Document:

Exchange Note Transfer Agreement

 Exhibit 10.2 

 
  

 
 EXCHANGE NOTE TRANSFER AGREEMENT

 dated as of May 5, 2011 
 between 
 WORLD OMNI AUTO LEASING LLC, 

as Depositor 
 and

 WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2011-A, 

as Issuing Entity and Buyer 
  

 
  

 Table of Contents 

 

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

  
 (i)

 EXCHANGE NOTE TRANSFER AGREEMENT 

THIS EXCHANGE NOTE TRANSFER AGREEMENT (as amended, supplemented or modified from time to time, this “Agreement”) is made and
entered into as of May 5, 2011 by WORLD OMNI AUTO LEASING LLC, a Delaware limited liability company (the “Depositor”), and WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2011-A, a Delaware statutory trust (the “Buyer” or
the “Issuing Entity”). 
 WITNESSETH: 
 WHEREAS, World Omni LT is a Delaware statutory trust (the “Titling Trust”) formed and operated pursuant to that certain Second Amended and Restated Trust Agreement dated as of July 16, 2008
(as amended, modified or supplemented from time to time, the “Titling Trust Agreement”) for the purpose, among other things, of acquiring title to Closed-End Units and issuing Exchange Notes, each relating to separate Reference Pools of
Closed-End Units within the Closed-End Collateral Specified Interest in the Titling Trust; 
 WHEREAS, on the date hereof, the
Titling Trust, Auto Lease Finance LLC, a Delaware limited liability company (“ALF LLC” or the “Initial Beneficiary”), AL Holding Corp., as Closed-End Collateral Agent, and U.S. Bank National Association, as Closed-End
Administrative Agent, are entering into that certain Exchange Note Supplement 2011-A to Collateral Agency Agreement (as amended, modified or supplemented from time to time, the “Exchange Note Supplement”) to issue the Closed-End Exchange
Note initially sold and transferred to the Depositor under an Exchange Note Sale Agreement (the “Exchange Note Sale Agreement”), and then immediately sold and transferred to the Buyer under this Agreement (the “Exchange Note”);

 WHEREAS, on the date hereof, the Depositor purchased the Exchange Note from ALF LLC pursuant to the Exchange Note Sale
Agreement; 
 WHEREAS, the Depositor, and U.S. Bank Trust National Association, as owner trustee, formed World Omni Automobile
Lease Securitization Trust 2011-A as a Delaware statutory trust pursuant to a Trust Agreement; 
 WHEREAS, the Depositor desires
to sell to the Buyer, and the Buyer desires to acquire, the Exchange Note; 
 WHEREAS, the Depositor desires to assign rights
under the Exchange Note Sale Agreement to the Buyer; and 
 WHEREAS, the Buyer will finance its acquisition of the Exchange Note
by issuing notes pursuant to an Indenture dated as of May 5, 2011 (as amended, supplemented or modified from time to time, the “Indenture”) with The Bank of New York Mellon, as indenture trustee (the “Indenture Trustee”);

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

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

Section 1.2 Other Definitional Provisions. 
 (a) Each term defined in the singular form in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement or any certificate, report or other document made or
delivered pursuant hereto, and each term defined in the plural form in shall mean the singular thereof when the singular form of such term is used herein or therein. 
 (b) The words “hereof”, “herein”, “hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of
this Agreement, and article, section, subsection, schedule and exhibit references herein are references to articles, sections, subsections, schedules and exhibits of or to this Agreement unless otherwise specified. 

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

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

ARTICLE II 

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

(a) transfers, assigns, sets over, sells and otherwise conveys to the Buyer, and the Buyer hereby purchases from the Depositor, without
recourse, all of the Depositor’s right, title and interest in and to the Exchange Note, including, but not limited to, all Closed-End Collections with respect to the related 2011-A Reference Pool after the Cut-off Date; and 

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

  
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 Section 2.2 Consideration and Payment. In consideration of the transfer of the
Exchange Note to the Buyer on the Closing Date, the Buyer shall transfer to the Depositor on the Closing Date the Notes and the Certificate (as such terms are defined in Appendix A to the Indenture). On the Closing Date, the Depositor will cause an
amount equal to $8,099,308.01 to be deposited into the Reserve Account. 
 Section 2.3 Representations and Warranties.

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

(i) Existence and Power. The Depositor is a limited liability company duly organized, validly existing and in good
standing under the laws of its state of organization and has all power and authority required to carry on its business as it is now conducted. The Depositor has obtained all necessary licenses and approvals in all jurisdictions where the failure to
do so would materially and adversely affect the business, properties, financial condition or results of operations of the Depositor taken as a whole. 
 (ii) Company Authorization and No Contravention. The execution, delivery and performance by the Depositor of each Transaction Document to which it is a party (i) have been duly authorized by
all necessary limited liability company action and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any agreement, contract, order or other
instrument to which it is a party or its property is subject and (iii) will not result in any Adverse Claim on the Exchange Note or give cause for the acceleration of any indebtedness of the Depositor. 

(iii) No Consent Required. No approval, authorization or other action by, or filing with, any Governmental
Authority is required in connection with the execution, delivery and performance by the Depositor of any Transaction Document other than UCC filings and other than approvals and authorizations that have previously been obtained and filings which
have previously been made. 
 (iv) Binding Effect. Each Transaction Document to which the Depositor is a
party constitutes the legal, valid and binding obligation of the Depositor enforceable against the Depositor in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or
affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 
 (v)
Ownership and Transfer of Exchange Note. Immediately preceding its sale of the Exchange Note to the Buyer, the Depositor was the owner of the Exchange Note, free and clear of any Adverse Claim, and after such sale of the Exchange Note to the
Buyer, the Buyer shall at all times be entitled to all of the rights and benefits of a holder of an Exchange Note under the Collateral Agency Agreement and the Exchange Note Supplement. 

  
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 (vi) Applicable Law. The Depositor is in compliance with all
Applicable Laws, the failure to comply with which would have a material adverse effect on the ability of the Depositor to perform its obligations hereunder. 
 (vii) Litigation. There are no actions, suits or proceedings pending or, to the knowledge of the Depositor, threatened against the Depositor before or by any Governmental Authority that
(i) question the validity or enforceability of this Agreement or materially and adversely affect the ability of the Depositor to perform its obligations hereunder or (ii) individually or in the aggregate would have a material adverse
effect on the ability of the Depositor to perform its obligations hereunder. The Depositor is not in default with respect to any orders of any Governmental Authority, the default under which individually or in the aggregate would have a material
adverse effect on the ability of the Depositor to perform its obligations hereunder. 
 (viii) Status of
Depositor. The Depositor is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Depositor is not subject to regulation as a “holding company,” an “affiliate” of a
“holding company”, or a “subsidiary company” of a “holding company”, within the meaning of the Public Utility Holding Company Act of 1935, as amended. 

The representations and warranties set forth in this Section 2.3(a) shall speak only as of the date hereof and shall survive the
sale of the Exchange Note hereunder. 
 (b) Perfection Representations. The representations, warranties and covenants set
forth on Schedule I hereto shall be a part of this Agreement for all purposes. Notwithstanding any other provision of this Agreement or any other Transaction Document, the perfection representations contained in Schedule I shall be continuing, and
remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed. 
 The parties to this Agreement: (i) shall not waive any of the perfection representations contained in Schedule I; (ii) shall provide the Rating Agencies with prompt written notice of any breach
of perfection representations contained in Schedule I and (iii) shall not waive a breach of any of the perfection representations contained in Schedule I. 
 Section 2.4 Protection of Title. 
 (a) Filings. The Depositor shall
file such financing statements and cause to be filed such continuation and other statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Buyer under this Agreement in
the Exchange Note. The Depositor shall deliver (or cause to be delivered) to the Buyer file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) Name Change. The Depositor shall not change its name, identity or limited liability company structure in any manner that
would, could, or might make any financing statement or continuation statement filed by the Depositor in accordance with Section 2.4(a) “seriously misleading” within the meaning of Section 9-506, 9-507 and 9-508 of the UCC, unless

  
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it shall have given the Buyer at least 30 days’ prior written notice thereof and shall have taken all action prior to making such change (or shall have made arrangements to take such action
substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary or advisable in the opinion of the Buyer to amend all previously filed financing statements or continuation statements
described in Section 2.4(a). 
 (c) Sales Tax. All sales, property, use, transfer or other similar taxes due and
payable upon the purchase of the Exchange Note will be paid or provided for by the Depositor. 
 (d) Executive Office;
Maintenance of Offices. The Depositor shall give the Buyer at least 30 days’ prior written notice of any change of location of the Depositor for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such
change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not possible to take such action in advance) reasonably necessary or advisable in the opinion of the Buyer to amend all previously
filed financing statements or continuation statements described in Section 2.4(a). The Depositor shall at all times maintain its principal executive office within the United States of America. 

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

ARTICLE III 
 MISCELLANEOUS 
 Section 3.1 Transfers Intended as Sale; Security
Interest. 
 (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under
this Agreement are complete and absolute sales and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. The sale and contribution of the Exchange Note shall be reflected on
the Depositor’s balance sheet and other financial statements as a sale and contribution of assets by the Depositor. The sale and contribution by the Depositor of the Exchange Note hereunder are and shall be without recourse to, or
representation or warranty (express or implied) by, the Depositor, except as otherwise specifically provided herein. The limited rights of recourse specified herein against the Depositor are intended to provide a remedy for breach of representations
and warranties relating to the condition of the property sold, rather than to the collectibility of underlying indebtedness, and therefore are intended to be consistent with warranties ordinarily given by a seller of goods under Article 2 of the
UCC. 
 (b) Notwithstanding the foregoing, in the event that the Exchange Note is held to be property of the Depositor, or if
for any reason this Agreement is held or deemed to create a security interest in the Exchange Note, then it is intended that: 

  
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 (i) This Agreement shall be deemed to be a security agreement within the
meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; 
 (ii) The
conveyance provided for in Section 2.1 shall be deemed to be a grant by the Depositor to the Buyer of a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter
acquired, in and to the Exchange Note, to secure the performance of the obligations of the Depositor hereunder; 

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

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

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

Section 3.3 Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in
writing (including facsimile communication) and shall be personally delivered or sent by certified mail, postage prepaid, or by facsimile, to the intended party at the address or facsimile number of such party set forth under its name on the
signature pages hereof or at such other address or facsimile number as shall be designated by such party in a written notice to the other parties hereto. A copy of all notices and other communications to the Issuing Entity shall be personally
delivered or sent by certified mail, postage prepaid, or by facsimile, to U.S. Bank Corporate Trust Services, 209 S. LaSalle Street, Suite 300, Chicago, Illinois 60604, Attention: Patricia Child, VP, Telecopy: (312) 325-8905 or to such other
address or facsimile number as shall be designated by the Owner Trustee in a written notice to the other parties hereto. All such notices and communications shall be effective (a) if personally delivered when received, (b) if sent by
certified mail, three Business Days after having been deposited in the mail, postage prepaid, (c) if sent by overnight courier, one Business Day after having been given to such courier, and (d) if transmitted by facsimile, when sent,
receipt confirmed by telephone or electronic means. 
 Section 3.4 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. 

  
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 Section 3.5 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 Section 3.6 Amendment. 
 (a) Any term or provision of this Agreement may be
amended by the Depositor without the consent of the Indenture Trustee, any Noteholder or the Buyer; provided that (i) any amendment that materially and adversely affects the interests of the Noteholders shall require the consent of Noteholders
evidencing not less than a majority of the aggregate outstanding principal amount of the Controlling Class and (ii) any amendment that materially and adversely affects the interests of the Certificateholders, the Indenture Trustee or the Buyer
shall require the prior written consent of the Persons whose interests are materially and adversely affected. An amendment shall be deemed not to materially and adversely affect the interests of the Noteholders if the Rating Agency Condition is
satisfied with respect to such amendment. The consent of the Certificateholders or the Buyer shall be deemed to have been given if the Closed-End Servicer does not receive a written objection from such Person within 10 Business Days after a written
request for such consent shall have been given. 
 (b) Notwithstanding the foregoing, no amendment shall (i) reduce the
interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, or (ii) reduce the percentage of the aggregate outstanding principal amount of the Outstanding
Notes, the Holders of which are required to consent to any matter without the consent of the Holders of at least the percentage of the aggregate outstanding principal amount of the Outstanding Notes which were required to consent to such matter
before giving effect to such amendment. 
 (c) Notwithstanding anything herein to the contrary, any term or provision of this
Agreement may be amended by the Depositor without the consent of any of the Buyer, the Noteholders or any other Person to add, modify or eliminate any provisions as may be necessary or advisable in order to comply with or obtain more favorable
treatment under or with respect to any law or regulation or any accounting rule or principle (whether now or in the future in effect); it being a condition to any such amendment that the Rating Agency Condition shall have been satisfied. 

(d) It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of
any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof. 
 (e) Prior to the
execution of any amendment to this Agreement, the Depositor shall provide each Rating Agency with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any amendment to this Agreement, the Depositor
shall furnish a copy of such amendment to each Rating Agency, the Issuing Entity, the Owner Trustee, and the Indenture Trustee. 

  
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 (f) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the
Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery
of such amendment have been satisfied. 
 Section 3.7 Waivers. No failure or delay on the part of the Buyer, the
Closed-End Servicer, the Depositor or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any
such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Buyer or the Depositor in any case shall entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by the Buyer under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any
similar or dissimilar waiver or approval thereafter to be granted hereunder. 
 Section 3.8 Entire Agreement. The
Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject
matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among the parties. 

Section 3.9 Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement
shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity
or enforceability of the other provisions of this Agreement. 
 Section 3.10 Binding Effect; Assignability. This
Agreement shall be binding upon and inure to the benefit of the Buyer and the Depositor and their respective successors and permitted assigns. The Depositor may not assign any of its rights hereunder or any interest herein without the prior written
consent of the Buyer, except as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such
time as the parties hereto shall agree. 
 Section 3.11 Acknowledgment and Agreement. By execution below, the Depositor
expressly acknowledges and consents to the pledge of the Exchange Note and the assignment of all rights and obligations of the Depositor related thereto by the Buyer to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders. In addition, the Depositor hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Buyer under this Agreement.

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

  
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 Section 3.13 Nonpetition Covenant. With respect to each Bankruptcy Remote Party, each
party hereto (and each holder and pledgee of the Exchange Note, by virtue of its acceptance of such Exchange Note or pledge thereof) agrees that, prior to the date which is one year and one day after payment in full of all obligations under each
Financing (i) no party hereto shall authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote
Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect
to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. Each of the parties hereto agrees that, prior to the date which is one
year and one day after the payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or similar proceeding under the laws of the United States or any State of the United States. 
 Section 3.14 Each Exchange Note Separate; Assignees of the Exchange Note. Each party hereto acknowledges and agrees (and each holder or pledgee of the Exchange Note, by virtue of its acceptance of
such Exchange Note or pledge thereof acknowledges and agrees) that (a) the Closed-End Collateral Specified Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code,
12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to (i) the Exchange Note or the related 2011-A Reference Pool shall be enforceable
against such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool and (ii) 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 2011-A Reference Pool, (c) except to the extent required by law, the Closed-End Units
included in the 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 2011-A Reference Pool) shall not be
subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to the Exchange Note in respect of such claim, (d) no creditor or holder of a claim relating to (i) the Exchange Note or the related 2011-A
Reference Pool shall be entitled to maintain any action against or recover any assets allocated to any Other Reference Pool, the Warehouse Facility Pool 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) any Other Reference Pool, the Warehouse Facility Pool or any Other Exchange Note other than the Exchange Note related to the 2011-A Reference Pool shall be
entitled to maintain any action against or recover any assets allocated to the 2011-A Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2011-A Reference Pool or, the Exchange Note, must, prior to or
contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Titling Trust a non-petition covenant substantially 

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

 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement or any documents
executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the
Southern District of New York and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be
brought in such courts and waives any objection that it may now or hereafter have to the venue of such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the
same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 3.3 of this Agreement; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of trial by
jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

Section 3.16 Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, this Agreement
has been signed by U.S. Bank Trust National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing Entity and in no event shall U.S. Bank Trust National Association 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. For all purposes of this Agreement, in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII
and VIII of the Trust Agreement and the Administration Agreement. 

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

			
	WORLD OMNI AUTO LEASING LLC
		
	By:	 	/s/ Ben Miller
		 	Name: Ben Miller
		 	Title: Assistant Treasurer

  

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

	 Telecopy:      (954)429-2685

 

			
	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 2011-A
	By:	 	U.S. Bank Trust National Association, not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Patricia M. Child
		 	Name: Patricia M. Child
		 	Title: Vice President

  

			
	Address:
	300 Delaware Avenue
	9th Floor
	Wilmington, Delaware 19801

  
 S - 1

 SCHEDULE I 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the Exchange Note Transfer Agreement, the Depositor hereby represents, warrants, and covenants to the Buyer as follows on the Closing Date: 

1. The Exchange Note Transfer Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Exchange Note in favor
of the Buyer, which security interest is prior to all other Adverse Claims and is enforceable as such as against creditors of and purchasers from the Depositor. 
 2. The Exchange Note constitutes a “general intangible,” “instrument,” “certificated security,” or “tangible chattel paper,” within the meaning of the applicable
UCC. 
 3. The Depositor owns and has good and marketable title to the Exchange Note free and clear of any Adverse Claim, claim or encumbrance
of any Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or
that are being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not imminent and the use and value of the property to which the
Adverse Claim attaches is not impaired during the pendency of such proceeding. 
 4. The Depositor has received all consents and approvals to
the sale of the Exchange Note hereunder to the Buyer required by the terms of the Exchange Note to the extent that it constitutes an instrument or a payment intangible. 
 5. The Depositor has received all consents and approvals required by the terms of the Exchange Note, to the extent that it constitutes a securities entitlement, certificated security or uncertificated
security, to the transfer to the Buyer of its interest and rights in the Exchange Note hereunder. 
 6. The Depositor has caused or will have
caused, within ten days after the effective date of the Exchange Note Transfer Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
sale of the Exchange Note from the Depositor to the Buyer and the security interest in the Exchange Note granted to the Buyer hereunder. 
 7.
To the extent that the Exchange Note constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been delivered to the Buyer. 

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

  
 Sch. I-1

 
otherwise conveyed the Exchange Note. The Depositor has not authorized the filing of, nor is aware of, any financing statements against the Depositor that include a description of collateral
covering the Exchange Note other than any financing statement relating to any security interest granted pursuant to the Transaction Documents or that has been terminated. 
 9. No instrument or tangible chattel paper that constitutes or evidences the Exchange Note has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person
other than the Indenture Trustee. 

  
 Sch. I-22011-A Exchange Note Supplement to Collateral Agency Agreement

 Exhibit 10.3 

 
  

 
 WORLD OMNI LT 

2011-A EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT 
 WORLD OMNI LT, 
 As Borrower, 

AUTO LEASE FINANCE LLC, 
 As Initial Beneficiary, 
 AL HOLDING CORP., 

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

Dated as of May 5, 2011 
  

 
  

 TABLE OF CONTENTS 

 

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

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

  
 i 

 2011-A EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY 

AGREEMENT 

THIS 2011-A EXCHANGE NOTE SUPPLEMENT TO COLLATERAL AGENCY AGREEMENT (as amended, modified or supplemented from time to time, the
“Exchange Note Supplement”), dated and effective as of May 5, 2011, is among World Omni LT, a Delaware statutory trust (the “Borrower” or the “Titling Trust”), Auto Lease Finance LLC, a
Delaware limited liability company (“ALF” or the “Initial Beneficiary”), AL Holding Corp., a Delaware corporation (the “Closed-End Collateral Agent”), and U.S. Bank National Association, a national
banking association (the “Closed-End Administrative Agent”). 
 RECITALS 

A. The Borrower, the Initial Beneficiary, the Closed-End Collateral Agent, Bank of America, N.A., a national banking association (the
“Deal Agent”), and the Closed-End Administrative Agent have entered into that certain Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (as modified, supplemented or amended from time to
time, the “Collateral Agency Agreement”) pursuant to which, among other things, the Initial Beneficiary of the Borrower will have the right, subject to certain conditions and limitations set forth therein, (i) to purchase from
the Revolving Lenders ratable portions of the Advances made by such Lenders under the respective Warehouse Facilities, (ii) to make Initial Beneficiary Advances to the Borrower, and (iii) following such purchase or Initial Beneficiary
Advance, to exchange the acquired Advances and/or Initial Beneficiary Advances for Closed-End Exchange Notes issued by the Titling Trust and backed primarily by assets designated (subject to certain conditions) by the Initial Beneficiary and
allocated to a separate Reference Pool. 
 B. The parties hereto desire to supplement the terms of the Collateral Agency
Agreement (i) to set forth the principal terms of the 2011-A closed-end exchange note (the “Closed-End Exchange Note”) issued hereunder and (ii) to designate a portion of the Closed-End Units included in the Warehouse
Facility Pool as the 2011-A Reference Pool with respect to such Closed-End Exchange Note. 
 C. Concurrently herewith,
(i) ALF and World Omni Auto Leasing LLC, a Delaware limited liability company (the “Depositor”), are entering into an Exchange Note Sale Agreement, pursuant to which the Depositor will purchase the Closed-End Exchange Note and
(ii) the Depositor and World Omni Automobile Lease Securitization Trust 2011-A (the “Issuing Entity”), are entering into an Exchange Note Transfer Agreement, pursuant to which the Depositor will transfer the Closed-End Exchange
Note to the Issuing Entity. 
 D. Concurrently herewith, the Issuing Entity is entering into an asset-backed financing
transaction pursuant to, among other agreements, an Indenture dated as of the date hereof (the “Indenture”) between the Issuing Entity and The Bank of New York Mellon, as indenture trustee (the “Indenture Trustee”),
pursuant to which, among other things, the Issuing Entity will pledge certain of its assets and grant a security interest in such assets, including the Closed-End Exchange Note. 

 E. Also concurrently herewith, the Titling Trust, the Servicer and the Closed-End Collateral
Agent are entering into that certain 2011-A Servicing Supplement to Closed-End Servicing Agreement (as amended, modified or supplemented from time to time, the “Servicing Supplement”) pursuant to which, among other things, the terms
of the Fifth Amended and Restated Closed-End Servicing Agreement, dated as of December 15, 2009 (as modified, supplemented or amended from time to time, the “Closed-End Servicing Agreement”) will be supplemented insofar as they
apply to the Closed-End Units included in the 2011-A Reference Pool, providing more specific servicing obligations. 
 NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Collateral Agency Agreement, the parties hereto agree to the following supplemental obligations with regard to the Closed-End Exchange Note issued
hereunder. 
 ARTICLE XII 
 DEFINITIONS; THIRD-PARTY BENEFICIARIES 
 Section 12.1 Definitions.

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

Section 12.2 Third-Party Beneficiaries. 
 The holder and pledgees of the Closed-End Exchange Note (including the Issuing Entity and the Indenture Trustee), and their respective successors, permitted assigns and pledgees, are third-party
beneficiaries of the Collateral Agency Agreement and this Exchange Note Supplement. 
 ARTICLE XIII 

DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS 
 Section 13.1 Designation of the Reference Pool. 
 (a) Pursuant to
Section 6.2(a) of the Collateral Agency Agreement and subject to the conditions set forth in Section 13.1(b), the Initial Beneficiary hereby designates a portion of the Closed-End Units included in the Revolving Pool for
allocation to a new Reference Pool, referred to as the “2011-A Reference Pool,” within the Closed-End Collateral Specified Interest. Upon the effectiveness of this Exchange Note Supplement, the Initial Beneficiary shall direct the

  
 2 

 
Titling Trustee and the Closed-End Collateral Agent to allocate or cause to be identified and allocated on their respective books and records the “2011-A Reference Pool,” to be
separately accounted for and held in trust independently from any other Asset Pool. Such Reference Pool shall initially include the Closed-End Units identified on Schedule 1 to this Exchange Note Supplement, which Closed-End Units shall
belong exclusively to the 2011-A Reference Pool, and all other Titling Trust Assets to the extent related to such Closed-End Units (other than cash which does not constitute Closed-End Collections received on or after the Cutoff Date, as specified
in Section 13.2(a)(iii)); provided, that, any Closed-End Collections received prior to the Cutoff Date for any such Closed-End Units identified on Schedule 1 shall not be allocated to the 2011-A Reference Pool.

 (b) Designation of the 2011-A Reference Pool shall be subject to the satisfaction of each of the conditions precedent set
forth in Section 6.4 of the Collateral Agency Agreement, unless and to the extent waived by the Deal Agent, with the consent of each Warehouse Facility Lender. 
 Section 13.2 Closed-End Exchange Note Terms. 
 (a) The terms of the
Closed-End Exchange Note are as follows: 
 (i) the Closed-End Exchange Note shall be issued on May 5, 2011;

 (ii) the initial Exchange Note Balance of the Closed-End Exchange Note is equal to $728,937,721.00;

 (iii) the Cutoff Date for the 2011-A Reference Pool is April 8, 2011; 

(iv) the first Closed-End Exchange Note Payment Date for the Closed-End Exchange Note is June 15, 2011, and
thereafter, the 15th day of each calendar month or, if such day is not a Business Day, the next Business Day; 

(v) the Exchange Note Interest Rate for the Closed-End Exchange Note is 2.10% per annum (computed on the basis of a
360-day year of twelve 30-day months); 
 (vi) the Interest Period with respect to the Closed-End Exchange Note
shall be, with respect to any Closed-End Exchange Note Payment Date, the period from and including May 5, 2011 (in the case of the first Payment Date) or from and including the most recent Closed-End Exchange Note Payment Date to but excluding
such Closed-End Exchange Note Payment Date; 
 (vii) the initial Securitization Value of the Closed-End Units
included in the 2011-A Reference Pool is equal to $809,930,800.83, and thereafter, the applicable Exchange Note Principal Payment Amount shall be calculated pursuant to Section 13.2(b)(iii); 

(viii) the Final Scheduled Payment Date for the Closed-End Exchange Note is December 15, 2016; 

  
 3 

 (ix) the conditions precedent to the issuance of the Closed-End Exchange
Note are set forth in Section 6.4 of the Collateral Agency Agreement; and 
 (x) the day count
fraction shall be 30 (or in the case of the initial Closed-End Exchange Note Payment Date, 40). 
 (b) On each Closed-End
Exchange Note Payment Date, the Closed-End Administrative Agent shall, with respect to the 2011-A Reference Pool, withdraw from the related Exchange Note Collection Account an amount equal to the Closed-End Collections for the 2011-A Reference Pool
and apply such amount, together with any amounts allocated to the 2011-A Reference Pool in accordance with Section 10.2 or Sections 10.3(a) or (b) of the Collateral Agency Agreement, in accordance with the following priorities: 

(i) first, to the Closed-End Servicer, the Reference Pool Servicing Fee for the related Closed-End EN Collection
Period (to the extent such Servicing Fee has not been retained by the Closed-End Servicer pursuant to Section 13.5 of the Servicing Supplement 2011-A to Closed-End Servicing Agreement); 

(ii) second, to the Trust Collection Account, the applicable due and unpaid Exchange Note Interest Amount on the
Closed-End Exchange Note; 
 (iii) third, to the Trust Collection Account, (A) on any Closed-End
Exchange Note Payment Date other than the Exchange Note Redemption Date, the Exchange Note Principal Payment Amount due and payable on such Closed-End Exchange Note Payment Date pursuant to the Closed-End Exchange Note, as a payment of principal of
the Closed-End Exchange Note in an amount equal to the difference between the Adjusted Securitization Value and the Exchange Note Balance of the Closed-End Exchange Note, in each case as of the end of the prior Closed-End EN Collection Period, or
(B) on the Exchange Note Redemption Date, an amount equal to the Exchange Note Redemption Price (to the extent such amount has not been paid pursuant to clause (ii) above or the Collateral Agency Agreement); provided,
however, that if an Exchange Note Default has occurred and is continuing and the Closed-End Exchange Note is accelerated pursuant to Section 8.7(c) of the Collateral Agency Agreement, any remaining amount necessary to reduce the
Exchange Note Balance on the Closed-End Exchange Note to zero, including all accrued and unpaid interest on the Closed-End Exchange Note; 
 (iv) fourth, to the Trust Collection Account, an amount equal to the difference between the Available Funds and the amount required to be paid pursuant to clauses (i) through (vii) in
Section 8.4(a) of the Indenture on the related Closed-End Exchange Note Payment Date (the “Trust Collection Account Shortfall Amount”);and 

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

(c) Pursuant to Section 8.8(a)(ii)(z) of the Collateral Agency Agreement, an amount equal to the Net Liquidation Proceeds of
the Closed-End Units included in the 2011-A Reference Pool after an Exchange Note Default occurs and is continuing with respect to the Closed-End Exchange Note will be applied in accordance with the following priorities: 

  
 4 

 (i) first, to the Closed-End Collateral Agent, any amounts due with
respect to the Closed-End Exchange Note or the related 2011-A Reference Pool under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b) of this Exchange Note Supplement; 

(ii) second, to the Closed-End Administrative Agent, any amounts due with respect to the Closed-End Exchange Note
or the related 2011-A Reference Pool under Section 5.2(b) of the Closed-End Servicing Agreement or Section 13.2(b) of this Exchange Note Supplement; and 

(iii) third, to make the payments described in clauses (i) through (v) in Section 13.2(b) of
this Exchange Note Supplement with respect to the 2011-A Reference Pool. 
 (d) Pursuant to Section 6.8 of the
Collateral Agency Agreement, the Closed-End Exchange Note is subject to redemption and cancellation in whole, but not in part, in connection with an Optional Redemption by the Closed-End Servicer pursuant to the Closed-End Servicing Agreement or by
the Titling Trust at the request of the Exchange Noteholder by written notice (the “Notice of Redemption”) to the Borrower, the Closed-End Servicer, the Closed-End Collateral Agent and the Closed-End Administrative Agent. The
Exchange Note Redemption Date shall occur on the first Closed-End Exchange Note Payment Date following the date of the Notice of Redemption. The Exchange Note Redemption Price shall be equal to the Exchange Note Purchase Price (as defined in the
Exchange Note Servicing Supplement). The Closed-End Exchange Note shall, following the Notice of Redemption, on the Exchange Note Redemption Date cease to be Outstanding for purposes of this Exchange Note Supplement and shall thereafter represent
only the right to receive the applicable Exchange Note Redemption Price and the Trust Collection Account Shortfall Amount, if any. Unless the Titling Trust shall default in the payment of such Exchange Note Redemption Price, no interest shall accrue
on such Exchange Note Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating such Exchange Note Redemption Price. 
 (e) The Initial Beneficiary hereby releases and discharges the Deal Agent and the Warehouse Facility Secured Parties of all claims, actions, suits, choses in action and controversies that it may have
under Applicable Laws with respect to the Securities Act or the Exchange Act in connection with the Titling Trust’s issuance of the Closed-End Exchange Note. 
 Section 13.3 Form. The Exchange Note, together with the Closed-End Administrative Agent’s certificate of authentication, shall be in substantially the form set forth as Exhibit A
hereto, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Exchange Note Supplement or the Collateral Agency Agreement, as applicable, and may have such letters, numbers or other
marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Exchange Note, as evidenced by their execution of such Exchange Note. Any portion of the text of any
Exchange Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of such Exchange Note. 

  
 5 

 ARTICLE XIV 
 REPRESENTATIONS AND WARRANTIES 
 Each party hereto represents and warrants,
as to itself, to the other parties hereto as follows: 
 Section 14.1 Existence and Power. It is duly organized and
validly existing under the laws of the jurisdiction of its organization or incorporation and has all power and authority required to carry on its business as it is now conducted. 

Section 14.2 Authorization and No Contravention. Its execution, delivery and performance of this Exchange Note Supplement
(i) have been duly authorized by all necessary action and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments or (C) any agreement, contract, order
or other instrument to which it is a party or its property is subject and (iii) will not result in any Adverse Claim on any Closed-End Unit or Closed-End Collections. 
 Section 14.3 No Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with its execution, delivery and performance of
this Exchange Note Supplement, other than UCC filings and other than approvals and authorizations that have previously been obtained and filings which have previously been made. 

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

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

ARTICLE XV 

MISCELLANEOUS PROVISIONS 
 Section 15.1 Filings. 
 (a) The parties hereto will undertake all other and
future actions and activities as may be required by the Closed-End Servicer (pursuant to the Servicing Supplement) or by the Closed-End Collateral Agent (pursuant to the Collateral Agency Agreement and the Security Agreement) to perfect (or
evidence) and confirm the foregoing identification and allocation of the Closed-End Units to the 2011-A Reference Pool. 

Section 15.2 Amendments. 
 (a) So long as the Closed-End Exchange Note remains Outstanding, no amendment to this Exchange Note Supplement shall reduce the Exchange Note Interest Rate or the Exchange Note Principal Payment Amount of
the Closed-End Exchange Note, or delay the Final Scheduled Payment Date of the Closed-End Exchange Note, or materially and adversely affect the interests of the Exchange Noteholder, without the consent of the Exchange Noteholder. 

  
 6 

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

(c) It shall not be necessary for the consent of any Person pursuant to this Section 15.2 for such Person to approve the
particular form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof. 
 (d)
No later than 10 Business Days after the execution of any amendment to this Exchange Note Supplement, the Initial Beneficiary shall furnish a copy of such amendment to the Exchange Noteholder, the Titling Trustee, the Closed-End Collateral Agent,
the Issuing Entity and the Indenture Trustee. 
 Section 15.3 Governing Law. 

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 15.4 Notices. 
 Any and all notices and other communications
provided for under this Exchange Note Supplement shall, unless otherwise stated herein, be delivered in accordance with, and shall be deemed delivered in accordance with, the Notice Requirements, which are incorporated into this Exchange Note
Supplement. 
 Section 15.5 Severability of Provisions. 

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

  
 7 

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

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

Section 15.7 No Petition. 
 Each of the Closed-End Administrative Agent, the Closed-End Collateral Agent and the holder and pledgee of the Closed-End Exchange Note, by virtue of its acceptance of the Closed-End Exchange Note or
pledge thereof, covenants and agrees that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of all obligations under the Closed-End Exchange Note, it will not institute against any
Bankruptcy Remote Party, or join in any institution against such Bankruptcy Remote Party of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar
law in connection with any obligations relating to this Exchange Note Supplement. 
 Section 15.8 Tax Matters.

 Each of the parties hereto (and the holder or pledgee of the Closed-End Exchange Note, by virtue of its acceptance of the
Closed-End Exchange Note or pledge thereof) agrees that for federal, state and local income, franchise and/or value added tax purposes it shall not treat this Exchange Note Supplement as creating or constituting a trust, partnership, association
taxable as a corporation or any other type of separate entity (and will report for such purposes in a consistent manner therewith). 
 Section 15.9 Entire Agreement. 
 THIS EXCHANGE NOTE SUPPLEMENT AND THE
OTHER DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE
ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 
 Section 15.10 Submission to Jurisdiction; Waiver of Jury Trial.

 Each of the parties hereto hereby irrevocably and unconditionally: 

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

  
 8 

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

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

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit
the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, waives all right of trial by
jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Exchange Note Supplement. 
 Section 15.11 No Recourse. 
 It is expressly understood and agreed by the
parties hereto that (a) this Exchange Note Supplement is executed and delivered by VT Inc. and U.S. Bank, not individually or personally but solely as Titling Trustee and Closed-End Administrative Agent, respectively, in the exercise of the
powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of World Omni LT is made and intended not as personal representations, undertakings and agreements by VT Inc.
or U.S. Bank, but is made and intended for the purpose of binding only World Omni LT, (c) nothing herein contained shall be construed as creating any liability on VT Inc. or U.S. Bank, individually or personally, to perform any covenant, either
expressed or implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by any person claiming by, through or under the parties hereto and (d) under no circumstances shall VT Inc. or U.S. Bank be
personally liable for the payment of any indebtedness or expenses of World Omni LT under this Exchange Note Supplement, the Collateral Agency Agreement, or any other related documents. 

[SIGNATURES ON NEXT PAGE] 

  
 9 

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

			
	WORLD OMNI LT,
as Borrower
		
	By:	 	VT INC., not in its individual capacity, but solely as Titling Trustee
		
	By:	 	/s/ Patricia M. Child
		 	Name: Patricia M. Child
		 	Title: President
	
	AUTO LEASE FINANCE LLC,
as Initial Beneficiary
		
	By:	 	/s/ Ben Miller
		 	Name: Ben Miller
		 	Title: Assistant Treasurer
	
	AL HOLDING CORP.,
as Closed-End Collateral Agent
		
	By:	 	/s/ Phillip A. Martone
		 	Name: Phillip A. Martone
		 	Title: Vice President
	
	U.S. BANK NATIONAL ASSOCIATION,
as Closed-End Administrative Agent
		
	By:	 	/s/ Patricia M. Child
		 	Name: Patricia M. Child
		 	Title: Vice President

 Schedule 1 
 2011-A Exchange Note Supplement 
 DESCRIPTION OF CLOSED-END UNITS ALLOCATED TO
REFERENCE POOL 
 [delivered electronically to Titling Trustee and Closed-End Collateral Agent] 

  
 Sch.-1

 2011-A Exchange Note Supplement 
 to Collateral Agency Agreement 

 EXHIBIT A 

FORM OF EXCHANGE NOTE 
 2011-A CLOSED-END EXCHANGE NOTE 
 THIS 2011-A CLOSED-END EXCHANGE NOTE HAS
NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR UNDER ANY SECURITIES OR BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS 2011-A CLOSED-END
EXCHANGE NOTE, AGREES THAT THIS 2011-A CLOSED-END EXCHANGE NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A “QUALIFIED INSTITUTIONAL
BUYER” WITHIN THE MEANING THEREOF IN RULE 144A UNDER THE SECURITIES ACT, (2) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT, OR (3) TO THE INITIAL BENEFICIARY OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE
CLOSED-END ADMINISTRATIVE AGENT OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE CLOSED-END ADMINISTRATIVE AGENT THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS. 

THIS 2011-A CLOSED-END EXCHANGE NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE
OF NO FORCE AND EFFECT, WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS TO THE CONTRARY TO THE BORROWER, THE CLOSED-END ADMINISTRATIVE AGENT OR ANY
INTERMEDIARY. 
 HOLDERS OF THIS 2011-A CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THEY
EITHER (A) ARE NOT, AND ARE NOT ACQUIRING AND HOLDING THE 2011-A CLOSED-END EXCHANGE NOTE ON BEHALF OF, A PLAN OR A GOVERNMENTAL OR CHURCH PLAN THAT IS SUBJECT TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR TO ANY FEDERAL, STATE,
FOREIGN OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR (B) THEIR ACQUISITION AND HOLDING OF THE 2011-A CLOSED-END EXCHANGE NOTE THROUGHOUT THE PERIOD
THAT IT HOLDS THE 2011-A CLOSED-END EXCHANGE NOTE WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR, IN THE CASE OF A GOVERNMENTAL OR CHURCH PLAN, A VIOLATION OF ANY SIMILAR FEDERAL,
STATE, FOREIGN OR LOCAL 

  
 Ex. A-1

 
LAW). IN ADDITION, IF THE HOLDERS ARE, OR ARE ACTING ON BEHALF OF, A PLAN, THE FIDUCIARIES OF SUCH PLAN WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT THEY HAVE BEEN INFORMED OF AND
UNDERSTAND THE BORROWER’S INVESTMENT OBJECTIVES, POLICIES AND STRATEGIES AND THAT THE DECISION TO INVEST SUCH PLAN’S ASSETS IN THE 2011-A CLOSED-END EXCHANGE NOTE WAS MADE WITH APPROPRIATE CONSIDERATION OF RELEVANT INVESTMENT FACTORS WITH
REGARD TO SUCH PLAN AND IS CONSISTENT WITH THE DUTIES AND RESPONSIBILITIES IMPOSED UPON FIDUCIARIES WITH REGARD TO THEIR INVESTMENT DECISIONS UNDER ERISA. 
 NEITHER THIS 2011-A CLOSED-END EXCHANGE NOTE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE CLOSED-END ADMINISTRATIVE AGENT AND THE BORROWER A DULY EXECUTED
INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT D TO THE COLLATERAL AGENCY AGREEMENT. THE PURCHASER UNDERSTANDS AND AGREES THAT ANY PURPORTED TRANSFER OF THIS 2011-A CLOSED-END EXCHANGE NOTE OR ANY INTEREST HEREIN IN VIOLATION OF THE PRECEDING
SENTENCE SHALL BE VOID AND OF NO EFFECT. 
 THE PRINCIPAL OF THIS 2011-A CLOSED-END EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS
SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS 2011-A CLOSED-END EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 

  
 Ex. A-2

			
	REGISTERED	  	$728,937,721.00

 No. 1 

2.10% 2011-A CLOSED-END EXCHANGE NOTE 
 WORLD OMNI LT, as borrower (the “Borrower”), for value received, hereby promises to pay to AUTO LEASE FINANCE LLC, and its registered assigns, the registered holder
from time to time of this 2011-A Closed-End Exchange Note (the “2011-A Exchange Noteholder”), the principal sum of SEVEN HUNDRED TWENTY-EIGHT MILLION NINE HUNDRED THIRTY-SEVEN THOUSAND SEVEN HUNDRED TWENTY-ONE DOLLARS (U.S.
$728,937,721.00) payable on each Closed-End Exchange Note Payment Date in an amount equal to the Exchange Note Principal Payment Amount for such Closed-End Exchange Note Payment Date pursuant to Section 13.2 of the 2011-A
Closed-End Exchange Note Supplement; provided, however, that (i) the entire unpaid principal amount of this Note will be due and payable on December 15, 2016 (the “2011-A Final Scheduled Payment Date”)
and (ii) this 2011-A Closed-End Exchange Note (this “Note”) may be redeemed earlier than the 2011-A Final Scheduled Payment Date pursuant to Section 15.1of the 2011-A Servicing Supplement, dated as of
May 5, 2011, among World Omni Financial Corp., as servicer (the “Closed-End Servicer”), the Closed-End Collateral Agent (as defined below), and the Borrower (the “2011-A Closed-End Servicing
Supplement”). This Note has been issued pursuant to the Fourth Amended and Restated Collateral Agency Agreement, dated as of December 15, 2009 (the “Collateral Agency Agreement”), among the Borrower, AL
Holding Corp. (“ALHC”), as collateral agent (in such capacity, the “Closed-End Collateral Agent”), Bank of America, N.A., as deal agent (the “Deal Agent”), U.S. Bank National
Association (“U.S. Bank”), as administrative agent (in such capacity, the “Closed-End Administrative Agent”), and the other Secured Parties from time to time party to such agreement, as supplemented by
the 2011-A Closed-End Exchange Note Supplement, dated as of May 5, 2011, between the Borrower and Auto Lease Finance LLC, as initial beneficiary (the “Initial Beneficiary”), (the “2011-A Closed-End Exchange
Note Supplement”). References hereinafter to the “Collateral Agency Agreement” are to the Collateral Agency Agreement (as defined above), as supplemented by the 2011-A Closed-End Exchange Note Supplement.

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

The Borrower will pay interest on this Note in an amount equal to the 2011-A Exchange Note Interest Amount until the principal of this
Note is paid or made available for payment. The amount of interest due on this Note on each Closed-End Exchange Note Payment Date will be calculated on the basis of the 2011-A Closed-End Exchange Note Balance outstanding on the preceding Closed-End
Exchange Note Payment Date (after giving effect to all payments of principal made on the preceding Closed-End Exchange Note Payment Date), and will be subject to certain limitations contained in Section 13.2 of the 2011-A
Closed-End Exchange Note Supplement. Such principal of and interest on this Note will be paid in the manner specified on the reverse hereof. 

  
 Ex. A-3

 The principal of and interest on this Note are payable in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Borrower with respect to this Note will be applied to interest on and principal of this Note in the manner set forth
in the 2011-A Closed-End Exchange Note Supplement. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof, which will have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of
authentication hereon has been executed by the Closed-End Administrative Agent whose name appears below by manual or facsimile signature, this Note will not be entitled to any benefit under the Collateral Agency Agreement or be valid or obligatory
for any purpose. 
 [SIGNATURE PAGE FOLLOWS] 

  
 Ex. A-4

 IN WITNESS WHEREOF, the Borrower has caused this instrument to be signed, manually or
in facsimile, by its Authorized Officer, as of the date set forth below. 
 Date: May 5, 2011 

 

			
	 WORLD OMNI LT,
 as Borrower

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

 ADMINISTRATIVE
AGENT’S CERTIFICATE OF AUTHENTICATION 
 This is the 2011-A Closed-End Exchange Note designated above and referred to
in the within-mentioned 2011-A Closed-End Exchange Note Supplement. 
 Date: May 5, 2011 

 

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

  
 Ex. A-5

 REVERSE OF 2011-A CLOSED-END EXCHANGE NOTE 

This Note is one of the duly authorized issue of Closed-End Exchange Notes, which may be issued under the Collateral Agency Agreement, to
which Collateral Agency Agreement and all Closed-End Exchange Note Supplements that are supplemental thereto reference is made for a statement of the respective rights and obligations thereunder of the Borrower, the Closed-End Servicer, the
Closed-End Administrative Agent, the Closed-End Collateral Agent, the Exchange Noteholders and certain other parties. This Note is subject to all terms of the Collateral Agency Agreement. In the event of a conflict between the terms of this Note and
the terms of the Collateral Agency Agreement, the Collateral Agency Agreement will prevail. 
 Interest on and principal of this
Note will be payable in accordance with the priority of payments set forth in Section 13.2 of the 2011-A Closed-End Exchange Note Supplement. 
 Principal of this Note will be payable on each Closed-End Exchange Note Payment Date in an amount equal to the 2011-A Closed-End Exchange Note Principal Distribution Amount for such Closed-End Exchange
Note Payment Date. “Closed-End Exchange Note Payment Date” means the 15th day of each calendar month or, if any such day is not a Business Day, the next Business Day, commencing June 15, 2011. 

As described on the face hereof, the entire unpaid principal amount of this Note will be due and payable on the 2011-A Final Scheduled
Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes will be due and payable on the date on which an Exchange Note Default with respect to this Note has occurred and is continuing and the 2011-A Exchange
Noteholder has declared the Note to be immediately due and payable in the manner provided in the Collateral Agency Agreement. 

Payments of interest on this Note on each Closed-End Exchange Note Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, will be made to the account of the registered holder hereof either by wire transfer in immediately available funds, to the account of such 2011-A Exchange Noteholder or an account designated by the 2011-A
Exchange Noteholder at a bank or other entity having appropriate facilities therefor if such 2011-A Exchange Noteholder has provided to the Exchange Note Registrar appropriate written instructions at least five (5) Business Days prior to such
Closed-End Exchange Note Payment Date or, if not, by check mailed first-class mail postage prepaid to the 2011-A Exchange Noteholder’s address as it appears on the Exchange Note Register prior to such Closed-End Exchange Note Payment Date,
except that the final installment of principal payable on this 2011-A Closed-End Exchange Note on a Closed-End Exchange Note Payment Date or the 2011-A Final Scheduled Payment Date will be payable only upon the presentation and surrender of this
Note in the manner set forth in Section 6.7(b) of the Collateral Agency Agreement. Such payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this
Note effected by any payments made on any Closed-End Exchange Note Payment Date will be binding upon all future 2011-A Exchange Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are 

  
 Ex. A-6

 
expected to be available, as provided in the Collateral Agency Agreement, for payment in full of the then remaining unpaid principal amount of this Note on a Closed-End Exchange Note Payment
Date, then the Closed-End Administrative Agent will notify the 2011-A Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this Note will be paid not later than five (5) days
prior to such date. Such notice will specify that such final installment will be payable only upon presentation and surrender of this Note and will specify the place where this Note may be presented and surrendered for payment of such installment.

 The transfer of this Note is subject to the restrictions on transfer specified on the face hereof and to the other
limitations set forth in the Collateral Agency Agreement. Subject to the satisfaction of such restrictions and limitations, the transfer of this Note may be registered on the Exchange Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Borrower pursuant to the Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Closed-End Administrative Agent duly executed
by, the 2011-A Exchange Noteholder hereof or the 2011-A Exchange Noteholder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Exchange Note
Registrar, and thereupon a new 2011-A Closed-End Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 

The 2011-A Exchange Noteholder, by accepting this Note acknowledges and agrees that (i) if an Exchange Note Default occurs, any
claim that the 2011-A Exchange Noteholder may seek to enforce at any time against the Borrower and the Holding Company will be limited in recourse to the Closed-End Assets in the related 2011-A Reference Pool, (ii) if, notwithstanding clause
(i), the 2011-A Exchange Noteholder is deemed to have any claim against the assets of the Borrower and the Holding Company other than the assets included in the Closed-End Assets in the 2011-A Reference Pool, whether by operation of law, legal
process, pursuant to insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Warehouse Facility
Secured Parties and to the holders of (A) all other Closed-End Exchange Notes and (B) in the case of assets allocated to a Specified Interest other than the Closed-End Collateral Specified Interest, all other asset-backed securities, the
payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements and (iii) it irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the
Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that it may have at any time against any Other Assets. 

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

  
 Ex. A-7

 In addition, the 2011-A Exchange Noteholder, by accepting this Note, consents to the
Closed-End Administrative Agent’s delegation under the Closed-End Administration Agreement to the Closed-End Collateral Agent Administrator of certain of the duties that the Closed-End Administrative Agent is required to perform on behalf of
the Closed-End Collateral Agent pursuant to the Collateral Agency Agreement. 
 The 2011-A Exchange Noteholder, by accepting
this Note, covenants and agrees that for a period of one year and one day after payment in full of all Trust-Related Obligations (as defined in the Titling Trust Agreement), it will not institute against the Borrower or the Holding Company, or join
in any institution against the Borrower or the Holding Company of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any federal or State bankruptcy or similar law in connection with any
obligations relating to this Note, the Collateral Agency Agreement, the 2011-A Closed-End Exchange Note Supplement or any of the other 2011-A Basic Documents. 
 The Borrower has entered into the 2011-A Closed-End Exchange Note Supplement and this Note is issued with the intention that, for U.S. federal, State and local income, single business and franchise tax
purposes, this Note will qualify as indebtedness of the Borrower. The 2011-A Exchange Noteholder, by its acceptance of this Note, will be deemed to agree to treat this 2011-A Closed-End Exchange Note for U.S. federal, State and local income, single
business and franchise tax purposes as indebtedness of the Borrower. 
 Prior to the due presentment for registration of
transfer of this Note, the Borrower and the Closed-End Administrative Agent and any agent of the Borrower or the Closed-End Administrative Agent may treat the Person in whose name this Note (as of the day of determination or as of such other date as
may be specified in the 2011-A Closed-End Exchange Note Supplement) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Borrower, the Closed-End Administrative Agent or any such agent will be
affected by notice to the contrary. 
 The Collateral Agency Agreement permits the amendment thereof and, under certain
circumstances, the consent of the 2011-A Exchange Noteholder will be required as a condition to the effectiveness of such amendment. Any such consent by the 2011-A Exchange Noteholder will be conclusive and binding upon the 2011-A Exchange
Noteholder and upon all future holders of this Note and of any 2011-A Closed-End Exchange Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon
this 2011-A Closed-End Exchange Note. 
 The term “Borrower,” as used in this Note, includes any
successor to the Borrower under the Collateral Agency Agreement. 
 This Note is issuable only in registered form as provided in
the Collateral Agency Agreement, subject to certain limitations therein set forth. 

  
 Ex. A-8

 THIS 2011-A CLOSED-END EXCHANGE NOTE, THE COLLATERAL AGENCY AGREEMENT AND THE 2011-A
CLOSED-END EXCHANGE NOTE SUPPLEMENT WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 No reference herein to the Collateral Agency Agreement, and no provision of this Note or of the Collateral Agency Agreement will alter or impair the obligation of the Borrower, which is absolute and
unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
 Notwithstanding anything to the contrary set forth in this Note or the Collateral Agency Agreement, it is expressly understood and agreed that (1) this Note is executed and delivered by VT Inc., not
individually or personally but solely as Titling Trustee in the exercise of the powers and authority conferred and vested in it in such capacity, (2) each of the representations, undertakings and agreements made herein, or in the Collateral
Agency Agreement, in each case on the part of World Omni LT, as Borrower, are made and intended not as personal representations, undertakings and agreements by VT Inc., but are made and intended for the purpose of binding only World Omni LT,
(3) nothing herein contained shall be construed as creating any liability on VT Inc., individually or personally, to perform any covenant, either expressed or implied, contained in the Collateral Agency Agreement or this Note, all such
liability, if any, being expressly waived by each Exchange Noteholder of this Note, by taking delivery hereof, and by any person claiming by, through or under any such Exchange Noteholder, (4) under no circumstances shall VT Inc. or any of its
affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns (the foregoing, collectively, the “Trustee Parties”) be personally liable for, nor will recourse be had to any of them for,
the payment of principal of or interest on this Note, (5) the liability of the Trustee Parties will be limited in the manner set forth in the Titling Trust Agreement, which the holder of this Note acknowledges by taking delivery hereof, and
(5) under no circumstances shall VT Inc. be personally liable for the payment of any other indebtedness or expenses of World Omni LT under this Note, the Collateral Agency Agreement or any other related document. 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK] 

  
 Ex. A-9

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

 
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers without 
 recourse unto
                                         
                                         
                                         
                                         
                             
                                   
                                         
     (name and address of assignee) 
 the within 2011-A Closed-End Exchange Note and all rights thereunder, and hereby
irrevocably constitutes and appoints             , attorney, to transfer said 2011-A Closed-End Exchange Note on the books kept for registration thereof, with full power of
substitution in the premises. 
 Date: 
  

	
	  
	Signature Guaranteed

  
 Ex. A-10

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