Document:

EXHIBIT 10.4

 

	World Omni Financial Corp.,
	as Servicer
	WORLD OMNI LT,
	as Titling Trust 
	and 
	AL Holding Corp., 

as Closed-End Collateral Agent 
	Exchange Note Servicing Supplement 2020-A TO 

CLOSED-END SERVICING AGREEMENT 
	Dated as of February 12, 2020

 

     

     

    

 

Table
of Contents

 

Page

 

	Article XI DEFINITIONS	 	2
	SECTION 11.1	DEFINITIONS	2
	 	 	 
	Article XII REPRESENTATIONS AND WARRANTIES OF THE SERVICER	2
	SECTION 12.1	EXISTENCE AND POWER	2
	SECTION 12.2	AUTHORIZATION AND NO CONTRAVENTION	3
	SECTION 12.3	NO CONSENT REQUIRED	3
	SECTION 12.4	BINDING EFFECT	3
	SECTION 12.5	ACCURACY OF INFORMATION	3
	SECTION 12.6	NO PROCEEDINGS	3
	 	 	 
	Article XIII SPECIFIC REQUIREMENTS FOR  ADMINISTRATION AND SERVICING OF THE  REFERENCE POOL	3
	SECTION 13.1	APPOINTMENT OF THE SERVICER	3
	SECTION 13.2	SERVICER BOUND BY CLOSED-END SERVICING AGREEMENT	4
	SECTION 13.3	APPLICATION OF PROCEEDS	5
	SECTION 13.4	SERVICER CERTIFICATE	6
	SECTION 13.5	SERVICER FEE	6
	SECTION 13.6	INSURANCE LAPSES; REPAIRS	6
	SECTION 13.7	LICENSING OF TITLING TRUST	6
	SECTION 13.8	COMMUNICATION BETWEEN NOTEHOLDERS	6
	SECTION 13.9	PAYMENT OF FEES AND EXPENSES	6
	SECTION 13.10	ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS’ SERVICING REPORT	7
	SECTION 13.11	ANNUAL OFFICER’S CERTIFICATE	7
	SECTION 13.12	POST-MATURITY TERM EXTENSION	8
	SECTION 13.13	INSURANCE POLICIES; ADDITIONAL INSUREDS	8
	SECTION 13.14	SECURITY DEPOSITS	8
	 	 	 
	Article XIV TERMINATION OF THE SERVICER	8
	SECTION 14.1	TERMINATION OF THE SERVICER AS TO THE SERIES 2020-A REFERENCE POOL	8
	SECTION 14.2	NO EFFECT ON OTHER PARTIES	9
	 	 	 
	Article XV OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE	10
	SECTION 15.1	OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE	10
	 	 	 
	Article XVI MISCELLANEOUS	 	10
	SECTION 16.1	AMENDMENT	10
	SECTION 16.2	GOVERNING LAW	12
	SECTION 16.3	NOTICES	12
	SECTION 16.4	THIRD-PARTY BENEFICIARIES	12
	SECTION 16.5	SEVERABILITY	12
	SECTION 16.6	BINDING EFFECT	13
	SECTION 16.7	ARTICLE AND SECTION HEADINGS	13
	SECTION 16.8	EXECUTION IN COUNTERPARTS	13
	SECTION 16.9	FURTHER ASSURANCES	13
	SECTION 16.10	EACH EXCHANGE NOTE SEPARATE; ASSIGNEES OF EXCHANGE NOTE	13
	SECTION 16.11	NO PETITION	14
	SECTION 16.12	SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL	14
	SECTION 16.13	LIMITATION OF LIABILITY OF VT INC	15
	SECTION 16.14	INFORMATION REQUESTS	15
	SECTION 16.15	REGULATION AB	15
	SECTION 16.16	CREDIT RISK RETENTION	15
	SECTION 16.17	EU RISK RETENTION	15

 

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Exchange
Note Servicing Supplement 2020-A TO

CLOSED-END SERVICING AGREEMENT

 

THIS Exchange
Note Servicing Supplement 2020-A TO CLOSED-END SERVICING AGREEMENT (as amended, modified or supplemented from time to
time, the “Exchange Note Servicing Supplement”), dated as of February 12, 2020, is among (i) WORLD OMNI FINANCIAL
CORP., a Florida corporation (“World Omni”), as servicer (in such capacity, the “Servicer”),
(ii) WORLD OMNI LT, a Delaware statutory trust (the “Titling Trust”) and (iii) AL HOLDING CORP., a Delaware
corporation, as collateral agent (“ALHC” or the “Closed-End Collateral Agent”).

 

RECITALS

 

1.                 
The Titling Trust, the Closed-End Collateral Agent and the Servicer have entered into that certain Fifth Amended and Restated
Closed-End Servicing Agreement, dated as of December 15, 2009, as amended, to provide that such agreement will constitute the “Closed-End
Servicing Agreement” (as defined in the Titling Trust Agreement) with respect to the Closed-End Collateral Specified
Interest, which provides, among other things, for the servicing of the Titling Trust Assets by the Servicer.

 

2.                 
The Titling Trust, as Borrower, the 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 entered into a Fourth Amended and
Restated Collateral Agency Agreement, dated as of December 15, 2009 (as amended, modified or supplemented from time to time, the
 “Collateral Agency Agreement”).

 

3.                 
The Collateral Agency Agreement contemplates that from time to time the Titling Trustee, on behalf of the Titling Trust
and at the direction of the Initial Beneficiary, will identify and allocate on the Titling Trust’s books and records certain
Titling Trust Assets within separate Reference Pools and create and issue to the Initial Beneficiary a Closed End Exchange Note.

 

4.                 
Concurrently herewith, World Omni Auto Leasing LLC (the “Depositor”) will purchase the Exchange Note,
which represents the 2020-A Reference Pool, from the Initial Beneficiary and World Omni Automobile Lease Securitization Trust
2020-A, a Delaware statutory trust (the “Issuing Entity”), will purchase the Exchange Note, which represents
the 2020-A Reference Pool, from the Depositor. The Issuing Entity is expected to fund such purchase from proceeds of the issuance
of the Notes and Certificates.

 

5.                 
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”) with MUFG Union Bank, N.A., as indenture
trustee (the “Indenture Trustee”), pursuant to which the Issuing Entity will issue asset-backed notes and will
grant a security interest to the Indenture Trustee in certain of its assets.

 

     

     

    

 

6.                  Concurrently
herewith, the Titling Trust, the Closed-End Collateral Agent, the Closed-End Administrative Agent, and the other Secured
Parties named therein are entering into that certain Exchange Note Supplement 2020-A to the Collateral Agency Agreement
(as amended, modified or supplemented from time to time, the “Exchange Note Supplement”) to supplement the
terms of the Collateral Agency Agreement (i) to cause the Titling Trustee to identify and allocate Titling Trust Assets to a
particular Reference Pool (the “Reference Pool”), which shall consist of Titling Trust Assets which shall
constitute Exchange Note Assets, (ii) to create and issue to Auto Lease Finance LLC a Closed-End Exchange Note and (iii) to
set forth the terms and conditions thereof.

 

7.                 
The Titling Trust desires to retain the Servicer to provide certain services with respect to the 2020-A Reference Pool
allocated to the Closed-End Exchange Note owned by the Issuing Entity, and the parties hereto desire, pursuant to this Exchange
Note Servicing Supplement, to supplement the terms of the Closed-End Servicing Agreement insofar as they apply to the 2020-A
Reference Pool, providing for specific servicing obligations that will benefit the Issuing Entity, as holder of the Closed-End
Exchange Note, and the Indenture Trustee, as the pledgee of the Closed-End Exchange Note on behalf of the Noteholders.

 

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

 

Article
XI

DEFINITIONS

 

SECTION
11.1                     
DEFINITIONS. For all purposes of this Exchange Note Servicing 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 (i) by Appendix A to the Indenture, (ii) if not defined therein, by Appendix A to the
Collateral Agency Agreement or (iii) if not defined therein, by the Titling Trust Agreement, (b) the capitalized terms defined
in this Exchange Note Servicing Supplement have the meanings assigned to them in this Exchange Note Servicing Supplement and include
(i) all genders and (ii) the plural as well as the singular, (c) all references to words such as “herein”, “hereof”
and the like shall refer to this Exchange Note Servicing Supplement as a whole and not to any particular article or section within
this Exchange Note Servicing Supplement, (d) the term “include” and all variations thereon shall mean “include
without limitation”, and (e) the term “or” shall include “and/or”.

 

Article
XII

REPRESENTATIONS AND WARRANTIES OF THE SERVICER

 

The Servicer represents
and warrants to the Depositor, the Issuing Entity and the Indenture Trustee on behalf of the Noteholders as follows:

 

SECTION
12.1                     
EXISTENCE AND POWER. The Servicer is a corporation duly organized, validly existing and in good standing
under the laws of the State of Florida and has all power and authority required to carry on its business as it is now conducted.
The Servicer 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 Servicer, taken as a whole.

 

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SECTION
12.2                     
AUTHORIZATION AND NO CONTRAVENTION.
The execution, delivery and performance by the Servicer of each Transaction Document to
which it is a party (i) have been duly authorized by all necessary corporate 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 Transaction
Unit or Closed-End EN Collected Amounts with respect to the 2020-A Reference Pool or give cause for the acceleration of any
indebtedness of the Servicer.

 

SECTION
12.3                     
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 Servicer 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.

 

SECTION
12.4                     
BINDING EFFECT. Each Transaction Document to which the Servicer is a party constitutes the legal, valid and
binding obligation of the Servicer enforceable against the Servicer 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
12.5                     
ACCURACY OF INFORMATION. All information heretofore furnished by or on behalf of the Servicer in writing
to the Closed-End Administrative Agent for purposes of or in connection with this Agreement or any transaction contemplated hereby
is true and accurate in all material respects on and as of the date such information was furnished (except to the extent that
such furnished information relates solely to an earlier date, in which case such information is true and accurate in all material
respects on and as of such earlier date).

 

SECTION
12.6                     
NO PROCEEDINGS. There is no action, suit, proceeding or investigation pending or, to the knowledge of the
Servicer, threatened against the Servicer which, either in any one instance or in the aggregate, would result in any material
adverse change in the business, operations, financial condition, properties or assets of the Servicer, or in any material impairment
of the right or ability of the Servicer to carry on its business substantially as now conducted, or in any material liability
on the part of the Servicer, or which would render invalid this Agreement or the Transaction Units or the obligations of the Servicer
contemplated herein, or which would materially impair the ability of the Servicer to perform under the terms of this Agreement
or any other Transaction Document.

 

Article
XIII

SPECIFIC REQUIREMENTS FOR

ADMINISTRATION AND SERVICING OF THE

REFERENCE POOL

 

SECTION
13.1                     
APPOINTMENT OF THE SERVICER.

 

(a)                 The
Servicer shall manage, service and administer the Exchange Note Assets for the benefit of each holder and pledgee of the
Closed-End Exchange Note and shall make collections on the Transaction Units in accordance with its Credit and Collection
Policy in effect from time to time, using the same degree of skill and attention that the Servicer exercises with respect to
all comparable retail automotive leases that it services for itself or others.

 

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(b)               
The Servicer may delegate its duties and obligations as Servicer in accordance with Section 3.5 of the Closed-End
Servicing Agreement.

 

(c)                
If the Servicer shall commence a legal proceeding to enforce a Transaction Unit, the Titling Trust shall thereupon
be deemed to have automatically assigned, solely for the purpose of collection, such Transaction Unit to the Servicer. If in any
enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Transaction Unit on the ground that it
is not a real party in interest or a holder entitled to enforce such Transaction Unit, the Closed-End Collateral Agent shall, at
the Servicer’s expense and direction, take steps to enforce such Transaction Unit, including bringing suit in its name.

 

(d)                
The Servicer shall account for the Transaction Units allocated to the 2020-A Reference Pool separately from any
Other Reference Pool, any Unencumbered Reference Pool and the Warehouse Facility Pool.

 

SECTION
13.2                      
SERVICER BOUND BY CLOSED-END SERVICING AGREEMENT.

 

(a)                
The Servicer shall continue to be bound by all provisions of the Closed-End Servicing Agreement with respect to the
Transaction Units allocated to the 2020-A Reference Pool, including the provisions of Article VI thereof relating to
the administration and servicing of Closed-End Leases; and the provisions set forth herein shall operate either as additions to
or modifications of the existing obligations of the Servicer under the Closed-End Servicing Agreement, as the context may require.
In the event of any conflict between the provisions of this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement
with respect to the Closed-End Exchange Note, the provisions of this Exchange Note Servicing Supplement shall prevail; provided,
however, that Section 5.1(d) of the Servicing Agreement shall at all times govern the Required Deposit Amount.

 

(b)               
For purposes of determining the Servicer’s obligations with respect to the servicing of the 2020-A Reference
Pool under this Exchange Note Servicing Supplement, general references in the Closed-End Servicing Agreement to: (i) a Reference
Pool shall be deemed to refer more specifically to the 2020-A Reference Pool; (ii) an Exchange Note Servicing Supplement shall
be deemed to refer more specifically to this Exchange Note Servicing Supplement; and (iii) an Exchange Note Supplement shall be
deemed to refer more specifically to the Exchange Note Supplement related to the 2020-A Reference Pool.

 

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(c)                 Notwithstanding
any other provision of this Exchange Note Servicing Supplement or the Servicing Agreement, including Section 6.7
thereof, the Servicer shall not in connection with any early lease termination program terminate or permit any Closed-End
Obligor to terminate any Closed-End Lease and remove the related Closed-End Vehicle from the 2020-A Reference Pool in
connection with such termination unless there shall have been deposited into the Exchange Note Collection Account an amount
equal to the Securitization Value of such Closed-End Vehicle as of the termination date of such Closed-End Lease, provided, however,
that the Servicer may at any time prior to the Maturity Date of a Closed-End Lease, agree to terminate such Closed-End Lease,
provided the related Closed-End Obligor has made all remaining scheduled payments with respect to such Closed-End Lease and
surrendered the related Closed-End Vehicle.

 

SECTION
13.3                     
APPLICATION OF PROCEEDS.

 

(a)                
Prior to the satisfaction and discharge of the Indenture with respect to the Collateral and subject to the provision
of Section 5.1(d) of the Closed-End Servicing Agreement, the Servicer shall deposit an amount equal to all Closed-End Exchange
Note Collections received in respect of the 2020-A Reference Pool during any Closed-End EN Collection Period into the Exchange
Note Collection Account on or prior to 2:00 p.m., New York City time, on the Business Day immediately preceding the related Closed-End
Exchange Note Payment Date; provided, however, that if the Monthly Remittance Condition is not satisfied, the Servicer
will be required to deposit an amount equal to all Closed-End Exchange Note Collections into the Exchange Note Collection Account
within two Business Days after receipt (including receipt of proper instructions regarding where to allocate such payment), (it
being understood that, with respect to Relinquished Vehicle Proceeds, the Servicer shall remit the Relinquished Vehicle Proceeds
in accordance with Section 5.1(d) of the Closed-End Servicing Agreement). The “Monthly Remittance Condition”
shall be deemed to be satisfied if (i) World Omni is the Servicer, (ii) no Exchange Note Servicer Default has occurred and is continuing,
and (iii) after providing prior notice, World Omni receives notice from the Rating Agencies that the cessation of daily deposits
will not result in a reduction or withdrawal of the then current rating of the Notes. Pending deposit into the Exchange Note Collection
Account, Closed-End Exchange Note Collections may be used by the Servicer at its own risk and for its own benefit and will not
be segregated from its own funds.

 

(b)                
After the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall deposit
an amount equal to Closed-End Exchange Note Collections in accordance with the instructions provided from time to time by the holder
of the Exchange Note.

 

(c)                
Notwithstanding anything to the contrary contained in this Agreement, for so long as the Monthly Remittance Condition
has been satisfied, the Servicer shall be permitted to deposit into the Exchange Note Collection Account only the net amount distributable
to the Issuing Entity, as holder of the Exchange Note, and to retain any reimbursement for outstanding Servicing Fees, on the Closed-End
Exchange Note Payment Date. The Servicer shall, however, account for all Closed-End Exchange Note Collections as if all of the
deposits and distributions described herein were made individually.

 

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SECTION
13.4                     
SERVICER CERTIFICATE. On
or before the close of business on each Determination Date prior to the satisfaction and discharge of the Indenture with respect
to the Collateral, the Servicer shall make available to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End
Administrative Agent, the Closed-End Collateral Agent, the Owner Trustee and the Paying Agent at https://via.intralinks.com/,
or such other website or distribution service or provider as the Servicer shall designate by written notice to the Indenture Trustee,
the Issuing Entity, the Administrator, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Owner Trustee
and the Paying Agent, a Servicer Certificate reflecting information as of the close of business of the Servicer for the immediately
preceding Closed-End EN Collection Period containing the information described in Section 8.3 of
the Indenture.

 

SECTION
13.5                     
SERVICER FEE. Notwithstanding anything to the contrary in Section 3.9(b) of the Closed-End Servicing
Agreement, on each Closed-End Exchange Note Payment Date, the Titling Trust will cause the Closed-End Administrative Agent to
pay to the Servicer in accordance with Section 13.2 of the Exchange Note Supplement, the Servicing Fee for the immediately
preceding Closed-End EN Collection Period as compensation for its services. In addition, the Servicer may retain any Supplemental
Servicing Fees. The Servicer may, as long as it believes that sufficient collections will be available on one or more future Closed-End
Exchange Note Payment Dates to pay the Servicing Fee, by notice to the Closed-End Administrative Agent on or before a Closed-End
Exchange Note Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the related Closed-End EN Collection
Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related Closed-End EN Collection
Period will be deemed to equal zero.

 

SECTION
13.6                     
INSURANCE LAPSES; REPAIRS. The Servicer shall have no liability in the event that any Closed-End Obligor
fails to maintain, in full force and effect, a physical damage insurance policy covering any Transaction Unit or naming the Titling
Trust as loss payee. Without limiting the foregoing, in no event shall the Servicer be obligated to perform or be liable for any
repairs or maintenance with respect to any Transaction Unit.

 

SECTION
13.7                     
  LICENSING OF TITLING TRUST. The Servicer shall cause the Titling Trust to apply for and maintain at
all times all licenses and permits necessary to carry on the Titling Trust’s leasing business in each jurisdiction in which
the Titling Trust operates, except where the failure to have any license or permit would not materially and adversely affect the
business, properties, financial condition or results of operation of the Titling Trust, taken as a whole.

 

SECTION
13.8                     
COMMUNICATION BETWEEN NOTEHOLDERS. The Servicer will comply with its obligations under Section 7.2(e) of
the Indenture to include in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period the information
described in such Section.

 

SECTION
13.9                      PAYMENT
OF FEES AND EXPENSES. The Servicer shall pay all expenses incurred in connection with the administration and servicing of
the 2020-A Reference Pool and the Transaction Units, including, without limitation, expenses incurred by it in connection
with its activities hereunder, including fees and disbursements of the Titling Trustee, independent accountants, taxes
imposed on the Servicer and any Titling Trustee indemnity claims.

 

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SECTION
13.10                   
ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS’ SERVICING REPORT. 

 

(a)              
On or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31,
2020, the Servicer shall cause a firm of independent public accountants (who may also render other services to the Servicer, the
Depositor or their respective Affiliates) to furnish to the Indenture Trustee, the Servicer (who promptly shall provide the assessment
described in this Section 13.10(a) to each Rating Agency) and the Depositor each attestation report on assessments of compliance
with the Servicing Criteria with respect to the Servicer or any affiliate thereof during the related fiscal year delivered by such
accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB.
The certification required by this paragraph may be replaced by any similar certification using other procedures or attestation
standards which are now or in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation,
 “no action” letter or similar guidance promulgated by the Commission. The obligation to furnish each such report shall
be deemed satisfied upon the Servicer making each such report available at https://via.intralinks.com/, or such other website or
distribution service or provider as the Servicer shall designate by written notice to the Indenture Trustee and the Depositor.

 

(b)                 Deliveries pursuant to this Section 13.10 may be delivered by
electronic mail.

 

SECTION
13.11                    
ANNUAL OFFICER’S CERTIFICATE.

 

(a)                
The Servicer will make available to the Rating Agencies, the Issuing Entity and the Indenture Trustee on or before
the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 2020, at https://via.intralinks.com/,
or such other website or distribution service or provider as the Servicer shall designate by written notice to the Rating Agencies,
the Issuing Entity and the Indenture Trustee, an Officers’ Certificate providing such information as is required under Item
1123 of Regulation AB.

 

(b)               
The Servicer will make available to the Issuing Entity and the Indenture Trustee, on or before the 90th day following
the end of each fiscal year, beginning with the fiscal year ending December 31, 2020, at https://via.intralinks.com/, or such other
website or distribution service or provider as the Servicer shall designate by written notice to the Issuing Entity and the Indenture
Trustee, a report regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding
calendar year including disclosure of any material instance of non-compliance identified by the Servicer, as required under paragraph
(b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

 

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SECTION
13.12                   
POST-MATURITY TERM EXTENSION. Consistent
with its Credit and Collection Policy, the Servicer may, in its discretion, grant a Post-maturity Term Extension with respect
to any Closed-End Lease in the 2020-A Reference Pool. If the Servicer grants a Post-maturity Term Extension with respect to
a Closed-End Lease in the 2020-A Reference Pool beyond the month immediately preceding the month in which the Final Scheduled
Payment Date of the most subordinate class of Notes occurs, then the Servicer shall direct the Titling Trustee to reallocate the
Transaction Unit related to such Closed-End Lease from the 2020-A Reference Pool to the Warehouse Facility Pool or any Unencumbered
Reference Pool on the Closed-End Exchange Note Payment Date following the beginning of the Closed-End EN Collection Period during
which such Post-maturity Term Extension was granted. In consideration for such reallocation, the Servicer shall make a payment
to the Issuing Entity equal to the Securitization Value of such Transaction Unit as of the end of the Closed-End EN Collection
Period preceding such Closed-End Exchange Note Payment Date by depositing such amount into the Exchange Note Collection Account
prior to 2:00 p.m., New York City time, on the Business Day immediately preceding such Closed-End Exchange Note Payment Date.
None of the Servicer, the Titling Trustee, the Closed-End Collateral Agent, the Closed-End Administrative Agent, the Issuing Entity,
the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer, the Seller, the Depositor or the Administrator will
have an obligation to investigate whether a breach or other event has occurred that would require the reallocation of any Transaction
Unit under this Section 13.12 or whether any Transaction Unit is required to
be reallocated under this Section 13.12.

 

SECTION
13.13                 
INSURANCE POLICIES; ADDITIONAL INSUREDS. The Servicer shall at all times comply with Section 3.7(a)
of the Closed-End Servicing Agreement.

 

SECTION
13.14                 
SECURITY DEPOSITS. In accordance with Section 5.1(d) of the Closed-End Servicing Agreement, on the
Closed-End Exchange Note Payment Date related to the Closed-End EN Collection Period in which a Security Deposit becomes a Closed-End
Exchange Note Collection with respect to the 2020-A Reference Pool, the Servicer shall deposit such amounts (including, as
applicable, any Required Deposit Amount) in the Exchange Note Collection Account.

 

Article
XIV

TERMINATION OF THE SERVICER

 

SECTION
14.1                     
TERMINATION OF THE SERVICER AS TO THE SERIES 2020-A REFERENCE POOL.

 

(a)                
As used herein “Exchange Note Servicer Default” means the occurrence and continuance of the events
set forth in Section 8.3(a) of the Closed-End Servicing Agreement. Upon the occurrence and continuation of any Exchange
Note Servicer Default, the Servicer shall provide to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End
Collateral Agent and each Rating Agency prompt notice specifying such Exchange Note Servicer Default, together with a description
of its efforts to perform its obligations. The Servicer may not resign except in accordance with Section 8.4 of the Closed-End
Servicing Agreement.

 

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(b)                
If an Exchange Note Servicer Default shall have occurred and be continuing, the Titling Trustee on behalf of the
holder of the Exchange Note, shall, at the direction of the Required Related Holders, by notice given to the Servicer (who promptly
shall provide such notice to each Rating Agency), the Issuing Entity, the Indenture Trustee, the Closed-End Collateral Agent and
the Administrator, terminate the rights and obligations of the Servicer under this Exchange Note Servicing Supplement and the Closed-End
Servicing Agreement with respect to the Exchange Note and the Included Units. In the event the Servicer is removed or resigns as
Servicer with respect to servicing the Exchange Note Assets, the Required Related Holders shall appoint a successor Servicer. With
respect to any Exchange Note Servicer Default, the Closed-End Administrative Agent, acting on the direction of the Required Related
Holders may waive any default of the Servicer. For purposes of this Section, so long as the Lien of the Indenture is in place,
the “Required Related Holders” shall be deemed to be the Indenture Trustee, acting at the direction of the Holders
of not less than 66 2/3% of the Outstanding Notes and thereafter, the Issuing Entity, acting at the direction of the Majority Certificateholders.

 

(c)                 If replaced, the Servicer agrees that it will use commercially
reasonable efforts to effect the orderly and efficient transfer of the servicing of the Transaction Units to a successor
Servicer.

 

(d)               
Upon the effectiveness of the assumption by the successor Servicer of its duties pursuant to this Section 14.1,
the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under the Closed-End
Servicing Agreement with respect to the 2020-A Reference Pool, and shall be subject to all the responsibilities, duties and
liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as
Servicer as set forth in Section 14.1(e). No Servicer shall resign or be relieved of its duties under the Closed-End Servicing
Agreement, as Servicer of the 2020-A Reference Pool, until a newly appointed Servicer for the 2020-A Reference Pool shall
have assumed the responsibilities and obligations of the resigning or terminated Servicer under this Exchange Note Servicing Supplement.
In the event of a replacement of World Omni as Servicer, the Required Related Holders shall cause the successor Servicer to agree
to indemnify World Omni against any losses, liabilities, damages or expenses (including attorneys’ fees) as a result of the
negligence or willful misconduct of such successor Servicer.

 

(e)                 No termination or resignation of the Servicer as to the 2020-A
Reference Pool shall affect the obligations of the Servicer pursuant to Section 3.3(c) of the Closed-End Servicing
Agreement; provided that following the replacement of the Servicer pursuant to this Section 14.1, such Servicer
shall have no duties, responsibilities or other obligations hereunder with respect to matters arising after such
replacement.

 

SECTION
14.2                      NO
EFFECT ON OTHER PARTIES. Upon any termination of the rights and powers of the Servicer with respect to the 2020-A
Reference Pool pursuant to Section 14.1 hereof, or upon any appointment of a successor Servicer with respect to the
2020-A Reference Pool, all the rights, powers, duties and obligations of the Titling Trustees, the Initial Beneficiary
and World Omni under the Titling Trust Agreement, the Closed-End Servicing Agreement, the Exchange Note Supplement, any other
supplement, any other Exchange Note Servicing Supplement or any other Basic Document shall remain unaffected by such
termination or appointment and shall remain in full force and effect thereafter, except as otherwise expressly provided
herein or therein.

 

     9

     

    

 

Article
XV

OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE

 

SECTION
15.1                      
OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE.

 

(a)                
If the Outstanding Amount of the Notes is equal to or less than 5% of the Initial Note Balance on the last day of
any Closed-End EN Collection Period, the Servicer shall have the option to purchase the Closed-End Exchange Note on the immediately
following Closed-End Exchange Note Payment Date (and on each Closed-End Exchange Note Payment Date thereafter) and direct the Issuing
Entity to redeem the Notes pursuant to Section 10.1 of the Indenture (an “Optional Redemption”). To exercise
such option, the Servicer shall deposit pursuant to Section 13.3 hereof into the Trust Collection Account an amount, as
calculated by the Servicer, equal to the Exchange Note Balance and all accrued interest thereon up to but not including the Redemption
Date (the “Exchange Note Purchase Price”), and shall succeed to all interests in and to the Issuing Entity.
Notwithstanding the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited into
the Trust Collection Account pursuant to the preceding sentence is greater than or equal to the sum of the Outstanding Amount of
the Notes, and all accrued but unpaid interest (including any overdue interest and premium) thereon and all amounts owing to the
Asset Representations Reviewer under the Asset Representations Review Agreement.

 

(b)               
As described in Section 9.01(c) of the Trust Agreement, notice of any termination of the Issuing Entity shall
be given by the Servicer to the Owner Trustee, the Closed-End Collateral Agent and the Indenture Trustee as soon as practicable
after the Servicer has received notice thereof.

 

Article
XVI

MISCELLANEOUS

 

SECTION
16.1                      
AMENDMENT.

 

(a)                
Notwithstanding any provision of the Closed-End Servicing Agreement, the Closed-End Servicing Agreement, as supplemented
by this Exchange Note Servicing Supplement, to the extent that it deals solely with the 2020-A Reference Pool, may be amended
in accordance with this Section 16.1.

 

     10

     

    

 

(b)                 Any
term or provision of the Closed-End Servicing Agreement or this Exchange Note Servicing Supplement may be amended by the
Servicer, without the consent of any other Person; provided that (i) any amendment that materially and adversely
affects the interests of the Exchange Noteholder shall require the consent of the Exchange Noteholder, (ii) any amendment
that materially and adversely affects the interests of the Closed-End Collateral Agent shall require the consent of the
Closed-End Collateral Agent, and (iii) any amendment that materially and adversely affects the interests of the Titling
Trustee shall require the prior written consent of the Titling Trustee. An amendment shall be deemed not to materially and
adversely affect the interests of the Exchange Noteholder if the Rating Agency Condition is satisfied with respect to such
amendment.

 

(c)                
Notwithstanding the foregoing, no amendment shall reduce the interest rate or principal amount of any Exchange Note,
or delay the final scheduled payment date of any Exchange Note without the consent of the holder of such Exchange Note.

 

(d)               
Notwithstanding anything herein to the contrary, any term or provision of this Exchange Note Servicing Supplement
may be amended by the Servicer without the consent of any 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); it being a condition to
any such amendment that the Rating Agency Condition shall have been satisfied.

 

(e)                
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.

 

(f)                
Prior to the execution of any amendment to this Exchange Note Servicing Supplement, the Servicer 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 Exchange Note Servicing Supplement, the Servicer shall furnish a copy of such amendment to each Rating Agency,
the Titling Trustee, the Closed-End Administrative Agent and the Closed-End Collateral Agent.

 

(g)                
Prior to the execution of any amendment to this Exchange Note Servicing Supplement, the Titling Trustee and the Closed-End
Administrative Agent shall be entitled to receive upon request and conclusively rely upon an Opinion of Counsel stating that the
execution of such amendment is authorized or permitted by the Closed-End Servicing Agreement or this Exchange Note Servicing Supplement
and that all conditions precedent to the execution and delivery of such amendment have been satisfied.

 

SECTION
16.2                      
GOVERNING LAW. THIS EXCHANGE NOTE SERVICING SUPPLEMENT 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.

 

     11

     

    

 

SECTION
16.3                     
NOTICES. The notice provisions of the Closed-End Servicing Agreement shall apply equally to this Exchange
Note Servicing Supplement. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed
by registered or certified first-class United States mail, postage prepaid, hand delivery, any prepaid courier service, or by
telecopier or by electronic mail (if designated by a party to the other parties), and addressed in each case as follows: (a) if
to the Servicer, 190 Jim Moran Blvd., Deerfield Beach, Florida 33442, Attention: Treasurer; Facsimile: (954) 429-2685; (b) if
to the Titling Trustee, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Chris Nuxoll; Email: christopher.nuxoll@usbank.com;
Facsimile: (312) 332-7994; (c) if to the Delaware Trustee, 1011 Centre Road, Suite 203, Wilmington, Delaware 19805, Attention:
Chris Nuxoll; Email: christopher.nuxoll@usbank.com; Facsimile: (312) 332-7994; (d) if to the Closed-End Administrative Agent,
1011 Centre Road, Suite 203, Wilmington, Delaware 19805, Attention: Chris Nuxoll; Email: christopher.nuxoll@usbank.com; Facsimile:
(312) 332-7994; (e) if to the Collateral Agent, c/o U.S. Bank National Association, 190 S. LaSalle Street, 7th Floor, Chicago,
Illinois 60603, Attention: Chris Nuxoll; Email: christopher.nuxoll@usbank.com; Facsimile: (312) 332-7994; or (f) if to the Closed-End
Collateral Agent, c/o Lord Securities Corporation, 48 Wall Street, 27th Floor, New York, New York 10005, Attention: World Omni
Program Manager; Email: edward.oconnell@tmf-group.com; or, as to each party, at such other address or electronic mail address
as shall be designated by such party in a written notice to each other party. All notices and demands shall be deemed to have
been given upon actual receipt thereof to any officer of the Person entitled to receive such notices and demands at the address
of such Person for notices hereunder. Notwithstanding the foregoing, with the consent of the appropriate party under 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. If World Omni is no longer the Servicer, the successor Servicer shall provide any required Rating Agency notices
under this Agreement to the Depositor, who promptly shall provide such notices to the Rating Agencies.

 

SECTION
16.4                      
THIRD-PARTY BENEFICIARIES. The Issuing Entity and the Indenture Trustee, as holder and pledgee, respectively,
of the Closed-End Exchange Note, and their respective successors, permitted assigns and pledgees are third-party beneficiaries
of the obligations of the parties hereto and may directly enforce the performance of any of such obligations hereunder.

 

SECTION
16.5                      
SEVERABILITY. If one or more of the provisions of this Exchange Note Servicing Supplement shall be for any
reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements
and provisions of this Exchange Note Servicing Supplement, and such invalidity or unenforceability shall in no way affect the
validity or enforceability of such remaining covenants, agreements and provisions, or the rights of any parties hereto. To the
extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Exchange Note Servicing
Supplement invalid or unenforceable in any respect.

 

     12

     

    

 

SECTION
16.6                     
BINDING EFFECT. The provisions of the Closed-End Servicing Agreement and this Exchange Note Servicing Supplement,
insofar as they relate to the 2020-A Reference Pool, shall be binding upon and inure to the benefit of the respective successors
and permitted assigns of the parties hereto.

 

SECTION
16.7                     
ARTICLE AND SECTION HEADINGS. The article and section headings herein are for convenience of reference only,
and shall not limit or otherwise affect the meaning hereof.

 

SECTION
16.8                    EXECUTION IN COUNTERPARTS. This Exchange Note Servicing Supplement may be executed in
any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which shall
together constitute but one and the same instrument.

 

SECTION
16.9                    
FURTHER ASSURANCES. Each party will do such acts, and execute and deliver to any other party such additional
documents or instruments, as may be reasonably requested in order to effect the purposes of this Exchange Note Servicing Supplement
and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder.

 

SECTION
16.10                    EACH
EXCHANGE NOTE SEPARATE; ASSIGNEES OF 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 2020-A
Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference Pool, 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 2020-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 2020-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 2020-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 2020-A
Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the 2020-A Reference
Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2020-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.

 

     13

     

    

 

SECTION
16.11                   
NO PETITION. With respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee
of the Closed-End Exchange Note, by virtue of its acceptance of such Closed-End 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, 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.

 

SECTION
16.12                 
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 16.3 of this Exchange Note Servicing Supplement; and

 

     14

     

    

 

 

(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.

 

SECTION
16.13                     LIMITATION OF LIABILITY OF VT INC. Notwithstanding anything contained herein to the contrary, this Exchange Note
Servicing Supplement has been signed by VT Inc. not in its individual capacity but solely in its capacity as Titling Trustee
and in no event shall VT Inc. in its individual capacity have any liability for the representations, warranties, covenants,
agreements or other obligations of the Titling Trust hereunder, as to all of which recourse shall be had solely to the assets
of the Titling Trust.

 

SECTION
16.14                   
INFORMATION REQUESTS. The parties hereto shall provide any information reasonably requested by the Servicer,
the Issuing Entity, the Depositor or any of their Affiliates, in order to comply with or obtain more favorable treatment under
any current or future law, rule, regulation, accounting rule or principle.

 

SECTION
16.15                    
REGULATION AB. The Servicer shall cooperate fully with the Depositor and the Issuing Entity to deliver to
the Depositor and the Issuing Entity (including any of its assignees or designees) any and all statements, reports, certifications,
records and any other information necessary in the good faith determination of the Depositor or the Issuing Entity to permit the
Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to the Servicer and the Transaction
Units, or the servicing of the Transaction Units, reasonably believed by the Depositor to be necessary in order to effect such
compliance.

 

SECTION
16.16                     CREDIT RISK RETENTION. World Omni shall comply in all material respects with all requirements imposed on
the “Sponsor of a Securitization” in accordance with the Credit Risk Retention Rules, including its requirements to
(i) retain, either directly or through a “majority-owned affiliate” (as such term is defined in the Credit Risk Retention
Rules) of World Omni, an economic interest in the Exchange Note in accordance with the Credit Risk Retention Rules and shall not,
and shall cause any such majority-owned affiliate to not, sell, pledge or hedge such interest except as permitted under the Credit
Risk Retention Rules and (ii) satisfy the disclosure requirements set forth in the Credit Risk Retention Rules without any involvement
from the underwriters.

 

SECTION
16.17                   
EU RISK RETENTION. World Omni hereby represents and confirms, covenants and agrees, in connection with
the EU Securitization Rules as in effect and applicable on the Closing Date, on an ongoing basis, so long as any Notes remain
Outstanding, that:

 

(a)                 World
Omni, as “originator” (as such term is defined for the purposes of the Securitization Regulation), will retain,
upon issuance of the Notes and on an ongoing basis a material net economic interest (the “EU Retained
Interest”) in the asset-backed financing transaction described in the Prospectus, in the form of retention of a
first loss tranche as described in option (d) of Article 6(3) of the Securitization Regulation, by holding (i) all the
limited liability company interests in the Depositor (or one or more wholly-owned special purpose subsidiaries of World
Omni), which in turn will retain the Certificates to be issued by the Issuing Entity, and (ii) the residual interest in the
2020-A Reference Pool, such Certificates and interest collectively representing at least 5% of the aggregate
Securitization Value of the Transaction Units in the 2020-A Reference Pool;

 

     15

     

    

 

(b)               
World Omni will not (and will not permit the Depositor or any of its other Affiliates to) hedge or otherwise mitigate
its credit risk under or associated with the EU Retained Interest, or sell, transfer or otherwise surrender all or part of the
rights, benefits or obligations arising from the EU Retained Interest, except, in each case, to the extent permitted in accordance
with the EU Securitization Rules;

 

(c)               
World Omni will not change the retention option or method of calculating the EU Retained Interest while any of the
Notes are Outstanding, except under exceptional circumstances in accordance with the EU Securitization Rules;

 

(d)               
World Omni will provide ongoing confirmation of its continued compliance with its obligations in the foregoing clauses
(a), (b) and (c), (i) in or concurrently with the delivery of each Servicer Certificate, (ii) upon the occurrence of any Event
of Default (as defined in the Indenture) and (iii) from time to time upon request by any Noteholder in connection with (x) any
change in the structural features of the asset-backed financing transaction described in the Prospectus that could materially impact
the performance of the Notes, (y) any change in the performance of the asset-backed financing transaction described in the Prospectus
or of the Transaction Units which, in any case, could materially impact the performance of the Notes, or (z) any material breach
of the Transaction Documents; and

 

(e)                
World Omni was not established for, and does not operate for, the sole purpose of securitizing exposures.

 

     16

     

    

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

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

 

	 	AL Holding Corp., as Closed-End Collateral Agent
	 	 
	 	By:	 
	 	Name:  	      
	 	Title:	 

 

    S - 1

     

    

 

	 	World Omni Financial Corp., as Servicer and, with respect to Sections 16.16 and 16.17, individually
	 	 
	 	By:	 
	 	Name:  	       
	 	Title:	 

 

    S - 2

     

    

 

	 	WORLD OMNI LT

By: VT Inc., not in its individual capacity but solely as Titling Trustee
	 	 
	 	By:  	 
	 	Name:  	     
	 	Title:	 

 

    S - 3EX-10.1

 Exhibit 10.1 

DIVIDEND REINVESTMENT PLAN 

OF 
 BC PARTNERS LENDING
CORPORATION 
 Effective as of February 5, 2020 

BC Partners Lending Corporation, a Maryland corporation (the “Company”), hereby adopts the following plan (the
“Plan”) with respect to cash dividends or distributions declared by its Board of Directors on shares of the Company’s common stock, par value $0.001 per share (the “Common
Stock”). 
  

	 	1.	 Unless a stockholder specifically elects to receive cash pursuant to paragraph 4 below, all cash dividends or
other distributions hereafter declared by the Company’s Board of Directors shall be reinvested by the Company in the Company’s Common Stock on behalf of each stockholder, and no action shall be required on such stockholder’s part to
receive such Common Stock. 

  

	 	2.	 Such cash dividend or distribution shall be payable on such date or dates (each, a “Payment
Date”) as may be fixed from time to time by the Board of Directors to stockholders of record at the close of business on the record date(s) established by the Board of Directors for the cash dividend distribution or distribution
involved. 

  

	 	3.	 With respect to each distribution pursuant to this Plan, the Board of Directors reserves the right, subject to
the provisions of the Investment Company Act of 1940, as amended, to issue new shares of Common Stock for the accounts of Participants (as defined below). The number of shares of Common Stock to be issued to a stockholder that has not elected to
receive its dividends in cash in accordance with paragraph 4 below (each, a “Participant”) shall be determined by dividing the total dollar amount of the distribution payable to such Participant by the net asset value per
share of the Company’s Common Stock as of the last day of the Company’s fiscal quarter immediately preceding the date such distribution was declared (the “Reference NAV”); provided that in the event a distribution is declared on the last day of a fiscal quarter, the Reference NAV shall be deemed to be the net asset value per share of the Company’s Common Stock as
of such day. 

  

	 	4.	 A stockholder may elect to receive any portion of its cash dividend distributions in cash. To exercise this
option, such stockholder shall notify the Company and U.S. Bancorp Fund Services, LLC (referred to as the “Plan Administrator”), in writing (using the form of notice set forth as an appendix to the
Subscription Agreement signed by such stockholder or any other form of notice as distributed to such stockholder by the Company) so that such notice is received by the Plan Administrator no later than 10 days prior to the record date fixed by
the Board of Directors for the first distribution such stockholder wishes to receive in cash. Such election shall remain in effect until the stockholder shall notify the Plan Administrator in writing of such stockholder’s desire to change its
election, which notice shall be delivered to the Plan Administrator no later than 10 days prior to the record date fixed by the Board of Directors for the first distribution for which such stockholder wishes its new election to take effect.

  

	 	5.	 Shares of Common Stock issued pursuant to the Plan in connection with any cash dividend shall be issued to each
Participant (i) in the event that the applicable Reference NAV has been approved by the Company’s Board of Directors (or a committee thereof) prior to the Payment Date of such cash dividend, on the Payment Date or (ii) otherwise,
promptly upon the date such approval has been provided by the Company’s Board of Directors. All shares of Common Stock issued pursuant to the Plan shall be issued in non-certificated form and shall be
credited to such Participant on the books and records of the Company. The allocation of shares among Participants may result in the ownership of fractional shares. 

 

	 	6.	 The Plan Administrator will confirm to each Participant each issuance of shares of Common Stock made to such
Participant pursuant to the Plan as soon as practicable following the date of such issuance. 

  
 2 

	 	7.	 The Plan Administrator will forward to each Participant any Company-related proxy solicitation materials and
each Company report or other communication to stockholders. Any shares held by a Participant under the Plan will be voted in accordance with the instructions set forth on proxies returned by the Participant to the Company. 

 

	 	8.	 In the event that the Company makes available to its stockholders rights to purchase additional shares or other
securities, the shares of Common Stock held by the Plan Administrator for each Participant under the Plan will be added to any other shares held by the Participant in calculating the number of rights to be issued to the Participant.

  

	 	9.	 The Plan Administrator’s service fee, if any, and expenses for administering the Plan will be paid for by
the Company. There will be no brokerage charges or other charges to stockholders who participate in the Plan. 

  

	 	10.	 The Plan may be terminated by the Company upon notice in writing mailed to each Participant at least 30 days
prior to the effectiveness of such termination. Each Participant may terminate his, her or its account under the Plan by so notifying the Plan Administrator in writing U.S. Bancorp Fund Services, LLC, 615 East Michigan Street, Milwaukee, WI 53202.
Such termination shall be effective immediately if the Participant’s notice is received by the Plan Administrator not less than 10 days prior to any cash dividend or distribution record date; otherwise, such termination will be effective only
with respect to any subsequent cash dividend or distribution. 

  

	 	11.	 These terms and conditions may be amended or supplemented by the Company at any time. The amendment or
supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator receives written notice of the termination of his, her or its account under the Plan at least ten days prior to the
effective date. Any such amendment or supplement may include an appointment by the Plan Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Company, with full power and authority to perform all
or any of the acts to be performed by the Plan Administrator as agreed to by the Company. 

  

	 	12.	 The Plan Administrator will at all times act in good faith and use its best efforts within reasonable limits to
ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the
Plan Administrator’s negligence, bad faith or willful misconduct or that of its employees or agents. 

  

	 	13.	 These terms and conditions shall be governed by the laws of the State of New York, without regard to the
conflicts of law principles thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

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