Document:

EXHIBIT 10.2

 

 

 

EXCHANGE
NOTE TRANSFER AGREEMENT

 

dated
as of July 21, 2021

 

between

 

WORLD
OMNI AUTO LEASING LLC,
 as Depositor

 

and

 

WORLD
OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2021-A,
 as Issuing Entity and Buyer

 

 

 

 

     

     

    

 

Table of Contents

 

Page

 

	Article I
    DEFINITIONS	2
	Section 1.1	Certain Terms	2
	Section 1.2	Other Definitional Provisions	2
	Section 1.3	Other Terms	2
	Section 1.4	Computation of Time Periods	2
	 	 	 
	Article II
    PURCHASE AND CONTRIBUTION	2
	Section 2.1	Agreement to Sell and Transfer the Exchange Note	2
	Section 2.2	Consideration and Payment	3
	Section 2.3	Representations and Warranties	3
	Section 2.4	Protection of Title	4
	Section 2.5	Other Adverse Claims or Interests	5
	 	 	 
	Article III
    MISCELLANEOUS	5
	Section 3.1	Transfers Intended as Sale; Security Interest	5
	Section 3.2	Specific Performance	6
	Section 3.3	Notices, Etc	6
	Section 3.4	CHOICE OF LAW	6
	Section 3.5	Counterparts; Electronic Signatures	7
	Section 3.6	Amendment	7
	Section 3.7	Waivers	8
	Section 3.8	Entire Agreement	8
	Section 3.9	Severability of Provisions	8
	Section 3.10	Binding Effect; Assignability	8
	Section 3.11	Acknowledgment and Agreement	9
	Section 3.12	No Waiver; Cumulative Remedies	9
	Section 3.13	Nonpetition Covenant	9
	Section 3.14	Each Exchange Note Separate; Assignees of the Exchange
    Note	10
	Section 3.15	Submission to Jurisdiction; Waiver of Jury Trial	10
	Section 3.16	Limitation of Liability of Owner Trustee	11

 

Schedule
I          Perfection Representations, Warranties
and Covenants

 

    i

     

    

 

EXCHANGE NOTE TRANSFER AGREEMENT

 

THIS EXCHANGE NOTE TRANSFER
AGREEMENT (as amended, supplemented or modified from time to time, this “Agreement”) is made and entered into as of
July 21, 2021 by WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company (the “Depositor”), and WORLD
OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2021-A, a Delaware statutory trust (the “Buyer” or the “Issuing
Entity”).

 

WITNESSETH:

 

WHEREAS, World Omni LT is
a Delaware statutory trust (the “Titling Trust”) formed and operated pursuant to that certain Second Amended and Restated
Trust Agreement dated as of July 16, 2008 (as amended, modified or supplemented from time to time, the “Titling Trust Agreement”)
for the purpose, among other things, of acquiring title to Closed-End Units and issuing Exchange Notes, each relating to separate Reference
Pools of Closed-End Units within the Closed-End Collateral Specified Interest in the Titling Trust;

 

WHEREAS, on the date hereof,
the Titling Trust, Auto Lease Finance LLC, a Delaware limited liability company (“ALF LLC” or the “Initial
Beneficiary”), AL Holding Corp., as Closed-End Collateral Agent, and U.S. Bank National Association, as Closed-End Administrative
Agent, are entering into that certain Exchange Note Supplement 2021-A to Collateral Agency Agreement (as amended, modified or supplemented
from time to time, the “Exchange Note Supplement”) to issue the Closed-End Exchange Note initially sold and transferred
to the Depositor under an Exchange Note Sale Agreement (the “Exchange Note Sale Agreement”), and then immediately
sold and transferred to the Buyer under this Agreement (the “Exchange Note”);

 

WHEREAS, on the date hereof,
the Depositor purchased the Exchange Note from ALF LLC pursuant to the Exchange Note Sale Agreement;

 

WHEREAS, the Depositor, and
U.S. Bank Trust National Association, as owner trustee, formed World Omni Automobile Lease Securitization Trust 2021-A as a Delaware
statutory trust pursuant to a Trust Agreement;

 

WHEREAS, the Depositor desires
to sell to the Buyer, and the Buyer desires to acquire, the Exchange Note;

 

WHEREAS, the Depositor desires
to assign rights under the Exchange Note Sale Agreement to the Buyer; and

 

WHEREAS, the Buyer will finance
its acquisition of the Exchange Note by issuing notes pursuant to an Indenture dated as of July 21, 2021 (as amended, supplemented
or modified from time to time, the “Indenture”) with Wilmington Trust, National Association, as indenture trustee
(the “Indenture Trustee”);

 

NOW, THEREFORE, in consideration
of the premises and the mutual agreements set forth herein, the parties hereto agree as follows:

 

    

     

    

 

Article I

 

DEFINITIONS

 

Section 1.1     Certain
Terms. Terms defined in Appendix A to the Indenture and in Appendix A to the Collateral Agency Agreement are, unless
otherwise defined herein or unless the context otherwise requires, used herein as defined therein.

 

Section 1.2     Other
Definitional Provisions.

 

(a)            Each
term defined in the singular form in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement
or any certificate, report or other document made or delivered pursuant hereto, and each term defined in the plural form in shall mean
the singular thereof when the singular form of such term is used herein or therein.

 

(b)           The
words “hereof”, “herein”, “hereunder” and similar terms when used in this Agreement shall refer to
this Agreement as a whole and not to any particular provision of this Agreement, and article, section, subsection, schedule and exhibit
references herein are references to articles, sections, subsections, schedules and exhibits of or to this Agreement unless otherwise
specified.

 

Section 1.3     Other
Terms. All accounting terms not specifically defined herein or in Appendix A to the Indenture shall be construed in accordance with
GAAP. All terms used in Article 9 of the UCC and not specifically defined herein or in Appendix A to the Indenture or in Appendix
A to the Collateral Agency Agreement are used herein as defined in such Article 9.

 

Section 1.4     Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later
specified date, the word “from” means “from and including” and the words “to” and “until”
each mean “to but excluding”.

 

Article II

 

PURCHASE
AND CONTRIBUTION

 

Section 2.1     Agreement
to Sell and Transfer the Exchange Note. On the terms and subject to the conditions set forth in this Agreement, on the date hereof,
the Depositor hereby:

 

(a)           transfers,
assigns, sets over, sells and otherwise conveys to the Buyer, and the Buyer hereby purchases from the Depositor, without recourse, all
of the Depositor’s right, title and interest in and to the Exchange Note, including, but not limited to, all Closed-End Collections
with respect to the related 2021-A Reference Pool after the Cut-off Date, and the identifiable proceeds thereof; and

 

(b)           assigns
all rights of the Depositor under the Exchange Note Sale Agreement to the Buyer, including without limitation, the Depositor’s
rights under Section 2.3(c) of the Exchange Note Sale Agreement.

 

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Section 2.2     Consideration
and Payment. In consideration of the transfer of the Exchange Note to the Buyer on the Closing Date, the Buyer shall transfer to
the Depositor on the Closing Date the Notes and the Certificate (as such terms are defined in Appendix A to the Indenture). On the Closing
Date, the Depositor will cause an amount equal to $4,799,814.06 to be deposited into the Reserve Account.

 

Section 2.3      Representations
and Warranties.

 

(a)           The
Depositor hereby represents and warrants to the Buyer that, as of the date hereof:

 

(i)            Existence
and Power. The Depositor is a limited liability company duly organized, validly existing and in good standing under the laws of its
state of organization and has all power and authority required to carry on its business as it is now conducted. The Depositor has obtained
all necessary licenses and approvals in all jurisdictions where the failure to do so would materially and adversely affect the business,
properties, financial condition or results of operations of the Depositor taken as a whole.

 

(ii)           Company
Authorization and No Contravention. The execution, delivery and performance by the Depositor of each Transaction Document to which
it is a party (i) have been duly authorized by all necessary limited liability company action and (ii) do not contravene or
constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any
agreement, contract, order or other instrument to which it is a party or its property is subject and (iii) will not result in any
Adverse Claim on the Exchange Note or give cause for the acceleration of any indebtedness of the Depositor.

 

(iii)         No
Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection
with the execution, delivery and performance by the Depositor of any Transaction Document other than UCC filings and other than approvals
and authorizations that have previously been obtained and filings which have previously been made.

 

(iv)         Binding
Effect. Each Transaction Document to which the Depositor is a party constitutes the legal, valid and binding obligation of the Depositor
enforceable against the Depositor in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of
general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of
equity.

 

(v)         Ownership
and Transfer of Exchange Note. Immediately preceding its sale of the Exchange Note to the Buyer, the Depositor was the owner of the
Exchange Note, free and clear of any Adverse Claim, and after such sale of the Exchange Note to the Buyer, the Buyer shall at all times
be entitled to all of the rights and benefits of a holder of an Exchange Note under the Collateral Agency Agreement and the Exchange
Note Supplement.

 

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(vi)         Applicable
Law. The Depositor is in compliance with all applicable laws, the failure to comply with which would have a material adverse effect
on the ability of the Depositor to perform its obligations hereunder.

 

(vii)        Litigation.
There are no actions, suits or proceedings pending or, to the knowledge of the Depositor, threatened against the Depositor before or
by any Governmental Authority that (i) question the validity or enforceability of this Agreement or materially and adversely affect
the ability of the Depositor to perform its obligations hereunder or (ii) individually or in the aggregate would have a material
adverse effect on the ability of the Depositor to perform its obligations hereunder. The Depositor is not in default with respect to
any orders of any Governmental Authority, the default under which individually or in the aggregate would have a material adverse effect
on the ability of the Depositor to perform its obligations hereunder.

 

(viii)       Status
of Depositor. The Depositor is not an “investment company” within the meaning of the Investment Company Act of 1940,
as amended. The Depositor is not subject to regulation as a “holding company,” an “affiliate” of a “holding
company”, or a “subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding
Company Act of 1935, as amended.

 

The representations and warranties
set forth in this Section 2.3(a) shall speak only as of the date hereof and shall survive the sale of the Exchange Note
hereunder.

 

(b)           Perfection
Representations. The representations, warranties and covenants set forth on Schedule I hereto shall be a part of this Agreement
for all purposes. Notwithstanding any other provision of this Agreement or any other Transaction Document, the perfection representations
contained in Schedule I shall be continuing, and remain in full force and effect until such time as all obligations under the
Indenture have been finally and fully paid and performed. The parties to this Agreement: (i) shall not waive any of the perfection
representations contained in Schedule I; (ii) shall provide the Rating Agencies with prompt written notice of any breach
of perfection representations contained in Schedule I and (iii) shall not waive a breach of any of the perfection representations
contained in Schedule I.

 

Section 2.4     Protection
of Title.

 

(a)           Filings.
The Depositor shall file such financing statements and cause to be filed such continuation and other statements, all in such manner and
in such places as may be required by law fully to preserve, maintain and protect the interest of the Buyer under this Agreement in the
Exchange Note. The Depositor shall deliver (or cause to be delivered) to the Buyer file-stamped copies of, or filing receipts for, any
document filed as provided above, as soon as available following such filing.

 

(b)           Name
Change. The Depositor shall not change its name, identity or limited liability company structure in any manner that would, could,
or might make any financing statement or continuation statement filed by the Depositor in accordance with Section 2.4(a) “seriously
misleading” within the meaning of Section 9-506, 9-507 and 9-508 of the UCC, unless it shall have given the Buyer at least
30 days’ prior written notice thereof and shall have taken all action prior to making such change (or shall have made arrangements
to take such action substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary
or advisable in the opinion of the Buyer to amend all previously filed financing statements or continuation statements described in Section 2.4(a).

 

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(c)             Sales
Tax. All sales, property, use, transfer or other similar taxes due and payable upon the purchase of the Exchange Note will be paid
or provided for by the Depositor.

 

(d)           Executive
Office; Maintenance of Offices. The Depositor shall give the Buyer at least 10 days’ prior written notice of any change of
location of the Depositor for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such change (or
shall have made arrangements to take such action substantially simultaneously with such change, if it is not possible to take such action
in advance) reasonably necessary or advisable in the opinion of the Buyer to amend all previously filed financing statements or continuation
statements described in Section 2.4(a). The Depositor shall at all times maintain its principal executive office within the
United States of America.

 

Section 2.5     Other
Adverse Claims or Interests.      Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, the Depositor
shall not sell, pledge, assign or transfer the Exchange Note to any other Person, or grant, create, incur, assume or suffer to exist
any Adverse Claim on any interest therein, and the Depositor shall defend the right, title and interest of the Buyer in, to and under
the Exchange Note against all claims of third parties claiming through or under the Depositor.

 

Article III

 

MISCELLANEOUS

 

Section 3.1     Transfers
Intended as Sale; Security Interest.

 

(a)           Each
of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are complete and
absolute sales and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for
all purposes. The sale and contribution of the Exchange Note shall be reflected on the Depositor’s balance sheet and other financial
statements as a sale and contribution of assets by the Depositor. The sale and contribution by the Depositor of the Exchange Note hereunder
are and shall be without recourse to, or representation or warranty (express or implied) by, the Depositor, except as otherwise specifically
provided herein. The limited rights of recourse specified herein against the Depositor are intended to provide a remedy for breach of
representations and warranties relating to the condition of the property sold, rather than to the collectibility of underlying indebtedness,
and therefore are intended to be consistent with warranties ordinarily given by a seller of goods under Article 2 of the UCC.

 

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(b)          Notwithstanding
the foregoing, in the event that the Exchange Note is held to be property of the Depositor, or if for any reason this Agreement is held
or deemed to create a security interest in the Exchange Note, then it is intended that:

 

(i)            This
Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other
applicable jurisdiction;

 

(ii)           The
conveyance provided for in Section 2.1 shall be deemed to be a grant by the Depositor to the Buyer of a security interest
in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and
to the Exchange Note, to secure the performance of the obligations of the Depositor hereunder;

 

(iii)          The
possession by the Buyer or its agent of the Exchange Note shall be deemed to be “possession by the secured party” or possession
by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York
UCC and the UCC of any other applicable jurisdiction; and

 

(iv)          Notifications
to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be deemed
to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Buyer for the purpose
of perfecting such security interest under applicable law.

 

Section 3.2            Specific
Performance. Either party may enforce specific performance of this Agreement.

 

Section 3.3            Notices,
Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
facsimile communication or electronic mail) and shall be personally delivered or sent by certified mail, postage prepaid, or by facsimile
or by electronic mail (if designated by a party to the other parties), to the intended party at the address, facsimile number or electronic
mail address of such party set forth under its name on the signature pages hereof or at such other address, facsimile number or
electronic mail address as shall be designated by such party in a written notice to the other parties hereto. All such notices and communications
shall be effective (a) if personally delivered or sent by electronic mail, when received, (b) if sent by certified mail, three
Business Days after having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after
having been given to such courier, and (d) if transmitted by facsimile, when sent, receipt confirmed by telephone or electronic
means. Notwithstanding the foregoing, with the consent of the appropriate party to this Agreement, the obligations of World Omni and
any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than
a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication
or instruction available at https://via.intralinks.com/, or such other website or distribution service or provider as World Omni or such
Affiliate, as applicable, shall designate by written notice to the other parties hereto.

 

Section 3.4     CHOICE
OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK
WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

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Section 3.5     Counterparts;
Electronic Signatures. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to
be an original, but all of such counterparts shall together constitute but one and the same instrument. Each of the parties agree that
this Agreement and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic
signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider)
appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Agreement and such other documents
may be made by facsimile, email or other electronic transmission.

 

Section 3.6     Amendment.

 

(a)            Any
term or provision of this Agreement may be amended by the Depositor without the consent of the Indenture Trustee, any Noteholder or the
Buyer; provided that (i) any amendment that materially and adversely affects the interests of the Noteholders shall require
the consent of Noteholders evidencing not less than a majority of the aggregate outstanding principal amount of the Controlling Class and
(ii) any amendment that materially and adversely affects the interests of the Certificateholders, the Indenture Trustee or the Buyer
shall require the prior written consent of the Persons whose interests are materially and adversely affected. An amendment shall be deemed
not to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with respect to such
amendment. The consent of the Certificateholders or the Buyer shall be deemed to have been given if the Closed-End Servicer does not
receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given.

 

(b)          Notwithstanding
the foregoing, no amendment shall (i) reduce the interest rate or principal amount of any Note, or delay the Final Scheduled Payment
Date of any Note without the consent of the Holder of such Note, or (ii) reduce the percentage of the aggregate outstanding principal
amount of the Outstanding Notes, the Holders of which are required to consent to any matter without the consent of the Holders of at
least the percentage of the aggregate outstanding principal amount of the Outstanding Notes which were required to consent to such matter
before giving effect to such amendment.

 

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

 

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

 

(e)           Prior
to the execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency with written notice of the substance
of such amendment. No later than 10 Business Days after the execution of any amendment to this Agreement, the Depositor shall furnish
a copy of such amendment to each Rating Agency, the Issuing Entity, the Owner Trustee, and the Indenture Trustee.

 

(f)            Prior
to the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively
rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all
conditions precedent to the execution and delivery of such amendment have been satisfied.

 

Section 3.7          Waivers.
No failure or delay on the part of the Buyer, the Closed-End Servicer, the Depositor or the Indenture Trustee in exercising any power
or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right.
No notice to or demand on the Buyer or the Depositor in any case shall entitle it to any notice or demand in similar or other circumstances.
No waiver or approval by the Buyer under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable
to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter
to be granted hereunder.

 

Section 3.8          Entire
Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with
respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject
matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties.

 

Section 3.9          Severability
of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever
held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

 

Section 3.10        Binding
Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of the Buyer and the Depositor and their respective
successors and permitted assigns. The Depositor may not assign any of its rights hereunder or any interest herein without the prior written
consent of the Buyer, except as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations
of the parties hereto in accordance with its terms, and shall remain in full force and effect until such time as the parties hereto shall
agree.

 

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Section 3.11              Acknowledgment
and Agreement. By execution below, the Depositor expressly acknowledges and consents to the pledge of the Exchange Note and the assignment
of all rights and obligations of the Depositor related thereto by the Buyer to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders. In addition, the Depositor hereby acknowledges and agrees that for so long as the Notes are outstanding, the
Indenture Trustee will have the right to exercise all powers, privileges and claims of the Buyer under this Agreement.

 

Section 3.12              No
Waiver; Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies provided by law.

 

Section 3.13              Nonpetition
Covenant. With respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee of the Exchange Note, by virtue
of its acceptance of such Exchange Note or pledge thereof) agrees that, prior to the date which is one year and one day after payment
in full of all obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy
Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking
the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by
any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment
for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall
commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Each of the parties hereto agrees that, prior
to the date which is one year and one day after the payment in full of all obligations under each Financing, it will not institute against,
or join any other Person in instituting against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings or similar proceeding under the laws of the United States or any State of the United States.

 

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Section 3.14              Each
Exchange Note Separate; Assignees of the Exchange Note. Each party hereto acknowledges and agrees (and each holder or pledgee of the
Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End
Collateral Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title
12 of the Delaware Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to (i) the Exchange Note or the related 2021-A Reference Pool shall be enforceable against
such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or any Unencumbered Reference Pool and
(ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable
against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable,
and not against the Exchange Note or any Closed-End Units included in the 2021-A Reference Pool, (c) except to the extent required
by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or
Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred
hereunder which is related to the 2021-A Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations
arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the
Exchange Note or the related 2021-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to
any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated
thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note
other than the Exchange Note related to the 2021-A Reference Pool shall be entitled to maintain any action against or recover any assets
allocated to the 2021-A Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2021-A Reference Pool or,
the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give
to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement,
and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to
release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each
Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have
against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference
Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder
Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each
party to the Intercreditor Agreement.

 

Section 3.15              Submission
to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally:

 

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

 

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

 

(c)              agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 3.3
of this Agreement;

 

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

 

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

 

Section 3.16              Limitation
of Liability of Owner Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed
and delivered by U.S. Bank Trust National Association, not individually or personally but solely as Owner Trustee of the Issuing Entity,
in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements
herein made on the part of the Issuing Entity is made and intended not as personal representations, undertakings and agreements by U.S.
Bank Trust National Association but is made and intended for the purpose of binding only the Issuing Entity, (c) nothing herein contained
shall be construed as creating any liability on U.S. Bank Trust National Association, individually or personally, to perform any covenant
either expressed or implied contained herein of the Issuing Entity, all such liability, if any, being expressly waived by the parties
hereto and by any Person claiming by, through or under the parties hereto, (d) U.S. Bank Trust National Association has not verified
and made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuing Entity in this
Agreement and (e) under no circumstances shall U.S. Bank Trust National Association be personally liable for the payment of any indebtedness
or expenses of the Issuing Entity or be liable for the breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Issuing Entity under this Agreement or any other related documents.

 

    - 11 -

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the day and year first written above.

 

	 	WORLD OMNI AUTO LEASING LLC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	Address:
	 	250 Jim Moran Blvd.

Deerfield Beach, Florida  33442
	 	Telephone:	(954) 429-2900
	 	Telecopy:	(954) 429-2685

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2021-A
	 	By:	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	 	Address:
	 	190 South LaSalle Street, 7th Floor
	 	Chicago, Illinois 60603
	 	Telephone: (312) 332-7490
	 	Telecopy: (866) 807-8670
	 	Email: christopher.nuxoll@usbank.com

 

     

     

    

 

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

 

In addition to the representations,
warranties and covenants contained in the Exchange Note Transfer Agreement, the Depositor hereby represents, warrants, and covenants to
the Buyer as follows on the Closing Date:

 

1.              The
Exchange Note Transfer Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Exchange Note
in favor of the Buyer, which security interest is prior to all other Adverse Claims and is enforceable as such as against creditors of
and purchasers from the Depositor.

 

2.              The
Exchange Note constitutes a “general intangible,” “instrument,” “certificated security,” or “tangible
chattel paper,” within the meaning of the applicable UCC.

 

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

 

4.              The
Depositor has received all consents and approvals to the sale of the Exchange Note hereunder to the Buyer required by the terms of the
Exchange Note to the extent that it constitutes an instrument or a payment intangible.

 

5.              The
Depositor has received all consents and approvals required by the terms of the Exchange Note, to the extent that it constitutes a securities
entitlement, certificated security or uncertificated security, to the transfer to the Buyer of its interest and rights in the Exchange
Note hereunder.

 

6.              The
Depositor has caused or will have caused, within ten days after the effective date of the Exchange Note Transfer Agreement, the filing
of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the sale of the Exchange Note from the Depositor to the Buyer and the security interest in the Exchange Note granted to the Buyer
hereunder.

 

7.              To
the extent that the Exchange Note constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument
or tangible chattel paper have been delivered to the Buyer.

 

8.              Other
than the transfer of the Exchange Note from ALF LLC to the Depositor under the Exchange Note Sale Agreement and from the Depositor to
the Buyer under the Exchange Note Transfer Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture,
the Depositor has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed the Exchange Note. The Depositor
has not authorized the filing of, nor is aware of, any financing statements against the Depositor that include a description of collateral
covering the Exchange Note other than any financing statement relating to any security interest granted pursuant to the Transaction Documents
or that has been terminated.

 

    Sch. I-1

     

    

 

9.              No
instrument or tangible chattel paper that constitutes or evidences the Exchange Note has any marks or notations indicating that it has
been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

 

    Sch. I-2EXHIBIT 10.3

 

 

 

WORLD
OMNI LT

 

2021-A
EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY 

AGREEMENT

 

WORLD
OMNI LT,
 As Borrower,

 

AUTO
LEASE FINANCE LLC,
 As Initial Beneficiary,

 

AL
HOLDING CORP.,
 As Closed-End Collateral Agent,

 

U.S.
BANK NATIONAL ASSOCIATION,
 As Closed-End Administrative Agent

 

Dated
as of July 21, 2021

 

 

     

     

    

 

Table
of Contents

 

Page

 

	ARTICLE XII
    DEFINITIONS; THIRD-PARTY BENEFICIARIES	2
	Section 12.1	Definitions	2
	Section 12.2	Third-Party Beneficiaries	2
	 	 	 
	ARTICLE XIII
    DESIGNATION OF THE REFERENCE POOL AND EXCHANGE
    NOTE TERMS	2
	Section 13.1	Designation of the Reference Pool	2
	Section 13.2	Closed-End Exchange Note Terms	3
	Section 13.3	Form	5
	Section 13.4	Access to Records	6
	Section 13.5	Dispute Resolution	6
	 	 	 
	ARTICLE XIV
    REPRESENTATIONS AND WARRANTIES	6
	Section 14.1	Existence and Power	6
	Section 14.2	Authorization and No Contravention	6
	Section 14.3	No Consent Required	6
	Section 14.4	Binding Effect	6
	Section 14.5	No Proceedings	6
	 	 	 
	ARTICLE XV
    MISCELLANEOUS PROVISIONS	7
	Section 15.1	Filings	7
	Section 15.2	Amendments	7
	Section 15.3	Governing Law	7
	Section 15.4	Notices	8
	Section 15.5	Severability of Provisions	8
	Section 15.6	Effect of Exchange Note Supplement on Collateral Agency
    Agreement	8
	Section 15.7	No Petition	8
	Section 15.8	Tax Matters	9
	Section 15.9	Entire Agreement	9
	Section 15.10	Submission to Jurisdiction; Waiver of Jury Trial	9
	Section 15.11	No Recourse	10
	Section 15.12	Counterparts; Electronic Signatures	10

 

 

SCHEDULE
1                  Description
of Closed-End Units Allocated to 2021-A Reference Pool

 

EXHIBIT A                      Form of
Exchange Note

 

     i

     

    

 

2021-A EXCHANGE NOTE SUPPLEMENT TO COLLATERAL
AGENCY AGREEMENT

 

THIS 2021-A EXCHANGE NOTE
SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT (as amended, modified or supplemented from time to time, the “Exchange Note Supplement”),
dated and effective as of July 21, 2021, is among World Omni LT, a Delaware statutory trust (the “Borrower” or
the “Titling Trust”), Auto Lease Finance LLC, a Delaware limited liability company (“ALF” or the
 “Initial Beneficiary”), AL Holding Corp., a Delaware corporation (the “Closed-End Collateral Agent”),
and U.S. Bank National Association, a national banking association (the “Closed-End Administrative Agent”).

 

RECITALS

 

A.            The
Borrower, the Initial Beneficiary, the Closed-End Collateral Agent, Bank of America, N.A., a national banking association (the “Deal
Agent”), and the Closed-End Administrative Agent have entered into that certain Fourth Amended and Restated Collateral Agency
Agreement, dated as of December 15, 2009 (as modified, supplemented or amended from time to time, the “Collateral Agency
Agreement”) pursuant to which, among other things, the Initial Beneficiary of the Borrower will have the right, subject to
certain conditions and limitations set forth therein, (i) to purchase from the Warehouse Facility Lenders ratable portions of the
Advances made by such Lenders under the respective Warehouse Facilities, (ii) to make Initial Beneficiary Advances to the Borrower,
and (iii) following such purchase or Initial Beneficiary Advance, to exchange the acquired Advances and/or Initial Beneficiary Advances
for Closed-End Exchange Notes issued by the Titling Trust and backed primarily by assets designated (subject to certain conditions) by
the Initial Beneficiary and allocated to a separate Reference Pool.

 

B.            The
parties hereto desire to supplement the terms of the Collateral Agency Agreement (i) to set forth the principal terms of the 2021-A
closed-end exchange note (the “Closed-End Exchange Note”) issued hereunder and (ii) to designate a portion of
the Closed-End Units included in the Warehouse Facility Pool or any Unencumbered Reference Pool as the 2021-A Reference Pool with respect
to such Closed-End Exchange Note.

 

C.            Concurrently
herewith, (i) ALF and World Omni Auto Leasing LLC, a Delaware limited liability company (the “Depositor”), are
entering into an Exchange Note Sale Agreement, pursuant to which the Depositor will purchase the Closed-End Exchange Note and (ii) the
Depositor and World Omni Automobile Lease Securitization Trust 2021-A (the “Issuing Entity”), are entering into an
Exchange Note Transfer Agreement, pursuant to which the Depositor will transfer the Closed-End Exchange Note to the Issuing Entity.

 

D.            Concurrently
herewith, the Issuing Entity is entering into an asset-backed financing transaction pursuant to, among other agreements, an Indenture
dated as of the date hereof (the “Indenture”), between the Issuing Entity and Wilmington Trust, National Association,
as indenture trustee (the “Indenture Trustee”), pursuant to which, among other things, the Issuing Entity will pledge
certain of its assets and grant a security interest in such assets, including the Closed-End Exchange Note.

 

     

     

    

 

E.            Also
concurrently herewith, the Titling Trust, the Servicer and the Closed-End Collateral Agent are entering into that certain 2021-A Servicing
Supplement to Closed-End Servicing Agreement (as amended, modified or supplemented from time to time, the “Servicing Supplement”)
pursuant to which, among other things, the terms of the Fifth Amended and Restated Closed-End Servicing Agreement, dated as of December 15,
2009 (as modified, supplemented or amended from time to time, the “Closed-End Servicing Agreement”) will be supplemented
insofar as they apply to the Closed-End Units included in the 2021-A Reference Pool, providing more specific servicing obligations.

 

NOW THEREFORE, in consideration
of the premises and the mutual covenants contained herein and in the Collateral Agency Agreement, the parties hereto agree to the following
supplemental obligations with regard to the Closed-End Exchange Note issued hereunder.

 

ARTICLE XII

DEFINITIONS; THIRD-PARTY BENEFICIARIES

 

Section 12.1     Definitions.

 

For all purposes of this
Exchange Note Supplement, except as otherwise expressly provided or unless the context otherwise requires, (a) unless otherwise
defined herein, all capitalized terms used herein shall have the meanings attributed to them in the Collateral Agency Agreement or in
Appendix A to the Collateral Agency Agreement, (b) all capitalized terms used herein which are not defined herein or in the
Collateral Agency Agreement (including Appendix A thereto) and which are defined in the Titling Trust Agreement shall have the
meanings attributed to them by the Titling Trust Agreement, (c) all capitalized terms used herein which are not defined herein,
in the Collateral Agency Agreement (including Appendix A thereto) or the Titling Trust Agreement and which are defined in the
Indenture (as defined below) shall have the meanings attributed to them by the Indenture (including Appendix A thereto), (d) all
references to words such as “herein,” “hereof” and the like shall refer to this Exchange Note Supplement as a
whole and not to any particular article or section within this Exchange Note Supplement, (e) the term “include” and
all variations thereon shall mean “include without limitation,” and (f) the term “or” shall include “and/or”.

 

Section 12.2     Third-Party
Beneficiaries.

 

The holder and pledgees of
the Closed-End Exchange Note (including the Issuing Entity and the Indenture Trustee), and their respective successors, permitted assigns
and pledgees, are third-party beneficiaries of the Collateral Agency Agreement and this Exchange Note Supplement.

 

ARTICLE XIII

DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS

 

Section 13.1     Designation
of the Reference Pool.

 

(a)            Pursuant
to Section 6.2(a) of the Collateral Agency Agreement and subject to the conditions set forth in Section 13.1(b),
the Initial Beneficiary hereby designates a portion of the Closed-End Units included in the Revolving Pool for allocation to a new Reference
Pool, referred to as the “2021-A Reference Pool,” within the Closed-End Collateral Specified Interest. Upon the effectiveness
of this Exchange Note Supplement, the Initial Beneficiary shall direct the Titling Trustee and the Closed-End Collateral Agent to allocate
or cause to be identified and allocated on their respective books and records the “2021-A Reference Pool,” to be separately
accounted for and held in trust independently from any other Asset Pool. Such Reference Pool shall initially include the Closed-End Units
identified on Schedule 1 to this Exchange Note Supplement, which Closed-End Units shall belong exclusively to the 2021-A Reference
Pool, and all other Titling Trust Assets to the extent related to such Closed-End Units (other than cash which does not constitute Closed-End
Collections received after the Cut-Off Date, as specified in Section 13.2(a)(iii)); provided, that, any Closed-End
Collections received on or prior to the Cut-Off Date for any such Closed-End Units identified on Schedule 1 shall not be allocated
to the 2021-A Reference Pool.

 

     2

     

    

 

(b)            Designation
of the 2021-A Reference Pool shall be subject to the satisfaction of each of the conditions precedent set forth in Section 6.4
of the Collateral Agency Agreement, unless and to the extent waived by the Deal Agent, with the consent of each Warehouse Facility
Lender.

 

Section 13.2     Closed-End
Exchange Note Terms.

 

(a)            The
terms of the Closed-End Exchange Note are as follows:

 

(i)           the
Closed-End Exchange Note shall be issued on July 21, 2021;

 

(ii)          the
initial Exchange Note Balance of the Closed-End Exchange Note is equal to $902,365,043.79;

 

(iii)         the
Cut-Off Date for the 2021-A Reference Pool is the close of business on June 8, 2021;

 

(iv)         the
first Closed-End Exchange Note Payment Date for the Closed-End Exchange Note is August 16, 2021, and thereafter, the 15th day of
each calendar month or, if such day is not a Business Day, the next Business Day;

 

(v)          the
Exchange Note Interest Rate for the Closed-End Exchange Note is 0.75% per annum (computed on the basis of a 360-day year of twelve 30-day
months);

 

(vi)         the
Interest Period with respect to the Closed-End Exchange Note shall be, with respect to any Closed-End Exchange Note Payment Date, the
period from and including July 21, 2021 (in the case of the first Payment Date) or from and including the 15th day of the preceding
calendar month to but excluding the 15th day of the current calendar month;

 

(vii)        the
initial Securitization Value of the Closed-End Units included in the 2021-A Reference Pool is equal to $959,962,812.54 and thereafter,
the applicable Exchange Note Principal Payment Amount shall be calculated pursuant to Section 13.2(b)(iii);

 

     3

     

    

 

(viii)      the
Final Scheduled Payment Date for the Closed-End Exchange Note is November 16, 2026;

 

(ix)         the
conditions precedent to the issuance of the Closed-End Exchange Note are set forth in Section 6.4 of the Collateral Agency
Agreement; and

 

(x)          the
day count fraction shall be 30 (or in the case of the initial Closed-End Exchange Note Payment Date, 24).

 

(b)            On
each Closed-End Exchange Note Payment Date, the Closed-End Administrative Agent shall, with respect to the 2021-A Reference Pool, withdraw
from the related Exchange Note Collection Account an amount equal to the Closed-End Collections for the 2021-A Reference Pool and apply
such amount, together with any amounts allocated to the 2021-A Reference Pool in accordance with Section 10.2 or Sections
10.3(a) or (b) of the Collateral Agency Agreement, in accordance with the following priorities:

 

(i)           first,
to the Closed-End Servicer, the Reference Pool Servicing Fee for the related Closed-End EN Collection Period (to the extent such Servicing
Fee has not been retained by the Closed-End Servicer pursuant to Section 13.5 of the Servicing Supplement 2021-A to Closed-End
Servicing Agreement);

 

(ii)          second,
to the Trust Collection Account, the applicable due and unpaid Exchange Note Interest Amount on the Closed-End Exchange Note;

 

(iii)         third,
to the Trust Collection Account, (A) on any Closed-End Exchange Note Payment Date other than the Exchange Note Redemption Date,
the Exchange Note Principal Payment Amount due and payable on such Closed-End Exchange Note Payment Date pursuant to the Closed-End Exchange
Note, as a payment of principal of the Closed-End Exchange Note by an amount sufficient to reduce the Exchange Note Balance to an amount
equal to 94% of the aggregate Securitization Value as of the last day of the related Closed-End EN Collection Period, (B) on the
Exchange Note Redemption Date, an amount equal to the Exchange Note Redemption Price (to the extent such amount has not been paid pursuant
to clause (ii) above or the Collateral Agency Agreement) or (C) on and after the Final Scheduled Payment Date for the
Closed-End Exchange Note, any remaining amount necessary to reduce the Exchange Note Balance on the Closed-End Exchange Note to zero;
provided, however, that if an Exchange Note Default has occurred and is continuing and the Closed-End Exchange Note is
accelerated pursuant to Section 8.7(c) of the Collateral Agency Agreement, any remaining amount necessary to reduce
the Exchange Note Balance on the Closed-End Exchange Note to zero, including all accrued and unpaid interest on the Closed-End Exchange
Note;

 

(iv)         fourth,
to the Trust Collection Account, an amount equal to the difference between the Available Funds and the amount required to be paid pursuant
to clauses (i) through (x) in Section 8.5(a) of the Indenture on the related Closed-End Exchange
Note Payment Date (the “Trust Collection Account Shortfall Amount”); and

 

(v)          fifth,
all remaining funds, to be applied at the direction of the Initial Beneficiary to the Trust Collection Account.

 

     4

     

    

 

(c)            Pursuant
to Section 8.8(a)(ii)(z) of the Collateral Agency Agreement, an amount equal to the Net Liquidation Proceeds of the
Closed-End Units included in the 2021-A Reference Pool after an Exchange Note Default occurs and is continuing with respect to the Closed-End
Exchange Note will be applied in accordance with the following priorities:

 

(i)           first,
to the Closed-End Collateral Agent, any amounts due with respect to the Closed-End Exchange Note or the related 2021-A Reference Pool
under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b) of this Exchange Note
Supplement;

 

(ii)          second,
to the Closed-End Administrative Agent, any amounts due with respect to the Closed-End Exchange Note or the related 2021-A Reference
Pool under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b) of this Exchange
Note Supplement; and

 

(iii)         third,
to make the payments described in clauses (i) through (v) in Section 13.2(b) of this Exchange
Note Supplement with respect to the 2021-A Reference Pool.

 

(d)            Pursuant
to Section 6.8 of the Collateral Agency Agreement, the Closed-End Exchange Note is subject to redemption and cancellation
in whole, but not in part, in connection with an Optional Redemption by the Closed-End Servicer pursuant to the Closed-End Servicing
Agreement or by the Titling Trust at the request of the Exchange Noteholder by written notice (the “Notice of Redemption”)
to the Borrower, the Closed-End Servicer, the Closed-End Collateral Agent and the Closed-End Administrative Agent. The Exchange Note
Redemption Date shall occur on the first Closed-End Exchange Note Payment Date following the date of the Notice of Redemption. The Exchange
Note Redemption Price shall be equal to the Exchange Note Purchase Price (as defined in the Exchange Note Servicing Supplement). The
Closed-End Exchange Note shall, following the Notice of Redemption, on the Exchange Note Redemption Date cease to be Outstanding for
purposes of this Exchange Note Supplement and shall thereafter represent only the right to receive the applicable Exchange Note Redemption
Price and the Trust Collection Account Shortfall Amount, if any. Unless the Titling Trust shall default in the payment of such Exchange
Note Redemption Price, no interest shall accrue on such Exchange Note Redemption Price for any period after the date to which accrued
interest is calculated for purposes of calculating such Exchange Note Redemption Price.

 

(e)            The
Initial Beneficiary hereby releases and discharges the Deal Agent and the Warehouse Facility Secured Parties of all claims, actions,
suits, choses in action and controversies that it may have under applicable laws with respect to the Securities Act or the Exchange Act
in connection with the Titling Trust’s issuance of the Closed-End Exchange Note.

 

Section 13.3     Form.
The Exchange Note, together with the Closed-End Administrative Agent’s certificate of authentication, shall be in substantially
the form set forth as Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Exchange Note Supplement or the Collateral Agency Agreement, as applicable, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined
by the officers executing such Exchange Note, as evidenced by their execution of such Exchange Note. Any portion of the text of any Exchange
Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Exchange Note.

 

     5

     

    

 

Section 13.4     Access
to Records. The Titling Trust authorizes the Closed-End Servicer to provide the Asset Representations Reviewer access to the Titling
Trust’s records and documents related to the Units that are maintained by the Closed-End Servicer in such cases where the Asset
Representations Reviewer is required to conduct a Review. Access shall be afforded without charge, but only upon reasonable request and
during the normal business hours at the offices of the Closed-End Servicer. Nothing in this Section 13.4 shall affect the
obligation of the Titling Trust and the Closed-End Servicer to observe any applicable law prohibiting disclosure of information regarding
the Closed-End Obligors and the failure of the Titling Trust and the Closed-End Servicer to provide access to information as a result
of such obligation shall not constitute a breach of this Section 13.4.

 

Section 13.5     Dispute
Resolution. The Titling Trust agrees to cooperate with the Issuing Entity and the Indenture Trustee in any dispute resolution proceeding
pursuant to Section 2.3(d) of the Exchange Note Sale Agreement.

 

ARTICLE XIV

REPRESENTATIONS AND WARRANTIES

 

Each party hereto represents
and warrants, as to itself, to the other parties hereto as follows:

 

Section 14.1     Existence
and Power. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and
has all power and authority required to carry on its business as it is now conducted.

 

Section 14.2     Authorization
and No Contravention. Its execution, delivery and performance of this Exchange Note Supplement (i) have been duly authorized
by all necessary action and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation,
(B) its organizational instruments or (C) any agreement, contract, order or other instrument to which it is a party or its
property is subject and (iii) will not result in any Adverse Claim on any Closed-End Unit or Closed-End Collections.

 

Section 14.3     No
Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection
with its execution, delivery and performance of this Exchange Note Supplement, other than UCC filings and other than approvals and authorizations
that have previously been obtained and filings which have previously been made.

 

Section 14.4     Binding
Effect. This Exchange Note Supplement constitutes its legal, valid and binding obligation enforceable against it in accordance with
its terms, except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement
of creditors’ rights generally and subject to general principles of equity.

 

Section 14.5     No
Proceedings. There is no action, suit, proceeding or investigation pending or, to its knowledge, threatened against it which, either
in any one instance or in the aggregate, would render invalid this Exchange Note Supplement or the Closed-End Exchange Note issued hereunder.

 

     6

     

    

 

ARTICLE XV

MISCELLANEOUS PROVISIONS

 

Section 15.1     Filings.

 

(a)            The
parties hereto will undertake all other and future actions and activities as may be required by the Closed-End Servicer (pursuant to
the Servicing Supplement) or by the Closed-End Collateral Agent (pursuant to the Collateral Agency Agreement and the Security Agreement)
to perfect (or evidence) and confirm the foregoing identification and allocation of the Closed-End Units to the 2021-A Reference Pool.

 

Section 15.2     Amendments.

 

(a)            Any
term or provision of this Exchange Note Supplement may be amended by the parties hereto without the consent of the Exchange Noteholder
or any other Person; provided that so long as the Closed-End Exchange Note remains Outstanding, no amendment to this Exchange
Note Supplement shall reduce the Exchange Note Interest Rate or the Exchange Note Principal Payment Amount of the Closed-End Exchange
Note, or delay the Final Scheduled Payment Date of the Closed-End Exchange Note, or materially and adversely affect the interests of
the Exchange Noteholder, without the consent of the Exchange Noteholder.

 

(b)            Notwithstanding
anything herein to the contrary (but subject to Section 9.5 of the Collateral Agency Agreement), any term or provision of
this Exchange Note Supplement may be amended by the parties hereto without the consent of the Exchange Noteholder or any other Person
to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable treatment
under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect).

 

(c)            It
shall not be necessary for the consent of any Person pursuant to this Section 15.2 for such Person to approve the particular
form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof.

 

(d)            No
later than 10 Business Days after the execution of any amendment to this Exchange Note Supplement, the Initial Beneficiary shall furnish
a copy of such amendment to the Exchange Noteholder, the Titling Trustee, the Closed-End Collateral Agent, the Issuing Entity and the
Indenture Trustee.

 

Section 15.3     Governing
Law.

 

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

 

     7

     

    

 

Section 15.4     Notices.

 

Any and all notices and other
communications provided for under this Exchange Note Supplement shall, unless otherwise stated herein, be delivered in accordance with,
and shall be deemed delivered in accordance with, the Notice Requirements, which are incorporated into this Exchange Note Supplement
or by electronic mail (if designated by a party to the other parties); provided, with the consent of the appropriate party to
this Agreement, that the obligations of World Omni and any Affiliate of World Omni to deliver or provide any demand, delivery, notice,
communication or instruction to such party other than a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may
be, making such demand, delivery, notice, communication or instruction available at https://via.intralinks.com/, or such other website
or distribution service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties
hereto.

 

Section 15.5     Severability
of Provisions.

 

If any one or more of the
covenants, agreements, provisions or terms of this Exchange Note Supplement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of
this Exchange Note Supplement and shall in no way affect the validity or enforceability of the other provisions of this Exchange Note
Supplement or of the Closed-End Exchange Note issued hereunder or the rights of the Exchange Noteholder. To the extent permitted by law,
the parties hereto waive any provision of law that renders any provision of this Exchange Note Supplement invalid or unenforceable in
any respect.

 

Section 15.6     Effect
of Exchange Note Supplement on Collateral Agency Agreement.

 

Except as otherwise specifically
provided herein: (i) the parties shall continue to be bound by all provisions of the Collateral Agency Agreement; and (ii) the
provisions set forth herein shall operate either as additions to or modifications of the obligations of the parties under the Collateral
Agency Agreement, as the context may require. In the event of any conflict between the provisions of this Exchange Note Supplement and
the Collateral Agency Agreement with respect to the Closed-End Exchange Note issued hereunder, the provisions of this Exchange Note Supplement
shall prevail.

 

Section 15.7     No
Petition.

 

Each of the Closed-End Administrative
Agent, the Closed-End Collateral Agent and the holder and pledgee of the Closed-End Exchange Note, by virtue of its acceptance of the
Closed-End Exchange Note or pledge thereof, covenants and agrees that for a period of one year and one day (or, if longer, any applicable
preference period) after payment in full of all obligations under the Closed-End Exchange Note, it will not institute against any Bankruptcy
Remote Party, or join in any institution against such Bankruptcy Remote Party of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any obligations
relating to this Exchange Note Supplement.

 

     8

     

    

 

 

Section 15.8     Tax
Matters.

 

Each of the parties hereto
(and the holder or pledgee of the Closed-End Exchange Note, by virtue of its acceptance of the Closed-End Exchange Note or pledge thereof)
agrees that for U.S. federal, state and local income, franchise and/or value added tax purposes it shall not treat this Exchange Note
Supplement as creating or constituting a trust, partnership, association taxable as a corporation or any other type of separate entity
(and will report for such purposes in a consistent manner therewith).

 

Section 15.9     Entire
Agreement.

 

THIS EXCHANGE NOTE SUPPLEMENT
AND THE OTHER DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO
AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN
ORAL AGREEMENTS AMONG THE PARTIES.

 

Section 15.10    Submission
to Jurisdiction; Waiver of Jury Trial.

 

Each of the parties hereto
hereby irrevocably and unconditionally:

 

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

 

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

 

(c)            agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or
any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 15.4
of this Exchange Note Supplement;

 

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

 

(e)            to
the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising
out of, under or in connection with this Exchange Note Supplement.

 

    9

     

    

Section 15.11    No
Recourse.

 

It is expressly understood
and agreed by the parties hereto that (a) this Exchange Note Supplement is executed and delivered by VT Inc. and U.S. Bank, not
individually or personally but solely as Titling Trustee and Closed-End Administrative Agent, respectively, in the exercise of the powers
and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of
World Omni LT is made and intended not as personal representations, undertakings and agreements by VT Inc. or U.S. Bank, but is made
and intended for the purpose of binding only World Omni LT, (c) nothing herein contained shall be construed as creating any liability
on VT Inc. or U.S. Bank, individually or personally, to perform any covenant, either expressed or implied, contained herein, all such
liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and
(d) under no circumstances shall VT Inc. or U.S. Bank be personally liable for the payment of any indebtedness or expenses of World
Omni LT under this Exchange Note Supplement, the Collateral Agency Agreement, or any other related documents.

 

Section 15.12    Counterparts;
Electronic Signatures. This Exchange Note Supplement may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. Each of the parties
agree that this Exchange Note Supplement and any other documents to be delivered in connection herewith may be electronically signed,
that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other
digital signature provider) appearing on this Exchange Note Supplement or such other documents are the same as handwritten signatures
for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy
of, this Exchange Note Supplement and such other documents may be made by facsimile, email or other electronic transmission.

 

[SIGNATURES ON NEXT PAGE]

 

    10

     

    

 

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

 

	 	WORLD
    OMNI LT, as Borrower
	 	 
	 	By:	VT
    INC., not in its individual capacity, but solely as Titling Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	AUTO
    LEASE FINANCE LLC, as Initial Beneficiary
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	AL
    HOLDING CORP., as Closed-End Collateral Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	U.S.
    BANK NATIONAL ASSOCIATION, as Closed-End Administrative Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Schedule 1

2021-A Exchange Note Supplement

 

DESCRIPTION OF CLOSED-END UNITS ALLOCATED TO
2021-A REFERENCE POOL

 

Delivered Electronically to Titling Trustee
and Closed-End Collateral Agent

 

and on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

 

    Sch. 1

     

    

 

EXHIBIT A

 

FORM OF EXCHANGE NOTE

 

2021-A
CLOSED-END EXCHANGE NOTE

 

THIS 2021-A CLOSED-END EXCHANGE
NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER
ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS 2021-A CLOSED-END EXCHANGE NOTE,
AGREES THAT THIS 2021-A CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE 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 UNDER 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 THE INITIAL BENEFICIARY OR ITS AFFILIATES, IN
EACH CASE IN ACCORDANCE WITH ALL 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 CLOSED-END ADMINISTRATIVE AGENT OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE CLOSED-END
ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

 

THIS 2021-A CLOSED-END EXCHANGE
NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT,
WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS
TO THE CONTRARY TO THE BORROWER, THE CLOSED-END ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

 

EACH HOLDER OF THIS 2021-A
CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) IT IS NOT AND WILL NOT BE AND IS NOT ACQUIRING
SUCH 2021-A CLOSED-END EXCHANGE NOTE ON BEHALF OF, OR WITH THE ASSETS OF, ANY PERSON THAT IS OR WILL BE (I) AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R.
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (IV) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA
OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) ITS ACQUISITION AND HOLDING OF THE 2021-A CLOSED-END EXCHANGE
NOTE WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A VIOLATION OF SIMILAR LAW.

 

    Ex. A-1

     

    

 

NEITHER THIS 2021-A CLOSED-END
EXCHANGE NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE CLOSED-END ADMINISTRATIVE
AGENT AND THE BORROWER A DULY EXECUTED INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT D TO THE COLLATERAL AGENCY AGREEMENT.
THE PURCHASER UNDERSTANDS AND AGREES THAT ANY PURPORTED TRANSFER OF THIS 2021-A CLOSED-END EXCHANGE NOTE OR ANY INTEREST HEREIN IN VIOLATION
OF THE PRECEDING SENTENCE SHALL BE VOID AND OF NO EFFECT.

 

THE PRINCIPAL OF THIS 2021-A
CLOSED-END EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS 2021-A
CLOSED-END EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

    Ex. A-2

     

    

 

REGISTERED

 

$902,365,043.79

 

No. 1

 

0.75% 2021-A CLOSED-END EXCHANGE NOTE

 

WORLD
OMNI LT, as borrower (the “Borrower”), for value received, hereby promises to pay to AUTO LEASE
FINANCE LLC, and its registered assigns, the registered holder from time to time of this 2021-A Closed-End Exchange Note (the “2021-A
Exchange Noteholder”), the principal sum of NINE HUNDRED TWO MILLION THREE HUNDRED SIXTY-FIVE THOUSAND FORTY THREE AND
79/100 DOLLARS (U.S. $902,365,043.79) payable on each Closed-End Exchange Note Payment Date in an amount equal to the Exchange Note Principal
Payment Amount for such Closed-End Exchange Note Payment Date pursuant to Section 13.2 of the 2021-A Closed-End Exchange
Note Supplement (or such other date as specified therein); provided, however, that (i) the entire unpaid principal
amount of this Note will be due and payable on November 16, 2026 (the “2021-A Final Scheduled Payment Date”)
and (ii) this 2021-A Closed-End Exchange Note (this “Note”) may be redeemed earlier than the 2021-A Final
Scheduled Payment Date pursuant to Section 15.1 of the 2021-A Servicing Supplement, dated as of July 21, 2021,
among World Omni Financial Corp., as servicer (the “Closed-End Servicer”), the Closed-End Collateral Agent
(as defined below), and the Borrower (the “2021-A Closed-End Servicing Supplement”). This Note has been issued
pursuant to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the “Collateral
Agency Agreement”), among the Borrower, AL Holding Corp. (“ALHC”), as collateral agent (in such
capacity, the “Closed-End Collateral Agent”), Bank of America, N.A., as deal agent (the “Deal Agent”),
U.S. Bank National Association (“U.S. Bank”), as administrative agent (in such capacity, the “Closed-End
Administrative Agent”), and the other Secured Parties from time to time party to such agreement, as supplemented by the
2021-A Closed-End Exchange Note Supplement, dated as of July 21, 2021, between the Borrower and Auto Lease Finance LLC, as initial
beneficiary (the “Initial Beneficiary”), (the “2021-A Closed-End Exchange Note Supplement”).
References hereinafter to the “Collateral Agency Agreement” are to the Collateral Agency Agreement (as defined
above), as supplemented by the 2021-A Closed-End Exchange Note Supplement.

 

Capitalized terms used but
not defined herein have the meanings assigned to such terms under the Collateral Agency Agreement (including Appendix A thereto),
or, if no meaning is assigned thereunder, the meanings assigned under the Receivables Financing Agreements (including Schedule
1 to each such agreement).

 

The Borrower will pay interest
on this Note in an amount equal to the 2021-A Exchange Note Interest Amount until the principal of this Note is paid or made available
for payment. The amount of interest due on this Note on each Closed-End Exchange Note Payment Date will be calculated on the basis of
the 2021-A Closed-End Exchange Note Balance outstanding on the preceding Closed-End Exchange Note Payment Date (after giving effect to
all payments of principal made on the preceding Closed-End Exchange Note Payment Date), and will be subject to certain limitations contained
in Section 13.2 of the 2021-A Closed-End Exchange Note Supplement. Such principal of and interest on this Note will
be paid in the manner specified on the reverse hereof.

 

    Ex. A-3

     

    

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Borrower with respect to this Note will be applied to interest on and principal
of this Note in the manner set forth in the 2021-A Closed-End Exchange Note Supplement.

 

Reference is made to the further
provisions of this Note set forth on the reverse hereof, which will have the same effect as though fully set forth on the face of this
Note.

 

Unless the certificate of authentication
hereon has been executed by the Closed-End Administrative Agent whose name appears below by manual or facsimile signature, this Note
will not be entitled to any benefit under the Collateral Agency Agreement or be valid or obligatory for any purpose.

 

[SIGNATURE PAGE FOLLOWS]

 

    Ex. A-4

     

    

 

IN
WITNESS WHEREOF, the Borrower has caused this instrument to be signed, manually or in facsimile, by its Authorized Officer,
as of the date set forth below.

 

Date: _________, 20__

 

	 	WORLD OMNI LT,as Borrower
	 	 
	 	By:	VT INC., as Titling Trustee
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

ADMINISTRATIVE AGENT’S
CERTIFICATE OF AUTHENTICATION

 

This is the 2021-A Closed-End
Exchange Note designated above and referred to in the within-mentioned 2021-A Closed-End Exchange Note Supplement.

 

Date:
_________, 20__

 

	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Closed-End Administrative Agent
	 	 
	 	By:	
	 	 	Authorized Officer

 

    Ex. A-5

     

    

 

REVERSE OF 2021-A CLOSED-END EXCHANGE NOTE

 

This Note is one of the duly
authorized issue of Closed-End Exchange Notes, which may be issued under the Collateral Agency Agreement, to which Collateral Agency
Agreement and all Closed-End Exchange Note Supplements that are supplemental thereto reference is made for a statement of the respective
rights and obligations thereunder of the Borrower, the Closed-End Servicer, the Closed-End Administrative Agent, the Closed-End Collateral
Agent, the Exchange Noteholders and certain other parties. This Note is subject to all terms of the Collateral Agency Agreement. In the
event of a conflict between the terms of this Note and the terms of the Collateral Agency Agreement, the Collateral Agency Agreement
will prevail.

 

Interest on and principal of
this Note will be payable in accordance with the priority of payments set forth in Section 13.2 of the 2021-A Closed-End
Exchange Note Supplement.

 

Principal of this Note will
be payable on each Closed-End Exchange Note Payment Date (or such other date as specified in Section 13.2 of the 2021-A
Closed-End Exchange Note Supplement) in an amount equal to the 2021-A Closed-End Exchange Note Principal Distribution Amount for such
Closed-End Exchange Note Payment Date. “Closed-End Exchange Note Payment Date” means the 15th day of each calendar
month or, if any such day is not a Business Day, the next Business Day, commencing August 16, 2021.

 

As described on the face hereof,
the entire unpaid principal amount of this Note will be due and payable on the 2021-A Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date on which an Exchange Note Default with
respect to this Note has occurred and is continuing and the 2021-A Exchange Noteholder has declared the Note to be immediately due and
payable in the manner provided in the Collateral Agency Agreement.

 

Payments of interest on this
Note on each Closed-End Exchange Note Payment Date, together with the installment of principal, if any, to the extent not in full payment
of this Note, will be made to the account of the registered holder hereof either by wire transfer in immediately available funds, to
the account of such 2021-A Exchange Noteholder or an account designated by the 2021-A Exchange Noteholder at a bank or other entity having
appropriate facilities therefor if such 2021-A Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions
at least five (5) Business Days prior to such Closed-End Exchange Note Payment Date or, if not, by check mailed first-class mail
postage prepaid to the 2021-A Exchange Noteholder’s address as it appears on the Exchange Note Register prior to such Closed-End
Exchange Note Payment Date, except that the final installment of principal payable on this 2021-A Closed-End Exchange Note on a Closed-End
Exchange Note Payment Date or the 2021-A Final Scheduled Payment Date will be payable only upon the presentation and surrender of this
Note in the manner set forth in Section 6.7(b) of the Collateral Agency Agreement. Such 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
any payments made on any Closed-End Exchange Note Payment Date will be binding upon all future 2021-A Exchange Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.
If funds are expected to be available, as provided in the Collateral Agency Agreement, for payment in full of the then remaining unpaid
principal amount of this Note on a Closed-End Exchange Note Payment Date, then the Closed-End Administrative Agent will notify the 2021-A
Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this Note will
be paid not later than five (5) days prior to such date. Such notice will specify that such final installment will be payable only
upon presentation and surrender of this Note and will specify the place where this Note may be presented and surrendered for payment
of such installment.

 

    Ex. A-6

     

    

 

The transfer of this Note is
subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Collateral Agency
Agreement. Subject to the satisfaction of such restrictions and limitations, the transfer of this Note may be registered on the Exchange
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Borrower pursuant to
the Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Closed-End
Administrative Agent duly executed by, the 2021-A Exchange Noteholder hereof or the 2021-A Exchange Noteholder’s attorney duly
authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Exchange Note Registrar, and thereupon a new 2021-A Closed-End Exchange Note in the same aggregate principal amount will be issued
to the designated transferee. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor
may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

 

The 2021-A Exchange Noteholder,
by accepting this Note acknowledges and agrees that (i) if an Exchange Note Default occurs, any claim that the 2021-A Exchange Noteholder
may seek to enforce at any time against the Borrower and the Holding Company will be limited in recourse to the Closed-End Assets in
the related 2021-A Reference Pool, (ii) if, notwithstanding clause (i), the 2021-A Exchange Noteholder is deemed to have any claim
against the assets of the Borrower and the Holding Company other than the assets included in the Closed-End Assets in the 2021-A Reference
Pool, whether by operation of law, legal process, pursuant to insolvency laws or otherwise (including by virtue of Section 1111(b) of
the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Warehouse
Facility Secured Parties and to the holders of (A) all other Closed-End Exchange Notes and (B) in the case of assets allocated
to a Specified Interest other than the Closed-End Collateral Specified Interest, all other asset-backed securities, the payments on which
are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements and (iii) it irrevocably
makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment
afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that it may have at any time against
any Other Assets.

 

    Ex. A-7

     

    

 

THE RECITATION SET FORTH
IN THE PRECEDING PARAGRAPH WILL BE DEEMED TO CONSTITUTE AN ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF
THE BANKRUPTCY CODE.

 

In addition, the 2021-A Exchange
Noteholder, by accepting this Note, consents to the Closed-End Administrative Agent’s delegation under the Closed-End Administration
Agreement to the Closed-End Collateral Agent Administrator of certain of the duties that the Closed-End Administrative Agent is required
to perform on behalf of the Closed-End Collateral Agent pursuant to the Collateral Agency Agreement.

 

The 2021-A Exchange Noteholder,
by accepting this Note, covenants and agrees that for a period of one year and one day after payment in full of all Trust-Related Obligations
(as defined in the Titling Trust Agreement), it will not institute against the Borrower or the Holding Company, or join in any institution
against the Borrower or the Holding Company of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or
other proceedings under any federal or State bankruptcy or similar law in connection with any obligations relating to this Note, the
Collateral Agency Agreement, the 2021-A Closed-End Exchange Note Supplement, any other Transaction Document or Basic Document.

 

The Borrower has entered into
the 2021-A Closed-End 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 Borrower. The 2021-A Exchange Noteholder, by
its acceptance of this Note, will be deemed to agree to treat this 2021-A Closed-End Exchange Note for U.S. federal, State and local
income, single business and franchise tax purposes as indebtedness of the Borrower.

 

Prior to the due presentment
for registration of transfer of this Note, the Borrower and the Closed-End Administrative Agent and any agent of the Borrower or the
Closed-End Administrative Agent may treat the Person in whose name this Note (as of the day of determination or as of such other date
as may be specified in the 2021-A Closed-End Exchange Note Supplement) is registered as the owner hereof for all purposes, whether or
not this Note be overdue, and none of the Borrower, the Closed-End Administrative Agent or any such agent will be affected by notice
to the contrary.

 

The Collateral Agency Agreement
permits the amendment thereof and, under certain circumstances, the consent of the 2021-A Exchange Noteholder will be required as a condition
to the effectiveness of such amendment. Any such consent by the 2021-A Exchange Noteholder will be conclusive and binding upon the 2021-A
Exchange Noteholder and upon all future holders of this Note and of any 2021-A Closed-End Exchange Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this 2021-A
Closed-End Exchange Note.

 

The term “Borrower,”
as used in this Note, includes any successor to the Borrower under the Collateral Agency Agreement.

 

This Note is issuable only
in registered form as provided in the Collateral Agency Agreement, subject to certain limitations therein set forth.

 

    Ex. A-8

     

    

 

THIS
2021-A CLOSED-END EXCHANGE NOTE, THE COLLATERAL AGENCY AGREEMENT AND THE 2021-A CLOSED-END EXCHANGE NOTE SUPPLEMENT WILL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

No reference herein to the
Collateral Agency Agreement, and no provision of this Note or of the Collateral Agency Agreement will alter or impair the obligation
of the Borrower, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate,
and in the coin or currency herein prescribed.

 

Notwithstanding anything to
the contrary set forth in this Note or the Collateral Agency Agreement, it is expressly understood and agreed that (1) this Note
is executed and delivered by VT Inc., not individually or personally but solely as Titling Trustee in the exercise of the powers and
authority conferred and vested in it in such capacity, (2) each of the representations, undertakings and agreements made herein,
or in the Collateral Agency Agreement, in each case on the part of World Omni LT, as Borrower, are made and intended not as personal
representations, undertakings and agreements by VT Inc., but are made and intended for the purpose of binding only World Omni LT, (3) nothing
herein contained shall be construed as creating any liability on VT Inc., individually or personally, to perform any covenant, either
expressed or implied, contained in the Collateral Agency Agreement or this Note, all such liability, if any, being expressly waived by
each Exchange Noteholder of this Note, by taking delivery hereof, and by any person claiming by, through or under any such Exchange Noteholder,
(4) under no circumstances shall VT Inc. or any of its affiliates, partners, beneficiaries, agents, officers, directors, employees
or successors or assigns (the foregoing, collectively, the “Trustee Parties”) be personally liable for, nor
will recourse be had to any of them for, the payment of principal of or interest on this Note, (5) the liability of the Trustee
Parties will be limited in the manner set forth in the Titling Trust Agreement, which the holder of this Note acknowledges by taking
delivery hereof, and (6) under no circumstances shall VT Inc. be personally liable for the payment of any other indebtedness or
expenses of World Omni LT under this Note, the Collateral Agency Agreement or any other related document.

 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY
BLANK]

 

    Ex. A-9

     

    

 

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)

 

the within 2021-A Closed-End Exchange Note and
all rights thereunder, and hereby irrevocably constitutes and appoints ________________, attorney, to transfer said 2021-A Closed-End
Exchange Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Date:

 

	 	
	 	Signature Guaranteed

 

    Ex. A-10

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