Document:

EXHIBIT 10.4

 

 

 

	WORLD OMNI LT
	 
	20[  ]-[  ] EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT
	 
	WORLD OMNI LT,

As Borrower,
	 
	AUTO LEASE FINANCE LLC,

As Initial Beneficiary,
	 
	AL HOLDING CORP.,

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

As Closed-End Administrative Agent
	 
	Dated as of [      ], 20[  ]

 

 

 

     

     

    

 

Table of
Contents

 

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

 

	SCHEDULE 1	 	 Description of Closed-End Units Allocated to 20[  ]-[  ] Reference Pool
	 	 	 
	EXHIBIT A	 	 Form of Exchange Note

 

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20[  ]-[  ] EXCHANGE
NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT

 

THIS 20[  ]-[  ]
EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT (as amended, modified or supplemented from time to time, the "Exchange
Note Supplement"), dated and effective as of [      ], 20[  ], is among World
Omni LT, a Delaware statutory trust (the "Borrower" or the "Titling Trust"), Auto Lease Finance
LLC, a Delaware limited liability company ("ALF" or the "Initial Beneficiary"), AL Holding Corp.,
a Delaware corporation (the "Closed-End Collateral Agent"), and U.S. Bank National Association, a national banking
association (the "Closed-End Administrative Agent").

 

RECITALS

 

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

 

B.       The
parties hereto desire to supplement the terms of the Collateral Agency Agreement (i) to set forth the principal terms of the 20[  ]-[  ]
closed-end exchange note (the "Closed-End Exchange Note") issued hereunder and (ii) to designate a portion of
the Closed-End Units included in the Warehouse Facility Pool or any Unencumbered Reference Pool as the 20[  ]-[  ]
Reference Pool with respect to such Closed-End Exchange Note.

 

C.       Concurrently
herewith, (i) ALF and World Omni Auto Leasing LLC, a Delaware limited liability company (the "Depositor"), are
entering into an Exchange Note Sale Agreement, pursuant to which the Depositor will purchase the Closed-End Exchange Note and (ii)
the Depositor and World Omni Automobile Lease Securitization Trust 20[  ]-[  ] (the "Issuing Entity"),
are entering into an Exchange Note Transfer Agreement, pursuant to which the Depositor will transfer the Closed-End Exchange Note
to the Issuing Entity.

 

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

 

     

     

    

 

E.       Also
concurrently herewith, the Titling Trust, the Servicer and the Closed-End Collateral Agent are entering into that certain 20[  ]-[  ]
Servicing Supplement to Closed-End Servicing Agreement (as amended, modified or supplemented from time to time, the "Servicing
Supplement") pursuant to which, among other things, the terms of the Fifth Amended and Restated Closed-End Servicing Agreement,
dated as of December 15, 2009 (as modified, supplemented or amended from time to time, the "Closed-End Servicing Agreement")
will be supplemented insofar as they apply to the Closed-End Units included in the 20[  ]-[  ] Reference Pool,
providing more specific servicing obligations.

 

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

 

ARTICLE
XII

DEFINITIONS; THIRD-PARTY BENEFICIARIES

 

Section
12.1     Definitions.

 

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

 

Section
12.2     Third-Party Beneficiaries.

 

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

 

ARTICLE
XIII

DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS

 

Section
13.1    Designation of the Reference Pool.

 

(a)       Pursuant
to Section 6.2(a) of the Collateral Agency Agreement and subject to the conditions set forth in Section 13.1(b),
the Initial Beneficiary hereby designates a portion of the

 

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Closed-End Units included
in the Revolving Pool for allocation to a new Reference Pool, referred to as the "20[  ]-[  ] Reference
Pool," within the Closed-End Collateral Specified Interest. Upon the effectiveness of this Exchange Note Supplement, the
Initial Beneficiary shall direct the Titling Trustee and the Closed-End Collateral Agent to allocate or cause to be identified
and allocated on their respective books and records the "20[  ]-[  ] Reference Pool," to be
separately accounted for and held in trust independently from any other Asset Pool. Such Reference Pool shall initially include
the Closed-End Units identified on Schedule 1 to this Exchange Note Supplement, which Closed-End Units shall belong exclusively
to the 20[  ]-[  ] Reference Pool, and all other Titling Trust Assets to the extent related to such Closed-End
Units (other than cash which does not constitute Closed-End Collections received after the Cut-Off Date, as specified in Section
13.2(a)(iii)); provided, that, any Closed-End Collections received on or prior to the Cut-Off Date for any such
Closed-End Units identified on Schedule 1 shall not be allocated to the 20[  ]-[  ] Reference Pool.

 

(b)           Designation
of the 20[  ]-[  ] Reference Pool shall be subject to the satisfaction of each of the conditions precedent
set forth in Section 6.4 of the Collateral Agency Agreement, unless and to the extent waived by the Deal Agent, with the
consent of each Warehouse Facility Lender.

 

Section
13.2    Closed-End Exchange Note Terms.

 

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

 

(i)       the
Closed-End Exchange Note shall be issued on [      ], 20[  ];

 

(ii)      the
initial Exchange Note Balance of the Closed-End Exchange Note is equal to $[          ];

 

(iii)     the
Cut-Off Date for the 20[  ]-[  ] Reference Pool is [the close of business on] [          ],
20[  ];

 

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

 

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

 

(vi)     the
Interest Period with respect to the Closed-End Exchange Note shall be, with respect to any Closed-End Exchange Note Payment Date,
the period from and including [      ], 20[  ] (in the case of the first Payment Date)
or from and including the most recent Closed-End Exchange Note Payment Date to but excluding such Closed-End Exchange Note Payment
Date;

 

(vii)    the
initial Securitization Value of the Closed-End Units included in the 20[  ]-[  ] Reference Pool is equal to
$[          ], and thereafter, the applicable Exchange Note Principal Payment
Amount shall be calculated pursuant to Section 13.2(b)(iii);

 

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(viii)    the
Final Scheduled Payment Date for the Closed-End Exchange Note is [          ],
20[  ];

 

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

 

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

 

(b)          On
each Closed-End Exchange Note Payment Date, the Closed-End Administrative Agent shall, with respect to the 20[  ]-[  ]
Reference Pool, withdraw from the related Exchange Note Collection Account an amount equal to the Closed-End Collections for the
20[  ]-[  ] Reference Pool and apply such amount, together with any amounts allocated to the 20[  ]-[  ]
Reference Pool in accordance with Section 10.2 or Sections 10.3(a) or (b) of the Collateral Agency Agreement,
in accordance with the following priorities:

 

(i)        first,
to the Closed-End Servicer, the Reference Pool Servicing Fee for the related Closed-End EN Collection Period (to the extent such
Servicing Fee has not been retained by the Closed-End Servicer pursuant to Section 13.5 of the Servicing Supplement 20[  ]-[  ]
to Closed-End Servicing Agreement);

 

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

 

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

 

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

 

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

 

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(c)          Pursuant
to Section 8.8(a)(ii)(z) of the Collateral Agency Agreement, an amount equal to the Net Liquidation Proceeds of the Closed-End
Units included in the 20[  ]-[  ] Reference Pool after an Exchange Note Default occurs and is continuing with
respect to the Closed-End Exchange Note will be applied in accordance with the following priorities:

 

(i)         first,
to the Closed-End Collateral Agent, any amounts due with respect to the Closed-End Exchange Note or the related 20[  ]-[  ]
Reference Pool under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b) of this Exchange Note
Supplement;

 

(ii)       second,
to the Closed-End Administrative Agent, any amounts due with respect to the Closed-End Exchange Note or the related 20[  ]-[  ]
Reference Pool under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b) of this Exchange Note
Supplement; and

 

(iii)      third,
to make the payments described in clauses (i) through (v) in Section 13.2(b) of this Exchange Note Supplement
with respect to the 20[  ]-[  ] Reference Pool.

 

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

 

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

 

(f)           [If
the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, on the Additional Class A-1 Payment
Date, the Closed-End Administrative Agent shall, with respect to the 20[  ]-[  ] Reference Pool, withdraw from
the related Exchange Note Collection Account (based on the information contained in the certificate delivered by the Servicer on
the related Additional Class A-1 Determination Date pursuant to Section 13.14 of the Exchange Note Servicing Supplement)
an amount equal to the following distributions:]

 

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(i)       [first,
to the extent of the Additional Exchange Note Class A-1 Available Amount, to the Trust Collection Account, for the payment of interest
on the Class A-1 Notes, the Additional Class A-1 Interest Distributable Amount; and]

 

(ii)       [second,
to the extent of the Additional Exchange Note Class A-1 Available Amount (as such amount has been reduced by the distributions
described in clause (i) above), to the Trust Collection Account for the payment of the outstanding Class A-1 Note Balance.]

 

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

 

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

 

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

 

ARTICLE
XIV

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

Section
14.2    Authorization and No Contravention. Its execution, delivery and
performance of this Exchange Note Supplement (i) have been duly authorized by all necessary action and (ii) do not violate or
constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any agreement,
contract, order or other

 

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instrument to which it is a party or its property
is subject and (iii) will not result in any Adverse Claim on any Closed-End Unit or Closed-End Collections.

 

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

 

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

 

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

 

ARTICLE
XV

MISCELLANEOUS PROVISIONS

 

Section
15.1    Filings.

 

(a)       The
parties hereto will undertake all other and future actions and activities as may be required by the Closed-End Servicer (pursuant
to the Servicing Supplement) or by the Closed-End Collateral Agent (pursuant to the Collateral Agency Agreement and the Security
Agreement) to perfect (or evidence) and confirm the foregoing identification and allocation of the Closed-End Units to the 20[  ]-[  ]
Reference Pool.

 

Section
15.2    Amendments.

 

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

 

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

 

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

 

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

 

Section
15.3    Governing Law.

 

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

 

Section
15.4     Notices.

 

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

 

Section
15.5    Severability of Provisions.

 

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

 

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

 

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

 

Section
15.7    No Petition.

 

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

 

Section
15.8     Tax Matters.

 

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

 

Section
15.9     Entire Agreement.

 

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

 

Section
15.10   Submission to Jurisdiction; Waiver of Jury Trial.

 

Each of the parties hereto
hereby irrevocably and unconditionally:

 

(a)       submits
for itself and its property in any legal action or proceeding relating to this Exchange Note Supplement or any documents executed
and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive
general

 

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jurisdiction of the courts
of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts
from any thereof;

 

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

 

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

 

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

 

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

 

Section
15.11   No Recourse.

 

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

 

[SIGNATURES ON NEXT PAGE]

 

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

 

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

 

     

     

    

 

Schedule 1

20[  ]-[  ] Exchange Note Supplement

 

DESCRIPTION OF CLOSED-END UNITS ALLOCATED
TO 20[  ]-[  ] REFERENCE POOL

 

Delivered Electronically to Titling Trustee
and Closed-End Collateral Agent

 

and on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

 

    	 	Sch. 1	 

     

    

 

EXHIBIT A

 

FORM OF EXCHANGE NOTE

 

20[  ]-[  ]
CLOSED-END EXCHANGE NOTE

 

THIS 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE, AGREES THAT THIS 20[  ]-[  ] CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A "QUALIFIED
INSTITUTIONAL BUYER" WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, (2) TO AN INSTITUTIONAL "ACCREDITED
INVESTOR" WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (3) TO
THE INITIAL BENEFICIARY OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES
AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE CLOSED-END ADMINISTRATIVE
AGENT OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE CLOSED-END ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

 

THIS 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF
NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE,
NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE CLOSED-END ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

 

HOLDERS OF THIS 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THEY EITHER (A) ARE NOT, AND ARE NOT ACQUIRING AND
HOLDING THE 20[  ]-[  ] CLOSED-END EXCHANGE NOTE ON BEHALF OF, A PLAN OR A GOVERNMENTAL OR CHURCH PLAN THAT
IS SUBJECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR TO ANY FEDERAL, STATE, FOREIGN OR LOCAL LAW THAT IS SUBSTANTIALLY
SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (B) THEIR ACQUISITION AND
HOLDING OF THE 20[  ]-[  ] CLOSED-END EXCHANGE NOTE THROUGHOUT THE PERIOD THAT IT HOLDS THE 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE (OR, IN THE CASE OF A GOVERNMENTAL OR CHURCH PLAN, A VIOLATION OF ANY SIMILAR FEDERAL, STATE, FOREIGN OR LOCAL

 

    	 	Ex. A-1	 

     

    

 

LAW). IN ADDITION, IF THE
HOLDERS ARE, OR ARE ACTING ON BEHALF OF, A PLAN, THE FIDUCIARIES OF SUCH PLAN WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED
THAT THEY HAVE BEEN INFORMED OF AND UNDERSTAND THE BORROWER'S INVESTMENT OBJECTIVES, POLICIES AND STRATEGIES AND THAT THE DECISION
TO INVEST SUCH PLAN'S ASSETS IN THE 20[  ]-[  ] CLOSED-END EXCHANGE NOTE WAS MADE WITH APPROPRIATE CONSIDERATION
OF RELEVANT INVESTMENT FACTORS WITH REGARD TO SUCH PLAN AND IS CONSISTENT WITH THE DUTIES AND RESPONSIBILITIES IMPOSED UPON FIDUCIARIES
WITH REGARD TO THEIR INVESTMENT DECISIONS UNDER ERISA.

 

NEITHER THIS 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE CLOSED-END
ADMINISTRATIVE AGENT AND THE BORROWER A DULY EXECUTED INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT D TO THE COLLATERAL AGENCY
AGREEMENT. THE PURCHASER UNDERSTANDS AND AGREES THAT ANY PURPORTED TRANSFER OF THIS 20[  ]-[  ] CLOSED-END
EXCHANGE NOTE OR ANY INTEREST HEREIN IN VIOLATION OF THE PRECEDING SENTENCE SHALL BE VOID AND OF NO EFFECT.

 

THE PRINCIPAL OF THIS 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS
20[  ]-[  ] CLOSED-END EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

    	 	Ex. A-2	 

     

    

 

REGISTERED

 

$[     ]

 

No. 1

 

[  ]% 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE

 

WORLD OMNI LT, as
borrower (the "Borrower"), for value received, hereby promises to pay to AUTO LEASE FINANCE LLC,
and its registered assigns, the registered holder from time to time of this 20[  ]-[  ] Closed-End Exchange
Note (the "20[  ]-[  ] Exchange Noteholder"), the principal sum of [                              ]
(U.S. $[          ]) payable on each Closed-End Exchange Note Payment Date in
an amount equal to the Exchange Note Principal Payment Amount for such Closed-End Exchange Note Payment Date pursuant to Section
13.2 of the 20[  ]-[  ] Closed-End Exchange Note Supplement (or such other date as specified therein);
provided, however, that (i) the entire unpaid principal amount of this Note will be due and payable on [          ],
20[  ] (the "20[  ]-[  ] Final Scheduled Payment Date") and (ii) this 20[  ]-[  ]
Closed-End Exchange Note (this "Note") may be redeemed earlier than the 20[  ]-[  ]
Final Scheduled Payment Date pursuant to Section 15.1 of the 20[  ]-[  ] Servicing Supplement,
dated as of [      ], 20[  ], among World Omni Financial Corp., as servicer (the "Closed-End
Servicer"), the Closed-End Collateral Agent (as defined below), and the Borrower (the "20[  ]-[  ]
Closed-End Servicing Supplement"). This Note has been issued pursuant to the Fourth Amended and Restated Collateral
Agency Agreement, dated as of December 15, 2009 (the "Collateral Agency Agreement"), among the Borrower,
AL Holding Corp. ("ALHC"), as collateral agent (in such capacity, the "Closed-End Collateral
Agent"), Bank of America, N.A., as deal agent (the "Deal Agent"), U.S. Bank National Association
("U.S. Bank"), as administrative agent (in such capacity, the "Closed-End Administrative Agent"),
and the other Secured Parties from time to time party to such agreement, as supplemented by the 20[  ]-[  ]
Closed-End Exchange Note Supplement, dated as of [      ], 20[  ], between the Borrower
and Auto Lease Finance LLC, as initial beneficiary (the "Initial Beneficiary"), (the "20[  ]-[  ]
Closed-End Exchange Note Supplement"). References hereinafter to the "Collateral Agency Agreement"
are to the Collateral Agency Agreement (as defined above), as supplemented by the 20[  ]-[  ] Closed-End Exchange
Note Supplement.

 

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

 

The Borrower will pay interest
on this Note in an amount equal to the 20[  ]-[  ] Exchange Note Interest Amount until the principal of this
Note is paid or made available for payment. The amount of interest due on this Note on each Closed-End Exchange Note Payment Date
will be calculated on the basis of the 20[  ]-[  ] Closed-End Exchange Note Balance outstanding on the preceding
Closed-End Exchange Note Payment Date (after giving effect to all payments of principal made on the preceding Closed-End Exchange
Note Payment Date), and will be subject to certain limitations contained in Section 13.2 of the 20[  ]-[  ]
Closed-End

 

    	 	Ex. A-3	 

     

    

 

Exchange Note Supplement.
Such principal of and interest on this Note will be paid in the manner specified on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Borrower with respect to this Note will be applied to interest on
and principal of this Note in the manner set forth in the 20[  ]-[  ] Closed-End Exchange Note Supplement.

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	Ex. A-4	 

     

    

 

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

 

Date: [      ],
20[  ]

 

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

 

ADMINISTRATIVE AGENT'S
CERTIFICATE OF AUTHENTICATION

 

This is the 20[  ]-[  ]
Closed-End Exchange Note designated above and referred to in the within-mentioned 20[  ]-[  ] Closed-End Exchange
Note Supplement.

 

Date:
[      ], 20[  ]

 

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

 

    	 	Ex. A-5	 

     

    

 

REVERSE OF 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE

 

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

 

Interest on and principal
of this Note will be payable in accordance with the priority of payments set forth in Section 13.2 of the 20[  ]-[  ]
Closed-End Exchange Note Supplement.

 

Principal of this Note will
be payable on each Closed-End Exchange Note Payment Date (or such other date as specified in Section 13.2 of the
20[  ]-[  ] Closed-End Exchange Note Supplement) in an amount equal to the 20[  ]-[  ]
Closed-End Exchange Note Principal Distribution Amount for such Closed-End Exchange Note Payment Date. "Closed-End Exchange
Note Payment Date" means the 15th day of each calendar month or, if any such day is not a Business Day, the next Business
Day, commencing [          ], 20[  ].

 

As described on the face
hereof, the entire unpaid principal amount of this Note will be due and payable on the 20[  ]-[  ] Final Scheduled
Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date
on which an Exchange Note Default with respect to this Note has occurred and is continuing and the 20[  ]-[  ]
Exchange Noteholder has declared the Note to be immediately due and payable in the manner provided in the Collateral Agency Agreement.

 

Payments of interest on this
Note on each Closed-End Exchange Note Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, will be made to the account of the registered holder hereof either by wire transfer in immediately available
funds, to the account of such 20[  ]-[  ] Exchange Noteholder or an account designated by the 20[  ]-[  ]
Exchange Noteholder at a bank or other entity having appropriate facilities therefor if such 20[  ]-[  ] Exchange
Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five (5) Business Days prior to
such Closed-End Exchange Note Payment Date or, if not, by check mailed first-class mail postage prepaid to the 20[  ]-[  ]
Exchange Noteholder's address as it appears on the Exchange Note Register prior to such Closed-End Exchange Note Payment Date,
except that the final installment of principal payable on this 20[  ]-[  ] Closed-End Exchange Note on a Closed-End
Exchange Note Payment Date or the 20[  ]-[  ] Final Scheduled Payment Date will be payable only upon the presentation
and surrender of this Note in the manner set forth in Section 6.7(b) of the Collateral Agency Agreement. Such payments
will be made without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note effected by any payments made on any Closed-End Exchange Note Payment Date will be binding upon all future 20[  ]-[  ]
Exchange Noteholders of this Note and of any Note issued

 

    	 	Ex. A-6	 

     

    

 

upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Collateral Agency Agreement, for payment in full of the then remaining unpaid principal amount of this Note on
a Closed-End Exchange Note Payment Date, then the Closed-End Administrative Agent will notify the 20[  ]-[  ]
Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this Note
will be paid not later than five (5) days prior to such date. Such notice will specify that such final installment will be payable
only upon presentation and surrender of this Note and will specify the place where this Note may be presented and surrendered for
payment of such installment.

 

The transfer of this Note
is subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Collateral
Agency Agreement. Subject to the satisfaction of such restrictions and limitations, the transfer of this Note may be registered
on the Exchange Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the
Borrower pursuant to the Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Closed-End Administrative Agent duly executed by, the 20[  ]-[  ] Exchange Noteholder hereof
or the 20[  ]-[  ] Exchange Noteholder's attorney duly authorized in writing, with such signature guaranteed
by an "eligible guarantor institution" meeting the requirements of the Exchange Note Registrar, and thereupon a new 20[  ]-[  ]
Closed-End Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge
will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient
to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

The 20[  ]-[  ]
Exchange Noteholder, by accepting this Note acknowledges and agrees that (i) if an Exchange Note Default occurs, any claim that
the 20[  ]-[  ] Exchange Noteholder may seek to enforce at any time against the Borrower and the Holding Company
will be limited in recourse to the Closed-End Assets in the related 20[  ]-[  ] Reference Pool, (ii) if, notwithstanding
clause (i), the 20[  ]-[  ] Exchange Noteholder is deemed to have any claim against the assets of the Borrower
and the Holding Company other than the assets included in the Closed-End Assets in the 20[  ]-[  ] Reference
Pool, whether by operation of law, legal process, pursuant to insolvency laws or otherwise (including by virtue of Section 1111(b)
of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims
of the Warehouse Facility Secured Parties and to the holders of (A) all other Closed-End Exchange Notes and (B) in the case of
assets allocated to a Specified Interest other than the Closed-End Collateral Specified Interest, all other asset-backed securities,
the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements
and (iii) it irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to
receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that it may have
at any time against any Other Assets.

 

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

 

    	 	Ex. A-7	 

     

    

 

In addition, the 20[  ]-[  ]
Exchange Noteholder, by accepting this Note, consents to the Closed-End Administrative Agent's delegation under the Closed-End
Administration Agreement to the Closed-End Collateral Agent Administrator of certain of the duties that the Closed-End Administrative
Agent is required to perform on behalf of the Closed-End Collateral Agent pursuant to the Collateral Agency Agreement.

 

The 20[  ]-[  ]
Exchange Noteholder, by accepting this Note, covenants and agrees that for a period of one year and one day after payment in full
of all Trust-Related Obligations (as defined in the Titling Trust Agreement), it will not institute against the Borrower or the
Holding Company, or join in any institution against the Borrower or the Holding Company of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection
with any obligations relating to this Note, the Collateral Agency Agreement, the 20[  ]-[  ] Closed-End Exchange
Note Supplement or any of the other 20[  ]-[  ] Basic Documents.

 

The Borrower has entered
into the 20[  ]-[  ] Closed-End Exchange Note Supplement and this Note is issued with the intention that, for
U.S. federal, State and local income, single business and franchise tax purposes, this Note will qualify as indebtedness of the
Borrower. The 20[  ]-[  ] Exchange Noteholder, by its acceptance of this Note, will be deemed to agree to treat
this 20[  ]-[  ] Closed-End Exchange Note for U.S. federal, State and local income, single business and franchise
tax purposes as indebtedness of the Borrower.

 

Prior to the due presentment
for registration of transfer of this Note, the Borrower and the Closed-End Administrative Agent and any agent of the Borrower or
the Closed-End Administrative Agent may treat the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the 20[  ]-[  ] Closed-End Exchange Note Supplement) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and none of the Borrower, the Closed-End Administrative Agent
or any such agent will be affected by notice to the contrary.

 

The Collateral Agency Agreement
permits the amendment thereof and, under certain circumstances, the consent of the 20[  ]-[  ] Exchange Noteholder
will be required as a condition to the effectiveness of such amendment. Any such consent by the 20[  ]-[  ]
Exchange Noteholder will be conclusive and binding upon the 20[  ]-[  ] Exchange Noteholder and upon all future
holders of this Note and of any 20[  ]-[  ] Closed-End Exchange Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this 20[  ]-[  ]
Closed-End Exchange Note.

 

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

 

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

 

THIS 20[  ]-[  ]
CLOSED-END EXCHANGE NOTE, THE COLLATERAL AGENCY AGREEMENT AND THE 20[  ]-[  ] CLOSED-END EXCHANGE NOTE 

 

    	 	Ex. A-8	 

     

    

 

SUPPLEMENT WILL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

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

 

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

 

[REMAINDER OF THIS PAGE
LEFT INTENTIONALLY BLANK]

 

    	 	Ex. A-9	 

     

    

 

ASSIGNMENT

 

Social Security or taxpayer
I.D. or other identifying number of assignee.

 

_____________________________________________________________________________________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers without

 

recourse unto _____________________________________________________________________________________

(name and address of assignee)

 

the within 20[  ]-[  ]
Closed-End Exchange Note and all rights thereunder, and hereby irrevocably constitutes and appoints ________________, attorney,
to transfer said 20[  ]-[  ] Closed-End Exchange Note on the books kept for registration thereof, with full
power of substitution in the premises.

 

Date:

 

	 	 	 
	 	Signature Guaranteed	 

 

    	 	Ex. A-10EXHIBIT 10.5

 

FIFTH AMENDED AND RESTATED SERVICING AGREEMENT

 

Dated as of
December 15, 2009

 

among

 

WORLD OMNI FINANCIAL CORP.,

as Closed-End
Servicer,

 

WORLD OMNI LT,

as Titling
Trust,

 

and

 

AL HOLDING CORP.,

as Closed-End
Collateral Agent

 

Closed-End Servicing Agreement 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I.
	 
	USAGE AND DEFINITIONS
	 
	ARTICLE II.
	 
	DESIGNATION

 

	Section 2.1	Direction to the Closed-End Servicer	2
	Section 2.2	Servicing Supplement	2
	 	 	 
	ARTICLE III.
	 
	THE CLOSED-END SERVICER
	 	 	 
	Section 3.1	Appointment of Closed-End Servicer	3
	Section 3.2	Representations of the Closed-End Servicer	3
	Section 3.3	Liability of the Closed-End Servicer; Indemnities	4
	Section 3.4	Merger or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer	5
	Section 3.5	Delegation of Duties	6
	Section 3.6	World Omni Not to Resign as Closed-End Servicer	6
	Section 3.7	Maintenance and Assignment of Blanket Insurance. Policies; Obligor Insurance Coverage	6
	Section 3.8	Execution of Documents; Licenses and Applications	7
	Section 3.9	Fees and Expenses	8
	Section 3.10	Termination	8
	 	 	 
	ARTICLE IV.
	 
	PURCHASE OF CLOSED-END LEASES AND CLOSED-END VEHICLES
	 	 	 
	Section 4.1	Origination of Closed-End Leases by Dealers; Role of Closed-End Servicer	9
	Section 4.2	Administration and Titling of Closed-End Vehicles	9
	Section 4.3	Purchase of Closed-End Leases and Closed-End Vehicles	10
	Section 4.4	Listing of Vehicle Identification Numbers	10
	Section 4.5	Assignment of Dealer Recourse Rights	10

 

    	 	i	Closed-End Servicing Agreement 

     

    

  

	ARTICLE V.
	 
	COLLECTIONS AND APPLICATION OF FUNDS
	 	 	 
	Section 5.1	Remittance	10
	Section 5.2	Establishment of Certain Accounts; Payments, Disbursements and Reimbursements	12
	Section 5.3	Investment of Amounts in the Accounts	18
	 	 	 
	ARTICLE VI.
	 
	ADMINISTRATION AND SERVICING OF CLOSED-END LEASES
	 	 	 
	Section 6.1	Duties of Closed-End Servicer	19
	Section 6.2	Collection of Payments	20
	Section 6.3	Other Authorized Actions with Respect to the Servicing of the Closed-End Leases	20
	Section 6.4	Custody of Lease Files; Custodial Duties	20
	Section 6.5	Records	22
	Section 6.6	Maintenance of Record Interests in Closed-End Vehicles	22
	Section 6.7	No Impairment	23
	 	 	 
	ARTICLE VII.
	 
	SALE OF CLOSED-END VEHICLES
	 	 	 
	Section 7.1	Return, Repossession and Sale of Closed-End Vehicles	23
	Section 7.2	Procedures Upon Sale	24
	Section 7.3	Security Deposits	24
	 	 	 
	ARTICLE VIII.
	 
	CLOSED-END SERVICER DEFAULT
	 	 	 
	Section 8.1	Facility Servicer Event of Default	25
	Section 8.2	Warehouse Facility Servicer Events of Default	25
	Section 8.3	Exchange Note Servicer Events of Default	26
	Section 8.4	Appointment of Successor Servicer	27
	Section 8.5	Waiver of Servicer Event of Default	29
	 	 	 
	ARTICLE IX.
	 
	REPORTING
	 	 	 
	Section 9.1	Monthly Warehouse Facility Pool Reports	29
	Section 9.2	Monthly Reference Pool Reports	29
	Section 9.3	Annual Statement as to Compliance	29
	Section 9.4	Annual Independent Certified Public Accountants' Report	29

 

    	 	ii	Closed-End Servicing Agreement 

     

    

  

	Section 9.5	Other Notices	30
	 	 	 
	ARTICLE X.
	 
	MISCELLANEOUS
	 	 	 
	Section 10.1	Amendments	30
	Section 10.2	No Legal Title to Closed-End Assets	30
	Section 10.3	Notices	30
	Section 10.4	Third-Party Beneficiaries	31
	Section 10.5	No Petition	31
	Section 10.6	GOVERNING LAW; SUBMISSION TO JURISDICTION	31
	Section 10.7	WAIVER OF JURY TRIAL	31
	Section 10.8	Severability	32
	Section 10.9	Counterparts	32
	Section 10.10	Headings	32
	Section 10.11	Further Assurances	32
	Section 10.12	Agent for Service	32
	Section 10.13	Limitation of Recourse to Titling Trustee	32
	Section 10.14	Waiver of Opinion	33

 

	Exhibit A	Locations of Lease Files
	Exhibit B	Monthly Warehouse Facility Pool Report
	Exhibit C	Form of Closed-End Power of Attorney
	Exhibit D	Dealer Agreement
	Exhibit E	Authorized Officers of U.S. Bank Trust
	Exhibit F	Authorized Officers of U.S. Bank

  

    	 	iii	Closed-End Servicing Agreement 

     

    

 

INDEX OF DEFINED TERMS

 

(Includes terms defined in the Collateral
Agent Assignment Agreement, the Collateral Agency Agreement, the Security Agreement, the ALF LLC Agreement or this Closed-End Servicing
Agreement. References in this Index to Appendix A are to Appendix A to the Collateral Agency Agreement.)

 

	$ 	Appendix A, Page 12
	Additional Warehouse Facilities	Appendix A, Page 3
	Additional Warehouse Facility	Appendix A, Page 3
	Administrative Repurchase	Appendix A, Page 3
	Advance	Appendix A, Page 3
	Adverse Claim	Appendix A, Page 3
	Adverse Selection Criteria	Collateral Agency Agreement, Section 6.2(b) (Subclause (D))
	Affected Party	Appendix A, Page 3
	Affected Trust Asset	Closed-End Servicing Agreement, Section 5.2(b)(iv)
	Affected Trust Assets	Closed-End Servicing Agreement, Section 5.2(b)(iv)
	Affiliate	Appendix A, Page 3
	Affiliated	Appendix A, Page 4
	Aggregate Loan Amount	Appendix A, Page 4
	Agreed Value	ALF LLC Ageement, Section 1.1
	Alabama Trust	Appendix A, Page 4
	Alabama Trustee	Collateral Agency Agreement, Recitals
	Alabama UTI Certificate	Collateral Agency Agreement, Recitals
	ALF LLC	Appendix A, Page 4
	ALF LLC Agreement	Appendix A, Page 4
	ALF LLC Documents	ALF LLC Ageement, Section 1.1
	ALF LLC Indemnified Person	ALF LLC Ageement, Section 7.8(b)
	ALF LP	Appendix A, Page 4
	ALF LP Certificate of Cancellation	ALF LLC Ageement, Section 1.1
	ALF LP Contribution Agreement	Appendix A, Page 4
	ALHC	Appendix A, Page 4
	Applicable Base Margin	Appendix A, Page 4
	Applicable Law	Appendix A, Page 4
	Asset Pool	Appendix A, Page 4
	Assigned Agreements	Collateral Agent Assignment Agreement, SECTION 2(b)
	Assigned Security Interests	Collateral Agent Assignment Agreement, SECTION 2(c)
	Assignee	ALF LLC Ageement, Section 1.1
	Authorized Officer	Appendix A, Page 4
	Automotive Lease Guide	Appendix A, Page 4
	Bank of America	Appendix A, Page 5
	Bankrupt	ALF LLC Ageement, Section 1.1
	Bankruptcy	ALF LLC Ageement, Section 1.1
	Bankruptcy Code	Appendix A, Page 5
	Basic Documents	Appendix A, Page 5
	Beneficial Interest	Appendix A, Page 5
	Board	ALF LLC Ageement, Section 7.2
	Board Resolution	Appendix A, Page 6
	Booked Residual Value	Appendix A, Page 6
	Borrower	1, Appendix A, Page 6
	Borrower Accounts	Security Agreement, Section 2.1(g)
	Borrower Novation	Collateral Agency Agreement, Recitals
	Borrower Novation Agreement	Appendix A, Page 6
	Borrowing Base	Appendix A, Page 6
	Borrowing Base Certificate	Appendix A, Page 6
	Borrowing Request	Appendix A, Page 6

 

    	 	i	Closed-End Servicing Agreement 

     

    

  

	BTM	Appendix A, Page 6
	BTM Fee Letter	Appendix A, Page 6
	BTM Receivables Financing Agreement	Appendix A, Page 6
	BTM Warehouse Facility Agent	BTM Fee Letter
	BTM Warehouse Facility Lender	BTM Fee Letter
	Business Day	Appendix A, Page 6
	CA Assignment Effective Time	Collateral Agent Assignment Agreement, SECTION 2
	CAA Indemnified Parties	Collateral Agency Agreement, Section 2.6(a)
	CAA Indemnified Party	Collateral Agency Agreement, Section 2.6(a)
	CAA Liabilities	Collateral Agency Agreement, Section 2.6(a)
	Capital Contribution	ALF LLC Ageement, Section 1.1
	Carrying Costs	Appendix A, Page 6
	Cash Flow	ALF LLC Ageement, Section 1.1
	Certificate	Appendix A, Page 7
	Certificate of Formation	ALF LLC Ageement, Section 2.3
	Certificate of Merger	ALF LLC Ageement, Section 1.1
	Certificate of Title	Appendix A, Page 7
	Certificates of Merger	ALF LLC Ageement, Section 1.1
	Certificates of Title	Appendix A, Page 7
	Change in Control	Appendix A, Page 7
	Charged-off Lease	Appendix A, Page 7
	Claim	Appendix A, Page 7
	Class	Appendix A, Page 7
	Closed-End Administation Agreement, Section 2.1	Closed-End Administrative Duties
	Closed-End Administration Agreement	Appendix A, Page 7
	Closed-End Administrative Agent	Appendix A, Page 7
	Closed-End Allocable Share	Closed-End Servicing Agreement, Section 5.2(b)(iv)
	Closed-End Asset	Appendix A, Page 7
	Closed-End Certificate	Appendix A, Page 8
	Closed-End Collateral Agent	Appendix A, Page 8
	Closed-End Collateral Specification Notice	Appendix A, Page 8
	Closed-End Collateral Specified Interest	Appendix A, Page 8
	Closed-End Collected Amounts	Appendix A, Page 8
	Closed-End Collections	Appendix A, Page 8
	Closed-End EN Collected Amounts	Appendix A, Page 8
	Closed-End EN Collection Period	Appendix A, Page 8
	Closed-End EN Secured Parties	Appendix A, Page 9
	Closed-End EN Secured Party	Appendix A, Page 9
	Closed-End Exchange Note	Collateral Agency Agreement, Section 6.1(a)
	Closed-End Exchange Note Collections	Appendix A, Page 9
	Closed-End Exchange Note Payment Date	Appendix A, Page 8
	Closed-End Exchange Note Shared Amounts	Collateral Agency Agreement, Section 10.4(b)
	Closed-End Exchange Notes	Collateral Agency Agreement, Section 6.1(a)
	Closed-End Lease	Appendix A, Page 9
	Closed-End Obligor	Appendix A, Page 9
	Closed-End Servicer	Appendix A, Page 9
	Closed-End Servicing Agreement	Appendix A, Page 9
	Closed-End Unit	Appendix A, Page 9
	Closed-End Vehicle	Appendix A, Page 9
	Closed-End Warehouse Additional Amounts	Closed-End Servicing Agreement, Section 5.2(b)(v)
	Closed-End Warehouse Collected Amounts	Appendix A, Page 9
	Closed-End Warehouse Collections	Appendix A, Page 9
	Closed-End Warehouse Excess Funds	Closed-End Servicing Agreement, Section 5.2(b)(v)
	Closed-End Warehouse Facility Lease	Appendix A, Page A-10
	Closed-End Warehouse Facility Vehicle	Appendix A, Page 10
	Closed-End Warehouse Fees and Taxes	Closed-End Servicing Agreement, Section 5.2(d)

 

    	 	ii	Closed-End Servicing Agreement 

     

    

  

	Closed-End Warehouse Servicer Expenses	Closed-End Servicing Agreement, Section 5.2(d)
	Closed-End WH Servicer Reimbursement	Closed-End Servicing Agreement, Section 5.2(d)
	Closing Date	Appendix A, Page 10
	Code	Appendix A, Page 10
	Collateral	Security Agreement, Section 2.1
	Collateral Agency Accession Agreement	Collateral Agency Agreement, Section 2.1(b)
	Collateral Agency Agreement	Appendix A, Page 10
	Collateral Agent Administrator	Appendix A, Page 8
	Collateral Agent Assigned Rights	Collateral Agent Assignment Agreement, SECTION 2
	Collateral Agent Assignee	Collateral Agent Assignment Agreement, Preamble
	Collateral Agent Assignment Agreement	Collateral Agency Agreement, Recitals
	Collateral Agent Assignor	Collateral Agent Assignment Agreement, Preamble
	Collateral Document	Appendix A, Page 10
	Collection Account	Appendix A, Page 10
	Commercial Paper Note	Appendix A, Page 10
	Commission	Appendix A, Page 10
	Commitment	Appendix A, Page 10
	Commitment Period	Appendix A, Page 10
	Commitments	Appendix A, Page 10
	Company	ALF LLC Ageement, Preamble
	Company Account	Appendix A, Page 10
	Company Account Agreement	Appendix A, Page 10
	Company Account Bank	Appendix A, Page 10
	Company Authorized Officer	ALF LLC Ageement, Section 1.1
	Confidential Information	Collateral Agency Agreement, Section 11.8(b)
	Contingent Liabilities	Appendix A, Page 11
	Contingent Liability	Appendix A, Page 10
	Contributed Property	ALF LLC Ageement, Section 1.1
	Contribution	ALF LLC Ageement, Section 3.1(f)
	Corporate Trust Office	Appendix A, Page 11
	Covered Parties	Closed-End Servicing Agreement, Section 3.7(a)
	Credit and Collection Policy	Appendix A, Page 11
	Current Receivables Financing Agreements	Appendix A, Page 11
	Current Warehouse Facilities	Appendix A, Page 11
	Current Warehouse Facility	Appendix A, Page 11
	Cutoff Date	Appendix A, Page 11
	Deal Agent	Appendix A, Page 12
	Dealer	Appendix A, Page 12
	Dealer Agreement	Appendix A, Page 12
	Dealer Recourse Right	Appendix A, Page 12
	Default Notice	Appendix A, Page 12
	Defaulted Receivable	Appendix A, Page 12
	Delaware LLC Act	ALF LLC Ageement, Section 1.1
	Delaware Statutory Trust Act	Appendix A, Page 12
	Delaware Trustee	Appendix A, Page 12
	Delinquent Receivable	Appendix A, Page 12
	Deposit Account	Closed-End Servicing Agreement, Section 5.2(g)
	Director	ALF LLC Ageement, Section 7.2
	Dispose	ALF LLC Ageement, Section 1.1
	Disposing	ALF LLC Ageement, Section 1.1
	Disposition	ALF LLC Ageement, Section 1.1
	Disposition Contract	Appendix A, Page 12
	Dissolution	ALF LLC Ageement, Section 3.1(h)
	Dollar	Appendix A, Page 12
	Draft Account	Appendix A, Page 12
	DTC	Appendix A, Page 13

 

    	 	iii	Closed-End Servicing Agreement 

     

    

 

	Effective Date	Appendix A, Page 13
	Effective MSRP	Appendix A, Page 13
	Eligible State	Appendix A, Page 13
	Enhancement	ALF LLC Ageement, Section 1.1
	ERISA	Appendix A, Page 13
	Eurodollar Loan	Appendix A, Page 13
	Eurodollar Rate (Reserve Adjusted)	Appendix A, Page 13
	Event of Bankruptcy	Appendix A, Page 13
	Exchange Note Accounts	Closed-End Servicing Agreement, Section 5.2(f)
	Exchange Note Allocation Percentage	Appendix A, Page 13
	Exchange Note Balance	Appendix A, Page 13
	Exchange Note Collection Account	Appendix A, Page 14
	Exchange Note Default	Collateral Agency Agreement, Section 8.7(a)
	Exchange Note Interest Amount	Appendix A, Page 14
	Exchange Note Interest Rate	Appendix A, Page 14
	Exchange Note Issuance Date	Collateral Agency Agreement, Section 6.3(c)(i)
	Exchange Note Principal Payment Amount	Appendix A, Page 14
	Exchange Note Reallocation Date	Collateral Agency Agreement, Section 6.2(b)(ii)
	Exchange Note Redemption Date	Appendix A, Page 14
	Exchange Note Redemption Price	Appendix A, Page 14
	Exchange Note Register	Collateral Agency Agreement, Section 6.5(a)
	Exchange Note Registrar	Collateral Agency Agreement, Section 6.5(a)
	Exchange Note Servicer Default	Closed-End Servicing Agreement, Section 8.3(a)
	Exchange Note Supplement	Collateral Agency Agreement, Section 6.1(a)
	Exchange Noteholder	Appendix A, Page 14
	Existing Back-Up Security Agreement	Collateral Agency Agreement, Recitals
	Existing Borrower	Collateral Agency Agreement, Recitals
	Existing Collateral Agency Agreement	Collateral Agency Agreement, Recitals
	Existing Collateral Documents	Collateral Agency Agreement, Recitals
	Existing Receivables Financing Agreements	Collateral Agency Agreement, Recitals
	Existing Security Agreement	Collateral Agency Agreement, Recitals
	Existing Security Interests	Collateral Agency Agreement, Recitals
	Existing Servicing Agreement	Closed-End Servicing Agreement, Preamble
	Existing Warehouse Collateral Agent	Collateral Agency Agreement, Recitals
	Existing Warehouse Facilities	Collateral Agency Agreement, Recitals
	Existing Warehouse Parties	Collateral Agency Agreement, Recitals
	Extension Fee	Appendix A, Page 14
	Facility Default	Appendix A, Page 14
	Facility Limit	Appendix A, Page 14
	Facility Servicer Event of Default	Closed-End Servicing Agreement, Section 8.1(a)
	Federal Funds Rate	Appendix A, Page 14
	Fee Letter	Appendix A, Page 15
	Fees	Appendix A, Page 15
	FICO Score	Appendix A, Page 15
	Filing Collateral	Appendix A, Page 15
	Final Release Date	Security Agreement, Section 2.5(a)
	Final Scheduled Payment Date	Appendix A, Page 15
	Financial Officer	Appendix A, Page 15
	Fiscal Quarter	Appendix A, Page 15
	Fiscal Year	Appendix A, Page 15
	Fitch	Appendix A, Page 15
	Force Majeure	Appendix A, Page 15
	GAAP	Appendix A, Page 15
	Governmental Authorities	Appendix A, Page 16
	Governmental Authority	Appendix A, Page 16
	Grant	Appendix A, Page 16

 

    	 	iv	Closed-End Servicing Agreement 

     

    

  

	Hedge Contract	Appendix A, Page 16
	Holder	Appendix A, Page 16
	Holding Company	Appendix A, Page 16
	Implicit Rate	Appendix A, Page 16
	Indebtedness	Appendix A, Page 16
	Indemnified Person	Appendix A, Page 16
	Independent	Appendix A, Page 17
	Independent Director	ALF LLC Agreement, Section 7.3(a)(1)
	Information Recipients	Collateral Agency Agreement, Section 11.8(a)
	Initial ALF LLC Agreement	ALF LLC Ageement, Recitals
	Initial Beneficiary	Appendix A, Page 17
	Initial Beneficiary Purchase	Collateral Agency Agreement, Section 6.1(a)
	Initial Beneficiary Purchase Date	Collateral Agency Agreement, Section 6.1(a)
	Initial Beneficiary Purchase Notice	Collateral Agency Agreement, Section 6.1(a)
	Initial Beneficiary Purchase Price	Collateral Agency Agreement, Section 6.1(a)
	Initial Trust Documents	ALF LLC Ageement, Section 1.1
	Insurance Expenses	Appendix A, Page 17
	Insurance Policies	Appendix A, Page 17
	Insurance Proceeds	Appendix A, Page 17
	Intercreditor Agreement	Appendix A, Page 17
	Interest Period	Appendix A, Page 17
	Intermediary Funds	Appendix A, Page 18
	Investment Company Act	Appendix A, Page 18
	IRS	Appendix A, Page 18
	Joint Account	Appendix A, Page 18
	Joint Account Agreement	Appendix A, Page 18
	Lease Balance	Appendix A, Page 18
	Lease Files	Appendix A, Page 18
	Lease Funding Account	Appendix A, Page 18
	Lease Funding Account Agreement	Appendix A, Page 18
	Lease Funding Account Bank	Appendix A, Page 19
	Lease Number	Appendix A, Page 19
	Lien	Appendix A, Page 19
	Liquidation Expenses	Appendix A, Page 19
	Liquidation Proceeds	Appendix A, Page 19
	Liquidity Agent	Appendix A, Page 19
	Liquidity Agreement	Appendix A, Page 19
	Liquidity Bank	Appendix A, Page 19
	Managing Member	ALF LLC Ageement, Section 1.1
	Master Exchange Agreement	Appendix A, Page 19
	Material Adverse Effect	Appendix A, Page 19
	Maturity Date	Appendix A, Page 20
	Member	ALF LLC Ageement, Section 1.1
	Membership Interest	ALF LLC Ageement, Section 1.1
	Merger	Collateral Agency Agreement, Recitals
	Merger Agreement	Appendix A, Page 20
	Month End Date	Appendix A, Page 20
	Monthly Exchange Note Report	Closed-End Servicing Agreement, Section 9.2
	Monthly Reporting Date	Appendix A, Page 20
	Monthly Warehouse Facility Pool Report	Closed-End Servicing Agreement, Section 9.1
	Moody's	Appendix A, Page 20
	Multi-Lender Fee Letter	1
	Multi-Lender Receivables Financing Agreement	1, Appendix A, Page 20
	Net Credit Losses	Appendix A, Page 21
	Net Investment Value	Appendix A, Page 21
	Net Liquidation Proceeds	Appendix A, Page 21

 

    	 	v	Closed-End Servicing Agreement 

     

    

  

	New York UCC	Closed-End Servicing Agreement, Section 5.2(g)
	Notice of Hedge Agreement Release	Security Agreement, Section 6.2(a)
	Notice Requirements	Appendix A, Page 20
	Obligation	Appendix A, Page 21
	Obligor	Appendix A, Page 21
	Officer's Certificate	Appendix A, Page 21
	One-Month LIBOR	Appendix A, Page 21
	Open-End Collateral Specification Notice	Appendix A, Page 21
	Open-End Collateral Specified Interest	Appendix A, Page 21
	Open-End Credit and Security Agreement	ALF LLC Ageement, Schedule I
	Opinion of Counsel	Appendix A, Page 21
	Other Assets	Collateral Agency Agreement, Section 10.7(b)(ii)
	Other Liabilities	Collateral Agency Agreement, Section 10.7(c)
	Other Proceeds	Appendix A, Page 22
	Other Reference Pool	Collateral Agency Agreement, Section 10.4(b)
	Outstanding	Appendix A, Page 22
	Outstanding Principal Balance	Appendix A, Page 22
	Pass-Through Entity	ALF LLC Ageement, Section 4.4(d)(1)
	Payment Ahead	Appendix A, Page 22
	Payment Information	Appendix A, Page 23
	Payoff Concession Vehicle	Appendix A, Page 23
	Percentage	Appendix A, Page 23
	Permitted Activities	ALF LLC Ageement, Section 3.1
	Permitted Activity	ALF LLC Ageement, Section 3.1
	Permitted Investments	Appendix A, Page 23
	Permitted Lien	Appendix A, Page 24
	Person	Appendix A, Page 24
	Plan	Appendix A, Page 24
	Posted	Appendix A, Page 25
	Prepayment	Appendix A, Page 25
	Pro Rata Share	Appendix A, Page 25
	Proceeding	Appendix A, Page 25
	Protected Purchaser	Collateral Agency Agreement, Section 6.6(a)
	QI Administrator	Appendix A, Page 25
	Qualified Institution	Appendix A, Page 25
	Qualified Intermediary	Appendix A, Page 25
	Qualified Trust Institution	Appendix A, Page 25
	Qualifying Hedge Contract	Appendix A, Page 25
	Qualifying Swap Contract	Appendix A, Page 26
	Rating Agencies	Appendix A, Page 26
	Rating Agency	Appendix A, Page 26
	Receivable	Appendix A, Page 26
	Receivables Financing Agreement	Appendix A, Page 26
	Receivables Financing Agreements	Appendix A, Page 26
	Reference Pool	Collateral Agency Agreement, Section 6.2(a)
	Reference Pool Reallocation Notice	Collateral Agency Agreement, Section 6.2(b)
	Reference Pool Servicing Fee	Appendix A, Page 27
	Registered Pledgee	Appendix A, Page 27
	Regulation D	Appendix A, Page 27
	Regulatory Change	Appendix A, Page 27
	Released Collateral	Security Agreement, Section 6.3
	Released Intermediary Funds	Appendix A, Page 27
	Relevant Entities	Appendix A, Page 27
	Relevant Entity	Appendix A, Page 27
	Relinquished Vehicle	Appendix A, Page 27
	Relinquished Vehicle Proceeds	Appendix A, Page 28

 

    	 	vi	Closed-End Servicing Agreement 

     

    

  

	Replacement Vehicle	Appendix A, Page 28
	Replacement Vehicle Purchase Price	Appendix A, Page 28
	Required Deposit Amount	Closed-End Servicing Agreement, Section 5.1(d)(ii)
	Required Lease Funding Account Balance	Appendix A, Page 28
	Required Remittance Date	Appendix A, Page 28
	Required Secured Parties	Appendix A, Page 28
	Required Warehouse Lenders	Appendix A, Page 29
	Restricted Pool	Appendix A, Page 29
	Restricted Pool Condition	Appendix A, Page 29
	Restricted Pool Condition Failure Notice	Collateral Agency Agreement, Section 8.15
	Return Date	Appendix A, Page 29
	Returned Lease Vehicle Inventory	Appendix A, Page 29
	Returned Vehicle	Appendix A, Page 29
	Returned Vehicle Disposition	Appendix A, Page 29
	RV Adjustment Funds	Appendix A, Page 30
	S&P	Appendix A, Page 31
	Schedule of Leases and Vehicles	Appendix A, Page 29
	Scheduled Commitment Termination Date	Appendix A, Page 29
	Scheduled Payment	Appendix A, Page 29
	Secured Obligation	Security Agreement, Section 2.2
	Secured Obligations	Security Agreement, Section 2.2
	Secured Parties	Appendix A, Page 30
	Secured Party	Appendix A, Page 30
	Securities Account	Closed-End Servicing Agreement, Section 5.2(g)
	Securities Act	Appendix A, Page 30
	Securities Intermediary	Appendix A, Page 18
	Securitization Entities	ALF LLC Ageement, Section 3.1(j)
	Securitization Entity	ALF LLC Ageement, Section 3.1(j)
	Security Agreement	Appendix A, Page 30
	Security Agreement Consenting Parties	Security Agreement, Preamble
	Security Agreement Consenting Party	Security Agreement, Preamble
	Security Deposit	Appendix A, Page 30
	Series	Appendix A, Page 30
	Servicer	1
	Servicer Event of Default	Appendix A, Page 30
	Servicing Agreement	ALF LLC Ageement, Section 1.1
	Servicing Fee	Appendix A, Page 30
	Servicing Fee Rate	Appendix A, Page 30
	Servicing Supplement	Closed-End Servicing Agreement, Section 2.2
	Shared Amount	Appendix A, Page 30
	Special Member	ALF LLC Ageement, Section 4.6
	Specification Notice	Appendix A, Page 30
	Specified Asset Titling Trust Administrator Fee	Appendix A, Page 31
	Specified Assets	Appendix A, Page 30
	Specified Interest	Appendix A, Page 30
	Standard & Poor's	Appendix A, Page 31
	State	Appendix A, Page 31
	Stated Maturity Date	Appendix A, Page 31
	Subordinated Interest	Appendix A, Page 44
	Subsidiaries	Appendix A, Page 31
	Subsidiary	Appendix A, Page 31
	Substitute Member	ALF LLC Ageement, Section 1.1
	Tangible Net Worth	Appendix A, Page 31
	Titling Trust	Appendix A, Page 31
	Titling Trust Administrator	Appendix A, Page 31
	Titling Trust Administrator Fee	Appendix A, Page 31

 

    	 	vii	Closed-End Servicing Agreement 

     

    

  

	Titling Trust Agreement	Appendix A, Page 31
	Titling Trust Assets	Appendix A, Page 31
	Titling Trust Debt	Appendix A, Page 31
	Titling Trust Lease	Appendix A, Page 31
	Titling Trust Vehicle	Appendix A, Page 32
	Titling Trustee	Appendix A, Page 32
	Titling Trustee Agent	Appendix A, Page 32
	Titling Trustee Fee	Appendix A, Page 32
	Total Shared Amount	Collateral Agency Agreement, Section 10.4(b)
	Transfer	Collateral Agency Agreement, Section 6.5(f)(iv)
	Transfer Agreements	ALF LLC Ageement, Section 3.1(l)
	Treasury Regulations	Appendix A, Page 32
	TRO Holder	ALF LLC Ageement, Section 1.1
	Trust Documents	ALF LLC Ageement, Section 1.1
	Trust-Related Obligations	Appendix A, Page 32
	Turn-in Ratio	Appendix A, Page 32
	U.S. Bank	Appendix A, Page 32
	U.S. Bank Trust	Appendix A, Page 33
	UCC	Appendix A, Page 32
	Undertaking	Appendix A, Page 32
	Unmatured Warehouse Facility Termination Event	Appendix A, Page 32
	Unpaid Titling Trust Debt	Appendix A, Page 32
	UTI	Collateral Agency Agreement, Recitals
	VT Inc.	Appendix A, Page 33
	Warehouse Facilities	Appendix A, Page 33
	Warehouse Facility	Appendix A, Page 33
	Warehouse Facility Agent	1, Appendix A, Page 33
	Warehouse Facility Allocation Percentage	Appendix A, Page 33
	Warehouse Facility Lender	Appendix A, Page 33
	Warehouse Facility Lender Percentage	Appendix A, Page 33
	Warehouse Facility Lender Transfer	Security Agreement, Section 2.6(a)
	Warehouse Facility Lender Transferee	Security Agreement, Section 2.6(a)
	Warehouse Facility Lender Transferred Interest	Security Agreement, Section 2.6(a)
	Warehouse Facility Lenders	Appendix A, Page 33
	Warehouse Facility Note	Appendix A, Page 33
	Warehouse Facility Pool	Appendix A, Page 33
	Warehouse Facility Pool Servicing Fee	Appendix A, Page 34
	Warehouse Facility Secured Parties	Appendix A, Page 34
	Warehouse Facility Secured Party	Appendix A, Page 34
	Warehouse Facility Servicer Default	Closed-End Servicing Agreement, Section 8.2(a)
	Warehouse Facility Shared Amounts	Collateral Agency Agreement, Section 10.4(a)
	Warehouse Facility Termination Event	Appendix A, Page 34
	Warehouse Pool Reallocation Date	Collateral Agency Agreement, Section 6.2(e)
	Warehouse Pool Reallocation Notice	Collateral Agency Agreement, Section 6.2(e)
	Wind-Down Event	Appendix A, Page 34
	Wind-Down Period	Appendix A, Page 34
	WOLT	Appendix A, Page 34
	World Omni	Appendix A, Page 34

 

 

    	 	viii	Closed-End Servicing Agreement 

     

    

  

FIFTH AMENDED AND RESTATED SERVICING AGREEMENT,
dated as of December 15, 2009 (this "Closed-End Servicing Agreement"), among (i) WORLD OMNI FINANCIAL
CORP., a Florida corporation ("World Omni"), as servicer (in such capacity, the "Closed-End
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").

 

BACKGROUND

 

1.          As
of July 16, 2008, (A) VT Inc., an Alabama corporation ("VT Inc."), as trustee of World Omni LT, an Alabama
trust (the "Alabama Trust") merged with and into the Titling Trust, with the Titling Trust surviving, pursuant
to which the Titling Trust, by operation of law (1) assumed all of the obligations of the Alabama Trust under the Existing Servicing
Agreement and (2) acquired all of the assets of the Alabama Trust, and (B) the parties hereto entered into that certain Fourth
Amended and Restated Servicing Agreement (the “Existing Servicing Agreement”).

 

2.          The
assets of the Alabama Trust so acquired by the Titling Trust will be allocated initially to a Specified Interest of the Titling
Trust designated as the "Closed-End Collateral Specified Interest."

 

3.          The
Titling Trust is governed by the Titling Trust Agreement (as defined in the Collateral Agency Agreement (as defined below)), which
contemplates that the Titling Trust may enter into a Servicing Agreement (as defined in the Titling Trust Agreement) providing
for the administration and servicing of the Specified Assets allocated to any Specified Interest of the Titling Trust.

 

4.          The
parties now wish to amend and restate the Existing Servicing Agreement, to provide that such agreement will constitute the "Servicing
Agreement" (as defined in Titling Trust Agreement) with respect to the Closed-End Collateral Specified Interest.

 

The Existing Servicing Agreement is now amended
and restated in its entirety as follows:

 

ARTICLE
I.

 

USAGE
AND DEFINITIONS

 

Capitalized terms used but not otherwise defined
in this Closed-End Servicing Agreement or in Appendix 1 to the applicable Servicing Supplement have the meanings
assigned to such terms under Appendix A to the Fourth Amended and Restated Collateral Agency Agreement, dated as
of December 15, 2009 (the "Collateral Agency Agreement"), among 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. Appendix A to the Collateral Agency Agreement is hereby incorporated by
reference into, and made applicable to, this Closed-End Servicing Agreement. Appendix A to the Collateral Agency
Agreement also contains rules as to usage applicable to this Closed-End Servicing Agreement.

 

    	 		Closed-End Servicing Agreement 

     

    

 

ARTICLE
II.

 

DESIGNATION

 

Section 2.1           Direction
to the Closed-End Servicer.

 

Pursuant to the Titling Trust Agreement, the Titling
Trust directs the Closed-End Servicer to deliver on its behalf any notices with respect to the acquisition or disposition of assets
as may be required to be delivered to the Titling Trust Administrator pursuant to the Titling Trust Agreement in connection with
the sale of any Closed-End Lease, Closed-End Unit or Closed-End Vehicle. So long as World Omni remains both the Closed-End Servicer
and the Titling Trust Administrator, World Omni will be deemed to have delivered any such notice when it indicates, in its capacity
as Titling Trust Administrator, the assignment of the applicable Closed-End Unit on the books and records maintained with respect
to the Titling Trust.

 

Section 2.2           Servicing
Supplement.

 

Upon the issuance of a Closed-End Exchange Note
pursuant to Section 6.1 of the Collateral Agency Agreement, the Closed-End Servicer, the Closed-End Collateral Agent
and the Titling Trust may enter into a supplement to this Closed-End Servicing Agreement (each, a "Servicing Supplement")
that sets forth any specific rights and duties of the Closed-End Servicer and other agreements and undertakings with respect to
the administration and servicing of the related Reference Pool, including:

 

(i)          the
representations and warranties, if any, to be made by the Closed-End Servicer with respect to the Closed-End Units included in
the related Reference Pool (and with respect to the related Closed-End Leases and Closed-End Vehicles);

 

(ii)         the
indemnification by the Closed-End Servicer of the related Exchange Noteholder, any owner trustee or administrator of the related
Exchange Noteholder, any indenture trustee, note purchaser or underwriter with respect to debt obligations issued by an Exchange
Noteholder and secured by a Closed-End Exchange Note, the respective officers, directors, employees and agents of such Persons,
and any other Person that the Closed-End Servicer agrees to indemnify, in each case with respect to the servicing of the related
Reference Pool;

 

(iii)        the
rate and any other terms with respect to the related Reference Pool Servicing Fee;

 

(iv)        the
manner in which the Closed-End Servicer will service and administer the assets included in the related Reference Pool;

 

(v)         the
purchase of a Closed-End Unit or other remedy to be provided by the Closed-End Servicer upon the breach by the Closed-End Servicer
of a representation, warranty or covenant with respect to such Closed-End Unit; and

 

(vi)        reporting
obligations of the Closed-End Servicer with respect to the related Reference Pool.

 

    	 	2	Closed-End Servicing Agreement 

     

    

  

ARTICLE
III.

 

THE
CLOSED-END SERVICER

 

Section 3.1           Appointment
of Closed-End Servicer.

 

The Titling Trust, pursuant to the authority granted
to it under the Titling Trust Agreement, appoints World Omni as the Closed-End Servicer under this Closed-End Servicing Agreement,
including acting as agent of the Titling Trust and the Closed-End Collateral Agent in the management and control of the Closed-End
Assets, including the Certificates of Title relating to the Closed-End Assets, and for all other purposes set forth in this Closed-End
Servicing Agreement. World Omni accepts such appointments.

 

Section 3.2           Representations
of the Closed-End Servicer.

 

The Closed-End Servicer makes the representations
set forth in this Section 3.2, on which the Titling Trust, the Warehouse Facility Secured Parties, the Deal Agent
and the Closed-End Collateral Agent are relying, and any Exchange Noteholder, in acquiring the related Closed-End Exchange Note,
will rely. Such representations are effective as of the Closing Date.

 

(a)          Organization
and Good Standing. The Closed-End Servicer has been duly organized and is validly existing as a corporation in good
standing under the laws of the State of Florida, with the power and authority to own or lease its properties and to conduct its
activities as such properties are currently owned or leased and such activities are currently conducted, and had at all relevant
times, and has, the power and authority to service the Closed-End Leases and Closed-End Vehicles and to hold the Lease Files as
custodian on behalf of the Titling Trust and the Closed-End Collateral Agent.

 

(b)          Due
Qualification. The Closed-End Servicer is duly qualified to do business as a foreign corporation in good standing,
and has obtained all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the
conduct of its activities (including the servicing of the Closed-End Leases and Closed-End Vehicles as required by this Closed-End
Servicing Agreement) requires such qualifications, unless the failure to obtain such qualifications, licenses or approvals would
not reasonably be expected to have a material adverse effect on the ability of the Closed-End Servicer to perform its obligations
under this Closed-End Servicing Agreement or the other Basic Documents to which it is a party.

 

(c)          Power
and Authority; Authorization; Execution and Delivery; Binding Obligation. The Closed-End Servicer has the power and
authority to execute, deliver and perform its obligations under this Closed-End Servicing Agreement and the other Basic Documents
to which it is a party. The Closed-End Servicer has duly authorized the execution and delivery of this Closed-End Servicing Agreement
and the other Basic Documents to which it is a party by all necessary corporate action. This Closed-End Servicing Agreement and
each other Basic Document to which the Closed-End Servicer is a party have been duly executed and delivered by the Closed-End Servicer.
This Closed-End Servicing Agreement and each other Basic Document to which the Closed-End Servicer is a party constitute legal,
valid and binding obligations of the Closed-End Servicer, enforceable against the Closed-End Servicer in accordance with their
terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization or other laws relating to or affecting
the enforcement of creditors' rights and by general equitable principles.

 

(d)          No
Violation. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Closed-End
Servicing Agreement and each other Basic Document to

 

    	 	3	Closed-End Servicing Agreement 

     

    

  

which it is a party will not (i) conflict with, result in any breach
of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its articles
or certificate of incorporation or by-laws, any material indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing
agreement or similar agreement or instrument to which the Closed-End Servicer is a party or by which the Closed-End Servicer is
bound (in each case material to the Closed-End Servicer and its subsidiaries considered as a whole), (ii) result in the creation
or imposition of any Lien (material to the Closed-End Servicer and its subsidiaries considered as a whole) upon any of its properties
pursuant to any such agreement or instrument (other than Liens contemplated by this Closed-End Servicing Agreement or any of the
other Basic Documents to which it is a party) or (iii) violate or contravene any law or, to the Closed-End Servicer's knowledge,
any order, rule or regulation applicable to the Closed-End Servicer of any court or any Governmental Authority having jurisdiction
over the Closed-End Servicer or its properties, the failure to comply with which would reasonably be expected to have a material
adverse effect upon the ability of the Closed-End Servicer to perform its obligations under this Closed-End Servicing Agreement
or any other Basic Document to which it is a party.

 

(e)          No
Proceedings. There are no proceedings pending, or, to the Closed-End Servicer's knowledge, threatened, and to the Closed-End
Servicer's knowledge there are no investigations pending or threatened, against or affecting the Closed-End Servicer or its property
before any Governmental Authority: (i) asserting the invalidity or unenforceability of the Closed-End Exchange Notes, this Closed-End
Servicing Agreement or any of the other Basic Documents, (ii) seeking to prevent the consummation of any of the transactions contemplated
by this Closed-End Servicing Agreement or any of the other Basic Documents or (iii) seeking any determination or ruling that would
reasonably be expected to have a material adverse effect on the ability of the Closed-End Servicer to perform its obligations under
this Closed-End Servicing Agreement or any of the other Basic Documents to which it is a party.

 

Section 3.3           Liability
of the Closed-End Servicer; Indemnities.

 

(a)          The
Closed-End Servicer will be liable under this Closed-End Servicing Agreement only to the extent of the obligations specifically
undertaken by it under this Closed-End Servicing Agreement and under any related Servicing Supplement, as applicable.

 

(b)          The
Closed-End Servicer will indemnify, defend and hold harmless the Titling Trust, the Titling Trustee, the Initial Beneficiary, the
Closed-End Administrative Agent, the Closed-End Collateral Agent, the Deal Agent, each Warehouse Facility Secured Party, each Exchange
Noteholder and their respective officers, directors, employees and agents (each, with respect to this Section 3.3(b),
an "Indemnified Person") from and against any and all liabilities, losses, damages and expenses that may
be incurred as a result of any act or omission by the Closed-End Servicer (including in its capacity as custodian of the Lease
Files) in connection with its maintenance and custody of the Lease Files, the servicing of the Closed-End Leases, the Closed-End
Servicer's undertakings in Section 3.8 or any other activity undertaken or omitted by the Closed-End Servicer
with respect to any applicable Titling Trust Asset. The obligations set forth in this Section 3.3(b) shall survive
the termination of this Closed-End Servicing Agreement or the resignation or removal of the Closed-End Servicer or either or both
of the Trustees.

 

(c)          For
purposes of this Section 3.3, if the Closed-End Servicer's rights and obligations as Closed-End Servicer are terminated
pursuant to Section 8.1, Section 8.2 or Section 8.3, the Closed-End Servicer nevertheless
will be deemed to continue to be the Closed-End Servicer under this Closed-End Servicing Agreement and any related Servicing Supplement
pending appointment of a successor servicer pursuant to Section 8.4 and assumption by such successor servicer of
the rights and obligations of the Closed-End Servicer under this Closed-End Servicing Agreement and the other Basic

 

    	 	4	Closed-End Servicing Agreement 

     

    

  

Documents. The Titling Trust, the Closed-End Administrative Agent
and the Closed-End Collateral Agent, with the advice and assistance of the Deal Agent, shall use reasonable efforts to cause the
successor Closed-End Servicer to assume such indemnity obligations.

 

(d)          If
the Closed-End Servicer makes any indemnity payments to any Indemnified Person pursuant to this Section 3.3, (i)
the Closed-End Servicer will be subrogated to any rights of such Indemnified Person to recover such amount from any other Person
and (ii) if such Indemnified Person thereafter collects any of such amounts from any other Person, such Indemnified Person will
promptly repay such amounts to the Closed-End Servicer, without interest.

 

Section 3.4           Merger
or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer.

 

(a)          The
Closed-End Servicer shall keep in full effect its existence, rights and franchises as a Florida corporation and will obtain and
preserve its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is required,
whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify would
not have a material adverse effect on the condition, financial or otherwise, of the Closed-End Servicer and its subsidiaries considered
as one enterprise, and in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability
of, or to permit the Closed-End Servicer to perform its obligations under, this Closed-End Servicing Agreement and each of the
other Basic Documents.

 

(b)          The
Closed-End Servicer shall not consolidate with or merge into any other corporation or convey, transfer or lease all or substantially
all of its assets as an entirety to any Person without the prior written consent of the Titling Trustee, on behalf of the Titling
Trust, unless (i) the corporation formed by such consolidation or into which the Closed-End Servicer has merged or the Person which
acquires by conveyance, transfer or lease all or substantially all the assets of the Closed-End Servicer as an entirety (A) is
a citizen of or an entity organized and existing under the laws of the United States or any State and (B) either executes and delivers
to the Titling Trustee, on behalf of the Titling Trust, an agreement in form and substance reasonably satisfactory to the Titling
Trustee, that contains an assumption by such successor entity of the due and punctual performance and observance of each covenant
and condition to be performed or observed by the Closed-End Servicer under this Closed-End Servicing Agreement and the other Basic
Documents or is so bound by operation of law, or (ii) the Closed-End Servicer is the surviving corporation resulting from such
consolidation or merger.

 

(c)          Any
Person (a) into which the Closed-End Servicer may be merged or consolidated, (b) resulting from any merger, conversion, or consolidation
to which the Closed-End Servicer is a party, (c) succeeding to the business of the Closed-End Servicer, or (d) of which the Closed-End
Servicer owns, directly or indirectly, more than 50% of the voting stock or voting power and 50% or more of the economic equity,
which Person in any of the foregoing cases executes an agreement of assumption pursuant to Section 3.4(b) above to
perform every obligation of the Closed-End Servicer under this Closed-End Servicing Agreement, each Servicing Supplement and each
of the other Basic Documents, will be the successor to the Closed-End Servicer under this Closed-End Servicing Agreement, each
Servicing Supplement and each of the other Basic Documents without the execution or filing of any paper or any further act on the
part of any of the parties to this Closed-End Servicing Agreement, any Servicing Supplement or any other Basic Document. The Closed-End
Servicer will provide notice of any such merger, conversion, consolidation or succession to the Closed-End Administrative Agent,
the Deal Agent, the Closed-End Collateral Agent and each Exchange Noteholder.

 

    	 	5	Closed-End Servicing Agreement 

     

    

  

Section 3.5           Delegation
of Duties.

 

So long as World Omni is the Closed-End Servicer,
the Closed-End Servicer may without notice or consent delegate any or all of its duties under this Closed-End Servicing Agreement
to any company or other business entity of which World Omni owns, directly or indirectly, more than 50% of the voting stock or
voting power and 50% or more of the economic equity. The Closed-End Servicer may perform any of its duties through subcontractors.
No such delegation or subcontracting will relieve the Closed-End Servicer of its responsibilities with respect to such duties and
the Closed-End Servicer will remain primarily responsible with respect thereto. The Closed-End Servicer will be solely responsible
for the fees of any such delegates or sub-contractors.

 

Section 3.6           World
Omni Not to Resign as Closed-End Servicer.

 

Except as provided in Section 8.4,
the Closed-End Servicer shall not resign from the duties and obligations hereby imposed on it as Closed-End Servicer except upon
determination by its Board of Directors, or a duly authorized committee thereof, that by reason of change in applicable legal requirements
the continued performance by the Closed-End Servicer of its duties as Closed-End Servicer under this Closed-End Servicing Agreement
would cause it to be in violation of such legal requirements in a manner that would result in a material adverse effect on the
Closed-End Servicer or its financial condition, said determination to be evidenced by a Board Resolution of the Closed-End Servicer
to such effect accompanied by an Opinion of Counsel reasonably satisfactory to the Titling Trustee of independent counsel reasonably
satisfactory to the Titling Trustee, to such effect. No such resignation shall become effective unless and until a new servicer
is willing to service the Closed-End Leases and enters into a servicing agreement with the Titling Trust (acting at the direction
of the Person or Persons entitled to give such direction under the Collateral Agency Agreement or, if no such Person, the Titling
Trust Administrator), such agreement to have substantially the same provisions as this Closed-End Servicing Agreement. The Titling
Trustee, on behalf of the Titling Trust, shall not unreasonably fail to consent to such a servicing agreement.

 

Section 3.7           Maintenance
and Assignment of Blanket Insurance. Policies; Obligor Insurance Coverage.

 

(a)          Maintenance
and Assignment of Blanket Insurance Policies. The Closed-End Servicer will at all times maintain, or cause to be maintained,
Insurance Policies (which may be blanket policies covering the Closed-End Servicer and all of its Affiliates) with respect to the
Closed-End Assets that are consistent with the insurance, if any, that the Closed-End Servicer maintains from time to time for
its own portfolio of leases and related leased vehicles. The Closed-End Servicer assigns to the Titling Trust, the Initial Beneficiary,
the Closed-End Administrative Agent, the Closed-End Collateral Agent, each Warehouse Facility Secured Party and each Exchange Noteholder
(the "Covered Parties") its rights to proceeds under each such Insurance Policy maintained by it or any
of its Affiliates, and agrees that all insurance carried pursuant to this Section 3.7(a) will cover the interests
of the Covered Parties, in each case to the extent relating to the Closed-End Assets. Upon its termination as Closed-End Servicer
as to all or any part of the Closed-End Assets, the Closed-End Servicer shall either continue to maintain such Insurance Policies,
the premium for which shall constitute an expense of the Titling Trust, or provide for equivalent Insurance Policies to any substitute
or successor Closed-End Servicer. To the extent commercially available, the Closed-End Servicer shall also maintain a fidelity
bond in such form and amount as is customary for financial institutions acting as custodian of funds and documents in respect of
mortgage loans or consumer receivables on behalf of institutional investors.

 

(b)          Vicarious
Liability. To the extent that the Closed-End Servicer self-insures vicarious liability suffered by the Covered Parties
that arises out of the use or operation of the Closed-End

 

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Vehicles, the Closed-End Servicer will indemnify the Covered Parties
for any uninsured losses relating to such vicarious liability.

 

(c)          The
Closed-End Servicer shall use commercially reasonable efforts to ensure that the Obligor under each Closed-End Lease shall have,
and maintain in full force and effect during the term of such Closed-End Lease, a comprehensive, collision and property damage
insurance policy covering the actual cash value of the Closed-End Vehicle to which such Closed-End Lease relates and naming the
Titling Trust as a loss payee, as well as public liability, bodily injury and property damage coverage equal to the greater of
the amounts required by applicable state law or industry standards as set forth in the Closed-End Lease, and naming the Titling
Trust as an additional insured. In the event that at any time any proceeds of any such insurance policy would be recoverable and
otherwise paid to the Titling Trust as loss payee but for the fact that: (a) such insurance policy has lapsed (without the obtaining
by the related Obligor (or the Closed-End Servicer, on behalf of such Obligor) of a new insurance policy meeting the requirements
of the immediately preceding sentence); (b) the Closed-End Servicer has failed to maintain the Titling Trust's rights to receive
all proceeds of such insurance policy up to the full amount of the Obligor's obligations under the related Closed-End Lease (but
not exceeding the policy limits); or (c) such insurance policy has not been maintained in full force and effect prior to the Maturity
Date of such Closed-End Lease, the Closed-End Servicer shall, as soon as reasonably practicable, remit an amount of cash to the
Lease Funding Account or into the appropriate Exchange Note Collection Account, as the case may be, equal to such amounts as would
at such time otherwise be recoverable in respect of such Closed-End Vehicle as Insurance Proceeds. The foregoing obligation of
World Omni, as the Closed-End Servicer, shall survive the resignation of World Omni as the Closed-End Servicer or any termination
of it as Closed-End Servicer under this Closed-End Servicing Agreement.

 

Section 3.8           Execution
of Documents; Licenses and Applications.

 

(a)          The
Closed-End Servicer will be responsible for compliance by the Titling Trust with all Applicable Laws governing the conduct and
activities of the Titling Trust and its qualifications to do business in any jurisdiction.

 

(b)          The
Closed-End Servicer, at its expense, will obtain all material licenses required by the Applicable Laws of any jurisdiction in which
the Closed-End Servicer, in its sole discretion, deems necessary for the conduct of the activities of the Closed-End Servicer,
the Closed-End Collateral Agent and the Titling Trust, or, in the case of the Titling Trust, the ownership of the Closed-End Leases
or the ownership and leasing of the Closed-End Vehicles, and will make all filings and pay all fees as may be required in connection
with such licenses during the term of this Closed-End Servicing Agreement.

 

(c)          The
Closed-End Servicer is authorized and directed, as attorney-in-fact or otherwise, to prepare, execute and deliver, on behalf of
the Initial Beneficiary and the Titling Trust:

 

(i)          any
applications, instruments and other documents deemed necessary or appropriate in the sole discretion of the Closed-End Servicer
to comply with, and effect the purposes of, Section 3.7(a) and (b); and

 

(ii)         any
registration statement to be filed with the United States Securities and Exchange Commission or otherwise, any offering document
(whether relating to a public or private offering) and any financial statements for the Titling Trust to be included in any such
registration statement or offering document.

 

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Section 3.9           Fees
and Expenses.

 

(a)          Warehouse
Facility Pool Servicing Fee. The Titling Trust will pay to the Closed-End Servicer the Warehouse Facility Pool Servicing
Fee in consideration for, among other things, (i) servicing the Warehouse Facility Pool, (ii) the allocable cost of maintaining
Insurance Policies pursuant to Section 3.7(a) and (iii) paying the fees and expenses set forth in Section 3.9(c)
and Section 3.9(d), in each case relating to (or allocable to) the Warehouse Facility Pool. The Warehouse Facility
Pool Servicing Fee will be payable solely from, and the right of the Closed-End Servicer to receive the Warehouse Facility Pool
Servicing Fee will be limited in recourse to, the Closed-End Collections and other amounts applied to the payment of such fee pursuant
to the Collateral Agency Agreement. Following the occurrence of any Warehouse Facility Termination Event, the Revolving Pool Share
of the amounts payable under this Section 3.9(a) shall be paid only on Payment Dates in accordance with the priority
of payments set forth in Section 10.3(a) of the Collateral Agency Agreement. During the Wind-Down Period with respect
to any Warehouse Facility, the applicable Wind-Down Pool Share of the amounts payable under this Section 3.9(a) shall
be paid only on Payment Dates in accordance with the priority of payments set forth in Section 10.3(b) of the Collateral
Agency Agreement.

 

(b)          Reference
Pool Servicing Fee. The Titling Trust will pay to the Closed-End Servicer the Reference Pool Servicing Fee for each
Reference Pool in consideration for, among other things, (i) servicing such Reference Pool, (ii) the allocable cost of maintaining
Insurance Policies pursuant to Section 3.7(a) and (iii) paying the fees and expenses set forth in Section 3.9(c)
and Section 3.9(d), in each case relating to (or allocable to) such Reference Pool. The Reference Pool Servicing
Fee for each Reference Pool will be payable solely from, and the right of the Closed-End Servicer to receive the Reference Pool
Servicing Fee for each Reference Pool will be limited in recourse to, the Closed-End Collections and other amounts applied to the
payment of such fee pursuant to the Collateral Agency Agreement.

 

(c)          Servicing
Expenses. Except as otherwise provided in this Closed-End Servicing Agreement or the Servicing Supplements, the Closed-End
Servicer will be required to pay all expenses incurred by it in connection with its activities under this Closed-End Servicing
Agreement, or any Servicing Supplement, including fees and disbursements of Independent accountants, taxes imposed on the Closed-End
Servicer and expenses incurred in connection with distributions and reports. The Closed-End Servicer will be entitled to reimbursement
of Liquidation Expenses and expenses recoverable under any Insurance Policy.

 

(d)          Other
Fees and Expenses. The Closed-End Servicer will pay from the Servicing Fee: (i) the Titling Trustee Fee to the Titling
Trustee, (ii) the Titling Trust Administrator Fee to the Titling Trust Administrator and (iii) all general corporation, intangible,
franchise, privilege or license taxes with respect to the Closed-End Leases and Closed-End Vehicles, in each case to the extent
allocable to the Closed-End Collateral Specified Interest.

 

Section 3.10         Termination.

 

This Closed-End Servicing Agreement may be terminated
at the option of the Closed-End Servicer or the Titling Trust at any time following the termination of the Commitment Period with
respect to each Warehouse Facility and the payment in full of all Secured Obligations; provided, however,
that the rights and obligations of the parties to this Closed-End Servicing Agreement under Section 10.5
will survive any such termination.

 

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ARTICLE
IV.

 

PURCHASE
OF CLOSED-END LEASES AND CLOSED-END VEHICLES

 

Section 4.1           Origination
of Closed-End Leases by Dealers; Role of Closed-End Servicer.

 

The Closed-End Servicer shall continue to maintain
or enter into, in the ordinary course of its business, Dealer Agreements with the Dealers in Eligible States selected by the Closed-End
Servicer from time to time in its reasonable discretion. The Closed-End Servicer shall provide the Deal Agent with notice of any
proposed change to any Dealer Agreement (or to the form of Dealer Agreement used generally with Dealers) that in the reasonable
opinion of the Closed-End Servicer would be likely to have a material adverse effect upon the Warehouse Facility Secured Parties'
rights under the Warehouse Facilities, and will not enter into any such change without the consent of the Deal Agent, such consent
not to be unreasonably withheld, conditioned or delayed, and shall deliver to each of the Titling Trust and the Deal Agent a copy
of such changed Dealer Agreement (or form of Dealer Agreement).

 

The Closed-End Servicer shall direct each of the
Dealers located within an Eligible State with whom it has such a Dealer Agreement (other than those identified in writing by the
Closed-End Servicer and the Initial Beneficiary to the Titling Trustee from time to time as nonparticipants in the Titling Trust
allocation arrangements with respect to the Closed-End Collateral Specified Interest) to assign to the Titling Trust all approved
Closed-End Leases (other than those types of leases identified in writing by the Closed-End Servicer and the Initial Beneficiary
to the Titling Trustee from time to time), together with the related Certificates of Title, originated by the Dealer. Notwithstanding
anything to the contrary contained herein, however, should any such Dealer fail to assign either a lease or leased vehicle to the
Titling Trust, the Closed-End Servicer shall not be obligated to cause any correction thereof, but, unless and until such error
is corrected, such lease and leased vehicle shall not be included as a Closed-End Asset. Other errors by a Dealer in complying
with the foregoing Closed-End Servicer instructions, if immaterial, shall not affect the status of a lease or leased vehicle as
a Closed-End Asset nor shall the Closed-End Servicer be obligated to correct them.

 

Section 4.2           Administration
and Titling of Closed-End Vehicles.

 

(a)          The
Closed-End Servicer will cause the Certificate of Title for each Closed-End Vehicle acquired pursuant to Section 4.3
to be issued in the name and in the manner specified in the Titling Trust Agreement.

 

(b)          The
Closed-End Servicer will (i) cause (or, if applicable, direct the related Dealer to cause) the Certificate of Title with respect
to each Closed-End Vehicle to reflect "AL Holding Corp.," or such substantially similar words as the relevant Governmental
Authority will accept, as the recorded lienholder or recorded holder of a security interest with respect to each Closed-End Vehicle
that is acquired pursuant to Section 4.3 and (ii) will prepare (or direct the related Dealer to prepare) each application
for a Certificate of Title in a manner that the Closed-End Servicer reasonably determines from time to time is in compliance with
the requirements of Applicable Law of the relevant State in order to perfect the security interest of the Closed-End Collateral
Agent in the relevant Closed-End Vehicle. The Closed-End Collateral Agent will execute all documents, and provide all other assistance,
in each case reasonably requested from time to time by the Closed-End Servicer in connection with the performance of its obligations
under this Section 4.2(b).

 

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Section 4.3           Purchase
of Closed-End Leases and Closed-End Vehicles.

 

Upon origination of a Closed-End Unit in accordance
with Section 4.1, the Closed-End Servicer will cause the related Closed-End Vehicle and, if applicable, the related
Closed-End Lease rights to any related Security Deposit, to be assigned to the Titling Trust against payment of the related proceeds
to the Dealer in accordance with Section 5.2.

 

Section 4.4           Listing
of Vehicle Identification Numbers.

 

The Closed-End Servicer will maintain a list of
the vehicle identification numbers or other identifying account number for all Closed-End Vehicles acquired from time to time by
the Titling Trust. On or prior to the 8th day of each calendar month (or, if such day is not a Business Day, the next Business
Day), the Closed-End Servicer shall (a) cause to be delivered to the Titling Trustee and the Titling Trust Administrator a revised
Schedule of Leases and Vehicles with respect to the Closed-End Collateral Specified Interest, containing data as of the last day
of the prior calendar month, (b) cause to be delivered to the Titling Trustee and the Titling Trust Administrator a report in respect
of the prior calendar month, setting forth (i) any information relating to the Closed-End Leases or the Closed-End Vehicles that
normally would be available from a servicer of closed-end automobile and light-duty truck leases and is reasonably requested by
the Titling Trustee or the Titling Trust Administrator and (ii) if required, any additional information required under the Servicing
Supplement with respect to any Reference Pool, and (c) deliver such other reports or Officer's Certificate as may be necessary
pursuant to the terms of this Closed-End Servicing Agreement to document to the Titling Trustee the Closed-End Servicer's right
to any further reimbursement of unreimbursed Closed-End Warehouse Servicer Expenses.

 

Section 4.5           Assignment
of Dealer Recourse Rights.

 

World Omni hereby assigns to the Titling Trust
all of its Dealer Recourse Rights (but none of its obligations) in respect of the Closed-End Leases arising under each Dealer Agreement.

 

ARTICLE
V.

 

COLLECTIONS
AND APPLICATION OF FUNDS

 

Section 5.1           Remittance.

 

(a)          Identification
and Deposit of Certain Closed-End Collections. Subject to Article VII with regard to Liquidation
Proceeds and Insurance Proceeds, the Closed-End Servicer shall, as to each Closed-End Collected Amount and each Payment Ahead:

 

(i)          upon
Receipt, deposit such amount into its operating account and ascertain promptly (but in any event within two (2) Business Days of
receipt and identification) the related Payment Information;

 

(ii)         on
or prior to the Required Remittance Date, (x) identify the Asset Pool to which such amount relates, (y) deposit such amount (net
of reimbursement of any Liquidation Expenses incurred by the Closed-End Servicer with respect to any Closed-End Vehicle whose Liquidation
Proceeds are included among such funds) into the Collection Account for such Asset Pool and (z) enter the Payment Information into
its computer system; and

 

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(iii)        in
the case of a Payment Ahead, maintain appropriate records so as to be able to timely apply such Payment Ahead as a Scheduled Payment
with respect to the applicable Closed-End Lease.

 

(b)          Combined
Wire Transfers. Transfers by the Closed-End Servicer to any financial institution at which any Titling Trust account
is maintained may include (A) proceeds being deposited in more than one Titling Trust account and (B) proceeds of Closed-End Assets
and Other Proceeds, in each case in a single wire transfer, provided, however, that,
such transfer is accompanied by instructions as to the appropriate divisions of all such proceeds.

 

(c)          Other
Amounts Related to the Warehouse Facility Pool. Upon receipt, the Closed-End Servicer shall deposit into the Lease
Funding Account or the Company Account any other funds received by the Closed-End Servicer with respect to any Closed-End Asset
that are not related to a Reference Pool, including without limitation (1) capital contributions by ALF LLC, as Holder of the Closed-End
Collateral Specified Interest, if and to the extent that such contributions have been designated by ALF LLC as having been made
in respect of the Revolving Pool or any Wind-Down Pool, (2) funds transferred from any Exchange Note Collection Accounts in connection
with the funding of any Reference Pool's share of any allocable Titling Trust expenses and (3) income with respect to any investment
made in the Lease Funding Account.

 

(d)          Master
Exchange Agreement; Required Deposit Amount.

 

(i)          Application
of Relinquished Vehicle Proceeds. Notwithstanding anything to the contrary in this Closed-End Servicing Agreement or in
any other Basic Document, until such time as the assignment of rights under Disposition Contracts to the Qualified Intermediary
pursuant to the Master Exchange Agreement shall cease (and shall not thereafter resume) or, in the case of any Relinquished Vehicle,
such assignment of rights shall be revoked with respect to such Relinquished Vehicle (but at no time thereafter), all Relinquished
Vehicle Proceeds with respect to any Relinquished Vehicle shall be applied in accordance with the provisions of the Master Exchange
Agreement (including Section 4.7 of such agreement).

 

(ii)         Required
Deposit Amount. In the event that, pursuant to paragraph (i), above, any Relinquished Vehicle Proceeds are
not deposited into the applicable Collection Account (and otherwise would have been required to be deposited pursuant to this Closed-End
Servicing Agreement or the applicable Servicing Supplement, as the case may be), the Closed-End Servicer shall deposit into such
Collection Account an amount ("Required Deposit Amount") equal to such non-deposited Relinquished Vehicle
Proceeds within two (2) Business Days of receipt and identification of such proceeds in the manner set forth with respect to Closed-End
Collections generally in this Closed-End Servicing Agreement and the applicable Servicing Supplement. The deposit of such any such
Required Deposit Amount by the Closed-End Servicer with respect to any Relinquished Vehicle shall be treated in all respects as
equivalent to the deposit into the Lease Funding Account or applicable Collection Account of the actual Relinquished Vehicle Proceeds
with respect to such Relinquished Vehicle in accordance with the terms of this Closed-End Servicing Agreement and any applicable
Servicing Supplement, in the same manner as if no assignment had been made with respect to such Relinquished Vehicle pursuant to
Section 4.1 of the Master Exchange Agreement.

 

(iii)        Revocation
or Termination of Assignments Under the Master Exchange Agreement. If at any time the assignment of rights under Disposition
Contracts to the Qualified Intermediary shall cease or if any such assignment of rights shall be revoked with respect to any Relinquished
Vehicle, the Closed-End Servicer shall deposit into the Lease Funding Account or

 

    	 	11	Closed-End Servicing Agreement 

     

    

  

the applicable Collection Account the actual Relinquished
Vehicle Proceeds received by it with respect to such Relinquished Vehicle as otherwise required under this Closed-End Servicing
Agreement and any applicable Servicing Supplement.

 

(iv)        Duties
of Closed-End Servicer Otherwise Unmodified. Notwithstanding anything to the contrary in the Master Exchange Agreement,
nothing in the Master Exchange Agreement shall be deemed to modify, or shall be construed as modifying, any duty or obligation
of the Closed-End Servicer set forth in this Closed-End Servicing Agreement or in the Servicing Supplements except to the extent
expressly set forth in this Closed-End Servicing Agreement, any such Servicing Supplement or the Master Exchange Agreement, and
the Closed-End Servicer shall continue to perform all such duties and obligations in accordance with the terms of this Closed-End
Servicing Agreement and the Servicing Supplements.

 

(e)          Closed-End
Collections on the Reference Pools. Following the applicable Posted Dates, the Closed-End Servicer will deposit the
Closed-End Collections with respect to each Reference Pool into the related Exchange Note Collection Account pursuant to the remittance
schedule set forth in the related Servicing Supplement. If no such remittance schedule is specified in the Servicing Supplement
with respect to any Reference Pool, the Closed-End Servicer will be permitted to retain Closed-End Collections with respect to
such Reference Pool for its own account until such amounts are required to be applied pursuant to the Collateral Agency Agreement,
the applicable Exchange Note Supplement and/or the applicable Servicing Supplement.

 

(f)          Taxes.
The Closed-End Servicer will remit to the appropriate taxing authority all sales and use, monthly rental receipts, personal property
and ad valorem taxes collected by it from the Obligors with respect to the Closed-End Leases and Closed-End Vehicles in accordance
with its Credit and Collection Policy.

 

Section 5.2           Establishment
of Certain Accounts; Payments, Disbursements and Reimbursements.

 

(a)          The
Draft Account; Disbursements to Dealers.

 

(i)          Establishment
and Maintenance of Draft Account. The Closed-End Servicer shall establish and maintain the Draft Account for the
purpose of initially funding payments on behalf of the Titling Trust to Dealers for each Closed-End Lease and Closed-End Vehicle
acquired from a Dealer by the Closed-End Servicer on behalf of the Titling Trust for allocation to the Warehouse Facility Pool.

 

(ii)         Disbursements
to Dealers. Upon the satisfaction by the Dealer of all of the requirements set forth in its Dealer Agreement entitling
the Dealer to payment with respect to the Closed-End Lease and Closed-End Vehicle (including without limitation the execution and
delivery thereby of all instruments of assignment of such Closed-End Lease and Closed-End Vehicle to the Titling Trustee), the
presentation by the Dealer of a properly prepared draft upon the Draft Account in accordance with such Dealer Agreement and the
approval of the draft by the Closed-End Servicer in its ordinary course of business under the Dealer Agreement, the Closed-End
Servicer shall deposit into the Draft Account the amount of such draft.

 

(iii)        Exercise
of Set-Off Against Dealers. Notwithstanding paragraph (ii), above, to the extent that the Closed-End Servicer
shall (subject to and in accordance with its Credit and Collection Policy and normal operating procedures) exercise any right of
set off against any Dealer, whether pursuant to its Dealer Agreement with such Dealer or otherwise, so as to reduce

 

    	 	12	Closed-End Servicing Agreement 

     

    

  

the total of all payments to be made (in any capacity)
by the Closed-End Servicer to the Dealer, the Closed-End Servicer shall reduce the amount of drafts honored in favor of such Dealer
pursuant to this Section 5.2(a) by an amount equal to the product of (x) the total amount of all drafts presented
for payment by such Dealer as of the date of such set off and (y) a fraction (expressed as a percentage) of which (1) the numerator
is equal to the sum of all drafts honored in favor of such Dealer pursuant to this Section 5.2(a) and (2) the denominator
is equal to the sum of all amounts then owed (in any capacity) by the Closed-End Servicer to the Dealer.

 

(b)          Lease
Funding Account.

 

(i)          Establishment
and Maintenance of Lease Funding Account. The Titling Trustee, on behalf of the Titling Trust, will establish and maintain,
with respect to the Closed-End Collateral Specified Interest, a Securities Account to be designated as the "Lease Funding
Account." The Lease Funding Account shall be established and maintained in the name of the Titling Trustee, and, except as
otherwise expressly provided in this Closed-End Servicing Agreement or any other Basic Document, none of the Initial Beneficiary
or any Holder shall have any right to make any withdrawal from the Lease Funding Account without the express written consent of
the Titling Trustee.

 

(ii)         Deposits
and Withdrawals. The Titling Trustee may authorize the Closed-End Servicer to make deposits into, and to make disbursements
from, the Lease Funding Account, in a manner consistent with the terms of this Closed-End Servicing Agreement and each other Basic
Document. Notwithstanding the foregoing, the rights of the Titling Trustee and the Closed-End Servicer with respect to control
over the Lease Funding Account as set forth in this subsection (b) shall cease upon the delivery by the Closed-End
Collateral Agent to the Lease Funding Account Bank in accordance with the Collateral Agency Agreement and the Lease Funding Account
Agreement of a notice to the effect that the Closed-End Collateral Agent is exercising its right to assume the sole control over
such account in the manner set forth in the Collateral Agency Agreement and the Lease Funding Account Agreement. Except as otherwise
expressly provided herein, no funds shall be deposited into the Lease Funding Account other than funds constituting Closed-End
Warehouse Collections, proceeds of such funds, Permitted Investments and payments received by the Borrower under any Hedge Agreement
entered into in connection with the Warehouse Facilities.

 

(iii)        Payment
of Titling Trust Expenses. Expenses of the Titling Trust (other than those paid by a Person other than the Titling
Trust) that are allocable to the Warehouse Facility Pool shall be paid out of the Lease Funding Account. Expenses of the Titling
Trust that are allocable to the Warehouse Facility Pool will include (A) all Closed-End WH Servicer Reimbursements, (B) the Warehouse
Facility Pool Servicing Fee, (C) the Warehouse Facility Pool's Closed-End Allocable Share of (x) the Titling Trustee Fee and (y)
the fees, expenses and other amounts payable to the Closed-End Collateral Agent and the Closed-End Administrative Agent, (D) the
fees, expenses and other amounts payable to the Deal Agent and (E) any other expenses or liabilities of the Titling Trust allocated
to the Warehouse Facility Pool in accordance with clause (iv), below. The Closed-End Servicer shall from time to
time, in accordance with this Section 5.2(b)(iii) and the other provisions of this Closed-End Servicing Agreement
and the Titling Trust Agreement, determine the respective amounts and recipients, and direct the Titling Trustee to pay out of
the Lease Funding Account all necessary and appropriate Titling Trust expenses and liabilities allocable to the Warehouse Facility
Pool (which will include payment of any Closed-End WH Servicer Reimbursements). Expenses of the Titling Trust (other than those
paid by a Person other than the Titling Trust) that are allocable to any Reference Pool shall be paid out of the related Collection
Account (or such other account as may be established for such

 

    	 	13	Closed-End Servicing Agreement 

     

    

  

purpose with respect to such Reference Pool under the
related Servicing Supplement). Expenses of the Titling Trust that are allocable to any Reference Pool will include (x) the applicable
Reference Pool Servicing Fee, (y) such Reference Pool's allocable share of the Titling Trustee Fee and the fees, expenses and other
amounts payable to the Closed-End Collateral Agent and the Closed-End Administrative Agent and (z) any other expenses or liabilities
of the Titling Trust allocated to such Reference Pool in accordance with clause (iv), below. With respect to each
Reference Pool, the Closed-End Servicer shall, from time to time, in accordance with this Section 5.2(b)(iii)
and the other provisions of this Closed-End Servicing Agreement, the related Servicing Supplement and the Titling Trust Agreement,
determine the respective amounts and recipients, and direct the Titling Trust to pay out of the related Collection Account (or
such other account as may be established for such purpose with respect to such Reference Pool under the related Servicing Supplement)
all necessary and appropriate Titling Trust expenses and liabilities allocable to such Reference Pool. Following the occurrence
of a Warehouse Facility Termination Event, the Revolving Pool Share of the expenses of the Titling Trust (other than the Closed-End
Warehouse Servicer Expenses) shall be paid only on Payment Dates in accordance with the priority of payments set forth in Section
10.3(a) of the Collateral Agency Agreement. During the Wind-Down Period with respect to any Warehouse Facility, the applicable
Wind-Down Pool Share of the expenses of the Titling Trust (other than Closed-End Warehouse Service Expenses) shall be paid only
on Payment Dates in accordance with the priority of payments set forth in Section 10.3(b) of the Collateral Agency
Agreement.

 

(iv)        Allocation
of Expenses. To the extent that any expense or liability of the Titling Trust shall be incurred or suffered with respect
to the Titling Trust Assets generally (which, for the avoidance of doubt, shall include, but shall not be limited to, the Titling
Trustee Fee), each Asset Pool shall bear the burden of such Titling Trust expenses or liabilities on a pro rata basis in
the ratio of the aggregate value of Titling Trust Assets held in each respective Asset Pool, as each is recorded on the books of
the Titling Trust, to the total value of all Titling Trust Assets. To the extent that an expense or liability of the Titling Trust
shall be incurred or suffered with respect to a discrete Titling Trust Asset or group of Titling Trust Assets (including contract,
tort or tax claims relating to one or more specific Closed-End Units) (each an "Affected Trust Asset" and
collectively, the "Affected Trust Assets"), those expenses will be borne on a pro rata basis among the
respective Asset Pools to which such Affected Trust Assets are allocated, based on the respective value of the Affected Trust Assets
allocated to each such Asset Pool. Any pro rata allocation of an expense or liability among one or more Asset Pools shall
be made in good faith and so as not to disproportionately affect any Asset Pool. Notwithstanding the foregoing, to the extent that
the Titling Trust Agreement or the Intercreditor Agreement limits recourse for a particular expense or liability of the Titling
Trust to a particular Asset Pool or Asset Pools, the terms of the Titling Trust Agreement or the Intercreditor Agreement, as the
case may be, shall be controlling. For the avoidance of doubt, amounts payable to the Warehouse Facility Secured Parties shall
not be considered expenses or liabilities of the Titling Trust for purposes of this Section 5.2(b)(iv), but
shall be payable in accordance with clauses (v) and (vi), below, and Article X of
the Collateral Agency Agreement. Each servicing agreement entered into with respect to the Titling Trust Assets shall provide for
the allocation of Titling Trust expenses on the same basis as set forth in this Section 5.2(b)(iv). The portion of
any expense or liability that is allocated to any specified Asset Pool is referred to as the "Closed-End Allocable Share"
with respect to such Asset Pool. For purposes of this sub-section (iv), the Revolving Pool and each Wind-Down Pool
shall be treated as separate Asset Pools.

 

(v)         Application
of Excess Funds Prior to Default. During the period in which the Titling Trustee has neither received notice from the Deal
Agent or any other Warehouse Facility Secured Party nor otherwise obtained actual knowledge to the effect that any Warehouse Facility

 

    	 	14	Closed-End Servicing Agreement 

     

    

  

Termination Event has occurred and is continuing, the
Titling Trustee, promptly upon receipt of a written demand therefor accompanied by a determination by the Closed-End Servicer as
to the extent of funds in the Lease Funding Account in excess of those (A) required to be maintained in such account to meet all
existing liabilities and expenses of the Titling Trust allocated to the Warehouse Facility Pool in accordance with Section 5.2(b)(iii)
and (B) required to be retained in such account as reserves for reasonably anticipated expenses and liabilities of the Titling
Trust allocable to the Warehouse Facility Pool in accordance with Section 5.2(b)(iii) ("Closed-End
Warehouse Excess Funds"), shall pay out to the Closed-End Servicer (on behalf of the Titling Trust) any or all Closed-End
Warehouse Excess Funds so requested. The Closed-End Servicer shall transfer (or cause to be transferred) from time to time from
the Lease Funding Account to the Company Account, for application in accordance with Section 10.2 of the Collateral
Agency Agreement, sufficient Closed-End Warehouse Excess Funds as shall be necessary for the Titling Trust to satisfy its obligations
when due to the Warehouse Facility Secured Parties. The Closed-End Servicer may also deposit (or cause to be deposited) into the
Company Account any additional Closed-End Warehouse Excess Funds in its discretion. Notwithstanding the foregoing, funds in addition
to any Closed-End Warehouse Excess Funds may be withdrawn from the Lease Funding Account and deposited into the Company Account
to the extent necessary to make current payments due under the Warehouse Facilities (any funds so withdrawn, "Closed-End
Warehouse Additional Amounts").

 

(c)          Company
Account. The Closed-End Servicer will establish and maintain, in the name of the Titling Trust, and with respect to
the Closed-End Collateral Specified Interest, a Deposit Account to be designated as the "World Omni LT Company Account."
The Company Account shall be under the sole dominion and control of the Initial Beneficiary; provided, however,
that, so long as World Omni shall remain the Closed-End Servicer or the Titling Trust Administrator, World Omni (acting
in such capacity) shall have the right to make deposits to, and withdrawals from, such account, in a manner not inconsistent with
the terms of this Closed-End Servicing Agreement and the other Basic Documents. Notwithstanding the foregoing, the rights of the
Initial Beneficiary and the Closed-End Servicer with respect to control over the Company Account as set forth in this subsection (c)
shall be subject to the right of the Closed-End Collateral Agent to exercise sole dominion and control over the Company Account,
under the circumstances set forth in the Collateral Agency Agreement and the Company Account Agreement. No funds other than funds
constituting Closed-End Warehouse Collections and any other amounts withdrawn from the Lease Funding Account and deposited therein,
proceeds of such funds and Permitted Investments shall be deposited into the Company Account.

 

(d)          Reimbursement
of Closed-End Warehouse Servicer Expenses. The Closed-End Servicer may obtain from the Titling Trustee, not more than
two times per calendar week, out of the Lease Funding Account, reimbursement (each, a "Closed-End WH Servicer Reimbursement")
for (x) any unreimbursed payments made by it into the Draft Account in accordance with Section 5.2(a), (y) the
amount of Intermediary Funds and other funds applied pursuant to the Master Exchange Agreement to purchase Closed-End Units on
behalf of the Titling Trust for allocation to the Warehouse Facility Pool (which shall be deemed to constitute advances made by
the Closed-End Servicer to the Titling Trust), and (z) any unreimbursed fees, taxes and similar amounts paid by it on behalf of
the Titling Trustee in respect of the Closed-End Leases or Closed-End Vehicles, which fees, taxes and similar amounts have been
allocated to the Warehouse Facility Pool in accordance with Section 5.2(b)(iii) ("Closed-End Warehouse
Fees and Taxes" and, together with payments made by the Closed-End Servicer into the Draft Account in accordance with
Section 5.2(a) and advances deemed made to the Titling Trust pursuant to clause (y) above, "Closed-End
Warehouse Servicer Expenses"), provided, however, that:

 

(i)          the
disbursement of each Closed-End WH Servicer Reimbursement shall be subject to the conditions precedent that (A) the Closed-End
Servicer shall have delivered to the

 

    	 	15	Closed-End Servicing Agreement 

     

    

  

Titling Trustee an Officer's Certificate that sets forth
the calculation of unreimbursed Closed-End Warehouse Servicer Expenses and (B) after giving effect to such disbursement (if made
from Revolving Pool Collections), the Aggregate Loan Amount would not exceed the Borrowing Base;

 

(ii)         the
Closed-End Servicer may not obtain any Closed-End WH Servicer Reimbursement in excess of the amount, if positive, equal to (x)
the amount on deposit in the Lease Funding Account as of the close of business on the immediately preceding day minus
(y) the Required Lease Funding Account Balance;

 

(iii)        in
the event that the Closed-End Servicer has failed to deposit into the Lease Funding Account either (A) any Required Deposit Amounts
with respect to any Relinquished Vehicles included in any Wind-Down Pool in accordance with Section 5.1(d) or
(B) any other amounts received with respect to such Wind-Down Pool Assets, in each case in accordance with the terms of this Closed-End
Servicing Agreement (and, in either case, such amounts have not been previously applied in reduction of a Closed-End WH Servicer
Reimbursement pursuant to this clause (iii)), the amount of any Closed-End WH Servicer Reimbursement to be made
from Wind-Down Pool Collections with respect to such Wind-Down Pool shall be reduced by the amount of such deficiency;

 

(iv)        in
the event that the Closed-End Servicer has failed to deposit into the Lease Funding Account either (A) any Required Deposit Amounts
with respect to any Relinquished Vehicles included in the Revolving Pool in accordance with Section 5.1(d) or
(B) any other amounts received with respect to any Revolving Pool Assets, in each case in accordance with the terms of this Closed-End
Servicing Agreement (and, in either case, such amounts have not been previously applied in reduction of a Closed-End WH Servicer
Reimbursement pursuant to this clause (iv)), the amount of any Closed-End WH Servicer Reimbursement to be made
from Revolving Pool Collections shall be reduced by the amount of such deficiency;

 

(v)         in
no event shall any Wind-Down Pool Collections be used to make any Closed-End WH Servicer Reimbursement for any Closed-End Warehouse
Servicer Expenses except for Closed-End Warehouse Servicer Expenses described in clauses (y) and (z)
of the definition thereof and incurred in respect of Closed-End Leases and Closed-End Vehicles included in the Wind-Down Pool,
and such Closed End WH Servicer Reimbursement shall only be made on a Payment Date; and

 

(vi)        in
no event shall any Revolving Pool Collections be used to make any Closed-End WH Servicer Reimbursement for any Closed-End Warehouse
Servicer Expenses except for Closed-End Warehouse Servicer Expenses incurred in respect of Closed-End Leases and Closed-End Vehicles
included in the Revolving Pool; provided, however, that following the occurrence of any
Termination Event, no Revolving Pool Collections shall be used to make any Closed-End WH Servicer Reimbursement for any Closed-End
Warehouse Servicer Expenses described in clause (x) of the definition thereof.

 

(e)          Closed-End
Servicer Officers. Coincident with the execution and delivery of this Closed-End Servicing Agreement, the Closed-End
Servicer shall furnish the Titling Trustee, on behalf of the Titling Trust, with an Officer's Certificate listing any changes in
the officers of the Closed-End Servicer involved in, or responsible for, the administration and servicing of the Closed-End Assets,
which shall include incumbencies and sample signatures for each officer and which list shall from time to time be updated by the
Closed-End Servicer.

 

    	 	16	Closed-End Servicing Agreement 

     

    

  

(f)          Exchange
Note Accounts. On or before each Exchange Note Issuance Date, the Closed-End Servicer will establish, in each case
in the name of the Closed-End Collateral Agent or such other entity as may be specified in the applicable Servicing Supplement,
at a Qualified Institution or Qualified Trust Institution:

 

(i)          a
segregated trust account to be designated as the "Exchange Note Collection Account" with respect to the related Reference
Pool, into which an amount equal to Closed-End Collections with respect to such Reference Pool will be deposited from time to time;
and

 

(ii)         if
so required under the related Exchange Note Supplement, a segregated trust account to be designated as the "Exchange Note
Reserve Account" with respect to the related Reference Pool.

 

The accounts established pursuant to the foregoing clauses
(i) and (ii) for any Reference Pool are referred to together as the "Exchange Note Accounts."
The right to make withdrawals from and deposits to, and to exercise other control rights with respect to, the Exchange Note Accounts
established with respect to any Reference Pool will be governed by the terms of the related Servicing Supplement.

 

(g)          Characterization
of Accounts. The Lease Funding Account and each Exchange Note Account will be a "securities account" (a "Securities
Account") within the meaning of Section 8-501 of the Uniform Commercial Code of the State of New York (the "New
York UCC"). The Company Account will be a "deposit account" (a "Deposit Account")
within the meaning of Section 9-102(29) of the New York UCC.

 

(h)          Agreement
with Depository Institution. Except as otherwise provided in the related Servicing Supplement, each Exchange Note Account
will only be established at a Qualified Institution or Qualified Trust Institution that agrees in writing that:

 

(i)          all
securities, instruments, cash or other property delivered to it pursuant to the Collateral Agency Agreement, the applicable Closed-End
Exchange Note Supplement, this Closed-End Servicing Agreement or the applicable Servicing Supplement and all investments of funds
held in any such Exchange Note Account will be promptly credited to such Exchange Note Account;

 

(ii)         all
securities, instruments, cash or other property credited to any such Exchange Note Account will be treated as a "financial
asset" within the meaning of Section 8-102(a)(9) of the New York UCC;

 

(iii)        at
all times prior to being notified by the Closed-End Collateral Agent that (x) all of the related Closed-End Exchange Notes have
been repaid or redeemed in full and (y) the applicable Exchange Note Account has been released from the security interest granted
pursuant to Section 2.1 of the Security Agreement, it will comply with "entitlement orders" (as defined
in Section 8-102(a)(8) of the New York UCC) originated by the secured party without further consent of the Borrower or any other
Person; and

 

(iv)        the
law of the State of New York will govern each such Exchange Note Account.

 

(i)          Compliance.
If at any time an institution maintaining one or more of the Exchange Note Accounts ceases to be a Qualified Institution or Qualified
Trust Institution, the Closed-End Servicer will give prompt notice thereof to the Closed-End Collateral Agent, the Closed-End Administrative
Agent and the Borrower and, with their assistance as necessary, within 10 Business Days

 

    	 	17	Closed-End Servicing Agreement 

     

    

  

(or such longer period not to exceed 30 calendar days as to which
each Rating Agency may consent), move such Exchange Note Account or Exchange Note Accounts to a Qualified Institution or Qualified
Trust Institution.

 

(j)          Withdrawal
of Funds Not Constituting Closed-End Collections. The Closed-End Servicer may from time to time direct the Closed-End
Collateral Agent, the Titling Trustee or such other Person maintaining control over the Lease Funding Account, or over the Exchange
Note Collection Account with respect to any Reference Pool, to withdraw from such account and pay to the Closed-End Servicer, or
deliver to the appropriate Person for deposit into the Lease Funding Account or into the appropriate Exchange Note Collection Account,
as the case may be, amounts that do not constitute Closed-End Collections for the Asset Pool to which such account relates. In
the case of a withdrawal from the Lease Funding Account, the Closed-End Servicer shall provide at least two Business Days' notice
of such withdrawal to the Deal Agent. The Closed-End Servicer shall provide to the Closed-End Collateral Agent, the Deal Agent
and the Closed-End Administrative Agent any information reasonably requested by such Person to document any amounts withdrawn from
the Lease Funding Account pursuant to this Section 5.2(j).

 

Section 5.3           Investment
of Amounts in the Accounts.

 

(a)          Permitted
Investments. So long as no Facility Default has occurred and is continuing, amounts from time to time on deposit in
the Lease Funding Account, the Company Account or any Exchange Note Account will, to the extent permitted by Applicable Law and
except (in the case of an Exchange Note Account) to the extent otherwise provided in the related Servicing Supplement, be invested
as directed by the Closed-End Servicer to the Qualified Institution or Qualified Trust Institution maintaining such account, in
Permitted Investments that will not be sold prior to maturity and that mature no later than the Business Day preceding the Closed-End
Exchange Note Payment Date for the Closed-End EN Collection Period to which such amounts relate or, in the case of investments
that satisfy the requirements of clause (v) of the definition of Permitted Investments, that mature no later than
the Closed-End Exchange Note Payment Date for the Closed-End EN Collection Period to which such amounts relate. However, the Closed-End
Servicer will not direct the Qualified Institution or Qualified Trust Institution maintaining such account to make any investment
of any funds or to sell any investment held in such account unless the security interest granted and perfected in such account
in favor of the Closed-End Collateral Agent will continue to be perfected in such investment or the proceeds of such sale, in each
case, without any further action by any Person.

 

(b)          Application
of Investment Earnings and Losses. Any investment earnings on Permitted Investments (or any other investments) on deposit
in the Lease Funding Account, the Company Account or any Exchange Note Account will be credited to such account. Any investment
losses on Permitted Investments (or any other investments) on deposit in the Lease Funding Account, the Company Account or any
Exchange Note Account will be withdrawn from (or otherwise will constitute a debit to) such account. None of the Closed-End Servicer,
the Initial Beneficiary, any Holder, the Titling Trustee or the Titling Trust Administrator will be responsible for losses with
respect to any Permitted Investments (or any other investments) on deposit in any of the aforementioned accounts, or any other
account of the Titling Trust.

 

(c)          Tax
Reporting of Investment Income. All investment income on amounts deposited to the Lease Funding Account, the Company
Account or any Exchange Note Accounts established with respect to any Reference Pool will be reported for U.S. federal income tax
purposes as earned by the Titling Trust and will be reported by the Holding Company (or such entity from which the Holding Company
may be disregarded as separate for U.S. federal income tax purposes).

 

    	 	18	Closed-End Servicing Agreement 

     

    

  

ARTICLE
VI.

 

ADMINISTRATION
AND SERVICING OF CLOSED-END LEASES

 

Section 6.1           Duties
of Closed-End Servicer.

 

The Closed-End Servicer will manage, service,
administer and make collections on the Closed-End Assets, together with any Dealer Recourse Rights, if any, and Insurance Policies
maintained with respect to the Collateral, and, to the extent applicable, perform all of its other obligations, and exercise its
rights, under this Closed-End Servicing Agreement, with reasonable care and in accordance with the Credit and Collection Policy.
The Closed-End Servicer's duties will include:

 

(a)          collecting
and remitting (within the time period specified in Section 5.1(a)) (A) all amounts received from Closed-End
Obligors relating to the Closed-End Leases (including any Security Deposits but only when those amounts are applied to pay amounts
that a Closed-End Obligor fails to pay relating to a Closed-End Lease), (B) all amounts received in respect of Insurance Policies
with respect to the Closed-End Leases, (C) all amounts received on any Closed-End Lease in respect of any Dealer Recourse Rights
and (D) all proceeds realized on the sale or other disposition of the Closed-End Vehicles;

 

(b)          collecting
and remitting state and local taxes relating to the Closed-End Leases and Closed-End Vehicles;

 

(c)          responding
to inquiries of Closed-End Obligors on the Closed-End Leases;

 

(d)          investigating
delinquencies relating to the Closed-End Leases;

 

(e)          accounting
for Closed-End Collections and furnishing statements to the Titling Trust and the Initial Beneficiary with respect to such Closed-End
Collections;

 

(f)          repossessing
or otherwise converting the possession of the Closed-End Vehicle relating to any Closed-End Lease as to which the Closed-End Servicer
has determined eventual payment in full is unlikely;

 

(g)          selling
or otherwise disposing of any Closed-End Vehicle repossessed or returned by the related Closed-End Obligor in connection with a
termination of the related Closed-End Lease;

 

(h)          collecting
any remaining balance on the Closed-End Leases after disposition of any repossessed or returned Closed-End Vehicle;

 

(i)          acting
as agent of the Titling Trust with respect to the borrowing of funds and the taking of certain other actions in connection with
the Warehouse Facilities, to the extent and in the manner set forth in the Receivables Financing Agreements;

 

(j)          acting
as agent of the Closed-End Collateral Agent with respect to holding the Certificates of Title;

 

(k)          performing
and carrying out on behalf of the Titling Trustee, on behalf of the Titling Trust, all of the obligations on the part of the lessor
under each Closed-End Lease; and

 

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(l)          any
other duties of the Closed-End Servicer expressly set forth in this Closed-End Servicing Agreement or the other Basic Documents.

 

Section 6.2           Collection
of Payments.

 

(a)          The
Closed-End Servicer will make commercially reasonable efforts to collect all payments called for under the Closed-End Leases as
and when the same become due. The Closed-End Servicer may grant extensions, waivers, rebates, modifications or adjustments with
respect to any Closed-End Lease. The Closed-End Servicer may waive any late payment charge or any other fees that may be collected
in the ordinary course of servicing a Closed-End Lease. Notwithstanding the foregoing, the Closed-End Servicer may not extend the
Maturity Date of a Closed-End Lease more than a total of five times or by more than five months in the aggregate; provided,
however, that such conditions may be varied from time to time with respect to the Closed-End Leases
allocated to any particular Reference Pool by means of provisions set forth in an Exchange Note Supplement or a Servicing Supplement.

 

(b)          Allocation
of Closed-End Collections. The Closed-End Servicer will apply and allocate amounts received from Closed-End Obligors and other
Persons with respect to the Closed-End Leases and Closed-End Vehicles. Subject to Section 6.3, if a Closed-End Lessee
is obligated under one or more Closed-End Units and also under one or more other assets owned by World Omni or assigned by World
Omni to third parties, then any payment on any such asset received from or on behalf of such Closed-End Obligor will, if identified
as being made with respect to a particular item or asset, be applied to such item or asset, and otherwise will be allocated by
World Omni in accordance with the Credit and Collection Policy.

 

(c)          Manner
Paid. The Closed-End Servicer will cause each Closed-End Obligor or other applicable Person to deposit any Closed-End Collections
into accounts maintained by the Closed-End Servicer.

 

Section 6.3           Other
Authorized Actions with Respect to the Servicing of the Closed-End Leases.

 

The Closed-End Servicer is authorized to execute
and deliver, on behalf of the Titling Trust and the Initial Beneficiary, any and all instruments of satisfaction or cancellation,
or partial or full release or discharge, and all other comparable instruments, with respect to Closed-End Leases or to the related
Closed-End Vehicles. If the Closed-End Servicer commences a legal proceeding to enforce a Closed-End Lease against a Closed-End
Obligor, the Titling Trust will be deemed to have assigned, solely for the purpose of collection, such Closed-End Lease to the
Closed-End Servicer. If in any legal proceeding it is held that the Closed-End Servicer may not enforce a Closed-End Lease on the
ground that it is not a real party in interest, the Titling Trust, will, at the Closed-End Servicer's expense and direction, take
steps to enforce the Closed-End Lease, including bringing suit in its own name. The Titling Trust will furnish the Closed-End Servicer
with any powers of attorney and other documents reasonably necessary or appropriate to enable the Closed-End Servicer to carry
out its servicing and administrative duties hereunder. The Closed-End Servicer is further authorized to obtain all licenses and
make all filings, in each case on behalf of the Titling Trust, as are required in connection with the performance of its obligations
pursuant to Section 3.8(a) and Section 3.8(b).

 

Section 6.4           Custody
of Lease Files; Custodial Duties.

 

(a)          Appointment
of Custodian. The Titling Trust and the Closed-End Collateral Agent each appoints the Closed-End Servicer to act as the agent
of the Titling Trust and the Closed-End Collateral Agent as custodian of the Lease Files, and the Closed-End Servicer accepts such
appointment.

 

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The Closed-End Servicer confirms to the Titling Trust and the Closed-End
Collateral Agent that it has received all the documents and instruments necessary to act as the agent of the Titling Trust and
the Closed-End Collateral Agent for the purposes set forth in this Section 6.4, including the Lease Files.

 

(b)          Duties
of Custodian. Except as permitted by Section 6.4(c), the Closed-End Servicer will hold the Lease Files on
behalf of the Titling Trust and the Closed-End Collateral Agent and will maintain, or cause to be maintained, such accurate and
complete accounts, records and computer systems pertaining to each Lease File as will enable the Closed-End Servicer to comply
with this Closed-End Servicing Agreement and the Titling Trust Agreement. The Closed-End Servicer will perform its duties as custodian
of the Lease Files in such a manner as will enable the Titling Trust and the Closed-End Collateral Agent to verify the accuracy
of the Closed-End Servicer's record keeping.

 

(c)          Location
of Records. The Closed-End Servicer will maintain each Lease File at one of its offices in the United States or the offices
of one of its custodians specified in Exhibit A of this Closed-End Servicing Agreement, or at such other office of
one of its custodians as specified to the Initial Beneficiary and the Closed-End Collateral Agent by 30 days' prior written notice.

 

(d)          Access
to the Lease Files and Related Records. The Closed-End Servicer will provide access to the Lease Files, and the related accounts,
records, and computer systems maintained by the Closed-End Servicer, to the Titling Trust, the Titling Trustee, the Initial Beneficiary,
the Closed-End Collateral Agent and the Deal Agent at such times as such Persons direct, but only upon reasonable notice and during
the normal business hours of the respective offices of the Closed-End Servicer. Nothing in this Section 6.4(d)
will affect the obligation of the Closed-End Servicer to observe any Applicable Law prohibiting disclosure of information regarding
the Closed-End Obligors, and the failure of the Closed-End Servicer to provide access to information as a result of such obligation
will not constitute a breach of this Section 6.4(d).

 

(e)          Release
of Documents. Upon instructions from the Closed-End Collateral Agent, the Closed-End Servicer will release or cause to be released
any Certificate of Title to the Closed-End Collateral Agent, at such place or places as the Closed-End Collateral Agent may designate,
as soon thereafter as is practicable. Any document so released will be handled by the Closed-End Collateral Agent (or its agent
or designee) with due care and in compliance with all laws and returned to the Closed-End Servicer for safekeeping as soon as the
Closed-End Collateral Agent (or its agent or designee), as the case may be, has no further need therefor.

 

(f)          Instructions;
Authority to Act. All instructions to the Closed-End Servicer will be signed by an Authorized Officer of the party delivering
such instructions, and the Closed-End Servicer will be deemed to have received proper instructions with respect to the Lease Files
upon its receipt of such instructions.

 

(g)          Effective
Period and Termination. The Closed-End Servicer's appointment as custodian will become effective as of the date of this Closed-End
Servicing Agreement and will continue in full force and effect until terminated pursuant to this Section 6.4.
If World Omni resigns as Closed-End Servicer in accordance with this Closed-End Servicing Agreement, or if all of the rights and
obligations of the Closed-End Servicer have been terminated under Section 8.1, the appointment of the Closed-End
Servicer as custodian under this Closed-End Servicing Agreement may be terminated by the Titling Trust, and a successor custodian
may be appointed, in each case in the same manner as the Closed-End Servicer may be terminated, and a successor appointed, respectively,
under Section 8.1. As soon as practicable after any termination of such appointment, the Closed-End Servicer will
deliver to the Titling Trust or its agents, as the case may be, the Lease Files (other than the Certificates of Title, which will
be

 

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delivered to the Closed-End Collateral Agent) and the related accounts
and records maintained by the Closed-End Servicer at such place or places as such successor custodian.

 

Section 6.5           Records.

 

(a)          As
to any receipts with respect to any Closed-End Leases, including without limitation monthly lease payments, prepayments, Liquidation
Proceeds and any other payments by or on behalf of any Closed-End Obligor or otherwise with respect to any Closed-End Lease or
Closed-End Vehicle, the Closed-End Servicer shall maintain or cause to be maintained such computer and manual records with respect
to all such proceeds and other receipts in accordance with the customary and usual procedures of institutions which service closed-end
automobile and light duty truck leases and, to the extent more exacting, the procedures used by the Closed-End Servicer in respect
of any such leases serviced by it for its own account or the accounts of its Affiliates.

 

(b)          The
Closed-End Servicer shall retain or cause to be retained the Lease Files. The Closed-End Servicer shall provide or cause to be
provided to the Titling Trustee, on behalf of the Titling Trust, upon its request, copies of all such data and appropriate documentation
at all reasonable times and upon reasonable notice. The Closed-End Servicer shall promptly report to the Titling Trustee, on behalf
of the Titling Trust, any failure on its part to maintain the Lease Files as herein provided and promptly take appropriate action
to remedy any such failure.

 

Section 6.6           Maintenance
of Record Interests in Closed-End Vehicles.

 

(a)          In
accordance with the Titling Trust Agreement, the Closed-End Servicer, on behalf of the Closed-End Collateral Agent, will take the
steps necessary to maintain evidence of the interest of the Titling Trust in each Closed-End Vehicle held by the Titling Trust
on the related Certificate of Title. The Titling Trust authorizes the Closed-End Servicer to take the steps on its behalf necessary
to record the interest of the Titling Trust in the event of the relocation of a Closed-End Vehicle or for any other reason. Neither
the Closed-End Servicer nor the Closed-End Collateral Agent will allow any Closed-End Vehicle to be titled in the name of the Titling
Trust unless the related Certificate of Title has been issued by a state or jurisdiction that is an Eligible State with respect
to the Titling Trust.

 

(b)          The
Closed-End Servicer will direct the Titling Trust to distribute to the Initial Beneficiary, and the Titling Trust will distribute
to the Initial Beneficiary (and the Initial Beneficiary, in turn, will distribute to World Omni, as sole member thereof) any Closed-End
Vehicle that the Closed-End Servicer determines, in its sole discretion, the Titling Trust is not authorized to own. However, no
distribution pursuant to this Section 6.6(b) of a Closed-End Vehicle that is included in the Warehouse Facility
Pool or, except as otherwise provided in the related Servicing Supplement, any Reference Pool, shall be made in the event that,
after giving effect to such distribution, (i) in the case of a Closed-End Vehicle that is included in the Revolving Pool, the Aggregate
Loan Amount would exceed the Borrowing Base or (ii) in the case of a Closed-End Vehicle that is included in any Reference Pool
or any Wind-Down Pool, the applicable overcollateralization requirements would not be satisfied, unless, in each case, contemporaneously
with such distribution, World Omni makes a capital contribution to ALF LLC and ALF LLC makes a capital contribution to the Titling
Trust, in each case in cash in an amount equal to the reduction in the Borrowing Base or other measurement of collateralization,
as applicable, that would result from the removal of such Closed-End Lease and Closed-End Vehicle from the calculation thereof.
The amount of such capital contribution shall be, in the case of (1) a Closed-End Vehicle that was included in the Warehouse Facility
Pool, deposited into the Lease Funding Account and designated as being made in respect of the Revolving Pool or applicable Wind-Down
Pool, as applicable, in accordance with Section 5.1(c) and (2) a Closed-End Vehicle that was included in a Reference
Pool, deposited into the applicable Exchange Note Collection Account in accordance with the applicable Servicing

 

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Supplement. In connection with each such distribution, the Closed-End
Servicer will (i) deliver notice of such distribution to the Titling Trust Administrator with respect to the applicable Closed-End
Lease and related Closed-End Vehicle or Closed-End Vehicles and (ii) cause the Certificate of Title with respect to such Closed-End
Vehicle or Closed-End Vehicles to be retitled in the name of the Closed-End Servicer or its designee.

 

Section 6.7           No
Impairment.

 

The Closed-End Servicer may not impair the rights
of the Titling Trust in a Closed-End Lease or Closed-End Vehicle except in accordance with the Credit and Collection Policy and
subject to any restrictions in the Basic Documents.

 

ARTICLE
VII.

 

SALE
OF CLOSED-END VEHICLES

 

Section 7.1           Return,
Repossession and Sale of Closed-End Vehicles.

 

(a)          The
Closed-End Servicer shall use its commercially reasonable efforts (consistent with the customary and usual procedures of institutions
that service closed-end automobile and light duty truck leases and, to the extent more exacting, the procedures used by the Closed-End
Servicer in respect of any such leases serviced by it for its own account or the accounts of its Affiliates) to repossess or otherwise
take possession of the Closed-End Vehicle related to any Closed-End Lease that the Closed-End Servicer shall have determined to
be in default or a Closed-End Lease as to which a Prepayment has been made in connection with an early termination of such Closed-End
Lease but as to which the related Closed-End Vehicle has not been purchased by the Closed-End Obligor or a Dealer.

 

(b)          With
respect to each Closed-End Vehicle that is returned to, or repossessed by, the Closed-End Servicer or its agent or bailee (whether
as a result of early termination, default or the return of such Closed-End Vehicle by the Closed-End Obligor on or around the Maturity
Date), the Closed-End Servicer shall, in accordance with the standards set forth in the immediately preceding paragraph:

 

(i)          follow
such practices and procedures as it shall deem necessary or advisable in its servicing of closed-end automobile and light duty
truck leases, which may include reasonable efforts to realize upon any recourse to Dealers, consigning a Closed-End Vehicle to
a motor dealer for resale or selling a Closed-End Vehicle at public or private sale; and

 

(ii)         sell
or otherwise dispose of each Closed-End Vehicle that is so returned or repossessed (including a Closed-End Lease that has become
part of the Returned Lease Vehicle Inventory), in accordance with the related Closed-End Lease, and, if the Closed-End Lease is
in default, shall commence and prosecute any Proceedings in respect of such Closed-End Lease (and the related Closed-End Vehicle)
in its own name or, if the Closed-End Servicer deems it necessary, in the name of the Titling Trust.

 

(c)          The
obligations of the Closed-End Servicer under this Section 7.1 are subject to the provision that, in the event
of damage to a Closed-End Vehicle from a cause for which the Closed-End Obligor under the related Closed-End Lease was not required
to obtain casualty insurance or maintain such insurance in full force and effect, the Closed-End Servicer shall not be required
to expend its own funds in repairing such Closed-End Vehicle unless it shall reasonably determine that such restoration will increase
Liquidation Proceeds (net of Liquidation Expenses) of the related Closed-End

 

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Lease by at least an equivalent amount. The Closed-End Servicer
shall only expend funds in connection with the repossession and/or sale of any Closed-End Vehicle to the extent that it reasonably
determines that Liquidation Expenses will not exceed the anticipated Liquidation Proceeds. The Closed-End Servicer shall be responsible
for all other costs and expenses incurred by it in connection with any action taken in respect of a Closed-End Lease or the related
Closed-End Vehicle; provided, however, that, it shall be entitled to reimbursement of
such costs and expenses to the extent they constitute Liquidation Expenses or expenses recoverable under an applicable insurance
policy. All Liquidation Proceeds and Insurance Proceeds shall be deposited and transferred as provided in Article V.
The foregoing notwithstanding, prior to transferring any such funds out of its operating account, the Closed-End Servicer shall
first deduct therefrom any unreimbursed Liquidation Expenses and Insurance Expense. In connection with this Section 7.1,
the Titling Trustee, on behalf of the Titling Trust, shall grant to the Closed-End Servicer a Power of Attorney in the form attached
as Exhibit C with regard to the Closed-End Vehicles, and the Closed-End Servicer, as "Grantee" thereunder,
with full power of substitution, shall give prompt notice to the Titling Trustee upon any such substitution.

 

Section 7.2           Procedures
Upon Sale.

 

In connection with the sale or other disposition
of a Closed-End Vehicle pursuant to Section 7.1, the Closed-End Servicer will, upon receipt of proceeds of such sale:

 

(i)          on
behalf of the Closed-End Collateral Agent, deliver the related Certificate of Title to the purchaser of such Closed-End Vehicle;

 

(ii)         deliver
notice of such sale or other disposition to the Titling Trust Administrator; and

 

(iii)        change
its records to reflect the termination of the Titling Trust's interest in such Closed-End Lease and Closed-End Vehicle.

 

Section 7.3           Security
Deposits.

 

The Closed-End Servicer shall retain each Security
Deposit remitted to it (or deemed remitted to it) as agent and bailee for the Titling Trust and as proceeds of the Closed-End Leases,
and shall apply the proceeds of such Security Deposits in accordance with Applicable Law, its customary and usual servicing procedures
and the Closed-End Leases, including but not limited to using the Security Deposit in respect of any Closed-End Lease for the payment
of any amount resulting from the related Closed-End Obligor's default or failure to pay all amounts required to be paid under such
Closed-End Lease or resulting from damage to the related Closed-End Vehicle. In the event that any Closed-End Lease becomes a charged-off
lease or, if earlier, the related Closed-End Vehicle is repossessed, then the related Security Deposit, to the extent permitted
by such Closed-End Lease and Applicable Law, shall thereby become Liquidation Proceeds. On at least a monthly basis or (with respect
to a Reference Pool) as otherwise set forth in an applicable Servicing Supplement, the Closed-End Servicer shall deposit into the
appropriate Exchange Note Collection Account each Security Deposit that became Liquidation Proceeds during the previous month;
otherwise, each Security Deposit, after deduction for amounts applied towards the payment of any amount resulting from the related
Closed-End Obligor's default or failure to pay any amounts required to be paid under such Closed-End Lease or damage to the related
Closed-End Vehicle, shall be returned to the related Closed-End Obligor by the Closed-End Servicer upon termination of such Closed-End
Lease.

 

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ARTICLE
VIII.

 

CLOSED-END
SERVICER DEFAULT

 

Section 8.1           Facility
Servicer Event of Default.

 

(a)          The
occurrence of an Event of Bankruptcy with respect to the Closed-End Servicer will be a "Facility Servicer Event of Default."

 

(b)          The
Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent,
the Closed-End Collateral Agent and each Exchange Noteholder of any Facility Servicer Event of Default, no later than 5 Business
Days after an Authorized Officer of the Closed-End Servicer obtains actual knowledge of such event.

 

(c)          If
a Facility Servicer Event of Default has occurred, all of the rights and obligations (other than the rights and obligations of
the Closed-End Servicer set forth in Section 3.3) of the Closed-End Servicer under this Closed-End Servicing Agreement
may be terminated by: (i) so long as any Closed-End Exchange Notes remain Outstanding, the Exchange Noteholders representing at
least 50% of the aggregate Exchange Note Balance (voting as a single class) or (ii) so long as any Warehouse Facility remains outstanding,
the Deal Agent and (iii) otherwise, the Titling Trust, in each case by notice to the Closed-End Servicer, the Closed-End Administrative
Agent, the Deal Agent, the Closed-End Collateral Agent, the Deal Agent and each Exchange Noteholder.

 

Section 8.2           Warehouse
Facility Servicer Events of Default.

 

(a)          The
occurrence and continuation of any of the following events will be a "Warehouse Facility Servicer Default":

 

(i)          Any
failure by the Closed-End Servicer to deliver to the Closed-End Collateral Agent or the Closed-End Administrative Agent, any Warehouse
Facility Lender or any other Indemnified Person (as defined in each Receivables Financing Agreement), or deposit into the Lease
Funding Account with respect to the Warehouse Facility Pool, any proceeds or payment required to be so delivered with respect to
the Warehouse Facility Pool under this Closed-End Servicing Agreement that continues unremedied for 5 Business Days after the earlier
of the date on which (x) notice of such failure is given to the Closed-End Servicer from the Deal Agent or any Warehouse Facility
Lender or (y) an Authorized Officer of the Closed-End Servicer has actual knowledge of such failure; provided, however,
that such event will not be a Warehouse Facility Servicer Default if arising from a Force Majeure; provided, however,
that upon the occurrence of a Force Majeure, the Closed-End Servicer shall not be relieved from using all commercially
reasonable efforts to perform its obligations in a timely manner, and the Closed-End Servicer shall provide to the Titling Trustee
and the Deal Agent prompt notice of such failure or delay, together with a description of its efforts to perform its obligations;
or

 

(ii)         Any
failure by the Closed-End Servicer to observe or to perform in any material respect any other covenants or agreements of the Closed-End
Servicer set forth in this Closed-End Servicing Agreement or the other Basic Documents with respect to the Warehouse Facilities
which failure continues unremedied for a period of 30 days after notice of such failure is given to the Closed-End Servicer from
the Closed-End Administrative Agent or any Warehouse Facility Lender; or

 

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(iii)        Any
representation, warranty or statement of the Closed-End Servicer made in this Closed-End Servicing Agreement or any other Basic
Document to which it is a party or by which it is bound or any certificate, report or other writing delivered pursuant hereto shall
prove to be incorrect in any material respect as of the time when the same shall have been made and, within 30 days after written
notice thereof shall have been given to the Closed-End Servicer by the Closed-End Administrative Agent, the Deal Agent or any Warehouse
Facility Lender, the circumstance or condition in respect of which such representation, warranty or statement was incorrect shall
not have been eliminated or otherwise cured; or

 

(iv)        The
Closed-End Servicer shall have failed to deliver a report required to be delivered to the Titling Trustee or the Deal Agent pursuant
to this Closed-End Servicing Agreement or any Receivables Financing Agreement within ten (10) Business Days after the date any
such report is due.

 

(b)          The
Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent,
the Closed-End Collateral Agent and each Exchange Noteholder of any Warehouse Facility Servicer Default, promptly but in no event
later than three Business Days after an Authorized Officer of the Closed-End Servicer obtains actual knowledge of such event.

 

(c)          The
Closed-End Servicer will notify the Deal Agent of any event that, with the giving of notice or lapse of time, or both, would become
a Warehouse Facility Servicer Default promptly but in no event later than three Business Days after an Authorized Officer of the
Closed-End Servicer obtains actual knowledge of such event.

 

(d)          If
a Warehouse Facility Servicer Default occurs, all of the rights and obligations (other than (i) the rights and obligations of the
Closed-End Servicer set forth in Section 3.3 or (ii) any other obligations of the Closed-End Servicer under
any Basic Documents which survive the termination of the Closed-End Servicer by their express terms) of the Closed-End Servicer
under this Closed-End Servicing Agreement, but solely with respect to the servicing of the Warehouse Facility Pool, may be terminated
by: (i) if the Aggregate Loan Amount is greater than zero or the Warehouse Facilities have not been terminated, the Deal Agent,
and (ii) otherwise, the Titling Trust, in each case by notice to the Closed-End Servicer, the Closed-End Administrative Agent,
the Closed-End Collateral Agent, each Warehouse Facility Lender and each Warehouse Facility Agent.

 

Section 8.3           Exchange
Note Servicer Events of Default.

 

(a)          The
occurrence and continuation of any of the following events will be an "Exchange Note Servicer Default":

 

(i)          Any
failure by the Closed-End Servicer to deliver to the Closed-End Administrative Agent any proceeds or payment required to be so
delivered with respect to a Closed-End Exchange Note under this Closed-End Servicing Agreement or the applicable Servicing Supplement
that continues unremedied for 5 Business Days after the earlier of the date on which (x) notice of such failure is given to the
Closed-End Servicer from the Closed-End Administrative Agent or (y) an Authorized Officer of the Closed-End Servicer has actual
knowledge of such failure; provided, that such event will not be an Exchange Note Servicer Default if (1) such failure
is caused by an event outside the control of the Closed-End Servicer that the Closed-End Servicer could not have avoided through
the exercise of commercially reasonable efforts, (2) such failure does not continue for more than 10 Business Days after the earlier
of the date on which notice of such failure is given to an Authorized Officer of the Closed-

 

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End Servicer or an Authorized Officer of the Closed-End
Servicer learns of such failure and (3) during such period the Closed-End Servicer uses all commercially reasonable efforts to
perform its obligations under this Closed-End Servicing Agreement; or

 

(ii)         Any
failure by the Closed-End Servicer to observe or to perform in any material respect any other covenants or agreements of the Closed-End
Servicer with respect to a Closed-End Exchange Note set forth in this Closed-End Servicing Agreement or the applicable Servicing
Supplement which failure (A) materially and adversely affects the rights of the Closed-End Administrative Agent or the related
Exchange Noteholder and (B) continues unremedied for a period of 30 days after notice of such failure is given to the Closed-End
Servicer from the Closed-End Administrative Agent or the related Exchange Noteholder.

 

(b)          The
Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent,
the Closed-End Collateral Agent and the Exchange Noteholder of the related Closed-End Exchange Note of any event that with the
giving of notice or lapse of time, or both, would become an Exchange Note Servicer Default, no later than 5 Business Days after
an Authorized Officer of the Closed-End Servicer obtains knowledge of such event. However, the Closed-End Servicer is not required
to provide such notice if, during such 5 Business Days (i) such event has been cured or (ii) the Closed-End Servicer is actively
pursuing a cure.

 

(c)          If
an Exchange Note Servicer Default occurs with respect to any Closed-End Exchange Note and has not been remedied, all of the rights
and obligations (other than the rights and obligations of the Closed-End Servicer set forth in Section 3.3) of the
Closed-End Servicer under this Closed-End Servicing Agreement, but solely with respect to the servicing of the related Reference
Pool, may be terminated by the Required Secured Parties with respect to such Reference Pool, as set forth in clause (ii)
of the definition of "Required Secured Parties."

 

Section 8.4           Appointment
of Successor Servicer.

 

(a)          Upon
the receipt by the Closed-End Servicer of a notice of termination pursuant to Section 8.1, Section 8.2
or Section 8.3 (or such later date as may be specified in such notice of termination), all authority and power of
the Closed-End Servicer under this Closed-End Servicing Agreement (in the case of a termination pursuant to Section 8.2
or Section 8.3, solely to the extent of the rights so terminated) will pass to and be vested in the successor
Closed-End Servicer as may be appointed under this Section 8.4. In such event, the Titling Trust, the Closed-End
Administrative Agent and the Closed-End Collateral Agent are authorized and empowered to execute and deliver, on behalf of the
predecessor Closed-End Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the termination and replacement of the Closed-End Servicer (in the
case of a termination pursuant to Section 8.2 or Section 8.3, to the extent of the rights so terminated).

 

(b)          Upon
termination of the Closed-End Servicer pursuant to Section 8.1, Section 8.2 or Section
8.3, the predecessor Closed-End Servicer will cooperate with the successor Closed-End Servicer, the Deal Agent, the Closed-End
Administrative Agent, the Closed-End Collateral Agent and the Titling Trust in effecting the termination of the responsibilities
and rights of the predecessor Closed-End Servicer under this Closed-End Servicing Agreement (in the case of a termination pursuant
to Section 8.2 or Section 8.3, to the extent of the rights so terminated), including, as soon as practicable,
(i) the transfer to such successor Closed-End Servicer for administration by it of all cash amounts relating to the Collateral
(or, in the case of a termination pursuant to Section 8.2 or Section 8.3, the applicable
portion of the Collateral) that are held by the predecessor Closed-End Servicer for deposit, or thereafter will be received with
respect to the Collateral (or such portion thereof, as the

 

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case may be); (ii) the delivery to such successor Closed-End Servicer
of the related Lease Files, all related Security Deposits and related repossessed Closed-End Vehicles, and the related accounts
and records maintained by the Closed-End Servicer; and (iii) directing the Closed-End Obligors to remit payments to an account
or address designated by the Titling Trust or such successor Closed-End Servicer.

 

(c)          If
the Closed-End Servicer is terminated pursuant to Section 8.1, Section 8.2 or Section 8.3,
it will continue to perform its functions as Closed-End Servicer under this Closed-End Servicing Agreement until the date specified
in the notice of termination. If the Closed-End Servicer resigns pursuant to Section 3.6 or is terminated under
this Closed-End Servicing Agreement, the Closed-End Administrative Agent (so long as the Collateral Agency Agreement is in effect)
and, thereafter, the Titling Trust will (i) in the case of the Closed-End Administrative Agent, provide notice of such termination
or resignation to the Titling Trust, the Closed-End Collateral Agent and the Closed-End Administrative Agent and (ii) as promptly
as possible, appoint an established institution having a net worth of not less than $50,000,000 whose regular business includes
the servicing of automotive leases and the related leased vehicles, as the successor to the Closed-End Servicer under this Closed-End
Servicing Agreement (in the case of a termination pursuant to Section 8.2 or Section 8.3,
solely to the extent of the rights so terminated). Such successor will accept its appointment by (i) entering into a servicing
agreement with the Titling Trust and the Closed-End Collateral Agent having substantially the same provisions as the provisions
of this Closed-End Servicing Agreement applicable to the Closed-End Servicer (as modified, to the extent applicable, by any related
Servicing Supplement), in a form acceptable to the Titling Trust and the Closed-End Collateral Agent and, in the case of a termination
pursuant to Section 8.3, the Exchange Noteholder of the related Closed-End Exchange Note) and (ii) delivering
a copy of such servicing agreement to the parties to such agreement, the Closed-End Administrative Agent and, if applicable, the
Exchange Noteholder of any related Outstanding Closed-End Exchange Note.

 

(d)          If
no Person has accepted its appointment as successor Closed-End Servicer when the predecessor Closed-End Servicer ceases to act
as Closed-End Servicer in accordance with this Section 8.4, the Closed-End Administrative Agent will appoint,
or petition a court of competent jurisdiction to appoint, an established institution having a net worth of not less than $50,000,000
whose regular business includes the servicing of automotive leases and the related leased vehicles, as successor to the Closed-End
Servicer under this Closed-End Servicing Agreement and any applicable Servicing Supplement.

 

(e)          Upon
its acceptance of its appointment as successor Closed-End Servicer, the successor Closed-End Servicer will be the successor in
all respects to the predecessor Closed-End Servicer (and will be the successor in all respects to the Closed-End Collateral Agent
Administrator pursuant to Section 4.2(b) of the Closed-End Administration Agreement), and will be subject to
all of the responsibilities, duties, and liabilities following such successor Closed-End Servicer's appointment placed on (1) the
predecessor Closed-End Servicer relating to such predecessor Closed-End Servicer's performance of its duties as Closed-End Servicer
(in the case of a termination pursuant to Section 8.2 or Section 8.3, to the extent of the
rights so terminated) and (2) the predecessor Closed-End Collateral Agent Administrator, to the extent and in the manner specified
in the Closed-End Administration Agreement.

 

(f)          In
connection with any appointment of a successor Closed-End Servicer, the Closed-End Administrative Agent (so long as the Collateral
Agency Agreement is in effect) and, thereafter, the Titling Trust, may make such arrangements for the compensation of such successor
Closed-End Servicer out of Closed-End Collections and other property constituting a part of the Collateral (but solely to the extent
of the Collateral relating to the rights so terminated) as it and such successor Closed-End Servicer may agree, provided,
however, that, no such compensation will be in excess of the amount paid to the predecessor Closed-End
Servicer under this Closed-End Servicing Agreement. The Closed-

 

    	 	28	Closed-End Servicing Agreement 

     

    

  

End Administrative Agent (so long as the Collateral Agency Agreement
is in effect) and, thereafter, the Titling Trust and the predecessor Closed-End Servicer will take such action, consistent with
this Closed-End Servicing Agreement, as will be necessary to effectuate any such succession.

 

Section 8.5           Waiver
of Servicer Event of Default.

 

The Closed-End Administrative Agent, on behalf
of the Closed-End Collateral Agent and the Titling Trust, which is entitled to remove the Closed-End Servicer pursuant to Section 8.1,
Section 8.2 or Section 8.3, may waive any related Servicer Event of Default, as the case
may be, and its consequences. Upon any such waiver, the applicable Servicer Event of Default will cease to exist, and will be deemed
to have been remedied for every purpose of this Closed-End Servicing Agreement. No such waiver will extend to any subsequent or
other event or impair any right consequent thereon.

 

ARTICLE
IX.

 

REPORTING

 

Section 9.1           Monthly
Warehouse Facility Pool Reports.

 

No later than 3:00 p.m., Eastern Time, On the
8th day of each calendar month (or, if such day is not a Business Day, the next Business Day), the Closed-End Servicer will, if
so requested by the Closed-End Collateral Agent, the Closed-End Administrative Agent or the Titling Trust, deliver to such Persons
a servicing report (the "Monthly Warehouse Facility Pool Report"), in substantially the form of Exhibit B.

 

Section 9.2           Monthly
Reference Pool Reports.

 

Except as otherwise provided in the related Servicing
Supplement, each month, the Closed-End Servicer will deliver to the Closed-End Administrative Agent and each of the other Persons
(if any) listed in the related Servicing Supplement a servicing report (the "Monthly Exchange Note Report")
in the form provided in such Servicing Supplement.

 

Section 9.3           Annual
Statement as to Compliance.

 

No later than April 30 of each year, the Closed-End
Servicer will deliver to the Titling Trustee an Officer's Certificate, dated as of December 31 of the preceding calendar year,
stating that (i) a review of the activities of the Closed-End Servicer during the preceding calendar year and of its performance
under this Closed-End Servicing Agreement has been made under the applicable officer's supervision and (ii) to such officer's knowledge,
based on such review, the Closed-End Servicer has fulfilled all its obligations under this Closed-End Servicing Agreement throughout
such year in all material respects, or, if there has been a default in the fulfillment of any such obligation in any material respect
and such default is continuing, specifying each such default known to such officer and the nature and status of such default.

 

Section 9.4           Annual
Independent Certified Public Accountants' Report.

 

No later than April 30 each year, the Closed-End
Servicer will cause a firm of Independent certified public accountants to deliver to the Titling Trustee and the Initial Beneficiary,
a report with respect to the preceding calendar year addressed to the board of directors of the Closed-End Servicer, the Titling
Trustee and the Initial Beneficiary, stating that such Independent accountants have examined the annual financial statements of
the Closed-End Servicer in accordance with generally

 

    	 	29	Closed-End Servicing Agreement 

     

    

  

accepted auditing standards, which examination included such tests
of the accounting records and such other auditing procedures as they considered necessary in the circumstances, and that as a part
of that examination, certain documents and records of the Closed-End Servicer relating to the servicing of the Closed-End Leases
were reviewed and tested and nothing came to the attention of such Independent accountants that caused them to believe that the
provisions of this Closed-End Servicing Agreement were not being complied with, except for (a) such exceptions as such firm believes
to be immaterial and (b) such other exceptions as are set forth in such report.

 

Section 9.5           Other
Notices.

 

(a)          Notice
of Merger or Consolidation of, or Assumption of the Obligations of, Closed-End Servicer. The Closed-End Servicer will notify
the Titling Trust, the Initial Beneficiary, the Deal Agent, the Closed-End Administrative Agent, the Closed-End Collateral Agent
and each Exchange Noteholder of any merger, consolidation or succession pursuant to Section 3.4 (other than
in the case of a corporate reorganization involving only World Omni and/or one or more of its Affiliates) within 15 Business Days
after any such event.

 

(b)          Notice
of Third Party Claims. The Closed-End Servicer will notify the Titling Trust, the Initial Beneficiary, the Deal Agent, the
Closed-End Administrative Agent, the Closed-End Collateral Agent and each Exchange Noteholder within 15 Business Days following
the date on which an Authorized Officer of the Closed-End Servicer becomes aware of a claim by a third party with respect to any
Closed-End Asset, which claim could reasonably be expected to have a material adverse effect on the Titling Trust, the Deal Agent,
the Closed-End Administrative Agent, the Closed-End Collateral Agent, any Exchange Noteholder or any trust established by an Exchange
Noteholder.

 

(c)          Tax
Reporting. To the extent required by law, the Closed-End Servicer will deliver to each Exchange Noteholder or, if applicable,
the holders of debt securities issued by any Exchange Noteholder and secured by a Closed-End Exchange Note, information for the
preparation of the Exchange Noteholder's U.S. federal income tax returns.

 

ARTICLE
X.

 

MISCELLANEOUS

 

Section 10.1         Amendments.

 

This Closed-End Servicing Agreement may be amended
by the Titling Trust, the Closed-End Collateral Agent and the Closed-End Servicer. Any such amendment will not, as evidenced by
an Opinion of Counsel, cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a
corporation for U.S. federal income tax purposes.

 

Section 10.2         No
Legal Title to Closed-End Assets.

 

The Closed-End Servicer will not have legal title
to any Closed-End Assets. Legal title to the Closed-End Assets will remain with the Titling Trust.

 

Section 10.3         Notices.

 

Any and all notices and other communications provided
for under this Closed-End Servicing Agreement shall, unless otherwise stated herein, be delivered in accordance with, and shall
be

 

    	 	30	Closed-End Servicing Agreement 

     

    

  

deemed delivered in accordance with, the Notice Requirements, which
are hereby incorporated into this Closed-End Servicing Agreement.

 

Section 10.4         Third-Party
Beneficiaries.

 

This Closed-End Servicing Agreement will inure
to the benefit of and be binding upon the parties to this Closed-End Servicing Agreement and their assigns and for the benefit
of any owner trustee or indenture trustee and each Registered Pledgee with respect to debt obligations issued to an Exchange Noteholder
and secured by a Closed-End Exchange Note or other party that may be specified in the Servicing Supplements, each of which will
be considered to be a third-party beneficiary of this Closed-End Servicing Agreement. Except as otherwise provided in this Closed-End
Servicing Agreement, no other Person will have any right or obligation under this Closed-End Servicing Agreement.

 

Section 10.5         No
Petition.

 

The Closed-End Servicer and the Closed-End Collateral
Agent each covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment
in full of all Trust-Related Obligations, and all distributions to all holders of any other securities the payments on which are
derived in any material part from amounts received with respect to any Titling Trust Assets, it will not institute against, or
join any Person in instituting against, the Initial Beneficiary or the Titling Trust any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law
in connection with any obligations relating to this Closed-End Servicing Agreement or any of the other Basic Documents.

 

Section 10.6         GOVERNING
LAW; SUBMISSION TO JURISDICTION.

 

(a)          THIS
CLOSED-END SERVICING AGREEMENT WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(b)          Each
party to this Closed-End Servicing Agreement submits to the nonexclusive jurisdiction of the United States District Court for the
Southern District of New York and of any New York State Court sitting in New York, New York for purposes of all legal proceedings
arising out of or relating to this Closed-End Servicing Agreement or the transactions contemplated by this Closed-End Servicing
Agreement or by the other Basic Documents. Each party to this Closed-End Servicing Agreement irrevocably waives, to the fullest
extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought
in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.

 

Section 10.7         WAIVER
OF JURY TRIAL.

 

EACH PARTY TO THIS CLOSED-END SERVICING AGREEMENT
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS CLOSED-END SERVICING AGREEMENT OR ANY OTHER BASIC DOCUMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS CLOSED-END SERVICING AGREEMENT OR ANY SUCH OTHER BASIC DOCUMENT.

 

    	 	31	Closed-End Servicing Agreement 

     

    

  

Section 10.8         Severability.

 

If any one or more of the covenants, agreements,
provisions or terms of this Closed-End Servicing Agreement is held invalid, illegal or unenforceable, then such covenants, agreements,
provisions or terms will be deemed severable from the remaining covenants, agreements, provisions or terms of this Closed-End Servicing
Agreement and will in no way affect the validity, legality or enforceability of the other provisions of this Closed-End Servicing
Agreement.

 

Section 10.9         Counterparts.

 

This Closed-End Servicing Agreement may be executed
in any number of counterparts, each of which will be an original, and all of which will together constitute one and the same instrument.

 

Section 10.10         Headings.

 

The various headings in this Closed-End Servicing
Agreement are included for convenience only and will not affect the meaning or interpretation of any provision of this Closed-End
Servicing Agreement.

 

Section 10.11         Further
Assurances.

 

The Closed-End Servicer agrees to do and perform
any and all acts and to execute any and all further instruments required or reasonably requested by the other parties or by the
Initial Beneficiary to more fully effect the purposes of this Closed-End Servicing Agreement, including the execution of any financing
statements or continuation statements relating to the Collateral for filing under the UCC.

 

Section 10.12         Agent
for Service.

 

So long as World Omni remains the Closed-End Servicer,
the agent for service of the Closed-End Servicer and the Titling Trust in respect of this Closed-End Servicing Agreement will be
the person holding the office of the Treasurer of the Closed-End Servicer at:

 

World Omni Financial Corp.

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

Attention: Treasurer

Fax: 954-429-2685

 

Section 10.13         Limitation
of Recourse to Titling Trustee.

 

It is expressly understood and agreed by the
parties to this Closed-End Servicing Agreement that (a) this Closed-End Servicing 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 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 Closed-End Servicing 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

 

    	 	32	Closed-End Servicing Agreement 

     

    

  

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 Closed-End Servicing Agreement, any other Basic Document or any other related document.

 

Section 10.14         Waiver
of Opinion

 

Each Warehouse Facility Agent, each Warehouse
Facility Lender, the Closed-End Servicer, the Titling Trust and the Closed-End Collateral Agent each hereby waives the requirement
set forth in Section 10.1 of this Closed-End Servicing Agreement that an opinion of counsel with respect to certain
U.S. federal tax matters be delivered solely in connection with the execution and delivery of this amendment and restatement of
this Closed-End Servicing Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	33	Closed-End Servicing Agreement 

     

    

 

Executed:

 

	 	WORLD
    OMNI FINANCIAL CORP., as Closed-End Servicer
	 	 	 
	 	By: 	/s/ Ben Miller
	 	 	Name: Ben Miller
	 	 	Title: Assistant Treasurer

 

[Signature Page to Closed-End Servicing Agreement Page 1 of 3]

 

Closed-End Servicing Agreement

     

     

    

 

	 	WORLD
    OMNI LT, as Titling Trust
	 	 	 
	 	By:	VT INC., as Titling Trustee
	 	 	 
	 	By: 	/s/ Patricia M. Child
	 	 	Name: Patricia M. Child
	 	 	Title: President

 

[Signature Page to Closed-End Servicing Agreement Page 2 of 3]

 

Closed-End Servicing Agreement

     

     

    

 

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

 

[Signature Page to Closed-End Servicing Agreement Page 3 of 3]

 

Closed-End Servicing Agreement

     

     

    

 

Exhibit A

 

LOCATION OF LEASE FILES

 

[to be provided electronically]

 

    Closed-End Servicing Agreement 

     

    

 

Exhibit B

 

FORM OF MONTHLY WAREHOUSE FACILITY POOL REPORT

 

    Closed-End Servicing Agreement 

     

    

 

Exhibit C

FORM OF CLOSED-END POWER OF ATTORNEY

 

	STATE OF ILLINOIS	}
	 	}
	COUNTY OF COOK	}

 

Reference is made to the Third Amended and Restated
Pledge and Security Agreement (as amended, the "Security Agreement"), dated as of July 16, 2008, between
the WORLD OMNI LT, a Delaware statutory trust, as Borrower (the "Borrower"), and AL HOLDING CORP., a Delaware
corporation ("ALHC"), as collateral agent (the "Closed-End Collateral Agent"),
as amended, supplemented or otherwise modified from time to time. Pursuant to the Security Agreement, the Closed-End Collateral
Agent will hold a security interest in assets of the Borrower allocated to the Specified Interest designated as the "Closed-End
Collateral Specified Interest" and certain related assets for the benefit of the Secured Parties specified therein.

 

ALHC, having an office and place of business at
209 South LaSalle Street, Suite 300, Chicago, Illinois 60604, appoints:

 

1.             World
Omni Financial Corp., a Florida corporation ("World Omni"), having an office and place of business at 190
Jim Moran Boulevard, Deerfield Beach, FL 33442 , its employees, contractors, attorneys and agents, to act as ALHC's true and lawful
attorneys-in-fact to Execute all Documents that may be required to (A) reflect the lien of ALHC on any Certificate of Title or
(B) remove ALHC as lienholder from any Certificate of Title upon termination of ALHC's lien on the related motor vehicle; and

 

2.             World
Omni and its attorneys to act as ALHC's true and lawful attorneys-in-fact to (A) execute a power of attorney on behalf of ALHC
in favor of any Dealer or Auction and any employee or agent thereof appointing any such person or entity as ALHC's attorney-in-fact
to Execute all Documents that may be required to (i) reflect the lien of ALHC on any Certificate of Title or (ii) remove ALHC as
lienholder from any Certificate of Title upon termination of ALHC's lien in the related motor vehicle and (B) otherwise convey
the authority to Dealers or Auctions and their employees or agents to take such actions on behalf of ALHC with respect to the Leases
and Vehicles.

 

As used herein, (i) "Auction"
means [Manheim Auctions, Inc.], [Auto Trade Center] and any other physical or electronic auction house, motor vehicle disposition
agent, consignor or vendor, (ii) "Execute" means to prepare, execute, submit, deliver and/or file, in each case
on behalf of ALHC, as Collateral Agent under the Security Agreement, (iii) "Document" means any document, instrument,
certificate or application and (iv) all other capitalized terms not defined herein have the meaning given to such terms under the
Security Agreement.

 

    Closed-End Servicing Agreement 

     

    

 

This power of attorney will remain in full force
and effect until notice of revocation in writing is delivered by ALHC to World Omni.

 

EXECUTED this ____ day of [ ], 20__.

 

	 	AL HOLDING CORP.
	 	 	 
	 	By: 	 
	 	 	Name:  
	 	 	Title:

 

	STATE OF ILLINOIS	}
	 	}
	COUNTY OF COOK	}

 

Before me, the undersigned authority, on this
day personally appeared ________________, known to me to be the person whose name is subscribed to the foregoing instruments, and
acknowledged to me that he/she signed the same for the purposes and considerations therein expressed.

 

Sworn to before me this _____

day of [          ],
20__.

 

	Notary Public - State of Illinois	[seal]

 

________________________________

Name: __________________________

Commission Expires: ______________

 

    Closed-End Servicing Agreement 

     

    

 

Exhibit D

 

DEALER ARRANGEMENT

 

    Closed-End Servicing Agreement 

     

    

 

Exhibit E

 

Authorized Officers of U.S. Bank Trust
National Association

 

	Name	 	Title
	Patricia M. Child	 	Vice President
	Melissa A. Rosal	 	Vice President
	Nancie J. Arvin	 	Vice President
	Julia Linian	 	Assistant Vice President
	Erika Forshtay	 	Trust Officer
	Mary Ann Turbak	 	Trust Officer

 

    Closed-End Servicing Agreement 

     

    

 

Exhibit F

 

Authorized Officers of U.S. Bank National
Association

 

	Name	 	Title
	Patricia M. Child	 	Vice President
	Melissa A. Rosal	 	Vice President
	Nancie J. Arvin	 	Vice President
	Julia Linian	 	Assistant Vice President
	Erika Forshtay	 	Trust Officer
	Mary Ann Turbak	 	Trust Officer

 

    Closed-End Servicing Agreement 

     

    

 

Exhibit G

Authorized Officers of World Omni, as

Servicer and as Titling Trust Administrator

 

	Name	 	Title
	Eric M. Gebhard	 	Treasurer
	Alan J. Browdy	 	Assistant Treasurer
	Ben Miller	 	Assistant Treasurer
	Brick A. Toifel	 	Vice President
	Peter J. Sheptak	 	
        Vice President, General Counsel & Secretary

	Stephen P. Artusi	 	Assistant Secretary

 

    Closed-End Servicing Agreement

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