Document:

Exhibit 10.2

 

	EXCHANGE NOTE TRANSFER AGREEMENT
	 
	dated as of [       ], 20[  ]
	 
	between
	 
	WORLD OMNI AUTO LEASING LLC,

as Depositor
	 
	and
	 
	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],

as Issuing Entity and Buyer

 

     

     

    

 

Table of Contents

 

Page

 

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

 

Schedule I  Perfection Representations, Warranties and Covenants

 

    i

     

    

 

EXCHANGE NOTE TRANSFER AGREEMENT

 

THIS EXCHANGE NOTE TRANSFER
AGREEMENT (as amended, supplemented or modified from time to time, this “Agreement”) is made and entered into as of
[       ], 20[   ] by WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company (the “Depositor”),
and WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (the “Buyer”
or the “Issuing Entity”).

 

WITNESSETH:

 

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

 

WHEREAS, on the date hereof,
the Titling Trust, Auto Lease Finance LLC, a Delaware limited liability company (“ALF LLC” or the “Initial
Beneficiary”), AL Holding Corp., as Closed-End Collateral Agent, and U.S. Bank National Association, as Closed-End Administrative
Agent, are entering into that certain Exchange Note Supplement 20[  ]-[  ] to Collateral Agency Agreement (as amended,
modified or supplemented from time to time, the “Exchange Note Supplement”) to issue the Closed-End Exchange Note initially
sold and transferred to the Depositor under an Exchange Note Sale Agreement (the “Exchange Note Sale Agreement”), and
then immediately sold and transferred to the Buyer under this Agreement (the “Exchange Note”);

 

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

 

WHEREAS, the Depositor, and
[          ], as owner trustee, formed World Omni Automobile Lease Securitization Trust
20[  ]-[  ] as a Delaware statutory trust pursuant to a Trust Agreement;

 

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

 

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

 

WHEREAS, the Buyer will finance
its acquisition of the Exchange Note by issuing notes pursuant to an Indenture dated as of the date hereof (as amended, supplemented or
modified from time to time, the “Indenture”) with [          ], as
indenture trustee (the “Indenture Trustee”);

 

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

 

     

     

    

 

Article
I

DEFINITIONS

 

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

 

Section
1.2           
Other Definitional Provisions.

 

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

 

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

 

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

 

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

 

Article
II

PURCHASE AND CONTRIBUTION

 

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

 

(a)              
transfers, assigns, sets over, sells and otherwise conveys to the Buyer, and the Buyer hereby purchases from the Depositor,
without recourse, all of the Depositor’s right, title and interest in and to the Exchange Note, including, but not limited to, all
Closed-End Collections with respect to the related 20[  ]-[  ] Reference Pool after the [Initial] Cut-off Date, and
the identifiable proceeds thereof; and

 

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

 

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Section
2.2           
Consideration and Payment.
In consideration of the transfer of the Exchange Note to the Buyer on the [Initial] Closing Date, the Buyer shall transfer to the Depositor
on the [Initial] Closing Date the Notes and the Certificate (as such terms are defined in Appendix A to the Indenture). On the [Initial]
Closing Date, the Depositor will cause an amount equal to $[          ] to be deposited
into the [Risk Retention] Reserve Account. [In consideration of the allocation of Subsequent Units to the 20[  ]-[  ]
Reference Pool on each Subsequent Transfer Date, the Buyer shall pay to the Depositor the Purchase Price, which shall be aggregate Securitization
Value of the Subsequent Units.]

 

Section
2.3           
Representations and Warranties.

 

(a)              
The Depositor hereby represents and warrants to the Buyer that, as of the date hereof [and on each Subsequent Transfer Date]:

 

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

 

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

 

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

 

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

 

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

 

    - 3 -

     

    

 

of an Exchange Note under the Collateral
Agency Agreement and the Exchange Note Supplement.

 

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

 

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

 

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

 

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

 

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

 

Section
2.4           
Protection of Title.

 

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

 

(b)              
Name Change. The Depositor shall not change its name, identity or limited liability company structure in any manner
that would, could, or might make any financing

 

    - 4 -

     

    

 

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

 

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

 

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

 

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

 

Article
III

MISCELLANEOUS

 

Section
3.1           
Transfers Intended as Sale; Security Interest.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
3.6           
Amendment.

 

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

 

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

 

(c)              
Notwithstanding anything herein to the contrary, any term or provision of this Agreement may be amended by the Depositor
without the consent of any of the Buyer, the Noteholders or any other Person to add, modify or eliminate any provisions as may be necessary
or advisable in order to comply with or obtain more favorable treatment under or with respect to any law or regulation or any accounting
rule or principle (whether now or in the future in effect);

 

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it being a condition to any such amendment that
the Rating Agency Condition shall have been satisfied.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    - 8 -

     

    

 

accordance with its terms, and shall remain in
full force and effect until such time as the parties hereto shall agree.

 

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

 

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

 

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

 

Section
3.14        Each
Exchange Note Separate; Assignees of the Exchange Note. Each party hereto acknowledges and agrees (and each holder or pledgee of the
Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End Collateral
Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing
with respect to (i) the Exchange Note or the related 20[  ]-[  ] Reference Pool shall be enforceable against such
Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or any Unencumbered Reference Pool and (ii)
any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable
against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable,
and not

 

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against the Exchange Note or any Closed-End Units
included in the 20[  ]-[  ] Reference Pool, (c) except to the extent required by law, the Closed-End Units included
in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or Closed-End Units included in any Other
Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred hereunder which is related to the 20[  ]-[  ]
Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange
Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or the related 20[  ]-[  ]
Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse
Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated thereto, and (ii) any Other Reference
Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note other than the Exchange Note related to
the 20[  ]-[  ] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to
the 20[  ]-[  ] Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 20[  ]-[  ]
Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest,
(i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust Agreement,
and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release
all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other
Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against
the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other Reference Pool.
Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement
to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each party to
the Intercreditor Agreement.

 

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

 

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

 

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

 

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

 

    - 10 -

     

    

 

(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 Agreement, any other Transaction Document, or any matter arising hereunder or
thereunder.

 

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

 

    - 11 -

     

    

 

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

 

	 	WORLD OMNI AUTO LEASING LLC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address:
	 	250 Jim Moran Blvd.

Deerfield Beach, Florida  33442
	 	Telephone:	[       ]
	 	Telecopy:	[       ]
	 	 	 
	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ]
	 	 
	 	By:	[          ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Address:
	 	[          ]

 

     

     

    

 

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

8.                 
Other than the transfer of the Exchange Note from ALF LLC to the Depositor under the Exchange Note Sale Agreement and from the
Depositor to the Buyer under the Exchange Note Transfer Agreement and the security interest granted to the Indenture Trustee pursuant
to the Indenture, the Depositor has not pledged, assigned, sold, granted a security interest in, or

    Sch. I-1

     

    

 

otherwise conveyed the Exchange Note. The Depositor
has not authorized the filing of, nor is aware of, any financing statements against the Depositor that include a description of collateral
covering the Exchange Note other than any financing statement relating to any security interest granted pursuant to the Transaction Documents
or that has been terminated.

 

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

 

    Sch. I-2Exhibit 10.3

 

	WORLD OMNI LT
	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
	Section 13.6	Exchange Note Default	6
	 	 	 
	ARTICLE XIV REPRESENTATIONS AND WARRANTIES	7
	Section 14.1	Existence and Power	7
	Section 14.2	Authorization and No Contravention	7
	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
	Section 15.12	Counterparts; Electronic Signatures	10
	 	 	 
	SCHEDULE 1	Description of Closed-End Units Allocated to 20[  ]-[  ]
Reference Pool	 
	 	 	 
	EXHIBIT A	Form of Exchange Note	 

 

    i

     

    

 

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 (“U.S.
Bank” or 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

 

    2

     

    

 

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 [and on each Subsequent Transfer Date],
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 [Initial] Cut-Off Date, as specified in Section 13.2(a)(iii)); provided, that,
any Closed-End Collections received on or prior to the [Initial] 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 [Initial] 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 [15th] day of the preceding calendar month to but excluding the [15th] day of the current calendar month;

 

(vii)         
the initial Securitization Value of the Closed-End Units included in the 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);

 

    3

     

    

 

(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.

 

    4

     

    

 

(c)              
 Pursuant to Section 8.8(a)(ii)(z) of the Collateral Agency Agreement, an amount equal to the Net Liquidation Proceeds
of the Closed-End Units included in the 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:]

 

    5

     

    

 

(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.

 

Section
13.6        Exchange
Note Default. For purposes of Exchange Note Defaults with respect to the 20[   ]-[   ] Reference Pool, the following proviso shall be
added at the end of Section [8.7(a)] of the Collateral Agency Agreement: “Notwithstanding the foregoing, a delay or failure of performance
referred to under any of the foregoing clauses shall not constitute an Exchange Note Default for a period of thirty (30) additional days
after the applicable cure period specified in such clause, to the extent such delay or failure arose from Force Majeure.”

 

    6

     

    

 

ARTICLE
XIV

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    7

     

    

 

so long as the Closed-End Exchange Note remains
Outstanding, no amendment to this Exchange Note Supplement shall reduce the Exchange Note Interest Rate or the Exchange Note Principal
Payment Amount of the Closed-End Exchange Note, or delay the Final Scheduled Payment Date of the Closed-End Exchange Note, or materially
and adversely affect the interests of the Exchange Noteholder, without the consent of the Exchange Noteholder.

 

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

 

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

 

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

 

Section
15.3        Governing
Law.

 

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

 

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,

 

    8

     

    

 

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

 

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

 

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

 

Section
15.7        No
Petition.

 

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

 

Section
15.8        Tax
Matters.

 

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

 

Section
15.9        Entire
Agreement.

 

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

 

Section
15.10    Submission to Jurisdiction;
Waiver of Jury Trial.

 

    9

     

    

 

Each of the parties hereto
hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

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

 

Section
15.11    No Recourse.

 

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

 

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

 

    10

     

    

 

documents are the same as handwritten signatures
for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy
of, this Exchange Note Supplement and such other documents may be made by facsimile, email or other electronic transmission.

 

[SIGNATURES ON NEXT PAGE]

 

    11

     

    

 

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.

 

EACH HOLDER OF THIS 20[  ]-[  ] CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) IT IS NOT AND WILL NOT BE AND IS NOT ACQUIRING
SUCH 20[ ]-[ ] CLOSED-END EXCHANGE NOTE ON BEHALF OF, OR WITH THE ASSETS OF, ANY PERSON THAT IS OR WILL BE (I) AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE
 “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED
BY SECTION 3(42) OF ERISA) OR (IV) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE

 

    Ex. A-1

     

    

 

BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”)
OR (B) ITS ACQUISITION AND HOLDING OF THE 20[ ]-[ ] CLOSED-END EXCHANGE NOTE WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

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

     

    

 

a

 

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

 

     

     

    

 

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, any other
Transaction Document or Basic Document.

 

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.

 

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    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-10

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