Document:

EXHIBIT 4.1

  

 

 

INDENTURE

 

 

between

 

 

FORD CREDIT AUTO LEASE TRUST 20__-__,

as Issuer

 

 

and

 

___________________________,

as Indenture Trustee

 

 

Dated as of ___________, 20__

 

 

 

     

     

    

  

TABLE OF CONTENTS

   

	ARTICLE I
    USAGE AND DEFINITIONS	1
	Section 1.1.	Usage
    and Definitions	1
	Section 1.2.	Incorporation
    by Reference of Trust Indenture Act	2
	 	 	 
	ARTICLE II
    THE NOTES	2
	Section 2.1.	Form of
    Notes	2
	Section 2.2.	Execution,
    Authentication and Delivery	2
	Section 2.3.	Tax Treatment	3
	Section 2.4.	Note Register	3
	Section 2.5.	Registration
    of Transfer and Exchange	4
	Section 2.6.	[Rule 144A
    Notes]	5
	Section 2.7.	Mutilated,
    Destroyed, Lost or Stolen Notes	6
	Section 2.8.	Persons Deemed
    Owners	7
	Section 2.9.	Payments
    on Notes	7
	Section 2.10.	Cancellation
    of Notes	8
	Section 2.11.	Release of
    Collateral	8
	Section 2.12.	Book-Entry
    Notes	8
	Section 2.13.	Definitive
    Notes	9
	Section 2.14.	Authenticating
    Agents	9
	Section 2.15.	Note Paying
    Agents	10
	 	 	 
	ARTICLE III
    COVENANTS, REPRESENTATIONS AND WARRANTIES	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	11
	Section 3.5.	Protection
    of Collateral	11
	Section 3.6.	Performance
    of Obligations	12
	Section 3.7.	Negative
    Covenants	13
	Section 3.8.	Opinions
    on Collateral	13
	Section 3.9.	Annual Certificate
    of Compliance	14
	Section 3.10.	Merger and
    Consolidation; Transfer of Assets	14
	Section 3.11.	Successor
    or Transferee	15
	Section 3.12.	No Other
    Activities	15
	Section 3.13.	Further Acts
    and Documents	15
	Section 3.14.	Restricted
    Payments	15
	Section 3.15.	Notice of
    Events of Default	15
	Section 3.16.	Review of
    Issuer's Records	15
	Section 3.17.	Issuer's
    Representations and Warranties	16
	Section 3.18.	Issuer's
    Representations and Warranties About Security Interest	17
	Section 3.19.	[Calculation
    Agent; Benchmark Determination]	18
	 	 	 
	ARTICLE IV
    SATISFACTION AND DISCHARGE	19
	Section 4.1.	Satisfaction
    and Discharge of Indenture	19

  

    i 

     

    

 

	ARTICLE V
    EVENTS OF DEFAULT; REMEDIES	20
	Section 5.1.	Events
    of Default	20
	Section 5.2.	Acceleration
    of Maturity; Rescission	21
	Section 5.3.	Collection
    of Indebtedness by Indenture Trustee	22
	Section 5.4.	Trustee May File
    Proofs of Claim	22
	Section 5.5.	Enforcement
    of Claims Without Possession of Notes	23
	Section 5.6.	Remedies;
    Priorities	23
	Section 5.7.	Optional
    Preservation of Collateral	24
	Section 5.8.	Limitation
    on Suits	25
	Section 5.9.	Unconditional
    Rights to Receive Principal and Interest	25
	Section 5.10.	Restoration
    of Rights and Remedies	25
	Section 5.11.	Rights and
    Remedies Cumulative	26
	Section 5.12.	Delay or
    Omission Not a Waiver	26
	Section 5.13.	Control by
    Noteholders	26
	Section 5.14.	Waiver of
    Defaults and Events of Default	26
	Section 5.15.	Agreement
    to Pay Costs	27
	Section 5.16.	Waiver of
    Stay or Extension Laws	27
	Section 5.17.	Performance
    and Enforcement of Obligations	27
	 	 	 
	ARTICLE VI
    INDENTURE TRUSTEE	28
	Section 6.1.	Indenture
    Trustee's Obligations	28
	Section 6.2.	Indenture
    Trustee's Rights	29
	Section 6.3.	Indenture
    Trustee's Individual Rights	30
	Section 6.4.	Indenture
    Trustee's Disclaimer	30
	Section 6.5.	Notice of
    Defaults	31
	Section 6.6.	Reports by
    Indenture Trustee	31
	Section 6.7.	Compensation
    and Indemnity	32
	Section 6.8.	Resignation
    or Removal of Indenture Trustee	33
	Section 6.9.	Merger or
    Consolidation; Transfer of Assets	34
	Section 6.10.	Appointment
    of Separate Trustee or Co-Trustee	34
	Section 6.11.	Eligibility;
    Disqualification	35
	Section 6.12.	Preferential
    Collection of Claims Against Issuer	36
	Section 6.13.	Review of
    Indenture Trustee's Records	36
	Section 6.14.	Indenture
    Trustee's Representations and Warranties	36
	Section 6.15.	Obligation
    to Update Disclosure	38
	Section 6.16.	Reporting
    of Reallocations of Leases and Leased Vehicles	38
	 	 	 
	ARTICLE VII
    NOTEHOLDER COMMUNICATIONS AND REPORTS	39
	Section 7.1.	Noteholder
    Communications	39
	Section 7.2.	Noteholder
    Demand for Asset Representations Review	40
	Section 7.3.	Reports by
    Issuer	40
	Section 7.4.	Reports by
    Indenture Trustee	41
	 	 	 
	ARTICLE VIII
    ACCOUNTS, DISTRIBUTIONS AND RELEASES	41
	Section 8.1.	Collection
    of Funds	41
	Section 8.2.	Bank Accounts;
    Distributions	41
	Section 8.3.	Bank Accounts	45
	Section 8.4.	Release of
    Collateral	45

 

    ii 

     

    

 

	ARTICLE IX
    AMENDMENTS	46
	Section 9.1.	Amendments
    Without Consent of Noteholders	46
	Section 9.2.	Amendments
    with Consent of Controlling Class	47
	Section 9.3.	Execution
    of Amendments	48
	Section 9.4.	Effect of
    Amendment	49
	Section 9.5.	Conformity
    with TIA	49
	Section 9.6.	Reference
    in Notes to Supplemental Indentures	49
	 	 	 
	ARTICLE X
    REDEMPTION OF NOTES	49
	Section 10.1.	Redemption	49
	 	 	 
	ARTICLE XI
    OTHER AGREEMENTS	50
	Section 11.1.	No Petition	50
	Section 11.2.	Limited Recourse;
    Subordination of Claims Against Titling Companies	50
	Section 11.3.	Limited Recourse;
    Subordination of Claims Against Depositor	51
	Section 11.4.	Issuer Orders;
    Certificates and Opinions	52
	Section 11.5.	Acts of Noteholders	53
	Section 11.6.	Conflict
    with Trust Indenture Act	54
	Section 11.7.	Issuer Obligation	54
	 	 	 
	ARTICLE XII
    MISCELLANEOUS	54
	Section 12.1.	Benefits
    of Indenture; Third-Party Beneficiaries	54
	Section 12.2.	Notices	54
	Section 12.3.	GOVERNING
    LAW	55
	Section 12.4.	Submission
    to Jurisdiction	55
	Section 12.5.	WAIVER
    OF JURY TRIAL	55
	Section 12.6.	No Waiver;
    Remedies	55
	Section 12.7.	Severability	56
	Section 12.8.	Headings	56
	Section 12.9.	Counterparts	56

 

	Schedule A	Notice Addresses	SA-1
	Exhibit A	Form of Notes	EA-1

 

    iii 

     

    

  

INDENTURE, dated as of ___________, 20__ (this "Indenture"),
between FORD CREDIT AUTO LEASE TRUST 20__-__, a Delaware statutory trust, as Issuer, and __________________, a ____________________,
as Indenture Trustee for the benefit of the Secured Parties.

 

In connection with a securitization transaction sponsored
by Ford Credit, the Issuer will issue Notes secured by the 20__-__ Exchange Note issued by the Titling Companies and purchased by the
Issuer from the Depositor, who purchased it from Ford Credit. The 20__-__ Exchange Note is secured by a reference pool of Leases and
Leased Vehicles purchased by the Titling Companies from motor vehicle dealers.

 

The parties agree as follows:

 

GRANTING CLAUSE

 

The Issuer Grants to the Indenture Trustee at the
Closing Date, as Indenture Trustee for the benefit of the Secured Parties, all the Issuer's right, title and interest in, to and under,
whether now owned or later acquired, the Collateral.

 

This Grant is made in trust to secure (a) the
payment of principal of, interest on and other amounts owing on the Notes as stated in this Indenture and (b) compliance by the
Issuer with this Indenture for the benefit of the Secured Parties.

 

The Titling Companies jointly and severally Grant
to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Secured Parties, all the Titling Companies'
right, title and interest in, to and under, whether now owned or existing or later acquired in, the Exchange Note Collection Account
and the Reserve Account. This Grant is made in trust to secure (a) the payment of principal of, interest on and other amounts owing
on, the 20__-__ Exchange Note as stated in the Exchange Note Supplement and (b) compliance by the Titling Companies with the Exchange
Note Supplement for the benefit of the Secured Parties.

 

The Indenture Trustee acknowledges these Grants, accepts
the trusts under this Indenture according to this Indenture and agrees to perform the obligations stated in this Indenture and the Exchange
Note Supplement so that the interests of the Secured Parties may be adequately and effectively protected.

 

ARTICLE I

USAGE AND DEFINITIONS

 

Section 1.1.         Usage
and Definitions. Capitalized terms used but not defined in this Indenture are defined in Appendix 1 to the 20__-__ Exchange Note
Supplement, dated as of __________, 20__ (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 the 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 Indenture. Appendix 1 and Appendix A are incorporated
by reference into this Indenture.

 

Section 1.2.          Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a part of the TIA, it is incorporated by reference in and
made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

 

"indenture securities" means the
Notes;

 

"indenture security holder" means
a Noteholder;

 

"indenture to be qualified" means
this Indenture;

 

"indenture trustee" or "institutional
trustee" means the Indenture Trustee; and

 

"obligor" on the indenture securities
means the Issuer and any other obligor on the indenture securities.

 

Any other TIA terms used in this Indenture that are
defined in the TIA, defined by TIA reference to another statute or defined by Securities and Exchange Commission rule have the meaning
assigned to them by those definitions.

 

ARTICLE II

THE NOTES

 

Section 2.1.         Form of
Notes.

 

(a)           Form.
Each Class of Notes will be in substantially the form of Exhibit A with variations required or permitted by this Indenture.
The Notes may have marks of identification and legends or endorsements as determined by the Responsible Person of the Issuer executing
the Notes. The physical Notes will be produced by a method determined by the Responsible Person of the Issuer executing the Notes.

 

(b)           Incorporation
by Reference. Each Note will be dated the date of its authentication. The terms of the Notes in Exhibit A are part of this Indenture
and are incorporated into this Indenture by reference.

 

Section 2.2.         Execution,
Authentication and Delivery.

 

(a)           Execution.
A Responsible Person of the Issuer will execute the Notes for the Issuer. The signature of the Responsible Person on the Notes may be
manual or facsimile. Notes having the manual or facsimile signature of an individual who was a Responsible Person of the Issuer will
bind the Issuer, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Notes or
was not a Responsible Person on the issuance date of the Notes.

 

(b)           Authentication
and Delivery. The Indenture Trustee will, on Issuer Order, authenticate and deliver the Notes for original issue in the Classes,
Note Interest Rates and initial

 

    	 	2	 

     

    

  

Note Balances as stated below (except that the Note Interest Rate for
any Floating Rate Notes will not be less than 0.00%).

 

	Class	Note Interest
    Rate	Initial Note Balance
	Class A-1 Notes	%	$[_____]
	Class A-2[a] Notes	%	$[_____]
	[Class A-2b Notes	30-day average
    SOFR + ___%]	$[_____]
	Class A-3 Notes	%	$[_____]
	Class A-4 Notes	%	$[_____]
	Class B Notes	%	$[_____]
	Class C Notes	%	$[_____]
	[Class D Notes	%]	$[_____]
	 	 	 	 

(c)           Denomination.
The Notes will initially be issued as Book-Entry Notes. The Notes[, except for the Rule 144A Notes,] will be issued in minimum denominations
of $1,000 and in multiples of $1,000. [The Rule 144A Notes will be issued in minimum denominations of $100,000 and in multiples
of $1,000 in excess of $100,000.] However, one Note of each Class may be issued in a different amount if it exceeds the minimum
denomination for the Class.

 

(d)           Certificate
of Authentication. No Note will have the benefit of this Indenture or be valid unless it has a certificate of authentication substantially
in the form included in Exhibit A manually executed by a Responsible Person of the Indenture Trustee. The certificate of authentication
on a Note will be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.

 

Section 2.3.         Tax
Treatment. The Issuer intends that Notes owned or beneficially owned by a Person other than Ford Credit or its Affiliates will be
indebtedness of the Issuer for U.S. federal, State and local income and franchise tax purposes. The Issuer, 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),
agree to treat the Notes for U.S. federal, State and local income and franchise tax purposes as indebtedness of the Issuer.

 

Section 2.4.         Note
Register. The Issuer appoints the Indenture Trustee to be the "Note Registrar" and to keep a register (the "Note
Register") for the purpose of registering Notes and transfers and exchanges of Notes. On resignation of the Note Registrar,
the Issuer will promptly appoint a successor or, if it elects not to make the appointment, assume the obligations of Note Registrar.
If the Issuer appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Issuer will notify the Indenture Trustee
of the appointment and (ii) the Indenture Trustee will have the right to rely on a certificate executed by an officer of the Note
Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes. Each of the Indenture
Trustee (if it is not the Note Registrar), the Issuer and the Administrator will have the right to inspect the Note Register at reasonable
times and to receive copies of the Note Register.

 

    	 	3	 

     

    

  

Section 2.5.         Registration
of Transfer and Exchange.

  

(a)          Transfer
of Notes. A Noteholder may transfer a Note by surrendering the Note for registration of transfer at the office or agency of the Issuer
maintained under Section 3.2. If the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute and
the Indenture Trustee will authenticate and deliver to the Noteholder, in the name of the transferee or transferees, new Notes of the
same Class, in the same principal amount.

 

(b)          Exchange
of Notes. A Noteholder may exchange Notes for other Notes of the same Class by surrendering the Notes to be exchanged at the
office or agency of the Issuer maintained under Section 3.2. If the requirements of Section 8-401(a) of the UCC are met,
the Issuer will execute, the Indenture Trustee will authenticate and the Noteholder will receive from the Indenture Trustee new Notes
of the same Class, in the same principal amount.

 

(c)          Valid
Obligation. Notes issued on the registration of transfer or exchange of Notes will be the valid obligations of the Issuer, evidencing
the same debt, and have the same benefits under this Indenture as the Notes surrendered for registration of transfer or exchange.

 

(d)          Surrendered
Notes. Every Note surrendered for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Note Registrar or the Indenture Trustee duly executed by, the Noteholder of the Note
or the Noteholder's authorized attorney, with the signature guaranteed by an "eligible guarantor institution" meeting the requirements
of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another "signature
guarantee program", according to the Exchange Act and (ii) accompanied by other documents the Indenture Trustee may require.

 

(e)           No
Service Charge. None of the Issuer, the Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for
the registration of transfer or exchange of Notes. The Issuer, the Note Registrar or the Indenture Trustee may require the Noteholder
to pay an amount to cover taxes or other governmental charges that may be imposed for the registration of transfer or exchange of the
Notes.

 

(f)            Registration
of Transfers and Exchanges. The Note Register will register transfers and exchanges of Notes in the Note Register. However, neither
the Issuer nor the Note Registrar will be required to register transfers or exchanges of Notes for which the next Payment Date is not
more than 15 days after the requested date of transfer or exchange or which have been called for redemption.

 

(g)           ERISA
Representations. Each Note Owner that is subject to Title I of ERISA, Section 4975 of the Code or Similar Law, by accepting
an interest or participation in a Note, is deemed to represent that its purchase, holding and disposition of that interest or participation
is not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code or a violation
of any Similar Law, as applicable.

 

    	 	4	 

     

    

 

Section 2.6.         [Rule 144A
Notes].

 

(a)            [Rule 144A
Notes Not Registered. The Rule 144A Notes have not been registered under the Securities Act or any State securities laws. None
of the Issuer, the Note Registrar or the Indenture Trustee is obligated to register the Rule 144A Notes under the Securities Act
or any State securities or "blue sky" laws or to take other action not required under this Indenture or the Trust Agreement
to permit the transfer of a Rule 144A Note without registration. The Issuer, at the direction of the Depositor or the Administrator,
may elect to register, or cause the registration of, the Rule 144A Notes under the Securities Act and applicable State securities
laws. In this case, the Issuer will deliver, or cause to be delivered, to the Indenture Trustee and the Note Registrar the Opinions of
Counsel, Officer's Certificates and other information necessary to effect the registration.

 

(b)           Restrictions
on Transfer. Until the Rule 144A Notes have been registered under the Securities Act and any applicable State securities laws
under Section 2.6(a), no Rule 144A Note may be sold, transferred, assigned, participated, pledged or disposed of (each, a "Rule 144A
Note Transfer") except according to this Section 2.6, and a Rule 144A Note Transfer in violation of this Section 2.6
will be null and void (a "Void Rule 144A Note Transfer"). Notwithstanding any other provision of this Indenture,
no Rule 144A Note Transfer may be made by the Depositor or its Affiliates unless the Depositor delivers an Opinion of Counsel to
the Indenture Trustee and the Issuer stating that the transfer will not (A) cause any other Note to be deemed sold or exchanged
for purposes of Section 1001 of the Code, (B) cause the Issuer or a Titling Company to be treated as an association or publicly
traded partnership taxable as a corporation for U.S. federal income tax purposes or (C) adversely affect the treatment of any other
Notes as debt for U.S. federal income tax purposes.

 

(c)           Note
Legend and Transferee Representation. Each Rule 144A Note will bear the applicable legend in Exhibit A. As a condition
to the registration of a Rule 144A Note Transfer, the prospective transferee of the Rule 144A Note will be deemed to represent
to the Indenture Trustee, the Note Registrar and the Issuer the following:

 

(i)             It
understands that the Rule 144A Notes have not been registered under the Securities Act or any State securities or "blue sky"
laws.

 

(ii)            It
understands that Rule 144A Note Transfers are only permitted if made in compliance with the Securities Act and other applicable
laws and only to a person who the holder reasonably believes is a "qualified institutional buyer" within the meaning of Rule 144A
(a "QIB").

 

(iii)           It
(A) is a QIB, (B) is aware that the sale to it is being made under Rule 144A and if it is acquiring the Rule 144A
Notes or an interest or participation in the Rule 144A Notes for the account of another QIB, that other QIB is aware that the sale
is being made under Rule 144A and (C) is acquiring the Rule 144A Notes or an interest or participation in the Rule 144A
Notes for its own account or for the account of another QIB.

 

    	 	5	 

     

    

 

(iv)           It
is purchasing the Rule 144A Notes for its own account or for one or more investor accounts for which it is acting as fiduciary or
agent, in each case for investment, and not with a view to offer, transfer, assign, participate, pledge or dispose of the Rule 144A
Notes for a distribution that would violate the Securities Act.

  

(d)          Rule 144A
Noteholder Agreement. By acceptance of a Rule 144A Note, the Rule 144A Noteholder agrees with and represents to the Depositor,
the Issuer and the Note Registrar, that no Rule 144A Note Transfer will be made unless (i) the registration requirements of
the Securities Act and applicable State securities laws have been complied with for the Rule 144A Note according to Section 2.6(a),
(ii) the Rule 144A Note Transfer is to the Depositor or its Affiliates or (iii) the Rule 144A Note Transfer is exempt
from the registration requirements under the Securities Act because the Rule 144A Note Transfer is in compliance with Rule 144A,
to a transferee who the transferor reasonably believes is a QIB that is purchasing for its own account or for the account of a QIB and
to whom notice is given that the Rule 144A Note Transfer is being made under Rule 144A.

 

(e)           Rule 144A
Information. The Administrator will make available to the prospective transferor and transferee of a Rule 144A Note information
requested to satisfy the requirements of paragraph (d)(4) of Rule 144A (the "Rule 144A Information").
The Rule 144A Information will include any of the following items requested by the prospective transferee:

 

(i)             the
offering memorandum, if any, relating to the Rule 144A Notes and any amendments or supplements to the offering memorandum;

 

(ii)            the
Monthly Investor Report for each Payment Date before the request;

 

(iii)           copies
of the Transaction Documents, including any amendments; and

 

(iv)      
     any other information reasonably available to the Administrator that may be considered Rule 144A
Information.]

 

Section 2.7.         Mutilated,
Destroyed, Lost or Stolen Notes.

 

(a)          Replacement
Notes. If a mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence of the destruction,
loss or theft of a Note, the Issuer will execute and, on Issuer Request, the Indenture Trustee will authenticate and deliver a replacement
Note of the same Class and principal amount in exchange for or in place of the Note if the following conditions are met: (i) the
Indenture Trustee receives security or indemnity to hold the Issuer and the Indenture Trustee harmless, (ii) none of the Issuer,
the Note Registrar or the Indenture Trustee have received notice that the Note has been acquired by a protected purchaser, as defined
in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met. However, if a destroyed, lost
or stolen Note (but not a mutilated Note) is due and payable within 15 days or has been called for redemption, instead of issuing a replacement
Note, the Issuer may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the
Note. If a protected purchaser of the original Note in place of which the replacement Note was issued (or the payment made) presents
for payment the original Note, the Issuer and the Indenture Trustee may recover the replacement Note (or the payment) from the Person
to whom it was delivered or a Person taking the replacement Note (or

 

    	 	6	 

     

    

  

the payment) from the Person to whom the replacement Note (or the payment)
was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or indemnity provided for
the replacement Note (or the payment) for any fee, expense, loss, damage or liability incurred by the Issuer or the Indenture Trustee
for the replacement Note (or the payment).

  

(b)          Taxes,
Charges and Expenses. On the issuance of a replacement Note under Section 2.7(a), (i) the Issuer may require the Noteholder
of the Note to pay an amount to cover any taxes or other governmental charges imposed and any other reasonable expenses incurred for
the replacement Note, (ii) the Indenture Trustee will, for a mutilated Note, cancel the Note and (iii) the Note Registrar will
record in the Note Register that the destroyed, lost or stolen Note no longer has the benefits of this Indenture.

 

(c)          Additional
Obligation. Each replacement Note issued under Section 2.7(a) will be an original additional contractual obligation of
the Issuer and have the benefits of this Indenture equally and proportionately with other Notes of the same Class duly issued under
this Indenture.

 

(d)          Sole
Remedy. This Section 2.7 states the sole remedy available to Noteholders for the replacement or payment of mutilated, destroyed,
lost or stolen Notes.

 

Section 2.8.         Persons
Deemed Owners. On any date, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the
Person in whose name a Note is registered as of that date as the owner of the Note for all purposes, including receiving payments of
principal of and interest on the Note, without regard to any notice or other information to the contrary.

 

Section 2.9.         Payments
on Notes.

 

(a)          Interest
Accrual. Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been
paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period. Interest on the Class A-1 [and Class A-2b]
Notes will be calculated for each Interest Period on the basis of the actual number of days in the Interest Period and a 360-day year.
Interest on the Notes (other than the Class A-1 [and Class A-2b] Notes) for each Interest Period will be calculated on the
basis of a 360-day year consisting of twelve 30-day months. Interest on each Note for each Interest Period will be due and payable on
the related Payment Date.

 

(b)          Principal.
The principal of each Class of Notes will be payable in installments on each Payment Date according to Article VIII. The Note
Balance of each Class of Notes will be due and payable on the earlier of the Redemption Date and its Final Scheduled Payment Date.
The Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have automatically
become, immediately due and payable according to Section 5.2(a).

 

(c)         Monthly
Payment of Interest and Principal. Payments of interest and principal on each Class of Notes will be made pro rata to the Registered
Noteholders of that Class on each Payment Date. For Book-Entry Notes, payments will be made by wire transfer to the account

 

    	 	7	 

     

    

  

designated by the nominee of the Clearing Agency according to Section 2.12.
For Definitive Notes, payments will be made (i) if the Noteholder has given to the Note Registrar instructions at least five Business
Days before that Payment Date and the aggregate original principal amount of the Noteholder's Notes is at least $1,000,000, by wire transfer
to the account of the Registered Noteholder or (ii) by check mailed first class mail, postage prepaid, to the Registered Noteholder's
address as it appears on the Note Register on the related Record Date. Amounts paid by wire transfers or checks that is returned undelivered
will be held according to Section 3.3.

  

(d)          Payment
of Final Installment. The final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date,
the Redemption Date or the Final Scheduled Payment Date will be payable only on presentation and surrender of the Note, subject to Section 2.7(a).
The Indenture Trustee will notify each Registered Noteholder of the date the Issuer expects to pay the final installment on any of the
Notes, which notice will be delivered no later than five days before that date, and the place where the Notes may be presented and surrendered
for payment.

 

Section 2.10.      Cancellation
of Notes. Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will deliver
the Note to the Indenture Trustee and the Indenture Trustee will promptly cancel it. The Issuer may surrender to the Indenture Trustee
for cancellation Notes previously authenticated and delivered under this Indenture which the Issuer may have acquired, and the Indenture
Trustee will promptly cancel them. No Notes will be authenticated in place of or in exchange for Notes cancelled as stated in this Section 2.10.
The Indenture Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless the Issuer
directs, by Issuer Order, that they be destroyed or returned to it.

 

Section 2.11.      Release
of Collateral. The Indenture Trustee will release property from the Lien of this Indenture only according to Sections 8.4 and 10.1.

 

Section 2.12.      Book-Entry
Notes.

 

(a)          Issuance
and Registration. The Notes will be issued as Book-Entry Notes on the Closing Date. The Book-Entry Notes, on original issuance, will
be issued in the form of printed Notes representing the Book-Entry Notes and delivered to The Depository Trust Company, the initial Clearing
Agency, by, or on behalf of, the Issuer. The Book-Entry Notes will be registered initially on the Note Register in the name of Cede &
Co., the nominee of the initial Clearing Agency.

 

(b)          Sole
Noteholder. The Note Registrar and the Indenture Trustee may deal with the Clearing Agency as the sole Noteholder of the Book-Entry
Notes for all purposes of this Indenture and will not be obligated to the Note Owners, except as stated in Section 7.2.

 

(c)          Rights.
The rights of Note Owners may be exercised only through the Clearing Agency and will be limited to those established by law and agreements
between the Note Owners and the Clearing Agency and/or its participants under the Depository Agreement.

 

    	 	8	 

     

    

 

(d)          Clearing
Agency Obligations. The Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of
principal of and interest on the Book-Entry Notes to the participants.

  

(e)      
     Representation of Noteholders. If this Indenture requires or
permits actions to be taken based on instructions or directions of the Noteholders of a stated percentage of the Note Balance of the
Notes (or the Controlling Class), the Clearing Agency will be deemed to represent those Noteholders only if it has received
instructions to that effect from Note Owners and/or the Clearing Agency's participants owning or representing, the required
percentage of the beneficial interest of the Notes (or the Controlling Class) and has delivered the instructions to the Indenture
Trustee.

 

(f)           Conflicts.
If this Section 2.12 conflicts with other terms of this Indenture, this Section 2.12 will control.

 

Section 2.13.      Definitive
Notes. No Note Owner will receive a definitive, fully registered Note (a "Definitive Note") representing the Note
Owner's interest in the Note unless and until (a) the Administrator notifies the Indenture Trustee that the Clearing Agency is no
longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the Administrator is unable
to reach an agreement on satisfactory terms with a qualified successor, (b) the Administrator notifies the Indenture Trustee that
it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence and during the continuation
of an Event of Default or a Reference Pool Servicer Termination Event for the 20__-__ Reference Pool, Note Owners of a majority of the
Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to terminate the book-entry
system through the Clearing Agency. In these cases, the Clearing Agency will notify Note Owners and the Indenture Trustee of the availability
of Definitive Notes. After the Clearing Agency has surrendered the printed Notes representing the Book-Entry Notes and delivered the
registration instructions to the Indenture Trustee, the Issuer will execute and the Indenture Trustee, on Issuer Request, will authenticate
the Definitive Notes according to the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee
will be liable for delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions.
On the issuance of Definitive Notes to Note Owners, the Indenture Trustee will recognize the holders of the Definitive Notes as Noteholders.

 

Section 2.14.      Authenticating
Agents.

 

(a)          Appointment.
The Indenture Trustee may appoint one or more Persons as authenticating agents for the Notes (each, an "Authenticating Agent")
with the power to act on its behalf and subject to its direction in the authentication of Notes for issuances, transfers, exchanges and
replacements. The authentication of Notes by an Authenticating Agent under this Section 2.14 is deemed to be the authentication
of Notes "by the Indenture Trustee." If no Authenticating Agent is appointed, the Indenture Trustee will be the Authenticating
Agent for the Notes.

 

    	 	9	 

     

    

  

(b)          Resignation
and Termination. An Authenticating Agent may resign by notifying the Indenture Trustee and the Owner Trustee. The Indenture Trustee
may terminate the agency of an Authenticating Agent by notifying the Authenticating Agent and the Owner Trustee.

  

Section 2.15.      Note
Paying Agents.

 

(a)          Appointment.
The Indenture Trustee may appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee in Section 6.11(a).
If no Note Paying Agent is appointed, then the Indenture Trustee will be the Note Paying Agent for the Notes. Each Note Paying Agent
will have the power to make distributions from the Bank Accounts.

 

(b)          Resignation
and Termination. A Note Paying Agent may resign by notifying the Indenture Trustee, the Administrator and the Issuer. The Indenture
Trustee may terminate the agency of a Note Paying Agent by notifying the Note Paying Agent, the Administrator and the Issuer.

 

ARTICLE III

COVENANTS, REPRESENTATIONS AND WARRANTIES

 

Section 3.1.         Payment
of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes according to the Notes
and this Indenture. Amounts withheld under the Code or State or local tax law by any Person from a payment to a Noteholder will be considered
as having been paid by the Issuer to the Noteholder.

 

Section 3.2.    
      Maintenance of Office or Agency. The Issuer will maintain an
office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer or
exchange, and where notices to and demands on the Issuer for the Notes and this Indenture may be served. The Issuer initially
appoints the Indenture Trustee to serve as its agent for those purposes. The Issuer will promptly notify the Indenture Trustee of a
change in the location of the office or agency. If the Issuer fails to maintain the office or agency or fails to furnish the
Indenture Trustee with the address of the office or agency, any surrender, notices and demands may be made or served at the
Corporate Trust Office, and the Issuer appoints the Indenture Trustee as its agent to receive them.

 

Section 3.3.         Money
for Payments To Be Held in Trust.

 

(a)          Payments
on the Notes. Payments on the Notes that are to be made from amounts withdrawn from the Bank Accounts will be made on behalf of the
Issuer by the Indenture Trustee or a Note Paying Agent. No amounts withdrawn for payments on the Notes may be paid over to the Issuer,
except as stated in this Section 3.3.

 

(b)         Agreement
by Note Paying Agent. The Indenture Trustee will, and will cause each Note Paying Agent to, execute and deliver to the Indenture
Trustee, an instrument in which the Note Paying Agent agrees with the Indenture Trustee to:

  

    	 	10	 

     

    

 

(i)             hold
funds held by it for the payment of amounts due on the Notes in trust for the benefit of the Persons entitled to that money and pay it
to those Persons under this Indenture;

  

(ii)            notify
the Indenture Trustee of a default by the Issuer of which it has actual knowledge in the making of a required payment on the Notes;

 

(iii)           during
the continuance of a default, on the request of the Indenture Trustee, immediately pay to the Indenture Trustee money held by it in trust;

 

(iv)           immediately
resign as a Note Paying Agent and immediately pay to the Indenture Trustee amounts held by it in trust if it ceases to meet the eligibility
standards in Section 6.11 for the Indenture Trustee; and

 

(v)            comply
with all requirements of law for withholding and reporting requirements for payments on the Notes.

 

(c)          Payment
Direction. The Issuer may by Issuer Order, direct a Note Paying Agent to pay to the Indenture Trustee money held in trust by the
Note Paying Agent, which money will be held by the Indenture Trustee on the same terms as the Note Paying Agent. On a Note Paying Agent's
payment of money held in trust to the Indenture Trustee, the Note Paying Agent will be released from liability for such amounts.

 

(d)          Unclaimed
Money. Subject to applicable law, money held by the Indenture Trustee or a Note Paying Agent in trust under this Section 3.3
which remains unclaimed for two years after it became due and payable will be discharged from the trust and paid to the Issuer on Issuer
Request. After discharge and payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Issuer for
payment of the amount due and unclaimed, and the Indenture Trustee or the Note Paying Agent will be released from liability for such
amounts. However, the Indenture Trustee or the Note Paying Agent, before making the payment, will publish once, at the expense and direction
of the Issuer, in a newspaper customarily published on each Business Day in the English language and of general circulation in The City
of New York, notice that the money remains unclaimed and that after a date stated in the notice, which must be at least 30 days from
the date of publication, any unclaimed balance of the money then remaining will be paid to the Issuer. The Indenture Trustee will also
use other reasonable means to notify the Noteholders of unclaimed payments.

 

Section 3.4.         Existence.
The Issuer will maintain its existence as a statutory trust under the Delaware Statutory Trust Act and will obtain and maintain its qualification
in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability of this Indenture,
the Notes and the Collateral.

 

Section 3.5.         Protection
of Collateral.

 

(a)          Amendments
and Financing Statements. The Issuer will (i) execute and deliver amendments to this Indenture and other documents, (ii) file
or authorize and cause to be filed financing statements and amendments and continuations of those financing statements and (iii) take
other action necessary or advisable to:

 

    	 	11	 

     

    

 

(A)            maintain
or preserve the Lien and security interest (and the priority of the security interest) of this Indenture;

 

(B)            perfect,
maintain perfection, publish notice of or protect the validity of a Grant made or to be made by this Indenture;

 

(C)            enforce
the Collateral; or

 

(D)            maintain
and defend title to the Collateral and the rights of the Indenture Trustee and the Secured Parties in the Collateral against the claims
of all Persons, subject to Permitted Liens and the Transaction Documents.

 

(b)            Authorization
to File. The Issuer authorizes the Administrator 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 Administrator or the Indenture Trustee may reasonably determine
necessary or advisable to perfect the Indenture Trustee's interest in the Collateral. The financing and continuation statements may describe
the Collateral as the Administrator or the Indenture Trustee may reasonably determine necessary or advisable to perfect the Indenture
Trustee's interest in the Collateral (including describing the Collateral as "all assets" of the Issuer "now owned or
later acquired" or words to that effect). The Administrator or the Indenture Trustee will promptly deliver to the Issuer file-stamped
copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

 

(c)            Indenture
Trustee Not Obligated. The Indenture Trustee is not obligated to (i) make a determination of whether filing financing or continuation
statements, or amendments to the statements, is required or (ii) file any financing or continuation statements, or amendments to
the statements, and will not be liable for failure to do so.

 

Section 3.6.           Performance
of Obligations.

 

(a)            Performance
of Obligations. The Issuer will perform all of its obligations under the Transaction Documents and documents included in the Collateral.

 

(b)            Subcontracting.
The Issuer may contract with other Persons to assist it in performing its obligations under this Indenture. Initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in performing its obligations under this Indenture.

 

(c)            Reference
Pool Servicer Termination Event. If the Issuer has knowledge of a Reference Pool Servicer Termination Event for the 20__-__ Reference
Pool, the Issuer will notify the Indenture Trustee and the Rating Agencies of the event and any action the Issuer is taking to correct
the situation. If a Reference Pool Servicer Termination Event results from the failure of the Servicer to perform its obligations under
the Servicing Supplement and the Servicing Agreement, the Issuer will take reasonable steps available to cause the Servicer to correct
the failure. If (i) a Reference Pool Servicer Termination Event for the 20__-__ Reference Pool occurs according to Section 7.3(a) of
the Servicing Agreement, (ii) the Servicer is removed for the 20__-__ Reference Pool according to Section 7.3(c) of the
Servicing Agreement or (iii) a

 

    12

    

    

 

Successor Servicer is appointed according to Section 7.5(b) of
the Servicing Agreement, the Issuer will, in each case, promptly notify the Rating Agencies, Indenture Trustee and the Asset Representations
Reviewer.

 

Section 3.7.           Negative
Covenants. So long as Notes are Outstanding, the Issuer will not, except as permitted in the Transaction Documents:

 

(a)            Dispose
of Collateral. Sell, transfer, exchange or dispose of the Collateral unless directed to do so by the Indenture Trustee;

 

(b)            No
Release of Material Obligations. Take action, and will use its commercially reasonable efforts to prevent any action from being taken
by others, that would release any Person from any material obligation under a document included in the Collateral or that would impair
the validity or enforceability of the Collateral or a document included in the Collateral;

 

(c)            Set-off.
Claim a credit on, or make a deduction from the payments of principal or interest on, the Notes (other than amounts withheld from payments
under applicable law) or assert a claim against a Noteholder by reason of the payment of the taxes levied or assessed on the Issuer or
the Collateral;

 

(d)            Dissolve
or Liquidate. Dissolve or liquidate;

 

(e)            Liens.
Permit (i) the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, subordinated,
terminated or discharged, or permit a Person to be released from obligations under this Indenture except in each case as permitted by
this Indenture, (ii) any Lien, other than Permitted Liens, to be created on or extend to the Collateral or (iii) the Lien of
this Indenture not to be a valid first priority security interest in the Collateral, other than Permitted Liens; or

 

(f)             Modification
of Collateral or Transaction Documents. Amend, modify, waive, terminate or surrender any Collateral or any Transaction Document without
the consent of the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Notes and notifying the Rating Agencies.

 

Section 3.8.           Opinions
on Collateral.

 

(a)            Opinion
on Recording. If this Indenture is subject to recording, the Issuer, at its expense, will record it and deliver an Opinion of Counsel
to the Indenture Trustee stating that the recording is necessary either for the protection of the Secured Parties or for the enforcement
of a right or remedy Granted to the Indenture Trustee under this Indenture.

 

(b)           Opinion
on Perfection. On the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture
and all financing statements have been properly recorded or filed to perfect the Lien created by this Indenture, or stating that in the
opinion of that counsel no action is necessary to perfect the Lien.

 

(c)            Annual
Opinion. On or before April 30 of each year, starting in the year after the Closing Date, the Issuer will furnish to the Indenture
Trustee an Opinion of Counsel either (i)

 

    13

    

    

 

stating that, in the opinion of that counsel, all action has been taken
for the recording, filing, re-recording and refiling of this Indenture and all financing statements and continuation statements to maintain
the Lien of this Indenture or (ii) stating that in the opinion of that counsel no action is necessary to maintain the Lien.

 

Section 3.9.           Annual
Certificate of Compliance. The Issuer will deliver to the Indenture Trustee within 90 days after the end of each year, starting in
the year after the Closing Date, an Officer's Certificate signed by a Responsible Person of the Issuer, stating that (a) a review
of the Issuer's activities and of its performance under this Indenture during the prior year has been made under a Responsible Person's
supervision and (b) to the Responsible Person's knowledge, based on the review, the Issuer has fulfilled in all material respects
its obligations under this Indenture throughout the prior year or, if there has been a failure to fulfill an obligation in any material
respect, stating each failure known to the Responsible Person and the nature and status of the failure. A copy of the Officer's Certificate
may be obtained by any Noteholder or Person certifying it is a Note Owner by request to the Indenture Trustee at its Corporate Trust
Office. The Issuer's obligation to deliver an Officer's Certificate under this Section 3.9 will terminate on the payment in full
of the Notes.

 

Section 3.10.        Merger
and Consolidation; Transfer of Assets. The Issuer will not merge or consolidate with or into any other Person or transfer all or
substantially all of its assets, unless:

 

(a)            Surviving
Person. The Person (if other than the Issuer) formed by or surviving the merger or consolidation, or that acquires those assets,
(i) is organized and existing under the laws of the United States or any State and (ii) assumes, by an indenture supplemental
to this Indenture (unless the assumption happens by operation of law), executed and delivered to the Indenture Trustee, in form reasonably
satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on the Notes and the performance
of the other obligations under this Indenture and the other Transaction Documents to be performed by the Issuer;

 

(b)            Subordination.
For a transfer of the assets included in the Collateral, the Person who acquires those assets agrees by means of the supplemental indenture
executed and delivered to the Indenture Trustee that (i) all right, title and interest transferred will be subject and subordinate
to the rights of the Noteholders, (ii) unless stated in the supplemental indenture, that Person will indemnify the Issuer for fees,
expenses, losses, damages and liabilities (including fees and expenses of defending itself against any loss, damage or liability) related
to this Indenture and the Notes and (iii) that Person will make all necessary filings, including filings with the Securities and
Exchange Commission required by the Exchange Act for the Notes;

 

(c)            No
Default or Event of Default. Immediately after giving effect to the merger, consolidation or transfer, no Default or Event of Default
will have occurred and be continuing;

 

(d)            Rating
Agency Condition. The Rating Agency Condition has been satisfied for the merger, consolidation or transfer;

 

(e)            Opinion.
The Issuer has received an Opinion of Counsel (with a copy to the Indenture Trustee) stating that the merger, consolidation or transfer
will not (i) cause any

 

    14

    

    

 

security issued by the Issuer to be deemed sold or exchanged for purposes
of Section 1001 of the Code, (ii) cause the Issuer or a Titling Company to be treated as an association or publicly traded
partnership taxable as a corporation for U.S. federal income tax purposes or (iii) adversely affect the treatment of the Notes as
debt for U.S. federal income tax purposes;

 

(f)              Actions.
Any action necessary to maintain the Lien and security interest Granted by this Indenture has been taken; and

 

(g)            Conditions.
The Issuer has delivered to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee an Officer's Certificate and an
Opinion of Counsel each stating that the merger, consolidation or transfer and the supplemental indenture comply with this Section 3.10
and that all the conditions in this Indenture for the merger, consolidation or transfer have been satisfied.

 

Section 3.11.        Successor
or Transferee. On a merger or consolidation of the Issuer or a transfer under Section 3.10, (a) the Person formed by or
surviving the merger or consolidation (if other than the Issuer) will succeed to, and be substituted for, and may exercise the rights
and powers of, the Issuer under this Indenture with the same effect as if that Person had been named as the Issuer in this Indenture
and (b) for a transfer of the assets of the Issuer under Section 3.10, the predecessor Issuer will be released from its obligations
under this Indenture to be performed by the successor Issuer for the Notes immediately on receipt of notice by the Indenture Trustee
stating that the Issuer is to be released.

 

Section 3.12.        No
Other Activities. The Issuer will not engage in activities other than financing, acquiring, owning and pledging the Trust Property
as described in the Transaction Documents and activities incidental to those activities.

 

Section 3.13.        Further
Acts and Documents. On request of the Indenture Trustee, the Issuer will take action and execute and deliver additional documents
reasonably required to perform and carry out the purposes of this Indenture.

 

Section 3.14.        Restricted
Payments.

 

(a)            No
Set-off. The Issuer will not, directly or indirectly, (i) make payments (by reduction of capital or otherwise) to the Owner
Trustee, the Delaware Trustee or the holder of the Residual Interest, (ii) redeem, purchase, retire or acquire for value an ownership
interest in the Issuer or (iii) set aside or segregate amounts for those purposes, except as permitted under this Indenture and
the other Transaction Documents.

 

(b)            No
Other Payments. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except
according to the Transaction Documents.

 

Section 3.15.        Notice
of Events of Default. The Issuer will notify the Indenture Trustee, the Servicer and the Rating Agencies as soon as practicable and
within five Business Days after a Responsible Person of the Issuer has knowledge of an Event of Default.

 

Section 3.16.        Review
of Issuer's Records. The Issuer will maintain records and documents relating to its performance under this Indenture according to
its customary business

 

    15

    

    

 

practices. On reasonable request not more than once during any year, the
Issuer will give the Indenture Trustee (or its representatives) access to the records and documents to conduct a review of the Issuer's
performance under this Indenture. Any access or review will be conducted at the Issuer's offices during its normal business hours at
a time reasonably convenient to the Issuer and in a manner that will minimize disruption to its business operations. Any access or review
will be subject to the Issuer's confidentiality and privacy policies.

 

Section 3.17.        Issuer's
Representations and Warranties. The Issuer represents and warrants to the Indenture Trustee 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.

 

(b)            Power,
Authority and Enforceability. The Issuer has the power and authority to execute, deliver and perform its obligations under the Transaction
Documents to which it is a party. The Issuer has authorized the execution, delivery and performance of the Transaction Documents to which
it is a party. The Transaction Documents to which it is a party are the legal, valid and binding obligation of the Issuer 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 contemplated by the Transaction Documents to which it is a party and
the performance of its obligations under such documents 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 this 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 the Transaction
Documents to which it is a party.

 

(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 Issuer or its
properties (i) asserting the invalidity of the Transaction Documents or the Notes, (ii) seeking to prevent the issuance of
the Notes or the completion of the transactions contemplated by the Transaction Documents, (iii) seeking any 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, the Transaction Documents or the Notes or (iv) relating to the Issuer 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 the

 

    16

    

    

 

proceedings that, to the Issuer's knowledge, 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.

 

(e)            No
Investment Company. The Issuer is not an "investment company" as defined in the Investment Company Act. In making this
determination, the Issuer is relying on the exemption in [Rule 3a-7] of the Investment Company Act, although other exclusions or
exemptions may also be available to the Issuer.

 

(f)            Volcker
Rule. The Issuer is structured not to be a "covered fund" under the regulations adopted to implement Section 619 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule."

 

Section 3.18.        Issuer's
Representations and Warranties About Security Interest. The Issuer represents and warrants to the Indenture Trustee as of the Closing
Date, which representations and warranties will survive the termination of this Indenture and may not be waived by the Indenture Trustee:

 

(a)            Valid
Security Interest. This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral
in favor of the Indenture Trustee which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors
of and purchasers from the Issuer.

 

(b)            Type.
The Collateral (other than those Permitted Investments which have been credited to a Securities Account) is "certificated securities,"
 "instruments" or "general intangibles" within the meaning of the applicable UCC.

 

(c)            Good
Title. The Issuer owns and has good and marketable title to the Collateral free and clear of any Lien, other than Permitted Liens.
The executed 20__-__ Exchange Note has been delivered to the Indenture Trustee. The 20__-__ Exchange Note either (i) has been indorsed,
by an effective indorsement, to the Indenture Trustee or in blank or (ii) has been registered in the name of the Indenture Trustee.
The Issuer has received all consents and approvals required by the terms of the Collateral to Grant to the Indenture Trustee all of its
right, title and interest in the Collateral, except if a requirement for consent or approval is made ineffective under the applicable
UCC.

 

(d)            Filing
Financing Statements. The Issuer has caused, or will cause within ten days after the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law to perfect the security interest
Granted in the Collateral to the Indenture Trustee under this Indenture. All financing statements filed or to be filed against the Issuer
in favor of the Indenture Trustee under this Indenture describing the Collateral will contain the following statement: "A purchase
of or grant of a security interest in collateral described in this financing statement will violate the rights of the Secured Parties.
 "

 

(e)            No
Other Sale, Grant or Financing Statements. Other than the security interest Granted to the Indenture Trustee under this Indenture,
the Issuer has not sold or Granted a security interest in any of the Collateral. The Issuer has not authorized the filing of and is not

 

    17

    

    

 

aware of any financing statements against the Issuer that include a description
of collateral covering any of the Collateral, other than financing statements relating to the security interest Granted to the Indenture
Trustee under this Indenture. The Issuer is not aware of any judgment or tax Lien filings against it.

 

(f)            Securities
Account. All Permitted Investments have been and will be credited to a Securities Account. The securities intermediary for each Securities
Account has agreed to treat all assets credited to the Securities Accounts as "financial assets" within the meaning of the
applicable UCC.

 

(g)            Securities
Intermediary Agreement. The Issuer has delivered to the Indenture Trustee a fully executed agreement under which the securities intermediary
has agreed to comply with all instructions originated by the Indenture Trustee relating to the Securities Accounts without further consent
by the Issuer.

 

(h)            Name
of Securities Accounts. The Securities Accounts are not in the name of a Person other than the Issuer or the Indenture Trustee. The
Issuer has not consented to the securities intermediary of a Securities Account complying with entitlement orders of a Person other than
the Indenture Trustee.

 

Section 3.19.        [Calculation
Agent; Benchmark Determination].

 

(a)            [Appointment.
The Issuer agrees that for so long as the Floating Rate Notes are Outstanding and the Benchmark is SOFR there will be an agent appointed
to calculate SOFR for each Interest Period (the "Calculation Agent"). The Issuer appoints ___________________ as Calculation
Agent only for the purposes of obtaining SOFR for each Interest Period and ___________________ accepts the appointment. The Calculation
Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed
by the Issuer, the Issuer will promptly appoint as a replacement Calculation Agent a leading bank with the ability to determine or obtain
SOFR that is not an Affiliate of the Issuer or its Affiliates. The Calculation Agent may not resign without a replacement having been
duly appointed.

 

(b)            Benchmark
Determination. If the Benchmark is SOFR, on each SOFR Determination Date, the Calculation Agent will notify the Servicer, the Issuer
and the Administrator by email of SOFR for the related Interest Period. If the Benchmark is any rate other than SOFR, on each Benchmark
Determination Date, the Issuer will notify the Servicer and the Indenture Trustee by email of the Benchmark for the related Interest
Period. All determinations of the Benchmark by the Calculation Agent or the Issuer, as applicable, in the absence of manifest error,
will be conclusive and binding on the Noteholders.

 

(c)            Effect
of Benchmark Transition Event.

 

(i)               Benchmark
Replacement. If the Issuer determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred
prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the
then-current Benchmark for all purposes

 

    18

    

    

 

relating to the Notes in respect of such determination on such
date and all determinations on all subsequent dates.

 

(ii)              Benchmark
Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Issuer will have the right
to make Benchmark Replacement Conforming Changes from time to time.

 

(iii)             Notice
of Benchmark Replacement and/or Benchmark Replacement Conforming Changes. Promptly following the determination of a Benchmark Replacement
and/or the making of any Benchmark Replacement Conforming Changes, the Issuer will notify the Indenture Trustee and the Servicer, and
will provide to the Servicer the relevant information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment
and any such Benchmark Replacement Conforming Changes for inclusion in the Monthly Investor Report. Notwithstanding anything in this
Indenture or the other Transaction Documents to the contrary, upon the delivery of such notice and the inclusion of such information
in the Monthly Investor Report, this Indenture and/or any other relevant Transaction Document will be deemed to have been amended to
reflect such Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without
further compliance with the provisions of Article IX of this Indenture or the amendment provisions of any other relevant Transaction
Document.

 

(iv)             Decisions
and Determinations. Any determination, decision or election that may be made by the Issuer pursuant to this Section 3.19(c) (or
pursuant to any capitalized term used in this Section 3.19(c) or in any such capitalized term), including any determination
with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision
to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the
Issuer's sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents, will become effective without consent
from any other party. None of the Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the Administrator, the Sponsor,
the Depositor or the Servicer will have any liability for any determination made by or on behalf of the Issuer pursuant to this Section 3.19(c) (or
pursuant to any capitalized term used in this Section 3.19(c) or in any such capitalized term), and each Noteholder and Note
Owner, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against
the Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the Administrator, the Sponsor, the Depositor and the Servicer
relating to any such determinations.]

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 4.1.           Satisfaction
and Discharge of Indenture.

 

(a)            Conditions
to Satisfaction and Discharge. Except as stated in Section 4.1(c), this Indenture will cease to be of further effect for the
Notes if:

 

    19

    

    

 

(i)               either
(A) the Notes that have been authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and
that have been replaced or paid under Section 2.7 and (2) Notes for which payment money has been deposited in trust or segregated
and held in trust by the Issuer and later paid to the Issuer or discharged from the trust under Section 3.3) have been delivered
to the Indenture Trustee for cancellation or (B) the Notes not delivered to the Indenture Trustee for cancellation have become due
and payable and the Issuer has deposited or caused to be deposited with the Indenture Trustee money in trust in an amount sufficient
to pay and discharge the outstanding principal amount of the Notes and interest accrued on the Notes on the Redemption Date;

 

(ii)              the
Issuer has paid or caused to be paid all money payable by it under the Transaction Documents; and

 

(iii)             the
Issuer has delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel meeting the requirements of Section 11.4.

 

(b)            Acknowledgement
of Satisfaction and Discharge. After the satisfaction and discharge of the Indenture under Section 4.1(a), the Indenture Trustee
will (i) by Issuer Order and at the expense of the Issuer, execute documents acknowledging satisfaction and discharge of this Indenture
and (ii) at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate of a Responsible
Person stating that all Noteholders have been paid in full.

 

(c)            Continuing
Rights and Obligations. After the satisfaction and discharge of this Indenture, this Indenture will continue for (i) rights
of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii) the rights
of the Noteholders to receive payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee
and any Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of the Indenture Trustee under this
Indenture and (vi) the rights of the Secured Parties as beneficiaries of this Indenture in the property deposited with the Indenture
Trustee payable to them for a period of two years after the satisfaction and discharge.

 

ARTICLE V

EVENTS OF DEFAULT; REMEDIES

 

Section 5.1.           Events
of Default.

 

(a)            Events
of Default. The occurrence of one of the following events will be an event of default under this Indenture (each, an "Event
of Default"):

 

(i)               the
Issuer fails to pay interest due on a Note of the Controlling Class on any Payment Date, and the failure continues for five days
or more;

 

(ii)              the
Issuer fails to pay the principal of a Note on its Final Scheduled Payment Date;

 

(iii)             the
Issuer fails to observe a material covenant or agreement of the Issuer in this Indenture (other than to pay interest on or principal
of the Notes) or a

 

    20

    

    

 

representation or warranty of the Issuer made in this Indenture
or in an Officer's Certificate or other document delivered under this Indenture is incorrect in any material respect when made and, in
each case, the failure or error continues for at least 60 days after the Issuer receives notice from the Indenture Trustee or the Issuer
and the Indenture Trustee receive notice from the Noteholders of at least 25% of the Note Balance of the Controlling Class stating
the failure or error, requiring it to be corrected and stating that the notice is a "Notice of Default"; or

 

(iv)            an
Insolvency Event of the Issuer occurs.

 

(b)            Issuer
to Notify. The Issuer will notify the Indenture Trustee within five Business Days after a Responsible Person of the Issuer has knowledge
of the occurrence of a Default under Section 5.1(a)(iii), which notice will describe the Default, the status of the Default and
what action the Issuer is taking to correct the Default. The Issuer will deliver a copy of the notice to each Qualified Institution (if
not the Indenture Trustee) maintaining a Bank Account.

 

(c)            Indenture
Trustee to Notify. The Indenture Trustee will notify the Noteholders within five Business Days after a Responsible Person of the
Indenture Trustee has knowledge of the occurrence of an Event of Default.

 

Section 5.2.           Acceleration
of Maturity; Rescission.

 

(a)            Acceleration.
If an Event of Default occurs and is continuing, the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Controlling
Class may declare the Notes to be accelerated by notifying the Issuer (and the Indenture Trustee if such notice is given by the
Noteholders). On acceleration, the unpaid Note Balance of the Notes, together with accrued and unpaid interest, will become immediately
due and payable. If an Event of Default in Section 5.1(a)(iv) occurs, all unpaid principal of and accrued and unpaid interest
on the Notes, and all other amounts payable under this Indenture, will automatically become immediately due and payable without a declaration
or other act of the Indenture Trustee or a Noteholder. On the declaration of acceleration or automatic acceleration, the Indenture Trustee
will promptly notify each Secured Party and each Qualified Institution (if not the Indenture Trustee) maintaining a Bank Account.

 

(b)            Rescission
of Acceleration. The Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Issuer and the Indenture
Trustee, may rescind a declaration of acceleration before a judgment or decree for payment of the amount due has been obtained by the
Indenture Trustee as stated in this Article V if:

 

(i)               the
Issuer has paid or deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest
on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default giving rise to
the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all
other outstanding fees and expenses of the Issuer; and

 

    21

    

    

 

(ii)              all
Events of Default, other than the non-payment of the principal of the Notes that has become due solely by acceleration, have been corrected
or waived under Section 5.14.

 

Section 5.3.           Collection
of Indebtedness by Indenture Trustee.

 

(a)            Overdue
Amounts. If an Event of Default under Section 5.1(a)(i) or (ii) occurs and is continuing, the Issuer, on demand of
the Indenture Trustee, will pay to the Indenture Trustee for the benefit of the Noteholders, the overdue amount with interest at the
rate of interest then applicable to the Notes.

 

(b)            Collection
Costs. In addition, the Issuer will pay the costs of collection, including all amounts owed to the Indenture Trustee under Section 6.7.

 

(c)            Proceedings.
If the Issuer fails to pay those amounts on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start
a proceeding to collect the money due and unpaid, and may pursue the proceeding to final judgment, and may enforce the judgment against
the Issuer and collect the money due and unpaid in the manner provided by law out of the Collateral.

 

Section 5.4.           Trustee
May File Proofs of Claim.

 

(a)            Proofs
of Claim. If there is a proceeding involving the Issuer under the Bankruptcy Code or another bankruptcy, insolvency or other similar
law, or in case a trustee, liquidator, receiver or similar official has been appointed for or taken possession of the Issuer or its property,
the Indenture Trustee may:

 

(i)               file
a proof of claim for due and unpaid principal of and interest on the Notes and file other proofs of claim or documents necessary or advisable
to have the claims of the Indenture Trustee on behalf of the Secured Parties allowed in the proceedings or in other judicial proceedings
involving the Issuer, its creditors and its property;

 

(ii)              unless
prohibited by applicable law, vote on behalf of the Secured Parties in the election of a trustee, a standby trustee or a Person performing
similar functions in the proceedings; and

 

(iii)             collect
and receive any money or other property payable or deliverable on the claims and pay all amounts received on the claims of the Secured
Parties, including the claims asserted by the Indenture Trustee on their behalf.

 

(b)            Authorization
by Secured Parties. Each Secured Party authorizes a trustee, liquidator, receiver or similar official in a proceeding to make payments
to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly to the Secured Parties, to pay to the Indenture
Trustee the amounts owed to the Indenture Trustee under Section 6.7.

 

(c)            No
Right to Consent or Vote. Except as permitted under Section 5.4(a)(ii), this Indenture (i) does not authorize the Indenture
Trustee to authorize or consent to or vote for or

 

    22

    

    

 

accept or adopt on behalf of a Secured Party a plan of reorganization,
arrangement, adjustment or composition affecting the Notes and (ii) does not limit the rights of a Secured Party to authorize the
Indenture Trustee to vote on the claim of a Secured Party in the proceeding.

 

Section 5.5.           Enforcement
of Claims Without Possession of Notes.

 

(a)            Notes
not Required. The Indenture Trustee may enforce its rights and make claims under this Indenture, or under the Notes, without the
possession of the Notes or the production of the Notes in a proceeding. A proceeding started by the Indenture Trustee will be brought
in its own name as trustee of an express trust, and any recovery of judgment will be for the benefit of the Secured Parties for which
the judgment has been recovered.

 

(b)            Proceeding.
In any proceeding brought by the Indenture Trustee (and any proceeding involving the interpretation of this Indenture to which the Indenture
Trustee is a party), the Indenture Trustee will be held to represent all the Secured Parties, and it will not be necessary to make any
Secured Party, including a Noteholder, a party to the proceeding.

 

Section 5.6.           Remedies;
Priorities.

 

(a)            Remedies.
If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded according
to Section 5.2(b), the Indenture Trustee may do one or more of the following (subject to Section 5.7), and will at the direction
of the Noteholders of a majority of the Note Balance of the Controlling Class:

 

(i)               start
a proceeding 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 on the Notes, enforce any judgment obtained and collect from the Issuer money adjudged due;

 

(ii)              start
a proceeding for the complete or partial foreclosure of this Indenture on the Collateral;

 

(iii)             sell
or liquidate all or any part of the Collateral or rights or interest in the Collateral at one or more public or private sales called
and conducted in any manner permitted by law;

 

(iv)             exercise
any remedies of a secured party under the UCC; and

 

(v)              take
any other action to protect and enforce the rights and remedies of the Indenture Trustee and the Secured Parties.

 

(b)            Notice
of Sale or Liquidation of Collateral. The Indenture Trustee will notify each Secured Party and the Depositor of a sale or liquidation
under Section 5.6(a)(iii) at least 15 days before the sale or liquidation. A Secured Party, the Depositor or the Servicer may
submit a bid during the sale or liquidation.

 

(c)            Limitation
on Collateral Liquidation. The Indenture Trustee may not sell or liquidate the Collateral unless:

 

    23

    

    

 

(i)               the
Event of Default is described in Section 5.1(a)(i) or (ii); or

 

(ii)              the
Event of Default is described in Section 5.1(a)(iii) and:

 

		(A)	the Noteholders representing 100% of the Note Balance of the Notes
                                            consent to the sale or liquidation; or

 

		(B)	the proceeds of the sale or liquidation are expected to be sufficient
                                            to pay in full all amounts owed by the Issuer to the Secured Parties including all principal
                                            of and accrued interest on the Notes;

 

(iii)             the
Event of Default is described in Section 5.1(a)(iv) and:

 

		(A)	the Noteholders representing 100% of the Note Balance of the Controlling
                                            Class consent to the sale or liquidation; or

 

		(B)	the proceeds of the sale or liquidation are expected to be sufficient
                                            to pay in full all amounts owed by the Issuer to the Secured Parties including all principal
                                            of and accrued interest on the Notes; or

 

		(C)	the Indenture Trustee (1) determines that the Collateral will
                                            not continue to provide sufficient money for the payment of all amounts owed to the Secured
                                            Parties, as those payments would have become due if the Notes had not been accelerated and
                                            (2) obtains the consent of the Noteholders of at least 66-2/3% of the Note Balance of
                                            the Controlling Class.

 

In determining whether the condition in clause (ii)(B),
(iii)(B) or (iii)(C) (1) above has been satisfied, the Indenture Trustee may rely on an opinion of a nationally-recognized
Independent investment banking firm or firm of certified public accountants on the expected proceeds or on the sufficiency of the Collateral
for that purpose.

 

(d)            Proceeds
of Collateral. Any money or property collected by the Indenture Trustee after an acceleration of the Notes will be deposited in the
Collection Account for distribution according to Section 8.2(d) on the Payment Date after the Collection Period during which
those amounts are collected. In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default.

 

Section 5.7.           Optional
Preservation of Collateral. If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration
has not been rescinded, the Indenture Trustee may elect to maintain possession of the Collateral. The Indenture Trustee will take into
account that the 20__-__ Collections and other amounts expected to be received on the Collateral must be sufficient to pay the unpaid
principal of and accrued and unpaid interest on the Notes when determining whether or not to maintain possession of part of the Collateral.
In making this determination, the Indenture Trustee may rely on an opinion of a nationally-recognized Independent investment banking
firm or firm of certified public accountants.

 

    24

    

    

 

Section 5.8.           Limitation
on Suits.

 

(a)            Proceedings.
No Noteholder has the right to start a proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other
remedy under this Indenture, unless:

 

(i)               the
Noteholder has notified the Indenture Trustee of a continuing Event of Default;

 

(ii)            
   the Noteholders of at least 25% of the Note Balance of the Controlling Class have
requested the Indenture Trustee to start the proceeding for the Event of Default in its own name as Indenture Trustee under this
Indenture;

 

(iii)          
    the Noteholders have offered reasonable indemnity satisfactory to the Indenture
Trustee against fees, expenses, losses, damages, claims and liabilities that may be incurred by the Indenture Trustee, or its
agents, counsel, accountants and experts, in complying with the request;

 

(iv)             the
Indenture Trustee has failed to start the proceedings for 60 days after it receives the notice, request and offer of indemnity; and

 

(v)              the
Noteholders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee a direction inconsistent
with the request during that 60 day period.

 

(b)            No
Right to Impair. No Noteholder has the right to impair the rights of another Noteholder or to seek or obtain priority or preference
over another Noteholder or to enforce any right under this Indenture, except in the manner stated in this Indenture.

 

(c)            Conflicting
Requests. If the Indenture Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders,
each evidencing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee will take the action requested
by the Noteholders representing the greatest percentage of the Note Balance, notwithstanding any other provision of this Indenture.

 

Section 5.9.           Unconditional
Rights to Receive Principal and Interest. Each Noteholder has an absolute and unconditional right to receive payment of the principal
of and interest on its Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on or after the Redemption
Date) and to start a proceeding for the enforcement of the payment according to Section 5.8. Those rights may not be impaired or
affected without the consent of the Noteholder.

 

Section 5.10.        Restoration
of Rights and Remedies. If the Indenture Trustee or a Noteholder has started a proceeding to enforce a right or remedy under this
Indenture and the proceeding has been discontinued or abandoned or has been determined adversely to the Indenture Trustee or to the Noteholder,
then the Issuer, the Indenture Trustee and the Noteholders, subject to a determination in the proceeding, will be restored to their former

 

    25

    

    

 

positions under this Indenture, and all rights and remedies of the Indenture
Trustee and the Noteholders will continue as though no proceeding had been started.

 

Section 5.11.        Rights
and Remedies Cumulative. No right or remedy of the Indenture Trustee or the Noteholders under this Indenture is intended to be exclusive
of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right
and remedy under this Indenture. The exercise of a right or remedy will not prevent the exercise of another right or remedy at the same
time. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture will not be affected by the seeking,
obtaining or use of other relief under this Indenture. Neither the Lien of this Indenture nor the rights or remedies of the Indenture
Trustee or the Noteholders will be impaired by the recovery of a judgment by the Indenture Trustee against the Issuer or by the execution
of a judgment on the Collateral.

 

Section 5.12.        Delay
or Omission Not a Waiver. No delay or omission of the Indenture Trustee or a Noteholder to exercise a right or remedy after a Default
or Event of Default will impair the right or remedy, or be a waiver of the Default or Event of Default. Every right and remedy under
this Article V or under law of the Indenture Trustee or the Noteholders may be exercised as often as deemed advisable by the Indenture
Trustee or by the Noteholders.

 

Section 5.13.        Control
by Noteholders. The Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time,
method and place of conducting a proceeding for a remedy available to the Indenture Trustee for the Notes or exercising a trust or power
of the Indenture Trustee, subject to the following terms.

 

(a)            No
Conflict. The direction does not conflict with law or with this Indenture.

 

(b)            Direction
to Sell or Liquidate. Except under Section 5.6(c), a direction to the Indenture Trustee to sell or liquidate the Collateral
must have been made by the Noteholders of 100% of the Note Balance of the Controlling Class.

 

(c)            Non-Unanimous
Directions. If the Indenture Trustee elects to retain the Collateral under Section 5.7, then a direction to the Indenture Trustee
by Noteholders of less than 100% of the Note Balance of the Controlling Class to sell or liquidate the Collateral will not be effective.

 

(d)            Other
Action. The Indenture Trustee may take other action considered advisable by the Indenture Trustee that is not inconsistent with the
direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

 

(e)            Adverse
Action. The Indenture Trustee need not take an action that it determines might have a material adverse effect on the rights of the
Noteholders not consenting to the action.

 

Section 5.14.        Waiver
of Defaults and Events of Default.

 

(a)            Waiver
by Controlling Class. The Noteholders of a majority of the Note Balance of the Controlling Class may waive a Default or Event
of Default except an Event of Default (i)

 

    26

    

    

 

 

in the payment of principal of or interest on the Notes (other than an
Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) for a covenant or term of this
Indenture that cannot be amended, supplemented or modified without the consent of all the Noteholders.

 

(b)          Effect
of Waiver. Once waived, the Default or Event of Default will be considered not to have occurred for all purposes of this Indenture.
No waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.

 

Section 5.15.          Agreement
to Pay Costs. The parties to this Indenture agree, and each Noteholder by its acceptance of a Note will be deemed to have agreed,
that a court may in its discretion require, in a proceeding for the enforcement of a right or remedy under this Indenture, or in a proceeding
against the Indenture Trustee for an action taken or not taken by it as Indenture Trustee, the filing by a party litigant in the proceeding
of an agreement to pay the costs of the proceeding, and that the court may in its discretion assess reasonable costs, including reasonable
attorneys' fees, against a party litigant in the proceeding. This Section 5.15 will not apply to (a) a proceeding started by
the Indenture Trustee, (b) a proceeding started by a Noteholder or group of Noteholders holding more than 10% of the Note Balance
of the Notes (or for a proceeding for the enforcement of a right or remedy under this Indenture that is started by the Controlling Class,
holding more than 10% of the Note Balance of the Controlling Class) or (c) a proceeding started by a Noteholder for the enforcement
of the payment of principal of or interest on a Note on or after the respective due dates expressed in the Note and in this Indenture
(or, for redemption, on or after the Redemption Date).

 

Section 5.16.          Waiver
of Stay or Extension Laws. The Issuer agrees that it will not plead or in any manner claim or take the benefit of, a stay or extension
that may affect the performance of its obligations under this Indenture, and the Issuer waives the benefit of such law.

 

Section 5.17.          Performance
and Enforcement of Obligations.

 

(a)          Actions
Requested by Indenture Trustee. At the Administrator's expense, the Issuer will promptly take any lawful action the Indenture Trustee
requests to (i) compel the performance by (A) the Titling Companies, the Collateral Agent and the Servicer of their obligations
to the Issuer under the Credit and Security Agreement, the Exchange Note Supplement, the Servicing Agreement or the Servicing Supplement
or (B) the Depositor and Ford Credit of their obligations under the Exchange Note Purchase Agreement and the Exchange Note Sale Agreement
and (ii) exercise any rights, remedies, powers, privileges and claims available to the Issuer under those agreements as directed
by the Indenture Trustee.

 

(b)          Exercise
by Indenture Trustee. If an Event of Default occurs and is continuing, (i) the Indenture Trustee may, and at the direction of
the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class will, exercise all rights, remedies, powers, privileges
and claims of the Issuer against (A) the Titling Companies, the Collateral Agent and the Servicer under the Credit and Security Agreement,
the Exchange Note Supplement, the Servicing Agreement or the Servicing Supplement or (B) the Depositor and Ford Credit under the
Exchange Note Purchase Agreement and the Exchange Note Sale Agreement, including the right or power to take any

 

    27

    

    

 

action to compel or secure performance or observance by those Persons of
their obligations to the Issuer under those agreements, and to give a consent, request, notice, direction, approval, extension or waiver
under those agreements and (ii) the right and power of the Issuer to take any such action will be suspended.

 

(c)          Indenture
Trustee May Enforce Exchange Note. The Indenture Trustee, acting at the direction of the Noteholders of a majority of the Note
Balance of the Controlling Class, may exercise any rights, remedies, powers, privileges and claims available to the Issuer as holder of
the 20__-__ Exchange Note.

 

ARTICLE VI

INDENTURE TRUSTEE

 

Section 6.1.          Indenture
Trustee's Obligations.

 

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

 

(b)          Obligations;
Reliance. Except during the continuance of an Event of Default:

 

(i)          the
Indenture Trustee agrees to perform the obligations and only the obligations stated in this Indenture and no implied covenants or obligations
are to be read into this Indenture; and

 

(ii)          in
the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee may conclusively rely, for the truth of
the statements and the correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by this
Indenture, conforming to the requirements of this Indenture. The Indenture Trustee will examine the certificates and opinions to determine
whether or not they conform to the requirements, if any, of this Indenture.

 

(c)          Indenture
Trustee Liable. The Indenture Trustee will not be relieved from liability for its own willful misconduct, bad faith or negligence,
except that:

 

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

 

(ii)         the
Indenture Trustee will not be liable for an error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent
in determining the relevant facts; and

 

(iii)        the
Indenture Trustee will not be liable for any action taken or not taken in good faith according to this Indenture or a direction received
by it under Sections 5.13, 5.17(b) and 7.2.

 

(d)          Not
Liable for Interest. The Indenture Trustee will not be liable for interest on money received by it, except as the Indenture Trustee
may agree in writing with the Issuer.

 

    28

    

    

 

(e)          Not
Required to Segregate. The Indenture Trustee need not segregate any funds held by it in trust under this Indenture from other funds
unless required by law, this Indenture, the Exchange Note Supplement or the Servicing Supplement.

 

(f)          Section Governs.
The terms of this Indenture relating to the conduct of the Indenture Trustee, the liability of the Indenture Trustee or giving protection
to the Indenture Trustee are subject to this Section 6.1 and to the TIA.

 

(g)          No
Deemed Knowledge. The Indenture Trustee will not be deemed to have knowledge of a Default, an Event of Default or a breach of a representation
or warranty unless (i) a Responsible Person of the Indenture Trustee has knowledge of the Default, Event of Default or breach or
(ii) it has actually received notice of the Default, Event of Default or breach.

 

(h)          Permissive
Rights. No permissive right of the Indenture Trustee in this Indenture or any other Transaction Document will be considered to be
an obligation, and the Indenture Trustee will not be liable for not taking action under any permissive right.

 

(i)          Enforceable
in all Capacities. The rights, privileges, protections, immunities and benefits given to the Indenture Trustee in this Article VI,
including its right to be indemnified, are extended to, and will be enforceable by, the Indenture Trustee in each of its capacities under
this Indenture and the other Transaction Documents, including as Authenticating Agent, [Calculation Agent,] Note Registrar and Note Paying
Agent under this Indenture and as a "securities intermediary" as defined in Section 8-102 of the UCC and a "bank"
as defined in Section 9-102 of the UCC under the Account Control Agreement and the Titling Company Account Control Agreement.

 

Section 6.2.          Indenture
Trustee's Rights.

 

(a)          Reliance
on Documents. The Indenture Trustee may rely on any document believed by it to be genuine and which appears on its face to be properly
executed and signed or presented by the proper Person. The Indenture Trustee is not required to investigate any facts or matters or to
verify any calculations or amounts stated in any document. The Indenture Trustee will not be liable for any action taken or not taken
in good faith in reliance on a document believed by it to be genuine.

 

(b)          Reliance
on Opinions. Before the Indenture Trustee acts or does not act, it may require and rely on an Officer's Certificate or an Opinion
of Counsel. The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance on an Officer's Certificate
or Opinion of Counsel.

 

(c)          Use
of Agents. The Indenture Trustee may exercise its rights or powers under this Indenture or perform its obligations under this Indenture
either directly or by or through agents or attorneys or a custodian or nominee. The Indenture Trustee will not be responsible for misconduct
or negligence on the part of, or for the supervision of, the agent, attorney, custodian or nominee appointed by it with due care.

 

    29

    

    

 

(d)          Good
Faith. The Indenture Trustee will not be liable for any action taken or not taken in good faith which it believes to be authorized
or within its rights or powers under this Indenture so long as the action taken or not taken does not amount to negligence.

 

(e)          Advice
from Experts. The Indenture Trustee may consult with counsel, accountants or other experts, and the advice or opinion of counsel,
accountants or other experts on any matters relating to this Indenture and the Notes will be full and complete authorization and protection
from liability for any action taken or not taken by it under this Indenture in good faith and according to the advice or opinion of that
counsel, accountant or expert.

 

(f)          Not
Required to Pay or Risk Funds. The Indenture Trustee is not obligated to (i) exercise the rights or powers under this Indenture
or to pay or risk its own funds or incur any financial liability in the performance of its obligations under this Indenture if it has
reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against that risk or liability is not
reasonably assured or given to it or (ii) start, pursue or defend litigation, investigate any matter or honor the request, demand
or direction of the Noteholders under this Indenture, other than requests, demands or directions relating to an asset representations
review demand under Section 7.2, unless the Noteholders have offered to the Indenture Trustee reasonable security or indemnity satisfactory
to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the request or direction.

 

(g)          Force
Majeure. The Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under
this Indenture from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism,
civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and
interruptions, loss or failures of mechanical, electronic or communication systems, pandemics or epidemics. The Indenture Trustee will
use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the
circumstances.

 

(h)          Consequential
Damages. The Indenture Trustee will not be responsible or liable for special, punitive, indirect or consequential losses or damages
(including lost profit), even if the Indenture Trustee has been advised of the likelihood of the loss or damage and regardless of the
form of action.

 

Section 6.3.          Indenture
Trustee's Individual Rights. The Indenture Trustee and any Note Paying Agent, Note Registrar or Authenticating Agent under this Indenture,
in its individual or any other capacity, may become the owner or pledgee of Notes and may deal with the Issuer or its Affiliates with
the same rights it would have if it were not Indenture Trustee or Note Paying Agent, Note Registrar or Authenticating Agent.

 

Section 6.4.          Indenture
Trustee's Disclaimer. The Indenture Trustee will not be liable for (a) the validity or adequacy of this Indenture or the Notes,
(b) the Issuer's use of the proceeds from the Notes or (c) any statement of the Issuer in this Indenture or in the Notes, other
than the Indenture Trustee's certificate of authentication, or any statement of the Issuer, the Depositor or the Servicer in any prospectus
or offering document used for the offering or sale of the Notes.

 

    30

    

    

 

Section 6.5.          Notice
of Defaults. Within 90 days after a Responsible Person of the Indenture Trustee has knowledge of, or actually receives notice of,
a Default under this Indenture, the Indenture Trustee will mail as described in Section 313(c) of the TIA to each Noteholder,
notice of the Default, unless the Default has been corrected or waived. However, (a) except for a Default in the payment of principal
of or interest on a Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Persons in good
faith determines that the withholding of the notice is in the interests of the Noteholders and (b) for a Default stated in Section 5.1(a)(iii),
the Indenture Trustee will not notify the Noteholders until at least 30 days after a Responsible Person of the Indenture Trustee has knowledge
of, or actually receives notice of, the Default.

 

Section 6.6.          Reports
by Indenture Trustee.

 

(a)          Tax
Information. Starting in the year after the Closing Date, the Indenture Trustee will deliver or cause to be delivered to each Person
who at any time during the prior calendar year was a Noteholder of record, a statement containing the information required to be given
to a noteholder by an issuer of indebtedness, in the form and at the time required under the Code.

 

(b)          Monthly
Investor Report. On each Payment Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record
as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note Register without need for
confirmation of receipt or by making the report available to the Noteholders through the Indenture Trustee's website, which initially
is located at ________________________).

 

(c)          Annual
Certificate of Compliance. If required by Regulation AB and requested by the Depositor or the Servicer, the Indenture Trustee will
deliver to the Administrator, the Issuer and the Servicer on or before March 1 of each year, starting in the year after the Closing
Date, an Officer's Certificate signed by a Responsible Person of the Indenture Trustee (i) stating that (A) a review of the
Indenture Trustee's activities during the prior year and of its performance under this Indenture has been made under the Responsible Person's
supervision and (B) to the Responsible Person's knowledge, based on the review, the Indenture Trustee has fulfilled in all material
respects its obligations under this Indenture throughout the prior year, or, if there has been a failure to fulfill the obligation in
a material respect, stating the failure known to the Responsible Person and the nature and status of the failure and (ii) certifying
to matters related to the Indenture Trustee as required under Form 10-K under the Exchange Act.

 

(d)          Annual
Assessment of Compliance. The Indenture Trustee will:

 

(i)          deliver
to the Administrator, the Issuer and the Servicer, a report on its assessment of compliance with the minimum servicing criteria described
in Items 1122(d)(2)(i), (2)(ii), (2)(iv), (2)(v), (3)(ii) (for payments only) and (3)(iv) of Regulation AB (the "Applicable
Servicing Criteria") during the prior year, including disclosure of any material instance of non-compliance identified by the
Indenture Trustee, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB; and

 

    31

    

    

 

(ii)         cause
a firm of registered public accountants to deliver to the Administrator, the Issuer and the Servicer an attestation report on the assessment
of compliance with the Applicable Servicing Criteria for the prior year that (A) satisfies the requirements of Rule 13a-18
or Rule 15d-18 under the Exchange Act, as applicable, (B) complies with Rules 1-02(a)(3) and 2-02(g) of Regulation
S-X under the Securities Act and (C) indicates that the firm is qualified and independent within the meaning of Rule 2-01 of
Regulation S-X under the Securities Act.

 

The reports will be delivered on or before March 1
of each year, starting in the year after the Closing Date, in a format suitable for filing with the Securities and Exchange Commission
on EDGAR.

 

Section 6.7.          Compensation
and Indemnity.

 

(a)          Fees.
The Issuer will pay the Indenture Trustee as compensation for performing its obligations under this Indenture a fee separately agreed
by the Issuer and the Indenture Trustee. The Indenture Trustee's compensation will not be limited by law on compensation of a trustee
of an express trust. The Issuer will reimburse the Indenture Trustee for its reasonable expenses in performing its obligations under this
Indenture and the other Transaction Documents, including costs of collection and the reasonable compensation and expenses of the Indenture
Trustee's agents, counsel, accountants and experts, but excluding expenses resulting from the Indenture Trustee's willful misconduct,
bad faith or negligence.

 

(b)          Indemnification.
The Issuer will indemnify the Indenture Trustee and its officers, directors, employees and agents (each, an "Indemnified Person"),
for all fees, expenses, losses, damages and liabilities resulting from the administration of and the performance of its obligations under
this Indenture and the other Transaction Documents (including the fees and expenses of defending itself against any loss, damage or liability
and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Issuer's indemnification
obligations), but excluding any fee, expense, loss, damage or liability resulting from (i) the Indenture Trustee's willful misconduct,
bad faith or negligence or (ii) the Indenture Trustee's breach of its representations or warranties in this Indenture.

 

(c)          Proceedings.
If an Indemnified Person receives notice of the start of a proceeding against it, the Indemnified Person will, if a claim under the proceeding
will be made under this Section 6.7, promptly notify the Issuer of the proceeding. The Issuer may participate in and assume the defense
and settlement of the proceeding at its expense. If the Issuer notifies the Indemnified Person of its intention to assume the defense
of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer assumes the defense of the
proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer will not be liable for legal expenses of counsel
to the Indemnified Person unless there is a conflict between the interests of the Issuer and the Indemnified Person. If there is a conflict,
the Issuer will pay for the separate counsel to the Indemnified Person. No settlement of the proceeding may be made without the approval
of the Issuer and the Indemnified Person, which approvals will not be unreasonably withheld.

 

    32

    

    

 

(d)          Survival
of Obligations. The Issuer's obligations to the Indenture Trustee under this Section 6.7 will survive the resignation or removal
of the Indenture Trustee and the discharge of this Indenture. Expenses incurred by the Indenture Trustee after the occurrence of a Default
stated in Section 5.1(a)(iv) are intended to be expenses of administration under the Bankruptcy Code or another applicable federal
or State bankruptcy, insolvency or similar law.

 

(e)          Repayment.
If the Issuer makes a payment to an Indemnified Person under Section 6.7(b) and the Indemnified Person later collects from others
any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer for distribution according
to the priority of payments under Section 8.2 on the related Payment Date.

 

(f)          Funds
for Payment. Payments required to be made by the Issuer under this Section 6.7 will be made solely from funds used to make payments
under this Indenture.

 

Section 6.8.          Resignation
or Removal of Indenture Trustee.

 

(a)          Resignation.
The Indenture Trustee may resign by notifying the Issuer and the Administrator at least 30 days in advance.

 

(b)          Removal
by Controlling Class. The Noteholders of a majority of the Note Balance of the Controlling Class may, without cause, remove the
Indenture Trustee and terminate its rights and obligations under this Indenture by notifying the Indenture Trustee and the Issuer at least
30 days in advance.

 

(c)          Removal
by Issuer. The Issuer must remove the Indenture Trustee and terminate its rights and obligations under this Indenture if:

 

(i)          the
Indenture Trustee fails to comply with the eligibility requirements in Section 6.11(a);

 

(ii)         the
Indenture Trustee becomes legally unable to act or incapable of acting as Indenture Trustee; or

 

(iii)        an
Insolvency Event for the Indenture Trustee occurs.

 

(d)          Appointment
of Successor. If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer
or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly.
If a successor Indenture Trustee does not take office within 60 days after the Indenture Trustee resigns or is removed, the Indenture
Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of competent
jurisdiction to appoint a successor Indenture Trustee.

 

(e)          Acceptance
of Appointment. No resignation or removal of the Indenture Trustee will become effective until the acceptance of appointment by the
successor Indenture Trustee under this Section 6.8. Any successor Indenture Trustee will deliver a written acceptance of its appointment
to the Indenture Trustee, the Issuer and the Administrator. The Issuer will continue to pay amounts owed to the predecessor Indenture
Trustee for the period it was Indenture Trustee

 

    33

    

    

 

according to Sections 6.7 and 8.2. The successor Indenture Trustee will
notify the Secured Parties of its succession and the Issuer or Administrator will deliver a copy of the notice to the Rating Agencies.

 

(f)          Transition
of Indenture Trustee Obligations. On the resignation or removal of the Indenture Trustee becoming effective under Section 6.8(e),
all rights, powers and obligations of the Indenture Trustee under this Indenture will become the rights, powers and obligations of the
successor Indenture Trustee. The predecessor Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee. The Depositor will reimburse the Indenture Trustee and any successor Indenture Trustee for expenses related
to the replacement of the Indenture Trustee, if those amounts have not been paid under Section 8.2.

 

Section 6.9.          Merger
or Consolidation; Transfer of Assets.

 

(a)          Merger
or Consolidation. If the Indenture Trustee merges or consolidates with, or transfers all or substantially all of its corporate trust
business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Indenture Trustee so long as that
Person is qualified and eligible under Section 6.11(a). The Indenture Trustee will promptly notify the Servicer and the Issuer of
the succession, and the Issuer will notify the Rating Agencies.

 

(b)          Authentication
of Notes. If, at the time the successor by merger or consolidation to the Indenture Trustee succeeds to the trusts created by this
Indenture, Notes have been authenticated but not delivered, the successor Indenture Trustee may adopt the certificate of authentication
of a predecessor Indenture Trustee and deliver the Notes so authenticated. If at that time any Notes have not been authenticated, the
successor Indenture Trustee may authenticate the Notes. In each of those cases, the certificates will have the same force and effect provided
in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

 

Section 6.10.          Appointment
of Separate Trustee or Co-Trustee.

 

(a)          Appointment.
For the purpose of meeting the legal requirement of a jurisdiction in which part of the Collateral may be located, after notifying the
Issuer and the Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or co-trustee
or co-trustees, of all or part of the Collateral, and to vest in those Persons, in this capacity and for the benefit of the Secured Parties,
title to all or part of the Collateral, and, subject to this Section 6.10, rights, powers and obligations the Indenture Trustee may
consider necessary or desirable. No separate trustee or co-trustee will be required to be eligible as a successor trustee under Section 6.11(a) and
no notice to the Secured Parties of the appointment of a separate trustee or co-trustee will be required under Section 6.8.

 

(b)          Terms
of Appointment. Every separate trustee and co-trustee will be appointed and act subject to the following:

 

(i)          all
rights, powers and obligations of the Indenture Trustee will apply to and will be exercised or performed by the Indenture Trustee, or
the Indenture Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee will
not be authorized to act separately without the Indenture Trustee joining in

 

    34

    

    

 

the act), except if under the law of a jurisdiction in which
a particular act or acts are to be performed the Indenture Trustee will be incompetent or unqualified to perform those act or acts, in
which event those acts will be exercised and performed singly by the separate trustee or co-trustee, but solely at the direction of the
Indenture Trustee;

 

(ii)         no
trustee will be personally liable by reason of an act or omission of another trustee under this Indenture; and

 

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

 

(c)          Notices.
Any notice, request or other writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee
and co-trustee, as effectively as if given to each of them.

 

(d)          Rights
of Appointee. Every document appointing a separate trustee or co-trustee will refer to this Indenture and the conditions of this Section 6.10.
Each separate trustee and co-trustee, on its acceptance of its appointment will have the rights, powers and obligations stated in its
appointment, subject to this Indenture. The document will be filed with the Indenture Trustee and the Indenture Trustee will give the
Issuer a copy of each document.

 

(e)          Indenture
Trustee as Agent. A separate trustee or co-trustee may appoint the Indenture Trustee as its agent or attorney-in-fact with power and
authority, if permitted by law, to do each lawful act under or for this Indenture on its behalf and in its name. If a separate trustee
or co-trustee becomes incapable of acting, resigns or is removed, all of its rights, powers and obligations will be exercised by the Indenture
Trustee, if permitted by law, without the appointment of a new or successor trustee.

 

Section 6.11.          Eligibility;
Disqualification.

 

(a)          Eligibility
Requirements. The Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of
the TIA. The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent
annual published report of condition and must have a long-term debt rating of investment grade by each of the Rating Agencies or must
be acceptable to each of the Rating Agencies. Promptly after the Indenture Trustee fails to satisfy the requirements in this Section 6.11(a) [or
ceases to be a Qualified Institution], the Indenture Trustee will notify the Issuer and the Servicer of the failure.

 

(b)          Resignation.
Within 90 days after the occurrence of an Event of Default that has not been corrected or waived, unless authorized by the Securities
and Exchange Commission, the Indenture Trustee will resign for the Class A, Class B[,]/[and/or] Class C [and/or Class D]
Notes according to Section 6.8, and the Issuer will appoint a successor Indenture Trustee for the Class A, Class B[,]/[and/or]
Class C [and/or Class D] Notes, as applicable, so that there will be separate Indenture Trustees for the Class A, Class B[,]/[and]
Class C [and Class D] Notes. If the Indenture Trustee fails to comply with the prior sentence, the Indenture Trustee must comply
with TIA Section 310(b)(ii) and (iii).

 

    35

    

    

 

(c)          Successor.
If a successor Indenture Trustee is appointed for the Class A, Class B[,]/[or] Class C [or Class D] Notes under this
Section 6.11, the Issuer, the predecessor Indenture Trustee and the successor Indenture Trustee will execute an indenture supplemental
to this Indenture. The supplemental indenture will contain:

 

(i)          the
terms on which the successor Indenture Trustee accepts its appointment;

 

(ii)         the
terms necessary or advisable to transfer and confirm to, the successor Indenture Trustee the rights, powers and obligations of the Indenture
Trustee for the Notes for which the successor Indenture Trustee is appointed;

 

(iii)        if
the predecessor Indenture Trustee is not being removed as Indenture Trustee for all of the Notes, the terms necessary or desirable to
confirm that the rights, powers and obligations of the predecessor Indenture Trustee for the Notes for which the predecessor Indenture
Trustee is not being removed continue to be vested in the Indenture Trustee for these Notes; and

 

(iv)        the
terms necessary to provide for or facilitate the administration of the trusts under this Indenture by more than one Indenture Trustee.

 

(d)          Timing.
Nothing in this Indenture or in the supplemental indenture will make the Indenture Trustees co-trustees of the same trust and the Indenture
Trustee will be a trustee of a trust or trusts under this Indenture separate and apart from the trust or trusts under this Indenture administered
by another Indenture Trustee. The indenture supplement will become effective on the removal of the predecessor Indenture Trustee.

 

Section 6.12.          Preferential
Collection of Claims Against Issuer. The Indenture Trustee will comply with Section 311(a) of the TIA, excluding each creditor
relationship listed in Section 311(b) of the TIA. An Indenture Trustee who has resigned or been removed will be subject to Section 311(c) of
the TIA.

 

Section 6.13.          Review
of Indenture Trustee's Records. The Indenture Trustee agrees that, with reasonable prior notice, it will permit authorized representatives
of the Issuer, the Servicer or the Administrator, during the Indenture Trustee's normal business hours, to have access to and review the
facilities, processes, books of account, records, reports and other documents and materials of the Indenture Trustee relating to (a) the
performance of the Indenture Trustee's obligations under this Indenture, (b) the payments of fees and expenses of the Indenture Trustee
for its performance and (c) any claim made by the Indenture Trustee under this Indenture. In addition, the Indenture Trustee will
permit those representatives to make copies and extracts of the books and records and to discuss them with the Indenture Trustee's officers
and employees. Any access and review will be subject to the Indenture Trustee's confidentiality and privacy policies. The Indenture Trustee
will maintain all relevant books, records, reports and other documents and materials for a period of two years after the termination of
its obligations under this Indenture.

 

Section 6.14.          Indenture
Trustee's Representations and Warranties. The Indenture Trustee represents and warrants to the Issuer as of the Closing Date:

 

    36

    

    

 

(a)          Organization
and Qualification. The Indenture Trustee is duly organized and, validly existing as a _________ [in good standing] under the laws
of _______________. The Indenture Trustee [is qualified as a foreign banking corporation 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 Indenture Trustee's ability to perform its obligations under the Transaction Documents
to which it is a party.

 

(b)          Power,
Authority and Enforceability. The Indenture Trustee has the power and authority to execute, deliver and perform its obligations under
the Transaction Documents to which it is a party. The Indenture Trustee has authorized the execution, delivery and performance of the
Transaction Documents to which it is a party. Each of the Transaction Documents to which it is a party is the legal, valid and binding
obligation of the Indenture Trustee enforceable against the Indenture Trustee, 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 the Transaction Documents to which it is a party, and the performance
of its obligations under such documents, 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 Indenture Trustee is a debtor or guarantor, (ii) result in
the creation or imposition of a Lien on the Indenture Trustee's properties or assets under the terms of any indenture, mortgage, deed
of trust, loan agreement, guarantee or similar document, (iii) violate the Indenture Trustee's organizational documents or by-laws
or (iv) violate a law or, to the Indenture Trustee'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 Indenture Trustee or its properties that
applies to the Indenture Trustee, which, in each case, would reasonably be expected to have a material adverse effect on the Indenture
Trustee's ability to perform its obligations under the Transaction Documents to which it is a party.

 

(d)          No
Proceedings. To the Indenture Trustee's knowledge, there are no proceedings or investigations pending or threatened in writing before
any federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the
Indenture Trustee or its properties (i) asserting the invalidity of the Transaction Documents to which it is a party, (ii) seeking
to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents to which it is a
party or (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Indenture
Trustee's ability to perform its obligations under, or the validity or enforceability of, the Transaction Documents to which it is a party.

 

(e)          Eligibility.
The Indenture Trustee satisfies the requirements of Section 310(a) of the TIA [and is a Qualified Institution]. The Indenture
Trustee or its parent has a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report
of condition.

 

    37

    

    

 

(f)          Information
Given by the Indenture Trustee. The information given by the Indenture Trustee in any certificate delivered by a Responsible Person
of the Indenture Trustee is true and correct in all material respects.

 

Section 6.15.          Obligation
to Update Disclosure. The Indenture Trustee will notify and provide information, and certify that information in an Officer's Certificate,
to the Depositor on the occurrence of any event or condition relating to the Indenture Trustee or actions taken by the Indenture Trustee
that (a) may be required to be disclosed by the Depositor under Item 2 (the institution of, material developments in, or termination
of legal proceedings against __________________ that are material to the Noteholders) of Form 10-D under the Exchange Act within
five days of a Responsible Person of the Indenture Trustee becoming aware of such proceeding, (b) the Depositor reasonably requests
of the Indenture Trustee that the Depositor believes is necessary to comply with Regulation AB within five days of the request, (c) is
required to be disclosed under Item 5 (submission of matters to a vote of the Noteholders) of Form 10-D under the Exchange Act within
five days of a Responsible Person of the Indenture Trustee becoming aware of the submission, (d) is required to be disclosed under
Item 6.02 (resignation, removal, replacement or substitution of ___________________ as Indenture Trustee) or Item 6.04 (failure to make
a distribution when required) of Form 8-K under the Exchange Act within two days of a Responsible Person of the Indenture Trustee
becoming aware of the occurrence or (e) causes the information given by the Indenture Trustee in any certificate delivered by a Responsible
Person of the Indenture Trustee to be untrue or incorrect in any material respect or is necessary to make the statements given by the
Indenture Trustee in light of the circumstances in which they were made not misleading within five days of a Responsible Person of the
Indenture Trustee becoming aware of the event or condition.

 

Section 6.16.          Reporting
of Reallocations of Leases and Leased Vehicles. The Indenture Trustee will (a) notify the Sponsor, the Depositor and the Servicer,
as soon as practicable and within five Business Days, of demands or requests received by a Responsible Person of the Indenture Trustee
for the removal of a Lease and related Leased Vehicle from the 20__-__ Reference Pool and reallocation of the Lease and Leased Vehicle
to the Revolving Facility Pool under Section 3.3 of the Exchange Note Sale Agreement, (b) promptly on request by the Sponsor,
the Depositor or the Servicer, provide to them other information reasonably requested to facilitate compliance by them with Rule 15Ga-1
under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB and (c) if requested by the Sponsor, the Depositor
or the Servicer, provide a written certification no later than 15 days following the end of any quarter or year that the Indenture Trustee
has not received any repurchase demands or requests for that period, or if repurchase demands or requests have been received during that
period, that the Indenture Trustee has provided all the information reasonably requested under clause (b) above. The Indenture Trustee
and the Issuer will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act or Regulation
AB.

 

    38

    

    

 

ARTICLE VII

NOTEHOLDER COMMUNICATIONS AND REPORTS

 

Section 7.1.          Noteholder
Communications.

 

(a)          Noteholder
List. If the Indenture Trustee is not the Note Registrar, the Issuer will furnish a list of the names and addresses of the Noteholders
of any Definitive Notes to the Indenture Trustee (a) not more than five days after each Record Date, as of that Record Date and (b) not
more than 30 days after receipt by the Issuer of a request from the Indenture Trustee, as of a date not more than ten days before the
time the list is furnished. If the Indenture Trustee is the Note Registrar, the Indenture Trustee, on the request of the Owner Trustee,
will furnish within ten days to the Owner Trustee a list of Noteholders of any Book-Entry Notes as of the date stated by the Owner Trustee.

 

(b)          Noteholder
List Retention. The Indenture Trustee will maintain a current list of the names and addresses of the Noteholders based on the most
recent list furnished to the Indenture Trustee under Section 7.1(a) and the names and addresses of the Noteholders received
by the Indenture Trustee in its capacity as Note Registrar.

 

(c)          TIA
Communication. A Noteholder may communicate under Section 312(b) of the TIA with other Noteholders about their rights under
this Indenture or under the Notes. The Issuer, the Indenture Trustee and the Note Registrar will have the protection of Section 312(c) of
the TIA.

 

(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 notifying 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 an asset representations review demand under Section 7.2,
unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect
it against the fees and expenses that it may incur in complying with the request, demand or direction.

 

(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 request to the Issuer or the Servicer, on behalf of the Issuer, to
include information regarding the communication in a Form 10-D to be filed by the Issuer with the Securities and Exchange 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

 

    39

    

    

 

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 7.1(e) will be deemed to have certified to the Issuer
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 Issuer 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 Issuer with the Securities
and Exchange Commission for the Collection Period in which the request was received (A) a statement that the Issuer 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.

 

Section 7.2.          Noteholder
Demand for Asset Representations Review. If a Delinquency Trigger occurs, as reported on Form 10-D, 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 Leases under the Asset Representations Review Agreement. In the case of a Note Owner, each demand 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 the
Noteholders or Note Owners of at least 5% of the aggregate Note Balance of the Notes demand a vote within 90 days of the filing of the
Form 10-D reporting the occurrence of the Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders
or Note Owners of record as of the most recent Record Date and, in the case of Note Owners, through the Clearing Agency process. The vote
will remain open until the 150th day after the filing of the Form 10-D. Assuming a voting quorum of the Noteholders or Note Owners
holding at least 5% of the aggregate Note Balance of the Notes is reached, if the Noteholders or Note Owners of a majority of the Note
Balance of Notes vote to direct a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer
and the Servicer under the Asset Representations Review Agreement stating that the Noteholders or Note Owners have voted to direct the
Asset Representations Reviewer to conduct the Review.

 

Section 7.3.          Reports
by Issuer.

 

(a)          SEC
Filings. The Issuer will, or will cause the Administrator or the Servicer to:

 

(i)          prepare
and file with the Securities and Exchange Commission (A) the annual reports and the information, documents and other reports (or
copies or parts the Securities and Exchange Commission may prescribe) that the Issuer is required to file with the Securities and Exchange
Commission under Section 13 or 15(d) of the Exchange Act, including annual reports on Form 10-K and monthly distribution
reports on Form

 

    40

    

    

 

10-D, and (B) additional information, documents and reports
about compliance by the Issuer with this Indenture required by the Securities and Exchange Commission;

 

(ii)         deliver
to the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Securities and Exchange Commission, copies
of the annual reports and the information, documents or other reports filed with the Securities and Exchange Commission under Section 7.3(a)(i);
and

 

(iii)        deliver
to the Indenture Trustee the information, documents and reports (or summaries) required to be filed by the Issuer under Sections 7.3(a)(i) and
(ii) as may be required by rules and regulations prescribed by the Securities and Exchange Commission.

 

(b)          Documents
and Reports to Noteholders. The Indenture Trustee will mail to all Noteholders, as described in Section 313(c) of the TIA,
the information, documents and reports (or summaries of such items) supplied to the Indenture Trustee under Section 7.3(a).

 

(c)          Fiscal
Year. The fiscal year of the Issuer will be the calendar year.

 

Section 7.4.          Reports
by Indenture Trustee.

 

(a)          Annual
Report. Within 90 days after each April 15, starting in the year after the Closing Date, the Indenture Trustee will prepare and
mail to each Noteholder a report dated as of April 15 of the applicable year that complies with Section 313(a) of the TIA,
if the report is required under Section 313(a) of the TIA. The Indenture Trustee will also prepare and mail to the Noteholders
any report required under Section 313(b) of the TIA. A report mailed to the Noteholders under this Section 7.4(a) will
be mailed according to Section 313(c) of the TIA.

 

(b)          Filing.
The Indenture Trustee will file with the Securities and Exchange Commission a copy of each report delivered under Section 7.4(a) at
the time of its mailing to the Noteholders.

 

ARTICLE VIII

ACCOUNTS, DISTRIBUTIONS AND RELEASES

 

Section 8.1.          Collection
of Funds. Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and
collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture, the Exchange
Note Supplement and the Servicing Supplement. The Indenture Trustee will apply the funds and other property received by it, and will make
deposits to, and distributions from, the Bank Accounts, under this Indenture, the Exchange Note Supplement and the Servicing Supplement.

 

Section 8.2.          Bank
Accounts; Distributions.

 

(a)          Establishment.
On and after the Closing Date, the Indenture Trustee will maintain the Bank Accounts established by the Servicer under Section 4.1
of the Servicing Supplement.

 

    41

    

    

 

 

(b)          Distributions
from Collection Account. Subject to Section 8.2(d), on each Payment Date the Indenture Trustee will (based on the information
in the most recent Monthly Investor Report) withdraw from the Collection Account and make deposits and payments, to the extent of Available
Funds in the Collection Account for that Payment Date, in the following order of priority (pro rata within each priority level based on
the amounts due except as otherwise stated):

 

(i)          first,
to the payment of amounts, including indemnities, then due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset
Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents,
in each case, if not paid by the Depositor or the Administrator, up to a maximum of $_______ per year;

 

(ii)         second,
to the Servicer, all unpaid Administration Fees;

 

(iii)        third,
to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note
Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date);

 

(iv)        fourth,
for allocation as principal under Section 8.2(c), the First Priority Principal Payment;

 

(v)         fifth,
to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

 

(vi)        sixth,
for allocation as principal under Section 8.2(c), the Second Priority Principal Payment;

 

(vii)       seventh,
to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

 

(viii)      [eighth,
for allocation as principal under Section 8.2(c), the Third Priority Principal Payment;

 

(ix)        ninth,
to the Noteholders of Class D Notes, the Accrued Note Interest for the Class D Notes;]

 

(x)         [eighth]/[tenth],
to the Reserve Account, the amount required to bring the amount in the Reserve Account up to the Required Reserve Amount after taking
into account each deposit made to the Reserve Account on that Payment Date under Section 5.1(a)(iv) of the Exchange Note Supplement;

 

(xi)        [ninth]/[eleventh],
for allocation as principal under Section 8.2(c), the Regular Principal Payment;

 

(xii)       [tenth]/[twelfth],
to the payment of all amounts due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer
and, to or at the direction of the Issuer, any expenses of the Issuer, in each case,

 

    42

    

    

 

if not paid by the Depositor or Administrator or under Section 8.2(b)(i) on
that Payment Date; and

 

(xiii)      [eleventh]/[thirteenth],
to the holder of the Residual Interest, any remaining amounts.

 

(c)          Distributions
of Principal. On each Payment Date, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report)
pay any amounts allocated to principal under Section 8.2(b) in the following order of priority, in each case, applied pro rata
according to the Note Balance of the Notes of that Class:

 

(i)          first,
to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes has been reduced
to zero;

 

(ii)         second,
to the Noteholders of Class A-2[a] [and Class A-2b] Notes[, pro rata based on the respective Note Balances], in payment of
principal until the Note Balance of the Class A-2[a] [and Class A-2b] Notes has been reduced to zero;

 

(iii)        third,
to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes has been reduced
to zero;

 

(iv)        fourth,
to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes has been reduced
to zero;

 

(v)         fifth,
to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes has been reduced to
zero;

 

(vi)        sixth,
to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes has been reduced to
zero;[and]

 

(vii)       [seventh,
to the Noteholders of Class D Notes, in payment of principal until the Note Balance of the Class D Notes has been reduced to
zero; and]

 

(viii)      [seventh]/[eighth],
to the holder of the Residual Interest, any remaining amounts.

 

(d)          Distributions
Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date
relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most
recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts
for the related Collection Period, in the following order of priority (pro rata within each priority level based on the amounts due except
as stated):

 

(i)          first,
to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset
Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents;

 

    43

    

    

 

(ii)         second,
to the Servicer, all unpaid Administration Fees;

 

(iii)        third,
to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note
Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date);

 

(iv)        fourth,
to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to
zero;

 

(v)         fifth,
to the Noteholders of Class A-2[a] [and Class A-2b] Notes, in payment of principal until the Note Balance of the Class A-2[a]
[and Class A-2b] Notes is reduced to zero;

 

(vi)        sixth,
to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to
zero;

 

(vii)       seventh,
to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to
zero;

 

(viii)      eighth,
to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

 

(ix)        ninth,
to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero;

 

(x)         tenth,
to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

 

(xi)        eleventh,
to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero;
[and]

 

(xii)       [twelfth,
to the Noteholders of Class D Notes, the Accrued Note Interest for the Class D Notes;

 

(xiii)      thirteenth,
to the Noteholders of Class D Notes, in payment of principal until the Note Balance of the Class D Notes is reduced to zero;
and]

 

(xiv)      [twelfth]/[fourteenth],
to the holder of the Residual Interest, any remaining amounts.

 

(e)          Subordination
Agreement. Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of
any First Priority Principal Payment to the Noteholders of the Class A Notes[,]/[and] (ii) the subordination of interest payments
to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A
Notes and the Class B Notes [and (iii) the subordination of interest payments to the Noteholders of the Class D Notes to
the payment of any Third Priority Principal Payment to the Noteholders of the Class A Notes, the Class B Notes and the Class C
Notes]

 

    44

    

    

 

under Section 8.2(b) is a subordination agreement within the
meaning of Section 510(a) of the Bankruptcy Code.

 

Section 8.3.          Bank
Accounts.

 

(a)          Limited
Liability for Permitted Investments. Subject to Section 6.1(c), the Indenture Trustee will not be liable for any insufficiency
in Bank Accounts resulting from a loss on a Permitted Investment, except for losses attributable to the Indenture Trustee's failure to
make payments on the Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as
trustee. The Indenture Trustee is not obligated to monitor the activities of any Qualified Institution (unless the Qualified Institution
is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution (unless the Qualified
Institution is also the Indenture Trustee).

 

(b)          Notice
to Qualified Institution. A Responsible Person of the Indenture Trustee will notify the Qualified Institution maintaining the Bank
Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing.

 

Section 8.4.          Release
of Collateral.

 

(a)          Release
of Property. The Indenture Trustee may, and when required by this Indenture will, release Collateral from the Lien of this Indenture,
in each case, according to this Indenture. Except under Sections 8.4(c), 8.4(d) and 10.1(c), the Indenture Trustee will release Collateral
from the Lien of this Indenture only on receipt of an Issuer Request and an Officer's Certificate and an Opinion of Counsel and (if required
by the TIA) Independent Certificates according to Sections 314(c) and 314(d)(1) of the TIA meeting the requirements of Section 11.4.

 

(b)          Limited
Security Interest. The Issuer and the Indenture Trustee intend that the property in which a Lien is Granted under this Indenture will
be limited to the 20__-__ Exchange Note and the other Collateral as stated in the "Granting Clause" of this Indenture, and the
Lien will not include direct rights in the Leases or Leased Vehicles or proceeds of the Leases or Leased Vehicles (other than for proceeds
of the 20__-__ Exchange Note) or other property of the Titling Companies.

 

(c)          Deemed
Release. The Indenture Trustee will be deemed to release, and does release, and each Noteholder or Note Owner, by its acceptance of
a Note or an interest or participation in a Note, acknowledges that the Indenture Trustee will release Liens and other rights and interests
it possesses, without further action of the parties, in, to and under:

 

(i)          each
Lease and Leased Vehicle and all proceeds of the Lease and Leased Vehicle reallocated to the Revolving Facility Pool under Section 3.4(c) of
the Exchange Note Purchase Agreement, Section 3.3(c) of the Exchange Note Sale Agreement or Section 3.3(f) of the
Servicing Supplement, effective when the Lease and Leased Vehicle is deemed reallocated to the Revolving Facility Pool under the applicable
Section;

 

(ii)         each
Lease and Leased Vehicle (but not the proceeds of the sale or disposition of the Lease and Leased Vehicle) sold by the related Titling
Company under

 

    45

    

    

 

Section 4.2 of the Servicing Agreement, effective when the
Lease and Leased Vehicle is deemed sold and assigned by the Titling Company under that Section; and

 

(iii)        each
Leased Vehicle (and the proceeds of the sale or disposition of the Leased Vehicle released according to Section 3.3(b) of the
Credit and Security Agreement and Section 4.2(d) of the Servicing Agreement) sold by the Servicer under Section 4.2 of
the Servicing Agreement, effective when the Leased Vehicle is deemed sold and assigned by the related Titling Company under that Section.

 

(d)          Release
of Funds. When there are no Notes Outstanding and all amounts due from the Issuer to the Indenture Trustee have been paid in full
under Section 6.7 or 10.1, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer
or any other Person entitled to those funds under this Indenture or the other Transaction Documents, the funds then in the Bank Accounts
under this Indenture. The Indenture Trustee will release Collateral from the Lien of this Indenture under this Section 8.4(d) only
on receipt of an Issuer Request and an Officer's Certificate and an Opinion of Counsel meeting the requirements of Section 11.4.

 

(e)          Termination
Statements. On receipt of an Issuer Request accompanied by an Officer's Certificate and an Opinion of Counsel meeting the requirements
of Section 11.4, the Indenture Trustee will execute termination statements and other documents to release Collateral as permitted
by this Section 8.4 and Section 10.1. No party relying on a document or authorization executed by the Indenture Trustee under
this Article VIII is required to determine the Indenture Trustee's authority, inquire into the satisfaction of conditions precedent
or require evidence of the application of funds.

 

ARTICLE IX

AMENDMENTS

 

Section 9.1.          Amendments
Without Consent of Noteholders.

 

(a)          General
Amendments. Without the consent of the Noteholders but after notifying the Rating Agencies, the Issuer and the Indenture Trustee may,
and when directed by Issuer Order will, amend this Indenture:

 

(i)          to
correct or expand the description of property subject to the Lien of this Indenture, or better to assure, convey and confirm to the Indenture
Trustee property subject or required to be subjected to the Lien of this Indenture, or to subject additional property to the Lien of this
Indenture;

 

(ii)         to
evidence the succession of any other Person to the Issuer, and the assumption by the successor of the obligations of the Issuer in this
Indenture and in the Notes;

 

(iii)        to
add to the obligations of the Issuer, for the benefit of the Noteholders, or to surrender a right or power given to the Issuer in this
Indenture;

 

    46

    

    

 

(iv)        to
transfer, assign, mortgage or pledge property to or with the Indenture Trustee;

 

(v)         to
clarify an ambiguity, correct an error or correct or supplement a term in this Indenture inconsistent with another term in this Indenture
or applicable law or to add terms which are not inconsistent with the other terms of this Indenture if the action does not have a material
adverse effect on the interests of the Noteholders;

 

(vi)        [to
clarify an ambiguity, correct an error or correct or supplement a term in this Indenture inconsistent with another term in any prospectus
or offering memorandum related to the Notes, in each case, without the consent of the Noteholders or any other Person;]

 

(vii)       to
evidence the acceptance of the appointment under this Indenture of a successor trustee and to add to or change this Indenture necessary
for the administration of the trusts under this Indenture by more than one trustee; or

 

(viii)      to
modify, eliminate or add to the terms of this Indenture to effect the qualification of this Indenture under the TIA and to add to this
Indenture other terms required by the TIA.

 

(b)          Amendments
without Material Adverse Effect. Without the consent of the Noteholders, the Issuer and the Indenture Trustee may, and when directed
by Issuer Order will, amend this Indenture to add terms to, to change or eliminate the terms of, or to amend (other than the amendments
in Section 9.2) the rights of the Noteholders under, this Indenture, if:

 

(i)          the
Issuer or the Administrator delivers, to the Indenture Trustee an Officer's Certificate stating that the amendment will not have a material
adverse effect on the Notes;

 

(ii)         the
Issuer delivers an Opinion of Counsel to the Indenture Trustee stating that the amendment will not (A) cause a Note to be considered
sold or exchanged for purposes of Section 1001 of the Code, (B) cause the Issuer or a Titling Company to be treated as an association
or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or (C) adversely affect the treatment
of the Notes as debt for U.S. federal income tax purposes; and

 

(iii)        the
Rating Agency Condition has been satisfied.

 

Section 9.2.          Amendments
with Consent of Controlling Class.

 

(a)          Amendments.
With the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and after notifying the Rating Agencies,
the Issuer and the Indenture Trustee may, and when directed by Issuer Order will, amend this Indenture to add terms to, to change or eliminate
the terms of, or to modify the rights of the Noteholders under, this Indenture if the Issuer delivers an Opinion of Counsel to the Indenture
Trustee stating that the amendment will not (i) cause any Note to be considered sold or exchanged for purposes of Section 1001
of the Code, (ii) cause the Issuer or a Titling Company to be treated as an

 

    47

    

    

 

association or publicly traded partnership taxable as a corporation for
U.S. federal income tax purposes or (iii) adversely affect the treatment of the Notes as debt for U.S. federal income tax purposes.
However, no amendment, without the consent of each Noteholder of each Outstanding Note adversely affected by the amendment, will:

 

(A)          change
Section 9.1 or this Section 9.2;

 

(B)          change
(1) the Final Scheduled Payment Date or the date of payment of any installment of principal of or interest on a Note, (2) the
principal amount of or interest rate on a Note, (3) the price at which the Notes may be redeemed, (4) the priority of payments
on the Notes or relating to the application of collections on, or the proceeds of the sale of, the Collateral to payment of principal
of or interest on the Notes, or change the place of payment where, or the currency in which, a Note or the interest on a Note is payable
or (5) the right of the Noteholders to start proceedings to enforce this Indenture;

 

(C)          change
the percentage of the Note Balance of the Notes or the Controlling Class required for any action;

 

(D)          change
the definition of "Outstanding" or "Controlling Class";

 

(E)          change
the calculation of the amount of a payment of principal or interest on a Note on a Payment Date; or

 

(F)          permit
the creation of any Lien ranking prior or equal to the Lien of this Indenture on the Collateral, other than Permitted Liens, or, except
as permitted by this Indenture or the other Transaction Documents, release the Lien of this Indenture on the Collateral.

 

(b)          Noteholder
Consent. For any amendment to this Indenture or any other Transaction Document requiring the consent of the Noteholders, the Indenture
Trustee will, when directed by Issuer Order, notify the Noteholders to request consent and follow its reasonable procedures to obtain
consent.

 

Section 9.3.          Execution
of Amendments.

 

(a)          Form;
Authorization; Reliance. Each amendment will be in form reasonably satisfactory to the Indenture Trustee. The Indenture Trustee is
authorized to execute the amendment and any other agreements required by the amendment. For any amendment, the Issuer will deliver to
the Indenture Trustee and the Owner Trustee an Opinion of Counsel stating that the amendment is permitted by this Indenture and that all
conditions to the amendment have been satisfied.

 

(b)          Indenture
Trustee Not Obligated. The Indenture Trustee is not obligated to, enter into an amendment that adversely affects the Indenture Trustee's
rights, powers, obligations, or liabilities under this Indenture.

 

    48

    

    

 

(c)          Indenture
Supplement not an Amendment. An indenture supplement entered into under Section 6.11(c) will not be considered an amendment
to this Indenture for purposes of this Article IX.

 

Section 9.4.          Effect
of Amendment. On the execution of an amendment under this Article IX, this Indenture will be amended by the amendment, and the
amendment will be part of this Indenture for all purposes. Every Noteholder of Notes authenticated and delivered before or after the amendment
will be bound by the amendment.

 

Section 9.5.          Conformity
with TIA. Each amendment of this Indenture executed under this Article IX will conform to the requirements of the TIA as then
in effect so long as this Indenture is qualified under the TIA.

 

Section 9.6.          Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of an amendment under this Article IX
may, and if required by the Indenture Trustee will, bear a notation about the amendment. New Notes modified to conform to an amendment
may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding Notes.

 

ARTICLE X

REDEMPTION OF NOTES

 

Section 10.1.          Redemption.

 

(a)          Optional
Redemption. The Notes may be redeemed in whole, but not in part, at the direction of the Servicer on any Payment Date on which the
Servicer exercises its option to purchase the 20__-__ Exchange Note under Section 6.1 of the Servicing Supplement. If the Notes are
to be redeemed under this Section 10.1, the Servicer or the Issuer will notify the Indenture Trustee and the Rating Agencies at least
ten days before the Redemption Date. After the Servicer or the Issuer notifies the Indenture Trustee, the Indenture Trustee will promptly
notify the Noteholders:

 

(i)          of
the Redemption Date;

 

(ii)         of
the Note Redemption Price;

 

(iii)        of
the outstanding Note Balance of each Class of the Notes to be redeemed and that the Notes plus accrued and unpaid interest on the
Notes to the Redemption Date will be paid in full;

 

(iv)        of
the place to surrender the Notes for final payment (which will be the office or agency of the Issuer maintained under Section 3.2);
and

 

(v)         that
on the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable
and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the
Redemption Date.

 

    49

    

    

 

(b)          Deposit
of Note Redemption Price. The Issuer will cause the Servicer to deposit on the Business Day before the Redemption Date (or, with satisfaction
of the Rating Agency Condition, on the Redemption Date) in the Exchange Note Collection Account the amount required under Section 6.1
of the Servicing Supplement, and the Notes will be paid in full on the Redemption Date.

 

(c)          Release
of Funds. On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become
due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay
the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and
release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

 

ARTICLE XI

OTHER AGREEMENTS

 

Section 11.1.          No
Petition. The Indenture Trustee and each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note,
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 11.1 will survive the resignation or removal of the Indenture Trustee under this Indenture
and the termination of this Indenture.

 

Section 11.2.          Limited
Recourse; Subordination of Claims Against Titling Companies.

 

(a)          Limited
Recourse; Subordination Agreement. The Titling Companies' obligations under the 20__-__ Exchange Note are secured solely by the Borrower
Collateral, and a claim under this Indenture or a Note issued under this Indenture against a Titling Company will be limited in recourse
to the 20__-__ Reference Pool and the other Borrower Collateral available for payment on the 20__-__ Exchange Note under the Exchange
Note Supplement. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or an
interest or participation in a Note, acknowledge and agree that they have no right, title or interest in or to any other assets of the
Titling Companies, including assets allocated to Specified Interests other than the Collateral Specified Interest ("Other Borrower
Assets"). If the Indenture Trustee, a Noteholder, a Note Owner or another Person having a claim under this Indenture either (i) asserts
an interest in, claim to or benefit from, Other Borrower Assets or (ii) is deemed to have an interest in, claim to or benefit from
Other Borrower Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including under Section 1111(b) of
the Bankruptcy Code), then the Indenture Trustee, each Noteholder and each Note Owner further acknowledges and agrees that the interest,
claim or benefit in, to or from the Other Borrower Assets is subordinated to the indefeasible payment in full of the other obligations
and liabilities of the Titling Companies ("Other Borrower Liabilities"), which, under the relevant

 

    50

    

    

 

documents relating to the securitization, conveyance or other financing
or disposition of those Other Borrower Assets, are entitled to be paid from, entitled to the benefits of or secured by those Other Borrower
Assets (whether or not the entitlement or security interest is legally perfected or entitled to a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted against the Titling Companies), in each case, including the
payment of post-petition interest on those other obligations and liabilities. This Section 11.2(a) is a subordination agreement
within the meaning of Section 510(a) of the Bankruptcy Code. The Indenture Trustee, each Noteholder and each Note Owner further
acknowledge and agree that no adequate remedy at law exists for a breach of this Section 11.2 and this Section 11.2 may be enforced
by an action for specific performance.

 

(b)          Election
under Bankruptcy Code. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a
Note or an interest or participation in a Note, irrevocably makes the election provided to secured creditors by Section 1111(b)(1)(A)(i) of
the Bankruptcy Code to receive the treatment provided by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that
Person may have against Other Borrower Assets (including a Specified Interest of a Titling Company other than the Collateral Specified
Interest).

 

(c)          Third
Party Benefit. This Section 11.2 is for the third party benefit of the holders, pledgees or other beneficiaries of Other Borrower
Liabilities and will survive the termination of this Indenture.

 

Section 11.3.          Limited
Recourse; Subordination of Claims Against Depositor. The Issuer's obligations under this Indenture are solely the Issuer's obligations
and do not represent an obligation or interest in the assets of the Depositor other than the Sold Property conveyed to the Issuer under
the Exchange Note Sale Agreement. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting
a Note or an interest or participation in a Note, acknowledge and agree that they have no right, title or interest in or to Other Assets
of the Depositor. If the Indenture Trustee, Noteholder or Note Owner either (i) asserts an interest in, claim to or benefit from,
the Other Assets or (ii) is deemed to have an interest in, claim to or benefit from the Other Assets, whether by operation of law,
legal process, under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the Indenture
Trustee, Noteholder or Note Owner further acknowledges and agrees that the interest, claim or benefit in, to or from the Other Assets
is expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents
relating to the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured
by, those Other Assets (whether or not the entitlement or security interest is legally perfected or entitled to a priority of distributions
or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment
of post-petition interest on those other obligations and liabilities. This Section 11.3 is a subordination agreement within the meaning
of Section 510(a) of the Bankruptcy Code. The Indenture Trustee, each Noteholder and each Note Owner further acknowledge and
agree that no adequate remedy at law exists for a breach of this Section 11.3 and it may be enforced by an action for specific performance.
This Section 11.3 is for the third-party benefit of the Depositor and any Person with an interest in the Other Assets and will survive
the termination of this Indenture.

 

    51

    

    

 

Section 11.4.          Issuer
Orders; Certificates and Opinions

 

(a)          Issuer
Order or Issuer Request. For an order or request by the Issuer to the Indenture Trustee to take an action under this Indenture or
any other Transaction Document, the Issuer will deliver the following documents to the Indenture Trustee: (i) a written order (an
 "Issuer Order") or a written request (an "Issuer Request"), signed in the name of the Issuer by a Responsible
Person and delivered to the Indenture Trustee, (ii) an Officer's Certificate stating that all conditions in this Indenture or other
Transaction Document for the proposed action have been satisfied, (iii) if required by the TIA or on the request of the Indenture
Trustee, an Opinion of Counsel stating that the conditions have been satisfied and (iv) if required by the TIA, an Independent Certificate
from a firm of certified public accountants of national reputation selected by the Issuer. However, no certificates or opinions are required
to be delivered if this Indenture requires the furnishing of specific documents for the action to be taken.

 

(b)          Form of
Certificates and Opinions.

 

(i)          Each
certificate or opinion on compliance with a condition or covenant in this Indenture will include:

 

		(A)	a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture
relating to the covenant or condition;

 

		(B)	a brief statement about the nature and scope of the examination or investigation on which the statements or opinions in the certificate
or opinion are based;

 

		(C)	a statement that, in the opinion of the signatory, the signatory has made an examination or investigation if necessary to enable the
signatory to express an informed opinion on whether or not the covenant or condition has been complied with; and

 

		(D)	a statement about whether, in the opinion of the signatory, the condition or covenant has been complied with.

 

(ii)         Any
Officer's Certificate of a Responsible Person of the Issuer may be based, for legal matters, on an opinion of counsel, unless that Responsible
Person knows, or in the exercise of reasonable care should know, that the opinion is erroneous. Any Officer's Certificate of a Responsible
Person of the Issuer or opinion of counsel may be based, for factual matters, on an Officer's Certificate of a Responsible Person of
the Servicer, the Depositor or the Issuer (including by the Administrator on behalf of the Issuer), stating that the information about
those factual matters is in the possession of the Servicer, the Depositor, the Issuer or the Administrator, unless the Responsible Person
of the Issuer or counsel knows, or in the exercise of reasonable care should know, that the Officer's Certificate is erroneous.

 

    52

    

    

 

(c)          Conditions
for Release.

 

(i)          Before
depositing property or securities with the Indenture Trustee that is to be made the basis for the release of any Collateral subject to
the Lien of this Indenture, the Issuer will furnish to the Indenture Trustee (A) an Officer's Certificate stating the opinion of
each Responsible Person signing the certificate about the fair value (within 90 days before the deposit) to the Issuer of the property
or securities to be so deposited and (B) an Independent Certificate about the same matters, if the fair value to the Issuer of the
securities to be so deposited and of other securities withdrawn or released since the start of the then-current year, as stated in the
certificates required by clause (A) and this clause (B), is 10% or more of the Note Balance of the Notes Outstanding, except that
an Independent Certificate need not be furnished for property or securities so deposited if the fair value of the property or securities
to the Issuer as stated in the related Officer's Certificate is less than $25,000 or less than 1% of the Note Balance of the Notes.

 

(ii)         Whenever
property or securities are to be released from the Lien of this Indenture, the Issuer will furnish to the Indenture Trustee (A) an
Officer's Certificate stating the opinion of each Responsible Person signing the certificate about the fair value (within 90 days before
the release) of the property or securities to be released and stating that in the opinion of that Responsible Person the proposed release
will not impair the security under this Indenture and (B) an Independent Certificate about the same matters, if the fair value of
the property or securities to be released and of other property, other than property as contemplated by Section 11.4(d), or securities
released from the Lien of this Indenture since the start of the then-current year, as stated in the certificates required by clause (A) and
this clause (B), is 10% or more of the Note Balance of the Notes Outstanding, except that an Independent Certificate need not be furnished
for the release of property or securities if the fair value of the property or securities as stated in the related Officer's Certificate
is less than $25,000 or less than 1% of the Note Balance of the Notes.

 

(d)          Ordinary
Course of Business. The Issuer may, without furnishing any Officer's Certificates or Independent Certificates under Section 11.4(c),
(i) collect, liquidate, sell or dispose of (or, as Holder of the 20__-__ Exchange Note, cause the Titling Companies to collect, liquidate,
sell, remove or dispose of) Leases and Leased Vehicles in the ordinary course of its business, so long as Collections, Liquidation Proceeds,
Recoveries and other proceeds of the dispositions are applied according to this Indenture and (ii) make cash payments out of the
Bank Accounts, in each case, as and if permitted or required by the Transaction Documents.

 

(e)          Exemptive
Orders. If the Securities and Exchange Commission issues an exemptive order under Section 304(d) of the TIA modifying the
Indenture Trustee's obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property
from the Lien of this Indenture only according to the Transaction Documents and the conditions and procedures stated in the exemptive
order.

 

Section 11.5.          Acts
of Noteholders. Any request, demand, authorization, direction, notice, consent, waiver or other action permitted by a Transaction
Document to be given or taken by the Noteholders or a stated percentage of the Noteholders may be included in and evidenced

 

    53

    

    

 

by one or more documents signed by the Noteholders. Except as otherwise
stated in a Transaction Document, the action will become effective when the documents are delivered to the Indenture Trustee and, if required,
to the Issuer. Any such acts will bind the Noteholder of every Note issued on the registration of the Note or in exchange for the Note
or in place of the Note, for all purposes whether or not notation of the action is made on the Note.

 

Section 11.6.          Conflict
with Trust Indenture Act. If any part of this Indenture limits, qualifies or conflicts with any other part of this Indenture that
is required or deemed to be included in this Indenture by the TIA, the required or deemed part will control. Sections 310 through 317
of the TIA that impose obligations on a Person (including those automatically deemed included in this Indenture unless expressly excluded
by this Indenture) are a part of and govern this Indenture.

 

Section 11.7.          Issuer
Obligation. No recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee, the Delaware Trustee
or the Indenture Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the
Notes, against (a) the Indenture Trustee, the Owner Trustee or the Delaware Trustee each in its individual capacity, (b) each
holder of a beneficial interest in the Issuer, (c) each partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee, the Owner Trustee or the Delaware Trustee, each in its individual capacity or (d) each holder of a beneficial
interest in the Owner Trustee, the Delaware Trustee or the Indenture Trustee, each in its individual capacity. The Indenture Trustee,
the Owner Trustee and the Delaware Trustee have none of these obligations in their individual capacities. For all purposes of this Indenture,
the Owner Trustee and the Delaware Trustee will be subject to, and have the benefits of, Articles V, VI and VII of the Trust Agreement.

 

ARTICLE XII

MISCELLANEOUS

 

Section 12.1.          Benefits
of Indenture; Third-Party Beneficiaries. This Indenture and the Notes are for the benefit of and will be binding on the parties and
their permitted successors and assigns. The Secured Parties, each Person with rights to payments or distributions under this Indenture
and the holder of the Residual Interest will be third-party beneficiaries of this Indenture and may enforce this Indenture according to
its terms. No other Person will have any right or obligation under this Indenture or the Notes.

 

Section 12.2.          Notices.

 

(a)          Notices
to Parties. Notices, requests, directions, consents, waivers or other communications to or from the parties to this Indenture 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;

 

    54

    

    

 

(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 will be addressed to the recipient stated on Schedule
A, which address the party may change by notifying the other party.

 

(c)          Notice
to Noteholders. Notices to a Noteholder will be considered received by the Noteholder:

 

(i)          for
Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the
mail properly addressed to the Noteholder at its address in the Note Register; or

 

(ii)         for
Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

 

(d)          Notices
to Rating Agencies. Where this Indenture requires notice to the Rating Agencies, failure to give the notice will not affect other
rights or obligations under this Indenture, and will not be a Default or Event of Default.

 

Section 12.3.          GOVERNING
LAW. THIS INDENTURE WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

Section 12.4.          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 Indenture. 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 12.5.          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 INDENTURE.

 

Section 12.6.          No
Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Indenture 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 Indenture are in addition to any powers,
rights and remedies under law.

 

    55

    

    

 

Section 12.7.          Severability.
If a part of this Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Indenture and
will not affect the validity, legality or enforceability of the remaining Indenture.

 

Section 12.8.          Headings.
The headings in this Indenture are included for convenience and will not affect the meaning or interpretation of this Indenture.

 

Section 12.9.          Counterparts.
This Indenture 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]

 

    56

    

    

 

 

EXECUTED BY:

 

	 	FORD CREDIT AUTO LEASE TRUST 20__-__,
	 	as Issuer
	 	 	 
		By:	______________________, not in its individual capacity but solely as Owner Trustee
of Ford Credit Auto Lease Trust 20__-__
	 	 	 
	 	 	 
	 	 	 
		By:	        
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	 	 	,
	 	 	not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Indenture]

 

    

    

    

 

Agreed and Acknowledged for purposes

of the Granting Clause:

 

	CAB EAST LLC	 
	 	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

	CAB WEST LLC	 
	 	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

 

[Signature Page to Indenture]

 

    

    

    

 

Schedule A

 

Notice Addresses

 

		1.	If to Ford Credit, in its individual capacity or as Sponsor, Servicer, Custodian or Administrator:

 

Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention: Securitization Operations Manager

Telephone: (313) 206-7860

Email: FDSecops@ford.com

 

With a copy to:

 

Ford Motor Credit Company LLC

c/o Ford Motor Company

One American Road

Suite 1038

Dearborn, Michigan 48126

Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com

 

		2.	If to the Depositor:

 

Ford Credit Auto Lease Two LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention: Ford Credit SPE Management Office

Telephone: (313) 594-3495

Email: FSPEMgt@ford.com

 

With a copy to:

 

Ford Motor Credit Company LLC

c/o Ford Motor Company

One American Road

Suite 1038

Dearborn, Michigan 48126

Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com

 

    SA-1

    

    

 

		3.	If to the Issuer:

 

c/o the Owner Trustee at the Corporate Trust Office of the Owner
Trustee

 

With copies to:

 

Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention: Ford Credit SPE Management Office

Telephone: (313) 594-3495

Email: FSPEMgt@ford.com

 

and

 

Ford Motor Credit Company LLC

c/o Ford Motor Company

One American Road

Suite 1038

Dearborn, Michigan 48126

Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com

 

		4.	If to the Owner Trustee, at the Corporate Trust Office of the Owner Trustee;

 

		5.	If to the Delaware Trustee, at
the Corporate Trust Office of the Delaware Trustee;

 

		6.	If to the Indenture Trustee, at the Corporate Trust Office of the Indenture Trustee;

 

		7.	If to the Asset Representations Reviewer:

 

[address]

Attention:

Telephone:

Fax:

 

		7.	If to [Rating Agency]:

 

[address]

Attention:

Telephone:

Fax:

 

    SA-2

    

    

 

Exhibit A

 

Form of Notes

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN ANOTHER NAME REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND PAYMENT IS MADE TO CEDE & CO. OR TO ANOTHER ENTITY REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE OF THIS NOTE FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER OF THIS NOTE, CEDE &
CO., HAS AN INTEREST IN THIS NOTE.

 

[Rule 144A Notes Only: THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OF THE
UNITED STATES. THE HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), BY PURCHASING THIS NOTE (OR AN INTEREST OR PARTICIPATION
IN THIS NOTE), AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) MAY BE
SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (I) UNDER RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE UNDER RULE
144A, OR (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE, ACCORDING TO ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES
AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES.]

 

EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE)
THAT IS SUBJECT TO (A) TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (B) SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (C) ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION
THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF PART 4 OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A "SIMILAR LAW"),
BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION
OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) IS NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE
I OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE.

 

    EA-1

    

    

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN THIS
NOTE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

 

    EA-2

    

    

 

	REGISTERED	 	$[___________]
	No. R-1	 	CUSIP NO. [_________]

 

FORD CREDIT AUTO LEASE TRUST 20__-__

 

CLASS [A-__][B][C][D] [__%][FLOATING RATE] ASSET
BACKED NOTES

 

Ford Credit Auto Lease Trust 20__-__, a statutory trust
organized under the laws of the State of Delaware (the "Issuer"), for value received, promises to pay to CEDE &
CO., or registered assigns, the principal sum of [________________] DOLLARS payable on the fifteenth day of each month, or, if that day
is not a Business Day, the next succeeding Business Day, starting in ______ 20__ (each, a "Payment Date") in an amount
equal to the aggregate amount payable to the Noteholders of Class [A-__][B][C][D] Notes on that Payment Date from the amounts payable
as principal on the Class [A-__][B][C][D] Notes under Section 3.1 of the Indenture, dated as of ___________, 20__ (the "Indenture"),
between the Issuer and ________________________, as Indenture Trustee (the "Indenture Trustee"). However, the entire
unpaid principal amount of this Note will be due and payable on the earlier of (a) the [__________] Payment Date (the "Class [A-__][B][C][D]
Final Scheduled Payment Date"), or (b) the Redemption Date under Section 10.1 of the Indenture. The entire unpaid principal
amount of the Notes will be due and payable on the date on which the Notes are declared to be, or have automatically become, immediately
due and payable under Section 5.2(a) of the Indenture. Principal payments on the Class [A-__][B][C][D] Notes will be made
pro rata to the Noteholders entitled to those principal payments. Capitalized terms used but not defined in this Note are defined in Article I
of the Indenture, which also contains usage rules that apply to this Note.

 

The Issuer will pay interest on this Note at [the rate
per annum shown above] [a rate based on SOFR determined under the terms of the Indenture, equal to 30-day average SOFR plus [___]% (but
not less than 0.00%)] on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount
of this Note outstanding on the prior Payment Date (in each case, after giving effect to payments of principal made on the prior Payment
Date), subject to limitations in Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including
the [15th day of the month before each Payment Date] [previous Payment Date on which interest has been paid] (or, for the initial Payment
Date, from and including the Closing Date) to but excluding [the 15th day of the month in which that Payment Date occurs] [that Payment
Date]. Interest will be computed on the basis of [actual days elapsed and] a 360-day year [of twelve 30 day months].

 

The principal of and interest on this Note are payable
in the coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private
debts. Payments made by the Issuer on this Note will be applied first to interest due and payable on this Note as stated above and then
to the unpaid principal of this Note.

 

This Note is one of a duly authorized issue of Class [A-__][B][C][D]
[__%][Floating Rate] Asset Backed Notes (the "Class [A-__][B][C][D] Notes") of the Issuer. Also authorized under
the Indenture are the Class [A-__][B][C][D] Notes. The Indenture and indentures

 

    EA-3

    

    

 

supplemental to the Indenture state the respective rights and obligations
of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to the Indenture.

 

The Class [A-__][B][C][D] Notes are and will be
equally and ratably secured by the collateral pledged as security therefor under the Indenture. Interest on and principal of the Notes
will be payable according to the priority of payments stated in Section 8.2 of the Indenture. [Class B only:][The Class B
Notes are subordinated in right of payment to the Class A Notes.] [Class C only:][The Class C Notes are subordinated
in right of payment to the Class A and Class B Notes.] [Class D only:][The Class D Notes are subordinated in
right of payment to the Class A, Class B and Class C Notes.]

 

Payments of interest on this Note on each Payment Date,
together with each installment of principal if not in full payment of this Note, will be made to the Registered Noteholder of this Note
either by wire transfer, to the account of the Noteholder at a bank or other entity having proper facilities for the wire transfer, if
the Noteholder has given to the Note Registrar proper written instructions at least five Business Days before that Payment Date and the
Noteholder's Notes in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first class mail,
postage prepaid, to the Registered Noteholder's address as it appears on the Note Register on each Record Date. However, unless Definitive
Notes have been issued to Note Owners, payment will be made by wire transfer to the account designated by Cede & Co., as nominee
of the Clearing Agency or a successor nominee. The payments will be made without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note effected by payments made on a Payment Date will bind future Noteholders of
this Note and of a Note issued on the registration of transfer of this Note or in exchange of this Note or in place of this Note, whether
or not noted on this Note. If money is expected to be available for payment in full of the then remaining unpaid principal amount of this
Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Registered Noteholder
of this Note as of the prior Record Date by notice mailed or transmitted by fax before that Payment Date, and the amount then due and
payable will be payable only on presentation and surrender of this Note at the Indenture Trustee's Corporate Trust Office or at the office
of the Indenture Trustee's agent appointed for those purposes located in The City of New York.

 

The Issuer will pay interest on overdue installments
of interest at the Class [A-__]/B/C/D] Note Interest Rate if lawful.

 

The Notes may be redeemed, in whole but not in part,
in the manner and to the extent described in the Indenture and the Servicing Supplement.

 

The transfer of this Note is subject to the restrictions
on transfer stated on the face of this Note and to the other limitations in the Indenture. Subject to the satisfaction of those restrictions
and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer
at the office or agency designated by the Issuer under the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or its attorney-in-fact, with the signature
guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, and then one or more new Notes
of the same Class in

 

    EA-4

    

    

 

authorized denominations and in the same aggregate principal amount will
be issued to the designated transferee or transferees. No service charge will be charged for the registration of transfer or exchange
of this Note, but the transferor may be required to pay an amount to cover any tax or other governmental charge that may be imposed under
any registration of transfer or exchange.

 

Each Noteholder or Note Owner, by accepting a Note
or, for a Note Owner, an interest or participation in a Note, agrees that no recourse may be taken, directly or indirectly, for the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or a certificate or other writing delivered
for the Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any
holder of a beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent
of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (iv) any holder of a beneficial interest in the
Owner Trustee or the Indenture Trustee, each in its individual capacity.

 

The obligations of the Issuer under the Indenture are
solely the obligations of the Issuer and do not represent an obligation or interest in any assets of the Depositor other than the Sold
Property conveyed to the Issuer under the Exchange Note Sale Agreement. Each Noteholder and Note Owner, by its acceptance of a Note or
an interest or participation in a Note, acknowledges and agrees that it has no right, title or interest in or to any Other Assets of the
Depositor. If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is
deemed to have any interest, claim to or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further
acknowledges and agrees that any interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible
payment in full of the other obligations and liabilities, which, under the relevant documents relating to the securitization or conveyance
of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Assets (whether or not any
entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable
law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on
the other obligations and liabilities. THIS PARAGRAPH IS A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE
BANKRUPTCY CODE.

 

Any claim under a Note issued under the Indenture against
one of the Titling Companies will be limited in recourse to the 20__-__ Reference Pool and the other Borrower Collateral available for
payment on this Note under the Exchange Note Supplement. Each Noteholder and Note Owner, by its acceptance of a Note or an interest or
participation in a Note, acknowledges and agrees that it has no right, title or interest in or to any Other Borrower Assets of a Titling
Company. If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Borrower Assets or (ii) is
deemed to have any interest, claim to or benefit in or from Other Borrower Assets, whether by operation of law, legal process, under insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further
acknowledges and agrees that any interest, claim or benefit in or from Other Borrower Assets is and will be expressly subordinated to
the indefeasible payment in full

 

    EA-5

    

    

 

of the other obligations and liabilities, which, under the relevant documents
relating to the securitization or conveyance of those Other Borrower Assets, are entitled to be paid from, entitled to the benefits of,
or secured by those Other Borrower Assets (whether or not any entitlement or security interest is legally perfected or otherwise entitled
to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the
Titling Company), including the payment of post-petition interest on the other obligations and liabilities. THIS PARAGRAPH IS A SUBORDINATION
AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

 

Each Noteholder or Note Owner, by accepting a Note
or, for a Note Owner, an interest or participation in a Note, 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 another 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 under any bankruptcy or similar law.

 

The Issuer has entered into the Indenture and this
Note is issued with the intention that, for federal, State and local income and franchise tax purposes, Notes that are beneficially owned
by a Person other than Ford Credit or its Affiliates will qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder
or Note Owner, by its acceptance of a Note or an interest or participation in a Note, will be deemed to agree to treat the Notes for federal,
State and local income, single business and franchise tax purposes as indebtedness of the Issuer.

 

For any date, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note is registered as of that date as the owner
of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without regard
to any notice or other information to the contrary.

 

The Indenture permits, with some exceptions requiring
the consent of all adversely affected Noteholders under the Indenture, the amendment of the Indenture and the modification of the rights
and obligations of the Issuer and the rights of the Noteholders under the Indenture by the Issuer with the consent of the Noteholders
of Notes evidencing not less than a majority of the Note Balance of the Controlling Class. The Indenture also permits the Indenture Trustee
to amend or waive some terms and conditions in the Indenture without the consent of the Noteholders if some conditions are satisfied.
In addition, the Indenture contains terms permitting the Noteholders of Notes evidencing stated percentages of the Note Balance of the
Notes or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with some terms of the Indenture and
some defaults under the Indenture and their consequences. Any consent or waiver by the Noteholder of this Note will be conclusive and
bind the Noteholder and all future Noteholders of this Note and of any Note issued on the registration of transfer of this Note or in
exchange of this Note or in place of this Note whether or not notation of the consent or waiver is made on this Note.

 

    EA-6

    

    

 

The term "Issuer," as used in this Note,
includes any successor to the Issuer under the Indenture.

 

The Issuer is permitted by the Indenture, under some
circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

 

The Notes are issuable only in registered form in denominations
as stated in the Indenture, subject to some limitations in the Indenture.

 

THIS NOTE AND THE INDENTURE WILL BE GOVERNED BY, AND
CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

 

No reference in this Note to the Indenture, and no
term of this Note or of the Indenture, will alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay
the principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

 

Except as permitted under the Transaction Documents,
none of ___________________, in its individual capacity, _________________, in its individual capacity, any owner of a beneficial interest
in the Issuer, or their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally
liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission
to perform, any of the covenants, obligations or indemnifications in the Indenture. The Noteholder of this Note, by its acceptance of
this Note, agrees that, except as permitted in the Transaction Documents, for an Event of Default under the Indenture, the Noteholder
has no claim against those Persons for any deficiency, loss or claim from this Note. However, nothing in this Note will be taken to prevent
recourse to, and enforcement against, the assets of the Issuer for liabilities, obligations and undertakings in the Indenture or in this
Note.

 

Unless the certificate of authentication on this Note
has been executed by the Indenture Trustee whose name appears below by manual signature, this Note will not have the benefit of the Indenture,
or be valid or obligatory for any purpose.

 

[Remainder of Page Left Blank]

 

    EA-7

    

    

 

The Issuer has caused this instrument to be signed, manually or in facsimile,
by its Responsible Person, as of the date below.

 

Date: __________ ___, 20__

 

	 	FORD CREDIT AUTO LEASE TRUST 20__-__
	 	 	 
		By:	______________________, not in its individual capacity but solely as Owner Trustee
of Ford Credit Auto Lease Trust 20__-__
	 	 	 
	 	 	 
		By:	
	 	 	Responsible Person

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Class [A-__][B][C][D] Notes
designated above and referred to in the Indenture.

 

Date: __________ ___, 20__

 

	 	_______________________________,

not in its individual capacity but

solely as Indenture Trustee

 

 

		By:	
	 	 	Responsible Person

 

    EA-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 under said Note, and hereby irrevocably
constitutes and appoints _________________, attorney, to transfer said Note on the books kept for registration of said Note, with full
power of substitution in the premises.

 

	Dated:	 	 		*/
	 	 	 	Signature Guaranteed*/	 

 

 

		*/	NOTICE: 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 whatever. The signature must be guaranteed
by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agents Medallion Program or another "signature guarantee program" selected by the
Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all according to the Exchange
Act.

 

    EA-9Exhibit 4.2

Execution Version

 

 

 

FOURTH AMENDED AND RESTATED

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 as Servicer

 

Dated as of July 22, 2005

as amended and restated as of June 4, 2021

 

 

 

     

     

    

 

	TABLE OF CONTENTS
	 	 
	ARTICLE I USAGE AND DEFINITIONS	1

	 	Section 1.1.	Usage and Definitions	1

 

	ARTICLE II REVOLVING FACILITY	1

	 	Section 2.1.	Revolving Facility Advances	1
	 	Section 2.2.	Recording of Revolving Facility Balance	2
	 	Section 2.3.	Optional Termination of Revolving Period	2
	 	Section 2.4.	Extension of Facility Termination Date	2
	 	Section 2.5.	Facility Amount Increases and Decreases	2
	 	Section 2.6.	Rate Increases and Decreases	2
	 	Section 2.7.	Payments on Revolving Facility	3
	 	Section 2.8.	Appointment of Borrower's Agent	3

 

	ARTICLE III APPOINTMENT OF COLLATERAL AGENT; GRANT OF SECURITY	3

	 	Section 3.1.	Appointment of Collateral Agent	3
	 	Section 3.2.	Grant of Security	4
	 	Section 3.3.	Release of Borrower Collateral	4

 

	ARTICLE IV EXCHANGE NOTES	5

	 	Section 4.1.	Exchange Notes	5
	 	Section 4.2.	Issuance of Exchange Notes	5
	 	Section 4.3.	Exchange Note Register	7
	 	Section 4.4.	Registration of Transfer	7
	 	Section 4.5.	Mutilated, Destroyed, Lost or Stolen Exchange Notes	9
	 	Section 4.6.	Persons Deemed Owners	10
	 	Section 4.7.	Payments on Exchange Notes	10
	 	Section 4.8.	Cancellation of Exchange Notes	11
	 	Section 4.9.	Acceptance of Agreement by Exchange Noteholders	11

 

	ARTICLE V BORROWER'S COVENANTS, REPRESENTATIONS AND WARRANTIES	11

	 	Section 5.1.	Payment of Principal and Interest	11
	 	Section 5.2.	Maintenance of Office or Agency	12
	 	Section 5.3.	Existence; Licenses	12
	 	Section 5.4.	Protection of Borrower Collateral	12
	 	Section 5.5.	Performance of Obligations	13
	 	Section 5.6.	Negative Covenants	13
	 	Section 5.7.	Opinions on Borrower Collateral	14
	 	Section 5.8.	Merger and Consolidation; Transfer of Assets	14
	 	Section 5.9.	Successor or Transferee	15
	 	Section 5.10.	No Other Activities	15
	 	Section 5.11.	Further Acts and Documents	15
	 	Section 5.12.	Restricted Payments	15
	 	Section 5.13.	Notice of Defaults	15
	 	Section 5.14.	Review of Borrowers' Records	16
	 	Section 5.15.	Insurance Policies	16

 

    i 

     

    

 

	 	Section 5.16.	Borrower's Authorized and Responsible Persons	16
	 	Section 5.17.	Borrowers' Representations and Warranties	16
	 	Section 5.18.	Borrowers' Representations and Warranties about Security Interest	17

 

	ARTICLE VI EVENTS OF DEFAULT; REMEDIES	18

	 	Section 6.1.	Facility Events of Default	18
	 	Section 6.2.	Acceleration of Revolving Facility; Rescission	19
	 	Section 6.3.	Revolving Facility Remedies	19
	 	Section 6.4.	Exchange Note Events of Default	20
	 	Section 6.5.	Acceleration of Exchange Note; Rescission	21
	 	Section 6.6.	Exchange Note Remedies	21
	 	Section 6.7.	Rights and Remedies Cumulative	22
	 	Section 6.8.	Delay or Omission Not a Waiver	22
	 	Section 6.9.	Waiver of Defaults	22

 

	ARTICLE VII CREDITORS' RELATIONS	23

	 	Section 7.1.	Allocation of Collections	23
	 	Section 7.2.	Distribution of Collections on Revolving Facility Pool	23
	 	Section 7.3.	Distribution of Collections on Reference Pools	24
	 	Section 7.4.	Distribution of Collections Following Facility Event of Default	24
	 	Section 7.5.	Priorities Following Liquidation	25

 

	ARTICLE VIII COLLATERAL AGENT; ADMINISTRATIVE AGENT	25

	 	Section 8.1.	Obligations of Collateral Agent	25
	 	Section 8.2.	Administrative Agent's Obligations	26
	 	Section 8.3.	Administrative Agent's Rights	28
	 	Section 8.4.	Administrative Agent's Individual Rights	29
	 	Section 8.5.	Administrative Agent's Disclaimer	29
	 	Section 8.6.	Compensation and Indemnity	29
	 	Section 8.7.	Resignation or Removal of Administrative Agent	30
	 	Section 8.8.	Merger or Consolidation; Transfer of Assets	31
	 	Section 8.9.	Eligibility	31
	 	Section 8.10.	Review of Records	31
	 	Section 8.11.	Collateral Agent's Representations and Warranties	32
	 	Section 8.12.	Administrative Agent's Representations and Warranties	33
	 	Section 8.13.	Dissolution of Collateral Agent	33

 

	ARTICLE IX OTHER AGREEMENTS	34

	 	Section 9.1.	Compliance Certificates and Opinions	34
	 	Section 9.2.	No Petition	34
	 	Section 9.3.	Borrowers' Obligation Only	34
	 	Section 9.4.	Limited Recourse; Subordination of Claims	34
	 	Section 9.5.	Obligations of Collateral Agent and Administrative Agent	35

 

	ARTICLE X MISCELLANEOUS	36

	 	Section 10.1.	Amendments	36
	 	Section 10.2.	Benefit of Agreement	37
	 	Section 10.3.	Notices	37
	 	Section 10.4.	GOVERNING LAW	38

 

    ii 

     

    

	 	Section 10.5.	Submission to Jurisdiction	38
	 	Section 10.6.	WAIVER OF JURY TRIAL	38
	 	Section 10.7.	No Waiver; Remedies	38
	 	Section 10.8.	Severability	38
	 	Section 10.9.	Headings	38
	 	Section 10.10.	Counterparts	39

 

	Schedule A	–	Notice Addresses	SA-1
	Appendix A	–	Usage and Definitions	AA-1

	Exhibit A	–	Form of Exchange Note	EA-1
	Exhibit B	–	Form of Transferee Representation Letter	EB-1

 

    iii 

     

    

  

 

This FOURTH AMENDED AND RESTATED CREDIT AND SECURITY
AGREEMENT, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (this "Agreement"), is among
CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, as Borrowers, FORD MOTOR
CREDIT COMPANY LLC, a Delaware limited liability company, as Lender and as Servicer, U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as Administrative Agent and not in its individual capacity, and HTD LEASING LLC, a Delaware limited liability company, as
Collateral Agent.

 

BACKGROUND

 

CAB East Holdings, LLC is the sole Member of and
the holder of the Collateral Specified Interest in CAB East, which represents the entire limited liability company interest in certain
motor vehicle leases and leased vehicles acquired by CAB East. CAB West Holdings, LLC is the sole Member of and the holder of the Collateral
Specified Interest in CAB West, which represents the entire limited liability company interest in certain motor vehicle leases and leased
vehicles acquired by CAB West.

 

The Borrowers, the Lender, the Servicer, the Administrative
Agent and the Collateral Agent entered into the Credit and Security Agreement, dated as of July 22, 2005, as amended and restated
on December 1, 2006, as further amended and restated on December 1, 2015 and September 1, 2019 (the "Existing
Agreement"), to establish a revolving credit facility and other arrangements to finance the purchase by each Borrower of motor
vehicle leases and leased vehicles to be allocated to the related Collateral Specified Interest.

 

The parties to this Agreement intend to amend
and restate the Existing Agreement on the terms and conditions in this Agreement.

 

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 or in Appendix 1 to any Exchange Note Supplement delivered
under this Agreement are defined in Appendix A. Appendix A also contains usage rules that apply to this Agreement. Appendix A is
incorporated by reference into this Agreement.

 

ARTICLE II

REVOLVING FACILITY

 

Section 2.1.         Revolving
Facility Advances.

 

(a)            Advances.
On any Business Day during the Revolving Period, the Lender will make advances ("Advances") to the Borrowers on a revolving
basis on the terms and conditions in this Agreement. No Advance will be made to the extent that, after the Advance, the Revolving Facility
Balance would exceed either the Facility Amount or the Borrowing Base.

 

    

    

    

 

(b)           Use
of Proceeds. The proceeds of each Advance will be used by the Borrowers to purchase one or more Leases and related Leased Vehicles,
which must be allocated to the Collateral Specified Interest of the applicable Borrower.

 

(c)            Payment
of Advances. The Lender will make available to the Borrowers each Advance by payment or deposit of the Advance at the direction of
the Servicer (which may include payment directly to the Dealer originating the Lease and Leased Vehicle purchased with the Advance).

 

Section 2.2.         Recording
of Revolving Facility Balance. The Lender and the Servicer will maintain a record of the Revolving Facility Balance. On request of
the Lender or the Borrowers, the Servicer will provide to the Administrative Agent a report (which may be included in a Revolving Facility
Pool Report) stating the Revolving Facility Balance as of the end of the prior Collection Period. The Administrative Agent will maintain
a record of the Revolving Facility Balance based on the Servicer's reports. Any failure by the Administrative Agent to record, or an
error in recording, the Revolving Facility Balance will not affect the obligations of the Borrowers under the Revolving Facility or the
Advances.

 

Section 2.3.         Optional
Termination of Revolving Period. The Lender, in its sole discretion, may terminate the Revolving Period by notifying the Borrowers
and the Administrative Agent at least 30 days in advance. The Borrowers may terminate the Revolving Period by giving at least 30 days'
notice to the Lender and the Administrative Agent.

 

Section 2.4.         Extension
of Facility Termination Date. The Facility Termination Date will automatically extend to December 31 of the following year unless
the Lender notifies the Borrowers and the Administrative Agent at least 90 days before the Facility Termination Date then in effect that
the Facility Termination Date will not be extended.

 

Section 2.5.         Facility
Amount Increases and Decreases. At the request of the Borrowers, the Lender, in its sole discretion, may increase the Facility Amount
by notifying the Borrowers and the Administrative Agent of the new Facility Amount. The Lender, in its sole discretion, may reduce the
Facility Amount to an amount not less than the Revolving Facility Balance by notifying the Borrowers and the Administrative Agent at
least 30 days in advance. The Borrowers, in their sole discretion, may decrease the Facility Amount to an amount not less than the Revolving
Facility Balance by notifying the Lender and the Administrative Agent of the new Facility Amount.

 

Section 2.6.         Rate
Increases and Decreases.

 

(a)            Advance
Rate. The Advance Rate may be increased or decreased by agreement of the Borrowers and the Lender.

 

(b)            Revolving
Facility Interest Rate. The Margin may be increased or decreased by the Lender annually by notifying the Borrowers at least five
Business Days before the first day of each year. The revised Margin will apply to all Advances, including outstanding Advances, starting
on the first day of the next year.

 

    2

    

    

 

Section 2.7.         Payments
on Revolving Facility.

 

(a)            Interest
Accrual. The Revolving Facility will accrue interest for each Interest Period until the Revolving Facility Balance has been paid
in full at a rate per annum equal to the Revolving Facility Interest Rate for that Interest Period. The Lender will calculate the Revolving
Facility Interest Rate for each Payment Date and the related Interest Period and the Revolving Facility Interest Payment Amount. The
determination of the Revolving Facility Interest Rate by the Lender, in the absence of manifest error, will be conclusive and binding
on the Borrowers. Accrued and unpaid interest for each Interest Period will be payable in arrears on the related Payment Date and on
the Facility Termination Date.

 

(b)            Principal.
The Revolving Facility Balance will be payable in installments on each Payment Date according to Section 7.2. On each Payment Date,
a mandatory payment will be due in an amount equal to the excess of (i) the Borrowing Base on the first day of the related Collection
Period over (ii) the Borrowing Base as of the close of business on the last day of the related Collection Period (the "Revolving
Facility Principal Payment Amount"). The entire Revolving Facility Balance will be due and payable on the Facility Termination
Date.

 

(c)            Payment
of Interest and Principal. Amounts to be paid by the Borrowers to the Lender under this Agreement will be paid by deposit in an account
designated by the Lender on each Payment Date.

 

(d)            Joint
and Several Obligation. The payment of interest on and principal of the Revolving Facility Balance will be the joint and several
obligation of the Borrowers.

 

Section 2.8.         Appointment
of Borrower's Agent. The Borrowers appoint the Servicer (but only for so long as Ford Credit is the Servicer, for clause (a) below)
as their agent to: (a) determine the amount of each Advance, (b) arrange for payment by the Borrowers of the Secured Obligations,
(c) cause the payment of interest on and principal of the Revolving Facility Balance and (d) execute on behalf of the Borrowers
and deliver to the Lender, notices, requests or directions under this Agreement. The Borrowers agree that (i) the Borrowers will
be bound by actions of the Servicer taken under this Section 2.8, (ii) the Lender, the Collateral Agent and the Administrative
Agent are authorized to accept payments, notices, requests or directions from the Servicer on behalf of the Borrowers and (iii) the
execution and delivery by the Servicer to the Lender, the Collateral Agent or the Administrative Agent of a notice, request or direction
or the taking by the Servicer of any other action described in this Section 2.8 will be conclusive evidence of the Servicer's authority
to execute and deliver any document or take the action on behalf of the Borrowers under this Agreement.

 

 

 

ARTICLE III

APPOINTMENT OF COLLATERAL AGENT;

GRANT OF SECURITY

 

Section 3.1.         Appointment
of Collateral Agent. The Lender appoints HTD as Collateral Agent under this Agreement for the benefit of the Secured Parties. HTD
accepts the appointment and agrees to perform the obligations of the Collateral Agent under this Agreement.

 

    3

    

    

 

Section 3.2.         Grant
of Security.

 

(a)            Grant.
On the Closing Date, each Borrower Granted to HTD, as Collateral Agent for the benefit of the Secured Parties, all of the Borrower's
right, title and interest in, to and under, whether now owned or later acquired, the Borrower Collateral. The Grant is made to secure
(i) the payment of interest on, principal of and any other amounts owing on the Revolving Facility Balance and the Exchange Notes
as stated in this Agreement and the Exchange Note Supplements and (ii) compliance by the Borrowers with this Agreement for the benefit
of the Secured Parties (together, the "Secured Obligations").

 

(b)            Acknowledgement
of Grant. The Collateral Agent acknowledges the Grant and agrees to perform its obligations under this Agreement and the Exchange
Note Supplements so that the interests of the Secured Parties may be adequately and effectively protected.

 

Section 3.3.         Release
of Borrower Collateral.

 

(a)            Release.
The Collateral Agent may, and when required by this Agreement will, release property from the Lien Granted under Section 3.2, in
each case, according to this Agreement. Unless otherwise stated in this Section 3.3, the Collateral Agent will only release property
from the Lien Granted under Section 3.2 on receipt of an Officer's Certificate and an Opinion of Counsel stating that all conditions
in this Agreement for the release have been satisfied.

 

(b)            Release
of Leased Vehicles on Sale. The Collateral Agent will be deemed to have released, and does release, any Liens and its other rights,
title and interests in, to and under a Leased Vehicle (and all proceeds of the Leased Vehicle and the rights of the related Borrower
and/or Ford Credit (individually or as Servicer) under a contract or agreement for the sale or other disposition of the Leased Vehicle
(including for the realization of the proceeds of each insurance policy on or covering the Leased Vehicle)) sold according to Section 4.2
of the Servicing Agreement, effective immediately before the sale or other disposition of the Leased Vehicle and without further action
of the parties.

 

(c)            Release
of Charged-Off Leases and Leased Vehicles on Sale. The Collateral Agent will be deemed to have released, and does release, any Liens
and its other rights, title and interests in, to and under a Lease and Leased Vehicle (but not the proceeds of the sale or disposition
of the Lease and Leased Vehicle) sold by the related Borrower according to Section 3.3(g) of the Servicing Agreement, effective
immediately before the sale of the Lease and Leased Vehicle and without further action of the parties.

 

(d)            Not
Obligated to Verify. No party relying on a document executed by the Collateral Agent under this Section 3.3 is required to verify
the Collateral Agent's authority, inquire into the satisfaction of any conditions or require evidence of the distribution of any funds.

 

(e)            Release
on Satisfaction of Secured Obligations. When the Secured Obligations and any amounts due to the Administrative Agent under Section 8.6
have been paid in full, the Collateral Agent will release the Borrower Collateral from the Lien Granted under Section 3.2 and release
to the Borrowers or any other Person entitled to them, amounts then on deposit in the Revolving Facility Collection Account and any Exchange
Note Collection Account.

 

    4

    

    

 

(f)            UCC
Termination Statements. On request of the Borrowers, the Collateral Agent will execute and deliver termination statements for filing
under the UCC of each applicable jurisdiction for the release of the Lien Granted under Section 3.2.

 

ARTICLE IV

EXCHANGE NOTES

 

Section 4.1.         Exchange
Notes.

 

(a)            Request
for Issuance. The Lender, by notifying the Administrative Agent and the Borrowers, may from time to time request that all or a portion
of the Revolving Facility Balance be issued in the form of one or more notes in definitive form (each, an "Exchange Note").
The Lender and the Borrowers will agree to the terms of each Exchange Note, which terms will be stated in a supplement to this Agreement
(each, an "Exchange Note Supplement"). Each Exchange Note will, on its execution and delivery, be issued to, and be
payable in favor of, the Lender or any other Person as directed by the Lender to the Borrowers and the Administrative Agent. Each Exchange
Note issued under this Agreement will be a "Titling Company Note" under Section 5.7 of the related Titling Company LLC
Agreement.

 

(b)            Designation
of Reference Pool. Each Exchange Note Supplement will designate certain Leases and Leased Vehicles in the Revolving Facility Pool
as the "Reference Pool" for the related Exchange Note, and following that designation, these Leases and Leased Vehicles
will be allocated to that Reference Pool and will no longer be allocated to the Revolving Facility Pool and will not be available to
be allocated to any other Reference Pool. Except as otherwise stated in the related Exchange Note Supplement, each Exchange Note will
be payable solely from Collections on the Leases and Leased Vehicles allocated to the related Reference Pool according to the priorities
in Article VII and the related Exchange Note Supplement. For purposes of determining the Collections that are allocated to a Reference
Pool, the Leases and Leased Vehicles allocated to the Reference Pool will be considered to be allocated to the Reference Pool from and
after the Cutoff Date stated in the related Exchange Note Supplement.

 

Section 4.2.         Issuance
of Exchange Notes.

 

(a)            Form.
Each Exchange Note will be substantially in the form of Exhibit A, or in another form as may be stated in the related Exchange Note
Supplement. Each Exchange Note may have marks of identification and legends or endorsements as determined by the Responsible Persons
of the Borrowers executing the Exchange Notes. Each physical Exchange Note will be produced by a method determined by the Responsible
Persons of the Borrowers executing the Exchange Note.

 

(b)           Incorporation
by Reference. Each Exchange Note will be dated the date of its authentication. The terms of each Exchange Note in Exhibit A
are part of this Agreement and the related Exchange Note Supplement and are incorporated into this Agreement and the related Exchange
Note Supplement by reference.

 

(c)            Execution.
A Responsible Person of each Borrower will execute each Exchange Note on behalf of the Borrower. The signature of the Responsible Person
on an Exchange Note may be manual or facsimile. An Exchange Note having the manual or facsimile signature of an individual who was a
Responsible Person of a Borrower will bind the Borrower, even if the individual has ceased to be a Responsible Person before the authentication
and delivery of the Exchange Note or was not a Responsible Person on the issuance date of the Exchange Note.

 

    5

    

    

 

(d)            Exchange
Note Supplement; Principal Terms. On or before the delivery of an Exchange Note to the Administrative Agent for authentication, the
Borrowers, the Lender, the Administrative Agent and the Collateral Agent will execute and deliver an Exchange Note Supplement which will
state the principal terms of the Exchange Note, including:

 

(i)          its
issuance date (each, an "Exchange Note Issuance Date");

 

(ii)         its
name or designation;

 

(iii)        its
class and any rights and priorities of the class;

 

(iv)        its
initial Exchange Note Balance;

 

(v)        the
Cutoff Date for its Reference Pool;

 

(vi)        its
Exchange Note Interest Rate and, for a floating rate Exchange Note, the manner of determining the floating rate;

 

(vii)      the
Exchange Note Events of Default in Section 6.4 that are inapplicable or are modified and any additional events that will be Exchange
Note Events of Default;

 

(viii)      its
Final Scheduled Payment Date; and

 

(ix)        any
other material terms.

 

(e)            Conditions
to Delivery of Exchange Note. The Administrative Agent's obligation to authenticate an Exchange Note and to acknowledge and deliver
the related Exchange Note Supplement is subject to the satisfaction of the following conditions:

 

(i)          the
Lender has notified the Administrative Agent of the Exchange Note Issuance Date at least five Business Days before the Exchange Note
Issuance Date;

 

(ii)         the
Exchange Note Supplement, including a Schedule of Reference Pool Assets listing the Leases and the Leased Vehicles in the related Reference
Pool, executed by each party to the Exchange Note Supplement other than the Administrative Agent, has been delivered to the Administrative
Agent; and

 

(iii)        an
Officer's Certificate from the Borrowers stating that all conditions to the authentication and delivery of the Exchange Note have been
satisfied, has been delivered to the Administrative Agent.

 

(f)            Acknowledgement
of Exchange Note Supplement; Authentication and Delivery of Exchange Note. Following the satisfaction of the conditions in Section 4.2(e),
the Administrative Agent will (i) acknowledge the Exchange Note Supplement and (ii) authenticate and deliver the Exchange Note
in the form and with the terms stated in the Exchange Note Supplement.

 

    6

    

    

 

(g)            Certificate
of Authentication. No Exchange Note will have the benefit of this Agreement or the related Exchange Note Supplement or be valid unless
it has a certificate of authentication substantially in the form included in Exhibit A manually executed by a Responsible Person
of the Administrative Agent. The certificate of authentication on an Exchange Note will be conclusive evidence that the Exchange Note
has been duly authenticated and delivered under this Agreement and the related Exchange Note Supplement.

 

(h)           Revolving
Facility Balance. On the issuance of each Exchange Note, the Revolving Facility Balance will be reduced by the initial Exchange Note
Balance of the Exchange Note, as stated on the record of the Revolving Facility Balance maintained under Section 2.2.

 

Section 4.3.         Exchange
Note Register. The Borrowers appoint the Administrative Agent to be the "Exchange Note Registrar" and to keep a
register (the "Exchange Note Register") for the purpose of registering Exchange Notes and transfers of Exchange Notes.
On resignation of the Exchange Note Registrar, the Borrowers will promptly appoint a successor or, if they elect not to make the appointment,
assume the obligations of the Exchange Note Registrar. If the Borrowers appoint a Person other than the Administrative Agent as Exchange
Note Registrar, (i) the Borrowers will notify the Administrative Agent of the appointment and (ii) the Administrative Agent
will have the right to rely on a certificate executed by an officer of the Exchange Note Registrar listing the names and addresses of
the Exchange Noteholders and the principal amounts and number of the Exchange Notes. Each of the Administrative Agent (if it is not the
Exchange Note Registrar) and the Borrowers will have the right to inspect the Exchange Note Register at reasonable times and to receive
a copy of the Exchange Note Register.

 

Section 4.4.         Registration
of Transfer.

 

(a)            Transfer
of Exchange Notes. An Exchange Noteholder may transfer an Exchange Note by surrendering the Exchange Note for registration of transfer
at the office or agency of the Borrowers maintained under Section 5.2. If the requirements of Section 8-401(a) of the
UCC are met, the Borrowers will execute and the Administrative Agent will authenticate and deliver to the related Exchange Noteholder,
in the name of the transferee, a new Exchange Note in the same principal amount. An Exchange Noteholder may Transfer an Exchange Note
only in whole and not in part.

 

(b)            Valid
Obligation. Each Exchange Note issued on the registration of transfer of an Exchange Note will be the valid obligation of the Borrowers,
evidencing the same debt, and have the same benefits under this Agreement and the related Exchange Note Supplement as the Exchange Note
surrendered for registration of transfer.

 

(c)            Surrendered
Exchange Notes. Every Exchange Note surrendered for registration of transfer will be (i) duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Exchange Note Registrar or the Administrative Agent duly executed by, the
Exchange Noteholder or the Exchange Noteholder's authorized attorney, (ii) accompanied by a transferee representation letter substantially
in the form of Exhibit B (with any changes that may be approved by the Borrowers) and any other documents or evidence that the Administrative
Agent may require and (iii) accompanied by any other documents the Administrative Agent may require.

 

    7

    

    

 

(d)            No
Service Charge. None of the Borrowers, the Exchange Note Registrar or the Administrative Agent will impose a service charge on an
Exchange Noteholder for the registration of transfer of an Exchange Note. The Borrowers, the Exchange Note Registrar or the Administrative
Agent may require the Exchange Noteholder to pay an amount to cover any taxes or other governmental charges that may be imposed for the
registration of transfer of the Exchange Note.

 

(e)            Registration
of Transfers. The Exchange Note Registrar will register transfers of Exchange Notes in the Exchange Note Register. However, neither
the Borrowers nor the Exchange Note Registrar will be required to register transfers of Exchange Notes for which the next Payment Date
is not more than 15 days after the requested date of transfer or which have been called for redemption.

 

(f)            Exchange
Noteholder Representations. By acceptance of an Exchange Note, the Exchange Noteholder agrees with, and represents and warrants to,
the Borrowers and the Administrative Agent, that:

 

(i)          It
understands that the Exchange Note has not been registered under the Securities Act or any State securities or "blue sky" laws
and will bear the legend in Exhibit A.

 

(ii)         It
understands that any sale, transfer, assignment, participation, pledge or other disposition of the Exchange Note (each, a "Transfer")
is only permitted if made in compliance with the Securities Act and other applicable laws and only to a person who the holder reasonably
believes is either (A) a "qualified institutional buyer" within the meaning of Rule 144A (a "QIB")
or (B) an institutional accredited investor as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act.

 

(iii)        It
either (A) (i) is a QIB, (ii) is aware that the sale to it is being made in reliance on Rule 144A and if it is acquiring
the Exchange Note or an interest or participation in the Exchange Note for the account of another QIB, that other QIB is aware that the
sale is being made in reliance on Rule 144A and (iii) is acquiring the Rule 144A Notes or an interest or participation
in the Exchange Note for its own account or for the account of another QIB or (B) is an institutional accredited investor as defined
in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

 

(iv)        It
is purchasing the Exchange Note for its own account or for one or more investor accounts for which it is acting as fiduciary or agent,
in each case, for investment, and not with a view to offer, transfer, assign, participate, pledge or dispose of the Exchange Note for
a distribution that would violate the Securities Act.

 

    8

    

    

 

(v)         Either
(A) it is not subject to Title I of ERISA, Section 4975 of the Code or any Similar Law or (B) its purchase, holding and
disposition of the Exchange Note is not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975
of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if it
is subject to any Similar Law, the purchase, holding and disposition is not and will not result in a non-exempt violation of that Similar
Law);

 

(vi)       It
understands that no subsequent Transfer of the Exchange Note will be made unless (A) the registration requirements of the Securities
Act and applicable State securities laws have been complied with for the Exchange Note and the other requirements of this Section 4.4
are met, (B) the Transfer is to the Borrowers or their Affiliates or (C) the Transfer is exempt from the registration requirements
under the Securities Act because either (i) the Transfer is in compliance with Rule 144A, to a transferee who the transferor
reasonably believes is a QIB that is purchasing for its own account or for the account of a QIB and to whom notice is given that the
Transfer is being made in reliance on Rule 144A or (ii) the Transfer is to an institutional accredited investor as defined
in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

 

(g)            Rule 144A
Information. The Borrowers will make available to the prospective transferor and transferee of an Exchange Note information requested
to satisfy the requirements of paragraph (d)(4) of Rule 144A (the "Rule 144A Information"). The Rule 144A
Information for an Exchange Note will include any of the following items requested by the prospective transferee:

 

(i)          the
related Monthly Investor Report for each Payment Date before the request;

 

(ii)         copies
of the Basic Documents, the related Exchange Note Supplement and the related Servicing Supplement, including any amendments; and

 

(iii)        any
other information reasonably available to the Borrowers that may be considered Rule 144A Information.

 

Section 4.5.         Mutilated,
Destroyed, Lost or Stolen Exchange Notes.

 

(a)            Replacement
Notes. If a mutilated Exchange Note is surrendered to the Administrative Agent or the Administrative Agent receives evidence of the
destruction, loss or theft of an Exchange Note the Borrowers will execute, and the Administrative Agent will authenticate and deliver
a replacement Exchange Note of the same class and principal amount in exchange for or in place of the Exchange Note if the following
conditions are met: (i) the Administrative Agent receives security or indemnity to hold the Borrowers and the Administrative Agent
harmless, (ii) none of the Borrowers, the Exchange Note Registrar or the Administrative Agent have received notice that the Exchange
Note has been acquired by a protected purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405
of the UCC are met. However, if a destroyed, lost or stolen Exchange Note (but not a mutilated Exchange Note) is due and payable within
15 days or has been called for redemption, instead of issuing a replacement Exchange Note, the Borrowers may pay the destroyed, lost
or stolen Exchange Note when so due or payable or on the Exchange Note Redemption Date for the Exchange Note without surrender of the
Exchange Note. If a protected purchaser of the original Exchange Note in place of which the replacement Exchange Note was issued (or
the payment made) presents for payment the original Exchange Note, the Borrowers and the Administrative Agent may recover the replacement
Exchange Note (or the payment) from the Person to whom it was delivered or a Person taking the replacement Exchange Note (or the payment)
from the Person to whom the replacement Exchange Note (or the payment) was delivered or an assignee of that Person, except a protected
purchaser, and may recover on the security or indemnity provided for the replacement Exchange Note (or the payment) for any fee, expense,
loss, damage or liability incurred by the Borrowers or the Administrative Agent for the replacement Exchange Note (or the payment).

 

    9

    

    

 

(b)            Taxes,
Charges and Expenses. On the issuance of a replacement Exchange Note under Section 4.5(a), (i) the Borrowers may require
the Exchange Noteholder of the Exchange Note to pay an amount to cover any taxes or other governmental charges imposed and any other
reasonable expenses incurred for the replacement Exchange Note, (ii) the Administrative Agent will, for a mutilated Exchange Note,
cancel the Exchange Note and (iii) the Exchange Note Registrar will record in the Exchange Note Register that the destroyed, lost
or stolen Exchange Note no longer has the benefits of this Agreement or the related Exchange Note Supplement.

 

(c)            Additional
Obligation. Each replacement Exchange Note issued under Section 4.5(a) will be an original additional contractual obligation
of the Borrowers and have the benefits of this Agreement and the related Exchange Note Supplement equally and proportionately with other
Exchange Notes issued under this Agreement and the related Exchange Note Supplement.

 

(d)            Sole
Remedy. This Section 4.5 states the sole remedy available to the Exchange Noteholders for the replacement or payment of mutilated,
destroyed, lost or stolen Exchange Notes.

 

Section 4.6.         Persons
Deemed Owners. On any date, the Borrowers, the Administrative Agent and any agent of the Borrowers or the Administrative Agent may
treat the Person in whose name an Exchange Note is registered as of that date as the owner of the Exchange Note for all purposes, including
receiving payments of interest on and principal of the Exchange Note, without regard to any notice or other information to the contrary.

 

Section 4.7.         Payments
on Exchange Notes.

 

(a)           Interest
Accrual. Each Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange
Note Balance has been paid in full at a rate per annum equal to its Exchange Note Interest Rate for that Exchange Note Interest Period.
Interest on each Exchange Note will be calculated in the manner stated in the related Exchange Note Supplement. Interest on each Exchange
Note for each Exchange Note Interest Period will be due and payable on the related Payment Date in the amount stated in the related Exchange
Note Supplement.

 

(b)           Principal.
The principal of each Exchange Note will be payable in installments on each Payment Date according to Article VII and the related
Exchange Note Supplement. The entire unpaid Exchange Note Balance of each Exchange Note will be due and payable on the Final Scheduled
Payment Date for the Exchange Note. The entire unpaid Exchange Note Balance of each Exchange Note will be due and payable on the date
the Exchange Note is declared to be, or has automatically become, immediately due and payable according to Section 6.5(a).

 

    10

    

    

 

 

(c)            Monthly
Payment of Interest and Principal. On each Payment Date, interest on and principal of each Exchange Note will be paid to the registered
Exchange Noteholder by wire transfer to the account of the Exchange Noteholder (as designated by the Exchange Noteholder to the Exchange
Note Registrar on or before the date the payment is to be made), except that the final installment of principal payable on the Exchange
Note will be payable according to Section 4.7(d).

 

(d)            Payment
of Final Installment. The final installment of principal of an Exchange Note on a Payment Date or its Final Scheduled Payment Date
will be payable only on presentation and surrender of the Exchange Note. The Administrative Agent will notify the applicable Exchange
Noteholder of the date the Borrowers expect to pay the final installment on the Exchange Note, which notice will be delivered no later
than five days before that date, and the place where the Exchange Note may be presented and surrendered for payment.

 

Section 4.8.     Cancellation
of Exchange Notes. Any Person that receives an Exchange Note surrendered for payment, registration of transfer or redemption will
deliver the Exchange Note to the Administrative Agent and the Administrative Agent will promptly cancel it. If the Servicer and the Lender
are the same entity, following an optional redemption of an Exchange Note under the related Servicing Supplement, the Servicer may request
that the Borrowers cancel the Exchange Note according to the Servicing Supplement. On request, the Borrowers will cancel the Exchange
Note and the Leases and related Leased Vehicles in the related Reference Pool will be reallocated to the Revolving Facility Pool.

 

Section 4.9.     Acceptance
of Agreement by Exchange Noteholders. Each Exchange Noteholder, by accepting the related Exchange Note, will be deemed to have agreed
to the terms and conditions of this Agreement and the related Exchange Note Supplement with the same effect as if the Exchange Noteholder
had been a party to this Agreement and the related Exchange Note Supplement.

 

ARTICLE V

BORROWER'S COVENANTS, REPRESENTATIONS AND WARRANTIES

 

Section 5.1.     Payment
of Principal and Interest. The Borrowers will duly and punctually pay the principal of and interest on the Advances and the Exchange
Notes according to this Agreement and the Exchange Notes. Amounts withheld under the Code or State or local tax law by any Person from
a payment to the Lender or an Exchange Noteholder will be considered as having been paid by the Borrowers to the Lender or the Exchange
Noteholder, as applicable.

 

    11 

     

    

 

Section 5.2.     Maintenance
of Office or Agency. The Borrowers will maintain an office or agency where Exchange Notes may be surrendered for registration of
transfer, and where notices to and demands on the Borrowers for the Exchange Notes and this Agreement and any Exchange Note Supplement
may be served. The Borrowers initially appoint the Administrative Agent to serve as its agent for those purposes. The Borrowers will
promptly notify the Administrative Agent of a change in the location of the office or agency. If the Borrowers fail to maintain the office
or agency or fail to furnish the Administrative Agent with the address of the office or agency, any surrender, notices and demands may
be made or served at the Corporate Trust Office, and the Borrowers appoint the Administrative Agent as their agent to receive them.

 

Section 5.3.     Existence;
Licenses. Each Borrower will maintain its existence as a limited liability company under the laws of the State of Delaware and will
obtain and maintain its qualification in each jurisdiction in which the qualification is or will be necessary to protect the validity
and enforceability of this Agreement, the Exchange Notes and the Borrower Collateral. Each Borrower will obtain and maintain all material
licenses required by applicable law in each jurisdiction necessary for the conduct of its business or the ownership of the Leases or
the ownership and leasing of the Leased Vehicles.

 

Section 5.4.     Protection
of Borrower Collateral.

 

(a)            Amendments
and Financing Statements. The Borrowers will (i) execute and deliver amendments to this Agreement and other documents, (ii) file
or authorize and cause to be filed financing statements, and amendments and continuations of those financing statements and (iii) take
other action necessary or advisable to:

 

		(A)	maintain
                                            or preserve the Lien and security interest (and the priority of the security interest) of
                                            this Agreement;

 

		(B)	perfect,
                                            maintain perfection, publish notice of or protect the validity of the Grant made or to be
                                            made by this Agreement;

 

		(C)	enforce
                                            the Borrower Collateral; or

 

		(D)	preserve
                                            and defend title to the Borrower Collateral and the rights of the Collateral Agent and the
                                            Secured Parties in the Borrower Collateral.

 

(b)            Authorization
to File. The Borrowers authorize the Collateral Agent and the Administrative Agent to file financing and continuation statements,
and amendments to the statements, in the jurisdictions and with the filing offices as the Collateral Agent or the Administrative Agent
may determine are necessary or advisable to perfect the Collateral Agent's interest in the Borrower Collateral. The financing and continuation
statements may describe the Borrower Collateral as the Collateral Agent or the Administrative Agent may reasonably determine to perfect
the Collateral Agent's interest in the Borrower Collateral. The Collateral Agent or the Administrative Agent will promptly deliver to
the Borrowers file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously
filed financing statement.

 

(c)            Collateral
Agent Not Obligated. The Collateral Agent is not obligated to (i) make a determination of whether filing financing or continuation
statements, and amendments to the statements, is required or (ii) file the financing or continuation statements, or amendments to
the statements, and will not be liable for failure to do so.

 

    12 

     

    

 

Section 5.5.     Performance
of Obligations.

 

(a)            Performance
of Obligations. The Borrowers will perform all of their obligations under this Agreement and the other Basic Documents and documents
included in the Borrower Collateral.

 

(b)            Subcontracting.
The Borrowers may contract with other Persons to assist them in performing their obligations under this Agreement. Initially, the Borrowers
have contracted with the Servicer to assist them in performing their obligations under this Agreement.

 

(c)            Servicer
Termination Event. If the Borrowers have knowledge of a Reference Pool Servicer Termination Event, the Borrowers will notify the
Administrative Agent of the event and state in the notice any action the Borrowers are taking to correct the situation. If a Reference
Pool Servicer Termination Event results from the failure of the Servicer to perform its obligations under the Servicing Agreement or
a Servicing Supplement, the Borrowers will take reasonable steps to cause the Servicer to correct the failure.

 

Section 5.6.     Negative
Covenants. So long as the Revolving Facility Balance or an Exchange Note is Outstanding, the Borrowers will not, except as permitted
in the Basic Documents or Exchange Note Basic Documents:

 

(a)            Dispose
of Borrower Collateral. Sell, exchange or dispose of any Borrower Collateral unless directed to do so by the Collateral Agent;

 

(b)            No
Release of Material Obligations. Take action, and will use commercially reasonable efforts to prevent any action from being taken
by others, that would release any Person from any material obligation under a document included in the Borrower Collateral or that would
impair the validity or enforceability of the Borrower Collateral or a document included in the Borrower Collateral;

 

(c)            Set-off.
Claim a credit on, or make a deduction from the payments of principal or interest on, the Revolving Facility Balance or the Exchange
Notes (other than amounts withheld from those payments under applicable law) or assert a claim against the Lender or an Exchange Noteholder
by reason of the payment of the taxes levied or assessed on the Borrowers or the Borrower Collateral;

 

(d)            Dissolve
or Liquidate. Dissolve or liquidate;

 

(e)            Liens.
Permit (i) the validity or effectiveness of this Agreement to be impaired, or permit the Lien Granted under Section 3.2 to
be amended, subordinated, terminated or discharged, or permit a Person to be released from any obligations under this Agreement except
in each case as permitted by this Agreement or the other Basic Documents, (ii) a Lien, other than Permitted Liens, to be created
on or extend to the Borrower Collateral or (iii) the Lien Granted under Section 3.2 not to be a valid first priority security
interest in the Borrower Collateral, other than Permitted Liens; or

 

    13 

     

    

 

(f)            Modification
of Borrower Collateral. Amend, modify, waive, terminate or surrender any Borrower Collateral or any Basic Documents without the consent
of the Administrative Agent.

 

Section 5.7.     Opinions
on Borrower Collateral. On or before April 30 of each year, if an Exchange Note was Outstanding during any part of the prior
year and the Exchange Note is still Outstanding on April 30 of that year, the Borrowers will furnish to the Collateral Agent and
the Administrative Agent an Opinion of Counsel either (a) stating that, in the opinion of that counsel, (i) for the Borrower
Collateral other than the Leased Vehicles, all action has been taken for the recording, filing, re-recording and refiling of this Agreement
and all financing statements and continuation statements to maintain the Lien Granted under Section 3.2 and (ii) for the Leased
Vehicles, procedures have been established that if followed would be sufficient to create and maintain the Lien Granted under Section 3.2
or (b) stating that in the opinion of that counsel no action is necessary to maintain the Lien.

 

Section 5.8.     Merger
and Consolidation; Transfer of Assets. Neither Borrower will merge or consolidate with or into any other Person or, except as permitted
by the related Titling Company LLC Agreement and the other Basic Documents, transfer all or substantially all of its assets, unless:

 

(a)            Surviving
Person. The Person (if other than the applicable Borrower) formed by or surviving the merger or consolidation, or that acquires those
assets, (i) is organized and existing under the laws of the United States or any State and (ii) assumes, by an agreement to
assume the Borrower's obligations under this Agreement (unless the assumption happens by operation of law), executed and delivered to
the Administrative Agent, in form satisfactory to the Administrative Agent, the due and punctual payment of the interest on and principal
of the Secured Obligations and the performance of the other obligations under this Agreement and the other Basic Documents to be performed
by the Borrower;

 

(b)            Subordination.
For a transfer of the assets included in the Borrower Collateral, the Person who acquires those assets agrees by means of the assumption
agreement executed and delivered to the Administrative Agent that (i) all right, title and interest transferred will be subject
and subordinate to the rights of the Lender and the Exchange Noteholders, (ii) unless stated in the assumption agreement, that Person
will indemnify the Borrowers for fees, expenses, losses, damages and liabilities (including fees and expenses of defending itself against
any loss, damage or liability) related to this Agreement, the Revolving Facility and the Exchange Notes and (iii) that Person will
make all necessary filings, including filings with the Securities and Exchange Commission required by the Exchange Act for the Exchange
Notes and any related Securities;

 

(c)            No
Defaults. Immediately after giving effect to the merger, consolidation or transfer, no Facility Default, Facility Event of Default,
Exchange Note Default or Exchange Note Event of Default will have occurred and be continuing;

 

(d)            Opinion.
The Borrowers have received an Opinion of Counsel (with a copy to the Administrative Agent) stating that the merger, consolidation or
transfer will not cause (i) any Exchange Note to be deemed sold or exchanged for purposes of Section 1001 of the Code or (ii) the
Borrower to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes;

 

    14 

     

    

 

(e)            Actions.
Any action necessary to maintain the Lien and security interest Granted under this Agreement has been taken; and

 

(f)            Conditions.
The applicable Borrower has delivered to the Administrative Agent and the Servicer an Officer's Certificate and an Opinion of Counsel
each stating that the merger, consolidation or transfer and the assumption agreement comply with this Section 5.8 and that the conditions
in this Agreement relating to the merger, consolidation or transfer have been satisfied.

 

Section 5.9.     Successor
or Transferee. On a merger or consolidation of a Borrower or a transfer under Section 5.8, (a) the Person formed by or
surviving the merger or consolidation (if other than the applicable Borrower) will succeed to, and be substituted for, and may exercise
the rights and powers of, the Borrower under this Agreement with the same effect as if that Person had been named as a Borrower in this
Agreement and (b) for a transfer of the assets of a Borrower under Section 5.8, the predecessor Borrower will be released from
its obligations under this Agreement to be performed by the successor Borrower for the Secured Obligations immediately on receipt of
notice by the Administrative Agent stating that the Borrower is to be released.

 

Section 5.10.     No
Other Activities. Neither Borrower will engage in activities other than financing, acquiring, owning and pledging the Borrower Collateral
as described in the Basic Documents and activities incidental to those activities.

 

Section 5.11.     Further
Acts and Documents. On request of the Administrative Agent, the Borrowers will take action and execute and deliver additional documents
reasonably required to perform and carry out the intention of this Agreement.

 

Section 5.12.     Restricted
Payments.

 

(a)            No
Set-off. Neither Borrower will, directly or indirectly, (i) make payments (by reduction of capital or otherwise) to member(s) of
the Borrower, (ii) redeem, purchase, retire or acquire for value an ownership interest in the Borrower or (iii) set aside or
segregate amounts for those purposes, except as permitted under this Agreement and the other Basic Documents.

 

(b)            No
Other Payments. Neither Borrower will, directly or indirectly, make payments to or distributions from the Revolving Facility Collection
Account or an Exchange Note Collection Account, except according to the Basic Documents.

 

Section 5.13.     Notice
of Defaults. The Borrowers will notify the Administrative Agent and the Servicer as soon as practicable and within five Business
Days after a Responsible Person of the Borrowers has knowledge of a Facility Event of Default or Exchange Note Event of Default.

 

    15 

     

    

 

Section 5.14.     Review
of Borrowers' Records. Each Borrower will maintain records and documents relating to its performance under this Agreement according
to its customary business practices. On reasonable request not more than once during any year, each Borrower will give the Administrative
Agent and the Servicer (or their representatives) access to the records and documents to conduct a review of the Borrower's performance
under this Agreement. Any access or review will be conducted at the Borrower's offices during its normal business hours at a time reasonably
convenient to the Borrower and in a manner that will minimize disruption to its business operations. Any access or review will be subject
to the Borrower's confidentiality and privacy policies.

 

Section 5.15.     Insurance
Policies. The Borrowers will maintain, or cause to be maintained, residual value, vicarious liability and contingent or excess liability
insurance policies or programs (which may be blanket policies covering the Borrowers and all or certain Affiliates of the Borrowers)
for the Leases and the Leased Vehicles consistent with the policies or programs, if any, that any of its Affiliates maintains for its
own portfolio of leases and leased vehicles. Each insurance policy will name the Borrowers and the Collateral Agent as an insured party
and will be updated annually by the Borrowers to reflect each Exchange Noteholder as an insured party. To the extent the Borrowers self-insure
for losses related to vicarious liability, they will indemnify the Lender, the Collateral Agent and the Exchange Noteholders for any
uninsured losses.

 

Section 5.16.     Borrower's
Authorized and Responsible Persons. On or before the date of this Agreement, the Borrowers will notify the Lender, the Collateral
Agent and the Administrative Agent of each Person who (a) will be authorized to give instructions and directions to the Lender,
the Collateral Agent and the Administrative Agent on behalf of the Borrower and (b) is a Responsible Person for the Borrower. The
Borrower may change such Persons by notifying the Lender, the Collateral Agent and the Administrative Agent.

 

Section 5.17.     Borrowers'
Representations and Warranties. Each Borrower represents and warrants to the Collateral Agent as of the date of this Agreement and
each Exchange Note Issuance Date:

 

(a)            Organization
and Qualification. The Borrower is duly formed and validly existing as a limited liability company in good standing under the laws
of the State of Delaware.

 

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

 

(c)            No
Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and each Exchange Note Supplement and
the performance of its obligations under such documents 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 Borrower is a debtor or guarantor, (ii) result
in the creation or imposition of a Lien on the Borrower'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 its organizational documents or (iv) violate
a law or, to the Borrower'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 Borrower or its properties that applies to the Borrower, which,
in each case, would reasonably be expected to have a material adverse effect on the Borrower's ability to perform its obligations under
this Agreement and any Exchange Note Supplement.

 

    16 

     

    

 

(d)            No
Proceedings. To the Borrower'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 Borrower or
its properties (i) asserting the invalidity of this Agreement, any Exchange Note Supplement or any Exchange Note, (ii) seeking
to prevent the issuance of an Exchange Note or the completion of the transactions contemplated by this Agreement or any Exchange Note
Supplement, (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the
Borrower's ability to perform its obligations under, or the validity or enforceability of, this Agreement, any Exchange Note Supplement
or any Exchange Note, in each case, other than the proceedings that, to the Borrower's knowledge, would not reasonably be expected to
have a material adverse effect on the Borrower, the performance by the Borrower of its obligations under, or the validity and enforceability
of, this Agreement, any Exchange Note Supplement or any Exchange Note.

 

(e)            No
Investment Company. The Borrower is not an "investment company" as defined in the Investment Company Act.

 

Section 5.18.     Borrowers'
Representations and Warranties about Security Interest. Each Borrower represents and warrants to the Collateral Agent as of the date
of this Agreement and each Exchange Note Issuance Date, which representations and warranties will survive the termination of this Agreement
and may not be waived by the Collateral Agent:

 

(a)            Valid
Security Interest. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower
Collateral in favor of the Collateral Agent which is prior to all other Liens, other than Permitted Liens, and is enforceable against
creditors of and purchasers from the Borrower.

 

(b)            Perfection.
The Servicer has represented that it has started procedures that will result in the perfection of a first priority security interest
against the Borrower in the related Leased Vehicles.

 

(c)            Type.
The Borrower Collateral (other than (i) the Leased Vehicles, (ii) those investments which have been credited to the Revolving
Facility Collection Account and (iii) those Permitted Investments which have been credited to an Exchange Note Collection Account)
is "tangible chattel paper," "electronic chattel paper," "instruments" or "general intangibles"
within the meaning of the applicable UCC.

 

(d)            Good
Title. The Borrowers own and have good title to the Borrower Collateral free and clear of any Lien, other than Permitted Liens. The
Borrowers have received all consents and approvals required by the terms of the Borrower Collateral to Grant to the Collateral Agent
all of their right, title and interest in the Borrower Collateral, except if a requirement for consent or approval is made ineffective
under the applicable UCC.

 

    17 

     

    

 

(e)            Filing
Financing Statements. The Borrowers have caused, or will cause within ten days after the Closing Date, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law to perfect the security interest
Granted in the Borrower Collateral to the Collateral Agent under this Agreement. All financing statements filed or to be filed against
the Borrowers in favor of the Collateral Agent under this Agreement describing the Borrower Collateral will contain a statement to the
following effect: "A purchase of or grant of a security interest in collateral described in this financing statement will violate
the rights of the Secured Parties."

 

(f)            No
Other Sale, Grant or Financing Statements. Other than the security interest Granted to the Collateral Agent under this Agreement,
the Borrowers have not sold or Granted a security interest in any of the Borrower Collateral. The Borrowers have not authorized the filing
of and are not aware of any financing statements against the Borrowers that include a description of collateral covering any of the Borrower
Collateral, other than financing statements relating to the security interest Granted to the Collateral Agent under this Agreement. The
Borrowers are not aware of any judgment or tax Lien filings against them.

 

(g)            Possession
of Leases. For a Lease that is "tangible chattel paper," the Borrowers have in their possession, directly or through their
agents, the original copy of the Lease that is or evidences part of the Borrower Collateral, and the Lease does not have any marks or
notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent. For a Lease
that is "electronic chattel paper," the Borrowers have not communicated an "authoritative copy" (within the meaning
of the applicable UCC) of the Lease that is or evidences part of the Borrower Collateral to any Person other than the Collateral Agent.

 

ARTICLE VI

EVENTS OF DEFAULT; REMEDIES

 

Section 6.1.     Facility
Events of Default.

 

(a)            Facility
Events of Default. The occurrence of one of the following events will be an event of default for the Revolving Facility under this
Agreement (each, a "Facility Event of Default"):

 

(i)            the
Borrowers fail to pay the Revolving Facility Interest Payment Amount due on any Payment Date, and the failure continues for five Business
Days or more;

 

(ii)            the
Borrowers fail to pay (A) the Revolving Facility Balance on the Facility Termination Date or (B) the Revolving Facility Principal
Payment Amount due on any Payment Date and, if the failure is due to an administrative omission, mistake or technical difficulty, the
failure continues for five Business Days or more;

 

    18 

     

    

 

(iii)            either
Borrower fails to observe a material covenant or agreement of the Borrower in this Agreement (other than to pay interest on or principal
of the Revolving Facility) or a representation or warranty of either Borrower made in this Agreement or in an Officer's Certificate or
other document delivered under this Agreement is incorrect in a material respect when made and, in each case, the failure or error continues
for at least 60 days after the Borrower receives notice from the Lender, the Collateral Agent or the Administrative Agent stating the
failure or error, requiring it to be corrected and stating that the notice is a "Notice of Facility Event of Default";

 

(iv)            the
Servicer is terminated for the Revolving Facility Pool following the occurrence of an Insolvency Event for the Servicer and no successor
Servicer has accepted its engagement on or before the date stated in the notice of termination under Section 7.2 of the Servicing
Agreement; or

 

(v)            an
Insolvency Event of a Borrower occurs.

 

(b)            Borrowers
to Notify. The Borrowers will notify the Lender, the Collateral Agent and the Administrative Agent within five Business Days after
a Responsible Person of a Borrower has knowledge of the occurrence of a Facility Default under Section 6.1(a)(iii), which notice
will describe the Facility Default, the status of the Facility Default and what action the Borrowers are taking to correct the Facility
Default.

 

Section 6.2.     Acceleration
of Revolving Facility; Rescission.

 

(a)            Acceleration.
If a Facility Event of Default occurs and is continuing, the Lender, may (i) terminate the Revolving Facility and (ii) declare
the Revolving Facility Balance to be accelerated by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative
Agent. On acceleration, the unpaid Facility Balance, together with accrued and unpaid interest, will become immediately due and payable,
in each case. If a Facility Event of Default in Section 6.1(a)(iv) or (v) occurs, (A) the Revolving Facility will
automatically terminate and (ii) the Revolving Facility Balance, together accrued and unpaid interest, will automatically become
due and payable, in each case, without a declaration or other act of the Lender.

 

(b)            Rescission.
The Lender, by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent, may rescind a declaration of
acceleration at any time. No rescission will affect a subsequent default or impair a right resulting from the rescission.

 

Section 6.3.     Revolving
Facility Remedies.

 

(a)            Proceedings.
If the Revolving Facility Balance has been accelerated under Section 6.2(a) and the declaration of acceleration has not been
rescinded according to Section 6.2(b), the Lender may (subject to Article VII) take the action in clause (i) below, or
direct the Collateral Agent to, and the Collateral Agent will, take one or more of the actions in clauses (ii) through (v) below:

 

(i)            start
a Proceeding for the collection of all amounts then payable to the Lender or under this Agreement and pursue its other rights, remedies,
powers or privileges under this Agreement;

 

(ii)            start
a Proceeding for the complete or partial foreclosure of the Borrower Collateral included in the Revolving Facility Pool;

 

    19 

     

    

 

(iii)            sell
or liquidate all or any part of the Borrower Collateral in the Revolving Facility Pool or rights or interest in the Borrower Collateral
in the Revolving Facility Pool at one or more public or private sales called and conducted in any manner permitted by law;

 

(iv)            exercise
any remedies of a secured party under the UCC; and

 

(v)            take
any other action to protect and enforce the rights and remedies of the Lender.

 

(b)            Priority
of Payments Following Liquidation. Any money or property collected by the Collateral Agent following the sale or other liquidation
of the Borrower Collateral in the Revolving Facility Pool under Section 6.3(a)(iii) will be used (i) first, to pay the
Collateral Agent any amounts due under Section 8.6, (ii) second, to pay the Administrative Agent any amounts due under Section 8.6
and (iii) third, to or at the direction of the Lender, to pay principal of and interest on the Revolving Facility Balance and any
other amounts owing on the Revolving Facility.

 

Section 6.4.     Exchange
Note Events of Default.

 

(a)            Exchange
Note Events of Default. Unless otherwise stated in the related Exchange Note Supplement, the occurrence of any of the following events
will be an event of default for the related Exchange Note under this Agreement and the related Exchange Note Supplement (each, an "Exchange
Note Event of Default"):

 

(i)            the
Borrowers fail to pay the Exchange Note Interest Payment Amount due on any Payment Date, and the failure continues for five Business
Days or more;

 

(ii)            the
Borrowers fail to pay the Exchange Note Balance on its Final Scheduled Payment Date and, if the failure is due to an administrative omission,
mistake or technical difficulty, the failure continues for three Business Days or more;

 

(iii)            either
Borrower fails to observe a material covenant or agreement of the Borrower in this Agreement or the Exchange Note Supplement (other than
to pay interest on or principal of the Exchange Note) or a representation or warranty of either Borrower made in this Agreement, the
Exchange Note Supplement or in an Officer's Certificate or other document delivered under this Agreement or the Exchange Note Supplement
is incorrect in a material respect when made and, in each case, the failure or error continues for at least 60 days after the Borrower
receives notice from the Collateral Agent, the Administrative Agent or the Exchange Noteholder stating the failure or error, requiring
it to be corrected and stating that the notice is a "Notice of Exchange Note Event of Default";

 

(iv)            the
Servicer is terminated for the related Reference Pool following a Reference Pool Servicer Termination Event resulting from the occurrence
of an Insolvency Event for the Servicer and no successor Servicer has accepted its engagement on or before the date stated in the notice
of termination under Section 7.3(c) of the Servicing Agreement;

 

    20 

     

    

 

(v)            an
Insolvency Event of a Borrower occurs; or

 

(vi)           any
other event stated in the Exchange Note Supplement for the Exchange Note occurs.

 

(b)            Borrowers
to Notify. The Borrowers will notify the Collateral Agent, the Administrative Agent and the Exchange Noteholder within five Business
Days after a Responsible Person of a Borrower has knowledge of the occurrence of an Exchange Note Default under Section 6.4(a)(iii),
which notice will describe the Exchange Note Default, the status of the Exchange Note Default and what action the Borrowers are taking
to correct the Exchange Note Default.

 

Section 6.5.    Acceleration
of Exchange Note; Rescission.

 

(a)            Acceleration.
If an Exchange Note Event of Default occurs and is continuing, the Exchange Noteholder may declare the Exchange Note Balance to be accelerated
by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent. On acceleration, the unpaid Exchange Note
Balance, together with accrued and unpaid interest, will become be immediately due and payable. If an Exchange Note Event of Default in
Section 6.4(a)(iv) or (v) occurs, all unpaid principal of and accrued and unpaid interest on the Exchange Note will automatically
become due and payable without a declaration or other act of the Exchange Noteholder.

 

(b)            Rescission.
The Exchange Noteholders, by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent, may rescind a declaration
of acceleration before a judgment or decree for payment of the amount due has been obtained by the Collateral Agent as stated in this
Article VI if:

 

(i)             the
Borrowers have paid an amount sufficient to (A) pay the due and unpaid principal of and interest on the Exchange Note and all other
amounts that would then be due under this Agreement and the Exchange Note Supplement if the Exchange Note Event of Default giving rise
to the acceleration had not occurred, (B) pay all amounts owed to the Administrative Agent under Section 8.6 and (C) pay
all other outstanding fees and expenses of the Borrowers; and

 

(ii)            all
Exchange Note Events of Default, other than the non-payment of the Exchange Note Balance that has become due solely by the acceleration,
have been corrected or waived under Section 6.9.

 

Section 6.6.    Exchange
Note Remedies.

 

(a)            Proceedings.
If the Exchange Note Balance has been accelerated under Section 6.5(a) and the declaration of acceleration has not been rescinded
according to Section 6.5(b), the Exchange Noteholder may (subject to Article VII) take the action in clause (i) below,
or direct the Collateral Agent to, and the Collateral Agent will, take one or more of the actions in clauses (ii) through (v) below:

 

(i)            start
a Proceeding for the collection of all amounts then payable to the Exchange Noteholder or under this Agreement or the Exchange Note Supplement
and pursue its other rights, remedies, powers or privileges under this Agreement and the Exchange Note Supplement;

 

    21 

     

    

 

(ii)            start
a Proceeding for the complete or partial foreclosure of the Borrower Collateral included in the Reference Pool;

 

(iii)           sell
or liquidate all or any part of the Borrower Collateral in the Reference Pool or rights or interest in the Borrower Collateral in the
Reference Pool at one or more public or private sales called and conducted in any manner permitted by law;

 

(iv)           exercise
any remedies of a secured party under the UCC; and

 

(v)            take
any other action to protect and enforce the rights and remedies of the Exchange Noteholder.

 

(b)            Priority
of Payments Following Liquidation. Any money or property collected by the Collateral Agent following the sale or other liquidation
of the Borrower Collateral in the Reference Pool under Section 6.6(a)(iii) will be deposited in the related Exchange Note Collection
Account and distributed according to the related Exchange Note Supplement.

 

Section 6.7.    Rights
and Remedies Cumulative. No right or remedy of the Lender or an Exchange Noteholder under this Agreement is intended to be exclusive
of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right
and remedy given under this Agreement. The exercise of a right or remedy will not prevent the exercise of another right or remedy at
the same time. The Lender's or an Exchange Noteholder's right to seek and recover judgment on the Revolving Facility, the Exchange Note
or under this Agreement will not be affected by the seeking, obtaining or use of other relief under this Agreement. Neither the Lien
Granted under this Agreement nor the rights or remedies of the Lender or an Exchange Noteholder will be impaired by the recovery of a
judgment by them or the Collateral Agent against the Borrowers or by the execution of a judgment on the Borrower Collateral.

 

Section 6.8.    Delay
or Omission Not a Waiver. No delay or omission of the Lender or an Exchange Noteholder to exercise a right or remedy after a Facility
Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default will impair the right or remedy, or be a
waiver of the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default. Every right and remedy
given by this Article VI or by law to the Collateral Agent, the Lender or an Exchange Noteholder may be exercised as often as deemed
advisable by the Collateral Agent, the Lender or the Exchange Noteholder.

 

Section 6.9.    Waiver
of Defaults.

 

(a)            Waiver
by Lender. The Lender may waive a Facility Event of Default, by notifying the Borrowers, the Servicer, the Collateral Agent and the
Administrative Agent.

 

(b)            Waiver
by Exchange Noteholder. The related Exchange Noteholder may waive an Exchange Note Event of Default, by notifying the Borrowers, the
Servicer, the Collateral Agent and the Administrative Agent.

 

    22 

     

    

 

(c)            Effect
of Waiver. On any waiver, the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default
will be considered not to have occurred for all purposes of this Agreement. No waiver will extend to any other Facility Default, Facility
Event of Default, Exchange Note Default or Exchange Note Event of Default or impair any right relating to any other Facility Default,
Facility Event of Default, Exchange Note Default or Exchange Note Event of Default.

 

ARTICLE VII

CREDITORS' RELATIONS

 

Section 7.1.    Allocation
of Collections. The Lender and the Administrative Agent, by entering into this Agreement, and each Exchange Noteholder, by accepting
the related Exchange Note, acknowledges and agrees that (a) the Revolving Facility and the Exchange Notes are secured under Section 3.1
by a single security interest in the Borrower Collateral, (b) each of the Lender, the Administrative Agent and each Exchange Noteholder
will be subject to the limitation of recourse, waiver of claims and rights, and subordination terms of this Article VII, (c) except
following a Facility Event of Default or an Exchange Note Event of Default, no Exchange Noteholder will have any recourse to, or right
to payment from, the Collections on the Revolving Facility Pool and (d) all Collections will be distributed according to the priorities
and procedures in this Article VII.

 

Section 7.2.    Distribution
of Collections on Revolving Facility Pool. On each Payment Date for which Collections on the Revolving Facility Pool are in the Revolving
Facility Collection Account (unless a Facility Event of Default has occurred before the Payment Date), the Administrative Agent will
(based on the information in the Revolving Facility Pool Report delivered before the Payment Date) withdraw from the Revolving Facility
Collection Account and make deposits and payments, to the extent of Collections for the Revolving Facility Pool for that Payment Date
and any Revolving Facility Pool Additional Amounts for that Payment Date, in the following order of priority (but only if such amounts
have not been paid from Collections retained by Ford Credit under Section 5.3(a) of the Servicing Agreement):

 

(a)            first,
to the Servicer, the Revolving Facility Pool Servicing Fee for the related Collection Period;

 

(b)            second,
to the Lender, the Revolving Facility Interest Payment Amount;

 

(c)            third,
to the Lender, the Revolving Facility Principal Payment Amount, until the Revolving Facility Balance is reduced to zero;

 

(d)            fourth,
if the Borrowers elect (by direction to the Administrative Agent on or before the applicable Payment Date, which may be in the form of
a standing direction) or if the Revolving Period has been terminated (or a Facility Event of Default has occurred), to the Lender, all
amounts remaining, as an additional payment of principal of the Revolving Facility Balance, until the Revolving Facility Balance is reduced
to zero; and

 

    23 

     

    

 

(e)            fifth,
all remaining amounts, to the Borrowers (to be allocated between them as agreed).

 

Section 7.3.    Distribution
of Collections on Reference Pools. On each Payment Date (unless a Facility Event of Default has occurred before the Payment Date),
the related Indenture Trustee will, for each Reference Pool (based on the information in the related Monthly Investor Report delivered
before the Payment Date), withdraw from the related Exchange Note Collection Account and make deposits and payments, to the extent of
Collections for the Reference Pool for the Payment Date and any Shared Amounts allocated to the Reference Pool for that Payment Date,
according to the related Exchange Note Supplement.

 

Section 7.4.    Distribution
of Collections Following Facility Event of Default. On each Payment Date following the occurrence of a Facility Event of Default
for which Collections on the Revolving Facility Pool are in the Revolving Facility Collection Account, the Administrative Agent will
(unless the Exchange Noteholder directs otherwise under Section 6.9(b)), for the Revolving Facility Pool and each Reference Pool
(based on the information in the Revolving Facility Pool Report or the related Monthly Investor Report delivered before the Payment Date),
withdraw from the Revolving Facility Collection Account and related Exchange Note Collection Account, respectively, and make deposits
and payments, to the extent of Collections for the Revolving Facility Pool or the Reference Pool, as applicable, for the related Collection
Period, in the following order of priority:

 

(a)            first,
(i) for the Revolving Facility Pool, according to Section 7.2(a) through (c) and (ii) for each Reference Pool
and the related Exchange Note, in the following order of priority:

 

		(A)	first, to the Servicer, the Reference Pool Servicing Fee and Advance Reimbursement Amount, if any, for the Reference Pool and
the related Collection Period, in each case, if those amounts have not been paid from the Collections on the Reference Pool retained by
the Servicer under the related Servicing Supplement;

 

		(B)	second, to the related Exchange Noteholder, the Exchange Note Interest Payment Amount; and

 

		(C)	third, to the related Exchange Noteholder, (I) on a Payment Date other than an Exchange Note Redemption Date, the Exchange
Note Principal Payment Amount, as a payment of principal of the Exchange Note until the Exchange Note Balance of the Exchange Note is
reduced to zero or (II) on an Exchange Note Redemption Date, an amount equal to the Exchange Note Purchase Price (if that amount
has not been paid under clause (B) above);

 

(b)            second,
without priority to the Lender or an Exchange Noteholder, (i) for the Revolving Facility Allocation Percentage of the remaining amount
of Collections for the Revolving Facility Pool and each Reference Pool, to pay amounts due and unpaid under Section 7.2(a) through
(c) and (ii) for each Exchange Note's Exchange Note Allocation Percentage of the remaining amount of Collections for the Revolving
Facility Pool and each Reference Pool, to make deposits and payments in the following order of priority:

 

		(A)	first, to pay amounts due and unpaid for the related Exchange Note under Section 7.4(a);

 

    24 

     

    

 

		(B)	second, to the related Exchange Noteholder, as an additional payment of principal of the Exchange Note, all amounts necessary
to cover any shortfall in payment on debt obligations that are secured by the Exchange Note until the Exchange Note Balance of the Exchange
Note is reduced to zero; and

 

		(C)	third, to the reserve account, if any, established for the related Exchange Note, until the amount in the reserve account equals
the amount required under the related Exchange Note Supplement;

 

(c)            third,
all remaining amounts of Collections for the Revolving Facility Pool and each Reference Pool will be distributed, pro rata, based on the
amounts due, to pay any amounts due and unpaid (i) under Section 7.2(a) through (c) for the Revolving Facility and
(ii) under Section 7.4(b) for each Exchange Note; and

 

(d)            fourth,
all remaining amounts of Collections for the Revolving Facility Pool and each Reference Pool, to the Borrowers (to be allocated between
them as agreed).

 

Section 7.5.     Priorities
Following Liquidation. Following the liquidation of any part of the Borrower Collateral under Article VI, the proceeds of the
liquidation will be distributed according to Section 6.3(b) or 6.6(b), as applicable.

 

ARTICLE VIII

COLLATERAL AGENT; ADMINISTRATIVE AGENT

 

Section 8.1.    Obligations
of Collateral Agent.

 

(a)            Obligations
of Collateral Agent. The Collateral Agent will:

 

(i)            hold
a security interest in the Borrower Collateral for the benefit of the Secured Parties;

 

(ii)           cause
the Certificate of Title for each Leased Vehicle to reflect "HTD Leasing LLC" as the recorded lienholder or recorded holder
of a security interest in the Leased Vehicle (if those actions have not been taken by the Servicer under Section 3.2(b) of the
Servicing Agreement);

 

(iii)           for
each Leased Vehicle that is permitted or required by the Basic Documents to be sold or disposed of by the applicable Borrower or reallocated
to a Specified Interest other than the Collateral Specified Interest of the applicable Borrower, take action necessary to cause (A) the
security interest granted under Section 3.2 in the Leased Vehicle to be released and (B) the evidence of the Collateral Agent
as lienholder on the related Certificate of Title to be removed;

 

    25 

     

    

 

(iv)           take
the actions required to be taken by the Collateral Agent under Article VI following a Facility Event of Default or an Exchange Note
Event of Default; and

 

(v)            take
the other actions required to be taken by the Collateral Agent under this Agreement.

 

(b)            Administrative
Agent to Perform. The Administrative Agent will, for the benefit of the Collateral Agent, the other parties to this Agreement and
the Exchange Noteholders, perform the obligations of the Collateral Agent under this Agreement and the other Basic Documents. The Collateral
Agent will not be responsible for, nor have liability for, any actions taken or not taken by the Administrative Agent on behalf of the
Collateral Agent. It is intended that, under the HTD Administration Agreement, the Administrative Agent will delegate to the Collateral
Agent Administrator certain of the Collateral Agent's obligations that the Administrative Agent is required to perform under this Section 8.1(b),
and each party to this Agreement and each Exchange Noteholder, by accepting an Exchange Note, consents to the delegation.

 

(c)            Administrative
Agent to Maintain Collateral Agent. The Administrative Agent will (i) maintain the Collateral Agent in existence in its jurisdiction
of organization, (ii) maintain all qualifications, licenses and approvals from governmental authorities that are necessary or advisable
for the performance of the Collateral Agent's obligations under this Agreement, (iii) maintain a 100% limited liability company interest
in the Collateral Agent and (iv) comply with, and take all actions necessary or advisable to avoid a violation of, the HTD LLC Agreement.

 

(d)            Power
of Attorney. The Collateral Agent appoints the Administrative Agent as the Collateral Agent's attorney-in-fact, with full power of
substitution to exercise all rights of the Collateral Agent under this Agreement and the other Basic Documents. This power of attorney,
and all authority given, under this Section 8.1(d) is revocable and is given solely to facilitate the performance of the Administrative
Agent's obligations under this Agreement and may only be used by the Administrative Agent consistent with this Agreement. On request of
the Administrative Agent, the Collateral Agent will furnish the Administrative Agent with written powers of attorney and other documents
to enable the Administrative Agent to perform its obligations under this Agreement.

 

Section 8.2.    Administrative
Agent's Obligations.

 

(a)           Standard
of Care. If a Facility Event of Default or an Exchange Note Event of Default has occurred and is continuing, the Administrative Agent
will exercise the rights and powers vested to it under this Agreement using the same degree of care and as a prudent person would use
under the circumstances in the conduct of that person's own affairs.

 

    26 

     

    

 

(b)            Obligations;
Reliance. Except during the continuance of a Facility Event of Default or an Exchange Note Event of Default:

 

(i)            the
Administrative Agent agrees to perform the obligations and only the obligations stated in this Agreement and no implied covenants or obligations
are to be read into this Agreement; and

 

(ii)            in
the absence of willful misconduct, bad faith or negligence on its part, the Administrative Agent may conclusively rely, for the truth
of the statements and the correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by
this Agreement, conforming to the requirements of this Agreement. The Administrative Agent will examine the certificates and opinions
to determine whether or not they conform to the requirements, if any, of this Agreement.

 

(c)            Administrative
Agent Liable. The Administrative Agent will not be relieved from liability for its own willful misconduct, bad faith or negligence,
except that:

 

(i)            this
Section 8.2(c) does not limit Section 8.2(b);

 

(ii)           the
Administrative Agent will not be liable for an error of judgment made in good faith unless it is proved that the Administrative Agent
was negligent in determining the relevant facts; and

 

(iii)           the
Administrative Agent will not be liable for any action taken or not taken in good faith according to this Agreement or a direction received
by it from the Lender or an Exchange Noteholder for the exercise of remedies under Article VI.

 

(d)            Not
Liable for Interest. The Administrative Agent will not be liable for interest on any amounts received by it, except as the Administrative
Agent may agree with the Borrowers.

 

(e)            Not
Required to Segregate. The Administrative Agent need not segregate any funds held by it in trust under this Agreement from other funds
unless required by law, this Agreement, an Exchange Note Supplement or a Servicing Supplement.

 

(f)            Section Governs.
The terms of this Agreement relating to the conduct of the Administrative Agent, the liability of the Administrative Agent or giving protection
to the Administrative Agent are subject to this Section 8.2.

 

(g)            No
Deemed Knowledge. The Administrative Agent will not be deemed to have knowledge of a Facility Default, Facility Event of Default,
Exchange Note Default or Exchange Note Event of Default unless (i) a Responsible Person of the Administrative Agent has knowledge
of the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default or (ii) it has received
notice of the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default.

 

    27 

     

    

 

Section 8.3.    Administrative
Agent's Rights.

 

(a)            Reliance
on Documents. The Administrative Agent may rely on any document believed by it to be genuine and which appears on its face to be properly
executed and signed or presented by the proper Person. The Administrative Agent is not required to investigate any facts or matters or
to verify any calculations or amounts stated in any document. The Administrative Agent will not be liable for any action taken or not
taken in good faith in reliance on a document believed by it to be genuine.

 

(b)            Reliance
on Opinions. Before the Administrative Agent acts or does not act, it may require and rely on an Officer's Certificate or an Opinion
of Counsel. The Administrative Agent will not be liable for action taken or not taken in good faith in reliance on an Officer's Certificate
or Opinion of Counsel.

 

(c)            Use
of Agents. The Administrative Agent may exercise the trusts or powers under this Agreement or perform obligations under this Agreement
either directly or by or through agents or attorneys or a custodian or nominee, and the Administrative Agent will not be responsible for
misconduct or negligence on the part of, or for the supervision of, any agent, counsel, custodian or nominee appointed with due care by
it under this Agreement.

 

(d)            Good
Faith. The Administrative Agent will not be liable for any action taken or not taken in good faith which it believes to be authorized
or within its rights or powers so long as the action taken or not taken does not amount to negligence.

 

(e)            Advice
from Counsel. The Administrative Agent may consult with counsel, accountants or other experts, and the advice or opinion of counsel,
accountants or other experts on any matters relating to this Agreement will be full and complete authorization and protection from liability
for any action taken or not taken by it under this Agreement in good faith and according to the advice or opinion of that counsel, accountant
or expert.

 

(f)            Not
Required to Pay or Risk Funds. The Administrative Agent is not obligated to (i) exercise the rights or powers under this Agreement
or to pay or risk funds or incur any financial liability in the performance of its obligations under this Agreement if it has reasonable
grounds to believe that payment of such funds or adequate indemnity satisfactory to it against that risk or liability is not reasonably
assured or given to it or (ii) honor the request, demand or direction of Exchange Noteholders under this Agreement, unless the Exchange
Noteholders have offered to the Administrative Agent reasonable security or indemnity satisfactory to it for the reasonable expenses that
might be incurred by the Administrative Agent in complying with the request or direction.

 

(g)            Force
Majeure. The Administrative Agent will not be responsible or liable for a failure or delay in the performance of its obligations under
this Agreement from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism,
civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and
interruptions, loss or failures of mechanical, electronic or communication systems. The Administrative Agent will use reasonable efforts
consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

    28 

     

    

 

(h)            Consequential
Damages. The Administrative Agent will not be responsible or liable for special, punitive, indirect or consequential losses or damages
(including lost profit), even if the Administrative Agent has been advised of the likelihood of the loss or damage and regardless of the
form of action.

 

Section 8.4.    Administrative
Agent's Individual Rights. The Administrative Agent, in its individual or another capacity, may deal with the Borrowers or their
Affiliates with the same rights it would have if it were not the Administrative Agent.

 

Section 8.5.    Administrative
Agent's Disclaimer. The Administrative Agent will not be liable for (a) the validity or adequacy of this Agreement, any Exchange
Note Supplement or any Exchange Notes, (b) the Borrowers' use of the funds advanced under the Revolving Facility or (c) any
statement of the Borrowers in this Agreement.

 

Section 8.6.    Compensation
and Indemnity.

 

(a)            Collateral
Agent's Fees. The Lender will pay the Collateral Agent as compensation for performing its obligations under this Agreement a fee
separately agreed to by the Lender and the Collateral Agent. The Lender will reimburse the Collateral Agent for its reasonable expenses
in performing its obligations under this Agreement, including costs of collection and the reasonable fees and expenses of the Collateral
Agent's agents, counsel and accountants, but excluding expenses resulting from the Collateral Agent's willful misconduct, negligence
or bad faith.

 

(b)            Administrative
Agent's Fees. The Lender will pay the Administrative Agent as compensation for performing its obligations under this Agreement a fee
separately agreed to by the Lender and the Administrative Agent. This fee may be paid net of any fee payable from the Administrative Agent
to Ford Credit, as Collection Agent Administrator. The Lender will reimburse the Administrative Agent for its reasonable expenses in performing
its obligations under this Agreement, including costs of collection and the reasonable fees and expenses of the Administrative Agent's
agents, counsel and accountants, but excluding expenses resulting from the Administrative Agent's willful misconduct, negligence or bad
faith.

 

(c)            Indemnification.
The Borrowers will indemnify the Collateral Agent, the Administrative Agent and their respective officers, directors, employees and agents
(each, an "Indemnified Person"), for all fees, expenses, losses, damages and liabilities resulting from the administration
of and performance of their obligations under this Agreement (including the fees and expenses of defending themselves against any loss,
damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce
the Borrowers' indemnification obligations), but excluding any fee, expense, loss, damage or liability resulting from their willful misconduct,
bad faith or negligence or breach of its representations or warranties in this Agreement.

 

    29 

     

    

 

(d)            Proceedings.
If an Indemnified Person receives notice of the start of a Proceeding against it, the Indemnified Person will, if a claim under the Proceeding
will be made under this Section 8.6, promptly notify the Borrowers of the Proceeding. The Borrowers may participate in and assume
the defense and settlement of the Proceeding at their expense. If the Borrowers notify the Indemnified Person of their intention to assume
the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Borrowers assume the
defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Borrowers will not be liable for legal expenses
of counsel to the Indemnified Person unless there is a conflict between the interests of the Borrowers and the Indemnified Person. If
there is a conflict, the Borrowers will pay for the separate counsel to the Indemnified Person. No settlement of the Proceeding may be
made without the approval of the Borrowers and the Indemnified Person, which approvals will not be unreasonably withheld.

 

(e)            Survival
of Obligations. The Borrowers' obligations to the Collateral Agent and the Administrative Agent under this Section 8.6 will survive
the resignation or removal of the Collateral Agent or the Administrative Agent and the termination of this Agreement. Expenses incurred
after the occurrence of an Exchange Note Event of Default stated in Section 6.4(a)(v) are intended to be expenses of administration
under the Bankruptcy Code or other applicable federal or State bankruptcy, insolvency or similar law.

 

(f)            Repayment.
If a Borrower makes a payment to an Indemnified Person under this Section 8.6 and the Indemnified Person later collects from others
any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Borrower.

 

(g)            Available
Funds. Payments required to be made by the Borrowers under this Section 8.6 will be made solely from funds used to make payments
under this Agreement and each Exchange Note Supplement.

 

Section 8.7.    Resignation
or Removal of Administrative Agent.

 

(a)            Resignation.
The Administrative Agent may resign by notifying the Lender.

 

(b)            Optional
Removal by Lender. The Lender may, without cause, remove the Administrative Agent and terminate its rights and obligations under this
Agreement by notifying the Administrative Agent and the Borrowers.

 

(c)            Mandatory
Removal by Lender. The Borrowers must remove the Administrative Agent and terminate its rights and obligations under this Agreement
if:

 

(i)            the
Administrative Agent fails to comply with the eligibility requirements in Section 8.9;

 

(ii)           the
Administrative Agent becomes legally unable to act or incapable of acting as Administrative Agent; or

 

(iii)          an
Insolvency Event for the Administrative Agent occurs.

 

(d)            Appointment
of Successor. If the Administrative Agent resigns or is removed or if a vacancy exists in the office of the Administrative Agent,
the Borrowers or the Lender will appoint a successor Administrative Agent promptly. If a successor Administrative Agent does not take
office within 60 days after the Administrative Agent resigns or is removed, the Administrative Agent, the Borrowers or the Lender may
petition a court of competent jurisdiction to appoint a successor Administrative Agent.

 

    30 

     

    

 

 

(e)            Acceptance
of Appointment. No resignation or removal of the Administrative Agent will become effective until the acceptance of appointment by
the successor Administrative Agent under this Section 8.7. Any successor Administrative Agent will deliver a written acceptance of
its appointment to the Administrative Agent, the Collateral Agent, the Borrowers and the Lender. The Borrowers will continue to pay amounts
owed to the predecessor Administrative Agent for the period it was Administrative Agent according to Section 8.6. The successor Administrative
Agent will notify the Exchange Noteholders of its succession.

 

(f)            Transition
of Administrative Agent Obligations. On the resignation or removal of the Administrative Agent becoming effective under Section 8.7(e),
all rights, powers and obligations of the Administrative Agent under this Agreement will become the rights, powers and obligations of
the successor Administrative Agent. The predecessor Administrative Agent will promptly transfer all property held by it as Administrative
Agent to the successor Administrative Agent. The Borrowers will reimburse the Administrative Agent and any successor Administrative Agent
for expenses related to the replacement of the Administrative Agent.

 

Section 8.8.     Merger
or Consolidation; Transfer of Assets. If the Administrative Agent merges or consolidates with, or transfers its corporate trust business
or assets to, any Person, the resulting, surviving or transferee Person will be the successor Administrative Agent so long as that Person
is qualified and eligible under Section 8.9. The Administrative Agent will promptly notify the Borrowers, the Collateral Agent and
the Lender of the succession.

 

Section 8.9.     Eligibility.
The Administrative Agent or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent
annual published report of condition, must have a long-term unsecured debt rating of investment grade by each of S&P and Moody's
and must not be Ford Credit or an Affiliate of Ford Credit.

 

Section 8.10.    Review
of Records. Each of the Collateral Agent and the Administrative Agent agree that, with reasonable advance notice, it will permit
authorized representatives of the Borrowers, the Servicer or the Collateral Agent Administrator, during the Collateral Agent's or the
Administrative Agent's normal business hours, to have access to and review the books of account, records, reports and other documents
and materials of the Collateral Agent or the Administrative Agent relating directly and solely to (a) the performance of the obligations
of the Collateral Agent or the Administrative Agent under this Agreement, (b) the payments of fees and expenses of the Collateral
Agent or the Administrative Agent for its performance and (c) any claim made by the Collateral Agent or the Administrative Agent
under this Agreement. In addition, the Collateral Agent or the Administrative Agent will permit those representatives to make copies
and extracts of the books and records and to discuss the same with the Collateral Agent's or the Administrative Agent's officers and
employees. Any access and review will be subject to the Collateral Agent's and the Administrative Agent's confidentiality and privacy
policies. The Collateral Agent and the Administrative Agent will maintain all books, records, reports and other documents and materials
for a period of two years after the termination of its obligations under this Agreement.

 

    31 

     

    

 

Section 8.11.    Collateral
Agent's Representations and Warranties. The Collateral Agent represents and warrants to the Borrowers as of the date of this Agreement:

 

(a)            Organization
and Qualification. The Collateral Agent is duly organized and validly existing as a limited liability company in good standing under
the laws of Delaware. The Collateral Agent 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 Collateral Agent's ability to perform its obligations under the Basic Documents to which
it is a party.

 

(b)            Power,
Authority and Enforceability. The Collateral Agent has the power and authority to execute, deliver and perform its obligations under
the Basic Documents to which it is a party. The Collateral Agent has authorized the execution, delivery and performance of the Basic Documents
to which it is a party. Each of the Basic Documents to which it is a party is the legal, valid and binding obligation of the Collateral
Agent enforceable against the Collateral Agent, except as may be limited by insolvency, bankruptcy, reorganization or other 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 the Basic Documents to which it is a party, and the performance
of its obligations under such documents, 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 Collateral Agent is a debtor or guarantor, (ii) result in
the creation or imposition of a Lien on the Collateral Agent's properties or assets under the terms of any indenture, mortgage, deed of
trust, loan agreement, guarantee or similar document, (iii) violate the Collateral Agent's organizational documents or by-laws or
(iv) violate a law or, to the Collateral Agent'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 Collateral Agent or its properties that
applies to the Collateral Agent, which, in each case, would reasonably be expected to have a material adverse effect on the Collateral
Agent's ability to perform its obligations under the Basic Documents to which it is a party.

 

(d)            No
Proceedings. To the Collateral Agent's knowledge, there are no proceedings or investigations pending or threatened in writing before
a court or other governmental authority having jurisdiction over the Collateral Agent or its properties: (i) asserting the invalidity
of the Basic Documents to which it is a party, (ii) seeking to prevent the completion of any of the transactions contemplated by
the Basic Documents to which it is a party or (iii) seeking a determination or ruling that would reasonably be expected to have a
material adverse effect on the Collateral Agent's ability to perform its obligations under, or the validity or enforceability of, the
Basic Documents to which it is a party.

 

    32 

     

    

 

Section 8.12.    Administrative
Agent's Representations and Warranties. The Administrative Agent represents and warrants to the Borrowers as of the date of this
Agreement:

 

(a)            Organization
and Qualification. The Administrative Agent is duly organized and validly existing as a national banking association in good standing
under the laws of the United States. The Administrative Agent is qualified as a banking institution 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 Administrative Agent's ability to perform its obligations under the Basic Documents
to which it is a party.

 

(b)            Power,
Authority and Enforceability. The Administrative Agent has the power and authority to execute, deliver and perform its obligations
under the Basic Documents to which it is a party. The Administrative Agent has authorized the execution, delivery and performance of the
Basic Documents to which it is a party. Each of the Basic Documents to which it is a party is the legal, valid and binding obligation
of the Administrative Agent enforceable against the Administrative Agent, except as may be limited by insolvency, bankruptcy, reorganization
or other 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 the Basic Documents to which it is a party, and the performance
of its obligations under such documents, 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 Administrative Agent is a debtor or guarantor, (ii) result
in the creation or imposition of a Lien on the Administrative Agent's properties or assets under the terms of any indenture, mortgage,
deed of trust, loan agreement, guarantee or similar document, (iii) violate the Administrative Agent's organizational documents or
by-laws or (iv) violate a law or, to the Administrative Agent'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 Administrative Agent
or its properties that applies to the Administrative Agent, which, in each case, would reasonably be expected to have a material adverse
effect on the Administrative Agent's ability to perform its obligations under the Basic Documents to which it is a party.

 

(d)            No
Proceedings. To the Administrative Agent's knowledge, there are no proceedings or investigations pending or threatened in writing
before a court or other governmental authority having jurisdiction over the Administrative Agent or its properties: (i) asserting
the invalidity of the Basic Documents to which it is a party, (ii) seeking to prevent the completion of any of the transactions contemplated
by the Basic Documents to which it is a party or (iii) seeking a determination or ruling that would reasonably be expected to have
a material adverse effect on the Administrative Agent's ability to perform its obligations under, or the validity or enforceability of,
the Basic Documents to which it is a party.

 

Section 8.13.     Dissolution
of Collateral Agent. Following the termination of this Agreement, the Administrative Agent will, on direction of the Borrowers, dissolve
the Collateral Agent under the laws of the State of Delaware and the HTD LLC Agreement.

 

    33 

     

    

 

ARTICLE IX

OTHER AGREEMENTS

 

Section 9.1.     Compliance
Certificates and Opinions . On direction of or request by the Borrowers to the Collateral Agent or the Administrative Agent to take
action under this Agreement or any other Basic Document, the Borrowers will furnish to the Collateral Agent and/or the Administrative
Agent (a) an Officer's Certificate stating that all conditions in this Agreement or such other Basic Document for the proposed action
have been satisfied and (b) an Opinion of Counsel stating that in the opinion of that counsel those conditions have been satisfied.

 

Section 9.2.     No
Petition. Each party and each Exchange Noteholder, by accepting the related Exchange Note, 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 all Secured Obligations, including all
Exchange Notes, and any other Securities, it will not start or pursue against, or join any other Person in starting or pursuing against,
either Titling Company or either Holding Company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or
other proceedings under any federal or State bankruptcy or similar law. This Section 9.2 will survive the termination of this Agreement.

 

Section 9.3.     Borrowers'
Obligation Only. The Borrowers' obligations under this Agreement, the Exchange Note Supplements and the Exchange Notes are solely
the Borrowers' obligations and do not represent an obligation, or interest in any assets, of the Servicer, the Holding Companies, the
Collateral Agent, the Administrative Agent or any other Person, or of any member, manager, officer, director, employee or agent of the
Borrowers in their individual capacities.

 

Section 9.4.     Limited
Recourse; Subordination of Claims.

 

(a)           Limited
Recourse of Secured Parties. The Collateral Agent, the Administrative Agent and the Lender, by entering into this Agreement, and each
Exchange Noteholder, by accepting an Exchange Note, acknowledge and agree that:

 

(i)            a
claim against the Borrowers for Secured Obligations under this Agreement by (A) the Collateral Agent will be limited in recourse
to the Borrowers' assets allocated to the Collateral Specified Interest, (B) the Lender will be limited in recourse to the Borrowers'
assets allocated to the Revolving Facility Pool and (C) except for funds allocated to the Exchange Noteholder under Article VII
and each related Exchange Note Supplement, an Exchange Noteholder will be limited in recourse to the Borrowers' assets allocated to the
related Reference Pool; and

 

(ii)           none
of the Collateral Agent, the Lender or an Exchange Noteholder (or the Administrative Agent on behalf of any of them) has any right, title
or interest in or to any assets of the Borrowers other than as described in clause (i), including (A) for each of them, assets allocated
to a Specified Interest of a Borrower other than the Collateral Specified Interest, (B) for the Lender, assets allocated to any Reference
Pool and (C) for an Exchange Noteholder, assets allocated to the Revolving Facility Pool or any other Reference Pool (for each of
the Collateral Agent, the Lender or an Exchange Noteholder, as applicable, "Other Borrower Assets").

 

    34 

     

    

 

(b)            Subordination
Agreement. If the Collateral Agent, the Lender or an Exchange Noteholder (or the Administrative Agent on behalf of any of them) either
(i) asserts an interest in, claim to or benefit from, Other Borrower Assets or (ii) is deemed to have an interest in, claim
to or benefit from Other Borrower Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including under
Section 1111(b) of the Bankruptcy Code), then the Collateral Agent, the Administrative Agent, the Lender and each Exchange Noteholder
further acknowledges and agrees that the interest, claim or benefit in, to or from the Other Borrower Assets is subordinated to the indefeasible
payment in full of the other obligations and liabilities of the Borrowers ("Other Borrower Liabilities"), which, under
the relevant documents relating to the securitization, conveyance or other financing or disposition of those Other Borrower Assets, are
entitled to be paid from, entitled to the benefits of or secured by those Other Borrower Assets (whether or not the entitlement or security
interest is legally perfected or entitled to a priority of distribution under applicable law, including insolvency laws, and whether or
not asserted against the Borrowers), in each case, including the payment of post-petition interest on those other obligations and liabilities.
This Section 9.4(b) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The
Collateral Agent, the Administrative Agent, the Lender and each Exchange Noteholder further acknowledge and agree that no adequate remedy
at law exists for a breach of this Section 9.4 and this Section 9.4 may be enforced by an action for specific performance.

 

(c)            Election
under Bankruptcy Code. The Collateral Agent, the Administrative Agent and the Lender, by entering into this Agreement, each Exchange
Noteholder, by accepting an Exchange Note, irrevocably makes the election provided to secured creditors by Section 1111(b)(1)(A)(i) of
the Bankruptcy Code to receive the treatment provided by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that
Person may have against Other Borrower Assets, including (i) for each of them, assets allocated to a Specified Interest of a Borrower
other than the Collateral Specified Interest, (ii) for the Lender, assets allocated to any Reference Pool and (iii) for an Exchange
Noteholder, assets allocated to the Revolving Facility Pool or any other Reference Pool.

 

(d)            Third
Party Benefit. This Section 9.4 is for the third party benefit of the holders, pledgees or other beneficiaries of Other Borrower
Liabilities and will survive the termination of this Agreement.

 

Section 9.5.     Obligations
of Collateral Agent and Administrative Agent. No recourse may be taken, directly or indirectly, for the obligations of the Collateral
Agent and the Administrative Agent under this Agreement or a certificate or other writing delivered for this Agreement, against (a) the
Collateral Agent or the Administrative Agent, each in its individual capacity, (b) each partner, owner, beneficiary, agent, officer,
director, employee or agent of the Collateral Agent or the Administrative Agent, each in its individual capacity or (c) each holder
of a beneficial interest in the Collateral Agent or the Administrative Agent, each in its individual capacity. The Collateral Agent and
the Administrative Agent have none of these obligations in their individual capacities.

 

    35 

     

    

 

ARTICLE X

MISCELLANEOUS

 

Section 10.1.    Amendments.

 

(a)            General
Amendments. Without the consent of the Exchange Noteholders, the parties may amend this Agreement or any Exchange Note Supplement:

 

(i)            to
correct or expand the description of property subject to the Lien of this Agreement, or better to assure, convey and confirm to the Collateral
Agent property subject or required to be subjected to the Lien of this Agreement, or to subject additional property to the Lien of this
Agreement;

 

(ii)           to
evidence the succession of any other Person to a Borrower, and the assumption by the successor of the obligations of the Borrower in this
Agreement, the Exchange Note Supplements and in the Exchange Notes;

 

(iii)          to
add to the covenants of the Borrowers, for the benefit of the Lender and the Exchange Noteholders, or to surrender a right or power given
to the Borrowers in this Agreement and the Exchange Note Supplements;

 

(iv)          to
transfer, assign, mortgage or pledge property to or with the Collateral Agent;

 

(v)           to
clarify an ambiguity, correct an error or correct or supplement any term in this Agreement or an Exchange Note Supplement inconsistent
with another term in this Agreement or the Exchange Note Supplement or to add provisions which are not inconsistent with the provisions
of this Agreement or an Exchange Note Supplement if the action does not have a material adverse effect on the interests of the Exchange
Noteholders; or

 

(vi)          to
evidence the acceptance of the appointment under this Agreement of a successor Collateral Agent or Administrative Agent.

 

(b)           Amendments
without Material Adverse Effect. Without the consent of the Exchange Noteholders, the parties may amend this Agreement or an Exchange
Note Supplement to add terms to, to change or eliminate the terms of, or to modify the rights of the Exchange Noteholders under, this
Agreement or the Exchange Note Supplement, if:

 

(i)            the
Borrowers deliver to the Collateral Agent and the Administrative Agent an Officer's Certificate stating that the amendment will not have
a material adverse effect on the Exchange Notes; and

 

(ii)           the
Borrowers deliver an Opinion of Counsel to the Collateral Agent and the Administrative Agent stating that the amendment will not (A) cause
a Note to be considered sold or exchanged for purposes of Section 1001 of the Code or (B) cause a Borrower to be treated as
an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

 

    36 

     

    

 

(c)            Amendments
with Consent of Exchange Noteholders. With the consent of all Exchange Noteholders (for amendments to this Agreement) or the related
Exchange Noteholder (for amendments to an Exchange Note Supplement), the parties may amend this Agreement or an Exchange Note Supplement
to add terms to, to change or eliminate terms of, or to modify the rights of the Exchange Noteholders under, this Agreement or the Exchange
Note Supplement if the Borrowers deliver an Opinion of Counsel to the Collateral Agent and the Administrative Agent stating that the amendment
will not (i) cause any Note to be considered sold or exchanged for purposes of Section 1001 of the Code or (ii) cause a
Borrower to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

 

(d)            Exchange
Noteholder Consent. For any amendment to this Agreement or an Exchange Note Supplement or any other Basic Document requiring the consent
of the Exchange Noteholders, the Administrative Agent will, when directed by the Borrowers, notify the Exchange Noteholders to request
consent and follow its reasonable procedures to obtain consent.

 

(e)            Form;
Authorization; Reliance. Each amendment will be in form reasonably satisfactory to the Administrative Agent. The Collateral Agent
and the Administrative Agent are authorized to execute the amendment and any other agreements required by the amendment. For any amendment,
the Administrative Agent may request, and the Borrowers will deliver, an Opinion of Counsel stating that the amendment is permitted by
this Agreement and that all conditions to the amendment have been satisfied.

 

(f)            Collateral
Agent and Administrative Agent Not Obligated. Neither the Collateral Agent nor the Administrative Agent is obligated to enter into
an amendment that adversely affects their rights, powers, obligations, or liabilities under this Agreement or an Exchange Note Supplement.

 

Section 10.2.     Benefit
of Agreement. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors
and assigns. No other Person will have any right or obligation under this Agreement.

 

Section 10.3.     Notices.

 

(a)            Notices
to Parties. All notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement 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

 

    37 

     

    

 

(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 stated in Schedule
A, which address the party may change by notifying the other parties.

 

(c)            Notices
to Exchange Noteholders. Notices to an Exchange Noteholder will be considered received by the Exchange Noteholder, for overnight delivery,
on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the Exchange
Noteholder at its address in the Exchange Note Register.

 

Section 10.4.     GOVERNING
LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, UNDER SECTION 3809
OF TITLE 12 OF THE DELAWARE CODE, THE DOCTRINE OF MERGER WILL NOT BE APPLICABLE TO THIS AGREEMENT.

 

Section 10.5.     Submission
to Jurisdiction. The Administrative Agent submits to the nonexclusive jurisdiction of a United States District Court sitting in Delaware
and of a Delaware State Court for legal proceedings relating to this Agreement or any Exchange Note Supplement. The Administrative Agent
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
relating to this Agreement or any Exchange Note Supplement brought in such a court and any claim that the proceeding was brought in an
inconvenient forum.

 

Section 10.6.     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 OR ANY EXCHANGE NOTE SUPPLEMENT.

 

Section 10.7.     No
Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement or any Exchange Note Supplement
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 and
any Exchange Note Supplement are in addition to any powers, rights and remedies under law.

 

Section 10.8.     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 10.9.     Headings.
The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

 

    38 

     

    

 

Section 10.10.     Counterparts.
This Agreement may be executed in multiple counterparts. Each counterpart will be an original and the counterparts will together be one
document.

 

[Remainder of Page Left Blank]

 

    39 

     

    

 

EXECUTED BY:

 

	 	CAB EAST LLC,
	 	as a Borrower and a Titling Company
	 	 	 
	 	 	 
	 	By:	 	/s/ Nathan Herbert
	 	 	Name:	Nathan Herbert
	 	 	Title:	Secretary
	 	 	 
	 	 	 
	 	CAB WEST LLC,
	 	as a Borrower and a Titling Company
	 	 	 
	 	 	 
	 	By:	 	/s/ Nathan Herbert
	 	 	Name:	Nathan Herbert
	 	 	Title:	Secretary
	 	 	 
	 	 	 
	 	FORD MOTOR CREDIT COMPANY,
	 	as Lender and as Servicer
	 	 	 
	 	 	 
	 	By:	 	/s/ Ryan Hershberger
	 		Name:	Ryan Hershberger
	 		Title:	Assistant Treasurer
	 	 	 

 

[Signature Page to Credit and Security Agreement (4th A&R)]

 

     

     

    

 

 

	 	U.S. BANK NATIONAL ASSOCIATION,
	 	not in its individual capacity
	 	but solely as Administrative Agent
	 	 
	 	 
	 	By: 	 	/s/ April E. Lancsak 
	 	 	Name:  	April E. Lancsak
	 	 	Title:	  Vice President
	 	 
	 	 
	 	HTD LEASING LLC,
	 	as Collateral Agent
	 	 
	 	 
	 	By: 	 	/s/ Melissa Rosal 
	 	 	Name:  	Melissa Rosal
	 	 	Title:  	President
	 	 

 

[Signature Page to Credit and Security Agreement (4th A&R)]

 

     

     

    

 

Schedule A

 

Notice Addresses

 

		1.	If to Ford Credit, in its individual capacity or as Lender, Servicer, Custodian and Collateral Agent Administrator:	 

	 	 	 	 
	 	 	Ford Motor Credit Company LLC	 
	 	 	c/o Ford Motor Company	 
	 	 	World Headquarters, Suite 802	 
	 	 	One American Road	 
	 	 	Dearborn, Michigan 48126	 
	 	 	Attention: Securitization Operations Manager	 
	 	 	Telephone: (313) 206-7860	 
	 	 	Email: FDSecops@ford.com	 
	 	 	 	 
	 	 	With a copy to:	 
	 	 	 	 
	 	 	Ford Motor Credit Company LLC	 
	 	 	c/o Ford Motor Company

One American Road

Suite 1038	 
	 	 	Dearborn, Michigan 48126

Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com	 

 

		2.	If to the Borrowers or the Titling
Companies:

 

	 	 	CAB East LLC	 
	 	 	CAB West LLC	 
	 	 	c/o Ford Motor Company	 
	 	 	World Headquarters, Suite 802	 
	 	 	One American Road	 
	 	 	Dearborn, Michigan 48126	 
	 	 	Attention: Ford Credit SPE Management Office	 
	 	 	Telephone: (313) 594-3495	 
	 	 	Email: FSPEMgt@ford.com	 
	 	 	 	 
	 	 	With a copy to:	 
	 	 	 	 
	 	 	Ford Motor Credit Company LLC

c/o Ford Motor Company

One American Road

Suite 1038	 
	 	 	Dearborn, Michigan 48126

Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com	 

 

    SA-1

     

    

 

		3.	If to the Administrative Agent:

 

	 	 	U.S. Bank National Association

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603	 
	 	 	Attention: Ford Lease Collateral Agency	 
	 	 	Telephone: (312) 332-7496	 
	 	 	Facsimile: (312) 332-7996	 

 

		4.	If to the Collateral Agent:

 

	 	 	HTD Leasing LLC

c/o U.S. Bank National Association

190 South LaSalle Street

7th Floor

Chicago, Illinois 60603	 
	 	 	Attention: Ford Lease Collateral Agency	 
	 	 	Telephone: (312) 332-7496	 
	 	 	Facsimile: (312) 332-7996	 

 

    SA-2

     

    

 

Appendix A to the

Credit and Security Agreement

 

Usage and Definitions

 

Usage

 

The following usage rules apply to this Appendix,
each document that incorporates this Appendix and any document delivered under any such document:

 

(a)            The
term "document" includes any document, agreement, instrument, certificate, notice, report, statement or other writing, whether
in electronic or physical form.

 

(b)            Accounting
terms not defined or not completely defined in this Appendix will have the meanings given to them under generally accepted accounting
principles, international financial reporting standards or other applicable accounting principles in effect in the United States on the
date of the document that incorporates this Appendix.

 

(c)             References
to "Article," "Section," "Exhibit," "Schedule," "Appendix" or another subdivision of
or to an attachment are, unless otherwise stated, to an article, section, exhibit, schedule, appendix or subdivision of or an attachment
to the document in which the reference appears.

 

(d)            Any
document defined or referred to in this Appendix or in any document that incorporates this Appendix means the document as amended, modified,
supplemented, restated or replaced, including by waiver or consent, and includes all attachments to and instruments incorporated in the
document.

 

(e)            Any
statute defined or referred to in this Appendix or in any document that incorporates this Appendix means the statute as amended, modified,
supplemented, restated or replaced, including by succession of comparable successor statute, and includes any rules and regulations
promulgated under the statute and any judicial and administrative interpretations of the statute.

 

(f)             References
to "law" or "applicable law" in this Appendix or in any document that incorporates this Appendix include all rules and
regulations enacted under such law.

 

(g)            The
calculation of any amount as of the Cutoff Date will be determined as of the open of business on that day before the application or processing
of any funds, payments and other transactions on that day. The calculation of any amount for any other day will be determined, unless
otherwise stated, as of the close of business on that day after the application or processing of any funds, payments and other transactions
on that day.

 

(h)            References
to deposits, transfers and payments of any funds refer to deposits, transfers or payments of such funds in immediately available funds.

 

(i)             The
terms defined in this Appendix apply to the singular and plural forms of those terms.

 

    AA-1

     

    

 

(j)             The
term "including" means "including without limitation."

 

(k)            References
to a Person are also to its permitted successors and assigns, whether in its individual or representative capacity.

 

(l)            In
the computation of periods of time from one date to or through a later date, the word "from" means "from and including,"
the word "to" means "to but excluding" and the word "through" means "to and including."

 

(m)            Except
where "not less than zero" or similar language is indicated, amounts determined by reference to a mathematical formula may be
positive or negative.

 

(n)            References
to a month, quarter or year are, unless otherwise stated, to a calendar month, calendar quarter or calendar year, respectively.

 

(o)            No
Person will be deemed to have "knowledge" of a particular event or occurrence for purposes of any document that incorporates
this Appendix, unless either (i) a Responsible Person of the Person has knowledge of the event or occurrence or (ii) the Person
has received notice of the event or occurrence according to any Basic Document.

 

Definitions

 

"Adjusted Capitalized Cost" means,
for a Lease, (a) the sum of (i) the agreed on value of the related Leased Vehicle, plus (ii) any items the Lessee
agrees to pay over the original term of the Lease, minus (b) any amounts paid by the Lessee that reduce the amount in clause
(a).

 

"Administrative Agent" means U.S.
Bank, not in its individual capacity but solely as Administrative Agent under the Credit and Security Agreement.

 

"Advance" has the meaning stated
in Section 2.1(a) of the Credit and Security Agreement.

 

"Advance Payment Plan Lease" means
a Lease that was paid in full at the time it was originated.

 

"Advance Rate" means 90%, as may
be increased or decreased according to Section 2.6(a) of the Credit and Security Agreement.

 

"Affiliate" means, for a specified
Person, another Person directly or indirectly controlling, controlled by, or under direct or indirect common control with the specified
Person. For the purposes of this definition, "control" when used with respect to a Person means the power to direct the management
and policies of the Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

 

"Bankruptcy Code" means the United
States Bankruptcy Code, Title 11 of the United States Code.

 

    SA-2

     

    

 

"Base Payment" means, for a Lease,
an amount payable by the related Lessee monthly in advance that provides a fixed internal rate of return and amortizes the Adjusted Capitalized
Cost of the Lease to the Contract Residual Value of the related Leased Vehicle at the Scheduled Lease End Date.

 

"Basic Documents" means:

 

		(a)	the Credit and Security Agreement;

 

		(b)	the Servicing Agreement;

 

		(c)	the HTD Administration Agreement;

 

		(d)	the Titling Company LLC Agreements;

 

		(e)	the Holding Company LLC Agreements;

 

		(f)	the HTD LLC Agreement; and

 

		(g)	the License Agreement.

 

"Borrower" means each of CAB East
and CAB West, as borrowers under the Credit and Security Agreement.

 

"Borrower Collateral" means (a) the
Leases, (b) the Leased Vehicles, (c) all Collections on the Leases and the Leased Vehicles, (d) rights to receive proceeds
from claims on insurance companies for (i) insurance policies maintained under Section 5.15 of the Credit and Security Agreement
and (ii) insurance covering the Leased Vehicle or Lessee, (e) Dealer Recourse for the Leases, (f) the Lease Files, (g) all
 "security entitlements" (as defined in Section 8-102 of the UCC) relating to the Revolving Facility Collection Account
and all Exchange Note Collection Accounts and the property deposited in or credited to the Revolving Facility Collection Account and any
of the Exchange Note Collection Accounts, (h) all present and future claims, demands, causes of action and choses in action relating
to the property described above and (i) all payments on or under and proceeds of the property described above.

 

"Borrowing Base" means, as of
the date of any Advance, the product of (a) the Advance Rate, times (b) the excess of (i) the aggregate Lease Balance
of the Leases (including a Lease to be acquired with the proceeds of the Advance and the Leases allocated to Reference Pools on that date),
over (ii) the aggregate principal balance of the Exchange Notes on that date (after giving effect to payment of principal
on the Exchange Notes on that date).

 

"Business Day" means a day other
than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, New York, St. Paul, Minnesota or Chicago, Illinois
are authorized or obligated by law or executive order to close.

 

"CAB East" means CAB East LLC,
a Delaware limited liability company.

 

    SA-3

     

    

 

"CAB East LLC Agreement" means
the Second Amended and Restated Limited Liability Company Agreement, dated as of February 5, 2003, as amended and restated as of
December 1, 2015, by CAB East Holdings, as member.

 

"CAB East Holdings" means CAB
East Holdings, LLC, a Delaware limited liability company.

 

"CAB West" means CAB West LLC,
a Delaware limited liability company.

 

"CAB West LLC Agreement" means
the Second Amended and Restated Limited Liability Company Agreement, dated as of February 5, 2003, as amended and restated as of
December 1, 2015, by CAB West Holdings, as member.

 

"CAB West Holdings" means CAB
West Holdings, LLC, a Delaware limited liability company.

 

"Certificate of Title" means the
certificate of title of a Leased Vehicle.

 

"Closing Date" means July 22,
2005.

 

"Code" means the Internal Revenue
Code of 1986.

 

"Collateral Agent" means HTD,
as Collateral Agent under the Credit and Security Agreement.

 

"Collateral Agent Administrator"
means Ford Credit, as Collateral Agent Administrator under the HTD Administration Agreement.

 

"Collateral Specified Interest"
means, for each Borrower, the Specified Interest designated according to the related Titling Company LLC Agreement as a "Collateral
Specified Interest."

 

"Collection Period" (a) for
the Revolving Facility Pool, means each month and (b) for a Reference Pool, has the meaning stated in the related Exchange Note Supplement.
For a Payment Date, the related Collection Period means the Collection Period before the Payment Date.

 

"Collections" means, for a Collection
Period and the Revolving Facility Pool and, unless otherwise stated in the related Exchange Note Supplement or Servicing Supplement, a
Reference Pool, all amounts applied on the Leases and Leased Vehicles in the Revolving Facility Pool or the Reference Pool, as applicable,
during that Collection Period, including all amounts applied from the Lessees on the related Leases and all amounts applied that relate
to the sale or other disposition of the related Leased Vehicles, but excluding any such amounts used by the Servicer to pay sales and
use and/or monthly rental receipts tax and to offset personal property and ad valorem taxes and other administrative costs.

 

"Contract Rate" means, for a Lease,
the internal rate of return used to calculate the Base Payment.

 

    SA-4

     

    

 

"Contract Residual Value" means,
for a Lease, the dollar amount stated in the Lease as the value of the related Leased Vehicle at the Scheduled Lease End Date, which amount
may be adjusted if the Lease is extended.

 

"Corporate Trust Office" means,
for the Administrative Agent:

 

		(a)	for administration of the Credit and Security Agreement:

 

U.S. Bank National Association

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603

Fax: (312) 332-7996

Telephone: (312) 332-7496

 

		(b)	for Exchange Note Registrar services:

 

U.S. Bank National Association

111 Fillmore Street

St. Paul, Minnesota 55107-1402

Attn: Bondholder Services

 

or, in each case, at another address designated by that Person
by notice to the Borrowers, the Servicer and each Exchange Noteholder.

 

"Credit
and Security Agreement" means the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22,
2005, as amended and restated as of June 4, 2021, among the Titling Companies, as Borrowers, U.S. Bank, as Administrative Agent,
HTD, as Collateral Agent, and Ford Credit, as Lender and as Servicer, as supplemented by Exchange Note Supplements.

 

"Custodian" means Ford Credit,
in its capacity as custodian of the Lease Files.

 

"Cutoff Date" means, for an Exchange
Note and the related Reference Pool, the date stated in the related Exchange Note Supplement.

 

"Dealer" means, for a Lease, the
dealer who originated and assigned the Lease to a Titling Company.

 

"Dealer Recourse" means, for a
Lease or Leased Vehicle, recourse rights against the originating Dealer.

 

"Eligible State" means, for a
Titling Company, each State in which the Titling Company is, if required by applicable law, qualified, licensed and approved to hold title
or other evidence of an interest in a Leased Vehicle.

 

"ERISA" means the Employee Retirement
Income Security Act of 1974.

 

    SA-5

     

    

 

"Excess Mileage" means, for a
Leased Vehicle, the amount assessed under the related Lease for the excess of the number of miles that the Leased Vehicle has been driven
over the number of miles the Leased Vehicle may be driven during the term of the Lease without an excess mileage charge, whether or not
the assessed amount is waived or collected.

 

"Excess Wear and Use" means, for
a Leased Vehicle, the amount assessed under the related Lease for damages to the Leased Vehicle that are not the result of normal wear
and use, whether or not the assessed amount is waived or collected.

 

"Exchange Note" has the meaning
stated in Section 4.1(a) of the Credit and Security Agreement.

 

"Exchange Note Allocation Percentage"
means, for an Exchange Note and a date, a fraction expressed as a percentage, with (a) a numerator equal to the Exchange Note Balance
of the Exchange Note and (b) a denominator equal to the sum of (i) the Revolving Facility Balance, plus (ii) the
aggregate of the Exchange Note Balances of the Exchange Notes.

 

"Exchange Note Balance" means,
for an Exchange Note, the initial principal balance minus all amounts paid on the Exchange Note as principal.

 

"Exchange Note Basic Documents"
means, for an Exchange Note, the related Exchange Note Supplement, the related Servicing Supplement and any other document stated as a
 "Transaction Document" in the related Exchange Note Supplement.

 

"Exchange Note Collection Account"
means the account established for an Exchange Note and a Reference Pool under Section 5.1(b) of the Servicing Agreement and
the related Servicing Supplement.

 

"Exchange Note Default" means,
for an Exchange Note, any occurrence that with notice or passage of time or both would become an Exchange Note Event of Default.

 

"Exchange Note Event of Default"
has the meaning stated in Section 6.4(a) of the Credit and Security Agreement.

 

"Exchange Note Interest Payment Amount"
means, for an Exchange Note and a Payment Date, the interest due and owing on the Exchange Note for the Payment Date according to the
related Exchange Note Supplement.

 

"Exchange Note Interest Period"
has, for an Exchange Note, the meaning stated in the related Exchange Note Supplement.

 

"Exchange Note Interest Rate"
has, for an Exchange Note, the meaning stated in the related Exchange Note Supplement.

 

"Exchange Note Issuance Date"
has the meaning stated in Section 4.2(d)(i) of the Credit and Security Agreement.

 

    SA-6

     

    

 

"Exchange Note Principal Payment Amount"
means, for an Exchange Note and a Payment Date, the amount owing as principal of the Exchange Note for the Payment Date according to the
related Exchange Note Supplement.

 

"Exchange Note Purchase Price"
means, for an Exchange Note, the amount payable for the redemption of the Exchange Note as stated in the related Servicing Supplement.

 

"Exchange Note Redemption Date"
means, for an Exchange Note, the date on which the redemption of the Exchange Note is to occur under the related Servicing Supplement.

 

"Exchange Note Register" and "Exchange
Note Registrar" have the meanings stated in Section 4.3 of the Credit and Security Agreement.

 

"Exchange Note Supplement" has
the meaning stated in Section 4.1(a) of the Credit and Security Agreement.

 

"Exchange Noteholder" means the
Person in whose name an Exchange Note is registered on the Exchange Note Register.

 

"Facility Amount" means $30,000,000,000,
as increased or decreased under Section 2.5 of the Credit and Security Agreement.

 

"Facility Default" means any occurrence
that with notice or the passage of time or both would become a Facility Event of Default.

 

"Facility Event of Default" has
the meaning stated in Section 6.1(a) of the Credit and Security Agreement.

 

"Facility Termination Date" means
the 20th anniversary of the Closing Date, as that date may be extended according to Section 2.4 of the Credit and Security Agreement.

 

"Federal Reserve Bank of New York's Website"
means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

 

"Final Scheduled Payment Date"
means, for an Exchange Note, the date stated in the Exchange Note or in the related Exchange Note Supplement as the fixed date that the
final payment of principal on the Exchange Note is due and payable.

 

"Ford Credit" means Ford Motor
Credit Company LLC, a Delaware limited liability company.

 

"Grant" means to mortgage, pledge,
assign and to grant a lien on and a security interest in the relevant property.

 

"Holding Company" means each of
CAB East Holdings and CAB West Holdings.

 

    SA-7

     

    

 

"Holding Company LLC Agreement"
means each of (a) the Second Amended and Restated Limited Liability Company Agreement of CAB East Holdings, dated as of November 1,
2004, as amended and restated as of December 1, 2015, between Ford Credit and CAB East Holdings, and (b) the Amended and Restated
Limited Liability Company Agreement of CAB West Holdings, dated as of November 18, 2014, as amended and restated as of December 1,
2015, between Ford Credit and CAB West Holdings.

 

"HTD" means HTD Leasing LLC, a
Delaware limited liability company.

 

"HTD Administration Agreement"
means the Second Amended and Restated Administration Agreement, dated as of July 22, 2005, as amended and restated as of December 1,
2015, between the Collateral Agent, the Administrative Agent and the Collateral Agent Administrator.

 

"HTD LLC Agreement" means the
Third Amended and Restated Limited Liability Company Agreement of HTD Leasing LLC, dated as of December 1, 2006, by U.S. Bank, as
Member.

 

"Indemnified Person" has (a) for
the Credit and Security Agreement, the meaning stated in Section 8.6(c) of the Credit and Security Agreement, (b) for the
Servicing Agreement, the meaning stated in Section 6.3(a) of the Servicing Agreement and (c) for the HTD Administration
Agreement, the meaning stated in Section 3.3(a) of the HTD Administration Agreement.

 

"Insolvency Event" means, for
a Person, (a) the making of a general assignment for the benefit of creditors, (b) the filing of a voluntary petition in bankruptcy,
(c) being adjudged bankrupt or insolvent, or having had entered against the Person an order for relief in any bankruptcy or insolvency
proceeding, (d) the filing by the Person of a petition or answer seeking reorganization, liquidation, dissolution or similar relief
under any law, (e) seeking, consenting to or acquiescing in the appointment of a trustee, liquidator, receiver or similar official
of the Person or of all or any substantial part of the Person's assets, (f) the failure to obtain dismissal or a stay within 60 days
of the start of or the filing by the Person of an answer or other pleading admitting or failing to contest the material allegations of
a petition filed against the Person in any proceeding against the Person seeking (i) reorganization, liquidation, dissolution or
similar relief under any law or (ii) the appointment of a trustee, liquidator, receiver or similar official of the Person or of all
or any substantial part of the Person's assets or (g) the failure by the Person generally to pay its debts as they become due.

 

"Interest Period" means, for the
Revolving Facility:

 

		(a)	for the first Payment Date, the period from and including the Closing Date to the last day of the month in which the Closing Date
occurs;

 

		(b)	for each following Payment Date other than the final Payment Date, the calendar month immediately before the month in which the Payment
Date occurs; and

 

		(c)	for the final Payment Date, the period from the first day of the calendar month immediately before the month in which the Payment
Date occurs to the Payment Date.

 

"Investment Company Act" means
the Investment Company Act of 1940.

 

    SA-8

     

    

 

"IRS" means the Internal Revenue
Service.

 

"Lease" means a lease agreement
for a motor vehicle entered into between a Lessee and a Dealer and assigned by the Dealer to a Titling Company and which has been allocated
to the Collateral Specified Interest of the related Titling Company according to the related Titling Company LLC Agreement.

 

"Lease Balance" means, for a Lease
and a Collection Period, the sum of the present values of (a) the Base Payments remaining after the end of the Collection Period
and (b) the Contract Residual Value of the related Leased Vehicle, calculated using a discount rate equal to the related Contract
Rate on the basis of a 360-day year of twelve 30-day months to the beginning of the Collection Period and assuming each amount is received
at the end of the Collection Period in which the amount is scheduled to be received and giving effect to any Payment Extension made on
the Lease.

 

"Lease File" has the meaning stated
in Section 3.9(b) of the Servicing Agreement.

 

"Leased Vehicle" means a motor
vehicle, together with all attached items or accessories, subject to a Lease.

 

"Lender" means Ford Credit, in
its capacity as Lender under the Credit and Security Agreement.

 

"Lessee" means the lessee of a
Leased Vehicle under a Lease or any other Person who is obligated to make payments on the Lease.

 

"License Agreement" means the
License Agreement dated as of July 22, 2005, among Ford Credit, as licensor, HTD Leasing LLC, as Collateral Agent and licensee, and
U.S. Bank as Administrative Agent.

 

"Lien" means a security interest,
lien, charge, pledge, equity or encumbrance.

 

"Margin" means 0.50%, as may be
increased or decreased according to Section 2.6(b) of the Credit and Security Agreement

 

"Monthly Investor Report" has
the meaning stated in Section 3.4(b) of the Servicing Agreement.

 

"Moody's" means Moody's Investors
Service, Inc.

 

"New York UCC" has the meaning
stated in Section 5.2(b) of the Servicing Agreement.

 

"Officer's Certificate" means,
for a Person, a certificate signed by any officer of the Person.

 

"Opinion of Counsel" means a written
opinion of counsel, which counsel is reasonably acceptable to the Administrative Agent.

 

    SA-9

     

    

 

"Other Borrower Assets" has the
meaning stated in Section 9.4(a)(ii) of the Credit and Security Agreement.

 

"Other Borrower Liabilities" has
the meaning stated in Section 9.4(b) of the Credit and Security Agreement.

 

"Outstanding" means, for the Exchange
Notes as of any date, all Exchange Notes authenticated and delivered under an Exchange Note Supplement on or before that date except (a) Exchange
Notes that has been cancelled by the Exchange Note Registrar or delivered to the Exchange Note Registrar for cancellation, (b) Exchange
Notes for which an amount necessary to pay the Exchange Note has been deposited with the Administrative Agent for the related Exchange
Noteholder and, if the Exchange Note is to be redeemed, notice of the redemption has been given under the Exchange Note Supplement and
(c) Exchange Notes in exchange for or in place of which another Exchange Note has been authenticated and delivered under the Credit
and Security Agreement unless proof satisfactory to the Administrative Agent is presented that the Exchange Note is held by a bona fide
purchaser. In determining whether Exchange Noteholders of the required aggregate Exchange Note Balance have made or given a request, demand,
authorization, direction, notice, consent or waiver under any Basic Document, Exchange Notes owned by the Borrowers, the Servicer or their
Affiliates will be considered not to be Outstanding. However, Exchange Notes owned by the Borrowers, the Servicer or their Affiliates
will be considered to be Outstanding if (i) no other Exchange Notes remain Outstanding or (ii) the Exchange Notes have been
pledged in good faith and the pledgee establishes to the reasonable satisfaction of the Administrative Agent the pledgee's right to act
for the Exchange Notes and that the pledgee is not a Borrower, the Servicer or their Affiliates.

 

"Payment
Date" means (a) for the Revolving Facility, the 15th day of each month or, if not a Business Day, the next Business
Day and (b) for an Exchange Note, the date stated in the related Exchange Note Supplement. For a Collection Period, the related Payment
Date means the Payment Date following the end of the Collection Period.

 

"Payment Extension" means, for
a Lease other than an Advance Payment Plan Lease, an extension of the payment term by the Servicer by deferring the scheduled payment
due in one or more months and extending the term of the Lease by the same number of months.

 

"Payment Extension Fee" means,
for a Lease other than an Advance Payment Plan Lease and a Collection Period, the amount assessed to the related Lessee for a Payment
Extension, whether or not the amount is waived or collected.

 

"Permitted Lien" means, for a
Lease or Leased Vehicle, (a) a tax lien, mechanics' lien or lien that attaches to a Lease or Leased Vehicle by operation of law and
resulting solely from an action or omission of the related Lessee and (b) the Lien of the Collateral Agent under the Credit and Security
Agreement.

 

"Person" means a legal person,
including a corporation, natural person, joint venture, limited liability company, partnership, trust, business trust, association, government,
a department or agency of a government or any other entity.

 

    SA-10

     

    

 

"Proceeding" means a suit in equity,
action at law or other judicial or administrative proceeding.

 

"QIB" has the meaning stated in
Section 4.4(f)(ii) of the Credit and Security Agreement.

 

"Reference Pool" has the meaning
stated in Section 4.1(b) of the Credit and Security Agreement.

 

"Reference Pool Servicer Termination Event"
has the meaning stated in Section 7.3(a) of the Servicing Agreement.

 

"Reference Pool Servicing Fee"
has, for a Reference Pool, the meaning stated in the related Servicing Supplement.

 

"Responsible Person":

 

		(a)	for a Titling Company, has the meaning stated in the related Titling Company LLC Agreement;

 

		(b)	for the Servicer, means the individuals designated by the Servicer under Section 3.6(d) of the Servicing Agreement;

 

		(c)	for the Collateral Agent Administrator, means the individuals designated by the Collateral Agent Administrator under Section 2.7
of the HTD Administration Agreement; and

 

		(d)	for the Administrative Agent, means an officer in the Corporate Trust Office, including a vice president, assistant vice president,
secretary, assistant secretary or another officer customarily performing functions similar to those performed by the officers listed above,
having direct responsibility for the administration of the Credit and Security Agreement and, for a particular matter, any officer to
whom the matter is referred because of the officer's knowledge of and familiarity with the particular subject.

 

"Revolving Facility" means the
uncommitted revolving credit facility by the Lender to the Borrowers under Article II of the Credit and Security Agreement.

 

"Revolving Facility Allocation Percentage"
means, as of a date of determination, a fraction, expressed as a percentage, with a numerator equal to the Revolving Facility Balance
and a denominator equal to the sum of (a) the Revolving Facility Balance, plus (b) the aggregate of the Exchange Note
Balances of the Exchange Notes.

 

"Revolving Facility Balance" means,
as of a date, the unpaid principal amount of the Advances outstanding under the Credit and Security Agreement.

 

    SA-11

     

    

 

"Revolving Facility Benchmark Rate"
means, for the Revolving Facility and an Interest Period, the rate, as determined by the Lender, for the compounded average of the secured
overnight financing rate over a rolling 30-calendar day period, which is published by the Federal Reserve Bank of New York, as the administrator
of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York's Website under "30-Day Average SOFR"
at 3:00 p.m., New York time, on the most recent Revolving Facility Interest Determination Date. If this rate does not appear on the Federal
Reserve Bank of New York's Website, the rate that was published at 3:00 p.m., New York time, on the first preceding Revolving Facility
Interest Determination Date for which such rate was published on the Federal Reserve Bank of New York's Website under "30-Day Average
SOFR." If the Federal Reserve Bank of New York's Website's rate is not available or does not appear on a Revolving Facility Interest
Determination Date, the Lender and the Borrowers will agree on another method to determine an appropriate rate. All percentages resulting
from any determination of the Revolving Facility Benchmark Rate will be rounded to the nearest 1/100,000 of 1% (0.000001), with five one-millionths
of a percentage point rounded upward.

 

"Revolving Facility Collection Account"
means the account established for the Revolving Facility Pool under Section 5.1(a) of the Servicing Agreement.

 

"Revolving Facility Interest Determination
Date" means, for the Revolving Facility, the day that is two Business Days before the first day of the applicable Interest Period
(determined in accordance with the SOFR publication calendar of the Federal Reserve Bank of New York).

 

"Revolving Facility Interest Payment Amount"
means, for a Payment Date and the related Interest Period, the sum of:

 

		(a)	the portion of the Revolving Facility Interest Payment Amount for the immediately prior Payment Date that was not paid in that date;
plus

 

		(b)	the product of (i) the arithmetic mean of (A) the Revolving Facility Balance as of the open of business on the first day
of the Interest Period and (B) the Revolving Facility Balance as of the close of business on the last day of the Interest Period,
times (ii) the Revolving Facility Interest Rate, times (iii) the actual number of days in the Interest Period
divided by 365 or 366, applicable.

 

"Revolving Facility Interest Rate"
means, for an Interest Period and the Revolving Facility Pool, the Revolving Facility Benchmark Rate for the Interest Period plus the
Margin and the Revolving Facility SOFR Adjustment.

 

"Revolving
Facility Pool" means, as of a date, all of the Leases and Leased Vehicles on that date, including a Lease acquired with
the proceeds of an Advance made on that date, but excluding any of the Leases and Leased Vehicles allocated to a Reference Pool as of
that date.

 

"Revolving
Facility Pool Additional Amounts" means, for a Payment Date under the Revolving Facility, amounts that are designated
as "Revolving Facility Pool Additional Amounts" under any Exchange Note Supplement on or before that Payment Date.

 

    SA-12

     

    

 

"Revolving Facility Pool Report"
has the meaning stated in Section 3.4(a) of the Servicing Agreement.

 

"Revolving Facility Pool Servicing Fee"
means, for a Collection Period, a fee payable by the Holding Companies to the Servicer, which fee will initially be in an amount equal
to the product of (a) one-twelfth of 1%, times (b) the sum of the Lease Balances of the Leases included in the Revolving
Facility Pool as of the last day of the prior Collection Period.

 

"Revolving Facility Principal Payment Amount"
has the meaning stated in Section 2.7(b) of the Credit and Security Agreement.

 

"Revolving Facility SOFR Adjustment"
means 0.26% or such other amount as the Lender and the Borrowers may mutually agree upon from time to time.

 

"Revolving Period" means the period
from the Closing Date to the earlier of (a) the Facility Termination Date or (b) the date on which the Lender or the Borrowers
terminate the Revolving Period under Section 2.3 or 6.2 of the Credit and Security Agreement.

 

"Rule 144A" means Rule 144A
under the Securities Act.

 

"Rule 144A Information" has
the meaning stated in Section 4.4(g) of the Credit and Security Agreement.

 

"Schedule of Reference Pool Assets"
means the Schedule of Reference Pool Assets attached to each Exchange Note Supplement.

 

"Scheduled Lease End Date" means,
for a Lease, the date at the end of the Lease term stated in the Lease.

 

"Secured Obligations" has the
meaning stated in Section 3.2(a) of the Credit and Security Agreement.

 

"Secured Parties" means the Lender
and each Exchange Noteholder.

 

"Securities Act" means the Securities
Act of 1933.

 

"Security" has, for a Titling
Company, the meaning stated in the related Titling Company LLC Agreement.

 

"Servicer" means Ford Credit,
as servicer for the Collateral Specified Interests and the Leases and Leased Vehicles under the Servicing Agreement.

 

"Servicing
Agreement" means the Third Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated
as of September 1, 2019, among the Titling Companies, acting for the Collateral Specified Interests, Ford Credit, as Servicer for
the Collateral Specified Interests and as Lender, and HTD, as Collateral Agent, as supplemented by each Servicing Supplement.

 

    SA-13

     

    

 

"Servicing Fee" means, for a Collection
Period, the sum of Revolving Facility Pool Servicing Fee and the Reference Pool Servicing Fees.

 

"Servicing Procedures" means the
servicing procedures of Ford Credit relating to motor vehicle leases and the related vehicles as the procedures may change.

 

"Servicing Supplement" has the
meaning stated in Section 2.3 of the Servicing Agreement.

 

"Shared Amounts" means, for a
Reference Pool, amounts that are designated as "Shared Amounts" under the related Exchange Note Supplement.

 

"Similar Law" means a federal,
State, local or non-U.S. law or regulation that is substantially similar to Title I of ERISA or Section 4975 of the Code.

 

"Specified Interest" has, for
a Titling Company, the meaning stated in the related Titling Company LLC Agreement.

 

"Standard & Poor's" and
 "S&P" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business.

 

"State" means a State or Commonwealth
of the United States or the District of Columbia.

 

"Term Extension" means, for a
Lease, an extension of the payment term by the Servicer according to the Servicing Procedures, by increasing the number of scheduled payments
due and extending the term of the Lease for an additional month for each additional scheduled payment.

 

"Titling Company" means each of
CAB East and CAB West.

 

"Titling Company LLC Agreements"
means each of the CAB East LLC Agreement and the CAB West LLC Agreement.

 

"Transfer" has the meaning stated
in Section 4.4(f)(ii) of the Credit and Security Agreement.

 

"UCC" means the Uniform Commercial
Code as in effect in any relevant jurisdiction.

 

"Underwriting Procedures" means
the underwriting procedures of Ford Credit relating to motor vehicle leases and the related vehicles as the procedures may change.

 

"U.S. Bank" means U.S. Bank National
Association, a national banking association.

 

    SA-14

     

    

 

Exhibit A

 

Form of Exchange Note

 

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER SECURITIES OR BLUE SKY LAW OF A STATE OF THE UNITED STATES.
THE HOLDER OF THIS NOTE, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY TO EITHER (1) A "QUALIFIED INSTITUTIONAL BUYER"
WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT, (2) AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING
OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR (3) TO A HOLDING COMPANY OR ITS AFFILIATES, IN
EACH CASE, ACCORDING TO APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES,
AND SUBJECT TO THE RECEIPT BY THE BORROWERS OF OTHER EVIDENCE ACCEPTABLE TO THE BORROWERS THAT THE REOFFER, RESALE, PLEDGE OR TRANSFER
IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

 

THIS NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. NEITHER
THIS NOTE NOR AN INTEREST IN THIS NOTE MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE ADMINISTRATIVE AGENT
AND THE LENDER A DULY SIGNED INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT B TO THE CREDIT AND SECURITY AGREEMENT. THE PURCHASER
UNDERSTANDS AND AGREES THAT A TRANSFER OF THIS NOTE OR AN INTEREST IN THIS NOTE IN VIOLATION OF THIS PARAGRAPH WILL BE VOID AND OF NO
EFFECT.

 

EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE)
THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS
SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A "SIMILAR LAW"), BY ACCEPTING
THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS
NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) IS NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF
ERISA OR SECTION 4975 OF THE CODE DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION
RULES (OR, IF THE HOLDER IS SUBJECT TO ANY SIMILAR LAW, ITS PURCHASE, HOLDING AND DISPOSITION IS NOT AND WILL NOT RESULT IN
A NON-EXEMPT VIOLATION OF THE SIMILAR LAW).

 

    EA-1

     

    

 

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN
THIS NOTE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON ITS FACE.

 

    EA-2

     

    

 

REGISTERED      $[                          ]

 

No. 1

 

[         ]%
____-__ EXCHANGE NOTE

 

CAB EAST LLC AND CAB WEST LLC, as Borrowers (the
 "Borrowers"), for value received, promise to pay to FORD MOTOR CREDIT COMPANY, as ____-__ Exchange Noteholder (the "Exchange
Noteholder") for its benefit and the benefit of the other Transferees acquiring interests in this Note (this "Note")
under this Note Supplement, dated as of [                       ],
20__ (the "Exchange Note Supplement"), among the Borrowers, Ford Motor Credit Company LLC, as Lender and Servicer, U.S.
Bank National Association, as Administrative Agent, and HTD Leasing LLC, as Collateral Agent, and other Transferees or registered assigns,
the principal sum of [                        ]
(U.S. $[                      ])
payable on each Payment Date in an amount equal to the Exchange Note Principal Payment Amount for the Payment Date under Section __
of the Exchange Note Supplement. However, (i) the entire unpaid principal amount of this Note will be due and payable on the [            ],
[    ] Payment Date (the "____-__ Exchange Note Final Scheduled Payment Date") and (ii) this
Note may be redeemed earlier than the Final Scheduled Payment Date under Section __ of the ____-__ Servicing Supplement, dated as
of [           ], 20__ (the "Servicing Supplement"), among Ford
Motor Credit Company LLC, as Servicer, the Borrowers and HTD Leasing LLC, as Collateral Agent. Capitalized terms used but not defined
in this Note are defined in Appendix 1 to the Exchange Note Supplement or Appendix A to the Credit and Security Agreement. Appendix
1 also contains usage rules that apply to this Note.

 

The payment of interest on and principal of this
Note will be the joint and several obligation of the Borrowers.

 

The Borrowers will pay interest on this Note is
an amount equal to the Exchange Note Interest Payment Amount until the principal of this Note is paid or made available for payment. The
amount of interest due on this Note on each Payment Date will be calculated on the basis of this Note Balance outstanding on the prior
Payment Date (after giving effect to payments of principal made on the prior Payment Date), and will be subject to certain limitations
in Section 2.4 of the Exchange Note Supplement.

 

The interest on and principal of this Note are
payable in coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private
debts. All payments made by the Borrowers for this Note will be applied to interest on and principal of this Note in the manner stated
in the Exchange Note Supplement.

 

Unless the certificate of authentication on this
Note has been executed by the Administrative Agent whose name appears below by manual signature, this Note will not have the benefit of
the Credit and Security Agreement or the Exchange Note Supplement or be valid or obligatory for any purpose.

 

    EA-3

     

    

 

This Note is one of the duly authorized issue of
Exchange Notes, which may be issued under the Credit and Security Agreement and the Exchange Note Supplement, to which reference is made
for a statement of the respective rights and obligations of the Borrowers, the Lender, the Servicer, the Administrative Agent, the Collateral
Agent and the Exchange Noteholder. This Note is subject to the Credit and Security Agreement and the Exchange Note Supplement. If there
is a conflict between this Note, the Credit and Security Agreement and the Exchange Note Supplement, the Exchange Note Supplement will
govern.

 

Interest on and principal of this Note will be
payable according to the order of priority in Section __ of the Exchange Note Supplement.

 

Principal of this Note will be payable on each
Payment Date in an amount equal to this Note Principal Payment Amount for the Payment Date. "Payment Date" means the
15th day of each calendar month or, if the day is not a Business Day, the next Business Day, starting in [       ]
[     ].

 

The entire unpaid principal amount of this Note
will be due and payable on this Note Final Scheduled Payment Date. The entire unpaid principal amount of the Notes will be due and payable
on the date on which an Exchange Note Event of Default for this Note has occurred and is continuing and the Noteholder has declared, the
Note to be, or on which such amounts have automatically become, immediately due and payable in the manner stated in the Credit and Security
Agreement.

 

Payments of interest on this Note on each Payment
Date, together with the installment of principal not in full payment of this Note, will be made to the account of the Noteholder either
by wire transfer to the account of the Noteholder or an account designated by the Noteholder at a bank or other entity having proper facilities
therefor if the Noteholder has given to the Exchange Note Registrar proper written instructions at least five Business Days before the
Payment Date or, if not, by check mailed first-class mail postage paid to the Noteholder's address as it appears on the Exchange Note
Register, except that the final installment of principal payable on this Note on a Payment Date or this Note Final Scheduled Payment Date
will be payable only on the presentation and surrender of this Note in the manner in Section 4.7(b) of the Credit and Security
Agreement. Those payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the principal
amount of this Note effected by payments made on a Payment-Date will bind future Exchange Noteholders of this Note and of an Exchange
Note issued on the registration of transfer or in exchange of this Note or in place of this Note, whether or not noted on this Note. If
funds are expected to be available, as stated in the Exchange Note Supplement and the Credit and Security Agreement, for payment in full
of the then remaining unpaid principal amount of this Note on a Payment Date, then the Administrative Agent will notify the Noteholder
of the date on which the Borrowers expects that the final installment of interest on and principal of this Note will be paid no later
than five days before that date. The notice will state that the final installment will be payable only on presentation and surrender of
this Note and will state the place where this Note may be presented and surrendered for payment of the installment.

 

As stated in the Servicing Supplement, this Note
may be purchased by the Servicer, in whole but not in part, in the manner described in Section __ of the Servicing Supplement.

 

    EA-4

    

    

 

The transfer of this Note is subject to the restrictions
on transfer described in this Note and to the other limitations in the Credit and Security Agreement and the Exchange Note Supplement.
Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Exchange Note Register
on surrender of this Note for registration of transfer at the office or agency designated by the Borrowers under the Credit and Security
Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Administrative Agent duly
executed by, this Noteholder or its attorney-in-fact, with the signature guaranteed by an "eligible guarantor institution" meeting
the requirements of the Exchange Note Registrar, and then a new Exchange Note in the same aggregate principal amount will be issued to
the designated transferee. No service charge will be charged for registration of transfer or exchange of this Note, but the transferor
may be required to pay an amount sufficient to cover any taxes or other governmental charges that may be imposed for the registration
of transfer or exchange.

 

The Noteholder, by accepting this Note acknowledges
and agrees that (i) if an Insolvency Event occurs for one of the Borrowers, each claim that the Noteholder may seek to enforce against
one of the Borrowers will be limited in recourse to the ____-__ Reference Pool (except for Shared Amounts allocated to the Noteholder
under Section __ of the Exchange Note Supplement) and (ii) if the Noteholder is deemed to have an interest in, claim to or benefit
from assets of the Borrowers other than the assets included in the ____-__ Reference Pool, whether by operation of law, legal process,
under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the interest, claim or benefit
in, to or from those other assets is subordinated to the indefeasible payment in full of the other obligations and liabilities of the
Borrowers, which, under the relevant documents relating to the securitization, conveyance or other financing or disposition of those other
assets, are entitled to be paid from, entitled to the benefits of or secured by those other assets (whether or not the entitlement or
security interest is legally perfected or entitled to a priority of distribution under applicable law, including insolvency laws, and
whether or not asserted against the Borrowers), in each case, including the payment of post-petition interest on those other obligations
and liabilities. THIS PARAGRAPH WILL BE DEEMED TO BE AN ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF
THE BANKRUPTCY CODE.

 

In addition, the Noteholder, by accepting this
Note, consents to the Administrative Agent's delegation under the HTD Administration Agreement to the Collateral Agent Administrator of
some of the obligations that the Administrative Agent is required to perform on behalf of the Collateral Agent under the Credit and Security
Agreement.

 

The Noteholder, by accepting this Note, 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 all
Secured Obligations, including all Exchange Notes, and any other Securities, it will not start or pursue against, or join any other Person
in starting or pursuing against, either Titling Company or either Holding Company any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings or other proceedings under any federal or State bankruptcy or similar law.

 

The Borrowers have entered into the Exchange Note
Supplement and this Note is issued with the intention that, for U.S. federal, State and local income, single business and franchise tax
purposes, this Note will qualify as indebtedness of the Borrowers. The Noteholder, by its acceptance of this Note, will be deemed to agree
to treat this Note for U.S. federal, State and local income, single business and franchise tax purposes as indebtedness of the Borrowers.

 

    EA-5

    

    

 

For any date, the Borrowers, the Administrative
Agent and any agent of the Borrowers or the Administrative Agent may treat the Person in whose name this Note is registered as of that
date as the owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes,
without regard to any notice or other information to the contrary.

 

The Credit and Security Agreement permits amendments
by the Borrowers, the Collateral Agent, the Lender and the Administrative Agent so long as each Exchange Noteholder of an Outstanding
Exchange Note has consented to the amendment. The Credit and Security Agreement also permits amendments to amend or waive certain terms
and conditions of the Credit and Security Agreement without the consent of the Noteholders if certain conditions are satisfied. The consent
by the Noteholder will be conclusive and bind the Noteholder and on future holders of this Note and of each Exchange Note issued on the
registration of transfer or in exchange or in place of this Note whether or not notation of the consent or waiver is made on this Note.

 

The term "Borrower", as used in this
Note, includes any successor to the Borrowers under the Credit and Security Agreement.

 

This Note is issuable only in registered form as
stated in the Credit and Security Agreement and the Exchange Note Supplement, subject to limitations in the Credit and Security Agreement
and the Exchange Note Supplement.

 

This Note, the Credit and Security Agreement and
the Exchange Note Supplement will be governed by, and construed according to the laws of the State of Delaware.

 

No reference in this Note to the Credit and Security
Agreement or the Exchange Note Supplement, and no provision of this Note or of the Credit and Security Agreement will alter or impair
the obligation of the Borrowers, which is absolute and unconditional, to pay the interest on and principal of this Note at the times,
place and rate, and in the coin or currency prescribed in this Note.

 

Except as expressly stated in the Transaction Documents,
none of U.S. Bank National Association, in its individual capacity or HTD Leasing LLC, in its individual capacity, or their respective
affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally liable for, nor
will recourse be had to them for, the payment of interest on or principal of this Note or performance of, or omission to perform, the
covenants or obligations in the Credit and Security Agreement or the Exchange Note Supplement. The Noteholder, by its acceptance of this
Note, agrees that, except as expressly stated in the Transaction Documents, for an Exchange Note Event of Default under the Credit and
Security Agreement or the Exchange Note Supplement, the Noteholder will have no claim against one of the these Persons for a deficiency,
loss or claim. However, nothing in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Borrowers
for liabilities, obligations and agreements in the Credit and Security Agreement, the Exchange Note Supplement or in this Note.

 

    EA-6

    

    

 

IN WITNESS WHEREOF, each of the Borrowers has caused
this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date below.

 

Date: [                    ],
20__

 

 

	 	CAB EAST LLC,as a Borrower
	 	 	 
	 	By:	
	 	 	Name:
	 		Title:
	 	 	 
	 	CAB WEST LLC,as a Borrower
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

ADMINISTRATIVE AGENT'S CERTIFICATE OF AUTHENTICATION

 

This is this Note designated above and referred
to in the Exchange Note Supplement.

 

Date: [                    ],
20__

 

	 	U.S. BANK NATIONAL ASSOCIATION,not in its individual capacity but solely as Administrative Agent
	 	 
	 	By:	
 
	 	 	Authorized Officer

 

    EA-7

    

    

 

ASSIGNMENT

 

Social Security or taxpayer I.D. or other identifying number of assignee.

 

 

FOR VALUE RECEIVED, the undersigned hereby sells,
assigns and transfers without recourse unto

 

(name and address of assignee)

 

this Note and all rights under this Note, and irrevocably appoints
__________________, attorney, to transfer this Note on the books kept for registration of the Exchange Notes, with full power of substitution.

 

Date:

 

	 	
 
	 	Signature Guaranteed:*

 

 

 

 

*        Note:
The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within 20__-__
Exchange Note in every particular, without alteration, enlargement or any change whatsoever.

 

    EA-8

    

    

 

Exhibit B

 

Form of Transferee Representation Letter

 

Ford Motor Credit Company LLC,

   as Lender

One American Road, Suite 2411

Dearborn, Michigan 48121

 

U.S. Bank National Association,

   as Exchange Note Registrar

111 Fillmore Street

St. Paul, Minnesota 55107-1402

Attention: Bondholder Services

 

U.S. Bank National Association,

   as Administrative Agent

190 South LaSalle Street, 7th Floor

Chicago, Illinois 60603

Attention: Corporate Trust Services

 

		Re:	CAB East LLC and CAB West LLC

            -          Exchange
Note	 

 

Ladies and Gentlemen:

 

For our proposed transfer of the Exchange Note
referenced above (the "Exchange Note") of CAB East LLC and CAB West LLC (the "Borrowers") issued under
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"), and the 20__-__ Exchange Note Supplement, dated as of ________, 20__ (the
 "Exchange Note Supplement"), each among CAB East LLC and CAB West LLC, as Borrowers, Ford Motor Credit Company LLC, as
Lender and as Servicer, U.S. Bank National Association, as Administrative Agent, and HTD Leasing LLC, as Collateral Agent, we agree with
and represent to and for the benefit of the Lender and the Administrative Agent, that:

 

		1.	No Transfer of the Exchange Note will be made unless the registration requirements of the Securities Act of 1933 ("Securities
Act") and applicable state securities laws are complied with, or the transfer is exempt from the registration requirements under
the Securities Act, and only to either (i) a "qualified institutional buyer" as defined in Rule 144A of the Securities
Act (a "Qualified Institutional Buyer"), (ii) an institutional accredited investor as defined in Rule 501(a)(l),
(2), (3) or (7) of Regulation D tinder the Securities Act (an "Institutional Accredited Investor") or (iii) the
Holding Companies or their respective Affiliates in a transaction exempt from the registration requirements of the Securities Act and,
in each case, the transfer is according to applicable State securities laws and the transferee executes and delivers to the Lender and
the Administrative Agent a transferee representation letter substantially in the form of this letter.

 

    EB-1

    

    

 

		2.	We are, and were at the time that we acquired the Exchange Note held by us, a Qualified Institutional Buyer or an Institutional Accredited
Investor and we are aware that the sale or transfer of Exchange Note to us is being made in reliance or the exemption from registration
under Rule 144A or Section 4(a)(2) of the Securities Act, as applicable.

 

		3.	We are acquiring the Exchange Note for our own account or for one or more accounts, each of which is either a Qualified Institutional
Buyer or an Institutional Accredited Investor, and for each of which we exercise sole investment discretion for us and for the account.

 

		4.	We have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of
its investment in the Exchange Note, and we and accounts for which we are acting are each able to bear the economic risk of its investment.

 

		5.	If we are a corporation, partnership, trust or other entity we were not formed or recapitalized for the specific purpose of acquiring
the Exchange Note.

 

		6.	We understand that the Exchange Note is being offered only in a transaction not involving airy public offering in the United States
within the meaning of the Securities Act, the Exchange Note has not been and will not be registered under the Securities Act, and, if
in the future we decide to offer, resell, pledge or transfer the Exchange Note, it may be offered, resold, pledged or transferred only
according to the legend on the Exchange Note and described in this letter. We acknowledge that no representation is made by the Seller
about the availability of an exemption under the Securities Act or state securities laws for resale of the Exchange Note;

 

		7.	We understand that an investment in the Exchange Note involves some risks, including the risk of loss of a substantial part of our
investment under some circumstances. We have had access to financial and other information about the Borrowers, the Leases, the Leased
Vehicles and the Servicer's servicing practices and procedures that we deemed necessary or proper in order to make an informed investment
decision about our acquisition of the Exchange Note, including an opportunity to ask questions of and request information from each of
the Borrowers.

 

		8.	Either (A) we are not subject to Title I of ERISA, Section 4975 of the Code or any Similar Law or (B) our purchase,
holding and disposition of the Exchange Note is not and will not result in a non-exempt prohibited transaction under Title I of ERISA
or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or,
if it is subject to any Similar Law, such purchase, holding and disposition is not and will not result in a violation of such Similar
Law);

 

    EB-2

    

    

 

		9.	None of the Borrowers or the Administrative Agent is under an obligation to register the Exchange Note under the Securities Act or
State securities laws. Each Note will bear a legend to the following effect unless determined otherwise by the Servicer (as certified
to the Administrative Agent in an Officer's Certificate):

 

"THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (ITS "SECURITIES ACT"), OR UNDER SECURITIES OR BLUE SKY LAW OF A STATE OF THE UNITED
STATES. THE HOLDER OF THIS NOTE, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A "QUALIFIED INSTITUTIONAL BUYER"
WITHIN THE MEANING THEREOF IN RULE 144A OF THE SECURITIES ACT, (2) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE
MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (3) TO A HOLDING COMPANY
OR ITS AFFILIATES, IN EACH CASE, ACCORDING TO APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF
THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE ADMINISTRATIVE AGENT OF OTHER EVIDENCE ACCEPTABLE TO THE ADMINISTRATIVE
AGENT THAT THE REOFFER, RESALE, PLEDGE OR TRANSFER 1S IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS."

 

		10.	As a condition to the registration of sale, transfer, assignment, participation, pledge or other disposition (each, a "Transfer")
of an Exchange Note, the prospective transferee of the Exchange Note will be required to represent to the Administrative Agent and the
Borrowers the following, unless determined otherwise by the Servicer (as certified to the Administrative Agent in an Officer's Certificate):

 

		(a)	It understands that no subsequent Transfer of the Exchange Note is permitted unless it causes its proposed transferee to provide to
the Administrative Agent and the Lender a letter substantially in the form of this letter(with changes approved by the Servicer), or another
statement that the Borrower may require,

 

		(b)	It understands that a Transfer of an Exchange Note (or interest in an Exchange Note) in contravention of the restrictions and conditions
in this letter will be null and void, and the transferee in the Transfer will not be recognized by the Borrowers or another Person as
an Exchange Noteholder.

 

    EB-3

    

    

 

		11.	A Transfer of the Exchange Note to a Person that is neither a Qualified Institutional Buyer nor an Institutional Accredited Investor,
or that is not made according to the restrictions in the Credit and Security Agreement will be null and void from the beginning and will
not be given effect under this letter or the Credit and Security Agreement.

 

Capitalized terms used and not defined in this
letter are defined in Appendix A to the Credit and Security Agreement, which also contains usage rules that apply to this letter.

 

You are entitled to rely on this letter and are
irrevocably authorized to produce this letter or a copy of this letter to each interested party in an administrative or legal proceeding
or official inquiry about the matters covered by this letter.

 

	 	Very truly yours,
	 	 	 
	 	[NAME OF TRANSFEREE]
	 	 	 
	 	 	 
	 	By:	

	 	 	Name:

Title:

 

    EB-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00345-of-00352.parquet"}]]