Document:

EXHIBIT
10.2 

 

 

 

EXCHANGE NOTE TRANSFER AGREEMENT

 

dated as of February
12, 2020

 

between

 

WORLD OMNI AUTO LEASING LLC,
 as Depositor

 

and

 

WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2020-A,
 as Issuing Entity and Buyer

 

 

 

     

     

    

 

Table of Contents

 

Page

 

	Article I DEFINITIONS	2
	Section 1.1    Certain
    Terms	2
	Section 1.2    Other
    Definitional Provisions	2
	Section 1.3    Other
    Terms	2
	Section 1.4  
     Computation of Time Periods	2
	 	 
	Article II PURCHASE AND CONTRIBUTION	2
	Section 2.1  
     Agreement to Sell and Transfer the Exchange Note	2
	Section 2.2  
     Consideration and Payment	3
	Section 2.3  
     Representations and Warranties	3
	Section 2.4 
      Protection of Title	4
	Section 2.5    Other
    Adverse Claims or Interests	5
	 	 
	Article III MISCELLANEOUS	5
	Section 3.1  
     Transfers Intended as Sale; Security Interest	5
	Section 3.2  
     Specific Performance	6
	Section 3.3 
      Notices, Etc	6
	Section 3.4    CHOICE
    OF LAW	6
	Section 3.5  
     Counterparts	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	8
	Section 3.12  No Waiver; Cumulative Remedies	8
	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 February 12, 2020 by WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company (the “Depositor”),
and WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2020-A, a Delaware statutory trust (the “Buyer” or
the “Issuing Entity”).

 

WITNESSETH:

 

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

 

WHEREAS, on the date
hereof, the Titling Trust, Auto Lease Finance LLC, a Delaware limited liability company (“ALF LLC” or the “Initial
Beneficiary”), AL Holding Corp., as Closed-End Collateral Agent, and U.S. Bank National Association, as Closed-End Administrative
Agent, are entering into that certain Exchange Note Supplement 2020-A to Collateral Agency Agreement (as amended, modified
or supplemented from time to time, the “Exchange Note Supplement”) to issue the Closed-End Exchange Note initially
sold and transferred to the Depositor under an Exchange Note Sale Agreement (the “Exchange Note Sale Agreement”),
and then immediately sold and transferred to the Buyer under this Agreement (the “Exchange Note”);

 

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

 

WHEREAS, the Depositor,
and U.S. Bank Trust National Association, as owner trustee, formed World Omni Automobile Lease Securitization Trust 2020-A
as a Delaware statutory trust pursuant to a Trust Agreement;

 

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

 

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

 

WHEREAS, the Buyer
will finance its acquisition of the Exchange Note by issuing notes pursuant to an Indenture dated as of February 12, 2020 (as amended,
supplemented or modified from time to time, the “Indenture”) with MUFG Union Bank, N.A., 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 2020-A Reference Pool after the Cut-off Date, and the
identifiable proceeds thereof; and

 

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

 

    -2-

     

    

 

Section
2.2           
Consideration and Payment. In consideration of the transfer of the Exchange Note to the Buyer on the Closing
Date, the Buyer shall transfer to the Depositor on the Closing Date the Notes and the Certificate (as such terms are defined in
Appendix A to the Indenture). On the Closing Date, the Depositor will cause an amount equal to $4,814,544.87 to be deposited into
the Reserve Account.

 

Section
2.3           
Representations and Warranties.

 

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

 

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

 

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

 

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

 

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

 

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

 

    -3-

     

    

 

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

 

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

 

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

 

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

 

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

 

Section
2.4           
Protection of Title.

 

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

 

    -4-

     

    

 

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

 

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

 

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

 

Article
III

 

MISCELLANEOUS

 

Section
3.1           
Transfers Intended as Sale; Security Interest.

 

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

 

(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:

 

    -5-

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    -6-

     

    

 

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. 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.

 

Section
3.6           
Amendment.

 

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

 

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

 

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

 

(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.

 

    -7-

     

    

 

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

 

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

 

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

 

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

 

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

 

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.

 

    -8-

     

    

 

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
2020-A Reference Pool shall be enforceable against such Reference Pool only and not against any Other Reference Pool or
the Warehouse Facility Pool or any Unencumbered Reference Pool and (ii) any Other Exchange Note, any Other Reference Pool,
the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable against such Other Exchange Note, Other
Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable, and not against the Exchange
Note or any Closed-End Units included in the 2020-A Reference Pool, (c) except to the extent required by law, the
Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or
Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note
transferred hereunder which is related to the 2020-A Reference Pool) shall not be subject to the claims, debts,
liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no
creditor or holder of a claim relating to (i) the Exchange Note or the related 2020-A Reference Pool shall be entitled to
maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool, any
Unencumbered Reference Pool or any Other Exchange Note or the assets allocated thereto, and (ii) any Other Reference Pool,
the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note other than the Exchange Note related
to the 2020-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the
2020-A Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2020-A Reference Pool or, the
Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling
Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any
Other Exchange Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any
Unencumbered Reference Pool and each Other Reference Pool and, in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility
Pool, any Unencumbered Reference Pool and each Other Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor
Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new
Interest Holder, and shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor
Agreement.

 

    -9-

     

    

 

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

 

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

 

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

 

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

 

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

 

(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.

 

    -10-

     

    

 

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

 

    -11-

     

    

 

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

 

	 	WORLD OMNI AUTO LEASING LLC
	 	 
	 	By:   	
	 	 	 
	 	 	Name:	
	 	 	Title:	

 

	 	Address:                  
	 	190 Jim Moran Blvd.
	 	Deerfield Beach, Florida  33442
	 	Telephone:	(954) 429-2900
	 	Telecopy:	(954) 429-2685

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2020-A
	 	 
	 	By:	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee
	 	
	 	By: 	
	 	 	Name:	                  
	 	 	Title:	 

 

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

 

     

     

    

 

SCHEDULE I

 

PERFECTION REPRESENTATIONS, WARRANTIES AND
COVENANTS

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    Sch. I-1 

     

    

 

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

 

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
	2020-A EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT
	WORLD OMNI LT,

As Borrower,
	AUTO LEASE FINANCE LLC,

As Initial Beneficiary,
	AL HOLDING CORP.,

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

As Closed-End Administrative Agent
	Dated as of February 12, 2020

 

     

     

    

 

Table
of Contents

 

Page

 

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

 

	SCHEDULE 1	 Description of Closed-End Units Allocated to 2020-A Reference Pool
	 
	EXHIBIT A	Form of Exchange Note

 

    i

     

    

 

2020-A EXCHANGE NOTE SUPPLEMENT TO
COLLATERAL AGENCY AGREEMENT

 

THIS 2020-A EXCHANGE
NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT (as amended, modified or supplemented from time to time, the “Exchange
Note Supplement”), dated and effective as of February 12, 2020, is among World Omni LT, a Delaware statutory trust (the
 “Borrower” or the “Titling Trust”), Auto Lease Finance LLC, a Delaware limited liability
company (“ALF” or the “Initial Beneficiary”), AL Holding Corp., a Delaware corporation (the
 “Closed-End Collateral Agent”), and U.S. Bank National Association, a national banking association (the “Closed-End
Administrative Agent”).

 

RECITALS

 

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

 

B.                
The parties hereto desire to supplement the terms of the Collateral Agency Agreement (i) to set forth the principal terms
of the 2020-A closed-end exchange note (the “Closed-End Exchange Note”) issued hereunder and (ii) to designate
a portion of the Closed-End Units included in the Warehouse Facility Pool or any Unencumbered Reference Pool as the 2020-A
Reference Pool with respect to such Closed-End Exchange Note.

 

C.                
Concurrently herewith, (i) ALF and World Omni Auto Leasing LLC, a Delaware limited liability company (the “Depositor”),
are entering into an Exchange Note Sale Agreement, pursuant to which the Depositor will purchase the Closed-End Exchange Note and
(ii) the Depositor and World Omni Automobile Lease Securitization Trust 2020-A (the “Issuing Entity”), are
entering into an Exchange Note Transfer Agreement, pursuant to which the Depositor will transfer the Closed-End Exchange Note to
the Issuing Entity.

 

D.               
Concurrently herewith, the Issuing Entity is entering into an asset-backed financing transaction pursuant to, among other
agreements, an Indenture dated as of the date hereof (the “Indenture”) between the Issuing Entity and MUFG Union
Bank, N.A., 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
2020-A Servicing Supplement to Closed-End Servicing Agreement (as amended, modified or supplemented from time to time, the
 “Servicing Supplement”) pursuant to which, among other things, the terms of the Fifth Amended and Restated Closed-End
Servicing Agreement, dated as of December 15, 2009 (as modified, supplemented or amended from time to time, the “Closed-End
Servicing Agreement”) will be supplemented insofar as they apply to the Closed-End Units included in the 2020-A Reference
Pool, providing more specific servicing obligations.

 

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

 

ARTICLE
XII

DEFINITIONS; THIRD-PARTY BENEFICIARIES

 

Section
12.1        Definitions.

 

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

 

Section
12.2        Third-Party
Beneficiaries.

 

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

 

ARTICLE
XIII

DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS

 

Section
13.1        Designation
of the Reference Pool.

 

(a)               Pursuant
to Section 6.2(a) of the Collateral Agency Agreement and subject to the conditions set forth in Section
13.1(b), the Initial Beneficiary hereby designates a portion of the Closed-End Units included in the Revolving Pool for
allocation to a new Reference Pool, referred to as the “2020-A Reference Pool,” within the Closed-End
Collateral Specified Interest. Upon the effectiveness of this Exchange Note Supplement, the Initial Beneficiary shall direct
the Titling Trustee and the Closed-End Collateral Agent to allocate or cause to be identified and allocated on their
respective books and records the “2020-A Reference Pool,” to be separately accounted for and held in
trust independently from any other Asset Pool. Such Reference Pool shall initially include the Closed-End Units identified on Schedule
1 to this Exchange Note Supplement, which Closed-End Units shall belong exclusively to the 2020-A Reference Pool, and
all other Titling Trust Assets to the extent related to such Closed-End Units (other than cash which does not constitute
Closed-End Collections received after the Cut-Off Date, as specified in Section 13.2(a)(iii)); provided, that,
any Closed-End Collections received on or prior to the Cut-Off Date for any such Closed-End Units identified on Schedule
1 shall not be allocated to the 2020-A Reference Pool.

 

    2

     

    

 

(b)              
Designation of the 2020-A Reference Pool shall be subject to the satisfaction of each of the conditions precedent
set forth in Section 6.4 of the Collateral Agency Agreement, unless and to the extent waived by the Deal Agent, with the
consent of each Warehouse Facility Lender.

 

Section
13.2        Closed-End
Exchange Note Terms.

 

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

 

(i)                
the Closed-End Exchange Note shall be issued on February 12, 2020;

 

(ii)             
the initial Exchange Note Balance of the Closed-End Exchange Note is equal to $905,134,435.42;

 

(iii)           
the Cut-Off Date for the 2020-A Reference Pool is the close of business on January 7, 2020;

 

(iv)            
the first Closed-End Exchange Note Payment Date for the Closed-End Exchange Note is March 16, 2020, 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 1.93% 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 February 12, 2020 (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 2020-A Reference Pool is equal to $962,908,973.85
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 June 16, 2025;

 

(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, 33).

 

(b)              
On each Closed-End Exchange Note Payment Date, the Closed-End Administrative Agent shall, with respect to the 2020-A
Reference Pool, withdraw from the related Exchange Note Collection Account an amount equal to the Closed-End Collections for the
2020-A Reference Pool and apply such amount, together with any amounts allocated to the 2020-A Reference Pool in accordance
with Section 10.2 or Sections 10.3(a) or (b) of the Collateral Agency Agreement, in accordance with the following
priorities:

 

(i)              
first, to the Closed-End Servicer, the Reference Pool Servicing Fee for the related Closed-End EN Collection
Period (to the extent such Servicing Fee has not been retained by the Closed-End Servicer pursuant to Section 13.5 of the
Servicing Supplement 2020-A to Closed-End Servicing Agreement);

 

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

 

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

 

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

 

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

 

    4

     

    

 

(c)              
Pursuant to Section 8.8(a)(ii)(z) of the Collateral Agency Agreement, an amount equal to the Net Liquidation
Proceeds of the Closed-End Units included in the 2020-A Reference Pool after an Exchange Note Default occurs and is continuing
with respect to the Closed-End Exchange Note will be applied in accordance with the following priorities:

 

(i)              
first, to the Closed-End Collateral Agent, any amounts due with respect to the Closed-End Exchange Note or
the related 2020-A Reference Pool under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b)
of this Exchange Note Supplement;

 

(ii)             
second, to the Closed-End Administrative Agent, any amounts due with respect to the Closed-End Exchange Note
or the related 2020-A Reference Pool under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b)
of this Exchange Note Supplement; and

 

(iii)            
third, to make the payments described in clauses (i) through (v) in Section 13.2(b) of
this Exchange Note Supplement with respect to the 2020-A Reference Pool.

 

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

 

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

 

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

 

    5

     

    

 

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

 

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

 

ARTICLE
XIV

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

    6

     

    

 

ARTICLE
XV

MISCELLANEOUS PROVISIONS

 

Section
15.1        Filings.

 

(a)              
The parties hereto will undertake all other and future actions and activities as may be required by the Closed-End
Servicer (pursuant to the Servicing Supplement) or by the Closed-End Collateral Agent (pursuant to the Collateral Agency Agreement
and the Security Agreement) to perfect (or evidence) and confirm the foregoing identification and allocation of the Closed-End
Units to the 2020-A Reference Pool.

 

Section
15.2        Amendments.

 

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

 

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

 

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

 

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

 

Section
15.3        Governing
Law.

 

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

 

    7

     

    

 

Section
15.4        Notices.

 

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

 

Section
15.5        Severability
of Provisions.

 

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

 

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

 

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

 

Section
15.7        No
Petition.

 

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

 

    8

     

    

 

Section
15.8        Tax
Matters.

  

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

 

Section
15.9        Entire
Agreement.

 

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

 

Section
15.10    Submission to
Jurisdiction; Waiver of Jury Trial.

 

Each of the parties
hereto hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

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

 

    9

     

    

 

Section
15.11      No
Recourse.

 

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

 

[SIGNATURES ON NEXT
PAGE]

  

    10

     

    

 

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

 

	 	WORLD OMNI LT,

 as Borrower
	 	 
	 	By:  	 	VT INC., not in its individual capacity, but 

solely as Titling Trustee
	 	By:  	 
	 	 	 	Name
	 	 	 	Title:
	 	 	 	 
	 	AUTO LEASE FINANCE LLC,

 as Initial Beneficiary
	 	 
	 	By:  	 
	 	 	 	Name
	 	 	 	Title:
	 	 	 	 
	 	AL HOLDING CORP., 

as Closed-End Collateral Agent
	 	 
	 	By:  	 
	 	 	 	Name
	 	 	 	Title:
	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, 

as Closed-End Administrative Agent
	 	 
	 	By:  	 
	 	 	 	Name
	 	 	 	Title:   

 

     

     

    

 

Schedule 1

2020-A Exchange Note Supplement

 

DESCRIPTION OF CLOSED-END UNITS ALLOCATED
TO 2020-A REFERENCE POOL

 

Delivered Electronically to Titling
Trustee and Closed-End Collateral Agent

 

and on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

 

    Sch.1

     

    

 

EXHIBIT A

 

FORM OF EXCHANGE
NOTE

 

2020-A CLOSED-END
EXCHANGE NOTE

 

THIS 2020-A CLOSED-END
EXCHANGE NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS 2020-A CLOSED-END
EXCHANGE NOTE, AGREES THAT THIS 2020-A CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A “QUALIFIED INSTITUTIONAL BUYER”
WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, (2) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN
THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (3) TO THE INITIAL BENEFICIARY
OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE
SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE CLOSED-END ADMINISTRATIVE AGENT OF SUCH OTHER EVIDENCE
ACCEPTABLE TO THE CLOSED-END ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES
ACT AND OTHER APPLICABLE LAWS.

 

THIS 2020-A CLOSED-END
EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE
AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING
ANY INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE CLOSED-END ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

 

EACH HOLDER OF THIS
2020-A CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) IT IS NOT AND WILL NOT
BE AND IS NOT ACQUIRING SUCH 2020-A CLOSED-END EXCHANGE NOTE ON BEHALF OF, OR WITH THE ASSETS OF, ANY PERSON THAT IS OR
WILL BE (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED IN
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975
OF THE CODE, (III) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE
DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (IV) ANY
GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE
OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B)
ITS ACQUISITION AND HOLDING OF THE 2020-A CLOSED-END EXCHANGE NOTE WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

    Ex.A-1

     

    

 

NEITHER THIS 2020-A
CLOSED-END EXCHANGE NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE CLOSED-END
ADMINISTRATIVE AGENT AND THE BORROWER A DULY EXECUTED INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT D TO THE COLLATERAL AGENCY
AGREEMENT. THE PURCHASER UNDERSTANDS AND AGREES THAT ANY PURPORTED TRANSFER OF THIS 2020-A CLOSED-END EXCHANGE NOTE OR ANY
INTEREST HEREIN IN VIOLATION OF THE PRECEDING SENTENCE SHALL BE VOID AND OF NO EFFECT.

 

THE PRINCIPAL OF THIS
2020-A CLOSED-END EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT
OF THIS 2020-A CLOSED-END EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

    Ex.A-2

     

    

 

REGISTERED

 

$905,134,435.42

 

No. 1

 

1.93% 2020-A CLOSED-END
EXCHANGE NOTE

 

WORLD OMNI LT,
as borrower (the “Borrower”), for value received, hereby promises to pay to AUTO LEASE FINANCE LLC,
and its registered assigns, the registered holder from time to time of this 2020-A Closed-End Exchange Note (the “2020-A
Exchange Noteholder”), the principal sum of NINE HUNDRED FIVE MILLION ONE HUNDRED THIRTY FOUR THOUSAND FOUR HUNDRED
THIRTY FIVE AND 42/100 DOLLARS (U.S. $905,134,435.42) 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 2020-A Closed-End Exchange Note Supplement (or such other date as specified therein); provided, however,
that (i) the entire unpaid principal amount of this Note will be due and payable on June 16, 2025 (the “2020-A
Final Scheduled Payment Date”) and (ii) this 2020-A Closed-End Exchange Note (this “Note”)
may be redeemed earlier than the 2020-A Final Scheduled Payment Date pursuant to Section 15.1 of the 2020-A
Servicing Supplement, dated as of February 12, 2020, among World Omni Financial Corp., as servicer (the “Closed-End
Servicer”), the Closed-End Collateral Agent (as defined below), and the Borrower (the “2020-A Closed-End
Servicing Supplement”). This Note has been issued pursuant to the Fourth Amended and Restated Collateral Agency Agreement,
dated as of December 15, 2009 (the “Collateral Agency Agreement”), among the Borrower, AL Holding Corp.
(“ALHC”), as collateral agent (in such capacity, the “Closed-End Collateral Agent”),
Bank of America, N.A., as deal agent (the “Deal Agent”), U.S. Bank National Association (“U.S.
Bank”), as administrative agent (in such capacity, the “Closed-End Administrative Agent”),
and the other Secured Parties from time to time party to such agreement, as supplemented by the 2020-A Closed-End Exchange
Note Supplement, dated as of February 12, 2020, between the Borrower and Auto Lease Finance LLC, as initial beneficiary (the “Initial
Beneficiary”), (the “2020-A Closed-End Exchange Note Supplement”). References hereinafter
to the “Collateral Agency Agreement” are to the Collateral Agency Agreement (as defined above), as supplemented
by the 2020-A Closed-End Exchange Note Supplement.

 

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

 

The Borrower will
pay interest on this Note in an amount equal to the 2020-A Exchange Note Interest Amount until the principal of this Note
is paid or made available for payment. The amount of interest due on this Note on each Closed-End Exchange Note Payment Date
will be calculated on the basis of the 2020-A Closed-End Exchange Note Balance outstanding on the preceding Closed-End
Exchange Note Payment Date (after giving effect to all payments of principal made on the preceding Closed-End Exchange Note
Payment Date), and will be subject to certain limitations contained in Section 13.2 of the 2020-A
Closed-End Exchange Note Supplement. Such principal of and interest on this Note will be paid in the manner specified on the
reverse hereof.

 

    Ex.A-3

     

    

 

The principal of and
interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts. All payments made by the Borrower with respect to this Note will be applied to interest
on and principal of this Note in the manner set forth in the 2020-A Closed-End Exchange Note Supplement.

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    Ex.A-4

     

    

 

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

 

Date: _________, 20__

 

	 	WORLD OMNI LT,

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

 

ADMINISTRATIVE AGENT’S
CERTIFICATE OF AUTHENTICATION

 

This is the 2020-A
Closed-End Exchange Note designated above and referred to in the within-mentioned 2020-A Closed-End Exchange Note Supplement.

 

Date:
_________, 20__

 

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

 

    Ex.A-5

     

    

 

REVERSE OF 2020-A
CLOSED-END EXCHANGE NOTE

 

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

 

Interest on and principal
of this Note will be payable in accordance with the priority of payments set forth in Section 13.2 of the 2020-A
Closed-End Exchange Note Supplement.

 

Principal of this Note
will be payable on each Closed-End Exchange Note Payment Date (or such other date as specified in Section 13.2 of
the 2020-A Closed-End Exchange Note Supplement) in an amount equal to the 2020-A Closed-End Exchange Note Principal Distribution
Amount for such Closed-End Exchange Note Payment Date. “Closed-End Exchange Note Payment Date” means
the 15th day of each calendar month or, if any such day is not a Business Day, the next Business Day, commencing March 16, 2020.

 

As described on the face
hereof, the entire unpaid principal amount of this Note will be due and payable on the 2020-A Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date on which an
Exchange Note Default with respect to this Note has occurred and is continuing and the 2020-A Exchange Noteholder has declared
the Note to be immediately due and payable in the manner provided in the Collateral Agency Agreement.

 

Payments of
interest on this Note on each Closed-End Exchange Note Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, will be made to the account of the registered holder hereof either by wire
transfer in immediately available funds, to the account of such 2020-A Exchange Noteholder or an account designated by
the 2020-A Exchange Noteholder at a bank or other entity having appropriate facilities therefor if such 2020-A
Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five (5) Business
Days prior to such Closed-End Exchange Note Payment Date or, if not, by check mailed first-class mail postage prepaid to the
2020-A Exchange Noteholder’s address as it appears on the Exchange Note Register prior to such Closed-End Exchange
Note Payment Date, except that the final installment of principal payable on this 2020-A Closed-End Exchange Note on a
Closed-End Exchange Note Payment Date or the 2020-A Final Scheduled Payment Date will be payable only upon the
presentation and surrender of this Note in the manner set forth in Section 6.7(b) of the Collateral Agency
Agreement. Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in
the principal amount of this Note effected by any payments made on any Closed-End Exchange Note Payment Date will be binding
upon all future 2020-A Exchange Noteholders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in
the Collateral Agency Agreement, for payment in full of the then remaining unpaid principal amount of this Note on a
Closed-End Exchange Note Payment Date, then the Closed-End Administrative Agent will notify the 2020-A Exchange
Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this Note
will be paid not later than five (5) days prior to such date. Such notice will specify that such final installment will be
payable only upon presentation and surrender of this Note and will specify the place where this Note may be presented and
surrendered for payment of such installment.

 

    Ex.A-6

     

    

 

The transfer of this
Note is subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Collateral
Agency Agreement. Subject to the satisfaction of such restrictions and limitations, the transfer of this Note may be registered
on the Exchange Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the
Borrower pursuant to the Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Closed-End Administrative Agent duly executed by, the 2020-A Exchange Noteholder hereof or the 2020-A
Exchange Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Exchange Note Registrar, and thereupon a new 2020-A Closed-End Exchange
Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

 

The 2020-A Exchange
Noteholder, by accepting this Note acknowledges and agrees that (i) if an Exchange Note Default occurs, any claim that the 2020-A
Exchange Noteholder may seek to enforce at any time against the Borrower and the Holding Company will be limited in recourse to
the Closed-End Assets in the related 2020-A Reference Pool, (ii) if, notwithstanding clause (i), the 2020-A Exchange Noteholder
is deemed to have any claim against the assets of the Borrower and the Holding Company other than the assets included in the Closed-End
Assets in the 2020-A Reference Pool, whether by operation of law, legal process, pursuant to insolvency laws or otherwise (including
by virtue of Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition
interest, of the claims of the Warehouse Facility Secured Parties and to the holders of (A) all other Closed-End Exchange Notes
and (B) in the case of assets allocated to a Specified Interest other than the Closed-End Collateral Specified Interest, all other
asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and
all related hedging arrangements and (iii) it irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i)
of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured
claim that it may have at any time against any Other Assets.

 

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 2020-A
Exchange Noteholder, by accepting this Note, consents to the Closed-End Administrative Agent’s delegation under the Closed-End
Administration Agreement to the Closed-End Collateral Agent Administrator of certain of the duties that the Closed-End Administrative
Agent is required to perform on behalf of the Closed-End Collateral Agent pursuant to the Collateral Agency Agreement.

 

The 2020-A Exchange
Noteholder, by accepting this Note, covenants and agrees that for a period of one year and one day after payment in full of all
Trust-Related Obligations (as defined in the Titling Trust Agreement), it will not institute against the Borrower or the Holding
Company, or join in any institution against the Borrower or the Holding Company of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection
with any obligations relating to this Note, the Collateral Agency Agreement, the 2020-A Closed-End Exchange Note Supplement
or any of the other 2020-A Basic Documents.

 

The Borrower has entered
into the 2020-A Closed-End Exchange Note Supplement and this Note is issued with the intention that, for U.S. federal, State
and local income, single business and franchise tax purposes, this Note will qualify as indebtedness of the Borrower. The 2020-A
Exchange Noteholder, by its acceptance of this Note, will be deemed to agree to treat this 2020-A Closed-End Exchange Note
for U.S. federal, State and local income, single business and franchise tax purposes as indebtedness of the Borrower.

 

Prior to the due presentment
for registration of transfer of this Note, the Borrower and the Closed-End Administrative Agent and any agent of the Borrower or
the Closed-End Administrative Agent may treat the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the 2020-A Closed-End Exchange Note Supplement) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and none of the Borrower, the Closed-End Administrative Agent or any such agent
will be affected by notice to the contrary.

 

The Collateral Agency
Agreement permits the amendment thereof and, under certain circumstances, the consent of the 2020-A Exchange Noteholder will
be required as a condition to the effectiveness of such amendment. Any such consent by the 2020-A Exchange Noteholder will
be conclusive and binding upon the 2020-A Exchange Noteholder and upon all future holders of this Note and of any 2020-A
Closed-End Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not
notation of such consent or waiver is made upon this 2020-A Closed-End Exchange Note.

 

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

 

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

 

THIS 2020-A CLOSED-END
EXCHANGE NOTE, THE COLLATERAL AGENCY AGREEMENT AND THE 2020-A CLOSED-END EXCHANGE NOTE

 

    Ex.A-8

     

    

 

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

 

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

 

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

 

[REMAINDER OF THIS
PAGE LEFT INTENTIONALLY BLANK]

 

    Ex.A-9

     

    

 

ASSIGNMENT

 

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

 

___________________________________________________________

 

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

 

recourse unto ___________________________________________________________

(name and address of assignee)

  

the within 2020-A
Closed-End Exchange Note and all rights thereunder, and hereby irrevocably constitutes and appoints ________________, attorney,
to transfer said 2020-A Closed-End Exchange Note on the books kept for registration thereof, with full power of substitution
in the premises.

 

Date:

 

	 	
	 	Signature Guaranteed
	 	 

    Ex.A-10

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