Document:

EXHIBIT 10.12

 

THIRD AMENDMENT TO FOURTH AMENDED AND RESTATED

COLLATERAL AGENCY AGREEMENT

 

THIS THIRD AMENDMENT
to FOURTH AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT, dated as of October 26, 2018 (this “Amendment”),
is among WORLD OMNI LT, a Delaware statutory trust (the “Borrower”), WORLD OMNI LEASE FINANCE LLC, a Delaware
limited liability company (“WOLF LLC”), AUTO LEASE FINANCE LLC, a Delaware limited liability company (the
 “Initial Beneficiary”), AL HOLDING CORP., a Delaware corporation (“ALHC”), as Closed-End
Collateral Agent, BANK OF AMERICA, N.A. (the “Deal Agent”), U.S. BANK NATIONAL ASSOCIATION (“U.S. Bank”),
as Closed-End Administrative Agent and the lenders party hereto (the “Required Warehouse Lenders”).

 

Background

 

1.         The
Borrower, the Initial Beneficiary, ALHC, the Deal Agent, U.S. Bank and certain secured parties from time to time have entered into
that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009, as amended by the First Amendment
to Fourth Amended and Restated Collateral Agency Agreement, among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal
Agent, U.S. Bank and certain secured parties, dated as of October 30, 2015 and as amended by the Second Amendment to the Fourth
Amended and Restated Collateral Agency Agreement, among the Borrower, WOLF LLC, the Initial Beneficiary, ALHC, the Deal Agent,
U.S. Bank and certain secured parties, dated as of October 27, 2017 (as further amended, supplemented or otherwise modified through
the date hereof, the “Agreement”).

 

2.         The parties hereto
desire to amend the Agreement in certain respects as set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows.

 

SECTION 1.       Definitions.
Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

 

SECTION 2.       Amendments
to the Agreement. The Agreement is hereby amended as follows:

 

2.1        The
definition of “Wind-Down Borrowing Base” in Appendix A to the Agreement is hereby amended by deleting the reference
to “Total Reserve Lease Principal Balance” therein and changing it to “Total Lease Principal Balance”.

 

2.2        Clause
(c) of the definition of “Qualifying Hedge Contract” in Appendix A to the Agreement is hereby amended and restated
in its entirety as set forth below:

 

“(c)
copies of each master agreement entered into with each counterparty and each confirmation issued thereunder shall have been delivered
to the Closed-

 

    	 	1	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

End Collateral
Agent to be held by the Closed-End Collateral Agent on behalf of each Warehouse Facility Agent; and”

 

SECTION 3.        Miscellaneous.
The Agreement, as amended hereby, remains in full force and effect. Any reference to the Agreement from and after the date hereof
shall be deemed to refer to the Agreement as amended hereby, unless otherwise expressly stated. This Amendment shall be governed
by, and construed in accordance with, the internal laws of the State of New York without regard to otherwise applicable principles
of conflicts of law (other than Section 5-1401 of the New York General Obligations Law). This Amendment may be executed in any
number of counterparts, and by the different parties hereto on separate counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and the same agreement. The various headings of this
Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or the Agreement
or any provision hereof or thereof.

 

SECTION 4.        Effective
Date of this Amendment. This Amendment shall become effective on the date that the Deal Agent shall have received the following:

 

(a)       counterparts
of this Amendment (including facsimile copies) duly executed by all of the parties hereto;

 

(b)       an
Officer’s Certificate of the Borrower to the Closed-End Administrative Agent to the effect that this Amendment will not materially
adversely affect the interests of any Exchange Noteholder; and

 

(c)       a
tax opinion, as required pursuant to Section 9.5 of the Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	2	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

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

 

	 	WORLD OMNI LT., as Borrower
	 	 	 
	 	By:	  VT INC., as trustee
	 	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	Name:	Christopher J. Nuxoll
	 	Its:	Vice President
	 	 	 
	 	AUTO LEASE FINANCE LLC, as Initial Beneficiary
	 	 	 
	 	By:	/s/ Bryan Romano
	 	Name:	Bryan Romano
	 	Its:	Assistant Treasurer

 

    	 	S-1	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

	 	AL HOLDING CORP. as Closed-End Collateral Agent
	 	 	 
	 	By:	/s/ Denise Veidt
	 	Name:	Denise Veidt
	 	Title:	Vice President

 

    	 	S-2	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

	 	BANK OF AMERICA, N.A., as Deal Agent, Group Agent and as an Alternate Lender
	 	 	 
	 	By:	/s/ Christopher C. Jonas
	 	Name:	Christopher C. Jonas
	 	Title:	Director

 

    	 	S-3	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Closed-End Administrative Agent
	 	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	Name:	Christopher J. Nuxoll
	 	Its:	Vice President

 

    	 	S-4	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

	 	GOTHAM FUNDING CORPORATION, as a Conduit Lender
	 	 	 
	 	By:	/s/ Kevin J. Corrigan
	 	Name:	Kevin J. Corrigan
	 	Its:	Vice President
	 	 	 
	 	MUFG BANK, LTD., as a Group Agent
	 	 	 
	 	By:	/s/ Christopher Pohl
	 	Name:	Christopher Pohl
	 	Its:	Managing Director
	 	 	 
	 	MUFG BANK, LTD., as an Alternate Lender
	 	 	 
	 	By:	/s/ Christopher Pohl
	 	Name:	Christopher Pohl
	 	Its:	Managing Director

 

    	 	S-5	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

	 	TD SECURITIES INC., as a Group Agent
	 	 	 
	 	By:	/s/ Peter O'Sullivan
	 	Name:	Peter O'Sullivan
	 	Title:	Director
	 	 	 
	 	THE TORONTO-DOMINION BANK, as an Alternate Lender
	 	 	 
	 	By:	/s/ Bradley Purkis
	 	Name:	Bradley Purkis
	 	Title:	Managing Director

 

    	 	S-6	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

	 	WELLS FARGO BANK, N.A., as a Group Agent and as an Alternate Lender
	 	 	 
	 	By:	/s/ Austin Vanassa
	 	Name:	Austin Vanassa
	 	Title:	Director

 

    	 	S-7	3rd Amendment to Fourth Amended and

 Restated Collateral Agency Agreement

     

    

 

	 	ACKNOWLEDGED AND AGREED:
	 	WORLD OMNI LEASE FINANCE LLC
	 	 	 
	 	By:	/s/ Bryan Romano
	 	Name:	Bryan Romano
	 	Title:	Assistant Treasurer

 

    	 	S-8	3rd Amendment to Fourth Amended and

 Restated Collateral Agency AgreementEXHIBIT 10.13

 

THIRD AMENDED
AND RESTATED PLEDGE

AND SECURITY AGREEMENT

 

Dated as of July 16, 2008

 

between

 

WORLD OMNI LT,

as Borrower,

 

and

 

AL HOLDING CORP.,

as Closed-End Collateral Agent

 

Security Agreement

    	 	 	 

     

    

 

Table
of Contents

 

	 	 	Page
	 
	ARTICLE I.
	 
	USAGE DEFINITIONS AND INCORPORATION BY REFERENCE
	 
	Section 1.1	Usage Definitions and Incorporation By Reference	2
	 	 	 
	ARTICLE II.
	 
	COLLATERAL
	 
	Section 2.1	Grant of Security Interest	2
	Section 2.2	Security for Secured Obligations	3
	Section 2.3	Agreement to Perform	4
	Section 2.4	Authorization to File	4
	Section 2.5	Continuing Security Interest; Transfer of Notes	4
	Section 2.6	Transfer of Secured Party Rights	5
	Section 2.7	Security Interest Absolute	5
	ARTICLE III.
	 
	REPRESENTATIONS AND WARRANTIES
	 
	Section 3.1	Basic Representations and Warranties of the Borrower	6
	 	 	 
	ARTICLE IV.
	 
	COVENANTS
	 
	Section 4.1	Protect Collateral; Further Assurances, etc.	7
	Section 4.2	Continuous Pledge	7
	 	 	 
	ARTICLE V.
	 
	REMEDIES
	 
	Section 5.1	Certain Remedies	7
	Section 5.2	Application of Proceeds	9
	Section 5.3	Indemnity and Expenses	9
	 	 	 
	ARTICLE VI.
	 
	RELEASE OF COLLATERAL
	 
	Section 6.1	Generally	9
	Section 6.2	Release Upon Disposition of Hedge Contract	10
	Section 6.3	Release of Security Interest in Closed-End Vehicles Upon Disposition	10
	Section 6.4	Release Following Discharge of Secured Obligations	11

 

Security Agreement

    	 	 	 

     

    

 

Table of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 6.5	Further Assurances	11
	Section 6.6	Funds Held in Trust	11
	 	 	 
	ARTICLE VII.
	 
	LIMITATIONS ON CLAIMS
	 
	Section 7.1	No Petition	11
	Section 7.2	Incorporation of Certain Terms of the Collateral Agency Agreement	12
	 	 	 
	ARTICLE VIII.
	 
	MISCELLANEOUS PROVISIONS
	 
	Section 8.1	Collateral Agency Agreement	12
	Section 8.2	Amendments, etc.	12
	Section 8.3	Protection of Collateral	12
	Section 8.4	Notices	12
	Section 8.5	Section Captions	13
	Section 8.6	Severability	13
	Section 8.7	Governing Law; Submission to Jurisdiction	13
	Section 8.8	Entire Agreement	13
	Section 8.9	Limitation of Recourse to Titling Trustee	13

 

    	 	-ii-	 

     

    

 

THIRD AMENDED
AND RESTATED PLEDGE AND SECURITY AGREEMENT

 

THIRD AMENDED AND RESTATED PLEDGE AND SECURITY
AGREEMENT, dated as of July 16, 2008 (this "Security Agreement"),
between:

 

		(A)	WORLD OMNI LT, a Delaware statutory trust ("WOLT"),
as Borrower;

 

		(B)	AL HOLDING CORP., a Delaware corporation ("ALHC"),
as Closed-End Collateral Agent on behalf of each of the Secured Parties; and

 

		(C)	THE OTHER SECURITY AGREEMENT CONSENTING PARTIES identified as such on the signature pages to this Security Agreement
(each, a "Security Agreement Consenting Party"
and, collectively, the "Security Agreement Consenting Parties").

 

BACKGROUND

 

		1.	World Omni LT, an Alabama trust (the "Alabama Trust"),
and certain of the Security Agreement Consenting Parties have entered into (1) the Existing Back-Up Security Agreement and (2)
the Existing Security Agreement (each as defined in the Collateral Agency Agreement (as defined below)).

 

		2.	Under the Existing Back-Up Security Agreement, the Alabama Trust pledged certain of its assets to secure (subject to the limitations
and conditions set forth therein) the obligations of Auto Lease Finance L.P., a Delaware limited partnership ("ALF
LP") under the Existing Warehouse Facilities (as defined in the Collateral Agency Agreement).

 

		3.	As of the date of this Security Agreement, the Alabama Trust merged with and into WOLT, with WOLT surviving, pursuant to which
WOLT, by operation of law (1) assumed all of the obligations of the Alabama Trust under the Existing Back-Up Security Agreement
and the Existing Security Agreement and (2) acquired all of the assets of the Alabama Trust subject, to the extent provided by
applicable law, to the security interest granted by the Alabama Trust under the Existing Back-Up Security Agreement.

 

		4.	WOLT, as successor to the Alabama Trust, and the other parties to the Existing Back-Up Security Agreement and the Existing
Security Agreement, now wish to amend and restate each such agreement, such amendments and restatements to be incorporated into
a single document, this Amended and Restated Security Agreement, as set forth herein.

 

		5.	Pursuant to the Borrower Novation Agreement (as defined in a Collateral Agency Agreement), effective as of the date of this
Security Agreement, ALF LP has transferred to WOLT, by novation, all of ALF LP's rights and obligations, as the "Borrower"
and otherwise, under and in connection with the Existing Warehouse Facilities (as defined in the Collateral Agency Agreement).

 

		6.	The parties now wish to provide that WOLT will grant a security interest in certain of its assets to secure its obligations
under the Existing Warehouse Facilities (as such facilities are to be amended and restated as of the date of this Security Agreement).

 

The Existing Back-Up Security Agreement and the Existing Security
Agreement are now amended and restated in their entirety to read, collectively, as follows:

 

Security Agreement

    	 	 	 

     

    

 

ARTICLE
I.

USAGE DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1       Usage
Definitions and Incorporation By Reference.

 

Capitalized terms used but not otherwise defined
in this Security Agreement have the meanings assigned to such terms under Appendix A to the Collateral Agency Agreement,
dated as of July 16, 2008 (the "Collateral Agency Agreement"),
among WOLT, as Borrower (the "Borrower"),
ALHC, as Closed-End Collateral Agent, Bank of America, N.A., as Deal Agent, U.S. Bank National Association, as Closed-End Administrative
Agent, and the other Secured Parties named therein. Appendix A to the Collateral Agency Agreement is hereby incorporated
by reference into, and made applicable to, this Security Agreement. Appendix A to the Collateral Agency Agreement
also contains rules of usage that are applicable to this Security Agreement.

 

ARTICLE
II.

COLLATERAL

 

Section 2.1       Grant
of Security Interest.

 

Effective as of the Closing Date, the Borrower
(and, to the extent it is deemed to hold any interest in the Collateral, VT Inc.) hereby Grants to ALHC, for itself and as Closed-End
Collateral Agent for the benefit of the Secured Parties, all of its rights, title and interest in, to and under the following property
(in each case whether now owned or existing or hereafter acquired or arising) (collectively, the "Collateral"):

 

(a)          all
Closed-End Units;

 

(b)          all
Closed-End Collections on the Closed-End Units;

 

(c)          all
Insurance Policies, to the extent covering or otherwise relating to the Closed-End Units;

 

(d)          all
amounts received on any Closed-End Lease in respect of any Dealer Recourse Right;

 

(e)          the
Lease Funding Account;

 

(f)          the
Exchange Note Accounts;

 

    	 	2	Security Agreement

     

    

 

(g)          the
Company Account (and, together with the Lease Funding Account, and the Exchange Note Accounts, the "Borrower
Accounts");

 

(h)          all
funds from time to time on deposit in the Borrower Accounts, together with all certificates and instruments, if any, from time
to time evidencing such accounts, and funds on deposit and all investments made with such funds, all claims thereunder or in connection
therewith, and all interest, dividends, moneys, instruments, securities and other property from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of the foregoing; 

 

(i)          all
Hedge Contracts (if any); and

 

(j)          all
proceeds of the foregoing

 

; provided, however, that,
 "Collateral" shall not include any RV Adjustment Funds or Relinquished Vehicle Proceeds. Notwithstanding the foregoing
proviso, however, the security interest granted pursuant to this Section
2.1, and the definition of "Collateral," shall include any Relinquished Vehicle Proceeds deposited into
the Lease Funding Account, the Company Account or any Exchange Note Account, in each case in accordance with the terms of the Master
Exchange Agreement.

 

Such security interest in the Collateral includes
all of the rights, powers and options (but none of the obligations) of the Borrower and VT Inc., in, to and under the Collateral,
including the immediate and continuing right to claim for, collect, receive and give receipt for payments in respect of the Collateral
and all other monies payable under the Collateral, to give and receive options, to bring Proceedings in the name of the Borrower
or otherwise, and generally to do and receive anything that the Borrower is or may be entitled to do or receive under the Collateral
or with respect to the Collateral.

 

The security interest granted by each of WOLT
and VT Inc. pursuant to this Section 2.1 shall be
deemed to constitute both (1) an initial grant of a security interest in the Collateral and (2) an amendment and restatement of
(and a continuation of) the security interest granted by such Person pursuant to the Existing Back-Up Security Agreement.

 

Section 2.2       Security
for Secured Obligations.

 

The Grant pursuant to Section
2.1 is made to secure the following obligations of the Borrower (collectively, the "Secured
Obligations" and each a "Secured Obligation"):

 

		(i)	the payment of principal of, and interest on, (x) the Advances made from time to time pursuant to the Warehouse Facilities
and (y) any Closed-End Exchange Notes;

 

		(ii)	all indebtedness, obligations and liabilities, in each case of the Borrower, of every kind or nature, whether now or hereafter
existing, for principal, interest, fees, expenses or otherwise, to any Person under or in connection with any Warehouse Facility
or Closed-End Exchange Note (in each case to the extent not specified in clause (i) of this Section
2.2);

 

    	 	3	Security Agreement

     

    

 

		(iii)	all amounts payable to any Closed-End EN Secured Party in accordance with the applicable Exchange Note Supplement (to the extent
not specified in clause (i) of this Section
2.2);

 

		(iv)	all obligations of the Borrower to the Closed-End Collateral Agent, the Closed-End Administrative Agent and the Deal Agent
under this Security Agreement, any other Collateral Document or the Collateral Agency Agreement; and

 

		(v)	all obligations of the Borrower to the Closed-End Servicer under the Closed-End Servicing Agreement.

 

Section 2.3       Agreement
to Perform.

 

The Closed-End Collateral Agent acknowledges
such grant and agrees to perform the duties of the Closed-End Collateral Agent as are set forth in this Security Agreement and
the Collateral Agency Agreement so that the interests of the Secured Parties may be adequately and effectively protected.

 

Section 2.4       Authorization
to File.

 

Each of the Borrower and VT Inc. authorizes
the Closed-End Collateral Agent and any law firm or other agent designated by the Closed-End Collateral Agent to file any Record
or Records (as such term is defined in the applicable UCC), including financing statements or continuation statements, and amendments
thereto, in all jurisdictions and with all filing offices as are necessary or advisable to perfect, and continue the perfection
of, the security interest granted to the Closed-End Collateral Agent by it under this Security Agreement. Such financing statements
may describe the Collateral in any manner as the Closed-End Collateral Agent may determine is necessary, advisable or prudent to
ensure the perfection of the security interest granted to the Closed-End Collateral Agent under this Security Agreement (including
as "all personal property and assets now owned or hereafter acquired and wherever located" or words to similar effect).

 

Section 2.5       Continuing
Security Interest; Transfer of Notes.

 

This Security Agreement shall create a continuing
security interest in the Collateral and shall:

 

(a)          remain
in full force and effect until the later to occur of (i) the payment in full of all Secured Obligations and (ii) the termination
of all Commitments (such later date, the "Final Release Date");

 

(b)          be
binding upon the Borrower and its successors, transferees and assigns, and

 

(c)          inure,
together with the rights and remedies of the Closed-End Collateral Agent under this Security Agreement, to the benefit of the Closed-End
Collateral Agent and each other Secured Party.

 

    	 	4	Security Agreement

     

    

 

Section 2.6      Transfer
of Secured Party Rights.

 

(a)          Without
limiting Section 2.5(c), but subject to Section
2.6(b), below, any Warehouse Facility Lender may assign or otherwise transfer (each, a "Warehouse
Facility Lender Transfer") all or a portion of any Warehouse Facility Note or Advance held by it (any of the
foregoing, a "WFL Transferred Interest")
to any other Person (any such other Person, a "Warehouse Facility
Lender Transferee"). Upon the effectiveness of any such Warehouse Facility Lender Transfer, such Warehouse
Facility Lender Transferee shall become vested with all the rights and benefits of the transferring Warehouse Facility Lender under
the applicable Warehouse Facility and under the Collateral Document(s) (including this Security Agreement) that, in each case,
may be associated with the applicable WFL Transferred Interest.

 

(b)          The
rights of the Warehouse Facility Lenders and any Warehouse Facility Lender Transferees pursuant to Section
2.6(a) shall be subject to any provisions in the related Receivables Financing Agreement or any other Basic Document,
or which otherwise are applicable to such Warehouse Facility or the applicable Warehouse Facility Lender, that have the effect
of restricting or prohibiting the transfer or assignment of the applicable WFL Transferred Interest(s) in the manner contemplated
under such Warehouse Facility Lender Transfer.

 

Section 2.7      Security
Interest Absolute.

 

All rights of the Closed-End Collateral Agent
and the security interests granted to the Closed-End Collateral Agent under this Security Agreement, and all obligations of the
Borrower under this Security Agreement, shall be absolute and unconditional, irrespective of:

 

(a)          any
lack of validity or enforceability of any Warehouse Facility, any Warehouse Facility Note, any Closed-End Exchange Note or any
other Basic Document or Collateral Document;

 

(b)          the
failure of any Secured Party:

 

(i)           to
assert any claim or demand or to enforce any right or remedy against the Borrower or any other Person under provisions of the relevant
Warehouse Facility, any Warehouse Facility Note, any Closed-End Exchange Note, any other Basic Document or otherwise, or

 

(ii)          to
exercise any right or remedy against any other guarantor of, or collateral securing, any Secured Obligations;

 

(c)          any
change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other
extension, compromise or renewal of any Secured Obligation;

 

    	 	5	Security Agreement

     

    

 

(d)          any
reduction, limitation, impairment or termination of any Secured Obligations for any reason, including any claim of waiver, release,
surrender, alteration or compromise, and shall not be subject to (and the Borrower hereby waives any right to or claim of) any
defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the invalidity, illegality, nongenuineness,
irregularity, compromise, unenforceability of, or any other event or occurrence affecting, any Secured Obligations or otherwise;

 

(e)          any
amendment to, rescission, waiver, or other modification of, or any consent to departure from, any of the terms of any Warehouse
Facility, any Servicing Supplement, any Exchange Note Supplement, any Warehouse Facility Note, any Closed-End Exchange Note or
any other Basic Document;

 

(f)          any
addition, exchange, release, surrender or non-perfection of any collateral (including the Collateral), or any amendment to or waiver
or release of or addition to or consent to departure from any guaranty, for any of the Secured Obligations, or

 

(g)          any
other circumstances that might otherwise constitute a defense available to, or a legal or equitable discharge of, the Borrower,
any surety or any guarantor.

 

ARTICLE
III.

REPRESENTATIONS AND WARRANTIES

 

Section 3.1      Basic
Representations and Warranties of the Borrower.

 

The Borrower represents and warrants to each
Secured Party as follows:

 

(a)          Ownership,
No Liens, etc. The Borrower is the legal and beneficial owner of, and has good and marketable title to (and has full
right and authority to pledge and assign) the Collateral free and clear of all liens, security interests, options, or other charges
or encumbrances, except any lien or security interest granted pursuant hereto in favor of the Closed-End Collateral Agent.

 

(b)          Valid
Security Interest. The (i) filing of a financing statement reflecting the Borrower as debtor, and the Closed-End Collateral
Agent as secured party, is effective to create a valid, perfected, first priority security interest in the Closed-End Leases, the
other Filing Collateral and all proceeds thereof, and (ii) reflecting of the lien of the Closed-End Collateral Agent on the Certificate
of Title for each Closed-End Vehicle, in compliance with the Applicable Law of the relevant State, is effective to create a first
priority perfected security interest in the Closed-End Vehicles, in each case in favor of the Closed-End Collateral Agent to secure
the Secured Obligations.

 

(c)          Authorization,
Approval, etc. No authorization, approval, or other action by, and no notice to or filing with, any governmental authority,
regulatory body or any other Person is required for (i) the pledge by the Borrower of any Collateral pursuant to this Security
Agreement, (ii) the execution, delivery, and performance of this Security Agreement or the other Collateral Documents by the

 

    	 	6	Security Agreement

     

    

 

Borrower or (iii) the exercise by the Closed-End
Collateral Agent of any rights provided for in this Security Agreement.

 

ARTICLE
IV.

COVENANTS

 

Section 4.1      Protect
Collateral; Further Assurances, etc.

 

The Borrower will not sell, assign, transfer,
pledge, or encumber in any other manner the Collateral (except in favor of the Closed-End Collateral Agent under this Security
Agreement). The Borrower will warrant and defend the right and title herein granted to the Closed-End Collateral Agent in and to
the Collateral (and all right, title, and interest represented by the Collateral) against the claims and demands of all Persons
whomsoever. The Borrower agrees that at any time, and from time to time, at the expense of the Borrower, the Borrower will promptly
execute and deliver all further instruments, and take all further action, that may be necessary or desirable, or that the Closed-End
Collateral Agent may reasonably request, in order to perfect and protect any security interest granted or purported to be granted
hereby or to enable the Closed-End Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any
Collateral.

 

Section 4.2      Continuous
Pledge.

 

Subject to ARTICLE
VI, the Borrower will, at all times, keep the Collateral pledged to the Closed-End Collateral Agent pursuant to
this Security Agreement.

 

ARTICLE
V.

REMEDIES

 

Section 5.1      Certain
Remedies.

 

If any Warehouse Facility Termination Event
or Facility Default shall have occurred and be continuing then, subject to the applicable terms of the Intercreditor Agreement
and the Collateral Agency Agreement:

 

(a)          The
Closed-End Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for herein
or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies
to the affected Collateral) and also may, without notice except as specified below, sell the Collateral or any part thereof at
public or private sale, at any of the Closed-End Collateral Agent's offices or elsewhere, for cash, on credit or for future delivery,
and upon such other terms as the Closed-End Collateral Agent may deem commercially reasonable. The Borrower agrees that, to the
extent notice of sale shall be required by law, at least twenty days' prior notice to the Borrower of the time and place of any
public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Closed-End Collateral
Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Closed-End Collateral
Agent may adjourn any public or private sale from time to time by

 

    	 	7	Security Agreement

     

    

 

announcement at the time and place fixed therefor,
and such sale may, without further notice, be made at the time and place to which it was so adjourned.

 

(b)          The
Closed-End Collateral Agent may (and shall, at the direction of the Deal Agent, given in accordance with the Collateral Agency
Agreement):

 

(i)           transfer
all or any part of the Collateral into the name of the Closed-End Collateral Agent or its nominee, with or without disclosing that
such Collateral is subject to the lien and security interest hereunder;

 

(ii)          enforce
collection of any of the Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof, or compromise
or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with
respect thereto;

 

(iii)         endorse
any checks, drafts, or other writings in the Borrower's name to allow collection of the Collateral;

 

(iv)         take
control of any proceeds of the Collateral; and

 

(v)          execute
(in the name, place and stead of the Borrower) endorsements, assignments and other instruments of conveyance or transfer with respect
to all or any of the Collateral.

 

(c)          The
Closed-End Collateral Agent shall give notice to (1) the Company Account Bank (with copies to the Borrower and the Closed-End Servicer),
as provided in the Company Account Agreement, of the exercise by the Closed-End Collateral Agent (for the benefit of the Secured
Parties) of exclusive dominion and control over the Company Account or (2) the Lease Funding Account Bank (with copies to the Borrower
and the Closed-End Servicer), as provided in the Lease Funding Account Agreement, of the exercise by the Closed-End Collateral
Agent (for the benefit of the Secured Parties) of exclusive dominion and control over the Company Account. Following its receipt
of a notice of the type described in the immediately preceding sentence with respect to the Company Account or the Lease Funding
Account, the Borrower shall comply with the terms of the Company Account Agreement or the Lease Funding Account Agreement, as the
case may be, applicable under such circumstances, and shall take any further action that the Closed-End Collateral Agent, the Closed-End
Administrative Agent or the Deal Agent may reasonably request to enable the Closed-End Collateral Agent to exercise control over
such account in the manner provided in the Company Account Agreement or the Lease Funding Account Agreement, as the case may be.
The Borrower shall not terminate the Company Account Bank or the Lease Funding Account Bank, make any change in its instructions
regarding payments to be made by the Company Account Bank or the Lease Funding Account Bank, unless the Closed-End Collateral Agent
and the Deal Agent shall have received duly executed counterparts of a new Company Account Agreement or the Lease Funding Account
Agreement, as the case may be, and copies of such instructions and previously shall have consented in writing to such termination
or change (which, in the case of any

 

    	 	8	Security Agreement

     

    

 

such termination, shall not be unreasonably
withheld, conditioned or delayed by the Closed-End Collateral Agent) or the Deal Agent.

 

Section 5.2      Application
of Proceeds.

 

All cash proceeds received by the Closed-End
Collateral Agent in respect of any sale of, collection from, or other realization upon, all or any part of the Collateral following
and during the continuation of a Warehouse Facility Termination Event or an Exchange Note Default shall be applied by the Administrative
Agent in the manner set forth in Article X, and in
the other applicable provisions, of the Collateral Agency Agreement. Closed-End Collateral Agent against, all or any part of the
Secured Obligations in the order of priority set forth therein.

 

Section 5.3      Indemnity
and Expenses.

 

The Borrower hereby indemnifies and holds
harmless the Closed-End Collateral Agent from and against any and all claims, losses, and liabilities arising out of or resulting
from this Security Agreement (including enforcement of this Security Agreement), except claims, losses, or liabilities resulting
from the Closed-End Collateral Agent's gross negligence or willful misconduct. Upon demand, the Borrower will pay to the Closed-End
Collateral Agent the amount of any and all reasonable expenses, including the reasonable fees and disbursements of its counsel
and of any experts and agents, that the Closed-End Collateral Agent may incur in connection with:

 

(a)          the
administration of this Security Agreement and each other Collateral Document (if any);

 

(b)          the
custody, preservation, use, or operation of, or the sale of, collection from, or other realization upon, any of the Collateral;

 

(c)          the
exercise or enforcement of any of the rights of the Closed-End Collateral Agent under this Security Agreement; or

 

(d)          the
failure by the Borrower to perform or observe any of the provisions of this Security Agreement.

 

ARTICLE
VI.

RELEASE OF COLLATERAL

 

Section 6.1      Generally.

 

When required by this Security Agreement or
the Collateral Agency Agreement, the Closed-End Collateral Agent will execute instruments to release property from the security
interest granted pursuant to Section 2.1, or convey
the Closed-End Collateral Agent's interest in the same, in a

 

    	 	9	Security Agreement

     

    

 

manner and under circumstances provided in
this Security Agreement or in the Collateral Agency Agreement. The Closed-End Collateral Agent will release property from the security
interest granted pursuant to Section 2.1 only pursuant
to and in accordance with this Security Agreement, the Collateral Agency Agreement, any other Collateral Documents and the other
Basic Documents.

 

Section 6.2      Release
Upon Disposition of Hedge Contract.

 

(a)          From
time to time, the Borrower may request the release of the Closed-End Collateral Agent's security interest in any Hedge Contract
by delivering to the Closed-End Collateral Agent and each Secured Party a notice (each, a "Notice
of Hedge Agreement Release"), which Notice of Hedge Agreement Release shall state that the Borrower plans to
sell or otherwise dispose of such Hedge Contract and that no Warehouse Facility Termination Event, Unmatured Warehouse Facility
Termination Event or Facility Default shall have occurred and be continuing or result from such sale or disposition.

 

(b)          So
long as no Warehouse Facility Termination Event, Unmatured Warehouse Facility Termination Event or Facility Default shall have
occurred and be continuing or result from such sale or disposition, the Closed-End Collateral Agent shall, within three (3) Business
Days of receipt of the Notice of Hedge Agreement Release, execute and deliver to the Borrower such documents (including, without
limitation, UCC partial releases) as shall be necessary to release the Hedge Contract specified in the Notice of Hedge Agreement
Release from the liens or security interest created by this Security Agreement, which documents shall be prepared by, or at the
expense of, the Borrower (or the Closed-End Servicer, on behalf of the Borrower) but shall be in form and substance reasonably
satisfactory to the Closed-End Collateral Agent.

 

(c)          When
the release of any Hedge Contract is effective in accordance with Section
6.2(b), all right, title and interest of the Closed-End Collateral Agent in, to and under such Hedge Contract shall
terminate and shall revert to the Borrower, its successors and assigns, and the right, title and interest of the Closed-End Collateral
Agent therein shall thereupon cease, terminate and become void; and, upon the request of, at the expense of, the Borrower, the
Closed-End Collateral Agent shall assign and transfer, or cause to be assigned and transferred, and shall deliver or cause to be
delivered to the Borrower or its designee, all property, including all moneys, instruments and securities, of the Borrower then
held by the Closed-End Collateral Agent with respect to such Hedge Contract.

 

Section 6.3      Release
of Security Interest in Closed-End Vehicles Upon Disposition.

 

Notwithstanding Section
2.1 or any other provision of this Security Agreement to the contrary, with respect to each Closed-End Vehicle that
constitutes a Relinquished Vehicle, the Closed-End Collateral Agent hereby releases, effective on the Effective Date (as defined
in the Master Exchange Agreement), if any, with respect to such Closed-End Vehicle, any and all liens, security interests and/or
other rights and interests it possesses or may possess from time to time in (x) the proceeds of such Relinquished Vehicle and (y)
any Disposition Contracts relating to such Relinquished Vehicle (the "Released
Collateral" with respect to any Closed-End Vehicle). If the Effective Date is also the date of the sale of
the related Closed-End Vehicle by the Titling Trust, then the foregoing release shall be deemed to occur simultaneously with such
sale. The foregoing release shall cease to apply at such time as any such Relinquished Vehicle Proceeds have been deposited into
the Lease Funding Account, the Company

 

    	 	10	Security Agreement

     

    

 

Account or any Exchange Note Account, in each
case in accordance with the Master Exchange Agreement.

 

Section 6.4      Release
Following Discharge of Secured Obligations.

 

On the Final Release Date, (i) the security
interest granted under this Security Agreement shall terminate and all rights in, to and under the Collateral shall revert to the
Borrower and (ii) the Closed-End Collateral Agent shall release to the Borrower or any other Person entitled thereto all funds
on deposit in any Exchange Note Collection Account.

 

Section 6.5      Further
Assurances.

 

Upon the request of the Borrower in connection
with any release of Collateral, or termination of all or part of the security interest granted pursuant to this Security Agreement,
in each case pursuant to this ARTICLE VI, the Closed-End
Collateral Agent shall authorize, execute (to the extent applicable) and deliver to the Borrower (i) any termination statements
for filing under the provisions of the UCC of any applicable jurisdiction, (ii) any certificates or instruments held by the Closed-End
Collateral Agent and representing the Collateral and (iii) such documents as the Borrower shall reasonably request to evidence
such release or termination, in each case without any representation or warranty of any kind to the Borrower.

 

Section 6.6      Funds
Held in Trust.

 

The Closed-End Collateral Agent agrees that
any monies received by it in respect of the Released Collateral in its capacity as Closed-End Collateral Agent shall be held in
trust for and promptly paid to or at the direction of the Qualified Intermediary. In the event that the Qualified Intermediary
is removed or replaced in such capacity under the Master Exchange Agreement, World Omni and ALF LLC shall provide prompt written
notice to the Closed-End Collateral Agent and the Deal Agent.

 

ARTICLE
VII.

LIMITATIONS ON CLAIMS

 

Section 7.1      No
Petition.

 

The Closed-End Collateral Agent, by entering
into this Security Agreement, the Deal Agent, each Warehouse Facility Agent, each Warehouse Facility Lender, each Liquidity Agent,
by accepting (directly or indirectly) the benefits of this Security Agreement, and each Exchange Noteholder, by taking delivery
of a Closed-End Exchange Note, 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 Secured Obligations and all other Trust-Related Obligations (as defined in the Titling Trust
Agreement), it will not institute against the Borrower or the Initial Beneficiary, or join in any institution against the Borrower
or the Initial Beneficiary 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 Secured Obligations, or any other obligations relating
to this Security Agreement, the Collateral Agency Agreement or any other Basic Document.

 

    	 	11	Security Agreement

     

    

 

Section 7.2      Incorporation
of Certain Terms of the Collateral Agency Agreement.

 

It is acknowledged, for avoidance of doubt,
that Article IV and Section
10.7 of the Collateral Agency Agreement are applicable to this Security Agreement. Such provisions (i) are hereby
incorporated by reference into this Security Agreement to the extent that such provisions by their terms apply to the rights and
duties of the parties set forth in, and/or the other matters addressed in, this Security Agreement and (ii) to such extent, shall
apply to this Security Agreement in the same manner as though set forth herein. Without limiting the immediately preceding sentence,
it is acknowledged and agreed that the Closed-End Collateral Agent has the benefit of Section
4.3, Section 4.4 and Section
4.5, in each case of the Collateral Agency Agreement, with respect to the rights and duties of the Closed-End Collateral
Agent under this Security Agreement).

 

ARTICLE
VIII.

MISCELLANEOUS PROVISIONS

 

Section 8.1      Collateral
Agency Agreement.

 

This Security Agreement shall be construed,
administered and applied in accordance with the terms and provisions of the Collateral Agency Agreement. To the extent of any inconsistency
between the Collateral Agency Agreement and this Security Agreement, the provisions of the Collateral Agency Agreement shall prevail.

 

Section 8.2      Amendments,
etc.

 

No amendment to or waiver of any provision
of this Security Agreement nor consent to any departure by the Borrower herefrom shall in any event be effective unless the same
shall be in writing and signed by the Closed-End Collateral Agent, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which it is given. The Closed-End Collateral Agent shall not agree to any such
amendment, or grant any such waiver or consent, except in accordance with the Collateral Agency Agreement.

 

Section 8.3      Protection
of Collateral.

 

The Closed-End Collateral Agent may from time
to time, at its option, perform any act that the Borrower agrees hereunder to perform and that the Borrower shall fail to
perform after being requested in writing, after five Business Days' notice, to so perform (it being understood that no such request
need be given after the occurrence and during the continuance of Warehouse Facility Termination Event or a Facility Default), and
the Closed-End Collateral Agent may from time to time take any other action that the Closed-End Collateral Agent reasonably deems
necessary for the maintenance, preservation or protection of any of the Collateral or of its security interest therein.

 

Section 8.4      Notices.

 

Any and all notices and other communications
provided for under this Security Agreement shall, unless otherwise stated herein, be delivered in accordance with, and shall be
deemed

 

    	 	12	Security Agreement

     

    

 

delivered in accordance with, the Notice Requirements,
which are hereby incorporated into this Security Agreement.

 

Section 8.5      Section
Captions.

 

Section captions used in this Security Agreement
are for convenience of reference only, and shall not affect the construction of this Security Agreement.

 

Section 8.6      Severability.

 

Wherever possible each provision of this Security
Agreement shall be interpreted in such manner as to be effective and valid under Applicable Law, but if any provision of this Security
Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition
or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Security Agreement.

 

Section 8.7      Governing
Law; Submission to Jurisdiction.

 

THIS SECURITY AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS SECURITY AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FEDERAL COURT SITTING
IN THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS SECURITY AGREEMENT, EACH OF THE PARTIES HERETO HEREBY
CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH PARTY HEREBY IRREVOCABLY
WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY LAW, ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS
OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION
IN RESPECT OF THIS SECURITY AGREEMENT OR ANY DOCUMENT RELATED HERETO.

 

Section 8.8      Entire
Agreement.

 

This Security Agreement, taken together with
Collateral Agency Agreement, the other Collateral Document(s) (if any) and the other Basic Documents constitute the entire understanding
among the parties hereto with respect to the subject matter hereof and supersede any prior agreements, written or oral, with respect
thereto.

 

Section 8.9      Limitation
of Recourse to Titling Trustee.

 

It is expressly understood and agreed by the
parties to this Security Agreement that (a) this Security Agreement is executed and delivered by VT Inc., not individually or personally
but solely as Titling Trustee with respect to the Borrower, in the exercise of the powers and authority conferred and vested in
it under the Titling Trust Agreement and otherwise, (b) each of the representations, undertakings

 

    	 	13	Security Agreement

     

    

 

and agreements herein made on the part of
the Borrower are made and intended not as personal representations, undertakings and agreements by VT Inc. (or by U.S. Bank), but
are made and intended for the purpose of binding only World Omni LT, as Borrower, (c) nothing contained in this Agreement shall
be construed as creating any liability on the part of 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 to this Agreement 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, as Borrower or otherwise, under this Security
Agreement, any other Basic Document or any other related document.

 

[SIGNATURE
PAGES FOLLOW]

 

    	 	14	Security Agreement

     

    

 

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

 

	 	WORLD OMNI LT, as the Borrower
	 	 	 
	 	By:	VT Inc., solely in its capacity as Titling Trustee
	 	 	 
	 	By:	/s/ Patricia M. Child
	 	 	Name:  Patricia M. Child
	 	 	Title:  President

 

    	 	[Signature Pages to Security Agreement—Page 1 of 20]	Security Agreement

     

    

 

	 	AL HOLDING CORP., as Closed-End Collateral Agent
	 	 	 
	 	By:	/s/ Philip A. Martone
	 	 	Name:  Philip A. Martone
	 	 	Title:  Vice President

 

    	 	[Signature Pages to Security Agreement—Page 2 of 20]	Security Agreement

     

    

 

	EACH OF THE FOLLOWING PERSONS AS A	
	SECURITY AGREEMENT CONSENTING PARTY:	
	 	 	 
	 	WORLD OMNI FINANCIAL CORP.
	 	 	 
	 	By:	/s/ Ben Miller
	 	 	Name:  Ben Miller
	 	 	Title:  Assistant Treasurer

 

    	 	[Signature Pages to Security Agreement—Page 3 of 20]	Security Agreement

     

    

 

	 	AUTO LEASE FINANCE LLC
	 	 	 
	 	By:	/s/ Ben Miller
	 	 	Name:  Ben Miller
	 	 	Title:  Assistant Treasurer

 

    	 	[Signature Pages to Security Agreement—Page 4 of 20]	Security Agreement

     

    

 

[Reserved]

 

    	 	[Signature Pages to Security Agreement—Page 5 of 20]	Security Agreement

     

    

 

	 	BANK OF AMERICA, N.A.
	 	 	 
	 	By:	/s/ Willem Van Beek
	 	 	Name:  Willem Van Beek
	 	 	Title:  Principal

 

    	 	[Signature Pages to Security Agreement—Page 6 of 20]	Security Agreement

     

    

 

	 	LIBERTY STREET FUNDING LLC
	 	 	 
	 	By:	/s/ Jill A. Gordon
	 	 	Name:  Jill A. Gordon
	 	 	Title:  Vice President

 

    	 	[Signature Pages to Security Agreement—Page 7 of 20]	Security Agreement

     

    

 

	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH
	 	 	 
	 	By:	/s/ Ichinari Matsui
	 	 	Name:  Ichinari Matsui
	 	 	Title:  SVP & Group Head

 

    	 	[Signature Pages to Security Agreement—Page 8 of 20]	Security Agreement

     

    

 

	 	GOTHAM FUNDING CORPORATION
	 	 	 
	 	By:	/s/ R. Douglas Donaldson
	 	 	Name:  R. Douglas Donaldson
	 	 	Title:  Treasurer

 

    	 	[Signature Pages to Security Agreement—Page 9 of 20]	Security Agreement

     

    

 

	 	THE BANK OF NOVA SCOTIA
	 	 	 
	 	By:	/s/ Norman Last
	 	 	Name:  Norman Last
	 	 	Title:  Managing Director

 

    	 	[Signature Pages to Security Agreement—Page 10 of 20]	Security Agreement

     

    

 

	 	CREDIT SUISSE, NEW YORK BRANCH
	 	 	 
	 	By:	/s/ Alex Smith
	 	 	Name:  Alex Smith
	 	 	Title:  Vice President
	 	 	 
	 	By:	/s/ Mark Golombeck
	 	 	Name:  Mark Golombeck
	 	 	Title:  Director

 

    	 	[Signature Pages to Security Agreement—Page 11 of 20]	Security Agreement

     

    

 

	 	SUNTRUST BANK
	 	 	 
	 	By:	/s/ Robert Maddox
	 	 	Name:  Robert Maddox
	 	 	Title:  Director

 

    	 	[Signature Pages to Security Agreement—Page 12 of 20]	Security Agreement

     

    

 

	 	SUNTRUST ROBINSON HUMPHREY, INC.
	 	 	 
	 	By:	/s/ Michael G. Maza
	 	 	Name:  Michael G. Maza
	 	 	Title:  Managing Director

 

    	 	[Signature Pages to Security Agreement—Page 13 of 20]	Security Agreement

     

    

 

	 	RANGER FUNDING COMPANY LLC
	 	 	 
	 	By:	/s/ Doris J. Hearn
	 	 	Name:  Doris J. Hearn
	 	 	Title:  Vice President

 

    	 	[Signature Pages to Security Agreement—Page 14 of 20]	Security Agreement

     

    

 

	 	ENTERPRISE FUNDING COMPANY LLC
	 	 	 
	 	By:	/s/ Kevin P. Burns
	 	 	Name:  Kevin P. Burns
	 	 	Title:  Vice President

 

    	 	[Signature Pages to Security Agreement—Page 15 of 20]	Security Agreement

     

    

 

	 	ALPINE SECURITIZATION CORP.
	 	 	 
	 	By:	/s/ Mark Lengel
	 	 	Name:  Mark Lengel
	 	 	Title:  Attorney-In-Fact
	 	 	 
	 	By:	/s/ Joseph Soave
	 	 	Name:  Joseph Soave
	 	 	Title:  Attorney-In-Fact

 

    	 	[Signature Pages to Security Agreement—Page 16 of 20]	Security Agreement

     

    

 

	 	THREE PILLARS FUNDING LLC
	 	 	 
	 	By:	/s/ Doris J. Hearn
	 	 	Name:  Doris J. Hearn
	 	 	Title:  Vice President

 

    	 	[Signature Pages to Security Agreement—Page 17 of 20]	Security Agreement

     

    

 

	 	WACHOVIA CAPITAL MARKETS, LLC
	 	 	 
	 	By:	/s/ Andrew W. Riebe
	 	 	Name:  Andrew W. Riebe
	 	 	Title:  Director

 

    	 	[Signature Pages to Security Agreement—Page 18 of 20]	Security Agreement

     

    

 

	 	WACHOVIA BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Leah W. Miller
	 	 	Name:  Leah W. Miller
	 	 	Title:  Managing Director

 

    	 	[Signature Pages to Security Agreement—Page 19 of 20]	Security Agreement

     

    

 

	 	VARIABLE FUNDING CAPITAL COMPANY LLC
	 	 	 
	 	By:	 WACHOVIA CAPITAL MARKETS, LLC as Attorney In Fact
	 	 	 
	 	By:	/s/ Douglas R. Wilson, Sr.
	 	 	Name:  Douglas R. Wilson, Sr.
	 	 	Title:  Director

    	 	[Signature Pages to Security Agreement—Page 20 of 20]	Security Agreement

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