Document:

Exhibit 10.2 

Execution Version

  

 

EXCHANGE NOTE PURCHASE AGREEMENT

 

between

 

FORD MOTOR CREDIT COMPANY LLC,

as Sponsor

 

and

 

FORD
CREDIT AUTO LEASE TWO LLC,

acting for its series of

limited liability company interests designated as

the "2022-A Series", as Depositor

 

Dated
as of April 1, 2022

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I USAGE AND DEFINITIONS	1
	Section 1.1.	Usage and Definitions	1
	 	 	 
	ARTICLE IISALE AND PURCHASE OF
    PURCHASED PROPERTY	2
	Section 2.1.	Sale of Purchased Property	2
	Section 2.2.	Payment of Purchase Price; Delivery of Exchange Note	2
	Section 2.3.	Acknowledgement of Assignments and Servicing	2
	Section 2.4.	Savings Clause	2
	 	 	 
	ARTICLE IIIREPRESENTATIONS AND
    WARRANTIES	3
	Section 3.1.	Sponsor's Representations and Warranties	3
	Section 3.2.	Sponsor's Representations and Warranties About Purchased
    Property and Reference Pool	4
	Section 3.3.	Sponsor's Representations and Warranties About Each
    Lease and Leased Vehicle	5
	Section 3.4.	Sponsor's Reallocation of Leases and Leased Vehicles
    for Breach of Representations	7
	Section 3.5.	Depositor's Representations and Warranties	8
	 	 	 
	ARTICLE IVSPONSOR'S AGREEMENTS	10
	Section 4.1.	Financing Statements	10
	Section 4.2.	No Sale or Lien by Sponsor	10
	Section 4.3.	Expenses	10
	Section 4.4.	Review of Sponsor's Records	10
	 	 	 
	ARTICLE VOTHER AGREEMENTS	11
	Section 5.1.	Obligations Unaffected	11
	Section 5.2.	No Petition	11
	Section 5.3.	Limited Recourse	11
	Section 5.4.	Obligations Under Exchange Note	11
	Section 5.5.	Regulation RR Risk Retention	11
	Section 5.6.	Termination	11
	 	 	 
	ARTICLE VIMISCELLANEOUS	12
	Section 6.1.	Amendments	12
	Section 6.2.	Benefit of Agreement; Third-Party Beneficiaries	12
	Section 6.3.	Notices	12
	Section 6.4.	GOVERNING LAW	13
	Section 6.5.	Submission to Jurisdiction	13
	Section 6.6.	WAIVER OF JURY TRIAL	13
	Section 6.7.	No Waiver; Remedies	13
	Section 6.8.	Severability	13
	Section 6.9.	Headings	13
	Section 6.10.	Counterparts	13

 

    i 

     

    

 

EXCHANGE NOTE PURCHASE AGREEMENT, dated as of
April 1, 2022 (this "Agreement"), between FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company,
as Sponsor, and FORD CREDIT AUTO LEASE TWO LLC, a Delaware limited liability company, acting for its series of limited liability company
interests designated as the "2022-A Series," as Depositor.

 

BACKGROUND

 

Ford Credit makes loans to the Titling Companies
under a Credit and Security Agreement to finance their acquisition of leases and leased vehicles originated by motor vehicle dealers.
Each Titling Company allocates the leases and leased vehicles to a separate series of limited liability company interests in the Titling
Company designated as the "Collateral Specified Interest" and pledges them as Collateral to secure the Revolving Facility.

 

Ford Credit requested that a portion of the Revolving
Facility Balance be exchanged for a note designated as the "2022-A Exchange Note" to be issued by the Titling Companies to
Ford Credit under the Exchange Note Supplement and the Credit and Security Agreement. Ford Credit and the Titling Companies designated
the 2022-A Reference Pool for the 2022-A Exchange Note and allocated the Leases and Leased Vehicles from the Revolving Facility Pool
to the 2022-A Reference Pool.

 

In connection with a securitization transaction
sponsored by Ford Credit in which the Issuer will issue Notes secured by the 2022-A Exchange Note, Ford Credit has determined to sell
the 2022-A Exchange Note to the Depositor, who will sell it to the Issuer.

 

The parties agree as follows:

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1.     Usage
and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 2022-A Exchange Note Supplement,
dated as of April 1, 2022 (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security
Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"),
among CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral
Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and
Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this
Agreement.

 

     

     

    

 

ARTICLE II

SALE AND PURCHASE OF PURCHASED PROPERTY

 

Section 2.1.     Sale
of Purchased Property. Effective on the Closing Date and immediately before the transactions under the Exchange Note Sale Agreement,
the Trust Agreement and the Indenture, the Sponsor sells and assigns to the Depositor, without recourse (other than the Sponsor's obligations
under this Agreement), all of the Sponsor's right, title and interest, whether now owned or later acquired, in the Purchased Property.
This sale and assignment does not, and is not intended to, include any obligation of the Sponsor to the Titling Companies, the Lessees,
the Dealers or any other Person relating to the 2022-A Reference Pool and the other Purchased Property, and the Depositor does not assume
any of these obligations.

 

Section 2.2.     Payment
of Purchase Price; Delivery of Exchange Note.

 

(a)         Payment
of Purchase Price. In consideration for the Purchased Property, the Depositor will pay to the Sponsor (i) $1,496,889,802.26
on the Closing Date and (ii) a deferred purchase payment on each Payment Date in an amount equal to the Excess Exchange Note Amounts
for such Payment Date (for application as Revolving Facility Pool Additional Amounts in the priority stated in Section 7.2 of the
Credit and Security Agreement). The Depositor and the Sponsor each represents and warrants to the other that the amount paid by the Depositor
on the Closing Date, together with the Excess Exchange Note Amounts on each Payment Date and the increase in the value of the Sponsor's
capital in the Depositor, is equal to the fair market value of the 2022-A Exchange Note and the other Purchased Property.

 

(b)         Delivery
of Exchange Note. On payment of the purchase price, the Sponsor will deliver to the Depositor the 2022-A Exchange Note, registered
in the name of "Ford Motor Credit Company LLC" and duly endorsed by the Sponsor in blank.

 

Section 2.3.     Acknowledgement
of Assignments and Servicing.

 

(a)         Further
Assignments. The Sponsor acknowledges that (i) under the Exchange Note Sale Agreement, the Depositor will sell and assign all
of its right, title and interest in the Purchased Property and its rights under this Agreement to the Issuer and (ii) under the
Indenture, the Issuer will assign and pledge the Purchased Property and related property and rights to the Indenture Trustee for the
benefit of the Secured Parties.

 

(b)         Servicing.
The Depositor acknowledges the engagement of Ford Credit as Servicer of the Leases and Leased Vehicles in the 2022-A Reference Pool under
the Servicing Supplement and the Servicing Agreement.

 

Section 2.4.     Savings
Clause. The Sponsor and the Depositor intend that the sale and assignment under this Agreement be an absolute sale and assignment
of the Purchased Property, conveying good title to the Purchased Property free and clear of any Lien other than Permitted Liens, from
the Sponsor to the Depositor. The Sponsor and the Depositor intend that the Purchased Property not be a part of the Sponsor's estate
if there is a bankruptcy or insolvency of the Sponsor. If, despite the intent of the Sponsor and the Depositor, the transfer of the Purchased
Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute sale and assignment,
the Sponsor Grants to the Depositor on the date of this Agreement a security interest in the Sponsor's right, title and interest in the
Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Sponsor under
this Agreement, all amounts payable as principal or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under
the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement is
a security agreement under law and the Depositor will have the rights and remedies of a secured party and creditor under the UCC.

 

    2

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1.     Sponsor's
Representations and Warranties. The Sponsor makes the following representations and warranties on which the Depositor is relying
in purchasing the Purchased Property. The representations and warranties are made as of the Closing Date and will survive the sale and
assignment of the Purchased Property by Ford Credit to the Depositor under this Agreement and by the Depositor to the Issuer under the
Exchange Note Sale Agreement and the pledge of the Purchased Property by the Issuer to the Indenture Trustee under the Indenture:

 

(a)         Organization
and Qualification. The Sponsor is duly organized and validly existing as a limited liability company in good standing under the laws
of the State of Delaware. The Sponsor is qualified as a foreign limited liability company in good standing and has obtained all necessary
licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires
qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected
to have a material adverse effect on the Sponsor's ability to perform its obligations under this Agreement.

 

(b)         Power,
Authority and Enforceability. The Sponsor has the power and authority to execute, deliver and perform its obligations under this
Agreement. The Sponsor has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and
binding obligation of the Sponsor, enforceable against the Sponsor, except as may be limited by insolvency, bankruptcy, reorganization
or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

 

(c)         No
Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under
this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement,
guarantee or similar document under which the Sponsor is a debtor or guarantor, (ii) result in the creation or imposition of a Lien
on the Sponsor's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar
document (other than this Agreement), (iii) violate the Sponsor's certificate of formation or limited liability company agreement
or (iv) violate a law or, to the Sponsor's knowledge, an order, rule or regulation of a federal or State court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Sponsor or its properties that applies
to the Sponsor, which, in each case, would reasonably be expected to have a material adverse effect on the Sponsor's ability to perform
its obligations under this Agreement.

 

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(d)         No
Proceedings. To the Sponsor's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Sponsor or
its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under
this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the
Sponsor's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably
be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise
tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the
Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes,
in each case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Sponsor, the performance
by the Sponsor of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment
of the Issuer or the Notes.

  

(e)         Not
an Investment Company. The Sponsor is not required to be registered as an "investment company" under the Investment Company
Act.

 

Section 3.2.     Sponsor's
Representations and Warranties About Purchased Property and Reference Pool. The Sponsor makes the following representations and warranties
about the Purchased Property and the 2022-A Reference Pool on which the Depositor is relying in purchasing the Purchased Property. The
representations and warranties are made as of the Closing Date and will survive the sale and assignment of the Purchased Property by
Ford Credit to the Depositor under this Agreement and by the Depositor to the Issuer under the Exchange Note Sale Agreement and the pledge
of the Purchased Property by the Issuer to the Indenture Trustee under the Indenture:

 

(a)         Enforceability
of Exchange Note. The 2022-A Exchange Note has been duly executed, issued, authenticated and delivered and is the valid and binding
obligation of the Borrowers entitled to the benefits of the Exchange Note Supplement and the Credit and Security Agreement.

 

(b)         Valid
Sale. This Agreement evidences a valid sale and assignment of the Purchased Property from the Sponsor to the Depositor, enforceable
against creditors of and purchasers from the Sponsor.

 

(c)         Good
Title to Purchased Property. Immediately before the sale and assignment under this Agreement, the Sponsor has good and marketable
title to the Purchased Property free and clear of any Lien other than Permitted Liens and, immediately after the sale and assignment
under this Agreement, the Depositor will have good and marketable title to the Purchased Property, free and clear of any Lien other than
Permitted Liens.

 

(d)         Security
Interest in Purchased Property.

 

(i)        This
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Purchased Property in favor of the
Depositor, which is prior to any Lien, other than Permitted Liens, and is enforceable against all creditors of and purchasers from the
Sponsor.

 

    4

     

    

 

(ii)        All
filings (including UCC filings) necessary in any jurisdiction to give the Depositor a first priority, validly perfected ownership and
security interest in the Purchased Property, to give the Issuer a first priority, validly perfected ownership and security interest in
the Sold Property and to give the Indenture Trustee a first priority perfected security interest in the Collateral, will be made within
ten days after the Closing Date.

 

(iii)        All
financing statements filed or to be filed against the Sponsor in favor of the Depositor describing the Purchased Property sold under
this Agreement will contain a statement to the following effect: "A purchase of or security interest in any collateral described
in this financing statement will violate the rights of the Secured Party/Assignee."

 

(iv)        The
Sponsor has not authorized the filing of and is not aware of any financing statements against the Sponsor that include a description
of collateral covering any Purchased Property other than the financing statements relating to the security interest Granted to the Depositor
under this Agreement, by the Depositor to the Issuer under the Exchange Note Sale Agreement or by the Issuer to the Indenture Trustee
under the Indenture, or that has been terminated.

 

(e)         Good
Title to Reference Pool; Allocation to Specified Interest and Reference Pool. The applicable Titling Company has good title, or the
Servicer has started procedures that will result in good title, to the Leases and Leased Vehicles in the 2022-A Reference Pool, free
and clear of Liens other than Permitted Liens. The Leases and Leased Vehicles in the 2022-A Reference Pool have not been allocated to
a Specified Interest other than the Collateral Specified Interest or to a Reference Pool other than the 2022-A Reference Pool.

 

(f)          Selection
Procedures. The Sponsor did not use selection procedures believed to be adverse to the 2022-A Exchange Noteholder in selecting the
Leases and Leased Vehicles in the 2022-A Reference Pool from the Revolving Facility Pool.

 

(g)         Schedule
of Leases and Leased Vehicles. The Schedule of Leases contains an accurate and complete list of unique asset identifying numbers
for the Leases in the 2022-A Reference Pool.

 

Section 3.3.     Sponsor's
Representations and Warranties About Each Lease and Leased Vehicle. The Sponsor makes the following representations and warranties
about each Lease and Leased Vehicle in the 2022-A Reference Pool on which the Depositor is relying in purchasing the 2022-A Exchange
Note. The representations and warranties are made as of the Closing Date or other dates stated and will survive the sale and assignment
of the 2022-A Exchange Note by Ford Credit to the Depositor under this Agreement and by the Depositor to the Issuer under the Exchange
Note Sale Agreement and the pledge of the 2022-A Exchange Note by the Issuer to the Indenture Trustee under the Indenture.

 

    5

     

    

 

(a)         Origination
of Leases. The Lease was originated by a Dealer in the United States and has a garaging location in an Eligible State. The Lease
was originated by a Dealer for the retail lease of a Leased Vehicle in the ordinary course of the Dealer's business. The Lease was signed
by the parties to the Lease. The Lease was purchased by a Titling Company qualified to hold the Lease and the related Leased Vehicle
and was validly assigned by the Dealer to that Titling Company.

  

(b)         New
Vehicle. The Leased Vehicle was a new car, light truck or utility vehicle according to the Underwriting Procedures at the beginning
of the related Lease.

 

(c)         Monthly
Payments. The Lease (if not an Advance Payment Plan Lease) provides for monthly payments in U.S. dollars in an amount equal to the
sum of (i) a level scheduled payment that provides a fixed internal rate of return and amortizes the Adjusted Capitalized Cost stated
in the Lease to the Contract Residual Value of the related Leased Vehicle over the term of the Lease, plus (ii) other fees and taxes
on the Lease.

 

(d)         Certificate
of Title. The Leased Vehicle is titled, or the Servicer has started procedures that will result in the Leased Vehicle being titled,
in the name of the applicable Titling Company and otherwise according to the Servicing Agreement.

 

(e)         No
Government Lessee. The Lease is not an obligation of the United States or a State or local government or any agency, department,
instrumentality or political subdivision of the United States or a State or local government.

 

(f)          No
Commercial Lease. The Lease is not a commercial lease contract, master lease contract or fleet vehicle lease contract, but the Lease
may have been entered by a business entity and the Leased Vehicle may be used for commercial purposes.

 

(g)         Insurance.
The Lease requires the Lessee to have physical damage insurance covering the Leased Vehicle.

 

(h)         Compliance
with Underwriting Procedures. The Lease was underwritten according to the Underwriting Procedures in effect at the time, in all material
respects.

 

(i)          Valid
Assignment. The Lease was originated in, and is subject to the laws of, a jurisdiction which permits the sale and assignment of the
Lease and the related Leased Vehicle to the Titling Company. The terms of the Lease do not limit the right of the owner of the Lease
to sell and assign the Lease.

 

(j)          Compliance
with Law. At the time it was originated, the Lease complied in all material respects with all requirements of law in effect at the
time.

 

(k)         Binding
Obligation. The Lease is on a form contract that includes rights and remedies allowing the holder to enforce the obligation and realize
on the Leased Vehicle and represents the legal, valid and binding payment obligation of the Lessee, enforceable in all material respects
by the holder of the Lease, except as may be limited by bankruptcy, insolvency, reorganization or other similar laws relating to the
enforcement of creditors' rights or by general equitable principles and consumer financial protection laws.

 

    6

     

    

 

(l)          Security
Interest in Leased Vehicle. The Collateral Agent has, or the Servicer has started procedures that will result in the Collateral Agent
having, a perfected, first-priority security interest in the Leased Vehicle, which security interest was validly created.

 

(m)        Good
Title to Lease and Leased Vehicle. The applicable Titling Company has good title, or the Servicer has started procedures that will
result in good title, to the Lease and Leased Vehicle, free and clear of Liens other than Permitted Liens.

 

(n)         Chattel
Paper. The Lease is either "tangible chattel paper" or "electronic chattel paper" within the meaning of the applicable
UCC and there is only one original authenticated copy of the Lease.

 

(o)         Servicing.
The Lease was serviced in compliance with law and the Servicing Procedures in all material respects from the time it was originated to
the Cutoff Date.

 

(p)         No
Bankruptcy. As of the Cutoff Date, the Sponsor's receivables systems do not indicate that the Lessee on the Lease is a debtor in
a bankruptcy proceeding.

 

(q)         Leases
in Force. As of the Cutoff Date, neither the Sponsor's receivables systems nor the Lease File indicate that the Lease (i) was
a Terminating Lease or a Closed Lease or (ii) was satisfied, subordinated, rescinded, cancelled or terminated.

 

(r)          No
Amendments or Modifications. No material term of the Lease has been affirmatively amended or modified (other than the assessment
of a security deposit or a Payment Extension Fee or the payment of any other amount that would be a Lease Administration Amount, or a
default relating to failure by the related Lessee to pay any such amount), except amendments and modifications indicated in the Sponsor's
receivables systems or in the Lease File.

 

(s)         No
Extensions. As of the Cutoff Date, the Lease was not amended to extend the due date for any payment, other than Payment Extensions
totaling no more than three months, as recorded in the Sponsor's receivables systems and in the Lease File.

 

(t)          No
Defenses. There is no right of rescission, setoff, counterclaim or defense asserted or threatened against the Lease indicated in
the Sponsor's receivables systems or in the Lease File.

 

(u)         No
Payment Default. Except for a payment that is not more than 30 days Delinquent as of the Cutoff Date, no payment default exists on
the Lease.

 

(v)         Maturity
of Leases. The Lease has an original Scheduled Lease End Date of not greater than 48 months from the date it was originated.

 

Section 3.4.     Sponsor's
Reallocation of Leases and Leased Vehicles for Breach of Representations.

 

(a)         Investigation
of Breach. If a Responsible Person of the Sponsor (i) has knowledge of a breach of a representation or warranty made in Section 3.3,
(ii) receives notice from the Depositor, the Issuer, the Owner Trustee or the Indenture Trustee of a breach of a representation
or warranty made in Section 3.3, (iii) receives a Reallocation Request for a Lease and Leased Vehicle or (iv) receives
a Review Report that indicates a Test Fail for a Lease and Leased Vehicle, then, in each case, the Sponsor will investigate to confirm
the breach and determine if the breach has a material adverse effect on a Lease and Leased Vehicle. None of the Servicer, the Issuer,
the Owner Trustee, the Indenture Trustee or the Administrator will have an obligation to investigate whether a breach of any representation
or warranty has occurred or whether any Lease and Leased Vehicle is required to be reallocated under this Section 3.4.

 

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(b)         Reallocation
of Leases and Leased Vehicles; Payment of Administrative Reallocation Amount. For a breach described in Section 3.4(a), the
Sponsor may, and if the breach has a material adverse effect on a Lease and Leased Vehicle will, reallocate the Lease and Leased Vehicle
to the Revolving Facility Pool by paying the Administrative Reallocation Amount for each Lease and Leased Vehicle on the Business Day
before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period
in which the Sponsor has knowledge or receives notice of and confirms the breach or, at the Sponsor's option, on or before the following
Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, the Sponsor
may cause the Administrative Reallocation Amount to be paid according to Section 4.3(c) of the Servicing Supplement.

 

(c)         Reallocation
of Leases and Leased Vehicles. When the Sponsor's payment of the Administrative Reallocation Amount for a Lease and Leased Vehicle
is included in Exchange Note Available Funds for a Payment Date, the Lease and Leased Vehicle will be deemed to have been reallocated
to the Revolving Facility Pool, effective as of the last day of the Collection Period before the related Collection Period. After the
reallocation, the Sponsor will mark its receivables systems to indicate that the lease and leased vehicle is no longer a Lease and Leased
Vehicle in the 2022-A Reference Pool.

 

(d)         Reallocation
Sole Remedy. The sole remedy for a breach of a representation or warranty made by the Sponsor in Section 3.3 is to require the
Sponsor to reallocate the Lease and Leased Vehicle or Leases and Leased Vehicles under this Section 3.4. The Depositor will enforce
the Sponsor's reallocation obligation under this Section 3.4.

 

(e)         Dispute
Resolution. The Sponsor agrees to be bound by the dispute resolution terms in Section 3.4 of the Exchange Note Sale Agreement
as if they were part of this Agreement.

 

Section 3.5.     Depositor's
Representations and Warranties. The Depositor represents and warrants to the Sponsor as of the Closing Date:

 

(a)         Organization
and Qualification. The Depositor is duly organized and validly existing as a limited liability company in good standing under the
laws of the State of Delaware. The Depositor is qualified as a foreign limited liability company in good standing and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities
requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably
be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

 

    8

     

    

 

(b)         Power,
Authority and Enforceability. The Depositor has the power and authority to execute, deliver and perform its obligations under this
Agreement. The Depositor has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid
and binding obligation of the Depositor and enforceable against the Depositor, except as may be limited by insolvency, bankruptcy, reorganization
or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

 

(c)         No
Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under
this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement,
guarantee or similar document under which the Depositor is a debtor or guarantor, (ii) result in the creation or imposition of a
Lien on the Depositor's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or
similar document (other than the Exchange Note Sale Agreement), (iii) violate the Depositor's certificate of formation or limited
liability company agreement or (iv) violate a law or, to the Depositor's knowledge, an order, rule or regulation of a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or
its properties that applies to the Depositor, which, in each case, would reasonably be expected to have a material adverse effect on
the Depositor's ability to perform its obligations under this Agreement.

 

(d)         No
Proceedings. To the Depositor's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or
its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under
this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the
Depositor's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably
be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise
tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the
Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes,
in each case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Depositor, the performance
by the Depositor of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment
of the Issuer or the Notes.

 

(e)         Not
an Investment Company. The Depositor is not required to be registered as an "investment company" under the Investment Company
Act.

 

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ARTICLE IV

SPONSOR'S AGREEMENTS

 

Section 4.1.     Financing
Statements.

 

(a)         Filing
of Financing Statements. The Sponsor will file financing and continuation statements, and amendments to the statements, in the jurisdictions
and with the filing offices necessary to perfect the Depositor's interest in the Purchased Property. The Sponsor will promptly deliver
to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously
filed financing statement.

 

(b)         Depositor
Authorized to File Financing Statements. The Sponsor authorizes the Depositor to file financing and continuation statements, and
amendments to the statements, in the jurisdictions and with the filing offices as the Depositor may determine are necessary or advisable
to perfect the Depositor's interest in the Purchased Property. The financing and continuation statements may describe the Purchased Property
as the Depositor may reasonably determine to perfect the Depositor's interest in the Purchased Property. The Depositor will promptly
deliver to the Sponsor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment
to a previously filed financing statement.

 

(c)         Relocation
of Sponsor. The Sponsor will notify the Depositor at least ten days before a relocation of its chief executive office or change in
its corporate structure, form of organization or jurisdiction of organization if it could require the filing of a new financing statement
or an amendment to a previously filed financing statement under Section 9-307 of the UCC. The Sponsor will promptly file new financing
statements or amendments to all previously filed financing statements. The Sponsor will maintain its chief executive office within the
United States and will maintain its jurisdiction of organization in only one State.

 

(d)         Change
of Sponsor's Name. The Sponsor will notify the Depositor at least ten days before any change in the Sponsor's name that could make
a financing statement filed under this Section 4.1 seriously misleading under Section 9-506 of the UCC. The Sponsor will promptly
file amendments to all previously filed financing statements.

 

Section 4.2.     No
Sale or Lien by Sponsor. Except for the sale and assignment under this Agreement, the Sponsor will not sell or assign any Purchased
Property to another Person or Grant or allow a Lien on an interest in any Purchased Property. The Sponsor will defend the Depositor's
interest in the Purchased Property against claims of third parties claiming through the Sponsor.

 

Section 4.3.     Expenses.
The Sponsor will pay all expenses to perform its obligations under this Agreement and the Depositor's reasonable expenses to perfect
the Depositor's interest in the Purchased Property and to enforce the Sponsor's obligations under this Agreement.

 

Section 4.4.     Review
of Sponsor's Records. The Sponsor will maintain records and documents relating to the origination, underwriting and purchasing of
the Leases and Leased Vehicles according to its customary business practices. The Sponsor will give the Depositor access to the records
and documents to conduct a review of the representations and warranties made by the Sponsor about the Leases and Leased Vehicles or in
connection with any request or demand to reallocate a Lease and Leased Vehicle or any dispute resolution proceeding for a request or
demand or any Review by the Asset Representations Reviewer. Any access or review will be conducted at the Sponsor's offices during its
normal business hours at a time reasonably convenient to the Sponsor and in a manner that will minimize disruption to its business operations.
Any access or review will be subject to the Sponsor's confidentiality and privacy policies.

 

    10

     

    

 

ARTICLE V

OTHER AGREEMENTS

 

Section 5.1.     Obligations
Unaffected. Any invalidity, illegality or irregularity of a Lease or Leased Vehicle in the 2022-A Reference Pool will not affect
the Sponsor's obligations under this Agreement.

 

Section 5.2.     No
Petition. The Sponsor agrees that, before the date that is one year and one day (or, if longer, any applicable preference period)
after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities
issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against,
or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor
or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings
under any bankruptcy or similar law. This Section 5.2 will survive the termination of this Agreement.

 

Section 5.3.     Limited
Recourse. The Sponsor agrees that any claim that it may seek to enforce against the Depositor under this Agreement is limited to
the Purchased Property only and is not a claim against the Depositor's assets as a whole or against assets other than the Purchased Property.
This Section 5.3 will survive the termination of this Agreement.

 

Section 5.4.     Obligations
Under Exchange Note.

 

(a)         Borrowers'
Obligations. The Borrowers' obligations under the 2022-A Exchange Note and the other Purchased Property are solely the Borrowers'
obligations and are not the Sponsor's obligation or an interest in any of the Sponsor's assets. The Depositor acknowledges and agrees
that it has no right, title or interest in any assets of the Sponsor for the payment of amounts due or for the performance of obligations
under the 2022-A Exchange Note or the other Purchased Property, except for the performance of the Sponsor's obligations in its capacity
as the Servicer or the Administrator under the Transaction Documents.

 

(b)         Subordination
of Claims. The Depositor acknowledges Section 9.4 of the Credit and Security Agreement regarding the subordination of claims
against the Borrowers and agrees to be bound by it as an Exchange Noteholder.

 

Section 5.5.     Regulation
RR Risk Retention. Ford Credit, as Sponsor, and the Depositor agree that (i) Ford Credit will cause the Depositor to, and the
Depositor will, retain the Residual Interest on the Closing Date and (ii) Ford Credit will not permit the Depositor to, and the
Depositor will not, sell, transfer, finance or hedge the Residual Interest except as permitted by Regulation RR.

 

Section 5.6.     Termination.
This Agreement will terminate on the payment in full or cancellation of the 2022-A Exchange Note.

 

    11

     

    

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.1.     Amendments.

 

(a)         Amendments.
The parties may amend this Agreement:

 

(i)        to
clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with
the other terms of this Agreement or any prospectus or offering memorandum related to the Notes, in each case, without the consent of
the Noteholders or any other Person;

 

(ii)       to
add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Depositor
or the Sponsor delivers an Officer's Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment
will not have a material adverse effect on the Noteholders; or

 

(iii)      to
add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 6.1(a)(ii),
with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting
separately, except that all Noteholders of Class A Notes will vote together as a single class).

 

(b)         Notice
of Amendments. The Depositor or the Sponsor will notify the Rating Agencies in advance of any amendment. Promptly after the execution
of an amendment, the Sponsor will deliver a copy of the amendment to the Indenture Trustee and the Rating Agencies.

 

Section 6.2.     Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted
successors and assigns. The Issuer and the Indenture Trustee, for the benefit of the Secured Parties, will be third-party beneficiaries
of this Agreement and may enforce this Agreement against the Sponsor. No other Person will have any right or obligation under this Agreement.

 

Section 6.3.     Notices.

 

(a)         Notices
to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing
and will be considered received by the recipient:

 

(i)         for
overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed
to the recipient;

 

(ii)        for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)       for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)       for
an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement
of confirmation of receipt) stating that the electronic posting has been made.

 

(b)         Notice
Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address
stated in Schedule A to the Indenture, which address the party may change by notifying the other party.

 

    12

     

    

 

Section 6.4.     GOVERNING
LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.5.     Submission
to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District
of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding
brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

 

Section 6.6.     WAIVER
OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS
RELATING TO THIS AGREEMENT.

 

Section 6.7.     No
Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.
No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or
the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers,
rights and remedies under law.

 

Section 6.8.     Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement
and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 6.9.     Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 6.10.     Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one
document.

 

[Remainder of Page Left Blank]

 

    13

     

    

 

	EXECUTED BY:	 
	 	 
	 	FORD MOTOR CREDIT COMPANY LLC,
		as Sponsor
	 	 
	 	By:	  /s/ Ryan Hershberger
	 	 	Name:	Ryan Hershberger
	 	 	Title:	Assistant Treasurer
	 	 
	 	FORD CREDIT AUTO LEASE TWO LLC,
		acting for its series of limited liability company interests designated as the "2022-A
    Series," as Depositor
	 	 
	 	By:	  /s/ Ryan Hershberger
		 	Name:	Ryan Hershberger
	 	 	Title:	President and Assistant Treasurer

 

[Signature Page to Exchange Note Purchase
Agreement]Exhibit 10.3

Execution Version

 

 

EXCHANGE NOTE SALE AGREEMENT

 

between

 

FORD CREDIT AUTO LEASE TWO LLC,

acting for its series of

limited liability company interests designated as

the "2022-A Series", as Depositor

 

and

 

FORD CREDIT AUTO LEASE TRUST 2022-A,

as Issuer

 

Dated as of April 1, 2022

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I USAGE AND DEFINITIONS	1

	 	Section 1.1.	Usage and Definitions	1

 

	ARTICLE II SALE AND PURCHASE OF SOLD PROPERTY	1

	 	Section 2.1.	Sale of Sold Property	1
	 	Section 2.2.	Payment for Sold Property; Delivery of Exchange Note	2
	 	Section 2.3.	Acknowledgement of Assignment and Servicing	2
	 	Section 2.4.	Savings Clause	2

 

	ARTICLE III REPRESENTATIONS AND WARRANTIES	3

	 	Section 3.1.	Depositor's Representations and Warranties	3
	 	Section 3.2.	Depositor's Representations and Warranties About Sold Property and Reference Pool	4
	 	Section 3.3.	Depositor's Reallocation of Leases and Leased Vehicles for Breach of Representations	5
	 	Section 3.4.	Dispute Resolution	6
	 	Section 3.5.	Issuer's Representations and Warranties	9

 

	ARTICLE IV DEPOSITOR'S AGREEMENTS	10

	 	Section 4.1.	Required Reserve Amount	10
	 	Section 4.2.	Financing Statements	10
	 	Section 4.3.	No Sale or Lien by Depositor	10
	 	Section 4.4.	Expenses	11

 

	ARTICLE V OTHER AGREEMENTS	11

	 	Section 5.1.	Obligations Unaffected	11
	 	Section 5.2.	No Petition	11
	 	Section 5.3.	Limited Recourse	11
	 	Section 5.4.	Obligations Under Exchange Note	11
	 	Section 5.5.	Limitation of Liability of Owner Trustee	11
	 	Section 5.6.	Issuer Obligation	11
	 	Section 5.7.	Termination	12

 

	ARTICLE VI MISCELLANEOUS	12

	 	Section 6.1.	Amendments	12
	 	Section 6.2.	Benefit of Agreement; Third-Party Beneficiaries	12
	 	Section 6.3.	Notices	12
	 	Section 6.4.	GOVERNING LAW	13
	 	Section 6.5.	Submission to Jurisdiction	13
	 	Section 6.6.	WAIVER OF JURY TRIAL	13
	 	Section 6.7.	No Waiver; Remedies	13
	 	Section 6.8.	Severability	13
	 	Section 6.9.	Headings	13
	 	Section 6.10.	Counterparts	13

 

    i

     

    

 

EXCHANGE NOTE SALE AGREEMENT, dated as of April 1,
2022 (this "Agreement"), between FORD CREDIT AUTO LEASE TWO LLC, a Delaware limited liability company, acting for its
series of limited liability company interests designated as the "2022-A Series," as Depositor, and FORD CREDIT AUTO LEASE TRUST
2022-A, a Delaware statutory trust, as Issuer.

 

BACKGROUND

 

Ford Credit makes loans to the Titling Companies
under a Credit and Security Agreement to finance their acquisition of leases and leased vehicles originated by motor vehicle dealers.
Each Titling Company allocates the leases and leased vehicles to a separate series of limited liability company interests in the Titling
Company designated as the "Collateral Specified Interest" and pledges them as Collateral to secure the Revolving Facility.

 

Ford Credit requested that a portion of the Revolving
Facility Balance be exchanged for a note designated as the "2022-A Exchange Note" to be issued by the Titling Companies to Ford
Credit under the Exchange Note Supplement and the Credit and Security Agreement. Ford Credit and the Titling Companies designated the
2022-A Reference Pool for the 2022-A Exchange Note and allocated the Leases and Leased Vehicles from the Revolving Facility Pool to the
2022-A Reference Pool.

 

In connection with a securitization transaction
sponsored by Ford Credit in which the Issuer will issue Notes secured by the 2022-A Exchange Note, Ford Credit has sold the 2022-A Exchange
Note to the Depositor, who will sell it to the Issuer.

 

The parties agree as follows:

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1.     Usage
and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 2022-A Exchange Note Supplement,
dated as of April 1, 2022 (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and
Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security
Agreement"), among CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD
Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security
Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated
by reference into this Agreement.

 

ARTICLE II

SALE AND PURCHASE OF SOLD PROPERTY

 

Section 2.1.     Sale
of Sold Property. Effective on the Closing Date and immediately after the transaction under the Exchange Note Purchase Agreement,
and immediately before the transactions under the Trust Agreement and the Indenture, the Depositor sells and assigns to the Issuer, without
recourse (other than the Depositor's obligations under this Agreement), all of the Depositor's right, title and interest, whether now
owned or later acquired, in the Sold Property. This sale and assignment does not, and is not intended to, include any obligation of the
Depositor to the Titling Companies, the Lessees, the Dealers or any other Person relating to the 2022-A Reference Pool and the other
Sold Property, and the Issuer does not assume any obligations.

 

     

     

    

  

Section 2.2.     Payment
for Sold Property; Delivery of Exchange Note.

 

(a)            Payment
for Sold Property. In consideration for the Sold Property, the Issuer will transfer to the Depositor the Notes as payment for the
2022-A Exchange Note and the other Sold Property. The Depositor and the Issuer each represents and warrants to the other that the transfer
of the Notes on the Closing Date and the increase in the value of the Depositor's beneficial interest in the Issuer, is equal to the fair
market value of the 2022-A Exchange Note and the other Sold Property.

 

(b)            Delivery
of Exchange Note. On payment for the Sold Property, the Depositor will deliver to the Issuer the 2022-A Exchange Note, registered
in the name of "Ford Motor Credit Company LLC" and duly endorsed by Ford Credit in blank.

 

Section 2.3.     Acknowledgement
of Assignment and Servicing.

 

(a)            Further
Assignment. The Depositor acknowledges that, under the Indenture, the Issuer will assign and pledge the Sold Property and related
property and rights to the Indenture Trustee for the benefit of the Secured Parties.

 

(b)            Servicing.
The Issuer acknowledges the engagement of Ford Credit as Servicer of the Leases and Leased Vehicles in the 2022-A Reference Pool under
the Servicing Supplement and the Servicing Agreement.

 

Section 2.4.     Savings
Clause. The Depositor and the Issuer intend that the sale and assignment under this Agreement be an absolute sale and assignment
of the Sold Property, conveying good title to the Sold Property free and clear of any Lien other than Permitted Liens, from the Depositor
to the Issuer. The Depositor and the Issuer intend that the Sold Property not be a part of the Depositor's estate if there is a bankruptcy
or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, the transfer of the Sold Property under this
Agreement is determined to be a pledge for a financing or is determined not to be an absolute sale and assignment, the Depositor Grants
to the Issuer on the date of this Agreement a security interest in the Depositor's right, title and interest in the Sold Property, whether
now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts
payable as principal or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under the Servicing Supplement and
all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement is a security agreement under law
and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

 

    2

     

    

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1.     Depositor's
Representations and Warranties. The Depositor makes the following representations and warranties on which the Issuer is relying in
purchasing the Sold Property. The representations and warranties are made as of the Closing Date and will survive the sale and assignment
of the Sold Property by the Depositor to the Issuer under this Agreement and the pledge of the Sold Property by the Issuer to the Indenture
Trustee under the Indenture:

 

(a)            Organization
and Qualification. The Depositor is duly organized and validly existing as a limited liability company in good standing under the
laws of the State of Delaware. The Depositor is qualified as a foreign limited liability company in good standing and has obtained all
necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities
requires qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably
be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

 

(b)            Power,
Authority and Enforceability. The Depositor has the power and authority to execute, deliver and perform its obligations under this
Agreement. The Depositor has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid
and binding obligation of the Depositor enforceable against the Depositor, except as may be limited by insolvency, bankruptcy, reorganization
or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

 

(c)            No
Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under
this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement,
guarantee or similar document under which the Depositor is a debtor or guarantor, (ii) result in the creation or imposition of a
Lien on the Depositor's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar
document (other than this Agreement), (iii) violate the Depositor's certificate of formation or limited liability company agreement
or (iv) violate a law or, to the Depositor's knowledge, an order, rule or regulation of a federal or State court, regulatory
body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties that applies
to the Depositor, which, in each case, would reasonably be expected to have a material adverse effect on the Depositor's ability to perform
its obligations under this Agreement.

 

(d)            No
Proceedings. To the Depositor's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or
its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under
this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the
Depositor's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably
be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise
tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer
to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each
case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Depositor, the performance
by the Depositor of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment
of the Issuer or the Notes.

 

    3

     

    

 

(e)            Not
an Investment Company. The Depositor is not required to be registered as an "investment company" under the Investment Company
Act.

 

Section 3.2.     Depositor's
Representations and Warranties About Sold Property and Reference Pool.

 

(a)            Representations
and Warranties from Exchange Note Purchase Agreement. Ford Credit made representations and warranties about the Leases and Leased
Vehicles in the 2022-A Reference Pool in Section 3.3 of the Exchange Note Purchase Agreement, and has consented to the sale by the
Depositor to the Issuer of the Depositor's rights to these representations and warranties. Under Section 2.1, the Depositor has sold
and assigned to the Issuer the Depositor's rights under the Exchange Note Purchase Agreement, including the right to require Ford Credit
to reallocate any Leases and Leased Vehicles if there is a breach of Ford Credit's representations and warranties. In addition, the Depositor
represents and warrants as of the Closing Date that the representations and warranties about the Leases and Leased Vehicles in the 2022-A
Reference Pool in Section 3.3 of the Exchange Note Purchase Agreement are true and correct. The Issuer is relying on Ford Credit's
representations and warranties in the Exchange Note Purchase Agreement and on the Depositor's representations and warranties in this Section 3.2(a) in
purchasing the 2022-A Exchange Note, which representations and warranties will survive the sale and assignment of the 2022-A Exchange
Note by the Depositor to the Issuer under this Agreement and the pledge of the 2022-A Exchange Note to the Indenture Trustee under the
Indenture.

 

(b)            Representations
and Warranties About Sold Property and Reference Pool. The Depositor makes the following representations and warranties about
the Sold Property and the 2022-A Reference Pool on which the Issuer is relying in purchasing the Sold Property. The
representations and warranties are made as of the Closing Date and will survive the sale and assignment of the Sold Property by the
Depositor to the Issuer under this Agreement and the pledge of the Sold Property by the Issuer to the Indenture Trustee under the
Indenture.

 

(i)             Enforceability
of Exchange Note. The 2022-A Exchange Note has been duly executed, issued, authenticated and delivered and is the valid and binding
obligation of the Borrowers entitled to the benefits of the Exchange Note Supplement and the Credit and Security Agreement.

 

(ii)            Valid
Sale. This Agreement evidences a valid sale and assignment of the Sold Property from the Depositor to the Issuer, enforceable against
creditors of and purchasers from the Depositor.

 

(iii)           Good
Title to Sold Property. Immediately before the sale and assignment under this Agreement, the Depositor has good and marketable title
to the Sold Property free and clear of any Lien other than Permitted Liens and, immediately after the sale and assignment under this Agreement,
the Issuer will have good and marketable title to the Sold Property, free and clear of any Lien other than Permitted Liens.

 

(iv)          Security
Interest in Sold Property.

 

		(A)	This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Sold Property in favor of
the Issuer, which is prior to any Lien, other than Permitted Liens, and is enforceable against all creditors of and purchasers from the
Depositor.

 

    4

     

    

 

		(B)	All filings (including UCC filings) necessary in any jurisdiction to give the Depositor a first priority, validly perfected ownership
and security interest in the Purchased Property, to give the Issuer a first priority, validly perfected ownership and security interest
in the Sold Property and to give the Indenture Trustee a first priority perfected security interest in the Collateral, will be made within
ten days after the Closing Date.

 

		(C)	All financing statements filed or to be filed against the Depositor in favor of the Issuer describing the Sold Property sold under
this Agreement will contain a statement to the following effect: "A purchase of or security interest in any collateral described
in this financing statement will violate the rights of the Secured Party/Assignee."

 

		(D)	The Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description
of collateral covering any Sold Property other than the financing statements relating to the security interest Granted to the Depositor
under the Exchange Note Purchase Agreement, by the Depositor to the Issuer under this Agreement or by the Issuer to the Indenture Trustee
under the Indenture, or that has been terminated.

 

(v)            Good
Title to Reference Pool; Allocation to Specified Interest and Reference Pool. The applicable Titling Company has good title, or the
Servicer has started procedures that will result in good title, to the Leases and Leased Vehicles in the 2022-A Reference Pool, free and
clear of Liens other than Permitted Liens. The Leases and Leased Vehicles in the 2022-A Reference Pool have not been allocated to a Specified
Interest other than the Collateral Specified Interest or to a Reference Pool other than the 2022-A Reference Pool.

 

Section 3.3.     Depositor's
Reallocation of Leases and Leased Vehicles for Breach of Representations.

 

(a)            Investigation
of Breach. If a Responsible Person of the Depositor (i) has knowledge of a breach of a representation or warranty made in
Section 3.2(a), (ii) receives notice from the Issuer, the Owner Trustee or the Indenture Trustee of a breach of a
representation or warranty made in Section 3.2(a), (iii) receives a Reallocation Request for a Lease and Leased Vehicle or
(iv) receives a Review Report that indicates a Test Fail for a Lease and Leased Vehicle, then, in each case, the Depositor will
investigate to confirm the breach and determine if the breach has a material adverse effect on a Lease and Leased Vehicle. None of
the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee or the Administrator will have an obligation to
investigate whether a breach of any representation or warranty has occurred or whether any Lease and Leased Vehicle is required to
be reallocated under this Section 3.3.

 

    5

     

    

 

(b)            Reallocation
of Leases and Leased Vehicles; Payment of Administrative Reallocation Amount. For a breach described in Section 3.3(a), the Depositor
may, and if the breach has a material adverse effect on a Lease and Leased Vehicle will, reallocate the Lease and Leased Vehicle to the
Revolving Facility Pool by paying the Administrative Reallocation Amount for each Lease and Leased Vehicle on the Business Day before
the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which
the Depositor has knowledge or receives notice of and confirms the breach or, at the Depositor's option, on or before the following Payment
Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, the Depositor may
cause the Administrative Reallocation Amount to be paid according to Section 4.3(c) of the Servicing Supplement.

 

(c)            Reallocation
of Leases and Leased Vehicles. When the Depositor's payment of the Administrative Reallocation Amount for a Lease and Leased Vehicle
is included in Exchange Note Available Funds for a Payment Date, the Lease and Leased Vehicle will be deemed to have been reallocated
to the Revolving Facility Pool, effective as of the last day of the Collection Period before the related Collection Period. After the
reallocation, the Sponsor will mark its receivables systems to indicate that the lease and leased vehicle is no longer a Lease and Leased
Vehicle in the 2022-A Reference Pool.

 

(d)            Reallocation
Sole Remedy. The sole remedy for a breach of a representation or warranty made by the Depositor in Section 3.2(a) is (i) to
require the Depositor to reallocate the Lease and Leased Vehicle or Leases and Leased Vehicles under this Section 3.3 or (ii) to
require the Depositor or the Indenture Trustee to enforce the obligation of Ford Credit to reallocate the Lease and Leased Vehicle under
Section 3.4 of the Exchange Note Purchase Agreement.

 

Section 3.4.     Dispute
Resolution.

 

(a)            Referral
to Dispute Resolution. If the Issuer, the Owner Trustee, the Indenture Trustee or a Noteholder (the "Requesting Party")
requests that the Depositor and/or the Sponsor reallocate a Lease and related Leased Vehicle due to an alleged breach of a representation
and warranty in Section 3.2(a) or in Section 3.4 of the Exchange Note Purchase Agreement (each, a "Reallocation
Request"), and the Reallocation Request has not been resolved within 180 days after the Depositor or the Sponsor receives the
Reallocation Request, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration)
or binding third-party arbitration. However, if the Lease subject to a Reallocation Request was part of a Review and the Review Report
showed no Test Fails for the Lease, the Reallocation Request for the Lease and Leased Vehicle will be deemed to be resolved. The Requesting
Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after
the end of the 180-day period. The Depositor and the Sponsor agree to participate in the dispute resolution method selected by the Requesting
Party.

 

(b)            Mediation.
If the Requesting Party selects mediation for dispute resolution:

 

(i)            The
mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures
for mediation stated in this Section 3.4, the procedures in this Section 3.4 will control.

 

    6

     

    

 

(ii)             A
single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The mediator
must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation
and, if possible, consumer finance or asset-backed securitization matters.

 

(iii)            The
mediation will start within 15 days after the selection of the mediator and conclude within 30 days after the start of the mediation.

 

(iv)            Expenses
of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation.

 

(v)             If
the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Reallocation Request to arbitration under
this Section 3.4.

 

(c)            Arbitration.
If the Requesting Party selects arbitration for dispute resolution:

 

(i)            The
arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the
procedures for arbitration stated in this Section 3.4, the procedures in this Section 3.4 will control.

 

(ii)            A
single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The arbitrator
must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience in commercial litigation
and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply
with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before accepting an appointment,
the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely
to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause
consisting of actual bias, conflict of interest or other serious potential for conflict.

 

(iii)            The
arbitrator will have the authority to schedule, hear and determine any motions, according to New York law, and will do so at the motion
of any party. Discovery will be completed within 30 days of selection of the arbitrator and will be limited for each party to two witness
depositions not to exceed five hours, two interrogatories, one document request and one request for admissions. However, the arbitrator
may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited
to no more than ten pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary
hearing on the merits will start no later than 60 days after selection of the arbitrator and will proceed for no more than six consecutive
Business Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow
additional time for discovery and hearings on a showing of good cause or due to unavoidable delays.

 

(iv)            The
arbitrator will make its final determination no later than 90 days after its selection. The arbitrator will resolve the dispute according
to the terms of this Agreement and the other Transaction Documents, and may not modify or change this Agreement or the other Transaction
Documents in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the
fees of the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable
discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The
determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State
law, and may be entered and enforced in any court of competent jurisdiction.

 

    7

     

    

 

(v)            By
selecting arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by jury.

 

(vi)           The
Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights is found
to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.

 

(d)            Additional
Conditions. For each mediation or arbitration:

 

(i)             Any
mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location selected
by the Depositor or the Sponsor. Any party or witness may participate by teleconference or video conference.

 

(ii)            The
Depositor, the Sponsor and the Requesting Party will have the right to seek provisional relief from a competent court of law, including
a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law.

 

(iii)            Neither
the Depositor nor the Sponsor will be required to produce personally identifiable customer information for purposes of any mediation
or arbitration. The existence and details of any unresolved Reallocation Request, any informal meetings, mediations or arbitration
proceedings , the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the
proceeding, will be confidential, privileged and inadmissible for any purpose in any mediation, arbitration, litigation or other
proceeding. The parties will keep this information confidential and will not disclose or discuss it with any third party (other than
a party's attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or
arbitration proceeding under this Section 3.4), except as required by law, regulatory requirement or court order. If a party to
a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a
governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the
recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of
its confidential information.

 

    8

     

    

 

Section 3.5.     Issuer's
Representations and Warranties. The Issuer represents and warrants to the Depositor as of the Closing Date:

 

(a)            Organization
and Qualification. The Issuer is duly formed and validly existing as a statutory trust in good standing under the laws of the State
of Delaware. The Issuer is qualified as a foreign statutory trust in good standing and has obtained all necessary licenses and approvals
in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license
or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material
adverse effect on the Issuer's ability to perform its obligations under this Agreement.

 

(b)            Power,
Authority and Enforceability. The Issuer has the power and authority to execute, deliver and perform its obligations under this Agreement.
The Issuer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation
of the Issuer and enforceable against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other similar
laws relating to the enforcement of creditors' rights or by general equitable principles.

 

(c)            No
Conflicts and No Violation. The completion of the transactions under this Agreement and the performance of its obligations under this
Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee
or similar document under which the Issuer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Issuer's
properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than
the Indenture), (iii) violate the Trust Agreement or (iv) violate a law or, to the Issuer's knowledge, an order, rule or
regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction
over the Issuer or its properties that applies to the Issuer, which, in each case, would reasonably be expected to have a material adverse
effect on the Issuer's ability to perform its obligations under this Agreement.

 

(d)            No
Proceedings. To the Issuer's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal
or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or
its properties (i) asserting the invalidity this Agreement, (ii) seeking to prevent the completion of the transactions under
this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the
Issuer's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably
be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise
tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer
to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each
case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Issuer, the performance by
the Issuer of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment
of the Issuer or the Notes.

 

    9

     

    

 

(e)            Not
an Investment Company. The Issuer is not required to be registered as an "investment company" under the Investment Company
Act.

 

ARTICLE IV

DEPOSITOR'S AGREEMENTS

 

Section 4.1.     Required
Reserve Amount. On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve
Account from the net proceeds of the sale of the Notes.

 

Section 4.2.     Financing
Statements.

 

(a)            Filing
of Financing Statements. The Depositor will file financing and continuation statements, and amendments to the statements, in the jurisdictions
and with the filing offices necessary to perfect the Issuer's interest in the Sold Property. The Depositor will promptly deliver to the
Issuer and the Indenture Trustee file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment
to a previously filed financing statement.

 

(b)            Issuer
and Indenture Trustee Authorized to File Financing Statements. The Depositor authorizes the Issuer and the Indenture Trustee to file
financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Issuer
or the Indenture Trustee may determine are necessary or advisable to perfect the Issuer's interest in the Sold Property. The financing
and continuation statements may describe the Sold Property as the Issuer or the Indenture Trustee may reasonably determine to perfect
the Issuer's interest in the Sold Property. The Issuer or the Indenture Trustee will promptly deliver to the Depositor file-stamped copies
of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

 

(c)            Relocation
of Depositor. The Depositor will notify the Owner Trustee and the Indenture Trustee at least ten days before a relocation of its chief
executive office or change in its corporate structure, form of organization or jurisdiction of organization if it could require the filing
of a new financing statement or amendment under Section 9-307 of the UCC. The Depositor will promptly file new financing statements
or amendments to all previously filed financing statements or amendments. The Depositor will maintain its chief executive office within
the United States and will maintain its jurisdiction of organization in only one State.

 

(d)            Change
of Depositor's Name. The Depositor will notify the Owner Trustee and the Indenture Trustee at least ten days before any change in
the Depositor's name that could make a financing statement filed under this Section 4.2 seriously misleading under Section 9-506
of the UCC. The Depositor will promptly file amendments to all previously filed financing statements.

 

Section 4.3.     No
Sale or Lien by Depositor. Except for the sale and assignment under this Agreement, the Depositor will not sell or assign any Sold
Property to another Person, or Grant or allow a Lien on an interest in any Sold Property. The Depositor will defend the Issuer's interest
in the Sold Property against claims of third parties claiming through the Depositor.

 

    10

     

    

 

Section 4.4.     Expenses.
The Depositor will pay the expenses to perform its obligations under this Agreement and the Issuer and the Indenture Trustee's reasonable
expenses to perfect the Issuer's interest in the Sold Property and to enforce the Depositor's obligations under this Agreement.

 

ARTICLE V

OTHER AGREEMENTS

 

Section 5.1.     Obligations
Unaffected. Any invalidity, illegality or irregularity of a Lease or Leased Vehicle in the 2022-A Reference Pool will not affect
the Depositor's obligations under this Agreement.

 

Section 5.2.     No
Petition. Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period)
after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities
issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against,
or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor
or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings
under any bankruptcy or similar law. This Section 5.2 will survive the termination of this Agreement.

 

Section 5.3.     Limited
Recourse. Each party agrees that any claim that it may seek to enforce against the other party under this Agreement is limited to
the Sold Property only and is not a claim against the other party's assets as a whole or against assets other than the Sold Property.
This Section 5.3 will survive the termination of this Agreement.

 

Section 5.4.     Obligations
Under Exchange Note.

 

(a)            Borrowers' Obligations.
The Borrowers' obligations under the 2022-A Exchange Note and the other Sold Property are solely the Borrowers' obligations and are
not the Depositor's obligation or an interest in any of the Depositor's assets. The Issuer acknowledges and agrees that it has no
right, title or interest in any assets of the Depositor for the payment of amounts due or for the performance of obligations
under the 2022-A Exchange Note or the other Sold Property.

  

(b)            Subordination
of Claims. The Issuer acknowledges Section 9.4 of the Credit and Security Agreement regarding the subordination of claims against
the Borrowers and agrees to be bound by it as an Exchange Noteholder.

 

Section 5.5.     Limitation
of Liability of Owner Trustee. This Agreement has been signed on behalf of the Issuer by The Bank of New York Mellon not in its individual
capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will The Bank of New York Mellon in its individual capacity
or a beneficial owner of the Issuer be liable for the representations, warranties, covenants, agreements or other obligations of the
Issuer under this Agreement. For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of,
the Trust Agreement.

 

Section 5.6.     Issuer
Obligation. No recourse may be taken, directly or indirectly, for the obligations of the Issuer or the Owner Trustee under this Agreement
or a document delivered under this Agreement, against (a) the Owner Trustee in its individual capacity, (b) any holder of a
beneficial interest in the Issuer, (c) any partner, owner, beneficiary, officer, director, employee or agent of the Owner Trustee,
in its individual capacity or (d) any holder of a beneficial interest in the Owner Trustee, in its individual capacity, except as
that Person may have expressly agreed.

 

    11

     

    

 

Section 5.7.     Termination.
This Agreement will terminate on the payment in full or cancellation of the 2022-A Exchange Note.

 

ARTICLE VI

MISCELLANEOUS

 

Section 6.1.     Amendments.

 

(a)            Amendments.
The parties may amend this Agreement:

 

(i)            to
clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with
the other terms of this Agreement or any prospectus or offering memorandum related to the Notes, in each case without the consent of the
Noteholders or any other Person;

 

(ii)            to
add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Depositor
delivers an Officer's Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have
a material adverse effect on the Noteholders; or

 

(iii)           to
add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 6.1(a)(ii),
with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting
separately, except that all Noteholders of Class A Notes will vote together as a single class).

 

(b)            Notice
of Amendments. The Depositor or the Issuer will notify the Rating Agencies in advance of any amendment. Promptly after the execution
of an amendment, the Depositor will deliver a copy of the amendment to the Indenture Trustee and the Rating Agencies.

 

Section 6.2.     Benefit
of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted
successors and assigns. The Indenture Trustee, for the benefit of the Secured Parties, will be a third-party beneficiary of this Agreement
and may enforce this Agreement against the Depositor. No other Person will have any right or obligation under this Agreement.

 

Section 6.3.     Notices.

 

(a)            Notices
to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing
and will be considered received by the recipient:

 

(i)            for
overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed
to the recipient;

 

    12

     

    

 

(ii)             for
a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

 

(iii)            for
an email, when receipt is confirmed by telephone or reply email from the recipient; and

 

(iv)            for
an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement
of confirmation of receipt) stating that the electronic posting has been made.

 

(b)            Notice
Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address
stated in Schedule A to the Indenture, which address the party may change by notifying the other party.

 

Section 6.4.     GOVERNING
LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.5.     Submission
to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District
of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party
irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding
brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

 

Section 6.6.     WAIVER
OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS
RELATING TO THIS AGREEMENT.

 

Section 6.7.     No
Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver.
No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or
the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers,
rights and remedies under law.

 

Section 6.8.     Severability.
If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement
and will not affect the validity, legality or enforceability of the remaining Agreement.

 

Section 6.9.     Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

Section 6.10.   Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one
document.

 

[Remainder of Page Left Blank]

 

    13

     

    

 

EXECUTED BY:

 

	 	FORD CREDIT AUTO LEASE TWO LLC,

acting for its series of limited liability company interests designated as the "2022-A Series," as Depositor

 

	 	By:	  /s/ Ryan Hershberger
	 	 	Name:	Ryan Hershberger
	 	 	Title:	President and Assistant Treasurer

 

	 	FORD CREDIT AUTO LEASE TRUST 2022-A,

as Issuer

 

		By:	THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Owner Trustee

 

	 	By:	 	/s/ Leslie Morales
	 	 	Name:	Leslie Morales
	 	 	Title:	Vice President

 

[Signature
Page to Exchange Note Sale Agreement]

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