Document:

EXHIBIT 10.3

 

 

 

WORLD
OMNI LT

 

2021-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 July 21, 2021

 

 

     

     

    

 

Table
of Contents

 

Page

 

	ARTICLE XII
    DEFINITIONS; THIRD-PARTY BENEFICIARIES	2
	Section 12.1	Definitions	2
	Section 12.2	Third-Party Beneficiaries	2
	 	 	 
	ARTICLE XIII
    DESIGNATION OF THE REFERENCE POOL AND EXCHANGE
    NOTE TERMS	2
	Section 13.1	Designation of the Reference Pool	2
	Section 13.2	Closed-End Exchange Note Terms	3
	Section 13.3	Form	5
	Section 13.4	Access to Records	6
	Section 13.5	Dispute Resolution	6
	 	 	 
	ARTICLE XIV
    REPRESENTATIONS AND WARRANTIES	6
	Section 14.1	Existence and Power	6
	Section 14.2	Authorization and No Contravention	6
	Section 14.3	No Consent Required	6
	Section 14.4	Binding Effect	6
	Section 14.5	No Proceedings	6
	 	 	 
	ARTICLE XV
    MISCELLANEOUS PROVISIONS	7
	Section 15.1	Filings	7
	Section 15.2	Amendments	7
	Section 15.3	Governing Law	7
	Section 15.4	Notices	8
	Section 15.5	Severability of Provisions	8
	Section 15.6	Effect of Exchange Note Supplement on Collateral Agency
    Agreement	8
	Section 15.7	No Petition	8
	Section 15.8	Tax Matters	9
	Section 15.9	Entire Agreement	9
	Section 15.10	Submission to Jurisdiction; Waiver of Jury Trial	9
	Section 15.11	No Recourse	10
	Section 15.12	Counterparts; Electronic Signatures	10

 

 

SCHEDULE
1                  Description
of Closed-End Units Allocated to 2021-A Reference Pool

 

EXHIBIT A                      Form of
Exchange Note

 

     i

     

    

 

2021-A EXCHANGE NOTE SUPPLEMENT TO COLLATERAL
AGENCY AGREEMENT

 

THIS 2021-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 July 21, 2021, is among World Omni LT, a Delaware statutory trust (the “Borrower” or
the “Titling Trust”), Auto Lease Finance LLC, a Delaware limited liability company (“ALF” or the
 “Initial Beneficiary”), AL Holding Corp., a Delaware corporation (the “Closed-End Collateral Agent”),
and U.S. Bank National Association, a national banking association (the “Closed-End Administrative Agent”).

 

RECITALS

 

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

 

B.            The
parties hereto desire to supplement the terms of the Collateral Agency Agreement (i) to set forth the principal terms of the 2021-A
closed-end exchange note (the “Closed-End Exchange Note”) issued hereunder and (ii) to designate a portion of
the Closed-End Units included in the Warehouse Facility Pool or any Unencumbered Reference Pool as the 2021-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 2021-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 Wilmington Trust, National Association,
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 2021-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 2021-A Reference Pool, providing more specific servicing obligations.

 

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

 

ARTICLE XII

DEFINITIONS; THIRD-PARTY BENEFICIARIES

 

Section 12.1     Definitions.

 

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

 

Section 12.2     Third-Party
Beneficiaries.

 

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

 

ARTICLE XIII

DESIGNATION OF THE REFERENCE POOL AND EXCHANGE NOTE TERMS

 

Section 13.1     Designation
of the Reference Pool.

 

(a)            Pursuant
to Section 6.2(a) of the Collateral Agency Agreement and subject to the conditions set forth in Section 13.1(b),
the Initial Beneficiary hereby designates a portion of the Closed-End Units included in the Revolving Pool for allocation to a new Reference
Pool, referred to as the “2021-A Reference Pool,” within the Closed-End Collateral Specified Interest. Upon the effectiveness
of this Exchange Note Supplement, the Initial Beneficiary shall direct the Titling Trustee and the Closed-End Collateral Agent to allocate
or cause to be identified and allocated on their respective books and records the “2021-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 2021-A Reference
Pool, and all other Titling Trust Assets to the extent related to such Closed-End Units (other than cash which does not constitute Closed-End
Collections received after the Cut-Off Date, as specified in Section 13.2(a)(iii)); provided, that, any Closed-End
Collections received on or prior to the Cut-Off Date for any such Closed-End Units identified on Schedule 1 shall not be allocated
to the 2021-A Reference Pool.

 

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(b)            Designation
of the 2021-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 July 21, 2021;

 

(ii)          the
initial Exchange Note Balance of the Closed-End Exchange Note is equal to $902,365,043.79;

 

(iii)         the
Cut-Off Date for the 2021-A Reference Pool is the close of business on June 8, 2021;

 

(iv)         the
first Closed-End Exchange Note Payment Date for the Closed-End Exchange Note is August 16, 2021, 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 0.75% 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 July 21, 2021 (in the case of the first Payment Date) or from and including the 15th day of the preceding
calendar month to but excluding the 15th day of the current calendar month;

 

(vii)        the
initial Securitization Value of the Closed-End Units included in the 2021-A Reference Pool is equal to $959,962,812.54 and thereafter,
the applicable Exchange Note Principal Payment Amount shall be calculated pursuant to Section 13.2(b)(iii);

 

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(viii)      the
Final Scheduled Payment Date for the Closed-End Exchange Note is November 16, 2026;

 

(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, 24).

 

(b)            On
each Closed-End Exchange Note Payment Date, the Closed-End Administrative Agent shall, with respect to the 2021-A Reference Pool, withdraw
from the related Exchange Note Collection Account an amount equal to the Closed-End Collections for the 2021-A Reference Pool and apply
such amount, together with any amounts allocated to the 2021-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 2021-A to Closed-End
Servicing Agreement);

 

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

 

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

 

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

 

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

 

     4

     

    

 

(c)            Pursuant
to Section 8.8(a)(ii)(z) of the Collateral Agency Agreement, an amount equal to the Net Liquidation Proceeds of the
Closed-End Units included in the 2021-A Reference Pool after an Exchange Note Default occurs and is continuing with respect to the Closed-End
Exchange Note will be applied in accordance with the following priorities:

 

(i)           first,
to the Closed-End Collateral Agent, any amounts due with respect to the Closed-End Exchange Note or the related 2021-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 2021-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 2021-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.

 

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

 

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

 

ARTICLE XIV

REPRESENTATIONS AND WARRANTIES

 

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

 

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

 

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

 

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

 

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

 

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

 

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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 2021-A Reference Pool.

 

Section 15.2     Amendments.

 

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

 

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

 

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

 

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

 

Section 15.3     Governing
Law.

 

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

 

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Section 15.4     Notices.

 

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

 

Section 15.5     Severability
of Provisions.

 

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

 

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

 

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

 

Section 15.7     No
Petition.

 

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

 

     8

     

    

 

 

Section 15.8     Tax
Matters.

 

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

 

Section 15.9     Entire
Agreement.

 

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

 

Section 15.10    Submission
to Jurisdiction; Waiver of Jury Trial.

 

Each of the parties hereto
hereby irrevocably and unconditionally:

 

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

 

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

 

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

 

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

 

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

 

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Section 15.11    No
Recourse.

 

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

 

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

 

[SIGNATURES ON NEXT PAGE]

 

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

 

	 	WORLD
    OMNI LT, as Borrower
	 	 
	 	By:	VT
    INC., not in its individual capacity, but solely as Titling Trustee
	 	 	 
	 	By:	/s/ Christopher
J. Nuxoll
	 	 	Name: 	Christopher J. Nuxoll
	 	 	Title:	Vice President
	 	 	 
	 	AUTO
    LEASE FINANCE LLC, as Initial Beneficiary
	 	 
	 	By:	/s/
Ronald J. Virtue
	 	 	Name:	Ronald J. Virtue
	 	 	Title:	Assistant Treasurer
	 	 	 
	 	AL
    HOLDING CORP., as Closed-End Collateral Agent
	 	 
	 	By:	/s/ Albert J. Fioravanti
	 	 	Name:	Albert J. Fioravanti
	 	 	Title:	President
	 	 	 
	 	U.S.
    BANK NATIONAL ASSOCIATION, as Closed-End Administrative Agent
	 	 
	 	By:	/s/
Christopher J. Nuxoll
	 	 	Name:	Christopher J. Nuxoll
	 	 	Title:	Vice President

 

     

     

    

 

Schedule 1

2021-A Exchange Note Supplement

 

DESCRIPTION OF CLOSED-END UNITS ALLOCATED TO
2021-A REFERENCE POOL

 

Delivered Electronically to Titling Trustee
and Closed-End Collateral Agent

 

and on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, Illinois 60654

 

    Sch. 1

     

    

 

EXHIBIT A

 

FORM OF EXCHANGE NOTE

 

2021-A
CLOSED-END EXCHANGE NOTE

 

THIS 2021-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 2021-A CLOSED-END EXCHANGE NOTE,
AGREES THAT THIS 2021-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 2021-A CLOSED-END EXCHANGE
NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. ANY TRANSFER IN VIOLATION OF THE FOREGOING WILL BE OF NO FORCE AND EFFECT,
WILL BE VOID FROM THE BEGINNING, AND WILL NOT OPERATE TO TRANSFER ANY RIGHTS TO THE PURCHASER OR TRANSFEREE, NOTWITHSTANDING ANY INSTRUCTIONS
TO THE CONTRARY TO THE BORROWER, THE CLOSED-END ADMINISTRATIVE AGENT OR ANY INTERMEDIARY.

 

EACH HOLDER OF THIS 2021-A
CLOSED-END EXCHANGE NOTE WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (A) IT IS NOT AND WILL NOT BE AND IS NOT ACQUIRING
SUCH 2021-A CLOSED-END EXCHANGE NOTE ON BEHALF OF, OR WITH THE ASSETS OF, ANY PERSON THAT IS OR WILL BE (I) AN “EMPLOYEE BENEFIT
PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” AS DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY ENTITY OR ACCOUNT
WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R.
SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (IV) ANY GOVERNMENTAL, NON-U.S. OR CHURCH PLAN OR ANY OTHER
EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA
OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (B) ITS ACQUISITION AND HOLDING OF THE 2021-A CLOSED-END EXCHANGE
NOTE WILL NOT CONSTITUTE OR GIVE RISE TO A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A VIOLATION OF SIMILAR LAW.

 

    Ex. A-1

     

    

 

NEITHER THIS 2021-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 2021-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 2021-A
CLOSED-END EXCHANGE NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS 2021-A
CLOSED-END EXCHANGE NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

 

    Ex. A-2

     

    

 

REGISTERED

 

$902,365,043.79

 

No. 1

 

0.75% 2021-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 2021-A Closed-End Exchange Note (the “2021-A
Exchange Noteholder”), the principal sum of NINE HUNDRED TWO MILLION THREE HUNDRED SIXTY-FIVE THOUSAND FORTY THREE AND
79/100 DOLLARS (U.S. $902,365,043.79) 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 2021-A Closed-End Exchange
Note Supplement (or such other date as specified therein); provided, however, that (i) the entire unpaid principal
amount of this Note will be due and payable on November 16, 2026 (the “2021-A Final Scheduled Payment Date”)
and (ii) this 2021-A Closed-End Exchange Note (this “Note”) may be redeemed earlier than the 2021-A Final
Scheduled Payment Date pursuant to Section 15.1 of the 2021-A Servicing Supplement, dated as of July 21, 2021,
among World Omni Financial Corp., as servicer (the “Closed-End Servicer”), the Closed-End Collateral Agent
(as defined below), and the Borrower (the “2021-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
2021-A Closed-End Exchange Note Supplement, dated as of July 21, 2021, between the Borrower and Auto Lease Finance LLC, as initial
beneficiary (the “Initial Beneficiary”), (the “2021-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 2021-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 2021-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 2021-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 2021-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 2021-A Closed-End Exchange Note Supplement.

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    Ex. A-4

     

    

 

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

 

Date: _________, 20__

 

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

 

ADMINISTRATIVE AGENT’S
CERTIFICATE OF AUTHENTICATION

 

This is the 2021-A Closed-End
Exchange Note designated above and referred to in the within-mentioned 2021-A Closed-End Exchange Note Supplement.

 

Date:
_________, 20__

 

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

 

    Ex. A-5

     

    

 

REVERSE OF 2021-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 2021-A Closed-End
Exchange Note Supplement.

 

Principal of this Note will
be payable on each Closed-End Exchange Note Payment Date (or such other date as specified in Section 13.2 of the 2021-A
Closed-End Exchange Note Supplement) in an amount equal to the 2021-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 August 16, 2021.

 

As described on the face hereof,
the entire unpaid principal amount of this Note will be due and payable on the 2021-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 2021-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 2021-A Exchange Noteholder or an account designated by the 2021-A Exchange Noteholder at a bank or other entity having
appropriate facilities therefor if such 2021-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 2021-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 2021-A Closed-End Exchange Note on a Closed-End
Exchange Note Payment Date or the 2021-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 2021-A Exchange Noteholders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.
If funds are expected to be available, as provided in the Collateral Agency Agreement, for payment in full of the then remaining unpaid
principal amount of this Note on a Closed-End Exchange Note Payment Date, then the Closed-End Administrative Agent will notify the 2021-A
Exchange Noteholder of the date on which the Borrower expects that the final installment of principal of and interest on this Note will
be paid not later than five (5) days prior to such date. Such notice will specify that such final installment will be payable only
upon presentation and surrender of this Note and will specify the place where this Note may be presented and surrendered for payment
of such installment.

 

    Ex. A-6

     

    

 

The transfer of this Note is
subject to the restrictions on transfer specified on the face hereof and to the other limitations set forth in the Collateral Agency
Agreement. Subject to the satisfaction of such restrictions and limitations, the transfer of this Note may be registered on the Exchange
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Borrower pursuant to
the Collateral Agency Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Closed-End
Administrative Agent duly executed by, the 2021-A Exchange Noteholder hereof or the 2021-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 2021-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 2021-A Exchange Noteholder,
by accepting this Note acknowledges and agrees that (i) if an Exchange Note Default occurs, any claim that the 2021-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 2021-A Reference Pool, (ii) if, notwithstanding clause (i), the 2021-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 2021-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.

 

    Ex. A-7

     

    

 

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.

 

In addition, the 2021-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 2021-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 2021-A Closed-End Exchange Note Supplement, any other Transaction Document or Basic Document.

 

The Borrower has entered into
the 2021-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 2021-A Exchange Noteholder, by
its acceptance of this Note, will be deemed to agree to treat this 2021-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 2021-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 2021-A Exchange Noteholder will be required as a condition
to the effectiveness of such amendment. Any such consent by the 2021-A Exchange Noteholder will be conclusive and binding upon the 2021-A
Exchange Noteholder and upon all future holders of this Note and of any 2021-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 2021-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
2021-A CLOSED-END EXCHANGE NOTE, THE COLLATERAL AGENCY AGREEMENT AND THE 2021-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 (6) under no circumstances shall VT Inc. be personally liable for the payment of any other indebtedness or
expenses of World Omni LT under this Note, the Collateral Agency Agreement or any other related document.

 

[REMAINDER OF THIS PAGE LEFT INTENTIONALLY
BLANK]

 

    Ex. A-9

     

    

 

ASSIGNMENT

 

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

 

___________________________________________________________

 

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

 

recourse unto ___________________________________________________________

(name and address of assignee)

 

the within 2021-A Closed-End Exchange Note and
all rights thereunder, and hereby irrevocably constitutes and appoints ________________, attorney, to transfer said 2021-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-10EXHIBIT 10.4

 

	 
	World Omni Financial Corp.,
	as Servicer
	 
	WORLD OMNI LT,
	as Titling Trust 
	 
	and 
	 
	AL Holding Corp., 

as Closed-End Collateral Agent 
	 
	Exchange Note Servicing Supplement 2021-A TO 

CLOSED-END SERVICING AGREEMENT 
	 
	Dated as of July 21, 2021
	 

 

     

     

    

 

Table
of Contents

 

Page

 

	Article XI DEFINITIONS 	2
	SECTION 11.1	 	DEFINITIONS	2
	 	 	 	 
	Article XII REPRESENTATIONS AND WARRANTIES OF THE SERVICER 	2
	SECTION 12.1	 	EXISTENCE AND POWER	2
	SECTION 12.2	 	AUTHORIZATION AND NO CONTRAVENTION	3
	SECTION 12.3	 	NO CONSENT REQUIRED	3
	SECTION 12.4	 	BINDING EFFECT	3
	SECTION 12.5	 	ACCURACY OF INFORMATION	3
	SECTION 12.6	 	NO PROCEEDINGS	3
	 	 	 	 
	Article XIII SPECIFIC REQUIREMENTS FOR ADMINISTRATION AND SERVICING OF THE REFERENCE POOL 	3
	SECTION 13.1	 	APPOINTMENT OF THE SERVICER	3
	SECTION 13.2	 	SERVICER BOUND BY CLOSED-END SERVICING AGREEMENT	4
	SECTION 13.3	 	APPLICATION OF PROCEEDS	5
	SECTION 13.4	 	SERVICER CERTIFICATE	6
	SECTION 13.5	 	SERVICER FEE	6
	SECTION 13.6	 	INSURANCE LAPSES; REPAIRS	6
	SECTION 13.7	 	LICENSING OF TITLING TRUST	6
	SECTION 13.8	 	COMMUNICATION BETWEEN NOTEHOLDERS	6
	SECTION 13.9	 	PAYMENT OF FEES AND EXPENSES	6
	SECTION 13.10	 	ANNUAL INDEPENDENT PUBLIC ACCOUNTANTS’ SERVICING REPORT	7
	SECTION 13.11	 	ANNUAL OFFICER’S CERTIFICATE	7
	SECTION 13.12	 	POST-MATURITY TERM EXTENSION	8
	SECTION 13.13	 	INSURANCE POLICIES; ADDITIONAL INSUREDS	8
	SECTION 13.14	 	SECURITY DEPOSITS	8
	 	 	 	 
	Article XIV TERMINATION OF THE SERVICER 	8
	SECTION 14.1	 	TERMINATION OF THE SERVICER AS TO THE SERIES 2021-A REFERENCE POOL	8
	SECTION 14.2	 	NO EFFECT ON OTHER PARTIES	9
	 	 	 	 
	Article XV OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE 	10
	SECTION 15.1	 	OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE	10
	 	 	 	 
	Article XVI MISCELLANEOUS 	10
	SECTION 16.1	 	AMENDMENT	10
	SECTION 16.2	 	GOVERNING LAW	11
	SECTION 16.3	 	NOTICES	12

 

    i 

     

    

 

	SECTION 16.4	 	THIRD-PARTY BENEFICIARIES	12
	SECTION 16.5	 	SEVERABILITY	12
	SECTION 16.6	 	BINDING EFFECT	12
	SECTION 16.7	 	ARTICLE AND SECTION HEADINGS	13
	SECTION 16.8	 	EXECUTION IN COUNTERPARTS; ELECTRONIC SIGNATURES	13
	SECTION 16.9	 	FURTHER ASSURANCES	13
	SECTION 16.10	 	EACH EXCHANGE NOTE SEPARATE; ASSIGNEES OF EXCHANGE NOTE	13
	SECTION 16.11	 	NO PETITION	14
	SECTION 16.12	 	SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL	14
	SECTION 16.13	 	LIMITATION OF LIABILITY OF VT INC	15
	SECTION 16.14	 	INFORMATION REQUESTS	15
	SECTION 16.15	 	REGULATION AB	15
	SECTION 16.16	 	CREDIT RISK RETENTION	15
	SECTION 16.17	 	EU AND UK RISK RETENTION	16

 

    ii 

     

    

 

Exchange
Note Servicing Supplement 2021-A TO

CLOSED-END SERVICING AGREEMENT

 

THIS
Exchange Note Servicing Supplement 2021-A TO CLOSED-END SERVICING AGREEMENT (as
amended, modified or supplemented from time to time, the “Exchange Note Servicing Supplement”), dated as of July 21,
2021, is among (i) WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni”), as servicer (in such capacity,
the “Servicer”), (ii) WORLD OMNI LT, a Delaware statutory trust (the “Titling Trust”) and (iii) AL
HOLDING CORP., a Delaware corporation, as collateral agent (“ALHC” or the “Closed-End Collateral Agent”).

 

RECITALS

 

1.          The
Titling Trust, the Closed-End Collateral Agent and the Servicer have entered into that certain Fifth Amended and Restated Closed-End
Servicing Agreement, dated as of December 15, 2009, as amended, to provide that such agreement will constitute the “Closed-End
Servicing Agreement” (as defined in the Titling Trust Agreement) with respect to the Closed-End Collateral Specified Interest,
which provides, among other things, for the servicing of the Titling Trust Assets by the Servicer.

 

2.          The
Titling Trust, as Borrower, the Closed-End Collateral Agent, Bank of America, N.A., as Deal Agent, U.S. Bank National Association, as
Closed-End Administrative Agent, and the other Secured Parties named therein entered into a Fourth Amended and Restated Collateral Agency
Agreement, dated as of December 15, 2009 (as amended, modified or supplemented from time to time, the “Collateral Agency
Agreement”).

 

3.          The
Collateral Agency Agreement contemplates that from time to time the Titling Trustee, on behalf of the Titling Trust and at the direction
of the Initial Beneficiary, will identify and allocate on the Titling Trust’s books and records certain Titling Trust Assets within
separate Reference Pools and create and issue to the Initial Beneficiary a Closed-End Exchange Note.

 

4.          Concurrently
herewith, World Omni Auto Leasing LLC (the “Depositor”) will purchase the Exchange Note, which represents the 2021-A
Reference Pool, from the Initial Beneficiary and World Omni Automobile Lease Securitization Trust 2021-A, a Delaware statutory trust (the
 “Issuing Entity”), will purchase the Exchange Note, which represents the 2021-A Reference Pool, from the Depositor.
The Issuing Entity is expected to fund such purchase from proceeds of the issuance of the Notes and Certificates.

 

5.          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”) with Wilmington Trust, National Association, as indenture trustee (the
 “Indenture Trustee”), pursuant to which the Issuing Entity will issue asset-backed notes and will grant a security
interest to the Indenture Trustee in certain of its assets.

 

     

     

    

 

6.          Concurrently
herewith, the Titling Trust, the Closed-End Collateral Agent, the Closed-End Administrative Agent, and the other Secured Parties named
therein are entering into that certain Exchange Note Supplement 2021-A to the Collateral Agency Agreement (as amended, modified or supplemented
from time to time, the “Exchange Note Supplement”) to supplement the terms of the Collateral Agency Agreement (i) to
cause the Titling Trustee to identify and allocate Titling Trust Assets to a particular Reference Pool (the “Reference Pool”),
which shall consist of Titling Trust Assets which shall constitute Exchange Note Assets, (ii) to create and issue to Auto Lease Finance
LLC a Closed-End Exchange Note and (iii) to set forth the terms and conditions thereof.

 

7.          The
Titling Trust desires to retain the Servicer to provide certain services with respect to the 2021-A Reference Pool allocated to the Closed-End
Exchange Note owned by the Issuing Entity, and the parties hereto desire, pursuant to this Exchange Note Servicing Supplement, to supplement
the terms of the Closed-End Servicing Agreement insofar as they apply to the 2021-A Reference Pool, providing for specific servicing obligations
that will benefit the Issuing Entity, as holder of the Closed-End Exchange Note, and the Indenture Trustee, as the pledgee of the Closed-End
Exchange Note on behalf of the Noteholders.

 

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

 

Article XI

DEFINITIONS

 

SECTION 11.1      DEFINITIONS.
For all purposes of this Exchange Note Servicing 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 (i) by
Appendix A to the Indenture, (ii) if not defined therein, by Appendix A to the Collateral Agency Agreement or (iii) if
not defined therein, by the Titling Trust Agreement, (b) the capitalized terms defined in this Exchange Note Servicing Supplement
have the meanings assigned to them in this Exchange Note Servicing Supplement and include (i) all genders and (ii) the plural
as well as the singular, (c) all references to words such as “herein”, “hereof” and the like shall refer
to this Exchange Note Servicing Supplement as a whole and not to any particular article or section within this Exchange Note Servicing
Supplement, (d) the term “include” and all variations thereon shall mean “include without limitation”, and
(e) the term “or” shall include “and/or”.

 

Article XII

REPRESENTATIONS AND WARRANTIES OF THE SERVICER

 

The Servicer represents and
warrants to the Depositor, the Issuing Entity and the Indenture Trustee on behalf of the Noteholders as follows:

 

SECTION 12.1     EXISTENCE
AND POWER. The Servicer is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida
and has all power and authority required to carry on its business as it is now conducted. The Servicer 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 Servicer, taken as a whole.

 

    2 

     

    

 

SECTION 12.2     AUTHORIZATION
AND NO CONTRAVENTION. The execution, delivery and performance by the Servicer of each Transaction Document to which it is a party
(i) have been duly authorized by all necessary corporate 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 Transaction Unit
or Closed-End EN Collected Amounts with respect to the 2021-A Reference Pool or give cause for the acceleration of any indebtedness of
the Servicer.

 

SECTION 12.3     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 Servicer 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.

 

SECTION 12.4     BINDING
EFFECT. Each Transaction Document to which the Servicer is a party constitutes the legal, valid and binding obligation of the Servicer
enforceable against the Servicer 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 12.5     ACCURACY
OF INFORMATION. All information heretofore furnished by or on behalf of the Servicer in writing to the Closed-End Administrative
Agent for purposes of or in connection with this Agreement or any transaction contemplated hereby is true and accurate in all material
respects on and as of the date such information was furnished (except to the extent that such furnished information relates solely to
an earlier date, in which case such information is true and accurate in all material respects on and as of such earlier date).

 

SECTION 12.6     NO
PROCEEDINGS. There is no action, suit, proceeding or investigation pending or, to the knowledge of the Servicer, threatened against
the Servicer which, either in any one instance or in the aggregate, would result in any material adverse change in the business, operations,
financial condition, properties or assets of the Servicer, or in any material impairment of the right or ability of the Servicer to carry
on its business substantially as now conducted, or in any material liability on the part of the Servicer, or which would render invalid
this Agreement or the Transaction Units or the obligations of the Servicer contemplated herein, or which would materially impair the
ability of the Servicer to perform under the terms of this Agreement or any other Transaction Document.

 

Article XIII

SPECIFIC REQUIREMENTS FOR

ADMINISTRATION AND SERVICING OF THE

REFERENCE POOL

 

SECTION 13.1     APPOINTMENT
OF THE SERVICER.

 

(a)        The
Servicer shall manage, service and administer the Exchange Note Assets for the benefit of each holder and pledgee of the Closed-End Exchange
Note and shall make collections on the Transaction Units in accordance with its Credit and Collection Policy in effect from time to time,
using the same degree of skill and attention that the Servicer exercises with respect to all comparable retail automotive leases that
it services for itself or others.

 

    3 

     

    

 

(b)        The
Servicer may delegate its duties and obligations as Servicer in accordance with Section 3.5 of the Closed-End Servicing Agreement.

 

(c)        If
the Servicer shall commence a legal proceeding to enforce a Transaction Unit, the Titling Trust shall thereupon be deemed to have automatically
assigned, solely for the purpose of collection, such Transaction Unit to the Servicer. If in any enforcement suit or legal proceeding
it shall be held that the Servicer may not enforce a Transaction Unit on the ground that it is not a real party in interest or a holder
entitled to enforce such Transaction Unit, the Closed-End Collateral Agent shall, at the Servicer’s expense and direction, take
steps to enforce such Transaction Unit, including bringing suit in its name.

 

(d)       The
Servicer shall account for the Transaction Units allocated to the 2021-A Reference Pool separately from any Other Reference Pool, any
Unencumbered Reference Pool and the Warehouse Facility Pool.

 

SECTION 13.2    SERVICER
BOUND BY CLOSED-END SERVICING AGREEMENT.

 

(a)        The
Servicer shall continue to be bound by all provisions of the Closed-End Servicing Agreement with respect to the Transaction Units allocated
to the 2021-A Reference Pool, including the provisions of Article VI thereof relating to the administration and servicing
of Closed-End Leases; and the provisions set forth herein shall operate either as additions to or modifications of the existing obligations
of the Servicer under the Closed-End Servicing Agreement, as the context may require. In the event of any conflict between the provisions
of this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement with respect to the Closed-End Exchange Note, the provisions
of this Exchange Note Servicing Supplement shall prevail; provided, however, that Section 5.1(d) of the
Servicing Agreement shall at all times govern the Required Deposit Amount.

 

(b)        For
purposes of determining the Servicer’s obligations with respect to the servicing of the 2021-A Reference Pool under this Exchange
Note Servicing Supplement, general references in the Closed-End Servicing Agreement to: (i) a Reference Pool shall be deemed to refer
more specifically to the 2021-A Reference Pool; (ii) an Exchange Note Servicing Supplement shall be deemed to refer more specifically
to this Exchange Note Servicing Supplement; and (iii) an Exchange Note Supplement shall be deemed to refer more specifically to the
Exchange Note Supplement related to the 2021-A Reference Pool.

 

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(c)        Notwithstanding
any other provision of this Exchange Note Servicing Supplement or the Servicing Agreement, including Section 6.7 thereof,
the Servicer shall not in connection with any early lease termination program terminate or permit any Closed-End Obligor to terminate
any Closed-End Lease and remove the related Closed-End Vehicle from the 2021-A Reference Pool in connection with such termination unless
there shall have been deposited into the Exchange Note Collection Account an amount equal to the Securitization Value of such Closed-End
Vehicle as of the termination date of such Closed-End Lease, provided, however, that the Servicer may at any time prior
to the Maturity Date of a Closed-End Lease, agree to terminate such Closed-End Lease, provided the related Closed-End Obligor has made
all remaining scheduled payments with respect to such Closed-End Lease and surrendered the related Closed-End Vehicle.

 

SECTION 13.3     APPLICATION
OF PROCEEDS.

 

(a)        Prior
to the satisfaction and discharge of the Indenture with respect to the Collateral and subject to the provision of Section 5.1(d) of
the Closed-End Servicing Agreement, the Servicer shall deposit an amount equal to all Closed-End Exchange Note Collections received in
respect of the 2021-A Reference Pool during any Closed-End EN Collection Period into the Exchange Note Collection Account on or prior
to 2:00 p.m., New York City time, on the Business Day immediately preceding the related Closed-End Exchange Note Payment Date; provided,
however, that if the Monthly Remittance Condition is not satisfied, the Servicer will be required to deposit an amount equal to
all Closed-End Exchange Note Collections into the Exchange Note Collection Account within two Business Days after receipt (including receipt
of proper instructions regarding where to allocate such payment), (it being understood that, with respect to Relinquished Vehicle Proceeds,
the Servicer shall remit the Relinquished Vehicle Proceeds in accordance with Section 5.1(d) of the Closed-End Servicing
Agreement). The “Monthly Remittance Condition” shall be deemed to be satisfied if (i) World Omni is the Servicer,
(ii) no Exchange Note Servicer Default has occurred and is continuing, and (iii) after providing prior notice, World Omni receives
notice from the Rating Agencies that the cessation of daily deposits will not result in a reduction or withdrawal of the then current
rating of the Notes. Pending deposit into the Exchange Note Collection Account, Closed-End Exchange Note Collections may be used by the
Servicer at its own risk and for its own benefit and will not be segregated from its own funds.

 

(b)       After
the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall deposit an amount equal to Closed-End
Exchange Note Collections in accordance with the instructions provided from time to time by the holder of the Exchange Note.

 

(c)        Notwithstanding
anything to the contrary contained in this Agreement, for so long as the Monthly Remittance Condition has been satisfied, the Servicer
shall be permitted to deposit into the Exchange Note Collection Account only the net amount distributable to the Issuing Entity, as holder
of the Exchange Note, and to retain any reimbursement for outstanding Servicing Fees, on the Closed-End Exchange Note Payment Date. The
Servicer shall, however, account for all Closed-End Exchange Note Collections as if all of the deposits and distributions described herein
were made individually.

 

    5 

     

    

 

SECTION 13.4       SERVICER
CERTIFICATE. On or before the close of business on each Determination Date prior to the satisfaction and discharge of the Indenture
with respect to the Collateral, the Servicer shall make available to the Indenture Trustee, the Issuing Entity, the Administrator, the
Closed-End Administrative Agent, the Closed-End Collateral Agent, the Owner Trustee and the Paying Agent at https://via.intralinks.com/,
or such other website or distribution service or provider as the Servicer shall designate by written notice to the Indenture Trustee,
the Issuing Entity, the Administrator, the Closed-End Administrative Agent, the Closed-End Collateral Agent, the Owner Trustee and the
Paying Agent, a Servicer Certificate reflecting information as of the close of business of the Servicer for the immediately preceding
Closed-End EN Collection Period containing the information described in Section 8.3 of the Indenture.

 

SECTION 13.5       SERVICER
FEE. Notwithstanding anything to the contrary in Section 3.9(b) of the Closed-End Servicing Agreement, on each Closed-End
Exchange Note Payment Date, the Titling Trust will cause the Closed-End Administrative Agent to pay to the Servicer in accordance with
Section 13.2 of the Exchange Note Supplement, the Servicing Fee for the immediately preceding Closed-End EN Collection Period
as compensation for its services. In addition, the Servicer may retain any Supplemental Servicing Fees. The Servicer may, as long as
it believes that sufficient collections will be available on one or more future Closed-End Exchange Note Payment Dates to pay the Servicing
Fee, by notice to the Closed-End Administrative Agent on or before a Closed-End Exchange Note Payment Date, elect to defer all or a portion
of the Servicing Fee with respect to the related Closed-End EN Collection Period, without interest. If the Servicer defers all of the
Servicing Fee, the Servicing Fee for such related Closed-End EN Collection Period will be deemed to equal zero.

 

SECTION 13.6       INSURANCE
LAPSES; REPAIRS. The Servicer shall have no liability in the event that any Closed-End Obligor fails to maintain, in full force and
effect, a physical damage insurance policy covering any Transaction Unit or naming the Titling Trust as loss payee. Without limiting
the foregoing, in no event shall the Servicer be obligated to perform or be liable for any repairs or maintenance with respect to any
Transaction Unit.

 

SECTION 13.7       LICENSING
OF TITLING TRUST. The Servicer shall cause the Titling Trust to apply for and maintain at all times all licenses and permits necessary
to carry on the Titling Trust’s leasing business in each jurisdiction in which the Titling Trust operates, except where the failure
to have any license or permit would not materially and adversely affect the business, properties, financial condition or results of operation
of the Titling Trust, taken as a whole.

 

SECTION 13.8       COMMUNICATION
BETWEEN NOTEHOLDERS. The Servicer will comply with its obligations under Section 7.2(e) of the Indenture to include in
the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period the information described in such Section.

 

SECTION 13.9       PAYMENT
OF FEES AND EXPENSES. The Servicer shall pay all expenses incurred in connection with the administration and servicing of the 2021-A
Reference Pool and the Transaction Units, including, without limitation, expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of the Titling Trustee, independent accountants, taxes imposed on the Servicer and any Titling Trustee
indemnity claims.

 

    6 

     

    

 

SECTION 13.10     ANNUAL
INDEPENDENT PUBLIC ACCOUNTANTS’ SERVICING REPORT.

 

(a)         On
or before the 90th day following the end of each fiscal year, beginning with the fiscal year ending December 31, 2021, the Servicer
shall cause a firm of independent public accountants (who may also render other services to the Servicer, the Depositor or their respective
Affiliates) to furnish to the Indenture Trustee, the Servicer (who promptly shall provide the assessment described in this Section 13.10(a) to
each Rating Agency) and the Depositor each attestation report on assessments of compliance with the Servicing Criteria with respect to
the Servicer or any affiliate thereof during the related fiscal year delivered by such accountants pursuant to paragraph (c) of
Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph
may be replaced by any similar certification using other procedures or attestation standards which are now or in the future in use by
servicers of comparable assets or which otherwise comply with any rule, regulation, “no action” letter or similar guidance
promulgated by the Commission. The obligation to furnish each such report shall be deemed satisfied upon the Servicer making each such
report available at https://via.intralinks.com/, or such other website or distribution service or provider as the Servicer shall designate
by written notice to the Indenture Trustee and the Depositor.

 

(b)        Deliveries
pursuant to this Section 13.10 may be delivered by electronic mail.

 

SECTION 13.11     ANNUAL
OFFICER’S CERTIFICATE.

 

(a)         The
Servicer will make available to the Rating Agencies, the Issuing Entity and the Indenture Trustee on or before the 90th day following
the end of each fiscal year, beginning with the fiscal year ending December 31, 2021, at https://via.intralinks.com/, or such other
website or distribution service or provider as the Servicer shall designate by written notice to the Rating Agencies, the Issuing Entity
and the Indenture Trustee, an Officers’ Certificate providing such information as is required under Item 1123 of Regulation AB.

 

(b)        The
Servicer will make available to the Issuing Entity and the Indenture Trustee, on or before the 90th day following the end of each fiscal
year, beginning with the fiscal year ending December 31, 2021, at https://via.intralinks.com/, or such other website or distribution
service or provider as the Servicer shall designate by written notice to the Issuing Entity and the Indenture Trustee, a report regarding
the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year including disclosure
of any material instance of non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18,
Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB.

 

    7 

     

    

 

SECTION 13.12     POST-MATURITY
TERM EXTENSION. Consistent with its Credit and Collection Policy, the Servicer may, in its discretion, grant a Post-maturity Term
Extension with respect to any Closed-End Lease in the 2021-A Reference Pool. If the Servicer grants a Post-maturity Term Extension with
respect to a Closed-End Lease in the 2021-A Reference Pool beyond the month immediately preceding the month in which the Final Scheduled
Payment Date of the most subordinate class of Notes occurs, then the Servicer shall direct the Titling Trustee to reallocate the Transaction
Unit related to such Closed-End Lease from the 2021-A Reference Pool to the Warehouse Facility Pool or any Unencumbered Reference Pool
on the Closed-End Exchange Note Payment Date following the beginning of the Closed-End EN Collection Period during which such Post-maturity
Term Extension was granted. In consideration for such reallocation, the Servicer shall make a payment to the Issuing Entity equal to
the Securitization Value of such Transaction Unit as of the end of the Closed-End EN Collection Period preceding such Closed-End Exchange
Note Payment Date by depositing such amount into the Exchange Note Collection Account prior to 2:00 p.m., New York City time, on the
Business Day immediately preceding such Closed-End Exchange Note Payment Date. None of the Servicer, the Titling Trustee, the Closed-End
Collateral Agent, the Closed-End Administrative Agent, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations
Reviewer, the Seller, the Depositor or the Administrator will have an obligation to investigate whether a breach or other event has occurred
that would require the reallocation of any Transaction Unit under this Section 13.12 or whether any Transaction Unit is required
to be reallocated under this Section 13.12.

 

SECTION 13.13     INSURANCE
POLICIES; ADDITIONAL INSUREDS. The Servicer shall at all times comply with Section 3.7(a) of the Closed-End Servicing
Agreement.

 

SECTION 13.14    SECURITY
DEPOSITS. In accordance with Section 5.1(d) of the Closed-End Servicing Agreement, on the Closed-End Exchange Note
Payment Date related to the Closed-End EN Collection Period in which a Security Deposit becomes a Closed-End Exchange Note Collection
with respect to the 2021-A Reference Pool, the Servicer shall deposit such amounts (including, as applicable, any Required Deposit Amount)
in the Exchange Note Collection Account.

 

Article XIV

TERMINATION OF THE SERVICER

 

SECTION 14.1     TERMINATION
OF THE SERVICER AS TO THE SERIES 2021-A REFERENCE POOL.

 

(a)        As
used herein “Exchange Note Servicer Default” means the occurrence and continuance of the events set forth in Section 8.3(a) of
the Closed-End Servicing Agreement. Upon the occurrence and continuation of any Exchange Note Servicer Default, the Servicer shall provide
to the Indenture Trustee, the Issuing Entity, the Administrator, the Closed-End Collateral Agent and each Rating Agency prompt notice
specifying such Exchange Note Servicer Default, together with a description of its efforts to perform its obligations. The Servicer may
not resign except in accordance with Section 8.4 of the Closed-End Servicing Agreement.

 

    8 

     

    

 

 

(b)          If
an Exchange Note Servicer Default shall have occurred and be continuing, the Titling Trustee on behalf of the holder of the Exchange Note,
shall, at the direction of the Required Related Holders, by notice given to the Servicer (who promptly shall provide such notice to each
Rating Agency), the Issuing Entity, the Indenture Trustee, the Closed-End Collateral Agent, the Titling Trust Administrator and the Administrator,
terminate the rights and obligations of the Servicer under this Exchange Note Servicing Supplement and the Closed-End Servicing Agreement
with respect to the Exchange Note and the Included Units. In the event the Servicer is removed or resigns as Servicer with respect to
servicing the Exchange Note Assets, the Required Related Holders shall appoint a successor Servicer. With respect to any Exchange Note
Servicer Default, the Closed-End Administrative Agent, acting on the direction of the Required Related Holders may waive any default of
the Servicer. For purposes of this Section, so long as the Lien of the Indenture is in place, the “Required Related Holders”
shall be deemed to be the Indenture Trustee, acting at the direction of the Holders of not less than 66 2/3% of the Outstanding Notes
and thereafter, the Issuing Entity, acting at the direction of the Majority Certificateholders.

 

(c)          If
replaced, the Servicer agrees that it will use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing
of the Transaction Units to a successor Servicer.

 

(d)          Upon
the effectiveness of the assumption by the successor Servicer of its duties pursuant to this Section 14.1, the successor Servicer
shall be the successor in all respects to the Servicer in its capacity as Servicer under the Closed-End Servicing Agreement with respect
to the 2021-A Reference Pool, and shall be subject to all the responsibilities, duties and liabilities relating thereto, except with respect
to the obligations of the predecessor Servicer that survive its termination as Servicer as set forth in Section 14.1(e). No
Servicer shall resign or be relieved of its duties under the Closed-End Servicing Agreement, as Servicer of the 2021-A Reference Pool,
until a newly appointed Servicer for the 2021-A Reference Pool shall have assumed the responsibilities and obligations of the resigning
or terminated Servicer under this Exchange Note Servicing Supplement. In the event of a replacement of World Omni as Servicer, the Required
Related Holders shall cause the successor Servicer to agree to indemnify World Omni against any losses, liabilities, damages or expenses
(including attorneys’ fees) as a result of the negligence or willful misconduct of such successor Servicer.

 

(e)          No
termination or resignation of the Servicer as to the 2021-A Reference Pool shall affect the obligations of the Servicer pursuant to Section 3.3(c) of
the Closed-End Servicing Agreement; provided that following the replacement of the Servicer pursuant to this Section 14.1,
such Servicer shall have no duties, responsibilities or other obligations hereunder with respect to matters arising after such replacement.

 

SECTION 14.2            NO
EFFECT ON OTHER PARTIES. Upon any termination of the rights and powers of the Servicer with respect to the 2021-A Reference Pool pursuant
to Section 14.1 hereof, or upon any appointment of a successor Servicer with respect to the 2021-A Reference Pool, all the
rights, powers, duties and obligations of the Titling Trustees, the Initial Beneficiary and World Omni under the Titling Trust Agreement,
the Closed-End Servicing Agreement, the Exchange Note Supplement, any other supplement, any other Exchange Note Servicing Supplement,
any other Basic Document or Transaction Document shall remain unaffected by such termination or appointment and shall remain in full force
and effect thereafter, except as otherwise expressly provided herein or therein.

 

    9

     

    

 

Article XV

OPTIONAL PURCHASE OF THE CLOSED-END EXCHANGE NOTE

 

SECTION 15.1            OPTIONAL
PURCHASE OF THE CLOSED-END EXCHANGE NOTE.

 

(a)          If
the Outstanding Amount of the Notes is equal to or less than 5% of the Initial Note Balance on the last day of any Closed-End EN Collection
Period, the Servicer shall have the option to purchase the Closed-End Exchange Note on the immediately following Closed-End Exchange Note
Payment Date (and on each Closed-End Exchange Note Payment Date thereafter) and direct the Issuing Entity to redeem the Notes pursuant
to Section 10.1 of the Indenture (an “Optional Redemption”). To exercise such option, the Servicer shall
deposit pursuant to Section 13.3 hereof into the Trust Collection Account an amount, as calculated by the Servicer, equal
to the Exchange Note Balance and all accrued interest thereon up to but not including the Redemption Date (the “Exchange Note
Purchase Price”), and shall succeed to all interests in and to the Issuing Entity. Notwithstanding the foregoing, the Servicer
shall not be permitted to exercise such option unless the amount to be deposited into the Trust Collection Account pursuant to the preceding
sentence is greater than or equal to the sum of the Outstanding Amount of the Notes, and all accrued but unpaid interest (including any
overdue interest and premium) thereon and all amounts owing to the Asset Representations Reviewer under the Asset Representations Review
Agreement.

 

(b)          As
described in Section 9.01(c) of the Trust Agreement, notice of any termination of the Issuing Entity shall be given by
the Servicer to the Owner Trustee, the Closed-End Collateral Agent and the Indenture Trustee as soon as practicable after the Servicer
has received notice thereof.

 

Article XVI

MISCELLANEOUS

 

SECTION 16.1            AMENDMENT.

 

(a)          Notwithstanding
any provision of the Closed-End Servicing Agreement, the Closed-End Servicing Agreement, as supplemented by this Exchange Note Servicing
Supplement, to the extent that it deals solely with the 2021-A Reference Pool, may be amended in accordance with this Section 16.1.

 

(b)          Any
term or provision of the Closed-End Servicing Agreement or this Exchange Note Servicing Supplement may be amended by the Servicer, without
the consent of any other Person; provided that (i) any amendment that materially and adversely affects the interests of the
Exchange Noteholder shall require the consent of the Exchange Noteholder, (ii) any amendment that materially and adversely affects
the interests of the Closed-End Collateral Agent shall require the consent of the Closed-End Collateral Agent, and (iii) any amendment
that materially and adversely affects the interests of the Titling Trustee shall require the prior written consent of the Titling Trustee.
An amendment shall be deemed not to materially and adversely affect the interests of the Exchange Noteholder if the Rating Agency Condition
is satisfied with respect to such amendment.

 

    10

     

    

 

(c)          Notwithstanding
the foregoing, no amendment shall reduce the interest rate or principal amount of any Exchange Note, or delay the final scheduled payment
date of any Exchange Note without the consent of the holder of such Exchange Note.

 

(d)          Notwithstanding
anything herein to the contrary, any term or provision of this Exchange Note Servicing Supplement may be amended by the Servicer without
the consent of any 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); it being a condition to any such amendment that the Rating Agency Condition shall
have been satisfied.

 

(e)          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.

 

(f)          Prior
to the execution of any amendment to this Exchange Note Servicing Supplement, the Servicer 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 Exchange Note Servicing
Supplement, the Servicer shall furnish a copy of such amendment to each Rating Agency, the Titling Trustee, the Closed-End Administrative
Agent and the Closed-End Collateral Agent.

 

(g)          Prior
to the execution of any amendment to this Exchange Note Servicing Supplement, the Titling Trustee and the Closed-End Administrative Agent
shall be entitled to receive upon request and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment
is authorized or permitted by the Closed-End Servicing Agreement or this Exchange Note Servicing Supplement and that all conditions precedent
to the execution and delivery of such amendment have been satisfied.

 

SECTION 16.2            GOVERNING
LAW. THIS EXCHANGE NOTE SERVICING SUPPLEMENT 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 16.3            NOTICES.
The notice provisions of the Closed-End Servicing Agreement shall apply equally to this Exchange Note Servicing Supplement. 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, any prepaid courier service, or by telecopier or by electronic mail (if designated by a party
to the other parties), and addressed in each case as follows: (a) if to the Servicer, 250 Jim Moran Blvd., Deerfield Beach, Florida
33442, Attention: Treasurer; Facsimile: (954) 429-2685; (b) if to the Titling Trustee, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois
60603, Attention: Chris Nuxoll; Email: christopher.nuxoll@usbank.com; Facsimile: (312) 332-7994; (c) if to the Delaware Trustee,
1011 Centre Road, Suite 203, Wilmington, Delaware 19805, Attention: Chris Nuxoll; Email: christopher.nuxoll@usbank.com; Facsimile:
(312) 332-7994; (d) if to the Closed-End Administrative Agent, 1011 Centre Road, Suite 203, Wilmington, Delaware 19805, Attention:
Chris Nuxoll; Email: christopher.nuxoll@usbank.com; Facsimile: (312) 332-7994; (e) if to the Collateral Agent, c/o U.S. Bank National
Association, 190 S. LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Chris Nuxoll; Email: christopher.nuxoll@usbank.com;
Facsimile: (312) 332-7994; or (f) if to the Closed-End Collateral Agent, c/o Lord Securities Corporation, 48 Wall Street, 27th Floor,
New York, New York 10005, Attention: World Omni Program Manager; Email: edward.oconnell@tmf-group.com; or, as to each party, at such other
address or electronic mail address as shall be designated by such party in a written notice to each other party. All notices and demands
shall be deemed to have been given upon actual receipt thereof to any officer of the Person entitled to receive such notices and demands
at the address of such Person for notices hereunder. Notwithstanding the foregoing, with the consent of the appropriate party under this
Agreement, the obligations of World Omni and any Affiliate of World Omni to deliver or provide any demand, delivery, notice, communication
or instruction to such party other than a Noteholder shall be satisfied by World Omni or such Affiliate, as the case may be, making such
demand, delivery, notice, communication or instruction available at https://via.intralinks.com/, or such other website or distribution
service or provider as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto. If
World Omni is no longer the Servicer, the successor Servicer shall provide any required Rating Agency notices under this Agreement to
the Depositor, who promptly shall provide such notices to the Rating Agencies.

 

SECTION 16.4            THIRD-PARTY
BENEFICIARIES. The Issuing Entity and the Indenture Trustee, as holder and pledgee, respectively, of the Closed-End Exchange Note,
and their respective successors, permitted assigns and pledgees are third-party beneficiaries of the obligations of the parties hereto
and may directly enforce the performance of any of such obligations hereunder.

 

SECTION 16.5            SEVERABILITY.
If one or more of the provisions of this Exchange Note Servicing Supplement shall be for any reason whatever held invalid or unenforceable,
such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Exchange Note Servicing Supplement,
and such invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining covenants, agreements
and provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision of law that
renders any provision of this Exchange Note Servicing Supplement invalid or unenforceable in any respect.

 

SECTION 16.6            BINDING
EFFECT. The provisions of the Closed-End Servicing Agreement and this Exchange Note Servicing Supplement, insofar as they relate to
the 2021-A Reference Pool, shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties
hereto.

 

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SECTION 16.7            ARTICLE AND
SECTION HEADINGS. The article and section headings herein are for convenience of reference only, and shall not limit or otherwise
affect the meaning hereof.

 

SECTION 16.8            EXECUTION
IN COUNTERPARTS; ELECTRONIC SIGNATURES. This Exchange Note Servicing Supplement may be executed in any number of counterparts, each
of which so executed and delivered shall be deemed to be an original, but all of which shall together constitute but one and the same
instrument. Each of the parties agree that this Exchange Note Servicing Supplement and any other documents to be delivered in connection
herewith may be electronically signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures
provided by DocuSign or any other digital signature provider) appearing on this Exchange Note Servicing Supplement or such other documents
are the same as handwritten signatures for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic
signature to, or a signed copy of, this Exchange Note Servicing Supplement and such other documents may be made by facsimile, email or
other electronic transmission.

 

SECTION 16.9            FURTHER
ASSURANCES. Each party will do such acts, and execute and deliver to any other party such additional documents or instruments, as
may be reasonably requested in order to effect the purposes of this Exchange Note Servicing Supplement and to better assure and confirm
unto the requesting party its rights, powers and remedies hereunder.

 

SECTION 16.10            EACH
EXCHANGE NOTE SEPARATE; ASSIGNEES OF 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 2021-A Reference Pool shall be enforceable against
such Reference Pool only and not against any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool and
(ii) any Other Exchange Note, any Other Reference Pool, the Warehouse Facility Pool or any Unencumbered Reference Pool shall be enforceable
against such Other Exchange Note, Other Reference Pools, the Warehouse Facility Pool or Unencumbered Reference Pool only, as applicable,
and not against the Exchange Note or any Closed-End Units included in the 2021-A Reference Pool, (c) except to the extent required
by law, the Closed-End Units included in the Warehouse Facility Pool, Closed-End Units included in any Unencumbered Reference Pool or
Closed-End Units included in any Other Reference Pool with respect to any Other Exchange Note (other than the Exchange Note transferred
hereunder which is related to the 2021-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 2021-A Reference Pool shall be entitled to maintain any action against or recover any assets allocated to
any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note or the assets allocated
thereto, and (ii) any Other Reference Pool, the Warehouse Facility Pool, any Unencumbered Reference Pool or any Other Exchange Note
other than the Exchange Note related to the 2021-A Reference Pool shall be entitled to maintain any action against or recover any assets
allocated to the 2021-A Reference Pool, and (e) any purchaser, assignee or pledgee of an interest in the 2021-A Reference Pool or,
the Exchange Note, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give
to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of any Other Exchange
Note to release all claims to the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool
and each Other Reference Pool and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed
to have against the assets of the Titling Trust allocated to the Warehouse Facility Pool, any Unencumbered Reference Pool and each Other
Reference Pool. Pursuant to Section 3.1(a) of the Intercreditor Agreement, on the date hereof, each party hereto shall
enter into a Joinder Agreement to the Intercreditor Agreement as a new Interest Holder, and shall deliver an executed copy of such Joinder
Agreement to each party to the Intercreditor Agreement.

 

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SECTION 16.11            NO
PETITION. With respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee of the Closed-End Exchange
Note, by virtue of its acceptance of such Closed-End 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, 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.

 

SECTION 16.12            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;

 

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(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 16.3
of this Exchange Note Servicing Supplement; and

 

(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.

 

SECTION 16.13            LIMITATION
OF LIABILITY OF VT INC. Notwithstanding anything contained herein to the contrary, this Exchange Note Servicing Supplement has been
signed by VT Inc. not in its individual capacity but solely in its capacity as Titling Trustee and in no event shall VT Inc. in its individual
capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Titling Trust hereunder,
as to all of which recourse shall be had solely to the assets of the Titling Trust.

 

SECTION 16.14            INFORMATION
REQUESTS. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuing Entity, the Depositor
or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation,
accounting rule or principle.

 

SECTION 16.15            REGULATION
AB. The Servicer shall cooperate fully with the Depositor and the Issuing Entity to deliver to the Depositor and the Issuing Entity
(including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary
in the good faith determination of the Depositor or the Issuing Entity to permit the Depositor to comply with the provisions of Regulation
AB, together with such disclosures relating to the Servicer and the Transaction Units, or the servicing of the Transaction Units, reasonably
believed by the Depositor to be necessary in order to effect such compliance.

 

SECTION 16.16            CREDIT
RISK RETENTION. World Omni shall comply in all material respects with all requirements imposed on the “Sponsor of a Securitization”
in accordance with the Credit Risk Retention Rules, including its requirements to (i) retain, either directly or through a “majority-owned
affiliate” (as such term is defined in the Credit Risk Retention Rules) of World Omni, an economic interest in the Exchange Note
in accordance with the Credit Risk Retention Rules and shall not, and shall cause any such majority-owned affiliate to not, sell,
pledge or hedge such interest except as permitted under the Credit Risk Retention Rules and (ii) satisfy the disclosure requirements
set forth in the Credit Risk Retention Rules without any involvement from the underwriters.

 

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SECTION 16.17            EU
AND UK RISK RETENTION.            World Omni hereby represents and confirms,
covenants and agrees, in connection with the Securitisation Rules as in effect and applicable on the Closing Date, on an ongoing
basis, so long as any Notes remain Outstanding, that:

 

(a)          it,
as “originator” (as such term is defined for the purposes of each of the Securitisation Regulations), will retain, upon issuance
of the Notes and on an ongoing basis and for so long as the Notes remain Outstanding, a material net economic interest (the “Retained
Interest”) in the asset-backed financing transaction described in the Prospectus, in accordance with option (d) of Article 6(3) of
each of the Securitisation Regulations, by holding (i) indirectly, all the limited liability company interests in the Depositor (or
one or more wholly-owned special purpose subsidiaries of World Omni), which in turn will retain the Certificates to be issued by the Issuing
Entity, and (ii) the residual interest in the 2021-A Reference Pool, such Certificates and interest collectively representing at
least 5% of the aggregate Securitization Value of the Transaction Units in the 2021-A Reference Pool;

 

(b)          it
will not (and will not permit the Depositor or any of its other Affiliates to) hedge or otherwise mitigate its credit risk under or associated
with the Retained Interest, or sell, transfer or otherwise surrender all or part of the rights, benefits or obligations arising from the
Retained Interest, except, in each case, to the extent permitted in accordance with the Securitisation Rules;

 

(c)          it
will not change the manner in which it retains or the method of calculating the Retained Interest while any of the Notes are Outstanding,
except under exceptional circumstances, and to the extent permitted in accordance with the Securitisation Rules;

 

(d)          it
will provide ongoing confirmation of its continued compliance with its obligations in the foregoing clauses (a), (b) and (c), (i) in
or concurrently with the delivery of each Servicer Certificate, (ii) upon the occurrence of any Event of Default (as defined in the
Indenture) and (iii) from time to time upon request by any Noteholder in connection with (x) any change in the structural features
of the asset-backed financing transaction described in the Prospectus that could materially impact the performance of the Notes, (y) any
change in the performance of the asset-backed financing transaction described in the Prospectus, the risk characteristics of the asset-backed
financing transaction or of the Transaction Units which, in any case, could materially impact the performance of the Notes, or (z) any
material breach of the Transaction Documents;

 

(e)          it
will promptly notify the Issuing Entity in writing if for any reason it fails to comply with any of the covenants set out in paragraphs
(a), (b) and (c) above; and

 

(f)          it
was not established for, and does not operate for, the sole purpose of securitizing exposures.

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

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

 

	 	AL Holding Corp., as Closed-End Collateral Agent
	 	 
	 	By:	/s/ Albert J. Fioravanti
	 	Name:	Albert J. Fioravanti
	 	Title:	President

 

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	 	World Omni Financial Corp., as Servicer and, with respect to Sections 16.16 and 16.17, individually
	 	 
	 	By:	/s/ Ronald J. Virtue
	 	Name:	Ronald J. Virtue
	 	Title:	Assistant Treasurer

 

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	 	WORLD OMNI LT

                                                                                 

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

	 	 
	 	By:	/s/ Christopher J. Nuxoll
	 	Name:	Christopher J. Nuxoll
	 	Title:	Vice President

 

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