Document:

Form of Indenture between World Omni Automobile Lease Securitization

 EXHIBIT 4.1 
 [                    ], 
 as Indenture Trustee, 
 and 
 WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[    ]-[    ], 
 as Issuing Entity 
 INDENTURE 
 Dated as of [                    ], [        ] 

 TRUST INDENTURE ACT CROSS-REFERENCE CHART 
 (THIS CHART IS NOT A PART OF THIS INDENTURE) 
  

			
	 TIA SECTION
	  	 INDENTURE REFERENCE

	 310(a)(1)
	  	6.8, 6.11
	 310(a)(2)
	  	6.8, 6.11
	 310(a)(3)
	  	6.10(b)
	 310(a)(4)
	  	Not applicable
	 310(a)(5)
	  	6.11
	 310(b)
	  	6.11
	 310(c)
	  	Not applicable
	 311(a)
	  	6.15
	 311(b)
	  	6.15
	 311(c)
	  	Not applicable
	 312(a)
	  	7.1, 7.2(a)
	 312(b)
	  	7.2(b)
	 312(c)
	  	7.2(c)
	 313(a)
	  	7.3
	 313(b)
	  	7.3
	 313(c)
	  	7.3
	 313(d)
	  	7.3
	 314(a)
	  	3.9
	 314(b)
	  	3.6
	 314(c)(1)
	  	11.1(a)
	 314(c)(2)
	  	11.1(a)
	 314(c)(3)
	  	11.1(a)
	 314(d)
	  	11.1(b)
	 314(e)
	  	11.1(a)
	 315(a)
	  	6.1(b)
	 315(b)
	  	6.5
	 315(c)
	  	6.1(a)
	 315(d)
	  	6.1(c)
	 315(d)(1)
	  	6.1(b), 6.1(c)(i)
	 315(d)(2)
	  	6.1(c)(ii)
	 315(d)(3)
	  	6.1(c)(iii)
	 315(e)
	  	5.13
	 316(a)(1)(A)
	  	5.11
	 316(a)(1)(B)
	  	5.12
	 316(a)(2)
	  	Not Applicable
	 316(b)
	  	5.7
	 316(c)
	  	5.6(b)
	 317(a)(1)
	  	5.3(a), 5.3(b)
	 317(a)(2)
	  	5.3(d)
	 317(b)
	  	3.3
	 318(a)
	  	11.17

  

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 TABLE OF CONTENTS 
  

							
	 	 	 	  	 	  	Page
	ARTICLE I DEFINITIONS	  	2
		 	Section 1.1	  	Definitions	  	2
		 	Section 1.2	  	Interpretive Provisions	  	2
		
	ARTICLE II THE NOTES	  	2
		 	Section 2.1	  	Form	  	2
		 	Section 2.2	  	Execution, Authentication and Delivery	  	2
		 	Section 2.3	  	Temporary Notes	  	3
		 	Section 2.4	  	Registration; Registration of Transfer and Exchange	  	3
		 	Section 2.5	  	Mutilated, Destroyed, Lost or Stolen Notes	  	6
		 	Section 2.6	  	Persons Deemed Owners	  	7
		 	Section 2.7	  	Cancellation	  	7
		 	Section 2.8	  	Release of Collateral	  	8
		 	Section 2.9	  	Book-Entry Notes	  	8
		 	Section 2.10	  	Notices to Clearing Agency	  	8
		 	Section 2.11	  	Definitive Notes	  	9
		 	Section 2.12	  	Authenticating Agents	  	9
		 	Section 2.13	  	Tax Treatment	  	10
		
	ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS	  	10
		 	Section 3.1	  	Payment of Principal and Interest	  	10
		 	Section 3.2	  	Maintenance of Office or Agency	  	10
		 	Section 3.3	  	Money for Payments to be Held in Trust	  	11
		 	Section 3.4	  	Existence	  	12
		 	Section 3.5	  	Protection of Collateral	  	12
		 	Section 3.6	  	Opinions as to Collateral	  	13
		 	Section 3.7	  	Performance of Obligations; Administration of the Exchange note	  	13
		 	Section 3.8	  	Negative Covenants	  	15
		 	Section 3.9	  	Issuing Entity Certificates and Reports	  	16
		 	Section 3.10	  	Notice of Defaults	  	16
		 	Section 3.11	  	Further Instruments and Acts	  	17
		 	Section 3.12	  	Delivery of Exchange Note	  	17
		 	Section 3.13	  	Compliance with Laws	  	17
		 	Section 3.14	  	Perfection Representations	  	17
		 	Section 3.15	  	‘34 Act Filings	  	17
		
	ARTICLE IV SATISFACTION AND DISCHARGE	  	17
		 	Section 4.1	  	Satisfaction and Discharge of Indenture	  	17
		 	Section 4.2	  	Application of Trust Money	  	18
		 	Section 4.3	  	Repayment of Monies Held by Paying Agent	  	18

  

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	ARTICLE V EVENT OF DEFAULT	  	19
		 	Section 5.1	  	Events of Default	  	19
		 	Section 5.2	  	Acceleration of Maturity; Waiver of Event of Default	  	20
		 	Section 5.3	  	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	  	21
		 	Section 5.4	  	Remedies; Priorities	  	23
		 	Section 5.5	  	Optional Preservation of the EXCHANGE NOTE ASSETS	  	25
		 	Section 5.6	  	Limitation of Suits	  	25
		 	Section 5.7	  	Unconditional Rights of Noteholders to Receive Principal and Interest	  	26
		 	Section 5.8	  	Restoration of Rights and Remedies	  	26
		 	Section 5.9	  	Rights and Remedies Cumulative	  	26
		 	Section 5.10	  	Delay or Omission Not a Waiver	  	26
		 	Section 5.11	  	Control By Noteholders	  	26
		 	Section 5.12	  	Waiver of Past Defaults	  	27
		 	Section 5.13	  	Undertaking For Costs	  	27
		 	Section 5.14	  	Waiver of Stay or Extension Laws	  	28
		 	Section 5.15	  	Action on Notes	  	28
		 	Section 5.16	  	Performance and Enforcement of Certain Obligations	  	28
		 	Section 5.17	  	Sale of Collateral	  	29
		
	ARTICLE VI THE INDENTURE TRUSTEE	  	29
		 	Section 6.1	  	Duties of Indenture Trustee	  	29
		 	Section 6.2	  	Rights of Indenture Trustee	  	31
		 	Section 6.3	  	Individual Rights of Indenture Trustee	  	32
		 	Section 6.4	  	Indenture Trustee’s Disclaimer	  	32
		 	Section 6.5	  	Notice of Defaults	  	32
		 	Section 6.6	  	Reports by Indenture Trustee to Noteholders	  	33
		 	Section 6.7	  	Compensation and Indemnity	  	33
		 	Section 6.8	  	Removal, Resignation and Replacement of Indenture Trustee	  	33
		 	Section 6.9	  	Successor Indenture Trustee by Merger	  	34
		 	Section 6.10	  	Appointment of Co-Trustee or Separate Trustee	  	35
		 	Section 6.11	  	Eligibility; Disqualification	  	36
		 	Section 6.12	  	Preferential Collection of Claims Against the Issuing Entity	  	36
		 	Section 6.13	  	Representations and Warranties of Indenture Trustee	  	36
		 	Section 6.14	  	Trustee as Holder of THE EXCHANGE NOTE	  	37
		
	ARTICLE VII NOTEHOLDERS’ LISTS AND REPORTS	  	37
		 	Section 7.1	  	Issuing Entity to Furnish Indenture Trustee Noteholder Names and Addresses	  	37
		 	Section 7.2	  	Preservation of Information; Communications to Noteholders	  	38
		 	Section 7.3	  	Reports by Issuing Entity	  	38
		 	Section 7.4	  	Reports by Indenture Trustee	  	39
		
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	  	39
		 	Section 8.1	  	Collection of Money	  	39
		 	Section 8.2	  	Accounts	  	39

  

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		 	Section 8.3	  	Servicer Certificate	  	40
		 	Section 8.4	  	Disbursement of Funds	  	42
		 	Section 8.5	  	General Provisions Regarding Accounts	  	44
		 	Section 8.6	  	Release of Collateral	  	45
		
	ARTICLE IX SUPPLEMENTAL INDENTURES	  	45
		 	Section 9.1	  	Supplemental Indentures without Consent of Noteholders	  	45
		 	Section 9.2	  	Supplemental Indentures with Consent of Noteholders	  	46
		 	Section 9.3	  	Execution of Supplemental Indentures	  	47
		 	Section 9.4	  	Effect of Supplemental Indenture	  	48
		 	Section 9.5	  	Reference in Notes to Supplemental Indentures	  	48
		
	ARTICLE X REDEMPTION OF NOTES	  	48
		 	Section 10.1	  	Redemption	  	48
		 	Section 10.2	  	Form of Redemption Notice	  	48
		 	Section 10.3	  	Notes Payable on Redemption Date	  	49
		
	ARTICLE XI MISCELLANEOUS	  	49
		 	Section 11.1	  	Compliance Certificates and Opinions	  	49
		 	Section 11.2	  	Form of Documents Delivered to the Indenture Trustee	  	51
		 	Section 11.3	  	Acts of Noteholders	  	51
		 	Section 11.4	  	Notices	  	52
		 	Section 11.5	  	Notices to Noteholders; Waiver	  	52
		 	Section 11.6	  	Effect of Headings and Table of Contents	  	53
		 	Section 11.7	  	Successors and Assigns	  	53
		 	Section 11.8	  	Severability	  	53
		 	Section 11.9	  	Benefits of Indenture	  	53
		 	Section 11.10	  	Legal Holidays	  	53
		 	Section 11.11	  	Governing Law	  	53
		 	Section 11.12	  	Counterparts	  	54
		 	Section 11.13	  	Recording of Indenture	  	54
		 	Section 11.14	  	Trust Obligation; No Recourse	  	54
		 	Section 11.15	  	No Petition	  	54
		 	Section 11.16	  	Limitation of Liability of Owner Trustee	  	55
		 	Section 11.17	  	TIA Incorporation and Conflicts	  	55
		 	Section 11.18	  	Intent	  	55
		 	Section 11.19	  	Each Exchange Note Separate; Assignees of the Exchange Note	  	55
		 	Section 11.20	  	Submission to Jurisdiction; Waiver of Jury Trial	  	56
		 	Section 11.21	  	Subordination of Claims	  	57
		 	Section 11.22	  	Information Requests	  	57
		 	Section 11.23	  	Regulation AB Information To Be Provided By The Indenture Trustee	  	57

  

					
	SCHEDULE I	  	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
		
	EXHIBIT A1	  	FORM OF CLASS A NOTES

  

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	EXHIBIT A2	  	FORM OF CLASS B NOTE
	EXHIBIT B	  	FORM OF DEPOSITORY AGREEMENT
	EXHIBIT C	  	SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE
	EXHIBIT D	  	FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION
	EXHIBIT E	  	FORM OF TRANSFEROR CERTIFICATE
	EXHIBIT F	  	FORM OF INVESTMENT LETTER
		
	APPENDIX A	  	DEFINITIONS

  

 v 

 THIS INDENTURE, dated as of
[                    ], [        ] (this “Indenture”) is between WORLD OMNI
AUTOMOBILE LEASE SECURITIZATION TRUST 20[    ]-[    ], a Delaware statutory trust (the “Issuing Entity”), and
[                    ], [a national banking association], as trustee (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s
Class A-1 [    ]% Asset Backed Notes, Series 20[    ]-[    ] (the “Class A-1 Notes”), Class A-2 [    ]% Asset Backed
Notes, Series 20[    ]-[    ] (the “Class A-2 Notes”), Class A-3 [    ]% Asset Backed Notes, Series
20[    ]-[    ](the “Class A-3 Notes”), Class A-4 [    ]% Asset Backed Notes, Series
20[    ]-[    ] (the “Class A-4 Notes” and together with the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the “Class A Notes”) [and the Class B
[    ]% Asset Backed Notes, Series 20[    ]-[    ] (the “Class B Notes” and together with] the Class A Notes, the “Notes”): 
 GRANTING CLAUSE 
 The Issuing Entity,
to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes equally and ratably without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of
this Indenture, hereby Grants in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders, all of such Person’s right, title and interest, whether now owned or hereafter acquired, in and to (i) the
Trust Estate and (ii) all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property that at any time constitute all or part of or are included in the
proceeds of any of the foregoing (collectively, the “Collateral”), in each case as such terms are defined herein. 
 The foregoing
Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes and the Interest Rate Swaps, equally and ratably without prejudice, priority or distinction, and to secure compliance
with the provisions of this Indenture, all as provided in this Indenture. 
 The Indenture Trustee, as trustee on behalf of the Noteholders,
acknowledges the foregoing Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the interests of the Holders of the Notes and
the Swap Counterparty may be adequately and effectively protected. 

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 DEFINITIONS. Capitalized terms used herein that are not
otherwise defined herein shall have the meanings ascribed thereto in Appendix A hereto. 
 SECTION 1.2 INTERPRETIVE PROVISIONS.

 (a) For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) terms
used in this Indenture include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein”, “hereof” and the like shall refer to this Indenture as a whole and not to any
particular part, Article or Section within this Indenture, (iii) the term “include” and all variations thereof shall mean include without limitation and (iv) the term “proceeds” shall have the meaning set forth in the
applicable UCC. 
 (b) As used in this Indenture and in any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture or in any such certificate or other document to the extent not defined, shall have the respective
meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Indenture or in any such certificate or other document are inconsistent with the meanings of such terms under
generally accepted accounting principles, the definitions contained in this Indenture or in any such certificate or other document shall control. 
 ARTICLE II 
 THE NOTES 
 SECTION 2.1 FORM. The Notes, together with the Indenture Trustee’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 Indenture, 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 Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note. 

The terms of the Notes set forth in Exhibit A hereto are part of the terms of this Indenture. 
 SECTION 2.2 EXECUTION, AUTHENTICATION AND DELIVERY. The Notes shall be executed by the Owner Trustee on behalf of the Issuing Entity by any
of its Authorized Officers. The signature of any Authorized Officer of the Owner Trustee on the Notes may be manual or by facsimile. Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Owner
Trustee shall bind the Issuing Entity, notwithstanding that any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 
  

 2 

 The Indenture Trustee shall, upon receipt of an Issuing Entity Order, authenticate and deliver for
original issue the following aggregate principal amounts of the Notes: (i) $[            ] of Class A-1 Notes,
(ii) $[            ] of Class A-2 Notes, (iii) $[            ] of Class A-3 Notes,
(iv) $[            ] of Class A-4 Notes [and (v) $[            ] of Class B Notes]. The aggregate
principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes [and Class B Notes] outstanding at any time may not exceed such respective amounts, except as provided in Section [2.5]. 
 Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered notes in book-entry form in minimum denominations of
$1,000 and in integral multiples of $1,000 in excess thereof; provided, however, that on the Closing Date, one Class A-1 Note, one Class A-2 Note, one Class A-3 Note, one Class A-4 Note [and one Class B Note] may be issued in a
denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the Initial A-3 Note Balance, the Initial Class A-4 Note Balance [and the Initial Class B Note Balance],
respectively. 
 No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears
on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 SECTION 2.3 TEMPORARY
NOTES. Pending the preparation of Definitive Notes, the Issuing Entity may execute and upon receipt of an Issuing Entity Order, the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten,
mimeographed or otherwise produced, substantially of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as
evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuing Entity shall cause Definitive Notes to be prepared
without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of such temporary Notes at the office or agency of the Issuing Entity to be maintained as provided
in Section 3.2, without charge to the related Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuing Entity shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like
principal amount of Definitive Notes of authorized denominations. Until so exchanged, such temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 
 SECTION 2.4 REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE. The Issuing Entity shall cause to be kept a register (the “Note
Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuing Entity shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee is 

  

 3 

 
hereby appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any
Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 
 If a Person other than the Indenture Trustee is the Note Registrar, the Issuing Entity shall give the Indenture Trustee prompt written notice of such appointment and the location, and any change in such location, of
the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the
Note Registrar by an Authorized Officer of the Note Registrar as to the names and addresses of the Noteholders and the principal amounts and number of such Notes. 
 Upon surrender for registration of transfer of any Note at the office or agency of the Issuing Entity to be maintained as provided in Section 3.2, if the requirements of Section 8-401 of the UCC are met, the
Issuing Entity shall execute and the Indenture Trustee shall authenticate and the related Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee, one or more new Notes in any authorized denominations, of the
same Class and a like aggregate principal amount. 
 At the option of the related Noteholder, Notes may be exchanged for other Notes in any
authorized denominations, of the same Class and a like aggregate principal amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are
met, the Issuing Entity shall execute, the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee the Notes that the Noteholder making such exchange is entitled to receive. 
 Every Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture Trustee) be
duly endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuing Entity and the Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing
the same debt and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 
 No service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuing Entity, the Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith, other than exchanges pursuant to Sections 2.3 or 9.5 not involving any transfer. 
 [As of the date of this Indenture, the Class B Notes have not been registered under the Securities Act and will not be listed on any exchange. Unless and until the Class B Notes have been sold pursuant to a transaction registered under the
Securities Act, no transfer of a Class B Note shall be made unless such transfer is made pursuant to an effective registration statement 

  

 4 

 
under the Securities Act and any applicable State securities laws or is exempt from the registration requirements under the Securities Act and such State
securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and State securities laws, in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such
transfer and such Noteholder’s prospective transferee shall each certify to the Indenture Trustee and the Depositor in writing the facts surrounding the transfer in substantially the forms set forth in Exhibit E (the “Transferor
Certificate”) and Exhibit F (the “Investment Letter”). Except in the case of a transfer as to which the proposed transferee has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to
the Indenture Trustee an opinion of counsel that such transfer may be made pursuant to an exemption from the Securities Act and State securities laws, which opinion of counsel shall not be an expense of the Trust, the Owner Trustee or the Indenture
Trustee (unless it is the transferee from whom such opinion is to be obtained) or of the Depositor or World Omni; provided that such opinion of counsel in respect of the applicable State securities laws may be a memorandum of law rather than an
opinion if such counsel is not licensed in the applicable jurisdiction. The Depositor shall provide to any Noteholder and any prospective transferee designated by any such Noteholder information regarding the Class B Notes and the Receivables and
such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Class B Notes without registration thereof under the Securities Act pursuant to the registration exemption
provided by Rule 144A. Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity) against any liability
that may result if the transfer is not so exempt or is not made in accordance with federal and State securities laws. 
 Transfer of a Class
B Note shall not be made to any Person unless the Indenture Trustee has received (A) a certificate in the form of paragraph 3 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and is
not acting on behalf of (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 the provisions of Title I of ERISA, (ii) a
plan described in Section 4975(e)(1) of the Code, (iii) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity or (iv) any plan that is subject to any federal, State or local law
that is, to a material extent, similar to the prohibited transaction provisions of ERISA or Section 4975 of the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion of counsel satisfactory to the Indenture Trustee
and the Depositor to the effect that (i) the purchase and holding of such Class B Note will not constitute or result in the assets of the Issuing Entity being deemed to be “plan assets” subject to the prohibited transactions
provisions of ERISA, Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee or the Depositor to any obligation in addition to those undertaken in the Basic Documents and (ii) the purchase and
holding of a Class B Note by a Plan or a Person that is purchasing or holding such a Class B Note with the assets of a Plan will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. The
preparation and delivery of the certificate and opinions referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee, the Indenture Trustee, World Omni (in any capacity) or the Depositor.
Any attempted or purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee. 
  

 5 

 Transfer of a Class B Note: 
 (i) may only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30) of the Code) and who has delivered to the Indenture Trustee a certificate in the form of paragraph 4 to
the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is a United States Person; and 
 (ii) (other than the Class B Notes issued to and held by the Depositor or its Affiliates) shall not be made by subdividing the Class B Notes upon transfer or exchange in a manner such that the resulting Class B Note if it had been sold in
the original offering would have had an initial principal amount of less than $2,000,000 (or such other amount as the Depositor may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under
Section 7704 of the Code, but in no event less than $50,000); 
 provided, however, that the restrictions in the
subsection (c) shall not apply in the event that counsel satisfactory to the Indenture Trustee has rendered an opinion to the effect that the Class B Notes to be transferred will be characterized as indebtedness for United States federal income
tax purposes. The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register, transfers or exchanges of any Note (i) selected for redemption or (ii) for
a period of 15 days preceding the due date for any payment with respect to such Note.] 
 By acquiring a Note, each initial purchaser,
transferee and owner of a beneficial interest will be deemed to represent that either (1) it is not acquiring the notes with the assets of any Plan or (2) the acquisition and holding of the Notes will not give rise to a nonexempt
prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code or Similar Law. Each Note will bear a legend reflecting such deemed representation. 
 The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register,
transfers or exchanges of any Note (i) selected for redemption or (ii) for a period of 15 days preceding the due date for any payment with respect to such Note. 
 SECTION 2.5 MUTILATED, DESTROYED, LOST OR STOLEN NOTES. If (i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction,
loss or theft of any Note and (ii) there is delivered to the Note Registrar such security or indemnity as may be required by it to hold the Issuing Entity, the Indenture Trustee or itself harmless, then, in the absence of notice to the Issuing
Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a “protected purchaser” (as contemplated by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the
Issuing Entity shall execute and upon Issuing Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any
such destroyed, lost or stolen Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may upon delivery
of the security or indemnity herein required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption 

  

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Date without the surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to
the preceding sentence, a “protected purchaser” (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture
Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such
Person, except a “protected purchaser” (as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing
Entity, the Note Registrar or the Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section,
the Issuing Entity or the Indenture Trustee may require the payment by the related Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the
fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith. 
 Every replacement Note issued pursuant to this
Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

 SECTION 2.6 PERSONS DEEMED OWNERS. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the
Indenture Trustee and their respective agents may treat the Person in whose name any Note is registered (as of the date of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such
Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any of their respective agents shall be affected by notice to the contrary. 
 SECTION 2.7 CANCELLATION. All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder that the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at
the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be destroyed or returned to it; provided, that such Issuing Entity Order is timely and that such Notes have not been previously disposed of by the Indenture
Trustee. 
  

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 SECTION 2.8 RELEASE OF COLLATERAL. Subject to Section 11.1 and the terms of those
Transaction Documents to which the Indenture Trustee is a party, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuing Entity Request. 
 SECTION 2.9 BOOK-ENTRY NOTES. Unless otherwise specified herein, the Notes, upon original issuance, will be issued in the form of one or more
typewritten Notes representing the Book-Entry Notes, to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuing Entity. Such Notes shall initially be registered on the Note Register in
the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner’s interest in such Note except as provided in Section 2.11. Unless and until
Definitive Notes have been issued to Note Owners pursuant to Section 2.11: 
 (a) the provisions of this Section shall be in full force
and effect; 
 (b) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this
Indenture (including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole Noteholder, and shall have no obligation to Note Owners; 
 (c) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

 (d) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the initial Clearing Agency will
make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the Notes to such Clearing Agency Participants; and 
 (e) whenever this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified
percentage of the Outstanding Note Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing,
respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee. 
 SECTION 2.10 NOTICES TO CLEARING AGENCY. Whenever a notice or other communication to Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to
Section 2.11, the Indenture Trustee shall give all such notices and communications specified herein to be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners. 
  

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 SECTION 2.11 DEFINITIVE NOTES. [The Class B Notes, upon original issuance will be in the form
of Definitive Notes, but at the request of the holder thereof, may be exchanged for Book-Entry Notes.] If (i) (A) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities as described in the Depository Agreement and (B) the Indenture Trustee or the Administrator is unable to locate a qualified successor, (ii) the Administrator at its option advises the Indenture Trustee in
writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after an Event of Default, Note Owners representing in the aggregate not less than a majority of the Outstanding Note Amount, voting together as a
single class, advise the Indenture Trustee through the Clearing Agency and its Clearing Agency Participants in writing that the continuation of a book-entry system through the Clearing Agency or its successor is no longer in the best interest of
Note Owners, the Indenture Trustee shall be required to notify all Note Owners, through the Clearing Agency, of the occurrence of such event and the availability through the Clearing Agency of Definitive Notes to Note Owners requesting the same.
Upon surrender to the Indenture Trustee by the Clearing Agency of the Note or Notes representing the Book-Entry Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue Definitive Notes to Note Owners, who
thereupon shall become Noteholders for all purposes of this Indenture. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. 
 The Indenture Trustee shall not be liable if the Indenture Trustee or the Administrator is
unable to locate a qualified successor Clearing Agency. The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or without steel engraved borders), all as determined by the
officers executing such Notes, as evidenced by their execution of such Notes. 
 If Definitive Notes are issued and the Indenture Trustee is
not the Note Registrar, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Record Date, within five days thereafter and (ii) as of not more
than ten days prior to the time such list is furnished, within 30 days after receipt by the Issuing Entity of a written request therefor. 
 SECTION 2.12 AUTHENTICATING AGENTS. Upon the request of the Issuing Entity, the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating Agents with power to
act on its behalf and subject to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.2, 2.4, 2.5 and 9.5, as fully to all intents and purposes as though each such Authenticating Agent
had been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication of Notes by the
Indenture Trustee. The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof. 
 Any corporation into
which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation
succeeding 

  

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to all or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder,
without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor corporation. 
 Any Authenticating Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuing Entity. The Indenture Trustee may at any time terminate the agency of any Authenticating Agent by giving
written notice of termination to such Authenticating Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee shall promptly appoint a successor Authenticating Agent and shall give
written notice of such appointment to the Issuing Entity. The provisions of Sections 2.7 and 6.4 shall be applicable to any Authenticating Agent. 
 SECTION 2.13 TAX TREATMENT. The Issuing Entity has entered into this Indenture, and the Notes shall be issued, with the intention that, for all purposes, including federal, State and local income, franchise and/or value added
tax purposes, the Notes shall qualify as indebtedness secured by the Collateral. The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the
applicable Book-Entry Note), agree to treat the Notes for federal, State and local income, franchise and/or value added tax purposes as indebtedness. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 SECTION 3.1 PAYMENT OF PRINCIPAL AND INTEREST. The Issuing Entity shall duly and punctually pay the principal of and interest, if any, on the
Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with Section 8.4(a) and 8.4(b), the Issuing Entity will cause to be distributed all amounts on deposit in the
Principal Distribution Account and allocated for distribution to the Noteholders on a Payment Date pursuant to this Indenture (i) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the
Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to the Class A-4 Noteholders [and
(vi) for the benefit of the Class B Notes, to the Class B Noteholders]. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest or principal shall be considered to have been paid by the Issuing Entity
to such Noteholder for all purposes of this Indenture. The final interest payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) on which the principal amount of that Class of Notes is
reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Note. 
 SECTION 3.2 MAINTENANCE OF OFFICE
OR AGENCY. The Issuing Entity will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuing
Entity in respect of the Notes and this Indenture may be served. Such office or agency will initially be the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby initially appoints the Indenture Trustee to serve as its
agent for the foregoing purposes. The Issuing Entity will give prompt written notice to the Indenture Trustee of any 

  

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change in the location of any such office or agency. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to
furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands. 
 SECTION 3.3 MONEY FOR PAYMENTS TO BE HELD IN TRUST. As provided in Sections 5.4(b) and 8.4,
all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Trust Collection Account shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no
amounts so withdrawn therefrom for payments on Notes shall be paid over to the Issuing Entity except as provided in this Section. 
 On or
before the Business Day preceding each Payment Date and Redemption Date, the Issuing Entity shall allocate or cause to be allocated into the Trust Collection Account for distribution an aggregate sum sufficient to pay the amounts then becoming due
under the Notes, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of any failure by the Issuing
Entity to effect such deposit. 
 The Issuing Entity shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to
the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees to the extent relevant), subject to the provisions of this Section, that
such Paying Agent shall: 
 (a) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of
the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 
 (b) give the Indenture Trustee written notice of any default by the Issuing Entity of which it has actual knowledge (or any other obligor upon the Notes)
in the making of any payment required to be made with respect to the Notes; 
 (c) at any time during the continuance of any such default,
upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent; 
 (d) immediately resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its
appointment; and 
 (e) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of
any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
  

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 The Issuing Entity may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, by Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which
such sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and distributed by the Indenture Trustee to the Issuing Entity and the related Noteholder
shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof, and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that
the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the reasonable expense of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily published
on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining shall be paid to the Certificateholders. The Indenture Trustee shall also adopt and employ, at the written direction of the Issuing Entity and at the expense of the Issuing Entity, any other reasonable means of
notification of such repayment (including mailing notice of such repayment to Noteholders the Notes of which have been called but not surrendered for redemption or whose right to or interest in monies due and payable but not claimed is determinable
from the records of the Indenture Trustee or any Paying Agent at the last address of record for each such Noteholder). 
 SECTION 3.4
EXISTENCE. The Issuing Entity shall keep in full effect its existence and rights as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the
laws of any other State or of the United States, in which case the Issuing Entity shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do
business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate.

 SECTION 3.5 PROTECTION OF COLLATERAL. The Issuing Entity intends the security interest Granted pursuant to this Indenture in
favor of the Indenture Trustee on behalf of the Noteholders to be prior to all other liens in respect of the Collateral, and the Issuing Entity shall take all actions necessary to obtain and maintain, for the benefit of the Indenture Trustee on
behalf of the Noteholders, a first lien on and a first priority, perfected security interest in the Collateral. The Issuing Entity shall from time to time execute and deliver all such supplements and amendments hereto, shall file or authorize the
filing of all such financing statements, continuation statements, instruments of further assurance and other instruments, all as prepared by the Administrator and delivered to the Issuing Entity, and shall take such other action necessary or
advisable to: 
 (a) Grant more effectively all or any portion of the Collateral; 
  

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 (b) maintain or preserve the lien and security interest (and the priority thereof) created by this
Indenture or carry out more effectively the purposes hereof; 
 (c) perfect, publish notice of or protect the validity of any Grant made or
to be made by this Indenture; 
 (d) enforce any of the Collateral; 
 (e) preserve and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the claims of all
Persons; or 
 (f) pay or cause to be paid all taxes or assessments levied or assessed upon the Collateral when due. 
 The Issuing Entity hereby designates the Indenture Trustee as its agent and attorney-in-fact and hereby authorizes the Indenture Trustee to file all
financing statements, continuation statements or other instruments required to be executed (if any) pursuant to this Section. Notwithstanding anything to the contrary contained herein (including the authorization to file granted in the preceding
sentence), the Indenture Trustee shall have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or
maintaining the perfection of any security interest. 
 SECTION 3.6 OPINIONS AS TO COLLATERAL. 
 (a) On the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to the effect that, in
the opinion of such counsel (subject to standard limitations, qualifications and assumptions) the provisions of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a security interest in the Issuing
Entity’s rights in the Collateral, and upon filing of the applicable financing statement, the Indenture Trustee’s security interest in the Issuing Entity’s rights in the Collateral will be perfected. 
 (b) On or before April 30th of each calendar year, beginning with April 30, [        ], the
Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel to the effect that in the opinion of such counsel, either (i) all financing statements and continuation statements have been filed that are necessary to continue the
lien and security interest of the Indenture Trustee in the Exchange Notes and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such action is necessary to continue such
lien and security interest. 
 SECTION 3.7 PERFORMANCE OF OBLIGATIONS; ADMINISTRATION OF THE EXCHANGE NOTE. 
 (a) The Issuing Entity shall not take any action and shall use its best efforts not to permit any action to be taken by others, including the
Administrator, that would release any 

  

 13 

 
Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result
in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in paragraph (c) below, the Transaction Documents or such
other instrument or agreement. 
 (b) The Issuing Entity may contract with other Persons to assist it in performing its duties under this
Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity. Initially, the Issuing Entity has
contracted with the Administrator, and the Administrator has agreed, to assist the Issuing Entity in performing its duties under this Indenture. 
 (c) The Issuing Entity shall, and, shall cause the Administrator and the Servicer to agree to, punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Transaction Documents and the
instruments and agreements included in the Collateral, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the other Transaction Documents in
accordance with and within the time periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuing Entity, as a party to the Transaction Documents and as Holder of the Exchange Note, shall not amend any
Transaction Document to which it is a party or any provision thereof other than in accordance with the amendment provisions set forth in such Transaction Document. 
 (d) Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will
not, without the prior written consent of the Indenture Trustee or the Holders of at least a majority of the Note Balance of the Controlling Securities [and, if such action would result in a material adverse effect on the Swap Counterparty, the Swap
Counterparty], amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to the extent otherwise provided in the Servicing
Agreement and the Exchange Note Servicing Supplement) or the Trust Agreement, the Servicing Agreement, the Exchange Note Servicing Supplement, the Exchange Note Transfer Agreement, the Administration Agreement, the Interest Rate Swaps or the Swap
Counterparty Rights Agreement (except as may be permitted thereby), or waive timely performance or observance by the Servicer under the Servicing Agreement and the Exchange Note Servicing Supplement (except as may be permitted thereby); and
(ii) that any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders or (B) reduce the aforesaid
percentage of the Note Balance of the Controlling Securities that is required to consent to any such amendment, without the consent of the Holders of all the Outstanding Notes. If any such amendment, modification, supplement or waiver shall be so
consented to by the Indenture Trustee or such Holders, the Issuing Entity agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents
and other documents as the Indenture Trustee may deem necessary or appropriate in the circumstances. 
  

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 SECTION 3.8 NEGATIVE COVENANTS. So long as any Notes are Outstanding, the Issuing Entity
shall not: 
 (a) engage in any activities other than financing, acquiring, owning, pledging and managing the Exchange Note and the other
Collateral as contemplated by this Indenture and the other Transaction Documents; 
 (b) except as expressly permitted herein or in the other
Transaction Documents, (A) dissolve or liquidate in whole or in part or (B) sell, transfer, exchange or otherwise dispose of any of the assets of the Issuing Entity, including those included in the Trust Estate, in either case, unless
directed to do so by the Indenture Trustee; 
 (c) claim any credit on or make any deduction from the principal or interest payable in
respect of the Notes (other than amounts properly withheld from such payments under the Code or applicable State law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part
of the Trust Estate; or 
 (d) (i) permit the validity or effectiveness of this Indenture to be impaired, (ii) permit the lien of this
Indenture to be amended, hypothecated, subordinated, terminated or discharged, (iii) permit any Person to be released from any covenants or obligations under this Indenture, except as may be expressly permitted hereby, (iv) permit any
Adverse Claim (other than Permitted Liens) to be created on or extend to or otherwise arise upon or burden the Trust Estate, any part thereof or any interest therein or the proceeds thereof, (v) except as otherwise provided in the Transaction
Documents, permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security interest in the Trust Estate; (vi) make any loan, advance or credit to, guarantee (directly or
indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with
the obligations, stocks or dividends of, own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person, or
(vii) make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 (e)
incur, assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction Documents; 
 (f) except as
otherwise permitted by the Transaction Documents, dissolve or liquidate in whole or in part; or 
 (g) merge or consolidate with or into any
other Person, unless: 
 (i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger
shall be a Person organized and existing under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the
Indenture Trustee, the due and punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and the other Transaction Documents on the part of the Issuing Entity
to be performed or observed, all as provided herein; 
  

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 (ii) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction; 
 (iv) the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to
the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuing Entity, any Noteholder or any Certificateholder; 
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any
filing required by the Exchange Act). 
 SECTION 3.9 ISSUING ENTITY CERTIFICATES AND REPORTS. 
 (a) The Issuing Entity shall deliver to the Indenture Trustee, [with a copy to Swap Counterparty], within 120 days after the end of each fiscal year of
the Issuing Entity (commencing with the fiscal year [                    ]), an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuing Entity during such
year and of its performance under this Indenture has been made under such Authorized Officer’s supervision; and 
 (ii)
to the best of such Authorized Officer’s knowledge, based on such review, the Issuing Entity has complied in all material respects with all conditions and covenants under this Indenture throughout such year, or, if there has been a material
default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof. 
 (b) Unless the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the Servicer. 
 SECTION 3.10 NOTICE OF DEFAULTS. The Issuing Entity agrees to give the Indenture Trustee and each Rating Agency prompt written notice of each
Event of Default hereunder. 
  

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 SECTION 3.11 FURTHER INSTRUMENTS AND ACTS. Upon request of the Indenture Trustee, the Issuing
Entity shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 
 SECTION 3.12 DELIVERY OF EXCHANGE NOTE. On the Closing Date, the Issuing Entity shall deliver or cause to be delivered to the Indenture
Trustee as security for its obligations hereunder, the Closed-End Exchange Note. The Indenture Trustee shall take possession of the Closed-End Exchange Note in New York and shall at all times during the period of this Indenture maintain custody of
the Closed-End Exchange Note in New York. 
 SECTION 3.13 COMPLIANCE WITH LAWS. The Issuing Entity shall comply with the
requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and adversely affect the ability of the Issuing Entity to perform its obligations under the Notes, this Indenture or any other
Transaction Document. 
 SECTION 3.14 PERFECTION REPRESENTATIONS. 
 (a) The representations, warranties and covenants set forth in Schedule I hereto shall be a part of this Indenture for all purposes. 
 (b) Notwithstanding any other provision of this Indenture or any other Transaction Document, the perfection representations contained in Schedule I
hereto shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have been finally and fully paid and performed. 
 (c) The parties to this Indenture: (i) shall not waive any of the perfection representations contained in Schedule I hereto; (ii) shall provide the Rating Agencies with prompt written notice of any breach of
perfection representations contained in Schedule I hereto and (iii) shall not waive a breach of any of the perfection representations contained in Schedule I hereto. 
 SECTION 3.15 ‘34 ACT FILINGS. The Issuing Entity hereby authorizes the Servicer and the Depositor, or either of them, to prepare, sign, certify and file any and all reports, statements and information
respecting the Issuing Entity and/or the Notes required to be filed pursuant to the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. 
 ARTICLE IV 
 SATISFACTION AND DISCHARGE 
 SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE. This Indenture shall discharge with respect to the Collateral securing the Notes except
as to (a) rights of registration of transfer and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of principal thereof and interest thereon, (d) Sections 3.3,
3.4, 3.5, 3.8, 3.10 and 3.12, (e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 6.7 and 

  

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the obligations of the Indenture Trustee under Section 4.2) and (f) the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand and at the expense and on behalf of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when (i) either (A) all Notes theretofore authenticated and delivered (other than (1) Notes that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5 and
(2) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter paid to the Persons entitled thereto or discharged from such trust, as provided in Section 3.3)
have been delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation (1) have become due and payable, (2) will become due and payable on the applicable
Final Scheduled Payment Date within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the
expense, of the Issuing Entity, and the Issuing Entity, in the case of clauses (1), (2) or (3) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations
guaranteed by the United States (that will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes (including interest and any fees and
expenses due and payable to the Owner Trustee and the Indenture Trustee) not theretofore delivered to the Indenture Trustee for cancellation, when due, to the applicable Final Scheduled Payment Date for each Class, or to the Redemption Date (if
Notes shall have been called for redemption pursuant to Section 10.1), as the case may be; (ii) the Issuing Entity has paid or caused to be paid all other sums payable hereunder by the Issuing Entity; and (iii) the Issuing Entity has
delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of Counsel, each meeting the applicable requirements of Section 11.1 and, subject to Section 11.2, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with (and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition has been satisfied). 
 SECTION 4.2 APPLICATION OF TRUST MONEY. All monies deposited with the Indenture Trustee pursuant to Section 4.1 shall be held in trust
and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, (i) to the Noteholders of the particular Notes for the
payment or redemption of which such monies have been deposited with the Indenture Trustee of all sums due and to become due thereon for principal and interest [and (ii) to the Swap Counterparty, all of the sums, if any, due to or to become due
to the Swap Counterparty under and in accordance with the Interest Rate Swaps; but such monies need not be segregated from other funds of the Indenture Trustee except to the extent required herein or in the Servicing Agreement or as required by law.

 SECTION 4.3 REPAYMENT OF MONIES HELD BY PAYING AGENT. In connection with the satisfaction and discharge of this Indenture with
respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held
and applied according to Section 3.3 and such Paying Agent shall thereupon be released from all further liability with respect to such monies. 
  

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 ARTICLE V 
 EVENT OF DEFAULT 
 SECTION 5.1 EVENTS OF DEFAULT. The occurrence and continuation of any
one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of
any administrative or governmental body) shall constitute a default under this Indenture (each, an “Event of Default”): 
 (a)
default in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five Business Days; provided, however, that until the Outstanding Amount of the Class A Notes is reduced
to zero, a default in the payment of any interest on any Class B Note shall not by itself constitute an Event of Default hereunder; 
 (b)
default in the payment of principal of any Note(A) when the same becomes due and payable, to the extent funds are available therefor or (B) at the related Final Scheduled Payment Date or the Redemption Date; 
 (c) default in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered
pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, which default or inaccuracy materially and adversely affects the interests of the Noteholders, and
such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 60 days after there shall have been
given, by registered or certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders representing at least a majority of the Note Balance of the Controlling Securities, a written
notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; 
 (d) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial part of
the Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding up or liquidation of the Issuing Entity’s affairs, and such decree or order shall remain unstayed and in effect for a period of 90
consecutive days; or 
 (e) the commencement by the Issuing Entity of a voluntary case under any applicable federal or State bankruptcy,
insolvency or other similar law now or hereafter in effect or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under any such law, the consent by the Issuing Entity to the appointment of or taking
possession by a 

  

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receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate,
the making by the Issuing Entity of any general assignment for the benefit of creditors, the failure by the Issuing Entity generally to pay its debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any of the
foregoing; 
 provided, however, that a delay in or failure of performance referred to under clauses (a), (b) or (c) above for a period of less
than 150 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence. 
 The Issuing Entity shall promptly deliver to the Indenture Trustee and each Rating Agency written notice in the form of an Officer’s Certificate of any Event of Default, its status and what action the Issuing Entity is taking or
proposes to take with respect thereto. 
 Subject to the provisions herein relating to the duties of the Indenture Trustee, if an Event of
Default occurs and is continuing, the Indenture Trustee shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder, if the Indenture Trustee reasonably believes that it
will not be adequately indemnified against the costs, expenses and liabilities that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain limitations contained herein, Noteholders holding
not less than a majority of the Note Balance of the Controlling Securities shall have the right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture Trustee or exercising any trust power
conferred on the Indenture Trustee, and Noteholders holding not less than a majority of the Note Balance of the Controlling Securities may, in certain cases, waive any default with respect thereto, except a default in the payment of principal or
interest or a default in respect of a covenant or provision of the Indenture that cannot be modified or amended without the waiver or consent of all of the holders of the Outstanding Notes. 
 SECTION 5.2 ACCELERATION OF MATURITY; WAIVER OF EVENT OF DEFAULT. If an Event of Default should occur and be continuing, the Indenture
Trustee or Noteholders representing a majority of the Note Balance of the Controlling Securities may declare the principal of the Notes, together with accrued and unpaid interest thereon through the date of acceleration, to be immediately due and
payable by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by the Noteholders). Upon such declaration, the Indenture Trustee shall promptly provide written notice to each Rating Agency [and to the Swap Counterparty].
Such declaration may be rescinded by Noteholders holding a majority of the Note Balance of the Controlling Securities before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee if (a) the Issuing Entity
has deposited with the Indenture Trustee an amount sufficient to pay (i) all interest on and principal of the Notes as if the Event of Default giving rise to such declaration had not occurred, (ii) all reasonable amounts previously
advanced by the Indenture Trustee and its reasonable costs and expenses [and (iii) any amounts then due and payable by the Issuing Entity to the Swap Counterparty under the Interest Rate Swap Agreements] (b) all Events of Default (other
than the nonpayment of principal of the Notes that has become due solely by such acceleration) have been cured or waived. 
  

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 At any time prior to the declaration of the acceleration of the maturity of the Notes, Noteholders
holding not less than a majority of the Note Balance of the Controlling Securities by written notice to the Issuing Entity and the Indenture Trustee, may waive such Event of Default and its consequences, except a default (i) in payment of
principal of or interest on the Notes or (ii) in respect of any covenant or provision in this Indenture that cannot be modified or amended without the unanimous consent of the Noteholders. No such waiver shall affect any subsequent default or
impair any right consequent thereto. 
 SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY INDENTURE TRUSTEE.

 (a) The Issuing Entity covenants that if there is a default in the payment of (i) any interest on the Notes when the same becomes due,
and such default continues for a period of five days or (ii) the principal of the Notes at the related Final Scheduled Payment or the Redemption Date, the Issuing Entity shall, upon demand of the Indenture Trustee in writing as directed by
Noteholders holding not less than a majority of the Note Balance of the Controlling Securities, pay to the Indenture Trustee, for the benefit of such Noteholders, the entire amount then due and payable on such Notes for principal and interest, with
interest on the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest Rate and in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents, attorneys and counsel. 
 (b) In case the Issuing Entity shall fail forthwith to pay amounts described in Section 5.3(a) upon demand, the Indenture Trustee, in its own name
and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuing Entity or other obligor upon
such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an Event of Default occurs and is continuing, the Indenture Trustee may, in its discretion, proceed to protect and enforce its rights and the
rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d) In case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the
United States Code or any other applicable federal or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuing Entity or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuing Entity or 

  

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other obligor upon the Notes, or to the property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of whether the principal of
any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by
intervention in such Proceedings or otherwise: 
 (i) to file and prove a claim or claims for the whole amount of principal
and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture
Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made, by the Indenture Trustee and each
predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings; to collect and receive any monies
or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and the Indenture Trustee on their behalf; and 
 (iii) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property; and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby
authorized by each Noteholder to make payments to the Indenture Trustee and, in the event the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient
to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred and all advances and disbursements made by the
Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith, and any other amounts due the Indenture Trustee under Section 6.7. 
 (e) Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of
any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder or to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of asserting claims under this Indenture, or under the
Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought
in its own name as trustee of an 

  

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express trust, and any recovery of judgment, subject to the payment of the expenses, advances, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect of which such judgment has been recovered. 
 (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 
 SECTION 5.4 REMEDIES; PRIORITIES. 
 (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee or the holders of at least a majority of the Note Balance of the Controlling Securities, may declare the principal of the notes, together with accrued
and unpaid interest thereon through the date of acceleration, to be immediately due and payable, the Indenture Trustee may do one or more of the following (subject to Sections 5.2 and 5.5): 
 (i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes
or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing Entity and any other obligor upon such Notes monies adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

 (iii) exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce
the rights and remedies of the Indenture Trustee and the Noteholders; and 
 (iv) subject to Section 5.17, after an
acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

 provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless
(A) Noteholders holding 100% of the Outstanding Note Amount consent thereto, (B) the proceeds of such sale are sufficient to discharge in full all amounts then due and unpaid upon all Outstanding Notes or (C) there has been an Event
of Default described in Section 5.1(a) or (b) and the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due
if the Notes had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not less than 66-2/3% of the Outstanding Note Amount, voting together as a single class; provided, further, that the Indenture
Trustee may not sell the Trust Estate unless it shall first have obtained an Opinion of Counsel (at the expense of the Issuing Entity) that such sale will not cause the Titling Trust or an 

  

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interest therein or portion thereof or the Issuing Entity to be classified as an association or a publicly traded partnership taxable as a corporation for
federal income tax purposes. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and rely upon
an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 (b) In the event that Notes are declared to be due and payable following the occurrence of an Event of Default, Available Funds will be distributed in
the following order or priority: 
 (i) to the Administrator, the Administration Fee; 
 (ii) [to the Swap Counterparty, the Monthly Swap Payment Amount;] 
 (iii) pro rata (a) to the Holders of the Class A Notes, the Class A Noteholders’ Interest Distributable Amount [and
(b) to the Swap Counterparty, any Senior Swap Termination Payment Amounts]; 
 (iv) if the Notes have been declared to be
due and payable as a result of occurrence of an Event of Default as a result of default in payment of any interest on or principal of any Note in accordance with Section 8.4(a), to the Holders of the Class A-1 Notes, the Aggregate
Outstanding amount of such Class, and then to the Holders of the Class A-2 Notes, Class A-3 Notes, and Class A-4 Notes, pro rata, the aggregate Outstanding Amount of each such Class of the Notes; 
 (v) [to the Holders of the Class B Notes, the Class B Noteholders’ Interest Distributable Amount;] 
 (vi) if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default other than as a result of
default in payment of any interest on or principal of any note in accordance with Section 8.4(a), to the Holders of the Class A-1 Notes, the Aggregate Outstanding amount of such Class, and then to the Holders of the Class A-2 Notes,
Class A-3 Notes, Class A-4 Notes and Class A-4 Notes, pro rata, the aggregate Outstanding Amount of each such Class of the Notes; 
 (vii) [to the Holders of the Class B Notes, the Outstanding Amount of the Class B Notes;] 
 (viii) [to the Swap Counterparty, any Subordinate Swap Termination Payment Amounts;] and 
 (ix) to the
Certificateholders, any remaining amounts. 
 If the Outstanding Amount of any Class of Notes remains greater than zero after application of
clauses (i) through (vii) above, the Indenture Trustee shall apply funds from the Reserve Account in the same order of priority as descried above to repay the Outstanding Amount of such Class of Notes in full. 
  

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 (c) The Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant
to this Section. At least 15 days before such record date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid. 
 SECTION 5.5 OPTIONAL PRESERVATION OF THE EXCHANGE NOTE ASSETS. If the Notes have been declared to be due and payable under Section 5.2
following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless directed to sell pursuant to Section 9.4 of the Trust Agreement, but need not, elect to maintain
possession of the Trust Estate and continue to apply the proceeds thereof in accordance with Section 3.1 and 8.4. It is the intent of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of
principal of and interest on the Notes, and the Indenture Trustee shall take such intent into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the
Indenture Trustee may but need not obtain (at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose. 
 SECTION 5.6 LIMITATION OF SUITS. 
 (a) No holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless: (i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing Event of Default, (ii) Noteholders holding not less than 25% of the
Outstanding Note Amount have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee, (iii) such Noteholder has offered the Indenture Trustee reasonable
indemnity against the costs, expenses and liabilities to be incurred in complying with such request, (iv) the Indenture Trustee has for 60 days failed to institute such Proceedings and (v) no direction inconsistent with such written
request has been given to the Indenture Trustee during such 60 day period by Noteholders holding a majority of the Outstanding Note Amount. 
 No Noteholder or group of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek
to obtain priority or preference over any other Noteholder or to enforce any right under this Indenture, except in the manner herein provided. 
 In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the Outstanding Note Amount, the Indenture Trustee in its
sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 
  

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 (b) No Noteholder shall have any right to vote except as provided pursuant to this Indenture and the
Notes, nor any right in any manner to otherwise control the operation and management of the Issuing Entity. However, in connection with any action as to which Noteholders are entitled to vote or consent under this Indenture and the Notes, the
Issuing Entity may set a record date for purposes of determining the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c). 
 SECTION 5.7 UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND INTEREST. Notwithstanding any other provision in this Indenture, any Noteholder shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest on, if any, such Note on or after the respective due dates thereof expressed in such Note or this Indenture (or, in the case of redemption, on or after the Redemption Date) and to
institute suit for the enforcement of any such payment in accordance with Section 5.6, and such right shall not be impaired without the consent of such Noteholder. 
 SECTION 5.8 RESTORATION OF RIGHTS AND REMEDIES. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been
discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

 SECTION 5.9 RIGHTS AND REMEDIES CUMULATIVE. No right or remedy herein conferred upon or reserved to the Indenture Trustee or
the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at
law, in equity or otherwise. The assertion or employment of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 SECTION 5.10 DELAY OR OMISSION NOT A WAIVER. No delay or omission of the Indenture Trustee or any Noteholder to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Indenture
Trustee or the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be. 
 SECTION 5.11 CONTROL BY NOTEHOLDERS. Subject to the provisions of Sections 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a
majority of the Outstanding Note Amount shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or with respect to the exercise of any trust
or power conferred on the Indenture Trustee, provided that: 
 (a) such direction shall not be in conflict with any rule of law or this
Indenture; 
  

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 (b) subject to Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust
Estate shall be made by Noteholders holding not less than 100% of the Outstanding Note Amount; 
 (c) if the conditions set forth in
Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant to such Section, and except in the case of a sale of the Trust Estate pursuant to Section 9.2 of the Trust Agreement, then any direction
to the Indenture Trustee by Noteholders holding less than 100% of the Outstanding Note Amount to sell or liquidate the Trust Estate shall be of no force and effect; and 
 (d) the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction. 
 Notwithstanding the rights of Noteholders set forth in this Section, subject to Section 6.1, the Indenture Trustee need not take any action it determines might expose it to personal liability or might materially
adversely affect or unduly prejudice the rights of any Noteholders not consenting to such action. 
 SECTION 5.12 WAIVER OF PAST
DEFAULTS. Prior to the acceleration of the maturity of the Notes as provided in Section 5.2, Noteholders holding not less than a majority of the Outstanding Note Amount may waive any past Event of Default and its consequences except an
Event of Default (i) in payment of principal of or interest on the Notes or (ii) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of each Noteholder. In the case of any such waiver, the
Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent
thereto. 
 Upon any such waiver, such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and
any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent
thereto. 
 SECTION 5.13 UNDERTAKING FOR COSTS. All parties to this Indenture agree, and each Noteholder by such
Noteholder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any
action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable
attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant, but the provisions of this Section shall not apply to (i) any suit instituted
by the Indenture Trustee, (ii) any suit instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Note Amount or (iii) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 
  

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 SECTION 5.14 WAIVER OF STAY OR EXTENSION LAWS. The Issuing Entity covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect
the covenants or the performance of this Indenture, and the Issuing Entity (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 5.15 ACTION ON NOTES. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any
other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the
Issuing Entity or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in the following order
of priority: (i) to the Indenture Trustee for amounts due under Section 6.7 and to the Owner Trustee under Section 8.01 of the Trust Agreement and (ii) in accordance with Section 5.4(b). 
 SECTION 5.16 PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS. 
 (a) Promptly following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity shall take all such
lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer of its obligations to the Issuing Entity under or in connection with the Servicing Agreement and the Exchange Note Servicing
Supplement, in accordance with the terms thereof, [or by any obligor under the Interest Rate Swap of its obligations under or in accordance with such Interest Rate Swap], and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuing Entity under or in connection with each such agreement [and such Interest Rate Swap] to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the
Servicer thereunder [or on the part of the Interest Rate Swap obligor under any such Interest Rate Swap] and the institution of legal or administrative actions or proceedings to compel or secure performance by the Servicer [and the Interest Rate
Swap obligor] of its [each of their respective] obligations under the Servicing Agreement [and any Interest Rate Swap]. 
 (b) If an Event of
Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing) of Noteholders holding not less than 66 2/3% of the Outstanding Note Amount, shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity against the Depositor and the Servicer [or the Interest Rate Swap obligor] under or in connection with the Servicing Agreement or any other 

  

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Transaction Document [or any Interest Rate Swap], including the right or power to take any action to compel or secure performance or observance by the
Servicer of its obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver under such Transaction Document [or any such Interest Rate Swap], and any right of the Issuing Entity to
take such action shall be suspended. 
 SECTION 5.17 SALE OF COLLATERAL. If the Indenture Trustee acts to sell the Collateral or
any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially
reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall, unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such
manner and on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give
notice to the Depositor and Servicer of any proposed sale, and the Depositor, the Servicer or any Affiliate thereof shall be permitted to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a
conservator, receiver or trustee in bankruptcy of the Issuing Entity that the terms and manner of any proposed sale are commercially reasonable. The power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this
Section 5.17 shall not be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until the entire Collateral shall have been sold or all amounts payable on the Notes shall have
been paid. 
 ARTICLE VI 
 THE INDENTURE TRUSTEE 
 SECTION 6.1 DUTIES OF INDENTURE TRUSTEE. 
 (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
Indenture Trustee; and 
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, in the case of certificates or opinions
specifically required by any provision of this Indenture to be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  

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 (c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own
negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not limit the effect of
paragraph (b) of this Section 6.1; 
 (ii) the Indenture Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 
 (d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a) , (b), (c) and (g) of
this Section. 
 (e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may
agree in writing with the Issuing Entity. 
 (f) Money held in trust by the Indenture Trustee need not be segregated from other funds except
to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (g) No provision of this Indenture shall
require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible
for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in
accordance with the terms of this Indenture. 
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 (i)
Subject to the other provisions of this Indenture and the Basic Documents, the Indenture Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein or any financing
statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing of any thereof, (ii) to see to any insurance or
(iii) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral. 
  

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 (j) The Indenture Trustee shall not be charged with knowledge of any Event of Default unless either
(1) a Responsible Officer shall have actual knowledge of such Event of Default or (2) written notice of such Event of Default shall have been given to such Indenture Trustee in accordance with the provisions of this Indenture. 

SECTION 6.2 RIGHTS OF INDENTURE TRUSTEE. 
 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter
stated in the document. 
 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an
Opinion of Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it
hereunder. 
 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel of its own selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete
authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute, conduct or
defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably
satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Holders of Notes representing at least 25% of the Note Balance of the Controlling Securities;
provided that if the payment within a reasonable time to the Indenture Trustee of the 

  

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costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably
assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee in its reasonable discretion against such cost, expense or liability as
a condition to taking any such action. 
 (h) The right of the Indenture Trustee to perform any discretionary act enumerated in this
Indenture shall not be construed as a duty, and the Indenture Trustee shall not be answerable for other than its willful misconduct, negligence or bad faith in the performance of such act. 
 (i) The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 (j) In no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out
of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 SECTION 6.3 INDIVIDUAL RIGHTS OF INDENTURE TRUSTEE. The Indenture Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same
with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 
 SECTION 6.4 INDENTURE TRUSTEE’S
DISCLAIMER. The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the
Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 SECTION 6.5 NOTICE OF DEFAULTS. If a Default occurs and is continuing and if it is known to a Responsible Officer of the
Indenture Trustee, the Indenture Trustee shall mail to each Noteholder and the Swap Counterparty notice of the Default within 90 days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note (including
payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests
of Noteholders. 
  

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 SECTION 6.6 REPORTS BY INDENTURE TRUSTEE TO NOTEHOLDERS. The Indenture Trustee shall deliver
to each Noteholder such information as may be required to enable such holder to prepare its federal and State income tax returns (including, without limitation, Form 1099, which for the avoidance of doubt, will be filed with the Internal Revenue
Service as may be required by the Code). On each Payment Date, the Indenture Trustee shall send to The Depository Trust Company to distribute in accordance with its procedures the statement or statements provided to the Indenture Trustee by the
Servicer pursuant to Section 13.4 of the Exchange Note Servicing Supplement with respect to such Payment Date. 
 SECTION 6.7
COMPENSATION AND INDEMNITY. The Issuing Entity shall cause the Administrator to pay to the Indenture Trustee from time to time such compensation for its services as is agreed in writing between the Issuing Entity, Administrator and the
Indenture Trustee. The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall, or shall cause the Administrator to, reimburse the Indenture Trustee for all
reasonable and documented out-of-pocket expenses reasonably incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable and documented compensation and expenses,
disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts. The Issuing Entity shall cause the Administrator to, indemnify the Indenture Trustee against any and all loss, liability, claim, damage or expense
(including attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim for
which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrator shall not relieve the Issuing Entity or the Administrator of its obligations hereunder. The Issuing Entity shall cause the
Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuing Entity shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. None of the Issuing Entity, the Depositor, the
Servicer or the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 
 The Issuing Entity’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or removal of the Indenture
Trustee and the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.1(d) or (e) with respect to the Issuing Entity, the expenses are intended to constitute
expenses of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency or similar law. 
 SECTION 6.8 REMOVAL, RESIGNATION AND REPLACEMENT OF INDENTURE TRUSTEE. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of
appointment by the successor Indenture Trustee pursuant to this Section 6.8 and the payment of all fees and expenses owed to the retiring Indenture Trustee. The Indenture Trustee may resign at any time by so notifying the Issuing Entity and the
Swap Counterparty. The Indenture Trustee shall resign following the occurrence of an Event of Default if required by Section 3.10 of the TIA. The Indenture Trustee shall bear all costs and expenses of locating and procuring the written
acceptance by a qualified successor Indenture Trustee within 90 days of such Event of Default. 

  

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The Holders of at least majority of the Note Balance of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and the Depositor
and may appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if: 
 (i) the Indenture Trustee fails to
comply with Section 6.11; 
 (ii) the Indenture Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 
 If the Indenture Trustee resigns or is removed or the Noteholders fail to appoint a successor Indenture Trustee following removal by the Noteholders or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture
Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuing Entity shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment. 
 A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee, the Issuing Entity and the Swap
Counterparty. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The
successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of at least majority of the Note Balance of the Controlling Securities may, at the expense of the Issuing Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture
Trustee. 
 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction
for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Notwithstanding the replacement of the
Indenture Trustee pursuant to this Section, the Issuing Entity’s and the Administrator’s obligations under Section 6.7 shall continue for the benefit of the retiring Indenture Trustee. 
 SECTION 6.9 SUCCESSOR INDENTURE TRUSTEE BY MERGER. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided, that such
corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies and the Depositor prior written notice of any such transaction. 
  

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 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture
Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and
deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of
the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
 SECTION 6.10 APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Trust Estate may at the time be located, the
Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Trust, and to vest in such
Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the
Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of
any co-trustee or separate trustee shall be required under Section 6.8 hereof. 
 (b) Every separate trustee and co-trustee shall, to
the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights,
powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such
separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture
Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and 
 (iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 
  

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 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been
given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided
therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall
be filed with the Indenture Trustee. 
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or
attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of
acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 SECTION 6.11 ELIGIBILITY; DISQUALIFICATION. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The
Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition, and the time deposits of the Indenture Trustee shall be rated at least A-1 by
Standard & Poor’s and Prime-1 by Moody’s. The Indenture Trustee shall comply with TIA § 310(a), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that
there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.
Additionally, prior to the appointment of any successor Indenture Trustee, the Rating Agency Condition must be satisfied with respect to such successor Indenture Trustee. 
 SECTION 6.12 PREFERENTIAL COLLECTION OF CLAIMS AGAINST THE ISSUING ENTITY. The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA
Section 311(b). Any Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
 SECTION 6.13 REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE. The Indenture Trustee hereby makes the following representations and warranties on which the Issuing Entity and Noteholders shall rely:

 (a) the Indenture Trustee is a banking corporation duly organized, validly existing and in good standing under the laws of the jurisdiction
of its formation; 
 (b) the Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and
shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 
  

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 (c) the execution, delivery and performance by the Indenture Trustee of this Indenture (i) shall not
violate any provision of any law or regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental authority applicable to the Indenture Trustee or any of
its assets, (ii) shall not violate any provision of the corporate charter or by-laws of the Indenture Trustee and (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result
in the creation or imposition of any lien on any properties included in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could
reasonably be expected to have a materially adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture; 
 (d) the execution, delivery and performance by the Indenture Trustee of this Indenture shall not require the authorization, consent approval of, the
giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental authority or agency regulating the banking and corporate trust activities of the Indenture Trustee; and 
 (e) this Indenture has been duly executed and delivered by the Indenture Trustee and constitutes the legal, valid and binding agreement of the Indenture
Trustee, enforceable in accordance with its terms. 
 SECTION 6.14 TRUSTEE AS HOLDER OF THE EXCHANGE NOTE. Following the
occurrence and continuation of an Event of Default, to the extent that the Issuing Entity has rights as an Exchange Noteholder, including rights to distributions and notice, or is entitled to consent to any actions taken by the Depositor, the
Issuing Entity may initiate such action or grant such consent only with consent of the Indenture Trustee at the direction of the Noteholders of not less than a majority of the Outstanding Note Amount. Following the occurrence and continuation of an
Event of Default, the Indenture Trustee shall exercise rights as an Exchange Noteholder or the right to consent or withhold consent with respect to actions taken by the Depositor or the Issuing Entity, upon the written direction of holders of a
majority of the Outstanding Note Amount; provided, however, that any direction to the Indenture Trustee to remove or replace the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 66-2/3% of the Outstanding Note
Amount. 
 ARTICLE VII 
 NOTEHOLDERS’ LISTS AND REPORTS 
 SECTION 7.1 ISSUING ENTITY TO FURNISH INDENTURE TRUSTEE NOTEHOLDER NAMES AND
ADDRESSES. The Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee (i) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing
Entity of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as
Book-Entry Notes, no such list shall be required to be furnished to the Indenture Trustee. 
  

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 SECTION 7.2 PRESERVATION OF INFORMATION; COMMUNICATIONS TO NOTEHOLDERS. 
 (a) The Indenture Trustee shall preserve in as current a form as is reasonably practicable the names and addresses of the Noteholders contained in the
most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
to it as provided in Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved
or maintained. 
 (b) The Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders regarding their rights under
this Indenture or under the Notes. 
 (c) The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA
Section 312(c). 
 SECTION 7.3 REPORTS BY ISSUING ENTITY. 
 (a) The Issuing Entity shall: 
 (i) file with the Indenture Trustee, within 15 days after the Issuing Entity is required (if at all) to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuing Entity may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; 
 (iii) supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to The Depository Trust Company, on behalf of the
Noteholders as described in TIA Section 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations
prescribed from time to time by the Commission; and 
 (iv) delivery of reports, information and documents to the Indenture
Trustee pursuant to this Section 7.3 is for informational purposes only and the Indenture Trustee’s receipt of such shall not constitute constructive notice of any information 

  

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contained therein or determinable from information contained therein, including the Issuing Entity’s compliance with any of its covenants hereunder (as
to which the Indenture Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 7.4 REPORTS BY INDENTURE
TRUSTEE. If required by TIA Section 313(a), within 60 days after each February 1, beginning with February 1, [        ], the Indenture Trustee shall mail to each Noteholder and shall
file with the Commission as required by TIA Sections 313(c) and 313(d), respectively, a brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b). 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 SECTION 8.1 COLLECTION OF MONEY. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee
pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any
such action shall be without prejudice to any right to claim an Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
 SECTION 8.2 ACCOUNTS. 
 (a) There has been established and there shall be maintained an Eligible
Account (initially at the Indenture Trustee) until the Outstanding Note Amount is reduced to zero, which is designated the “Trust Collection Account”. The Trust Collection Account shall be held for the benefit of the Noteholders, and shall
bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Trust Collection Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount
has been reduced to zero. 
 (b) There has been established and there shall be maintained an Eligible Account (initially at the Indenture
Trustee) until the Outstanding Note Balance is reduced to zero, which is designated as the “Principal Distribution Account.” The Principal Distribution Account shall be held for the benefit of the Noteholders, and shall bear a designation
clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Principal Distribution Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been
reduced to zero. 
 (c) There has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee)
until the Outstanding Note Balance is reduced to zero, which is designated as the “Reserve Account.” The Reserve Account shall be held for the benefit of the 

  

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Noteholders, and shall bear a designation clearly indicating that the funds on deposit therein are held for the benefit of the Noteholders. The Reserve
Account shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero. 
 (d) All monies deposited from time to time in the Accounts pursuant to this Indenture or the other Transaction Documents shall be held by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided;
provided, that on each Determination Date all interest and other investment earnings (net of losses and investment expenses) on funds on deposit in the Accounts shall be deposited into the Trust Collection Account and shall be deemed
to constitute a portion of Available Funds for the related Payment Date. If any Account shall cease to be an Eligible Account, the Indenture Trustee, until the Outstanding Note Amount has been reduced to zero, shall, as necessary, assist the
Administrator in causing each Account to be moved to an institution at which it shall be an Eligible Account. 
 SECTION 8.3 SERVICER
CERTIFICATE. 
 (a) Prior to 11:00 a.m., New York City time, on each Payment Date, the Issuing Entity shall cause the Servicer to agree to
deliver to the Indenture Trustee, the Issuing Entity, the Administrator and each Paying Agent hereunder, a certificate (the “Servicer Certificate”) including, among other things, the following information with respect to the related
Collection Period: 
 (i) the amount of the distribution allocable to principal of each Class of Notes; 
 (ii) the amount of the distribution allocable to interest on each Class of Notes; 
 (iii) the aggregate principal balance of the Closed-End Leases in the Reference Pool as of the last day of the related Collection Period;

 (iv) the aggregate Principal Amount of, and the Note Factor for, each Class of Notes as of the last day of the preceding
Collection Period, after giving effect to payments on such Payment Date; 
 (v) the amount of the Servicing Fee paid to the
Servicer with respect to the related Closed-End EN Collection Period, the amount of any unpaid Servicing Fees and the change in the amount from that of the prior Closed-End Exchange Note Payment Date; 
 (vi) the number and the aggregate purchase amount of Transaction Leases that have been repurchased by the Servicer; 
 (vii) the Noteholders’ First Priority Principal Distributable Amount, if any, for the related Payment Date; 
  

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 (viii) the Noteholders’ Second Priority Principal Distributable Amount, if any, for
the related Payment Date; 
 (ix) the Noteholders’ Regular Principal Distributable Amount for the related Payment Date;

 (x) the Interest Rate for each of the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4
Notes and Class B Notes, for the related Payment Date; 
 (xi) the amount of any Class A-1 Noteholders’ Interest
Carryover Shortfall, Class A-2 Noteholders’ Interest Carryover Shortfall, Class A-3 Noteholders’ Interest Carryover Shortfall, Class A-4 Noteholders’ Interest Carryover Shortfall and Class B Noteholders’ Interest
Carryover Shortfall, on the related Payment Date; 
 (xii) the balance of the Reserve Account after giving effect to deposits
and withdrawals to be made on that Closed-End Exchange Note Payment Date; 
 (xiii) the Administration Fee for the related
Collection Period; 
 (xiv) the aggregate Contract Residual Value and Credit Losses for the Collection Period; 
 (xv) the aggregate Securitization Value and aggregate Base Residual Value of remaining Transaction Units; 
 (xvi) the number and Securitization Value of Transaction Unit turn-ins; 
 (xvii) the number of Transaction Units at the beginning and end of the Closed-End Collection Period; 
 (xviii) delinquency, Credit and Residual Loss information on the lease assets for the related Closed-End Collection Period; 
 (xix) the amount of any Servicer Advances made during the related Closed-End Collection Period; and 
 (xx) the Monthly Swap Payment Amount, the Senior Swap Termination Payment Amount, if any, and the Subordinate Swap Termination Payment
Amount, if any. 
 Each amount set forth pursuant to clauses (i) and (ii) above shall be expressed in the aggregate and as a dollar
amount per $1,000 of original principal balance of each as of Notes. 
 (b) The Indenture Trustee shall have no duty or obligation to verify
or confirm the accuracy of any of the information or numbers set forth in the Servicer Certificate delivered to the Indenture Trustee in accordance with this Section, and the Indenture Trustee shall be fully protected in relying upon such
Administrator Certificate. 
  

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 SECTION 8.4 DISBURSEMENT OF FUNDS. 
 (a) On each Payment Date, prior to 1:00 p.m., New York City time, the Indenture Trustee, in accordance with the related Servicer Certificate and pursuant
to the instructions of the Servicer, shall transfer from the Trust Collection Account all Available Funds and shall apply such amount, in accordance with the following priorities: 
 (i) to the Administrator, the Administration Fee; 
 (ii) [to the Swap Counterparty, the Monthly Swap Payment Amount;] 
 (iii) pro rata (a) to the Holders of the Class A Notes, the Class A Noteholders’ Interest Distributable Amount, for
such Payment Date [and (b) to the Swap Counterparty, any Senior Swap Termination Payment Amounts]; 
 (iv) to the
Principal Distribution Account, the Noteholders’ First Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in Section 8.4(b); 
 (v) [to the holders of the Class B Notes for distribution in respect of interest on the Class B Notes, the Class B Noteholders’
Interest Distributable Amount for such Payment Date;] 
 (vi) to the Principal Distribution Account, the Noteholders’
Second Priority Principal Distributable Amount for such Payment Date, which amount shall be paid in the order of priority set forth in Section 8.4(b); 
 (vii) to the Reserve Account, the excess, if any, of the Required Reserve Account Balance over the amount then on deposit in the Reserve Account; 
 (viii) to the Principal Distribution Account, the Noteholders’ Regular Principal Distributable Amount minus any amount allocated
under (iv) and (vi) above, for such Payment Date, if any, which will be allocated to pay principal on the Notes in the order of priority set forth in Section 8.4(b); 
 (ix) [to the Swap Counterparty, any Subordinate Swap Termination Payment Amounts and any other amounts owed by the Issuing Entity to the
Swap Counterparty pursuant to the Interest Rate Swap;] and 
 (x) any remaining funds shall be distributed to or at the
direction of the Certificateholders. 
 In the event that the Available Funds for a Payment Date are not sufficient to make the full amount
of the payments and deposits required pursuant to clauses (i) through (vi) above on such Payment Date, the Indenture Trustee shall withdraw from the Reserve Account on such Payment Date an amount equal to such shortfall, to
the extent of funds available therein, and pay or deposit such amount according to the priorities specified in clause (i) through (vi) above. 
  

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 (b) On each Payment Date, prior to 1:00 p.m., New York City time, the Paying Agent, in accordance with
the related Servicer Certificate and pursuant to the instructions of the Servicer, shall transfer from the Principal Distribution Account all amounts on deposit therein and shall distribute such amounts in the following order of priority:

 (i) to the Holders of the Class A-1 Notes in respect of principal, until the Class A-1 Notes are paid in full;

 (ii) to the Holders of the Class A-2 Notes in respect of principal, until the Class A-2 Notes are paid in full;

 (iii) to the Holders of the Class A-3 Notes in respect of principal, until the Class A-3 Notes are paid in full;

 (iv) to the Holders of the Class A-4 Notes in respect of principal, until the Class A-4 Notes are paid in full;
[and 
 (v) to the Holders of the Class B Notes in respect of principal, until the Class A-4 Notes are paid in full.]

 (c) If on any Payment Date, after giving effect to all deposits to and withdrawals from the Reserve Account, the amount on deposit in the
Reserve Account exceeds the Required Reserve Account Balance, the Indenture Trustee shall distribute any such excess to or at the direction of the Certificateholder. Upon any such distributions to the Certificateholder, the Noteholders will have no
further rights in, or claims to such amounts. 
 (d) In addition, on the Final Scheduled Payment Date for any Class of Notes, if the
Outstanding Amount of any Class of Notes remains greater than zero, the Indenture Trustee shall apply funds from the Reserve Account to repay the Outstanding Amount of such Class of Notes in full. 
 (e) On each Payment Date or Redemption Date, from the amounts allocated therefor in accordance with Section 8.4(a) and Section 8.4(b), the
Paying Agent shall duly and punctually distribute payments of principal and interest on the Notes due and payable by check mailed to the Person whose name appears as the Registered Holder of a Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without
requiring that the Note be submitted for notation of payment. Any reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all
future holders of any Note issued upon the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted thereon. Amounts properly withheld under the Code by any Person from payment to any Noteholder of interest or
principal shall be considered to have been paid by the Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be available pursuant to a notice delivered to the 

  

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Indenture Trustee for payment in full of the remaining unpaid principal amount of the Notes on a Payment Date or Redemption Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify each Person who was the Registered Holder of a Note as of the Record Date preceding the most recent Payment Date or Redemption Date by notice mailed within 30 days (and not less than 15
days) of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture
Trustee’s agent appointed for such purposes located in The City of New York. 
 (f) On each Payment Date, the Indenture Trustee shall
send by first class mail or other reasonable means (including, but not limited to, the posting on the Indenture Trustee’s website at [            ]) an unaudited report (which
may be or may be based upon the Servicer Certificate prepared by the Servicer) to each Person that was a Noteholder as of the close of business on the related Record Date (which shall be Cede & Co. as shown on the applicable Servicer
Certificate as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein) and each Rating Agency (via electronic delivery in accordance with Section 11.4) setting forth the information provided in
the Servicer’s Certificate delivered in accordance with Section 8.3 with respect to such Payment Date and the related Collection Period. Note Owners may obtain copies of such reports upon a request in writing to the Indenture Trustee at
the Corporate Trust Office. 
 (g) None of the Noteholders, the Indenture Trustee, the Owner Trustee, the Depositor, the Administrator or the
Servicer shall be required to refund any amounts properly distributed or paid to them in accordance with this Indenture, regardless of whether there are sufficient funds on any subsequent Payment Date to make in full distributions to the
Noteholders. 
 SECTION 8.5 GENERAL PROVISIONS REGARDING ACCOUNTS. 
 (a) So long as no Event of Default shall have occurred and be continuing, all of the funds in the Trust Collection Account (if the Servicer is required to
deposit collections in the Trust Collection Account within two Business Days of receipt) and the Reserve Account shall be invested and reinvested by the Indenture Trustee, until the Outstanding Note Amount has been reduced to zero, at the direction
of the Administrator, in Permitted Investments selected by the Administrator which mature no later than the Payment Date succeeding the date of such investment. No such investment shall be sold prior to maturity. Net investment earnings on any
Account shall be deposited into the Trust Collection Account. 
 (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in any Account resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on any such Permitted
Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (c) If (i) the Administrator shall have failed to give investment directions for any funds on deposit in the Trust Collection Account to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by
the Administrator and the Indenture 

  

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Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall
not have been declared due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared due and payable following an Event of Default and amounts collected or receivable from the Collateral are being applied in
accordance with Section 5.5 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in investments that are Permitted Investments in accordance with standing
instructions most recently given by the Administrator. 
 SECTION 8.6 RELEASE OF COLLATERAL. 
 (a) Subject to the payment of its fees and expenses under Section 6.7 and the satisfaction of the conditions set forth in Section 4.1, the
Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee’s authority,
inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at
such time as there are no Notes Outstanding, and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid [and all amounts owing by the Issuing Entity under the Interest Rate Swaps have been paid (the Indenture Trustee shall be
permitted to rely on a certificate from the Swap Counterparty to that effect)] release any remaining portion of the Collateral that secured the Notes from the lien of this Indenture and release to the Issuing Entity or any other Person entitled
thereto any funds then on deposit in the Accounts. Such release shall include delivery to the Issuing Entity or its designee of the Exchange Note and release of the lien of this Indenture and transfer of dominion and control over the Accounts to the
Issuing Entity or its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt of an Issuing Entity Request. 
 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 SECTION 9.1 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS. 
 (a) Except as provided in Section 9.2, without the consent of the Noteholders or any other Person, the Issuing Entity and the Indenture Trustee (when
so directed by an Issuing Entity Request), may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose of
modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) any supplement 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 Outstanding Notes, voting as a single class, 

  

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and (ii) any supplement that materially and adversely affects the interests of the Indenture Trustee, the Owner Trustee, the Servicer, the
Certificateholders or the Administrator shall require the prior written consent of the Persons whose interests are materially and adversely affected; provided further, that such action shall not, as evidenced by an Opinion of Counsel delivered to
the Indenture Trustee, (A) affect the treatment of the Notes as debt for federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for federal income tax purposes or (C) cause the Issuing Entity, the
Depositor or the Titling Trust to be classified as an association (or a publicly traded partnership) taxable as a corporation for federal income tax purposes. A supplement 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 supplement. The consent of the Servicer, the Certificateholders or the Administrator shall be deemed to have been given if the 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) 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 supplement, but it shall be sufficient if such Person consents to the substance thereof. 
 (c) Notwithstanding anything herein to the contrary, any term or provision of this Indenture may be amended by the Issuing Entity and the Indenture
Trustee (when so directed by an Issuing Entity Request) without the consent of any of 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) Prior to the execution of any supplemental indenture, the Initial Beneficiary shall provide each Rating Agency with written notice of the
substance of such supplement. No later than 10 Business Days after the execution of any supplemental indenture, the Issuing Entity shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Administrator, the Owner Trustee and
the Indenture Trustee. 
 (e) The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to
make any further appropriate agreements and stipulations as may be therein contained. 
 (f) Promptly after the execution by the Issuing
Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section or Section 9.2, the Indenture Trustee shall mail to the Noteholders to which such amendment or supplemental indenture relates a notice (to be provided by
the Issuing Entity) setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture. 
 SECTION 9.2 SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS. With the consent of Noteholders
holding not less than a majority of the Outstanding Note Amount, the Issuing Entity and the Indenture Trustee, when directed by an 

  

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Issuing Entity Request, may enter into one or more indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or for the purpose of modifying in any manner the rights of the Noteholders under this Indenture; provided, that no supplemental indenture entered into under Section 9.1 or this Section
shall, without the consent of the Noteholder of each Outstanding Note affected thereby and prior notice to the Rating Agencies: 
 (a) change
the date of payment of any installment of principal of or interest on any Note, 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;

 (b) reduce the percentage of the Outstanding Note Amount, the consent of the Noteholders of which is required for any such supplemental
indenture or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Events of Default hereunder and the consequences provided for in this Indenture; 
 (c) modify or alter the provisions of the proviso to the definition of the term “Outstanding”; 
 (d) reduce the percentage of the Outstanding Note Amount required to direct the Indenture Trustee to direct the Issuing Entity to sell the Trust Estate
pursuant to Section 5.4, if the proceeds of such sale would be insufficient to pay the Outstanding Note Amount plus accrued but unpaid interest on the Notes; 
 (e) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the
lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or 
 (f) impair the right to institute suit for the enforcement of payment as provided in Section 5.7. 
 Any
such supplemental indenture shall be executed only upon delivery of an Opinion of Counsel delivered to the Indenture Trustee to the effect that such action shall not (A) affect the treatment of the Notes as debt for federal income tax purposes,
(B) be deemed to cause a taxable exchange of the Notes for federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be classified as an association (or a publicly traded partnership) taxable as a
corporation for federal income tax purposes. 
 SECTION 9.3 EXECUTION OF SUPPLEMENTAL INDENTURES. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to Sections 6.1 and 6.2, shall
be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may but shall not be obligated to enter into any such
supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or indemnities under this Indenture or otherwise. 
  

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 SECTION 9.4 EFFECT OF SUPPLEMENTAL INDENTURE. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations,
duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the
Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act. 
 SECTION 9.5
REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES. Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required by the Indenture Trustee shall, bear a notation in form approved
by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing
Entity, to any such supplemental indenture may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 
 REDEMPTION OF NOTES 
 SECTION 10.1 REDEMPTION. The Outstanding Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant
to Section 9.1 of the Exchange Note Servicing Supplement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate pursuant to said Section 9.1, for a purchase price equal to the Redemption Price;
provided that the Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Outstanding Notes are to be redeemed pursuant
to this Section, the Servicer or the Issuing Entity shall furnish notice of such election to the Indenture Trustee not later than the close of business on the first calendar day of the month in which the Redemption Date occurs and the Issuing Entity
shall deposit by 10:00 A.M. New York City time on the Redemption Date with the Indenture Trustee in the Note Distribution Account the Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be due and payable on the Redemption
Date upon the furnishing of a notice complying with Section 10.2 to each Holder of the Notes. 
 SECTION 10.2 FORM OF REDEMPTION
NOTICE. Notice of redemption under Section 10.1 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile transmitted not later than 10 days prior to the applicable Redemption Date, to each Holder of
Notes as of the close of business on the Record Date preceding the applicable Redemption Date at such Holder’s address or facsimile number appearing in the Note Register. 
  

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 All notices of redemption shall state: 
 (a) the Redemption Date; 
 (b) the Redemption
Price; 
 (c) the place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall be the office
or agency of the Issuing Entity to be maintained as provided in Section 3.2); and 
 (d) applicable “CUSIP” numbers.

 Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to
give notice of redemption (or any defect therein) to any Noteholder shall not impair or affect the validity of the redemption of any other Note. 
 SECTION 10.3 NOTES PAYABLE ON REDEMPTION DATE. The Notes to be redeemed shall, following notice of redemption as required by Section 10.2, become due and payable on the Redemption Date at the Redemption Price and (unless
the Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.1 COMPLIANCE CERTIFICATES AND OPINIONS. 
 (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture, the Indenture
Trustee and each Rating Agency shall be entitled to receive (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) in the case of conditions precedent compliance with which is subject to verification by accountants, a
certificate or opinion of an accountant that satisfies TIA Section 314(c)(3). 
 Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture shall include: 
 (i) a statement that each signatory of such
certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
 (ii) a brief
statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  

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 (iii) a statement that, in the opinion of each such signatory, such signatory has made
such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 
 (b) In addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture: 
 (i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each Person signing such certificate as to the
fair value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause
(i) above, the Issuing Entity shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value of the property or securities to be so deposited and of all other such securities made the basis of
any such withdrawal or release since the commencement of the then-current calendar year of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause, is 10% or more of the Outstanding Note
Amount, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the
Outstanding Note Amount. 
 (iii) Other than with respect to any release described in clause (A) or (B) of
Section 11.1(b)(v), whenever any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of each
Person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such Person, the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuing Entity is required to furnish to the
Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent Certificate
as to the same matters, if the fair value of the property or securities and of all other property, or securities (other than property described in clauses (A) or (B) of Section 11.1(b)(v)) released from the lien of this Indenture
since the commencement of the then current calendar year, as set forth in the Officer’s Certificates required by clause (iii) above and this clause, equals 10% or more 

  

 50 

 
of the Outstanding Note Amount, but such Officer’s Certificate need not be furnished in the case of any release of property or securities if the fair
value thereof as set forth in the related Officer’s Certificate is less than $25,000 or less than 1% of the Outstanding Note Amount. 
 (v) Notwithstanding Section 2.8 or any other provision of this Section, the Issuing Entity may without compliance with the requirements of other provisions of this Section (A) collect, liquidate, sell or
otherwise dispose of the Collateral as and to the extent permitted or required by the Transaction Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required by the Transaction Documents. 
 SECTION 11.2 FORM OF DOCUMENTS DELIVERED TO THE INDENTURE TRUSTEE. In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Authorized Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of or representations by an officer or officers of the
Administrator, the Depositor or the Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Administrator, the Depositor or the Issuing Entity. 
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in
connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s
compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such
document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture
Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI. 
 SECTION 11.3 ACTS OF NOTEHOLDERS. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other
action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders 

  

 51 

 
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when such instrument
or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section. 
 (b) The fact and date
of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice,
consent, waiver or other action by the holder of any Note shall bind the holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) [The
Indenture Trustee shall promptly deliver to the Swap Counterparty copies of any notice it receives from the Noteholders.] 
 SECTION 11.4 NOTICES. All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid
courier service, or by telecopier, and addressed in each case as follows: (i) if to the Issuing Entity, at the Corporate Trust Office of the Owner Trustee, with a copy to the Administrator, at
[            ] (telecopier no. (954)429-2685, Attention: Treasurer, with a copy to the Indenture Trustee; (ii) if to the Indenture Trustee, to
[            ]; (iii) if to Moody’s, via electronic delivery for all relevant monthly information (including the reports required by Section 8.4(f)) to
ServicerReports@Moodys.com, or to Moody’s Investors Service, Inc., World Trade Center, 250 Greenwich Street, New York, New York 10007 (telecopier no. (212) 553-4642), Attention: ABS Monitoring Department—4th Floor ; (iv) if to
S&P, via electronic delivery to Service_reports@Sandp.com; and for any information not available in electronic format, to Standard & Poor’s Ratings Services, 55 Water Street, New York, New York 10041-0003 (telecopier no.
(212) 438-2664), Attention: Asset Backed Surveillance Department; or (v) at such other address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only upon receipt or
reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 
 SECTION 11.5 NOTICES TO NOTEHOLDERS; WAIVER. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest and not earlier than the earliest date prescribed for the giving of such notice.
In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor 

  

 52 

 
any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for
notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with
the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event of Noteholders when such notice is required to be given pursuant to
any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice. 
 Where this Indenture provides for notice to each Rating Agency, failure to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute an Event of Default. 
 SECTION 11.6 EFFECT OF HEADINGS AND TABLE OF
CONTENTS. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 11.7 SUCCESSORS AND ASSIGNS. All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so expressed or not. All agreements of
the Indenture Trustee in this Indenture shall bind its successors. 
 SECTION 11.8 SEVERABILITY. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 11.9 BENEFITS OF INDENTURE. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, the Noteholders (and, with respect to Sections 8.3 and 8.4, the Certificateholders), any other party secured hereunder and any other Person with an ownership interest in any part of the Trust Estate,
any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 11.10 LEGAL HOLIDAYS. In any case
where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the
same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
 SECTION 11.11 GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE 

  

 53 

 
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 11.12 COUNTERPARTS. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 SECTION 11.13 RECORDING OF INDENTURE. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity accompanied by an Opinion
of Counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture. 
 SECTION 11.14 TRUST OBLIGATION; NO RECOURSE. Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Indenture Trustee, the Administrative Agent or the Owner Trustee in their respective
individual capacities, (ii) any Certificateholder or any other owner of a beneficial interest in the Issuing Entity, (iii) the Servicer, the Administrator or the Titling Trust or (iv) any partner, owner, beneficiary, agent, officer,
director, employee, successor or assign of any Person described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee, the Administrative Agent and the
Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. 
 SECTION 11.15 NO PETITION. With respect to each
Bankruptcy Remote Party, each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and 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. 
  

 54 

 SECTION 11.16 LIMITATION OF LIABILITY OF OWNER TRUSTEE. Notwithstanding anything contained
herein to the contrary, this instrument has been countersigned by [            ] not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing Entity and
in no event shall [                    ] in its individual capacity or any beneficial owner of the Issuing Entity have any liability for the
representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder, as to all of which recourse shall be had solely to the assets of the Issuing Entity. 
 SECTION 11.17 TIA INCORPORATION AND CONFLICTS. The provisions of TIA Sections 310 through 317 that impose duties on any Person (including the
provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. If any provision hereof limits, qualifies or conflicts with another
provision hereof that is required to be included in this Indenture by any of the provisions of the TIA, such required provision shall control. 
 SECTION 11.18 INTENT. 
 (a) It is the intent of the Issuing Entity that the Notes constitute indebtedness for all
financial accounting purposes and the Issuing Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed, to treat the Notes as indebtedness for all financial
accounting purposes. 
 (b) It is the intent of the Issuing Entity that the Notes constitute indebtedness of the Issuing Entity for all tax
purposes and the Issuing Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have agreed to treat the Notes as indebtedness for all tax purposes. 
 SECTION 11.19 EACH EXCHANGE NOTE SEPARATE; ASSIGNEES OF THE EXCHANGE NOTE . Each of the Indenture Trustee, by entering into this Indenture,
and each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants 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) except with respect to the Closed-End Exchange Note Shared Amounts relating to any Unpaid Titling Trust
Debt, (i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Exchange Note or the related 20[    ]-[    ] Reference Pool
shall be enforceable against such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect
to any Other Exchange Note, any Other Reference Pool, or the Warehouse Facility Pool shall be enforceable against such Other Exchange Note, Other Reference Pools, or the Warehouse Facility Pool only, as applicable, and not against the Exchange Note
or any Closed-End Units included in the 20[    ]-[    ] Reference Pool, (c) except to the extent required by law and except with respect to the Closed-End Exchange Note Shared Amounts
relating to any Unpaid Titling Trust Debt, the Closed-End Units included in the 

  

 55 

 
Warehouse Facility Pool or Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note
transferred hereunder which is related to the 20[    ]-[    ] Reference Pool) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the
Exchange Note in respect of such claim, (d) except to the extent of available Closed-End Exchange Note Shared Amounts, (i) no creditor or holder of a claim relating to the Exchange Note or the related
20[    ]-[    ] Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool or any Other Exchange Note
or the assets allocated thereto (except to the extent of Closed-End Exchange Amounts available to such Persons on a fully subordinated basis), and (ii) no creditor or holder of a claim relating to any Other Reference Pool, the Warehouse
Facility Pool or any Other Exchange Note other than the Exchange Note related to the 20[    ]-[    ] Reference Pool shall be entitled to maintain any action against or recover any assets
allocated to the 20[    ]-[    ] Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 20[    ]-[    ]
Reference Pool or, the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially similar to that set forth in
Section 11.10 of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange Note to release all claims to the assets of the Titling Trust allocated
to the Warehouse Facility Pool 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 and each Other Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and
shall deliver an executed copy of such Joinder Agreement to each party to the Intercreditor Agreement. 
 SECTION 11.20 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 Indenture 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 11.4 of this
Indenture; 
 (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 
  

 56 

 (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 Indenture, any other Transaction Document, or any matter arising hereunder or thereunder. 
 SECTION 11.21 SUBORDINATION OF CLAIMS. Each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that, to the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuing Entity) related to the Depositor, dedicated to other
debt obligations of the Depositor or debt obligations of any other securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person’s interest in those assets is subordinate to claims or rights of such other
debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code. 
 SECTION 11.22 INFORMATION REQUESTS. The parties hereto
shall provide any information reasonably requested by the Servicer, the Issuing Entity, the Depositor or any of their Affiliates, at the expense of the Servicer, the Issuing Entity, the Depositor or any of their Affiliates, as applicable, in order
to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle. 
 SECTION 11.23 REGULATION AB INFORMATION TO BE PROVIDED BY THE INDENTURE TRUSTEE. For so long as the Issuing Entity is required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the fifth
Business Day of each month, provide to the Depositor, in writing, such information regarding the Indenture Trustee as is requested by the Depositor (if any) for the purpose of compliance with Item 1117 of Regulation AB; provided, however, that
the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information previously provided by the Indenture Trustee to Depositor, and (ii) as promptly as practicable following
notice to or discovery by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Depositor, in writing, such updated information. 
 (b) As soon as available but no later than March 1 of each calendar year for so long as the Issuing Entity is required to report under the Exchange
Act, commencing in [            ], the Indenture Trustee shall: 
 (i) deliver to the Depositor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified in Exhibit C during the immediately preceding calendar year, as required under paragraph (b) of
Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address each of the Servicing Criteria specified in Exhibit C or such criteria
as mutually agreed upon by the Depositor and the Indenture Trustee; 
 (ii) deliver to the Depositor a report of a registered
public accounting firm that attests to, and reports on, the assessment of compliance made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of
Regulation S-X under the Securities Act and the Exchange Act; and 
  

 57 

 (iii) deliver to the Depositor and any other Person that will be responsible for signing
the certification (a “Sarbanes Certification”) required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on behalf of the Issuing Entity or the Depositor substantially
in the form attached hereto as Exhibit D or such form as mutually agreed upon by the Depositor and the Indenture Trustee. 
 The Indenture
Trustee acknowledges that the parties identified in clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission. 

[Signature Page to Follow] 
  

 58 

 IN WITNESS WHEREOF, the Issuing Entity and the Indenture Trustee have caused this Indenture to be duly
executed by their respective officers, thereunto duly authorized, all as of the day and year first above written. 
  

			
	 WORLD OMNI AUTOMOBILE LEASE
 SECURITIZATION
TRUST 20[    ]-[    ],
 AS ISSUING ENTITY

		
	By:	 	[                                       
                                 ],
		 	not in its individual capacity but
		 	solely as Owner Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	[                                    ], as Indenture
Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 S-1 

 SCHEDULE I 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the representations, warranties
and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and covenants to the Indenture Trustee as follows on the Closing Date: 
 1. The Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture Trustee, which security interest is prior to all other Adverse Claims
and is enforceable as such as against creditors of and purchasers from the Issuing Entity. 
 2. The Exchange Note constitutes a
“general intangible,” “instrument,” “certificated security,” or “tangible chattel paper,” within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit accounts
or securities accounts. 
 3. All of the Collateral that constitutes securities entitlements has been or will have been credited to one of
the Accounts. The securities intermediary for each Account has agreed to treat all assets credited to the Accounts as “financial assets” within the meaning of the applicable UCC. 
 4. The Issuing Entity owns and has good and marketable title to the Collateral free and clear of any Adverse Claims, 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. 
 5. The Issuing Entity has received all consents and approvals to the
grant of the security interest in the Collateral hereunder to the Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles. 
 6. The Issuing Entity has received all consents and approvals required by the terms of the Collateral that constitutes securities entitlements,
certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the Collateral hereunder. 
 7. The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the security interest in the Collateral granted to the Indenture Trustee hereunder. 
  

 I-1 

 8. With respect to Collateral that constitutes an instrument or tangible chattel paper, either:

 (i) All original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture
Trustee; or 
 (ii) Such instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee
has received a written acknowledgment from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit of the Indenture Trustee; or 
 (iii) A custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written
acknowledgment from such custodian that such custodian is acting solely as agent of the Indenture Trustee. 
 9. With respect to the Accounts
and all subaccounts thereof that constitute deposit accounts, either: 
 (i) The Issuing Entity has delivered to the Indenture
Trustee a fully executed agreement pursuant to which the bank maintaining the deposit accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the Accounts without further consent
by the Issuing Entity; or 
 (ii) The Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become
the account holder of the Accounts. 
 10. With respect to Collateral that constitute securities accounts or securities entitlements, either:

 (i) The Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the
filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted in the Collateral to the Indenture Trustee; or 
 (ii) The Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary
has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent by the Issuing Entity; or 
 (iii) The Issuing Entity has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee as the person having a security entitlement against the securities
intermediary in the Accounts. 
 11. With respect to Collateral that constitutes certificated securities (other than securities
entitlements), all original executed copies of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each such security certificate either (i) is in bearer form, (ii) has
been indorsed by an effective indorsement to the Indenture Trustee or in blank, or (iii) has been registered in the name of the Indenture Trustee. 

  

 I-2 

 
Other than the transfer of the Exchange Note from ALF LLC to the Depositor under the Exchange Note Sale Agreement, the transfer of the Exchange Note from the
Depositor to the Issuing Entity under the Exchange Note Transfer Agreement and the security interest in the Collateral granted to the Indenture Trustee pursuant to the Indenture, none of ALF LLC, the Depositor or the Issuing Entity has pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity has not authorized the filing of, and is not aware of, any financing statements against the
Issuing Entity that include a description of collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has
been terminated. 
 12. None of the instruments, certificated securities or tangible chattel paper that constitute or evidence the Collateral
has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee. 
 13. Neither the Accounts nor any subaccounts thereof are in the name of any person other than the Issuing Entity or the Indenture Trustee. The Issuing Entity has not consented to the securities intermediary of any Account to comply with
entitlement orders of any person other than the Indenture Trustee. 
  

 I-3 

 EXHIBIT A1 
 FORM OF CLASS A NOTE 
  

			
	 REGISTERED
	  	$                                      

	 No. R-            
	  	CUSIP NO.                    
		  	ISIN NO.                      

 SEE REVERSE FOR CERTAIN DEFINITIONS 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUING
ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
 TRANSFERS OF THE NOTES MUST GENERALLY BE
ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE. 
 THE HOLDER, BY
ACCEPTANCE OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR UNITED STATES FEDERAL, STATE AND LOCAL INCOME, FRANCHISE AND/OR VALUE ADDED TAX PURPOSES. 
 WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[    ]-[    ] 
 [            ] Class [A-1] [A-2] [A-3] [A-4] Asset Backed Notes, Series
20[    ]-[    ] 
  

 A1-1 

 WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST
20[    ]-[    ], a Delaware statutory trust (including any permitted successors and assigns, the “Issuing Entity”), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of                      Dollars
($[            ]) in monthly installments on the [    ] of each month, or if such day is not a Business Day, on the immediately succeeding Business Day,
commencing on [            ], [            ] (each, a “Payment Date”) until the principal of this Note is
paid or made available for payment, and to pay interest on each Payment Date on the Class [A-1] [A-2] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), or
as of the Closing Date in the case of the first Payment Date or if no interest has yet been paid, at the rate per annum shown above (the “Interest Rate”), in each case as and to the extent described below; provided, however, that the
entire Class [A-1] [A-2] [A-3] [A-4] Note Balance shall be due and payable on the earlier of [            ]1 [            ]2
[            ]3
[            ]4 (the “Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest has yet been paid,
from and including the Closing Date) to but excluding such Payment Date. Interest will be computed on the basis of [actual days elapsed and a 360-day year]5 [a 360-day year of twelve 30-day months]6. The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate
to the extent lawful. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The
principal of and interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note
shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference
is made to the further provisions of this Note set forth on the reverse hereof, which shall 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 Indenture Trustee the name of which appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture
referred to on the reverse hereof or be valid or obligatory for any purpose. 
  

	1	Insert for the Class A-1 Notes. 

	2	Insert for the Class A-2 Notes. 

	3	Insert for the Class A-3 Notes. 

	4	Insert for the Class A-4 Notes. 

	5	Insert for the Class A-1 Notes. 

	6	Insert for the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes. 

  

 A-2 

 IN WITNESS WHEREOF, the Issuing Entity has caused this instrument to be signed, manually or by facsimile,
by its Authorized Officer as of the date set forth below. 
 Dated:
                    , [        ] 
  

			
	 WORLD OMNI AUTOMOBILE LEASE
 SECURITIZATION
TRUST 20[    ]-[    ],

		
	By:	 	[                                       
             ], not in its
		 	individual capacity but solely
		 	as Owner Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-3 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
 Dated:                     ,
[        ] 
  

			
	 [                                       
                                     ], as
 Indenture Trustee

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 A-4 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its “[            ] Class [A-1] [A-2] [A-3] [A-4] [B]
Asset Backed Notes, Series 20[    ]-[    ]” (herein called the “Notes”) issued under an Indenture, dated as of
[                    ], [        ] (such indenture, as supplemented or amended, is herein
called the “Indenture”), between the Issuing Entity and [            ], as trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and
ratably secured by the Collateral pledged as security therefor as provided in the Indenture. However, to the extent provided in the Indenture and prior to an acceleration of the principal amount of the Notes after an Event of Default, each Class
will receive principal payments sequentially so no principal payments shall be made in respect of the Class A-2 Notes until the Class A-1 Notes have been paid in full, no principal payments shall be made in respect of the Class A-3
Notes until the Class A-2 Notes have been paid in full, and no principal payments shall be made in respect of the Class A-4 Notes until the Class A-3 Notes have been paid in full. All covenants and agreements made by the Issuing
Entity in the Indenture are for the benefit of the Holders of the Notes. 
 Principal payable on the Notes will be paid on each Payment Date
in the amount specified in the Indenture. As described above, the entire unpaid principal amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant to the Indenture.
Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture. In such an event,
principal payments on the Class A-1 Notes shall be made first and principal payments on the remaining Classes of Notes shall be made pro rata to the Noteholders entitled thereto. 
 Payments of principal and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the
nominee of The Depository Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note (or any one
or more Predecessor Notes) affected by any payments made on any Payment Date or Redemption Date shall be binding upon all future holders 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 

  

 A-5 

 
available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date or Redemption Date, then
the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within five days of such
Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee’s agent
appointed for such purposes located in The City of New York. 
 As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture. 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.

 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in
connection therewith against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director
or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for
stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by
accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the
Issuing Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person’s interest in those
assets is subordinate to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
such agreement constitutes a subordination agreement for purposes of Section 510(a) of the Bankruptcy Code. 
 It is the intent of the
Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting and tax purposes. 
  

 A-6 

 Each Noteholder or Note Owner by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, will be deemed to have represented that (a) such Noteholder or Note Owner is not, and will not acquire the Note or beneficial interest therein on behalf or with the assets of, any “employee benefit plan” as defined
in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), any “plan” as defined in Section 4975(e)(1) of the Code, an entity whose underlying assets include “plan assets” of
any of the foregoing, or a governmental plan as defined in Section 3(32) of ERISA which is subject to applicable law that is substantially similar to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code or
(b) the acquisition and holding of the Note or beneficial interest therein will not give rise to nonexempt prohibited transaction under ERISA or Section 4975 of the Code (or, in the case of a governmental plan, any substantially similar
law). 
 The Notes represent obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the
Depositor, the Servicer, ALF LLC, or any of their respective Affiliates. 
 With respect to each Bankruptcy Remote Party, each Noteholder or
Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations under each Financing
(i) such Noteholder or Note Owner shall not 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) such Noteholder or Note Owner shall not 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 Noteholder or Note Owner 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. 
 Prior to the due presentment for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture Trustee 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 Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner Trustee, the Indenture Trustee nor any such
agent shall be affected by notice to the contrary. 
  

 A-7 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuing Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders representing not less than a majority of the Outstanding Note
Amount. The Indenture also contains provisions permitting Noteholders representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing Entity with certain provisions of the Indenture
and certain past Events of Default and their consequences. Any such consent or waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder and upon all future 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 notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing Entity and the Indenture
Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of the Noteholders. 
 The Notes are
issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 THIS
NOTE 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 SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Each Noteholder or Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that (a) the Exchange Note 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)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool only, and not against any Other Exchange
Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool or the Warehouse Facility
Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable, and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets or
the Other Exchange Notes Assets 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)(i) no creditor or holder of a claim relating to the
Exchange Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a
claim relating to the Warehouse Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain any action against or recover any assets allocated to the Exchange Note, and
(e) any purchaser, assignee or pledgee of an interest in 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 [6.9] of the Titling Trust Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the 

  

 A-8 

 
Warehouse Facility or each holder, assignee or pledge 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 Portfolio 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 Portfolio and each Other Reference Pool. 
 No reference herein to the Indenture and no provision of this Note or the
Indenture shall alter or impair the obligation of the Issuing Entity, 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. 
  

 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 unto
                                         
                                         
           (name and address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
 Dated1: Signature Guaranteed:
                                        

  

	 1
	 The signature to
this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  

 A1-1 

 EXHIBIT A2 
 FORM OF CLASS B NOTE 
  

 A2-1 

 EXHIBIT B 
 FORM OF DEPOSITORY AGREEMENT 
 [on file with Kirkland & Ellis LLP] 
  

 B-1 

 EXHIBIT C 
 SERVICING CRITERIA TO BE ADDRESSED IN 
 INDENTURE TRUSTEE’S ASSESSMENT OF COMPLIANCE

 The assessment of compliance to be delivered by the Indenture Trustee shall address, at a minimum, the criteria identified as below as
“Applicable Servicing Criteria”: 
  

					
	 Reference
	  	 Servicing Criteria
	  	 
		  	General Servicing Considerations	  	
			
	1122(d)(1)(i)	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	1122(d)(1)(ii)	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing
activities.	  	
			
	1122(d)(1)(iii)	  	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	  	
			
	1122(d)(1)(iv)	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and
otherwise in accordance with the terms of the transaction agreements.	  	
			
		  	Cash Collection and Administration	  	
			
	1122(d)(2)(i)	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of
days specified in the transaction agreements.	  	
			
	1122(d)(2)(ii)	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	Trustee
			
	1122(d)(2)(iii)	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in
the transaction agreements.	  	
			
	1122(d)(2)(iv)	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to
commingling of cash) as set forth in the transaction agreements.	  	Trustee
			
	1122(d)(2)(v)	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured
depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	Trustee
			
	1122(d)(2)(vi)	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	
			
	1122(d)(2)(vii)	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations
are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared
the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	

  

 C-1 

					
	 Reference
	  	 Servicing Criteria
	  	 
		  	Investor Remittances and Reporting	  	
			
	1122(d)(3)(i)	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such
reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the
Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of credit card accounts serviced by the Servicer.	  	
			
	1122(d)(3)(ii)	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	Trustee
			
	1122(d)(3)(iii)	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction
agreements.	  	Trustee
			
	1122(d)(3)(iv)	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	Trustee
			
		  	Pool Asset Administration	  	
			
	1122(d)(4)(i)	  	Collateral or security on credit card accounts is maintained as required by the transaction agreements or related asset pool documents.	  	
			
	1122(d)(4)(ii)	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	1122(d)(4)(iii)	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	1122(d)(4)(iv)	  	Payments on pool assets, including any payoffs, made in accordance with the related pool assets documents are posted to the Servicer’s obligor records maintained no more than two
business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset pool documents.	  	
			
	1122(d)(4)(v)	  	The Servicer’s records regarding the accounts and the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	1122(d)(4)(vi)	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the
transaction agreements and related pool asset documents.	  	
			
	1122(d)(4)(vii)	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and
concluded in accordance with the timeframes or other requirements established by the transaction agreements.	  	
			
	1122(d)(4)(viii)	  	Records documenting collection efforts are maintained during the period a Account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a
monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent Accounts including, for example, phone calls, letters and payment rescheduling plans in cases where
delinquency is deemed temporary (e.g., illness or unemployment).	  	
			
	1122(d)(4)(ix)	  	Adjustments to interest rates or rates of return for Accounts with variable rates are computed based on the related Account documents.	  	
			
	1122(d)(4)(x)	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s Account documents, on at least an annual basis,
or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable Account documents and State laws; and (C) such funds are returned to the obligor within 30
calendar days of full repayment of the related Accounts, or such other number of days specified in the transaction agreements.	  	

  

 C-2 

					
	 Reference
	  	 Servicing Criteria
	  	 
	1122(d)(4)(xi)	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for
such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	
			
	1122(d)(4)(xii)	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment
was due to the obligor’s error or omission.	  	
			
	1122(d)(4)(xiii)	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the
transaction agreements.	  	
			
	1122(d)(4)(xiv)	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	1122(d)(4)(xv)	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  

 C-3 

 EXHIBIT D 
 FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION 
  

	RE:	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[    ]-[    ] 

 [                            ], not in its individual capacity but solely as indenture
trustee (the “Indenture Trustee”), certifies to World Omni Auto Leasing LLC (the “Depositor”), and its officers, with the knowledge and intent that they will rely upon this certification, that: 
 (1) It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18 and 15d-18 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report provided in accordance with
Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”) that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of
[                        ], by and between the Indenture Trustee and World Omni Automobile Lease Securitization Trust
20[    ]-[    ] (collectively, the “Indenture Trustee Information”); 
 (2)
To the best of its knowledge, the Indenture Trustee Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances
under which such statements were made, not misleading with respect to the period of time covered by the Indenture Trustee Information; 
 (3)
To the best of its knowledge, all of the Indenture Trustee Information required to be provided by the Indenture Trustee under the Agreement has been provided to the Depositor; and 
 (4) To the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Indenture Trustee has fulfilled its
obligations under the Agreement. 
  

			
		  	[                                       
 ], not in its
		  	individual capacity but solely as
		  	Indenture Trustee

 Date:
                                         
    
  

 D-1 

 [EXHIBIT E 
 FORM OF TRANSFEROR CERTIFICATE 
 [DATE] 
 [Indenture Trustee] 
 World Omni Auto Leasing LLC 
 [                        ] 
  

	 	Re:	World Omni Automobile Lease Securitization Trust 20[    ]-[  ] Class B Notes 

 Ladies and Gentlemen: 
 In connection with our disposition of
the above-referenced Class B Notes (the “Class B Notes”) we certify that (a) we understand that the Class B Notes have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being
transferred by us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Class B Notes to, or solicited offers to buy any Class B Notes from, any person, or otherwise approached or
negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act. 
  

			
	Very truly yours,
	
	[NAME OF TRANSFEROR]
		
	By:	 	  

		 	Authorized Officer

  

 E-1 

 EXHIBIT F 
 FORM OF INVESTMENT LETTER 
 [Indenture Trustee] 
 World Omni Auto Leasing LLC 
 [                        ] 
 Ladies and Gentlemen: 
 In connection with our proposed purchase of Class B Notes (the “Class B Notes”) of World
Omni Automobile Lease Securitization Trust 20[    ]-[  ] (the “Issuing Entity”), we confirm that: 
 1. We understand that the Class B Notes have not been registered under the Securities Act of 1933, as amended (the “1933 Act”),
and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, (x) that such Class B Notes are being offered only in a
transaction not involving any public offering within the meaning of the 1933 Act and (y) that such Class B Notes may be resold, pledged or transferred only (i) to World Omni Auto Leasing LLC (“WOAL”), (ii) to an
“accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an “Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for
others (which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so long as such Class B Note is eligible for resale pursuant to
Rule 144A under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of others) or
as a fiduciary or agent for others (which others also are “qualified institutional buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer
made in a transaction otherwise exempt from the registration requirements of the 1933 Act, in which case the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and
WOAL in writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Indenture Trustee and WOAL. Except in the case of a transfer described in clauses (i) or (iii) above, the Indenture
Trustee shall require that a written opinion of counsel (which will not be at the expense of WOAL, any affiliate of WOAL or the Indenture Trustee), satisfactory to the Indenture Trustee and WOAL, be delivered to the Indenture Trustee and WOAL to the
effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities laws of each State of the United States. We will notify any purchaser of the Class B Notes from us of the above resale
restrictions, if then applicable. 

  

 F-1 

 
We further understand that in connection with any transfer of the Class B Notes by us that the Indenture Trustee and WOAL may request, and if so requested we
will furnish, such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions. 
 2. [CHECK ONE] 
  

	 	 ̈	(a) We are an Accredited Investor acting for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors
unless we are a bank acting in its fiduciary capacity). We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Class B Notes, and we and any accounts for
which we are acting are each able to bear the economic risk of our or their investment for an indefinite period of time. We are acquiring the Class B Notes or investment and not with a view to, or for offer and sale in connection with, a public
distribution. 

  

	 	 ̈	(b) We are a “qualified institutional buyer” as defined under Rule 144A under the 1933 Act and are acquiring the Class B Notes for our own account (and not for the account
of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”). We are familiar with Rule 144A under the 1933 Act and are aware that the seller of the Class B Notes and other parties intend to
rely on the statements made herein and the exemption from the registration requirements of the 1933 Act provided by Rule 144A. 

 3. We are not and are not acting on behalf of (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 the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity or (iv) a
plan subject to any federal, State or local law (“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code (each, a “Plan”), and we hereby acknowledge that no transfer
of any Class B Note shall be permitted to be made to any person unless the Indenture Trustee has received (i) a certificate from such transferee to the effect of the preceding sentence or (ii) an opinion of counsel satisfactory to the
Indenture Trustee to the effect that the purchase and holding of any such Class B Note by such Transferee (A) will not constitute or result in the assets of the Trust being deemed to be “plan assets” and subject to the prohibited
transaction provisions of ERISA, Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee, WOAL, or World Omni Financial Corp. to any obligation in addition to those undertaken in the Basic Documents
with respect to the Class B Notes and (B) will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. 
  

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 4. Unless counsel satisfactory to the Indenture Trustee shall have rendered an opinion to
the effect that the Class B Notes to be transferred will be characterized as indebtedness for United States federal income tax purposes, we represent that we are a United States Person (within the meaning of Section 7701(a)(30) of the Internal
Revenue Code), and acknowledge that unless the Indenture Trustee shall have received such an opinion, no transfer of any Class B Note shall be permitted to be made to any person who is not a United States Person and any such purported transfer in
violation of these restrictions shall be null and void. 
 5. We understand that the Indenture Trustee, WOAL and others will
rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us by our purchase of the Class B Notes,
for our own account or for one or more accounts as to each of which we exercise sole investment discretion, are no longer accurate, we shall promptly notify WOAL. 
 6. You are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	Very truly yours,
	
	[NAME OF PURCHASER]
		
	By:	 	  

	Name:	 	
	Title:	 	

 Date:
                                         
    
  

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 APPENDIX A 
 DEFINITIONS 
 The following terms have the meanings set forth, or referred to, below: 
 “Accounts” means the Trust Collection Account, the Reserve Account and the Principal Distribution Account. 
 “20[    ]-[    ] Reference Pool” has the meaning set forth in Section 13.1 of the
Exchange Note Supplement. 
 “Act” has the meaning set forth in Section 11.3(a) of the Indenture. 
 “Adjusted Capitalized Cost” means, for each Closed-End Lease, the difference between (i) the sum of (a) the value of the Closed-End
Vehicle agreed upon between the Dealer and the Closed-End Obligor, plus (b) the cost of any items that the Closed-End Obligor pays over the term of the Closed-End Lease, such as taxes, fees, service contracts and insurance, and (ii) the
amount of any net trade-in allowance, rebate, non-cash credit or cash paid by the Closed-End Obligor. 
 “Adjusted Securitization
Value” means, as of the date of determination an amount equal to [    ] % of the aggregate Securitization Value. 
 “Administration Agreement” means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity and the Indenture Trustee, as the same may be amended and supplemented from time to time.

 “Administration Fee” means the basic fee payable to the Administrator for administration services rendered during the related
Collection Period, which shall be equal to the product of (a) one-twelfth (or, in the case of the initial Collection Period (i.e., the period commencing on the close of business on the Cut-Off Date and ending on
[                    ], [    ]), [        ]),
(b) [            ]% and (c) the aggregate Securitization Value at the beginning of such Collection Period (or, in the case of the first Payment Date, at the Cut-Off Date)
of all Transaction Units for such Collection Period. 
 “Administrator” means World Omni, or any successor administrator under the
Administration Agreement. 
 “Advance” has the meaning set forth in Section 13.8 of the Exchange Note Servicing Supplement.

 “Adverse Claim” means, for any asset or property of a Person, a lien, security interest, mortgage, pledge or encumbrance in, of
or on such asset or property in favor of any other Person, except any Permitted Lien. 
 “Affiliate” means, for any specified
Person, any other Person which, directly or indirectly, controls, is controlled by or is under common control with such specified Person and 

  

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“affiliated” has a meaning correlative to the foregoing. For purposes of this definition, “control” means the power, directly or
indirectly, to cause the direction of the management and policies of a Person. 
 “ALF LLC” means Auto Lease Finance LLC, a
Delaware limited liability company. 
 “ALG” means Automotive Lease Guide, which is an independent publisher of residual value
percentages recognized throughout the automotive finance industry for projecting vehicle market values at lease termination. 
 “Authenticating Agent” means any Person authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate and deliver the Notes. 
 “Authorized Newspaper” means a newspaper of general circulation in The City of New York, printed in the English language and customarily
published on each Business Day, whether or not published on Saturdays, Sundays and holidays. 
 “Authorized Officer” means
(a) with respect to the Issuing Entity, (i) any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuing Entity and who is identified on the list of Authorized Officers delivered by the
Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and (ii) so long as the Administration Agreement is in effect, any officer of the Administrator who is
authorized to act for the Administrator in matters relating to the Issuing Entity pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Owner Trustee and the Indenture
Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) and (b) with respect to the Owner Trustee, the Indenture Trustee and the Servicer, any officer of the Owner Trustee, the Indenture Trustee
or the Servicer, as applicable, who is authorized to act for the Owner Trustee, the Indenture Trustee or the Servicer, as applicable, in matters relating to the Owner Trustee, the Indenture Trustee or the Servicer and who is identified on the list
of Authorized Officers delivered by each of the Owner Trustee, the Indenture Trustee and the Servicer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter). 
 “Available Funds” means, for any Payment Date and the related Collection Period, an amount equal to the sum of the following amounts:
(i) any amount deposited into the Trust Collection Account pursuant to Section 13.2(b) of the Exchange Note Supplement; (ii) any amounts paid by ALF LLC pursuant to Section 2.3(c) of the Exchange Note Sale Agreement for breaches
of representations or warranties thereunder; (iii) any amounts paid by the Servicer pursuant to Section 13.12 of the Exchange Note Servicing Supplement in connection with Term Extensions; [and (iv) the amount, if any, paid by the Swap
Counterparty pursuant to any Interest Rate Swap Agreement.] 
 “Bankruptcy Event” means, for any Person, that such Person makes a
general assignment for the benefit of creditors or any proceeding is instituted by or against such Person seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up, reorganization, arrangement, adjustment, protection,
relief or composition of it or its debts under any law 

  

 2 

 
relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver,
trustee or other similar official for it or any substantial part of its property and, in the case of any proceeding instituted against such Person, such proceeding remains unstayed for more than 90 days. 
 “Bankruptcy Remote Party” means any of the Depositor, the Issuing Entity, the Titling Trust or any Special Purpose Entity (and the general
partner of any Special Purpose Entity that is a partnership, or the managing member of any Special Purpose Entity that is a limited liability company) that holds a beneficial interest in the Titling Trust. 
 “Base Residual Value” means, for each Vehicle related to an Included Unit, the lowest of (a) the lower of the MSRP Residual Value and the
MRM Residual Value of the related Vehicle at the time of origination of the lease, (b) the lower of the MSRP Residual Value and the MRM Residual Value of the related Vehicle on
[            ] and (c) the Contract Residual Value. 
 “Basic
Documents” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Book-Entry Notes” means a
beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.9 of the Indenture. 
 “Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions or trust company in the states of Delaware,
Florida, New York or the states in which the servicing offices of the Servicer are located or the State in which the Corporate Trust Office of the Indenture Trustee is located are authorized or obligated by law, regulation or executive order to be
closed. 
 “Casualty” means, with respect to any Transaction Unit, that the Servicer has actual knowledge that the Vehicle included
in such Transaction Unit (a) shall have suffered damage or destruction resulting in an insurance settlement on the basis of an actual, constructive or compromised total loss, (b) shall have suffered destruction or damage beyond repair,
(c) shall have suffered damage that makes repairs uneconomic or (d) shall have suffered destruction, damage, theft, loss or disappearance that, in accordance with Customary Servicing Practices, results in a termination of the related
Transaction Lease. 
 “Certificate” means a certificate evidencing the beneficial interest of the Certificateholder in the Issuing
Entity, substantially in the form of Exhibit A to the Trust Agreement. 
 “Certificateholder” means the registered holder of the
Certificate. 
 “Class” means a group of Notes whose form is identical except for variation in denomination, principal amount or
owner, and references to “each Class” thus mean each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes [and the Class B Notes]. 
 “Class A Notes” means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

  

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 “Class A Noteholders’ Interest Distributable Amount” means the Class A-1
Noteholders’ Interest Distributable Amount, the Class A-2 Noteholders’ Interest Distributable Amount, the Class A-3 Noteholders’ Interest Distributable Amount and the Class A-4 Noteholders’ Interest Distributable
Amount. 
 “Class A-1 Interest Rate” means [            ]% per
annum (computed on the basis of the actual number of days elapsed and on a 360-day year). 
 “Class A-1 Note Balance” means, as of
any date, the Initial Class A-1 Note Balance reduced by all payments of principal made on or prior to such date on the Class A-1 Notes. 
 “Class A-1 Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class A-1 Noteholders’ Monthly Interest Distributable Amount for the preceding Payment Date and any
outstanding Class A-1 Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of Class A-1 Notes on such preceding Payment Date, plus interest
on the amount of interest due but not paid to Holders of Class A-1 Notes on the preceding Payment Date, to the extent permitted by law, at the Class A-1 Interest Rate for the related Interest Period. 
 “Class A-1 Noteholders’ Interest Distributable Amount” shall mean, with respect to any Payment Date, the sum of the Class A-1
Noteholders’ Monthly Interest Distributable Amount for such Payment Date and the Class A-1 Noteholders’ Interest Carryover Shortfall. 
 “Class A-1 Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Payment Date, the aggregate interest accrued for the related Interest Period on the Class A-1 Notes at the
Class A-1 Interest Rate on the Class A-1 Note Balance on the immediately preceding Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Holders of the Class A-1 Notes on or
prior to such preceding Payment Date. 
 “Class A-1 Notes” means the Class of Asset Backed Notes designated as Class A-1
Notes, issued in accordance with the Indenture. 
 “Class A-2 Interest Rate” means
[            ]% per annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class A-2 Note Balance” means, as of any date, the Initial Class A-2 Note Balance reduced by all payments of principal made on or prior to such date on the Class A-2 Notes. 
 “Class A-2 Notes” means the Class of Asset Backed Notes designated as Class A-2 Notes, issued in accordance with the Indenture.

 “Class A-2 Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the
Class A-2 Noteholders’ Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-2 Noteholders’ Interest Carryover Shortfall on such preceding Payment Date, over the amount in respect of
interest that is actually paid to Holders of the Class A-2 Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-2 Notes on the preceding Payment Date, to the extent
permitted by law, at the Class A-2 Interest Rate for the related Interest Period. 
  

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 “Class A-2 Noteholders’ Interest Distributable Amount” shall mean, with respect to any
Payment Date, the sum of the Class A-2 Noteholders’ Monthly Interest Distributable Amount for such Payment Date and the Class A-2 Noteholders’ Interest Carryover Shortfall. 
 “Class A-2 Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Payment Date, the sum of the aggregate interest
accrued for the related Interest Period on the Class A-2 Notes at the Class A-2 Interest Rate on the Class A-2 Note Balance immediately preceding the Payment Date or the Closing Date, as the case may be, after giving effect to all
payments of principal to the Holders of the Class A-2 Notes on or prior to such preceding Payment Date. 
 “Class A-3 Interest
Rate” means [            ]% per annum (computed on the basis of a 360-day year of twelve 30-day months). 
 “Class A-3 Note Balance” means, as of any date, the Initial Class A-3 Note Balance reduced by all payments of principal made on or prior
to such date on the Class A-3 Notes. 
 “Class A-3 Notes” means the Class of Asset Backed Notes designated as Class A-3
Notes, issued in accordance with the Indenture. 
 “Class A-3 Noteholders’ Interest Carryover Shortfall” means, with respect
to any Payment Date, the excess of the Class A-3 Noteholders’ Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-3 Noteholders’ Interest Carryover Shortfall on such preceding Payment
Date, over the amount in respect of interest that is actually paid to Holders of the Class A-3 Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-3 Notes on the
preceding Payment Date, to the extent permitted by law, at the Class A-3 Interest Rate for the related Interest Period. 
 “Class
A-3 Noteholders’ Interest Distributable Amount” shall mean, with respect to any Payment Date, the sum of the Class A-3 Noteholders’ Monthly Interest Distributable Amount for such Payment Date and the Class A-3
Noteholders’ Interest Carryover Shortfall. 
 “Class A-3 Noteholders’ Monthly Interest Distributable Amount” means, with
respect to any Payment Date, the sum of the aggregate interest accrued for the related Interest Period on the Class A-3 Notes at the Class A-3 Interest Rate on the Class A-3 Note Balance immediately preceding the Payment Date or the
Closing Date, as the case may be, after giving effect to all payments of principal to the Noteholders of the Class A-3 Notes on or prior to such preceding Payment Date. 
 “Class A-4 Interest Rate” means LIBOR plus [            ]% per annum
(computed on the basis of the actual number of days elapsed and on a 360-day year). 
 “Class A-4 Note Balance” means, as of any
date, the Initial Class A-4 Note Balance reduced by all payments of principal made on or prior to such date on the Class A-4 Notes. 
  

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 “Class A-4 Notes” means the Class of Asset Backed Notes designated as Class A-4 Notes,
issued in accordance with the Indenture. 
 “Class A-4 Noteholders’ Interest Carryover Shortfall” means, with respect to any
Payment Date, the excess of the Class A-4 Noteholders’ Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-4 Noteholders’ Interest Carryover Shortfall on such preceding Payment Date,
over the amount in respect of interest that is actually paid to Noteholders of the Class A-4 Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of the Class A-4 Notes on the
preceding Payment Date, to the extent permitted by law, at the Class A-4 Interest Rate for the Class A-4 Notes for the related Interest Period. 
 “Class A-4 Noteholders’ Interest Distributable Amount” shall mean, with respect to any Payment Date, the sum of the Class A-4 Noteholders’ Monthly Interest Distributable Amount for such
Payment Date and the Class A-4 Noteholders’ Interest Carryover Shortfall. 
 “Class A-4 Noteholders’ Monthly Interest
Distributable Amount” means, with respect to any Payment Date, the sum of the aggregate interest accrued for the related Interest Period on the Class A-4 Notes at the Class A-4 Interest Rate on the Class A-4 Note Balance
immediately preceding the Payment Date or the Closing Date, as the case may be, after giving effect to all payments of principal to the Noteholders of the Class A-4 Notes on or prior to such preceding Payment Date. 
 [“Class B Interest Rate” means [            ]% per annum (computed on the
basis of a 360-day year of twelve 30-day months). 
 “Class B Note Balance” means, as of any date, the Initial Class B Note Balance
reduced by all payments of principal made on or prior to such date on the Class B Notes. 
 “Class B Notes” means the Class of
Asset Backed Notes designated as Class B Notes, issued in accordance with the Indenture. 
 “Class B Noteholders’ Interest
Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class B Noteholders’ Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class B Noteholders’ Interest Carryover
Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Noteholders of the Class B Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to Noteholders of the
Class B Notes on the preceding Payment Date, to the extent permitted by law, at the Class B Interest Rate for the Class B Notes for the related Interest Period. 
 “Class B Noteholders’ Interest Distributable Amount” shall mean, with respect to any Payment Date, the sum of the Class B Noteholders’ Monthly Interest Distributable Amount for such Payment Date
and the Class B Noteholders’ Interest Carryover Shortfall. 
 “Class B Noteholders’ Monthly Interest Distributable
Amount” means, with respect to any Payment Date, the sum of the aggregate interest accrued for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance immediately preceding the Payment Date or
the Closing Date, as the case may be, after giving effect to all payments of principal to the Noteholders of the Class B Notes on or prior to such preceding Payment Date.] 
  

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 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act and shall initially be DTC. 
 “Clearing Agency Participant” means a broker, dealer, bank or
other financial institution or other Person for which from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency. 
 “Closed-End Administrative Agent” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Closed-End Collateral Agent” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Closed-End EN Collection Period” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Closed-End Exchange Note Payment Date” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Closed-End Lease” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Closed-End Obligor” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Closed-End Unit” has the meaning set forth in Appendix A to the Collateral Agency Agreement 
 “Closed-End Vehicle” has the meaning set forth in Appendix A to the Collateral Agency Agreement 
 “Closing Date” means [            ],
[        ]. 
 “Code” means the Internal Revenue Code of 1986, as amended from time
to time, or any successor law, and the Treasury Regulations promulgated thereunder. 
 “Collateral” has the meaning set forth in
the Granting Clause of the Indenture. 
 “Collateral Agency Agreement” means the third amended and restated collateral agency
agreement dated as of July 16, 2008 among the Titling Trust, ALF LLC, as initial beneficiary, AL Holding Corp., as collateral agent, Bank of America N.A. as deal agent and U.S. Bank, as administrative agent. 
 “Collection Period” means the period commencing on the first day of each calendar month (or, in the case of the initial Collection Period, the
period from but excluding the Cut-Off 

  

 7 

 
Date) to and including the last day of the calendar month immediately preceding the calendar month in which such Payment Date occurs. As used herein, the
“related” Collection Period with respect to a Payment Date shall be deemed to be the Collection Period which ends on the last day of the calendar month which precedes such Payment Date. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Contract Residual Value” means, with respect to any Vehicle, the residual value of the Vehicle at the scheduled termination of the lease established or assigned by World Omni Financial Corp. at the time of
origination of the lease. 
 “Controlling Securities” means the Class A Notes so long as the Class A Notes are
outstanding, and after the Class A Notes are no longer outstanding, the Class B Notes so long as the Class B Notes are outstanding. 
 “Corporate Trust Office” means: 
 (a) as used in the Indenture, or otherwise with respect to Indenture Trustee, the
principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of the Indenture is located at
[                    ], or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the
Administrator, the Servicer and the Issuing Entity, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders and the Owner Trustee); and 

(b) as used in the Trust Agreement, or otherwise with respect to Owner Trustee, the corporate trust office of the Owner Trustee located at
[                    ], or at such other address as the Owner Trustee may designate by notice to the Certificateholder and the Depositor, or
the principal corporate trust office of any successor Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder and the Depositor). 
 “Credit Losses” means, for any Collection Period, an amount equal to the excess of (a) the sum of the Securitization Value for all
Included Units charged-off (i.e., that became Terminated Units before maturity of the related Lease and for which all scheduled payments thereunder have not been made) during that Collection Period over (b) the sum of Sales Proceeds and
Recoveries received by the Servicer with respect to charged-off Units during that Collection Period. 
 “Cumulative Net Credit
Losses” means, through any Collection Period, the sum of the Credit Losses for all Collection Periods from and including the Cut-Off Date to and including such Collection Period. 
 “Cumulative Net Residual Losses” means, through any Collection Period, the sum (which number may be positive or negative) of the Residual
Losses for all Collection Periods from and including the Cut-Off Date to and including such Collection Period. 
 “Customary Servicing
Practices” means the customary servicing practices of the Servicer with respect to Vehicles and Closed-End Leases held by the Titling Trust, without regard to whether such Vehicles and Closed-End Leases have been identified and allocated into
any Reference Pool, as such practices may be changed from time to time. 
  

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 “Cut-Off Date” means the close of business on
[                    ],[            ]. 
 “Dealer” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Default” means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default. 
 “Defaulted Unit” means any Unit with a related Closed-End Lease for which any of the following has occurred during a Collection Period:
(a) any payment or part thereof in excess of $40.00 on such Closed-End Lease is past due 120 or more days, (b) the related Vehicle has been repossessed but has not been charged off or (c) such related Closed-End Lease has been charged
off in accordance with Customary Servicing Practices. 
 “Definitive Note” means a definitive fully registered Note issued pursuant
to Section 2.11 of the Indenture. 
 “Delaware Trustee” means U.S. Bank, as Delaware trustee under the Titling Trust
Agreement. 
 “Delinquent Unit” means any Transaction Unit (other than a Defaulted Unit) with a related Transaction Lease on which
any payment or part thereof in excess of $40.00 is past due for more than 30 days. 
 “Depositor” means World Omni Auto Leasing
LLC, a Delaware limited liability company. 
 “Depository Agreement” means the agreement among the Issuing Entity, the Indenture
Trustee and DTC, as the initial Clearing Agency, dated as of the Closing Date, substantially in the form of Exhibit B to the Indenture. 
 “Determination Date” means the Business Day immediately preceding the related Payment Date. 
 “Dollar” and
“$” mean lawful currency of the United States of America. 
 “DTC” means The Depository Trust Company, and its
successors. 
 “Eligible Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated
trust account with the corporate trust department of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic
branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall have a credit rating from each Rating Agency in one of
its generic rating categories which signifies investment grade. Any such trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts meet the requirements described in clause
(b) of the preceding sentence. 
  

 9 

 “Eligible Institution” means a depository institution or trust company (which may be the Owner
Trustee, the Indenture Trustee or any of their respective Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank) (a) which at
all times (i) has either (A) a long-term senior unsecured debt rating of “Aa2” or better by Moody’s and “AA” or better by Standard & Poor’s or such other rating that is acceptable to each Rating
Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture Trustee or (B) a certificate of deposit rating of “P-1” by Moody’s and “A-1+” by Standard & Poor’s or
(C) such other rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture Trustee and (b) whose deposits are insured by the Federal Deposit Insurance
Corporation. 
 “Eligible Lease” means a Closed-End Lease: 
 (i) relates to a new Toyota automobile or light duty truck, of a model year of [    ] or later, 
 (ii) is written with respect to a Closed-End Vehicle that was, at the time of the origination of the related Closed-End Lease, a new
vehicle or dealer demonstration vehicle driven fewer than 6,000 miles, 
 (iii) was originated in the Five-State Area by a
Dealer (a) for a Closed-End Obligor with a United States address, (b) in the ordinary course of such Dealer’s business, and (c) pursuant to a dealer agreement that provides for recourse to the Dealer in the event of certain
defects in the Closed-End Lease, but not for default by the Closed-End Obligor, 
 (iv) has a remaining term to maturity, as
of the Cut-Off Date of less than [            ] months and had an original lease term greater than or equal to
[            ] months and less than or equal to [            ] months, 
 (v) was originated on or after [            ], 
 (vi) provides for level payments that fully amortize the Adjusted Capitalized Cost of the lease at a contractual annual percentage rate to
the related Contract Residual Value over the lease term and, in the event of a Closed-End Obligor initiated early termination, provides for payment of an early termination charge, 
 (vii) is not more than 30 days past due as of the Cut-Off Date and is not a defaulted Closed-End Lease, 
 (viii) is owned, and the related Closed-End Vehicle is owned, by the Titling Trust, free of all Liens (including tax liens,
mechanics’ liens, and other liens other than any lien of the collateral agent or any lien on the certificate of title that arise by operation of law), other than an Administrative Lien, 
  

 10 

 (ix) was originated in compliance with, and complies in all material respect with, all
material applicable legal requirements, including, to the extent applicable, the Federal Consumer Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve, all State leasing and consumer protection laws and all State and
federal usury laws, 
 (x) is the valid, legal, and binding full-recourse payment obligation of the related Closed-End
Obligor, enforceable against such Closed-End Obligor in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws, now or hereafter in
effect, affecting the enforcement of creditors’ rights in general or (b) general principles of equity, 
 (xi) was
originated in compliance with Customary Servicing Practices, 
 (xii) is payable solely in U.S. dollars, 
 (xiii) the Securitization Value of the related Closed-End Unit, as of the Cut-Off Date is no greater than
$[    ], and 
 (xiv) the related Closed-End Obligor of which is a person located in any State
within the United States or the District of Columbia and is not (a) World Omni Corp. or any of its affiliates, or (b) the United States of America or any State or local government or any agency or potential subdivision thereof. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 
 “Event of Default” has the meaning set forth in Section 5.1 of the Indenture. 
 “Excess Mileage Charges” means, with respect to any Transaction Unit, the amount of charges for excess mileage on the related Transaction
Vehicle received from the Closed-End Obligor at the expiration of the Transaction Lease. 
 “Excess Wear and Tear Charges” means,
with respect to any Transaction Unit, the amount of charges for wear and tear to the related Transaction Vehicle received from the Closed-End Obligor at the expiration of the Transaction Lease. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Note” or “Closed-End Exchange Note” means the exchange note issued pursuant to the Exchange Note Supplement. 
 “Exchange Note Agreement” means the Collateral Agency Agreement and the Exchange Note Supplement. 
 “Exchange Note Assets” means a separate pool of Titling Trust Assets allocated to the Exchange Note. 
  

 11 

 “Exchange Note Collection Account” means the account designated as such, established and
maintained pursuant to Section 5.2(f) of the Servicing Agreement. 
 “Exchange Note Purchase Price” means
$[            ]. 
 “Exchange Note Sale Agreement” means the
Exchange Note Sale Agreement, dated as of the Closing Date, between the Initial Beneficiary and the Depositor, as the same may be amended or modified from time to time. 
 “Exchange Note Senior Default” has the meaning set forth in Section 8.1(a) of the Exchange Note Servicing Supplement. 
 “Exchange Note Servicing Supplement” means the Exchange Note Servicing Supplement 20[    ]-[    ] to Servicing Agreement, dated as of the Closing Date,
between the Titling Trust, the Collateral Agent and the Servicer, as the same may be amended or modified from time to time. 
 “Exchange
Note Supplement” means the Exchange Note Supplement 20[    ]-[    ] to Collateral Agency Agreement, dated as of the Closing Date, between Titling Trust, Initial Beneficiary, AL Holding Corp.
and U.S. Bank National Association, as the same may be amended or modified from time to time. 
 “Exchange Note Transfer Agreement”
means the Exchange Note Transfer Agreement, dated as of the Closing Date, between the Depositor and the Issuing Entity, as amended or supplemented from time to time. 
 “Exchange Noteholder” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Executive Officer” means (i) with respect to any corporation or depository institution, the Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the President, the Executive Vice President, any
Vice President, the Secretary or the Treasurer of such corporation or depository institution and (ii) with respect to any partnership, any general partner thereof. 
 “Final Scheduled Payment Date” means, with respect to (i) the Class A-1 Notes, [            ],
[            ]; (ii) the Class A-2 Notes, [            ],
[            ]; (iii) the Class A-3 Notes, [            ],
[            ]; (iv) the Class A-4 Notes, [            ],
[            ] [and (v) the Class B Notes, [            ],
[            ].] 
 “Financing” means, collectively,
(i) any financing transaction of any sort undertaken by World Omni or any Affiliate of World Omni involving, directly or indirectly, Titling Trust Assets (including, without limitation, any financing undertaken in connection with the issuance
and assignment of the Exchange Note or any Other Exchange Note), (ii) any sale or purchase by the Depositor or any other Special Purpose Entity of any interest in the Exchange Note or any Other Exchange Note and (iii) any other asset
securitization, synthetic lease, sale-leaseback, secured loan or similar transaction involving Titling Trust Assets or any beneficial interest therein or in the Titling Trust. 
  

 12 

 “Five-State Area” means, Alabama, Florida, Georgia, North Carolina and South Carolina.

 “GAAP” means generally accepted accounting principles in the USA, applied on a materially consistent basis; provided, however,
that no financial test contained in the Transaction Documents shall fail to be satisfied as a result of the adoption or amendment (including any published interpretation) after the Closing Date by any governmental or accounting body of any financial
accounting standard, and any notices, representations or certifications based on financial accounting data that are required under the Transaction Documents may be delivered without giving effect to the adoption or amendment of such financial
accounting standard. 
 “Governmental Authority” means any (a) Federal, State, municipal, foreign or other governmental
entity, board, bureau, agency or instrumentality, (b) administrative or regulatory authority (including any central bank or similar authority) or (c) court or judicial authority. 
 “Grant” means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon and a
security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations)
of the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive
notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may
be entitled to do or receive thereunder or with respect thereto. Other forms of the verb “to Grant” shall have correlative meanings. 
 “Holder” means, as the context may require, the Certificateholder or a Noteholder or both. 
 “Included Units”
means, for any Collection Period, all Transaction Units as of the beginning of such Closed-End EN Collection Period (or, in the case of the initial Closed-End EN Collection Period, the Cut-Off Date), other than Transaction Units reallocated to the
Warehouse Facility Pool during such Collection Period pursuant to Section 2.3(c) of the Exchange Note Sale Agreement. The “Included Units” for any Cut-Off Date means the Included Units for the Closed-End EN Collection Period which
begins on the day after such Cut-Off Date. 
 “Indenture” means the Indenture, dated as of the Closing Date, between the Issuing
Entity and Indenture Trustee, as the same may be amended and supplemented from time to time. 
 “Indenture Secured Parties” means
the Noteholders and the Swap Counterparty. 
 “Indenture Trustee” means
[                                ], [a national banking association], not in its
individual capacity but as indenture trustee under the Indenture, or any successor trustee under the Indenture. 
 “Independent”
means, when used with respect to any specified Person, that such Person (i) is in fact independent of the Issuing Entity, any other obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not
have any direct 

  

 13 

 
financial interest or any material indirect financial interest in the Issuing Entity, any such other obligor, the Administrator or any Affiliate of any of
the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Administrator or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or
Person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be delivered to the Indenture
Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.1(b) of the Indenture, made by an independent appraiser or other expert appointed by an Issuing Entity Order, and such opinion
or certificate shall state that the signer has read the definition of “Independent” in this Indenture and that the signer is Independent within the meaning thereof. 
 “Initial Beneficiary” means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

 “Initial Class A-1 Note Balance” means $[            ].

 “Initial Class A-2 Note Balance” means $[            ].

 “Initial Class A-3 Note Balance” means $[            ].

 “Initial Class A-4 Note Balance” means $[            ].

 [“Initial Class B Note Balance” means $[            ].]

 “Initial Note Balance” means, (i) for any Class A Notes, the Initial Class A-1 Note Balance, the Initial
Class A-2 Note Balance, the Initial Class A-3 Note Balance and the Initial Class A-4 Note Balance, as applicable, [(ii) any Class B Notes, the Initial Class B Note Balance] or (iii) with respect to the Notes generally, the sum of
the foregoing. 
 “Initial Securitization Value” means
$[            ]. 
 “Initial Trust Agreement” means the Trust
Agreement, dated as of [            ], [        ], between the Depositor and the Owner Trustee. 
 “Insurance Policy” means (i) any comprehensive and collision, fire, theft or other insurance policy maintained by a Closed-End Obligor in
which the Servicer or the Titling Trust is named as loss payee with respect to one or more Transaction Units and (ii) any credit life or credit disability insurance maintained by a Closed-End Obligor in connection with any Transaction Unit.

 “Intercreditor Agreement” has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Interest Holder” has the meaning set forth in the Intercreditor Agreement. 
  

 14 

 “Interest Period” means, with respect to any Payment Date, the period from and including the
Closing Date (in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding such Payment Date. 
 “Interest Rate” means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the Class A-2 Notes, the Class A-2 Interest Rate, (c) with respect to the
Class A-3 Notes, the Class A-3 Interest Rate, (d) with respect to the Class A-4 Notes, the Class A-4 Interest Rate [or (e) with respect to the Class B Notes, the Class B Interest Rate.] 
 “Interest Rate Swap” means [            ]. 
 “Interest Rate Swap Agreement” means [            ]. 
 “Issuing Entity” means World Omni Automobile Lease Securitization Trust 20[    ]-[    ],
a Delaware statutory trust established pursuant to the Initial Trust Agreement and continued under the Trust Agreement, until a successor replaces it and, thereafter, means the successor and, for purposes of any provision contained herein, each
other obligor on the Notes. 
 “Issuing Entity Order” and “Issuing Entity Request” means a written order or request of
the Issuing Entity signed in the name of the Issuing Entity by any one of its Authorized Officers and delivered to the Indenture Trustee. 
 “Joinder Agreement” has the meaning set forth in Appendix A to the Collateral Agency Agreement 
 “LIBOR” means
the rate per annum, as calculated by the Paying Agent, of deposits having a one-month maturity that appears on the Reuters Screen LIBOR01 Page (or comparable replacement page) at approximately 11:00 a.m., London time, on the day that is two Libor
Business Days prior to the preceding Payment Date or, in the case of the initial Payment Date, the date that is two LIBOR Business Days prior to the Closing Date; provided, however, that for the first interest period, LIBOR shall mean
an interpolated rate for deposits based on a period that corresponds to the actual number of days in the first interest period. If the rate does not appear on the Reuters Screen LIBOR01 or any other page that may replace that page on that service,
then LIBOR shall be the arithmetic mean (rounded upwards to the nearest one-sixteenth of 1%) of the rates at which one-month Dollar deposits are offered to prime banks in the London interbank market by four major banks in that market selected by the
Indenture Trustee as of the day and time specified above. If fewer than two quotations are provided by such banks, then LIBOR shall be the arithmetic mean (rounded upwards as above) of the rates at which one-month loans in United States dollars are
offered to leading European banks by three major banks in New York City selected by the Indenture Trustee as of 11:00 a.m. New York City time on the day specified above. If no such quotation can be obtained, the LIBOR will be One-Month LIBOR for the
prior Payment Date. 
 “Libor Business Day” means any day on which dealings in deposits in United States dollars are transacted in
London interbank market. 
 “Lien” means any mortgage, pledge, security interest, lien or other encumbrance of any kind.

  

 15 

 “Majority Certificateholder” means as of any date, the holder of more than 50% interest in the
Certificate. 
 “Monthly Remittance Condition” has the meaning set forth in Section 7.3 of the Exchange Note Servicing
Supplement. 
 [“Monthly Swap Payment Amount” means with respect to any Payment Date, the amount if any payable, by the Issuing
Entity under the Interest Rate Swap Agreement other than Swap Termination Payment Amounts.] 
 “Moody’s” means Moody’s
Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization. 
 “MRM Residual Value”
means, with respect to any Vehicle, the residual value established by ALG giving only partial credit or no credit for options that add little or no value to the resale price of the vehicle. 
 “MSRP” means, with respect to any Vehicle, the Manufacturer’s Suggested Retail Price for such Vehicle. 
 “MSRP Residual Value” means, with respect to any Vehicle, the residual value established by ALG at the time of origination of the lease without
making a distinction between value adding options and non-value adding options. 
 “Note” means a Class A-1 Note,
Class A-2 Note, Class A-3 Note, Class A-4 Note [or Class B Note,] in each case substantially in the form of Exhibit A to the Indenture. 
 “Note Balance” means, for (i) Class A Notes, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance or the Class A-4 Note Balance, as applicable,
[(ii) Class B Notes, the Class B Note Balance,] or (iii) with respect to the Notes generally, the sum of the foregoing. 
 “Note Factor” means, with respect to the Notes or any Class on any Payment Date, the seven digit decimal equivalent of a fraction the numerator of which is the Note Balance of the Notes of such Class on such Payment Date (after
giving effect to any payment of principal on such Payment Date) and the denominator of which is the Initial Note Balance. 
 “Noteholder” means, as of any date, the Person in whose name a Note is registered on the Note Register on such date. 
 “Noteholders’ First Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Class A Notes as of the day immediately
preceding such Payment Date minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; provided, however, that the Noteholders’ First Priority Principal Distributable Amount on and after the Final
Scheduled Payment Date of any class of the Notes shall not be less than the amount that is necessary to reduce the Outstanding Amount of that Class of Notes to zero. 
  

 16 

 “Noteholders’ Regular Principal Distributable Amount” means, with respect to any Payment
Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date minus (b) the aggregate Securitization Value as of the last day of the related Collection Period,
minus (c) the amount allocated as the Noteholders’ First Priority Principal Distributable Amount, if any, with respect to such Payment Date, minus (d) the amount allocated as the Noteholders’ Second Priority Principal
Distributable Amount, if any, with respect to such Payment Date minus (e) the Overcollateralization Amount. 
 “Noteholders’
Second Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount not less than zero, equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus
(b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders’ First Priority Principal Distributable Amount on the related Payment Date. 
 “Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the
books of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency). 
 “Note Register” and “Note Registrar” have the respective meanings set forth in Section 2.4 of the Indenture. 
 “Officer’s Certificate” means a certificate signed by an Authorized Officer of the Issuing Entity, under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, and delivered to, the Indenture Trustee. 
 “Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture or any other applicable Transaction Document, be employees of or counsel to the Issuing Entity or
the Administrator, and who shall be satisfactory to the Indenture Trustee, and which opinion or opinions comply with any applicable requirements of the Transaction Documents and are in form and substance reasonably satisfactory to the recipient(s).
Opinions of Counsel need address matters of law only and may be based upon stated assumptions as to relevant matters of fact. 
 “Optional Purchase” has the meaning set forth in Section 9.03 of the Trust Agreement. 
 “Other Exchange Note
Assets” means the Titling Trust Assets allocated to Other Exchange Notes. 
 “Other Exchange Note” means any exchange note
issued pursuant to the Exchange Note Supplement other than the Exchange Note. 
 “Other Reference Pool” means a pool of Titling
Trust Assets other than the Reference Pool. 
  

 17 

 “Outstanding” means, as of any date, all Notes (or all Notes of an applicable Class)
theretofore authenticated and delivered under this Indenture except: 
 (i) Notes (or Notes of an applicable Class)
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (ii) Notes (or Notes of an
applicable Class) or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such Notes are
to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory to the Indenture Trustee, has been made); and 
 (iii) Notes (or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been
authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; provided that in determining whether Noteholders holding the requisite
Outstanding Note Amount have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes owned by the Issuing Entity, the Depositor, the Servicer, the Administrator or any of
their respective Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or
waiver, only Notes that a Responsible Officer knows to be so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee thereof establishes to the satisfaction of the Indenture
Trustee such pledgee’s right so to act with respect to such Notes and that such pledgee is not the Issuing Entity, the Depositor, the Administrator or any of their respective Affiliates. 
 “Outstanding Amount” or “Outstanding Note Amount” means the aggregate principal amount of all Notes, or Class of Notes, as
applicable, Outstanding at the date of determination. 
 “Overcollateralization Amount” means
$[                    ]. 
 “Owner Trustee” means [                    ], a [Delaware banking corporation], not in its individual capacity but solely
as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
 “Paying Agent” means the Indenture
Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in Section 6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from the Trust Collection
Account, including the payment of principal of or interest on the Notes on behalf of the Issuing Entity. 
 “Payment Date” means
the [15th] day of each calendar month; provided, however, whenever a Payment Date would otherwise be a day that is not a Business Day, the Payment Date shall be the next Business Day; provided, further, that the initial Payment Date shall be
[                    ], [        ]. As used herein, the “related” Payment Date with
respect to a Collection Period shall be deemed to be the Payment Date which follows such Collection Period. 
  

 18 

 “Payment Date Advance Reimbursement” means, with respect to any Payment Date, an amount equal
to the sum of all outstanding Advances made by the Servicer prior to such Payment Date. 
 “Permitted Investments” shall mean any
of the following: 
 (a)(i) direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the
United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States (other than the Government National Mortgage Association), and (ii) direct obligations of,
or obligations fully guaranteed by, Fannie Mae or any State then rated with the highest available credit rating of Moody’s and Standard & Poor’s, or such obligations, which obligations are, at the time of investment, otherwise
acceptable to each Rating Agency for securities having a rating at least equivalent to the rating of the Notes; 
 (b) money market deposit
accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances, or federal funds, in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold by or offered
by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State
thereof which has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are fully insured by the FDIC and which has from Moody’s a short-term rating of not lower than P-1 or long-term
rating of not lower than A2; 
 (c) repurchase obligations held by the Indenture Trustee that are acceptable to the Indenture Trustee with
respect to (i) any security described in clause (a) above or (e) below, or (ii) any other security issued or guaranteed by any agency or instrumentality of the United States, in either case entered into with a federal agency or
depository institution or trust company (including the Indenture Trustee) acting as principal, whose obligations having the same maturity as that of the repurchase agreement would be Permitted Investments under clause (b) above; provided,
however, that repurchase obligations entered into with any particular depository institution or trust company (including the Indenture Trustee or Owner Trustee) will not be Eligible Investments to the extent that the aggregate principal amount of
such repurchase obligations with such depository institution or trust company held by the Indenture Trustee on behalf of the Trust shall exceed 10% of either the aggregate Securitization Value or the aggregate unpaid balance or face amount, as the
case may be, of all Permitted Investments held by the Indenture Trustee on behalf of the Trust; 
 (d) securities bearing interest or sold at
a discount issued by any corporation incorporated under the laws of the United States or any State so long as at the time of such investment or contractual commitment providing for such investment, either the long-term, unsecured debt of such
corporation has the highest available credit rating from Moody’s and Standard & Poor’s, or the Rating Agency Condition has been satisfied, or commercial paper or other short-term debt having the Required Rating; provided, however,
that any such commercial paper or other short-term debt may have a remaining term to maturity of no longer than 30 days after the date of such investment or contractual commitment providing for such investment, and 

  

 19 

 
that the securities issued by any particular corporation will not be Permitted Investments to the extent that investment therein will cause the then
outstanding principal amount or face amount, as the case may be, of securities issued by such corporation and held by the Indenture Trustee on behalf of the Trust to exceed 10% of either the aggregate Securitization Value or the aggregate unpaid
principal balance or face amount, as the case may be, of all Permitted Investments held by the Indenture Trustee on behalf of the Trust; 
 (e) interest in any open-end or closed-end management type investment company or investment trust (i) registered under the Investment Company Act of 1940, as amended, the portfolio of which is limited to the obligations of, or
guaranteed by, the United States and to agreements to repurchase such obligations, which agreements, with respect to principal and interest, are at least 100% collateralized by such obligations marked to market on a daily basis and the investment
company or investment trust shall take delivery of such obligations either directly or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable to each Rating Agency (as approved in writing
by each Rating Agency) as collateral for securities having ratings equivalent to the ratings of the Notes; 
 (f) guaranteed reinvestment
agreements issued by any bank, insurance company or other corporation for which the Rating Agency Condition has been satisfied; 
 (g)
investments in Permitted Investments maintained in “sweep accounts,” short-term asset management accounts and the like utilized for the investment, on an overnight basis, of residual balances in investment accounts maintained at the
Indenture Trustee or any other depository institution or trust company organized under the laws of the United States or any State that is a member of the FDIC, the short-term debt of which has the highest available credit rating of Moody’s and
Standard & Poor’s; 
 (h) guaranteed investment contracts entered into with any financial institution having a final maturity
of not more than one month from the date of acquisition, the short-term debt securities of which institution have the Required Rating; 
 (i)
funds classified as money market funds; provided, however, that the fund shall be rated with the highest available credit rating of Moody’s and Standard & Poor’s, and redemptions shall be permitted on a daily or next business day
basis; 
 (j) auction rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be
limited to those issuers having the AAA credit rating of Moody’s and Standard & Poor’s; and 
 (k) such other investments
for which the Rating Agency Condition has been satisfied. 
 Notwithstanding anything to the contrary contained in the foregoing definition:

 (a) no Permitted Investment may be repurchased at a premium; 
 (b) any of the foregoing which constitutes a certificated security shall not be considered an Permitted Investment unless: 
 (i) in the case of a certificated security that is in bearer form, (A) the Indenture Trustee acquires physical possession of such certificated security, or (B) a person, other than a securities intermediary,
acquires possession of such certificated security on behalf of the Indenture Trustee; and 
  

 20 

 (ii) in the case of a certificated security that is in registered form (A)(1) the
Indenture Trustee acquires physical possession of such certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of the Indenture Trustee, or (3) a securities
intermediary acting on behalf of the Indenture Trustee acquires possession of such certificated security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1) such certificated security is
endorsed to the Indenture Trustee or in blank by an effective endorsement, or (2) such certificated security is registered in the name of the Indenture Trustee; 
 (c) any of the foregoing that constitutes an uncertificated security shall not be considered an Permitted Investment unless (A) the Indenture Trustee is registered by the issuer as the owner thereof, (B) a
person, other than a securities intermediary, becomes the registered owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees that it will comply with the instructions
originated by the Indenture Trustee without further consent by any registered owner of such uncertificated security; 
 (d) any of the
foregoing that constitutes a security entitlement shall not be considered an Permitted Investment unless (A) the Indenture Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the
entitlement orders originated by the Indenture Trustee without further consent by the entitlement holder; 
 (e) any of the foregoing shall
not constitute an Permitted Investment unless the Indenture Trustee (A) has given value, and (B) does not have notice of an adverse claim; and 
 (f) for the purposes of funds held in the Trust Collection Account only, investments which would otherwise qualify as Permitted Investments but for the fact that such investments are rated A-1 by Standard &
Poor’s shall be Permitted Investments, so long as the aggregate amount of such investments does not exceed 10% of the Outstanding Amount of the Notes. 
 “Permitted Lien” means (1) with respect to any Transaction Unit (a) the interests of the parties under the Transaction Documents; (b) the interests of the Titling Trust and any Closed-End
Obligor as provided in any Transaction Lease; (c) any liens thereon for taxes, assessments, levies, fees and other government and similar charges not due and payable or the amount or validity of which is being contested in good faith by
appropriate proceedings; (d) any liens of mechanics, suppliers, vendors, materialmen, laborers, employees, repairmen and other like liens arising in the ordinary course of the Servicer’s, the Issuing Entity’s or the Titling
Trust’s (or if a Transaction Lease is then in effect, any Closed-End Obligor’s) business securing obligations which are not due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings;
(e) liens arising out of any judgment or award against the Depositor or the Titling Trust (or if a Transaction Lease is then in effect, any Closed-End Obligor) with 

  

 21 

 
respect to which an appeal or proceeding for review is being taken in good faith and with respect to which there shall have been secured a stay of execution
pending such appeal or proceeding for review; and (f) any lien of the Titling Trust noted on the certificate of title of the Transaction Vehicle included in such Unit for the sole purpose of causing the certificate of title for such Transaction
Vehicle to be returned or otherwise delivered to the Depositor, the Servicer or the Titling Trust from the relevant registrar of titles and which does not convey to the Titling Trust any other rights with respect to such Closed-End Vehicle; and
(2) with respect to any Exchange Note, the type of liens described in subclauses (a), (c) and (e) of the foregoing clause (1). 
 “Person” means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or
any agency or political subdivision thereof. 
 “Postmaturity Term Extension” means, with respect to any Included Unit, that the
Servicer has granted an extension of the term of the related Transaction Lease, and the Transaction Lease term as so extended ends beyond the Closed-End EN Collection Period preceding the Final Scheduled Payment Date for the Class A-4 Notes.

 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt
as that evidenced by such particular Note; provided, however, for the purpose of this definition, any Note authenticated and delivered under Section 2.5 of the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Note. 
 “Principal Distribution Account” means the account
designated as such, established and maintained pursuant to Section 8.2(b) of the Indenture. 
 “Proceeding” means any suit in
equity, action at law or other judicial or administrative proceeding. 
 “Rating Agency” means either Moody’s or
Standard & Poor’s, as the context may require. If neither Moody’s nor Standard & Poor’s nor a successor thereto remains in existence, “Rating Agency” shall mean any nationally recognized statistical rating
organization or other comparable Person designated by the Depositor, notice of which shall be given to the Indenture Trustee, the Owner Trustee and the Servicer. 
 “Rating Agency Condition” means, with respect to any action, that each Rating Agency (other than Moody’s) shall have given its written approval that the contemplated action will not result in a
reduction or withdrawal of the rating of the then current rating of the Notes and, with respect to Moody’s, prior written notice to Moody’s and Moody’s shall not have notified the Depositor that such action will result in a downgrade
of the then current rating on any Notes. 
 “Record Date” means, with respect to a Payment Date or Redemption Date, the close of
business on the Business Day immediately preceding such Payment Date or Redemption Date or, if Definitive Notes have been issued pursuant to Section 2.9 of the Indenture, the Payment Date in the preceding month. 
  

 22 

 “Records” means, for any Transaction Unit, all contracts, books, records and other documents or
information (including computer programs, tapes, disks, software and related property and rights, to the extent legally transferable) relating to such Transaction Unit or the related Closed-End Obligor. 
 “Recoveries” means, with respect to any Transaction Unit that has become a Defaulted Unit, all monies collected by the Servicer (from whatever
source, including, but not limited to, proceeds of a deficiency balance or insurance proceeds recovered after the charge-off of the related Transaction Unit) on such Defaulted Unit, net of net of any and all out-of-pocket costs and expenses incurred
by the Servicer in connection therewith, Supplemental Servicing Fees and any payments required by law to be remitted to the Closed-End Obligor. 
 “Redemption Date” means in the case of a redemption of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date specified by the Administrator or the Issuing Entity pursuant to Section 10.1 of the Indenture.

 “Reference Pool” means the pool of Titling Trust Assets allocated to the Exchange Note. 
 “Redemption Price” means an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon at the
applicable Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date as calculated by the Paying Agent. 
 “Registered Holder” means the Person in whose name a Note is registered on the Note Register on the related Record Date. 
 “Regulation AB” means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. Sections 229.110-229.1123, as such regulation may be amended from time to time and subject to such clarification and interpretation as
have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided in writing by the
Commission or its staff from time to time. 
 “Related Rights” means, with respect to any Transaction Vehicle and related Lease,
all Titling Trust Assets to the extent such assets are associated with such Transaction Unit. 
 “Required Rating” means a rating
on commercial paper or other short term unsecured debt obligations of Prime-1 by Moody’s so long as Moody’s is a Rating Agency and A-1+ by Standard & Poor’s so long as Standard & Poor’s is a Rating Agency; and
any requirement that deposits or debt obligations have the “Required Rating” shall mean that such deposits or debt obligations have the foregoing required ratings from Moody’s and Standard & Poor’s. 
 “Required Reserve Account Balance” means with respect to any Payment Date, the lesser of (a) [    ]% of the
aggregate Securitization Value as of the Cut-Off Date and (b) the Outstanding Amount of the Notes. 
 “Reserve Account” means the
account designated as such, established and maintained pursuant to Section 8.2(c) of the Indenture. 
 “Residual Losses”
means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual losses and a negative number in the 

  

 23 

 
case of residual gains) equal to (a) the sum of all residual losses (i.e., the amount by which the Securitization Value of a Transaction Unit exceeds
the Sales Proceeds for such Unit) for all Included Units that became Terminated Units (as defined in sub-clause (a)(ii) of its definition) during such Collection Period following the scheduled termination of the related Leases minus (b) the sum
of all Excess Mileage Charges and Excess Wear and Tear Charges received by the Servicer with respect to Included Units during such Closed-End EN Collection Period. 
 “Responsible Officer” means, with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any
corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of the Indenture and, with respect to the Owner Trustee, any
officer within the Corporate Trust Office of the Owner Trustee and having direct responsibility for the administration of the Issuing Entity, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any
other officer customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject. 
 “Sales Proceeds” means, with respect to any Transaction Vehicle, an
amount equal to the aggregate amount of proceeds received by the Servicer from the purchaser in connection with the sale or other disposition of such Transaction Vehicle, net of any and all out-of-pocket costs and expenses incurred by the Servicer
in connection with such sale or other disposition, including without limitation, all repossession, auction, painting, repair and any and all other similar liquidation and refurbishment costs and expenses. 
 “Sarbanes-Oxley Act” means the Sarbanes-Oxley Act of 2002, as amended. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Securitization Rate” means, with respect to any Included Unit,
[            ]%. 
 “Securitization Value” means, for each
Included Unit, (a) as of the Cut-Off Date or any date other than the maturity date of the related Lease, the sum of (i) the present value (discounted at the Securitization Rate) of the aggregate monthly payments remaining on the Lease
(including monthly payments due and not yet paid for which the Servicer has never made an Advance) and (ii) the present value (discounted at the Securitization Rate) of the Base Residual Value of the related Vehicle; provided, however, that the
Securitization Value of a Terminated Unit is equal to zero. 
 [“Senior Swap Termination Amount” means, any Swap Termination
Payment Amount other than a Subordinate Swap Termination Amount.] 
 “Servicer” means World Omni, initially, and any replacement
Servicer appointed pursuant to the Exchange Note Servicing Supplement. 
  

 24 

 “Servicer Certificate” has the meaning set forth in Section 8.3(a) of the Indenture.

 “Servicing Agreement” means the fourth amended and restated servicing agreement, dated as of
[                    ], 2008, between the Titling Trust, World Omni and the Collateral Agent, as amended, modified and supplemented by the
Exchange Note Servicing Supplement, and as the same may be further amended or modified from time to time. 
 “Servicing Criteria”
means the “servicing criteria” set forth in Item 1122(d) of Regulation AB. 
 “Servicing Fee” means, for any
Closed-End EN Collection Period, an amount equal to the product of (a) one-twelfth (or, in the case of the initial Closed-End EN Collection Period (i.e., the period commencing on the close of business on the Cut-Off Date and ending on
[                    ], [        ]),
[            ]), (b) 1.00% and (c) the aggregate Securitization Value at the beginning of such Closed-End EN Collection Period (or, in the case of the first Payment Date,
at the Cut-Off Date) of all Transaction Units for such Closed-End EN Collection Period. 
 “Special Purpose Entity” means any
special purpose corporation, partnership, limited partnership, trust, business trust, limited liability company or other entity created for one or more Financings. 
 “Standard & Poor’s” means Standard & Poor’s Ratings Services, a division of the McGraw-Hill Companies, Inc., or any successor that is a nationally recognized statistical rating
organization. 
 “State” means any one of the 50 States of the United States of America or the District of Columbia. 
 “Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as the same may be amended
from time to time. 
 [“Subordinate Swap Termination Amount” means, any Swap Termination Payment Amount resulting from a
termination where the Swap Counterparty is the Defaulting Party or the sole Affected Party (as defined in the Interest Rate Swap) other than terminations arising from a Tax Event or Illegality (as defined in the Interest Rate Swap).] 
 “Supplemental Servicing Fees” means any and all (i) late fees, (ii) extension fees, (iii) prepayment charges, (iv) early
termination fees or any other fees paid to the Servicer in connection with the termination of any Lease (other than monthly lease payments and Excess Wear and Tear Charges and Excess Mileage Charges), (v) non-sufficient funds charges and
(vi) any and all other administrative fees or similar charges allowed by applicable law received by or on behalf of the Servicer, the Collateral Agent, the Administrative Agent or the Titling Trust with respect to any Closed-End Unit.

 [“Swap Counterparty” means
[                    ]] 
 [“Swap Counterparty Rights Agreement” means [                    ]] 
  

 25 

 [“Swap Termination Payment Amount” means, any amount due to the Swap Counterparty from the
Issuing Entity in respect of an early termination of the Interest Rate Swap Agreement.] 
 “Targeted Note Balance” means, the
excess, if any, of (x) the Adjusted Securitization Value at the end of the Collection Period preceding such Payment Date over (y) the Overcollateralization Amount with respect to such Payment Date. 
 “Taxes” means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property,
sales, use, license, occupation and franchise taxes and including any related interest, penalties or other additions) imposed by any jurisdiction or taxing authority (whether foreign or domestic). 
 “Terminated Unit” shall mean, without duplication, an Included Unit for which any of the following has occurred during a Closed-End EN
Collection Period: 
 (a) the related Leased Vehicle was sold or otherwise disposed of by the Servicer following (i) such Included Unit
becoming a Defaulted Unit or (ii) the scheduled or early termination (including any early termination by the related Closed-End Obligor) of the related Transaction Lease; or 
 (b) such Included Unit became a Defaulted Unit or the related Closed-End Lease terminated or expired more than 90 days prior to the end of such
Collection Period and the related Leased Vehicle was not sold; or 
 (c) the Servicer’s records, in accordance with Customary Servicing
Practices, disclose that all insurance proceeds expected to be received have been received by the Servicer following a Casualty or other loss with respect to the related Leased Vehicle; or 
 (d) the related Leased Vehicle was purchased by the customer or the dealer. 
 “TIA” or “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended and as in force on the date hereof, unless otherwise
specifically provided. 
 “Titling Trust” means World Omni LT, a Delaware statutory trust formed under the Statutory Trust Act.

 “Titling Trust Administrator” means World Omni. 
 “Titling Trust Agreement” means the second amended and restated trust agreement, dated as of July 16, 2008, among ALF LLC, as initial beneficiary, U.S. Bank, as co-trustee and World Omni, as titling
trust administrator and as the same may be further amended supplemented or modified from time to time.` 
 “Titling Trust Assets”
has the meaning set forth in Appendix A to the Collateral Agency Agreement. 
 “Titling Trustee” means, VT. Inc., as Titling
Trustee under the Titling Trust Agreement. 
  

 26 

 “Transaction Documents” means the Indenture, the Notes, the Depository Agreement, the Exchange
Note Servicing Supplement, the Exchange Note Supplement, the Servicing Agreement (to the extent that it deals solely with the Exchange Note and the Reference Pool), the Titling Trust Agreement (to the extent that it deals solely with the Exchange
Note and the Reference Pool), the Exchange Note Sale Agreement, the Exchange Note Transfer Agreement, the Administration Agreement, the Trust Agreement and all other documents, instruments and agreements executed or furnished on the Closing Date in
connection herewith and therewith, as the same may be amended or modified from time to time. 
 “Transaction Lease” means, for any
Transaction Vehicle, the Closed-End Lease for such Transaction Vehicle. 
 “Transaction Unit” means a Closed-End Unit that has been
allocated to the 20[    ]-[    ] Reference Pool. 
 “Transaction Vehicle”
means, at any time, a Closed-End Vehicle then identified and allocated to the 20[    ]-[    ] Reference Pool. 
 “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code from time to time. 
 “Trust Agreement” means the amended and restated trust Agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee, as
the same may be amended and supplemented from time to time. 
 “Trust Collection Account” means the trust account designated as
such established and maintained pursuant to Section 8.2(a) of the Indenture. 
 “Trust Estate” means all money, accounts,
chattel paper, general intangibles, goods, instruments, investment property and other property of the Issuing Entity, including (i) the Exchange Note (transferred pursuant to the Exchange Note Transfer Agreement), including the right to
payments thereunder after the Cut-Off Date, (ii) the rights of the Issuing Entity to the funds on deposit from time to time in the Collection Account and any other account or accounts established pursuant to the Indenture and all cash,
investment property and other property from time to time credited thereto and all proceeds thereof (including investment earnings, net of losses and investment expenses, on amounts on deposit therein), (iii) the rights of the Depositor, as
buyer, under the Exchange Note Sale Agreement, (iv) the rights of the Issuing Entity, as buyer, under the Exchange Note Transfer Agreement, (v) the rights of the Issuing Entity as a third-party beneficiary under the Basic Documents, to the
extent relating to the Transaction Units, [(vi) the rights of the Issuing Entity under the Interest Rate Swap, including any amounts owed by the Swap Counterparty to the Issuing Entity] and (vii) all proceeds of the foregoing. 
 “Trust Officer” means, in the case of the Indenture Trustee, any Officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Secretary, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to
a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject and, 

  

 27 

 
with respect to the Owner Trustee, any officer in the Corporate Trust Administration Department of the Owner Trustee with direct responsibility for the
administration of the Trust Agreement and the Basic Documents on behalf of the Owner Trustee. 
 “UCC” means, unless the context
otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended from time to time. 
 “United
States” or “USA” means the United States of America (including all states, the District of Columbia and political subdivisions thereof). 
 “U.S. Bank” means U.S. Bank National Association, a national banking association, with a corporate trust office in
[                    ]. 
 “World Omni” means World Omni Financial Corp., a Florida corporation. 
 The foregoing definitions shall be equally
applicable to both the singular and plural forms of the defined terms. Unless otherwise inconsistent with the terms of this Indenture, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall be made,
in accordance with GAAP. Amounts to be calculated hereunder shall be continuously recalculated at the time any information relevant to such calculation changes. 
  

 28Second Amended and Restated Trust Agreement

 EXHIBIT 10.1 
 SECOND AMENDED AND RESTATED 
 TRUST AGREEMENT 
 of 
 WORLD OMNI LT, 
 a Delaware statutory trust 
 dated as of
July 16, 2008 
 among 
 AUTO LEASE FINANCE LLC, 
 as Initial Beneficiary, 
 WORLD OMNI FINANCIAL CORP., 
 as Titling Trust Administrator, 
 VT INC., 
 as Titling Trustee,

 U.S. BANK TRUST NATIONAL ASSOCIATION, 
 as Delaware Trustee, 
 and 
 U.S. BANK NATIONAL ASSOCIATION, 
 as Initial Titling Trustee Agent 
 Titling Trust Agreement 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I USAGE AND DEFINITIONS
			
	Section 1.1	 	Definitions.	  	2
	Section 1.2	 	Usage.	  	11
	
	ARTICLE II ORGANIZATION OF THE TRUST
			
	Section 2.1	 	Name.	  	12
	Section 2.2	 	Office.	  	12
	Section 2.3	 	Purposes and Powers.	  	12
	Section 2.4	 	Banking Activities.	  	14
	Section 2.5	 	Appointment of the Titling Trustee and Delaware Trustee.	  	15
	Section 2.6	 	Contribution and Conveyance of Titling Trust Assets.	  	15
	Section 2.7	 	Declaration of Trust.	  	15
	Section 2.8	 	Representations and Warranties of World Omni as Titling Trust Administrator.	  	15
	Section 2.9	 	Tax Reporting and Characterization.	  	16
	Section 2.10	 	Execution of Documents.	  	17
	Section 2.11	 	Conduct of Operations.	  	17
	Section 2.12	 	No State Law Partnership.	  	20
	Section 2.13	 	Titling of Titling Trust Vehicles.	  	20
	Section 2.14	 	Enforcement of Titling Trust Leases.	  	20
	Section 2.15	 	Liability to Third Parties.	  	21
	Section 2.16	 	No Personal Liability of any Holder.	  	21
	Section 2.17	 	Limited Liability and Bankruptcy Remoteness.	  	21
	Section 2.18	 	Term.	  	21
	
	ARTICLE III MANAGEMENT OF THE TITLING TRUST
			
	Section 3.1	 	General Management of the Titling Trust.	  	22
	Section 3.2	 	Restrictions on the Power of the Titling Trustee.	  	22
	Section 3.3	 	Duties and Obligations of the Titling Trustee.	  	22
	Section 3.4	 	Delegation of Certain Titling Trustee Duties and Obligations to the Titling Trust Administrator.	  	24
	
	ARTICLE IV SPECIFIED INTERESTS
			
	Section 4.1	 	Designation of the Specified Interests.	  	24
	Section 4.2	 	Capital Contributions.	  	26
	Section 4.3	 	Allocation of Specified Assets; Servicing Agreements.	  	26
	Section 4.4	 	Asset Removal Procedures.	  	31
	Section 4.5	 	Accounts of the Titling Trust.	  	32
	Section 4.6	 	Titling Trust Debts.	  	32
	
	ARTICLE V THE CERTIFICATES
			
	Section 5.1	 	Authentication and Delivery; Form.	  	33
	Section 5.2	 	Mutilated, Destroyed, Lost or Stolen Certificates.	  	34

  

					
		  	ii	  	Titling Trust Agreement

					
	Section 5.3	 	Persons Deemed Holders.	  	34
	Section 5.4	 	Registration of Transfer and Exchange of Certificates.	  	34
	Section 5.5	 	Maintenance of Office or Agency.	  	35
	Section 5.6	 	Cooperation with Servicers.	  	35
	Section 5.7	 	Registered Pledge.	  	36
	
	ARTICLE VI ACCOUNTING AND REPORTS TO HOLDERS
	
	ARTICLE VII THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEES
			
	Section 7.1	 	Appointment of the Titling Trust Administrator; Duties of the Titling Trust Administrator and the Titling Trustee.	  	36
	Section 7.2	 	Authorization of the Titling Trust Administrator and the Trustees.	  	37
	Section 7.3	 	Acceptance of Duties; Limitation of Liability.	  	37
	Section 7.4	 	Action upon Instruction by Holders.	  	39
	Section 7.5	 	Furnishing of Documents.	  	39
	Section 7.6	 	Representations and Warranties of the Trustees; Agreements Regarding Stock.	  	39
	Section 7.7	 	Reliance; Advice of Counsel.	  	42
	Section 7.8	 	Compensation and Reimbursement.	  	43
	Section 7.9	 	Resignation or Removal of Titling Trust Administrator and the Trustees.	  	43
	Section 7.10	 	Merger or Consolidation of Titling Trust Administrator or the Titling Trustee.	  	45
	Section 7.11	 	Eligibility Requirements for the Trustees.	  	45
	Section 7.12	 	Agents of the Trust Representatives.	  	45
	
	ARTICLE VIII TERMINATION OF TRUST AGREEMENT
			
	Section 8.1	 	Termination of Trust Agreement.	  	48
	
	ARTICLE IX AMENDMENTS
			
	Section 9.1	 	Amendments.	  	49
	
	ARTICLE X LIABILITIES; INDEMNIFICATION
			
	Section 10.1	 	Liabilities; Indemnification.	  	50
	Section 10.2	 	Indemnification of the Titling Trustee Agents and the Trustees.	  	51
	
	ARTICLE XI MISCELLANEOUS
			
	Section 11.1	 	No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator.	  	52
	Section 11.2	 	Limitations on Rights of Others.	  	53
	Section 11.3	 	Notices.	  	53
	Section 11.4	 	GOVERNING LAW.	  	54
	Section 11.5	 	Severability; Conflict with Delaware Statutory Trust Act.	  	54
	Section 11.6	 	Counterparts.	  	55
	Section 11.7	 	Headings.	  	55
	Section 11.8	 	Successors and Assigns.	  	55
	Section 11.9	 	No Recourse.	  	55
	Section 11.10	 	No Petition.	  	55
	Section 11.11	 	Confidential Information.	  	56

  

					
		  	iii	  	Titling Trust Agreement

			
	EXHIBITS
		
	Exhibit A	 	Form of Specification Notice
	Exhibit B	 	Form of Certificate
	Exhibit C	 	Form of Notice of Registered Pledge
	Exhibit D	 	Form of Certificate of Trust
	Exhibit E	 	Form of Certificate of Merger
	Exhibit F	 	Form of Addition Notice
	Exhibit G	 	Form of Reallocation Notice
	
	SCHEDULES
		
	Schedule A	 	Authorized Officers of the Initial Beneficiary and the Titling Trust Administrator
	Schedule B	 	Authorized Officers of the Titling Trustee
	Schedule C	 	Initial Designated Notice Recipients

  

					
		  	iv	  	Titling Trust Agreement

 INDEX OF TERMS DEFINED IN THIS 
 TITLING TRUST AGREEMENT OR IN THE 
 INTERCREDITOR AGREEMENT 

  

			
	A	 	
		
	Addition Date	 	Titling Trust Agreement, Section 1.1
	Addition Notice	 	Titling Trust Agreement, Section 1.1
	Affiliate	 	Titling Trust Agreement, Section 1.1
	Alabama Trust	 	Titling Trust Agreement, Recitals
	Alabama Trust Agreement	 	Titling Trust Agreement, Section 1.1
	Alabama Trustee	 	Titling Trust Agreement, Section 1.1
	ALF LLC	 	Titling Trust Agreement, Preamble
	ALF LP	 	Titling Trust Agreement, Recitals
	ALHC	 	Schedule I to the Intercreditor Agreement
	Applicable Asset Annex	 	Titling Trust Agreement, Section 1.1
	Applicable Law	 	Titling Trust Agreement, Section 1.1
	Asset Removal Procedures	 	Titling Trust Agreement, Section 4.4
	Assignment Date	 	Titling Trust Agreement, Section 1.1
	Assignment Notice	 	Titling Trust Agreement, Section 1.1
	Authorized Officer	 	Titling Trust Agreement, Section 1.1
		
	B	 	
		
	Bank	 	Titling Trust Agreement, Section 2.4(d)
	Bank of America	 	Schedule I to the Intercreditor Agreement
	Bankruptcy Code	 	Titling Trust Agreement, Section 1.1
	Beneficial Interest	 	Titling Trust Agreement, Section 1.1
	Borrower Novation Agreement	 	Titling Trust Agreement, Section 1.1
	BTM	 	Schedule I to the Intercreditor Agreement
	BTM Receivables Financing Agreement	 	Schedule I to the Intercreditor Agreement
	Business Day	 	Titling Trust Agreement, Section 1.1
		
	C	 	
		
	Certificate	 	Titling Trust Agreement, Section 4.1(a)
	Certificate of Merger	 	Titling Trust Agreement, Section 1.1
	Certificate of Title	 	Titling Trust Agreement, Section 1.1
	Certificate of Trust	 	Titling Trust Agreement, Section 1.1
	Certificate Register	 	Titling Trust Agreement, Section 5.4(a)
	Certificates of Title	 	Titling Trust Agreement, Section 1.1
	Class	 	Titling Trust Agreement, Section 4.3(b)(iii)
	Closed-End Collateral Agency Agreement	 	Schedule I to the Intercreditor Agreement
	Closed-End Collateral Specified Interest	 	Schedule I to the Intercreditor Agreement
	Closed-End Collateral Specified Interest Certificate	 	Schedule I to the Intercreditor Agreement
	Closed-End Security Agreement	 	Schedule I to the Intercreditor Agreement
	Code	 	Titling Trust Agreement, Section 1.1
	Collection Period	 	Titling Trust Agreement, Section 1.1
	Collections	 	Titling Trust Agreement, Section 1.1
	Confidential Information	 	Titling Trust Agreement, Section 11.11(b)
	Corporate Trust Office	 	Titling Trust Agreement, Section 1.1
		
	D	 	
		
	Dealer	 	Titling Trust Agreement, Section 1.1
	Delaware Statutory Trust Act	 	Titling Trust Agreement, Section 1.1
	Delaware Trustee	 	Titling Trust Agreement, Preamble
	Designated Notice Recipient	 	Titling Trust Agreement, Section 1.1

  

					
		  	v	  	Titling Trust Agreement

			
		
	E	  	
		
	Enhancement	  	Titling Trust Agreement, Section 1.1
	Enhancement Document	  	Titling Trust Agreement, Section 1.1
	Existing Party	  	Intercreditor Agreement, Section 3.1(a)
		
	F	  	
		
	First Amended and Restated Trust Agreement	  	Titling Trust Agreement, Recitals
	Fixed Specified Interest	  	Titling Trust Agreement, Section 4.3(b)(ii)
		
	G	  	
		
	G-L-B Act	  	Titling Trust Agreement, Section 11.11(a)
	Governmental Authority	  	Titling Trust Agreement, Section 1.1
	Grantor	  	Titling Trust Agreement, Recitals
		
	H	  	
		
	Holder	  	Titling Trust Agreement, Section 1.1
	Holding Company	  	Intercreditor Agreement, Preamble
		
	I	  	
		
	Indemnified Person	  	Titling Trust Agreement, Section 10.1(a)
	Indemnified Persons	  	Titling Trust Agreement, Section 10.2(a), Titling Trust Agreement, Section 10.1(a)
	Information Recipients	  	Titling Trust Agreement, Section 11.11(a)
	Initial Beneficiary	  	Titling Trust Agreement, Preamble
	Initial Titling Trust Debt Documents	  	Titling Trust Agreement, Section 1.1
	Initial Titling Trustee Agent	  	Titling Trust Agreement, Section 7.12(d)(i)
	Insolvency Event	  	Titling Trust Agreement, Section 1.1
	Intercreditor Agreement	  	Intercreditor Agreement, Preamble, Titling Trust Agreement, Section 1.1
	Interest Holder	  	Intercreditor Agreement, Section 1.1
	Interim Trust Agreement	  	Titling Trust Agreement, Recitals
		
	J	  	
		
	Joinder Agreement	  	Intercreditor Agreement, Section 3.1(a)
		
	L	  	
		
	Lease Files	  	Titling Trust Agreement, Section 1.1
	Lessee	  	Titling Trust Agreement, Section 1.1
	Liabilities	  	Titling Trust Agreement, Section 10.1(a)
	Lien	  	Titling Trust Agreement, Section 1.1
	Liquid Titling Trustee Assets	  	Titling Trust Agreement, Section 7.6(c)(ii)(B)
		
	M	  	
		
	Merger	  	Titling Trust Agreement, Recitals
	Merger Agreement	  	Titling Trust Agreement, Recitals
	Multi-Bank Receivables Financing Agreement	  	Schedule I to the Intercreditor Agreement
	Multiple-Use SPV	  	Intercreditor Agreement, Section 1.1
		
	N	  	
		
	Notice of Registered Pledge	  	Titling Trust Agreement, Section 5.4(e)
		
	O	  	
		
	Open-End Collateral Specified Interest	  	Schedule I to the Intercreditor Agreement
	Open-End Collateral Specified Interest Certificate	  	Schedule I to the Intercreditor Agreement
	Open-End Credit and Security Agreement	  	Schedule I to the Intercreditor Agreement, Schedule I to the Intercreditor Agreement

  

					
		  	vi	  	Titling Trust Agreement

			
	Opinion of Counsel	 	Titling Trust Agreement, Section 1.1
	Other Assets, Rights and Interests	 	Intercreditor Agreement, Section 2.1(b)
		
	P	 	
		
	Pass-Through Entity	 	Titling Trust Agreement, Section 5.1(d)(iii)
	Permitted Transactions	 	Titling Trust Agreement, Section 2.3
	Person	 	Titling Trust Agreement, Section 1.1
		
	R	 	
		
	Rating Agency	 	Titling Trust Agreement, Section 1.1
	Reallocation Date	 	Titling Trust Agreement, Section 1.1
	Reallocation Notice	 	Titling Trust Agreement, Section 1.1
	Registered Pledge	 	Titling Trust Agreement, Section 5.4(e)
	Registered Pledgee	 	Titling Trust Agreement, Section 1.1
	Related Assets, Rights and Interests	 	Intercreditor Agreement, Section 2.1(b)
	Related Specified Assets	 	Intercreditor Agreement, Section 1.1
	Related Specified Interest	 	Intercreditor Agreement, Section 1.1
	Representative Capacities	 	Intercreditor Agreement, Section 1.1
	Representative Capacity	 	Intercreditor Agreement, Section 1.1
	Representative Party	 	Intercreditor Agreement, Section 1.1
	Revolving Specified Interest	 	Titling Trust Agreement, Section 4.3(b)(ii)
		
	S	 	
		
	Secured Titling Trust Creditor	 	Titling Trust Agreement, Section 1.1
	Secured Titling Trust Debt	 	Titling Trust Agreement, Section 1.1
	Securitization Entity	 	Titling Trust Agreement, Section 1.1
	Series	 	Titling Trust Agreement, Section 4.1(a)
	Series Collateral Agents	 	Intercreditor Agreement, Section 1.1
	Series Cutoff Date	 	Titling Trust Agreement, Section 4.3(b)(v)
	Series Issue Date	 	Titling Trust Agreement, Section 4.3(b)(i)
	Servicer	 	Titling Trust Agreement, Section 4.3(a)
	Servicing Agreement	 	Titling Trust Agreement, Section 1.1
	Specification Notice	 	Titling Trust Agreement, Section 4.3(b)
	Specified Asset	 	Titling Trust Agreement, Section 1.1
	Specified Asset Amount	 	Titling Trust Agreement, Section 1.1
	Specified Asset Percentage	 	Titling Trust Agreement, Section 1.1
	Specified Asset Titling Trust Administrator Fee	 	Titling Trust Agreement, Section 1.1
	Specified Asset Titling Trustee Fee	 	Titling Trust Agreement, Section 1.1
	Specified Interest	 	Titling Trust Agreement, Section 4.1(a)
	Specified Interest Default Condition	 	Titling Trust Agreement, Section 1.1
	Specified Lease	 	Titling Trust Agreement, Section 1.1
	Specified Vehicle	 	Titling Trust Agreement, Section 1.1
		
	T	 	
		
	Titling Trust	 	Titling Trust Agreement, Recitals
	Titling Trust Administrator	 	Titling Trust Agreement, Preamble
	Titling Trust Agreement	 	Intercreditor Agreement, Section 1.1, Titling Trust Agreement, Preamble
	Titling Trust Assets	 	Titling Trust Agreement, Section 1.1
	Titling Trust Creditor	 	Titling Trust Agreement, Section 1.1
	Titling Trust Debt	 	Titling Trust Agreement, Section 1.1
	Titling Trust Debt Document	 	Titling Trust Agreement, Section 1.1
	Titling Trust Debt Specified Interest	 	Titling Trust Agreement, Section 4.3(b)(vii)
	Titling Trust Lease	 	Titling Trust Agreement, Section 1.1
	Titling Trust Vehicle	 	Titling Trust Agreement, Section 1.1
	Titling Trustee	 	Titling Trust Agreement, Preamble

  

					
		  	vii	  	Titling Trust Agreement

			
	Treasury Regulations	 	Titling Trust Agreement, Section 1.1
	TRO Default	 	Titling Trust Agreement, Section 1.1
	TRO Document	 	Titling Trust Agreement, Section 1.1
	TRO Holder	 	Titling Trust Agreement, Section 1.1
	TRO Holder Representative	 	Intercreditor Agreement, Section 1.1
	Trust Agency Agreement	 	Titling Trust Agreement, Section 7.12
	Trust Agent	 	Titling Trust Agreement, Section 7.12
	Trust Document	 	Titling Trust Agreement, Section 1.1
	Trust Representative	 	Titling Trust Agreement, Section 1.1
	Trust Representatives	 	Titling Trust Agreement, Section 1.1
	Trustee	 	Titling Trust Agreement, Section 1.1
	Trustee Stock	 	Titling Trust Agreement, Section 7.6(c)
		
	U	 	
		
	U.S. Bank	 	Titling Trust Agreement, Preamble
	U.S. Bank Trust	 	Titling Trust Agreement, Preamble
	Undertaking	 	Titling Trust Agreement, Section 1.1
		
	V	 	
		
	VT Inc.	 	Intercreditor Agreement, Preamble, Titling Trust Agreement, Section 1.1
		
	W	 	
		
	Warehouse Facility Lender	 	Schedule I to the Intercreditor Agreement
	Warehouse Facility Lenders	 	Schedule I to the Intercreditor Agreement
	World Omni	 	Titling Trust Agreement, Preamble

  

					
		  	viii	  	Titling Trust Agreement

 SECOND AMENDED AND RESTATED TRUST AGREEMENT, dated and effective as of July 16, 2008 (the
“Titling Trust Agreement”), among AUTO LEASE FINANCE LLC, a Delaware limited liability company (“ALF LLC”), as initial beneficiary (in such capacity, the “Initial
Beneficiary”), WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni”) as titling trust administrator (in such capacity, the “Titling Trust Administrator”), VT INC.,
an Alabama corporation, as trustee (in such capacity, the “Titling Trustee”), U.S. BANK TRUST NATIONAL ASSOCIATION, a national banking association (“U.S. Bank Trust”), as co-trustee (in such
capacity, the “Delaware Trustee”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (“U.S. Bank”), as Initial Titling Trustee Agent (as defined herein). 
 BACKGROUND 
 1. Auto Lease Finance
L.P., a Delaware limited partnership (“ALF LP”), has established World Omni LT, a Delaware statutory trust (the “Titling Trust”), pursuant to the Certificate of Trust (as defined herein) and a Trust
Agreement, dated and effective as of June 25, 2007 (the “Interim Trust Agreement”), among ALF LP, as grantor (in such capacity, the “Grantor”), World Omni, as Servicer, the Titling Trustee, and
the Delaware Trustee, as amended and restated by the Amended and Restated Trust Agreement, dated and effective as of March 30, 2008 (the “First Amended and Restated Trust Agreement”), among the Grantor, World Omni, as
Servicer and as Titling Trust Administrator, the Titling Trustee, and the Delaware Trustee. 
 2. On the date that the Titling Trust was
established, (A) ALF LP held the entire beneficial interest in the Titling Trust, (B) the Initial Beneficiary was the general partner of ALF LP and (C) World Omni, as a limited partner, owned 99% of the economic interest in ALF LP.

 3. World Omni LT, an Alabama business trust (the “Alabama Trust”), was established pursuant to the Alabama Trust
Agreement (as defined herein). 
 4. On or around July 16, 2008, the Alabama Trust will merge with and into the Titling Trust (the
“Merger”) pursuant to (A) the Agreement and Plan of Merger, dated July 16, 2008 (the “Merger Agreement”), between the Alabama Trust and the Titling Trust, and the filing of a
“Certificate of Merger” with the Secretary of State of the State of Alabama and the filing of a “Certificate of Merger” with the Secretary of State of the State of Delaware. The Titling Trust will be the surviving entity pursuant
to the Merger. Such merger has been approved by ALF LP, as the sole beneficial owner of each of the Alabama Trust and the Titling Trust, by VT, Inc., as the trustee of each of the Alabama Trust and the Titling Trust and by U.S. Bank Trust, as
co-trustee of the Titling Trust. 
 5. On the date of, and simultaneously with the execution and delivery of, this Titling Trust Agreement,
(A) World Omni is transferring all of its partnership interests in, and other rights with respect to, ALF LP to the Initial Beneficiary and (B) ALF LP is being dissolved, with the Initial Beneficiary succeeding to all of the rights of ALF
LP in and with respect to the Titling Trust. The Initial Beneficiary is executing this Titling Trust Agreement as the successor to ALF LP of all the rights of ALF LP in, to and under the First Amended and Restated Trust Agreement. 
 6. The parties now wish to amend and restate the First Amended and Restated Trust Agreement to more fully set forth the rights and obligations of the
parties. 
  

 Titling Trust Agreement 

 The parties agree as follows: 
 ARTICLE I 
 USAGE AND DEFINITIONS 
 Section 1.1 Definitions. 
 Capitalized terms used but not otherwise defined in this Titling Trust Agreement are defined below or, if not defined in this Titling Trust Agreement (including in this Section 1.1), are defined in the Intercreditor
Agreement (as defined below). 
 “Addition Date” means, with respect to any Specified Asset, the date as of which
such Specified Asset is acquired by the Titling Trust for allocation to a previously designated Revolving Specified Interest pursuant to Section 4.3(d). 
 “Addition Notice” means a notice provided to the Titling Trust Administrator pursuant to Section 4.3(d).

 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by,
or under direct or indirect common control with such Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise. 
 “Alabama Trust Agreement” means the
Third Amended and Restated Trust Agreement of World Omni LT, an Alabama trust, dated as of September 10, 2004, among ALF LP, as grantor and sole beneficiary, VT Inc., as trustee, and, for the limited purposes set forth therein, U.S. Bank.

 “Alabama Trustee” means VT Inc., in its capacity as trustee under the Alabama Trust Agreement, and otherwise
engaging in the activities described in Section 6.07(e) of the Alabama Trust Agreement. 
 “Applicable Asset
Annex” means a schedule that is (1) attached to the Specification Notice delivered with respect to any Specified Interest and identifies the Specified Assets with respect to such Specified Interest as of the related Series Cutoff
Date, (2) attached to a Reallocation Notice and identifies the Titling Trust Assets to be reallocated pursuant to such notice or (3) attached to an Addition Notice and identifies the Titling Trust Assets to be acquired by the Titling Trust
and allocated, pursuant to such notice, to the applicable Specified Interest. 
 “Applicable Law” means all
applicable laws, ordinances, judgments, decrees, injunctions, writs and orders of any Governmental Authority and rules, regulations, orders, interpretations, licenses and permits of any Governmental Authority. 
 “Assignment Date” means, with respect to any Specified Asset allocated to any Specified Interest, the date as of which such
Specified Asset is assigned or otherwise transferred from the Titling Trust pursuant to Section 4.3(e). 
  

					
		  	2	  	Titling Trust Agreement

 “Assignment Notice” means a notice provided to the Titling Trust Administrator
pursuant to Section 4.3(e). 
 “Authorized Officer”: 
  

	 	(1)	with respect to the Initial Beneficiary or the Titling Trust Administrator, means each of the natural persons set forth on Schedule A (as such Schedule A
may be amended from time to time by the Initial Beneficiary or the Titling Trust Administrator, as the case may be, in each case by notice to each other party to this Titling Trust Agreement); 

  

	 	(2)	with respect to the Titling Trustee, means each of the natural persons set forth on Schedule B (as such Schedule B may be amended from time to time by
the Titling Trustee by notice to each other party to this Titling Trust Agreement); and 

  

	 	(3)	with respect to the Delaware Trustee, means any officer in the Corporate Trust Office of such Person, including any president, vice president, assistant vice president, treasurer,
assistant treasurer, secretary, assistant secretary or any other officer of such Person customarily performing functions similar to those performed by any of the above designated and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject. 

 “Bankruptcy Code” means the United States Bankruptcy Code, as set forth in Title 11 of the United States Code. 
 “Beneficial Interest” means the beneficial interest of the Holders of a Series in the related Specified Interest, represented by their Certificates, including such Holders’ exclusive right to administer, manage,
and control the related Specified Assets in the manner set forth in Section 4.3(c), but subject, however, to (x) the rights of (A) any related Registered Pledgee and (B) any
related Titling Trust Creditors and to the terms of the related Servicing Agreement and (y) any other document to which the Specified Assets of such Specified Interest are subject. 
 “Borrower Novation Agreement” means the Novation Agreement, dated as of July 16, 2008, among ALF LP, as Borrower Transferor,
the Titling Trust, as Borrower Transferee, and the Novation Consenting Parties named therein. 
 “Business Day” means
any day that is not a Saturday, Sunday or other day on which commercial banking institutions in New York, New York, Chicago, Illinois, Charlotte, North Carolina, or Boca Raton, Florida are authorized or obligated by law or executive order to be
closed. 
 “Certificate of Merger” means the certificate or certificates of merger, a copy (or copies) of which is
(or are) attached as Exhibit E. 
 “Certificate of Trust” means the certificate of trust of the Titling
Trust, as filed with the Secretary of State of the State of Delaware on June 25, 2007, a copy of which is attached as Exhibit D. 
  

					
		  	3	  	Titling Trust Agreement

 “Certificate of Title” means a certificate of title or other similar evidence of
ownership of a Titling Trust Vehicle issued in paper form by the relevant governmental department or agency in the jurisdiction in which the Titling Trust Vehicle is registered, or a record maintained by such governmental department or agency in the
form of information stored in electronic media. However, if a certificate of title or other similar evidence of ownership in paper form or such record stored on electronic media has not been issued or is not being maintained, the application (or
copy thereof) for the certificate of title or other similar evidence of ownership will constitute the “Certificate of Title.” “Certificates of Title” has a meaning correlative to the foregoing.

 “Code” means the Internal Revenue Code of 1986. 
 “Collection Period” means, with respect to any Specified Interest, except as otherwise provided in the related Servicing
Agreement, a calendar month. 
 “Collections” means, with respect to any Specified Interest, except as otherwise
provided in the related Servicing Agreement: 
  

	 	(1)	all amounts collected from related Lessees on the Titling Trust Leases (including, without limitation, any payments received under terminal rental adjustment clauses);

  

	 	(2)	any and all amounts received with respect to the sale or other disposition of the related Titling Trust Vehicles; and 

  

	 	(3)	all other amounts received in respect of the related Specified Assets. 

 “Corporate Trust Office” means, with respect to the applicable Trustee, the office of the Trustee at which its corporate trust business is administered, which as of the date of this Titling
Trust Agreement is located at: 
 In the case of the Titling Trustee: 
 VT Inc. 
 c/o U.S. Bank National Association

 209 South LaSalle Street 
 Suite 300 
 Chicago, Illinois 60604 
 Attention: Patricia M. Child 
 Fax: 312-325-8905 
 Telephone: 312-325-8902 
  

					
		  	4	  	Titling Trust Agreement

 In the case of the Delaware Trustee: 
 U.S. Bank Trust National Association 
 c/o
Corporate Trust Services 
 209 South LaSalle Street, Suite 300 
 Chicago, Illinois 60604 
 Attention: Patricia M. Child 
 Fax: 312-325-8905 
 Telephone: 312-325-8902

 or at such other address as the applicable Trustee may designate by notice to the Titling Trust Administrator, the Initial Beneficiary and the Holders.

 “Dealer” means a dealer who in the ordinary course of business leases motor vehicles to Lessees. 
 “Delaware Statutory Trust Act” means Chapter 38 of Title 12 of the Delaware Code, 12 Delaware Code § 3801 et seq.

 “Designated Notice Recipient” means, with respect to any Trust-Related Obligation, the Person (if any) designated
to receive notices pursuant to this Titling Trust Agreement with respect to such Trust-Related Obligation and/or the related Specified Interest by either (1) inclusion of such person as an initial Designated Notice Recipient on Schedule
C or (2) by notice in writing delivered by one or more TRO Holders of such Trust-Related Obligation to the Initial Beneficiary and each of the Trust Representatives, specifying (at a minimum) the name and notice information of such
designee. 
 “Enhancement” means, with respect to any Specified Interest, any reserve fund, overcollateralization,
residual value guaranty, residual value insurance policy, financial guarantee insurance policy, letter of credit, guaranteed investment contract, cash collateral account, cash collateral guaranty, interest rate swap, cap, hedge or protection
agreement, credit default swap or any other similar contract or agreement for the benefit of the holders of the related TRO Holders. 
 “Enhancement Document” means any document representing, or entered into in connection with, any Enhancement; provided, however, that, “Enhancement Document” does
not include any TRO Document. 
 “Governmental Authority” means the United States of America, any state or other
political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Holder” means each holder of a Certificate, as indicated in the Certificate Register. 
 “Initial Titling Trust Debt Documents” means, collectively: 
  

	 	(1)	the Amended and Restated Receivables Financing Agreement, dated as of the date of this Titling Trust Agreement, among the Titling Trust, as Borrower, World Omni, as Servicer, Bank
of America, N.A., as Administrator, and each Conduit Lender, Bank Lender and Group Agent from time to time party to such agreement; 

  

					
		  	5	  	Titling Trust Agreement

	 	(2)	the Amended and Restated Receivables Financing Agreement, dated as of the date of this Titling Trust Agreement, among the Titling Trust, as Borrower, World Omni, as Servicer, The
Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Administrator, and Gotham Funding Corporation, as Lender; 

  

	 	(3)	the Credit and Security Agreement, dated as of the date of this Titling Trust Agreement, among ALF LP, as Lender, the Titling Trust, as Borrower, U.S. Bank, as Administrative Agent,
AL Holding Corp., as Collateral Agent, and World Omni, as Servicer with respect to the Specified Interest designated as the “Open-End Collateral Specified Interest”; and 

  

	 	(4)	each of the other agreements and documents that are executed pursuant to, or in connection with, any of the documents described in clauses (1),
(2) and/or (3) of this definition. 

 “Insolvency Event” means,
with respect to any Person: 
  

	 	(1)	the making of a general assignment for the benefit of creditors; 

  

	 	(2)	the filing of a voluntary petition in bankruptcy; 

  

	 	(3)	being adjudged as bankrupt or insolvent, or having had entered against such Person an order for relief in any bankruptcy or insolvency proceeding; 

  

	 	(4)	the filing by such Person of a petition or answer seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law
or regulation; 

  

	 	(5)	the filing by such Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in any proceeding specified
in clause (8) of this definition; 

  

	 	(6)	the seeking, consenting to or acquiescing in the appointment of a trustee, receiver, liquidator or similar official of such Person or of all or any substantial part of the assets of
such Person; 

  

	 	(7)	the failure by such Person generally to pay its debts as such debts become due; 

  

	 	(8)	the failure to obtain dismissal within 60 days of the commencement of any proceeding against such Person seeking (A) reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any statute, law or regulation, or (B) the appointment of a trustee, liquidator, receiver or similar official of such Person or of such Person’s assets or any substantial portion of such
Person’s assets; and 

  

					
		  	6	  	Titling Trust Agreement

	 	(9)	the taking of action by such Person in furtherance of any of the foregoing. 

 “Intercreditor Agreement” means the Intercreditor Agreement, dated as of the date of this Titling Trust Agreement, among (i) World Omni, as Titling Trust Administrator and as an Interest
Holder, (ii) the Titling Trust, (iii) the Initial Beneficiary, as initial multiple-use SPV and an Interest Holder, (iv) VT Inc., as Titling Trustee and as an Interest Holder, and (v) each of the other Persons from time to time
becoming party to such agreement as Interest Holders thereunder. 
 “Lease Files” means, with respect to each Titling
Trust Lease, the following documents (which may be photocopies or in electronic format unless otherwise indicated): 
  

	 	(i)	the original of the Titling Trust Lease (or an electronic copy of such Titling Trust Lease that satisfies section 9-105 of the UCC) that is clearly marked to show the Titling Trust
as the owner of such Titling Trust Lease; 

  

	 	(ii)	the original credit application fully executed by the Lessee or a photocopy or electronic facsimile thereof; 

  

	 	(iii)	the original Certificate of Title and all related documents evidencing the ownership of the related Titling Trust Vehicle or Titling Trust Vehicles; and 

  

	 	(iv)	any and all other documents that the Servicer with respect to the Specified Interest to which such Titling Trust Lease is allocated retains on file relating to the Titling Trust
Lease, or the related Titling Trust Vehicle or Titling Trust Vehicles or Lessee. 

 “Lessee” means the
lessee of one or more Titling Trust Vehicles or any Person who is obligated to make payments on the related Titling Trust Lease. 
 “Lien” means a security interest, lien, charge, pledge, equity, or encumbrance of any kind other than tax liens, mechanics’ liens and any liens that attach to a Titling Trust Lease or Titling Trust Vehicle by
operation of law. 
 “Opinion of Counsel” means a written opinion of legal counsel, which counsel may be an employee
of World Omni or an Affiliate or may provide legal services to World Omni or an Affiliate. 
 “Person” means any
legal person, including any corporation, estate, natural person, firm, joint venture, joint stock company, limited liability company, limited liability partnership, partnership (limited or general), trust, business trust, unincorporated
organization, association, enterprise, government, any department or agency of any government or any other entity of whatever nature. 
  

					
		  	7	  	Titling Trust Agreement

 “Rating Agency” means each nationally recognized statistical rating organization
that has been requested by any Holder or its agent to rate any class of Trust-Related Obligations. 
 “Reallocation
Date” means, with respect to any Specified Asset allocated to any Specified Interest, the date as of which such Specified Asset is reallocated to another Specified Interest pursuant to Section 4.3(f). 
 “Reallocation Notice” means a notice provided to the Titling Trust Administrator pursuant to Section 4.3(f).

 “Registered Pledgee” means, with respect to any Certificate, the Person who is listed in the Certificate Register
as the registered pledgee of such Certificate. 
 “Secured Titling Trust Creditor” means any Person to whom any
Secured Titling Trust Debt is owed. 
 “Secured Titling Trust Debt” means any Titling Trust Debt that is secured by a
voluntary pledge by the Titling Trust of all or any portion of the Titling Trust Assets. 
 “Securitization Entity”
means a special-purpose entity that becomes obligated on, or issues, one or more Trust-Related Obligations. For avoidance of doubt, the Titling Trust is not a Securitization Entity. 
 “Servicing Agreement” means a “Servicing Agreement” that is entered into from time to time and appointing the Servicer
with respect to any Specified Assets pursuant to Section 4.3(a). As of July 16, 2008, the Servicing Agreements consist of (1) the Fourth Amended and Restated Servicing Agreement, dated as of July 16, 2008, among
World Omni, as Servicer with respect to the Open-End Collateral Specified Interest, ALF LLC, as Lender, the Titling Trust, as Borrower and ALHC, as Open-End Collateral Agent, and (2) the Servicing Agreement, dated as of July 16, 2008,
among World Omni, as Servicer with respect to the Closed-End Collateral Specified Interest, the Titling Trust, as Borrower, and ALHC, as Closed-End Collateral Agent. 
 “Specified Asset” means, with respect to any Specified Interest, a Titling Trust Lease or Titling Trust Vehicle that, in either case, is identified in the Applicable Asset Annex attached to any
Specification Notice, Reallocation Notice or Addition Notice reflecting the allocation or reallocation, as the case may be, of such Titling Trust Lease or Titling Trust Vehicle to such Specified Interest pursuant to the applicable provisions of
Section 4.3. However, a Titling Trust Lease or Titling Trust Vehicle will no longer be a Specified Asset with respect to any Specified Interest as of the date on which such Titling Trust Asset has been (i) transferred from
the Titling Trust pursuant to Section 4.3(e) or (ii) reallocated to another Specified Interest pursuant to Section 4.3(f). 
 “Specified Asset Amount” has, with respect to any Specified Interest, the meaning set forth in the related Servicing Agreement. Unless otherwise specified in the related Servicing Agreement,
the Specified Asset Amount with respect to each Specified Interest will be based on the aggregate lease balances of the Specified Assets allocated thereto (which may be calculated based on a simple interest, actuarial, straight-line or other
commercially reasonable method specified in the related Servicing Agreement). 
  

					
		  	8	  	Titling Trust Agreement

 “Specified Asset Percentage” means, as of any date with respect to any Specified
Interest, the percentage equivalent of a fraction, (i) the numerator of which is the Specified Asset Amount of such Specified Interest and (ii) the denominator of which is the aggregate Specified Asset Amounts of all Specified Interests.

 “Specified Asset Titling Trust Administrator Fee” means, with respect to any Collection Period and any Specified
Interest, an amount equal to the product of the Specified Asset Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i) the monthly fees of the Titling Trust Administrator determined
pursuant to the first sentence of Section 7.8 plus (ii) the expenses of the Titling Trust Administrator determined pursuant to the second sentence of Section 7.8. 
 “Specified Asset Titling Trustee Fee” means, with respect to any Collection Period and any Specified Interest, an amount equal to
the product of the Specified Asset Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i) the monthly fees of the Titling Trustee determined pursuant to the first sentence of
Section 7.8 plus (ii) the expenses of the Titling Trustee determined pursuant to the second sentence of Section 7.8. 
 “Specified Interest Default Condition” means, with respect to any Specified Interest and any date of determination, a condition
that will exist if the Titling Trustee either: 
  

	 	(i)	has actual knowledge, or 

  

	 	(ii)	has received notice from a related TRO Holder, 

 in either
case that a TRO Default has occurred and is continuing with respect to any Trust-Related Obligation relating to such Specified Interest. 
 “Specified Lease” means a Specified Asset of any Specified Interest that is a Titling Trust Lease. 
 “Specified Vehicle” means a Specified Asset of any Specified Interest that is a Titling Trust Vehicle. 
 “Titling Trust Assets” means the Titling Trust Leases, Titling Trust Vehicles, all proceeds of the foregoing and all other assets held by the Titling Trust. 
 “Titling Trust Creditor” means any Person to whom any Titling Trust Debt is owed. 
 “Titling Trust Debt” means, as of any date of determination and with respect to any Titling Trust Debt Specified Interest, a
promissory note or other debt obligation of the Titling Trust, acting solely with respect to such Specified Interest, (A) which (1) is secured by a voluntary pledge by the Titling Trust of all or a portion of the Titling Trust Assets or
(2) otherwise has been designated as “Titling Trust Debt” by the Titling Trust Administrator, with notice to the Titling Trustee and (B) as to which any amounts remain outstanding as of such date of determination. For avoidance
of doubt, any fee, indemnity or reimbursement obligation, or other monetary obligation, in each case of the Titling Trust, that (i) is not on account of an equity interest in the Titling Trust and (ii) satisfied subclauses (A)(1) and
(A)(2) of the immediately preceding sentence shall constitute “Titling Trust Debt.” 
  

					
		  	9	  	Titling Trust Agreement

 “Titling Trust Debt Document” means any TRO Document relating to Titling Trust
Debt. 
 “Titling Trust Lease” means any lease agreement for motor vehicles as to which the Titling Trust is the
lessor, either directly or by assignment. In the case of a master lease, the term “Titling Trust Lease” shall include all schedules thereto or, if the provisions of such master lease are incorporated into such schedules, the
term “Titling Trust Lease” shall include a schedule together with the incorporated provisions of the master lease. 
 “Titling Trust Vehicle” means any motor vehicle, together with all attached items or accessories, that is subject to a Titling Trust Lease. 
 “Treasury Regulations” means the regulations promulgated by the U.S. Department of Treasury pursuant to the Code. 
 “TRO Default” means with respect to any Trust-Related Obligation and any date of determination, a condition that will be deemed
to exist if one or more of the following has occurred and is continuing as of such date: 
  

	 	(i)	there is any sum due that is not otherwise timely paid by the Titling Trust or the applicable Securitization Entity, as the case may be; or 

 

	 	(ii)	there is any outstanding and uncured default by the Titling Trust or the applicable Securitization Entity, as the case may be (after giving effect to any applicable grace period);
or 

  

	 	(iii)	any “Revolving Facility Termination Event” or any “Wind-Down Event” (each, as defined in the applicable TRO Documents) has occurred. 

 “TRO Document” means, with respect to any Trust-Related Obligation, (A) the indenture, deed of trust, pooling and servicing
agreement, revolving credit agreement, receivables financing agreement or similar or related agreement or document pursuant to which such Trust-Related Obligation is issued or otherwise arises (which may, for avoidance of doubt, include a
single indenture or other document entered into with respect to more than one Trust-Related Obligation or Specified Interest), or governing the terms of, or otherwise related to, such Trust-Related Obligation and (B) each note or other evidence
of indebtedness issued pursuant to a document of the type described in clause (A) of this definition and representing such Trust-Related Obligation. For the avoidance of doubt, the TRO Documents in respect of any Trust-Related Obligations will
include any related security agreement, collateral agency agreement, Servicing Agreement or other agreement entered into for the benefit of the holders of, or creditors in respect of, such Trust-Related Obligations. 
 “TRO Holder” means each Person that is entitled to payment or performance with respect to a Trust-Related Obligation. 

“Trust Document” means, as of any date the determination, collectively, (1) this Titling Trust Agreement, (2) the
Intercreditor Agreement, (3) the Borrower Novation Agreement, 

  

					
		  	10	  	Titling Trust Agreement

 
(4) each Titling Trust Debt Document to which the Titling Trust is party as of such date of determination and (4) any other “Basic Document”
(as defined in the applicable Titling Trust Debt Document) to which the Titling Trust is a party. 
 “Trustee” means
the Titling Trustee or the Delaware Trustee, as the context may require. 
 “Trust-Related Obligation” means, with
respect to any Specified Interest, any Certificate, any Titling Trust Debt, any Undertaking and any other obligation or security, the payments on which are derived in any material part from amounts received with respect to the Specified Assets of
such Specified Interest (other than solely by reference). 
 “Trust Representatives” means, collectively, the Titling
Trustee, the Delaware Trustee and the Titling Trust Administrator. Each of the foregoing is referred to singly as a “Trust Representative.” 
 “Undertaking” means, with respect to any Series, an agreement, contract or other written obligation of the Holder of such Series, the payments under which are in any material part derived from
or collateralized by Collections on the related Specified Assets. 
 “VT Inc.” means VT Inc., an Alabama corporation.

 Section 1.2 Usage. 
 The following rules of construction and usage are applicable to this Titling Trust Agreement and to any certificate or other document made or delivered pursuant to this Titling Trust Agreement: 
 (a) All terms used in any certificate or other document made or delivered pursuant to this Titling Trust Agreement are defined in this Titling Trust
Agreement. 
 (b) Accounting terms not defined in this Titling Trust Agreement or in any such certificate or other document, and accounting
terms partly defined in this Titling Trust Agreement or in any such certificate or other document, to the extent not defined, have the respective meanings given to them under U.S. generally accepted accounting principles as in effect on the date of
this Titling Trust Agreement. To the extent that the definitions of accounting terms in this Titling Trust Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under U.S. generally accepted
accounting principles, the definitions contained in this Titling Trust Agreement or in any such certificate or other document will control. 
 (c) References in this Titling Trust Agreement to “Article,” “Section,” “Exhibit,” “Schedule” or another subdivision or to an attachment are, unless otherwise specified, to an article, section,
exhibit, schedule or other subdivision of or an attachment to this Titling Trust Agreement, and the term “including” means “including without limitation.” 
 (d) The definitions contained in this Titling Trust Agreement are equally applicable to both the singular and plural forms of such terms and to the
masculine as well as to the feminine and neuter genders of such terms. 
  

					
		  	11	  	Titling Trust Agreement

 (e) Any agreement or statute defined or referred to in this Titling Trust Agreement means such agreement
or statute as from time to time amended, modified, supplemented or replaced, including (in the case of agreements) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and includes (in the case of
agreements) references to all attachments thereto and instruments incorporated therein and (in the case of statutes) any rules and regulations promulgated thereunder and any judicial and administrative interpretations thereof. 
 (f) References to a Person are also to its permitted successors and assigns. 
 (g) References to deposits, transfers and payments of any amounts refer to deposits, transfers or payments of such amounts in immediately available
funds. 
 (h) Except where “not less than zero” or similar language is indicated, amounts determined by reference to a mathematical
formula may be positive or negative. 
 ARTICLE II 
 ORGANIZATION OF THE TRUST 
 Section 2.1 Name. 
 The trust created by the Interim Trust Agreement, continued by the First Amended and Restated Trust Agreement and further continued hereby is known as
“World Omni LT,” in which name the Titling Trustee and the Titling Trust Administrator each may (to the extent and in the manner specified herein) conduct the activities of the Titling Trust, make and execute contracts and other
instruments on behalf of the Titling Trust and sue and be sued on behalf of the Titling Trust. 
 Section 2.2 Office. 

 The office of the Titling Trust will be in care of the Delaware Trustee at 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604, or
at such other address in the State of Delaware as the Delaware Trustee may designate by notice to the Titling Trustee, the Initial Beneficiary and the Servicer. 
 Section 2.3 Purposes and Powers. 
 The nature of the activities or purpose to be conducted
or promoted by the Titling Trust is to engage exclusively in the following activities (such activities, collectively, the “Permitted Transactions”), in each case in accordance with the terms of this Titling Trust Agreement:

 (a) holding title to Titling Trust Leases, Titling Trust Vehicles and other Titling Trust Assets for the benefit of the Holders of the
related Certificates, all in accordance with the terms of this Titling Trust Agreement and the Servicing Agreements; 
  

					
		  	12	  	Titling Trust Agreement

 (b) at the direction of the Initial Beneficiary or a Holder, issuing Certificates representing a separate
series of beneficial interest in the Titling Trust and the related Titling Trust Assets in accordance with the terms of this Titling Trust Agreement and the related Specification Notice; 
 (c) at the direction of the Holders of any Series relating to a Titling Trust Debt Specified Interest, issuing one or more Titling Trust Debts with
respect to such Specified Interest, entering into the related Titling Trust Debt Document and pledging any or all of the related Specified Assets to secure such Titling Trust Debts; 
 (d) performing its obligations under agreements, instruments or other documents to which it is to be a party; 
 (e) assigning or otherwise transferring title to Titling Trust Leases, Titling Trust Vehicles and Titling Trust Assets to, or to the order of, the
related Holders; 
 (f) borrowing on a revolving basis or otherwise under one or more Titling Trust Debt Documents or any other arrangements,
as from time to time in effect, to finance the purchase of Titling Trust Leases and related Titling Trust Vehicles; 
 (g) entering into
agreements and transactions relating to, or in furtherance of, any Enhancement; 
 (h) entering into and performing its obligations under the
Intercreditor Agreement; 
 (i) entering into and performing its obligations under the Initial Titling Trust Debt Documents; 
 (j) entering into and performing its obligations under the Trust Documents; 
 (k) entering into and consummating the Merger, pursuant to and in accordance with the Merger Agreement, the Certificate of Merger and/or other documents
similar or ancillary to the foregoing; 
 (l) taking any other action in connection with the qualification, licensing or authorization of the
Titling Trust to engage in activities in any jurisdiction; 
 (m) engaging in such other activities as may be necessary, convenient or
advisable in connection with (A) owning and holding title to the Titling Trust Leases, the Titling Trust Vehicles and the other Titling Trust Assets, (B) the management of the Titling Trust Assets, (C) the making of distributions to
the Holders of Certificates and (D) the making of payments to any Titling Trust Creditors; and 
 (n) engaging in any activity and
exercising any powers permitted to statutory trusts under the laws of the State of Delaware that are related or incidental to the foregoing and necessary, convenient or advisable to accomplish the foregoing. 
  

					
		  	13	  	Titling Trust Agreement

 Section 2.4 Banking Activities. 
 Without limiting the generality of Section 2.3, each of the Initial Beneficiary and the Titling Trust Administrator is authorized to
act on behalf of the Titling Trust and in its name, through any of its Authorized Officers: 
 (a) to establish bank accounts on behalf of the
Titling Trust; 
 (b) to sign checks, drafts, instruments, bills of exchange, acceptances and/or other orders for the payment of money
(including by electronic funds transfer) from any account opened on behalf of the Titling Trust; 
 (c) to endorse checks, instruments,
evidences of indebtedness, and orders payable, owned or held by the Titling Trust or the Titling Trust Administrator; 
 (d) to accept
drafts, acceptances, instruments and/or other evidences of indebtedness payable at or through the bank at which any such account is maintained (each, a “Bank”); 
 (e) to waive presentment, demand, protest and notice of protest or dishonor of any check(s), instrument(s), draft(s), acceptance(s), or other evidences
of indebtedness made, drawn or endorsed by the Titling Trust; 
 (f) otherwise to deal with each Bank in connection with the foregoing
activities on behalf of the Titling Trust; 
 (g) to enter into one or more agreements with any Bank, which will be deemed to govern the
applicable account established at such Bank; 
 (h) to authorize the purchase, on behalf of the Titling Trust, of CDs, bonds, notes,
commercial paper, money market funds, and other similar savings or investment instruments from each Bank; 
 (i) to obtain, on behalf of the
Titling Trust, other related services from any Bank, such as the rental of safe deposit boxes from such Bank, obtaining of night depository services, routine cash management services, and the like, which will be governed by night depository
agreement(s), safe deposit box lease agreement, and any other such agreement(s) contained on the application or signature cards pertaining to any such services offered to the Titling Trust by such Bank, as amended from time to time; 
 (j) to sign and execute signature cards, applications and forms as any Bank will deem appropriate, from time to time, in connection with the opening and
maintaining of accounts at such Bank and/or obtaining any of the aforementioned additional related services; and 
 (k) to execute
applications for the issuance of any savings or investment instrument in the name of the Titling Trust. 
  

					
		  	14	  	Titling Trust Agreement

 Section 2.5 Appointment of the Titling Trustee and Delaware Trustee. 
 The Initial Beneficiary hereby confirms the appointments of the Titling Trustee as trustee of the Titling Trust, and the Delaware Trustee as co-trustee of
the Titling Trust, in each case effective as of the date of this Titling Trust Agreement, to have all the respective rights, powers and duties set forth with respect to the Titling Trustee or the Delaware Trustee, as the case may be, in this Titling
Trust Agreement. 
 Section 2.6 Contribution and Conveyance of Titling Trust Assets. 
 As of June 25, 2007, ALF LP (as the initial holder of the entire beneficial interest in the Titling Trust) contributed to the Titling Trustee the
amount of $1,000. The Titling Trustee acknowledges receipt in trust from ALF LP, as of such date, of the foregoing contribution (to be held from and after the date of this Titling Trust Agreement for the benefit of the Initial Beneficiary, as
successor to ALF LP), which constitutes the initial Titling Trust Assets and will be deposited in an account of the Titling Trust. 
 Section 2.7 Declaration of Trust. 
 The Titling Trustee will hold the Titling Trust Assets in trust upon and
subject to the conditions set forth in this Titling Trust Agreement for the use and benefit of the Initial Beneficiary and any other beneficiaries, subject to the obligations of the Titling Trust under any other Trust Documents to which it is a
party. It is the intention of the parties that the Titling Trust constitutes a statutory trust under the Delaware Statutory Trust Act and that this Titling Trust Agreement constitutes the governing instrument of such statutory trust. Effective as of
the date of this Titling Trust Agreement, the Titling Trustee and the Delaware Trustee each will have the rights, powers and duties set forth in this Titling Trust Agreement and in the Delaware Statutory Trust Act with respect to accomplishing the
purposes of the Titling Trust. A Certificate of Trust and any necessary certificate of amendment thereto has been filed with the Secretary of State of the State of Delaware and is attached as Exhibit D. 
 Section 2.8 Representations and Warranties of World Omni as Titling Trust Administrator. 
 World Omni, as Titling Trust Administrator, represents and warrants to the Titling Trustee that: 
 (a) Organization and Good Standing. World Omni has been duly organized and is validly existing as a corporation in good standing
under the laws of the State of Florida, with the power and authority to own or lease its properties and to conduct its activities as such properties are currently owned or leased and such activities are currently conducted. 
 (b) Due Qualification. World Omni is duly qualified to do business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its activities requires such qualifications, unless the failure to obtain such qualifications, licenses or approvals would not
reasonably be expected to have a material adverse effect on the ability of World Omni to perform its obligations under this Titling Trust Agreement or the other Trust Documents to which it is a party. 
  

					
		  	15	  	Titling Trust Agreement

 (c) Power and Authority; Authorization; Execution and Delivery; Binding Obligation.
World Omni has the power and authority to execute, deliver and perform its obligations under this Titling Trust Agreement and each other Trust Document to which it is a party. World Omni has duly authorized the execution and delivery of this Titling
Trust Agreement and each other Trust Document to which it is a party by all necessary corporate action. This Titling Trust Agreement and each other Trust Document to which it is a party has been duly executed and delivered by World Omni. This
Titling Trust Agreement and each other Trust Document to which it is a party constitutes a legal, valid and binding obligation of World Omni, enforceable against World Omni in accordance with its terms, except as such enforceability may be limited
by insolvency, bankruptcy, reorganization, or other laws relating to or affecting the enforcement of creditors’ rights and by general equitable principles. 
 (d) No Violation. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Titling Trust Agreement and of other Trust Documents to which World Omni is a
party will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its articles of incorporation or by-laws or any indenture, mortgage,
deed of trust, loan agreement, guarantee, lease financing agreement or similar agreement or instrument to which World Omni is a party or by which World Omni is bound (in each case material to World Omni and its subsidiaries considered as a whole),
(ii) result in the creation or imposition of any Lien (material to World Omni and its subsidiaries considered as a whole) upon any of its properties pursuant to any such agreement or instrument (other than as contemplated by this Titling Trust
Agreement or the other Trust Documents to which it a party) or (iii) violate or contravene any law or, to the knowledge of World Omni, any order, rule or regulation applicable to World Omni of any court or any Governmental Authority having
jurisdiction over World Omni or its properties, the failure to comply with which would reasonably be expected to have a material adverse effect upon the ability of World Omni to perform its obligations under this Titling Trust Agreement or any other
Trust Document to which it is a party. 
 (e) No Proceedings. There are no proceedings pending, or, to the knowledge of
World Omni, threatened, and to the knowledge of World Omni there are no investigations pending or threatened, against or affecting World Omni or its property, before any Governmental Authority: (i) asserting the invalidity or unenforceability
of this Titling Trust Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Titling Trust Agreement, (iii) seeking any determination or ruling that would reasonably be expected to have a
material adverse effect upon the ability of World Omni to perform its obligations under this Titling Trust Agreement or any other Trust Document to which it is a party or (iv) seeking adversely to affect the tax characterization specified in
Section 2.9. 
 Section 2.9 Tax Reporting and Characterization. 
 (a) The Initial Beneficiary and the Holders of each Series each agrees that for U.S. federal, state and local income and franchise tax purposes it will
(i) treat its interest in the related Specified Interest as a direct ownership interest in the related Specified Assets and (ii) not treat the Titling Trust, this Titling Trust Agreement or the arrangement among the Initial Beneficiary and
the Holders of any Series as creating a co-ownership of any assets or as creating a separate entity (such as a partnership). Each party agrees that it will not take any action (including filing any tax return) that is inconsistent with this
Section 2.9(a) unless required to do so by the relevant tax authority. 
  

					
		  	16	  	Titling Trust Agreement

 (b) None of the Holders, the Registered Pledgees, the Titling Trust Creditors or the parties to this
Titling Trust Agreement will elect or permit an election to be made to treat the Titling Trust or any Specified Interest as an association taxable as a corporation for U.S. federal income tax purposes pursuant to Treas. Reg. § 301.7701-3.

 Section 2.10 Execution of Documents. 
 The Initial Beneficiary is authorized and empowered to execute and deliver, on behalf of the Titling Trust, as attorney-in-fact or otherwise, any and all documents, agreements and other instruments, including any
registration statement to be filed with the Securities and Exchange Commission or otherwise, on behalf of the Titling Trust. The Initial Beneficiary is authorized and empowered to prepare for filing in connection with such registration statement,
balance sheets, income statements and any other financial statements for the Titling Trust. 
 Section 2.11 Conduct of
Operations. 
 (a) Notwithstanding any other provision of this Titling Trust Agreement and any provision of Applicable Law that
otherwise so empowers the Titling Trust, the Titling Trust may not, without the consent of the Titling Trustee and each Secured Titling Trust Creditor, do any of the following: 
 (i) engage in any activity other than a Permitted Transaction; 
 (ii) create, incur or assume any indebtedness, other than pursuant to any Titling Trust Debts, any Enhancement or any transactions entered
into in connection therewith, in each case in accordance with this Titling Trust Agreement; 
 (iii) become or remain liable,
directly or contingently, in connection with any indebtedness or other liability of the Initial Beneficiary or any of its Affiliates or, except in connection with a Permitted Transaction, any other Person, whether by assumption, guarantee,
endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of business), agreement to purchase or purchase, agreement to supply or advance funds, or otherwise; 
 (iv) make or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property,
contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets, or otherwise) in, any Affiliate other than in connection with Permitted Transactions; provided,
however, that, subject to the terms of any Trust Documents, the Titling Trust will not be prohibited under this clause (a)(iv) from causing a distribution of cash to its Initial Beneficiary or to any Holder
or from making payments with respect to any Titling Trust Debts or any Enhancement; 
 (v) enter into any transaction of
merger or consolidation with or into any other entity, or convey its properties and assets substantially as an entirety to any entity, other than with respect to a Permitted Transaction, unless (A) the entity (if other than the Titling Trust)
formed as a result of or surviving such consolidation or merger, or which acquires the properties and assets of the Titling Trust (i) is organized and existing under the laws of the State of Delaware, (ii) expressly assumes all of the
Titling Trust’s obligations under this Titling Trust Agreement, all Titling Trust 

  

					
		  	17	  	Titling Trust Agreement

 
Debts and all Trust Documents and (iii) is governed under a charter document containing provisions substantially identical to
Section 2.3 and this Section 2.11; (B) each Rating Agency and each TRO Holder Representative will have received at least 5 days’ prior notice of any such merger, consolidation or sale of assets;
(C) such merger, consolidation or sale of assets will not conflict with the Certificate of Trust; and (D) immediately after giving effect to such merger, consolidation or sale of assets, no default or event of default by or relating to the
Titling Trust will have occurred and be continuing under any material agreement to which the Titling Trust is a party, including any Titling Trust Debt Document, or any agreement or other document pursuant to which any Titling Trust Debt has been
issued; 
 (vi) become party to, or permit any of its properties to be bound by, any indenture, mortgage, instrument,
contract, agreement, lease or other undertaking, with the exception of any Certificate, any Notice of Registered Pledge, any Titling Trust Debt, any Titling Trust Debt Document or any other any documents relating to a Permitted Transaction; and

 (vii) amend, modify, alter, change or repeal any provision of Section 2.3 or this
Section 2.11; provided, however, that, the Titling Trust reserves the right to amend, alter, change or repeal any provision contained in the Certificate of Trust or this Titling Trust
Agreement in a manner now or hereafter prescribed by the Delaware Statutory Trust Act, and all rights conferred upon the Initial Beneficiary in this Titling Trust Agreement are granted subject to this reservation. 
 (b) The Titling Trust will at all times: 
 (i) maintain its existence as a statutory trust and remain in good standing under the laws of the State of Delaware; 
 (ii) observe all procedures required by this Titling Trust Agreement and such others, if any, as may be from time to time required by the Delaware Statutory Trust Act; 
 (iii) ensure that (x) the activities and affairs of the Titling Trust are at all times managed by or under the direction of the
Titling Trustee, (y) the Titling Trustee has duly authorized all actions requiring such authorization and (z) when required by Applicable Law or by this Titling Trust Agreement, the Titling Trust has obtained the proper authorization for
action from its Initial Beneficiary; 
 (iv) maintain the Titling Trust’s books, financial statements, accounting records
and other documents and records separate from those of the Initial Beneficiary, any Affiliate of the Initial Beneficiary or any other Person; 
 (v) not commingle the Titling Trust Assets with those of the Initial Beneficiary or any Affiliate of the Initial Beneficiary (other than in connection with the Permitted Transactions or in connection with the
performance by World Omni of its obligations as Servicer or as custodian with respect to any Specified Interest); 
 (vi) not
hold itself out as being liable for the debts of any other Person, except in connection with the Permitted Transactions (and, in any event, not hold itself out as being liable for the debts of World Omni, or of any of its Affiliates, other than a
Securitization Entity in connection with a Permitted Transaction); 
  

					
		  	18	  	Titling Trust Agreement

 (vii) maintain its bank accounts, books of account and payroll (if any) separate from
those of its Affiliates, the Holders, the Initial Beneficiary or any of the Initial Beneficiary’s Affiliates or any other Person; and ensure that its funds and other assets will at all times be readily distinguishable from the funds and other
assets of its Affiliates, the Holders, the Initial Beneficiary and any of the Initial Beneficiary’s Affiliates or any other Person (other than in connection with the performance of any Servicer or custodian of its obligations with respect to
any Specified Interest); 
 (viii) act solely in its own name and through its own managers and agents so as not to mislead
others as to its identity or the identity of any Affiliate and correct any known misunderstanding regarding its separate identity, and conduct all oral and written communications of the Titling Trust, including letters, invoices, contracts,
statements and applications solely in the name of the Titling Trust; 
 (ix) separately manage its liabilities from those of
the Initial Beneficiary or any Affiliate thereof and pay its own liabilities, including all administrative expenses, from its own separate assets, except that (A) the Initial Beneficiary, the Titling Trust Administrator, any Holder, any
Servicer or any Affiliate of any of them may pay certain of the organizational costs of the Titling Trust, and the Titling Trust will reimburse the Initial Beneficiary, the Titling Trust Administrator, such Holder, such Servicer or such Affiliate,
as the case may be, for its allocable portion of shared expenses paid by such Person, and (B) the Initial Beneficiary, the Titling Trust Administrator, any Holder, any Servicer or any Affiliate of any of them may pay fees and expenses and
indemnify parties as provided in this Titling Trust Agreement, any Servicing Agreement or any other agreement entered into in connection with the issuance or undertaking, as the case may be, of any Titling Trust Debt; 
 (x) at all times maintain an arm’s length relationship with any Affiliates; 
 (xi) take such actions as are necessary to ensure that the Titling Trustee may not at any time serve as a trustee in bankruptcy for the
Titling Trust or any of its Affiliates; 
 (xii) not issue, or permit the issuance of, or enter into, or permit to be entered
into, as the case may be, any Undertaking or any Enhancement, unless such Undertaking or Enhancement contains the applicable provisions set forth in Section 4.1(f); 
 (xiii) operate in such a manner that it would not be substantively consolidated for purpose of applicable bankruptcy laws with any other
entity; 
 (xiv) not form any subsidiary; and 
 (xv) maintain adequate capital in light of its contemplated operations. 
  

					
		  	19	  	Titling Trust Agreement

 (c) The Titling Trust will prepare financial statements in a manner that indicates the separate existence
of the Titling Trust and its assets and liabilities. To the extent permitted by law, until one year and one day (or, if longer, any applicable preference period) after all Trust-Related Obligations (including all Secured Titling Trust Debt and other
Titling Trust Debt) are paid in full, the Titling Trustee will make decisions with respect to the activities and operations of the Titling Trust independent of, and not dictated by, the Initial Beneficiary or any Affiliate thereof (without limiting
the right of the Initial Beneficiary to exercise its rights in such capacity under this Titling Trust Agreement and under the Delaware Statutory Trust Act). 
 (d) Notwithstanding any provision in this Titling Trust Agreement to the contrary, the Initial Beneficiary or any of its Affiliates, in each case, in its own capacity (i) may pay fees and expenses of and
indemnify trustees relating to the issuance or undertaking of any Trust-Related Obligations and (ii) may indemnify any underwriter, placement agent, initial purchaser for resale, surety provider or other Enhancement provider or other Person
performing similar functions in connection with the issuance or undertaking of any Trust-Related Obligations. 
 (e) The Titling Trust, by or
through the Titling Trustee or the Titling Trust Administrator, may enter into and perform all documents, agreements, certificates, or financing statements relating to the Permitted Transactions, all without any further act, vote or approval of any
other Person notwithstanding any other provision of this Titling Trust Agreement, the Delaware Statutory Trust Act or Applicable Law. The foregoing authorization is not a restriction on the powers of the Titling Trustee or the Titling Trust
Administrator to enter into other agreements on behalf of the Titling Trust. 
 Section 2.12 No State Law Partnership. 

 The Holders intend that the Titling Trust will not be a partnership (including a general partnership or a limited partnership) or joint
venture, and that neither any Holder nor the Titling Trustee will be a partner of or joint venturer with any Holder or the Titling Trustee with respect to the activities of the Titling Trust for any purposes, and this Titling Trust Agreement will
not be construed to suggest otherwise. 
 Section 2.13 Titling of Titling Trust Vehicles. 
 The Servicing Agreement with respect to each Specified Interest will provide that the related Servicer will cause the Certificate of Title for each
Titling Trust Vehicle assigned to the Titling Trust for allocation to such Specified Interest to be issued in the name “VT Inc. TSTEE World Omni LT” or “World Omni LT” or in such substantially similar words as the relevant
Governmental Authority will accept, with the address of World Omni, its agent or the related Lessee, as the relevant Governmental Authority requires or allows, as the address of the recorded owner of the Titling Trust Vehicle. 
 Section 2.14 Enforcement of Titling Trust Leases. 
 If in any enforcement suit or legal proceeding with respect to a Titling Trust Lease it is held that the Servicer with respect to the applicable Specified Interest may not enforce the Titling Trust Lease on the ground
that it is not a real party in interest or a Holder entitled to enforce the Titling Trust Lease, the Titling Trust and the Holders of the related Series, at such Servicer’s expense and direction, will take steps to enforce the Titling Trust
Lease, including bringing suit in its name or the name of the applicable Holders. 
  

					
		  	20	  	Titling Trust Agreement

 Section 2.15 Liability to Third Parties. 
 Except as otherwise expressly provided by the Delaware Statutory Trust Act or in this Titling Trust Agreement (including Section 10.1),
none of the Initial Beneficiary, the Titling Trust Administrator, the Titling Trustee, any Holder, or any officer or Affiliate of any such Person (other than the Titling Trust), will be liable for the debts, obligations or liabilities of the Titling
Trust (whether arising in contract, tort or otherwise), including, under a judgment, decree or order of a court, by reason of being the Initial Beneficiary, the Titling Trust Administrator, the Titling Trustee, a Holder, or an officer or Affiliate
of any such Person. 
 Section 2.16 No Personal Liability of any Holder. 
 (a) The Initial Beneficiary and the Holders will have the same limitation of personal liability as is extended to stockholders of a private corporation
for profit incorporated under the General Corporation Law of the State of Delaware. 
 (b) None of the Initial Beneficiary, the Titling Trust
Administrator, the Titling Trustee, any Holder, any officer, director, employee, trustee or manager of any of the foregoing, will be subject in such capacity to any personal liability whatsoever to any Person in connection with the assets or the
affairs of the Titling Trust; and, subject to the provisions of Article X and any provision for indemnification set forth in the related Servicing Agreements, all such Persons will look solely to the assets of the Titling Trust for
satisfaction of claims of any nature arising in connection with the affairs of the Titling Trust. However, such protection from personal liability will apply to the fullest extent permitted by Applicable Law, as the same exists or may hereafter be
amended (but, in the case of any such amendment, only to the extent that such amendment permits the Titling Trust to provide greater or broader indemnification rights than such law permitted the Titling Trust to provide prior to such amendment).

 Section 2.17 Limited Liability and Bankruptcy Remoteness. 
 Without limiting the generality of Section 2.11, the Titling Trust will be operated in such a manner as the Titling Trustee may deem to
be reasonable and necessary or appropriate to preserve (a) the limited liability of the Holders and the Initial Beneficiary and their respective Affiliates, (b) the separateness of the Titling Trust from the respective businesses of the
Holders and the Initial Beneficiary and their respective Affiliates and (c) until the expiration of the period of one year and one day (or, if longer, any applicable preference period) after the payment in full of all Trust-Related Obligations
(including all Secured Titling Trust Debt and other Titling Trust Debt), the bankruptcy-remote status of the Titling Trust. 
 Section 2.18 Term. 
 Unless terminated in accordance with this Titling Trust Agreement and the Delaware Statutory
Trust Act, the Titling Trust will have a perpetual existence. 
  

					
		  	21	  	Titling Trust Agreement

 ARTICLE III 
 MANAGEMENT OF THE TITLING TRUST 
 Section 3.1 General Management of the Titling Trust.

 The activities, properties and affairs of the Titling Trust will be managed by the Titling Trustee. Without limiting the generality of
the foregoing, the Titling Trustee will have the power to appoint and direct agents of the Titling Trust, to grant general or limited authority to officers, employees and agents of the Titling Trust, and to make, execute and deliver contracts and
other instruments and documents in the name and on behalf of the Titling Trust, subject to and in accordance with this Titling Trust Agreement. 
 Section 3.2 Restrictions on the Power of the Titling Trustee. 
 The Titling Trustee will not have the authority
to: 
 (a) cause the Titling Trust to do any acts in violation of or in breach of any agreement entered into by the Titling Trust; 

(b) take any action in contravention of the Delaware Statutory Trust Act, the Certificate of Trust or this Titling Trust Agreement; 
 (c) to the fullest extent permitted by Applicable Law, take any action that would make it impossible to carry on the ordinary activities of the Titling
Trust; 
 (d) knowingly perform any act that would subject the Initial Beneficiary or any Holder to loss of limited liability in any
jurisdiction; or 
 (e) except as permitted under Section 9.1, take any action to amend or modify the Certificate of Trust
or this Titling Trust Agreement. 
 Section 3.3 Duties and Obligations of the Titling Trustee. 
 The Titling Trustee shall do each of the following: 
 (a) Notification to Third Parties. Use its best efforts, in the conduct of the Titling Trust’s activities and business, to put all Persons with whom the Titling Trust deals on notice that the Initial Beneficiary,
the Holders, the Titling Trust Creditors and the Registered Pledgees are not liable for the Titling Trust’s obligations and all agreements to which the Titling Trust is a party will include a statement to the effect that the Titling Trust is a
statutory trust formed under the Delaware Statutory Trust Act. However, the failure to include such a statement in an agreement to which the Titling Trust is a party will not affect the Titling Trust’s power and authority or authorization to
enter into such agreement. 
 (b) State Entity Filings. As long as any Trust-Related Obligation is outstanding, take all
action that may be necessary or appropriate for the continuation of the Titling Trust’s valid existence as a statutory trust under the laws of the State of Delaware (and each other jurisdiction in which such existence is necessary to protect
the limited liability of the Initial Beneficiary, the Holders, any Registered Pledgees or any Titling Trust Creditors or to enable the Titling Trust to engage in the activities in which it is engaged). 
  

					
		  	22	  	Titling Trust Agreement

 (c) Taxes. 
 (i) Prepare or cause to be prepared and file or cause to be filed on or before the due date (or any extension thereof) any federal, state
or local tax returns required to be filed by the Titling Trust. 
 (ii) Cause the Titling Trust to pay any taxes payable by
the Titling Trust (except that the Titling Trustee will not be required to cause the Titling Trust to pay any tax so long as the Titling Trust is contesting in good faith and by appropriate legal proceedings the validity, applicability or amount of
such tax and such contest does not materially endanger any right or interest of the Titling Trust). 
 (iii) Pay or cause to
be paid all applicable taxes and fees properly due and owing in connection with its activities. 
 (d) Filings With State Securities
Administrators. From time to time, submit, or cause to be submitted, to any appropriate state securities administrator all documents, papers, statistics and reports required to be filed with or submitted to such state securities
administrator. 
 (e) Foreign Qualifications. Use its best efforts to cause the Titling Trust to be qualified to engage
in investment activities in connection with Permitted Transactions, or be registered under any applicable assumed or fictitious name statute or similar law in any state in which the Titling Trust then makes investments or transacts business, if such
qualification or registration is necessary or desirable in order to protect the limited liability of the Initial Beneficiary or to permit the Titling Trust lawfully to own or make investments or transact business. 
 (f) Obtain Licenses, Permits and Authorizations. Apply for and maintain (or cause to be applied for and maintained) all licenses,
permits and authorizations necessary and appropriate to carry on its duties as Titling Trustee under this Titling Trust Agreement (including without limitation receiving assignments of Titling Trust Leases and causing Certificates of Title to
reflect the Titling Trustee, in such capacity, as the owner of the Titling Trust Vehicles) in each jurisdiction that the Initial Beneficiary or the Servicer reasonably deems appropriate. 
 (g) Assistance and Cooperation in Vehicle Titling and Lease Assignment. Assist and cooperate with any Servicer in any manner
reasonably requested by such Servicer: 
 (i) in connection with the performance by such Servicer of the Servicer’s
obligations under the applicable Servicing Agreement which are in the nature described in Section 2.13 or related thereto; 
 (ii) to cause each applicable Titling Trust Lease to be assigned (x) to the Titling Trust or (y) to the Titling Trustee on behalf of the Titling Trust; and 
 (iii) to cause to be reflected on the Certificates of Title with respect to any Titling Trust Vehicles that constitute (or are to become)
Titling Trust 

  

					
		  	23	  	Titling Trust Agreement

 
Assets one or more Liens that are (x) in the nature required by the terms of any Titling Trust Debt Document or Servicing Agreement or (y) subject
to the terms of such Servicing Agreement and any applicable Titling Trust Debt Document, otherwise determined by the applicable Servicer to be required, necessary or desirable. 
 Section 3.4 Delegation of Certain Titling Trustee Duties and Obligations to the Titling Trust Administrator. 
 (a) Delegation. The Titling Trustee hereby delegates to the Titling Trust Administrator, and the Titling Trust Administrator hereby
accepts and will perform, on behalf of the Titling Trustee, each of the obligations of the Titling Trustee that are set forth in Section 2.17 and Section 3.3. 
 (b) Prohibition on Certain Actions. Notwithstanding Section 3.4(a), the Titling Trust Administrator shall not
take, or cause the Titling Trust to take, any actions that are prohibited by the terms of this Titling Trust Agreement or any other Trust Document. 
 (c) Independent Obligations. The obligations of the Titling Trustee under Section 3.3 and the obligations of the Titling Trust Administrator under Section 3.4(a) shall constitute
independent obligations, and the delegation of the duties of the Titling Trustee pursuant to Section 3.4(a) shall not relieve the Titling Trustee of its obligations pursuant to Section 3.3. 
 ARTICLE IV 
 SPECIFIED INTERESTS

 Section 4.1 Designation of the Specified Interests. 
 (a) Designation. The Initial Beneficiary or the Holder of a Series (with the consent of the Initial Beneficiary, any Registered
Pledgee of a Certificate of such Series and any Titling Trust Creditors with respect to such Series) may direct the Titling Trust Administrator to designate a separate series of Beneficial Interests of the Titling Trust, which will be a separate
series of beneficial interest within the Titling Trust within the meaning of Section 3806(b) of the Delaware Statutory Trust Act (each, a “Specified Interest,” to and from which Titling Trust Assets may be
allocated or reallocated, as applicable, from time to time pursuant to the terms of this Titling Trust Agreement. Notwithstanding the foregoing, a new Specified Interest shall not be created to which the Specified Assets of any other Specified
Interest will be reallocated if, as to such other Specified Interest, the Titling Trustee has either received notice from any Registered Pledgee or Titling Trust Creditor, as the case may be, or otherwise has obtained actual knowledge, that a TRO
Default or other default has occurred and is continuing with respect to any Trust-Related Obligation relating to such other Specified Interest. 
 (b) Issuance of Certificates. In connection with the designation of a Specified Interest by the Holders of any Series pursuant to this Section 4.1(a), the Titling Trust will issue to, or to the order
of, such Holders one or more certificates, that at any time will collectively represent the entire Beneficial Interest in the assets allocated to such newly-created Specified Interest at such time (each such certificate, a
“Certificate” and all of the Certificates issued in connection with a Specified Interest, a “Series”). 
  

					
		  	24	  	Titling Trust Agreement

 (c) Delivery of Specification Notice. The designation of each Specified Interest and
the Holders of the related Certificates will be set forth in the Specification Notice delivered to the Titling Trust Administrator (with a copy to each of the Titling Trustee and the Delaware Trustee) by the Holders of the related Certificates
pursuant to Section 4.3(b). The terms of the Beneficial Interest in the Specified Assets allocated to such Specified Interest will be as set forth in such Specification Notice and in the related Servicing Agreement, if any.

 (d) All Titling Trust Assets to be Allocated to Specified Interests. All Titling Trust Leases, Titling
Trust Vehicles and proceeds of the foregoing will be allocated to Specified Interests, and no Titling Trust Asset may at any time be allocated to more than one Specified Interest (without limiting the right of more than one Specified Interest to be
a beneficiary of, or named as the loss payee or additional insured with respect to, any insurance policy). 
 (e) Separateness of
Specified Interests. In accordance with Section 3806(b) of the Delaware Statutory Trust Act, the Titling Trust Administrator, acting on behalf of the Titling Trust and the Holders of the Certificates, will maintain separate and
distinct records for the Specified Assets allocated to each Specified Interest. The Specified Assets allocated to each Specified Interest will be accounted for separately from the Specified Assets allocated to each other Specified Interest. Except
to the extent required by Applicable Law or specified in this Titling Trust Agreement, the debts, liabilities and obligations incurred, contracted for or otherwise existing with respect to the Specified Assets allocated to any Specified Interest
will be enforceable against such Specified Assets only, and not against the Titling Trust generally or the Specified Assets allocated to any other Specified Interest and none of the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Titling Trust generally or the Specified Assets of any other Specified Interest will be enforceable against the Specified Assets allocated to such Specified Interest. 
 (f) Recitations and Agreements Regarding Separateness. One or more of the TRO Documents with respect to each Trust-Related
Obligation shall contain agreements and acknowledgments to the effect of each of the provisions set forth in the table below, in a manner sufficient such that each related TRO Holder is, and each Person that from time to time subsequently becoming a
TRO Holder with respect to such Trust-Related Obligation shall be, bound thereby (either directly or through a representative, such as an indenture trustee or any collateral agent, whose agreement would have the effect of limiting the rights of such
TRO Holder for purposes of the matters stated in such agreements and acknowledgments). In addition, each Certificate, and each certificate, security or instrument representing a Trust-Related Obligation, shall contain recitations to the effect of
each of the provisions set forth in the table below. 
  

					
	  	  	  	  	 Required Provision

	(1)	  	Limited Recourse	  	The obligation(s) and/or interest(s) represented by such Certificate or TRO Document, as the case may
be, (1) are entered into or issued, as applicable, by or in regard to the Titling Trust, solely with respect to (and, if applicable, constitute an interest in or obligation solely of) the Specified Interest to which such Certificate or TRO Document,
as the case may be, relates and (2) shall be recourse only to the Specified Assets from time to time allocated to such Specified Interest.

  

					
		  	25	  	Titling Trust Agreement

					
	  	  	  	  	 Required Provision

	(2)	  	Subordination	  	If an Insolvency Event occurs with respect to the Titling Trust, any claim that any related TRO Holder or Holder of a Certificate, as
the case may be, may seek to enforce at any time against the Titling Trust or the Specified Assets of any Specified Interest other than the Specified Interest in connection with which the applicable TRO Document or Certificate, as the case may be,
was issued or entered into will be subordinate to the payment in full, including post-petition interest, of the claims of all TRO Holders, and all Holders of Certificates, in each case related to such other Specified Interest.
	 		 
	(3)	  	Section 1111(b) Election	  	Such TRO Holder 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 such TRO Holder may have at any time against the Titling Trust or against any Series other than the Series in connection with which
such TRO Document was issued or entered into.
	 		 
	(4)	  	Non-Petition	  	No such Holder or TRO Holder (and no representative of any such Holder or TRO Holder) shall, prior to
the end of the period that is one year and one day (or, if longer, any applicable preference period) after payment in full of all Trust-Related Obligations, (A) institute, or join any other Person in instituting, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding, or any other proceeding, against the Initial Beneficiary, the Titling Trustee or the Titling Trust and/or (B) cooperate with or encourage others to institute any such proceeding, in
each case under the laws of the United States, any state or commonwealth of the United States (including the District of Columbia), or any foreign jurisdiction.

 Section 4.2 Capital Contributions. 
 The Holders of any Series may make capital contributions to the Titling Trust. Any such capital contributions will be allocated to the related Specified
Interest. If the Holders of Certificates relating to any Series make capital contributions to the Titling Trust, except as otherwise specified in the related Certificates, Specification Notice or Servicing Agreement, each such Holder will make
capital contributions in an amount such that after giving effect to the capital contributions of all Holders of such Series, the ratio of each Holder’s investment in the related Specified Interest remains unchanged. The proceeds of capital
contributions made with respect to any Specified Interest will be applied in a manner consistent with the terms (if any) as may be applicable to such capital contributions under the terms of any related Titling Trust Debt Document(s). 
 Section 4.3 Allocation of Specified Assets; Servicing Agreements. 
 (a) Holders Responsible for Servicing Specified Assets. The Holders of each Series, by accepting their respective Certificates, will
be deemed to have acknowledged and agreed that the Holders of such Series will administer, manage and control the Specified Assets allocated to the related Specified Interest. The Holders of each Series may engage one or more third party servicers
to administer, manage and control the Specified Assets allocated to the related Specified Interest (with respect to any Series, a “Servicer“). The terms and conditions under which any Servicer will perform such functions will
be set forth in a 

  

					
		  	26	  	Titling Trust Agreement

 
Servicing Agreement. The Titling Trust or the Titling Trustee, on behalf of the Titling Trust, will be a party to or execute an acknowledgment and acceptance
of each Servicing Agreement and of the appointment of the Servicer. The Holders of any Series may assign to the related Servicer any or all of the rights of the Holders under this Titling Trust Agreement and the related Certificates, including the
rights granted to such Holders under Section 4.3(c), to be exercised in connection with the Servicer’s performance of its duties under the related Servicing Agreement, and the Titling Trust consents to such assignment. Each
Servicing Agreement will set forth the duties and responsibilities of the related Servicer, including: 
 (i) the standards
the Servicer will be required to use to service and administer the related Specified Assets and maintain the accounts, records and computer systems pertaining to the related Specified Assets; 
 (ii) the type, required coverages and principal terms of the insurance policies, if any, that the Servicer will maintain with respect to
the related Specified Assets; and 
 (iii) the appointment of a custodian of the Lease Files with respect to the related
Specified Assets. 
 (b) Designation of Specified Interests. At least one Business Day prior to the Series Issue Date
with respect to any Specified Interest, the Holders of the applicable Series (with prior notice to the Initial Beneficiary, any Registered Pledgee of any Certificate of such Series and the holders of any Titling Trust Debts issued with respect to
the related Specified Interest) will deliver to the Titling Trust Administrator a notice executed by the Initial Beneficiary or such Holders (each, a “Specification Notice”), setting forth the terms of the related Series,
including: 
 (i) the date that the related Series will be issued (the “Series Issue Date”);

 (ii) that (A) additional Titling Trust Leases and Titling Trust Vehicles may be allocated to the Specified Interest
(any such Specified Interest, a “Revolving Specified Interest”) or (B) no additional Titling Trust Leases and Titling Trust Vehicles may be allocated to the Specified Interest (any such Specified Interest, a
“Fixed Specified Interest”); 
 (iii) that the Certificates of the related Series will collectively
represent the entire Beneficial Interest in the related Specified Assets and (1) will be issued in more than one class (each, a “Class”) having different rights with respect to the related Specified Assets and specifying
the terms of each such Class or (2) will be issued only in a single Class; 
 (iv) the Persons to whom the Certificates
of such Series initially will be issued; 
 (v) the first date as of which Collections on the related Specified Assets will be
allocated to such Specified Interest (the “Series Cutoff Date”); 
  

					
		  	27	  	Titling Trust Agreement

 (vi) a Applicable Asset Annex identifying the Titling Trust Assets to be initially
allocated to such Specified Interest (or, solely in the case of a Specified Interest whose Series Issue Date occurs on July 16, 2008, containing a description of the Titling Trust Assets to be allocated to such Specified Interest); and

 (vii) that (A) Titling Trust Debts may be issued by the Titling Trust with respect to such Specified Interest (if so
specified, such Specified Interest a “Titling Trust Debt Specified Interest”) or (B) Titling Trust Debts may not be issued by the Titling Trust with respect to such Specified Interest. 
 No Applicable Asset Annex delivered pursuant to this Section 4.3(b) may include any Titling Trust Leases or Titling Trust Vehicles
that will be allocated (and as to which Collections will be allocable) to another Specified Interest as of the day immediately following the applicable Series Cutoff Date. 
 On the Series Issue Date, the Titling Trust will issue the related Certificates to the Persons named in the Specification Notice. The Titling Trust will
provide notice of each such issuance to the Titling Trustee, and the Titling Trustee will record such issuance in the Certificate Register. Each Specification Notice will be substantially in the form of Exhibit A. 
 (c) Rights of Holders With Respect to Specified Interests. The Holders of each Series, with respect to the related Specified
Interest, subject to the rights of (A) any related Registered Pledgee and (B) any related Secured Titling Trust Creditors or other Titling Trust Creditors and to the terms of the related Servicing Agreement and any other document to which
the related Specified Assets are subject, will have the exclusive right to administer, manage, and control the related Specified Assets, including the right to, at any time and, for any reason or for no reason to: 
 (i) direct the Titling Trust to assign or otherwise transfer any related Specified Leases, Specified Vehicles or other Specified Assets
to, or to the order of, such Holders; 
 (ii) receive or direct the application of all Collections on the related Specified
Assets; 
 (iii) designate, remove and direct the actions of the related Servicer and specify the terms of the related
Servicing Agreement in accordance with Section 4.3(a); 
 (iv) direct the Titling Trust to accept
assignment of title to Titling Trust Leases and Titling Trust Vehicles (or instruct the related Servicer, as their agent, to so direct the Titling Trust) for allocation to such Specified Interest (if designated as a Revolving Specified Interest) in
accordance with Section 4.3(d); 
 (v) direct the Titling Trust to reallocate any related Specified Leases,
Specified Vehicles or other Specified Assets to a different Specified Interest in accordance with Section 4.3(f); 
 (vi) in the case of a Titling Trust Debt Specified Interest, direct the Titling Trust to issue Titling Trust Debts with respect to the related Specified 

  

					
		  	28	  	Titling Trust Agreement

 
Interest and pledge any or all of the related Specified Assets to secure such Titling Trust Debts, subject to and in accordance with the terms of this
Titling Trust Agreement and the related Specification Notice; and 
 (vii) provide directions to the Titling Trust
Administrator, the Titling Trust, the Titling Trustee or the related Servicer with respect to the related Specified Interest pursuant to Section 7.4(a). 
 (d) Subsequent Addition of Specified Assets to Revolving Specified Interests. The Holders of the Series relating to any Revolving
Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with Section 4.3(h) any Titling Trust Leases, Titling Trust Vehicles or other assets that have been acquired
or are to be acquired by the Titling Trust for allocation to such Revolving Specified Interest, and provide to the Titling Trust Administrator the following information with respect to any such assets: 
 (i) the Revolving Specified Interest to which Titling Trust Leases, Titling Trust Vehicles or other assets have been or are to be
allocated; 
 (ii) the Addition Date; and 
 (iii) the date as of which Collections on such assets will be allocated to such Revolving Specified Interest. 
 Effective as of the Addition Date set forth in any Addition Notice, the Titling Trust Leases, Titling Trust Vehicles or other assets identified therein will be Specified
Assets allocated to the Specified Interest set forth in the Addition Notice. Notwithstanding the foregoing, if the Specification Notice related to a Revolving Specified Interest specifies that Titling Trust Leases and Titling Trust Vehicles having
specifically identified characteristics shall be automatically allocated to such Specified Interest upon the acquisition thereof by the Titling Trust, then no separate Addition Notices will be required in respect of any Titling Trust Leases and
Titling Trust Vehicles acquired by the Titling Trust with such specifically identified characteristics. 
 Notwithstanding the foregoing part of this
Section 4.3(d), no assets may be added to any Specified Interest pursuant to this Section 4.3(d) if such assets will be allocated (and as to which Collections will be allocable) to another Specified Interest
immediately following the applicable Addition Date. 
 (e) Assignment and Transfer of Specified Assets from the
Titling Trust. The Holders of the Series relating to any Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with
Section 4.3(h) any related Specified Assets that have been or are to be assigned or otherwise transferred from the Titling Trust, and provide to the Titling Trust Administrator the following information with respect to such
Specified Assets: 
 (i) the Specified Interest from which the Specified Assets have been or are to be assigned or otherwise
transferred; 
 (ii) the Assignment Date; and 
  

					
		  	29	  	Titling Trust Agreement

 (iii) the date as of which Collections on such Specified Assets will cease to be
allocated to such Specified Interest. 
 Effective as of the Assignment Date set forth in any Assignment Notice, but subject to compliance with the Asset
Removal Procedures set forth in Section 4.4, the Specified Assets identified in the Applicable Asset Annex attached to such Assignment Notice will cease to be Titling Trust Assets. 
 (f) Reallocation of Specified Assets from one Specified Interest to Another. The Holders of the Series relating to any Specified
Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with Section 4.3(h) any related Specified Assets that have been or are to be reallocated to another existing Specified
Interest, and provide to the Titling Trust Administrator the following information with respect to such Specified Assets: 
 (i) the Specified Interest from which the Specified Assets have been or are to be reallocated; 
 (ii) the Specified
Interest to which the Specified Assets have been or are to be reallocated; 
 (iii) the Reallocation Date; and 
 (iv) the date as of which Collections on such Specified Assets will be allocated to the Specified Interest to which such Specified Assets
have been or are to be reallocated. 
 Subject to compliance with the Asset Removal Procedures set forth in Section 4.4, and as of the
Reallocation Date set forth in any Reallocation Notice, the Titling Trust Leases, Titling Trust Vehicles or other assets identified therein will be reallocated to the Specified Interest set forth in the Reallocation Notice. 
 (g) Identification of Assets. In identifying Titling Trust Leases, Titling Trust Vehicles and other assets to be allocated,
acquired, assigned, transferred or reallocated pursuant to Section 4.3(b), (d), (e) or (f), the Holders of the Series relating to the Specified Interest from which such assets will be
allocated will identify: 
 (i) Titling Trust Leases by account number; 
 (ii) Titling Trust Vehicles by vehicle identification number; and 
 (iii) any other Titling Trust Assets by such description in such form that will permit the Titling Trustee to identify such Titling Trust
Assets separately from any other Titling Trust Assets. 
 (h) Reporting to Titling Trust Administrator. The Holders (or
the related Servicer on their behalf) will report to the Titling Trust Administrator with respect to assets acquired, assigned, transferred, or reallocated pursuant to Section 4.3(b), (d), (e) and
(f) at such times, in such manner and in such form as may be agreed to from time to time by such Holders (or the related Servicer on their behalf) and the Titling Trust Administrator, which may include any electronic means.

  

					
		  	30	  	Titling Trust Agreement

 (i) Certain Rights and Duties of the Titling Trust Administrator With Respect to Specified
Interests and Specified Assets. In accordance with procedures set forth in the related Servicing Agreement, each Servicer (or, if no Servicer has been appointed with respect to a Specified Interest, the Holders of the related Series)
will provide information with respect to the related Specified Assets to the Titling Trust Administrator in detail sufficient to permit the Titling Trust Administrator to maintain on an ongoing basis adequate records with respect to the investments
of the Holders in the Titling Trust and to provide the Holders and the Titling Trust Creditors with any information required to be provided to them pursuant to this Titling Trust Agreement and the other Trust Documents. The Titling Trust
Administrator has no responsibility for determining, monitoring or verifying the value or quality of any assets contributed to or held by the Titling Trust. The Titling Trust Administrator, upon receipt of all certificates, statements, opinions,
reports, documents, orders, other instruments or property furnished to the Titling Trust Administrator that are required to be furnished pursuant to this Titling Trust Agreement, will examine them to determine whether they are on their face in the
form required by this Titling Trust Agreement. If any such item is found on its face not to conform to the requirements of this Titling Trust Agreement in a material manner, the Titling Trust Administrator will take such action as it deems
appropriate to have the item corrected by the related Servicer, and if the item is not corrected to the Titling Trust Administrator’s reasonable satisfaction by the related Servicer, the Titling Trust Administrator will provide notice thereof
to the Titling Trustee and to the applicable Holders. The Titling Trust Administrator will make all books and records maintained by the Titling Trust Administrator with respect to the Titling Trust and the Titling Trust Assets available to the
Titling Trustee for inspection, but only upon reasonable notice and during the normal business hours of the respective offices of the Titling Trust Administrator. 
 Section 4.4 Asset Removal Procedures. 
 Notwithstanding any provision
to the contrary set forth in Section 4.3, the effectiveness of the reallocation of a Specified Asset of any Specified Interest to any other Specified Interest pursuant to any Specification Notice or Reallocation Notice, or the
assignment or transfer by the Titling Trust of a Specified Asset of any Specified Interest, shall be subject to compliance with the following procedures, conditions and limitations (such procedures, the “Asset Removal
Procedures”): 
 (a) the Titling Trustee has neither received notice from any related Registered Pledgee or Titling Trust
Creditor, as the case may be, nor otherwise obtained actual knowledge, that a TRO Default (i) has occurred and is continuing with respect to any Trust-Related Obligation relating to the Specified Interest from which such Specified Assets are to
be reallocated or (ii) would occur under any such Trust-Related Obligation as a result of such reallocation; 
 (b) Notice of such
reallocation or assignment shall have been provided by the related Holder or Servicer to each TRO Holder Representative, if any, with respect to the Specified Interest from which such assets are to be reallocated at least five (5) Business Days
prior to the applicable Series Cutoff Date, Reallocation Date or Assignment Date, as the case may be; 
  

					
		  	31	  	Titling Trust Agreement

 (c) a copy of such Specification Notice or
Reallocation Notice (including the related Applicable Asset Annex) shall have been delivered to each TRO Holder Representative, if any, with respect to the Specified Interest from which such Titling Trust Assets are to be reallocated or assigned no
later than the fifth (5th) Business Day following the applicable Series Cutoff Date, Reallocation Date or Assignment Date; 
 (d) the rights of the Titling Trust Creditors or Registered Pledgees with respect to the Specified Interest from which such Titling Trust Assets are
being reallocated would not otherwise be violated by such reallocation; and 
 (e) in the case of an asset to be reallocated from another
Specified Interest pursuant to a Specification Notice or Reallocation Notice, such asset will not be allocated to, or constitute a Specified Asset of, in each case as of the applicable Series Cutoff Date or Reallocation Date, as applicable,
specified in such notice, any Specified Interest other than the Specified Interest to which such asset is to be reallocated pursuant to such notice. 
 Notwithstanding the foregoing part of this Section 4.4, if and to the extent that procedures with respect to the reallocation of assets from any Specified Interest are set forth in the TRO Documents for the Trust-Related
Obligations, if any, of such Specified Interest, the procedures set forth in such TRO Documents shall govern, and compliance with such procedures shall be deemed to constitute compliance with this Section 4.4 (including as to delivery
of any required notices to TRO Holders or their representatives). 
 Section 4.5 Accounts of the Titling Trust. 
 If so specified in the Servicing Agreement with respect to any Specified Interest, the Titling Trust Administrator will, in the manner so specified,
establish and maintain in the name of the Titling Trust, or in such other name that identifies the Titling Trust as the holder of the account, one or more separate deposit accounts or securities accounts for the benefit of the Holders of the related
Series. Any such account will be under the sole dominion and control of the related Holders, subject to the rights of any related Registered Pledgees or any related TRO Holders, except to the extent otherwise specified in such Servicing Agreement.

 Section 4.6 Titling Trust Debts. 
 The Titling Trust may issue Titling Trust Debts with respect to (and only with respect to) any Titling Trust Debt Specified Interest. If so specified in the Titling Trust Debt Document with respect to any Titling
Trust Debts or in the Specification Notice with respect to the related Specified Interest, the related Titling Trust Creditors may designate an indenture trustee, agent or other third party to exercise the rights of such Titling Trust Creditors
under this Titling Trust Agreement. If no such third party is designated, unless otherwise specified in the related Specification Notice, the rights of the Titling Trust Creditors may be exercised only with the consent of 100% of such holders.

  

					
		  	32	  	Titling Trust Agreement

 ARTICLE V 
 THE CERTIFICATES 
 Section 5.1 Authentication and Delivery; Form. 
 (a) Each Certificate will be substantially in the form set forth in Exhibit B, subject to modifications as required by this Titling Trust
Agreement or the related Specification Notice. Each Certificate will be executed by manual or facsimile signature by an Authorized Officer of the Titling Trustee. Each Certificate bearing the manual or facsimile signatures of individuals who were
authorized to sign on behalf of the Titling Trustee at the time when such signatures were affixed will be a valid and binding representation of interests in the Titling Trust notwithstanding that any or all of such individuals will have ceased to be
so authorized prior to or did not hold such offices at the date of authentication and delivery of such Certificate or thereafter. 
 (b)
Certificates may be typewritten or produced by any other method, all as determined by the Titling Trustee, as evidenced by the Titling Trustee’s execution of such Certificates. 
 (c) In the case of Certificates issued in connection with the issuance of Trust-Related Obligations, Certificates will be issued only upon delivery of an
Opinion of Counsel addressed to the Titling Trust Administrator, the Titling Trustee and the Titling Trust that (i) such issuance and the transactions entered into in connection therewith (including transfers of such Certificates permitted by
the documents executed in connection with such transactions) will not cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes and (ii) the
issuance of such Certificates will not have a material adverse effect on the U.S. federal income tax characterization of the Trust-Related Obligations, if any, issued in connection with any previously issued Certificates. 
 (d) Notwithstanding any other part of this Titling Trust Agreement, no Person may acquire any Certificate or be admitted as a Holder unless: 

(i) such Person is not acquiring its interest in the Titling Trust through an “established securities market” within the
meaning of section 7704(b) of the Code; 
 (ii) after giving effect to such acquisition, there are no more than 95 beneficial
owners of the Titling Trust as determined by Section 1.7704-1(h) of the Treasury Regulations; and 
 (iii) such Person
either (A) is not (or, if it is disregarded as an entity separate from its owner within the meaning of Treasury Regulations Section 301.7701-3(a), its owner is not), for U.S. federal income tax purposes, a partnership, grantor trust, or S
Corporation (as defined in the Code) (any such entity, a “Pass-Through Entity”) or (B) is a Pass-Through Entity, but (x) after giving effect to such transaction less than 50 percent of the value of each beneficial
ownership interest in such Pass-Through Entity is attributable to such entity’s interest in the Titling Trust or (y) adequate provisions are in place that restrict any transfer of beneficial interests in such 

  

					
		  	33	  	Titling Trust Agreement

 
Pass-Through Entity or the actions of such Pass-Through Entity in such a manner to prevent any increase in the number of beneficial owners of the
Pass-Through Entity for purposes of Section 1.7704-1(h) of the Treasury Regulations without the consent of the Titling Trust (as confirmed by an Opinion of Counsel). 
 Section 5.2 Mutilated, Destroyed, Lost or Stolen Certificates. 
 If (i) any mutilated
Certificate is surrendered to the Titling Trustee, or the Titling Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii) there is delivered to the Titling Trustee such security or indemnity
as may be required by it to indemnify and hold it harmless, then the Titling Trustee will execute on behalf of the Titling Trust and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a replacement
Certificate of the same Class and proportionate interest in the Titling Trust, the related Specified Interest and the Specified Assets allocated thereto. Such substitute Certificate will constitute for all purposes a substitute for the original
Certificate and the original Certificate will be deemed canceled and the books and records of the Titling Trustee will indicate such cancellation. Any replacement Certificate will be delivered to the Holder of the applicable Series. However, if
there is a Registered Pledgee of such Certificate, then a replacement Certificate will be delivered to the Registered Pledgee if the Notice of Registered Pledge so provides. 
 Section 5.3 Persons Deemed Holders. 
 Prior to due presentation of a Certificate for registration of transfer, the Titling Trustee will regard the Person in whose name such Certificate is registered as the Holder for all purposes. The Holder of any Certificate may covenant or
enter into agreements with other Persons with respect to the exercise of any or all of its rights as Holder of such Certificate and, subject to Section 5.4(e), upon receipt of notification of such arrangements by the Titling
Trustee (with a copy to the Titling Trust Administrator), such Persons will be treated as Holders in accordance with and to the extent provided in such agreement. 
 Section 5.4 Registration of Transfer and Exchange of Certificates. 
 (a) The Titling
Trustee will keep or cause to be kept, at the office or agency maintained pursuant to Section 5.5, a register (the “Certificate Register”) that, subject to such reasonable regulations as it may prescribe,
the Titling Trustee will provide for the registration of Certificates and of transfers and exchanges of Certificates. The Titling Trustee will not register any transfer, sale, assignment, hypothecation, pledge or other conveyance of any Certificate
unless the request for such transfer, sale, assignment, hypothecation, pledge or other conveyance is accompanied by either (i) in the case of a conveyance that constitutes a Registered Pledge, a Notice of Registered Pledge and the other
documentation required under Section 5.4(e) and Section 5.4(f) or (ii) in the case of any other conveyance of a Certificate subject to a Registered Pledge, evidence that the related Registered Pledgees have
consented to such conveyance. 
 (b) Upon surrender for registration of transfer of any Certificate to the Titling Trustee at its Corporate
Trust Office, an Authorized Officer of the Titling Trustee will execute, authenticate, and deliver, in the name of the designated transferee or transferees, one or more new Certificates in a like aggregate amount dated the date of authentication by
the Titling Trustee. 
  

					
		  	34	  	Titling Trust Agreement

 (c) Every Certificate presented or surrendered for registration of transfer or exchange will be
accompanied by an instrument of transfer or exchange in form satisfactory to the Titling Trustee duly executed by the Holder, including, with respect to any Certificate subject to a Registered Pledge, the documentation described in
Section 5.4(a)(ii). Each Certificate surrendered for registration of transfer and exchange will be canceled and subsequently disposed of by the Titling Trustee. 
 (d) No service charge will be made for any registration of transfer or exchange of Certificates, but the Titling Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates. 
 (e)
Except to the extent specified in this Titling Trust Agreement or in the related Servicing Agreement, Certificates may be assigned, pledged or otherwise transferred. However, the Certificates may be assigned, pledged or otherwise transferred only
upon delivery of an Opinion of Counsel addressed to the Titling Trust Administrator, the Titling Trustee and the Titling Trust that such assignment, pledge or transfer will not cause the Titling Trust to be classified as an association (or publicly
traded partnership) taxable as a corporation for U.S. federal income tax purposes. Any attempted assignment, pledge, or other transfer in violation of this Section 5.4(e) will be void ab initio. In addition, each
assignee, pledgee or other transferee must, prior to or contemporaneously with any such assignment, pledge or other transfer, execute an agreement containing a non-petition covenant substantially similar to that set forth in
Section 11.10 and deliver to the Titling Trust Administrator, the Titling Trustee and the Initial Beneficiary an executed copy of such agreement. In addition to the foregoing, in the case of a pledge of a Certificate, the Holder
will deliver to the Titling Trustee (with a copy to the Titling Trust Administrator) a notice of registered pledge substantially in the form of Exhibit C (a “Notice of Registered Pledge”), an executed copy of
the related security agreement and any agreements governing the exercise by the pledgee of the rights of a Holder with respect to the applicable Certificate (any such pledge, a “Registered Pledge”). 
 (f) The Titling Trustee will deliver, or cause to be delivered, a copy of this Titling Trust Agreement to each Person that becomes a Holder or Registered
Pledgee. 
 Section 5.5 Maintenance of Office or Agency. 
 The Titling Trustee will maintain an office or offices or agency or agencies where Certificates may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Titling Trustee in respect of the Certificates and this Titling Trust Agreement may be served. The Titling Trustee initially designates its Corporate Trust Office as its office for such purposes.
The Titling Trustee will give prompt notice to the Initial Beneficiary, the Holders and any Registered Pledgees of any change in the location of such office. 
 Section 5.6 Cooperation with Servicers. 
 The Titling Trust will furnish each Servicer
with any powers of attorney and such other documents as have been prepared by such Servicer for execution by the Titling Trust as are necessary or appropriate to enable such Servicer to carry out its duties under the applicable Servicing Agreement.

  

					
		  	35	  	Titling Trust Agreement

 Section 5.7 Registered Pledge. 
 Each Notice of Registered Pledge will be executed by the Holder of the subject Certificate and each Registered Pledgee of such Certificate and will set
forth the following information: 
 (i) the name of the Holder; 
 (ii) the name and address of the Registered Pledgee; 
 (iii) the Series and Class, if applicable, of the Certificate subject to the Registered Pledge; 
 (iv) any rights of the Holder under this Titling Trust Agreement and the applicable Certificate that the Holder has agreed may be
exercised by the Registered Pledgee; 
 (v) if there is more than one Registered Pledgee of a Certificate, a brief statement
of the relative rights of each Registered Pledgee in such Certificate; and 
 (vi) any additional information required by the
Titling Trust Administrator or the Titling Trustee. 
 ARTICLE VI 
 ACCOUNTING AND REPORTS TO HOLDERS 
 The Titling Trust Administrator will
(a) maintain (or cause to be maintained) the books of the Titling Trust on a calendar year basis on the accrual method of accounting, (b) deliver to each Holder and Registered Pledgee such information as may be required by the Code and
applicable Treasury Regulations or otherwise, including such information as may be required to enable each Holder and Registered Pledgee to prepare its U.S. federal income tax returns, (c) file (or cause to be filed) any tax returns relating to
the Titling Trust and make (or cause to be made) such elections as may be required or appropriate under any Applicable Law, and (d) cause such tax returns to be signed in the manner required by Applicable Law. 
 ARTICLE VII 
 THE TITLING TRUST
ADMINISTRATOR AND THE TRUSTEES 
 Section 7.1 Appointment of the Titling Trust Administrator; Duties of the Titling Trust
Administrator and the Titling Trustee. 
 (a) Appointment of the Titling Trust Administrator. The Initial
Beneficiary appoints World Omni as Titling Trust Administrator and World Omni hereby accepts such appointment. Each Holder of a Certificate, by acceptance thereof, will be deemed to have consented to the appointment of World Omni as Titling Trust
Administrator. 
 (b) Duties of the Titling Trust Administrator and the Trustees. The Titling Trust Administrator and
the Trustees will each perform such duties, and only such duties, as are specifically set forth in this Titling Trust Agreement. No implied covenants or obligations will be read into this Titling Trust Agreement. 
  

					
		  	36	  	Titling Trust Agreement

 (c) Reliance on Certificates and Opinions. In the absence of bad faith, gross
negligence or willful misconduct on its part, the Titling Trust Administrator and each Trustee may conclusively rely upon certificates or opinions furnished to the Titling Trust Administrator or the applicable Trustee, as the case may be, and
conforming to the requirements of this Titling Trust Agreement in determining the truth of the statements and the correctness of the opinions contained therein. However, the immediately preceding sentence will not apply unless the Titling Trust
Administrator or the applicable Trustee, as the case may be, have examined such certificates or opinions so as to determine compliance of the same with the requirements of this Titling Trust Agreement. 
 (d) No Duty to Segregate Funds; No Liability for Interest. Subject to Section 4.3, the Titling Trust
Administrator is not required to segregate funds received under this Titling Trust Agreement in any manner except to the extent required by Applicable Law and the related Servicing Agreement and may deposit such funds under such general conditions
as may be prescribed by Applicable Law. The Titling Trust Administrator will not be liable for any interest on any such funds. 
 (e)
Limitation on Direction by Holders. A Holder will not direct the Titling Trust Administrator or either Trustee to take any action that: 
 (i) is inconsistent with any of the Permitted Transactions; 
 (ii) would result in the Titling Trust’s becoming an association (or publicly traded partnership) taxable as a corporation for U.S.
federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the Titling Trust and the Titling Trust Assets as set forth in Section 2.9; or 
 (iii) is otherwise inconsistent with any provision of this Titling Trust Agreement or any other Trust Document. 
 Section 7.2 Authorization of the Titling Trust Administrator and the Trustees. 
 Each Trust Representative is authorized and directed by the Initial Beneficiary to execute and deliver this Titling Trust Agreement, the Intercreditor
Agreement, each of the other Trust Documents, and each certificate or other document attached as an exhibit to or contemplated by this Titling Trust Agreement to which the Titling Trust is to be a party, in such form as the Initial Beneficiary may
approve. 
 Section 7.3 Acceptance of Duties; Limitation of Liability. 
 (a) General Standard of Care. Each Trust Representative agrees to perform its respective duties under this Titling Trust Agreement
but only upon the terms of this Titling Trust Agreement. Each Trust Representative also agrees to disburse any and all moneys received by it constituting part of the Titling Trust Assets upon the terms of this Titling Trust Agreement and the other
Trust Documents. In carrying out its duties hereunder, each Trust 

  

					
		  	37	  	Titling Trust Agreement

 
Representative shall exercise such of the rights and powers vested in it using the same degree of care and skill in their exercise as a prudent Person would
exercise or use under the circumstances in the conduct of such Person’s own affairs. No provision of this Titling Trust Agreement shall be construed to relieve any Trust Representative from liability for its own negligent action, its own
negligent failure to act, its own bad faith or its own willful misfeasance or, in the case of the Titling Trustee, similar acts or omissions of any Titling Trustee Agent; provided, however, that: 

(i) no Trustee shall be personally liable for any action taken, suffered or omitted by it or any error of judgment, in each case made
in good faith by any officer of, or any other employee of the corporate trust office of, such Trustee (or, in the case of the Titling Trustee, any Titling Trustee Agent), including any vice-president, trust officer or any other officer of such
Trustee (or, in the case of the Titling Trustee, any Titling Trustee Agent) customarily performing functions similar to those performed by such officers or to whom any corporate trust matter is referred because of such Person’s knowledge of or
familiarity with the particular subject, unless it shall be proved that such Trustee (or, in the case of the Titling Trustee, such Titling Trustee Agent) was negligent or acted with willful misfeasance in performing its duties in accordance with the
terms of this Titling Trust Agreement; and 
 (ii) no Trustee shall be personally liable with respect to any action taken,
suffered or omitted to be taken in good faith in accordance with the express direction of the Initial Beneficiary or, to the extent of actions taken with respect to any Specified Interest or the related Specified Assets, the Holder of the related
Series, relating to the exercise of any trust power conferred upon such Trustee under this Titling Trust Agreement. 
 (b)
Limitation on Requirement of Trust Representatives to Take Actions Exposing Them to Risk. Notwithstanding Section 7.3(a), no Trust Representative will be under any obligation to exercise any of the rights or powers vested
in it by this Titling Trust Agreement, or to institute, conduct or defend any litigation under this Titling Trust Agreement or otherwise or in relation to this Titling Trust Agreement, at the request, order or direction of any Holder, unless such
Holder has offered to such Trust Representative security or indemnity satisfactory to it against the fees, costs, expenses and liabilities that may be incurred by such Trust Representative therein or thereby. The right of each Trust Representative
to perform any discretionary act enumerated in this Titling Trust Agreement will not be construed as a duty, and neither Trust Representative will not be answerable for other than its negligence or willful misconduct in the performance of any such
act. 
 (c) Limitation on Actions That Impair Beneficial Interests, Asset Value or Ratings. Except for actions expressly
authorized or required by this Titling Trust Agreement or another Trust Document related to a Specified Interest (or any particular subset of Titling Trust Assets included therein), no Trustee shall take any action as to which such Trustee
(i) has been notified by the Initial Beneficiary, or any related Securitization Entity, Holder or Titling Trust Creditor or (ii) has actual knowledge, that, in either case, such action would impair the related Beneficial Interests, would
impair the value of any related Specified Asset or would result in a downgrade or withdrawal of the rating assigned by any Rating Agency to any related Trust-Related Obligation. 
  

					
		  	38	  	Titling Trust Agreement

 Section 7.4 Action upon Instruction by Holders. 
 (a) The Holders of any Series, subject to the rights of the related Registered Pledgee, if any, may direct the Titling Trust Administrator, the Titling
Trust, each Trustee or the Servicer with respect to the related Specified Interest to take action or refrain from taking action with respect to the related Specified Assets except to the extent that such action or inaction would conflict with any
other provision of this Titling Trust Agreement, any other Trust Document or any other document to which the related Titling Trust Assets are subject. Such direction may be exercised at any time by instructions signed by the Holders holding a 100%
beneficial interest in such Specified Assets. 
 (b) Notwithstanding the foregoing, and in accordance with Section 7.7,
the Titling Trust Administrator will not be required to take any action or refrain from taking action under this Titling Trust Agreement if the Titling Trust Administrator has reasonably determined, or has been advised by counsel, that such action
is likely to result in liability on the part of the Titling Trust Administrator or is contrary to the terms hereof or is otherwise contrary to Applicable Law. 
 (c) Whenever the Titling Trust Administrator is unable to decide between alternative courses of action permitted or required by this Titling Trust Agreement, or is unsure as to the application, intent, interpretation
or meaning of any provision of this Titling Trust Agreement, the Titling Trust Administrator may request an Opinion of Counsel as to such application, intent, interpretation or meaning, or may give notice (in a form appropriate under the
circumstances) to the Holders requesting instruction as to the course of action to be adopted, and, to the extent the Titling Trust Administrator acts in good faith in accordance with such Opinion of Counsel or any such instruction received from
such Holders, as the case may be, the Titling Trust Administrator will not be liable on account of such action to any Person. If the Titling Trust Administrator does not receive an Opinion of Counsel or appropriate instructions within 10 days of
such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but will be under no duty to, take or refrain from taking such action that is consistent, in its
view, with this Titling Trust Agreement, and as it deems to be in the best interests of the Holders, and the Titling Trust Administrator will have no liability to any Person for any such action or inaction. 
 Section 7.5 Furnishing of Documents. 
 The Titling Trust Administrator will furnish to the Holders, promptly upon receipt of a request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments
furnished to the Titling Trust Administrator by the Servicer or others. 
 Section 7.6 Representations and Warranties of the Trustees;
Agreements Regarding Stock. 
 (a) Representations and Warranties of the Trustees. Each Trustee represents and
warrants to the Initial Beneficiary and the Holders as follows: 
 (i) Due Organization. It is a corporation
duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. 
  

					
		  	39	  	Titling Trust Agreement

 (ii) Power and Authority; Authorization. It has full power, authority and
legal right to execute, deliver and perform this Titling Trust Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Titling Trust Agreement. 
 (iii) No Violation. The execution, delivery and performance by it of this Titling Trust Agreement (i) does not violate
any provision of any law or regulation governing the banking and trust powers of the Titling Trustee or any order, writ, judgment or decree of any court, arbitrator or governmental authority applicable to the Titling Trustee or any of its assets,
(ii) does not violate any provision of the corporate charter or by-laws of the Titling Trustee, and (iii) does not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation
or imposition of any Lien on any properties of the Titling Trustee pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, violation, default or Lien would reasonably be expected to
have a materially adverse effect on the Titling Trustee’s performance or ability to perform its duties under this Titling Trust Agreement or on the transactions contemplated in this Titling Trust Agreement. 
 (iv) Consents and Approvals. The execution, delivery and performance by the Titling Trustee of this Titling Trust Agreement
does not require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any Governmental Authority. 
 (v) Execution, Delivery and Enforceability. This Titling Trust Agreement has been duly executed and delivered by the Titling
Trustee and constitutes the legal, valid and binding agreement of the Titling Trustee, enforceable in accordance with its terms, except as enforceability may be limited by insolvency, bankruptcy, reorganization, or other laws relating to or
affecting the enforcement of creditors’ rights and by general equitable principles. 
 (b) Single Purpose. The
Titling Trustee represents and warrants to the Initial Beneficiary and the Holders that, except in its capacity as the Alabama Trustee, the Titling Trustee has not engaged, is not currently engaged, and will not engage during the term of this
Titling Trust Agreement in any other activity other than serving as Titling Trustee and in such ancillary activities as are necessary and proper in order to act as Titling Trustee in accordance with this Titling Trust Agreement and the other Trust
Documents. 
 (c) Representations and Warranties of U.S. Bank; Agreements Regarding Stock. U.S. Bank represents and
warrants to the Initial Beneficiary and the Holders that: 
 (i) Ownership of Stock. All of the issued and
outstanding capital stock of the Titling Trustee (together with any additional capital stock of the Titling Trustee that may be issued from time to time in the future, the “Trustee Stock”) is owned by U.S. Bank, free and
clear of any lien, encumbrance or any other restriction, agreement or commitment of any kind (other than as provided for in this Titling Trust Agreement) that would in any way restrict U.S. Bank’s ability freely to transfer, convey and assign
the Trustee Stock. All such Trustee Stock currently outstanding is (and any Trustee Stock that may be issued in the future will be) validly issued, fully paid and 

  

					
		  	40	  	Titling Trust Agreement

 
nonassesable and has not been (and will not be) issued in violation of any preemptive, first refusal or other subscription rights of any Person. There are no
outstanding options, warrants, conversion rights, subscription rights, preemptive rights, exchange rights or other rights, agreements or commitments of any kind obligating U.S. Bank to sell any Trustee Stock or to issue any additional capital stock
in the Titling Trustee to any Person. U.S. Bank will not issue any additional Trustee Stock without the express written consent of the Initial Beneficiary. 
 (ii) Transfer of Trustee Stock. For so long as U.S. Bank is acting as a Titling Trustee Agent pursuant to Section 7.12 of this Titling Trust Agreement or any Trust Agency Agreement,
but subject to any applicable legal or regulatory requirements, it will retain ownership of all of the Trustee Stock. If at any time (and for any reason, including without limitation U.S. Bank’s resignation or termination as Titling Trustee
Agent or the termination of the Titling Trust) U.S. Bank either is no longer acting as a Titling Trustee Agent, is no longer able, because of legal or regulatory changes, to own the Trustee Stock, or the Titling Trustee would have to be removed
pursuant to Section 7.11 because of is being owned by U.S. Bank, U.S. Bank will: 
 (A) notify the Initial
Beneficiary of such event; and 
 (B) sell to the Initial Beneficiary’s designee (who shall not be the Initial
Beneficiary or any Affiliate thereof), at the Initial Beneficiary’s option, without recourse except with respect to the representations, warranties and covenants contained herein, all of the Trustee Stock for the sum of Ten United States
Dollars (U.S.$10) plus the face value of any cash or cash equivalents then held by the Titling Trustee for its own account, but not in excess of its net worth as set forth on its financial books and records (“Liquid Titling Trustee
Assets”). 
 The Initial Beneficiary’s designee shall have sixty (60) days from the date of receipt of such notice in
which to exercise such option and to consummate such acquisition, during which time U.S. Bank shall refrain from offering for sale or selling any Trustee Stock to any Person other than the Initial Beneficiary’s designee. If the Initial
Beneficiary’s designee shall not consummate such acquisition within such period, U.S. Bank shall be free to offer for sale or sell to any Person any or all of the Trustee Stock or to dissolve the Titling Trustee; provided,
however, that, if, upon or in connection with U.S. Bank’s no longer being a Titling Trustee Agent, a successor Titling Trustee Agent shall be appointed by the Titling Trustee in replacement of U.S. Bank, and U.S.
Bank will next grant to such successor Titling Trustee Agent an option for it or its designee to buy the Trustee Stock without recourse except with respect to the representations, warranties and covenants contained herein, for the sum of Ten United
States Dollars (U.S.$10) plus the face value of the Liquid Titling Trustee Assets. Such successor Titling Trustee Agent or its designee shall have sixty (60) days from the date of receipt of such offer in which to exercise such option and
consummate such acquisition, during which time U.S. Bank shall refrain from offering for sale or selling any Trustee Stock to any Person other than such successor Titling Trustee Agent or its designee. 
 If any of the Initial Beneficiary’s designee, a successor Titling Trustee Agent or its designee shall timely exercise its option to acquire the
Trustee Stock, U.S. Bank shall 

  

					
		  	41	  	Titling Trust Agreement

 
promptly tender all such Trustee Stock to such buyer at a time and place determined by the buyer, duly endorsed in blank or with duly endorsed stock powers
attached, against payment of the purchase price. The Initial Beneficiary shall pay any transfer or similar taxes arising from a transfer of the Trustee Stock as contemplated by this Titling Trust Agreement. 
 Section 7.7 Reliance; Advice of Counsel. 
 Except as otherwise provided in this Titling Trust Agreement: 
 (a) Reliance on
Documents. Each Trust Representative may rely and shall be protected in acting or refraining from acting upon any resolution, officer’s certificate, certificate of auditors or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. In particular, but without limitation, whenever in this
Titling Trust Agreement it is provided that the applicable Trust Representative shall receive or may rely on the instructions or directions of the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor, any written
instruction or direction purporting to bear the signature of any officer of such Person reasonably believed by it to be genuine may be deemed by such Trust Representative to have been signed or presented by the proper party. 
 (b) Reliance on Counsel. Each Trust Representative may consult with counsel, and any opinion of counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted by it under this Titling Trust Agreement in good faith and in accordance with such opinion of counsel. 
 (c) No Requirement to Take Discretionary Action Without Indemnity. No Trust Representative shall be under any obligation to exercise
any of the discretionary rights or powers vested in it by this Titling Trust Agreement, or to institute, conduct or defend any litigation under this Titling Trust Agreement or in relation to this Titling Trust Agreement at the request, order or
direction of the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor pursuant to the provisions of this Titling Trust Agreement, unless such requesting Person(s) shall have offered to such reasonable security or
indemnity against the costs, expenses and liabilities that may be incurred therein or thereby. 
 (d) No Trust Representative shall be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by
the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor in connection with a Trust-Related Obligation; provided, however, that, if the payment within a reasonable time to
such Trust Representative of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of such Trust Representative, not reasonably assured to such Trust Representative by the security
afforded to it by the terms of this Titling Trust Agreement or any other Trust Document, such Trust Representative may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding; the reasonable expense of
every such examination shall be paid by the Person(s) requesting such examination or, if paid by such Trust Representative, shall be reimbursed to such Trust Representative as an expense of the Titling Trust upon demand. 
  

					
		  	42	  	Titling Trust Agreement

 Section 7.8 Compensation and Reimbursement. 
 The Titling Trust Administrator and each of the Trustees will receive as compensation for its services under this Titling Trust Agreement such reasonable
fees as separately agreed upon between the Initial Beneficiary and the Titling Trust Administrator or the applicable Titling Trustee, as the case may be. The Titling Trust Administrator and each of the Trustees will be entitled to be reimbursed by
the Initial Beneficiary for its reasonable expenses under this Titling Trust Agreement, including the reasonable compensation, expenses and disbursements of such agents, custodians, nominees, representatives, experts and counsel as the Titling Trust
Administrator or the applicable Trustee may employ in connection with the exercise and performance of its rights and its duties under this Titling Trust Agreement. However, pursuant to the terms of the Servicing Agreements entered into in connection
with the issuance of any Certificate, the related Holders (or the related Servicer or another Person if so specified therein) will pay the Specified Asset Titling Trust Administrator Fee and the Specified Asset Titling Trustee Fee in the manner and
at the times set forth therein. 
 Section 7.9 Resignation or Removal of Titling Trust Administrator and the Trustees. 

 (a) Neither the Titling Trust Administrator nor either of the Trustees may resign without the consent of the Initial Beneficiary unless the
Titling Trust Administrator or the applicable Titling Trustee ceases to be eligible (in the case of the Trustees, in accordance with the provisions of Section 7.11) or the Titling Trust Administrator or the applicable
Trustee is incapable of acting or it is illegal for the Titling Trust Administrator or the applicable Trustee to act. 
 (b) The Initial
Beneficiary may remove the Titling Trust Administrator or either Trustee (and will remove the Titling Trust Administrator or the applicable Trustee in the case of the occurrence of the events described in clauses (i) through (v)): 

(i) in the case of either Trustee, if the Trustee ceases to be eligible in accordance with the provisions of
Section 7.11; 
 (ii) if the Titling Trust Administrator or the applicable Trustee is adjudged bankrupt or
insolvent; 
 (iii) if a receiver or other public officer is appointed or takes charge or control of the applicable Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or liquidation or if an Insolvency Event occurs with respect to the Titling Trust Administrator or the applicable Trustee; 
 (iv) if the Titling Trust Administrator or the applicable Trustee otherwise is incapable of acting or it is illegal for the Titling Trust
Administrator or the applicable Trustee to act; 
 (v) in the case of either Trustee, (A) any representation or warranty
made by such Trustee pursuant to Section 7.6 shall prove to have been untrue in any material respect when made, and (B) such representation or warranty shall continue to be untrue for 30 days following actual
knowledge thereof by such Trustee, or notice thereof to such Trustee by the Initial Beneficiary, any Holder or any Registered Pledgee, 

  

					
		  	43	  	Titling Trust Agreement

 
and (C) such Trustee shall fail to resign after written request therefor, following the 30-day period referred to in the immediately
preceding subclause (B), by the Initial Beneficiary, any Holder or any Registered Pledgee; or 
 (vi) at its
discretion. 
 (c) If the Titling Trust Administrator or a Trustee is removed or if a vacancy exists in the office of Titling Trust
Administrator or either Trustee for any reason, the Initial Beneficiary will promptly appoint a successor Titling Trust Administrator or successor Trustee by written instrument (one copy will be delivered to the outgoing Titling Trust Administrator
or Trustee so removed, one copy to the successor Titling Trust Administrator or successor Trustee, as the case may be, and one copy to each Rating Agency then rating any Trust-Related Obligation). Any successor Trustee must satisfy the requirements
of Section 7.11. All costs associated with the resignation or removal of the Titling Trust Administrator or a Trustee and the appointment of a successor will be borne by the Holders of the Certificates based on their respective
Specified Asset Percentages of such costs. However, if the Initial Beneficiary (i) consents to the resignation of the Titling Trust Administrator or a Trustee pursuant to Section 7.9(a) or (ii) removes the Titling Trust
Administrator or a Trustee pursuant to Section 7.9(b)(vi), all such costs will be borne exclusively by the Initial Beneficiary. 
 (d) Any resignation or removal of the Titling Trust Administrator or a Trustee and appointment of a successor Titling Trust Administrator or Trustee pursuant to any of the provisions of this Section 7.9 will not become
effective until an acceptance of appointment is delivered by the successor Titling Trust Administrator or Trustee, as the case may be, upon which the successor Titling Trust Administrator or Trustee, as the case may be, must become fully vested with
all the rights, powers, duties and obligations of its predecessor under this Titling Trust Agreement, with like effect as if originally named as Titling Trust Administrator or Trustee, as the case may be. 
 (e) The predecessor Titling Trust Administrator or Trustee, as the case may be, will deliver to the successor Titling Trust Administrator or Trustee, as
the case may be, all books, records, accounts, documents, statements and monies held by it under this Titling Trust Agreement. The predecessor Titling Trust Administrator or Trustee, as the case may be, will execute and deliver such instruments and
do such other things as may reasonably be required to fully and certainly vest and confirm in the successor Titling Trust Administrator or Trustee, as the case may be, all such rights, powers, duties and obligations. The predecessor Titling Trust
Administrator or Trustee, as the case may be, will cooperate with the successor Titling Trust Administrator or Trustee, as the case may be, to ensure that the successor Titling Trust Administrator or Titling Trustee, as the case may be, has all
books, records, accounts, documents, statements and monies held by it under this Titling Trust Agreement and any other relevant information relating to the Titling Trust Assets. 
 (f) Upon the acceptance by a successor Titling Trust Administrator or Trustee, as the case may be, of its appointment pursuant to this Section
7.9, the Initial Beneficiary will mail notice of such appointment to each Holder or Registered Pledgee of a Certificate, and to each Designated Notice Recipient with respect to any Trust-Related Obligation. If the Initial Beneficiary fails
to mail such notice within 10 days after the successor Titling Trust Administrator or Trustee, as the case may be, has accepted its appointment under this Titling Trust Agreement, the successor Titling Trust Administrator or Trustee, as the case may
be, will cause such notice to be mailed at the expense of the Initial Beneficiary. 
  

					
		  	44	  	Titling Trust Agreement

 Section 7.10 Merger or Consolidation of Titling Trust Administrator or the Titling
Trustee. 
 Any Person that may be merged, converted or consolidated with the Titling Trust Administrator or either Trustee, as the
case may be, or any Person resulting from any merger, conversion or consolidation to which the Titling Trust Administrator or either Trustee, as the case may be, is a party, or any Person succeeding to all or substantially all of the corporate trust
business of the Titling Trust Administrator or either Trustee, as the case may be, will be deemed the successor of the Titling Trust Administrator or the applicable Trustee, as the case may be, under this Titling Trust Agreement, in the case of a
Trustee, so long as such Person satisfies the requirements of Section 7.11, and without the execution or filing of any instrument or any further act on the part of any of the parties to this Titling Trust Agreement. 
 Section 7.11 Eligibility Requirements for the Trustees. 
 (a) Each Trustee will at all times satisfy each of the following requirements or be a wholly owned subsidiary of an entity that satisfies each of the following requirements: 
 (i) be either (a) a corporation organized under the laws of one of the fifty states of the United States, the District of Columbia or
the Commonwealth of Puerto Rico or (b) a banking association organized under the laws of the United States or any state thereof; 
 (ii) not be the Initial Beneficiary or any Affiliate thereof; 
 (iii) be qualified as a
trustee to hold Titling Trust Assets located in each of Florida, Alabama, Georgia, North Carolina and South Carolina (to the extent that the Titling Trustee is required to hold such Titling Trust Assets); 
 (iv) be authorized to exercise corporate trust powers; and 
 (v) have a combined capital and surplus of not less than $50,000,000. 
 (b) The Titling Trust will at all times have at least one trustee that will comply with all of the requirements of Section 3807(a) of the Delaware
Statutory Trust Act relating to the qualification of a trustee for a Delaware statutory trust. 
 Section 7.12 Agents of the Trust
Representatives. 
 (a) Appointment. In the performance of its duties and obligations under this Titling Trust
Agreement, each Trust Representative may act directly or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and neither Trust Representative will be liable for the conduct or misconduct of
such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees were selected by such Trust Representative with reasonable care. Each Trust Representative may consult with counsel, accountants and other skilled
professionals to be selected with reasonable care and employed by it. No Trust Representative will be liable for anything done, suffered or omitted in good faith by it in accordance with any Opinion of Counsel or advice of such accountants or other

  

					
		  	45	  	Titling Trust Agreement

 
such skilled professionals and not contrary to this Titling Trust Agreement. By way of illustration and not in limitation of the foregoing, the Titling
Trustee may enter from time to time into one or more agency agreements (each a “Trust Agency Agreement”) with such Person or Persons, including without limitation any Affiliate of the Titling Trustee (each a
“Titling Trustee Agent”), as are by experience and expertise qualified to act in a trustee capacity and otherwise acceptable to the Initial Beneficiary (U.S. Bank being hereby deemed both qualified and acceptable for these
purposes). 
 (b) Removal. Notwithstanding Section 7.12(a), each Trust Representative agrees that it
shall replace any Titling Trustee Agent appointed by such Trust Representative (including U.S. Bank) upon the occurrence and continuation of any of the following events: 
 (i) the Initial Beneficiary determines in its good faith judgment that the compensation or level of service of such Titling Trustee Agent
shall no longer be reasonably competitive with those of any alternative agent reasonably proposed by the Initial Beneficiary, and the Initial Beneficiary provides notice to such effect to the Titling Trustee and the Titling Trustee Agent;
or 
 (ii) such Titling Trustee Agent is adjudged bankrupt or insolvent; or 
 (iii) a receiver or other public officer is appointed or takes charge or control of such Titling Trustee Agent or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation or an Insolvency Event occurs with respect to such Titling Trustee Agent; or 
 (iv) such Titling Trustee Agent otherwise is incapable of acting with respect to the performance of its obligations under the applicable
Trust Agency Agreement, or it is illegal for such Titling Trustee Agent to so act; or 
 (v) all of the
following have occurred: (A) any representation or warranty made by such Titling Trustee Agent pursuant to the applicable Trust Agency Agreement shall prove to have been untrue in any material respect when made, and (B) such
representation or warranty shall continue to be untrue for 30 days following actual knowledge thereof by such Titling Trustee Agent, or notice thereof to the Titling Trustee and such Titling Trustee Agent by the Initial Beneficiary,
and (C) such Titling Trustee Agent shall fail to resign after written request therefor, following the 30-day period referred to in the immediately preceding subclause (B), by the Initial Beneficiary (with a copy of
such notice being delivered to the Titling Trustee); or 
 (vi) all of the following have occurred: 

(A) the Titling Trustee Agent has materially breached its obligations under the applicable Trust Agency Agreement; and

 (B) the Initial Beneficiary has given written notice to the Titling Trustee and the Titling Trustee Agent of such breach;
and 
  

					
		  	46	  	Titling Trust Agreement

 (C) the Titling Trustee Agent has not cured such breach in all material respects within
30 Business Days thereafter. 
 (c) Trust Agency Agreements. Each Trust Agency Agreement shall: 
 (i) specify the duties, powers, liabilities, obligations and compensation of the applicable Titling Trustee Agent(s) to carry out on
behalf of the Titling Trustee any or all of its obligations in such capacity that arise under this Titling Trust Agreement or otherwise; and 
 (ii) contain a non-petition covenant substantially identical to that set forth in Item 4 of the table in Section 4.1(f); 
 provided, however, that, nothing contained in any Trust Agency Agreement shall excuse, limit or otherwise affect
any power, duty, obligation, liability or compensation otherwise applicable to the Titling Trustee under this Titling Trust Agreement. 
 (d)
Appointment of U.S. Bank as Initial Titling Trustee Agent. 
 (i) Appointment. The Titling
Trustee hereby engages U.S. Bank as its Initial Titling Trustee Agent (in such capacity, the “Initial Titling Trustee Agent”), and U.S. Bank by its signature to this Titling Trust Agreement accepts such engagement. All
provisions of this Section 7.12(d) shall constitute a Trust Agency Agreement between the Initial Titling Trustee Agent and the Titling Trustee, subject to any amendment or supplement between such parties that is not inconsistent
with the terms of this Titling Trust Agreement. 
 (ii) Duties. The Initial Titling Trustee Agent shall perform
and carry out, on behalf of the Titling Trustee, each and every obligation of the Titling Trustee under this Titling Trust Agreement and under each other Trust Document. 
 (iii) Compensation. The Titling Trustee shall from time to time pay to the Initial Titling Trustee Agent reasonable
compensation for its services and shall provide such reimbursement of expenses as are separately agreed from time to time by the Titling Trustee and the Initial Titling Trustee Agent. 
 (iv) Non-Petition. To the extent permitted by applicable law, the Initial Titling Trustee Agent shall not, prior to the end
of the period that is one year and one day (or, if longer, any applicable preference period), (A) file or join in filing any bankruptcy petition against the Titling Trust and/or (B) cooperate with or encourage others to file
a bankruptcy petition against the Titling Trust. 
 (v) Vacancy; Appointment of Successor. If the Initial
Titling Trustee Agent is removed or if a vacancy exists in the office of the Initial Titling Trustee Agent (or any successor thereto performing similar functions) for any reason (and the rights and obligations of the Initial Titling Trustee Agent,
or such other Person, as the case may be, under this Titling Trust Agreement have not been transferred to a Person that is willing and able to perform the functions currently performed by the Initial Titling Trustee Agent), the Initial Beneficiary
will promptly appoint a successor to the Initial Titling Trustee Agent by written instrument (one copy will be delivered to the outgoing 

  

					
		  	47	  	Titling Trust Agreement

 
Initial Titling Trustee Agent, one copy to its successor, and one copy to each Rating Agency then rating any Trust-Related Obligation). The Titling Trustee
must satisfy the requirements of Section 7.11 immediately following any such appointment. All costs associated with the resignation or removal of the Initial Titling Trustee Agent (or any other Person performing the obligations of
the Initial Titling Trustee Agent and the appointment of a successor will be borne by the Holders of the Certificates based on their respective Specified Asset Percentages of such costs. 
 (vi) Effectiveness of Appointment of Successor. Any resignation or removal of any Person performing the functions of the
Initial Titling Trustee Agent and appointment of a successor Titling Trustee Agent performing such functions pursuant to any of the provisions of this Section 7.12 will not become effective until an acceptance of appointment is
delivered by such successor, upon which such successor must become fully vested with all the rights, powers, duties and obligations of its predecessor under this Titling Trust Agreement, with like effect as if originally named as the Initial Titling
Trustee Agent under this Titling Trust Agreement. 
 (vii) Delivery of Books and Records; Cooperation in
Transition. The predecessor to any Person appointed pursuant to clauses (v) and/or (vi) above will deliver to the successor to such Person all books, records, accounts, documents, statements and monies
held by it under this Titling Trust Agreement. Such predecessor will execute and deliver such instruments and do such other things as may reasonably be required to fully and certainly vest and confirm in such successor all such rights, powers,
duties and obligations. Such predecessor will cooperate with such successor to ensure that such successor has all books, records, accounts, documents, statements and monies held by it under this Titling Trust Agreement and any other relevant
information relating to the Titling Trust Assets. 
 (viii) Notice of Appointment of Successor. Upon the
acceptance by a successor to the Initial Titling Trustee Agent (or a Person performing the functions thereof) of its appointment pursuant to this Section 7.12, the Initial Beneficiary will mail notice of such appointment to each
Holder or Registered Pledgee of a Certificate, and to each Designated Notice Recipient with respect to any Trust-Related Obligation. 
 ARTICLE VIII 
 TERMINATION OF TRUST AGREEMENT 
 Section 8.1 Termination of Trust Agreement. 
 (a) This Titling Trust Agreement (other than Section 10.1 and Section 11.8) and the Titling Trust will terminate and be of no further force or effect on the final distribution by
the Titling Trust Administrator of all moneys or other property constituting Titling Trust Assets. 
 Any Specified Interest may be
terminated upon receipt by the Titling Trust Administrator of direction to such effect signed by the Holders of all of the related Certificates, with the consent of the Registered Pledgee, if any, and subject to the rights of any Titling Trust
Creditors. Upon any such termination of a Specified Interest, the Titling Trust Administrator will 

  

					
		  	48	  	Titling Trust Agreement

 
distribute to the Holders of the Certificates related to the terminating Specified Interest, subject to the rights of any Registered Pledgees and of any
Titling Trust Creditors, all related Specified Assets, including title to the related Specified Vehicles, by causing the Certificates of Title with respect thereto to be reregistered in the name of, or at the direction of, such Holders. 

This Titling Trust Agreement and the Titling Trust may also terminate at the direction of the Initial Beneficiary so long as no Trust-Related
Obligations are outstanding. 
 Neither this Titling Trust Agreement nor the Titling Trust will terminate upon the occurrence of an
Insolvency Event with respect to any Holder and the Titling Trust will continue following the occurrence of an Insolvency Event with respect to any Holder, in each case, subject to the first paragraph of this Section 8.1(a).

 (b) Upon the termination of the Titling Trust, the Titling Trust Administrator will distribute to each Holder of a Certificate its
interest in the related Specified Assets by causing the Certificates of Title to be reregistered in the name of, or at the direction of, each such Holder. 
 (c) Upon the liquidation in whole of the Titling Trust pursuant to Section 8.1(a), Titling Trust Administrator will take all other actions required under the Delaware Statutory Trust Act in
connection with the wind-up and liquidation of the Titling Trust, including the filing of a Certificate of Cancellation with the Secretary of State of the State of Delaware. 
 ARTICLE IX 
 AMENDMENTS 
 Section 9.1 Amendments. 
 (a) This Titling Trust Agreement and the Certificate of Trust may be amended by the parties hereto without the consent of any Holder of any Certificate at any time. Any such amendment will not (x) as evidenced by an Opinion of Counsel,
materially and adversely affect the interests of any Holder (unless each such Holder has consented thereto), (y) as confirmed by each Rating Agency then rating any class or series of Trust-Related Obligations issued in connection with any
Certificates, cause the then current rating assigned to such class or series to be withdrawn or reduced or (z) as evidenced by an Opinion of Counsel, cause the Titling Trust to be classified as an association (or publicly traded partnership)
taxable as a corporation for U.S. federal income tax purposes. 
 (b) Notwithstanding Section 9.1(a), this Titling Trust
Agreement may be amended at any time by the parties hereto without satisfaction of the conditions set forth in Section 9.1(a): 
 (i) to correct or amplify the description of any Specified Asset, or better to assure, convey and confirm unto the Titling Trust any Specified Asset; 
 (ii) to convey, transfer, assign, mortgage or pledge any additional Specified Assets to the Titling Trustee; 
  

					
		  	49	  	Titling Trust Agreement

 (iii) to cure any ambiguity, to correct or supplement any provision in this Titling Trust
Agreement or in any supplemental agreement that may be inconsistent with any other provision in this Titling Trust Agreement or in any supplemental agreement or to make any other provisions with respect to matters or questions arising under this
Titling Trust Agreement or under any supplemental agreement which will not be inconsistent with the provisions of this Titling Trust Agreement; 
 (iv) to evidence the acceptance of the appointment under this Titling Trust Agreement of a successor trustee and to add to or change any of the provisions of this Titling Trust Agreement as will be necessary to
facilitate the administration of the trusts under this Titling Trust Agreement; or 
 (v) to the extent reasonably necessary
to assure that none of the Titling Trust or any transferee of any Certificate will be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. 
 (c) Notwithstanding Section 9.1(a) and Section 9.1(b), any amendment to this Titling Trust Agreement shall require
such additional approvals, if any, as may be specified in any other Trust Document. 
 (d) The Initial Beneficiary will deliver a copy of
each amendment entered into pursuant to this Section 9.1 to each Rating Agency then rating any then-outstanding Trust-Related Obligations. 
 ARTICLE X 
 LIABILITIES; INDEMNIFICATION 
 Section 10.1 Liabilities; Indemnification. 
 (a) Indemnification by Holders for all Liabilities. To the extent permitted under Applicable Law, each Holder of a Certificate (but not any Registered Pledgee, Titling Trust Creditor or Secured
Titling Trust Creditor) will be liable to third parties and will indemnify, defend and hold harmless the Titling Trust Administrator and each Trustee, including their respective officers, directors, shareholders, employees and agents (each, with
respect to this Section 10.1, an “Indemnified Person” and, collectively, the “Indemnified Persons”) for all liabilities, obligations, losses, claims, damages, actions and suits,
expenses and any and all costs, expenses and disbursements (including legal fees and expenses) of any kind and nature whatsoever (“Liabilities”) incurred in connection with the related Specified Assets, including any
Liabilities arising out of or incurred in connection with such Persons’ acceptance or performance of the duties contained in this Titling Trust Agreement other than, in each case, Liabilities incurred solely: 
 (i) by reason of such Person’s willful malfeasance, bad faith or gross negligence; or 
 (ii) by reason of such Person’s breach of its representations and warranties set forth in this Titling Trust Agreement. 

 

					
		  	50	  	Titling Trust Agreement

 (b) Holders’ Liability Limited to Related Specified Interest. No Holder of a
Certificate and none of the related Specified Assets will be subject to Liabilities arising from or with respect to the Indemnified Persons or the Specified Assets relating to any other Specified Interest. 
 (c) Indemnification by Holders for State and Local Taxes. Without limiting the generality of Section 10.1(a), the
Holders of each Series will defend and hold harmless the Indemnified Persons against all state and local taxes assessed on such Persons resulting from the location of the related Specified Assets. 
 (d) Specified Assets Not Subject to Liabilities. No claim for indemnification pursuant to this Section 10.1 will
be payable from any Titling Trust Assets, including any Specified Assets, and neither the Titling Trust Administrator, nor any other Indemnified Person, will have any recourse against the assets of the Titling Trust, including any Specified Assets,
with respect to any indemnification claim that any such Person may have against the Titling Trust or any Holder, Registered Pledgee, Servicer or Affiliate of any of the foregoing. 
 (e) Indemnification Procedures; Defense of Claims. The Indemnified Persons will promptly notify the Initial Beneficiary and the
Holders of each Series of any claim for which such Indemnified Persons may seek indemnity. Failure by the Indemnified Persons to so notify such Holders will not relieve such Holder or Holders of its obligations under this Titling Trust Agreement.
Any claim against the Indemnified Persons will be defended by such Holders and the Indemnified Persons will be entitled to separate counsel, the fees and expenses of which will be paid by such Holders. 
 (f) Survival. The indemnities contained in this Section 10.1 will survive the resignation, removal or termination
of any Indemnified Person or the termination of this Titling Trust Agreement. 
 Section 10.2 Indemnification of the Titling
Trustee Agents and the Trustees. 
 (a) Indemnification. To the extent permitted under Applicable Law, the
Titling Trust Administrator will indemnify, defend and hold harmless each Trustee and each Titling Trustee Agent (including U.S. Bank, as Initial Titling Trustee Agent), and their respective officers, directors, employees and agents (each, with
respect to this Section 10.2, an “Indemnified Person” and, collectively, the “Indemnified Persons”), from and against any and all Liabilities incurred by it: 
 (i) in connection with the administration of and the performance of its duties under this Titling Trust Agreement or the related Trust
Agency Agreement, as the case may be, including the costs and expenses of defending itself against any loss, damage, claim or liability incurred by it in connection with the exercise or performance of any of its powers or duties under this Titling
Trust Agreement or such Trust Agency Agreement, as the case may be, but excluding any cost, expense, loss, damage, claim or liability (A) incurred by the applicable Trustee or Titling Trustee Agent, as the case may be, through its own willful
misconduct, negligence or bad faith or (B) arising from the breach of any representation or warranty contained in Section 7.6; or 
  

					
		  	51	  	Titling Trust Agreement

 (ii) by reason of (A) the Titling Trust Administrator’s willful misconduct,
negligence or bad faith in the performance of its duties under this Titling Trust Agreement (including the obligations delegated to the Titling Trust Administrator under Section 3.4(a)) or (B) the Titling Trust
Administrator’s reckless disregard of its obligations and duties under this Titling Trust Agreement. 
 (b)
Indemnification Procedures. Promptly upon receipt by any Indemnified Person of notice of the commencement of any suit, action, claim, proceeding or governmental investigation against any such
Indemnified Person, such Indemnified Person will, if a claim in respect of such suit, action, claim, proceeding or investigation is to be made against the Titling Trust Administrator under Section 10.2(a), notify the Titling Trust
Administrator of the commencement of such suit, action, claim, proceeding or investigation. The Titling Trust Administrator may participate in and assume the defense and settlement of any such suit, action, claim, proceeding or investigation at its
expense, and no settlement of such suit, action, claim, proceeding or investigation may be made without the approval of the Titling Trust Administrator and such Indemnified Person, which approvals will not be unreasonably withheld or delayed. After
notice from the Titling Trust Administrator to the Indemnified Person of the Titling Trust Administrator’s intention to assume the defense of such suit, action, claim, proceeding or investigation with counsel reasonably satisfactory to the
Indemnified Person, and so long as the Titling Trust Administrator so assumes the defense of such suit, action, claim, proceeding or investigation in a manner reasonably satisfactory to the Indemnified Person, as applicable, the Titling Trust
Administrator will not be liable for any legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Titling Trust Administrator and an Indemnified Person, in which case the Titling Trust Administrator
will pay for the separate counsel to the Indemnified Person which is reasonably satisfactory to the Titling Trust Administrator. 
 (c)
Survival of Indemnities. The indemnities contained in this Section 10.2 will survive the resignation, removal or termination of any Indemnified Person or the termination of this Titling Trust Agreement.

 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.1 No Legal Title to Titling Trust Assets; Direction of the Titling Trust
Administrator. 
 (a) Legal title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not
have legal title to any Titling Trust Assets. However, as set forth in Section 4.3(c)(i), the Holders may direct the Titling Trust Administrator and the Titling Trustee to deliver the related Specified Assets to such Holders or at
their direction. 
 (b) Notwithstanding Section 11.1(a) or anything else in this Titling Trust Agreement to the contrary,
the Titling Trust Administrator will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Titling Trust Vehicle, Titling Trust Lease, Certificate of Title or insurance policy except in
accordance with the procedures set forth in the applicable Servicing Agreement or (subject to the terms of the applicable Servicing Agreement and any applicable TRO Documents) as directed by the related Holders in accordance with
Section 7.4(a). 
  

					
		  	52	  	Titling Trust Agreement

 Section 11.2 Limitations on Rights of Others. 
 This Titling Trust Agreement is solely for the benefit of the Titling Trustee, the Delaware Trustee, the Titling Trust Administrator, the Initial Titling
Trustee Agent, each additional Titling Trustee Agent, the Initial Beneficiary, each Registered Pledgee, the Secured Titling Trust Creditors, the other Titling Trust Creditors and the Holders, and nothing in this Titling Trust Agreement, whether
express or implied, will be construed to give to any other Person any legal or equitable right, remedy or claim in the Titling Trust or the Titling Trust Assets or under or in respect of this Titling Trust Agreement or any covenants, conditions or
provisions contained in this Titling Trust Agreement. 
 Section 11.3 Notices. 
 Unless otherwise specified in this Titling Trust Agreement, all notices, requests, demands, consents, instructions or other communications to or from the
parties to this Titling Trust Agreement will be in writing (which may be transmitted electronically or posted to a password-protected website, provided that recipients will be notified of any such electronic posting and receipt of such notification
will be confirmed in accordance with this Section 11.3 or confirmed by telephone). Notices, requests, demands, consents, instructions and other communications will be deemed to have been given and made, (i) in the case of a
letter, upon delivery or, in the case of a letter mailed via registered first class mail, postage prepaid, three (3) days after deposit in the mail; (ii) in the case of a facsimile, when receipt is confirmed by telephone or by reply email
or reply facsimile from the recipient; (iii) in the case of an email, when receipt is confirmed by telephone or by reply email from the recipient; and (iv) in the case of an electronic posting to a password-protected website, upon printed
confirmation of the recipient’s access to such website, or when notification of such electronic posting is confirmed in accordance with clauses (i) through (iii) above. Unless otherwise specified in this Titling Trust Agreement, any
such notice, request, demand, consent, instructions or other communication will be delivered or addressed as follows (or at such other address or facsimile number as any party may designate by notice to the other parties): 
 If to the Titling Trust Administrator, addressed to World Omni Financial Corp.: 
 World Omni Financial Corp. 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
 Attention: Treasurer 
 Fax: 954-429-2685 
 If to the Titling Trustee: 
 VT Inc. 
 c/o
U.S. Bank Trust National Association 
 209 South LaSalle Street 
 Suite 300 
 Chicago, Illinois 60604 
 Attention: Patricia M. Child 
 Fax: 312-325-8905 
 Telephone: 312-325-8902 
  

					
		  	53	  	Titling Trust Agreement

 If to the Initial Beneficiary, addressed to ALF LLC as follows: 

Auto Lease Finance LLC 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
 Attention: Treasurer 
 Fax: 954-429-2685 
 If to the Delaware Trustee: 
 U.S. Bank Trust National Association 
 c/o Corporate Trust Services 
 209 South LaSalle Street, Suite 300 
 Chicago, Illinois 60604 
 Attention: Patricia M. Child 
 Fax: 312-325-8905 
 Telephone: 312-325-8902 
 If to the Initial Titling Trustee Agent: 
 U.S. Bank National Association

 c/o Corporate Trust Services 
 209 South LaSalle Street, Suite 300 
 Chicago, Illinois 60604 
 Attention: Patricia M. Child 
 Fax: 312-325-8905 
 Telephone: 312-325-8902 
 If to any TRO Holder, to the address specified for delivery of notices to such Person in the Intercreditor Agreement (or, if no address is
specified therein, the address so specified in the applicable TRO Documents). 
 Any notice to be delivered to any Holder (whether an initial
Holder of a Certificate, or a permitted assignee of a Certificate) will be delivered at the address provided to the Titling Trust Administrator by such Holder. 
 Section 11.4 GOVERNING LAW. 
 THIS TITLING TRUST AGREEMENT WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, PURSUANT TO SECTION 3809 OF TITLE 12 OF THE DELAWARE CODE, THE DOCTRINE OF MERGER SHALL NOT BE APPLICABLE TO THIS TITLING TRUST AGREEMENT. 
 Section 11.5 Severability; Conflict with Delaware Statutory Trust Act. 
 If any one or more of the covenants, agreements, provisions or terms of this Titling Trust Agreement is held invalid, illegal or unenforceable, then such
covenants, agreements, provisions or terms will be deemed severable from the remaining covenants, 

  

					
		  	54	  	Titling Trust Agreement

 
agreements, provisions or terms of this Titling Trust Agreement and will in no way affect the validity, legality or enforceability of the other provisions of
this Titling Trust Agreement or of the Certificates or any Trust-Related Obligations or the rights of any Holders or TRO Holders. If there is a direct conflict between the provisions of this Titling Trust Agreement and any mandatory provision of the
Delaware Statutory Trust Act, then the applicable provision of the Delaware Statutory Trust Act will control. 
 Section 11.6
Counterparts. 
 This Titling Trust Agreement may be executed in any number of counterparts, each of which counterparts will be an
original, and all of which counterparts will together constitute one and the same instrument. 
 Section 11.7 Headings.

 The headings in this Titling Trust Agreement are included for convenience only and will not affect the meaning or interpretation of any
provision of this Titling Trust Agreement. 
 Section 11.8 Successors and Assigns. 
 All covenants and agreements contained herein are binding upon, and inure to the benefit of, the Initial Beneficiary, the Titling Trust Administrator and
each Holder and their respective successors and permitted assigns. Notwithstanding the foregoing, the interests of the Initial Beneficiary hereunder will not be assigned, pledged, or otherwise transferred unless an Opinion of Counsel, delivered to
the Titling Trust Administrator, is rendered that such assignment, pledge or other transfer will not cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax
purposes. Any attempted assignment, pledge or other transfer in violation of this Section 11.8 will be void ab initio. Any request, notice, direction, consent, instruction, waiver or other instrument or action by a Holder
will bind the successors and assigns of such Holder. 
 Section 11.9 No Recourse. 
 Each Holder by accepting a Certificate acknowledges that such Holder’s Certificate or Certificates represent a beneficial interest in the related
Specified Assets only and does not represent interests in or obligations of the Initial Beneficiary, any other Holder, the Titling Trustee, the Delaware Trustee, the Titling Trust Administrator, the Initial Titling Trustee Agent, any other Titling
Trustee Agent, or any Affiliate thereof and no recourse may be had against such Persons or their assets, except as may be expressly set forth or contemplated in this Titling Trust Agreement or the Certificates. 
 Section 11.10 No Petition. 
 The Titling Trust Administrator, the Titling Trustee, the Delaware Trustee, the Initial Titling Trustee Agent, any other Titling Trustee Agent, the Initial Beneficiary, each Holder, each Registered Pledgee and each TRO Holder (including
each Secured Titling Trust Creditor and each other Titling Trust Creditor) covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders, Registered
Pledgees and holders of Trust-Related Obligations pursuant to this Titling Trust Agreement, it will not institute against, or join any Person in instituting against, the Titling Trust 

  

					
		  	55	  	Titling Trust Agreement

 
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of
the United States. Notwithstanding any other provision of this Titling Trust Agreement, none of the Titling Trust Administrator, the Titling Trustee or the Delaware Trustee will commence a voluntary proceeding in bankruptcy relating to the Titling
Trust without the unanimous prior approval of all Holders and TRO Holders (or applicable TRO Holder Representatives on their behalf) and the delivery by each such Person of a certificate certifying that such Person reasonably believes that the
Titling Trust is insolvent. 
 Section 11.11 Confidential Information. 
 (a) Each Trustee agrees to hold and treat all Confidential Information (defined in Section 11.11(b)) provided to it in connection with
the transactions contemplated by this Titling Trust Agreement in confidence and in accordance with this Section 11.11, and will implement and maintain safeguards to further assure the confidentiality of such Confidential
Information. Such Confidential Information will not, without the prior written consent of the Initial Beneficiary, be disclosed or used by the Titling Trustee or the Delaware Trustee or its directors, officers, employees or agents (collectively, the
“Information Recipients”) other than in connection with the transactions contemplated by this Titling Trust Agreement, provided, however, that, such disclosure is not in violation of
the Right to Financial Privacy Act of 1978, the Gramm-Leach-Bliley Act of 1999 (the “G-L-B Act”) or other Applicable Law. 
 (b) As used in this Titling Trust Agreement, “Confidential Information” means (A) all information obtained by the applicable Trustee regarding the administration of the Titling Trust, whether upon the exercise
of its rights under this Titling Trust Agreement or otherwise and (B) without limiting the generality of the foregoing sub-clause (A), all non-public personal information (as defined in the G-L-B Act and its enabling regulations issued by the
Federal Trade Commission) regarding Lessees on the Titling Trust Leases that is identified as such by the Initial Beneficiary. However, notwithstanding the preceding sentence, Confidential Information will not include information that (i) is or
becomes generally available to the public other than as a result of disclosure by the Titling Trustee or any of its Information Recipients, (ii) was available to the applicable Trustee on a non-confidential basis from a Person other than the
Servicer prior to its disclosure to such Trustee, (iii) is requested to be disclosed by a Governmental Authority or related governmental, administrative, or regulatory or self-regulatory agencies having or claiming authority to regulate or
oversee any aspect of the applicable Trustee’s business or that of its Affiliates or is otherwise required by Applicable Law or by legal or regulatory process to be disclosed, (iv) becomes available to the applicable Trustee on a
non-confidential basis from a Person other than the Initial Beneficiary who, to the knowledge of the applicable Trustee, is not otherwise bound by a confidentiality agreement with the Initial Beneficiary and is not otherwise prohibited from
transmitting the information to the applicable Trustee or (v) the Initial Beneficiary provides written permission to the applicable Trustee to release. 
 [SIGNATURE PAGE FOLLOWS] 
  

					
		  	56	  	Titling Trust Agreement

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

			
	AUTO LEASE FINANCE LLC,
	as Initial Beneficiary
		
	By:	 	 /s/ Ben Miller

	Name:	 	Ben Miller
	Title:	 	Assistant Treasurer

  

					
		  	[Signature Pages to Titling Trust Agreement—1 of 5]	  	Titling Trust Agreement

			
	WORLD OMNI FINANCIAL CORP.,
	as Titling Trust Administrator
		
	By:	 	 /s/ Ben Miller

	Name:	 	Ben Miller
	Title:	 	Assistant Treasurer

  

					
		 	[Signature Pages to Titling Trust Agreement—2 of 5]	 	Titling Trust Agreement

			
	 VT INC., not in its individual capacity but
 solely as Titling Trustee

		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	President

  

					
		 	[Signature Pages to Titling Trust Agreement—3 of 5]	 	Titling Trust Agreement

			
	U.S. BANK TRUST NATIONAL ASSOCIATION, as Delaware Trustee
		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

  

					
		 	[Signature Pages to Titling Trust Agreement—4 of 5]	 	Titling Trust Agreement

			
	U.S. BANK NATIONAL ASSOCIATION, as Initial Titling Trustee Agent
		
	By:	 	 /s/ Patricia M. Child

	Name:	 	Patricia M. Child
	Title:	 	Vice President

  

					
		 	[Signature Pages to Titling Trust Agreement—5 of 5]	 	Titling Trust Agreement

 EXHIBIT A 
 [FORM OF SPECIFICATION NOTICE] 
 WORLD OMNI LT 
 SPECIFICATION NOTICE 
 [        ] 
  

			
	To:	 	World Omni Financial Corp.,
		 	as Titling Trust Administrator of World Omni LT
		
	Re:	 	Designation of [            ] Specified Interest
		
	cc:	 	[                    ], as Registered Pledgee;
		 	VT Inc., as Titling Trustee

 Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the
“Titling Trust Agreement”), of World Omni LT, a Delaware statutory trust (the “Titling Trust”) among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust
Administrator (in such capacity, the “Titling Trust Administrator”), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the “Titling Trustee”), U.S. Bank Trust National Association,
a national banking association, as Delaware Trustee (in such capacity, the “Delaware Trustee”), and U.S. Bank National Association, a national banking association, as Initial Titling Trustee Agent (in such capacity, the
“Initial Titling Trustee Agent”). Capitalized terms used but not defined in this Specification Notice are defined in the Titling Trust Agreement, which also contains rules as to usage that are applicable herein. 

1. Pursuant to Section 4.1(a) of the Titling Trust Agreement, you are directed to designate a Specified Interest of the Titling
Trust, to be known as the “[            ] Specified Interest” and to issue a Series of Certificates, to be known as the
“[            ] Certificates,” substantially in the form of Exhibit A hereto, representing the entire Beneficial Interest in the Specified Assets
allocated from time to time to such Specified Interest. [The Specified Assets to be initially allocated to such Specified Interest are [            ].] 
 2. The [            ] Specified Interest will be a separate series of the Titling Trust
within the meaning of Section 3806(b) of the Delaware Statutory Trust Act. 
 3. Pursuant to Section 4.3(b)(i) of the
Titling Trust Agreement, the Series Issue Date of the [            ] Specified Interest is [            ]. 
 4. Pursuant to Section 4.3(b)(iv) of the Titling Trust Agreement, [    ] is designated as the registered Holder of
the entire Series relating to the [            ] Specified Interest as of the [            ] Series Issue Date, and you are
directed to cause the Titling Trust to execute and deliver to [    ], or to its order, as of the [            ] Series Issue Date, a single Certificate, designated as
[            ] Certificate No. [    ], which will represent the entire beneficial interest in the Specified Assets allocated to the
[            ] Specified Interest at any time. 
 5. The
[            ] Specified Interest will be a [Fixed Specified Interest] [Revolving Specified Interest]. 
  

 A-1 

 6. The [            ] Certificates will be
issued [as a single Class][in multiple Classes]. 
 7. Pursuant to Section 4.3(b)(v) of the Titling Trust Agreement, the
Series Cutoff Date for the [            ] Specified Interest will be [            ]. 
 8. Pursuant to Section 4.3(b)(vii) of the Titling Trust Agreement, Titling Trust Debts [may] [may not] be issued with respect to the
[            ] Specified Interest. 
 9. The Specified Assets with respect to the
[            ] Specified Interest as of the Series Cutoff Date specified in paragraph 7 hereof shall consist of the assets identified on the Applicable Asset Annex attached as
Annex A hereto. 
 [SIGNATURE PAGE FOLLOWS] 
  

 A-2 

 IN WITNESS WHEREOF, the Initial Beneficiary has caused this
[            ] Specification Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date first above written. 
  

			
	[                                        
]
	as Holder
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-3 

 EXHIBIT B 
 [Form of Certificate] 
 WORLD OMNI LT 
 [        ] CERTIFICATE 
 No. [    ]

 evidencing the entire beneficial interest in the [            ] Specified Assets. 

This Certificate evidences an interest in World Omni LT, a Delaware statutory trust (the “Titling Trust”), to the extent and in the manner set
forth herein. 
 This Closed-End Collateral Specified Interest Certificate (this “Certificate”) does not evidence or
represent an interest in or obligation of (1) World Omni Financial Corp., a Florida corporation (“World Omni”), (2) VT Inc., an Alabama corporation (“VT Inc.”), (3) U.S. Bank National
Association, a national banking association (“U.S. Bank”), (4) U.S. Bank Trust National Association, a national banking association (“U.S. Bank Trust”), (5) Auto Lease Finance LLC, a Delaware
limited liability company (“ALF LLC”), or any of their respective affiliates (other than the Titling Trust, to the extent expressly set forth herein). 
 THIS CERTIFIES THAT [        ] is the registered owner of a nonassessable, fully-paid, 100% beneficial
interest in the [        ] Specified Assets of World Omni LT (the “Titling Trust”). 
 The Titling Trust is a Delaware statutory trust governed by the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the “Titling Trust Agreement”), among Auto Lease Finance LLC, as Initial
Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the “Titling Trust Administrator”), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the “Titling
Trustee”), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such capacity, the “Delaware Trustee”), and U.S. Bank National Association, as Initial Titling Trustee
Agent (in such capacity, the “Initial Titling Trustee Agent”). 
 This Certificate is one of a duly authorized Series
of Certificates. This [        ] Certificate is issued under and is subject to the Titling Trust Agreement and the Servicing Agreement (the “Servicing Agreement”), dated as of
[                    ], 20[    ] between World Omni Financial Corp. (“World Omni”) as Servicer, and
[        ], as Holder. Capitalized terms used but not defined in this Certificate are defined in the Titling Trust Agreement, or, if not defined in the Titling Trust Agreement, are defined in the Servicing
Agreement, which also contains rules as to usage that are applicable herein. 
 Any rights of the Holder of this
[        ] Certificate are limited to the related Specified Assets and the related Specified Interest (and will include the right to receive or direct the application of all Collections on the related
Specified Assets pursuant to Section 4.3(c)(ii) of the Titling Trust Agreement). If an Insolvency Event occurs with respect to the Titling Trust, any claim that the Holder of this Certificate may seek to enforce against the
Titling Trust or the Specified Assets allocated to any Specified Interest of the Titling Trust other than the Specified Interest represented by this [        ] Certificate will be subordinate to the payment in
full, including post-petition interest, of the claims of the TRO Holders related to the Specified Assets allocated to such other Specified Interests of the Titling Trust. 
  

 B-1 

 The Holder of this [        ] Certificate, by acceptance of this
[        ] Certificate, covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders and TRO Holders pursuant
to the Titling Trust Agreement and the related Certificates or Trust-Related Obligations, as the case may be, it will not institute against, or join any Person in instituting against, the Initial Beneficiary or the Titling Trust any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States. 
 This [        ] Certificate may be transferred only in accordance with the Titling Trust Agreement. 
 THIS [        ] CERTIFICATE WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS CERTIFICATE WILL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Unless this [        ] Certificate is executed by an Authorized Officer of the Titling Trustee, this
[        ] Certificate will not entitle the Holder thereof to any benefit under the Titling Trust Agreement or be valid for any purpose. 
 The parties hereto acknowledge and agree that the [            ] Specified Interest is a
separate Specified Interest of the Titling Trust as described in the Titling Trust Agreement. Accordingly, separate and distinct records shall be maintained (directly or indirectly, including through a nominee or otherwise) for the
[            ] Specified Interest, and the Specified Assets allocated to such Specified Interest shall be accounted for in such separate and distinct records separate from the assets of the
Titling Trust generally or any other Specified Interest such that the debts, liabilities and obligations incurred, contracted for, or otherwise existing with respect to the [            ]
Specified Interest shall be enforceable against the Specified Assets allocated to the [            ] Specified Interest only and not against any other assets of the Titling Trust generally
or the assets of any other Specified Interest. 
  

 B-2 

 IN WITNESS WHEREOF, the Titling Trustee, on behalf of the Titling Trust and not in its individual capacity, has caused
this [            ] Certificate to be duly executed. 
  

					
		 	WORLD OMNI LT,
			
		 	By:	 	VT INC.,
		 		 	not in its individual capacity but
		 		 	solely as Titling Trustee
			
	Dated: [                    ]	 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

 B-3 

 FOR VALUE RECEIVED, the undersigned transfers and assigns unto
                     the within [            ] Certificate, and all rights
thereunder, irrevocably constituting and appointing                      as Attorney to transfer said
[            ] Certificate on the books of the Titling Trustee, with full power of substitution in the premises. 
  

					
	Dated: [                    ]	 	By:	 	  

  

 B-4 

 EXHIBIT C 
 [Form of Notice of Registered Pledge] 
 WORLD OMNI LT 
 NOTICE OF REGISTERED PLEDGE 
 [             ], 20     
  

			
	To:	 	VT Inc.,
		 	as Titling Trustee
		
	cc:	 	World Omni Financial Corp.,
		 	as Titling Trust Administrator
		
	Re:	 	Pledge of Certificates related to
		 	[            ] Series to [            ]

 Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16,
2008 (the “Titling Trust Agreement”), among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the “Titling Trust
Administrator”), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the “Titling Trustee”), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such
capacity, the “Delaware Trustee”), and U.S. Bank National Association, as Initial Titling Trustee Agent (in such capacity, the “Initial Titling Trustee Agent”). Capitalized terms used but not defined
in this Specification Notice are defined in the Titling Trust Agreement, which also contains rules as to usage that are applicable herein. 
 Each of the undersigned hereby certifies, represents and warrants as follows: 
 1. Pursuant to Section 5.4(a),
(c) and (e) and Section 5.7 of the Titling Trust Agreement, [all of the outstanding Certificates] [Certificates Nos. [    ] and [    ]]
related to the [            ] Series [, [Class [    ]] (collectively, the “Pledged Certificates”), [each] designated pursuant to
the Specification Notice dated as of [             ], 20    , a true and complete copy of which is attached as Exhibit A, have been
pledged by [            ] and [            ], the
[            ] existing registered Holders thereof (collectively, the “Pledgors”), to
[            ] and [            ] (collectively, the “Pledgees”). 
 2. Attached as Exhibits [B and C] are true and complete copies of the related security agreements and other agreements governing the exercise by the
Pledgees of the Pledged Rights with respect to the Pledged Certificates: [list documents] (collectively, the “Pledge Documents”). 
 3. Pursuant to the Pledge Documents, the Pledgors have agreed that the Pledgees may exercise the following rights: [list rights] (collectively, the “Pledged Rights”). 
 4. The pledge of the Pledged Certificates by the Pledgors to the Pledgees pursuant to the Pledge Documents, and the exercise by the Pledgees of the
Pledged Rights, are each permitted by the Titling Trust Agreement, and duly authorized and enforceable by each Pledgee against each Pledgor. 
  

 C-1 

 [5. The relative rights of the Pledgees are as follows: [specify if applicable].] 
 6. Accordingly, you are authorized and directed to cause the Titling Trustee to reflect that the Pledgees have become the Registered Pledgees with
respect to the Pledged Certificates, entitled to exercise the Pledged Rights with respect to the Pledged Certificates. 
 7. [The Titling
Trustee will act in accordance with any direction provided by the Registered Pledgee to the Titling Trustee in accordance with Section 7.4 of the Titling Trust Agreement.] 
 8. [Any replacement Certificate with respect to the Pledged Certificate will be delivered to the Registered Pledgee.] 
  

 C-2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Notice of Registered Pledge to be duly
executed and delivered by its respective officer hereunto duly authorized, as of the date first above written. 
  

			
	[                    ],
	as Pledgor
		
	By:	 	  

	Name:	 	
	[Title:]	 	
	
	 [                    ],
 as
Pledgor

		
	By:	 	  

	Name:	 	
	[Title:]	 	
	
	 [                    ],
 as
Pledgee

		
	By:	 	  

	Name:	 	
	[Title:]	 	
	
	 [                    ],
 as
Pledgee

		
	By:	 	  

	Name:	 	
	[Title:]	 	

  

 C-3 

 Furthermore, each Pledgee covenants that for a period of one year and one day (or, if longer, any
applicable preference period) after payment in full of all distributions to all Holders and TRO Holders pursuant to the terms of the Titling Trust Agreement and the related Certificates or TRO Documents, as the case may be, it will not institute
against, or join any Person in instituting against, the Titling Trust any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States.

  

			
	[                                        
                         ]
	as Pledgee
		
	By:	 	  

	Name:	 	

  

 C-4 

 EXHIBIT D 
 FORM OF CERTIFICATE OF TRUST 
 CERTIFICATE OF TRUST 
 OF 
 WORLD OMNI LT 
 THIS Certificate of Trust of WORLD OMNI LT (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as
trustees, to form a business trust under the Delaware Business Trust Act (12 Del. C. Section 3801 et seq.) (the “Trust Statute”). 
 1. Name. The name of the trust formed hereby is “WORLD OMNI LT.” 
 2. Delaware
Trustee. The name and the business address of the trustee of the Trust in the State of Delaware is U.S. Bank Trust National Association, 300 E. Delaware Avenue, 8th Floor, Wilmington, DE 19809-1515, Attention: Corporate Trust Services.

 3. Series. Pursuant to Section 3806(b)(2) of the Trust Statute, the Trust shall issue one or more series of beneficial
interests having the rights and preferences set forth in the governing instrument of the Trust, as the same may be amended from time to time (each a “Series”). 
 4. Notice of Limitation of Liabilities of each Series. Pursuant to Section 3804(a) of the Trust Statute, there shall be a limitation on
liabilities of each Series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not
against the assets of the Trust generally or the assets of any other Series thereof and (b) none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other
Series thereof shall be enforceable against the assets of such Series. 
 5. Effective Date. This Certificate of Trust shall be
effective upon filing. 
  

 D-1 

			
	U.S. BANK TRUST NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 VT INC.,
 as
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT E 
 FORM OF CERTIFICATE OF MERGER 
 Certificate Of Merger 
 of 
 WORLD OMNI LT, 
 an Alabama business trust 
 into 

 WORLD OMNI LT, 
 a
Delaware statutory trust 
 THIS Certificate of Merger, is duly executed and filed on behalf of World Omni LT, a statutory trust formed
and existing under the Delaware Statutory Trust Act, 12 Del. C. § 1801 et seq. (the “Act”), by the undersigned, as trustees, in accordance with Section 3815 of the Act: 
 FIRST: The name and jurisdiction of formation or organization of each of the constituent entities which is to merge is World Omni LT, a business trust
formed under the laws of the State of Alabama (the “Alabama Trust”), and World Omni LT, a statutory trust formed under the laws of the State of Delaware (the “Delaware Trust”). 
 SECOND: An Agreement and Plan of Merger, dated as of July 16, 2008 (the “Agreement and Plan of Merger”), between the Alabama Trust
and the Delaware Trust has been approved and executed by the Alabama Trust and the Delaware Trust, and their respective beneficial owners and trustees. 
 THIRD: The name of the surviving Delaware statutory trust is World Omni LT. 
 FOURTH: The merger of the
Alabama Trust into the Delaware Trust shall be effective upon the later of the filing of this Certificate of Merger with the Secretary of State of the State of Delaware and the filing of a Certificate of Merger with the Secretary of State of the
State of Alabama. 
 FIFTH: The executed Agreement and Plan of Merger is on file at the principal place of business of the surviving Delaware
statutory trust. The address of such place of business of the surviving Delaware statutory trust is World Omni LT, c/o U.S. Bank Trust National Association, 300 E. Delaware Avenue, 8th Floor, Wilmington, DE 19809-1515, Attention: Corporate Trust
Services. 
 SIXTH: A copy of the Agreement and Plan of Merger will be furnished by the surviving Delaware statutory trust, on request and
without cost, to any beneficial owner of the Alabama Trust or the Delaware Trust. 
  

 E-1 

 IN WITNESS WHEREOF, the undersigned, being all of the trustees of the Delaware Trust, have executed this
Certificate of Merger in accordance with Section 3811(a)(4) of the Act. 
  

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

	Name:	 	
	Title:	 	
	
	U.S. BANK TRUST NATIONAL ASSOCIATION, not in its individual capacity but solely as Delaware Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 E-2 

 EXHIBIT F 
 FORM OF ADDITION NOTICE 
 [        
    ], 20     
  

			
	To:	  	WORLD OMNI FINANCIAL CORP.,
		  	as Titling Trust Administrator, of World Omni LT (the “Titling Trust”)
		
	Re:	  	Addition of Specified Assets to the [                    ] Specified
Interest

 Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16,
2008 (the “Titling Trust Agreement”), among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the “Titling Trust
Administrator”), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the “Titling Trustee”), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such
capacity, the “Delaware Trustee”), and U.S. Bank National Association, as Initial Titling Trustee Agent (in such capacity, the “Initial Titling Trustee Agent”). Unless otherwise defined herein, all
capitalized terms shall have the meanings ascribed thereto in the Titling Trust Agreement. 
  

	 	(1)	Pursuant to Section 4.3(d) of the Titling Trust Agreement, you are hereby directed to add to the Titling Trust and allocate to the
[            ] Specified Interest those Leases and Vehicles listed on Annex A hereto (collectively, the “Additional Specified Assets”).

  

	 	(2)	The Addition Date for the Additional Specified Assets is [             ],
20    . 

  

	 	(3)	The date as to which Collections on the Additional Specified Assets will be allocated to [            ] Specified
Interest is [             ], 20    . 

 [SIGNATURE PAGE FOLLOWS] 
  

 F-1 

 IN WITNESS WHEREOF, the undersigned on behalf of the Series relating to the [Closed-End] [Open-End]
Specified Interest has caused this Addition Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date and year first above written. 
  

			
	ALF LLC,
	as Initial Beneficiary,
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature page to Form of Additional Notice 1 of 1] 

 Annex A 
 ADDITION NOTICE APPLICABLE ASSET ANNEX 
 ([To Be Provided Electronically]) 

 EXHIBIT G 
 FORM OF REALLOCATION NOTICE 
 [        
    ], 20     
  

			
	To:	  	 WORLD OMNI FINANCIAL CORP.,
 as Titling Trust
Administrator, of World Omni LT (the “Titling Trust”)

		
	Re:	  	Addition of Specified Assets to the [            ] Specified Interest

 Reference is made to the Second Amended and Restated Trust Agreement, dated as of July 16,
2008 (the “Titling Trust Agreement”), among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity, the “Titling Trust
Administrator”), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity, the “Titling Trustee”), U.S. Bank Trust National Association, a national banking association, as Delaware Trustee (in such
capacity, the “Delaware Trustee”), and U.S. Bank National Association, as Initial Titling Trustee Agent (in such capacity, the “Initial Titling Trustee Agent”). Unless otherwise defined herein, all
capitalized terms shall have the meanings ascribed thereto in the Titling Trust Agreement. 
  

	 	(1)	Pursuant to Section 43(f) of the Titling Trust Agreement, you are hereby directed to reallocate from the
[            ] Specified Interest to the [            ] Specified Interest those Leases and Leased Vehicles listed on Annex
A hereto, together with all [            ] Specified Assets relating to such Leases and Leased Vehicles (collectively, the “Reallocated Specified Assets”).

  

	 	(2)	The Reallocation Date for the Reallocated Specified Assets is [            ], 20[    ]. (This is the
date as of which the reallocation described in paragraph 1 is effective.) 

  

	 	(3)	As of [            ], 20[    ], all Collections on the Reallocated Specified Assets shall be
[            ] Specified Assets allocated to the [            ] Specified Interest. 

  

	 	(4)	As used herein (i) “[            ]” means the Specified Interest designated as the
“[            ] Specified Interest” pursuant to the Series Specification Notice dated [            ],
20[    ] and (ii) “[            ]” means the Specified Interest designated as the
“[            ] Specified Interest” pursuant to the Series Specification Notice dated [            ],
20[    ]. 

  

	 	(5)	The date as to which Collections on the Reallocated Specified Assets will be allocated to [            ] Specified
Interest is [             ], 20    . 

 [SIGNATURE PAGE FOLLOWS] 
  

 G-1 

 IN WITNESS WHEREOF, the undersigned on behalf of the Series relating to the
[            ] Specified Interest has caused this Addition Notice to be duly executed and delivered by its officer hereunto duly authorized, as of the date and year first above written.

  

			
	ALF LLC,
	as Initial Beneficiary,
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 G-2 

 Annex A 
 REALLOCATION NOTICE APPLICABLE ASSET ANNEX 
 ([To Be Provided Electronically]) 

 Schedule A 
 Authorized Officers of World Omni, as 
 Servicer and as Titling Trust Administrator

  

			
	 Name
	  	 Title

	Cheryl Scully	  	Vice President/Treasurer
	Arthur J. Mirandi, Jr.	  	Assistant Treasurer
	Ben Miller	  	Assistant Treasurer
	Brick A. Toifel	  	Vice President
	Peter J. Sheptak	  	Vice President, General Counsel & Secretary
	Stephen P. Artusi	  	Assistant Secretary

  

 Schedule A—Page 1 

 Schedule B 
 Authorized Officers of the Titling Trustee 
  

			
	 Name
	  	 Title

	Patricia M. Child	  	President
	Melissa A. Rosal	  	Vice President and Secretary
	Nancie J. Arvin	  	Vice President and Chief Financial Officer
	Julia Linian	  	Assistant Vice President and Assistant Secretary
	 	 
	Erika Forshtay	  	Trust Officer and Assistant Secretary

  

 Schedule B—Page 1 

 SCHEDULE C 
 INITIAL DESIGNATED NOTICE RECIPIENTS 
 Designation of Designated Notice Recipient for Certain
Warehouse 
 Arrangements Relating to the Closed-End Collateral Specified Interest 
 Reference is hereby made to: 
 1. the Third
Amended and Restated Collateral Agency Agreement, dated as of July 16, 2008 (the “Collateral Agency Agreement”), among the Titling Trust, as Borrower, ALF LLC, as Initial Beneficiary, AL Holding Corp., a Delaware
corporation, as Closed-End Collateral Agent, Bank of America, N.A., a national banking association (“Bank of America”), as Deal Agent (in such capacity, the “Deal Agent”), U.S. Bank, as Closed-End
Administrative Agent, and the other secured parties from time to time party to such agreement; 
 2. the Second Amended and Restated
Receivables Financing Agreement, dated as of July 16, 2008 (the “BTM Receivables Financing Agreement”), among the Titling Trust, as Borrower, ALF LLC, as Holding Company and as Initial Beneficiary, World Omni, as
Closed-End Servicer, Gotham Funding Corporation, as Lender, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch, as Warehouse Facility Agent; and 
 3. the Second Amended and Restated Receivables Financing Agreement, dated as of July 16, 2008 (the “Multi-Lender Receivables Financing Agreement” and, together with the BTM Receivables
Financing Agreement, the “Receivables Financing Agreements” and each a “Receivables Financing Agreement”), among the Titling Trust, as Borrower, ALF LLC, as Holding Company and as Initial Beneficiary,
World Omni, as Closed-End Servicer, Bank of America, as Warehouse Facility Agent, and each of the “Conduit Lenders,” Alternate Lenders and Group Agents from time to time party to such agreement. 
 Bank of America, in its capacity as Deal Agent under the Collateral Agency Agreement, is hereby designated as the Designated Notice Recipient for each of
the Warehouse Facility Lenders and Warehouse Facility Agents under the BTM Receivables Financing Agreement and the Multi-Lender Receivables Financing Agreement, and under each other Receivables Financing Agreement entered into from time to time
pursuant to Section 2.1(b) of the Collateral Agency Agreement. Each such Warehouse Facility Lender and Warehouse Facility Agent has agreed into such designation by its signature to the Collateral Agency Agreement, as specified
therein. 
 Capitalized terms used but not defined (or as to which a meaning is assigned) in this Schedule C or in the Titling
Trust Agreement to which this Schedule C is a part, have the respective meanings assigned to such terms in the Collateral Agency Agreement (including in Appendix A to such agreement); or, if no meaning is assigned to such
term therein, such term shall have the meanings assigned to such terms in the applicable Receivables Financing Agreement. 
  

 Schedule C—Page 1

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