have been duly and validly authorized and issued and are fully paid and non-assessable and are not subject to any
      pre-emptive or similar rights; there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or options to acquire, or instruments
      convertible into or exchangeable for, any shares of capital stock or other equity interest in the Company or any of its Subsidiaries, or any contract, commitment, agreement, understanding or arrangement of any kind relating to the issuance of any
      capital stock of the Company or any such subsidiary, any such convertible or exchangeable securities or any such rights, warrants or options, except as disclosed in the SEC Reports; and all the outstanding shares of capital stock or other equity
      interests of each subsidiary owned, directly or indirectly, by the Company have been duly and validly authorized and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge,
      encumbrance, security interest, restriction on voting or transfer or any other claim of any third party.

   

        

  3.5          No Conflict.  The execution, delivery and performance by the Company of this Agreement, and the
      consummation of the transactions contemplated by this Agreement will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien,
      charge or encumbrance upon any property or assets of the Company or any of its Subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a
      party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject, (ii) result in any violation of the provisions of the charter or by-laws (including estatutos sociales and estatutos sociais) or
      similar constitutive or organizational documents of the Company or any of its Subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory
      authority.

   

        

  3.6          Consents.  No consent, approval, authorization, order, registration or qualification of or with (any
      of the foregoing being a “Consent”),  any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance
      by the Company of this Agreement, the sale of the Subject Shares and the consummation of the transactions contemplated by this Agreement, except for such consents, approvals, authorizations, orders and registrations or qualifications as may have been
      obtained under the Securities Act and such as may be required under applicable state securities laws in connection with the issuance of Subject Shares.

   

    

  3.7          SEC Documents; Financial Statements.

   

    

  (a)  Each of the documents filed by the Company with the SEC (the “SEC Documents”) since January 1, 2018, as of its respective filing date, complied in all material respects with the requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and
      regulations of the SEC promulgated thereunder applicable to such SEC Document, and, except to the extent that information contained in any SEC Document has been revised or superseded by a later filed SEC Document filed and publicly available prior to
      the date of this Agreement (including the Preliminary Prospectus Supplement to be filed pursuant to Rule 424(b) on the date hereof), none of the SEC Documents contained any untrue statement of a material fact or omitted to state a material fact
      required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

   

    

  (b)  The consolidated financial statements and the related notes thereto of the Company and its consolidated Subsidiaries
      included or incorporated by reference in the SEC Reports present fairly the financial position of the Company and its consolidated Subsidiaries as of the dates indicated and the results of their operations and the changes in their cash flows for the
      periods specified.  Such consolidated financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods covered thereby; and the other financial information included or incorporated by reference in
      the SEC Reports has been derived from the accounting records of the Company and its consolidated Subsidiaries and presents fairly the information shown thereby.

  
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  3.8          Litigation.  There are no legal, governmental or regulatory investigations, actions, suits or
      proceedings pending to which the Company or any of its Subsidiaries is or may be a party or to which any property of the Company or any of its Subsidiaries is or may be the subject that, individually or in the aggregate, if determined adversely to
      the Company or any of its Subsidiaries, could reasonably be expected to have a Material Adverse Effect. No such investigations, actions, suits or proceedings are, to the knowledge of the Company, threatened or contemplated by any governmental or
      regulatory authority or threatened by others.

   

        

  3.9          Title to Properties.  The Company and its Subsidiaries have good and marketable title in fee simple
      (in the case of real property) to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of the Company and its Subsidiaries, in each case free and clear of all liens,
      encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of such property by the Company and its Subsidiaries or (ii) could not reasonably be expected,
      individually or in the aggregate, to have a Material Adverse Effect.

   

    

  3.10          Intellectual Property.
      Except as disclosed in the SEC Reports: (i) the Company and its Subsidiaries own or possess adequate rights to use all material uniform resource locators (URLs), patents, patent applications, trademarks, service marks, trade names, trademark
      registrations, service mark registrations, copyrights, licenses, inventions and know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems or procedures) material for the conduct of
      their respective businesses as they are currently conducted (collectively, “Intellectual Property”); (ii) there are no third parties who have established or,
      to the Company’s knowledge, will be able to establish rights to any Intellectual Property, except for, and to the extent of, the ownership rights of the owners of the Intellectual Property which the SEC Reports disclose is licensed to the Company;
      (iii) to the Company’s knowledge, there is no infringement by third parties of any Intellectual Property; (iv) to the Company’s knowledge, there is no pending or threatened action, suit, proceeding or claim by others challenging the Company’s or its
      Subsidiaries’ rights in or to any Intellectual Property, and the Company or any of its Subsidiaries is unaware of any facts which could form a reasonable basis for any such action, suit, proceeding or claim; (v) to the Company’s knowledge, there is
      no pending or threatened action, suit, proceeding or claim by others challenging the validity, enforceability or scope of any Intellectual Property, and the Company or any of its Subsidiaries is unaware of any facts which could form a reasonable
      basis for any such action, suit, proceeding or claim; (vi) to the Company’s knowledge, there is no pending or threatened action, suit, proceeding or claim by others that the Company or any of its Subsidiaries infringes, misappropriates or otherwise
      violates any patent, trademark, trade name, service mark, copyright, trade secret or other proprietary rights of others, and the Company or any of its Subsidiaries is unaware of any facts which could form a reasonable basis for any such action, suit,
      proceeding or claim; (vii) to the best of the Company’s knowledge, the Company and its Subsidiaries have complied in all material respects with the terms of any agreement pursuant to which Intellectual Property has been licensed to the Company or any
      of its Subsidiaries, and all such agreements that are material for the conduct of their respective businesses as they are currently conducted are in full force and effect; and (viii) to the best of the Company’s knowledge, there is no patent or
      patent application that contains claims that interfere with the issued or pending claims of any of the Intellectual Property or that challenges the validity, enforceability or scope of any of the Intellectual Property except, in each case, as would
      not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

  
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  3.11          Information Technology.  The Company and its Subsidiaries’ information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and
      databases (collectively, “IT Systems”) are adequate for, and operate and perform in all material respects as required in connection with the operation of the
      business of the Company and its subsidiaries as currently conducted, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants, to the best of the Company’s knowledge.  The Company and its
      subsidiaries have implemented and maintained commercially reasonable controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of
      all IT Systems and data (including all personal, personally identifiable, sensitive, confidential or regulated data (“Personal Data”)) used in connection with
      their businesses, and to the best of the Company’s knowledge, there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to
      notify any other person, nor any incidents under internal review or investigations relating to the same. The Company and its subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and
      regulations of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal
      Data from unauthorized use, access, misappropriation or modification.

   

    

  3.12          No Undisclosed Relationships. To the Company’s knowledge, no relationship, direct or indirect, exists between or among the Company or any of its Subsidiaries, on the one hand, and the
      directors, officers, stockholders, customers or suppliers of the Company or any of its Subsidiaries, on the other, that is required by the Securities Act to be described in a registration statement to be filed with the SEC and that is not so
      described in the SEC Reports.

   

        

  3.13          Permits.  The Company and its Subsidiaries possess all licenses, certificates, permits and other authorizations issued by, and have made all declarations and filings with, the
      appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses, except where the failure to possess or
      make the same would not, individually or in the aggregate, have a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or
      authorization or has any reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course.

   

        

  3.14          No Labor Disputes. Neither the Company nor any of its Subsidiaries is engaged in any illegal labor practice, except as would not, individually or in the aggregate, have a Material
      Adverse Effect. No labor disturbance by or dispute with employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is contemplated or threatened and the Company is not aware of any existing or imminent labor
      disturbance by, or dispute with, the employees of any of its or its Subsidiaries’ principal suppliers, contractors or customers, except as would not, individually or in the aggregate, have a Material Adverse Effect.

   

        

  3.15          Environmental Compliance.  (i) The Company and its Subsidiaries (x) are in compliance with any and
      all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or
      contaminants (collectively, “Environmental Laws”), (y) have received and are in compliance with all permits, licenses, certificates or other authorizations or
      approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (z) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous
      or toxic substances or wastes, pollutants or contaminants, and (ii) there are no costs or liabilities associated with Environmental Laws of or relating to the Company or its Subsidiaries, except in the case of each of (x) and (y) above, for any such
      failure to comply, or failure to receive required permits, licenses or approvals, or cost or liability as would not, individually or in the aggregate, have a Material Adverse Effect.

  
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  3.16          Taxes. The Company and its Subsidiaries have paid all material federal, state, local and non-U.S. Taxes and filed all material Tax returns required to be paid or filed through the
      date hereof except for any Taxes (i) for which an extension has been obtained or (ii) which are being contested in good faith and by appropriate proceedings (provided adequate reserves have been provided for such Taxes). There is no material Tax
      deficiency that has been, or could reasonably be expected to be, asserted against the Company or any of its Subsidiaries or any of their respective properties or assets.

   

        

  3.17          Insurance. The Company and its Subsidiaries have insurance against such losses and risks as the Company reasonably believes is prudent for companies engaged in similar business in
      similar industries; all policies of insurance insuring the Company or any of its Subsidiaries or their respective businesses, assets, directors and officers and employees are in full force and effect; the Company and its Subsidiaries are in
      compliance with the terms of such policies and instruments; there are no claims by the Company or any of its Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of
      rights clause; neither the Company nor any such Subsidiary has been refused any insurance coverage sought or applied for; and neither the Company nor any of its Subsidiaries has (i) received notice from any insurer or agent of such insurer that
      capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or
      to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business except, in each case, as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

   

        

  3.18          No Unlawful Payments. Neither the Company nor any of its Subsidiaries, nor any director, officer or employee of the Company or any of its Subsidiaries nor, to the
      knowledge of the Company, any agent, affiliate or other person associated with or acting on behalf of the Company or any of its Subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense
      relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any
      government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii)
      violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended (“FCPA”) or any applicable law or regulation implementing
      the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any
      unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Company and its Subsidiaries have instituted, maintain and enforce,
      policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws. Neither the Company nor its Subsidiaries will use, directly or indirectly, the proceeds of the offering of the Shares
      hereunder in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any person in violation of any applicable anti-corruption laws.

   

        

  3.19          Compliance with Anti-Money Laundering Laws.  The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial
      recordkeeping and reporting requirements, including those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the applicable money laundering statutes of all jurisdictions where the Company or any of its Subsidiaries conducts
      business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the
      Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

  
    9

    
      

  

  3.20          No Conflicts with Sanctions Laws. Neither the Company nor any of its Subsidiaries, directors, officers or employees, nor, to the knowledge of the Company, any agent, affiliate or
      other person associated with or acting on behalf of the Company or any of its Subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign
      Assets Control of the U.S. Department of the Treasury (“OFAC”) or the U.S. Department of State and including, without limitation, the designation as a
      “specially designated national” or “blocked person”), the United Nations Security Council (“UNSC”), the European Union, Her Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”),

      nor is the Company or any of its Subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, Crimea, Cuba, Iran, North Korea and Syria (each, a “Sanctioned Country”) provided, however, notwithstanding the above, the Company maintains Subsidiaries in Venezuela; and the Company will not directly or indirectly use the proceeds of the offering of the Subject
      Shares, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person that, at the time of such funding or
      facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person of Sanctions. For the past five years,
      the Company and its Subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with
      any Sanctioned Country.

   

        

  3.21          No Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale,
      solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Subject Shares in a manner that would require registration of the Subject Shares under
      the Securities Act.

   

    

  3.22          No General Solicitation or
          Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on its or their behalf has solicited offers for, or offered or sold, the Subject Shares by means of any form of general solicitation or
      general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act.

   

    

  3.23          Securities Law Exemptions.
      Assuming the accuracy of the representations and warranties of the Purchaser, it the issuance and sale of the Subject Shares to the Purchaser is exempt from the registration and prospectus delivery requirement of the Securities Act and the rules and
      regulations promulgated thereunder.

   

    

  3.24          Absence of Certain Changes. 

      Since December 31, 2018, (i) there has not been any material change in the capital stock, long-term debt, notes payable or current portion of long-term debt of the Company or any of its Subsidiaries, or any dividend or distribution of any kind
      declared, set aside for payment, paid or made by the Company on any class of capital stock, or any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, management,
      financial position, stockholders’ equity, results of operations or prospects of the Company and its Subsidiaries taken as a whole and (ii) neither the Company nor any of its Subsidiaries has entered into any transaction or agreement that is material
      to the Company and its Subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent, that is material to the Company and its Subsidiaries taken as a whole.

  
    10

    
      

  

  3.25          No Defaults. 
      Neither the Company nor any of its Subsidiaries is: (i) in violation of its charter or by-laws (including estatutos sociales and estatutos sociais) or similar constitutive or organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time
      or both, would constitute such a default, in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its
      Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order,
      rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse
      Effect.

   

                

  3.26          Brokers.  The
      Company has not retained, utilized or been represented by any broker or finder in connection with the transactions contemplated by this Agreement whose fees the Purchaser could be required to pay.

   

        

  3.27          NASDAQ. Shares
      of the Common Stock are registered pursuant to Section 12(b) of the Exchange Act and are listed on NASDAQ, and there is no action pending by the Company or any other Person to terminate the registration of the Common Stock under the Exchange Act or
      to delist the Common Stock from NASDAQ, nor has the Company received any notification that the SEC or NASDAQ is currently contemplating terminating such registration or listing. The issuance and sale of the Subject Shares does not and will not
      contravene NASDAQ rules or regulations.

   

        

  3.28          US Activities.
      The fair market value of the assets of the Company and its Subsidiaries located in the United States do not exceed $90,000,000 in the aggregate. During the year ended December 31, 2018, the aggregate sales by the Company and its Subsidiaries in, or
      into, the United States did not exceed $90,000,000 in the aggregate.

   

        

  3.29          Other Private Placement.
      The terms of the Concurrent Private Placement have not been amended or modified.  The terms of any private placement for any series of common stock and other class of capital stock or series of preferred stock of the Company entered into on or prior
      to the Closing Date are no more favorable than the terms provided to the Purchaser under this Agreement and the Series A Preferred Stock received pursuant hereto.

   

    

  3.30          No Other Representations and Warranties. Except for the representations and warranties contained in Section 3 and any schedules or certificates delivered in connection herewith, the
      Company makes no other representation or warranty, express or implied, written or oral, and hereby, to the maximum extent permitted by applicable Law, disclaims any such representation or warranty, whether by the Company or any other Person, with
      respect to the Company or with respect to any other information (including, without limitation, pro forma financial information, financial projections or other forward-looking statements) provided to or made available to the Purchaser or any of its
      Representatives in connection with the transactions contemplated hereby. Notwithstanding anything to the contrary herein, nothing in this Agreement shall limit the right of the Purchaser and its Affiliates to rely on the representations, warranties,
      covenants and agreements expressly set forth in this Agreement or in any certificate delivered pursuant hereto, nor will anything in this Agreement operate to limit any claim by the Purchaser or any of its Affiliates for fraud.

  
    11

    
      

  

  4.          Representations and Warranties of
          the Purchaser.  The Purchaser hereby represents and warrants, as of the date hereof and as of the Closing Date, to the Company as follows:

   

        

  4.1          Organization.  The
      Purchaser is a legal entity duly organized, validly existing and in good standing under the Laws of the jurisdiction of its organization.

   

        

  4.2          Authorization. 
      The Purchaser has full right, power and authority to execute and deliver this Agreement and to perform its obligations hereunder and all action required to be taken for the due and proper authorization, execution and delivery by it of this Agreement
      and the due and proper authorization of the consummation by it of the transactions contemplated thereby has been duly and validly taken and, assuming due execution and delivery by the Company, constitutes a valid and binding agreement of such
      Purchaser enforceable against such Purchase in accordance with its terms, subject to the Bankruptcy and Equity Exception.

   

        

  4.3          No Conflict. 
      The execution, delivery and performance of this Agreement by the Purchaser, and the consummation of the transactions contemplated hereby do not and will not (i) result in any violation of the provisions of the charter or by-laws or similar
      constitutive or organizational documents of the Purchaser or (ii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of each
      of clauses (i) and (ii), as would not, individually or in the aggregate, reasonably be expected to materially delay or hinder the ability of the Purchaser to perform its obligations under this Agreement (a “Purchaser Adverse Effect”).

   

        

  4.4          Consents.  No
      Consent of any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Purchaser in connection with (i) the execution, delivery or performance of this Agreement and (ii) the
      consummation of the transactions contemplated hereby, except for such consents, approvals, authorizations, orders and registrations or qualifications as may have been obtained under the Securities Act and such as may be required under applicable
      state securities laws in connection with the issuance of the Subject Shares and such Consents the failure of which to make or obtain would not, individually or in the aggregate, reasonably be expected to have a Purchaser Adverse Effect.

   

        

  4.5          Brokers.  The
      Purchaser has not retained, utilized or been represented by any broker or finder in connection with the transactions contemplated by this Agreement whose fees the Company could be required to pay.

   

        

  4.6          Purchase Entirely
          for Own Account.  The Purchaser is acquiring the Subject Shares for its own account solely for the purpose of investment, not as nominee or agent, and not with a view to, or for sale in connection with, any distribution of the Subject
      Shares in violation of the Securities Act, and the Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same, in violation of the Securities Act without prejudice, however, to such Purchaser’s
      right at all times to sell or otherwise dispose of all or an part of the Subject Shares subject to applicable federal and state securities laws and to the restrictions set forth herein.  The Purchaser has no present agreement, undertaking,
      arrangement, obligation or commitment providing for the disposition of the Subject Shares.

   

        

  4.7          Investor Status.  The Purchaser certifies and represents to the Company that it is an “accredited investor”
      as defined in Rule 501 of Regulation D promulgated under the Securities Act.

   

    

  4.8          Information. The Purchaser and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the
      offer and sale of the Subject Shares that have been requested by it. The Purchaser and its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other due diligence investigations
      conducted by the Purchaser or its advisors, if any, or its representatives shall modify, amend or affect the Purchaser’s right to rely on the Company’s representations and warranties contained herein. The Purchaser understands that its investment in
      the Subject Shares involves a high degree of risk. The Purchaser has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Subject Shares.

  
    12

    
      

  

  4.9          Securities Not Registered.

   

    

  (a)          The Purchaser understands
      that none of the Subject Shares have been approved or disapproved by the SEC or by any state securities commission nor have the Subject Shares been registered under the Securities Act, by reason of their issuance by the Company in a transaction
      exempt from the registration requirements of the Securities Act, and that the Subject Shares being acquired by the Purchaser are “restricted securities” under applicable federal securities laws and must continue to be held by the Purchaser unless a
      subsequent disposition thereof is registered under the Securities Act or is exempt from such registration. Such Purchaser agrees: (A) that the Purchaser will not sell, assign, pledge, give, transfer or otherwise dispose of the Subject Shares or any
      interest therein, or make any offer or attempt to do any of the foregoing, except pursuant to a registration of the Subject Shares under the Securities Act and all applicable state or local securities laws, or in a transaction that is exempt from the
      registration provisions of the Securities Act and all applicable state or local securities laws, (B) that any certificates representing the Subject Shares will bear a legend making reference to the foregoing restrictions and (C) that the Company
      shall not be required to give effect to any purported transfer of the Subject Shares except upon compliance with the foregoing restrictions.

   

    

  (b)          The Purchaser understands
      that the Subject Shares shall be subject to the restrictions contained herein.

   

    

  (c)          The Purchaser understands
      that the Subject Shares, and any securities issued in respect thereof or in exchange therefor, will bear one or all of the legends set forth in the Certificate of Designation.

   

        

  4.10          Financing.  The Purchaser has, or by the Closing will have, an amount of cash sufficient to enable it to consummate the transactions contemplated hereunder on the terms and conditions
      set forth in this Agreement.

   

        

  4.11          Non-Reliance. 
      Neither the Purchaser nor any of its Representatives has relied or is relying on any representation or warranty, express or implied, written or oral, made by the Company or any of its Representatives, except those representations and warranties
      expressly set forth in Section 3 or in any schedule or certificate
      delivered in connection herewith.  Neither the Company nor any of its Representatives will have or be subject to any liability or indemnification obligation to the Purchaser or any other Person resulting from any other express or implied
      representation or warranty with respect to the Company, unless any such information is expressly included in a representation or warranty contained in Section 3 or in any schedule or certificate delivered in connection herewith.

   

    

  5.          Covenants.

   

    

  5.1          Shares of Common Stock Issuable Upon Conversion. From and after the Closing, the Company shall at all times have authorized and available for issuance such number of shares of Common
      Stock as shall be from time to time sufficient to satisfy the conversion requirements in full of all the outstanding Subject Shares into Conversion Shares, including as may be adjusted for share splits, combinations or other similar transactions as
      of any date of determination. All shares of Common Stock delivered upon conversion of the Subject Shares shall be newly issued shares or shares held in treasury by the Company, shall have been duly and validly authorized and issued and fully paid and
      non-assessable and shall not be subject to any pre-emptive or similar rights.

  
    13

    
      

  

  5.2          Rule 144 Reporting.  With a view to making available the benefits of certain rules and regulations of the SEC that may permit the sale of the Subject Shares to the public without
      registration, the Company agrees to use its reasonable best efforts to:

   

    

  (a)          make and keep public
      information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities Act (or any similar provision then in effect), at all times from and after the Closing Date;

   

    

  (b)          file with the SEC in a timely
      manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the Closing Date; and

   

    

  (c)          furnish (i) to the extent
      accurate, forthwith upon request, a written statement of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act (or any similar provision then in effect) and (ii) unless otherwise available via the SEC’s
      EDGAR filing system, to the Purchaser forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as the Purchaser may reasonably request in availing itself of any rule or
      regulation of the SEC allowing the Purchaser to sell any such securities without registration.

   

    

  5.3          Trading of Company Securities.  During the periods between the date hereof and the Closing, neither the Purchaser nor any of its Affiliates shall sell short any securities of the Company
      or derivatives thereof.

   

    

  5.4          Lock-Up.

   

    

  (a)           Without the prior written
      consent of the Company, the Purchaser agrees that it shall not Transfer any of the Subject Shares prior to the date that is one year after the Closing Date.

   

    

  (b)          Notwithstanding anything to
      the contrary contained in this Section 5.4, the Purchaser may, at any time, transfer any or all of the Subject Shares to one or more of its Affiliates.

   

    

  (c)          Without the prior written
      consent of the Company, the Purchaser agrees that it shall not, prior to the date that is one year after the Closing Date, directly or indirectly engage in any short sales or other derivative or hedging transactions with respect to the shares of
      Series A Preferred Stock or Common Stock that are designed to, or that might reasonably be expected to, result in the transfer to another Person, in whole or in part, any of the economic consequences of ownership of any shares of Series A Preferred
      Stock.

   

    

  (d)          Notwithstanding anything to
      the contrary contained in this Section 5.4:

   

    

  (i)          The
      Purchaser shall not knowingly Transfer, in any single Transfer or a series of related Transfers, its shares of Series A Preferred Stock to a Person or group of Persons if such Transfer would result in such Person or group (including any Affiliates of
      such Person or Persons) having aggregate beneficial ownership of five percent (5%) or more of the outstanding Common Stock of the Company, except in connection with a broad underwritten offering;

  
    14

    
      

  

  (ii)          The
      Purchaser may make a bona fide pledge of any or all of its Series A Preferred Stock in connection with a bona fide loan or other extension of credit, and any foreclosure by any pledgee under such loan or extension of credit on any such pledged Series
      A Preferred Stock or Common Stock (or any sale thereof) shall not be considered a violation or breach of this Section 5.4, and the transfer of the Series A
      Preferred Stock by a pledgee who has foreclosed on such loan or extension of credit shall not be considered a violation or breach of this  Section 5.4.

   

    

  (iii)          In no way
      does this Section 5.4 prohibit or restrict (i) changes in the composition of the Purchaser or its direct or indirect partners, members or other equityholders,
      so long as such changes in composition only relate to changes in direct or indirect ownership of the Purchaser among the Purchaser, its Affiliates and the partners, members or other equityholders that indirectly own the Purchaser or (ii) any Transfer
      or change of ownership of interests of or in any Person whose primary assets are not direct or indirect beneficial ownership interests in the Series A Preferred Stock.

   

      

  5.5          Negative Covenants. From the date hereof until the Closing Date, the Company and its Subsidiaries shall use their reasonable best efforts to operate their businesses in the ordinary course, and,
      without the prior written consent of the Purchaser (which consent shall not be unreasonably withheld, conditioned or delayed), shall not, other than with respect to the Concurrent Private Placement and the Concurrent Public Offering effect any
      transaction that would have resulted in an adjustment to the Conversion Price (as defined in the Certificate of Designation) pursuant to Section 6 of the Certificate of Designation if the Subject Shares had been issued since the date hereof.

   

        

  5.6          Cooperation. 
      Following the date hereof, the Company and the Purchaser will use reasonable best efforts in good faith to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary under applicable laws so as to permit
      consummation of the transactions contemplated hereby as promptly as practicable and otherwise to enable consummation of the transactions contemplated hereby and shall cooperate reasonably with the other party hereto to that end, including in relation
      to the satisfaction of the conditions to Closing and cooperating in seeking to obtain any consent required from Governmental Entities.  The Company shall execute and deliver both before and after the Closing such further certificates, agreements and
      other documents and take such other actions as the Purchaser may reasonably request to consummate or implement such transactions or to evidence such events or matters.

   

    

  6.          Conditions Precedent.

   

        

  6.1          Mutual Conditions of Closing. 

      The obligations of the Company and the Purchaser to consummate the transactions to be consummated at the Closing is subject to the satisfaction, or mutual written waiver, of the following conditions precedent:

   

    

  (a)          There shall not be any Law or
      Governmental Order in effect that enjoins, prohibits or materially alters the terms of the transactions contemplated by this Agreement, and no action, suit, investigation or proceeding pending by a Governmental Authority of competent jurisdiction
      that seeks such a Governmental Order; provided, that the party claiming a failure of this condition shall have used its reasonable best effort to prevent the entry of any Governmental Order on which it is basing such claim and to appeal as promptly
      as possible any such Governmental Order that may be entered.

  
    15

    
      

  

  6.2          Conditions to the Obligation of
          the Purchaser to Consummate the Closing.  The obligation of the Purchaser to consummate the transactions to be consummated at the Closing, and to purchase and pay for the Subject Shares pursuant to this Agreement, is subject to the
      satisfaction, or written waiver in writing by the Purchaser, of the following conditions precedent:

   

    

  (a)          The Company shall have
      adopted and filed the Certificate of Designation with the Secretary of State of Delaware, and the Certificate of Designation shall be in full force and effect;

   

    

  (b)          the Company shall have
      performed and complied in all material respects with all of the covenants and agreements contained in this Agreement that are required to be performed or complied with by it on or prior to the Closing Date;

   

    

  (c)          the representations and
      warranties of the Company contained in this Agreement shall be true and correct in all material respects (other than those representations and warranties contained in Sections

        3.1, 3.2, 3.3, 3.23 and 3.26,
      which shall be true and correct in all respects) as of the Closing Date (except in the case of representations and warranties that are made as of a specified date, which shall be true and correct in all respects as of such specified date);

   

    

  (d)          the Company shall have
      consummated the Concurrent Public Offering resulting in gross proceeds to the Company of at least $500,000,000;

   

    

  (e)          the Company shall have
      consummated the Concurrent Private Placement;

   

    

  (f)          the Company shall have
      delivered to the Purchaser a certificate, dated the Closing Date and executed by a duly authorized officer, to the effect that the conditions set forth in Sections
          6.2(b), (c), (d) and (e) have been satisfied; and

   

    

  (g)          the Purchaser shall have
      received an opinion from Cleary Gottlieb Steen & Hamilton LLP, counsel to the Company, dated the Closing Date and satisfactory in form and substance to counsel for the Purchaser.

   

        

  6.3          Conditions to the Obligation of
          the Company to Consummate the Closing.  The obligation of the Company to consummate the transactions to be consummated at the Closing, and to issue and sell to the Purchaser the Subject Shares pursuant to this Agreement, is subject to
      the satisfaction of the following conditions precedent:

   

    

  (a)          the Purchaser shall have
      performed and complied in all material respects with all of the covenants and agreements contained in this Agreement that are required to be performed or complied with by it on or prior to the Closing Dates; and

   

    

  (b)          the representations and
      warranties of the Purchaser contained in this Agreement shall be true and correct in all material respects (other than those representations and warranties contained in Sections

        4.1, 4.2 and 4.5 which shall be true and correct in all respects) as of the Closing Date (except in the case of representations and warranties that are made as of a specified date, which shall be true
      and correct in all respects as of such specified date); and

   

    

  (c)          the Purchaser shall have
      delivered to the Company a certificate, dated the Closing Date and executed by a duly authorized officer, to the effect that the conditions set forth in Sections 6.3(a) and (b) have been satisfied.

  
    16

    
      

  

  7.          Legends; Securities Act Compliance. 

      The Subject Shares or the notice sent to any holder of the Subject Shares in book-entry form will bear a legend conspicuously thereon as provided in the Certificate of Designation.

   

    

  8.          Termination. 

   

        

  8.1          Conditions of Termination. 

      Notwithstanding anything to the contrary contained herein, this Agreement may be terminated: (a) at any time before the Closing by either the Company, on the one hand, or the Purchaser, on the other hand, if any of the conditions to Closing to which
      such party is entitled to the benefit of shall have become permanently incapable of fulfillment and shall not have been waived in writing (to the extent permitted by applicable Law); or (b) at any time after the date that is 30 days after the date of
      this Agreement by either the Company, on the one hand, or the Purchaser, on the other hand, if the Closing shall not have occurred on or before such date; provided,
      however, that the right to terminate this Agreement pursuant to the preceding clause (a) or clause (b) shall not be available to a party if the inability to
      satisfy any of the conditions to Closing was due primarily to the failure of such party to perform any of its obligations under this Agreement.

   

        

  8.2          Effect of Termination. 

      In the event of any termination pursuant to Section 8.1, this Agreement
      shall become null and void and have no further effect, with no liability on the part of the Company or the Purchaser, or their respective Affiliates or Representatives, with respect to this Agreement, except (a) for the terms of this Section 8.2 and Section 9, which shall survive the termination of this Agreement, and (b) that nothing in this Section 8.2 shall relieve any party hereto from liability or damages incurred or suffered by any other
      party resulting from any intentional (x) breach of any representation or warranty of such first party or (y) failure of such first party to perform a covenant thereof.  As used in the foregoing sentence, “intentional” shall mean an act or omission by
      such party which such party actually knew, or reasonably should have known, would constitute a breach of this Agreement by such party.

   

    

  9.          Miscellaneous Provisions.

   

        

  9.1          Survival.  The
      representations and warranties set forth in Sections 3.1, 3.2, 3.5, 3.6, 4.1, 4.2 and 4.3 shall survive the execution and delivery of this Agreement and the Closing indefinitely and the other representations and warranties contained in this Agreement
      shall survive the execution and delivery of this Agreement and the Closing for a period of 18 months following the Closing Date, regardless of any investigation made by or on behalf of the Company or the Purchaser.  The covenants made in this
      Agreement and the Certificate of Designation shall survive the Closing indefinitely until fully performed in accordance with their terms and remain operative and in full force and effect in accordance with their terms regardless of acceptance of any
      of the Subject Shares and payment therefor and repayment, conversion or repurchase thereof.

   

        

  9.2          Interpretation.  The
      term “or” when used in this Agreement is not exclusive.  The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement will refer to this Agreement as a whole and not to any particular provision of this
      Agreement, and section and subsection references are to this Agreement unless otherwise specified.  The headings in this Agreement are included for convenience of reference only and will not limit or otherwise affect the meaning or interpretation of
      this Agreement.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they will be deemed to be followed by the words “without limitation.” The phrases “the date of this Agreement,” “the date hereof” and terms of
      similar import, unless the context otherwise requires, will be deemed to refer to the date set forth in the first paragraph of this Agreement.  The meanings given to terms defined herein will be equally applicable to both the singular and plural
      forms of such terms.  All matters to be agreed to by any party hereto must be agreed to in writing by such party unless otherwise indicated herein.  Except as otherwise specified herein, references to agreements, policies, standards, guidelines or
      instruments, or to statutes or regulations, are to such agreements, policies, standards, guidelines or instruments, or statutes or regulations, as amended or supplemented from time to time (or to successors thereto).  All references herein to the
      Subsidiaries of a Person shall be deemed to include all direct and indirect Subsidiaries of such Person, unless otherwise indicated or the context otherwise requires.  The parties hereto agree that they have been represented by counsel during the
      negotiation and execution of this Agreement and the Certificate of Designation, therefore, waive the application of any Law, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the
      party drafting such agreement or document.

  
    17

    
      

  

  9.3          Notices.  All notices,
      requests, consents, and other communications under this Agreement shall be in writing and shall be deemed delivered (a) three Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid, (b) one Business
      Day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery or (c) on the date of delivery if delivered personally or via e-mail, in each case to the intended recipient as set forth below:

    

    

  	 	 	 if to the Company, addressed as follows: 
          
	 (a)  

        	 	 	 
	 	 	
          MercadoLibre, Inc.

           Arias 3751, 7th Floor

           Buenos Aires, C1430CRG

        
	 	 	 Attention: 

          	Jacobo Cohen Imach
	 	 	 	Gabriela Colombo
	 	 	 Email:	jcimach@mercadolibre.com
	 	 	 	gabriela.colombo@mercadolibre.com
	 	 	 	 
	 	 	 with copies (which shall not constitute notice) to:
	 	 	 	 
	 	 	
          Cleary Gottlieb Steen and Hamilton LLP

           One Liberty Plaza

           New York, NY 10006

        
	 	 	Attention: 

        	Nicolas Grabar
	 	 	 	Andrea Basham
	 	 	Email: 

            	ngrabar@cgsh.com
	 	 	 	abasham@cgsh.com
	 	 	 	 
	(b)   

        	 	if to the Purchaser, to:
	 	 	 	 
	 	 	
          Merlin DF Holdings, LP

           1 Letterman Drive, Building D,Suite M500 

          San Francisco, CA  94129

        
	 	 	Attention: 

          	Pat Robertson
	 	 	Email: 

          	pat@dragoneer.com
	 	 	 	 
	 	 	with copies (which shall not constitute notice) to:
	 	 	 	 
	 	 	
          Latham & Watkins LLP 

           885 Third Avenue 

           New York, NY 10022

        
	 	 	Attention:	Gregory P. Rodgers
	 	 	Email: 

        	grodgers@lw.com

  
    18

    
      

  

  Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice in the manner set
    forth in this Section 9.3.
   

    

  9.4          Severability.  In the
      event that any provision of this Agreement, or the application thereof, becomes or is declared by a court of competent jurisdiction to be illegal, void or unenforceable, the remainder of this Agreement will continue in full force and effect and the
      application of such provision to other persons or circumstances will be interpreted so as reasonably to effect the intent of the parties hereto.  The parties further agree to replace such void or unenforceable provision of this Agreement with a valid
      and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.

   

    

  9.5          Governing Law; Jurisdiction; WAIVER OF JURY TRIAL.

   

    

  (a)          This Agreement will be
      governed by and construed in accordance with the laws of the State of New York (except to the extent that mandatory provisions of Delaware law are applicable).  The parties hereby irrevocably and unconditionally consent to submit to the exclusive
      jurisdiction state and federal courts located in the Borough of Manhattan, State of New York for any actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated hereby.  Process in any such action,
      suit or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party as provided in Section 9.3 shall be deemed effective service of process on such party

   

    

  (b)          EACH OF THE PARTIES HERETO
      HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PURCHASER OR THE COMPANY IN THE
      NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT HEREOF.

   

        

  9.6          Delays or Omissions; Waiver. 

      No delay or omission to exercise any right, power, or remedy accruing to a party upon any breach or default of another party under this Agreement shall impair any such right, power, or remedy of such party, nor shall it be construed to be a waiver of
      any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter
      occurring.  No waiver of any term, provision or condition of this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be, or be construed as, a further or continuing waiver of any such term, provision or
      condition or as a waiver of any other term, provision or condition of this Agreement.  Any agreement on the part of a party or parties hereto to any waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party or
      parties, as applicable.  Any delay in exercising any right under this Agreement shall not constitute a waiver of such right.

  
    19

    
      

  

  9.7          Specific Performance.
      The parties hereto agree that the obligations imposed on them in this Agreement are special, unique and of an extraordinary character, and that irreparable damages for which money damages, even if available, would not be an adequate remedy, would
      occur in the event that the parties hereto do not perform the provisions of this Agreement in accordance with its specified terms or otherwise breach such provisions. The parties hereto acknowledge and agree that the parties shall be entitled to an
      injunction, specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled, at law or in equity;
      and the parties hereto further agree to waive any requirement for the securing or posting of any bond or other security in connection with the obtaining of any such injunctive or other equitable relief. Each of the parties hereto agrees that it will
      not oppose the granting of an injunction, specific performance and other equitable relief as provided herein on the basis that (x) any party has an adequate remedy at law or (y) an award of specific performance is not an appropriate remedy for any
      reason at law or equity.

   

    

  9.8          Fees; Expenses.  All fees and expenses incurred in connection with this Agreement and the Certificate of Designation and the transactions contemplated hereby and thereby shall be paid by
      the party incurring them, whether or not the transactions contemplated hereby and thereby are consummated.

   

        

  9.9          Assignment.  (i) The
      Purchaser may not assign its rights or obligations under this Agreement without the prior written consent of the Company and (ii) the Company may not assign its rights or obligations under this Agreement without the prior written consent of the
      Purchaser.  Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties to this Agreement and their respective successors and permitted assigns.  Any purported assignment other
      than in compliance with the terms hereof shall be void ab initio.

   

        

  9.10          No Third Party Beneficiaries. 

      This Agreement does not create any rights, claims or benefits inuring to any Person that is not a party hereto nor create or establish any third party beneficiary hereto.  Without limiting the foregoing, the representations and warranties in this
      Agreement are the product of negotiations among the parties hereto and are for the sole benefit of the parties hereto.  In some instances, the representations and warranties in this Agreement may represent an allocation among the parties hereto of
      risks associated with particular matters regardless of the knowledge of any of the parties hereto.  Consequently, Persons other than the parties hereto may not rely upon the representations and warranties in this Agreement as characterizations of
      actual facts or circumstances as of the date of this Agreement or as of any other date.

   

        

  9.11          Counterparts.  This
      Agreement may be executed and delivered (including by facsimile or electronic transmission) in any number of counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed an original, but all
      of which taken together shall constitute a single instrument.

  
    20

    
      

  

  9.12          Entire Agreement; Amendments.  This Agreement and the documents and instruments and other agreements
      among the parties hereto as contemplated by or referred to herein, including the Exhibit hereto, constitute the entire agreement between the parties hereto respecting the subject matter hereof and supersede all prior agreements, negotiations,
      understandings, representations and statements respecting the subject matter hereof, whether written or oral.  No modification, alteration or change in any of the terms of this Agreement shall be valid or binding upon the parties hereto unless made
      in writing and duly executed by the Company and the Purchaser.

   

        

  9.13          No Personal Liability of
          Directors, Officers, Owners, Etc.  No director, officer, employee, incorporator, equityholder, managing member, member, general partner, limited partner, principal or other agent of the Purchaser or the Company shall have any liability
      for any obligations of the Purchaser or the Company, as applicable, under this Agreement or for any claim based on, in respect of, or by reason of, the respective obligations of the Purchaser or the Company, as applicable, under this Agreement.  Each
      party hereby waives and releases all such liability.  This waiver and release is a material inducement to each party’s entry into this Agreement.

   

    

  
    [Remainder of the Page Intentionally Left Blank]
      
        21

        
          

      

    

     

  IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly appointed officers as
      of the date first above written.

   

    

   
  	 	COMPANY:

        
	 	 
	 	MERCADOLIBRE, INC.
	 	 	 
	
          

          

        	
          By: 

        	/s/ Pedro Arnt
	 	Name:	Pedro Arnt
	 	Title:	Chief Financial Officer

  

  
    	 	PURCHASER:

          
	 	 
	 	MERLIN DF HOLDINGS, LP
	 	 	 
	 

          	
            By: 

          	/s/ Pat Robertson
	 	Name:	Pat Robertson
	 	Title:	Authorized Signatory

     

    

    
      [Signature Page]

    

  

  
    
      

  

  Exhibit A

   

  

  Certificate of Designation

  
    
      
        

    

    
    MERCADOLIBRE, INC.

     

    

    CERTIFICATE OF DESIGNATION

     

      

    OF

     

      

    SERIES A PERPETUAL PREFERRED STOCK

     

      

     
    

    Pursuant to Section 151 of the

      General Corporation Law of the State of Delaware

     

    

    MercadoLibre, Inc., a Delaware corporation (the “Company”), does hereby certify that, pursuant to Section 151 of the General Corporation Law of the State of Delaware, the following resolution was duly adopted by the Board of Directors of the Company (the “Board of Directors”):

     

      

    RESOLVED, that pursuant to the authority vested in the Board of Directors in accordance with the provisions of the Fourth
        Amended and Restated Certificate of Incorporation of the Company, the Board of Directors does hereby create and designate a series of preferred stock of the Company, par value $0.001 per share, and the Board of Directors does hereby fix the
        relative rights and preferences of the shares of such series as follows:

     

      

    SECTION 1.          Designation and Amount; Ranking.

     

      

    (a)          The shares of such series of
        preferred stock shall be designated as the “Series A Perpetual Preferred Stock” (the “Series A Preferred Stock”) and the number of shares
        constituting the authorized Series A Preferred Stock shall be 100,000. Shares of the Series A Preferred Stock that are redeemed, purchased or otherwise acquired by the Company, or converted into shares of Common Stock, shall be retired, shall
        revert to authorized but unissued shares of preferred stock.

     

      

    (b)          The Series A Preferred
        Stock, with respect to dividend rights and rights upon the voluntary or involuntary liquidation, winding-up or dissolution of the Company, ranks: (i) senior in all respects to all Junior Stock; (ii) on a parity in all respects with all Parity
        Stock; and (iii) junior in all respects to all Senior Stock, in each case as provided more fully herein (and, for the avoidance of doubt, subject to Section 4(a)(i)(C)).

     

      

    SECTION 2.          Definitions.

     

      

    As used herein, the following terms shall have the following meanings:

     

      

    “Accrued Dividends”
        shall mean, with respect to any share of Series A Preferred Stock, as of any date, the accrued and unpaid dividends on such share, whether or not declared, from, and including, the immediately preceding Dividend Payment Date (or from, and
        including, the Issue Date, if there is no preceding Dividend Payment Date) to, but not including, such date, and including, for the sake of clarity, any then accrued and unpaid dividends on such share of Series A Preferred Stock from any prior
        Dividend Periods.

    
      1

      
        

    

    “Accumulated Dividends”
        shall mean, with respect to any share of Series A Preferred Stock, as of any date, the aggregate amount of accrued and unpaid dividends added to the Liquidation Preference in accordance with Section 3(c) or 3(d).

     

      

    “Affiliate” shall have
        the meaning ascribed to it, on the Issue Date, in Rule 405 under the Securities Act.

     

      

    “Average VWAP” per
        share over a certain period shall mean the arithmetic average of the VWAP per share for each Trading Day in such period.

     

      

    “Board of Directors”
        shall mean the Board of Directors of the Company or, with respect to any action to be taken by the Board of Directors, any committee of the Board of Directors duly authorized to take such action.

     

      

    “Business Day” shall
        mean Monday through Friday of each week, except that a legal holiday recognized as such by the government of the United States of America, Argentina or the State of New York shall not be regarded as a Business Day.

     

      

    “Cash Dividends” shall
        have the meaning set forth in Section 3(a).

     

      

    “Certificate of Incorporation”
        shall mean the Fourth Amended and Restated Certificate of Incorporation of the Company, as modified by this Certificate of Designation, as further amended or restated in accordance with applicable law and this Certificate of Designation.

     

      

    “Certificated Series A
          Preferred Stock” shall have the meaning set forth in Section 10(b)(i).

     

      

    “Change of Control”
        shall mean the occurrence of any of the following:

     

      

    (i)          the
        direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of a merger or consolidation, which is covered by subsection (iii) below), in one or a series of related transactions, of all or substantially all of the
        properties or assets of the Company and its Subsidiaries, taken as a whole, to any Person or a group of related Persons;

     

      

    (ii)          any
        recapitalization or change of the Common Stock as a result of which the Common Stock would be converted into stock, other securities, other property or assets or any share exchange, or any consolidation or merger of the Company pursuant to which
        the Common Stock will be converted into cash, securities or other property or assets unless the holders of the common equity immediately prior to any such transaction own, directly or indirectly, more than 50% of all classes of common equity of the
        continuing or surviving company following such transaction in substantially the same proportions vis-à-vis each other as immediately before such transaction; or

     

      

    (iii)          the
        consummation of any transaction (including, without limitation, pursuant to a merger or consolidation), the result of which is that any person or group (as such terms are defined in Section 13(d) and Section 14(d) of the Exchange Act) becomes the
        “beneficial owner” (as defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the voting power of the Company; provided,
        however, that solely for purposes of this subsection (iii), a “person” or “group” shall include, in connection with a direct merger of any entity with a
        class of securities traded on a national or regional securities exchange with the Company, the shareholders of such publicly traded entity with whom the Company merges or that become shareholders of the Company in connection with a merger
        transaction involving the Company or any of its wholly owned Subsidiaries and another entity with a class of securities traded on a national or regional securities exchange.

    
      2

      
        

    

    “Change of Control Redemption
          Price” shall have the following meaning with respect to a Change of Control: (i) if such Change of Control occurs before the date that is seven years after the Issue Date, a cash amount per share of Series A Preferred Stock equal to the
        sum of (x) 175% of the Liquidation Preference of such share; and (y) the present value, as of the applicable Change of Control Repurchase Date, of the scheduled remaining Cash Dividends that would have been paid on such share after such Change of
        Control Repurchase Date and prior to the date that is seven years after the Issue Date (such present value to be calculated assuming that all such Cash Dividends are paid in full and using a discount rate equal to the Treasury Rate, as of the
        effective date of such Change of Control, plus 50 basis points); (ii) if such Change of Control occurs on or after the date that is seven years after the Issue Date and before the date that is eight years after the Issue Date, a cash amount per
        share of Series A Preferred Stock equal to 175% of the Liquidation Preference of such share; and (iii) in all other cases, a cash amount per share of Series A Preferred Stock equal to 105% of the Liquidation Preference of such share.

     

      

    “Change of Control Repurchase
          Date” shall have the meaning set forth in Section 7(b).

     

      

    “close of business”
        shall mean 5:00 p.m. (New York City time).

     

      

    “Common Stock” shall
        mean the shares of Common Stock, par value $0.001 per share, of the Company or any other capital stock of the Company into which such Common Stock shall be reclassified or changed.

     

      

    “Closing Sale Price”
        of the Common Stock shall mean, as of any date, the closing sale price per share (or if no closing sale price is reported, the average of the closing bid and ask prices or, if more than one in either case, the average of the average closing bid and
        the average closing ask prices) on such date as reported on the principal U.S. national or regional securities exchange on which the Common Stock is then listed, or, if the Common Stock is not listed on a U.S. national or regional securities
        exchange, in the over-the-counter market as reported by OTC Markets Group Inc. or a similar organization. In the absence of such a quotation, the Closing Sale Price shall be an amount determined by the Board of Directors in good faith to be the
        fair market value of a share of Common Stock.

     

      

    “Company” shall mean
        MercadoLibre, Inc., a Delaware corporation.

     

      

    “Company Redemption Date”
        shall have the meaning set forth in Section 8(a)(ii).

     

      

    “Company Redemption Value”
        shall mean 105% of the Liquidation Preference per share. Each share of Common Stock used to pay any portion of the Company Redemption Value in lieu of cash shall be valued at the Redemption Stock Price multiplied by 0.95.

    
      3

      
        

    

    “Conversion Date”
        shall mean the Optional Conversion Date or the Forced Conversion Date, as applicable.

     

      

    “Conversion Price”
        shall mean $479.71, subject to adjustment in accordance with the provisions of this Certificate of Designation.

     

      

    “Dividend Amount”
        shall have the meaning set forth in Section 3(a).

     

      

    “Dividend Payment Date”
        shall mean March 15, June 15, September 15 and December 15 and of each year, commencing on June 15, 2019.

     

      

    “Dividend Period”
        means the period from, and including a Dividend Payment Date (or, in the case of the first Dividend Period, the Issuer Date) to, but excluding, the next Dividend Payment Date.

     

      

    “Dividend Rate” shall
        mean, as of the date of the determination, the rate per annum of 4.00%.

     

      

    “Dividend Record Date”
        shall mean the January 1, April 1, July 1 or November 1, as applicable, immediately preceding the applicable Dividend Payment Date.

     

      

    “Exchange Act” shall
        mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

     

      

    “Ex-Date” shall mean
        when used with respect to any issuance of or distribution in respect of, the Common Stock or any other securities, the first date on which the Common Stock or such other securities trade without the right to receive such issuance or distribution.

     

      

    “Floor Price” shall
        mean 60% of the Reference Price.

     

      

    “Forced Conversion Date”
        shall have the meaning set forth in Section 6(b).

     

      

    “Forced Conversion Notice”
        shall have the meaning set forth in Section 6(b).

    

    
     “Forced Conversion Notice
          Date” shall have the meaning set forth in Section 6(b).

     

      

    “Holder” and, unless
        the context requires otherwise, “holder” shall each mean a holder of record of a share of Series A Preferred Stock.

     

      

    “Investor Redemption Date”
        shall mean each of March 15, 2026, September 15, 2026 and March 15, 2027.

     

      

    “Investor Redemption Value” shall mean (i) if the Redemption Stock Price is equal to or greater than the Floor Price, 105% of the Liquidation Preference per
        share or (ii) if the Redemption Stock Price is less than the Floor Price, 105% of the Liquidation Preference per share multiplied by the number, expressed as a percentage, that is (x) 100 less (y) (A) 60 less (B) the product of (1) 100 and (2) the
        quotient resulting from dividing the Redemption Stock Price by the Reference Price. Each share of Common Stock used to pay any portion of the Investor Redemption Value in lieu of cash shall be valued at the Redemption Stock Price multiplied by 0.95; provided, however, that in no event will the Investor Redemption Value of all shares of Series A Preferred Stock to be redeemed exceed 5% of the product of the number of shares of Common
        Stock outstanding as of the related Investor Redemption Date and the Redemption Stock Price.

    
      4

      
        

    

    “Issue Date” shall
        mean the original date of issuance of the Series A Preferred Stock, which shall be the date that this Certificate of Designation is filed with the Secretary of State of the State of Delaware.

     

      

    “Junior Stock” shall
        mean the Common Stock and all other classes of the Company’s common stock and each other class of capital stock or series of preferred stock established after the Issue Date by the Board of Directors, the terms of which do not expressly provide
        that such class or series ranks senior to or on a parity with the Series A Preferred Stock as to dividend rights or rights upon the liquidation, winding-up or dissolution of the Company.

     

      

    “Liquidation Preference”
        shall mean, with respect to each share of Series A Preferred Stock, $1,000, as adjusted pursuant to Sections 3(c) or 3(d), plus, without duplication, any Accrued Dividends on such share of Series A Preferred Stock that are added to the Liquidation Preference in accordance with
        the terms hereof and any Accumulated Dividends on such share of Series A Preferred Stock, in each case to the date of payment of the Liquidation Preference, the Conversion Date, the Change of Control Repurchase Date, Company Redemption Date or
        Investor Redemption Date, as applicable.

     

      

    “Liquidity Conditions”
        means, with respect to any share of Common Stock, that (i) the such share (a) will be issued in book-entry form through the facilities of the Depository Trust Company under an “unrestricted” CUSIP number; and (b) is either (x) freely transferrable,
        in the hands of the Holder to whom such share is to be issued, pursuant to Rule 144, without limitations as to volume, manner-of-sale, notice or the availability of public information; or (y) covered by a resale shelf registration statement that is
        effective under the Securities Act and that names such Holder as selling stockholders; and (ii) the resale of such share by such Holder during the next 30 calendar days is not restricted by any blackout or similar period under any policy of the
        Company that is applicable to such Holder.

     

      

    “Market Value” shall
        mean the Average VWAP during the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately prior to the date of determination.

     

      

    “Measurement Period”
        shall have the meaning set forth in Section 6(b).

     

      

    “NASDAQ” shall mean
        Nasdaq Global Market (or its successor).

     

      

    “Officer” shall mean
        the Chief Executive Officer, the President, the Chief Financial Officer, any Vice President, the Treasurer, the Secretary, any Assistant Secretary or any Assistant Treasurer of the Company.

     

      

    “opening of business”
        shall mean 9:00 a.m. (New York City time).

     

      

    “Optional Conversion Date”
        shall have the meaning set forth in Section 6(a).

     

      

    “Optional Conversion Notice”
        shall have the meaning set forth in Section 6(a).

     

      

    “Optional Conversion Notice
          Date” shall have the meaning set forth in Section 6(a).

    
      5

      
        

    

    “Ownership Notice”
        shall mean the notice of ownership of capital stock of the Company containing the information required to be set forth or stated on certificates pursuant to the Delaware General Corporation Law and, in the case of an issuance of capital stock by
        the Company, in substantially the form attached hereto as Exhibit B.

    

            “Parity
          Stock” shall mean any class of capital stock or series of preferred stock established after the Issue Date by the Board of Directors, the terms of which expressly provide that such class or series will rank on a parity with the Series A
        Preferred Stock as to dividend rights or rights upon the liquidation, winding-up or dissolution of the Company.

     

      

    “Person” shall mean
        any individual, corporation (including not-for-profit), general partnership, limited partnership, limited liability partnership, joint venture, association, joint-stock company, trust, limited liability company, unincorporated organization or
        government or any agency or political subdivision thereof.

     

      

    “Series A Preferred Stock”
        shall have the meaning set forth in Section 1(a).

     

      

    “Pro Rata Repurchases”
        shall mean any purchase of shares of Common Stock by the Company or any Affiliate thereof pursuant to (i) any tender offer or exchange offer directed to all of the holders of Common Stock subject to Section 13(e) or 14(e) of the Exchange Act or
        Regulation 14E promulgated thereunder or (ii) any other tender or exchange offer or other purchase available to substantially all holders of Common Stock, in the case of both (i) and (ii), whether for cash, shares of capital stock of the Company,
        other securities of the Company, evidences of indebtedness of the Company or any other Person or any other property (including shares of capital stock, other securities or evidences of indebtedness of a subsidiary), or any combination thereof,
        effected while the Series A Preferred Stock is outstanding.

     

      

    “Redemption Stock Price”
        shall mean the Market Value determined on the Investor Redemption Date or Company Redemption Date, as applicable.

     

      

    “Reference Price”
        shall mean $436.10 per share; provided, however, that the
        Reference Price will be adjusted in the same manner, and at the same time, as the Conversion Price is adjusted pursuant to Section 6(f).

     

      

    “Reference Property”
        shall have the meaning set forth in Section 6(m).

     

      

    “Reference Property Unit”
        shall have the meaning set forth in Section 6(m).

     

      

    “Reorganization Event”
        shall have the meaning set forth in Section 6(m).

     

      

    “Securities Act” shall
        mean the Securities Act of 1933, as amended.

     

      

    “Senior Stock” shall
        mean each class of capital stock or series of preferred stock established after the Issue Date by the Board of Directors, the terms of which expressly provide that such class or series will rank senior to the Series A Preferred Stock as to dividend
        rights or rights upon the liquidation, winding-up or dissolution of the Company.

    
      6

      
        

    

    “Subsidiary” shall
        mean, as to any Person, any corporation or other entity of which: (i) such Person or a Subsidiary of such Person is a general partner or, in the case of a limited liability company, the managing member or manager thereof; or (ii) at least a
        majority of the outstanding equity interest having by the terms thereof ordinary voting power to elect a majority of the board of directors or similar governing body of such corporation or other entity (irrespective of whether or not at the time
        any equity interest of any other class or classes of such corporation or other entity shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned or controlled by such Person or
        one or more of its Subsidiaries.

     

      

    “Trading Day” shall
        mean, if the Common Stock is listed on NASDAQ, a day during which trading in securities generally occurs on NASDAQ or, if the Common Stock is not listed on NASDAQ, on the principal other national or regional securities exchange on which the Common
        Stock is then listed or, if the Common Stock is not listed on a national or regional securities exchange, on the principal other market on which the Common Stock is then traded. If the Common Stock is not so listed or traded, “Trading Day” shall
        mean a Business Day.

     

      

    “Transfer” shall mean,
        with respect to any security, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of such security or any interest therein, including the grant of an option or other right,
        whether directly or indirectly, whether voluntarily, involuntarily or by operation of law.

     

      

    “Transfer Agent” shall
        mean Computershare Trust Company, N.A., acting as the Company’s duly appointed transfer agent, registrar, conversion agent and dividend disbursing agent for the Series A Preferred Stock, and its successors and assigns, or any other person appointed
        to serve as transfer agent, registrar, conversion agent and dividend disbursing agent by the Company.

     

      

    “Transfer Restricted
          Securities” shall mean each share of Common Stock received upon conversion of a share of Series A Preferred Stock until such shares of Common Stock shall be freely tradable pursuant to an exemption from registration under the Securities
        Act under Rule 144 thereunder.

     

      

    “Treasury Rate” means,
        as of the date of any Change of Control, the yield to maturity, as of such date, of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has
        become publicly available at least two Business Days before such date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such date to the seventh
        anniversary of the Issue Date; provided, however, that if such
        period is less than one year, then the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

     

      

    “Trigger Event” shall
        have the meaning set forth in Section 6(f)(vi).

    
      7

      
        

    

    “VWAP” per share of
        Common Stock on any Trading Day shall mean the per share volume-weighted average price as displayed on Bloomberg page “MELI<Equity>AQR” (or its equivalent successor if such page is not available) in respect of the period from 9:30 a.m. to
        4:00 p.m., New York City time, on such Trading Day; or, if such price is not available, “VWAP” shall mean the market value per share of Common Stock on such Trading Day as determined, using a volume-weighted average method, by a nationally
        recognized independent investment banking firm retained by the Company for this purpose.

     

      

    SECTION 3.          Dividends.

     

      

    (a)          From and including the Issue
        Date, Holders shall be entitled to receive, prior to any distributions made in respect of any Junior Stock and prior to or contemporaneously with any distributions made in respect of any Parity Stock, in each case in respect of the same fiscal
        quarter, cumulative cash dividends on each outstanding Series A Preferred Share at the Dividend Rate, out of funds legally available for payment thereof (such dividends, “Cash Dividends”) on the Liquidation Preference in effect immediately after the immediately preceding Dividend Payment Date (or if there has been no prior Dividend Payment Date, the Issue Date), computed on the basis of
        a 360-day year consisting of twelve 30-day months and compounded quarterly beginning on the Issue Date (each such amount, a “Dividend Amount”).

     

      

    (b)          Cash Dividends shall be
        payable in arrears on each Dividend Payment Date, to the Holders as they appear on the Company’s stock register at the close of business on the relevant Dividend Record Date. Dividends on the Series A Preferred Stock shall accumulate and become
        Accrued Dividends on a day-to-day basis from, but not including, the immediately preceding Dividend Payment Date, or if there has been no prior Dividend Payment Date, from, and including, the Issue Date, until Cash Dividends are paid pursuant to
        this Section 3(a) in respect of such accumulated amounts or the Liquidation Preference is increased in respect of such accumulated amounts pursuant to Section 3(c) or Section 3(d). If a Dividend Payment Date is not a Business Day, then any Cash Dividend in respect of such Dividend Payment
        Date shall be due and payable on the first Business Day following such Dividend Payment Date.

     

      

    (c)          If the Company fails to pay
        or declare a Cash Dividend in respect of any Dividend Payment Date, then the amount of the Accrued Dividends with respect to such shares of Series A Preferred Stock shall be deemed to be Accumulated Dividends and be added, effective as of such
        Dividend Payment Date, to the Liquidation Preference until such time, if any, as such Cash Dividend is actually paid in cash.

     

      

    (d)          Notwithstanding anything to
        the contrary herein, if any shares of Series A Preferred Stock are converted into Common Stock in accordance with this Certificate of Designation, or are repurchased or redeemed by the Company in accordance with Section 7 or Section 8, then the amount of the Accrued Dividends with respect to such shares of Series A Preferred Stock through, and including, the related Conversion Date,
        Change of Control Repurchase Date, Company Redemption Date or Investor Redemption Date, as applicable, shall be deemed to be Accumulated Dividends and be added to the Liquidation Preference for purposes of such conversion, repurchase or redemption,
        as applicable.  Notwithstanding anything to the contrary in the preceding sentence, if such Conversion Date, Change of Control Repurchase Date, Company Redemption Date or Investor Redemption Date, as applicable, occurs during the period after a
        Dividend Record Date for a Cash Dividend that has been declared and on or prior to the corresponding Dividend Payment Date, then such Cash Dividend will, at the Company’s option, either (x) be paid in cash on or prior to such Dividend Payment Date
        (and the amount of such Cash Dividend will not be added to the Liquidation Preference pursuant to the preceding sentence) or (y) not be paid in cash, be deemed to be Accumulated Dividends and be added to the Liquidation Preference for purposes of
        such conversion, repurchase or redemption, as applicable. For the avoidance of doubt, such Accrued Dividends described in the second immediately preceding sentence shall include, without limitation, dividends accruing from, and including, the
        immediately preceding Dividend Payment Date (or, if there is no preceding Dividend Payment Date, from, and including, the Issuer Date) to, but not including, the applicable Conversion Date, Change of Control Repurchase Date, Company Redemption Date
        or Investor Redemption Date, as applicable.

    
      8

      
        

    

    (e)          So long as
        any share of the Series A Preferred Stock remains outstanding, no dividend or distribution shall be declared or paid on, and no redemption or repurchase shall be agreed to or consummated of, Parity Stock, Common Stock or any other shares of Junior
        Stock, unless all accumulated and unpaid dividends for all preceding Dividend Periods (including the Dividend Period in which such accumulated and unpaid dividends first arose) of the Company have been declared and paid and no such dividend or
        distribution or redemption or repurchase shall be paid or payable in cash for any period unless the Series A Preferred Stock has been paid full Cash Dividends in respect of the same period (i.e., that are not Accumulated Dividends); provided, however, that the foregoing limitation shall not apply to (i) a dividend payable on Common Stock or other Junior Stock in shares of Common Stock or other Junior Stock, (ii) the
        acquisition of shares of Common Stock or other Junior Stock in exchange for shares of Common Stock or other Junior Stock and the payment of cash in lieu of fractional shares of Common Stock or other Junior Stock; (iii) purchases of fractional
        interests in shares of Common Stock or other Junior Stock pursuant to the conversion or exchange provisions of shares of other Junior Stock or any securities exchangeable for or convertible into such shares of Common Stock or other Junior Stock;
        (iv) redemptions, purchases or other acquisitions of shares of Common Stock or other Junior Stock in connection with the administration of any employee benefit plan in the ordinary course of business, including, without limitation, the forfeiture
        of unvested shares of restricted stock or share withholdings upon exercise, delivery or vesting of equity awards granted to officers, directors and employees and the payment of cash in lieu of fractional shares of Common Stock or other Junior
        Stock; (v) any dividends or distributions of rights in connection with a stockholders’ rights plan or any redemption or repurchase of rights pursuant to any stockholders’ rights plan; and (vi) the exchange or conversion of Junior Stock for or into
        other Junior Stock and the payment of cash in lieu of fractional shares of other Junior Stock. Notwithstanding the preceding, if full dividends have not been paid on the Series A Preferred Stock and any Parity Stock, dividends may be declared and
        paid on the Series A Preferred Stock and such Parity Stock so long as the dividends are declared and paid pro rata so that amounts of dividends declared per share on the Series A Preferred Stock and such Parity Stock shall in all cases bear to each
        other the same ratio that accumulated and unpaid dividends per share on the shares of Series A Preferred Stock and such other Parity Stock bear to each other.

     

      

    (f)          For the
        avoidance of doubt, Holders of Series A Preferred Stock shall not be entitled to any dividend paid on any Common Stock or other Junior Stock, any dividend paid on any Parity Stock or any dividend paid on any Senior Stock.

    
      9

      
        

    

    SECTION 4.          Voting Rights; Special Rights.

     

      

    (a)          (i)          So long as any shares of Series A Preferred Stock are outstanding, in addition to any other vote or consent of stockholders required by the Delaware General Corporation
        Law or the Certificate of Incorporation, the affirmative vote or consent of the holders of at least 50% of the outstanding shares of Series A Preferred Stock, voting together as a separate class, given in person or by proxy, either in writing
        without a meeting or by vote at any meeting called for the purpose, shall be necessary for effecting or validating (directly or indirectly, including by way of amendment to the Certificate of Incorporation or this Certificate of Designation,
        merger, consolidation, reclassification or otherwise):

    

    

    
      (A)          any
          exchange, reclassification or cancellation of all or portion of, or increase in the authorized amount of, the Series A Preferred Stock;

       

        

      (B)          any
          change to the rights, preferences or privileges of the Series A Preferred Stock (including, without limitation, as to convertibility by the Holders and any addition or removal of such rights); and

       

        

      (C)          any
          issuance, authorization or creation of, or any increase by the Company in the issued or authorized amount of, any class or series of Senior Stock or any obligation or security convertible into, exchangeable for or evidencing the right to purchase
          any shares of Senior Stock.

    

    

    

     

      

    (b)          Notwithstanding

        the foregoing, none of the following actions shall be restricted or limited by or require any approval of the Holders of Series A Preferred Stock: (i) the issuance of securities, capital contributions or incurrence of intercompany indebtedness
        among the Company or any of its Subsidiaries or (ii) the issuance of securities, capital contributions or incurrence of intercompany indebtedness among the Company and any joint ventures, partnerships or other minority owned entities in which the
        Company or its Subsidiaries have an equity or other interest. Notwithstanding anything to the contrary herein, without the consent of the Holders, but without limiting Section 4(a),
        the Company, acting in good faith, may amend, alter, supplement or repeal any terms of the Series A Preferred Stock by amending or supplementing the Certificate of Incorporation, this Certificate of Designation or any stock certificate representing
        shares of the Series A Preferred Stock:

      

     

      

    (i)          to cure
        any ambiguity, omission, inconsistency or mistake in any such instrument in a manner that is not inconsistent with the provisions of this Certificate of Designation and that does not affect the rights, preferences, privileges or voting powers of
        the Series A Preferred Stock or any Holder in its capacity as such;

     

      

    (ii)          to make
        any provision with respect to matters or questions relating to the Series A Preferred Stock that is not inconsistent with the provisions of this Certificate of Designation and that does not affect the rights, preferences, privileges or voting
        powers of the Series A Preferred Stock or any Holder in its capacity as such; or

     

      

    (iii)          to make
        any other change that does not affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock or any Holder in its capacity as such (other than with respect to any Holder that consents to such change).

    
      10

      
        

    

    (c)          In
        exercising the voting rights set forth in Section 4(a), each share of Series A Preferred Stock shall be entitled to one vote.

     

      

    (d)          The rules
        and procedures for calling and conducting any meeting of the Holders (including the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining of written consents and any other procedural
        aspect or matter with regard to such a meeting or such consents shall be governed by any rules the Board of Directors, in its discretion, may adopt from time to time, which rules and procedures shall conform to the requirements of the Certificate
        of Incorporation, the Amended and Restated Bylaws of the Company and applicable law.

     

      

    (e)          In addition
        to the other voting rights set forth in this Section 4
        or as may be required under the Delaware General Corporation Law, the holders of the Series A Preferred Stock will be entitled to vote, on an as converted basis and together as a single class with the holders of Common Stock, on all matters
        submitted to the vote or consent of the holders of the Common Stock.  For these purposes, the Holder of each share of Series A Preferred Stock will have a number of votes equal to the whole number of shares of Common Stock into which such share of
        Series A Preferred Stock is convertible as of the record date fixed for the determination of shareholders entitled to vote or consent on the applicable matter or, if no such Record Date is established, at the date such vote or consent is taken or
        any written consent of shareholders is first executed.  Holders will be entitled to notice of all shareholders’ meetings (or of any proposed action by written consent) in accordance with the Certificate of Incorporation and the Amended and Restated
        Bylaws of the Company and applicable law as if the Holders of Series A Preferred Stock were holders of Common Stock.

     

      

    SECTION 5.          Liquidation Rights.

     

      

    (a)          In the event
        of any liquidation, winding-up or dissolution of the Company, whether voluntary or involuntary, other than a Change of Control, each Holder shall be entitled, in preference to the holders of, and before any payment or distribution is made on, any
        Junior Stock, to receive, in respect of each share of Series A Preferred Stock of such Holder, and to be paid out of the assets of the Company available for distribution to its stockholders, an amount equal to the greater of (i) the Liquidation
        Preference thereon plus (without duplication) any accrued and unpaid dividends and (ii) the amount such Holder would have been entitled to receive had such Holder converted such Holder’s Series A Preferred Stock into shares of Common Stock at the
        Conversion Price in effect immediately prior to such liquidation, winding-up or distribution of the Company.

     

      

    (b)          After the
        payment in full to the Holders of the amounts provided for in this Section 5, the Holders of shares of Series A Preferred Stock as such shall have no right or claim to any of the remaining assets of the Company in respect of their ownership of such Series A Preferred
        Stock.

     

      

    (c)          In the event
        the assets of the Company available for distribution to the Holders upon any such liquidation, winding-up or dissolution of the Company, whether voluntary or involuntary, shall be insufficient to pay in full all amounts to which such Holders are
        entitled pursuant to Section 5(a), no such
        distribution shall be made on account of any shares of Parity Stock upon such liquidation, dissolution or winding-up unless proportionate distributable amounts shall be paid on account of the shares of Series A Preferred Stock, equally and ratably,
        in proportion to the full distributable amounts for which Holders of all Series A Preferred Stock and of any Parity Stock are entitled upon such liquidation, winding-up or dissolution.

     

      

    
      11

      
        

    

    SECTION 6.          Conversion.

     

      

    (a)          Each Holder
        shall have the right to convert its shares of Series A Preferred Stock, in whole or in part, into that number of whole, fully-paid and non-assessable shares of  Common Stock for each share of Series A Preferred Stock equal to the quotient of (i)
        the Liquidation Preference divided by (ii) the Conversion Price in effect on the related Conversion Date, with such adjustment or cash payment for fractional shares as the Company may elect pursuant to Section 9 To convert shares of Series A Preferred Stock into shares of  Common Stock
        pursuant to this Section 6(a), such Holder shall
        give written notice (the “Optional Conversion Notice” and the date of such notice, the “Optional Conversion Notice Date”) to the Company stating that such Holder elects to so convert shares of Series A Preferred Stock and shall state therein: (A) the number of
        shares of Series A Preferred Stock to be converted, (B) the name or names in which such Holder wishes the shares of  Common Stock to be issued, (C) the Holder’s computation of the number of shares of Common Stock to be received by such Holder and
        (D) the Conversion Price on the Optional Conversion Notice Date. If a Holder validly delivers an Optional Conversion Notice in accordance with this Section 6(a), the Company shall issue the shares of Common Stock as soon as reasonably practicable, but not later than five Business Days thereafter (the
        date of issuance of such shares, the “Optional Conversion Date”).

     

      

    (b)          On or after
        the date that is four years after the Issue Date, if the Holders have not elected to convert all of their shares of Series A Preferred Stock pursuant to Section 6(a), the Company shall have the right to cause the outstanding shares of Series A Preferred Stock to be converted, in whole or in part, into
        that number of whole, fully-paid and non-assessable shares of Common Stock for each share of Series A Preferred Stock equal to the quotient of (i) the Liquidation Preference divided by (ii) the Conversion Price in effect on the related Forced
        Conversion Date, with such adjustment or cash payment for fractional shares as the Company may elect pursuant to Section 9; provided, however, that in order for the Company to exercise such right, the Closing Sale Price of the Common Stock during the 30 consecutive Trading Day period ending on, and including, the Trading Day
        immediately preceding the Forced Conversion Notice Date (the “Measurement Period”) shall, for at least 20 Trading Days during such 30
        consecutive Trading Day period, be greater than or equal to 150% of the Conversion Price then in effect on each such Trading Day. To convert shares of Series A Preferred Stock into shares of Common Stock pursuant to this Section 6(b), the Company shall give written notice (the “Forced Conversion Notice” and the date of such notice, the “Forced Conversion Notice Date”) to each Holder stating that the Company elects to force conversion of such shares of Series A Preferred Stock pursuant to this Section 6(b) and shall state therein (A) number of shares of Series A
        Preferred Stock to be converted, (B) the Conversion Price on the Forced Conversion Date and (C) the Company’s computation of the number of shares of Common Stock to be received by the Holder. If the Company validly delivers a Forced Conversion
        Notice in accordance with this Section 6(b), the
        Company shall issue the shares of Common Stock as soon as reasonably practicable, but not later than two Business Days thereafter (the date of such Forced Conversion Notice Date, the “Forced Conversion Date”). The Company shall not issue any fractional shares in connection with a conversion and any fractional shares to which a Holder would otherwise be entitled will be
        settled in cash in accordance with Section 9. 
        Notwithstanding anything to the contrary, the Company may not exercise its right to cause the outstanding shares of Series A Preferred Stock to be converted pursuant to Section 6(b) unless (i) the Liquidity Conditions are satisfied with respect to each share of Common Stock
        to be issued in such conversion; and (ii) the Company is not in possession of material non-public information as of the Forced Conversion Notice Date or the date the forced conversion is settled.

     

      

    
      12

      
        

    

    (c)          If the
        Company exercises its right to cause the outstanding shares of Series A Preferred Stock to be converted, in whole or in part, pursuant to Section 6(b) prior to the date that is seven years after the Issue Date, the Company will pay to each Holder of shares of Series A Preferred Stock that
        will be converted pursuant to such exercise, in cash, the present value, as of the applicable Forced Conversion Date, of the scheduled remaining Cash Dividends that would have been paid on such shares of Series A Preferred Stock after the Forced
        Conversion Date and prior to the date that is seven years after the Issue Date (such present value to be calculated assuming that all such Cash Dividends are paid in full and using a discount rate equal to the Treasury Rate, as of the date of the
        Change of Control, plus 50 basis points).

     

      

    (d)          Upon
        conversion, each Holder shall surrender to the Company the certificates representing any shares held in certificated form to be converted during usual business hours at its principal place of business or the offices of its duly appointed Transfer
        Agent maintained by it, accompanied by (i) (if so required by the Company or its duly appointed Transfer Agent) a written instrument or instruments of transfer in form reasonably satisfactory to the Company or its duly appointed Transfer Agent duly
        executed by the Holder or its duly authorized legal representative and (ii) transfer tax stamps or funds therefor, if required pursuant to Section 6(j).

     

      

    (e)          Immediately
        prior to the close of business on the Optional Conversion Date or the Forced Conversion Date, as applicable, with respect to a conversion, a Holder shall be deemed to be the holder of record of Common Stock issuable upon conversion of such Holder’s
        shares of Series A Preferred Stock notwithstanding that the share register of the Company shall then be closed or that certificates or book-entry notations representing such Common Stock shall not then be actually delivered to such Holder. Except
        to the extent that the Company defaults on its obligation to settle any conversion, dividends shall cease to accrue on the shares of Series A Preferred Stock so converted and all other rights with respect to the shares of Series A Preferred Stock
        so converted, including the rights, if any, to receive notices, will terminate, except only the rights of Holders thereof to receive the number of whole, fully-paid and non-assessable shares of Common Stock into which such shares of Series A
        Preferred Stock have been converted (with such adjustment or cash payment for fractional shares as the Company may elect pursuant to Section 9). As promptly as practicable after the conversion of any shares of Series A Preferred Stock into Common Stock, the Company shall deliver to the
        applicable Holder an Ownership Notice identifying the number of full shares of Common Stock to which such Holder is entitled, and a cash payment in respect of fractional shares in accordance with Section 9.

     

      

    
      13

      
        

    

    (f)          The
        Conversion Price shall be subject to the following adjustments (except as provided in Section 6(g)):

     

      

    
      (i)           If the Company pays a dividend (or other distribution) in shares of Common Stock to
          all or substantially all holders of the Common Stock, in their capacity as holders of Common Stock, or if the Company effects a share split or share combination, then the Conversion Price in effect immediately following the record date for such
          dividend (or distribution), split or combination shall be divided by the following fraction:

    

     

          

    OS1

    OS0

    where

     

      

    	
            OS0

          	
            =

          	
            the number of shares of Common Stock outstanding immediately prior to giving effect to such dividend, distribution, share split or
                combination, as the case may be; and

          
	
            OS1

          	
            =

          	
            the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share
                combination.

          

    

    

    
      
        (ii) If the Company issues to all or substantially all holders of shares of the Common Stock, in their capacity as holders of Common Stock, rights, options or warrants entitling them, for a period of not more than 45
            calendar days after the announcement date of such issuance, to subscribe for or purchase shares of Common Stock at less than the Market Value determined on the Ex-Date for such issuance, then the Conversion Price in effect immediately following
            the close of business on the Ex-Date for such issuance shall be divided by the following fraction:

      

    

     

          

    OS0 + X

    OS0 + Y

    where

     

      

    	
            OS0

          	
            =

          	
            the number of shares of Common Stock outstanding immediately prior to the opening of business on such Ex-Date;

          
	
            X

          	
            =

          	
            the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and

          
	
            Y

          	 	
            the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants divided by the
                Market Value.

          

    

    

    
      14

      
        

    

    To the extent that such rights, options or warrants are not exercised prior to their expiration or shares of Common Stock are
        otherwise not delivered pursuant to such rights, options or warrants upon the exercise of such rights, option or warrants, the Conversion Price shall be readjusted to the Conversion Price that would have then been in effect had the adjustment made
        upon the issuance of such rights, options or warrants been made on the basis of the delivery of only the number of shares of Common Stock actually delivered. If such rights, options or warrants are only exercisable upon the occurrence of certain
        triggering events, then the Conversion Price shall not be adjusted pursuant to this Section 6(f)(ii) until such triggering events occur. If such rights, options or warrants are not so issued, the Conversion Price shall be decreased to the Conversion Price that would then be in effect if such Ex-Date for
        such issuance had not occurred. In determining the aggregate price payable to exercise such rights, options or warrants, there shall be taken into account any consideration received for such rights, options or warrants and the value of such
        consideration (if other than cash, to be determined by the Board of Directors).

    

      (iii)          (A)  If the
          Company distributes to all or substantially all holders of shares of Common Stock evidences of indebtedness, shares of capital stock (other than Common Stock) or other assets (including cash or securities, but excluding any dividend or
          distribution referred to in clause (i) above; any rights or warrants referred to in clause (ii) above; any consideration payable in connection with a tender or exchange offer made by the Company or any of its Affiliates referred to in clause (iv)
          below; and any dividend of shares of capital stock of any class or series, or similar equity interests, of or relating to a Subsidiary or other business unit in the case of a spin-off to which the following clause (iii)(B) applies), then the
          Conversion Price in effect immediately following the close of business on the record date for such distribution shall be divided by the following fraction:

       

        

      SP0

    

    SP0 – FMV

    where

     

      

    	
            SP0

          	
            =

          	
            the Market Value of the Common Stock on the Ex-Date for such distribution; and

          
	
            FMV

          	
            =

          	
            the fair market value of the portion of the distribution applicable to one share of Common Stock on the Trading Day immediately
                preceding the Ex-Date as determined by the Board of Directors.

          

    

    

    Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of
        the foregoing adjustment to the Conversion Price, each holder of Series A Preferred Stock shall receive, for each share of Series A Preferred Stock, at the same time and upon the same terms as holders of the Common Stock, the amount and kind of
        such distributed assets that such holder would have received as if such holder owned the number of shares of Common Stock that such share of Series A Preferred Stock would have been convertible into at the Conversion Price in effect on the record
        date for such distribution.

     

      

    
      15

      
        

    

    
      
        (B)          In
              a spin-off, where the Company makes a distribution to all or substantially all holders of shares of Common Stock consisting of capital stock of any class or series, or similar equity interests of, or relating to, a subsidiary or other
              business unit where such capital stock or similar equity interests are, or will be when issued, listed or admitted for trading on a national securities exchange, the Conversion Price shall be adjusted at the close of business on the tenth
              Trading Day after, and including, the Ex-Date of the distribution by dividing such Conversion Price in effect immediately prior to the close of business on such tenth Trading Day by the following fraction: 

      

    

    
       

        

      MP0 + MPS

    

    MP0

    where

     

      

    	
            MP0

          	
            =

          	
            the average of the Closing Sale Price of the Common Stock over each of the first 10 Trading Days commencing on and including such
                Ex-Date; and

          
	
            MPS

          	
            =

          	
            the average of the closing sale price of the capital stock or equity interests representing the portion of the distribution applicable
                to one share of Common Stock over each of the first 10 Trading Days commencing on and including such Ex-Date. Such closing sale prices for the Trading Days in such 10 Trading Day period shall be determined in like manner to the definition
                of “Closing Sale Price.”

          

    

    

    For purposes of determining the Conversion Price in respect of any Conversion Date that occurs during the 10 Trading Days
        following, and including, the Ex-Date of any such spin-off, references within the previous sentence to 10 Trading Days or the 10th Trading Day shall be deemed to be replaced with such lesser number of Trading Days as have elapsed from, and
        including, such Ex-Date and such Conversion Date.

     

      

    In the event that such distribution described in this clause (iii) is not so made, the Conversion Price shall be readjusted,
        effective as of the date the Board of Directors publicly announces its decision not to pay such dividend or distribution, to the Conversion Price that would then be in effect if such dividend distribution had not been declared.

    
      16

      
        

    

    
      
         (iv)          In the case the Company effects a Pro Rata Repurchase of Common Stock, then the Conversion Price shall be adjusted to the price determined by multiplying the Conversion Price in effect immediately prior to the effective date of such
              Pro Rata Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Closing Sale Price per share of Common Stock on
              the Trading Day immediately after the expiration of such Pro Rata Repurchase, and of which the denominator shall be the sum of (1) the product of (x) the number of shares of Common Stock outstanding immediately prior to such Pro Rata
              Repurchase minus the number of shares of Common Stock so repurchased and (y) such Closing Sale Price per share of Common Stock and (2) the aggregate purchase price of the Pro Rata Repurchase; provided, however, that in no event will the Conversion Price be increased pursuant to this Section 6(f)(iv).

      

    

    
      
         

            

        (v)          Notwithstanding

              anything herein to the contrary, no adjustment under this Section 6(f) need be made to the Conversion Price unless such adjustment would require an
              increase or decrease of at least 1.0% of the Conversion Price then in effect. Any lesser adjustment shall be carried forward and shall be made at the earlier of (i) the time of and together with the next subsequent adjustment, if any, which,
              together with any adjustment or adjustments so carried forward, shall amount to an increase or decrease of at least 1.0% of the Conversion Price and (ii) the close of business on the Business Day preceding each Conversion Date.

         

            

        (vi)          Notwithstanding any other provisions of this Section 6(f), rights or warrants distributed by the Company to holders of Common Stock, in their
              capacity as holders of Common Stock, entitling the holders thereof to subscribe for or purchase shares of the Company’s capital stock (either initially or under certain circumstances), which rights or warrants, until the occurrence of a
              specified event or events (“Trigger Event”): (A) are deemed to be transferred with such shares of Common Stock; (B) are not exercisable;
              and (C) are also issued in respect of future issuances of Common Stock, shall be deemed not to have been distributed for purposes of this Section 6(f)
              (and no adjustment to the Conversion Price under this Section 6(f) will be required) until the occurrence of the earliest Trigger Event, whereupon
              such rights and warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Price shall be made under Section 6(f)(ii)
              or (iii). In addition, in the event of any distribution (or deemed distribution) of rights or warrants, or any Trigger Event or other event with
              respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Price under this Section 6(f)
              was made, (1) in the case of any such rights or warrants that shall all have been redeemed or repurchased without exercise by any holders thereof, the Conversion Price shall be readjusted upon such final redemption or repurchase to give
              effect to such distribution or Trigger Event, as the case may be, as though it were a cash distribution, equal to the per share redemption or repurchase price received by a holder or holders of Common Stock with respect to such rights or
              warrants (assuming such holder had retained such rights or warrants), made to all holders of Common Stock as of the date of such redemption or repurchase, and (2) in the case of such rights or warrants that shall have expired or been
              terminated without exercise thereof, the Conversion Price on any then-outstanding share of Series A Preferred Stock not previously converted shall be readjusted as if such expired or terminated rights and warrants had not been issued. To the
              extent that the Company has a rights plan or agreement in effect upon conversion of the Series A Preferred Stock, which rights plan provides for rights or warrants of the type described in this clause, then upon conversion of Series A
              Preferred Stock the Holder will receive, in addition to the Common Stock to which he is entitled, a corresponding number of rights in accordance with the rights plan, unless a Trigger Event has occurred and the adjustments to the Conversion
              Price with respect thereto have been made in accordance with the foregoing first sentence of this Section 6(f)(vi). In lieu of any such adjustment
              pursuant to the first sentence of this Section 6(f)(vi) in respect of a Trigger Event, the Company may amend such applicable stockholder rights plan
              or agreement to provide that there shall be the distributed, and cause to be distributed, immediately prior to the occurrence of such Trigger Event, to all Holders of Series A Preferred Stock the rights that would have attached to such number
              of shares of Common Stock as are issuable upon conversion of such Series A Preferred Stock immediately prior to the occurrence of such Trigger Event, without having to convert their shares of Series A Preferred Stock.

         

            

        (vii)          The Company reserves the right to make such reductions in the Conversion Price in addition to those required in the foregoing provisions as it considers advisable in order that any event treated for federal income tax purposes as a
              dividend of stock or stock rights will not be taxable to the recipients. In the event the Company elects to make such a reduction in the Conversion Price, the Company shall comply with the requirements of Rule 14e-1 under the Exchange Act,
              and any other securities laws and regulations thereunder if and to the extent that such laws and regulations are applicable in connection with the reduction of the Conversion Price. 

      

    

    
      17

      
        

    

    (g)          Notwithstanding

        anything to the contrary in Section 6(f), no
        adjustment to the Conversion Price shall be made with respect to any distribution if the Holders are entitled to participate in such distribution as if they held a number of shares of Common Stock issuable upon conversion of the Series A Preferred
        Stock immediately prior to the record date for such event, without having to convert their shares of Series A Preferred Stock.

     

      

    (h)          If the
        Company shall take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend or other distribution, and shall thereafter (and before the dividend or distribution has been paid or delivered to stockholders)
        abandon its plan to pay or deliver such dividend or distribution, then thereafter no adjustment in the Conversion Price then in effect shall be required by reason of the taking of such record.

     

      

    (i)          Upon any
        increase or decrease in the Conversion Price, then, and in each such case, the Company promptly shall deliver to each Holder a certificate signed by an Officer, setting forth in reasonable detail the event requiring the adjustment and the method by
        which such adjustment was calculated and specifying the increased or decreased the Conversion Price then in effect following such adjustment.

     

      

    (j)          The issuance
        or delivery of certificates for Common Stock upon the conversion of shares of Series A Preferred Stock and the issuance or delivery of any Ownership Notice, whether at the request of a Holder or upon the conversion of shares of Series A Preferred
        Stock, shall each be made without charge to the Holder or recipient of shares of Series A Preferred Stock for such certificates or Ownership Notice or for any tax in respect of the issuance or delivery of such certificates or the securities
        represented thereby or such Ownership Notice or the securities identified therein, and such certificates or Ownership Notice shall be issued or delivered in the respective names of, or in such names as may be directed by, the applicable Holder; provided, however, that the Company shall not be
        required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any such certificate in a name other than that of the Holder of the shares of the relevant Series A Preferred Stock and the Company
        shall not be required to issue or deliver any such certificate or Ownership Notice unless or until the Person or Persons requesting the issuance or delivery thereof shall have paid to the Company the amount of such tax or shall have established to
        the reasonable satisfaction of the Company that such tax has been paid.

     

      

    (k)          Any shares
        of Common Stock delivered pursuant to this Section 6
        shall be validly issued, fully paid and nonassessable (except as such nonassessability may be affected by matters of any state or federal law), free and clear or any liens, claims, rights or encumbrances other than those arising under the Delaware
        General Corporation Law or this Certificate of Designation or created by the holders thereof.

    
      18

      
        

    

    (l)          The Company
        shall at all times reserve and keep available for issuance upon the conversion of the Series A Preferred Stock such number of its authorized but unissued and otherwise unreserved shares of Common Stock as will from time to time be sufficient to
        permit the conversion of all outstanding shares of Series A Preferred Stock pursuant any applicable provision of this Certificate of Designation, and shall take all action required to be taken by it (including promptly calling and holding one or
        more special meetings of the Board of Directors and the stockholders of the Company until such increase is approved in accordance with applicable law and amending the Certificate of Incorporation) to increase the authorized number of shares of
        Common Stock if at any time there shall be insufficient unissued and otherwise unreserved shares of Common Stock to permit such reservation or to permit the conversion of all outstanding shares of Series A Preferred Stock or the payment or partial
        payment of dividends (if any) declared on Series A Preferred Stock that are payable in Common Stock. Each Purchaser agrees (and any transferee of Series A Preferred Stock shall be caused to agree), while it holds Series A Preferred Stock, to vote
        such Series A Preferred Stock in favor of any such necessary increase (i) to permit such conversion or payment or (ii) to reserve shares for issuance under any Company equity incentive or similar plan, in each case, at any annual or special meeting
        of the Company. Notwithstanding anything herein to the contrary, and without limiting any other remedies that may be available to any Holder, unless otherwise agreed by the affirmative vote of the Holders of at least 75% of the shares of Series A
        Preferred Stock at the time outstanding and entitled to vote thereon, if the Company defaults on delivering any shares of Common Stock due upon conversion of any shares of Series A Preferred Stock, dividends will continue to accrue on such shares
        of Series A Preferred Stock.

    

    
    (m)          In the case
        of:

     

      

    (i)          any recapitalization, reclassification or change of the Series A Common Stock (other than changes resulting from a subdivision or combination),

     

        

    (ii)          any consolidation, merger or combination involving the Company,

     

        

    (iii)          any sale, lease or other transfer to a third party of the consolidated assets of the Company and the Company’s Subsidiaries substantially as an entirety, or
      
         

          

        (iv)          any
            statutory share exchange,

      

    

    
      19

      
        

    

    in each case as a result of which the Series A Common Stock is converted into, or exchanged for, stock, other securities, other property or
        assets (including cash or any combination thereof) (any such transaction or event, a “Reorganization Event”; such stock, other securities, other
        property or assets, the “Reference Property”; and the amount and kind of Reference Property that a holder of one share of Common Stock would be
        entitled to receive on account of such Reorganization Event (without giving effect to any arrangement not to issue or deliver a fractional portion of any security or other property), a “Reference Property Unit”)), then, at and after the effective time of such Reorganization Event, consideration due upon conversion of any Series A Preferred Stock will be determined in the same manner as if
        each reference to any number of shares of Common Stock in Certificate of Designation were instead a reference to the same number of Reference Property Units; provided,
        however, if the holders of shares of Common Stock have the opportunity to elect the form of consideration to be received in such Reorganization Event, the
        Holders shall be afforded the same opportunity to elect such form and proportion of consideration as if they had converted into shares of Common Stock, and will be subject to any limitations to which all holders of shares of Common Stock are
        subject, including, without limitation, pro rata reductions applicable to any portion of the consideration payable in the Reorganization Event. The Company shall not become a party to any Reorganization Event unless its terms are consistent with
        this Section 6(m). None of the foregoing provisions shall affect
        the right of a Holder of Series A Preferred Stock to convert its Series A Preferred Stock into shares of Common Stock as set forth in Section 6 prior to the effective time of such Reorganization Event. Notwithstanding Section 6(f), no adjustment to the Conversion Price shall be made for any Reorganization Event to the extent stock, securities or other property or assets become
        the Reference Property receivable upon conversion of Series A Preferred Stock.

     

      

    The Company shall provide, by amendment hereto effective upon any such Reorganization Event, for anti-dilution and other
        adjustments that shall be as nearly equivalent as is possible to the adjustments provided for in this Section 6. The provisions of this Section 6
        shall apply to successive Reorganization Events.

     

      

    SECTION 7.          Change

        of Control.

     

      

    (a)          Promptly
        upon entry into a definitive agreement that provides for a Change of Control, the Company shall provide written notice thereof to the Holders.

     

      

    (b)          If a Change
        of Control occurs, each Holder shall have the right to cause the Company to repurchase each of such Holder’s Series A Preferred Stock into cash in an amount equal to the Change of Control Redemption Price by providing written notice of the exercise
        of such right to the Company.  The Company will settle any such exercise no later than the later of (x) the effective date of such Change of Control; and (y) the tenth Business Day after delivery of such written notice (the date of any such
        settlement, the “Change of Control Repurchase Date.”

    
      20

      
        

    

    SECTION 8.          Redemption.

     

      

    (a)          Redemption at the Option of the Company:

     

      

    
      	
              (i)

            	
              On or after the date that is seven years after the Issue Date, in addition to the Company’s right to cause all of
                  the outstanding shares of Series A Preferred Stock to be converted to shares of Common Stock pursuant to Section 6(b), if Holders have not elected to convert all of their Shares pursuant to Section 6(a), the Company shall have the right to redeem any or all the outstanding shares of Series A Preferred Stock for the Company Redemption
                  Value. The Company Redemption Value may be paid in either cash or shares of Common Stock or a combination of cash and shares of Common Stock at the exclusive election of the Company; provided, the Company may not elect to pay any portion of the Company Redemption Value in shares of Common Stock unless (i) the Liquidity Conditions have been satisfied with respect to such shares of
                  Common Stock; and (ii) the Company is not in possession of material non-public information as of the date the Company provides the notice of redemption pursuant to Section 8(a)(ii).

            

    

    
      	
              (ii)

            	
              Notice of a redemption of shares of the Series A Preferred Stock by the Company shall be given by first class mail,
                  postage prepaid, addressed to the holders of record of the shares to be redeemed at their respective last addresses appearing on the books of the Company. Such mailing shall be at least 30 days and not more than 60 days before the date
                  fixed by the Company for redemption (such date, the “Company Redemption Date”). Any notice
                  mailed as provided in this subsection (ii) shall be conclusively presumed to have been duly given, whether or not the holder receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the
                  mailing thereof, to any holder of shares of the Series A Preferred Stock designated for redemption shall not affect the validity of the proceedings for the redemption of any other shares of the Series A Preferred Stock. Each notice of
                  redemption given to a holder shall state: (1) the redemption date; (2) the number of shares of the Series A Preferred Stock to be redeemed; (3) (i) the number of shares of Series A Preferred Stock to be redeemed for cash and the
                  corresponding Company Redemption Value to be paid in cash and (ii) the number of shares of Series A Preferred Stock to be redeemed for Common Shares and the corresponding Company Redemption Value to be paid in shares of Common Stock; and
                  (4) the place or places where certificates for such shares are to be surrendered for payment of the redemption price.

            

    

    
      	
              (iii)

            	
              Notwithstanding anything to the contrary herein, prior to any redemption by the Company, a Holder may elect to
                  convert its Series A Preferred Shares pursuant to Section 6(a).

            

    

    
      21

      
        

    

    (b)          Redemption at the Option of the Holder:

     

      

    
      	
              (i)

            	 On each Investor Redemption Date, a Holder shall have a right to cause the Company
                to redeem any or all of its Series A Preferred Shares for the Investor Redemption Value. The Investor Redemption Value may be paid in either cash, shares of Common Stock or a combination of cash and shares of Common Stock at the election of
                the Company; provided, however, that the Company may not
                elect to pay any portion of the Investor Redemption Value in shares of Common Stock unless the Liquidity Conditions have been satisfied with respect to such shares of Common Stock. 

    

    
      	
              (ii)

            	
              To exercise the right described in Section 8(b)(i) above, a Holder must deliver notice to the Company on or
                  before the second Business Day preceding the Investor Redemption Date. Such notice shall be given by first class mail, postage prepaid, addressed to the Company. Any notice mailed as provided in this subsection (ii) shall be conclusively
                  presumed to have been duly given, whether or not the Company receives such notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof. Each notice of redemption given to the Company shall
                  state: (1) the number of shares of the Series A Preferred Stock to be redeemed; and (2) the place or places where certificates for such shares are to be surrendered for payment of the redemption price.

            

    

    
      	
              (iii)

            	
              Within two business days of receipt of such notice from a Holder, the Company shall deliver notice to the Investor
                  stating the portion of the Investor Redemption Value that will be settled in cash and portion of the Investor Redemption Value that will be settled in Common Stock.

            

    

    
      22

      
        

    

    SECTION 9.          No Fractional Shares.

     

      

    No fractional shares of Common Stock or securities representing fractional shares of Common Stock shall be issued upon
        conversion, whether voluntary or mandatory, or in respect of dividend payments made in Common Stock on the Series A Preferred Stock. Instead, the Company may elect to either make a cash payment to each Holder that would otherwise be entitled to a
        fractional share (based on the Closing Sale Price of such fractional share determined as of the Trading Day immediately prior to the payment thereof) or, in lieu of such cash payment, round up to the next whole share the number of shares of Common
        Stock to be issued to any particular Holder upon conversion.

     

      

    SECTION 10.          Uncertificated Shares; Certificated Shares.

     

      

    (a)          Uncertificated

        Shares.

     

      

    
      	
              (i)

            	
              Form. Notwithstanding
                  anything to the contrary herein, unless requested in writing by a Holder to the Company, the shares of Series A Preferred Stock and any shares of Common Stock issued upon conversion thereof shall be in uncertificated, book entry form as
                  permitted by the bylaws of the Company and the Delaware General Corporation Law. Within a reasonable time after the issuance or transfer of uncertificated shares, the Company shall, or shall cause the Transfer Agent to, send to the
                  registered owner thereof an Ownership Notice.

            

    

    
      	
              (ii)

            	
              Transfer. Transfers of
                  Series A Preferred Stock or Common Stock issued upon conversion thereof held in uncertificated, book-entry form shall be made only upon the transfer books of the Company kept at an office of the Transfer Agent upon receipt of proper
                  transfer instructions from the registered owner of such uncertificated shares, or from a duly authorized attorney or from an individual presenting proper evidence of succession, assignment or authority to transfer the stock. The Company
                  may refuse any requested transfer until furnished evidence satisfactory to it that such transfer is proper.

            

    

    
      	
              (iii)

            	
              Legends. Each Ownership
                  Notice issued with respect to a share of Series A Preferred Stock or any Common Stock issued upon the conversion of Series A Preferred Stock shall bear a legend in substantially the following form:

            

    

     

      

    “THE SECURITIES IDENTIFIED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
        ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

    
      23

      
        

    

    THE FOREGOING LEGEND WILL BE REMOVED AND A NEW OWNERSHIP NOTICE PROVIDED WITH RESPECT TO THE SECURITIES
        IDENTIFIED HEREIN UPON THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT.

     

      

    SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE FOURTH AMENDED AND RESTATED CERTIFICATE OF
        INCORPORATION OF MERCADOLIBRE, INC. (THE “COMPANY”), INCLUDING THE CERTIFICATES OF DESIGNATIONS INCLUDED THEREIN (AS FURTHER AMENDED AND RESTATED
        FROM TIME TO TIME, THE “CHARTER”), THE COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK OR MORE THAN ONE SERIES OF ANY CLASS AND THE
        COMPANY WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS
        OR RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. THE SHARES EVIDENCED BY THIS NOTICE ARE SUBJECT TO THE OBLIGATIONS AND RESTRICTIONS STATED IN, AND ARE TRANSFERABLE ONLY IN ACCORDANCE WITH, THE PROVISIONS OF THE CHARTER. THE TERMS OF THE CHARTER
        ARE HEREBY INCORPORATED INTO THIS NOTICE BY REFERENCE.

     

      

    IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE TRANSFER AGENT SUCH CERTIFICATES AND OTHER
        INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.”

     

      

    In addition, each Ownership Notice issued with respect to a share of Series A Preferred Stock shall bear a
        legend in substantially the following form:

     

      

    “BY ACCEPTANCE HEREOF, THE HOLDER SHALL BE DEEMED TO HAVE AGREED WITH THE SHORT SALE RESTRICTIONS SET
        FORTH IN THE CERTIFICATE OF DESIGNATION.”

     

      

    (b)          Certificated
        Shares.

     

      

    
      	
              (i)

            	
              Form and Dating. When
                  Series A Preferred Stock is in certificated form (“Certificated Series A Preferred Stock”), the Series A Preferred Stock certificate
                  and the Transfer Agent’s certificate of authentication shall be substantially in the form set forth in Exhibit A, which is hereby incorporated in and expressly made a part of this Certificate of Designation. The Series A Preferred Stock
                  certificate may have notations, legends or endorsements required by applicable law, stock exchange rules, agreements to which the Company is subject, if any, or usage; provided, that any such notation, legend or endorsement is in a form acceptable to the Company. Each Series A Preferred Stock certificate shall be dated the date of its authentication.

            

    

    
      	
              (ii)

            	
              Execution

                and Authentication. Two Officers shall sign each Series A Preferred Stock certificate for the Company by manual or facsimile signature.

            

    

    
      24

      
        

    

    If an Officer whose signature is on a Series A Preferred Stock certificate no longer holds that office at the time the
        Transfer Agent authenticates the Series A Preferred Stock certificate, the Series A Preferred Stock certificate shall be valid nevertheless.

     

      

    A Series A Preferred Stock certificate shall not be valid until an authorized signatory of the Transfer Agent manually signs
        the certificate of authentication on the Series A Preferred Stock certificate. The signature shall be conclusive evidence that the Series A Preferred Stock certificate has been authenticated under this Certificate of Designation.

     

      

    The Transfer Agent shall authenticate and deliver certificates for shares of Series A Preferred Stock for original issue upon
        a written order of the Company signed by two Officers or by an Officer and an Assistant Treasurer of the Company. Such order shall specify the number of shares of Series A Preferred Stock to be authenticated and the date on which the original issue
        of the Series A Preferred Stock is to be authenticated.

     

      

    The Transfer Agent may appoint an authenticating agent reasonably acceptable to the Company to authenticate the certificates
        for the Series A Preferred Stock. Unless limited by the terms of such appointment, an authenticating agent may authenticate certificates for the Series A Preferred Stock whenever the Transfer Agent may do so. Each reference in this Certificate of
        Designation to authentication by the Transfer Agent includes authentication by such agent. An authenticating agent has the same rights as the Transfer Agent or agent for service of notices and demands.

    
      25

      
        

    

    
      	
              (iii)

            	
              Transfer and Exchange.
                  When Certificated Series A Preferred Stock is presented to the Transfer Agent with a request to register the transfer of such Certificated Series A Preferred Stock or to exchange such Certificated Series A Preferred Stock for an equal
                  number of shares of Certificated Series A Preferred Stock, the Transfer Agent shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Certificated Series A Preferred Stock surrendered for transfer or exchange:

            

    

    
      	
              (A)

            	
              shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the
                  Company and the Transfer Agent, duly executed by the Holder thereof or its attorney duly authorized in writing; and

            

    

    
      	
              (B)

            	
              is being transferred or exchanged pursuant to subclause (1) or (2) below, and is accompanied by the following
                  additional information and documents, as applicable:

            

    

    
      	
              1.

            	
              if such Certificated Series A Preferred Stock is being delivered to the Transfer Agent by a Holder for registration in the name of
                  such Holder, without transfer, a certification from such Holder to that effect in substantially the form of Exhibit C hereto; or

            

    

    
      	
              2.

            	
              if such Certificated Series A Preferred Stock is being transferred to the Company or to a “qualified institutional buyer” in
                  accordance with Rule 144A under the Securities Act or pursuant to another exemption from registration under the Securities Act, (i) a certification to that effect (in substantially the form of Exhibit C hereto) and (ii) if the Company so
                  requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth in Section 10(b)(iv).

            

    

    
      	
              (iv)

            	
              Legends.

            

    

    
      	
              (A)

            	
              Each certificate evidencing Certificated Series A Preferred Stock or any Common Stock issued upon the conversion of
                  Series A Preferred Stock shall bear a legend in substantially the following form:

            

    

    
      26

      
        

    

    “THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
        TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

     

      

    THE FOREGOING LEGEND WILL BE REMOVED AND A NEW CERTIFICATE PROVIDED WITH RESPECT TO THESE SECURITIES UPON
        THE REQUEST OF THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT.

     

      

    SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF
        MERCADOLIBRE, INC. (THE “COMPANY”), INCLUDING THE CERTIFICATES OF DESIGNATIONS INCLUDED THEREIN (AS FURTHER AMENDED AND RESTATED FROM TIME TO
        TIME, THE “CHARTER”), THE COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK OR MORE THAN ONE SERIES OF ANY CLASS AND THE COMPANY WILL
        FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR
        RESTRICTIONS OF SUCH PREFERENCES AND/OR RIGHTS. THE SHARES EVIDENCED BY THIS NOTICE ARE SUBJECT TO THE OBLIGATIONS AND RESTRICTIONS STATED IN, AND ARE TRANSFERABLE ONLY IN ACCORDANCE WITH, THE PROVISIONS OF THE CHARTER. THE TERMS OF THE CHARTER ARE
        HEREBY INCORPORATED INTO THIS CERTIFICATE BY REFERENCE.

    
      27

      
        

    

    IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE TRANSFER AGENT SUCH CERTIFICATES AND OTHER
        INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.”

     

      

    
      	
              (B)

            	
              Upon any sale or transfer of a Transfer Restricted Security held in certificated form pursuant to Rule 144 under
                  the Securities Act or another exemption from registration under the Securities Act or an effective registration statement under the Securities Act, the Transfer Agent shall permit the Holder thereof to exchange such Transfer Restricted
                  Security for Certificated Series A Preferred Stock or certificated Common Stock that does not bear a restrictive legend and rescind any restriction on the transfer of such Transfer Restricted Security.

            

    

    
      	
              (v)

            	
              Replacement Certificates.
                  If any of the Series A Preferred Stock certificates shall be mutilated, lost, stolen or destroyed, the Company shall issue, in exchange and in substitution for and upon cancellation of the mutilated Series A Preferred Stock certificate,
                  or in lieu of and substitution for the Series A Preferred Stock certificate lost, stolen or destroyed, a new Series A Preferred Stock certificate of like tenor and representing an equivalent amount of shares of Series A Preferred Stock,
                  but only upon receipt of evidence of such loss, theft or destruction of such Series A Preferred Stock certificate and indemnity, if requested, satisfactory to the Company and the Transfer Agent.

            

    

    
      	
              (vi)

            	
              Cancellation. In the
                  event the Company shall purchase or otherwise acquire Certificated Series A Preferred Stock, the same shall thereupon be delivered to the Transfer Agent for cancellation. The Transfer Agent and no one else shall cancel and destroy all
                  Series A Preferred Stock certificates surrendered for transfer, exchange, replacement or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Transfer Agent to deliver canceled Series A
                  Preferred Stock certificates to the Company. The Company may not issue new Series A Preferred Stock certificates to replace Series A Preferred Stock certificates to the extent they evidence Series A Preferred Stock which the Company has
                  purchased or otherwise acquired.

            

    

    
      28

      
        

    

    (c)          Certain Obligations with Respect to Transfers and Exchanges of Series A Preferred Stock.

     

      

    
      	
              (i)

            	
              To permit registrations of transfers and exchanges, the Company shall execute and the Transfer Agent shall
                  authenticate Certificated Series A Preferred Stock as required pursuant to the provisions of this Section 10.

            

    

    
      	
              (ii)

            	
              All shares of Series A Preferred Stock, whether or not Certificated Series A Preferred Stock, issued upon any
                  registration of transfer or exchange of such shares of Series A Preferred Stock shall be the valid obligations of the Company, entitled to the same benefits under this Certificate of Designation as the shares of Series A Preferred Stock
                  surrendered upon such registration of transfer or exchange.

            

    

    
      	
              (iii)

            	
              Prior to due presentment for registration of transfer of any shares of Series A Preferred Stock, the Transfer Agent
                  and the Company may deem and treat the Person in whose name such shares of Series A Preferred Stock are registered as the absolute owner of such Series A Preferred Stock and neither the Transfer Agent nor the Company shall be affected by
                  notice to the contrary.

            

    

    
      	
              (iv)

            	
              No service charge shall be made to a Holder for any registration of transfer or exchange of any Series A Preferred
                  Stock or Common Stock issued upon the conversion thereof on the transfer books of the Company or the Transfer Agent or upon surrender of any Series A Preferred Stock certificate or Common Stock certificate at the office of the Transfer
                  Agent maintained for that purpose. However, the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Series A
                  Preferred Stock or Common Stock if the Person receiving shares in connection with such transfer or exchange is not the holder thereof.

            

    

     

      

    (d)          No Obligation of the Transfer Agent. The Transfer Agent shall have no obligation or duty to monitor, determine or inquire as to compliance
        with any restrictions on transfer imposed under this Certificate of Designation or under applicable law with respect to any transfer of any interest in any Series A Preferred Stock other than to require delivery of such certificates and other
        documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Certificate of Designation, and to examine the same to determine substantial compliance as to form with the express
        requirements hereof.

     

      

    SECTION 11.          Other Provisions.

     

      

    (a)          With respect
        to any notice to a Holder required to be provided hereunder, neither failure to mail such notice, nor any defect therein or in the mailing thereof, to any particular Holder shall affect the sufficiency of the notice or the validity of the
        proceedings referred to in such notice with respect to the other Holders or affect the legality or validity of any vote upon any such action (assuming due and proper notice to such other Holders). Any notice which was mailed in the manner herein
        provided shall be conclusively presumed to have been duly given whether or not the Holder receives the notice.

    
      29

      
        

    

    (b)          Shares of
        Series A Preferred Stock that have been issued and reacquired by the Company in any manner, including shares of Series A Preferred Stock purchased or redeemed or exchanged or converted, shall (upon compliance with any applicable provisions of the
        laws of Delaware) upon such reacquisition be automatically cancelled by the Company and shall not be reissued.

     

      

    (c)          The shares
        of Series A Preferred Stock shall be issuable only in whole shares.

     

      

    (d)          All notice
        periods referred to herein shall commence: (i) when made, if made by hand delivery, and upon confirmation of receipt, if made by facsimile; (ii) one Business Day after being deposited with a nationally recognized next-day courier, postage prepaid;
        or (iii) three Business Days after being by first-class mail, postage prepaid. Notice to any Holder shall be given to the registered address set forth in the Company’s records for such Holder.

     

      

    (e)          Any payments
        required to be made hereunder on any day that is not a Business Day shall be made on the next succeeding Business Day without interest or additional payment for such delay. All payments required hereunder shall be made by wire transfer of
        immediately available funds in United States Dollars to the Holders in accordance with the payment instructions as such Holders may deliver by written notice to the Company from time to time.

     

      

    (f)          Notwithstanding

        anything to the contrary herein, whenever the Board of Directors is permitted or required to determine fair market value, such determination shall be made in good faith.

     

      

    (g)          The Holders
        shall have no preemptive or preferential rights to purchase or subscribe to any stock, obligations, warrants or other securities of the Company of any class.

     

      

    (h)          The Company
        shall distribute to the Holders copies of all notices, materials, annual and quarterly reports, proxy statements, information statements and any other documents distributed generally to the holders of the Common Stock, at such times and by such
        method as documents are distributed to such holders of such Common Stock.

    [Signature page follows.]

    
      30

      
        

    

    
    

    

    IN WITNESS WHEREOF, the Company has caused this certificate to be signed and attested this [•] day of March, 2019

     

      

     
    	 	MERCADOLIBRE, INC.
	 	 	 
	
            

          	
            By:

          	/s/  [•]   
	 	Name:	[•]   
	 	Title:	[•]   

     

    

     

    

    
      SIGNATURE PAGE TO CERTIFICATE OF DESIGNATION

    

    
      
        

    

    
    EXHIBIT A

    FORM OF PREFERRED STOCK

     

      

    FACE OF SECURITY

     

      

    THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
        DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

     

      

    THE FOREGOING LEGEND WILL BE REMOVED AND A NEW CERTIFICATE PROVIDED WITH RESPECT TO THESE SECURITIES UPON THE REQUEST OF THE HOLDER AFTER THE
        EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT.

     

      

    SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF MERCADOLIBRE, INC. (THE “COMPANY”), INCLUDING THE CERTIFICATES OF DESIGNATIONS INCLUDED THEREIN (AS FURTHER AMENDED AND RESTATED FROM TIME TO TIME, THE “CHARTER”), THE COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK OR MORE THAN ONE SERIES OF ANY CLASS AND THE COMPANY WILL FURNISH WITHOUT
        CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
        PREFERENCES AND/OR RIGHTS. THE SHARES EVIDENCED BY THIS NOTICE ARE SUBJECT TO THE OBLIGATIONS AND RESTRICTIONS STATED IN, AND ARE TRANSFERABLE ONLY IN ACCORDANCE WITH, THE PROVISIONS OF THE CHARTER. THE TERMS OF THE CHARTER ARE HEREBY INCORPORATED
        INTO THIS CERTIFICATE BY REFERENCE.

     

      

    BY ACCEPTANCE HEREOF, THE HOLDER SHALL BE DEEMED TO HAVE AGREED WITH THE SHORT SALE RESTRICTIONS SET FORTH IN THE CERTIFICATE OF DESIGNATION.

    IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT
        MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

    
      Exhibit A-1

      
        

    

    	
            Certificate Number

          	
            [          ] Shares of

          
	
            [          ]

          	
            Series A Cumulative Perpetual Convertible

            Series A Preferred Stock

          

    

    

    Series A Cumulative Perpetual Convertible Series A Preferred Stock

        of

        MERCADOLIBRE, INC.

     

      

    MERCADOLIBRE, INC., a Delaware corporation (the “Company”), hereby certifies that [          ] (the “Holder”) is the registered owner of [          ] fully paid and
        non-assessable shares of preferred stock, par value $0.001 per share, of the Company designated as the Series A Cumulative Perpetual Convertible Series A Preferred Stock (the “Series A Preferred Stock”). The shares of Series A Preferred Stock are transferable on the books and records of the Transfer Agent, in person or by a duly authorized attorney, upon surrender of this certificate
        duly endorsed and in proper form for transfer. The designations, rights, privileges, restrictions, preferences and other terms and provisions of the Series A Preferred Stock represented hereby are issued and shall in all respects be subject to the
        provisions of the Certificate of Designation dated [ ], 2019, as the same may be amended from time to time (the “Certificate of Designation”).
        Capitalized terms used herein but not defined shall have the meaning given them in the Certificate of Designation. The Company will provide a copy of the Certificate of Designation to a Holder without charge upon written request to the Company at
        its principal place of business.

     

      

    Reference is hereby made to select provisions of the Series A Preferred Stock set forth on the reverse hereof, and to
        the Certificate of Designation, which select provisions and the Certificate of Designation shall for all purposes have the same effect as if set forth at this place.

     

      

    Upon receipt of this certificate, the Holder is bound by the Certificate of Designation and is entitled to the
        benefits thereunder.

     

      

    Unless the Transfer Agent’s Certificate of Authentication hereon has been properly executed, these shares of Series A
        Preferred Stock shall not be entitled to any benefit under the Certificate of Designation or be valid or obligatory for any purpose.

     

      

    IN WITNESS WHEREOF, the Company has executed this certificate this day of          , 2019.

     

      

    	 	
            MERCADOLIBRE, INC.

          
	 	 By:     	
                 

          
	 	 Name:	
            

          
	 	 Title:	
            

          
	 	 	 
	 	 By:  	
                    

          
	 	 Name:	
            

          
	 	 Title:	
            

          

    
      Exhibit A-2

      
        

    

    TRANSFER AGENT’S CERTIFICATE OF AUTHENTICATION

     

      

    These are shares of the Series A Preferred Stock referred to in the within-mentioned Certificate of Designation.

     

      

    

      Dated:

     

      

     
      	 	COMPUTERSHARE TRUST COMPANY, N.A.,
	 	as Transfer Agent,
	
              

            	
              By: 

            	

            
	 	 	Authorized Signatory
	 	 	
	 	 	 

    

    
      Exhibit A-3

      
        

    

    

    REVERSE OF SECURITY

     

      

    Dividends on each share of Series A Preferred Stock shall be payable, when, as and if declared by the Company’s Board of
        Directors out of legally available funds as provided in the Certificate of Designation.

     

      

    The shares of Series A Preferred Stock shall be convertible into the Company’s Common Stock upon the satisfaction of the
        conditions and in the manner and according to the terms set forth in the Certificate of Designation.

     

      

    The shares of Series A Preferred Stock may be redeemed by the Company upon the satisfaction of the conditions and in the
        manner and according to the terms set forth in the Certificate of Designation.

     

      

    The Company will furnish without charge to each holder who so requests the powers, designations, preferences and relative,
        participating, optional or other special rights of each class of stock and the qualifications, limitations or restrictions of such preferences and/or rights.

    
      Exhibit A-4

      
        

    

    ASSIGNMENT

    FOR VALUE RECEIVED, the undersigned assigns and transfers the shares of Series A Preferred Stock evidenced hereby to:

     

      

    	 
	 

    

    

    (Insert assignee’s social security or tax identification number)

     

      

    	 

    

    

    (Insert address and zip code of assignee)

     

      

    	 

    

    

    and irrevocably appoints:

     

      

    	 
	 
	 

    

    

    agent to transfer the shares of Series A Preferred Stock evidenced hereby on the books of the Transfer Agent. The agent may substitute another
        to act for him or her.

     

      

    Date:

    Signature:

     

      

    (Sign exactly as your name appears on the other side of this Series A Preferred Stock Certificate)

     

      

    Signature Guarantee:_____________

     

      

    
      
        	1	
                Signature must be guaranteed by an “eligible guarantor institution” that is a bank, stockbroker, savings and loan association or credit union meeting the
                    requirements of the Transfer Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Transfer Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

              

      

    

    
      Exhibit A-5

      
        

    

    
    EXHIBIT B

     

      

    OWNERSHIP NOTICE

     

      

    THE SECURITIES IDENTIFIED HEREIN HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THESE SECURITIES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
        ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

     

      

    THE FOREGOING LEGEND WILL BE REMOVED AND A NEW OWNERSHIP NOTICE PROVIDED WITH RESPECT TO THE SECURITIES IDENTIFIED HEREIN UPON THE REQUEST OF
        THE HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT.

     

      

    SUBJECT TO THE TERMS AND CONDITIONS SET FORTH IN THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION OF MERCADOLIBRE, INC. (THE “COMPANY”), INCLUDING THE CERTIFICATES OF DESIGNATIONS INCLUDED THEREIN (AS FURTHER AMENDED AND RESTATED FROM TIME TO TIME, THE “CHARTER”), THE COMPANY IS AUTHORIZED TO ISSUE MORE THAN ONE CLASS OF STOCK OR MORE THAN ONE SERIES OF ANY CLASS AND THE COMPANY WILL FURNISH WITHOUT
        CHARGE TO EACH STOCKHOLDER WHO SO REQUESTS THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE PARTICIPATING, OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH
        PREFERENCES AND/OR RIGHTS. THE SHARES EVIDENCED BY THIS NOTICE ARE SUBJECT TO THE OBLIGATIONS AND RESTRICTIONS STATED IN, AND ARE TRANSFERABLE ONLY IN ACCORDANCE WITH, THE PROVISIONS OF THE CHARTER. THE TERMS OF THE CHARTER ARE HEREBY INCORPORATED
        INTO THIS NOTICE BY REFERENCE.

     

      

    IF THE SECURITIES IDENTIFIED HEREIN ARE SERIES A CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED STOCK OF THE COMPANY, THEN BY ACCEPTANCE HEREOF, THE
        HOLDER SHALL BE DEEMED TO HAVE AGREED WITH THE COMPANY THAT, FOR SO LONG AS THE HOLDER HOLDS THIS SECURITY, THE HOLDER SHALL NOT, AND SHALL CAUSE ITS AFFILIATES NOT TO, DIRECTLY OR INDIRECTLY ENGAGE IN ANY SHORT SALE OF THE COMMON STOCK OF THE
        COMPANY.

     

      

    IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT
        MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

    
      Exhibit B-1

      
        

    

    This letter confirms and acknowledges that you are the registered owner of the number and the class or series of shares of capital stock of the
        Company listed on Schedule A to this letter.

     

      

    In addition, please be advised that the Company will furnish without charge to each stockholder of the Company who so requests the powers,
        designations, preferences and relative participating, optional or other special rights of each class of stock, or series thereof, of the Company and the qualifications, limitations or restrictions of such preferences and/or rights, which are fixed
        by the Charter. Any such request should be directed to the Secretary of the Company.

     

      

    The shares of capital stock of the Company have been not been registered under the Securities Act and, accordingly, may not be offered, sold,
        pledged or otherwise transferred within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an effective registration statement under the Act or an exemption from the registration requirements of the Act.

     

      

    Dated:

     

      

    	 	
            COMPUTERSHARE TRUST COMPANY, N.A.,

          
	 	
            as Transfer Agent,

          
	 	By:   	 
	 	 	
            Authorized Signatory

          

    
      Exhibit B-2

      
        

    

    EXHIBIT C

    CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF TRANSFER OF PREFERRED STOCK

     

      

    Re:         Series A Cumulative Perpetual Convertible Series
        A Preferred Stock (the “Series A Preferred Stock”) of MercadoLibre, Inc. (the “Company”)

     

      

    This Certificate relates to shares of Series A Preferred Stock held by (the “Transferor”) in*/:

     

      

    [1           book entry form; or

     

      

    [1           definitive form.

     

      

    The Transferor has requested the Transfer Agent by written order to exchange or register the transfer of Series A Preferred
        Stock.

     

      

    In connection with such request and in respect of such Series A Preferred Stock, the Transferor does hereby certify that the
        Transferor is familiar with the Certificate of Designation relating to the above-captioned Series A Preferred Stock and that the transfer of this Series A Preferred Stock does not  require registration under the Securities Act of 1933 (the “Securities Act”) because */:

     

      

    
      
        	[1	
                such Series A Preferred Stock is being acquired for the Transferor’s own account without transfer;

              

      

    

    
      
        	[1	
                such Series A Preferred Stock is being transferred to the Company;

              

      

    

    
      
        	[1	
                such Series A Preferred Stock is being transferred to a qualified institutional buyer (as defined in Rule 144A under the Securities Act), in reliance on Rule
                    144A; or

              

      

    

    
      
        	[1	
                such Series A Preferred Stock is being transferred in reliance on and in compliance with another exemption from the registration requirements of the
                    Securities Act (and based on an Opinion of Counsel if the Company so requests).

              

      

    

    	
            

          

    

    

    

    

     
      	 	[INSERT NAME OF TRANSFEROR]
	 	 	 
	
              

            	
              By: 

            	

            
	 	 	

    

     

      

    Date:

     

      

    */          Please check applicable box.

    

    

    
      [Signature Page—Observer Confidentiality Agreement]EXHIBIT 4.1

 

MUFG UNION BANK, N.A.,

as Indenture Trustee,

 

and

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION
TRUST 2019-A,

as Issuing Entity

 

INDENTURE

 

Dated as of March 13, 2019

 

     

     

    

  

TRUST INDENTURE ACT CROSS-REFERENCE CHART

(THIS CHART IS NOT A PART OF THIS INDENTURE)

 

	TIA SECTION	 	
        INDENTURE REFERENCE

	310(a)(1)	 	6.8, 6.11
	310(a)(2)	 	6.8, 6.11
	310(a)(3)	 	6.10(b)
	310(a)(4)	 	Not applicable
	310(a)(5)	 	6.11
	310(b)	 	6.11
	310(c)	 	Not applicable
	311(a)	 	6.12
	311(b)	 	6.12
	311(c)	 	Not applicable
	312(a)	 	7.1, 7.2(a)
	312(b)	 	7.2(b)
	312(c)	 	7.2(c)
	313(a)	 	7.4
	313(b)	 	7.4
	313(c)	 	7.4
	313(d)	 	7.4
	314(a)	 	3.9, 7.3
	314(b)	 	3.6
	314(c)(1)	 	11.1(a)
	314(c)(2)	 	11.1(a)
	314(c)(3)	 	11.1(a)
	314(d)	 	11.1(b)
	314(e)	 	11.1(a)
	315(a)	 	6.1(b)
	315(b)	 	6.5
	315(c)	 	6.1(a)
	315(d)	 	6.1(c)
	315(d)(1)	 	6.1(b), 6.1(c)(i)
	315(d)(2)	 	6.1(c)(ii)
	315(d)(3)	 	6.1(c)(iii)
	315(e)	 	5.13
	316(a)(1)(A)	 	5.11
	316(a)(1)(B)	 	5.12
	316(a)(2)	 	Not Applicable
	316(b)	 	5.7
	316(c)	 	5.6(b)
	317(a)(1)	 	5.3(a), 5.3(b)
	317(a)(2)	 	5.3(d)
	317(b)	 	3.3
	318(a)	 	11.17

 

    i 

     

    

  

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS	2
	Section 1.1	Definitions	2
	Section 1.2	Interpretive Provisions	2
	 	 	 
	ARTICLE II THE NOTES	2
	Section 2.1	Form	2
	Section 2.2	Execution, Authentication and Delivery	2
	Section 2.3	Temporary Notes	3
	Section 2.4	Registration; Registration of Transfer and Exchange	4
	Section 2.5	Mutilated, Destroyed, Lost or Stolen Notes	5
	Section 2.6	Persons Deemed Owners	6
	Section 2.7	Cancellation	6
	Section 2.8	Release of Collateral	6
	Section 2.9	Book-Entry Notes	7
	Section 2.10	Notices to Clearing Agency	7
	Section 2.11	Definitive Notes	7
	Section 2.12	Authenticating Agents	8
	Section 2.13	Tax Treatment	9
	 	 	 
	ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS	10
	Section 3.1	Payment of Principal and Interest	10
	Section 3.2	Maintenance of Office or Agency	10
	Section 3.3	Money for Payments to be Held in Trust	10
	Section 3.4	Existence	12
	Section 3.5	Protection of Collateral	12
	Section 3.6	Opinions as to Collateral	13
	Section 3.7	Performance of Obligations; Administration of the Exchange note	13
	Section 3.8	Negative Covenants	14
	Section 3.9	Issuing Entity Certificates and Reports	15
	Section 3.10	Notice of Defaults	16
	Section 3.11	Further Instruments and Acts	16
	Section 3.12	Delivery of Exchange Note	16
	Section 3.13	Compliance with Laws	16
	Section 3.14	Perfection Representations	16
	Section 3.15	'34 Act Filings	17
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	17
	Section 4.1	Satisfaction and Discharge of Indenture	17
	Section 4.2	Application of Trust Money	18
	Section 4.3	Repayment of Monies Held by Paying Agent	18

 

    ii 

     

    

  

	ARTICLE V EVENT OF DEFAULT	18
	Section 5.1	Events of Default	18
	Section 5.2	Acceleration of Maturity; Waiver of Event of Default	20
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	20
	Section 5.4	Remedies; Priorities	22
	Section 5.5	Optional Preservation of the Exchange Note Assets	24
	Section 5.6	Limitation of Suits	24
	Section 5.7	Unconditional Rights of Noteholders to Receive Principal and Interest	25
	Section 5.8	Restoration of Rights and Remedies	25
	Section 5.9	Rights and Remedies Cumulative	25
	Section 5.10	Delay or Omission Not a Waiver	26
	Section 5.11	Control By Noteholders	26
	Section 5.12	Waiver of Past Defaults	26
	Section 5.13	Undertaking For Costs	27
	Section 5.14	Waiver of Stay or Extension Laws	27
	Section 5.15	Action on Notes	27
	Section 5.16	Performance and Enforcement of Certain Obligations	27
	Section 5.17	Sale of Collateral	28
	 	 	 
	ARTICLE VI THE INDENTURE TRUSTEE	28
	Section 6.1	Duties of Indenture Trustee	28
	Section 6.2	Rights of Indenture Trustee	30
	Section 6.3	Individual Rights of Indenture Trustee	31
	Section 6.4	Indenture Trustee's Disclaimer	32
	Section 6.5	Notice of Defaults	32
	Section 6.6	Reports by Indenture Trustee to Noteholders	32
	Section 6.7	Compensation and Indemnity	32
	Section 6.8	Removal, Resignation and Replacement of Indenture Trustee	33
	Section 6.9	Successor Indenture Trustee by Merger	34
	Section 6.10	Appointment of Co-Trustee or Separate Trustee	34
	Section 6.11	Eligibility; Disqualification	35
	Section 6.12	Preferential Collection of Claims Against the Issuing Entity	36
	Section 6.13	Representations and Warranties of Indenture Trustee	36
	Section 6.14	Trustee as Holder of the Exchange Note	37
	Section 6.15	Communications Regarding Demands to Repurchase TRANSACTION UNITS	37
	 	 	 
	ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS	38
	Section 7.1	Issuing Entity to Furnish Indenture Trustee Noteholder Names and Addresses	38
	Section 7.2	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications Between Noteholders	38
	Section 7.3	Reports by Issuing Entity	39
	Section 7.4	Reports by Indenture Trustee	40
	Section 7.5	Noteholder Demand For Asset Representations Review	40

 

    iii 

     

    

  

	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	41
	Section 8.1	Collection of Money	41
	Section 8.2	Accounts	42
	Section 8.3	Servicer Certificate	42
	Section 8.4	Disbursement of Funds	44
	Section 8.5	General Provisions Regarding Accounts	47
	Section 8.6	Release of Collateral	48
	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	48
	Section 9.1	Supplemental Indentures without Consent of Noteholders	48
	Section 9.2	Supplemental Indentures with Consent of Noteholders	50
	Section 9.3	Execution of Supplemental Indentures	50
	Section 9.4	Effect of Supplemental Indenture	51
	Section 9.5	Reference in Notes to Supplemental Indentures	51
	 	 	 
	ARTICLE X REDEMPTION OF NOTES	51
	Section 10.1	Redemption	51
	Section 10.2	Form of Redemption Notice	52
	Section 10.3	Notes Payable on Redemption Date	52
	 	 	 
	ARTICLE XI MISCELLANEOUS	52
	Section 11.1	Compliance Certificates and Opinions	52
	Section 11.2	Form of Documents Delivered to the Indenture Trustee	54
	Section 11.3	Acts of Noteholders	55
	Section 11.4	Notices	55
	Section 11.5	Notices to Noteholders; Waiver	57
	Section 11.6	Effect of Headings and Table of Contents	57
	Section 11.7	Successors and Assigns	58
	Section 11.8	Severability	58
	Section 11.9	Benefits of Indenture	58
	Section 11.10	Legal Holidays	58
	Section 11.11	Governing Law	58
	Section 11.12	Counterparts	58
	Section 11.13	Recording of Indenture	58
	Section 11.14	Trust Obligation; No Recourse	59
	Section 11.15	No Petition	59
	Section 11.16	Limitation of Liability of Owner Trustee	60
	Section 11.17	TIA Incorporation and Conflicts	60
	Section 11.18	Intent	60
	Section 11.19	Each Exchange Note Separate; Assignees of the Exchange Note	59
	Section 11.20	Submission to Jurisdiction; Waiver of Jury Trial	61
	Section 11.21	Subordination of Claims	62
	Section 11.22	Information Requests	62
	Section 11.23	Regulation AB Information To Be Provided By The Indenture Trustee	62

 

    iv 

     

    

  

	SCHEDULE I	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS	 
	 	 
	EXHIBIT A1	FORM OF CLASS A NOTES
	EXHIBIT A2	FORM OF CLASS B NOTE
	EXHIBIT B	FORM OF DEPOSITORY AGREEMENT
	EXHIBIT C	SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE
	EXHIBIT D	FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION
	 	 
	APPENDIX A	DEFINITIONS

 

    v 

     

    

 

THIS INDENTURE, dated as
of March 13, 2019 (this "Indenture") is between WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2019-A, a Delaware
statutory trust (the "Issuing Entity"), and MUFG Union Bank, N.A.,
a national banking association, as trustee (the "Indenture Trustee").

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity's Class A-1 2.60455%
Asset Backed Notes, Series 2019-A (the "Class A-1 Notes"), Class A-2 2.89% Asset Backed Notes, Series 2019-A (the
"Class A-2 Notes"), Class A-3 2.94% Asset Backed Notes, Series 2019-A (the "Class A-3 Notes"),
Class A-4 3.01% Asset Backed Notes, Series 2019-A (the "Class A-4 Notes" and together with the Class A-1 Notes,
the Class A-2 Notes and the Class A-3 Notes, the "Class A Notes"), and the Class B 3.24% Asset Backed Notes, Series
2019-A (the "Class B Notes" and together with the Class A Notes, the "Notes"):

 

GRANTING CLAUSE 

 

The Issuing Entity, to
secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes equally and ratably without
prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture,
hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of such
Person's right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii) all present
and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under
and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion,
voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every
kind and other forms of obligations and receivables, instruments, securities, financial assets and other property that at any time
constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the "Collateral"),
in each case as such terms are defined herein.

 

The foregoing Grant is
made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture.

 

The Indenture Trustee,
as trustee on behalf of the Noteholders, acknowledges the foregoing Grant, accepts the trusts under this Indenture and agrees to
perform its duties required in this Indenture in accordance with the provisions of this Indenture.

 

     

     

    

  

ARTICLE I

DEFINITIONS 

 

Section
1.1Definitions. Capitalized terms used herein that are not otherwise defined herein shall have the meanings ascribed
thereto in Appendix A hereto.

 

Section
1.2Interpretive Provisions.

 

(a) For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used
in this Indenture include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as
"herein", "hereof" and the like shall refer to this Indenture as a whole and not to any particular part, Article
or Section within this Indenture, (iii) the term "include" and all variations thereof shall mean include without limitation
and (iv) the term "proceeds" shall have the meaning set forth in the applicable UCC.

 

(b) As
used in this Indenture and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms
not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture
or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles. To the extent that the definitions of accounting terms in this Indenture or in any such
certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles,
the definitions contained in this Indenture or in any such certificate or other document shall control.

 

ARTICLE II

THE NOTES 

 

Section
2.1Form. The Notes, together with the Indenture Trustee's certificate of authentication, shall be in substantially
the form set forth as Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced
by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of such Note.

 

The terms of the Notes
set forth in Exhibit A hereto are part of the terms of this Indenture.

 

Section
2.2Execution, Authentication and Delivery. The Notes shall be executed by the Owner Trustee on behalf of the
Issuing Entity by any of the Issuing Entity’s Authorized Officers. The signature of any Authorized Officer of the Issuing
Entity on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile signature of individuals who were at any
time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding that any such individuals have ceased
to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

 

    	 	2	 

     

    

  

The Indenture Trustee shall,
upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate principal amounts
of the Notes: (i) $95,000,000 of Class A-1 Notes, (ii) $288,400,000 of Class A-2 Notes, (iii) $288,500,000 of Class A-3 Notes,
(iv) $100,000,000 of Class A-4 Notes and (v) $42,750,000 of Class B Notes. The aggregate principal amount of Class A-1 Notes, Class
A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes outstanding at any time may not exceed such respective amounts, except
as provided in Section 2.5.

 

Each Note shall be dated
the date of its authentication. The Notes shall be issuable as registered notes in book-entry form in minimum denominations of
$1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the Closing Date, one Class
A-1 Note, one Class A-2 Note, one Class A-3 Note, one Class A-4 Note and one Class B Note may be issued in a denomination that
includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note
Balance, the Initial Class A-4 Note Balance and the Initial Class B Note Balance, respectively.

 

No Note shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of
authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of
its Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note
has been duly authenticated and delivered hereunder.

 

Section
2.3Temporary Notes. Pending the preparation of Definitive Notes, the Issuing Entity may execute and upon receipt
of an Issuing Entity Order, the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed,
typewritten, mimeographed or otherwise produced, substantially of the tenor of the Definitive Notes in lieu of which they are issued
and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine,
as evidenced by their execution of such Notes.

 

If temporary Notes are
issued, the Issuing Entity shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of such temporary Notes at the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2, without charge to the related Noteholder. Upon surrender
for cancellation of any one or more temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate
and deliver in exchange therefor, a like principal amount of Definitive Notes of authorized denominations. Until so exchanged,
such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

 

    	 	3	 

     

    

  

Section
2.4Registration; Registration of Transfer and Exchange. The Issuing Entity shall cause a note registrar (the
"Note Registrar") to keep a register (the "Note Register") in which, subject to such reasonable
regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration of transfers
of Notes. The Indenture Trustee is hereby appointed the Note Registrar for the purpose of registering Notes and transfers of Notes
as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it
elects not to make such an appointment, assume the duties of Note Registrar.

 

If a Person other than
the Indenture Trustee is the Note Registrar, the Issuing Entity shall give the Indenture Trustee prompt written notice of such
appointment and the location, and any change in such location, of the Note Register, and the Indenture Trustee shall have the right
to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right
to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer of the Note Registrar as to the names
and addresses of the Noteholders and the principal amounts and number of such Notes.

 

Upon surrender for registration
of transfer of any Note at the office or agency of the Issuing Entity to be maintained as provided in Section 3.2, if the
requirements of Section 8-401 of the UCC are met, the Issuing Entity shall execute and the Indenture Trustee shall authenticate
and the related Noteholder shall obtain, in the name of the designated transferee, one or more new Notes in any authorized denominations,
of the same Class and a like aggregate principal amount.

 

At the option of the related
Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class and a like aggregate principal
amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements
of Section 8-401 of the UCC are met, the Issuing Entity shall execute, the Indenture Trustee shall authenticate and the Noteholder
shall obtain the Notes that the Noteholder making such exchange is entitled to receive.

 

Every Note presented or
surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuing Entity and the
Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

 

All Notes issued upon any
registration of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt and
entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange.

 

No service charge shall
be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuing Entity, the Indenture Trustee or
the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith, other than exchanges pursuant to Sections 2.3 or 9.5 not involving any transfer.

 

    	 	4	 

     

    

  

By acquiring a Note, each
purchaser and transferee of a beneficial interest will be deemed to represent that either (1) it is not acquiring such Notes with
the assets of a Plan or (2) the acquisition and holding of such Notes 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 Similar Law. Each Note will bear a legend reflecting such
deemed representation. The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make,
and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for redemption or (ii) for a period of
15 days preceding the due date for any payment with respect to such Note.

 

The Indenture Trustee shall
have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

Neither the Indenture Trustee
nor any agent of the Indenture Trustee shall have any responsibility for any actions taken or not taken by DTC.

 

Section
2.5Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Note Registrar,
or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered
to the Note Registrar such security or indemnity as may be required by it to hold the Issuing Entity, the Indenture Trustee or
itself harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note
has been acquired by a "protected purchaser" (as contemplated by Article 8 of the UCC), and provided that the requirements
of Section 8-405 of the UCC are met, the Issuing Entity shall execute and upon Issuing Entity Request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note;
provided, however, that if any such destroyed, lost or stolen Note (but not a mutilated Note) shall have become or
within seven days shall become due and payable, or shall have been called for redemption, instead of issuing a replacement Note,
the Issuing Entity may upon delivery of the security or indemnity herein required pay such destroyed, lost or stolen Note when
so due or payable or upon the Redemption Date without the surrender thereof. If, after the delivery of such replacement Note or
payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a "protected purchaser"
(as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment
such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment)
from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note
was delivered or any assignee of such Person, except a "protected purchaser" (as contemplated by Article 8 of the UCC),
and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuing Entity, the Note Registrar or the Indenture Trustee in connection therewith.

 

Upon the issuance of any
replacement Note under this Section, the Issuing Entity or the Indenture Trustee may require the payment by the related Noteholder
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable
expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith.

 

    	 	5	 

     

    

  

Every replacement Note
issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

 

Section
2.6Persons Deemed Owners. Prior to due presentment for registration of transfer of any Note, the Issuing Entity,
the Indenture Trustee and their respective agents may treat the Person in whose name any Note is registered in the Note Register
(as of the date of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest,
if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing Entity,
the Indenture Trustee nor any of their respective agents shall be affected by notice to the contrary.

 

Section
2.7Cancellation. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if
surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled
by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered
shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled
as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by
the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time unless the Issuing
Entity shall direct by an Issuing Entity Order that they be returned to it; provided, that such Issuing Entity Order is
timely and that such Notes have not been previously disposed of by the Indenture Trustee.

 

Section
2.8Release of Collateral. Subject to Section 11.1 and the terms of those Transaction Documents to which
the Indenture Trustee is a party, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt
of an Issuing Entity Request accompanied by an Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and Independent
Certificates in accordance with TIA §§ 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates
to the effect that the TIA does not require any such Independent Certificates.

 

    	 	6	 

     

    

  

Section
2.9Book-Entry Notes. Unless otherwise specified herein, the Notes, upon original issuance, will be issued in
the form of one or more typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or
without steel engraved borders) Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for
DTC, the initial Clearing Agency, by, or on behalf of, the Issuing Entity. Such Notes shall initially be registered on the Note
Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive
Note representing such Note Owner's interest in such Note except as provided in Section 2.11. Unless and until Definitive
Notes have been issued to Note Owners pursuant to Section 2.11:

 

(a) the
provisions of this Section shall be in full force and effect;

 

(b) the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the
sole Noteholder, and shall have no obligation to Note Owners, except as stated in Section 7.5;

 

(c) to
the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control;

 

(d) the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to such Clearing Agency Participants; and

 

(e) whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified
percentage of the Outstanding Note Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent
that it has received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively,
such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee.

 

Section
2.10Notices to Clearing Agency. Whenever a notice or other communication to Noteholders is required under this
Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.11, the Indenture
Trustee shall give all such notices and communications specified herein to be given to Noteholders to the Clearing Agency, and
shall have no obligation to the Note Owners.

 

Section
2.11Definitive Notes. If (i) (A) the Administrator advises the Indenture Trustee in writing that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities as described in the Depository Agreement and (B)
the Administrator is unable to locate a qualified successor, (ii) the Administrator at its option advises the Indenture Trustee
in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after an Event of Default, Note
Owners representing in the aggregate not less than a majority of the Outstanding Note Amount, voting together as a single class,
advise the Indenture Trustee through the Clearing Agency and its Clearing Agency Participants in writing that the continuation
of a book-entry system through the Clearing Agency or its successor is no longer in the best interest of Note Owners, the Indenture
Trustee shall be required to notify all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability
through the Clearing Agency of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee by
the Clearing Agency of the Note or Notes representing the Book-Entry Notes and the receipt of instructions for re-registration,
the Indenture Trustee shall issue Definitive Notes to Note Owners, who thereupon shall become Noteholders for all purposes of this
Indenture. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.

 

    	 	7	 

     

    

  

The Indenture Trustee shall
not be liable if the Administrator is unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten,
printed, lithographed or engraved or produced by any combination of such methods (with or without steel engraved borders), all
as determined by the Issuing Entity and the Indenture Trustee, as evidenced by their execution and authentication of such Notes.

 

If Definitive Notes are
issued and the Indenture Trustee is not the Note Registrar, the Issuing Entity shall furnish or cause to be furnished to the Indenture
Trustee a list of the names and addresses of the Noteholders (i) as of each Record Date, within five days thereafter and (ii) as
of not more than ten days prior to the time such list is furnished, within 30 days after receipt by the Issuing Entity of a written
request therefor.

 

Section
2.12Authenticating Agents. Upon the request of the Issuing Entity, the Indenture Trustee shall, and if the Indenture
Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject
to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2,
2.4, 2.5 and 9.5, as fully to all intents and purposes as though each such Authenticating Agent had been expressly
authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating
Agent pursuant to this Section shall be deemed to be the authentication of Notes by the Indenture Trustee. The Indenture Trustee
shall be the Authenticating Agent in the absence of any appointment thereof.

 

Any corporation into which
any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent
hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or
such successor corporation.

 

Any Authenticating Agent
may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuing Entity. The Indenture Trustee
may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee shall promptly
appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuing Entity. The provisions
of Sections 2.7 and 6.4 shall be applicable to any Authenticating Agent.

 

    	 	8	 

     

    

  

Section
2.13Tax Treatment.

 

(a) The
Issuing Entity has entered into this Indenture, and the Notes shall be issued, with the intention that, for all purposes, including
federal, State and local income, franchise and any other taxes imposed upon, measured by or based upon gross or net income, the
Notes shall qualify as indebtedness secured by the Collateral (except a Note or interest therein acquired by the Depositor or other
person considered for federal income tax purposes the issuer of such Note). The Issuing Entity, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry
Note), unless otherwise required by appropriate taxing authorities, agree to treat the Notes (other than Notes held by any entity
whose separate existence from the Issuing Entity is disregarded for federal income tax purposes, but only so long as such Notes
are held by such entity) as indebtedness for federal, state and local income, franchise and any other taxes imposed upon, measured
by or based upon gross or net income.

 

(b) Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity,
(1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation
that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine
their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or the Noteholder
of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first Payment Date after
such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf
of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form or documentation
in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement
IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required
by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty
of perjury.

 

(c) Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.13(b).

 

    	 	9	 

     

    

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS 

 

Section
3.1Payment of Principal and Interest. The Issuing Entity shall duly and punctually pay the principal of and interest,
if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and
in accordance with Sections 8.4(a) and 8.4(b), the Issuing Entity will cause to be distributed all amounts deposited
in the Principal Distribution Account on a Payment Date pursuant to this Indenture (i) for the benefit of the Class A-1 Notes,
to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit
of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders,
and (v) for the benefit of the Class B Notes, to the Class B Noteholders. Amounts properly withheld under the Code by any Person
from a payment to any Noteholder of interest or principal shall be considered to have been paid by the Issuing Entity to such Noteholder
for all purposes of this Indenture. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment
Date (including any Redemption Date), in each case, on which the principal amount of that Class of Notes is reduced to zero or
(b) the applicable Final Scheduled Payment Date for that Class of Note.

 

Section
3.2Maintenance of Office or Agency. The Issuing Entity will maintain in the Borough of Manhattan, The City of
New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. Such office or agency will initially
be the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby initially appoints the Indenture Trustee
to serve as its agent for the foregoing purposes. The Issuing Entity will give prompt written notice to the Indenture Trustee of
any change in the location of any such office or agency. If at any time the Issuing Entity shall fail to maintain any such office
or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be
made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive
all such surrenders, notices and demands.

 

Section
3.3Money for Payments to be Held in Trust. As provided in Sections 5.4(b) and 8.4, all payments
of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Collection Account
shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn
therefrom for payments on Notes shall be paid over to the Issuing Entity except as provided in this Section.

 

On or before the Business
Day preceding each Payment Date and Redemption Date, the Issuing Entity shall allocate or cause to be allocated into the Trust
Collection Account for distribution an aggregate sum sufficient to pay the amounts then becoming due under the Notes, and the Paying
Agent shall hold such sum in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee of any failure by the Issuing Entity to effect such deposit.

 

The Issuing Entity shall
cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees
to the extent relevant), subject to the provisions of this Section, that such Paying Agent shall:

 

    	 	10	 

     

    

  

(a) hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as
herein provided;

 

(b) give
the Indenture Trustee written notice of any default by the Issuing Entity of which it has actual knowledge (or any other obligor
upon the Notes) in the making of any payment required to be made with respect to the Notes;

 

(c) at
any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture
Trustee all sums so held in trust by such Paying Agent;

 

(d) immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and

 

(e) comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

 

The Issuing Entity may
at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuing
Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to
be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect
to such money.

 

Subject to applicable laws
with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged
from such trust and distributed by the Indenture Trustee to the Issuing Entity upon an Issuing Entity Request and the related Noteholder
shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof, and all liability of the
Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however,
that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the reasonable expense
of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date
specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed balance of such money
then remaining shall be paid to the Certificateholders. The Indenture Trustee shall also adopt and employ, at the written direction
of the Issuing Entity and at the expense of the Issuing Entity, any other reasonable means of notification of such repayment (including
mailing notice of such repayment to Noteholders the Notes of which have been called but not surrendered for redemption or whose
right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or any
Paying Agent at the last address of record for each such Noteholder).

 

    	 	11	 

     

    

  

Section
3.4Existence. The Issuing Entity shall keep in full effect its existence and rights as a statutory trust under
the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under
the laws of any other State or of the United States, in which case the Issuing Entity shall keep in full effect its existence,
rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture,
the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

 

Section
3.5Protection of Collateral. The Issuing Entity intends the security interest Granted pursuant to this Indenture
in favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other liens in respect of the Collateral, and
the Issuing Entity shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on behalf
of the Noteholders, a first lien on and a first priority, perfected security interest in the Collateral. The Issuing Entity shall
from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the filing of all such
financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrator
and delivered to the Issuing Entity, and shall take such other action necessary or advisable to:

 

(a) Grant
more effectively all or any portion of the Collateral;

 

(b) maintain
or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof;

 

(c) perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 

(d) enforce
any of the Collateral;

 

(e) preserve
and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the claims
of all Persons; or

 

(f) pay
or cause to be paid all taxes or assessments levied or assessed upon the Collateral when due.

 

The Issuing Entity hereby
authorizes the Administrator and the Indenture Trustee to file all financing statements, continuation statements or other instruments
required to be executed (if any) pursuant to this Section; it being understood that such authorization shall not be deemed to be
an obligation on the part of the Administrator or the Indenture Trustee to make any such filing. Notwithstanding anything to the
contrary contained herein (including the authorization to file granted in the preceding sentence), the Indenture Trustee shall
have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments
in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest.

 

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Section
3.6Opinions as to Collateral.

 

(a) On
the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to
the effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions) the provisions
of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a security interest in the Issuing
Entity's rights in the Collateral, and upon filing of the applicable financing statement, the Indenture Trustee's security interest
in the Issuing Entity's rights in the Collateral will be perfected.

 

(b) On
or before April 30th of each calendar year, beginning in 2020, the Issuing Entity shall furnish to the Indenture Trustee an Opinion
of Counsel to the effect that in the opinion of such counsel, either (i) all financing statements and continuation statements have
been filed that are necessary to continue the lien and security interest of the Indenture Trustee in the Exchange Notes and reciting
the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such action is
necessary to continue such lien and security interest.

 

Section
3.7Performance of Obligations; Administration of the Exchange note.

 

(a) The
Issuing Entity shall not take any action and shall use its best efforts not to permit any action to be taken by others, including
the Administrator, that would release any Person from any of such Person's material covenants or obligations under any instrument
or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in paragraph
(c) below, the Transaction Documents or such other instrument or agreement.

 

(b) The
Issuing Entity may contract with other Persons to assist it in performing its duties under this Indenture, and any performance
of such duties by a Person identified to the Indenture Trustee in an Officer's Certificate of the Issuing Entity shall be deemed
to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Administrator, and the Administrator
has agreed, to assist the Issuing Entity in performing its duties under this Indenture.

 

(c) The
Issuing Entity shall, and, shall cause the Administrator and the Servicer to agree to, punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included
in the Collateral, including filing or causing to be filed all UCC financing statements and continuation statements required to
be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuing Entity, as a party to the Transaction Documents
and as Holder of the Exchange Note, shall not amend any Transaction Document to which it is a party or any provision thereof other
than in accordance with the amendment provisions set forth in such Transaction Document.

 

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(d) Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not, without the prior written consent of the Indenture
Trustee or the Holders of at least a majority of the Note Balance of the Controlling Securities, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of
any Collateral (except to the extent otherwise provided and permitted in the Servicing Agreement and the Exchange Note Servicing
Supplement) or the Trust Agreement, the Servicing Agreement, the Exchange Note Servicing Supplement, the Exchange Note Transfer
Agreement or the Administration Agreement (except as may be permitted thereby), or waive timely performance or observance by the
Servicer under the Servicing Agreement and the Exchange Note Servicing Supplement (except as may be permitted thereby); and (ii) that
any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions
that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Note Balance
of the Controlling Securities that is required to consent to any such amendment, without the consent of the Holders of all the
Outstanding Notes. Subject to Section 11.1, if any such amendment, modification, supplement or waiver shall be so consented
to by the Indenture Trustee or such Holders, the Issuing Entity agrees, promptly following a request by the Indenture Trustee to
do so, to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents
as the Indenture Trustee may deem necessary or appropriate in the circumstances.

 

Section
3.8Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not:

 

(a) engage
in any activities other than financing, acquiring, owning, pledging and managing the Exchange Note and the other Collateral as
contemplated by this Indenture and the other Transaction Documents;

 

(b) except
as expressly permitted herein or in the other Transaction Documents, (A) dissolve or liquidate in whole or in part or (B) sell,
transfer, exchange or otherwise dispose of any of the assets of the Issuing Entity, including those included in the Trust Estate,
in either case, unless directed to do so by the Indenture Trustee;

 

(c) claim
any credit on or make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly
withheld from such payments under the Code or applicable State law) or assert any claim against any present or former Noteholder
by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;

 

(d) (i)
permit the validity or effectiveness of this Indenture to be impaired, (ii) permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, (iii) permit any Person to be released from any covenants or obligations under this Indenture,
except as may be expressly permitted hereby, (iv) permit any Adverse Claim (other than Permitted Liens) to be created on or extend
to or otherwise arise upon or burden the Trust Estate, any part thereof or any interest therein or the proceeds thereof, (v) except
as otherwise provided in the Transaction Documents, permit the lien of this Indenture not to constitute a valid first priority
(other than with respect to any Permitted Lien) security interest in the Trust Estate; (vi) make any loan, advance or credit to,
guarantee (directly or indirectly or by an instrument having the effect of assuring another's payment or performance on any obligation
or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection
with the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person, or (vii)
make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty);

 

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(e) incur,
assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction Documents; or

 

(f) merge
or consolidate with or into any other Person, unless:

 

(i)       the
Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and the other
Transaction Documents on the part of the Issuing Entity to be performed or observed, all as provided herein;

 

(ii)      immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(iii)     the
Rating Agency Condition shall have been satisfied with respect to such transaction;

 

(iv)     the
Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to
the effect that such transaction will not have any material adverse tax consequence to the Issuing Entity, any Noteholder or any
Certificateholder;

 

(v)      any
action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 

(vi)     the
Issuing Entity shall have delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent
herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

 

Section
3.9Issuing Entity Certificates and Reports.

 

(a) The
Issuing Entity shall make available to the Indenture Trustee, at https://via.intralinks.com/, or such other website or distribution
service or provider as the Issuing Entity shall designate by written notice to the Indenture Trustee, within 120 days after the
end of each fiscal year of the Issuing Entity (commencing with the fiscal year 2019), an Officer's Certificate stating, as to the
Authorized Officer signing such Officer's Certificate, that:

 

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(i)       a
review of the activities of the Issuing Entity during such year and of its performance under this Indenture has been made under
such Authorized Officer's supervision; and

 

(ii)       to
the best of such Authorized Officer's knowledge, based on such review, the Issuing Entity has complied in all material respects
with all conditions and covenants under this Indenture throughout such year, or, if there has been a material default in the compliance
of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

 

(b) Unless
the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the Servicer.

 

Section
3.10Notice of Defaults. The Issuing Entity agrees to give the Indenture Trustee and each Rating Agency prompt
written notice of each Event of Default hereunder.

 

Section
3.11Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuing Entity shall execute and
deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively
the purposes of this Indenture.

 

Section
3.12Delivery of Exchange Note. On the Closing Date, the Issuing Entity shall deliver or cause to be delivered
to the Indenture Trustee as security for its obligations hereunder, the Closed-End Exchange Note. The Indenture Trustee shall take
possession of the Closed-End Exchange Note in New York and shall at all times during the period of this Indenture maintain custody
of the Closed-End Exchange Note in New York.

 

Section
3.13Compliance with Laws. The Issuing Entity shall comply with the requirements of all applicable laws, the non-compliance
with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuing Entity to perform
its obligations under the Notes, this Indenture or any other Transaction Document.

 

Section
3.14Perfection Representations.

 

(a) The
representations, warranties and covenants set forth in Schedule I hereto shall be a part of this Indenture for all purposes.

 

(b) Notwithstanding
any other provision of this Indenture or any other Transaction Document, the perfection representations contained in Schedule
I hereto shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have
been finally and fully paid and performed.

 

(c) Subject
to Section 9.2, the parties to this Indenture: (i) shall not amend or waive any of the perfection representations contained
in Schedule I hereto; (ii) shall provide the Rating Agencies with prompt written notice of any breach of perfection representations
contained in Schedule I hereto and (iii) shall not waive a breach of any of the perfection representations contained in
Schedule I hereto.

 

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Section
3.15'34 Act Filings. The Issuing Entity hereby authorizes the Servicer and the Depositor, or either of them,
to prepare, sign, certify and file any and all reports, statements and information respecting the Issuing Entity and/or the Notes
required to be filed pursuant to the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

ARTICLE IV

SATISFACTION AND DISCHARGE 

 

Section
4.1Satisfaction and Discharge of Indenture. This Indenture shall discharge with respect to the Collateral securing
the Notes except as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen
Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.3, 3.4,
3.5, 3.8, 3.10 and 3.12, (e) the rights, obligations and immunities of the Indenture Trustee hereunder
(including the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Section
4.2) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture
Trustee payable to all or any of them, and the Indenture Trustee, on demand and at the expense and on behalf of the Issuing Entity,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (i) either (A) all Notes theretofore
authenticated and delivered (other than (1) Notes that have been mutilated, destroyed, lost or stolen and that have been replaced
or paid as provided in Section 2.5 and (2) Notes for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Issuing Entity and thereafter paid to the Persons entitled thereto or discharged from such trust, as provided
in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered
to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable within one year either
because the applicable Final Scheduled Payment Date is within one year or because the Indenture Trustee has received written notice
of the exercise of the option granted pursuant to Section 15.1 of the Exchange Note Servicing Supplement or (3) are to be called
for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption
by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of clauses
(1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct
obligations of or obligations guaranteed by the United States (that will mature prior to the date such amounts are payable), in
trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes (including interest
and any fees and expenses due and payable to the Owner Trustee and the Indenture Trustee) not theretofore delivered to the Indenture
Trustee for cancellation, when due, to the applicable Final Scheduled Payment Date for each Class, or to the Redemption Date (if
Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; (ii) the Issuing Entity has paid
or caused to be paid all other sums payable hereunder by the Issuing Entity; and (iii) the Issuing Entity has delivered to the
Indenture Trustee an Officer's Certificate and an Opinion of Counsel, each meeting the applicable requirements of Section 11.1
and, subject to Section 11.2, each stating that all conditions precedent herein provided for relating to the satisfaction
and discharge of this Indenture have been complied with (and, in the case of an Officer’s Certificate, stating that the Rating
Agency Condition has been satisfied; provided, that, with respect to a redemption of the Notes pursuant to Section
10.1 or if the Depositor (or any of its Affiliates) is the sole Noteholder, the satisfaction of the Rating Agency Condition
shall not be required).

 

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Section
4.2Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.1
shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent, as the Indenture Trustee may determine, to the Noteholders of the particular Notes for the
payment or redemption of which such monies have been deposited with the Indenture Trustee of all sums due and to become due thereon
for principal and interest; but such monies need not be segregated from other funds of the Indenture Trustee except to the extent
required herein or in the Servicing Agreement or as required by law.

 

Section
4.3Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture
with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this
Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and
applied according to Section 3.3 and such Paying Agent shall thereupon be released from all further liability with respect
to such monies.

 

ARTICLE V

EVENT OF DEFAULT 

 

Section
5.1Events of Default. The occurrence and continuation of any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall constitute a default
under this Indenture (each, an "Event of Default"):

 

(a) default
in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period
of five Business Days; provided, however, that until the Outstanding Amount of the Class A Notes is reduced to zero,
a default in the payment of any interest on any Class B Note shall not by itself constitute an Event of Default hereunder;

 

(b) default
in the payment of principal of any Note (A) when the same becomes due and payable, to the extent funds are available therefor or
(B) at the related Final Scheduled Payment Date or the Redemption Date;

 

(c) default
in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant
or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant
hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have
been made, which default or inaccuracy materially and adversely affects the interests of the Noteholders, and such default shall
continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of 60 days after there shall have been given, by registered or
certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders
representing at least a majority of the Note Balance of the Controlling Securities, a written notice specifying such default or
incorrect representation or warranty and requiring it to be remedied and stating that such notice is a "Notice of Default"
hereunder;

 

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(d) the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial
part of the Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding up or liquidation of the Issuing
Entity's affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or

 

(e) the
commencement by the Issuing Entity of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case
under any such law, the consent by the Issuing Entity to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, the
making by the Issuing Entity of any general assignment for the benefit of creditors, the failure by the Issuing Entity generally
to pay its debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any of the foregoing;

 

provided, however, that a delay
in or failure of performance referred to under clauses (a), (b) or (c) above for a period of less than 120
days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence.

 

The Issuing Entity shall
promptly deliver to the Indenture Trustee and each Rating Agency written notice in the form of an Officer's Certificate of any
Event of Default, its status and what action the Issuing Entity is taking or proposes to take with respect thereto.

 

Subject to the provisions
herein relating to the duties of the Indenture Trustee, if an Event of Default occurs and is continuing, the Indenture Trustee
shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder,
if the Indenture Trustee reasonably believes that it will not be adequately indemnified against the costs, expenses and liabilities
that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain limitations
contained herein, Noteholders holding not less than a majority of the Note Balance of the Controlling Securities shall have the
right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture Trustee or exercising
any trust power conferred on the Indenture Trustee, and Noteholders holding not less than a majority of the Note Balance of the
Controlling Securities may, in certain cases, waive any default with respect thereto, except a default in the payment of principal
or interest or a default in respect of a covenant or provision of the Indenture that cannot be modified or amended without the
waiver or consent of all of the holders of the Outstanding Notes.

 

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Section
5.2Acceleration of Maturity; Waiver of Event of Default. If an Event of Default should occur and be continuing,
the Indenture Trustee or Noteholders representing a majority of the Note Balance of the Controlling Securities may declare the
principal of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, to be immediately due
and payable by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the Noteholders). Upon such
declaration, the Indenture Trustee shall promptly provide written notice to each Rating Agency. Such declaration may be rescinded
by Noteholders holding a majority of the Note Balance of the Controlling Securities before a judgment or decree for payment of
the amount due has been obtained by the Indenture Trustee if (a) the Issuing Entity has deposited with the Indenture Trustee an
amount sufficient to pay (i) all interest on and principal of the Notes as if the Event of Default giving rise to such declaration
had not occurred and (ii) all reasonable amounts previously advanced by the Indenture Trustee and its reasonable costs and expenses
and (b) all Events of Default (other than the nonpayment of principal of the Notes that has become due solely by such acceleration)
have been cured or waived.

 

At any time prior to the
declaration of the acceleration of the maturity of the Notes, Noteholders holding not less than a majority of the Note Balance
of the Controlling Securities by written notice to the Issuing Entity and the Indenture Trustee, may waive such Event of Default
and its consequences, except a default (i) in payment of principal of or interest on the Notes or (ii) in respect of any covenant
or provision in this Indenture that cannot be modified or amended without the unanimous consent of the Noteholders. No such waiver
shall affect any subsequent default or impair any right consequent thereto.

 

Section
5.3Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

 

(a) The
Issuing Entity covenants that if there is a default in the payment of (i) any interest on the Notes when the same becomes due,
and such default continues for a period of five days or (ii) the principal of the Notes at the related Final Scheduled Payment
or the Redemption Date, the Issuing Entity shall, upon demand of the Indenture Trustee in writing as directed by Noteholders holding
not less than a majority of the Note Balance of the Controlling Securities, pay to the Indenture Trustee, for the benefit of such
Noteholders, the entire amount then due and payable on such Notes for principal and interest, with interest on the overdue principal,
and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the
applicable Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents,
attorneys and counsel.

 

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(b) In
case the Issuing Entity shall fail forthwith to pay amounts described in Section 5.3(a) upon demand, the Indenture Trustee,
in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid,
and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuing Entity or other obligor
upon such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such
Notes, wherever situated, the monies adjudged or decreed to be payable.

 

(c) If
an Event of Default occurs and is continuing, the Indenture Trustee may, in its discretion, proceed to protect and enforce its
rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee may deem necessary to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture
Trustee by this Indenture or by law.

 

(d) In
case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having or claiming
an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal
or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property
or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuing Entity or other
obligor upon the Notes, or to the property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of
whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered,
by intervention in such Proceedings or otherwise:

 

(i)       to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made,
by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders
allowed in such Proceedings;

 

(ii)       unless
prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee
or Person performing similar functions in any such Proceedings; to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and the Indenture
Trustee on their behalf; and

 

(iii)       to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property;
and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each
Noteholder to make payments to the Indenture Trustee and, in the event the Indenture Trustee shall consent to the making of payments
directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred and all advances and disbursements made by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence or bad faith, and any other amounts due the Indenture Trustee under Section 6.7.

 

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(e) Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Noteholder or to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person.

 

(f) All
rights of action and of asserting claims under this Indenture, or under the Notes, may be enforced by the Indenture Trustee without
the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment, subject to the payment of the expenses, advances, disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect
of which such judgment has been recovered.

 

(g) In
any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders,
and it shall not be necessary to make any Noteholder a party to any such Proceedings.

 

Section
5.4Remedies; Priorities.

 

(a) If
an Event of Default shall have occurred and be continuing, and the Indenture Trustee or the holders of at least a majority of the
Note Balance of the Controlling Securities, have declared the principal of the notes, together with accrued and unpaid interest
thereon through the date of acceleration, to be immediately due and payable, the Indenture Trustee may do one or more of the following
(subject to Sections 5.2 and 5.5):

 

(i)       institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under
this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing
Entity and any other obligor upon such Notes monies adjudged due;

 

(ii)      institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

 

(iii)     exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee and the Noteholders; and

 

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(iv)     subject
to Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Trust Estate
or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner
permitted by law;

 

provided, however, that the Indenture
Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) Noteholders holding 100%
of the Outstanding Note Amount consent thereto, (B) the proceeds of such sale are sufficient to discharge in full all amounts then
due and unpaid upon all Outstanding Notes or (C) there has been an Event of Default described in Section 5.1(a) or (b)
and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Trust Estate will not continue
to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes
had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not less than 66-2/3%
of the Outstanding Note Amount, voting together as a single class; provided, further, that the Indenture Trustee
may not sell the Trust Estate unless it shall first have been provided with an Opinion of Counsel (at the expense of the Issuing
Entity) that such sale will not cause the Titling Trust or an interest therein or portion thereof or the Issuing Entity to be classified
as an association or a publicly traded partnership taxable as a corporation for federal income tax purposes. In determining such
sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but need
not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm
of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

(b) In
the event that Notes are declared to be due and payable following the occurrence of an Event of Default unless such Event of Default
has been waived or rescinded, Available Funds will be distributed in the following order or priority:

 

(i)       pro
rata (a) to the Indenture Trustee, all amounts unpaid and owed the Indenture Trustee under this Indenture and (b) to the Owner
Trustee, all amounts unpaid and owed to the Owner Trustee under the Trust Agreement;

 

(ii)      to
the Administrator, the Administration Fee;

 

(iii)     to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement not previously paid by the Servicer;

 

(iv)     pro
rata to the Holders of the Class A Notes, the Class A Noteholders' Interest Distributable Amount;

 

(v)      to
the Holders of the Class A-1 Notes, the Aggregate Outstanding amount of such Class, and then to the Holders of the Class A-2 Notes,
Class A-3 Notes and Class A-4 Notes, pro rata, the aggregate Outstanding Amount of each such Class of the Notes;

 

    	 	23	 

     

    

  

(vi)      to
the Holders of the Class B Notes, the Class B Noteholders' Interest Distributable Amount;

 

(vii)     to
the Holders of the Class B Notes, the Outstanding Amount of the Class B Notes; and

 

(viii)    to
the Certificateholders, any remaining amounts.

 

If the Outstanding Amount
of any Class of Notes remains greater than zero after application of clauses (i) through (vii) above, the Indenture
Trustee shall apply funds from the Reserve Account in the same order of priority as described above to repay the Outstanding Amount
of such Class of Notes in full.

 

(c) The
Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days
before such record date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the record
date, the payment date and the amount to be paid.

 

Section
5.5Optional Preservation of the Exchange Note Assets. If the Notes have been declared to be due and payable under
Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled,
the Indenture Trustee may, unless directed to sell pursuant to Section 9.4 of the Trust Agreement, but need not, elect to
maintain possession of the Trust Estate and continue to apply the proceeds thereof in accordance with Section 3.1 and 8.4.
It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal
of and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to
maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee
may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate
for such purpose.

 

Section
5.6Limitation of Suits.

 

(a) No
holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, except in accordance with Section 2.3(d) of the
Exchange Note Sale Agreement, unless: (i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing
Event of Default, (ii) Noteholders holding not less than 25% of the Outstanding Note Amount have made written request to the Indenture
Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee, (iii) such Noteholder
has offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying
with such request, (iv) the Indenture Trustee has for 60 days failed to institute such Proceedings and (v) no direction inconsistent
with such written request has been given to the Indenture Trustee during such 60 day period by Noteholders holding a majority of
the Outstanding Note Amount.

 

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No Noteholder or group
of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over
any other Noteholder or to enforce any right under this Indenture, except in the manner herein provided.

 

In the event the Indenture
Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing
less than a majority of the Outstanding Note Amount, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.

 

(b) No
Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner
to otherwise control the operation and management of the Issuing Entity. However, in connection with any action as to which Noteholders
are entitled to vote or consent under this Indenture and the Notes, the Issuing Entity may set a record date for purposes of determining
the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c).

 

Section
5.7Unconditional Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provision
in this Indenture, any Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal
of and interest on, if any, such Note on or after the respective due dates thereof expressed in such Note or this Indenture (or,
in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment in accordance
with Section 5.6, and such right shall not be impaired without the consent of such Noteholder.

 

Section
5.8Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding
to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has
been determined adversely to the Indenture Trustee or such Noteholder, then and in every such case the Issuing Entity, the Indenture
Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their
former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue
as though no such Proceeding had been instituted.

 

Section
5.9Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee
or the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted
by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law, in equity
or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.

 

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Section
5.10Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Noteholder to exercise
any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver
of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Indenture Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture
Trustee or by the Noteholders, as the case may be.

 

Section
5.11Control By Noteholders. Subject to the provisions of Sections 5.6, 6.2(d) and 6.2(e),
Noteholders holding not less than a majority of the Outstanding Note Amount shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect
to the exercise of any trust or power conferred on the Indenture Trustee, provided that:

 

(a) such
direction shall not be in conflict with any rule of law or this Indenture;

 

(b) subject
to Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be made by Noteholders
holding not less than 100% of the Outstanding Note Amount;

 

(c) if
the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate
pursuant to such Section, and except in the case of a sale of the Trust Estate pursuant to Section 9.2 of the Trust Agreement,
then any direction to the Indenture Trustee by Noteholders holding less than 100% of the Outstanding Note Amount to sell or liquidate
the Trust Estate shall be of no force and effect; and

 

(d) the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

 

Notwithstanding the rights
of Noteholders set forth in this Section, subject to Section 6.1, the Indenture Trustee need not take any action it determines
might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any Noteholders not
consenting to such action.

 

Section
5.12Waiver of Past Defaults. Prior to the acceleration of the maturity of the Notes as provided in Section
5.2, Noteholders holding not less than a majority of the Outstanding Note Amount may waive any past Event of Default and its
consequences except an Event of Default (i) in payment of principal of or interest on the Notes or (ii) in respect of a covenant
or provision hereof that cannot be modified or amended without the consent of each Noteholder. In the case of any such waiver,
the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder,
respectively, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.

 

Upon any such waiver, such
Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture, but no such waiver shall
extend to any subsequent or other Event of Default or impair any right consequent thereto.

 

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Section
5.13Undertaking For Costs. All parties to this Indenture agree, and each Noteholder by such Noteholder's acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys' fees and reasonable expenses, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant,
but the provisions of this Section shall not apply to (i) any suit instituted by the Indenture Trustee, (ii) any suit instituted
by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Amount or
(iii) any suit instituted by any Noteholder for the enforcement of the payment of principal of or interest on any Note on or after
the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date).

 

Section
5.14Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any
stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance
of this Indenture, and the Issuing Entity (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage
of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

 

Section
5.15Action on Notes. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture
shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither
the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery
of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any
portion of the Trust Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee
shall be applied in the following order of priority: (i) pro rata to the Indenture Trustee for amounts due under Section 6.7
and to the Owner Trustee under Section 8.01 of the Trust Agreement and (ii) in accordance with Section 5.4(b).

 

Section
5.16Performance and Enforcement of Certain Obligations.

 

(a) Promptly
following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuing Entity shall take all such
lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer of its obligations
to the Issuing Entity under or in connection with the Servicing Agreement and the Exchange Note Servicing Supplement, in accordance
with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity
under or in connection with each such agreement to the extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Servicer thereunder and the institution of legal or administrative actions
or proceedings to compel or secure performance by the Servicer.

 

    	 	27	 

     

    

  

(b) If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing) of Noteholders holding not less than 66 2/3% of the Outstanding Note Amount, shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity against the Depositor and the Servicer or any other Transaction Document, including
the right or power to take any action to compel or secure performance or observance by the Servicer of its obligations to the Issuing
Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under such Transaction Document,
and any right of the Issuing Entity to take such action shall be suspended.

 

Section
5.17Sale of Collateral. If the Indenture Trustee acts to sell the Collateral or any part thereof, pursuant to
Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee
intends to effect such a sale in a commercially reasonable manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable
law from any such action, sell the Collateral or any part thereof, in such manner and on such terms as provided above to the highest
bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement
made at the time and place of such sale. The Indenture Trustee shall give notice to the Depositor and Servicer of any proposed
sale, and the Depositor, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The
Indenture Trustee may obtain a prior determination from a conservator, receiver or trustee in bankruptcy of the Issuing Entity
that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the
Collateral pursuant to Section 5.4 and this Section 5.17 shall not be exhausted by any one or more sales as to any
portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all
amounts payable on the Notes shall have been paid.

 

ARTICLE VI

THE INDENTURE TRUSTEE 

 

Section
6.1Duties of Indenture Trustee.

 

(a) If
an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

 

(b) Except
during the continuance of an Event of Default:

 

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(i)       the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

 

(ii)       in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, in the case of certificates or opinions specifically required by any provision of this Indenture to
be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture.

 

(c) The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:

 

(i)       this
paragraph does not limit the effect of paragraph (b) of this Section 6.1;

 

(ii)      the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)     the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11.

 

(d) Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b),
(c) and (g) of this Section.

 

(e) The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuing Entity.

 

(f) Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms
of this Indenture or the Servicing Agreement.

 

(g) No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be
responsible for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any,
as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer
in accordance with the terms of this Indenture.

 

    	 	29	 

     

    

  

(h) Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the TIA.

 

(i) Subject
to the other provisions of this Indenture and the Basic Documents, the Indenture Trustee shall have no duty (i) to see to any recording,
filing, or depositing of this Indenture or any agreement referred to herein or any financing statement or continuation statement
evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording,
refiling or redepositing of any thereof, (ii) to see to any insurance or (iii) to see to the payment or discharge of any tax, assessment,
or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part
of the Collateral.

 

(j) The
Indenture Trustee shall not be charged with knowledge of any Event of Default unless either (1) a Responsible Officer shall have
actual knowledge of such Event of Default or (2) written notice of such Event of Default shall have been given to such Indenture
Trustee in accordance with the provisions of this Indenture.

 

Section
6.2Rights of Indenture Trustee.

 

(a) The
Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.

 

(b) Before
the Indenture Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer's Certificate or Opinion
of Counsel.

 

(c) The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence
on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

 

(d) The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; provided, that the Indenture Trustee's conduct does not constitute willful misconduct, negligence
or bad faith.

 

(e) The
Indenture Trustee may consult with counsel of its own selection, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

    	 	30	 

     

    

  

(f) The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders
pursuant to this Indenture, other than requests, demands or directions relating to communications between Noteholders or Note Owners
under Section 7.2(e) or an asset representations review demand under Section 7.5 unless such Noteholders shall have
offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the reasonable costs, expenses, disbursements,
advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction.

 

(g) The
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by the Holders of Notes representing at least 25% of the Note Balance of the Controlling Securities; provided
that if the payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture
Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory
to the Indenture Trustee in its reasonable discretion against such cost, expense or liability as a condition to taking any such
action.

 

(h) The
right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty,
and the Indenture Trustee shall not be answerable for other than its own willful misconduct, negligence or bad faith in the performance
of such act.

 

(i) The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act hereunder.

 

(j) In
no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

(k) In
no event shall the Trustee be personally liable (i) for special, consequential or punitive damages (including lost profits), (ii)
for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories and (iii) for the acts
or omissions of brokers or dealers.

 

Section
6.3Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would
have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like
rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

 

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Section
6.4Indenture Trustee's Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation
as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing Entity's use of the
proceeds from the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document
issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication.

 

Section
6.5Notice of Defaults. If a Default occurs and is continuing and if it is known to a Responsible Officer of the
Indenture Trustee, the Indenture Trustee shall transmit to each Noteholder notice of the Default within 90 days after it occurs.
Except in the case of a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory
redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible
Officers in good faith determines that withholding the notice is in the interests of Noteholders.

 

Section
6.6Reports by Indenture Trustee to Noteholders. The Indenture Trustee shall deliver to each Noteholder such information
as may be required to enable such holder to prepare its federal and State income tax returns (including, without limitation, Form
1099, which for the avoidance of doubt, will be filed with the Internal Revenue Service as may be required by the Code). On or
prior to the close of business on each Determination Date, the Indenture Trustee will post a copy of the statement or statements
provided to the Indenture Trustee by the Servicer pursuant to Section 13.4 of the Exchange Note Servicing Supplement
with respect to such related Payment Date on its internet website promptly following its receipt thereof, for the benefit of the
Noteholders. The Indenture Trustee’s internet website shall initially be located at https://www.unionbank.com/commercial-bank/trust-custody/corporate-trust-services/asset-backed-servicer-reports.jsp.
Assistance in using the website can be obtained by calling the Indenture Trustee’s bondholder services group at (646) 452-2114.
The Indenture Trustee may change the way the statements and information are posted or distributed in order to make such distribution
more convenient and/or accessible for such Noteholders, and the Indenture Trustee shall provide on the website timely and adequate
notification to all parties regarding any such change.

 

Section
6.7Compensation and Indemnity. The Issuing Entity shall pursuant to Section 5.4(b)(i), or shall cause
the Administrator to, pay to the Indenture Trustee from time to time such compensation for its services as is agreed in writing
between the Issuing Entity, Administrator and the Indenture Trustee. The Indenture Trustee's compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Issuing Entity shall pursuant to Section 5.4(b)(i), or
shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable and documented out-of-pocket expenses reasonably
incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include
the reasonable and documented compensation and expenses, disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuing Entity shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, indemnify
the Indenture Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys' fees and reasonable
expenses) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Indenture
Trustee shall notify the Issuing Entity and the Administrator promptly of any claim of which the Indenture Trustee has received
written notice and for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrator
shall not relieve the Issuing Entity or the Administrator of its obligations hereunder. The Issuing Entity shall cause the Administrator
to defend any such claim and the Indenture Trustee may have separate counsel and the Issuing Entity shall, or shall cause the Administrator
to, pay the fees and expenses of such counsel. None of the Issuing Entity, the Depositor, the Servicer or the Administrator need
reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture
Trustee's own willful misconduct, negligence or bad faith.

 

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The Issuing Entity's payment
obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or removal of the Indenture Trustee
and the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in
Section 5.1(d) or (e) with respect to the Issuing Entity, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or
similar law.

 

Section
6.8Removal, Resignation and Replacement of Indenture Trustee. No resignation or removal of the Indenture Trustee
and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.8 and the payment of all fees and expenses owed to the retiring Indenture
Trustee. The Indenture Trustee may resign at any time by so notifying the Issuing Entity. The Indenture Trustee shall resign following
the occurrence of an Event of Default if required by Section 3.10 of the TIA. The Holders of at least majority of the Note
Balance of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and the Depositor in writing and may
appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if:

 

(i)       the
Indenture Trustee fails to comply with Section 6.11;

 

(ii)      the
Indenture Trustee is adjudged bankrupt or insolvent;

 

(iii)     a
receiver or other public officer takes charge of the Indenture Trustee or its property; or

 

(iv)     the
Indenture Trustee otherwise becomes incapable of acting.

 

If the Indenture Trustee resigns or is removed
or the Noteholders fail to appoint a successor Indenture Trustee following removal by the Noteholders or if a vacancy exists in
the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture
Trustee), the Issuing Entity shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment.

 

A successor Indenture Trustee
shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and the Issuing Entity. Thereupon the resignation
or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights,
powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession
to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor
Indenture Trustee.

 

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If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of at least majority of the Note Balance of the Controlling Securities may, at the expense
of the Issuing Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 

If the Indenture Trustee
fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

 

Notwithstanding the replacement
of the Indenture Trustee pursuant to this Section, the Issuing Entity's and the Administrator's obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.

 

Section
6.9Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into,
or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided,
that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture
Trustee shall provide the Depositor (who shall promptly provide such notice to the Rating Agencies) prior written notice of any
such transaction.

 

In case at the time such
successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may
adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture
Trustee shall have.

 

Section
6.10Appointment of Co-Trustee or Separate Trustee.

 

(a) Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice
to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof.

 

    	 	34	 

     

    

  

(b) Every
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions:

 

(i)       all
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised
or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that
under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Indenture Trustee;

 

(ii)       no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iii)       the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

(c) Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture,
specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection
to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

 

(d) Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee.

 

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Section
6.11Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).
The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published
annual report of condition, and the time deposits of the Indenture Trustee shall be rated at least F-1 by Fitch and Prime-1 by
Moody’s. The Indenture Trustee shall comply with TIA § 310(a), including the optional provision permitted by the
second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation
of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if
the requirements for such exclusion set forth in TIA § 310(b)(1) are met. Additionally, prior to the appointment of any
successor Indenture Trustee, the Rating Agency Condition must be satisfied with respect to such successor Indenture Trustee.

 

Section
6.12Preferential Collection of Claims Against the Issuing Entity. The Indenture Trustee shall comply with TIA
Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any Indenture Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated therein.

 

Section
6.13Representations and Warranties of Indenture Trustee. The Indenture Trustee hereby makes the following representations
and warranties on which the Issuing Entity and Noteholders shall rely:

 

(a) the
Indenture Trustee is a national banking association duly organized, validly existing and in good standing under the laws of the
jurisdiction of its formation;

 

(b) the
Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken
all necessary action to authorize the execution, delivery and performance by it of this Indenture;

 

(c) the
execution, delivery and performance by the Indenture Trustee of this Indenture (i) shall not violate any provision of any law or
regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court,
arbitrator, or governmental authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any provision
of the corporate charter or by-laws of the Indenture Trustee and (iii) shall not violate any provision of, or constitute, with
or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any properties included
in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it
is a party, which violation, default or lien could reasonably be expected to have a materially adverse effect on the Indenture
Trustee's performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture;

 

(d) the
execution, delivery and performance by the Indenture Trustee of this Indenture shall not require the authorization, consent approval
of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental
authority or agency regulating the banking and corporate trust activities of the Indenture Trustee; and

 

(e) this
Indenture has been duly executed and delivered by the Indenture Trustee and constitutes the legal, valid and binding agreement
of the Indenture Trustee, enforceable in accordance with its terms.

 

    	 	36	 

     

    

  

Section
6.14Trustee as Holder of the Exchange Note. Following the occurrence and continuation of an Event of Default,
to the extent that the Issuing Entity has rights as an Exchange Noteholder, including rights to distributions and notice, or is
entitled to consent to any actions taken by the Depositor, the Issuing Entity may initiate such action or grant such consent only
with consent of the Indenture Trustee at the direction of the Noteholders of not less than a majority of the Outstanding Note Amount.
Following the occurrence and continuation of an Event of Default, the Indenture Trustee shall exercise rights as an Exchange Noteholder
or the right to consent or withhold consent with respect to actions taken by the Depositor or the Issuing Entity, upon the written
direction of holders of a majority of the Outstanding Note Amount; provided, however, that any direction to the Indenture
Trustee to remove or replace the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 66-2/3% of
the Outstanding Note Amount.

 

Section
6.15Communications Regarding Demands to Repurchase TRANSACTION UNITS. The Indenture Trustee shall provide prompt
notice to World Omni and the Depositor of all demands communicated to the Indenture Trustee for the repurchase or replacement of
any Transaction Unit for breach of the representations and warranties concerning such Transaction Unit. The Indenture Trustee shall,
upon written request and at the sole cost and expense of either World Omni or the Depositor, provide notification to World Omni
and the Depositor with respect to any actions taken by the Indenture Trustee or determinations made by the Indenture Trustee, in
each case with respect to any such demand communicated to the Indenture Trustee in respect of any Transaction Unit, such notifications
to be provided by the Indenture Trustee as soon as practicable and in any event within five Business Days of receipt of such request
or such other time frame as may be mutually agreed to by the Indenture Trustee and World Omni or the Depositor, as applicable.
Such notices shall be provided to World Omni and the Depositor at: (a) in the case of World Omni, World Omni Financial Corp., 190
Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, and (b) in the case of the
Depositor, to World Omni Auto Leasing LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention:
Treasurer, or at such other address or by such other means of communication as may be specified by World Omni or the Depositor
to the Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity acknowledge and agree that the purpose
of this Section 6.15 is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1 under the Exchange Act,
as amended, and Items 1104(e) and 1121(c) of Regulation AB (the "Repurchase Rules and Regulations"). The Indenture
Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change over time, whether
due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities
markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by World Omni and the Depositor in
good faith for delivery of information accessible by the Indenture Trustee under these provisions on the basis of evolving interpretations
of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate fully with World Omni and the Depositor to deliver
any and all records and any other information reasonably available to it and necessary in the good faith determination of World
Omni and the Depositor to permit them to comply with the provisions of the Repurchase Rules and Regulations. In no event shall
the Indenture Trustee have any responsibility or liability in connection with any filing required to be made by a securitizer under
the Exchange Act or Regulation AB.

 

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ARTICLE VII

NOTEHOLDERS' LISTS AND REPORTS 

 

Section
7.1Issuing Entity to Furnish Indenture Trustee Noteholder Names and Addresses. The Issuing Entity shall furnish
or cause to be furnished to the Indenture Trustee (i) not more than five days after the earlier of (i) each Record Date and (ii)
three months after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and
addresses of the Noteholders as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing,
within 30 days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more
than ten days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee
is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be furnished to the Indenture
Trustee.

 

Section
7.2Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications
Between Noteholders.

 

(a) The
Indenture Trustee shall preserve in as current a form as is reasonably practicable the names and addresses of the Noteholders contained
in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders
received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it
as provided in Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the
Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved
or maintained.

 

(b) The
Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders regarding their rights under this Indenture or
under the Notes.

 

(c) The
Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

 

(d) Noteholder
Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and
demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture
Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together
with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership
or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response
to requests, demands or directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to communications
between Noteholders or Note Owners under Section 7.2(e) or an asset representations review demand under Section 7.5,
unless such Noteholder or Note Owner shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory
to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents
and its counsel in compliance with such request, demand or direction. The Indenture Trustee shall provide the Seller, the Servicer
and the Issuing Entity with notification, as soon as practicable and in any event within five (5) Business Days, of receipt of
any requests by any Noteholder or Note Owner to communicate with other Noteholders or Note Owners pursuant to Section 7.2(e)
or any requests to repurchase a Receivable as the result of a breach of a representation or warranty pursuant to the Exchange Note
Sale Agreement.

 

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(e) Communications
between Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented
by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise
of rights under this Indenture or the other Transaction Documents may send a written request to the Issuing Entity or the Servicer,
on behalf of the Issuing Entity, to include information regarding the communication in a Form 10-D to be filed by the Servicer
with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which
other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a
Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing
its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document.
A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7. 2(e) will be deemed to have certified
to the Issuing Entity and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates
solely to a possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for other
purposes. The Issuing Entity will promptly deliver any request to the Servicer. On receipt of a request, the Servicer will include
in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period in which the request was received (A)
a statement that the Issuing Entity has received a request from a Noteholder or Note Owner, as applicable, that is interested in
communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or
the other Transaction Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received
and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder
or Note Owner. The Servicer will bear any costs associated with including any such communication in the Form 10-D and each Noteholder
or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders or Note Owners,
and none of the Seller, the Servicer, the Depositor, the Issuing Entity, the Titling Trustee, the Closed-End Administrative Agent,
the Closed-End Collateral Agent, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs.

 

Section
7.3Reports by Issuing Entity.

 

(a) The
Issuing Entity shall:

 

(i)       file
with the Indenture Trustee, within 15 days after the Issuing Entity is required (if at all) to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) that the Issuing Entity may be required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

 

    	 	39	 

     

    

  

(ii)       file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations;

 

(iii)       supply
to the Indenture Trustee (and the Indenture Trustee shall transmit to The Depository Trust Company, on behalf of the Noteholders
as described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing
Entity pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time
to time by the Commission; and

 

(iv)       delivery
of reports, information and documents to the Indenture Trustee pursuant to this Section 7.3 is for informational purposes
only and the Indenture Trustee's receipt of such shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Issuing Entity's compliance with any of its covenants hereunder
(as to which the Indenture Trustee is entitled to rely exclusively on Officers' Certificates).

 

Section
7.4Reports by Indenture Trustee. If required by TIA Section 313(a), within 60 days after each February 1, beginning
with February 1, 2020, the Indenture Trustee shall transmit to each Noteholder and shall file with the Commission as required by
TIA Sections 313(c) and 313(d), respectively, a brief report dated as of such date that complies with TIA Section 313(a). The Indenture
Trustee also shall comply with TIA Section 313(b).

 

Section
7.5Noteholder Demand For Asset Representations Review.

 

(a) If
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented by
Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee
to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to
conduct a Review of the Review Transaction Leases under the Asset Representations Review Agreement. In the case of a Note Owner,
each demand and vote must be accompanied by a certification from that Person that it is a Note Owner, together with at least one
form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker
or dealer or similar document. If Noteholders and Note Owners that collectively hold Notes evidencing at least 5% of the aggregate
Outstanding Amount of the Notes demand a vote within 90 days of the filing of the Form 10-D reporting that the Delinquency Percentage
for the related Payment Date exceeds the Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders
through the Clearing Agency; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes
held by World Omni or any of its Affiliates shall not be included in such calculation.

 

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(b) Upon
the direction of the requisite Noteholders or Note Owners set forth in Section 7.5(a), the Indenture Trustee shall conduct
a vote of all Noteholders (if the Notes are represented by Definitive Notes) and shall cause a vote to be conducted in accordance
with applicable Depository Trust Company procedures of all Note Owners (if the Notes are represented by Book-Entry Notes). The
Indenture Trustee shall provide to the Servicer the voting instructions and procedures applicable to the Noteholders and Note Owners
to be included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D will also include a statement that
sufficient Noteholders are requesting a full Noteholder vote to commence a Review and applicable voting deadline. Each Note Owner
or Noteholder that elects to vote shall vote whether or not the Asset Representations Reviewer should be directed to conduct a
Review. The vote will remain open until the 150th day after the filing of the Form 10-D reporting that the Delinquency Percentage
for the related Payment Date exceeds the Delinquency Trigger.

 

(c) Assuming a voting quorum of Noteholders holding at least 5% of the aggregate Outstanding Amount of the Notes is reached, if the
Noteholders of a majority of the Outstanding Amount of Notes voted agree to a Review, the Indenture Trustee will promptly send
a Review Notice to the Asset Representations Reviewer, the Issuing Entity and the Servicer directing the Asset Representations
Reviewer to conduct the Review.

 

(d) The
Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this Section
7.5 and shall provide the Asset Representations Reviewer with any documents or other information reasonably requested by the
Asset Representations Reviewer in connection with the Review.

 

ARTICLE VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES 

 

Section
8.1Collection of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment
or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary,
all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee
shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture,
if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate,
the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution
and prosecution of appropriate Proceedings. Any such action shall be without prejudice to any right to claim an Event of Default
under this Indenture and any right to proceed thereafter as provided in Article V.

 

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Section
8.2Accounts.

 

(a) There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Amount is reduced to zero, which is designated the "Trust Collection Account". The Trust Collection Account
shall be held for the benefit of the Noteholders, and shall bear a designation clearly indicating that the funds on deposit therein
are held for the benefit of the Noteholders. The Trust Collection Account shall be under the sole dominion and control of the Indenture
Trustee until the Outstanding Note Amount has been reduced to zero.

 

(b) There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Balance is reduced to zero, which is designated as the "Principal Distribution Account." The Principal Distribution
Account shall be held for the benefit of the Noteholders, and shall bear a designation clearly indicating that the funds on deposit
therein are held for the benefit of the Noteholders. The Principal Distribution Account shall be under the sole dominion and control
of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero.

 

(c) There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Balance is reduced to zero, which is designated as the "Reserve Account." The Reserve Account shall be held
for the benefit of the Noteholders, and shall bear a designation clearly indicating that the funds on deposit therein are held
for the benefit of the Noteholders. The Reserve Account shall be under the sole dominion and control of the Indenture Trustee until
the Outstanding Note Amount has been reduced to zero.

 

(d) All
monies deposited from time to time in the Accounts pursuant to this Indenture or the other Transaction Documents shall be held
by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided; provided, that
on each Determination Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit
in the Accounts shall be deposited into the Trust Collection Account and shall be deemed to constitute a portion of Available Funds
for the related Payment Date. If any Account shall cease to be an Eligible Account, the Indenture Trustee, until the Outstanding
Note Amount has been reduced to zero, shall, as necessary, assist the Administrator in causing each Account to be moved to an institution
at which it shall be an Eligible Account.

 

Section
8.3Servicer Certificate.

 

(a) On
or prior to the close of business on each Determination Date, the Issuing Entity shall cause the Servicer to agree to deliver to
the Indenture Trustee, the Issuing Entity, the Administrator and each Paying Agent hereunder, a certificate (the "Servicer
Certificate") including, among other things, the following information with respect to the related Collection Period:

 

(i)       the
amount of the distribution allocable to principal of each Class of Notes;

 

(ii)      the
amount of the distribution allocable to interest on each Class of Notes;

 

    	 	42	 

     

    

  

(iii)      the
aggregate Principal Amount of, and the Note Factor for, each Class of Notes as of the last day of the preceding Collection Period,
after giving effect to payments on such Payment Date;

 

(iv)      the
amount of the Servicing Fee paid to the Servicer with respect to the related Closed-End EN Collection Period, the amount of any
unpaid Servicing Fees and the change in the amount from that of the prior Closed-End Exchange Note Payment Date;

 

(v)       the
number and the aggregate purchase amount of Transaction Leases that have been repurchased by the Servicer;

 

(vi)      the
Noteholders' First Priority Principal Distributable Amount, if any, for the related Payment Date;

 

(vii)     the
Noteholders' Second Priority Principal Distributable Amount, if any, for the related Payment Date;

 

(viii)    the
Noteholders' Regular Principal Distributable Amount for the related Payment Date;

 

(ix)       the
Interest Rate for each of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, and Class B Notes, for the
related Payment Date;

 

(x)        the
amount of any Class A-1 Noteholders' Interest Carryover Shortfall, Class A-2 Noteholders' Interest Carryover Shortfall, Class A-3
Noteholders' Interest Carryover Shortfall, Class A-4 Noteholders' Interest Carryover Shortfall, and Class B Noteholders' Interest
Carryover Shortfall, on the related Payment Date;

 

(xi)       the
balance of the Reserve Account after giving effect to deposits and withdrawals to be made on that Closed-End Exchange Note Payment
Date;

 

(xii)      the
Administration Fee for the related Collection Period;

 

(xiii)     the
aggregate Securitization Value and aggregate Base Residual Value of Transaction Units;

 

(xiv)     the
number and Securitization Value of Transaction Unit turn-ins;

 

(xv)      the
number of Transaction Units at the beginning and end of the Closed-End Collection Period;

 

(xvi)     the
Overcollateralization Amount for the related Payment Date on the Exchange Note and the Notes;

 

(xvii)    whether
the Delinquency Trigger has occurred on the related Payment Date;

 

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(xviii)   Available
Funds for the related Payment Date;

 

(xix)      the
Class A Noteholders' Interest Distributable Amount and the Class B Noteholders' Interest Distributable Amount for such Payment
Date;

 

(xx)       the
initial Exchange Note balance and the Exchange Note balance as of the beginning and end of the related Collection Period;

 

(xxi)      the
principal amount and interest due and payable on the Exchange Note on that Payment Date;

 

(xxii)     any
amounts payable to the Asset Representations Reviewer from Available Funds;

 

(xxiii)    delinquency,
Credit Loss and Residual Loss information on the lease assets for the related Closed-End Collection Period; and

 

(xxiv)    a
material change in World Omni or the Depositor’s retained interest in the Notes or Certificates.

 

Each amount set forth pursuant
to clauses (i) and (ii) above shall be expressed in the aggregate and as a dollar amount per $1,000 of original principal
balance of each as of Notes.

 

(b) The
Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth
in the Servicer Certificate delivered to the Indenture Trustee in accordance with this Section or any certificate delivered to
the Indenture Trustee pursuant to Section 3.15 of the Exchange Note Servicing Supplement, and the Indenture Trustee shall
be fully protected in relying upon such Servicer Certificate.

 

Section
8.4Disbursement of Funds.

 

(a) On
each Payment Date (prior to the acceleration of the Notes following an Event of Default which has not been waived or rescinded
in accordance with the provisions of Article V hereof), prior to 1:00 p.m., New York City time, the Indenture Trustee, in
accordance with the related Servicer Certificate and pursuant to the instructions of the Servicer, shall transfer from the Trust
Collection Account all Available Funds and shall apply such amount, in accordance with the following priorities:

 

(i)        to
the Administrator, the Administration Fee;

 

(ii)       to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement not previously paid by the Servicer, up to a maximum of $150,000 per calendar year;

 

(iii)       pro
rata to the Holders of the Class A Notes for distribution in respect of interest on the Class A Notes, the Class A Noteholders'
Interest Distributable Amount, for such Payment Date;

 

    	 	44	 

     

    

  

(iv)       to
the Principal Distribution Account, the Noteholders' First Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.4(b);

 

(v)       to
the holders of the Class B Notes for distribution in respect of interest on the Class B Notes, the Class B Noteholders' Interest
Distributable Amount for such Payment Date;

 

(vi)       to
the Principal Distribution Account, the Noteholders' Second Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.4(b);

 

(vii)      to
the Reserve Account, the excess, if any, of the Required Reserve Account Balance over the amount then on deposit in the Reserve
Account;

 

(viii)     to
the Principal Distribution Account, the Noteholders' Regular Principal Distributable Amount for such Payment Date, if any, which
amount shall be paid in the order of priority set forth in Section 8.4(b);

 

(ix)        to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement but not paid pursuant to clause (ii) above; and

 

(x)        any
remaining funds shall be distributed to or at the direction of the Certificateholders.

 

In the event that the Available
Funds for a Payment Date are not sufficient to make the full amount of the payments and deposits required pursuant to clauses
(i) through (vi) above on such Payment Date, the Indenture Trustee shall withdraw from the Reserve Account on such Payment
Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such amount according to the
priorities specified in clause (i) through (vi) above.

 

(b) On
each Payment Date, prior to 1:00 p.m., New York City time, the Paying Agent, in accordance with the related Servicer Certificate
and pursuant to the instructions of the Servicer, shall transfer from the Principal Distribution Account all amounts on deposit
therein and shall distribute such amounts in the following order of priority:

 

(i)        to
the Holders of the Class A-1 Notes in respect of principal, until they are paid in full;

 

(ii)       to
the Holders of the Class A-2 Notes in respect of principal, until they are paid in full;

 

(iii)      to
the Holders of the Class A-3 Notes in respect of principal, until they are paid in full;

 

(iv)      to
the Holders of the Class A-4 Notes in respect of principal, until they are paid in full; and

 

    	 	45	 

     

    

  

(v)       to
the Holders of the Class B Notes in respect of principal, until they are paid in full.

 

(c) If
on any Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account, the amount on deposit in
the Reserve Account exceeds the Required Reserve Account Balance, the Indenture Trustee shall distribute any such excess to or
at the direction of the Certificateholder. Upon any such distributions to the Certificateholder, the Noteholders will have no further
rights in, or claims to such amounts.

 

(d) In
addition, on the Final Scheduled Payment Date for any Class of Notes, if the Outstanding Amount of any Class of Notes remains greater
than zero, the Indenture Trustee shall apply funds from the Reserve Account to repay the Outstanding Amount of such Class of Notes
in full.

 

(e) On
each Payment Date or Redemption Date, from the amounts allocated therefor in accordance with Section 8.4(a) and Section
8.4(b), the Paying Agent shall duly and punctually distribute payments of principal and interest on the Notes due and payable
by wire transfer or check mailed to the Person whose name appears as the Registered Holder of a Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made
by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed (or wires
sent) to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record
Date without requiring that the Note be submitted for notation of payment. Any reduction in the principal amount of any Note (or
any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all
future holders of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or
not noted thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or principal
shall be considered to have been paid by the Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are
expected to be available pursuant to a notice delivered to the Indenture Trustee for payment in full of the remaining unpaid principal
amount of the Notes on a Payment Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify each Person who was the Registered Holder of a Note as of the Record Date preceding the most recent Payment
Date or Redemption Date by notice mailed within 30 days (and not less than 15 days) of such Payment Date or Redemption Date and
the amount then due and payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust Office
of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such purposes located in The City of New
York.

 

(f) On each Payment
Date, the Indenture Trustee shall send by first class mail or other reasonable means (including, but not limited to, the posting
on the Indenture Trustee's website at https://www.unionbank.com/commercial-bank/trust-custody/corporate-trust-services/asset-backed-servicer-reports.jsp)
the Servicer Certificate prepared by the Servicer pursuant to Section 8.3 to each Person that was a Noteholder as of the
close of business on the related Record Date (which shall be Cede & Co. as shown on the applicable Servicer Certificate
as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein) and each Rating Agency
(via electronic delivery in accordance with Section 11.4). Note Owners may obtain copies of such reports upon a request
in writing to the Indenture Trustee at the Corporate Trust Office.

 

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(g) None
of the Noteholders, the Indenture Trustee, the Owner Trustee, the Depositor, the Administrator or the Servicer shall be required
to refund any amounts properly distributed or paid to them in accordance with this Indenture, regardless of whether there are sufficient
funds on any subsequent Payment Date to make in full distributions to the Noteholders.

 

Section
8.5General Provisions Regarding Accounts.

 

(a) So
long as no Event of Default shall have occurred and be continuing, all of the funds in the Trust Collection Account (if the Servicer
is required to deposit collections in the Trust Collection Account within two Business Days of receipt) and the Reserve Account
shall be invested and reinvested by the Indenture Trustee, until the Outstanding Note Amount has been reduced to zero, at the direction
of the Administrator, in Permitted Investments selected by the Administrator which mature no later than the Payment Date succeeding
the date of such investment. No such investment shall be sold prior to maturity. Net investment earnings on any Account shall be
deposited into the Trust Collection Account.

 

(b) Subject
to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any Account
resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee's
failure to make payments on any such Permitted Investments issued by the Indenture Trustee in its commercial capacity as principal
obligor and not as trustee, in accordance with their terms.

 

(c) If
(i) the Administrator shall have failed to give investment directions for any funds on deposit in the Trust Collection Account
to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Administrator and the Indenture
Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared
due and payable following an Event of Default and amounts collected or receivable from the Collateral are being applied in accordance
with Section 5.5 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable,
invest and reinvest funds in investments that are Permitted Investments specified in clause (a) of the definition thereof.

 

(d) The
Indenture Trustee will furnish the Administrator periodic cash transaction statements which include detail for all investment transactions
effected by the Indenture Trustee or brokers selected by the Administrator or any investment advisor. Upon the Administrator’s
election, such statements will be delivered via the Indenture Trustee’s Online Trust and Custody service and upon electing
such service, paper statements will be provided only upon request. The Administrator waives the right to receive brokerage confirmations
of security transactions effected by the Indenture Trustee as they occur, to the extent permitted by law. The Administrator further
understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request
and at no additional cost and other trade confirmations may be obtained from the applicable broker.

 

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Section
8.6Release of Collateral.

 

(a) Subject
to Section 2.8, the payment of its fees and expenses under Section 6.7 and the satisfaction of the conditions set
forth in Section 4.1, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments
to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by
the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies.

 

(b) The
Indenture Trustee shall, at such time as there are no Notes Outstanding, and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid release any remaining portion of the Collateral that secured the Notes from the lien of this Indenture and release
to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Accounts. Such release shall include
delivery to the Issuing Entity or its designee of the Exchange Note and release of the lien of this Indenture and transfer of dominion
and control over the Accounts to the Issuing Entity or its designee. The Indenture Trustee shall release property from the lien
of this Indenture pursuant to this Section only upon receipt of an Issuing Entity Request.

 

ARTICLE IX

SUPPLEMENTAL INDENTURES 

 

Section
9.1Supplemental Indentures without Consent of Noteholders.

 

(a) Except
as provided in Section 9.2, without the consent of the Noteholders or any other Person, the Issuing Entity and the Indenture
Trustee (when so directed by an Issuing Entity Request), may enter into one or more indentures supplemental hereto for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose
of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) any supplement that materially
and adversely affects the interests of the Noteholders shall require the consent of Noteholders evidencing not less than a majority
of the aggregate outstanding principal amount of the Outstanding Notes, voting as a single class, and (ii) any supplement that
materially and adversely affects the interests of the Indenture Trustee, the Owner Trustee, the Servicer, the Certificateholders
or the Administrator shall require the prior written consent of the Persons whose interests are materially and adversely affected;
provided further, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee,
(A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the
Notes for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be classified as an
association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes. A supplement shall be
deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with
respect to such supplement. The consent of the Servicer, the Certificateholders or the Administrator shall be deemed to have been
given if the Servicer does not receive a written objection from such Person within 10 Business Days after a written request for
such consent shall have been given.

 

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(b) It
shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of
any proposed supplement, but it shall be sufficient if such Person consents to the substance thereof.

 

(c) Notwithstanding
anything herein to the contrary, any term or provision of this Indenture may be amended by the Issuing Entity and the Indenture
Trustee (when so directed by an Issuing Entity Request) without the consent of any of the Noteholders or any other Person to add,
modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment
under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect); it
being a condition to any such amendment that the Rating Agency Condition shall have been satisfied.

 

(d) Prior
to the execution of any supplemental indenture, the Issuing Entity shall provide each Rating Agency with written notice of the
substance of such supplement. No later than 10 Business Days after the execution of any supplemental indenture, the Issuing Entity
shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Administrator, the Owner Trustee and the Indenture
Trustee.

 

(e) The
Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations as may be therein contained.

 

(f) Promptly
after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section or Section
9.2, the Indenture Trustee shall transmit to the Noteholders to which such amendment or supplemental indenture relates a notice
(to be provided by the Issuing Entity) setting forth in general terms the substance of such supplemental indenture. Any failure
of the Indenture Trustee to transmit such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

 

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Section
9.2Supplemental Indentures with Consent of Noteholders. With the consent of Noteholders holding not less than
a majority of the Outstanding Note Amount, the Issuing Entity and the Indenture Trustee, when directed by an Issuing Entity Request,
may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner
or eliminating any of the provisions of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders
under this Indenture; provided, that no supplemental indenture entered into under Section 9.1 or this Section shall,
without the consent of the Noteholder of each Outstanding Note affected thereby and prior notice to the Rating Agencies:

 

(a) change
the date of payment of any installment of principal of or interest on any Note, reduce the interest rate or principal amount of
any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note;

 

(b) reduce
the percentage of the Outstanding Note Amount, the consent of the Noteholders of which is required for any such supplemental indenture
or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Events
of Default hereunder and the consequences provided for in this Indenture;

 

(c) modify
or alter the provisions of the proviso to the definition of the term "Outstanding";

 

(d) reduce
the percentage of the Outstanding Note Amount required to direct the Indenture Trustee to direct the Issuing Entity to sell the
Trust Estate pursuant to Section 5.4, if the proceeds of such sale would be insufficient to pay the Outstanding Note Amount
plus accrued but unpaid interest on the Notes;

 

(e) permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust
Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time
subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or

 

(f) impair
the right to institute suit for the enforcement of payment as provided in Section 5.7.

 

Any such supplemental indenture
shall be executed only upon delivery of an Opinion of Counsel delivered to the Indenture Trustee to the effect that such action
shall not (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange
of the Notes for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be classified
as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes.

 

Section
9.3Execution of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee
shall be provided with, and subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all
conditions precedent under this Indenture for the execution of the supplemental indenture have been complied with. The Indenture
Trustee may but shall not be obligated to enter into any such supplemental indenture that affects the Indenture Trustee's own rights,
duties, liabilities or indemnities under this Indenture or otherwise.

 

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Notwithstanding anything
in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the Asset
Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be made
to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no responsibility for determining
whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations
Reviewer under this Indenture.

 

Section
9.4Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions
hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes
affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this
Indenture of the Indenture Trustee, the Issuing Entity and the Noteholders shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

 

Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of
the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

 

Section
9.5Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved
by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee
shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any
such supplemental indenture may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture
Trustee in exchange for Outstanding Notes.

 

ARTICLE X

REDEMPTION OF NOTES 

 

Section
10.1Redemption. The Outstanding Notes are subject to redemption in whole, but not in part, at the direction of
the Servicer pursuant to Section 15.1 of the Exchange Note Servicing Supplement, on any Payment Date on which the Servicer
exercises its option to purchase the Trust Estate pursuant to said Section 15.1, for a purchase price equal to the
Redemption Price; provided that the Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer
or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Outstanding Notes are to be redeemed
pursuant to this Section, the Servicer or the Issuing Entity shall furnish notice of such election to the Indenture Trustee not
later than the close of business on the first calendar day of the month in which the Redemption Date occurs and the Issuing Entity
shall deposit by 10:00 A.M. New York City time on the Redemption Date with the Indenture Trustee in the Principal Distribution
Account the Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date
upon the furnishing of a notice complying with Section 10.2 to each Holder of the Notes.

 

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Section
10.2Form of Redemption Notice. Notice of redemption under Section 10.1 shall be transmitted by the Indenture
Trustee to DTC not later than 10 days prior to the applicable Redemption Date, to each Holder of Notes as of the close of business
on the Record Date preceding the applicable Redemption Date at such Holder's address or facsimile number appearing in the Note
Register.

 

All notices of redemption
shall state:

 

(a) the
Redemption Date;

 

(b) the
Redemption Price;

 

(c) the
place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall be the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2); and

 

(d) applicable
"CUSIP" numbers.

 

Notice of redemption of
the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice
of redemption (or any defect therein) to any Noteholder shall not impair or affect the validity of the redemption of any other
Note.

 

Section
10.3Notes Payable on Redemption Date. The Notes to be redeemed shall, following notice of redemption as required
by Section 10.2, become due and payable on the Redemption Date at the Redemption Price and (unless the Issuing Entity shall default
in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which
accrued interest is calculated for purposes of calculating the Redemption Price.

 

ARTICLE XI

MISCELLANEOUS 

 

Section
11.1Compliance Certificates and Opinions.

 

(a) Upon
any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture,
the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) in the case of conditions
precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies
TIA Section 314(c)(3).

 

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Every certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

(i)       a
statement that each signatory of such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

(ii)       a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(iii)       a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary
to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and

 

(iv)       a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

 

(b) In
addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture:

 

(i)       Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall furnish to the Indenture
Trustee an Officer's Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value
(within 90 days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited.

 

(ii)       Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value of the property or securities to be so deposited and of all
other such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year
of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause, is 10% or more
of the Outstanding Note Amount, but such a certificate need not be furnished with respect to any securities so deposited, if the
fair value thereof to the Issuing Entity as set forth in the related Officer's Certificate is less than $25,000 or less than 1%
of the Outstanding Note Amount.

 

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(iii)       Other
than with respect to any release described in clause (A) or (B) of Section 11.1(b)(v), whenever any property or securities
are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that in the opinion of such Person, the proposed release
will not impair the security under this Indenture in contravention of the provisions hereof.

 

(iv)       Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value of the property or securities and of all other property, or
securities (other than property described in clauses (A) or (B) of Section 11.1(b)(v)) released from the lien of this Indenture
since the commencement of the then current calendar year, as set forth in the Officer's Certificates required by clause (iii) above
and this clause, equals 10% or more of the Outstanding Note Amount, but such Officer's Certificate need not be furnished in the
case of any release of property or securities if the fair value thereof as set forth in the related Officer's Certificate is less
than $25,000 or less than 1% of the Outstanding Note Amount.

 

(v)       Notwithstanding
Section 2.8 or any other provision of this Section, the Issuing Entity may without compliance with the requirements of other
provisions of this Section (A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent permitted or
required by the Transaction Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required
by the Transaction Documents, so long as the Issuing Entity shall make available to the Indenture Trustee every six months, commencing
August 2019, at https://via.intralinks.com/, or such other website or distribution service or provider as the Issuing Entity shall
designate by written notice to the Indenture Trustee, an Officer's Certificate of the Issuing Entity stating that all the dispositions
of Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months were
in the ordinary course of the Issuing Entity's business and that the proceeds thereof were applied in accordance with the Transaction
Documents.

 

Section
11.2Form of Documents Delivered to the Indenture Trustee. In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person
may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such
Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion
of an Authorized Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of or representations by an officer or officers of the Administrator, the Depositor or the
Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Administrator, the
Depositor or the Issuing Entity.

 

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Where any Person is required
to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever in this Indenture,
in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity's compliance with
any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective
date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate
or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.

 

Section
11.3Acts of Noteholders.

 

(a) Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section.

 

(b) The
fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

 

(c) The
ownership of Notes shall be proved by the Note Register.

 

(d) Any
request, demand, authorization, direction, notice, consent, waiver or other action by the holder of any Note shall bind the holder
of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action
is made upon such Note.

 

Section
11.4Notices. All demands, requests, notices and communications hereunder shall be in writing and shall be delivered
or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or
by telecopier, and addressed in each case as follows: (i) if to the Issuing Entity, at the Corporate Trust Office of the Owner
Trustee, with a copy to the Administrator, at 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442 (telecopier no. (954) 429-2685,
Attention: Treasurer), with a copy to the Indenture Trustee; (ii) if to the Indenture Trustee, to its Corporate Trust Office; (iii)
if to the Owner Trustee, to its Corporate Trust Office; (iv) if to the Rating Agencies, to the Depositor, which shall promptly
post such demand, notice or communication to the website maintained by the depositor for notifications to nationally recognized
statistical rating organizations; (v) if to the Depositor, to World Omni Auto Leasing LLC, 190 Jim Moran Boulevard, Deerfield Beach,
Florida 33442, Telecopy: (954) 429-2685, Email: eric.gebhard@jmfamily.com, Attention: Treasurer; or (vi) at such other address
as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only upon
receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the
address of such recipient for notices hereunder.

 

    	 	55	 

     

    

  

In addition to the foregoing,
the Indenture Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by e-mail,
facsimile transmission or other similar electronic methods. If a party elects to give the Indenture Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method), the Indenture Trustee’s understanding of such instructions
shall be determined in accordance with Section 6.1(b)(ii). The Indenture Trustee shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Indenture Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction; provided, that
the Indenture Trustee will not be relieved from liability for its own bad faith, negligence or wilfull misconduct. Except as provided
above in this paragraph, the party providing electronic instructions agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Indenture Trustee, including without limitation the risk of the
Indenture Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

Notwithstanding the foregoing,
with the consent of the appropriate party to this Indenture, the obligations of World Omni and any Affiliate of World Omni to deliver
or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall be satisfied
by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication or instruction available
at https://via.intralinks.com/, or such other website or distribution service or provider as World Omni or such Affiliate, as applicable,
shall designate by written notice to the other parties hereto.

 

The Indenture Trustee shall
promptly transmit any notice received by it from the Noteholders or Note Owners to the Issuing Entity and the Servicer and, if
such notice is a Reallocation Request, to World Omni and ALF LLC.

 

    	 	56	 

     

    

  

Section
11.5Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such
notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class, postage
prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest
and not earlier than the earliest date prescribed for the giving of such notice. In any case where notice to Noteholders is given
by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect
the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall
conclusively be presumed to have been duly given.

 

Where this Indenture provides
for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the
Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
a waiver.

 

In case, by reason of the
suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such
notice.

 

Where this Indenture provides
for notice to each Rating Agency, failure to give such notice shall not affect any other rights or obligations created hereunder,
and shall not under any circumstance constitute an Event of Default.

 

If the Seller, the Depositor
or the Indenture Trustee receives a Reallocation Request from a Noteholder or Note Owner as a result of a breach of a representation
or warranty pursuant to the Exchange Note Sale Agreement and the Seller does not cause the reallocation of the Transaction Unit
related to such Reallocation Request within 180-days of the receipt of such Reallocation Request, at the direction of the Administrator,
the Indenture Trustee shall deliver a notice to the related Noteholder or Note Owner indicating that the Reallocation Request is
unresolved.

 

Section
11.6Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents
are for convenience only and shall not affect the construction hereof.

 

    	 	57	 

     

    

  

Section
11.7Successors and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuing Entity
shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall
bind its successors.

 

Section
11.8Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
11.9Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any
Person, other than the parties hereto and their successors hereunder, the Noteholders (and, with respect to Sections 8.3
and 8.4, the Certificateholders), any other party secured hereunder and any other Person with an ownership interest in any
part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section
11.10Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then
(notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on
the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest
shall accrue for the period from and after any such nominal date.

 

Section
11.11Governing Law. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE
LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section
11.12Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

 

Section
11.13Recording of Indenture. If this Indenture is subject to recording in any appropriate public recording offices,
such recording is to be effected by the Issuing Entity accompanied by an Opinion of Counsel reasonably acceptable to the Indenture
Trustee to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured
hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

 

    	 	58	 

     

    

 

Section
11.14Trust Obligation; No Recourse. Each Noteholder or Note Owner, by acceptance of a Note, or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with
respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture
or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee, the Administrative
Agent or the Owner Trustee in their respective individual capacities, (ii) any Certificateholder or any other owner of a beneficial
interest in the Issuing Entity, (iii) the Servicer, the Administrator or the Titling Trust or (iv) any partner, owner, beneficiary,
agent, officer, director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as
any such Person may have expressly agreed (it being understood that the Indenture Trustee, the Administrative Agent and the Owner
Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

 

Section
11.15No Petition. With respect to each Bankruptcy Remote Party, each of the Indenture Trustee, by entering into
this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest
in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations
under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general
assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties
hereto shall commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction.

 

    	 	59	 

     

    

  

Section
11.16Limitation of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that
(a) this Agreement is executed and delivered by U.S. Bank Trust National Association, not individually or personally but solely
as Owner Trustee of the Issuing Entity, in the exercise of the powers and authority conferred and vested in it, (b) each of the
representations, undertakings and agreements herein made on the part of the Issuing Entity is made and intended not as personal
representations, undertakings and agreements by U.S. Bank Trust National Association but is made and intended for the purpose of
binding only the Issuing Entity, (c) nothing herein contained shall be construed as creating any liability on U.S. Bank Trust National
Association, individually or personally, to perform any covenant either expressed or implied contained herein of the Issuing Entity,
all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties
hereto, (d) U.S. Bank Trust National Association has not verified and made no investigation as to the accuracy or completeness
of any representations and warranties made by the Issuing Entity in this Agreement and (e) under no circumstances shall U.S. Bank
Trust National Association be personally liable for the payment of any indebtedness or expenses of the Issuing Entity or be liable
for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuing Entity under
this Agreement or any other related documents.

 

Section
11.17TIA Incorporation and Conflicts. The provisions of TIA Sections 310 through 317 that impose duties on any
Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of
and govern this Indenture, whether or not physically contained herein. If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required to be included in this Indenture by any of the provisions of the TIA, such required provision
shall control.

 

Section
11.18Intent.

 

(a) It
is the intent of the Issuing Entity that the Notes constitute indebtedness for all financial accounting purposes and the Issuing
Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to
have agreed, to treat the Notes as indebtedness for all financial accounting purposes.

 

(b) It
is the intent of the Issuing Entity that the Notes constitute indebtedness of the Issuing Entity for all tax purposes and the Issuing
Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to
have agreed to treat the Notes as indebtedness for all tax purposes.

 

    	 	60	 

     

    

  

Section
11.19Each Exchange Note Separate; Assignees of the Exchange Note. Each of the Indenture Trustee, by entering
into this Indenture, and each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest
in a Note, hereby covenants and agrees that (a) the Closed-End Collateral Specified Interest is a separate series of the Titling
Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b)
the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (i) the Exchange
Note or the related 2019-A Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference
Pool or the Warehouse Facility Pool or any Unencumbered Reference Pool and (ii) any Other Exchange Note, any Other Reference Pool,
the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable against such Other Exchange Note, Other Reference
Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable, and not against the Exchange Note or any
Closed-End Units included in the 2019-A Reference Pool, (c) except to the extent required by law, the Closed-End Units included
in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or Closed-End Units included in any
Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related
to the 2019-A Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with
respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or
the related 2019-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other
Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated
thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange
Note other than the Exchange Note related to the 2019-A Reference Pool shall be entitled to maintain any action against or recover
any assets allocated to the 2019-A Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2019-A Reference
Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest,
(i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange
Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference
Pool and each Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it
may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference
Pool and each Other Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto
shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy
of such Joinder Agreement to each party to the Intercreditor Agreement.

 

Section
11.20Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

 

(a) submits
for itself and its property in any legal action or proceeding relating to this Indenture or any documents executed and delivered
in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction
of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate
courts from any thereof;

 

(b) consents
that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court
and agrees not to plead or claim the same;

 

(c) agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section
11.4 of this Indenture;

 

    	 	61	 

     

    

  

(d) agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and

 

(e) to
the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or
arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or
thereunder.

 

Section
11.21Subordination of Claims. Each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner,
a beneficial interest in a Note, hereby covenants and agrees that, to the extent such Person is deemed to have any interest in
any assets of the Depositor, or a securitization vehicle (other than the Issuing Entity) related to the Depositor, dedicated to
other debt obligations of the Depositor or debt obligations of any other securitization vehicle (other than the Issuing Entity)
related to the Depositor, such Person's interest in those assets is subordinate to claims or rights of such other debtholders to
those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that such agreement constitutes a subordination agreement for purposes of Section
510(a) of the Bankruptcy Code.

 

Section
11.22Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer,
the Issuing Entity, the Depositor or any of their Affiliates, at the expense of the Servicer, the Issuing Entity, the Depositor
or any of their Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future
law, rule, regulation, accounting rule or principle.

 

Section
11.23Regulation AB Information To Be Provided By The Indenture Trustee.

 

(b) For so long as the Issuing Entity is
required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the fifth Business Day of each month, provide
to the Depositor, in writing, such information regarding the Indenture Trustee as is requested by the Depositor (if any) for the
purpose of compliance with Item 1117 of Regulation AB; provided, however, that the Indenture Trustee shall not be
required to provide such information in the event that there has been no change to the information previously provided by the Indenture
Trustee to Depositor, and (ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture
Trustee of any changes to such information, provide to the Depositor, in writing, such updated information.

 

(b) As
soon as available but no later than March 1 of each calendar year for so long as the Issuing Entity is required to report under
the Exchange Act, commencing in 2020, the Indenture Trustee shall:

 

    	 	62	 

     

    

  

(i)       deliver
to the Depositor a report regarding the Indenture Trustee's assessment of compliance with the Servicing Criteria specified in Exhibit
C during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange
Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address
each of the Servicing Criteria specified in Exhibit C or such criteria as mutually agreed upon by the Depositor and the
Indenture Trustee and include disclosure of any material instance of non-compliance identified by the Indenture Trustee (provided,
that to the extent the Indenture Trustee identifies any material instance of non-compliance, the Indenture Trustee shall disclose
to the Depositor whether such material instance of non-compliance relates to the Transaction Units or the Notes and whether and
to what extent the Indenture Trustee has instituted steps to remediate such material instance of non-compliance);

 

(ii)       deliver
to the Depositor a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance
made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and

 

(iii)       deliver
to the Depositor and any other Person that will be responsible for signing the certification (a "Sarbanes Certification")
required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on
behalf of the Issuing Entity or the Depositor substantially in the form attached hereto as Exhibit D or such form as mutually
agreed upon by the Depositor and the Indenture Trustee.

 

The Indenture Trustee acknowledges
that the parties identified in clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant to such
clause in signing a Sarbanes Certification and filing such with the Commission.

 

[Signature Page to Follow]

 

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IN WITNESS WHEREOF, the
Issuing Entity and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto
duly authorized, all as of the day and year first above written.

 

	 	WORLD OMNI AUTOMOBILE LEASE

 SECURITIZATION TRUST 2019-A,
	 	AS ISSUING ENTITY
	 	 	 
	 	By:	U.S. BANK TRUST NATIONAL ASSOCIATION,
	 	 	not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	 	 
	 	Name:	Christopher J. Nuxoll
	 	 	 
	 	Title:	Vice President
	 	 	 
	 	MUFG UNION BANK, N.A.,
	 	as Indenture Trustee
	 	 	 
	 	By:	/s/ Rafael E. Miranda
	 	 	 
	 	Name:	Rafael E. Miranda
	 	 	 
	 	Title:	Vice President

 

    	 	S-1	 

     

    

 

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES
AND COVENANTS

 

In addition to the representations,
warranties and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and covenants to the Indenture
Trustee as follows on the Closing Date:

 

1.           The
Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the
Indenture Trustee, which security interest is prior to all other Adverse Claims and is enforceable as such as against creditors
of and purchasers from the Issuing Entity.

 

2.           The
Exchange Note constitutes a "general intangible," "instrument," "certificated security," or "tangible
chattel paper," within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit
accounts or securities accounts.

 

3.           All
of the Collateral that constitutes securities entitlements has been or will have been credited to one of the Accounts. The securities
intermediary for each Account has agreed to treat all assets credited to the Accounts as "financial assets" within the
meaning of the applicable UCC.

 

4.           The
Issuing Entity owns and has good and marketable title to the Collateral free and clear of any Adverse Claims, claim or encumbrance
of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course
of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are being
contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure
with respect to such a lien is not imminent and the use and value of the property to which the Adverse Claim attaches is not impaired
during the pendency of such proceeding.

 

5.           The
Issuing Entity has received all consents and approvals to the grant of the security interest in the Collateral hereunder to the
Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles.

 

6.           The
Issuing Entity has received all consents and approvals required by the terms of the Collateral that constitutes securities entitlements,
certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the
Collateral hereunder.

 

7.            The
Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Collateral granted to the Indenture Trustee hereunder.

 

    	 	Sch. I-1	 

     

    

 

8.           With
respect to Collateral that constitutes an instrument or tangible chattel paper, either:

 

(i)       All
original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; or

 

(ii)       Such
instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has received a written acknowledgment
from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit
of the Indenture Trustee; or

 

(iii)       A
custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment
from such custodian that such custodian is acting solely as agent of the Indenture Trustee.

 

9.           With
respect to the Accounts and all subaccounts thereof that constitute deposit accounts, either:

 

(i)       The
Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit
accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the
Accounts without further consent by the Issuing Entity; or

 

(ii)       The
Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become the account holder of the Accounts.

 

10.          With
respect to Collateral that constitute securities accounts or securities entitlements, either:

 

(i)       The
Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest granted in the Collateral to the Indenture Trustee; or

 

(ii)       The
Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary
has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent
by the Issuing Entity; or

 

(iii)       The
Issuing Entity has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee
as the person having a security entitlement against the securities intermediary in the Accounts.

 

    	 	Sch. I-2	 

     

    

 

11.           With
respect to Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies
of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each
such security certificate either (i) is in bearer form, (ii) has been indorsed by an effective indorsement to the Indenture Trustee
or in blank, or (iii) has been registered in the name of the Indenture Trustee. Other than the transfer of the Exchange Note from
ALF LLC to the Depositor under the Exchange Note Sale Agreement, the transfer of the Exchange Note from the Depositor to the Issuing
Entity under the Exchange Note Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee
pursuant to the Indenture, none of ALF LLC, the Depositor or the Issuing Entity has pledged, assigned, sold, granted a security
interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity has not
authorized the filing of, and is not aware of, any financing statements against the Issuing Entity that include a description of
collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the
security interest granted to the Indenture Trustee hereunder or that has been terminated.

 

12.          None
of the instruments, certificated securities or tangible chattel paper that constitute or evidence the Collateral has any marks
or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

 

13.          Neither
the Accounts nor any subaccounts thereof are in the name of any person other than the Issuing Entity or the Indenture Trustee.
The Issuing Entity has not consented to the securities intermediary of any Account to comply with entitlement orders of any person
other than the Indenture Trustee.

 

    	 	Sch. I-3	 

     

    

 

EXHIBIT A1

 

FORM OF CLASS A NOTE

 

	REGISTERED	$___________________
	No. R-_______	CUSIP NO. __________
	 	ISIN NO. ___________

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUING
ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS NOTE
IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR UNITED STATES FEDERAL,
STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

BY ACQUIRING A NOTE, EACH
PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT AND WILL NOT
BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (I) AN "EMPLOYEE
BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")
THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE "CODE") THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT
PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO
TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS [A-1][A-2]
[A-3][A-4] (OR ANY INTEREST THEREIN) NOTES 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 SIMILAR LAW.

 

    	 	Ex. A1-1	 

     

    

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST
2019-A

 

[[_____]%]1 Class [A-1] [A-2] [A-3]
[A-4] Asset Backed Notes, Series 2019-A

 

WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 2019-A, a Delaware statutory trust (including any permitted successors and assigns, the "Issuing
Entity"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum
of _____________________ DOLLARS ($_____) in monthly installments on the 15th of each month, or if such day is not a Business
Day, on the immediately succeeding Business Day, commencing on April 15, 2019 (each, a "Payment Date") until
the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1]
[A-2] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet been paid,
at [the rate per annum shown above]2 (the "Interest Rate"), in each case as and to the extent described
below; provided, however, that the entire Class [A-1] [A-2] [A-3] [A-4] Note Balance shall be due and payable on the earlier of
[March 16, 2020]3 [November 15, 2021]4 [May 16, 2022]5 [July 15, 2024]6 (the "Final
Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Interest
on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment
Date or if no interest has yet been paid, from and including the Closing Date) to but excluding such Payment Date. Interest will
be computed on the basis of [actual days elapsed and a 360-day year]7 [a 360-day year consisting of twelve 30-day months]8.
The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

 

		1	Insert for the Class A-1 Notes, A-2 Notes, A-3 Notes and A-4 Notes.

		2	Insert for the Class A-1 Notes, A-2 Notes, A-3 Notes and A-4 Notes.

		3	Insert for the Class A-1 Notes.

		4	Insert for the Class A-2 Notes.

		5	Insert for the Class A-3 Notes.

		6	Insert for the Class A-4 Notes.

		7	Insert for the Class A-1 Notes.

 

		8	Insert for the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes.

 

    	 	Ex. A1-2	 

     

    

 

The principal of and interest
on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

    	 	Ex. A1-3	 

     

    

 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or by facsimile, by its Authorized Officer as of the date set
forth below.

 

Dated: ____________, 20__

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2019-A

 

	 	By:	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely
	 	 	as Owner Trustee

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	Ex. A1-4	 

     

    

 

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated: ____________, 20__

 

	 	MUFG UNION BANK, N.A.,
	 	as Indenture Trustee

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	Ex. A1-5	 

     

    

 

REVERSE OF NOTE

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its "[[_____]%]9 Class [A-1] [A-2] [A-3] [A-4] Asset
Backed Notes, Series 2019-A" (herein called the "Notes") issued under an Indenture, dated as of March 13,
2019 (such indenture, as supplemented or amended, is herein called the "Indenture"), between the Issuing Entity
and MUFG Union Bank, N.A., as trustee (the "Indenture Trustee", which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject
to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall
have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the Collateral pledged
as security therefor as provided in the Indenture. However, to the extent provided in the Indenture and prior to an acceleration
of the principal amount of the Notes after an Event of Default, each Class will receive principal payments sequentially so no principal
payments shall be made in respect of the Class A-2 Notes until the Class A-1 Notes have been paid in full, and no principal payments
shall be made in respect of the Class A-3 Notes until the Class A-2 Notes have been paid in full, and no principal payments shall
be made in respect of the Class A-4 Notes until the Class A-3 Notes have been paid in full. All covenants and agreements made by
the Issuing Entity in the Indenture are for the benefit of the Holders of the Notes.

 

Principal payable on the
Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.

 

 

		9	Insert for the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes.

 

    	 	Ex. A1-6	 

     

    

 

Payments of principal and
interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

 

As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture. No
service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity
or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuing
Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization
vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate to claims
or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

    	 	Ex. A1-7	 

     

    

 

It is the intent of the
Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity agrees
and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed,
to treat the Notes as indebtedness for all financial accounting and tax purposes.

 

The Notes represent obligations
of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer, ALF LLC,
or any of their respective Affiliates.

 

Each Noteholder or Note
Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to
the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable
IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under
FATCA to enable the Issuing Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and
liabilities with respect to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or,
in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s
acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or
their respective agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its
terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation
every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In
each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The
Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding
sentence.

 

With respect to each Bankruptcy
Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations
under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction
or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment
of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party,
and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect
in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the payment
in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against,
any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar
proceeding under the laws of the United States or any State of the United States.

 

    	 	Ex. A1-8	 

     

    

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

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

 

Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that
(a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of
the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the Warehouse Facility or each holder,
assignee or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated
to the Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio
and each Other Reference Pool.

 

No reference herein to
the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A1-9	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

_______________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto  ___________________________________________ (name
and address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney,
to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1 Signature Guaranteed: __________________________

 

 

		1	The signature to this assignment must correspond with the
name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement
or any change whatsoever.

 

    	 	Ex. A1-10	 

     

    

 

EXHIBIT A2

 

FORM OF CLASS B NOTE

 

	REGISTERED	$42,750,000
	No. R-1	CUSIP NO. [__________]
	 	ISIN NO. [__________]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUING ENTITY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS NOTE
IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT
SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR UNITED STATES FEDERAL,
STATE AND LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

BY ACQUIRING A NOTE, EACH
PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT AND WILL NOT
BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (I) AN "EMPLOYEE
BENEFIT PLAN" AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA")
THAT IS SUBJECT TO TITLE I OF ERISA, (II) A "PLAN" DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE "CODE") THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS
INCLUDE "PLAN ASSETS" (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATIONS LOCATED AT 29 C.F.R SECTION 2510.3-101,
AS MODIFIED BY SECTION 3(42) OF ERISA) OR (IV) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN, OR ANY OTHER EMPLOYEE BENEFIT
PLAN, ACCOUNT, OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL, OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR
TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE ("SIMILAR LAW") OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS B NOTES
(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 SIMILAR LAW.

 

    	 	Ex. A2-1	 

     

    

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST
2019-A

 

3.24% Class B Asset Backed Notes, Series 2019-A

 

WORLD OMNI AUTOMOBILE LEASE
SECURITIZATION TRUST 2019-A, a Delaware statutory trust (including any permitted successors and assigns, the "Issuing Entity"),
for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of FORTY TWO MILLION SEVEN
HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($42,750,000) in monthly installments on the 15th of each month, or if such day is not
a Business Day, on the immediately succeeding Business Day, commencing on April 15, 2019 (each, a "Payment Date")
until the principal of this Note is paid or made available for payment, and to pay interest on each Payment Date on the Class B
Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date),
or as of the Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown
above (the "Interest Rate"), in each case as and to the extent described below; provided, however, that the entire
Class B Note Balance shall be due and payable on the earlier of July 15, 2024 (the "Final Scheduled Payment Date")
and the Redemption Date, if any, pursuant to Section 10.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been
paid, from and including the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. The Issuing Entity shall pay interest on overdue installments of interest at the Interest
Rate to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of
public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

    	 	Ex. A2-2	 

     

    

 

IN WITNESS WHEREOF, the
Issuing Entity has caused this instrument to be signed, manually or by facsimile, by its Authorized Officer as of the date set
forth below.

 

Dated: __________, 20__

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2019-A

 

	 	By:	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	Ex. A2-3	 

     

    

 

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes
designated above and referred to in the within-mentioned Indenture.

 

Dated: __________, 20__

 

	 	MUFG UNION BANK, N.A.,
	 	as Indenture Trustee

 

	 	By:	 
	 	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

    	 	Ex. A2-4	 

     

    

 

REVERSE OF NOTE

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its “3.24% Class B Asset Backed Notes, Series 2019-A"
(herein called the "Notes") issued under an Indenture, dated as of March 13, 2019 (such indenture, as supplemented
or amended, is herein called the "Indenture"), between the Issuing Entity and MUFG Union Bank, N.A., as trustee
(the "Indenture Trustee", which term includes any successor Indenture Trustee under the Indenture), to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder
of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or
pursuant to the Indenture, as so supplemented or amended.

 

The Class B Notes are subordinate
to the Class A Notes issued pursuant to the Indenture to the extent provided in the Basic Documents. All covenants and agreements
made by the Issuing Entity in the Indenture are for the benefit of the Holders of the Notes.

 

Principal payable on the
Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.

 

Payments of principal and
interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

 

    	 	Ex. A2-5	 

     

    

 

As provided in the Indenture
and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture. No
service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

 

Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse
may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture
Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity
or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in
its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuing
Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization
vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate to claims
or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

It is the intent of the
Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity agrees
and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed,
to treat the Notes as indebtedness for all financial accounting and tax purposes (except the Class B Notes when held by the Depositor
or a person considered the issuer (or the same person as the issuer) for federal income tax purposes of such Class B Notes).

 

The Notes represent obligations
of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer, ALF LLC,
or any of their respective Affiliates.

 

    	 	Ex. A2-6	 

     

    

 

Each Noteholder or Note
Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide to
the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any applicable
IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under
FATCA to enable the Issuing Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and
liabilities with respect to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or,
in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s
acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or
their respective agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its
terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation
every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In
each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The
Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding
sentence.

 

With respect to each Bankruptcy
Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in
a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations
under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such
Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction
or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment
of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote
Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party,
and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against such
Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect
in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the payment
in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against,
any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar
proceeding under the laws of the United States or any State of the United States.

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

    	 	Ex. A2-7	 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

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

 

Each Noteholder or Note
Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that
(a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of
the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the Warehouse Facility or each holder,
assignee or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated
to the Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio
and each Other Reference Pool.

 

No reference herein to
the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A2-8	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying
number of assignee:

_______________

 

FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and address
of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1 Signature Guaranteed: __________________________

 

 

		1	The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change whatsoever.

 

    	 	Ex. A2-9	 

     

    

 

EXHIBIT B 

 

FORM OF DEPOSITORY AGREEMENT

 

On File at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    Ex. B

     

    

 

EXHIBIT C

 

SERVICING CRITERIA TO BE ADDRESSED IN

INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE

 

The assessment of compliance to be delivered
by the Indenture Trustee shall address, at a minimum, the criteria identified as below as "Applicable Servicing Criteria":

 

	Reference	Servicing Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party's performance and compliance with such servicing activities.	 
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the lease assets are maintained.	 
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	 
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	 
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Trustee
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	 
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Trustee
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, "federally insured depository institution" with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Trustee
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	 
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 

 

    	 	Ex. C-1	 

     

    

 

 

	Reference	Servicing Criteria	 
	 	Investor Remittances and Reporting	 
	1122(d)(3)(i)	
         

        Reports to investors, including those to be filed with the Commission,
        are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports
        (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information
        calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required
        by its rules and regulations; and (D) agree with investors' or the trustee's records as to the total unpaid principal balance and
        number of leases serviced by the Servicer.
	 
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Trustee
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Servicer's investor records, or such other number of days specified in the transaction agreements.	Trustee
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Trustee
	 	
         

        Pool Asset Administration
	 
	1122(d)(4)(i)	Collateral or security on lease assets is maintained as required by the transaction agreements or related asset pool documents.	 
	1122(d)(4)(ii)	Pool assets and related documents are safeguarded as required by the transaction agreements	 
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	 
	1122(d)(4)(iv)	Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the Servicer's obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	 
	1122(d)(4)(v)	The Servicer's records regarding the accounts and the accounts agree with the Servicer's records with respect to an obligor's unpaid principal balance.	 
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor's account  (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	 
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	 
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period an Account is delinquent in accordance with the transaction agreements.  Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity's activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	 
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor's Account documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and State laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	 

 

    	 	Ex. C-2	 

     

    

  

	Reference	Servicing Criteria	 
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer's funds and not charged to the obligor, unless the late payment was due to the obligor's error or omission.	 
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor's records maintained by the servicer, or such other number of days specified in the transaction agreements.	 
	1122(d)(4)(xiv)	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	 
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	 

 

    	 	Ex. C-3	 

     

    

 

EXHIBIT D

 

FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION

 

		RE:	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2019-A

 

MUFG Union Bank, N.A.,
not in its individual capacity but solely as indenture trustee (the "Indenture Trustee"), certifies to World Omni
Auto Leasing LLC (the "Depositor"), and its officers, with the knowledge and intent that they will rely upon this
certification, that:

 

(1)       It
has reviewed the report on assessment of the Indenture Trustee's compliance provided in accordance with Rules 13a-18 and 15d-18
under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Item 1122 of Regulation AB (the
"Servicing Assessment"), and the registered public accounting firm's attestation report provided in accordance
with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the "Attestation Report")
that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of March 13, 2019, by and between
the Indenture Trustee and World Omni Automobile Lease Securitization Trust 2019-A (collectively, the "Indenture Trustee
Information");

 

(2)       To
the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements
were made, not misleading with respect to the period of time covered by the Indenture Trustee Information;

 

(3)       To
the best of its knowledge, all of the Indenture Trustee Information required to be provided by the Indenture Trustee under the
Agreement has been provided to the Depositor; and

 

(4)       To
the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Indenture Trustee has
fulfilled its obligations under the Agreement.

 

	MUFG UNION BANK, N.A.,	 
	not in its individual capacity but solely as	 
	Indenture Trustee	 

 

	 	 
	Name:	 
	Title:	 
	Date: _________________________	 

 

    Ex. D

     

    

 

APPENDIX A 

 

DEFINITIONS

 

The following terms have
the meanings set forth, or referred to, below:

 

"Accounts"
means the Trust Collection Account, the Reserve Account and the Principal Distribution Account.

 

"2019-A Reference
Pool" has the meaning set forth in Section 13.1 of the Exchange Note Supplement.

 

"Act"
has the meaning set forth in Section 11.3(a) of the Indenture.

 

"Adjusted Capitalized
Cost" means, for each Closed-End Lease, the difference between (i) the sum of (a) the price of the Closed-End Vehicle
agreed upon between the Dealer and the Closed-End Obligor, plus (b) the cost of any items that the Closed-End Obligor pays over
the term of the Closed-End Lease, such as taxes, fees, service contracts, insurance and other related products, and (ii) the amount
of any net trade-in allowance, rebate, non-cash credit or cash paid by the Closed-End Obligor.

 

"Administration
Agreement" means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity
and the Indenture Trustee, as the same may be amended and supplemented from time to time.

 

"Administration
Fee" means the basic fee payable to the Administrator for administration services rendered during the related Collection
Period, which shall be equal to the product of (a) one-twelfth (or, in the case of the initial Collection Period (i.e., the period
commencing on the close of business on the Cut-Off Date and ending on March 31, 2019), a fraction, the numerator of which is 68
and the denominator of which is 360), (b) 0.05% and (c) the aggregate Securitization Value at the beginning of such Collection
Period (or, in the case of the first Payment Date, at the Cut-Off Date) of all Transaction Units for such Collection Period.

 

"Administrator"
means World Omni, in its capacity as Administrator under the Administration Agreement, or any successor administrator under the
Administration Agreement.

 

"ADR Organization"
means The American Arbitration Association or, if The
American Arbitration Association no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as
applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by the Seller.

 

"ADR Rules"
means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable,
of commercial disputes in effect at the time of the mediation or arbitration.

 

"Adverse Claim"
means, for any asset or property of a Person, a lien, security interest, mortgage, pledge or encumbrance in, of or on such asset
or property in favor of any other Person, except any Permitted Lien.

 

    	 	App. A-1	 

     

    

 

"Affiliate"
means, for any specified Person, any other Person which, directly or indirectly, controls, is controlled by or is under common
control with such specified Person and "affiliated" has a meaning correlative to the foregoing. For purposes of this
definition, "control" means the power, directly or indirectly, to cause the direction of the management and policies
of a Person.

 

"ALF LLC"
means Auto Lease Finance LLC, a Delaware limited liability company.

 

"ALG"
means Automotive Lease Guide, which is an independent publisher of residual value percentages recognized throughout the automotive
finance industry for projecting vehicle market values at lease termination.

 

"ALG Residual Value"
means (a) the residual value percentage estimate published by ALG for the appropriate Closed-End Vehicle and term by (b) the lower
of (i) the actual MSRP and (ii) MRM published by ALG, in each case, at the time of origination of the lease for such Closed-End
Vehicle.

 

"Asset Representations
Review Agreement" shall mean the Asset Representations Review Agreement, dated as of the Closing Date, between World Omni,
as servicer, the Issuing Entity and the Asset Representations Reviewer, as amended from time to time.

 

"Asset Representations
Reviewer" means Clayton Fixed Income Services LLC, as asset representations reviewer under the Asset Representations Review
Agreement, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

 

"Authenticating
Agent" means any Person authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate
and deliver the Notes.

 

"Authorized Newspaper"
means a newspaper of general circulation in The City of New York, printed in the English language and customarily published on
each Business Day, whether or not published on Saturdays, Sundays and holidays.

 

"Authorized Officer"
means (a) with respect to the Issuing Entity, (i) any officer of the Owner Trustee who is authorized to act for the Owner Trustee
in matters relating to the Issuing Entity (including any agent of the Owner Trustee acting under a power of attorney) and who is
identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter) and (ii) so long as the Administration Agreement is in effect,
any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuing Entity pursuant
to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the
Owner Trustee and the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter)
and (b) with respect to the Owner Trustee, the Indenture Trustee and the Servicer, any officer of the Owner Trustee, the Indenture
Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee, the Indenture Trustee or the Servicer,
as applicable, in matters relating to the Owner Trustee, the Indenture Trustee or the Servicer and who is identified on the list
of Authorized Officers delivered by each of the Owner Trustee, the Indenture Trustee and the Servicer to the Indenture Trustee
on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

 

    	 	App. A-2	 

     

    

 

"Available Funds"
means, for any Payment Date and the related Collection Period, an amount equal to the sum of the following amounts: (i) any amount
deposited into the Trust Collection Account pursuant to Section 13.2(b) of the Exchange Note Supplement; (ii) any amounts
paid by ALF LLC pursuant to Section 2.3(c) of the Exchange Note Sale Agreement for breaches of representations or warranties
thereunder; (iii) any amounts paid by the Servicer pursuant to Section 13.12 of the Exchange Note Servicing Supplement in
connection with Postmaturity Term Extensions; and (iv) any amounts paid by the Servicer pursuant to Section 15.1 of the
Exchange Note Servicing Supplement in connection with the optional purchase of the Exchange Note.

 

"Bankruptcy Event"
means, for any Person, that such Person makes a general assignment for the benefit of creditors or any proceeding is instituted
by or against such Person seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization,
arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee or
other similar official for it or any substantial part of its property and, in the case of any proceeding instituted against such
Person, such proceeding remains unstayed for more than 90 days.

 

"Bankruptcy Remote
Party" means any of the Depositor, the Issuing Entity, the Titling Trust or any Special Purpose Entity (and the general
partner of any Special Purpose Entity that is a partnership, or the managing member of any Special Purpose Entity that is a limited
liability company) that holds a beneficial interest in the Titling Trust.

 

"Base Residual
Value" means, for each Closed-End Vehicle related to an Included Unit, the lowest of (a) the ALG Residual Value of the
related Closed-End Vehicle at the time of origination of the lease and (b) the Contract Residual Value.

 

"Basic Documents"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Book-Entry Notes"
means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.9 of the Indenture.

 

"Business Day"
means any day other than a Saturday, a Sunday or a day on which banking institutions or trust company in the states of Delaware,
Florida, New York or the states in which the servicing offices of the Servicer are located or the State in which the Corporate
Trust Office of the Indenture Trustee is located are authorized or obligated by law, regulation or executive order to be closed.

 

"Buyer"
has the meaning set forth in the first paragraph of the Exchange Note Sale Agreement.

 

    	 	App. A-3	 

     

    

 

"Casualty"
means, with respect to any Transaction Unit, that the Servicer has actual knowledge that the Closed-End Vehicle included in such
Transaction Unit (a) shall have suffered damage or destruction resulting in an insurance settlement on the basis of an actual,
constructive or compromised total loss, (b) shall have suffered destruction or damage beyond repair, (c) shall have suffered damage
that makes repairs uneconomic or (d) shall have suffered destruction, damage, theft, loss or disappearance that, in accordance
with Customary Servicing Practices, results in a termination of the related Transaction Lease.

 

"Certificate"
means a Trust Certificate.

 

"Certificate of
Trust" shall mean the Certificate of Trust substantially in the form of Exhibit B to the Trust Agreement filed
for the Trust pursuant to Section 3810(a) of the Delaware Statutory Trust Act.

 

"Certificateholder"
means the registered holder of the Certificate.

 

"Class"
means a group of Notes whose form is identical except for variation in denomination, principal amount or owner, and references
to "each Class" thus mean each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes
and the Class B Notes.

 

"Class A Notes"
means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

 

"Class A Noteholders'
Interest Distributable Amount" means the Class A-1 Noteholders' Interest Distributable Amount, the Class A-2 Noteholders'
Interest Distributable Amount, the Class A-3 Noteholders' Interest Distributable Amount and the Class A-4 Noteholders' Interest
Distributable Amount.

 

"Class A-1 Interest
Rate" means 2.60455% per annum (computed on the basis of the actual number of days elapsed and on a 360-day year).

 

"Class A-1 Note
Balance" means, as of any date, the Initial Class A-1 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-1 Notes.

 

"Class A-1 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-1 Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-1 Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of Class A-1 Notes since
such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of Class A-1 Notes on the preceding
Payment Date, to the extent permitted by law, at the Class A-1 Interest Rate for the related Interest Period.

 

"Class A-1 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-1 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-1 Noteholders' Interest Carryover Shortfall.

 

    	 	App. A-4	 

     

    

 

"Class A-1 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the aggregate interest accrued for the
related Interest Period on the Class A-1 Notes at the Class A-1 Interest Rate on the Class A-1 Note Balance on the immediately
preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Holders of the Class A-1 Notes on or prior to such preceding Payment Date. Interest with respect to the Class
A-1 Notes shall be computed on the basis of the actual number of days in the related Interest Period and a 360-day year.

 

"Class A-1 Notes"
means the Class of Asset Backed Notes designated as Class A-1 Notes, issued in accordance with the Indenture.

 

"Class A-2 Interest
Rate" means 2.89% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

"Class A-2 Note
Balance" means, as of any date, the Initial Class A-2 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-2 Notes.

 

"Class A-2 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-2 Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-2 Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class A-2 Notes
since such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-2 Notes on
the preceding Payment Date, to the extent permitted by law, at the Class A-2 Interest Rate for the related Interest Period.

 

"Class A-2 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-2 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-2 Noteholders' Interest Carryover Shortfall.

 

"Class A-2 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class A-2 Notes at the Class A-2 Interest Rate on the Class A-2 Note Balance immediately
preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Holders of the Class A-2 Notes on or prior to such preceding Payment Date. Interest with respect to the Class
A-2 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

"Class A-2 Notes"
means the Class of Asset Backed Notes designated as Class A-2 Notes, issued in accordance with the Indenture.

 

"Class A-3 Interest
Rate" means 2.94% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

"Class A-3 Note
Balance" means, as of any date, the Initial Class A-3 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-3 Notes.

 

    	 	App. A-5	 

     

    

 

"Class A-3 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-3 Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-3 Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class A-3 Notes
since such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-3 Notes on
the preceding Payment Date, to the extent permitted by law, at the Class A-3 Interest Rate for the related Interest Period.

 

"Class A-3 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-3 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-3 Noteholders' Interest Carryover Shortfall.

 

"Class A-3 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class A-3 Notes at the Class A-3 Interest Rate on the Class A-3 Note Balance immediately
preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Holders of the Class A-3 Notes on or prior to such preceding Payment Date. Interest with respect to the Class
A-3 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

"Class A-3 Notes"
means the Class of Asset Backed Notes designated as Class A-3 Notes, issued in accordance with the Indenture.

 

"Class A-4 Interest
Rate" means 3.01% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

"Class A-4 Note
Balance" means, as of any date, the Initial Class A-4 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-4 Notes.

 

"Class A-4 Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-4 Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-4 Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class A-4 Notes
since such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-4 Notes on
the preceding Payment Date, to the extent permitted by law, at the Class A-4 Interest Rate for the Class A-4 Notes for the related
Interest Period.

 

"Class A-4 Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-4 Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class A-4 Noteholders' Interest Carryover Shortfall.

 

"Class A-4 Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class A-4 Notes at the Class A-4 Interest Rate on the Class A-4 Note Balance immediately
preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Holders of the Class A-4 Notes on or prior to such preceding Payment Date. Interest with respect to the Class
A-4 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

    	 	App. A-6	 

     

    

 

"Class A-4 Notes"
means the Class of Asset Backed Notes designated as Class A-4 Notes, issued in accordance with the Indenture.

 

"Class B Interest
Rate" means 3.24% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months).

 

"Class B Note Balance"
means, as of any date, the Initial Class B Note Balance reduced by all payments of principal made on or prior to such date on the
Class B Notes.

 

"Class B Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class B Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class B Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class B Notes since
such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class B Notes on the preceding
Payment Date, to the extent permitted by law, at the Class B Interest Rate for the Class B Notes for the related Interest Period.

 

"Class B Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class B Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class B Noteholders' Interest Carryover Shortfall.

 

"Class B Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance immediately preceding
the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Holders of the Class B Notes on or prior to such preceding Payment Date. Interest with respect to the Class B Notes shall
be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

"Class B Notes"
means the Class of Asset Backed Notes designated as Class B Notes, issued in accordance with the Indenture.

 

"Clearing Agency"
means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act and shall initially
be DTC.

 

"Clearing Agency
Participant" means a broker, dealer, bank or other financial institution or other Person for which from time to time a
Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

 

"Closed-End Administrative
Agent" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End Collateral
Agent" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End EN
Collected Amounts" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

    	 	App. A-7	 

     

    

 

"Closed-End EN
Collection Period" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End Exchange
Note" means the 2019-A closed-end exchange note issued pursuant to the Exchange Note Supplement.

 

"Closed-End Exchange
Note Payment Date" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End Lease"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End Obligor"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End Unit"
has the meaning set forth in Appendix A to the Collateral Agency Agreement

 

"Closed-End Vehicle"
has the meaning set forth in Appendix A to the Collateral Agency Agreement

 

"Closing Date"
means March 13, 2019.

 

"Code"
means the Internal Revenue Code of 1986, as amended from time to time, or any successor law, and the Treasury Regulations promulgated
thereunder.

 

"Collateral"
has the meaning set forth in the Granting Clause of the Indenture.

 

"Collateral Agency
Agreement" means the fourth amended and restated collateral agency agreement dated as of December 15, 2009, among the
Titling Trust, ALF LLC, as initial beneficiary, AL Holding Corp., as closed-end collateral agent, Bank of America N.A. as deal
agent and U.S. Bank, as administrative agent, as the same may be further amended or modified from time to time.

 

"Collection Period"
means the period commencing on the first day of each calendar month (or, in the case of the initial Collection Period, the period
from but excluding the Cut-Off Date) to and including the last day of the calendar month immediately preceding the calendar month
in which such Payment Date occurs. As used herein, the "related" Collection Period with respect to a Payment Date shall
be deemed to be the Collection Period which ends on the last day of the calendar month which immediately precedes such Payment
Date.

 

"Commission"
means the U.S. Securities and Exchange Commission.

 

"Contract Residual
Value" means, with respect to any Closed-End Vehicle, the residual value of the Closed-End Vehicle at the scheduled termination
of the lease as set forth in the related lease agreement.

 

    	 	App. A-8	 

     

    

 

"Controlling Securities"
means the Class A Notes so long as the Class A Notes are outstanding, and after the Class A Notes are no longer outstanding, the
Class B Notes so long as the Class B Notes are outstanding.

 

"Corporate Trust
Office" means:

 

(a)       as
used in the Indenture, or otherwise with respect to Indenture Trustee, the principal office of the Indenture Trustee at which at
any particular time its corporate trust business shall be administered which office at date of the execution of the Indenture is
located at 1251 Avenue of the Americas, 19th Floor, New York, New York 10020, or at such other address or electronic
mail address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Administrator, the Servicer
and the Issuing Entity, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor
Indenture Trustee will notify the Noteholders and the Owner Trustee); and

 

(b)       as
used in the Trust Agreement, or otherwise with respect to Owner Trustee, the corporate trust office of the Owner Trustee located
at 300 Delaware Avenue, 9th Floor, Wilmington, Delaware 19801, Attn: World Omni Automobile Lease Securitization Trust 2019-A, with
a copy to U.S. Bank Trust National Association, Mail Code MK-IL-SL7C, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603,
Attention: Chris Nuxoll, VP, Telecopy: (866) 807-8670, Email: christopher.nuxoll@usbank.com, or at such other address or electronic
mail address as the Owner Trustee may designate by notice to the Certificateholder and the Depositor, or the principal corporate
trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder
and the Depositor).

 

"Credit Losses"
means, for any Collection Period, an amount equal to the excess of (a) the sum of the Securitization Value for all Included Units
that became Defaulted Units during that Collection Period over (b) the sum of Sales Proceeds and Recoveries received by the Servicer
with respect to Defaulted Units during that Collection Period.

 

“Credit Risk Retention
Rules” means risk retention regulations in 17 C.F.R. Part 246 as such regulation may be amended from time to time and
subject to such clarification and interpretation as have been provided by the Commission in an adopting release or by the staff
of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 

"Customary Servicing
Practices" means the customary servicing practices of the Servicer with respect to Closed-End Vehicles and Closed-End
Leases held by the Titling Trust, without regard to whether such Closed-End Vehicles and Closed-End Leases have been identified
and allocated into any Reference Pool, as such practices may be changed from time to time.

 

"Cut-Off Date"
means the close of business on January 22, 2019.

 

"Dealer"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Default"
means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

 

    	 	App. A-9	 

     

    

 

"Defaulted Unit"
means any Closed-End Unit with a related Closed-End Lease for which any of the following has occurred during a Collection Period:
(a) any payment or part thereof in excess of $40.00 on such Closed-End Lease is past due 120 or more days, (b) the related Closed-End
Vehicle has been repossessed and sold or repossessed and held in inventory for more than 90 days, whichever occurs first, or (c)
such related Closed-End Lease has been charged off in accordance with Customary Servicing Practices.

 

"Definitive Note"
means a definitive fully registered Note issued as a “Definitive Note” pursuant to Section 2.11 of the Indenture.

 

"Delaware Trustee"
means U.S. Bank Trust National Association, as Delaware Trustee under the Titling Trust Agreement.

 

"Delinquency Percentage"
means, for each Payment Date and the related Collection Period, the ratio (expressed as a percentage) of (i) the aggregate Securitization
Value of all Delinquent Units held by the Issuing Entity that are more than 60 days delinquent as of the last day of the related
Collection Period to (ii) the aggregate Securitization Value of the Transaction Units held by the Issuing Entity as of the last
day of the related Collection Period.

 

"Delinquency Trigger"
means 2.40%.

 

"Delinquent Unit"
means any Transaction Unit (other than a Defaulted Unit) with a related Transaction Lease on which any payment or part thereof
in excess of $40.00 is past due for more than 30 days.

 

"Depositor"
means World Omni Auto Leasing LLC, a Delaware limited liability company.

 

"Depository Agreement"
means the agreement among the Issuing Entity and DTC, as the initial Clearing Agency, dated as of the Closing Date, substantially
in the form of Exhibit B to the Indenture.

 

"Determination
Date" means one Business Days immediately preceding the related Payment Date.

 

"Dollar"
and "$" mean lawful currency of the United States of America.

 

"DTC"
means The Depository Trust Company, and its successors.

 

"Eligible Account"
means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department
of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one
of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall
have a credit rating from each Rating Agency in one of its generic rating categories which signifies investment grade. Any such
trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts
meet the requirements described in clause (b) of the preceding sentence.

 

    	 	App. A-10	 

     

    

 

"Eligible Institution"
means a depository institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their respective
Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia
(or any domestic branch of a foreign bank) (a) which at all times (i) has either (A) a long-term senior unsecured debt rating of
"Aa2" or better by Moody's and "AA" or better by Fitch or such other rating that is acceptable to each Rating
Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture Trustee or (B) a certificate of
deposit rating of "P-1" by Moody's and "F-1" by Fitch or (C) such other rating that is acceptable to each Rating
Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture Trustee and (b) whose deposits
are insured by the Federal Deposit Insurance Corporation.

 

"Eligible Lease"
means a Closed-End Lease:

 

(i)       relates
to a new Toyota branded automobile or light duty truck, of a model year of 2015 or later,

 

(ii)       is
written with respect to a Closed-End Vehicle that was, at the time of the origination of the related Closed-End Lease, a new vehicle
or a dealer demonstration vehicle driven fewer than 6,000 miles,

 

(iii)       was
originated in the Five-State Area by a Dealer (a) for a Closed-End Obligor with a United States address and (b) in the ordinary
course of such Dealer's business,

 

(iv)       has
a remaining term to maturity, as of the Cut-Off Date of less than or equal to 58 months and had an original lease term greater
than or equal to 24 months and less than or equal to 60 months,

 

(v)       was
originated on or after October 20, 2014,

 

(vi)       provides
for level payments that fully amortize the Adjusted Capitalized Cost of the lease at a contractual annual percentage rate to the
related Contract Residual Value over the lease term,

 

(vii)       that
does not have a monthly payment for which $40 or more is more than 30 days past due as of the Cut-Off Date and is not a Defaulted
Unit,

 

(viii)       is
owned, and the related Closed-End Vehicle is owned, by the Titling Trust, free of all Liens (including tax liens, mechanics' liens,
and other liens reflected on the Servicer’s computer system other than any lien of the Closed-End Collateral Agent or any
lien on the certificate of title that arise by operation of law), other than a Permitted Lien,

 

(ix)       was
originated in compliance with, and complies in all material respect with, all material applicable legal requirements, including,
to the extent applicable, the Federal Consumer Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve,
all State leasing and consumer protection laws and all State and federal usury laws,

 

    	 	App. A-11	 

     

    

 

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

 

(xi)       was
originated in compliance with Customary Servicing Practices,

 

(xii)       is
payable solely in U.S. dollars,

 

(xiii)       the
Securitization Value of the related Closed-End Unit, as of the Cut-Off Date is no greater than $82,945.98, and

 

(xiv)       the
related Closed-End Obligor of which is a person located in any State within the United States or the District of Columbia and is
not (a) World Omni Corp. or any of its Affiliates, or (b) the United States of America or any State or local government or any
agency or political subdivision thereof.

 

"ERISA"
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

"Event of Default"
has the meaning set forth in Section 5.1 of the Indenture.

 

"Excess Mileage
Charges" means, with respect to any Transaction Unit, the amount of charges for excess mileage on the related Transaction
Vehicle received by the Servicer at the expiration of the Transaction Lease.

 

"Excess Wear and
Tear Charges" means, with respect to any Transaction Unit, the amount of charges for wear and tear to the related Transaction
Vehicle received by the Servicer at the expiration of the Transaction Lease.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended.

 

"Exchange Note"
means the Closed-End Exchange Note.

 

"Exchange Note
Agreement" means the Collateral Agency Agreement and the Exchange Note Supplement.

 

"Exchange Note
Assets" means a separate pool of Titling Trust Assets allocated to the Exchange Note.

 

"Exchange Note
Collection Account" means the account designated as such, established and maintained pursuant to Section 5.2(f)
of the Servicing Agreement.

 

    	 	App. A-12	 

     

    

 

"Exchange Note
Default" has the meaning set forth in Section 8.7 of the Collateral Agency Agreement.

 

"Exchange Note
Purchase Price" means $893,005,077.16.

 

"Exchange Note
Sale Agreement" means the Exchange Note Sale Agreement, dated as of the Closing Date, between the Initial Beneficiary
and the Depositor, as the same may be amended or modified from time to time.

 

"Exchange Note
Servicer Default" has the meaning set forth in Section 14.1(a) of the Exchange Note Servicing Supplement.

 

"Exchange Note
Servicing Supplement" means the Exchange Note Servicing Supplement 2019-A to Servicing Agreement, dated as of the Closing
Date, between the Titling Trust, the Closed-End Collateral Agent and the Servicer, as the same may be amended or modified from
time to time.

 

"Exchange Note
Supplement" means the Exchange Note Supplement 2019-A to Collateral Agency Agreement, dated as of the Closing Date, between
Titling Trust, Initial Beneficiary, AL Holding Corp. and U.S. Bank National Association, as Closed-End Administrative Agent, as
the same may be amended or modified from time to time.

 

"Exchange Note
Transfer Agreement" means the Exchange Note Transfer Agreement, dated as of the Closing Date, between the Depositor and
the Issuing Entity, as amended or supplemented from time to time.

 

"Exchange Noteholder"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Executive Officer"
means (i) with respect to any corporation or depository institution, the Chief Executive Officer, the Chief Operating Officer,
the Chief Financial Officer, the President, the Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation or depository institution and (ii) with respect to any partnership, any general partner thereof.

 

"FATCA"
means Sections 1471 through 1474 of the Code, commonly referred to as the Foreign Account Tax Compliance Act.

 

"FATCA Withholding
Tax" means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretations
thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof
(or any law implementing such an intergovernmental agreement).

 

"FDIC"
means the Federal Deposit Insurance Corporation.

 

    	 	App. A-13	 

     

    

 

"Final Scheduled
Payment Date" means, with respect to (i) the Class A-1 Notes, March 16, 2020; (ii) the Class A-2 Notes, November 15, 2021;
(iii) the Class A-3 Notes, May 16, 2022; (iv) the Class A-4 Notes, July 15, 2024; and (v) the Class B Notes, July 15, 2024.

 

"Financing"
means, collectively, (i) any financing transaction of any sort undertaken by World Omni or any Affiliate of World Omni involving,
directly or indirectly, Titling Trust Assets (including, without limitation, any financing undertaken in connection with the issuance
and assignment of the Exchange Note or any Other Exchange Note), (ii) any sale or purchase by the Depositor or any other Special
Purpose Entity of any interest in the Exchange Note or any Other Exchange Note and (iii) any other asset securitization, synthetic
lease, sale-leaseback, secured loan or similar transaction involving Titling Trust Assets or any beneficial interest therein or
in the Titling Trust.

 

"Fitch"
means Fitch Ratings, Inc., or any successor that is a nationally recognized statistical rating organization.

 

"Five-State Area"
means, Alabama, Florida, Georgia, North Carolina and South Carolina.

 

"GAAP"
means generally accepted accounting principles in the USA, applied on a materially consistent basis; provided, however, that no
financial test contained in the Transaction Documents shall fail to be satisfied as a result of the adoption or amendment (including
any published interpretation) after the Closing Date by any governmental or accounting body of any financial accounting standard,
and any notices, representations or certifications based on financial accounting data that are required under the Transaction Documents
may be delivered without giving effect to the adoption or amendment of such financial accounting standard.

 

"Governmental Authority"
means any (a) federal, State, municipal, foreign or other governmental entity, board, bureau, agency or instrumentality, (b) administrative
or regulatory authority (including any central bank or similar authority) or (c) court or judicial authority.

 

"Grant"
means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon
and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the
Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of
the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the
Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive
thereunder or with respect thereto. Other forms of the verb "to Grant" shall have correlative meanings.

 

"Holder"
means, as the context may require, the Certificateholder or a Noteholder or both.

 

    	 	App. A-14	 

     

    

 

"Included Units"
means, for any Collection Period, all Transaction Units as of the beginning of such Closed-End EN Collection Period (or, in the
case of the initial Closed-End EN Collection Period, the Cut-Off Date), other than Transaction Units reallocated to the Warehouse
Facility Pool during such Collection Period pursuant to Section 2.3(c) of the Exchange Note Sale Agreement. The "Included
Units" for any Cut-Off Date means the Included Units for the Closed-End EN Collection Period which begins on the day after
such Cut-Off Date.

 

"Indenture"
means the Indenture, dated as of the Closing Date, between the Issuing Entity and Indenture Trustee, as the same may be amended
and supplemented from time to time.

 

"Indenture Secured
Parties" means the Noteholders.

 

"Indenture Trustee"
means MUFG Union Bank, N.A., a national banking association, not in its individual capacity but as indenture trustee under the
Indenture, or any successor trustee under the Indenture.

 

"Independent"
means, when used with respect to any specified Person, that such Person (i) is in fact independent of the Issuing Entity, any other
obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any such other obligor, the Administrator or any Affiliate
of any of the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Administrator or
any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

 

"Independent Certificate"
means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.1(b) of the Indenture, made by an independent appraiser or other expert
appointed by an Issuing Entity Order, and such opinion or certificate shall state that the signer has read the definition of "Independent"
in this Indenture and that the signer is Independent within the meaning thereof.

 

"Initial Beneficiary"
means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

 

"Initial Class
A-1 Note Balance" means $95,000,000.

 

"Initial Class
A-2 Note Balance" means $288,400,000.

 

"Initial Class
A-3 Note Balance" means $288,500,000.

 

"Initial Class
A-4 Note Balance" means $100,000.000.

 

"Initial Class
B Note Balance" means $42,750,000.

 

"Initial Note Balance"
means, (i) for any Class A Notes, the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial Class A-3
Note Balance and the Initial Class A-4 Note Balance, as applicable, (ii) any Class B Notes, the Initial Class B Note Balance, or
(iii) with respect to the Notes generally, the sum of the foregoing.

 

"Initial Securitization
Value" means $950,005,401.23.

 

    	 	App. A-15	 

     

    

 

"Initial Trust
Agreement" means the Trust Agreement, dated as of January 16, 2019, between the Depositor and the Owner Trustee.

 

"Insurance Policy"
means (i) any comprehensive and collision, fire, theft or other insurance policy maintained by a Closed-End Obligor in which the
Servicer or the Titling Trust is named as loss payee with respect to one or more Transaction Units and (ii) any credit life or
credit disability insurance maintained by a Closed-End Obligor in connection with any Transaction Unit.

 

"Intercreditor
Agreement" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Interest Holder"
has the meaning set forth in the Intercreditor Agreement.

 

"Interest Period"
means, with respect to any Payment Date, (i) with respect to the Class A-1 Notes, the period from and including the Closing Date
(in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding such Payment Date and
(ii) and for the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the period from and including
the 15th day of the preceding calendar month (or, in the case of the initial Payment Date, the Closing Date) to, but excluding,
the 15th day of the current calendar month.

 

"Interest Rate"
means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the Class A-2 Notes, the Class
A-2 Interest Rate, (c) with respect to the Class A-3 Notes, the Class A-3 Interest Rate, (d) with respect to the Class A-4 Notes,
the Class A-4 Interest Rate, or (e) with respect to the Class B Notes, the Class B Interest Rate.

 

"Issuing Entity"
means World Omni Automobile Lease Securitization Trust 2019-A, a Delaware statutory trust established pursuant to the Initial Trust
Agreement and continued under the Trust Agreement, until a successor replaces it and, thereafter, means the successor and, for
purposes of any provision contained herein, each other obligor on the Notes.

 

"Issuing Entity
Order" and "Issuing Entity Request" means a written order or request of the Issuing Entity signed in the name
of the Issuing Entity by any one of its Authorized Officers and delivered to the Indenture Trustee.

 

"Joinder Agreement"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Lease Rate"
means the implicit interest rate used to calculate the lease charges that are included in determining the base monthly payments
due under the related Closed-End Lease.

 

"Lien"
means any mortgage, pledge, security interest, lien or other encumbrance of any kind.

 

"Majority Certificateholder"
means as of any date, the holder of more than 50% interest in the Certificate.

 

    	 	App. A-16	 

     

    

 

"Monthly Remittance
Condition" has the meaning set forth in Section 13.3 of the Exchange Note Servicing Supplement.

 

"Moody's"
means Moody's Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization.

 

"MRM "
means, with respect to any Closed-End Vehicle, the maximum dollar MSRP established by ALG giving only partial credit or no credit
for options that add little or no value to the resale price of the vehicle.

 

"MSRP"
means, with respect to any Closed-End Vehicle, the Manufacturer's Suggested Retail Price for such Closed-End Vehicle.

 

"Note"
means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note, or Class B Note, in each case substantially in the form
of Exhibit A to the Indenture.

 

"Note Balance"
means, for (i) Class A Notes, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance or the Class A-4
Note Balance, as applicable, (ii) Class B Notes, the Class B Note Balance, and (iii) with respect to the Notes generally, the sum
of the foregoing.

 

"Note Factor"
means, with respect to the Notes or any Class on any Payment Date, the seven digit decimal equivalent of a fraction the numerator
of which is the Note Balance of the Notes of such Class on such Payment Date (after giving effect to any payment of principal on
such Payment Date) and the denominator of which is the Initial Note Balance.

 

"Noteholder"
means, as of any date, the Person in whose name a Note is registered on the Note Register on such date.

 

"Noteholders' First
Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero, equal
to (a) the Outstanding Amount of the Class A Notes as of the day immediately preceding such Payment Date minus (b) the aggregate
Securitization Value as of the last day of the related Collection Period; provided, however, that the Noteholders'
First Priority Principal Distributable Amount on and after the Final Scheduled Payment Date of any class of the Notes shall not
be less than the amount that is necessary to reduce the Outstanding Amount of that Class of Notes to zero.

 

"Noteholders' Regular
Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero, equal to the excess,
if any, of (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date over (b) the aggregate
Securitization Value as of the last day of the related Collection Period less the Overcollateralization Target Amount, minus (c)
the amount allocated as the Noteholders' First Priority Principal Distributable Amount, if any, with respect to such Payment Date,
minus (d) the amount allocated as the Noteholders' Second Priority Principal Distributable Amount, if any, with respect to such
Payment Date.

 

    	 	App. A-17	 

     

    

 

"Noteholders' Second
Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero, equal
to (a) the Outstanding Amount of the Class A Notes and the Class B Notes as of the day immediately preceding the Payment Date,
minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated
as the Noteholders' First Priority Principal Distributable Amount on the related Payment Date.

 

"Note Owner"
means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant
or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

 

"Note Register"
and "Note Registrar" have the respective meanings set forth in Section 2.4 of the Indenture.

 

"Officer's Certificate"
means a certificate signed by an Authorized Officer of the Issuing Entity, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.1 of the Indenture, and delivered to, the Indenture Trustee.

 

"Opinion of Counsel"
means one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture or any other applicable
Transaction Document, be employees of or counsel to the Issuing Entity or the Administrator, and which opinion or opinions comply
with any applicable requirements of the Transaction Documents and are in form and substance reasonably satisfactory to the recipient(s).
Opinions of Counsel need address matters of law only and may be based upon stated assumptions as to relevant matters of fact.

 

"Optional Redemption"
has the meaning set forth in Section 15.1 of the Exchange Note Servicing Supplement.

 

"Other Exchange
Note Assets" means the Titling Trust Assets allocated to Other Exchange Notes.

 

"Other Exchange
Note" means any exchange note issued pursuant to the Exchange Note Supplement other than the Exchange Note.

 

"Other Reference
Pool" means a pool of Titling Trust Assets other than the Reference Pool.

 

"Outstanding"
means, as of any date, all Notes (or all Notes of an applicable Class) theretofore authenticated and delivered under this Indenture
except:

 

(i)       Notes
(or Notes of an applicable Class) theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

 

(ii)       Notes
(or Notes of an applicable Class) or portions thereof the payment for which money in the necessary amount has been theretofore
deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such
Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory
to the Indenture Trustee, has been made); and

 

    	 	App. A-18	 

     

    

 

(iii)       Notes
(or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been authenticated
and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are
held by a bona fide purchaser; provided that in determining whether Noteholders holding the requisite Outstanding Note Amount have
given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes
owned by the Issuing Entity, the Depositor, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer knows to be
so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
thereof establishes to the satisfaction of the Indenture Trustee such pledgee's right so to act with respect to such Notes and
that such pledgee is not the Issuing Entity, the Depositor, the Administrator or any of their respective Affiliates.

 

"Outstanding Amount"
or "Outstanding Note Amount" means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding
at the date of determination.

 

"Overcollateralization
Target Amount" means, with respect to any Payment Date, an amount equal to 15.75% of the Initial Securitization Value.

 

"Owner Trustee"
means U.S. Bank Trust National Association, a national banking association, not in its individual capacity but solely as Owner
Trustee under the Trust Agreement, and any successor Owner Trustee thereunder.

 

"Paying Agent"
means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in Section
6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from the Trust Collection
Account, including the payment of principal of or interest on the Notes and distributions on the Certificates on behalf of the
Issuing Entity.

 

"Payment Date"
means the 15th day of each calendar month; provided, however, whenever a Payment Date would otherwise be a day that
is not a Business Day, the Payment Date shall be the next Business Day; provided, further, that the initial Payment
Date shall be April 15, 2019. As used herein, the "related" Payment Date with respect to a Collection Period shall be
deemed to be the Payment Date which follows such Collection Period.

 

"Percentage Interest"
shall mean, with respect to each Trust Certificate, the percentage interest in the Trust represented by such Trust Certificate.

 

    	 	App. A-19	 

     

    

 

"Permitted Investments"
shall mean any of the following:

 

(a)       (i)
direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the United States
or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United
States (other than the Government National Mortgage Association), and (ii) direct obligations of, or obligations fully guaranteed
by, Fannie Mae or any State then rated with the highest available credit rating of Moody's and, if rated by Fitch, Fitch, or such
obligations, which obligations are, at the time of investment, otherwise acceptable to each Rating Agency for securities having
a rating at least equivalent to the rating of the Notes;

 

(b)       money
market deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances, or federal funds,
in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold by or offered
by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee
or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State thereof which
has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are insured by
the FDIC to the full extent legally permitted and which has from Moody’s a short-term rating of not lower than P-1 or long-term
rating of not lower than A2 and at least an equivalent rating from Fitch;

 

(c)       repurchase
obligations held by the Indenture Trustee that are acceptable to the Indenture Trustee with respect to (i) any security described
in clause (a) above or (e) below, or (ii) any other security issued or guaranteed by any agency or instrumentality of the United
States, in either case entered into with a federal agency or depository institution or trust company (including the Indenture Trustee)
acting as principal, whose obligations having the same maturity as that of the repurchase agreement would be Permitted Investments
under clause (b) above; provided, however, that repurchase obligations entered into with any particular depository institution
or trust company (including the Indenture Trustee or Owner Trustee) will not be Permitted Investments to the extent that the aggregate
principal amount of such repurchase obligations with such depository institution or trust company held by the Indenture Trustee
on behalf of the Issuing Entity shall exceed 10% of either the aggregate Securitization Value or the aggregate unpaid balance or
face amount, as the case may be, of all Permitted Investments held by the Indenture Trustee on behalf of the Issuing Entity;

 

(d)       securities
bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any State
so long as at the time of such investment or contractual commitment providing for such investment, either the long-term, unsecured
debt of such corporation has the highest available credit rating from Moody’s and Fitch, or the Rating Agency Condition has
been satisfied, or commercial paper or other short-term debt having the Required Rating; provided, however, that any such commercial
paper or other short-term debt may have a remaining term to maturity of no longer than 30 days after the date of such investment
or contractual commitment providing for such investment, and that the securities issued by any particular corporation will not
be Permitted Investments to the extent that investment therein will cause the then outstanding principal amount or face amount,
as the case may be, of securities issued by such corporation and held by the Indenture Trustee on behalf of the Issuing Entity
to exceed 10% of either the aggregate Securitization Value or the aggregate unpaid principal balance or face amount, as the case
may be, of all Permitted Investments held by the Indenture Trustee on behalf of the Issuing Entity;

 

    	 	App. A-20	 

     

    

 

(e)       interest
in any open-end or closed-end management type investment company or investment trust (i) registered under the Investment Company
Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to agreements
to repurchase such obligations, which agreements, with respect to principal and interest, are at least 100% collateralized by such
obligations marked to market on a daily basis and the investment company or investment trust shall take delivery of such obligations
either directly or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable
to each Rating Agency (as approved by each Rating Agency) as collateral for securities having ratings equivalent to the ratings
of the Notes;

 

(f)       guaranteed
reinvestment agreements issued by any bank, insurance company or other corporation for which the Rating Agency Condition has been
satisfied;

 

(g)       investments
in Permitted Investments maintained in "sweep accounts," short-term asset management accounts and the like utilized for
the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any other
depository institution or trust company organized under the laws of the United States or any State that is a member of the FDIC,
the short-term debt of which has the highest available credit rating of Moody's and Fitch;

 

(h)       guaranteed
investment contracts entered into with any financial institution having a final maturity of not more than one month from the date
of acquisition, the short-term debt securities of which institution have the Required Rating;

 

(i)       funds
classified as money market funds; provided, however, that the fund shall be rated with the highest available credit rating of Moody's
and, if rated by Fitch, Fitch (or, if not rated by Fitch, an equivalent rating by a nationally recognized statistical rating organization
other than Moody’s and Fitch), and redemptions shall be permitted on a daily or next business day basis;

 

(j)       auction
rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be limited to those
issuers having the AAA credit rating of Moody’s and Fitch; and

 

(k)       such
other investments for which the Rating Agency Condition has been satisfied.

 

Notwithstanding anything
to the contrary contained in the foregoing definition:

 

(a)       no
Permitted Investment may be repurchased at a premium;

 

(b)       any
of the foregoing which constitutes a certificated security shall not be considered a Permitted Investment unless:

 

(i)       in
the case of a certificated security that is in bearer form, (A) the Indenture Trustee acquires physical possession of such certificated
security, or (B) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of
the Indenture Trustee; and

 

    	 	App. A-21	 

     

    

 

(ii)       in
the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of such
certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on
behalf of the Indenture Trustee, or (3) a securities intermediary acting on behalf of the Indenture Trustee acquires possession
of such certificated security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1)
such certificated security is endorsed to the Indenture Trustee or in blank by an effective endorsement, or (2) such certificated
security is registered in the name of the Indenture Trustee;

 

(c)       any
of the foregoing that constitutes an uncertificated security shall not be considered a Permitted Investment unless (A) the Indenture
Trustee is registered by the issuer as the owner thereof, (B) a person, other than a securities intermediary, becomes the registered
owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees
that it will comply with the instructions originated by the Indenture Trustee without further consent by any registered owner of
such uncertificated security;

 

(d)       any
of the foregoing that constitutes a security entitlement shall not be considered a Permitted Investment unless (A) the Indenture
Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the entitlement orders
originated by the Indenture Trustee without further consent by the entitlement holder;

 

(e)       any
of the foregoing shall not constitute a Permitted Investment unless the Indenture Trustee (A) has given value, and (B) does not
have notice of an adverse claim; and

 

(f)       for
the purposes of funds held in the Trust Collection Account only, investments which would otherwise qualify as Permitted Investments
but for the fact that such investments are rated F-1 by Fitch shall be Permitted Investments, so long as the aggregate amount of
such investments does not exceed 10% of the Outstanding Amount of the Notes.

 

"Permitted Lien"
means (1) with respect to any Transaction Unit (a) the interests of the parties under the Transaction Documents; (b) the interests
of the Titling Trust and any Closed-End Obligor as provided in any Transaction Lease; (c) any liens thereon for taxes, assessments,
levies, fees and other government and similar charges not due and payable or the amount or validity of which is being contested
in good faith by appropriate proceedings; (d) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees, repairmen
and other like liens arising in the ordinary course of the Servicer's, the Issuing Entity's or the Titling Trust's (or if a Transaction
Lease is then in effect, any Closed-End Obligor's) business securing obligations which are not due and payable or the amount or
validity of which is being contested in good faith by appropriate proceedings; (e) liens arising out of any judgment or award against
the Depositor or the Titling Trust (or if a Transaction Lease is then in effect, any Closed-End Obligor) with respect to which
an appeal or proceeding for review is being taken in good faith and with respect to which there shall have been secured a stay
of execution pending such appeal or proceeding for review; and (f) any lien of the Titling Trust noted on the certificate of title
of the Transaction Vehicle included in such Closed-End Unit for the sole purpose of causing the certificate of title for such Transaction
Vehicle to be returned or otherwise delivered to the Depositor, the Servicer or the Titling Trust from the relevant registrar of
titles and which does not convey to the Titling Trust any other rights with respect to such Closed-End Vehicle; and (2) with respect
to any Exchange Note, the type of liens described in subclauses (a), (c) and (e) of the foregoing clause (1).

 

    	 	App. A-22	 

     

    

 

"Person"
means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company,
trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

 

"Plan"
shall have the meaning assigned to such term in Section 3.03 of the Trust Agreement.

 

"Postmaturity Term
Extension" means, with respect to any Included Unit, that the Servicer has granted an extension of the term of the related
Transaction Lease, and the Transaction Lease term as so extended ends beyond the Closed-End EN Collection Period preceding the
Final Scheduled Payment Date for the Class B Notes.

 

"Predecessor Note"
means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; provided, however, for the purpose of this definition, any Note authenticated and delivered under Section
2.5 of the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the
mutilated, destroyed, lost or stolen Note.

 

"Principal Distribution
Account" means the account designated as such, established and maintained pursuant to Section 8.2(b) of the Indenture.

 

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

 

"Rating Agency"
means either Moody's or Fitch, as the context may require. If neither Moody's or Fitch nor a successor thereto remains in existence,
"Rating Agency" shall mean any nationally recognized statistical rating organization or other comparable Person designated
by the Depositor, notice of which shall be given to the Indenture Trustee, the Owner Trustee and the Servicer.

 

"Rating Agency
Condition" means, with respect to any action, (i) if Moody’s is a Rating Agency, that Moody’s shall have received
prior written notice thereof and (ii) if Fitch is a Rating Agency, that Fitch shall have received 5 Business Days’ (or such
shorter period as shall be acceptable to Fitch) prior written notice and, in either case, such Rating Agency shall not have notified
the Depositor that such action will result in a downgrade of the then current rating on any Notes.

 

"Reallocation Request"
has the meaning specified in Section 2.3(d)(i) of the Exchange Note Sale Agreement.

 

"Record Date"
means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day immediately preceding such
Payment Date or Redemption Date or, if Definitive Notes have been issued pursuant to Section 2.9 of the Indenture, the Payment
Date in the preceding month.

 

    	 	App. A-23	 

     

    

 

"Records"
means, for any Transaction Unit, all contracts, books, records and other documents or information (including computer programs,
tapes, disks, software and related property and rights, to the extent legally transferable) relating to such Transaction Unit or
the related Closed-End Obligor.

 

"Recoveries"
means, with respect to any Transaction Unit that has become a Terminated Unit, all monies collected by the Servicer (from whatever
source, including, but not limited to, proceeds of a deficiency balance or insurance proceeds recovered after the charge-off of
the related Transaction Unit) on such Terminated Unit, net of any and all out-of-pocket costs and expenses incurred by the Servicer
in connection therewith, Supplemental Servicing Fees and any payments required by law to be remitted to the Closed-End Obligor.

 

"Redemption Date"
means in the case of a redemption of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by
the Administrator or the Issuing Entity pursuant to Section 10.1 of the Indenture.

 

"Reference Pool"
means the pool of Titling Trust Assets allocated to the Exchange Note.

 

"Redemption Price"
means an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the applicable
Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date as calculated by the Paying Agent.

 

"Registered Holder"
means the Person in whose name a Note is registered on the Note Register on the related Record Date.

 

"Regulation AB"
means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. Sections 229.1100-229.1125, as such regulation may
be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the
adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and
Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57, 184 (September 24, 2014))
or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 

"Related Rights"
means, with respect to any Transaction Vehicle and related Closed-End Lease, all Titling Trust Assets to the extent such assets
are associated with such Transaction Unit.

 

"Reporting Officer"
means any officer, employee or other person within the Corporate Trust Office of the Owner Trustee having responsibility for the
administration of the Issuing Entity.

 

"Reporting Subcontractor"
shall mean with respect to any Person, any Subcontractor for such Person that is "participating in the servicing function"
within the meaning of Item 1122 of Regulation AB. References to a Reporting Subcontractor shall refer only to the Subcontractor
of such Person and shall not refer to Subcontractors generally.

 

    	 	App. A-24	 

     

    

 

"Repurchase Payment"
has the meaning specified in Section 2.3(c) of the Exchange Note Sale Agreement.

 

"Repurchase Rules
and Regulations" has the meaning set forth in Section 6.14.

 

"Requesting Party"
has the meaning specified in Section 2.3(d)(i) of the Exchange Note Sale Agreement.

 

"Required Deposit
Amount" has the meaning set forth in Section 5.1(d)(ii) to the Servicing Agreement.

 

"Required Rating"
means a rating on commercial paper or other short term unsecured debt obligations of Prime-1 by Moody's so long as Moody's is a
Rating Agency and F-1 by Fitch so long as Fitch is a Rating Agency; and any requirement that deposits or debt obligations have
the "Required Rating" shall mean that such deposits or debt obligations have the foregoing required ratings from Moody’s
and Fitch.

 

"Required Reserve
Account Balance" means with respect to any Payment Date, an amount equal to 0.50% of the Initial Securitization Value.

 

"Reserve Account"
means the account designated as such, established and maintained pursuant to Section 8.2(c) of the Indenture.

 

"Residual Losses"
means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual
losses and a negative number in the case of residual gains) equal to (a) the Securitization Value of each Included Unit that became
a Terminated Unit (other than Defaulted Units) during that Collection Period minus (b) the sum of all Sales Proceeds and Recoveries
in connection with the sale or other disposition of the related Transaction Vehicle and Excess Mileage Charges and Excess Wear
and Tear Charges received by the Servicer during such Closed-End EN Collection Period.

 

"Responsible Officer"
means, with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including
any vice president, senior associate, associate, trust officer or any other officer of the Indenture Trustee who customarily performs
functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of the Indenture and, with respect to the Owner Trustee, any officer within the Corporate
Trust Office of the Owner Trustee and having direct responsibility for the administration of the Issuing Entity pursuant to the
Trust Agreement, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other
officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect
to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and familiarity
with the particular subject.

 

    	 	App. A-25	 

     

    

 

"Review"
means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Transaction
Leases that have been Delinquent Units for 60 days or more as of the last day of the preceding Collection Period to determine whether
such Transaction Leases satisfy the representations and warranties set forth in Section 2.3(b) of the Exchange Note Sale
Agreement, each as of the date as specified in Section 2.3(b) of the Exchange Note Sale Agreement.

 

"Review Transaction
Lease" has the meaning designated in Section 1.02 of the Asset Representations Review Agreement.

 

"Review Notice"
means the notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity and the Servicer pursuant
to Section 7.5(c) of the Indenture directing the Asset Representations Reviewer to perform a Review.

 

"Review Report"
has the meaning designated in Section 3.04 of the Asset Representations Review Agreement.

 

"Sales Proceeds"
means, with respect to any Transaction Vehicle, an amount equal to the aggregate amount of proceeds received by the Servicer from
the purchaser in connection with the sale or other disposition of such Transaction Vehicle, net of any and all out-of-pocket costs
and expenses incurred by the Servicer in connection with such sale or other disposition, including without limitation, all repossession,
auction, painting, repair and any and all other similar liquidation and refurbishment costs and expenses.

 

"Sarbanes-Oxley
Act" means the Sarbanes-Oxley Act of 2002, as amended.

 

"Securities Act"
shall mean the Securities Act of 1933, as amended.

 

"Securitization
Rate" means, with respect to any Included Unit, 7.45%.

 

"Securitization
Value" means, for each Included Unit, as of any date, the sum of (i) the present values (discounted at the greater of
the Securitization Rate and the Lease Rate) of (a) the aggregate scheduled monthly payments remaining on the Closed-End Lease and
(b) the Base Residual Value of the related Closed-End Vehicle and (ii) the monthly payments due and not yet paid, minus any monthly
payments made in advance of the Closed-End Obligor’s next due date; provided, however, that the Securitization
Value of a Terminated Unit is equal to zero.

 

"Securitization
Transaction" means any transaction effected after the Closing Date involving an issuance of notes pursuant to the Indenture,
whether publicly offered or privately placed, rated or unrated.

 

"Seller"
has the meaning set forth in the first paragraph of the Exchange Note Sale Agreement.

 

"Servicer"
means World Omni, initially, in its capacity as Servicer under the Exchange Note Servicing Agreement, and any replacement Servicer
appointed pursuant to the Exchange Note Servicing Supplement.

 

    	 	App. A-26	 

     

    

 

"Servicer Certificate"
has the meaning set forth in Section 8.3(a) of the Indenture.

 

"Servicing Agreement"
means the fifth amended and restated servicing agreement, dated as of December 15, 2009, between the Titling Trust, World Omni
and the Closed-End Collateral Agent, as amended, modified and supplemented by the Exchange Note Servicing Supplement, and as the
same may be further amended or modified from time to time.

 

"Servicing Criteria"
means the "servicing criteria" set forth in Item 1122(d) of Regulation AB.

 

"Servicing Fee"
means, for any Closed-End EN Collection Period, an amount equal to the product of (a) one-twelfth (1/12th) (or, in the case of
the initial Closed-End EN Collection Period (i.e., the period commencing on the close of business on the Cut-Off Date and ending
on March 31, 2019), a fraction, the numerator of which is 68 and the denominator of which is 360), (b) 1.00% and (c) the aggregate
Securitization Value at the beginning of such Closed-End EN Collection Period (or, in the case of the first Payment Date, at the
Cut-Off Date) of all Transaction Units for such Closed-End EN Collection Period.

 

"Similar Law"
shall have the meaning assigned to such term in Section 3.03 of the Trust Agreement.

 

"Special Purpose
Entity" means any special purpose corporation, partnership, limited partnership, trust, business trust, limited liability
company or other entity created for one or more Financings.

 

"State"
means any one of the 50 States of the United States of America or the District of Columbia.

 

"Statutory Trust
Act" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as the same may be amended
from time to time.

 

"Subcontractor"
shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as "servicing"
is commonly understood by participants in the mortgage-backed securities market) of the Closed-End Units but performs one or more
discrete functions identified in Item 1122(d) of Regulation AB with respect to the Closed-End Units under the direction or authority
of the Servicer or the Indenture Trustee.

 

"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 Closed-End Lease (other than monthly lease payments and
Excess Wear and Tear Charges and Excess Mileage Charges), (v) non-sufficient funds charges and (vi) any and all other administrative
fees or similar charges allowed by applicable law received by or on behalf of the Servicer, the Closed-End Collateral Agent, the
Closed-End Administrative Agent or the Titling Trust with respect to any Closed-End Unit.

 

"Taxes"
means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property,
sales, use, license, occupation and franchise taxes and including any related interest, penalties or other additions) imposed by
any jurisdiction or taxing authority (whether foreign or domestic).

 

    	 	App. A-27	 

     

    

 

"Terminated Unit"
shall mean, without duplication, an Included Unit for which any of the following has occurred during a Closed-End EN Collection
Period:

 

(a)       following
the scheduled expiration or early termination (including any voluntary early termination by the related Closed-End Obligor) of
the related Transaction Lease, the related Closed-End Vehicle was either (a) sold or otherwise disposed of by the Servicer or (b)
held in inventory for more than 90 days, whichever occurs first; or

 

(b)       the
related Closed-End Vehicle was purchased by the customer or the dealer; or

 

(c)       the
Servicer's records, in accordance with Customary Servicing Practices, disclose that all insurance proceeds expected to be received
have been received by the Servicer following a Casualty or other loss with respect to the related Closed-End Vehicle; or

 

(d)       the
related Closed-End Lease becoming a Defaulted Unit.

 

"Test Fail"
has the meaning assigned in Section 3.03(a) of the Asset Representations Review Agreement.

 

"TIA"
or "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended and as in force on the date hereof,
unless otherwise specifically provided.

 

"Titling Trust"
means World Omni LT, a Delaware statutory trust formed under the Statutory Trust Act.

 

"Titling Trust
Administrator" means World Omni, in its capacity as Titling Trust Administrator under the Titling Trust Agreement.

 

"Titling Trust
Agreement" means the second amended and restated trust agreement, dated as of July 16, 2008, among ALF LLC, as initial
beneficiary, VT Inc., as Titling Trustee, U.S. Bank Trust National Association, as Delaware Trustee, U.S. Bank, as Initial Titling
Trustee Agent and World Omni, as titling trust administrator and as the same may be further amended supplemented or modified from
time to time.`

 

"Titling Trust
Assets" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Titling Trustee"
means VT Inc., not in its individual capacity but solely as Titling Trustee under the Titling Trust Agreement.

 

"Transaction Documents"
means the Indenture, the Notes, the Depository Agreement, the Exchange Note Servicing Supplement, the Exchange Note Supplement,
the Servicing Agreement (to the extent that it deals solely with the Exchange Note and the Reference Pool), the Titling Trust Agreement
(to the extent that it deals solely with the Exchange Note and the Reference Pool), the Exchange Note Sale Agreement, the Exchange
Note Transfer Agreement, the Administration Agreement, the Trust Agreement, the Asset Representations Review Agreement and all
other documents, instruments and agreements executed or furnished on the Closing Date in connection herewith and therewith, as
the same may be amended or modified from time to time.

 

    	 	App. A-28	 

     

    

 

"Transaction Lease"
means, for any Transaction Vehicle, the Closed-End Lease for such Transaction Vehicle.

 

"Transaction Unit"
means a Closed-End Unit that has been allocated to the 2019-A Reference Pool.

 

"Transaction Vehicle"
means, at any time, a Closed-End Vehicle then identified and allocated to the 2019-A Reference Pool.

 

"Treasury Regulations"
means regulations, including proposed or temporary regulations, promulgated under the Code from time to time.

 

"Trust Agreement"
means the amended and restated trust agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee, as the
same may be amended and supplemented from time to time.

 

"Trust Certificate"
shall have the meaning set forth in Section 3.01 of the Trust Agreement.

 

"Trust Collection
Account" means the trust account designated as such established and maintained pursuant to Section 8.2(a) of the
Indenture.

 

"Trust Collection
Account Shortfall Amount" has the meaning set forth in Section 13.2(b)(iv) of the Exchange Note Supplement.

 

"Trust Estate"
means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the
Issuing Entity, including (i) the Exchange Note (transferred pursuant to the Exchange Note Transfer Agreement), including the right
to payments thereunder after the Cut-Off Date, (ii) the rights of the Issuing Entity to the funds on deposit from time to time
in the Collection Account and any other account or accounts established pursuant to the Indenture and all cash, investment property
and other property from time to time credited thereto and all proceeds thereof (including investment earnings, net of losses and
investment expenses, on amounts on deposit therein), (iii) the rights of the Depositor, as buyer, under the Exchange Note Sale
Agreement, (iv) the rights of the Issuing Entity, as buyer, under the Exchange Note Transfer Agreement, (v) the rights of the Issuing
Entity as a third-party beneficiary under the Basic Documents, to the extent relating to the Transaction Units, and (vi) all proceeds
of the foregoing.

 

"UCC"
means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.

 

"Unencumbered Reference
Pool" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

    	 	App. A-29	 

     

    

 

"United States"
or "USA" means the United States of America (including all states, the District of Columbia and political subdivisions
thereof).

 

"U.S. Bank"
means U.S. Bank National Association, a national banking association, with a corporate trust office in Delaware.

 

"World Omni"
means World Omni Financial Corp., a Florida corporation.

 

The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms. Unless otherwise inconsistent with the
terms of this Indenture, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall
be made, in accordance with GAAP. Amounts to be calculated hereunder shall be continuously recalculated at the time any information
relevant to such calculation changes.

 

    	 	App. A-30

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