Document:

EXHIBIT 4.1

 

[          ],

as Indenture Trustee,

 

and

 

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

as Issuing Entity

 

INDENTURE

 

Dated as of [      ],
20[  ]

 

     

     

    

 

TRUST INDENTURE ACT CROSS-REFERENCE
CHART

(THIS CHART IS NOT A PART OF THIS INDENTURE)

 

	TIA SECTION	 	INDENTURE REFERENCE
	310(a)(1)	 	6.8, 6.11
	310(a)(2)	 	6.8, 6.11
	310(a)(3)	 	6.10(b)
	310(a)(4)	 	Not applicable
	310(a)(5)	 	6.11
	310(b)	 	6.11
	310(c)	 	Not applicable
	311(a)	 	6.12
	311(b)	 	6.12
	311(c)	 	Not applicable
	312(a)	 	7.1, 7.2(a)
	312(b)	 	7.2(b)
	312(c)	 	7.2(c)
	313(a)	 	7.4
	313(b)	 	7.4
	313(c)	 	7.4
	313(d)	 	7.4
	314(a)	 	3.9, 7.3
	314(b)	 	3.6
	314(c)(1)	 	11.1(a)
	314(c)(2)	 	11.1(a)
	314(c)(3)	 	11.1(a)
	314(d)	 	11.1(b)
	314(e)	 	11.1(a)
	315(a)	 	6.1(b)
	315(b)	 	6.5
	315(c)	 	6.1(a)
	315(d)	 	6.1(c)
	315(d)(1)	 	6.1(b), 6.1(c)(i)
	315(d)(2)	 	6.1(c)(ii)
	315(d)(3)	 	6.1(c)(iii)
	315(e)	 	5.13
	316(a)(1)(A)	 	5.11
	316(a)(1)(B)	 	5.12
	316(a)(2)	 	Not Applicable
	316(b)	 	5.7
	316(c)	 	5.6(b)
	317(a)(1)	 	5.3(a), 5.3(b)
	317(a)(2)	 	5.3(d)
	317(b)	 	3.3
	318(a)	 	11.17

 

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TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I DEFINITIONS	2
	Section 1.1	Definitions	2
	Section 1.2	Interpretive Provisions	2
	 	 	 
	ARTICLE II THE NOTES	2
	Section 2.1	Form	2
	Section 2.2	Execution, Authentication and Delivery	3
	Section 2.3	Temporary Notes	3
	Section 2.4	Registration; Registration of Transfer and Exchange	4
	Section 2.5	Mutilated, Destroyed, Lost or Stolen Notes	14
	Section 2.6	Persons Deemed Owners	15
	Section 2.7	Cancellation	15
	Section 2.8	Release of Collateral	15
	Section 2.9	Book-Entry Notes	15
	Section 2.10	Notices to Clearing Agency	16
	Section 2.11	Definitive Notes	16
	Section 2.12	Authenticating Agents	17
	Section 2.13	Tax Treatment	17
	 	 	 
	ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS	18
	Section 3.1	Payment of Principal and Interest	18
	Section 3.2	Maintenance of Office or Agency	19
	Section 3.3	Money for Payments to be Held in Trust	19
	Section 3.4	Existence	21
	Section 3.5	Protection of Collateral	21
	Section 3.6	Opinions as to Collateral	22
	Section 3.7	Performance of Obligations; Administration of the Exchange Note	22
	Section 3.8	Negative Covenants	23
	Section 3.9	Issuing Entity Certificates and Reports	24
	Section 3.10	Notice of Defaults	25
	Section 3.11	Further Instruments and Acts	25
	Section 3.12	Delivery of Exchange Note	25
	Section 3.13	Compliance with Laws	25
	Section 3.14	Perfection Representations	25
	Section 3.15	'34 Act Filings	26
	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	26
	Section 4.1	Satisfaction and Discharge of Indenture	26
	Section 4.2	Application of Trust Money	27
	Section 4.3	Repayment of Monies Held by Paying Agent	27

 

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	ARTICLE V EVENT OF DEFAULT	27
	Section 5.1	Events of Default	27
	Section 5.2	Acceleration of Maturity; Waiver of Event of Default	29
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	30
	Section 5.4	Remedies; Priorities	32
	Section 5.5	Optional Preservation of the Exchange Note Assets	35
	Section 5.6	Limitation of Suits	35
	Section 5.7	Unconditional Rights of Noteholders to Receive Principal and Interest	36
	Section 5.8	Restoration of Rights and Remedies	36
	Section 5.9	Rights and Remedies Cumulative	36
	Section 5.10	Delay or Omission Not a Waiver	36
	Section 5.11	Control By Noteholders	36
	Section 5.12	Waiver of Past Defaults	37
	Section 5.13	Undertaking For Costs	37
	Section 5.14	Waiver of Stay or Extension Laws	38
	Section 5.15	Action on Notes	38
	Section 5.16	Performance and Enforcement of Certain Obligations	38
	Section 5.17	Sale of Collateral	39
	 	 
	ARTICLE VI THE INDENTURE TRUSTEE	39
	Section 6.1	Duties of Indenture Trustee	39
	Section 6.2	Rights of Indenture Trustee	41
	Section 6.3	Individual Rights of Indenture Trustee	42
	Section 6.4	Indenture Trustee's Disclaimer	42
	Section 6.5	Notice of Defaults	43
	Section 6.6	Reports by Indenture Trustee to Noteholders	43
	Section 6.7	Compensation and Indemnity	43
	Section 6.8	Removal, Resignation and Replacement of Indenture Trustee	44
	Section 6.9	Successor Indenture Trustee by Merger	45
	Section 6.10	Appointment of Co-Trustee or Separate Trustee	45
	Section 6.11	Eligibility; Disqualification	46
	Section 6.12	Preferential Collection of Claims Against the Issuing Entity	47
	Section 6.13	Representations and Warranties of Indenture Trustee	47
	Section 6.14	Trustee as Holder of the Exchange Note	47
	Section 6.15	Communications Regarding Demands to Repurchase TRANSACTION UNITS	48
	 	 
	ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS	48
	Section 7.1	Issuing Entity to Furnish Indenture Trustee Noteholder Names and Addresses	48
	Section 7.2	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications Between Noteholders	49
	Section 7.3	Reports by Issuing Entity	50
	Section 7.4	Reports by Indenture Trustee	51

 

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	Section 7.5	Noteholder Demand For Asset Representations Review	51
	 	 
	ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES	52
	Section 8.1	Collection of Money	52
	Section 8.2	Accounts	52
	Section 8.3	Servicer Certificate	53
	Section 8.4	Determination of LIBOR	55
	Section 8.5	Disbursement of Funds	57
	Section 8.6	General Provisions Regarding Accounts	62
	Section 8.7	Release of Collateral	63
	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	64
	Section 9.1	Supplemental Indentures without Consent of Noteholders	64
	Section 9.2	Supplemental Indentures with Consent of Noteholders	65
	Section 9.3	Execution of Supplemental Indentures	66
	Section 9.4	Effect of Supplemental Indenture	66
	Section 9.5	Reference in Notes to Supplemental Indentures	67
	 	 
	ARTICLE X REDEMPTION OF NOTES	67
	Section 10.1	Redemption	67
	Section 10.2	Form of Redemption Notice	67
	Section 10.3	Notes Payable on Redemption Date	68
	 	 
	ARTICLE XI MISCELLANEOUS	68
	Section 11.1	Compliance Certificates and Opinions	68
	Section 11.2	Form of Documents Delivered to the Indenture Trustee	70
	Section 11.3	Acts of Noteholders	70
	Section 11.4	Notices	71
	Section 11.5	Notices to Noteholders; Waiver	72
	Section 11.6	Effect of Headings and Table of Contents	73
	Section 11.7	Successors and Assigns	73
	Section 11.8	Severability	73
	Section 11.9	Benefits of Indenture	73
	Section 11.10	Legal Holidays	73
	Section 11.11	Governing Law	73
	Section 11.12	Counterparts	73
	Section 11.13	Recording of Indenture	73
	Section 11.14	Trust Obligation; No Recourse	74
	Section 11.15	No Petition	74
	Section 11.16	Limitation of Liability of Owner Trustee	75
	Section 11.17	TIA Incorporation and Conflicts	75
	Section 11.18	Intent	75
	Section 11.19	Each Exchange Note Separate; Assignees of the Exchange Note	75
	Section 11.20	Submission to Jurisdiction; Waiver of Jury Trial	76
	Section 11.21	Subordination of Claims	77
	Section 11.22	Information Requests	77

 

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	Section 11.23	Regulation AB Information To Be Provided By The Indenture Trustee	77

 

	SCHEDULE I	PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS
	 	 
	EXHIBIT A-1	FORM OF CLASS A-[  ][a/b] NOTES
	EXHIBIT A-2	FORM OF CLASS B[a/b] NOTE
	[EXHIBIT A-3	FORM OF CLASS C[a/b] NOTES]
	[EXHIBIT A-4	FORM OF CLASS D[a/b] NOTES]
	[EXHIBIT A-5	FORM OF CLASS E[a/b] NOTES]
	[EXHIBIT A-6	FORM OF CLASS F[a/b] NOTES]
	EXHIBIT B	FORM OF DEPOSITORY AGREEMENT
	EXHIBIT C	SERVICING CRITERIA TO BE ADDRESSED IN INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE
	EXHIBIT D	FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION
	[EXHIBIT E	FORM OF TRANSFEROR CERTIFICATE]
	[EXHIBIT F	FORM OF INVESTMENT LETTER]
	 	 
	APPENDIX A	DEFINITIONS

 

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THIS INDENTURE, dated
as of [      ], 20[  ] (this "Indenture") is between WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (the "Issuing Entity"),
and [          ], a [      ], as trustee (the "Indenture Trustee").

 

Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity's Class A-1[a/b]
[Floating Rate][     ]% Asset-Backed Notes, Series 20[  ]-[  ] (the "Class
A-1 Notes"), Class A-2[a/b] [Floating Rate][     ]% Asset-Backed Notes, Series 20[  ]-[  ]
(the "Class A-2 Notes"), Class A-3[a/b] [Floating Rate][     ]% Asset-Backed Notes, Series
20[  ]-[  ] (the "Class A-3 Notes"), Class A-4[a/b] [Floating Rate][     ]%
Asset-Backed Notes, Series 20[  ]-[  ] (the "Class A-4 Notes" and together with the Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "Class A Notes")[,] [and] the Class B[a/b] [Floating
Rate][     ]% Asset-Backed Notes, Series 20[  ]-[  ] (the "Class B Notes"[
and together with the Class A Notes, the "Notes"])[,][and] [the Class C[a/b] [Floating Rate][     ]%
Asset-Backed Notes, Series 20[  ]-[  ] (the "Class C Notes" and, together with the Class A
Notes and the Class B Notes, the "Notes"][,][and] [the Class D[a/b] [Floating Rate][     ]%
Asset-Backed Notes, Series 20[  ]-[  ] (the "Class D Notes" and, together with the Class A
Notes, the Class B Notes and the Class C Notes, the "Notes"])[,] [and] [the Class E[a/b] [Floating Rate][     ]%
Asset-Backed Notes, Series 20[  ]-[  ] (the "Class E Notes" and, together with the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes, the "Notes"] [and the Class F[a/b] [Floating
Rate][     ]% Asset-Backed Notes, Series 20[  ]-[  ] (the "Class F Notes"
and, together with the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes, the "Notes"]:

 

GRANTING CLAUSE

 

The Issuing Entity,
to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes equally and ratably
without prejudice, priority or distinction except as set forth herein, and to secure compliance with the provisions of this Indenture
[and to secure the payment of amounts owing to the Swap Counterparty pursuant to the Interest Rate Swap Agreement], hereby Grants
in trust to the Indenture Trustee on the Closing Date, as trustee for the benefit of the Noteholders [and the Swap Counterparty],
all of such Person's right, title and interest, whether now owned or hereafter acquired, in and to (i) the Trust Estate and (ii)
all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments
on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds
of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable,
notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment
of any and every kind and other forms of obligations and receivables, instruments, securities, financial assets and other property
that at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the "Collateral"),
in each case as such terms are defined herein.

 

The foregoing Grant
is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes [and
the Interest Rate Swaps], equally and ratably without prejudice, priority or distinction, and to secure compliance with the provisions
of this Indenture, all as provided in this Indenture.

 

     

     

    

 

The Indenture Trustee,
as trustee on behalf of the Noteholders [and the Swap Counterparty], acknowledges the foregoing Grant, accepts the trusts under
this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture.

 

ARTICLE I

DEFINITIONS 

 

Section
1.1           Definitions. Capitalized terms used herein that
are not otherwise defined herein shall have the meanings ascribed thereto in Appendix A hereto.

 

Section
1.2           Interpretive Provisions.

 

(a)          For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used
in this Indenture include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as
 "herein", "hereof" and the like shall refer to this Indenture as a whole and not to any particular part, Article
or Section within this Indenture, (iii) the term "include" and all variations thereof shall mean include without limitation
and (iv) the term "proceeds" shall have the meaning set forth in the applicable UCC.

 

(b)          As
used in this Indenture and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms
not defined in this Indenture or in any such certificate or other document, and accounting terms partly defined in this Indenture
or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles. To the extent that the definitions of accounting terms in this Indenture or in any such
certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles,
the definitions contained in this Indenture or in any such certificate or other document shall control.

 

ARTICLE II

THE NOTES 

 

Section
2.1           Form. The Notes, together with the Indenture
Trustee's certificate of authentication, shall be in substantially the form set forth as Exhibit A hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined
by the officers executing such Notes, as evidenced by their execution of such Notes. Any portion of the text of any Note may be
set forth on the reverse thereof, with an appropriate reference thereto on the face of such Note.

 

The terms of the Notes
set forth in Exhibit A hereto are part of the terms of this Indenture.

 

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Section
2.2           Execution, Authentication and Delivery. The
Notes shall be executed by the Owner Trustee on behalf of the Issuing Entity by any of the Issuing Entity’s Authorized Officers.
The signature of any Authorized Officer of the Issuing Entity on the Notes may be manual or by facsimile. Notes bearing the manual
or facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity,
notwithstanding that any such individuals have ceased to hold such offices prior to the authentication and delivery of such Notes
or did not hold such offices at the date of such Notes.

 

The Indenture Trustee
shall, upon receipt of an Issuing Entity Order, authenticate and deliver for original issue the following aggregate principal amounts
of the Notes: (i) $[          ] of Class A-1[a/b] Notes, (ii) $[          ]
of Class A-2[a/b] Notes, (iii) $[          ] of Class A-3[a/b] Notes, [and] (iv)
$[          ] of Class A-4[a/b] Notes[,] [and] (v) $[          ]
of Class B[a/b] Notes][,] [and] [(vi) $[          ] of Class C[a/b] Notes][,]
[and] [(vii) $[          ] of Class D[a/b] Notes][,] [and] [(viii) $[          ]
of Class E[a/b] Notes] [and (ix) $[          ] of Class F[a/b] Notes]. The aggregate
principal amount of Class A-1[a/b] Notes, Class A-2[a/b] Notes, Class A-3[a/b] Notes, [and] Class A-4[a/b] Notes[,] [and] Class
B[a/b] Notes[,] [and] [Class C[a/b] Notes][,] [and] [Class D[a/b] Notes][,] [and] [Class E[a/b] Notes] [and Class F[a/b] Notes]
outstanding at any time may not exceed such respective amounts, except as provided in Section 2.5.

 

Each Note shall be
dated the date of its authentication. The Notes shall be issuable as registered notes in book-entry form in minimum denominations
of $[1,000] and in integral multiples of $[1,000] in excess thereof; provided, however, that on the Closing Date,
one Class A-1[a/b] Note, one Class A-2[a/b] Note, one Class A-3[a/b] Note, one Class A-4[a/b] Note[,] [and] one Class B[a/b] Note[,]
[and] [one Class C[a/b] Note][,] [and] [and one Class D[a/b] Note][,] [and] [one Class E[a/b] Note] [and one Class F[a/b] Note]
may be issued in a denomination that includes any remaining portion of the Initial Class A-1 Note Balance, the Initial Class A-2
Note Balance, the Initial A-3 Note Balance, the Initial Class A-4 Note Balance[,] [and] the Initial Class B Note Balance[,] [and]
[the Initial Class C Note Balance][,] [and] [the initial Class D Note Balance][,] [and] [the initial Class E Note Balance] [and
the initial Class F Note Balance], respectively.

 

No Note shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of
authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of
its Authorized Officers, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note
has been duly authenticated and delivered hereunder.

 

Section
2.3          Temporary Notes. Pending the preparation of
Definitive Notes, the Issuing Entity may execute and upon receipt of an Issuing Entity Order, the Indenture Trustee shall authenticate
and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, substantially of
the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of
this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

 

If temporary Notes
are issued, the Issuing Entity shall cause Definitive Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary

 

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Notes shall be exchangeable for Definitive
Notes upon surrender of such temporary Notes at the office or agency of the Issuing Entity to be maintained as provided in Section
3.2, without charge to the related Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the Issuing
Entity shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor, a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, such temporary Notes shall in all respects be entitled to the
same benefits under this Indenture as Definitive Notes.

 

Section
2.4           Registration; Registration of Transfer and Exchange

 

(a)        
The Issuing Entity shall cause a note registrar (the "Note Registrar") to keep a register (the "Note Register")
in which, subject to such reasonable regulations as it may prescribe, the Issuing Entity shall provide for the registration of
Notes and the registration of transfers of Notes. The Indenture Trustee is hereby appointed the Note Registrar for the purpose
of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity
shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.

 

(b)         If
a Person other than the Indenture Trustee is the Note Registrar, the Issuing Entity shall give the Indenture Trustee prompt written
notice of such appointment and the location, and any change in such location, of the Note Register, and the Indenture Trustee shall
have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall
have the right to rely upon a certificate executed on behalf of the Note Registrar by an Authorized Officer of the Note Registrar
as to the names and addresses of the Noteholders and the principal amounts and number of such Notes.

 

(c)          Upon
surrender for registration of transfer of any Note at the office or agency of the Issuing Entity to be maintained as provided in
Section 3.2, if the requirements of Section 8-401 of the UCC are met, the Issuing Entity shall execute and the Indenture
Trustee shall authenticate and the related Noteholder shall obtain, in the name of the designated transferee, one or more new Notes
in any authorized denominations, of the same Class and a like aggregate principal amount.

 

(d)          At
the option of the related Noteholder, Notes may be exchanged for other Notes in any authorized denominations, of the same Class
and a like aggregate principal amount, upon surrender of such Notes at such office or agency. Whenever any Notes are so surrendered
for exchange, if the requirements of Section 8-401 of the UCC are met, the Issuing Entity shall execute, the Indenture Trustee
shall authenticate and the Noteholder shall obtain the Notes that the Noteholder making such exchange is entitled to receive.

 

(e)          Every
Note presented or surrendered for registration of transfer or exchange shall (if so required by the Issuing Entity or the Indenture
Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form and substance satisfactory to the Issuing
Entity and the Indenture Trustee, duly executed by the Noteholder thereof or its attorney-in-fact duly authorized in writing.

 

(f)          All
Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing
the same debt and entitled to the

 

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same benefits under this Indenture as the
Notes surrendered upon such registration of transfer or exchange.

 

(g)         No
service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Issuing Entity, the
Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection therewith, other than exchanges pursuant to Sections 2.3 or 9.5 not involving any transfer.

 

(h)         [As
of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any
exchange. Unless and until the Retained Notes have been sold pursuant to a transaction registered under the Securities Act, no
transfer of a Retained Note shall be made unless such transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable State securities laws or is exempt from the registration requirements under the Securities Act
and such State securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act
and State securities laws, in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect
such transfer and such Noteholder’s prospective transferee shall each certify to the Indenture Trustee and the Depositor
in writing the facts surrounding the transfer in substantially the forms set forth in Exhibit E (the “Transferor
Certificate”) and Exhibit F (the “Investment Letter”). Except in the case of a transfer as
to which the proposed transferee has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be
delivered to the Indenture Trustee an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities
Act and State securities laws, which Opinion of Counsel shall be an expense of the transferee and shall not be an expense of the
Trust, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of
the Depositor or World Omni; provided that such Opinion of Counsel in respect of the applicable State securities laws may be a
memorandum of law rather than an opinion if such counsel is not licensed in the applicable jurisdiction. The Depositor shall provide
to any Noteholder and any prospective transferee designated by any such Noteholder information regarding the Retained Notes and
the Closed-End Units and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Retained Notes without registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify
the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity) against any liability
that may result if the transfer is not so exempt or is not made in accordance with federal and State securities laws.

 

(i)          Transfer
of a Retained Note shall not be made to any Person unless the Indenture Trustee has received a certificate in the form of paragraph
3 to the Investment Letter attached hereto as Exhibit F from such Person to the effect that such Person is not, and is not
acquiring the Retained Notes or beneficial interests therein on behalf of or with the assets of, a Plan or the opinion of counsel
referenced in paragraph 3 to the Investment Letter attached hereto as Exhibit F. The preparation and delivery of the certificate
or opinion referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the Owner Trustee,
the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or

 

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purported transfer in violation of these
transfer restrictions will be null and void and will vest no rights in any purported transferee.

 

(i)          A
sale, pledge, or transfer of the Retained Notes may only be made to a Person who is a United States Person (within the meaning
of Section 7701(a)(30) of the Code). A Person other than the Depositor acquiring a Retained Note or an interest therein shall be
deemed to have made the representations set forth in Section 2.13; and (ii) no sale, pledge, or transfer of a Retained Note shall
be made (x) to any one person in an amount less than 100% of the principal balance of the Retained Notes or (y) to a flow-through
entity, in each case, unless (A) an opinion of counsel satisfactory to the Indenture Trustee and the Depositor that such sale,
pledge, or transfer shall not cause the Issuing Entity to be treated as an association (or publicly traded partnership) taxable
as a corporation for U.S. federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and
(B) the Depositor shall have provided prior written approval;

 

provided, however,
that the restrictions in this Section 2.4 shall not continue to apply to Retained Notes (covered by the opinion described in this
clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an opinion, with respect to the
initial sale, pledge or transfer by the Depositor, to the effect that the Retained Notes to be sold, pledged, or transferred will
be characterized as indebtedness for U.S. federal income tax purposes. Any attempted transfer in contravention of this Section
2.4 will be void ab initio and the purported transferor will continue to be treated as the owner of the Retained Note.

 

For the purposes of
this Section 2.4, “flow-through entity” means a grantor trust, S corporation, or partnership where more than 50% of
the value of a beneficial owner’s interest in such flow-through entity is attributable to the flow-through entity’s
interest in the Retained Note.]

 

(j)          [Each
investor in the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes will be deemed, by its acceptance of
such Notes, or of a beneficial interest in such Notes, to have acknowledged, represented and agreed to the following:

 

(i)          It
will treat the Notes as indebtedness for all tax purposes and report all payments and transactions with respect to the Notes for
purposes of all taxes in a manner consistent with the foregoing characterization, unless otherwise required by applicable law.

 

(ii)         If
it is acquiring any such Notes, or any interest or participation therein, as a fiduciary or agent for one or more investor accounts,
it represents that it has sole investment discretion with respect to each such account and that it has full power to make the acknowledgements,
representations and agreements contained herein on behalf of each such account.

 

(iii)        It
is purchasing such Notes for its own account, or for one or more investor accounts for which it is acting as fiduciary or agent,
in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution thereof in

    	 	6	 

     

    

 

violation of the Securities Act,
subject to any requirements of law that the disposition of its property or the property of such investor account or accounts be
at all times within its or their control and subject to its or their ability to resell such Notes, or any interest or participation
therein, as described in this Indenture.

 

(iv)        It
agrees to provide, prior to the date on which the first payment under the Notes is due to it, to the Issuing Entity, the Indenture
Trustee and the Servicer (i) unless otherwise agreed by the Issuing Entity, the Indenture Trustee and the Servicer, a duly completed
U.S. Internal Revenue Service Form W-9, Form W-8BEN, Form W-8BEN-E, Form W-8ECI or other relevant form or successor
applicable or required forms, and (ii) such other forms and information as may be required to confirm the availability of any applicable
exemption from U.S. federal, state or local withholding taxes. It also agrees to deliver to the Issuing Entity, the Indenture Trustee
and the Servicer any successor applicable forms or other manner of certification, on or before the date that any such form expires
or becomes obsolete or after the occurrence of any event requiring a change in the most recent form previously delivered by it
hereunder, and such extensions or renewals thereof as may reasonably be requested by the Issuing Entity, the Indenture Trustee
or the Servicer.

 

(v)         It
acknowledges and represents that it is not a member of an “expanded group” (within the meaning of the regulations issued
under Section 385 of the Code that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such
domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes
as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

 

(vi)        It
acknowledges that the Depositor, the Issuing Entity, the underwriters and others will rely on the truth and accuracy of the foregoing
acknowledgments, representations and agreements, and agrees that if any of the foregoing acknowledgments, representations and agreements
deemed to have been made by it are no longer accurate, it shall promptly notify the Issuing Entity and the underwriters.

 

(vii)       It
acknowledges that transfers of such Notes or any interest or participation therein shall otherwise be subject in all respects to
the restrictions applicable thereto contained in this Indenture.

 

(viii)      Either
(A) it is not and will not be and is not acquiring such Notes 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 ERISA) that is subject to Title I of ERISA; (ii) a
 “plan” (as described in Section 4975 of the Code) that is subject to Section 4975 of the Code; (iii) an entity
or account the underlying assets of which are considered to include “plan assets” (within the meaning of the United
States Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA); or (iv)
U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan or arrangement that is subject to Similar
Law; or (B) its acquisition and holding of the

 

    	 	7	 

     

    

 

Notes will not give rise
to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of any Similar
Law. It will not transfer the Notes to any Person or entity, unless such Person or entity could itself truthfully make the foregoing
representations and covenants as presented in this clause (viii).

 

(ix)         Any
resale, pledge or other transfer of any of the Class A Notes, Class B Notes, Class C Notes and Class D Notes contrary to the restrictions
set forth above will be deemed void ab initio by the Indenture Trustee and the Issuing Entity.

 

(k)          Each
investor in the Class E Notes and Class F Notes will be deemed, by its acceptance of such Notes or of a beneficial interest in
such Notes, to have acknowledged, represented and agreed as follows:

 

(i)          It
will treat the Notes as indebtedness for all tax purposes and report all payments and transactions with respect to the Notes for
purposes of all taxes in a manner consistent with the foregoing characterization, unless otherwise required by applicable law.

 

(ii)         It
is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

(iii)        It
understands that such Class E Notes and Class F Notes will be offered and may be resold by each underwriter only in the United
States to a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

(iv)        It
acknowledges that none of the Issuing Entity or any of the underwriters or any Person representing the Issuing Entity or any of
the underwriters has made any representation to it with respect to the Issuing Entity or the offering or sale of any Class E Notes
and Class F Notes, other than the information contained in the prospectus, which has been delivered to it and upon which it is
relying in making its investment decision with respect to the Class E Notes and Class F Notes. It has had access to such financial
and other information concerning the Issuing Entity, the Depositor and the Class E Notes and Class F Notes as it has deemed necessary
in connection with its decision to purchase the Class E Notes and Class F Notes.

 

(v)         It
acknowledges that the Class E Notes and Class F Notes will bear a legend to the following effect unless the Issuing Entity determines
otherwise, consistent with applicable law:

 

“THE HOLDER HEREOF, BY PURCHASING
THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED
ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A “UNITED STATES PERSON” AS DEFINED
IN SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND EITHER (1) IT IS NOT
AND WILL NOT BE AND IS NOT ACQUIRING THE NOTE ON BEHALF OF, OR WITH THE ASSETS OF, ANY PERSON THAT IS OR WILL BE (i) AN

 

    	 	8	 

     

    

 

“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 OF THE CODE) THAT IS SUBJECT TO SECTION
4975 OF THE CODE; (iii) AN ENTITY OR ACCOUNT, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO INCLUDE “PLAN ASSETS”
(WITHIN THE MEANING OF THE UNITED STATES DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY
SECTION 3(42) OF ERISA (THE “PLAN ASSET REGULATION”)) OR (iv) A U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH
PLAN OR OTHER EMPLOYEE BENEFIT PLAN (“NON-ERISA PLAN”) THAT IS SUBJECT TO U.S. FEDERAL, STATE, LOCAL, NON-U.S.
OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”),
(2) (i) IT IS AN “INSURANCE COMPANY GENERAL ACCOUNT” WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60
(“PTCE 95-60”) , (ii) ITS PURCHASE AND HOLDING OF THIS NOTE IS ELIGIBLE FOR AND SATISFIES ALL CONDITIONS FOR
RELIEF UNDER PTCE 95-60, (iii) NEITHER IT, NOR ANY OF ITS AFFILIATES HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE
ASSETS OF THE ISSUING ENTITY OR PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE ISSUING
ENTITY AND, (iv) FOR SO LONG AS IT HOLDS THIS NOTE, LESS THAN 25% OF THE ASSETS OF SUCH GENERAL ACCOUNT WILL CONSTITUTE “PLAN
ASSETS” (WITHIN THE MEANING OF THE PLAN ASSET REGULATION) OR (3) IT IS A NON-ERISA PLAN THAT IS SUBJECT TO SIMILAR LAW AND
ITS PURCHASE AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A VIOLATION OF ANY SIMILAR LAW.

 

NO TRANSFER (OR PURPORTED TRANSFER)
OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION TO EACH
SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT
TRANSFEREE REPRESENTS AND WARRANTS TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS,
THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION
OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH
ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS
OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH
ENTITY

 

    	 	9	 

     

    

 

ATTRIBUTABLE TO THE INTEREST OF
SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING ENTITY, OR ANY INTEREST CREATED UNDER
THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING THE INVESTMENT OF SUCH FLOW-THROUGH
ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION 1.7704-1(H)(1)(II) OF THE TREASURY
REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP UNDER THE CODE, AND (B) IT DOES
NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT IS LESS THAN THE MINIMUM DENOMINATION
FOR SUCH NOTE, ANY TRANSFER OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS
WILL BE DEEMED NULL AND VOID AB INITIO.

 

AS SET FORTH HEREIN, THE OUTSTANDING PRINCIPAL AMOUNT
OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.”

 

(vi)        If
it is acquiring any Class E Notes and Class F Notes, or any interest or participation therein, as a fiduciary or agent for one
or more investor accounts, it represents that it has sole investment discretion with respect to each such account and that it has
full power to make the acknowledgements, representations and agreements contained herein on behalf of each such account.

 

(vii)       It
is purchasing such Class E Notes and Class F Notes for its own account, or for one or more investor accounts for which it is acting
as fiduciary or agent, in each case for investment, and not with a view to, or for offer or sale in connection with, any distribution
thereof in violation of the Securities Act, subject to any requirements of law that the disposition of its property or the property
of such investor account or accounts be at all times within its or their control and subject to its or their ability to resell
such Class E Notes and Class F Notes, or any interest or participation therein, as described in this prospectus or as provided
in this Indenture.

 

(viii)      It
agrees that if in the future it should sell or otherwise transfer any Class E Notes and Class F Notes or any interest or participation
therein, it will do so only to a Person whom it reasonably believes is a “United States Person” as defined in Section
7701(a)(30) of the Code purchasing for its own account or for the account of a person who is also a “United States Person”
as defined in Section 7701(a)(30) of the Code.

 

(ix)         Transfers
of the Class E Notes and Class F Notes or any interest or participation therein shall be subject in all respects to the restrictions
applicable thereto contained in this Indenture.

 

(x)          It
agrees to provide, prior to the date on which the first payment under the Notes is due to it, to the Issuing Entity, the Indenture
Trustee and the Servicer

 

    	 	10	 

     

    

 

(i) unless otherwise agreed by
the Issuing Entity, the Indenture Trustee and the Servicer, a duly completed U.S. Internal Revenue Service Form W-9, or other relevant
form or successor applicable or required forms, and (ii) such other forms and information as may be required to confirm the availability
of any applicable exemption from U.S. federal, state or local withholding taxes. It also agrees to deliver to the Issuing Entity,
the Indenture Trustee and the Servicer any successor applicable forms or other manner of certification, on or before the date that
any such form expires or becomes obsolete or after the occurrence of any event requiring a change in the most recent form previously
delivered by it hereunder, and such extensions or renewals thereof as may reasonably be requested by the Issuing Entity, the Indenture
Trustee or the Servicer.

 

(xi)         It
acknowledges and represents that it is not a member of an “expanded group” (within the meaning of the regulations issued
under Section 385 of the Code) that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such
domestic corporation, directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes
as partnerships, disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the Issuing Entity.

 

(xii)        It
acknowledges that the Depositor, the Issuing Entity, each underwriter and others will rely on the truth and accuracy of the foregoing
acknowledgments, representations and agreements, and agrees that if it becomes aware that any of the foregoing acknowledgments,
representations and agreements made by it or deemed to have been made by it are no longer accurate, it shall promptly notify the
Issuing Entity.

 

(xiii)       Either
(1) it is not and will not be and is not acquiring the Class E Note or Class F Note on behalf of, or with the assets of, any Person
that is or will be (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I
of ERISA; (b) a “plan” (as described in Section 4975 of the Code) that is subject to Section 4975 of the Code; (c)
an entity or account, the underlying assets of which are considered to include “plan assets” (within the meaning of
the United States Department of Labor Regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA
(the “Plan Asset Regulation”)) or
(d) a U.S. governmental plan, non-U.S. plan, church plan or other employee benefit plan (“Non-ERISA Plan”)
that is subject to Similar Law; or (2) (a) it is an “insurance company general account” within the meaning of Prohibited
Transaction Class Exemption 95-60 (“PTCE 95-60”), (b) its purchase and holding of such Note is eligible for
and satisfies all conditions for relief under PTCE 95-60, (c) neither it, nor any of its affiliates have discretionary authority
or control over the assets of the Issuing Entity or provides investment advice for a fee (direct or indirect) with respect to
the assets of the Issuing Entity and, (d) for so long as it holds any such Note, less than 25% of the assets of such general account
will constitute “plan assets” (within the meaning of the Plan Assets Regulation); or (3) it is a Non-ERISA Plan that
is subject to Similar Law and its purchase and holding of such Note will not give rise to a violation of any Similar Law.

 

    	 	11	 

     

    

 

(xiv)      Either
(a) it is not and will not become, for U.S. federal income tax purposes, a flow-through entity or (b) if it is or becomes a flow-through
entity, then (1) none of the direct or indirect beneficial owners of any of the interests in such flow-through entity has or ever
will have 50% or more of the value of its interest in such flowthrough entity attributable to the beneficial interest of such flow-through
entity in the Class E Notes and Class F Notes, other interest (direct or indirect) in the Issuing Entity, or any interest created
under the Indenture and (2) it is not and will not be a principal purpose of the arrangement involving the flow-through entity’s
beneficial interest in any Class E Note and Class F Note to permit any entity to satisfy the 100-partner limitation of Section
1.7704-1(h)(1)(ii) of the Treasury Regulations necessary for such entity not to be classified as a publicly traded partnership
for U.S. federal income tax purposes.

 

(xv)       It
will not (a) acquire, sell, transfer, assign, pledge or otherwise dispose of any of its interests in a Class E Note and Class F
Note (or any interest therein that is described in Section 1.7704-1(a)(2)(i)(B) of the Treasury Regulations) on or through (x)
a U.S. national, regional or local securities exchange, (y) a foreign securities exchange or (z) an inter-dealer quotation system
that regularly disseminates firm buy or sell quotations by identified brokers or dealers (including, without limitation, the National
Association of Securities Dealers Automated Quotation System) ((x), (y) and (z), collectively, an “Exchange”)
or (b) cause any of its interests in a Class E Note and Class F Note to be marketed on or through an Exchange.

 

(xvi)      It
will not cause any beneficial interest in a Class E Note and Class F Note to be traded or otherwise marketed on or through an “established
securities market” or a “secondary market (or the substantial equivalent thereof),” each within the meaning of
Section 7704(b) of the Code and the Treasury Regulations promulgated thereunder, including, without limitation, an interdealer
quotation system that regularly disseminates firm buy or sell quotations.

 

(xvii)     It
does not and shall not hold a beneficial interest in any Class E Note and Class F Note that does not have an initial principal
amount of at least [$600,000], and it does not and shall not hold any interest in any Class E Note and Class F Note on behalf of
any Person unless such Person’s beneficial interest is in respect of at least [$600,000] initial principal amount of such
Class E Note and Class F Note. It will not sell, transfer, assign, participate, or otherwise dispose of any beneficial interest
in any Class E Note and Class F Note or enter into any financial instrument or contract the value of which is determined by reference
in whole or in part to any Class E Note and Class F Note, in each case, if the effect of doing so would be that the beneficial
interest of any Person in a Class E Note and Class F Note would be in in respect of Class E Notes and Class F Notes with an initial
principal amount that is less than [$600,000].

 

(xviii)    It
will not enter into any financial instrument the payment on which, or the value of which, is determined in whole or in part by
reference to an interest in the Class E Note and Class F Note (including the amount of payments on the Class E Note and Class F
Note, the value of the Class E Note, Class F Note or any contract that otherwise is described in Section 1.7704-1(a)(2)(i)(B) of
the Treasury Regulations).

 

    	 	12	 

     

    

 

(xix)       It
will not use the Class E Note and Class F Note as collateral for the issuance of any securities that could cause the Issuing Entity
to become subject to taxation as a corporation or a publicly traded partnership taxable as a corporation for U.S. federal income
tax purposes.

 

(xx)        It
will not take any action that could cause, and will not omit to take any action, which omission could cause, the Issuing Entity
to become taxable as a corporation for U.S. federal income tax purposes.

 

(xxi)       It
acknowledges that the Depositor, the Indenture Trustee, any note registrar, the Issuing Entity and others will rely on the truth
and accuracy of the foregoing representations, warranties and covenants and agrees that if it becomes aware that any of the foregoing
are no longer accurate, it shall notify the Issuing Entity.

 

(xxii)      It
will treat the Class E Note and Class F Note as indebtedness for all tax purposes and report all payments and transactions with
respect to the Class E Note and Class F Note for purposes of all taxes in a manner consistent with the foregoing characterization,
unless otherwise required by applicable law.

 

(xxiii)     Any
resale, pledge or other transfer of any of the Class E Notes and Class F Notes contrary to the restrictions set forth above will
be deemed void ab initio by the Indenture Trustee and the Issuing Entity. If, at any time, any investor (or beneficial owner) in
the Class E Notes and Class F Notes is determined not to have met the foregoing requirements at the time it acquired such Notes
(or its beneficial interest therein), and such investor’s (or beneficial owner’s) investment was not otherwise disregarded
as in violation of that Noteholder restriction, the Issuing Entity may compel that Person to sell its Class E Notes and Class F
Notes (or its beneficial interest therein) within 30 calendar days after notice of such determination is given to such investor
(or beneficial owner), to a Person that otherwise satisfies the foregoing requirements. If the investor (or beneficial owner) fails
to sell its Class E and Class F Notes (or its beneficial interest therein) within this time period, the Issuing Entity will have
the right to sell such Notes (or beneficial interest) to an investor selected by the Issuing Entity who meets the foregoing requirements.
The Issuing Entity will have the right either (i) to cause the investor’s Class E Notes and Class F Notes (or its beneficial
interest therein) to be transferred in a commercially reasonable sale to a Person that satisfies the foregoing requirements, or
(ii) to redeem the investor’s Class E Notes and Class F Notes (or its beneficial interest therein) for an amount equal to
the outstanding principal amount of such Class E Notes and Class F Notes plus accrued and unpaid interest.]

 

The preceding provisions
of this Section notwithstanding, the Issuing Entity shall not be required to make, and the Note Registrar need not register, transfers
or exchanges of any Note (i) selected for redemption or (ii) for a period of 15 days preceding the due date for any payment with
respect to such Note.

 

The Indenture Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require

 

    	 	13	 

     

    

 

delivery of such certificates and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Neither the Indenture
Trustee nor any agent of the Indenture Trustee shall have any responsibility for any actions taken or not taken by DTC.

 

Section
2.5           Mutilated, Destroyed, Lost or Stolen Notes.
If (i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Note and (ii) there is delivered to the Note Registrar such security or indemnity as may
be required by it to hold the Issuing Entity, the Indenture Trustee or itself harmless, then, in the absence of notice to the Issuing
Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a "protected purchaser" (as contemplated
by Article 8 of the UCC), and provided that the requirements of Section 8-405 of the UCC are met, the Issuing Entity shall execute
and upon Issuing Entity Request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen
Note (but not a mutilated Note) shall have become or within seven days shall become due and payable, or shall have been called
for redemption, instead of issuing a replacement Note, the Issuing Entity may upon delivery of the security or indemnity herein
required pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without the surrender thereof.
If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a "protected purchaser" (as contemplated by Article 8 of the UCC) of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled
to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement
Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a "protected purchaser"
(as contemplated by Article 8 of the UCC), and shall be entitled to recover upon the security or indemnity provided therefor to
the extent of any loss, damage, cost or expense incurred by the Issuing Entity, the Note Registrar or the Indenture Trustee in
connection therewith.

 

Upon the issuance of
any replacement Note under this Section, the Issuing Entity or the Indenture Trustee may require the payment by the related Noteholder
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable
expenses (including the fees and expenses of the Indenture Trustee or the Note Registrar) connected therewith.

 

Every replacement Note
issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all
other Notes duly issued hereunder.

 

    	 	14	 

     

    

 

The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

 

Section
2.6           Persons Deemed Owners. Prior to due presentment
for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and their respective agents may treat the Person
in whose name any Note is registered in the Note Register (as of the date of determination) as the owner of such Note for the purpose
of receiving payments of principal of and interest, if any, on such Note and for all other purposes whatsoever, whether or not
such Note be overdue, and neither the Issuing Entity, the Indenture Trustee nor any of their respective agents shall be affected
by notice to the contrary.

 

Section
2.7           Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered
to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to
the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder that the Issuing Entity may have
acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall
be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by
this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention
or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be returned
to it; provided, that such Issuing Entity Order is timely and that such Notes have not been previously disposed of by the
Indenture Trustee.

 

Section
2.8           Release of Collateral. Subject to Section
11.1 and the terms of those Transaction Documents to which the Indenture Trustee is a party, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate
of the Issuing Entity, an Opinion of Counsel and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1)
or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent
Certificates[, and the Indenture Trustee shall provide copies of such documents to the Swap Counterparty].

 

Section
2.9           Book-Entry Notes. Unless otherwise specified
herein, the Notes, upon original issuance, will be issued in the form of one or more typewritten, printed, lithographed or engraved
or produced by any combination of such methods (with or without steel engraved borders) Notes representing the Book-Entry Notes,
to be delivered to the Indenture Trustee, as agent for DTC, the initial Clearing Agency, by, or on behalf of, the Issuing Entity.
Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner shall receive a Definitive Note representing such Note Owner's interest in such Note except as provided
in Section 2.11. Unless and until Definitive Notes have been issued to Note Owners pursuant to Section 2.11:

 

(a)          the
provisions of this Section shall be in full force and effect;

 

    	 	15	 

     

    

 

(b)          the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the
sole Noteholder, and shall have no obligation to Note Owners, except as stated in Section 7.5;

 

(c)          to
the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section
shall control;

 

(d)          the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between or among such Note Owners and the Clearing Agency or Clearing Agency Participants; pursuant to the Depository
Agreement, unless and until Definitive Notes are issued pursuant to Section 2.11, the initial Clearing Agency will make
book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to such Clearing Agency Participants; and

 

(e)          whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders evidencing a specified
percentage of the Outstanding Note Amount, the Clearing Agency shall be deemed to represent such percentage only to the extent
that it has received instructions to such effect from Note Owners or Clearing Agency Participants owning or representing, respectively,
such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee.

 

Section
2.10         Notices to Clearing Agency. Whenever a notice or other
communication to Noteholders is required under this Indenture, unless and until Definitive Notes shall have been issued to Note
Owners pursuant to Section 2.11, the Indenture Trustee shall give all such notices and communications specified herein to
be given to Noteholders to the Clearing Agency, and shall have no obligation to the Note Owners.

 

Section
2.11         Definitive Notes. [The Retained Notes, upon original issuance
will be in the form of Definitive Notes, but at the request of the holder thereof, may be exchanged for Book Entry Notes.] If (i)
(A) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities as described in the Depository Agreement and (B) the Administrator is unable to locate a qualified
successor, (ii) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry
system through the Clearing Agency or (iii) after an Event of Default, Note Owners representing in the aggregate not less than
a majority of the Outstanding Note Amount, voting together as a single class, advise the Indenture Trustee through the Clearing
Agency and its Clearing Agency Participants in writing that the continuation of a book-entry system through the Clearing Agency
or its successor is no longer in the best interest of Note Owners, the Indenture Trustee shall be required to notify all Note Owners,
through the Clearing Agency, of the occurrence of such event and the availability through the Clearing Agency of Definitive Notes
to Note Owners requesting the same. Upon surrender to the Indenture Trustee by the Clearing Agency of the Note or Notes representing
the Book-Entry Notes and the receipt of instructions for re-registration, the Indenture Trustee shall issue Definitive Notes to
Note Owners, who thereupon shall become Noteholders for all purposes of this Indenture. None of the Issuing Entity, the Note Registrar
or the Indenture

 

    	 	16	 

     

    

 

Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.

 

The Indenture Trustee
shall not be liable if the Administrator is unable to locate a qualified successor Clearing Agency. The Definitive Notes shall
be typewritten, printed, lithographed or engraved or produced by any combination of such methods (with or without steel engraved
borders), all as determined by the Issuing Entity and the Indenture Trustee, as evidenced by their execution and authentication
of such Notes.

 

If Definitive Notes
are issued and the Indenture Trustee is not the Note Registrar, the Issuing Entity shall furnish or cause to be furnished to the
Indenture Trustee a list of the names and addresses of the Noteholders (i) as of each Record Date, within five days thereafter
and (ii) as of not more than ten days prior to the time such list is furnished, within 30 days after receipt by the Issuing Entity
of a written request therefor.

 

Section
2.12         Authenticating Agents. Upon the request of the Issuing
Entity, the Indenture Trustee shall, and if the Indenture Trustee so chooses the Indenture Trustee may, appoint one or more Authenticating
Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection with issuance,
transfers and exchanges under Sections 2.2, 2.4, 2.5 and 9.5, as fully to all intents and purposes
as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such Notes. For all purposes
of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section shall be deemed to be the authentication
of Notes by the Indenture Trustee. The Indenture Trustee shall be the Authenticating Agent in the absence of any appointment thereof.

 

Any corporation into
which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any corporation succeeding to all
or substantially all of the corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating
Agent hereunder, without the execution or filing of any further act on the part of the parties hereto or such Authenticating Agent
or such successor corporation.

 

Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Indenture Trustee and the Issuing Entity. The Indenture
Trustee may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Issuing Entity. Upon receiving such notice of resignation or upon such termination, the Indenture Trustee shall promptly
appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuing Entity. The provisions
of Sections 2.7 and 6.4 shall be applicable to any Authenticating Agent.

 

Section
2.13         Tax Treatment.

 

(a)          The
Issuing Entity has entered into this Indenture, and the Notes shall be issued, with the intention that, for all purposes, including
federal, state and local income, franchise and any other taxes imposed upon, measured by or based upon gross or net income, the
Notes shall qualify as indebtedness secured by the Collateral (except a Note or interest therein

    	 	17	 

     

    

 

acquired by the Depositor or other Person
considered for U.S. federal income tax purposes the issuer of such Note). The Issuing Entity, by entering into this Indenture,
and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry
Note), unless otherwise required by appropriate taxing authorities, agree to treat the Notes (other than Notes held by any entity
whose separate existence from the Issuing Entity is disregarded for U.S. federal income tax purposes, but only so long as such
Notes are held by such entity) as indebtedness for federal, state and local income, franchise and any other taxes imposed upon,
measured by or based upon gross or net income.

 

(b)          Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity,
(1) any applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation
that is required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine
their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or the Noteholder
of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first Payment Date after
such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf
of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form or documentation
in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement
IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required
by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty
of perjury.

 

(c)          Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.13(b).

 

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section
3.1           Payment of Principal and Interest. The Issuing
Entity shall duly and punctually pay the principal of and interest, if any, on the Notes in accordance with the terms of the Notes
and this Indenture. Without limiting the foregoing, subject to and in accordance with Sections 8.5(a), 8.5(b),
8.5(h) and 8.5(i), the Issuing Entity will cause to be distributed all amounts deposited in the Principal Distribution
Account on a Payment Date [or the Additional Class A-1 Payment Date, as applicable,] pursuant to this Indenture (i) for the
benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2
Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4
Notes, to the Class A-4 Noteholders[,] [and] (v) for the benefit of the Class B Notes, to the Class B Noteholders[,] [and] [(vi)
for the benefit of the Class C Notes, to the Class C Noteholders][,] [and] [(vii) for the benefit of the Class D Notes,

 

    	 	18	 

     

    

 

to the Class D Noteholders][,] [and] [(viii)
for the benefit of the Class E Notes, to the Class E Noteholders] [and (ix) for the benefit of the Class F Notes, to the Class
F Noteholders]. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest or principal
shall be considered to have been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture. The final interest
payment on each Class of Notes is due on the earlier of (a) the Payment Date (including any Redemption Date) [or, with respect
to the Class A-1 Notes, the Additional Class A-1 Payment Date (if applicable),] in each case, on which the principal amount of
that Class of Notes is reduced to zero or (b) the applicable Final Scheduled Payment Date for that Class of Note.

 

Section
3.2           Maintenance of Office or Agency. The Issuing
Entity will maintain in the [The City of New York], an office or agency where Notes may be surrendered for registration of
transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may
be served. Such office or agency will initially be the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity
hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity will give
prompt written notice to the Indenture Trustee of any change in the location of any such office or agency. If at any time the Issuing
Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof,
such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints
the Indenture Trustee as its agent to receive all such surrenders, notices and demands.

 

Section
3.3           Money for Payments to be Held in Trust. As provided
in Sections 5.4(b) and 8.5, all payments of amounts due and payable with respect to any Notes that are to be made
from amounts withdrawn from the Trust Collection Account shall be made on behalf of the Issuing Entity by the Indenture Trustee
or by another Paying Agent, and no amounts so withdrawn therefrom for payments on Notes shall be paid over to the Issuing Entity
except as provided in this Section.

 

On or before the Business
Day preceding each Payment Date[, the Additional Class A-1 Payment Date (if applicable)] and Redemption Date, the Issuing Entity
shall allocate or cause to be allocated into the Trust Collection Account for distribution an aggregate sum sufficient to pay the
amounts then becoming due under the Notes, and the Paying Agent shall hold such sum in trust for the benefit of the Persons entitled
thereto and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of any failure by the
Issuing Entity to effect such deposit.

 

The Issuing Entity
shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in
which such Paying Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so
agrees to the extent relevant), subject to the provisions of this Section, that such Paying Agent shall:

 

(a)          hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such

 

    	 	19	 

     

    

 

Persons or otherwise disposed of as herein
provided and pay such sums to such Persons as herein provided;

 

(b)          give
the Indenture Trustee written notice of any default by the Issuing Entity of which it has actual knowledge (or any other obligor
upon the Notes) in the making of any payment required to be made with respect to the Notes;

 

(c)          at
any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture
Trustee all sums so held in trust by such Paying Agent;

 

(d)          immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and

 

(e)          comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding
taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

 

The Issuing Entity
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuing
Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to
be held by the Indenture Trustee upon the same trusts as those upon which such sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect
to such money.

 

Subject to applicable
laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall
be discharged from such trust and distributed by the Indenture Trustee to the Issuing Entity upon an Issuing Entity Request and
the related Noteholder shall thereafter, as an unsecured general creditor, look only to the Issuing Entity for payment thereof,
and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided,
however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the
reasonable expense of the Issuing Entity cause to be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which date shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining shall be paid to the Certificateholders. The Indenture Trustee shall also adopt and employ,
at the written direction of the Issuing Entity and at the expense of the Issuing Entity, any other reasonable means of notification
of such repayment (including mailing notice of such repayment to Noteholders the Notes of which have been called but not surrendered
for redemption or whose right to or interest in monies due and payable but not claimed is determinable from the records of the
Indenture Trustee or any Paying Agent at the last address of record for each such Noteholder).

 

    	 	20	 

     

    

 

Section
3.4           Existence. The Issuing Entity shall keep in
full effect its existence and rights as a statutory trust under the laws of the State of Delaware (unless it becomes, or any successor
Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States, in which case the
Issuing Entity shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall
obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary
to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Trust Estate.

 

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

 

(a)         Grant
more effectively all or any portion of the Collateral;

 

(b)         maintain
or preserve the lien and security interest (and the priority thereof) created by this Indenture or carry out more effectively the
purposes hereof;

 

(c)         perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 

(d)         enforce
any of the Collateral;

 

(e)         preserve
and defend title to the Collateral and the rights of the Indenture Trustee and the Noteholders in the Collateral against the claims
of all Persons; or

 

(f)         pay
or cause to be paid all taxes or assessments levied or assessed upon the Collateral when due.

 

The Issuing Entity
hereby authorizes the Administrator and the Indenture Trustee to file all financing statements, continuation statements or other
instruments required to be executed (if any) pursuant to this Section; it being understood that such authorization shall not be
deemed to be an obligation on the part of the Administrator or the Indenture Trustee to make any such filing. Notwithstanding anything
to the contrary contained herein (including the authorization to file granted in the preceding sentence), the Indenture Trustee
shall have no duty and shall not be responsible for filing any financing or continuation statements or recording any documents
or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security
interest.

 

    	 	21	 

     

    

 

Section
3.6           Opinions as to Collateral.

 

(a)          On
the Closing Date, the Issuing Entity shall furnish or cause to be furnished to the Indenture Trustee, an Opinion of Counsel to
the effect that, in the opinion of such counsel (subject to standard limitations, qualifications and assumptions) the provisions
of the Indenture are effective under the New York UCC to create in favor of the Indenture Trustee a security interest in the Issuing
Entity's rights in the Collateral, and upon filing of the applicable financing statement, the Indenture Trustee's security interest
in the Issuing Entity's rights in the Collateral will be perfected.

 

(b)          On
or before April 30th of each calendar year, beginning in 20[  ], the Issuing Entity shall furnish to the Indenture Trustee
an Opinion of Counsel to the effect that in the opinion of such counsel, either (i) all financing statements and continuation statements
have been filed that are necessary to continue the lien and security interest of the Indenture Trustee in the Exchange Notes and
reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such
action is necessary to continue such lien and security interest.

 

Section
3.7           Performance of Obligations; Administration of the Exchange
Note.

 

(a)          The
Issuing Entity shall not take any action and shall use its best efforts not to permit any action to be taken by others, including
the Administrator, that would release any Person from any of such Person's material covenants or obligations under any instrument
or agreement included in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge
of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in paragraph
(c) below, the Transaction Documents or such other instrument or agreement.

 

(b)          The
Issuing Entity may contract with other Persons to assist it in performing its duties under this Indenture, and any performance
of such duties by a Person identified to the Indenture Trustee in an Officer's Certificate of the Issuing Entity shall be deemed
to be action taken by the Issuing Entity. Initially, the Issuing Entity has contracted with the Administrator, and the Administrator
has agreed, to assist the Issuing Entity in performing its duties under this Indenture.

 

(c)          The
Issuing Entity shall, and, shall cause the Administrator and the Servicer to agree to, punctually perform and observe all of its
obligations and agreements contained in this Indenture, the other Transaction Documents and the instruments and agreements included
in the Collateral, including filing or causing to be filed all UCC financing statements and continuation statements required to
be filed by the terms of this Indenture and the other Transaction Documents in accordance with and within the time periods provided
for herein and therein. Except as otherwise expressly provided therein, the Issuing Entity, as a party to the Transaction Documents
and as Holder of the Exchange Note, shall not amend any Transaction Document to which it is a party or any provision thereof other
than in accordance with the amendment provisions set forth in such Transaction Document.

 

    	 	22	 

     

    

 

(d)          Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not, without the prior written consent of the Indenture
Trustee or the Holders of at least a majority of the Note Balance of the Controlling Securities [and, if such action would result
in a material adverse effect on the Swap Counterparty, the Swap Counterparty], amend, modify, waive, supplement, terminate or surrender,
or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral (except to
the extent otherwise provided and permitted in the Servicing Agreement and the Exchange Note Servicing Supplement) or the Trust
Agreement, the Servicing Agreement, the Exchange Note Servicing Supplement, the Exchange Note Transfer Agreement [or] the Administration
Agreement [or the Interest Rate [Swaps][Caps] or the Swap Counterparty Rights Agreement] (except as may be permitted thereby),
or waive timely performance or observance by the Servicer under the Servicing Agreement and the Exchange Note Servicing Supplement
(except as may be permitted thereby); and (ii) that any such amendment shall not (A) increase or reduce in any manner
the amount of, or accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders
or (B) reduce the aforesaid percentage of the Note Balance of the Controlling Securities that is required to consent to any
such amendment, without the consent of the Holders of all the Outstanding Notes. Subject to Section 11.1, if any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuing Entity agrees,
promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense,
such agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary or appropriate in the circumstances.

 

Section
3.8           Negative Covenants. So long as any Notes are
Outstanding, the Issuing Entity shall not:

 

(a)          engage
in any activities other than financing, acquiring, owning, pledging and managing the Exchange Note and the other Collateral as
contemplated by this Indenture and the other Transaction Documents;

 

(b)          except
as expressly permitted herein or in the other Transaction Documents, (A) dissolve or liquidate in whole or in part or (B) sell,
transfer, exchange or otherwise dispose of any of the assets of the Issuing Entity, including those included in the Trust Estate,
in either case, unless directed to do so by the Indenture Trustee;

 

(c)          claim
any credit on or make any deduction from the principal or interest payable in respect of the Notes (other than amounts properly
withheld from such payments under the Code or applicable State law) or assert any claim against any present or former Noteholder
by reason of the payment of the taxes levied or assessed upon any part of the Trust Estate;

 

(d)          (i)
permit the validity or effectiveness of this Indenture to be impaired, (ii) permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, (iii) permit any Person to be released from any covenants or obligations under this Indenture,
except as may be expressly permitted hereby, (iv) permit any Adverse Claim (other than Permitted Liens) to be created on or extend
to or otherwise arise upon or burden the Trust Estate, any part thereof or any interest therein or the proceeds thereof, (v) except
as otherwise

 

    	 	23	 

     

    

 

provided in the Transaction Documents,
permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any Permitted Lien) security
interest in the Trust Estate; (vi) make any loan, advance or credit to, guarantee (directly or indirectly or by an instrument having
the effect of assuring another's payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise
become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in,
or make any capital contribution to, any other Person, or (vii) make any expenditure (by long-term or operating lease or otherwise)
for capital assets (either realty or personalty);

 

(e)          incur,
assume or guarantee any indebtedness other than indebtedness incurred in accordance with the Transaction Documents; or

 

(f)          merge
or consolidate with or into any other Person, unless:

 

(i)          the
Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed
and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal
of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and the other
Transaction Documents on the part of the Issuing Entity to be performed or observed, all as provided herein;

 

(ii)         immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(iii)        the
Rating Agency Condition shall have been satisfied with respect to such transaction;

 

(iv)        the
Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to
the effect that such transaction will not have any material adverse tax consequence to the Issuing Entity, any Noteholder or any
Certificateholder;

 

(v)         any
action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 

(vi)        the
Issuing Entity shall have delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent
herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

 

Section
3.9           Issuing Entity Certificates and Reports.

 

(a)          The
Issuing Entity shall make available to the Indenture Trustee [with a copy to the Swap Counterparty], at [          ],
or such other website or distribution service or

    	 	24	 

     

    

provider as the Issuing Entity shall designate
by written notice to the Indenture Trustee, within 120 days after the end of each fiscal year of the Issuing Entity (commencing
with the fiscal year [    ]), an Officer's Certificate stating, as to the Authorized Officer signing such Officer's
Certificate, that:

 

(i)          a
review of the activities of the Issuing Entity during such year and of its performance under this Indenture has been made under
such Authorized Officer's supervision; and

 

(ii)         to
the best of such Authorized Officer's knowledge, based on such review, the Issuing Entity has complied in all material respects
with all conditions and covenants under this Indenture throughout such year, or, if there has been a material default in the compliance
of any such condition or covenant, specifying each such default known to such Authorized Officer and the nature and status thereof.

 

(b)          Unless
the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall be the same as the fiscal year of the Servicer.

 

Section
3.10         Notice of Defaults. The Issuing Entity agrees to give the
Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder.

 

Section
3.11         Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuing Entity shall execute and deliver such further instruments and do such further acts as may be reasonably necessary
or proper to carry out more effectively the purposes of this Indenture.

 

Section
3.12         Delivery of Exchange Note. On the Closing Date, the Issuing
Entity shall deliver or cause to be delivered to the Indenture Trustee as security for its obligations hereunder, the Closed-End
Exchange Note. The Indenture Trustee shall take possession of the Closed-End Exchange Note in New York and shall at all times during
the period of this Indenture maintain custody of the Closed-End Exchange Note in New York.

 

Section
3.13         Compliance with Laws. The Issuing Entity shall comply with
the requirements of all applicable laws, the non-compliance with which would, individually or in the aggregate, materially and
adversely affect the ability of the Issuing Entity to perform its obligations under the Notes, this Indenture or any other Transaction
Document.

 

Section
3.14         Perfection Representations.

 

(a)          The
representations, warranties and covenants set forth in Schedule I hereto shall be a part of this Indenture for all purposes.

 

(b)          Notwithstanding
any other provision of this Indenture or any other Transaction Document, the perfection representations contained in Schedule
I hereto shall be continuing, and remain in full force and effect until such time as all obligations under this Indenture have
been finally and fully paid and performed.

 

    	 	25	 

     

    

 

(c)          Subject
to Section 9.2, the parties to this Indenture: (i) shall not amend or waive any of the perfection representations contained
in Schedule I hereto; (ii) shall provide the Rating Agencies with prompt written notice of any breach of perfection representations
contained in Schedule I hereto and (iii) shall not waive a breach of any of the perfection representations contained in
Schedule I hereto.

 

Section
3.15         '34 Act Filings. The Issuing Entity hereby authorizes the
Servicer and the Depositor, or either of them, to prepare, sign, certify and file any and all reports, statements and information
respecting the Issuing Entity and/or the Notes required to be filed pursuant to the Securities Exchange Act of 1934, as amended,
and the rules and regulations thereunder.

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section
4.1          Satisfaction and Discharge of Indenture. This
Indenture shall discharge with respect to the Collateral securing the Notes except as to (a) rights of registration of transfer
and exchange, (b) substitution of mutilated, destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments of
principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8, 3.10 and 3.12,
(e) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under
Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and (f) the rights of Noteholders as
beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand and at the expense and on behalf of the Issuing Entity, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when (i) either (A) all Notes theretofore authenticated and delivered (other than
(1) Notes that have been mutilated, destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.5
and (2) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity
and thereafter paid to the Persons entitled thereto or discharged from such trust, as provided in Section 3.3) have been
delivered to the Indenture Trustee for cancellation; or (B) all Notes not theretofore delivered to the Indenture Trustee for cancellation
(1) have become due and payable, (2) will become due and payable within one year either because the applicable Final Scheduled
Payment Date is within one year or because the Indenture Trustee has received written notice of the exercise of the option granted
pursuant to Section 15.1 of the Exchange Note Servicing Supplement or (3) are to be called for redemption within one year under
arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name,
and at the expense, of the Issuing Entity, and the Issuing Entity, in the case of clauses (1), (2) or (3) above, has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed
by the United States (that will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient
to pay and discharge the entire indebtedness on such Notes (including interest and any fees and expenses due and payable to the
Owner Trustee and the Indenture Trustee) not theretofore delivered to the Indenture Trustee for cancellation, when due, to the
applicable Final Scheduled Payment Date for each Class, or to the Redemption Date (if Notes shall have been called for redemption
pursuant to Section 10.1), as the case may be; (ii) the Issuing Entity has paid or caused to be paid

    	 	26	 

     

    

 

all other sums payable hereunder [or under
the Interest Rate [Swaps][Caps]] by the Issuing Entity; and (iii) the Issuing Entity has delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel, each meeting the applicable requirements of Section 11.1 and, subject to
Section 11.2, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge
of this Indenture have been complied with (and, in the case of an Officer’s Certificate, stating that the Rating Agency Condition
has been satisfied; provided, that, with respect to a redemption of the Notes pursuant to Section 10.1 or
if the Depositor (or any of its Affiliates) is the sole Noteholder, the satisfaction of the Rating Agency Condition shall not be
required).

 

Section
4.2           Application of Trust Money. All monies deposited
with the Indenture Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions
of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as the Indenture Trustee may determine,
to the Noteholders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture
Trustee of all sums due and to become due thereon for principal and interest [and to the Swap Counterparty, all of the sums, if
any, due to or to become due to the Swap Counterparty under and in accordance with the Interest Rate Swaps]; but such monies need
not be segregated from other funds of the Indenture Trustee except to the extent required herein or in the Servicing Agreement
or as required by law.

 

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

 

ARTICLE V

EVENT OF DEFAULT

 

Section
5.1           Events of Default. The occurrence and continuation
of any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary
or effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body) shall constitute a default under this Indenture (each, an "Event of Default"):

 

(a)          default
in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period
of five Business Days; provided, however, that until the Outstanding Amount of the Class A Notes is reduced to zero,
a default in the payment of any interest on any Class B Note shall not by itself constitute an Event of Default hereunder[; provided,
further, however, that until the Outstanding Amount of the Class A Notes and the Class B Notes are reduced to zero,
a default in the payment of any interest on any Class C Note shall not by itself constitute an Event of Default hereunder][; provided,
further, however, that until the Outstanding Amount of the Class A Notes, the Class B Notes and the Class C Notes
are reduced to zero, a default in the payment of any interest on any Class D

    	 	27	 

     

    

Note shall not by itself constitute an
Event of Default hereunder][; provided, further, however, that until the Outstanding Amount of the Class A
Notes, the Class B Notes, the Class C Notes and the Class D Notes are reduced to zero, a default in the payment of any interest
on any Class E Note shall not by itself constitute an Event of Default hereunder][; provided, further, however,
that until the Outstanding Amount of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E
Notes are reduced to zero, a default in the payment of any interest on any Class F Note shall not by itself constitute an Event
of Default hereunder];

 

(b)          default
in the payment of principal of any Note (A) when the same becomes due and payable, to the extent funds are available therefor or
(B) at the related Final Scheduled Payment Date or the Redemption Date;

 

(c)          default
in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant
or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant
hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have
been made, which default or inaccuracy materially and adversely affects the interests of the Noteholders, and such default shall
continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect
shall not have been eliminated or otherwise cured, for a period of 60 days after there shall have been given, by registered or
certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by Noteholders
representing at least a majority of the Note Balance of the Controlling Securities, a written notice specifying such default or
incorrect representation or warranty and requiring it to be remedied and stating that such notice is a "Notice of Default"
hereunder;

 

(d)          the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial
part of the Trust Estate in an involuntary case under any applicable federal or State bankruptcy, insolvency or other similar law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding up or liquidation of the Issuing
Entity's affairs, and such decree or order shall remain unstayed and in effect for a period of 90 consecutive days; or

 

(e)          the
commencement by the Issuing Entity of a voluntary case under any applicable federal or State bankruptcy, insolvency or other similar
law now or hereafter in effect or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case
under any such law, the consent by the Issuing Entity to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, the
making by the Issuing Entity of any general assignment for the benefit of creditors, the failure by the Issuing Entity generally
to pay its debts as such debts become due or the taking of action by the Issuing Entity in furtherance of any of the foregoing;

 

    	 	28	 

     

    

 

provided, however, that a
delay in or failure of performance referred to under clauses (a), (b) or (c) above for a period of less than
120 days will not constitute an Event of Default if that delay or failure was caused by force majeure or other similar occurrence.

 

The Issuing Entity
shall promptly deliver to the Indenture Trustee and each Rating Agency written notice in the form of an Officer's Certificate of
any Event of Default, its status and what action the Issuing Entity is taking or proposes to take with respect thereto.

 

Subject to the provisions
herein relating to the duties of the Indenture Trustee, if an Event of Default occurs and is continuing, the Indenture Trustee
shall be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any Noteholder,
if the Indenture Trustee reasonably believes that it will not be adequately indemnified against the costs, expenses and liabilities
that might be incurred by it in complying with such request. Subject to such provisions for indemnification and certain limitations
contained herein, Noteholders holding not less than a majority of the Note Balance of the Controlling Securities shall have the
right to direct the time, method and place of conducting any proceeding or any remedy available to the Indenture Trustee or exercising
any trust power conferred on the Indenture Trustee, and Noteholders holding not less than a majority of the Note Balance of the
Controlling Securities may, in certain cases, waive any default with respect thereto, except a default in the payment of principal
or interest or a default in respect of a covenant or provision of the Indenture that cannot be modified or amended without the
waiver or consent of all of the holders of the Outstanding Notes.

 

Section
5.2           Acceleration of Maturity; Waiver of Event of Default.
If an Event of Default should occur and be continuing, the Indenture Trustee or Noteholders representing a majority of the Note
Balance of the Controlling Securities may declare the principal of the Notes, together with accrued and unpaid interest thereon
through the date of acceleration, to be immediately due and payable by a notice in writing to the Issuing Entity (and to the Indenture
Trustee if given by the Noteholders). Upon such declaration, the Indenture Trustee shall promptly provide written notice to each
Rating Agency [and to the Swap Counterparty]. Such declaration may be rescinded by Noteholders holding a majority of the Note Balance
of the Controlling Securities before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee
if (a) the Issuing Entity has deposited with the Indenture Trustee an amount sufficient to pay (i) all interest on and principal
of the Notes as if the Event of Default giving rise to such declaration had not occurred and (ii) all reasonable amounts previously
advanced by the Indenture Trustee and its reasonable costs and expenses [and (iii) any amounts then due and payable by the Issuing
Entity to the Swap Counterparty under the Interest Rate Swap Agreements] and (b) all Events of Default (other than the nonpayment
of principal of the Notes that has become due solely by such acceleration) have been cured or waived.

 

At any time prior to
the declaration of the acceleration of the maturity of the Notes, Noteholders holding not less than a majority of the Note Balance
of the Controlling Securities by written notice to the Issuing Entity and the Indenture Trustee, may waive such Event of Default
and its consequences, except a default (i) in payment of principal of or interest on the Notes or (ii) in respect of any covenant
or provision in this Indenture that cannot be modified or amended

 

    	 	29	 

     

    

 

without the unanimous consent of the Noteholders.
No such waiver shall affect any subsequent default or impair any right consequent thereto.

 

Section
5.3         Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

 

(a)          The
Issuing Entity covenants that if there is a default in the payment of (i) any interest on the Notes when the same becomes due,
and such default continues for a period of five days or (ii) the principal of the Notes at the related Final Scheduled Payment
or the Redemption Date, the Issuing Entity shall, upon demand of the Indenture Trustee in writing as directed by Noteholders holding
not less than a majority of the Note Balance of the Controlling Securities, pay to the Indenture Trustee, for the benefit of such
Noteholders, the entire amount then due and payable on such Notes for principal and interest, with interest on the overdue principal,
and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest, at the
applicable Interest Rate and in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents,
attorneys and counsel.

 

(b)          In
case the Issuing Entity shall fail forthwith to pay amounts described in Section 5.3(a) upon demand, the Indenture Trustee,
in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid,
and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuing Entity or other obligor
upon such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other obligor upon such
Notes, wherever situated, the monies adjudged or decreed to be payable.

 

(c)          If
an Event of Default occurs and is continuing, the Indenture Trustee may, in its discretion, proceed to protect and enforce its
rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee may deem necessary to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture
Trustee by this Indenture or by law.

 

(d)          In
case there shall be pending, relative to the Issuing Entity or any other obligor upon the Notes or any Person having or claiming
an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal
or State bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its property
or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuing Entity or other
obligor upon the Notes, or to the property of the Issuing Entity or such other obligor, the Indenture Trustee, irrespective of
whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective
of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered,
by intervention in such Proceedings or otherwise:

 

    	 	30	 

     

    

 

(i)          to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to
file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including
any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents,
attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances and disbursements made,
by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders
allowed in such Proceedings;

 

(ii)         unless
prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee
or Person performing similar functions in any such Proceedings; to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute all amounts received with respect to the claims of the Noteholders and the Indenture
Trustee on their behalf; and

 

(iii)        to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuing Entity, its creditors and its property;
and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each
Noteholder to make payments to the Indenture Trustee and, in the event the Indenture Trustee shall consent to the making of payments
directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation
to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred and all advances and disbursements made by the Indenture Trustee and each predecessor Indenture
Trustee except as a result of negligence or bad faith, and any other amounts due the Indenture Trustee under Section 6.7.

 

(e)          Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of
any Noteholder or to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person.

 

(f)          All
rights of action and of asserting claims under this Indenture, or under the Notes, may be enforced by the Indenture Trustee without
the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or
Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery
of judgment, subject to the payment of the expenses, advances, disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents, attorneys and counsel shall be for the ratable benefit of the Noteholders in respect
of which such judgment has been recovered.

 

    	 	31	 

     

    

 

(g)          In
any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this
Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders,
and it shall not be necessary to make any Noteholder a party to any such Proceedings.

 

Section
5.4           Remedies; Priorities.

 

(a)          If
an Event of Default shall have occurred and be continuing, and the Indenture Trustee or the holders of at least a majority of the
Note Balance of the Controlling Securities, have declared the principal of the notes, together with accrued and unpaid interest
thereon through the date of acceleration, to be immediately due and payable, the Indenture Trustee may do one or more of the following
(subject to Sections 5.2 and 5.5):

 

(i)          institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under
this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuing
Entity and any other obligor upon such Notes monies adjudged due;

 

(ii)         institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

 

(iii)        exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee and the Noteholders; and

 

(iv)        subject
to Section 5.17, after an acceleration of the maturity of the Notes pursuant to Section 5.2, sell the Trust Estate
or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner
permitted by law;

 

provided, however, that the
Indenture Trustee may not sell or otherwise liquidate the Trust Estate following an Event of Default, unless (A) Noteholders holding
100% of the Outstanding Note Amount consent thereto, (B) the proceeds of such sale are sufficient to discharge in full all amounts
then due and unpaid upon all Outstanding Notes or (C) there has been an Event of Default described in Section 5.1(a) or
(b) and the Indenture Trustee determines (but shall have no obligation to make such determination) that the Trust Estate
will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become
due if the Notes had not been declared due and payable and the Indenture Trustee obtains the consent of Noteholders holding not
less than 66-2/3% of the Outstanding Note Amount, voting together as a single class; provided, further, that the
Indenture Trustee may not sell the Trust Estate unless it shall first have been provided with an Opinion of Counsel (at the expense
of the Issuing Entity) that such sale will not cause the Titling Trust or an interest therein or portion thereof or the Issuing
Entity to be classified as an association or a publicly traded partnership taxable as a corporation for U.S. federal income tax
purposes. In determining such sufficiency or insufficiency with respect to clauses (B) and (C) of the preceding sentence, the

 

    	 	32	 

     

    

 

Indenture Trustee may but need not obtain
(at the expense of the Issuing Entity) and rely upon an opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

(b)          In
the event that Notes are declared to be due and payable following the occurrence of an Event of Default, unless such Event of Default
has been waived or rescinded, Available Funds, after the deduction of Servicing Fees and unpaid Servicing Fees, paid to or retained
by the Servicer, will be distributed in the following order or priority:

 

(i)          pro
rata (a) to the Indenture Trustee, all amounts unpaid and owed the Indenture Trustee under this Indenture and (b) to the Owner
Trustee, all amounts unpaid and owed to the Owner Trustee under the Trust Agreement;

 

(ii)         to
the Administrator, the Administration Fee;

 

(iii)       
[pro rata] [(a)] [to the Swap Counterparty, the Monthly Swap Payment Amount and (b)] [to the Asset Representations Reviewer, all
fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset Representations Review Agreement not previously
paid by the Servicer;]

 

(iv)       pro
rata [(a)] to the Holders of the Class A Notes, the Class A Noteholders' Interest Distributable Amount [and (b) to the Swap
Counterparty, any Senior Swap Termination Payment Amounts];

 

(v)         [if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment
of any interest on or principal of any Note in accordance with Section 8.5(a) or 8.5(h), unless such Event of Default
has been waived or rescinded,] to the Holders of the Class A-1 Notes, the Outstanding amount of such Class, [and then to the Holders
of the Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, pro rata, the Outstanding Amount of each such Class of the Notes][and
then to the Holders of the Class A-2 Notes, the Outstanding Amount of such Notes, then to the Holders of the Class A-3 Notes, the
Outstanding Amount of such Notes, and then to the Holders of the Class A-4 Notes, the Outstanding Amount of such Class of Notes];

 

(vi)       to
the Holders of the Class B Notes, the Class B Noteholders' Interest Distributable Amount;

 

(vii)      [if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment
of any interest on or principal of any Note in accordance with Section 8.5(a) or 8.5(h), unless such Event of Default
has been waived or rescinded,] [to the Holders of the Class B Notes, the Outstanding Amount of the Class B Notes];

 

(viii)     [to
the Holders of the Class C Notes, the Class C Noteholders' Interest Distributable Amount;]

 

    	 	33	 

     

    

 

(ix)        [if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment
of any interest on or principal of any Note in accordance with Section 8.5(a) or 8.5(h), unless such Event of Default
has been waived or rescinded,] [to the Holders of the Class C Notes, the Outstanding Amount of the Class C Notes;]

 

(x)         [to
the Holders of the Class D Notes, the Class D Noteholders’ Interest Distributable Amount;]

 

(xi)        [if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment
of any interest on or principal of any Note in accordance with Section 8.5(a) or 8.5(h), unless such Event of Default
has been waived or rescinded,] [to the Holders of the Class D Notes, the Outstanding Amount of the Class D Notes;]

 

(xii)      
[to the Holders of the Class E Notes, the Class E Noteholders’ Interest Distributable Amount;]

 

(xiii)      [if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default as a result of default in payment
of any interest on or principal of any Note in accordance with Section 8.5(a) or 8.5(h), unless such Event of Default
has been waived or rescinded] [to the Holders of the Class E Notes, the Outstanding Amount of the Class E Notes;]

 

(xiv)    
[to the Holders of the Class F Notes, the Class F Noteholders’ Interest Distributable Amount;]

 

(xv)       [to
the Holders of the Class F Notes, the Outstanding Amount of the Class F Notes;] [and]

 

(xvi)      [to
the Swap Counterparty, any Subordinate Swap Termination Payment Amounts; and]

 

(xvii)     [to
the Reserve Account Letter of Credit Bank, any unreimbursed draws on the Reserve Account Letter of Credit; and]

 

(xviii)    to
the Certificateholders, any remaining amounts.

 

If the Outstanding
Amount of any Class of Notes remains greater than zero after application of clauses (i) through ([xv]) above, the
Indenture Trustee shall apply funds from the Reserve Account[, or drawn on the Reserve Account Letter of Credit] in the same order
of priority as described above to repay the Outstanding Amount of such Class of Notes in full[; provided, that amounts withdrawn
from the [Risk Retention] Reserve Account may not be used to pay any fees or expenses of World Omni or its Affiliates, including
the Servicer and the Administrator)].

 

(c)          The
Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days
before such record date, the

 

    	 	34	 

     

    

 

Issuing Entity shall mail to each Noteholder
and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

 

Section
5.5           Optional Preservation of the Exchange Note Assets.
If the Notes have been declared to be due and payable under Section 5.2 following an Event of Default and such declaration
and its consequences have not been rescinded and annulled, the Indenture Trustee may, unless directed to sell pursuant to Section
9.4 of the Trust Agreement, but need not, elect to maintain possession of the Trust Estate and continue to apply the proceeds
thereof in accordance with Section 3.1 and 8.5. It is the intent of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall
take such intent into account when determining whether or not to maintain possession of the Trust Estate. In determining whether
to maintain possession of the Trust Estate, the Indenture Trustee may but need not obtain (at the expense of the Issuing Entity)
and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility
of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

Section
5.6           Limitation of Suits.

 

(a)          No
holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or
for the appointment of a receiver or trustee, or for any other remedy hereunder, except in accordance with Section 2.3(d) of the
Exchange Note Sale Agreement, unless: (i) such Noteholder previously has given to the Indenture Trustee written notice of a continuing
Event of Default, (ii) Noteholders holding not less than 25% of the Outstanding Note Amount have made written request to the Indenture
Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee, (iii) such Noteholder
has offered the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying
with such request, (iv) the Indenture Trustee has for 60 days failed to institute such Proceedings and (v) no direction inconsistent
with such written request has been given to the Indenture Trustee during such 60 day period by Noteholders holding a majority of
the Outstanding Note Amount.

 

No Noteholder or group
of Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over
any other Noteholder or to enforce any right under this Indenture, except in the manner herein provided.

 

In the event the Indenture
Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing
less than a majority of the Outstanding Note Amount, the Indenture Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.

 

(b)          No
Noteholder shall have any right to vote except as provided pursuant to this Indenture and the Notes, nor any right in any manner
to otherwise control the operation and management of the Issuing Entity. However, in connection with any action as to which Noteholders
are entitled to vote or consent under this Indenture and the Notes, the Issuing Entity

 

    	 	35	 

     

    

 

may set a record date for purposes of determining
the identity of Noteholders entitled to vote or consent in accordance with TIA Section 316(c).

 

Section
5.7           Unconditional Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provision in this Indenture, any Noteholder shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest on, if any, such Note on or after the respective due dates
thereof expressed in such Note or this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute
suit for the enforcement of any such payment in accordance with Section 5.6, and such right shall not be impaired without
the consent of such Noteholder.

 

Section
5.8           Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding
has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or such Noteholder,
then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies
of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

 

Section
5.9           Rights and Remedies Cumulative. No right or
remedy herein conferred upon or reserved to the Indenture Trustee or the Noteholders is intended to be exclusive of any other right
or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right
and remedy given hereunder or now or hereafter existing at law, in equity or otherwise. The assertion or employment of any right
or remedy hereunder or otherwise shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
5.10         Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Noteholder to exercise any right or remedy accruing upon any Default or Event of Default shall impair
any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein. Every right
and remedy given by this Article or by law to the Indenture Trustee or the Noteholders may be exercised from time to time, and
as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

 

Section
5.11         Control By Noteholders. Subject to the provisions of Sections
5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of the Outstanding Note Amount shall have
the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or with respect to the exercise of any trust or power conferred on the Indenture Trustee, provided that:

 

(a)          such
direction shall not be in conflict with any rule of law or this Indenture;

 

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(b)          subject
to Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Trust Estate shall be made by Noteholders
holding not less than 100% of the Outstanding Note Amount;

 

(c)          if
the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Trust Estate
pursuant to such Section, and except in the case of a sale of the Trust Estate pursuant to Section 9.2 of the Trust Agreement,
then any direction to the Indenture Trustee by Noteholders holding less than 100% of the Outstanding Note Amount to sell or liquidate
the Trust Estate shall be of no force and effect; and

 

(d)          the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction.

 

Notwithstanding the
rights of Noteholders set forth in this Section, subject to Section 6.1, the Indenture Trustee need not take any action
it determines might expose it to personal liability or might materially adversely affect or unduly prejudice the rights of any
Noteholders not consenting to such action.

 

Section
5.12         Waiver of Past Defaults. Prior to the acceleration of the
maturity of the Notes as provided in Section 5.2, Noteholders holding not less than a majority of the Outstanding Note Amount
may waive any past Event of Default and its consequences except an Event of Default (i) in payment of principal of or interest
on the Notes or (ii) in respect of a covenant or provision hereof that cannot be modified or amended without the consent of each
Noteholder. [The Indenture Trustee will give written notice of any such waiver to the Swap Counterparty.] In the case of any such
waiver, the Issuing Entity, the Indenture Trustee and the Noteholders shall be restored to their former positions and rights hereunder,
respectively, but no such waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.

 

Upon any such waiver,
such Event of Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred for every purpose of this Indenture, but no such
waiver shall extend to any subsequent or other Event of Default or impair any right consequent thereto.

 

Section
5.13         Undertaking For Costs. All parties to this Indenture agree,
and each Noteholder by such Noteholder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion
require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee
for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking
to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys'
fees and reasonable expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims
or defenses made by such party litigant, but the provisions of this Section shall not apply to (i) any suit instituted by the Indenture
Trustee, (ii) any suit instituted by any Noteholder or group of Noteholders, in each case holding in the aggregate more than 10%
of the Outstanding Note Amount or (iii) any suit instituted by any Noteholder for the enforcement of the payment of

 

    	 	37	 

     

    

 

principal of or interest on any Note on
or after the related due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date).

 

Section
5.14         Waiver of Stay or Extension Laws. The Issuing Entity covenants
(to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim
or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may
affect the covenants or the performance of this Indenture, and the Issuing Entity (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted.

 

Section
5.15         Action on Notes. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any
other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Indenture
Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity
or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the assets of the Issuing
Entity. Any money or property collected by the Indenture Trustee shall be applied in the following order of priority: (i) pro rata
to the Indenture Trustee for amounts due under Section 6.7 and to the Owner Trustee under Section 8.01 of the Trust
Agreement and (ii) in accordance with Section 5.4(b).

 

Section
5.16         Performance and Enforcement of Certain Obligations.

 

(a)          Promptly
following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuing Entity shall take all such
lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Servicer of its obligations
to the Issuing Entity under or in connection with the Servicing Agreement and the Exchange Note Servicing Supplement, in accordance
with the terms thereof [or by any obligor under the Interest Rate [Swap][Cap] of its obligations under or in accordance with such
Interest Rate [Swap][Cap]], and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing
Entity under or in connection with each such agreement to the extent and in the manner directed by the Indenture Trustee, including
the transmission of notices of default on the part of the Servicer thereunder [or on the part of the Interest Rate [Swap][Cap]
obligor under any such Interest Rate [Swap][Cap]] and the institution of legal or administrative actions or proceedings to compel
or secure performance by the Servicer [and the Interest Rate [Swap][Cap] obligor] of its [each of their respective] obligations
under the Servicing Agreement [and any Interest Rate [Swap][Cap]].

 

(b)          If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing) of Noteholders holding not less than 66 2/3% of the Outstanding Note Amount, shall, exercise all rights, remedies, powers,
privileges and claims of the Issuing Entity against the Depositor and the Servicer [or the Interest Rate [Swap][Cap] obligor] under
or in connection with the Servicing Agreement [or any Interest

 

    	 	38	 

     

    

 

Rate [Swap][Cap]] or any other Transaction
Document, including the right or power to take any action to compel or secure performance or observance by the Servicer [or the
Interest Rate [Swap][Cap] obligor] of its obligations to the Issuing Entity thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under such Transaction Document, and any right of the Issuing Entity to take such action
shall be suspended.

 

(c)          [The
Indenture Trustee shall give prompt written notice to the [Swap][Cap] Counterparty of each request for action that is made and
direction received pursuant to this Section 5.16.]

 

Section
5.17         Sale of Collateral. If the Indenture Trustee acts to sell
the Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture Trustee shall publish a notice in an Authorized
Newspaper stating that the Indenture Trustee intends to effect such a sale in a commercially reasonable manner and on commercially
reasonable terms, which shall include the solicitation of competitive bids. Following such publication, the Indenture Trustee shall,
unless otherwise prohibited by applicable law from any such action, sell the Collateral or any part thereof, in such manner and
on such terms as provided above to the highest bidder, provided, however, that the Indenture Trustee may from time
to time postpone any sale by public announcement made at the time and place of such sale. The Indenture Trustee shall give notice
to the Depositor and Servicer of any proposed sale, and the Depositor, the Servicer or any Affiliate thereof shall be permitted
to bid for the Collateral at any such sale. The Indenture Trustee may obtain a prior determination from a conservator, receiver
or trustee in bankruptcy of the Issuing Entity that the terms and manner of any proposed sale are commercially reasonable. The
power to effect any sale of any portion of the Collateral pursuant to Section 5.4 and this Section 5.17 shall not
be exhausted by any one or more sales as to any portion of the Collateral remaining unsold, but shall continue unimpaired until
the entire Collateral shall have been sold or all amounts payable on the Notes shall have been paid.

 

ARTICLE VI

THE INDENTURE TRUSTEE

 

Section
6.1           Duties of Indenture Trustee.

 

(a)          If
an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by
this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

 

(b)          Except
during the continuance of an Event of Default:

 

(i)          the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

 

(ii)         in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and

    	 	39	 

     

    

 

conforming to the requirements
of this Indenture; however, in the case of certificates or opinions specifically required by any provision of this Indenture to
be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture.

 

(c)          The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:

 

(i)          this
paragraph does not limit the effect of paragraph (b) of this Section 6.1;

 

(ii)         the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)        the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11.

 

(d)          Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b),
(c) and (g) of this Section.

 

(e)          The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing
with the Issuing Entity.

 

(f)          Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms
of this Indenture or the Servicing Agreement.

 

(g)          No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable
grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be
responsible for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any,
as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer
in accordance with the terms of this Indenture.

 

(h)          Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the TIA.

 

(i)          Subject
to the other provisions of this Indenture and the Basic Documents, the Indenture Trustee shall have no duty (i) to see to any recording,
filing, or depositing of this Indenture or any agreement referred to herein or any financing statement or continuation statement
evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording,
refiling or redepositing of any thereof, (ii) to see to

 

    	 	40	 

     

    

 

any insurance or (iii) to see to the payment
or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to,
assessed or levied against, any part of the Collateral.

 

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

 

Section
6.2           Rights of Indenture Trustee.

 

(a)          The
Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.

 

(b)          Before
the Indenture Trustee acts or refrains from acting, it may require an Officer's Certificate or an Opinion of Counsel. The Indenture
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer's Certificate or Opinion
of Counsel.

 

(c)          The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence
on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

 

(d)          The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers; provided, that the Indenture Trustee's conduct does not constitute willful misconduct, negligence
or bad faith.

 

(e)          The
Indenture Trustee may consult with counsel of its own selection, and the advice or opinion of counsel with respect to legal matters
relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any
action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)          The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders
pursuant to this Indenture, other than requests, demands or directions relating to communications between Noteholders or Note Owners
under Section 7.2(e) or an asset representations review demand under Section 7.5 unless such Noteholders shall have
offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against the reasonable costs, expenses, disbursements,
advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction.

 

(g)          The
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report,

 

    	 	41	 

     

    

 

notice, request, consent, order, approval,
bond or other paper or document, unless requested in writing to do so by the Holders of Notes representing at least 25% of the
Note Balance of the Controlling Securities; provided that if the payment within a reasonable time to the Indenture Trustee
of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the
Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms of this Indenture,
the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee in its reasonable discretion against such cost,
expense or liability as a condition to taking any such action.

 

(h)          The
right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty,
and the Indenture Trustee shall not be answerable for other than its own willful misconduct, negligence or bad faith in the performance
of such act.

 

(i)          The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act hereunder.

 

(j)          In
no event shall the Indenture Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss
or malfunctions of utilities; it being understood that the Indenture Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

(k)          In
no event shall the Trustee be personally liable (i) for special, consequential or punitive damages (including lost profits), (ii)
for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories and (iii) for the acts
or omissions of brokers or dealers.

 

Section
6.3           Individual Rights of Indenture Trustee. The
Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with
the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11
and 6.12.

 

Section
6.4           Indenture Trustee's Disclaimer. The Indenture
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes,
it shall not be accountable for the Issuing Entity's use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuing Entity in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes
other than the Indenture Trustee's certificate of authentication.

 

    	 	42	 

     

    

 

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

 

Section
6.6           Reports by Indenture Trustee to Noteholders.
The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable such holder to prepare its
federal and State income tax returns (including, without limitation, Form 1099, which for the avoidance of doubt, will be filed
with the Internal Revenue Service as may be required by the Code). On or prior to the close of business on each Determination Date
[or the Additional Class A-1 Determination Date (if applicable)], the Indenture Trustee will post a copy of the statement
or statements provided to the Indenture Trustee by the Servicer pursuant to Section 13.4 and Section 13.15 (if
applicable) of the Exchange Note Servicing Supplement with respect to such related Payment Date [or Additional Class A-1 Payment
Date] on its internet website promptly following its receipt thereof, for the benefit of the Noteholders. The Indenture Trustee’s
internet website shall initially be located at [___]. Assistance in using the website can be obtained by calling the Indenture
Trustee’s customer service desk at [___]. The Indenture Trustee may change the way the statements and information are posted
or distributed in order to make such distribution more convenient and/or accessible for such Noteholders, and the Indenture Trustee
shall provide on the website timely and adequate notification to all parties regarding any such change.

 

Section
6.7           Compensation and Indemnity. The Issuing Entity
shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, pay to the Indenture Trustee from time to time
such compensation for its services as is agreed in writing between the Issuing Entity, Administrator and the Indenture Trustee.
The Indenture Trustee's compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuing
Entity shall pursuant to Section 5.4(b)(i), or shall cause the Administrator to, reimburse the Indenture Trustee for all
reasonable and documented out-of-pocket expenses reasonably incurred or made by it, including costs of collection, in addition
to the compensation for its services. Such expenses shall include the reasonable and documented compensation and expenses, disbursements
and advances of the Indenture Trustee's agents, counsel, accountants and experts. The Issuing Entity shall pursuant to Section
5.4(b)(i), or shall cause the Administrator to, indemnify the Indenture Trustee against any and all loss, liability, claim,
damage or expense (including reasonable attorneys' fees and reasonable expenses) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Administrator
promptly of any claim or which the Indenture Trustee has received written notice and for which it may seek indemnity. Failure by
the Indenture Trustee to so notify the Issuing Entity and the Administrator shall not relieve the Issuing Entity or the Administrator
of its obligations hereunder. The Issuing Entity shall cause the Administrator to defend any such claim and the Indenture Trustee
may have separate counsel and the Issuing Entity shall, or shall cause the Administrator to, pay the fees and expenses of such
counsel. None of the Issuing Entity, the Depositor, the Servicer or the Administrator need reimburse any

    	 	43	 

     

    

 

expense or indemnify against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture Trustee's own willful misconduct, negligence or bad
faith.

 

The Issuing Entity's
payment obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or removal of the Indenture
Trustee and the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified
in Section 5.1(d) or (e) with respect to the Issuing Entity, the expenses are intended to constitute expenses
of administration under Title 11 of the United States Code or any other applicable federal or State bankruptcy, insolvency
or similar law.

 

Section
6.8           Removal, Resignation and Replacement of Indenture Trustee.
No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until
the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8 and the payment of all
fees and expenses owed to the retiring Indenture Trustee. The Indenture Trustee may resign at any time by so notifying the Issuing
Entity [and the Swap Counterparty]. The Indenture Trustee shall resign following the occurrence of an Event of Default if required
by Section 3.10 of the TIA. The Holders of at least majority of the Note Balance of the Notes may remove the Indenture Trustee
by so notifying the Indenture Trustee and the Depositor in writing and may appoint a successor Indenture Trustee. The Issuing Entity
shall remove the Indenture Trustee if:

 

(i)          the
Indenture Trustee fails to comply with Section 6.11;

 

(ii)         the
Indenture Trustee is adjudged bankrupt or insolvent;

 

(iii)        a
receiver or other public officer takes charge of the Indenture Trustee or its property; or

 

(iv)        the
Indenture Trustee otherwise becomes incapable of acting.

 

If the Indenture Trustee resigns or is
removed or the Noteholders fail to appoint a successor Indenture Trustee following removal by the Noteholders or if a vacancy exists
in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring
Indenture Trustee), the Issuing Entity shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment.

 

A successor Indenture
Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and the Issuing Entity [and the
Swap Counterparty]. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor
Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture
Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property
held by it as Indenture Trustee to the successor Indenture Trustee.

 

If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of at least majority of the Note Balance of the Controlling Securities may, at the

 

    	 	44	 

     

    

 

expense of the Issuing Entity, petition
any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

 

If the Indenture Trustee
fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal
of the Indenture Trustee and the appointment of a successor Indenture Trustee.

 

Notwithstanding the replacement
of the Indenture Trustee pursuant to this Section, the Issuing Entity's and the Administrator's obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.

 

Section
6.9           Successor Indenture Trustee by Merger. If the
Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business
or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further
act shall be the successor Indenture Trustee; provided, that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Depositor (who shall promptly provide
such notice to the Rating Agencies) prior written notice of any such transaction.

 

In case at the time
such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee
may adopt the certificate of authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at
that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes
either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate
of the Indenture Trustee shall have.

 

Section
6.10         Appointment of Co-Trustee or Separate Trustee.

 

(a)          Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice
to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.8 hereof.

 

(b)          Every
separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions
and conditions:

 

    	 	45	 

     

    

 

(i)          all
rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised
or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee
or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that
under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Indenture Trustee;

 

(ii)         no
trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 

(iii)        the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

(c)          Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either
jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture,
specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection
to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

 

(d)          Any
separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and
in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee.

 

Section
6.11         Eligibility; Disqualification. The Indenture Trustee shall
at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee shall have a combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition, and the time deposits of the Indenture
Trustee shall be rated at least [  ] by [  ] and [  ] by [  ]. The Indenture Trustee shall
comply with TIA § 310(a), including the optional provision permitted by the second sentence of TIA § 310(b)(9);
provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or
indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth
in TIA § 310(b)(1) are met. Additionally, prior to the appointment of any successor

 

    	 	46	 

     

    

 

Indenture Trustee, the Rating Agency Condition
must be satisfied with respect to such successor Indenture Trustee.

 

Section
6.12         Preferential Collection of Claims Against the Issuing Entity.
The Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). Any
Indenture Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein.

 

Section
6.13         Representations and Warranties of Indenture Trustee. The
Indenture Trustee hereby makes the following representations and warranties on which the Issuing Entity and Noteholders shall rely:

 

(a)          the
Indenture Trustee is a [____] duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation;

 

(b)          the
Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken
all necessary action to authorize the execution, delivery and performance by it of this Indenture;

 

(c)          the
execution, delivery and performance by the Indenture Trustee of this Indenture (i) shall not violate any provision of any law or
regulation governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court,
arbitrator, or governmental authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any provision
of the corporate charter or by-laws of the Indenture Trustee and (iii) shall not violate any provision of, or constitute, with
or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on any properties included
in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it
is a party, which violation, default or lien could reasonably be expected to have a materially adverse effect on the Indenture
Trustee's performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture;

 

(d)          the
execution, delivery and performance by the Indenture Trustee of this Indenture shall not require the authorization, consent approval
of, the giving of notice to, the filing or registration with, or the taking of any other action in respect of, any governmental
authority or agency regulating the banking and corporate trust activities of the Indenture Trustee; and

 

(e)          this
Indenture has been duly executed and delivered by the Indenture Trustee and constitutes the legal, valid and binding agreement
of the Indenture Trustee, enforceable in accordance with its terms.

 

Section
6.14         Trustee as Holder of the Exchange Note. Following the occurrence
and continuation of an Event of Default, to the extent that the Issuing Entity has rights as an Exchange Noteholder, including
rights to distributions and notice, or is entitled to consent to any actions taken by the Depositor, the Issuing Entity may initiate
such action or grant such consent only with consent of the Indenture Trustee at the direction of the Noteholders of not less than
a majority of the Outstanding Note Amount. Following the occurrence and continuation of an Event of Default, the Indenture Trustee
shall exercise rights as an Exchange

 

    	 	47	 

     

    

 

Noteholder or the right to consent or withhold
consent with respect to actions taken by the Depositor or the Issuing Entity, upon the written direction of holders of a majority
of the Outstanding Note Amount; provided, however, that any direction to the Indenture Trustee to remove or replace
the Servicer upon a Servicer Default shall be made by Noteholders holding not less than 66-2/3% of the Outstanding Note Amount.

 

Section
6.15         Communications Regarding Demands to Repurchase TRANSACTION UNITS.
The Indenture Trustee shall provide prompt notice to World Omni and the Depositor of all demands communicated to the Indenture
Trustee for the repurchase or replacement of any Transaction Unit for breach of the representations and warranties concerning such
Transaction Unit. The Indenture Trustee shall, upon written request and at the sole cost and expense of either World Omni or the
Depositor, provide notification to World Omni and the Depositor with respect to any actions taken by the Indenture Trustee or determinations
made by the Indenture Trustee, in each case with respect to any such demand communicated to the Indenture Trustee in respect of
any Transaction Unit, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event within
five Business Days of receipt of such request or such other time frame as may be mutually agreed to by the Indenture Trustee and
World Omni or the Depositor, as applicable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case
of World Omni, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [ ], Attention: [
], and (b) in the case of the Depositor, to World Omni Auto Leasing LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442,
Telecopy: [ ], Attention: [ ], or at such other address or by such other means of communication as may be specified by World Omni
or the Depositor to the Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity acknowledge and agree
that the purpose of this Section 6.15 is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1 under
the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the "Repurchase Rules and Regulations").
The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change
over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by World Omni and the Depositor
in good faith for delivery of information accessible by the Indenture Trustee under these provisions on the basis of evolving interpretations
of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate fully with World Omni and the Depositor to deliver
any and all records and any other information reasonably available to it and necessary in the good faith determination of World
Omni and the Depositor to permit them to comply with the provisions of the Repurchase Rules and Regulations. In no event shall
the Indenture Trustee have any responsibility or liability in connection with any filing required to be made by a securitizer under
the Exchange Act or Regulation AB.

 

ARTICLE VII

NOTEHOLDERS' LISTS AND REPORTS

 

Section
7.1         Issuing Entity to Furnish Indenture Trustee Noteholder
Names and Addresses. The Issuing Entity shall furnish or cause to be

 

    	 	48	 

     

    

 

furnished to the Indenture Trustee (i)
not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in
such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date
and (ii) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Issuing Entity
of any such request, a list of similar form and content as of a date not more than ten days prior to the time such list is furnished;
provided, however, that so long as the Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry
Notes, no such list shall be required to be furnished to the Indenture Trustee.

 

Section
7.2        Preservation of Information; Communications to Noteholders; Noteholder
Communications with Indenture Trustee; Communications Between Noteholders.

 

(a)          The
Indenture Trustee shall preserve in as current a form as is reasonably practicable the names and addresses of the Noteholders contained
in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and the names and addresses of Noteholders
received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it
as provided in Section 7.1 upon receipt of a new list so furnished; provided, however, that so long as the
Indenture Trustee is the Note Registrar or the Notes are issued as Book-Entry Notes, no such list shall be required to be preserved
or maintained.

 

(b)          The
Noteholders may communicate pursuant to TIA Section 312(b) with other Noteholders regarding their rights under this Indenture or
under the Notes.

 

(c)          The
Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA Section 312(c).

 

(d)          Noteholder
Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and
demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture
Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together
with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership
or another similar document evidencing ownership of a Note. The Indenture Trustee will not be required to take action in response
to requests, demands or directions of a Noteholder or a Note Owner, other than requests, demands or directions relating to communications
between Noteholders or Note Owners under Section 7.2(e) or an asset representations review demand under Section 7.5,
unless such Noteholder or Note Owner shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory
to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents
and its counsel in compliance with such request, demand or direction. The Indenture Trustee shall provide the Seller, the Servicer
and the Issuing Entity with notification, as soon as practicable and in any event within five (5) Business Days, of receipt of
any requests by any Noteholder or Note Owner to communicate with other Noteholders or Note

 

    	 	49	 

     

    

 

Owners pursuant to Section 7.2(e)
or any requests to repurchase a Receivable as the result of a breach of a representation or warranty pursuant to the Exchange Note
Sale Agreement.

 

(e)          Communications
between Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented
by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise
of rights under this Indenture or the other Transaction Documents may send a written request to the Issuing Entity or the Servicer,
on behalf of the Issuing Entity, to include information regarding the communication in a Form 10-D to be filed by the Servicer
with the Commission. Each request must include (i) the name of the requesting Noteholder or Note Owner, (ii) the method by which
other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder or Note Owner and (iii) in the case of a
Note Owner, a certification from that Person that it is a Note Owner, together with at least one form of documentation evidencing
its ownership of a Note, including a trade confirmation, account statement, letter from a broker or dealer or similar document.
A Noteholder or Note Owner, as applicable, that delivers a request under this Section 7. 2(e) will be deemed to have certified
to the Issuing Entity and the Servicer that its request to communicate with other Noteholders or Note Owners, as applicable, relates
solely to a possible exercise of rights under this Indenture or the other Transaction Documents, and will not be used for other
purposes. The Issuing Entity will promptly deliver any request to the Servicer. On receipt of a request, the Servicer will include
in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period in which the request was received (A)
a statement that the Issuing Entity has received a request from a Noteholder or Note Owner, as applicable, that is interested in
communicating with other Noteholders or Note Owners, as applicable, about a possible exercise of rights under this Indenture or
the other Transaction Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request was received
and (D) a description of the method by which the other Noteholders or Note Owners, as applicable, may contact the requesting Noteholder
or Note Owner. The Servicer will bear any costs associated with including any such communication in the Form 10-D and each Noteholder
or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders or Note Owners,
and none of the Seller, the Servicer, the Depositor, the Issuing Entity, the Titling Trustee, the Closed-End Administrative Agent,
the Closed-End Collateral Agent, the Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs.

 

Section
7.3           Reports by Issuing Entity.

 

(a)          The
Issuing Entity shall:

 

(i)          file
with the Indenture Trustee, within 15 days after the Issuing Entity is required (if at all) to file the same with the Commission,
copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing
as the Commission may from time to time by rules and regulations prescribe) that the Issuing Entity may be required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

 

    	 	50	 

     

    

(ii)         file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission
such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants
of this Indenture as may be required from time to time by such rules and regulations;

 

(iii)        supply
to the Indenture Trustee (and the Indenture Trustee shall transmit to The Depository Trust Company, on behalf of the Noteholders
as described in TIA Section  313(c)) such summaries of any information, documents and reports required to be filed by the
Issuing Entity pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed
from time to time by the Commission; and

 

(iv)        delivery
of reports, information and documents to the Indenture Trustee pursuant to this Section 7.3 is for informational purposes
only and the Indenture Trustee's receipt of such shall not constitute constructive notice of any information contained therein
or determinable from information contained therein, including the Issuing Entity's compliance with any of its covenants hereunder
(as to which the Indenture Trustee is entitled to rely exclusively on Officers' Certificates).

 

Section
7.4           Reports by Indenture Trustee. If required by
TIA Section 313(a), within 60 days after each February 1, beginning with February 1, 20[  ], the Indenture Trustee shall
transmit to each Noteholder and shall file with the Commission as required by TIA Sections 313(c) and 313(d), respectively, a
brief report dated as of such date that complies with TIA Section 313(a). The Indenture Trustee also shall comply with TIA Section
313(b).

 

Section
7.5           Noteholder Demand For Asset Representations Review.

 

(a)          If
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented by
Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee
to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to
conduct a Review of the Review Transaction Leases under the Asset Representations Review Agreement. In the case of a Note Owner,
each demand and vote must be accompanied by a certification from that Person that it is a Note Owner, together with at least one
form of documentation evidencing its ownership of a Note, including a trade confirmation, account statement, letter from a broker
or dealer or similar document. If Noteholders and Note Owners that collectively hold Notes evidencing at least 5% of the Outstanding
Amount of the Notes demand a vote within 90 days of the filing of the Form 10-D reporting that the Delinquency Percentage for the
related Payment Date exceeds the Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders through
the Clearing Agency; provided, that for the purpose of determining the holders of the Notes Outstanding, any Notes held
by World Omni or any of its Affiliates shall not be included in such calculation.

 

(b)          Upon
the direction of the requisite Noteholders or Note Owners set forth in Section 7.5(a), the Indenture Trustee shall conduct
a vote of all Noteholders (if the Notes are

 

    	 	51	 

     

    

 

represented by Definitive Notes) and shall
cause a vote to be conducted in accordance with applicable Depository Trust Company procedures of all Note Owners (if the Notes
are represented by Book-Entry Notes). The Indenture Trustee shall provide to the Servicer the voting instructions and procedures
applicable to the Noteholders and Note Owners to be included in the Form 10-D filed by the Issuing Entity with the Commission.
Such Form 10-D will also include a statement that sufficient Noteholders are requesting a full Noteholder vote to commence a Review
and applicable voting deadline. Each Note Owner or Noteholder that elects to vote shall vote whether or not the Asset Representations
Reviewer should be directed to conduct a Review. The vote will remain open until the 150th day after the filing of the Form 10-D
reporting that the Delinquency Percentage for the related Payment Date exceeds the Delinquency Trigger.

 

(c)          
Assuming a voting quorum of Noteholders holding at least 5% of the Outstanding Amount of the Notes is reached, if the Noteholders
of a majority of the Outstanding Amount of Notes voted agree to a Review, the Indenture Trustee will promptly send a Review Notice
to the Asset Representations Reviewer, the Issuing Entity and the Servicer directing the Asset Representations Reviewer to conduct
the Review.

 

(d)          The
Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this Section
7.5 and shall provide the Asset Representations Reviewer with any documents or other information reasonably requested by the
Asset Representations Reviewer in connection with the Review.

 

ARTICLE VIII

ACCOUNTS, DISBURSEMENTS AND RELEASES

 

Section
8.1           Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention
or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture
Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under
any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate
to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any such action shall
be without prejudice to any right to claim an Event of Default under this Indenture and any right to proceed thereafter as provided
in Article V.

 

Section
8.2           Accounts.

 

(a)          There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Amount is reduced to zero, which is designated the "Trust Collection Account". The Trust Collection Account
shall be held for the benefit of the Noteholders, and shall bear a designation clearly indicating that the funds on deposit therein
are held for the benefit of the Noteholders. The Trust Collection Account shall be under the sole dominion and control of the Indenture
Trustee until the Outstanding Note Amount has been reduced to zero.

 

    	 	52	 

     

    

 

(b)          There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Balance is reduced to zero, which is designated as the "Principal Distribution Account." The Principal Distribution
Account shall be held for the benefit of the Noteholders, and shall bear a designation clearly indicating that the funds on deposit
therein are held for the benefit of the Noteholders. The Principal Distribution Account shall be under the sole dominion and control
of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero.

 

(c)          There
has been established and there shall be maintained an Eligible Account (initially at the Indenture Trustee) until the Outstanding
Note Balance is reduced to zero, which is designated as the "[Risk Retention] Reserve Account." The [Risk Retention]
Reserve Account shall be held for the benefit of the [Noteholders][Issuing Entity], and shall bear a designation clearly indicating
that the funds on deposit therein are held for the benefit of the [Noteholders][Issuing Entity]. The [Risk Retention] Reserve Account
shall be under the sole dominion and control of the Indenture Trustee until the Outstanding Note Amount has been reduced to zero[,
and the final distribution on the Certificates has been made].

 

(d)          All
monies deposited from time to time in the Accounts pursuant to this Indenture or the other Transaction Documents shall be held
by the Indenture Trustee as part of the Collateral and shall be applied to the purposes herein provided; provided, that
on each Determination Date [and the Additional Class A-1 Determination Date (if applicable)] all interest and other investment
earnings (net of losses and investment expenses) on funds on deposit in the Accounts shall be deposited into the Trust Collection
Account and shall be deemed to constitute a portion of Available Funds for the related Payment Date [and available funds for the
Additional Class A-1 Payment Date (if applicable)]. If any Account shall cease to be an Eligible Account, the Indenture Trustee,
until the Outstanding Note Amount has been reduced to zero, shall, as necessary, assist the Administrator in causing each Account
to be moved to an institution at which it shall be an Eligible Account.

 

Section
8.3           Servicer Certificate.

 

(a)          On
or prior to the close of business on each Determination Date, the Issuing Entity shall cause the Servicer to agree to deliver to
the Indenture Trustee, the Issuing Entity, the Administrator[, the Swap Counterparty] and each Paying Agent hereunder, a certificate
(the "Servicer Certificate") including, among other things, the following information with respect to the related
Collection Period:

 

(i)          the
amount of the distribution allocable to principal of each Class of Notes;

 

(ii)         the
amount of the distribution allocable to interest on each Class of Notes;

 

(iii)        the
aggregate Principal Amount of, and the Note Factor for, each Class of Notes as of the last day of the preceding Collection Period,
after giving effect to payments on such Payment Date;

 

    	 	53	 

     

    

 

(iv)        the
amount of the Servicing Fee paid to the Servicer with respect to the related Closed-End EN Collection Period, the amount of any
unpaid Servicing Fees and the change in the amount from that of the prior Closed-End Exchange Note Payment Date;

 

(v)         the
number and the aggregate purchase amount of Transaction Leases that have been repurchased by the Servicer;

 

(vi)        the
Noteholders' First Priority Principal Distributable Amount, if any, for the related Payment Date;

 

(vii)       the
Noteholders' Second Priority Principal Distributable Amount, if any, for the related Payment Date;

 

(viii)      [the
Noteholders' Third Priority Principal Distributable Amount, if any, for the related Payment Date; ]

 

(ix)         [the
Noteholders' Fourth Priority Principal Distributable Amount, if any, for the related Payment Date; ]

 

(x)          [the
Noteholders' Fifth Priority Principal Distributable Amount, if any, for the related Payment Date; ]

 

(xi)         [the
Noteholders' Sixth Priority Principal Distributable Amount, if any, for the related Payment Date; ]

 

(xii)        the
Noteholders' Regular Principal Distributable Amount for the related Payment Date;

 

(xiii)       the
Interest Rate for each Class of Notes [(including One-Month LIBOR)] for the related Payment Date;

 

(xiv)       the
amount of any Class A-1 Noteholders' Interest Carryover Shortfall, Class A-2 Noteholders' Interest Carryover Shortfall, Class A-3
Noteholders' Interest Carryover Shortfall, Class A-4 Noteholders' Interest Carryover Shortfall[,] [and] Class B Noteholders' Interest
Carryover Shortfall[,] [and] [Class C Noteholders' Interest Carryover Shortfall][,] [and] [Class D Noteholders' Interest Carryover
Shortfall][,] [and] [Class E Noteholders' Interest Carryover Shortfall] [and Class F Noteholders' Interest Carryover Shortfall],
on the related Payment Date;

 

(xv)       the
balance of the Reserve Account [and][,] [the amount available for draw under the Reserve Account Letter of Credit] [and the Risk
Retention Reserve Account] after giving effect to deposits and withdrawals to be made on that Closed-End Exchange Note Payment
Date;

 

(xvi)      the
Administration Fee for the related Collection Period;

 

    	 	54	 

     

    

 

(xvii)     the
aggregate Securitization Value and aggregate Base Residual Value of Transaction Units;

 

(xviii)    the
number and Securitization Value of Transaction Unit turn-ins;

 

(xix)       the
number of Transaction Units at the beginning and end of the Closed-End Collection Period;

 

(xx)        the
Overcollateralization Amount for the related Payment Date on the Exchange Note and the Notes;

 

(xxi)       whether
the Delinquency Trigger has occurred on the related Payment Date;

 

(xxii)      Available
Funds for the related Payment Date;

 

(xxiii)     the
initial Exchange Note balance and the Exchange Note balance as of the beginning and end of the related Collection Period;

 

(xxiv)    the
principal amount and interest due and payable on the Exchange Note on the related Payment Date;

 

(xxv)     any
amounts payable to the Asset Representations Reviewer, Indenture Trustee or Owner Trustee from Available Funds;

 

(xxvi)    delinquency,
Credit Loss and Residual Loss information on the lease assets for the related Closed-End Collection Period; [and]

 

(xxvii)   a
material change in World Omni or the Depositor’s retained interest in the Notes or Certificates[; and][.]

 

(xxviii)    [the
Monthly Swap Payment Amount, the Senior Swap Termination Payment Amount, if any, and the Subordinate Swap Termination Payment Amount,
if any.]

 

Each amount set forth
pursuant to clauses (i) and (ii) above shall be expressed in the aggregate and as a dollar amount per $[1,000] of
original principal balance of each as of Notes.

 

(b)          The
Indenture Trustee shall have no duty or obligation to verify or confirm the accuracy of any of the information or numbers set forth
in the Servicer Certificate delivered to the Indenture Trustee in accordance with this Section or any certificate delivered to
the Indenture Trustee pursuant to Section 13.15 of the Exchange Note Servicing Supplement, and the Indenture Trustee shall
be fully protected in relying upon such Servicer Certificate.

 

Section
8.4           Determination of LIBOR.

 

(a)          [Subject
to the occurrence of an Alternate Rate Event, “One-Month LIBOR” for any Payment Date will be the rate per annum
of deposits in U.S. dollars having a

 

    	 	55	 

     

    

 

one-month maturity that appears on Bloomberg
Screen US00001M Index Page (or the successor page or screen as may replace that page or screen or that service) at approximately
11:00 a.m., London time, two London business days prior to the Payment Date immediately preceding such Payment Date (or, in the
case of the initial Payment Date, for the period from and including the Closing Date to but excluding the initial Payment Date,
two London business days prior to the Closing Date) (each, a “LIBOR Determination Date”). Notwithstanding the
foregoing, in the event that no rate for one-month U.S. dollar deposits appears on Bloomberg Screen US00001M Index Page (or the
successor page or screen as may replace that page or screen or that service) on the applicable LIBOR Determination Date, then One-Month
LIBOR shall be the arithmetic mean (rounded upwards to the nearest one-sixteenth of 1%) of the rates at which one-month U.S. dollar
deposits are offered to prime banks in the London interbank market by four major banks in that market selected by the Servicer
as of the LIBOR Determination Date and time specified above. If fewer than two quotations are provided by such banks, then One-Month
LIBOR shall be the arithmetic mean (rounded upwards as above) of the rates at which one-month loans in U.S. dollars are offered
to leading European banks by three major banks in New York City selected by the Servicer as of 11:00 a.m. New York City time on
the applicable LIBOR Determination Date. If such quotations cannot be obtained, subject to the occurrence of an Alternate Rate
Event (as defined below), One-Month LIBOR for such Payment Date will be One-Month LIBOR that was determined with respect to the
prior Payment Date.]

 

(b)          [If
the sum of One-Month LIBOR plus the applicable spread for any Class of Notes is less than 0.00% for any Interest Period, then the
Interest Rate for such Class of Notes for such Interest Period will be deemed to be 0.00%.]

 

[Notwithstanding paragraphs (a) and (b)
above, if an Alternative Rate Trigger has occurred and the [Servicer] determines in its sole discretion that a reference rate other
than One-Month LIBOR has been selected by a central bank, reserve bank, monetary authority or any similar institution (including
any committee or working group thereof), or identified through any other applicable regulatory or legislative action or guidance,
as an alternative interest rate benchmark for interbank lending, then the Servicer may direct the Indenture Trustee to use such
alternative rate as a substitute for One-Month LIBOR for the current LIBOR Determination Date and for each future LIBOR Determination
Date unless and until directed otherwise (such determination and direction, an “Alternate Rate Event”). If an
Alternative Rate Trigger has occurred but the [Servicer] determines in its sole discretion that no central bank, reserve bank,
monetary authority or other institution (including any committee or working group thereof) has identified an alternative reference
rate or there is no clear market consensus as to whether any rate has replaced One-Month LIBOR in customary market usage for asset-backed
securities or securitization financing transactions, the Servicer may, but will have no obligation to, direct the Indenture Trustee
to use an alternative rate as selected by the Servicer in its sole discretion after consulting any source the Servicer deems to
be reasonable as a substitute for One-Month LIBOR for the current LIBOR Determination Date and for each future LIBOR Determination
Date unless and until directed otherwise. As part of any rate substitution described in this paragraph, the [Servicer] may make,
or direct the Indenture Trustee to make, such adjustments to such alternative rate or the spread thereon, as well as the day count,
business day convention, the definition of business day, interest determination dates and any other related provisions and definitions
or any other relevant methodology for calculating such alternative rate, in each case that, in the [Servicer’s] sole discretion,
are not inconsistent with accepted market practice for

 

    	 	56	 

     

    

 

asset-backed securities or securitization
financing transactions or applicable regulatory or legislative action or guidance for the use of such alternative rate for securities
such as the Notes, as determined by the [Servicer] in its sole discretion without the consent of any Noteholders and without satisfying
the amendment provisions of this Indenture or any other Transaction Document. If the [Servicer] does not provide an alternative
rate for any Interest Period after the occurrence of an Alternative Rate Trigger, then, for purposes of calculating the interest
rate for such interest period, One-Month LIBOR will be calculated pursuant to paragraphs (a) and (b) above.]

 

[For the avoidance of doubt, (i) in no
event shall the Indenture Trustee be responsible for, (A) other than as set forth in paragraph (a) above, determining One-Month
LIBOR or any substitute for One-Month LIBOR if such rate does not appear on the Bloomberg Screen US00001M Index Page (or the successor
page or screen as may replace that page or screen or that service) or (B) unless so directed by the [Servicer], making any adjustments
to such alternative rate or the spread thereon, the day count, the business day convention, the definition of business day, interest
determination dates and any other related provisions and definitions or any other relevant methodology for calculating such alternative
rate, including any adjustment factor the [Servicer] determines is needed to make such alternative rate be consistent with accepted
market practice or applicable regulatory or legislative action or guidance for the use of such alternative rate; and (ii) in connection
with any of the matters referenced in clause (i) of this paragraph, the Indenture Trustee shall be entitled to conclusively rely
on any determinations made by the [Servicer] in regards to such matters and shall have no liability for any such actions taken
at the direction of the [Servicer].

 

Notwithstanding anything to the contrary
in this Indenture or any other the Transaction Document, the [Servicer] will not be liable for any action or inaction taken or
refrained from being taken by it with respect to any One-Month LIBOR or alternative rate determination or for any determination
to cause, or fail to cause, an Alternate Rate Event to occur. By accepting a Note or a beneficial interest therein, each Noteholder
will be deemed to waive and release any and all claims against the [Servicer] relating to any action or inaction taken or refrained
from being taken by the [Servicer] with respect to any One-Month LIBOR or alternative rate determination or from the [Servicer]
causing or failing to cause an Alternate Rate Event to occur.]

 

Section
8.5           Disbursement of Funds.

 

(a)          On
each Payment Date (prior to the acceleration of the Notes following an Event of Default which has not been waived or rescinded
in accordance with the provisions of Article V hereof), prior to 1:00 p.m., New York City time, the Indenture Trustee, in
accordance with the related Servicer Certificate and pursuant to the instructions of the Servicer, shall transfer from the Trust
Collection Account all Available Funds, after the deduction of Servicing Fees and unpaid Servicing Fees, paid to or retained by
the Servicer, and shall apply such amount, in accordance with the following priorities [(provided, that, amounts withdrawn from
the [Risk Retention] Reserve Account may not be used to pay any fees or expenses of World Omni or its Affiliates, including the
Servicer and the Administrator)]:

 

(i)          to
the Administrator, the Administration Fee;

 

    	 	57	 

     

    

 

(ii)         [pro
rata] [(a)] [to the Swap Counterparty, the Monthly Swap Payment Amount and] [(b)] [to the Asset Representations Reviewer, all fees,
expenses and indemnities due to the Asset Representations Reviewer under the Asset Representations Review Agreement not previously
paid by the Servicer, up to a maximum of $[ ] per calendar year;]

 

(iii)        [pro
rata] [(a)] to the Holders of the Class A Notes, the Class A Noteholders' Interest Distributable Amount, for such Payment Date
[and (b) to the Swap Counterparty, any Senior Swap Termination Payment Amounts];

 

(iv)        to
the Principal Distribution Account, the Noteholders' First Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.5(b);

 

(v)         to
the holders of the Class B Notes for distribution in respect of interest on the Class B Notes, the Class B Noteholders' Interest
Distributable Amount for such Payment Date;

 

(vi)        to
the Principal Distribution Account, the Noteholders' Second Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.5(b);

 

(vii)       [to
the holders of the Class C Notes for distribution in respect of interest on the Class C Notes, the Class C Noteholders' Interest
Distributable Amount for such Payment Date;]

 

(viii)      [to
the Principal Distribution Account, the Noteholders' Third Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.5(b);]

 

(ix)         [to
the holders of the Class D Notes for distribution in respect of interest on the Class D Notes, the Class D Noteholders' Interest
Distributable Amount for such Payment Date;]

 

(x)          [to
the Principal Distribution Account, the Noteholders' Fourth Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.5(b);]

 

(xi)         [to
the holders of the Class E Notes for distribution in respect of interest on the Class E Notes, the Class E Noteholders' Interest
Distributable Amount for such Payment Date;]

 

(xii)        [to
the Principal Distribution Account, the Noteholders' Fifth Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.5(b);]

 

    	 	58	 

     

    

 

(xiii)       [to
the holders of the Class F Notes for distribution in respect of interest on the Class F Notes, the Class F Noteholders' Interest
Distributable Amount for such Payment Date;]

 

(xiv)      [to
the Principal Distribution Account, the Noteholders' Sixth Priority Principal Distributable Amount for such Payment Date, which
amount shall be paid in the order of priority set forth in Section 8.5(b);]

 

(xv)       [to
the [Risk Retention] Reserve Account, the excess, if any, of the Required Reserve Account Balance over the amount then on deposit
in the [Risk Retention] Reserve Account;]

 

(xvi)      to
the Principal Distribution Account, the Noteholders' Regular Principal Distributable Amount for such Payment Date, if any, which
amount shall be paid in the order of priority set forth in Section 8.5(b);

 

(xvii)     (ix)         [to
the Swap Counterparty, any Subordinate Swap Termination Payment Amounts and any other amounts owed by the Issuing Entity to the
Swap Counterparty pursuant to the Interest Rate Swap;]

 

(xviii)    [to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement but not paid pursuant to clause ([ii]) above;] and

 

(xix)       any
remaining funds shall be distributed to or at the direction of the Certificateholders.

 

In the event that the
Available Funds for a Payment Date are not sufficient to make the full amount of the payments and deposits required pursuant to
clauses (i) through ([xiv]) above on such Payment Date, the Indenture Trustee shall [withdraw from the [Risk Retention]
Reserve Account] [or draw on the Reserve Account Letter of Credit] on such Payment Date an amount equal to such shortfall, to the
extent of funds available therein, and pay or deposit such amount according to the priorities specified in clause (i) through
([xiv]) above [(provided, that, amounts withdrawn from the [Risk Retention] Reserve Account may not be used to pay any fees
or expenses of World Omni or its Affiliates, including the Servicer and the Administrator)].

 

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

 

(i)          to
the Holders of the Class A-1 Notes [pro rata to the Class A-1a Notes and the Class A-1b Notes based upon the Outstanding Amount
of such Class] in respect of principal, until they are paid in full;

 

(ii)         to
the Holders of the Class A-2 Notes [pro rata to the Class A-2a Notes and the Class A-2b Notes based upon the Outstanding Amount
of such Class] in respect of principal, until they are paid in full;

 

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(iii)        to
the Holders of the Class A-3 Notes [pro rata to the Class A-3a Notes and the Class A-3b Notes based upon the Outstanding Amount
of such Class] in respect of principal, until they are paid in full; [and]

 

(iv)        to
the Holders of the Class A-4 Notes [pro rata to the Class A-4a Notes and the Class A-4b Notes based upon the Outstanding Amount
of such Class] in respect of principal, until they are paid in full[; and]

 

(v)         to
the Holders of the Class B Notes[pro rata to the Class Ba Notes and the Class Bb Notes based upon the Outstanding Amount of such
Class] in respect of principal, until they are paid in full[; and][.]

 

(vi)        [to
the Holders of the Class C Notes [pro rata to the Class Ca Notes and the Class Cb Notes based upon the Outstanding Amount of such
Class] in respect of principal, until they are paid in full[; and][.]

 

(vii)       [to
the Holders of the Class D Notes [pro rata to the Class Da Notes and the Class Db Notes based upon the Outstanding Amount of such
Class] in respect of principal, until they are paid in full[; and][.]

 

(viii)      [to
the Holders of the Class E Notes [pro rata to the Class Ea Notes and the Class Eb Notes based upon the Outstanding Amount of such
Class] in respect of principal, until they are paid in full[; and][.]

 

(ix)         [to
the Holders of the Class F Notes [pro rata to the Class Fa Notes and the Class Fb Notes based upon the Outstanding Amount of such
Class] in respect of principal, until they are paid in full.]

 

(c)          [If
on any Payment Date, after giving effect to all deposits to and withdrawals from the [Risk Retention] Reserve Account, the amount
on deposit in the [Risk Retention] Reserve Account exceeds the Required Reserve Account Balance, the Indenture Trustee shall distribute
any such excess to or at the direction of the Certificateholder. Upon any such distributions to the Certificateholder, the Noteholders
will have no further rights in, or claims to such amounts[; provided that amounts withdrawn from the [Risk Retention] [Reserve
Account shall only be used in the manner permitted under §246.4(b)(3) of Regulation RR, as determined solely by the Servicer.][Reserved.]

 

(d)          In
addition, on the Final Scheduled Payment Date for any Class of Notes, if the Outstanding Amount of any Class of Notes remains greater
than zero, the Indenture Trustee shall apply funds from the [Risk Retention] Reserve Account to repay the Outstanding Amount of
such Class of Notes in full [(provided, that, amounts withdrawn from the [Risk Retention] Reserve Account may not be used to pay
any fees or expenses of World Omni or its Affiliates, including the Servicer and the Administrator)].

 

(e)          On
each Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date, from the amounts allocated therefor in accordance
with Section 8.5(a), Section 8.5(b), Section 8.5(h) and Section 8.5(i), the Paying Agent shall duly
and punctually distribute payments of principal and interest on the Notes due and payable by wire transfer or

    	 	60	 

     

    

 

check mailed to the Person whose name appears
as the Registered Holder of a Note (or one or more Predecessor Notes) on the Note Register as of the close of business on the related
Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of DTC (initially, such
nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated
by such nominee. Such checks shall be mailed (or wires sent) to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring that the Note be submitted for notation of payment.
Any reduction in the principal amount of any Note (or any one or more Predecessor Notes) affected by any payments made on any Payment
Date[, the Additional Class A-1 Payment Date] or Redemption Date shall be binding upon all future holders of any Note issued upon
the registration of transfer thereof or in exchange hereof or in lieu hereof, whether or not noted thereon. Amounts properly withheld
under the Code by any Person from payment to any Noteholder of interest or principal shall be considered to have been paid by the
Indenture Trustee to such Noteholder for purposes of this Indenture. If funds are expected to be available pursuant to a notice
delivered to the Indenture Trustee for payment in full of the remaining unpaid principal amount of the Notes on a Payment Date[,
the Additional Class A-1 Payment Date] or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing
Entity, will notify each Person who was the Registered Holder of a Note as of the Record Date preceding the most recent Payment
Date[, the Additional Class A-1 Payment Date] or Redemption Date by notice mailed within 30 days (and not less than 15 days) of
such Payment Date[, the Additional Class A-1 Payment Date] or Redemption Date and the amount then due and payable shall be payable
only upon presentation and surrender of the Note at the Corporate Trust Office of the Indenture Trustee or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of New York.

 

(f)          On
each Payment Date [and the Additional Class A-1 Payment Date (if applicable)], the Indenture Trustee shall send by first class
mail or other reasonable means (including, but not limited to, the posting on the Indenture Trustee's website at [          ])
the Servicer Certificate prepared by the Servicer pursuant to Section 8.3 and the certificate delivered to the Indenture
Trustee by the Servicer pursuant to Section 13.15 of the Exchange Note Supplement to each Person that was a Noteholder as of the
close of business on the related Record Date (which shall be Cede & Co. as shown on the applicable Servicer Certificate
as the nominee of DTC unless Definitive Notes are issued under the limited circumstances described herein) and each Rating Agency
(via electronic delivery in accordance with Section 11.4). Note Owners may obtain copies of such reports upon a request
in writing to the Indenture Trustee at the Corporate Trust Office.

 

(g)          None
of the Noteholders, the Indenture Trustee, the Owner Trustee, the Depositor, the Administrator or the Servicer shall be required
to refund any amounts properly distributed or paid to them in accordance with this Indenture, regardless of whether there are sufficient
funds on any subsequent Payment Date to make in full distributions to the Noteholders.

 

(h)          [If
the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, then on the Additional Class A-1
Payment Date, prior to 1:00 p.m., New York City time, the Indenture Trustee, in accordance with the related certificate delivered
by the Servicer to the Indenture Trustee, pursuant to Section 13.15 of the Exchange Note

    	 	61	 

     

    

Servicing Supplement and pursuant to the
instructions of the Servicer, shall transfer from the Trust Collection Account (to the extent of funds on deposit therein) an amount
equal to the sum deposited into the Trust Collection Account pursuant to Section 13.2(f) of the Exchange Note Supplement,
and shall apply such amount, in accordance with the following priorities:]

 

(i)          [to
the Holders of the Class A-1 Notes, the Additional Class A-1 Interest Distributable Amount; and]

 

(ii)         [to
the Principal Distribution Account, the amount of the Class A-1 Note Balance, which amount shall be paid as set forth in Section
8.5(i).]

 

[In the event that
the funds for the Additional Class A-1 Payment Date are not sufficient to make the full amount of the payments and deposits required
pursuant to clauses (i) and (ii) above on such Additional Class A-1 Payment Date, the Indenture Trustee shall withdraw
from the [Risk Retention] Reserve Account on such Additional Class A-1 Payment Date an amount equal to such shortfall, to the extent
of funds available therein, and pay or deposit such amount according to the priorities specified in clause (i) and (ii)
above [(provided, that, amounts withdrawn from the [Risk Retention] Reserve Account may not be used to pay amounts owing to World
Omni or any Affiliate of World Omni to the extent such Person is the Servicer, the Administrator, a Noteholder or a Note Owner)].]

 

(i)          [If
the Class A-1 Note Balance is greater than zero on the Additional Class A-1 Determination Date, then on the Additional Class A-1
Payment Date, prior to 1:00 p.m., New York City time, the Paying Agent, in accordance with the related certificate delivered by
the Servicer pursuant to Section 13.15 of the Exchange Note Servicing Supplement and pursuant to the instructions of the
Servicer, shall transfer from the Principal Distribution Account all amounts on deposit therein and shall distribute such amounts
to the Holders of the Class A-1 Notes in respect of principal, until the Class A-1 Notes are paid in full.]

 

Section
8.6           General Provisions Regarding Accounts.

 

(a)          So
long as no Event of Default shall have occurred and be continuing, all of the funds in the Trust Collection Account (if the Servicer
is required to deposit collections in the Trust Collection Account within two Business Days of receipt) and the [Risk Retention]
Reserve Account shall be invested and reinvested by the Indenture Trustee, until the Outstanding Note Amount has been reduced to
zero, at the direction of the Administrator, in Permitted Investments[; provided that funds in the [Risk Retention] Reserve Account
shall only be invested in Permitted Investments that meet the requirements of §246.4(b)(2) of Regulation RR,] selected by
the Administrator which mature no later than the Payment Date [or Additional Class A-1 Payment Date, as applicable,] succeeding
the date of such investment. No such investment shall be sold prior to maturity. Net investment earnings on any Account shall be
deposited into the Trust Collection Account.

 

(b)          Subject
to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any Account
resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee's

    	 	62	 

     

    

 

failure to make payments on any such Permitted
Investments issued by the Indenture Trustee in its commercial capacity as principal obligor and not as trustee, in accordance with
their terms.

 

(c)          If
(i) the Administrator shall have failed to give investment directions for any funds on deposit in the Trust Collection Account
to the Indenture Trustee by 11:00 a.m., New York City time (or such other time as may be agreed by the Administrator and the Indenture
Trustee), on any Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes
but the Notes shall not have been declared due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared
due and payable following an Event of Default and amounts collected or receivable from the Collateral are being applied in accordance
with Section 5.5 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable,
invest and reinvest funds in investments that are Permitted Investments specified in clause (a) of the definition thereof.

 

(d)          The
Indenture Trustee will furnish the Administrator periodic cash transaction statements which include detail for all investment transactions
effected by the Indenture Trustee or brokers selected by the Administrator or any investment advisor. Upon the Administrator’s
election, such statements will be delivered via the Indenture Trustee’s Online Trust and Custody service and upon electing
such service, paper statements will be provided only upon request. The Administrator waives the right to receive brokerage confirmations
of security transactions effected by the Indenture Trustee as they occur, to the extent permitted by law. The Administrator further
understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request
and at no additional cost and other trade confirmations may be obtained from the applicable broker.

 

Section
8.7           Release of Collateral.

 

(a)          Subject
to Section 2.8, the payment of its fees and expenses under Section 6.7 and the satisfaction of the conditions set
forth in Section 4.1, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments
to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by
the Indenture Trustee as provided in this Article shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any monies.

 

(b)          The
Indenture Trustee shall, at such time as there are no Notes Outstanding, and all sums due the Indenture Trustee pursuant to Section 6.7
have been paid [and all amounts owing by the Issuing Entity under the Interest Rate Swaps have been paid (the Indenture Trustee
shall be permitted to rely on a certificate from the Swap Counterparty to that effect)] release any remaining portion of the Collateral
that secured the Notes from the lien of this Indenture and release to the Issuing Entity or any other Person entitled thereto any
funds then on deposit in the Accounts. Such release shall include delivery to the Issuing Entity or its designee of the Exchange
Note and release of the lien of this Indenture and transfer of dominion and control over the Accounts to the Issuing Entity or
its designee. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section only upon receipt
of an Issuing Entity Request.

 

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ARTICLE IX

SUPPLEMENTAL INDENTURES

 

Section
9.1           Supplemental Indentures without Consent of Noteholders.

 

(a)          Except
as provided in Section 9.2, without the consent of the Noteholders or any other Person, the Issuing Entity and the Indenture
Trustee (when so directed by an Issuing Entity Request), may enter into one or more indentures supplemental hereto for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose
of modifying in any manner the rights of the Noteholders under this Indenture; provided that (i) any supplement that materially
and adversely affects the interests of the Noteholders shall require the consent of Noteholders evidencing not less than a majority
of the Outstanding Amount of the Notes, voting as a single class, and (ii) any supplement that materially and adversely affects
the interests of the Indenture Trustee, the Owner Trustee, the Servicer, the Certificateholders or the Administrator shall require
the prior written consent of the Persons whose interests are materially and adversely affected; provided further, that such
action shall not, as evidenced by an Opinion of Counsel delivered to the Indenture Trustee, (A) affect the treatment of the Notes
as debt for U.S. federal income tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax
purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust to be classified as an association (or a publicly
traded partnership) taxable as a corporation for U.S. federal income tax purposes. A supplement shall be deemed not to materially
and adversely affect the interests of the Noteholders if the Rating Agency Condition is satisfied with respect to such supplement.
The consent of the Servicer, the Certificateholders or the Administrator shall be deemed to have been given if the Servicer does
not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been
given.

 

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

 

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

 

(d)          Prior
to the execution of any supplemental indenture, the Issuing Entity shall provide each Rating Agency with written notice of the
substance of such supplement. No later than 10 Business Days after the execution of any supplemental indenture, the Issuing Entity
shall furnish a copy of such supplement to each Rating Agency, the Servicer, the Administrator, the Owner Trustee and the Indenture
Trustee.

 

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(e)          The
Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations as may be therein contained.

 

(f)          Promptly
after the execution by the Issuing Entity and the Indenture Trustee of any supplemental indenture pursuant to this Section or Section
9.2, the Indenture Trustee shall transmit to the Noteholders to which such amendment or supplemental indenture relates a notice
(to be provided by the Issuing Entity) setting forth in general terms the substance of such supplemental indenture. Any failure
of the Indenture Trustee to transmit such notice, or any defect therein, shall not, however, in any way impair or affect the validity
of any such supplemental indenture.

 

Section
9.2           Supplemental Indentures with Consent of Noteholders.
With the consent of Noteholders holding not less than a majority of the Outstanding Note Amount, the Issuing Entity and the Indenture
Trustee, when directed by an Issuing Entity Request, may enter into one or more indentures supplemental hereto for the purpose
of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or for the purpose
of modifying in any manner the rights of the Noteholders under this Indenture; provided, that no supplemental indenture
entered into under Section 9.1 or this Section shall, without the consent of the Noteholder of each Outstanding Note affected
thereby and prior notice to the Rating Agencies:

 

(a)          change
the date of payment of any installment of principal of or interest on any Note, reduce the interest rate or principal amount of
any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note;

 

(b)         reduce
the percentage of the Outstanding Note Amount, the consent of the Noteholders of which is required for any such supplemental indenture
or the consent of the Noteholders of which is required for any waiver of compliance with provisions of this Indenture or Events
of Default hereunder and the consequences provided for in this Indenture;

 

(c)          modify
or alter the provisions of the proviso to the definition of the term "Outstanding";

 

(d)          reduce
the percentage of the Outstanding Note Amount required to direct the Indenture Trustee to direct the Issuing Entity to sell the
Trust Estate pursuant to Section 5.4, if the proceeds of such sale would be insufficient to pay the Outstanding Note Amount
plus accrued but unpaid interest on the Notes;

 

(e)          permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust
Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time
subject hereto or deprive any Noteholder of the security provided by the lien of this Indenture; or

 

(f)          impair
the right to institute suit for the enforcement of payment as provided in Section 5.7.

 

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Any such supplemental
indenture shall be executed only upon delivery of an Opinion of Counsel delivered to the Indenture Trustee to the effect that such
action shall not (A) affect the treatment of the Notes as debt for U.S. federal income tax purposes, (B) be deemed to cause a taxable
exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuing Entity, the Depositor or the Titling Trust
to be classified as an association (or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

 

Section
9.3           Execution of Supplemental Indentures. In executing,
or permitting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Indenture Trustee shall be provided with, and subject to Sections 6.1 and 6.2,
shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture and that all conditions precedent under this Indenture for the execution of the supplemental indenture
have been complied with. The Indenture Trustee may but shall not be obligated to enter into any such supplemental indenture that
affects the Indenture Trustee's own rights, duties, liabilities or indemnities under this Indenture or otherwise.

 

[Notwithstanding any other provision of
this Indenture, no indenture supplement shall be effective unless the Swap Counterparty, if any, consents in writing to such supplement
or such supplement will, as evidenced by a Materiality Opinion, have no material adverse effect on the interests of the Swap Counterparty,
if any; provided, however, that if an indenture supplement is entered into pursuant to Article IX, in lieu of providing a Materiality
Opinion, the Issuing Entity may provide an Officers’ Certificate stating that such supplement will have no material adverse
effect on the interests of the Swap Counterparty.] Notwithstanding anything in this Indenture to the contrary, no supplemental
indenture shall be effective without the prior written consent of the Asset Representations Reviewer if the supplemental indenture
would adversely modify the amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture.
The Indenture Trustee shall have no responsibility for determining whether any supplemental indenture would adversely modify the
amount or timing of distributions to be made to the Asset Representations Reviewer under this Indenture.

 

Section
9.4           Effect of Supplemental Indenture. Upon the execution
of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and
amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations,
duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and the Noteholders shall
thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all
the terms and conditions of any such supplemental indenture shall be and shall be deemed to be part of the terms and conditions
of this Indenture for any and all purposes.

 

Every amendment of
this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements
of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

 

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Section
9.5           Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and if required
by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such
supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform,
in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed
by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

 

ARTICLE X

REDEMPTION OF NOTES

 

Section
10.1         Redemption. The Outstanding Notes are subject to redemption
in whole, but not in part, at the direction of the Servicer pursuant to Section 15.1 of the Exchange Note Servicing
Supplement, on any Payment Date on which the Servicer exercises its option to purchase the Trust Estate pursuant to said Section 15.1,
for a purchase price equal to the Redemption Price; provided that the Issuing Entity has available funds sufficient to pay
the Redemption Price. The Servicer or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the Outstanding
Notes are to be redeemed pursuant to this Section, the Servicer or the Issuing Entity shall furnish notice of such election to
the Indenture Trustee not later than the close of business on the first calendar day of the month in which the Redemption Date
occurs and the Issuing Entity shall deposit by 10:00 A.M. New York City time on the Redemption Date with the Indenture Trustee
in the Principal Distribution Account the Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be due and
payable on the Redemption Date upon the furnishing of a notice complying with Section 10.2 to each Holder of the Notes.

 

Section
10.2         Form of Redemption Notice. Notice of redemption under Section
10.1 shall be transmitted by the Indenture Trustee to DTC not later than 10 days prior to the applicable Redemption Date, to each
Holder of Notes as of the close of business on the Record Date preceding the applicable Redemption Date at such Holder's address
or facsimile number appearing in the Note Register.

 

All notices of redemption
shall state:

 

(a)          the
Redemption Date;

 

(b)          the
Redemption Price;

 

(c)          the
place where the Notes to be redeemed are to be surrendered for payment of the Redemption Price (which shall be the office or agency
of the Issuing Entity to be maintained as provided in Section 3.2); and

 

(d)          applicable
 "CUSIP" numbers.

 

Notice of redemption
of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice
of redemption (or any defect

 

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therein) to any Noteholder shall not impair
or affect the validity of the redemption of any other Note.

 

Section
10.3         Notes Payable on Redemption Date. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2, become due and payable on the Redemption Date at the Redemption
Price and (unless the Issuing Entity shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption
Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

 

ARTICLE XI

MISCELLANEOUS

 

Section
11.1         Compliance Certificates and Opinions.

 

(a)          Upon
any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture,
the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating
that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) in the case of conditions
precedent compliance with which is subject to verification by accountants, a certificate or opinion of an accountant that satisfies
TIA Section 314(c)(3).

 

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

(i)          a
statement that each signatory of such certificate or opinion has read such covenant or condition and the definitions herein relating
thereto;

 

(ii)         a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(iii)        a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary
to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with;
and

 

(iv)        a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

 

(b)          In
addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture:

 

(i)          Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the
release of any property or

 

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securities subject to the lien
of this Indenture, the Issuing Entity shall furnish to the Indenture Trustee an Officer's Certificate certifying or stating the
opinion of each Person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing Entity of
the Collateral or other property or securities to be so deposited.

 

(ii)         Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value of the property or securities to be so deposited and of all
other such securities made the basis of any such withdrawal or release since the commencement of the then-current calendar year
of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause, is 10% or more
of the Outstanding Note Amount, but such a certificate need not be furnished with respect to any securities so deposited, if the
fair value thereof to the Issuing Entity as set forth in the related Officer's Certificate is less than $25,000 or less than 1%
of the Outstanding Note Amount.

 

(iii)        Other
than with respect to any release described in clause (A) or (B) of Section 11.1(b)(v), whenever any property or securities
are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture Trustee an Officer's
Certificate certifying or stating the opinion of each Person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that in the opinion of such Person, the proposed release
will not impair the security under this Indenture in contravention of the provisions hereof.

 

(iv)        Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer's Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee
an Independent Certificate as to the same matters, if the fair value of the property or securities and of all other property, or
securities (other than property described in clauses (A) or (B) of Section 11.1(b)(v)) released from the lien of this Indenture
since the commencement of the then current calendar year, as set forth in the Officer's Certificates required by clause (iii) above
and this clause, equals 10% or more of the Outstanding Note Amount, but such Officer's Certificate need not be furnished in the
case of any release of property or securities if the fair value thereof as set forth in the related Officer's Certificate is less
than $25,000 or less than 1% of the Outstanding Note Amount.

 

(v)         Notwithstanding
Section 2.8 or any other provision of this Section, the Issuing Entity may without compliance with the requirements of other
provisions of this Section (A) collect, liquidate, sell or otherwise dispose of the Collateral as and to the extent permitted or
required by the Transaction Documents and (B) make cash payments out of the Accounts as and to the extent permitted or required
by the Transaction Documents, so long as the Issuing Entity shall make available to the Indenture Trustee every six months, commencing
[      ], 20[  ], at [          ], or
such other website or distribution service or provider as the Issuing Entity shall designate by written notice to

 

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the Indenture Trustee, an Officer's
Certificate of the Issuing Entity stating that all the dispositions of Collateral described in clauses (A) or (B)
above that occurred during the preceding six calendar months were in the ordinary course of the Issuing Entity's business and that
the proceeds thereof were applied in accordance with the Transaction Documents.

 

Section
11.2         Form of Documents Delivered to the Indenture Trustee. In
any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered
by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or
opinion of an Authorized Officer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations
by, counsel. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual
matters, upon a certificate or opinion of or representations by an officer or officers of the Administrator, the Depositor or the
Issuing Entity, stating that the information with respect to such factual matters is in the possession of the Administrator, the
Depositor or the Issuing Entity.

 

Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever in this Indenture,
in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity shall
deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity's compliance with
any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective
date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuing Entity to have such application granted or to the sufficiency of such certificate
or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI.

 

Section
11.3         Acts of Noteholders.

 

(a)          Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the
Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent

 

    	 	70	 

     

    

 

shall be sufficient for any purpose of
this Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made
in the manner provided in this Section.

 

(b)          The
fact and date of the execution by any Person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

 

(c)          The
ownership of Notes shall be proved by the Note Register.

 

(d)          Any
request, demand, authorization, direction, notice, consent, waiver or other action by the holder of any Note shall bind the holder
of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted
or suffered to be done by the Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action
is made upon such Note.

 

(e)          [The
Indenture Trustee shall promptly deliver to the Swap Counterparty copies of any notice it receives from the Noteholders.]

 

Section
11.4         Notices. All demands, requests, notices and communications
hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage
prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each case as follows: (i) if to the Issuing
Entity, at the Corporate Trust Office of the Owner Trustee, with a copy to the Administrator, at 190 Jim Moran Boulevard, Deerfield
Beach, Florida 33442 (telecopier no. [       ], Attention: [       ]),
with a copy to the Indenture Trustee; (ii) if to the Indenture Trustee, to its Corporate Trust Office; (iii) if to the Owner Trustee,
to its Corporate Trust Office; (iv) if to the Rating Agencies, to the Depositor, which shall promptly post such demand, notice
or communication to the website maintained by the depositor for notifications to nationally recognized statistical rating organizations;
(v) if to the Depositor, to World Omni Auto Leasing LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [       ],
Email: [       ], Attention: [       ]; or (vi) at such other
address as shall be designated by any of the foregoing in a written notice to the other parties hereto. Delivery shall occur only
upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at
the address of such recipient for notices hereunder.

 

In addition to the
foregoing, the Indenture Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent
by e-mail, facsimile transmission or other similar electronic methods. If a party elects to give the Indenture Trustee e-mail or
facsimile instructions (or instructions by a similar electronic method), the Indenture Trustee’s understanding of such instructions
shall be determined in accordance with Section 6.1(b)(ii). The Indenture Trustee shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Indenture Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction; provided, that
the Indenture Trustee will not be relieved from liability for its own bad faith, negligence or wilfull misconduct. Except as provided
above in this paragraph, the party providing electronic instructions agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions to the Indenture Trustee, including

 

    	 	71	 

     

    

 

without limitation the risk of the Indenture
Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

 

Notwithstanding the
foregoing, with the consent of the appropriate party to this Indenture, the obligations of World Omni and any Affiliate of World
Omni to deliver or provide any demand, delivery, notice, communication or instruction to such party other than a Noteholder shall
be satisfied by World Omni or such Affiliate, as the case may be, making such demand, delivery, notice, communication or instruction
available at [          ], or such other website or distribution service or provider
as World Omni or such Affiliate, as applicable, shall designate by written notice to the other parties hereto.

 

The Indenture Trustee
shall promptly transmit any notice received by it from the Noteholders or Note Owners to the Issuing Entity and the Servicer and,
if such notice is a Reallocation Request, to World Omni and ALF LLC.

 

Section
11.5        Notices to Noteholders; Waiver. Where this Indenture provides
for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if
in writing and mailed, first class, postage prepaid to each Noteholder affected by such event, at his address as it appears on
the Note Register, not later than the latest and not earlier than the earliest date prescribed for the giving of such notice. In
any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so
mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

 

Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with
the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such
a waiver.

 

In case, by reason
of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to
mail notice of any event of Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then
any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of
such notice.

 

Where this Indenture
provides for notice to each Rating Agency, failure to give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute an Event of Default.

 

If the Seller, the
Depositor or the Indenture Trustee receives a Reallocation Request from a Noteholder or Note Owner as a result of a breach of a
representation or warranty pursuant to the Exchange Note Sale Agreement and the Seller does not cause the reallocation of the Transaction
Unit related to such Reallocation Request within 180-days of the receipt of such Reallocation Request, at the direction of the
Administrator, the Indenture Trustee shall deliver a

 

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notice to the related Noteholder or Note
Owner indicating that the Reallocation Request is unresolved.

 

Section
11.6         Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section
11.7         Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so expressed or not. All agreements
of the Indenture Trustee in this Indenture shall bind its successors.

 

Section
11.8         Severability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby.

 

Section
11.9         Benefits of Indenture. Nothing in this Indenture or in
the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Noteholders
(and, with respect to Sections 8.3 and 8.5, the Certificateholders), any other party secured hereunder and any other
Person with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim
under this Indenture.

 

Section
11.10       Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need
not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the
date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

 

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

 

Section
11.12       Counterparts. This Indenture may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument.

 

Section
11.13        Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity accompanied by an
Opinion of Counsel reasonably acceptable to the Indenture Trustee to the effect that such recording is necessary either for the
protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

 

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Section
11.14       Trust Obligation; No Recourse. Each Noteholder or Note
Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or
therewith, against (i) the Indenture Trustee, the Administrative Agent or the Owner Trustee in their respective individual capacities,
(ii) any Certificateholder or any other owner of a beneficial interest in the Issuing Entity, (iii) the Servicer, the Administrator
or the Titling Trust or (iv) any partner, owner, beneficiary, agent, officer, director, employee, successor or assign of any Person
described in clauses (i), (ii) and (iii) above, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee, the Administrative Agent and the Owner Trustee have no such obligations in their individual capacity) and except
that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration
for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

 

Section
11.15        No Petition. With respect to each Bankruptcy Remote Party,
each of the Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in
the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that prior to the date which is one year
and one day after payment in full of all obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote
Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other
similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such
relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced
against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor
of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other Person in commencing
any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute
now or hereafter in effect in any jurisdiction.

 

    	 	74	 

     

    

 

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

 

Section
11.17         TIA Incorporation and Conflicts. The provisions of TIA
Sections 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. If
any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture
by any of the provisions of the TIA, such required provision shall control.

 

Section
11.18       Intent.

 

(a)          It
is the intent of the Issuing Entity that the Notes constitute indebtedness for all financial accounting purposes and the Issuing
Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to
have agreed, to treat the Notes as indebtedness for all financial accounting purposes.

 

(b)          It
is the intent of the Issuing Entity that the Notes constitute indebtedness of the Issuing Entity for all tax purposes and the Issuing
Entity agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to
have agreed to treat the Notes as indebtedness for all tax purposes (except the Retained Notes when held by the Depositor or a
person considered the issuer (or the same person as the issuer) for U.S. federal income tax purposes of such Retained Notes).

 

Section
11.19       Each Exchange Note Separate; Assignees of the Exchange Note.
Each of the Indenture Trustee, by entering into this Indenture, and each Noteholder or Note Owner, by accepting a Note, or, in
the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that (a) the Closed-End Collateral Specified
Interest is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq., (b) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to (i) the Exchange Note or the related 20[  ]-[  ] Reference Pool shall be enforceable
against such Reference Pool only and not against any Other Reference Pool or the Warehouse Facility Pool or

 

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

 

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

 

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

 

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

 

(c)          agrees
that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar

 

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form of mail), postage prepaid, to such
Person at its address determined in accordance with Section 11.4 of this Indenture;

 

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

 

(e)          to
the extent permitted by applicable law, waives all right of trial by jury in any action, proceeding or counterclaim based on, or
arising out of, under or in connection with this Indenture, any other Transaction Document, or any matter arising hereunder or
thereunder.

 

Section
11.21       Subordination of Claims. Each Noteholder or Note Owner,
by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that, to the
extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the Issuing
Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other securitization
vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate to claims
or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a Note, or,
in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees that such agreement constitutes a subordination
agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

Section
11.22       Information Requests. The parties hereto shall provide
any information reasonably requested by the Servicer, the Issuing Entity, the Depositor or any of their Affiliates, at the expense
of the Servicer, the Issuing Entity, the Depositor or any of their Affiliates, as applicable, in order to comply with or obtain
more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

 

Section
11.23        Regulation AB Information To Be Provided By The Indenture Trustee. For
so long as the Issuing Entity is required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the fifth
Business Day of each month, provide to the Depositor, in writing, such information regarding the Indenture Trustee as is requested
by the Depositor (if any) for the purpose of compliance with Item 1117 of Regulation AB; provided, however, that
the Indenture Trustee shall not be required to provide such information in the event that there has been no change to the information
previously provided by the Indenture Trustee to Depositor, and (ii) as promptly as practicable following notice to or discovery
by a Responsible Officer of the Indenture Trustee of any changes to such information, provide to the Depositor, in writing, such
updated information.

 

(b)         As
soon as available but no later than March 1 of each calendar year for so long as the Issuing Entity is required to report under
the Exchange Act, commencing in 20[  ], the Indenture Trustee shall:

 

(i)          deliver
to the Depositor a report regarding the Indenture Trustee's assessment of compliance with the Servicing Criteria specified in Exhibit
C during the immediately preceding calendar year, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange
Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and shall address
each of the

 

    	 	77	 

     

    

 

Servicing Criteria specified
in Exhibit C or such criteria as mutually agreed upon by the Depositor and the Indenture Trustee and include disclosure
of any material instance of non-compliance identified by the Indenture Trustee (provided, that to the extent the Indenture Trustee
identifies any material instance of non-compliance, the Indenture Trustee shall disclose to the Depositor whether such material
instance of non-compliance relates to the Transaction Units or the Notes and whether and to what extent the Indenture Trustee has
instituted steps to remediate such material instance of non-compliance);

 

(ii)         deliver
to the Depositor a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance
made by the Indenture Trustee and delivered pursuant to the preceding paragraph. Such attestation shall be in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and

 

(iii)        deliver
to the Depositor and any other Person that will be responsible for signing the certification (a "Sarbanes Certification")
required by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) on
behalf of the Issuing Entity or the Depositor substantially in the form attached hereto as Exhibit D or such form as mutually
agreed upon by the Depositor and the Indenture Trustee.

 

The Indenture Trustee acknowledges
that the parties identified in clause (iii) above may rely on the certification provided by the Indenture Trustee pursuant to such
clause in signing a Sarbanes Certification and filing such with the Commission.

 

[Signature Page to Follow]

 

    	 	78	 

     

    

 

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

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ], AS ISSUING ENTITY 
	 	 	 
	 	By:	[        ],
	 	 	not in its individual capacity but 
	 	 	solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[         ], 
	 	as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	S-1	 

     

    

 

SCHEDULE I 

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

 

In addition to the
representations, warranties and covenants contained in this Indenture, the Issuing Entity hereby represents, warrants, and covenants
to the Indenture Trustee as follows on the Closing Date:

 

1.          The
Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the
Indenture Trustee, which security interest is prior to all other Adverse Claims and is enforceable as such as against creditors
of and purchasers from the Issuing Entity.

 

2.          The
Exchange Note constitutes a "general intangible," "instrument," "certificated security," or "tangible
chattel paper," within the meaning of the applicable UCC. The Accounts and all subaccounts thereof, constitute either deposit
accounts or securities accounts.

 

3.          All
of the Collateral that constitutes securities entitlements has been or will have been credited to one of the Accounts. The securities
intermediary for each Account has agreed to treat all assets credited to the Accounts as "financial assets" within the
meaning of the applicable UCC.

 

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

 

5.          The
Issuing Entity has received all consents and approvals to the grant of the security interest in the Collateral hereunder to the
Indenture Trustee required by the terms of the Collateral that constitutes instruments or payment intangibles.

 

6.          The
Issuing Entity has received all consents and approvals required by the terms of the Collateral that constitutes securities entitlements,
certificated securities or uncertificated securities to the transfer to the Indenture Trustee of its interest and rights in the
Collateral hereunder.

 

7.          The
Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Collateral granted to the Indenture Trustee hereunder.

 

    	 	Sch. I-1	 

     

    

 

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

 

(i)          All
original executed copies of each such instrument or tangible chattel paper have been delivered to the Indenture Trustee; or

 

(ii)         Such
instruments or tangible chattel paper are in the possession of a custodian and the Indenture Trustee has received a written acknowledgment
from such custodian that such custodian is holding such instruments or tangible chattel paper solely on behalf and for the benefit
of the Indenture Trustee; or

 

(iii)        A
custodian received possession of such instruments or tangible chattel paper after the Indenture Trustee received a written acknowledgment
from such custodian that such custodian is acting solely as agent of the Indenture Trustee.

 

9.          With
respect to the Accounts and all subaccounts thereof that constitute deposit accounts, either:

 

(i)          The
Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the bank maintaining the deposit
accounts has agreed to comply with all instructions originated by the Indenture Trustee directing disposition of the funds in the
Accounts without further consent by the Issuing Entity; or

 

(ii)         The
Issuing Entity has taken all steps necessary to cause the Indenture Trustee to become the account holder of the Accounts.

 

10.        With
respect to Collateral that constitute securities accounts or securities entitlements, either:

 

(i)          The
Issuing Entity has caused or will have caused, within ten days after the effective date of the Indenture, the filing of all appropriate
financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest granted in the Collateral to the Indenture Trustee; or

 

(ii)         The
Issuing Entity has delivered to the Indenture Trustee a fully executed agreement pursuant to which the securities intermediary
has agreed to comply with all instructions originated by the Indenture Trustee relating to the Accounts without further consent
by the Issuing Entity; or

 

(iii)        The
Issuing Entity has taken all steps necessary to cause the securities intermediary to identify in its records the Indenture Trustee
as the person having a security entitlement against the securities intermediary in the Accounts.

 

11.        With
respect to Collateral that constitutes certificated securities (other than securities entitlements), all original executed copies
of each security certificate that constitutes or evidences the Collateral have been delivered to the Indenture Trustee, and each
such security certificate either (i) is in bearer form, (ii) has been indorsed by an effective indorsement to the Indenture Trustee
or in blank, or (iii) has been registered in the name of the Indenture Trustee.

 

    	 	Sch. I-2	 

     

    

 

Other than the transfer of the Exchange
Note from ALF LLC to the Depositor under the Exchange Note Sale Agreement, the transfer of the Exchange Note from the Depositor
to the Issuing Entity under the Exchange Note Transfer Agreement and the security interest in the Collateral granted to the Indenture
Trustee pursuant to the Indenture, none of ALF LLC, the Depositor or the Issuing Entity has pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any of the Collateral or the Accounts or any subaccounts thereof. The Issuing Entity
has not authorized the filing of, and is not aware of, any financing statements against the Issuing Entity that include a description
of collateral covering the Collateral or the Accounts or any subaccount thereof other than any financing statement relating to
the security interest granted to the Indenture Trustee hereunder or that has been terminated.

 

12.         None
of the instruments, certificated securities or tangible chattel paper that constitute or evidence the Collateral has any marks
or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.

 

13.         Neither
the Accounts nor any subaccounts thereof are in the name of any person other than the Issuing Entity or the Indenture Trustee.
The Issuing Entity has not consented to the securities intermediary of any Account to comply with entitlement orders of any person
other than the Indenture Trustee.

 

    	 	Sch. I-3	 

     

    

 

EXHIBIT A-1 

FORM OF CLASS A-[ ][a/b]
NOTE

 

	REGISTERED	$___________________
	No. R-_______	CUSIP NO. __________
	 	ISIN NO. ___________

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR U.S. FEDERAL, STATE AND
LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

BY ACQUIRING A NOTE,
EACH PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT AND WILL
NOT BE AND IS NOT ACTING ON BEHALF OF, OR ACQUIRING THE NOTES 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 U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY
OTHER

 

    	 	Ex. A-1-1	 

     

    

 

EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT
THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS [A-1][A-2] [A-3][A-4] (OR ANY
INTEREST THEREIN) NOTES WILL NOT 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.

 

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

 

[[_____]%]1
[Floating Rate]2 Class [A-1[a/b]] [A-2[a/b]] [A-3[a/b]] [A-4[a/b]] Asset-Backed Notes, Series 20[  ]-[  ]

 

WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[ ]-[ ], a Delaware statutory trust (including any permitted successors and assigns, the "Issuing
Entity"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of _____________________
DOLLARS ($_____) in monthly installments on the 15th of each month, or if such day is not a Business Day, on the immediately succeeding
Business Day, commencing on [ ], 20[ ] (each, a "Payment Date") until the principal of this Note is paid or made
available for payment, and to pay interest on each Payment Date [and the Additional Class A-1 Payment Date (if applicable)]3
on the Class [A-1] [A-2] [A-3] [A-4] Note Balance as of the preceding Payment Date (after giving effect to all payments
of principal made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest
has yet been paid, at [the rate per annum shown above]4 [One-Month LIBOR plus
[__]%]5 (the "Interest Rate"), in each case as and to the extent
described below; provided, however, that the entire Class [A-1] [A-2] [A-3] [A-4] Note Balance shall be due and payable on the
earlier of [ ]6 [ ]7 [ ]8
[ ]9 (the "Final Scheduled Payment Date") and the
Redemption

 

 

1 Insert for the Class A-[ ] Notes.

 

2 [Insert for the Class A-[ ] Notes.]

 

3 [Insert for the Class A-1 Notes.]

 

4 Insert for the Class A-[ ] Notes.

 

5 [Insert for the Class A-[ ] Notes.]

 

6 Insert for the Class A-1 Notes.

 

7 Insert for the Class A-2 Notes.

 

8 Insert for the Class A-3 Notes.

 

9 Insert for the Class A-4 Notes.

 

    	 	Ex. A-1-2	 

     

    

 

Date, if any, pursuant to Section 10.1
of the Indenture. [Principal payable with respect to the Class A-[ ] Notes shall be made pro rata between the Class A-[ ]a
Notes and the Class A-[ ]b Notes.] Interest on this Note will accrue for each Payment Date [and the Additional Class A-1 Payment
Date (if applicable)] from and including the preceding Payment Date (or, in the case of the initial Payment Date or if no interest
has yet been paid, from and including the Closing Date) to but excluding such Payment Date [and the Additional Class A-1 Payment
Date (if applicable)]10. Interest will be computed on the basis of [actual days
elapsed and a 360-day year]11 [a 360-day year consisting of twelve 30-day months]12.
The Issuing Entity shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

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

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

 

10 Insert for the Class A-1 Notes.

 

11 [Insert for the Class A-[ ] Notes.]

 

12 Insert for the Class A-[ ] Notes.

 

    	 	Ex. A-1-3	 

     

    

  

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

 

Dated: ____________, [     ]

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[     ], not in its individual capacity but solely 
	 	 	as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-1-4	 

     

    

 

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

Dated: ____________, [     ]

 

	 	[ ],
	 	as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-1-5	 

     

    

 

REVERSE OF NOTE

 

This Note is one of
a duly authorized issue of Notes of the Issuing Entity, designated as its "[[_____]%]13
[“Floating Rate”]14 Class [A-1[a/b]] [A-2[a/b]] [A-3[a/b]]
[A-4[a/b]] Asset- Backed Notes, Series 20[ ]-[ ]" (herein called the "Notes") issued under an Indenture,
dated as of [ ], 20[ ] (such indenture, as supplemented or amended, is herein called the "Indenture"), between
the Issuing Entity and [ ], as trustee (the "Indenture Trustee", which term includes any successor Indenture
Trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes are and will be equally and ratably secured by the Collateral
pledged as security therefor as provided in the Indenture. However, to the extent provided in the Indenture and prior to an acceleration
of the principal amount of the Notes after an Event of Default, each Class will receive principal payments sequentially so no principal
payments shall be made in respect of the Class A-2 Notes until the Class A-1 Notes have been paid in full, and no principal payments
shall be made in respect of the Class A-3 Notes until the Class A-2 Notes have been paid in full, and no principal payments shall
be made in respect of the Class A-4 Notes until the Class A-3 Notes have been paid in full. All covenants and agreements made by
the Issuing Entity in the Indenture are for the benefit of the Holders of the Notes.

 

Principal payable
on the Notes will be paid on each Payment Date [and the Additional Class A-1 Payment Date (if applicable)]15 in the
amount specified in the Indenture. As described above, the entire unpaid principal amount of this Note will be payable on the
earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant to the Indenture. Notwithstanding the
foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall be due and payable following the
occurrence and continuance of an Event of Default, as described in the Indenture. In such an event, principal payments on the
Class A-1 Notes shall be made first and principal payments on the remaining Classes of Notes shall be made pro rata to the Noteholders
entitled thereto.

 

Payments of principal
and interest on this Note due and payable on each Payment Date[, the Additional Class A-1 Payment Date (if applicable)]16
or Redemption Date shall be made by

 

 

13 Insert for the Class A-[ ] Notes.

 

14 [Insert for the Class A-[ ] Notes.]

 

15 [Insert for the Class A-1 Notes.]

 

16 [Insert for the Class A-1 Notes.]

 

    	 	Ex. A-1-6	 

     

    

 

check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The
Depository Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address
of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted
for notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Payment Date[, the Additional Class A-1 Payment Date (if applicable)]17
or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the registration
of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment Date[, the
Class A-1 Additional Payment Date]18 or Redemption Date, then the Indenture Trustee,
in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record
Date preceding such Payment Date[, Additional Class A-1 Payment Date (if applicable)]19
or Redemption Date by notice mailed within five days of such Payment Date[, Additional Class A- 1 Payment Date (if applicable)]20
or Redemption Date and the amount then due and payable shall be payable only upon presentation and surrender of this
Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

 

As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the
Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

 

Each Noteholder or
Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing
Entity or (iii) any

 

 

17 [Insert for the Class A-1 Notes.]

 

18 [Insert for the Class A-1 Notes.]

 

19 [Insert for the Class A-1 Notes.]

 

20 [Insert for the Class A-1 Notes.]

 

    	 	Ex. A-1-7	 

     

    

 

partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest
in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid
capital contribution or failure to pay any installment or call owing to such entity.

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to
the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the
Issuing Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other
securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate
to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a
Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

It is the intent of
the Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting and tax purposes.

 

The Notes represent
obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer,
ALF LLC, or any of their respective Affiliates.

 

Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide
to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any
applicable IRS Form W-9, W-8BEN, W-8BEN-E, W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is
required under FATCA to enable the Issuing Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine
their duties and liabilities with respect to any taxes they may be required to withhold in respect of such Note or the Noteholder
of such Note or, in the case of the Note Owner, a beneficial interest therein, in each case, prior to the first Payment Date after
such Noteholder’s acquisition of Notes and at such time or times required by law or that the Indenture Trustee on behalf
of the Issuing Entity or their respective agents may reasonably request, and shall update or replace such IRS form or documentation
in accordance with its terms or its subsequent amendments. Each Noteholder or Note Owner will provide the applicable replacement
IRS form or documentation every three (3) years (or sooner if there is a transfer to a new Noteholder or Note Owner or if required
by applicable law). In each case above, the applicable IRS form or documentation shall be properly completed and signed under penalty
of perjury. The Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without
any corresponding gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements
of the preceding sentence.

 

    	 	Ex. A-1-8	 

     

    

 

With respect to each
Bankruptcy Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all
obligations under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in
any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official
with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the
payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting
against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceeding under the laws of the United States or any State of the United States.

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

    	 	Ex. A-1-9	 

     

    

 

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

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees
that (a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12
of the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the Warehouse Facility or each holder,
assignee or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated
to the Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully
subordinate all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio
and each Other Reference Pool.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A-1-10	 

     

    

 

ASSIGNMENT

 

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

_______________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1
Signature Guaranteed: __________________________

 

 

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

 

    	 	Ex. A-1-11	 

     

    

 

EXHIBIT A-2 

FORM OF CLASS B[a/b] NOTE

 

	REGISTERED	$[       ]
	No. R-1	CUSIP NO. [       ]
	 	ISIN NO. [       ]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

[UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR U.S. FEDERAL, STATE AND
LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

BY ACQUIRING A NOTE,
EACH PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT AND WILL
NOT BE AND IS NOT ACTING ON BEHALF OF, OR ACQUIRING THE NOTES 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 U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY
OTHER

 

    	 	Ex. A-2-1	 

     

    

 

EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT
THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS B NOTES (OR ANY INTEREST THEREIN)
WILL NOT 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.

 

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

 

[[  ]%][One-Month LIBOR plus [__]%]Class
B[a/b] Asset-Backed Notes, Series 20[  ]-[  ]

 

WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (including any permitted successors and
assigns, the "Issuing Entity"), for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [                              ]
($[          ]) in monthly installments on the 15th of each month, or if such
day is not a Business Day, on the immediately succeeding Business Day, commencing on [      ], 20[  ]
(each, a "Payment Date") until the principal of this Note is paid or made available for payment, and to pay interest
on each Payment Date on the Class B Note Balance as of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet
been paid, at the rate per annum shown above (the "Interest Rate"), in each case as and to the extent described
below; provided, however, that the entire Class B Note Balance shall be due and payable on the earlier of [      ],
20[  ] (the "Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. [Principal payable with respect to the Class B Notes shall be made pro rata between the Class Ba Notes
and the Class Bb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date
(or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the Closing Date) to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity
shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

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

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

    	 	Ex. A-2-2	 

     

    

 

 

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

 

Dated: [      ],
20[  ]

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[     ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-2-3	 

     

    

 

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

Dated: [      ],
20[  ]

 

	 	[      ],
	 	as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-2-4	 

     

    

 

REVERSE OF NOTE

 

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

 

The Class B Notes are
subordinate to the Class A Notes issued pursuant to the Indenture to the extent provided in the Basic Documents. All covenants
and agreements made by the Issuing Entity in the Indenture are for the benefit of the Holders of the Notes.

 

Principal payable on
the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.

 

Payments of principal
and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

 

    	 	Ex. A-2-5	 

     

    

 

As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the
Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

 

Each Noteholder or
Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing
Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to
the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the
Issuing Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other
securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate
to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a
Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

It is the intent of
the Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting and tax purposes (except the Class B Notes when held by
the Depositor or a person considered the issuer (or the same person as the issuer) for U.S. federal income tax purposes of such
Class B Notes).

 

The Notes represent
obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer,
ALF LLC, or any of their respective Affiliates.

 

Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide
to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any

 

 

    	 	Ex. A-2-6	 

     

    

 

applicable IRS Form W-9, W-8BEN, W-8BEN-E,
W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under FATCA to enable the Issuing
Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and liabilities with respect
to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or, in the case of the Note
Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s acquisition of
Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or their respective
agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its terms or its subsequent
amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation every three (3) years
(or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In each case above, the
applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The Indenture Trustee has
the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable
to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

 

With respect to each
Bankruptcy Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all
obligations under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in
any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official
with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the
payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting
against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceeding under the laws of the United States or any State of the United States.

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

    	 	Ex. A-2-7	 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

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

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees
that (a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12
of the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the

 

    	 	Ex. A-2-8	 

     

    

 

Warehouse Facility or each holder, assignee
or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated to the
Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully subordinate
all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each
Other Reference Pool.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A-2-9	 

     

    

 

ASSIGNMENT

 

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

_______________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1
Signature Guaranteed: __________________________

 

 

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

 

    	 	Ex. A-2-10	 

     

    

 

[EXHIBIT A-3]

[FORM OF CLASS C[a/b] NOTE

 

	REGISTERED	$[       ]
	No. R-1	CUSIP NO. [       ]
	 	ISIN NO. [       ]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

[UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR U.S. FEDERAL, STATE AND
LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

BY ACQUIRING A NOTE,
EACH PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT AND WILL
NOT BE AND IS NOT ACTING ON BEHALF OF, OR ACQUIRING THE NOTES 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 U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY
OTHER

 

    	 	Ex. A-3-1	 

     

    

 

EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT
THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS C NOTES (OR ANY INTEREST THEREIN)
WILL NOT 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.

 

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

 

[[  ]%][One-Month LIBOR plus [__]%]
Class C[a/b] Asset-Backed Notes, Series 20[  ]-[  ]

 

WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (including any permitted successors and
assigns, the "Issuing Entity"), for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [                              ]
($[          ]) in monthly installments on the [15th] of each month, or if such
day is not a Business Day, on the immediately succeeding Business Day, commencing on [      ], 20[  ]
(each, a "Payment Date") until the principal of this Note is paid or made available for payment, and to pay interest
on each Payment Date on the Class C Note Balance as of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet
been paid, at the rate per annum shown above (the "Interest Rate"), in each case as and to the extent described
below; provided, however, that the entire Class C Note Balance shall be due and payable on the earlier of [      ],
20[  ] (the "Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. [Principal payable with respect to the Class C Notes shall be made pro rata between the Class Ca Notes
and the Class Cb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date
(or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the Closing Date) to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity
shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

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

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

    	 	Ex. A-3-2	 

     

    

 

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

 

Dated: [      ],
20[  ]

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[     ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-3-3	 

     

    

 

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

Dated: [      ],
20[  ]

 

	 	[       ],
	 	as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-3-4	 

     

    

 

REVERSE OF NOTE

 

This Note is one of
a duly authorized issue of Notes of the Issuing Entity, designated as its "[[  ]%][One-Month LIBOR plus [__]%] Class
C[a/b] Asset-Backed Notes, Series 20[  ]-[  ]" (herein called the "Notes") issued under
an Indenture, dated as of [      ], 20[  ] (such indenture, as supplemented or amended,
is herein called the "Indenture"), between the Issuing Entity and [          ],
as trustee (the "Indenture Trustee", which term includes any successor Indenture Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of
the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Class C Notes are
subordinate to the Class A Notes and the Class B Notes issued pursuant to the Indenture to the extent provided in the Basic Documents.
All covenants and agreements made by the Issuing Entity in the Indenture are for the benefit of the Holders of the Notes.

 

Principal payable on
the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.

 

Payments of principal
and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

 

    	 	Ex. A-3-5	 

     

    

 

As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the
Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

 

Each Noteholder or
Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing
Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to
the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the
Issuing Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other
securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate
to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a
Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

It is the intent of
the Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting and tax purposes (except the Class C Notes when held by
the Depositor or a person considered the issuer (or the same person as the issuer) for U.S. federal income tax purposes of such
Class C Notes).

 

The Notes represent
obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer,
ALF LLC, or any of their respective Affiliates.

 

Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide
to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any

 

    	 	Ex. A-3-6	 

     

    

 

applicable IRS Form W-9, W-8BEN, W-8BEN-E,
W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under FATCA to enable the Issuing
Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and liabilities with respect
to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or, in the case of the Note
Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s acquisition of
Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or their respective
agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its terms or its subsequent
amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation every three (3) years
(or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In each case above, the
applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The Indenture Trustee has
the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable
to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

 

With respect to each
Bankruptcy Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all
obligations under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in
any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official
with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the
payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting
against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceeding under the laws of the United States or any State of the United States.

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

    	 	Ex. A-3-7	 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

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

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees
that (a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12
of the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the

 

    	 	Ex. A-3-8	 

     

    

 

Warehouse Facility or each holder, assignee
or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated to the
Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully subordinate
all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each
Other Reference Pool.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A-3-9	 

     

    

 

ASSIGNMENT

 

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

_______________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1 Signature Guaranteed:
__________________________]

 

 

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

 

    	 	Ex. A-3-10	 

     

    

 

[EXHIBIT A-4]

[FORM OF CLASS D[a/b] NOTE

 

	REGISTERED	$[       ]
	No. R-1	CUSIP NO. [       ]
	 	ISIN NO. [       ]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

[UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR U.S. FEDERAL, STATE AND
LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

BY ACQUIRING A NOTE,
EACH PURCHASER AND TRANSFEREE OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT AND WILL
NOT BE AND IS NOT ACTING ON BEHALF OF, OR ACQUIRING THE NOTES 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 U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY
OTHER

 

    	 	Ex. A-4-1	 

     

    

 

EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT
THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION
4975 OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS D NOTES (OR ANY INTEREST THEREIN)
WILL NOT 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.

 

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

 

[[  ]%][One-Month LIBOR plus [__]%] Class D[a/b] Asset-Backed
Notes, Series 20[  ]-[  ]

 

WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (including any permitted successors and
assigns, the "Issuing Entity"), for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [                              ]
($[          ]) in monthly installments on the [15th] of each month, or if such
day is not a Business Day, on the immediately succeeding Business Day, commencing on [      ], 20[  ]
(each, a "Payment Date") until the principal of this Note is paid or made available for payment, and to pay interest
on each Payment Date on the Class D Note Balance as of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet
been paid, at the rate per annum shown above (the "Interest Rate"), in each case as and to the extent described
below; provided, however, that the entire Class D Note Balance shall be due and payable on the earlier of [      ],
20[  ] (the "Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. [Principal payable with respect to the Class D Notes shall be made pro rata between the Class Da Notes
and the Class Db Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date
(or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the Closing Date) to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity
shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

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

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

    	 	Ex. A-4-2	 

     

    

 

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

 

Dated: [      ],
20[  ]

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[    ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-4-3	 

     

    

 

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

Dated: [      ],
20[  ]

 

	 	[         ],
	 	as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-4-4	 

     

    

 

REVERSE OF NOTE

 

This Note is one of
a duly authorized issue of Notes of the Issuing Entity, designated as its "[[  ]%][One-Month LIBOR plus [__]%] Class
D[a/b] Asset-Backed Notes, Series 20[  ]-[  ]" (herein called the "Notes") issued under
an Indenture, dated as of [      ], 20[  ] (such indenture, as supplemented or amended,
is herein called the "Indenture"), between the Issuing Entity and [          ],
as trustee (the "Indenture Trustee", which term includes any successor Indenture Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of
the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Class D Notes are
subordinate to the Class A Notes, the Class B Notes and the Class C Notes issued pursuant to the Indenture to the extent provided
in the Basic Documents. All covenants and agreements made by the Issuing Entity in the Indenture are for the benefit of the Holders
of the Notes.

 

Principal payable on
the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.

 

Payments of principal
and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

 

    	 	Ex. A-4-5	 

     

    

 

As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the
Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

 

Each Noteholder or
Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing
Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to
the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the
Issuing Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other
securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate
to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a
Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

It is the intent of
the Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting and tax purposes (except the Class D Notes when held by
the Depositor or a person considered the issuer (or the same person as the issuer) for U.S. federal income tax purposes of such
Class D Notes).

 

The Notes represent
obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer,
ALF LLC, or any of their respective Affiliates.

 

Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide
to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any

 

    	 	Ex. A-4-6	 

     

    

 

applicable IRS Form W-9, W-8BEN, W-8BEN-E,
W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under FATCA to enable the Issuing
Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and liabilities with respect
to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or, in the case of the Note
Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s acquisition of
Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or their respective
agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its terms or its subsequent
amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation every three (3) years
(or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In each case above, the
applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The Indenture Trustee has
the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable
to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

 

With respect to each
Bankruptcy Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all
obligations under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in
any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official
with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the
payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting
against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceeding under the laws of the United States or any State of the United States.

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

    	 	Ex. A-4-7	 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

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

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees
that (a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12
of the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the

 

    	 	Ex. A-4-8	 

     

    

 

Warehouse Facility or each holder, assignee
or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated to the
Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully subordinate
all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each
Other Reference Pool.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A-4-9	 

     

    

 

ASSIGNMENT

 

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

_______________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1
Signature Guaranteed: __________________________]

 

 

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

 

    	 	Ex. A-4-10	 

     

    

 

[EXHIBIT A-5]

[FORM OF CLASS E[a/b] NOTE

 

	REGISTERED	$[      ]
	No. R-1	CUSIP NO. [      ]
	 	ISIN NO. [      ]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

[UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR U.S. FEDERAL, STATE AND
LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

THE HOLDER HEREOF,
BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A “UNITED STATES PERSON”
AS DEFINED IN SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND EITHER (1)
IT IS NOT AND WILL NOT BE AND IS NOT ACQUIRING THE 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 OF THE
CODE) THAT IS SUBJECT TO SECTION 4975 OF THE CODE; (iii) AN ENTITY OR ACCOUNT, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO
INCLUDE “PLAN ASSETS”

 

    	 	Ex. A-5-1	 

     

    

 

(WITHIN THE MEANING OF THE UNITED STATES
DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN
ASSET REGULATION”)) OR (iv) A U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR OTHER EMPLOYEE BENEFIT PLAN (“NON-ERISA
PLAN”) THAT IS SUBJECT TO U.S. FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), (2) (i) IT IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”), (ii) ITS PURCHASE AND HOLDING
OF THIS NOTE IS ELIGIBLE FOR AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60, (iii) NEITHER IT, NOR ANY OF ITS AFFILIATES
HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY OR PROVIDES INVESTMENT ADVICE FOR A FEE
(DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY AND, (iv) FOR SO LONG AS IT HOLDS THIS NOTE, LESS THAN 25%
OF THE ASSETS OF SUCH GENERAL ACCOUNT WILL CONSTITUTE “PLAN ASSETS” (WITHIN THE MEANING OF THE PLAN ASSET REGULATION)
OR (3) IT IS A NON-ERISA PLAN THAT IS SUBJECT TO SIMILAR LAW AND ITS PURCHASE AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A VIOLATION
OF ANY SIMILAR LAW.

 

NO TRANSFER (OR PURPORTED
TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION
TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT
TRANSFEREE REPRESENTS AND WARRANTS TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS,
THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION
OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH
ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS
OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH
ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING
ENTITY, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING
THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION
1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP
UNDER THE CODE, AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT
IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A

 

    	 	Ex. A-5-2	 

     

    

 

NOTE (OR ANY BENEFICIAL INTEREST THEREIN)
THAT DOES NOT COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

 

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

 

[[  ]%][One-Month LIBOR plus [__]%]
Class E[a/b] Asset-Backed Notes, Series 20[  ]-[  ]

 

WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (including any permitted successors and
assigns, the "Issuing Entity"), for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [                              ]
($[          ]) in monthly installments on the [15th] of each month, or if such
day is not a Business Day, on the immediately succeeding Business Day, commencing on [      ], 20[  ]
(each, a "Payment Date") until the principal of this Note is paid or made available for payment, and to pay interest
on each Payment Date on the Class E Note Balance as of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet
been paid, at the rate per annum shown above (the "Interest Rate"), in each case as and to the extent described
below; provided, however, that the entire Class E Note Balance shall be due and payable on the earlier of [      ],
20[  ] (the "Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. [Principal payable with respect to the Class E Notes shall be made pro rata between the Class Ea Notes
and the Class Eb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date
(or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the Closing Date) to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity
shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

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

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

    	 	Ex. A-5-3	 

     

    

  

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

 

Dated: [      ],
20[  ]

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[    ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-5-4	 

     

    

 

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

Dated: [      ],
20[  ]

 

	 	[    ],
	 	as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

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

 

    	 	Ex. A-5-5	 

     

    

 

REVERSE OF NOTE

 

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

 

The Class E Notes are
subordinate to the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes issued pursuant to the Indenture to
the extent provided in the Basic Documents. All covenants and agreements made by the Issuing Entity in the Indenture are for the
benefit of the Holders of the Notes.

 

Principal payable on
the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.

 

Payments of principal
and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

 

    	 	Ex. A-5-6	 

     

    

 

As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the
Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

 

Each Noteholder or
Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing
Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to
the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the
Issuing Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other
securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate
to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a
Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

It is the intent of
the Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting and tax purposes (except the Class E Notes when held by
the Depositor or a person considered the issuer (or the same person as the issuer) for U.S. federal income tax purposes of such
Class E Notes).

 

The Notes represent
obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer,
ALF LLC, or any of their respective Affiliates.

 

Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide
to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any

 

    	 	Ex. A-5-7	 

     

    

 

applicable IRS Form W-9, W-8BEN, W-8BEN-E,
W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under FATCA to enable the Issuing
Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and liabilities with respect
to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or, in the case of the Note
Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s acquisition of
Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or their respective
agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its terms or its subsequent
amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation every three (3) years
(or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In each case above, the
applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The Indenture Trustee has
the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable
to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

 

With respect to each
Bankruptcy Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all
obligations under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in
any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official
with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the
payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting
against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceeding under the laws of the United States or any State of the United States.

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

    	 	Ex. A-5-8	 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

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

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees
that (a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12
of the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the

 

    	 	Ex. A-5-9	 

     

    

 

Warehouse Facility or each holder, assignee
or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated to the
Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully subordinate
all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each
Other Reference Pool.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A-5-10	 

     

    

 

ASSIGNMENT

 

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

_______________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1
Signature Guaranteed: __________________________]

 

 

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

 

    	 	Ex. A-5-11	 

     

    

 

[EXHIBIT A-6]

[FORM OF CLASS F[a/b] NOTE

 

	REGISTERED	$[      ]
	No. R-1	CUSIP NO. [      ]
	 	ISIN NO. [      ]

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

[UNLESS THIS NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO
THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.]

 

THE PRINCIPAL OF THIS
NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF.

 

TRANSFERS OF THE NOTES
MUST GENERALLY BE ACCOMPANIED BY APPROPRIATE TAX TRANSFER DOCUMENTATION AND ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE INDENTURE.

 

THE HOLDER, BY ACCEPTANCE
OF THIS NOTE, SHALL BE DEEMED TO HAVE AGREED TO TREAT THE NOTES AS DEBT SOLELY OF THE ISSUING ENTITY FOR U.S. FEDERAL, STATE AND
LOCAL INCOME, FRANCHISE AND ANY OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET INCOME.

 

THE HOLDER HEREOF,
BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE, OR ANY INTEREST OR PARTICIPATION HEREIN, MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS AND ONLY TO A “UNITED STATES PERSON”
AS DEFINED IN SECTION 7701(A)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) AND EITHER (1)
IT IS NOT AND WILL NOT BE AND IS NOT ACQUIRING THE 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 OF THE
CODE) THAT IS SUBJECT TO SECTION 4975 OF THE CODE; (iii) AN ENTITY OR ACCOUNT, THE UNDERLYING ASSETS OF WHICH ARE CONSIDERED TO
INCLUDE “PLAN ASSETS”

 

    	 		 

     

    

 

(WITHIN THE MEANING OF THE UNITED STATES
DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN
ASSET REGULATION”)) OR (iv) A U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR OTHER EMPLOYEE BENEFIT PLAN (“NON-ERISA
PLAN”) THAT IS SUBJECT TO U.S. FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I
OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), (2) (i) IT IS AN “INSURANCE COMPANY GENERAL ACCOUNT”
WITHIN THE MEANING OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”), (ii) ITS PURCHASE AND HOLDING
OF THIS NOTE IS ELIGIBLE FOR AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60, (iii) NEITHER IT, NOR ANY OF ITS AFFILIATES
HAS DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY OR PROVIDES INVESTMENT ADVICE FOR A FEE
(DIRECT OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE ISSUING ENTITY AND, (iv) FOR SO LONG AS IT HOLDS THIS NOTE, LESS THAN 25%
OF THE ASSETS OF SUCH GENERAL ACCOUNT WILL CONSTITUTE “PLAN ASSETS” (WITHIN THE MEANING OF THE PLAN ASSET REGULATION)
OR (3) IT IS A NON-ERISA PLAN THAT IS SUBJECT TO SIMILAR LAW AND ITS PURCHASE AND HOLDING OF THE NOTE WILL NOT GIVE RISE TO A VIOLATION
OF ANY SIMILAR LAW.

 

NO TRANSFER (OR PURPORTED
TRANSFER) OF ALL OR ANY PART OF A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) SHALL BE EFFECTIVE UNLESS, PRIOR TO AND AS A CONDITION
TO EACH SUCH TRANSFER, THE PROSPECTIVE TRANSFEREE (INCLUDING THE INITIAL BENEFICIAL OWNER AS THE INITIAL TRANSFEREE) AND ANY SUBSEQUENT
TRANSFEREE REPRESENTS AND WARRANTS TO THE INDENTURE TRUSTEE, THE DEPOSITOR AND ANY OF THEIR RESPECTIVE SUCCESSORS AND ASSIGNS,
THAT: (A) EITHER (I) IT IS NOT AND WILL NOT BECOME FOR U.S. FEDERAL INCOME TAX PURPOSES A PARTNERSHIP, SUBCHAPTER S CORPORATION
OR GRANTOR TRUST (OR A DISREGARDED ENTITY THE SINGLE OWNER OF WHICH IS ANY OF THE FOREGOING) (EACH SUCH ENTITY A “FLOW-THROUGH
ENTITY”) OR (II) IF IT IS OR BECOMES A FLOW-THROUGH ENTITY, THEN (X) NONE OF THE DIRECT OR INDIRECT BENEFICIAL OWNERS
OF ANY OF THE INTERESTS IN SUCH FLOW-THROUGH ENTITY HAS OR EVER WILL HAVE MORE THAN 50% OF THE VALUE OF ITS INTEREST IN SUCH FLOW-THROUGH
ENTITY ATTRIBUTABLE TO THE INTEREST OF SUCH FLOW-THROUGH ENTITY IN THE NOTES, OTHER INTEREST (DIRECT OR INDIRECT) IN THE ISSUING
ENTITY, OR ANY INTEREST CREATED UNDER THE INDENTURE AND (Y) IT IS NOT AND WILL NOT BE A PRINCIPAL PURPOSE OF THE ARRANGEMENT INVOLVING
THE INVESTMENT OF SUCH FLOW-THROUGH ENTITY IN ANY NOTE TO PERMIT ANY PARTNERSHIP TO SATISFY THE 100 PARTNER LIMITATION OF SECTION
1.7704-1(H)(1)(II) OF THE TREASURY REGULATIONS NECESSARY FOR SUCH PARTNERSHIP NOT TO BE CLASSIFIED AS A PUBLICLY TRADED PARTNERSHIP
UNDER THE CODE, AND (B) IT DOES NOT AND WILL NOT BENEFICIALLY OWN A NOTE (OR ANY BENEFICIAL INTEREST THEREIN) IN AN AMOUNT THAT
IS LESS THAN THE MINIMUM DENOMINATION FOR SUCH NOTE, ANY TRANSFER OF A

  

    	 	Ex. A-6-2	 

     

    

 

NOTE (OR ANY BENEFICIAL INTEREST THEREIN) THAT DOES NOT
COMPLY WITH THE FOREGOING REQUIREMENTS WILL BE DEEMED NULL AND VOID AB INITIO.

 

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

 

[[  ]%][One-Month LIBOR plus [__]%]
Class F[a/b] Asset-Backed Notes, Series 20[  ]-[  ]

 

WORLD OMNI AUTOMOBILE
LEASE SECURITIZATION TRUST 20[  ]-[  ], a Delaware statutory trust (including any permitted successors and
assigns, the "Issuing Entity"), for value received, hereby promises to pay to CEDE & CO., or registered assigns,
the principal sum of [                              ]
($[          ]) in monthly installments on the [15th] of each month, or if such
day is not a Business Day, on the immediately succeeding Business Day, commencing on [      ], 20[  ]
(each, a "Payment Date") until the principal of this Note is paid or made available for payment, and to pay interest
on each Payment Date on the Class F Note Balance as of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of the first Payment Date or if no interest has yet
been paid, at the rate per annum shown above (the "Interest Rate"), in each case as and to the extent described
below; provided, however, that the entire Class F Note Balance shall be due and payable on the earlier of [      ],
20[  ] (the "Final Scheduled Payment Date") and the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. [Principal payable with respect to the Class F Notes shall be made pro rata between the Class Fa Notes
and the Class Fb Notes.] Interest on this Note will accrue for each Payment Date from and including the preceding Payment Date
(or, in the case of the initial Payment Date or if no interest has yet been paid, from and including the Closing Date) to but excluding
such Payment Date. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuing Entity
shall pay interest on overdue installments of interest at the Interest Rate to the extent lawful. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and
interest on this Note are payable in such coin or currency of the United States as at the time of payment is legal tender for payment
of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal of this Note.

 

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

 

Unless the certificate
of authentication hereon has been executed by the Indenture Trustee the name of which appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

 

    	 	Ex. A-6-3	 

     

    

 

 

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

 

Dated: [      ],
20[  ]

 

	 	WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TRUST 20[  ]-[  ],
	 	 	 
	 	By:	[     ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-6-4	 

     

    

  

INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

This is one of the
Notes designated above and referred to in the within-mentioned Indenture.

 

Dated: [      ],
20[  ]

 

	 	[ ],
	 	as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. A-6-5	 

     

    

 

REVERSE OF NOTE

 

This Note is one of
a duly authorized issue of Notes of the Issuing Entity, designated as its "[[  ]%][One-Month LIBOR plus [__]%] Class
F[a/b] Asset-Backed Notes, Series 20[  ]-[  ]" (herein called the "Notes") issued under
an Indenture, dated as of [      ], 20[  ] (such indenture, as supplemented or amended,
is herein called the "Indenture"), between the Issuing Entity and [          ],
as trustee (the "Indenture Trustee", which term includes any successor Indenture Trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuing Entity, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of
the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented or amended, shall have the meanings
assigned to them in or pursuant to the Indenture, as so supplemented or amended.

 

The Class F Notes are
subordinate to the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes issued pursuant
to the Indenture to the extent provided in the Basic Documents. All covenants and agreements made by the Issuing Entity in the
Indenture are for the benefit of the Holders of the Notes.

 

Principal payable on
the Notes will be paid on each Payment Date in the amount specified in the Indenture. As described above, the entire unpaid principal
amount of this Note will be payable on the earlier of the Final Scheduled Payment and the Redemption Date, if any, selected pursuant
to the Indenture. Notwithstanding the foregoing, under certain circumstances, the entire unpaid principal amount of the Notes shall
be due and payable following the occurrence and continuance of an Event of Default, as described in the Indenture.

 

Payments of principal
and interest on this Note due and payable on each Payment Date or Redemption Date shall be made by check mailed to the Person whose
name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business
on the related Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of The Depository
Trust Company (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation
of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) affected by any payments
made on any Payment Date or Redemption Date shall be binding upon all future holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to
be available, as provided in the Indenture, for payment in full of the remaining unpaid principal amount of this Note on a Payment
Date or Redemption Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person
who was the Registered Holder hereof as of the Record Date preceding such Payment Date or Redemption Date by notice mailed within
five days of such Payment Date or Redemption Date and the amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Corporate Trust Office of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

 

    	 	Ex. A-6-6	 

     

    

 

As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the
Indenture. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may
be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such
registration of transfer or exchange.

 

Each Noteholder or
Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that
no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the
Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith against
(i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing
Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee
in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided
by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call
owing to such entity.

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that, to
the extent such Person is deemed to have any interest in any assets of the Depositor, or a securitization vehicle (other than the
Issuing Entity) related to the Depositor, dedicated to other debt obligations of the Depositor or debt obligations of any other
securitization vehicle (other than the Issuing Entity) related to the Depositor, such Person's interest in those assets is subordinate
to claims or rights of such other debtholders to those other assets. Furthermore, each Noteholder or Note Owner, by accepting a
Note, or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that such agreement constitutes a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

 

It is the intent of
the Issuing Entity that the Notes constitute indebtedness for all financial accounting and tax purposes and the Issuing Entity
agrees and each purchaser of a Note (by virtue of the acquisition of such Note or an interest therein) shall be deemed to have
agreed, to treat the Notes as indebtedness for all financial accounting and tax purposes (except the Class F Notes when held by
the Depositor or a person considered the issuer (or the same person as the issuer) for U.S. federal income tax purposes of such
Class F Notes).

 

The Notes represent
obligations of the Issuing Entity only and do not represent interests in, recourse to or obligations of the Depositor, the Servicer,
ALF LLC, or any of their respective Affiliates.

 

Each Noteholder or
Note Owner, by its acceptance of this Note or, in the case of a Note Owner, a beneficial interest in this Note, agrees to provide
to the Person from whom it receives payments on the Notes (including the Paying Agent) on behalf of the Issuing Entity, (1) any

 

    	 	Ex. A-6-7	 

     

    

 

applicable IRS Form W-9, W-8BEN, W-8BEN-E,
W-8ECI or W-8IMY (with any applicable attachments) and (2) any documentation that is required under FATCA to enable the Issuing
Entity, the Indenture Trustee and any other agent of the Issuing Entity to determine their duties and liabilities with respect
to any taxes they may be required to withhold in respect of such Note or the Noteholder of such Note or, in the case of the Note
Owner, a beneficial interest therein, in each case, prior to the first Payment Date after such Noteholder’s acquisition of
Notes and at such time or times required by law or that the Indenture Trustee on behalf of the Issuing Entity or their respective
agents may reasonably request, and shall update or replace such IRS form or documentation in accordance with its terms or its subsequent
amendments. Each Noteholder or Note Owner will provide the applicable replacement IRS form or documentation every three (3) years
(or sooner if there is a transfer to a new Noteholder or Note Owner or if required by applicable law). In each case above, the
applicable IRS form or documentation shall be properly completed and signed under penalty of perjury. The Indenture Trustee has
the right to withhold any amounts of interest (properly withholdable under law and without any corresponding gross-up) payable
to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of the preceding sentence.

 

With respect to each
Bankruptcy Remote Party, each Noteholder or Note Owner, by acceptance of a Note, or, in the case of a Note Owner, a beneficial
interest in a Note, hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all
obligations under each Financing (i) such Noteholder or Note Owner shall not authorize such Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in
any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official
with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote
Party, and (ii) such Noteholder or Note Owner shall not commence or join with any other Person in commencing any proceeding against
such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction. Each Noteholder or Note Owner agrees that, prior to the date which is one year and one day after the
payment in full of all obligations under each Financing, it will not institute against, or join any other Person in instituting
against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or similar proceeding under the laws of the United States or any State of the United States.

 

Prior to the due presentment
for registration of transfer of this Note, the Owner Trustee, the Indenture Trustee and any agent of the Owner Trustee or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified
in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Owner
Trustee, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

 

    	 	Ex. A-6-8	 

     

    

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing
Entity and the rights of the Noteholders under the Indenture at any time by the Issuing Entity with the consent of Noteholders
representing not less than a majority of the Outstanding Note Amount. The Indenture also contains provisions permitting Noteholders
representing specified percentages of the Outstanding Note Amount, on behalf of all Noteholders, to waive compliance by the Issuing
Entity with certain provisions of the Indenture and certain past Events of Default and their consequences. Any such consent or
waiver by the Noteholder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Noteholder
and upon all future Noteholders of this Note and of any note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Issuing
Entity and the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent
of the Noteholders.

 

The Notes are issuable
only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 

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

 

Each Noteholder or
Note Owner, by accepting a Note, or, in the case of a Note Owner, a beneficial interest in a Note, hereby covenants and agrees
that (a) the Exchange Note is a separate series of the Titling Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12
of the Delaware Code, 12 Del.Code Section 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted
for or otherwise existing with respect to the Exchange Note and the Reference Pool shall be enforceable against the Reference Pool
only, and not against any Other Exchange Note Assets or the Warehouse Facility Pool and (ii) the debts, liabilities, obligations
and expenses incurred, contracted for or otherwise existing with respect to any Other Exchange Notes, any Other Reference Pool
or the Warehouse Facility Pool shall be enforceable against such Other Reference Pool or the Warehouse Facility Pool only, as applicable,
and not against the Exchange Note or the Reference Pool, (c) except to the extent required by law, the Warehouse Facility Assets
or the Other Exchange Notes Assets shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Exchange Note in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Exchange
Note or the Reference Pool shall be entitled to maintain any action against or recover any assets allocated to the Warehouse Facility
Pool or any Other Exchange Notes or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the Warehouse
Facility, the Warehouse Facility Pool or any Other Exchange Note or any Other Exchange Note Assets shall be entitled to maintain
any action against or recover any assets allocated to the Exchange Note, and (e) any purchaser, assignee or pledgee of an interest
in the Exchange Note must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i)
give to the Titling Trust a non-petition covenant substantially similar to that set forth in Section 11.10 of the Titling Trust
Agreement, and (ii) execute an agreement for the benefit of each Lender from time to time of the

 

    	 	Ex. A-6-9	 

     

    

 

Warehouse Facility or each holder, assignee
or pledge from time to time of any Other Exchange Note, to release all claims to the assets of the Titling Trust allocated to the
Warehouse Facility Portfolio and each Other Reference Pool and in the event that such release is not given effect, to fully subordinate
all claims it may be deemed to have against the assets of the Titling Trust allocated to the Warehouse Facility Portfolio and each
Other Reference Pool.

 

No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate and in the coin or
currency herein prescribed.

 

    	 	Ex. A-6-10	 

     

    

 

ASSIGNMENT

 

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

_______________

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________________________________________ (name and
address of assignee) the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.

 

Dated:1 Signature Guaranteed:
__________________________]

 

 

 

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

 

    	 	Ex. A-6-11	 

     

    

 

EXHIBIT B 

FORM OF DEPOSITORY AGREEMENT

On File at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    	 	Ex. B	 

     

    

 

EXHIBIT C 

SERVICING CRITERIA TO BE ADDRESSED IN 

INDENTURE TRUSTEE'S ASSESSMENT OF COMPLIANCE

 

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

 

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

 

    	 	Ex. C-1	 

     

    

 

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

 

    	 	Ex. C-2	 

     

    

 

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

 

    	 	Ex. C-3	 

     

    

 

EXHIBIT D 

FORM OF INDENTURE TRUSTEE'S ANNUAL CERTIFICATION

 

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

 

[          ],
not in its individual capacity but solely as indenture trustee (the "Indenture Trustee"), certifies to World Omni
Auto Leasing LLC (the "Depositor"), and its officers, with the knowledge and intent that they will rely upon this
certification, that:

 

(1)         It
has reviewed the report on assessment of the Indenture Trustee's compliance provided in accordance with Rules 13a-18 and 15d-18
under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Item 1122 of Regulation AB (the
 "Servicing Assessment"), and the registered public accounting firm's attestation report provided in accordance
with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the "Attestation Report")
that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of [      ],
20[  ], by and between the Indenture Trustee and World Omni Automobile Lease Securitization Trust 20[  ]-[  ]
(collectively, the "Indenture Trustee Information");

 

(2)         To
the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements
were made, not misleading with respect to the period of time covered by the Indenture Trustee Information;

 

(3)         To
the best of its knowledge, all of the Indenture Trustee Information required to be provided by the Indenture Trustee under the
Agreement has been provided to the Depositor; and

 

(4)         To
the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation Report, the Indenture Trustee has
fulfilled its obligations under the Agreement.

 

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

 

Date: _________________________

 

    	 	Ex. D	 

     

    

 

[EXHIBIT E 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

[Indenture Trustee]

 

World Omni Auto Leasing LLC

[_________]

 

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

 

Ladies and Gentlemen:

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

 

	 	Very truly yours,
	 	 
	 	[NAME OF TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Authorized Officer]

 

    	 	Ex. E	 

     

    

 

[EXHIBIT F 

FORM OF INVESTMENT LETTER

 

[Indenture Trustee]

 

World Omni Auto Leasing LLC

[        ]

 

Ladies and Gentlemen:

 

In connection with our
proposed purchase of Class [  ] Notes (the "Class [  ] Notes") of World Omni Automobile
Lease Securitization Trust 20[ ]-[  ] (the "Issuing Entity"), we confirm that:

 

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

 

    	 	Ex. F-1	 

     

    

 

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

 

2.          [CHECK
ONE]

 

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

 

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

 

3.          Either
(1) we are not and will not be and we are not acquiring the Class [ ] Notes on behalf of, or with the assets of, any Person that
is or will be (a) 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; (b) a “plan” (as described
in Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”)) that is subject to Section 4975
of the Code; (c) an entity or account, the underlying assets of which are considered to include “plan assets” (within
the meaning of the United States Department of Labor Regulation located at 29 C.F.R. Section 2510.3-101, as modified by Section
3(42) of ERISA (the “Plan Asset Regulation”))
or (d) a U.S. governmental plan, non-U.S. plan, church plan or other employee benefit plan (“Non-ERISA Plan”)
that is subject to Similar Law; or (2) (a) we are an “insurance company general account” within the meaning of Prohibited
Transaction Class Exemption 95-60 (“PTCE 95-60”), (b) our purchase and holding of such Class [ ] Note is eligible
for and satisfies all conditions
for relief under PTCE 95-60, (c) neither we, nor any of our affiliates have discretionary authority or control over the assets
of the Issuing Entity or provides investment advice for a fee (direct or indirect) with respect to the assets of the Issuing Entity
and, (d) for so long as we hold any such Class [ ] Notes, less than 25% of the assets of such general account will constitute “plan
assets” (within the meaning of the Plan Assets Regulation); or (3) we are a Non-ERISA Plan that is subject to Similar Law

 

    	 	Ex. F-2	 

     

    

 

and our purchase and holding of such Class [ ] Note will not give rise to a violation of any Similar Law.

 

4.          Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion to the effect that the Class [  ] Notes
to be transferred will be characterized as indebtedness for U.S. federal income tax purposes, we represent that we are a United
States Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code), and acknowledge that unless the Indenture
Trustee shall have received such an opinion, no transfer of any Class [  ] Note shall be permitted to be made to any
person who is not a United States Person and any such purported transfer in violation of these restrictions shall be null and void.

 

5.          We
understand that the Indenture Trustee, WOAL and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have
been made by us by our purchase of the Class [  ] Notes, for our own account or for one or more accounts as to each of
which we exercise sole investment discretion, are no longer accurate, we shall promptly notify WOAL.

 

6.          You
are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER]
	 	 
	 	By:	 
	 	Name:	    
	 	Title:	 

Date: ______________________________]

 

    	 	Ex. F-3	 

     

    

 

APPENDIX A 

DEFINITIONS

 

The following terms
have the meanings set forth, or referred to, below:

 

"Accounts"
means the Trust Collection Account, the [Risk Retention] Reserve Account and the Principal Distribution Account.

 

"20[  ]-[  ]
Reference Pool" has the meaning set forth in Section 13.1 of the Exchange Note Supplement.

 

"Act"
has the meaning set forth in Section 11.3(a) of the Indenture.

 

["Additional
Class A-1 Determination Date" means two Business Days immediately preceding the Additional Class A-1 Payment Date.]

 

["Additional
Class A-1 Payment Date" means [      ], 20[  ].]

 

["Additional
Class A-1 Interest Distributable Amount" means, with respect to the Additional Class A-1 Payment Date, the sum of (i)
the product of (a) the outstanding principal balance of the Class A-1 Notes as of the close of the preceding Payment Date (after
giving effect to any distributions and payments made thereon) and (b) the product of the Class A-1 Interest Rate and a fraction,
the numerator of which is the number of days elapsed from and including the prior Payment Date, to but excluding the Additional
Class A-1 Payment Date and the denominator of which is 360 and (ii) the Class A-1 Noteholders’ Interest Carryover Shortfall
as of the close of the preceding Payment Date (after giving effect to any distributions and payments made thereon).]

 

["Additional
Exchange Note Class A-1 Available Amount" means, with respect to the Additional Class A-1 Payment Date and the 20[  ]-[  ]
Reference Pool, the excess of (a) the amount on deposit in the related Exchange Note Collection Account at the end of the preceding
Closed-End EN Collection Period over (b) the sum of (i) the Reference Pool Servicing Fee for the preceding Closed-EN Collection
Period, (ii) the Administration Fee for the preceding Collection Period and (iii) the applicable due and unpaid Exchange Note Interest
Amount on the Closed-End Exchange Note (as reduced by the amount of the Additional Class A-1 Interest Distributable Amount allocable
to the Class A-1 Notes) for the related interest period.]

 

"Additional
Lease Charges" means any late payment fees or charges, extension fees or charges, sales, use, excise, lease and other
taxes and fees due to any government authority, and other similar charges required to be paid by the Closed-End Obligor on the
related lease.

 

"Adjusted Capitalized
Cost" means, for each Closed-End Lease, the difference between (i) the sum of (a) the price of the Closed-End Vehicle
agreed upon between the Dealer and the Closed-End Obligor, plus (b) the cost of any items that the Closed-End Obligor pays over
the term of the Closed-End Lease, such as taxes, fees, service contracts, insurance and other related products, and (ii) the amount
of any net trade-in allowance, rebate, non-cash credit or cash paid by the Closed-End Obligor.

 

    	 	App. A-1	 

     

    

 

"Administration
Agreement" means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity
and the Indenture Trustee, as the same may be amended and supplemented from time to time.

 

"Administration
Fee" means the basic fee payable to the Administrator for administration services rendered during the related Collection
Period, which shall be equal to the product of (a) one-twelfth (or, in the case of the initial Collection Period (i.e., the period
commencing on the close of business on the Cut-Off Date and ending on [      ], 20[  ]),
a fraction, the numerator of which is [  ] and the denominator of which is 360), (b) [0.05]% and (c) the aggregate Securitization
Value at the beginning of such Collection Period (or, in the case of the first Payment Date, at the Cut-Off Date) of all Transaction
Units for such Collection Period.

 

"Administrator"
means World Omni, in its capacity as Administrator under the Administration Agreement, or any successor administrator under the
Administration Agreement.

 

"ADR Organization"
means [___] or, if [___] no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable, of
the dispute, another nationally recognized mediation or arbitration organization selected by the Seller.

 

"ADR Rules"
means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable,
of commercial disputes in effect at the time of the mediation or arbitration.

 

"Adverse Claim"
means, for any asset or property of a Person, a lien, security interest, mortgage, pledge or encumbrance in, of or on such asset
or property in favor of any other Person, except any Permitted Lien.

 

"Affiliate"
means, for any specified Person, any other Person which, directly or indirectly, controls, is controlled by or is under common
control with such specified Person and "affiliated" has a meaning correlative to the foregoing. For purposes of this
definition, "control" means the power, directly or indirectly, to cause the direction of the management and policies
of a Person.

 

"ALF LLC"
means Auto Lease Finance LLC, a Delaware limited liability company.

 

["ALG"
means Automotive Lease Guide, which is an independent publisher of residual value percentages recognized throughout the automotive
finance industry for projecting vehicle market values at lease termination.]

 

["ALG Residual
Value" means (a) the residual value percentage estimate published by ALG for the appropriate Closed-End Vehicle and term
[as of the [date of origination of related lease] [Cutoff Date] [the most recent date for which the Servicer has obtained updated
residual values with respect to the Closed-End Vehicles from [ALG]] by (b) the lower of (i) the actual MSRP and (ii) MRM published
by [ALG], in each case, at the time of origination of the lease for such Closed-End Vehicle.]

 

[“Alternate
Rate Event” has the meaning set forth in Section 8.4 of the Indenture.]

 

    	 	App. A-2	 

     

    

 

[“Alternative
Rate Trigger” means the occurrence of any of the following events:

 

(i) the [Servicer] determines
in its sole discretion that One-Month LIBOR has been discontinued or is no longer being published;

 

(ii) a public statement
is made by or on behalf of the benchmark’s administrator, ICE Benchmark Administration Limited (“IBA”),
including the regulatory authority having authority over IBA, announcing that (x) IBA will cease to provide that One-Month LIBOR
benchmark, (y) the number of submissions for compiling One-Month LIBOR has fallen below the number required by IBA’s internal
policy or (z) One-Month LIBOR may no longer be representative or may no longer be used; or

 

(iii) the [Servicer]
otherwise determines in its sole discretion that One-Month LIBOR is no longer an appropriate or reliable benchmark for the Notes
or the underlying Transaction Units; or

 

(iv) One-Month LIBOR
is not published on the Bloomberg Screen US00001M Index Page (or the successor page or screen as may replace that page or screen
or that service) for five consecutive London Business Days.]

 

"Asset Representations
Review Agreement" shall mean the Asset Representations Review Agreement, dated as of the Closing Date, between World Omni,
as servicer, the Issuing Entity and the Asset Representations Reviewer, as amended from time to time.

 

"Asset Representations
Reviewer" means [___], as asset representations reviewer under the Asset Representations Review Agreement, or any successor
Asset Representations Reviewer under the Asset Representations Review Agreement.

 

"Authenticating
Agent" means any Person authorized by the Indenture Trustee to act on behalf of the Indenture Trustee to authenticate
and deliver the Notes.

 

"Authorized
Newspaper" means a newspaper of general circulation in The City of New York, printed in the English language and customarily
published on each Business Day, whether or not published on Saturdays, Sundays and holidays.

 

"Authorized
Officer" means (a) with respect to the Issuing Entity, (i) any officer of the Owner Trustee who is authorized to act for
the Owner Trustee in matters relating to the Issuing Entity (including any agent of the Owner Trustee acting under a power of attorney)
and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing
Date (as such list may be modified or supplemented from time to time thereafter) and (ii) so long as the Administration Agreement
is in effect, any officer of the Administrator who is authorized to act for the Administrator in matters relating to the Issuing
Entity pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator
to the Owner Trustee and the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time
thereafter) and (b) with respect to the Owner Trustee, the Indenture Trustee and the Servicer, any officer of the Owner Trustee,
the Indenture Trustee or the Servicer, as applicable, who is authorized to act for the Owner Trustee, the Indenture Trustee or
the Servicer, as applicable, in matters relating to the

 

    	 	App. A-3	 

     

    

 

Owner Trustee, the Indenture Trustee or
the Servicer and who is identified on the list of Authorized Officers delivered by each of the Owner Trustee, the Indenture Trustee
and the Servicer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

 

"Available
Funds" means, for any Payment Date and the related Collection Period, an amount equal to the sum of the following amounts:
(i) any amount deposited into the Trust Collection Account pursuant to Section 13.2(b) of the Exchange Note Supplement;
(ii) any amounts paid by ALF LLC pursuant to Section 2.3(c) of the Exchange Note Sale Agreement for breaches of representations
or warranties thereunder; (iii) any amounts paid by the Servicer pursuant to Section 13.12 of the Exchange Note Servicing
Supplement in connection with Post-maturity Term Extensions; and (iv) any amounts paid by the Servicer pursuant to Section 15.1
of the Exchange Note Servicing Supplement in connection with the optional purchase of the Exchange Note[.] [and (v) the [net] amount,
if any, paid by the [Swap][Cap] Counterparty pursuant to any Interest Rate [Swap][Cap] Agreement].

 

"Bankruptcy
Event" means, for any Person, that such Person makes a general assignment for the benefit of creditors or any proceeding
is instituted by or against such Person seeking to adjudicate it bankrupt or insolvent, or seeking the liquidation, winding up,
reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver,
trustee or other similar official for it or any substantial part of its property and, in the case of any proceeding instituted
against such Person, such proceeding remains unstayed for more than 90 days.

 

"Bankruptcy
Remote Party" means any of the Depositor, the Issuing Entity, the Titling Trust or any Special Purpose Entity (and the
general partner of any Special Purpose Entity that is a partnership, or the managing member of any Special Purpose Entity that
is a limited liability company) that holds a beneficial interest in the Titling Trust.

 

"Base Monthly
Payments" means the monthly payments made by a Closed-End Obligor on the related lease, which, over the lease term, will
cover (i) the difference between the Adjusted Capitalized Cost of the lease and the Contract Residual Value plus (ii) Lease Charges.

 

"Base Residual
Value" means, for each Closed-End Vehicle related to an Included Unit, the lowest of (a) the [ALG Residual Value] of the
related Closed-End Vehicle at the time of origination of the lease and (b) the Contract Residual Value.

 

"Basic Documents"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Book-Entry
Notes" means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by
a Clearing Agency as described in Section 2.9 of the Indenture.

 

"Business Day"
means any day other than a Saturday, a Sunday or a day on which banking institutions or trust company in the states of Delaware,
Florida, New York or the states in which the servicing offices of the Servicer are located or the State in which the Corporate

 

    	 	App. A-4	 

     

    

 

Trust Office of the Indenture Trustee is
located are authorized or obligated by law, regulation or executive order to be closed.

 

"Buyer"
has the meaning set forth in the first paragraph of the Exchange Note Sale Agreement.

 

"Casualty"
means, with respect to any Transaction Unit, that the Servicer has actual knowledge that the Closed-End Vehicle included in such
Transaction Unit (a) shall have suffered damage or destruction resulting in an insurance settlement on the basis of an actual,
constructive or compromised total loss, (b) shall have suffered destruction or damage beyond repair, (c) shall have suffered damage
that makes repairs uneconomic or (d) shall have suffered destruction, damage, theft, loss or disappearance that, in accordance
with Customary Servicing Practices, results in a termination of the related Transaction Lease.

 

"Certificate"
means a Trust Certificate.

 

"Certificate
of Trust" shall mean the Certificate of Trust substantially in the form of Exhibit B to the Trust Agreement
filed for the Trust pursuant to Section 3810(a) of the Delaware Statutory Trust Act.

 

"Certificateholder"
means the registered holder of the Certificate.

 

"Class"
means a group of Notes whose form is identical except for variation in denomination, principal amount or owner, and references
to "each Class" thus mean each of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes[,]
[and] the Class B Notes[,] [and] [the Class C Notes][,] [and] [the Class D Notes][,] [and] [the Class E Notes] [and the Class F
Notes].

 

"Class A Notes"
means, collectively, the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

 

"Class A Noteholders'
Interest Distributable Amount" means the Class A-1 Noteholders' Interest Distributable Amount, the Class A-2 Noteholders'
Interest Distributable Amount, the Class A-3 Noteholders' Interest Distributable Amount and the Class A-4 Noteholders' Interest
Distributable Amount.

 

"Class A-1
Interest Rate" means [One-Month LIBOR plus][     ]% per annum (computed on the basis of [the
actual number of days elapsed] and on a 360-day year).

 

"Class A-1
Note Balance" means, as of any date, the Initial Class A-1 Note Balance reduced by all payments of principal made on or
prior to such date on the Class A-1 Notes.

 

"Class A-1
Noteholders' Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-1 Noteholders'
Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-1 Noteholders' Interest Carryover
Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of Class A-1
Notes since such preceding Payment Date, plus interest on the

 

    	 	App. A-5	 

     

    

 

amount of interest due but not paid to
Holders of Class A-1 Notes on the preceding Payment Date, to the extent permitted by law, at the Class A-1 Interest Rate for the
related Interest Period.

 

"Class A-1
Noteholders' Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-1 Noteholders'
Monthly Interest Distributable Amount for such Payment Date and the Class A-1 Noteholders' Interest Carryover Shortfall.

 

"Class A-1
Noteholders' Monthly Interest Distributable Amount" means, with respect to any Payment Date, the aggregate interest accrued
for the related Interest Period on the Class A-1 Notes at the Class A-1 Interest Rate on the Class A-1 Note Balance on the immediately
preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments
of principal to the Holders of the Class A-1 Notes on or prior to such preceding Payment Date. Interest with respect to the Class
A-1 Notes shall be computed on the basis of [the actual number of days] in the related Interest Period and a 360-day year.

 

"Class A-1
Notes" means the Class of Asset-Backed Notes designated as Class A-1[a/b] Notes, issued in accordance with the Indenture.

 

"Class A-2
Interest Rate" means [One-Month LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days
elapsed and on] a 360-day year [consisting of twelve 30-day months]).

 

"Class A-2
Note Balance" means, as of any date, the Initial Class A-2 Note Balance reduced by all payments of principal made on or
prior to such date on the Class A-2 Notes.

 

"Class A-2
Notes" means the Class of Asset-Backed Notes designated as Class A-2[a/b] Notes, issued in accordance with the Indenture.

 

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

 

"Class A-2
Noteholders' Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-2 Noteholders'
Monthly Interest Distributable Amount for such Payment Date and the Class A-2 Noteholders' Interest Carryover Shortfall.

 

"Class A-2
Noteholders' Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate
interest accrued for the related Interest Period on the Class A-2 Notes at the Class A-2 Interest Rate on the Class A-2 Note Balance
immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect
to all payments of principal to the Holders of the Class A-2 Notes on or prior to such preceding Payment Date. Interest with respect
to the Class A-2 Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting
of twelve 30-day months].

 

    	 	App. A-6	 

     

    

 

“Class A-2
Notes” means the Class of Asset-Backed Notes designated as Class A-2[a/b] Notes, issued in accordance with the Indenture.

 

"Class A-3
Interest Rate" means [One-Month LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days
elapsed and on] a 360-day year [consisting of twelve 30-day months]).

 

"Class A-3
Note Balance" means, as of any date, the Initial Class A-3 Note Balance reduced by all payments of principal made on or
prior to such date on the Class A-3 Notes.

 

"Class A-3
Noteholders' Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-3 Noteholders'
Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-3 Noteholders' Interest Carryover
Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class
A-3 Notes since such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-3
Notes on the preceding Payment Date, to the extent permitted by law, at the Class A-3 Interest Rate for the related Interest Period.

 

"Class A-3
Noteholders' Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-3 Noteholders'
Monthly Interest Distributable Amount for such Payment Date and the Class A-3 Noteholders' Interest Carryover Shortfall.

 

"Class A-3
Noteholders' Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate
interest accrued for the related Interest Period on the Class A-3 Notes at the Class A-3 Interest Rate on the Class A-3 Note Balance
immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect
to all payments of principal to the Holders of the Class A-3 Notes on or prior to such preceding Payment Date. Interest with respect
to the Class A-3 Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting
of twelve 30-day months].

 

"Class A-3
Notes" means the Class of Asset-Backed Notes designated as Class A-3[a/b] Notes, issued in accordance with the Indenture.

 

"Class A-4
Interest Rate" means [One-Month LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days
elapsed and on] a 360-day year [consisting of twelve 30-day months]).

 

"Class A-4
Note Balance" means, as of any date, the Initial Class A-4 Note Balance reduced by all payments of principal made on or
prior to such date on the Class A-4 Notes.

 

"Class A-4
Noteholders' Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class A-4 Noteholders'
Monthly Interest Distributable Amount for the preceding Payment Date and any outstanding Class A-4 Noteholders' Interest Carryover
Shortfall on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class
A-4 Notes since such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class A-4
Notes on the preceding Payment

 

    	 	App. A-7	 

     

    

 

Date, to the extent permitted by law, at
the Class A-4 Interest Rate for the Class A-4 Notes for the related Interest Period.

 

"Class A-4
Noteholders' Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class A-4 Noteholders'
Monthly Interest Distributable Amount for such Payment Date and the Class A-4 Noteholders' Interest Carryover Shortfall.

 

"Class A-4
Noteholders' Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate
interest accrued for the related Interest Period on the Class A-4 Notes at the Class A-4 Interest Rate on the Class A-4 Note Balance
immediately preceding the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect
to all payments of principal to the Holders of the Class A-4 Notes on or prior to such preceding Payment Date. Interest with respect
to the Class A-4 Notes shall be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting
of twelve 30-day months].

 

"Class A-4
Notes" means the Class of Asset-Backed Notes designated as Class A-4[a/b] Notes, issued in accordance with the Indenture.

 

"Class B Interest
Rate" means [One-LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and
on] a 360-day year [consisting of twelve 30-day months]).

 

"Class B Note
Balance" means, as of any date, the Initial Class B Note Balance reduced by all payments of principal made on or prior
to such date on the Class B Notes.

 

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

 

"Class B Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class B Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class B Noteholders' Interest Carryover Shortfall.

 

"Class B Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class B Notes at the Class B Interest Rate on the Class B Note Balance immediately preceding
the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Holders of the Class B Notes on or prior to such preceding Payment Date. Interest with respect to the Class B Notes shall
be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].

 

    	 	App. A-8	 

     

    

 

"Class B Notes"
means the Class of Asset-Backed Notes designated as Class B[a/b] Notes, issued in accordance with the Indenture.

 

["Class C Interest
Rate" means [One-LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and
on] a 360-day year [consisting of twelve 30-day months]).]

 

["Class C Note
Balance" means, as of any date, the Initial Class C Note Balance reduced by all payments of principal made on or prior
to such date on the Class C Notes.]

 

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

 

["Class C Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class C Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class C Noteholders' Interest Carryover Shortfall.]

 

["Class C Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class C Notes at the Class C Interest Rate on the Class C Note Balance immediately preceding
the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Holders of the Class C Notes on or prior to such preceding Payment Date. Interest with respect to the Class C Notes shall
be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

 

["Class C Notes"
means the Class of Asset-Backed Notes designated as Class C[a/b] Notes, issued in accordance with the Indenture.]

 

["Class D Interest
Rate" means [One-LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and
on] a 360-day year [consisting of twelve 30-day months]).]

 

["Class D Note
Balance" means, as of any date, the Initial Class D Note Balance reduced by all payments of principal made on or prior
to such date on the Class D Notes.]

 

["Class D Noteholders'
Interest Carryover Shortfall" means, with respect to any Payment Date, the excess of the Class D Noteholders' Monthly
Interest Distributable Amount for the preceding Payment Date and any outstanding Class D Noteholders' Interest Carryover Shortfall
on such preceding Payment Date, over the amount in respect of interest that is actually paid to Holders of the Class D Notes since
such preceding Payment Date, plus interest on the amount of interest due but not paid to Holders of the Class D Notes on the preceding
Payment Date, to the

 

    	 	App. A-9	 

     

    

 

extent permitted by law, at the Class D
Interest Rate for the Class D Notes for the related Interest Period.]

 

["Class D Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class D Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class D Noteholders' Interest Carryover Shortfall.]

 

["Class D Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class D Notes at the Class D Interest Rate on the Class D Note Balance immediately preceding
the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Holders of the Class D Notes on or prior to such preceding Payment Date. Interest with respect to the Class D Notes shall
be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

 

["Class D Notes"
means the Class of Asset-Backed Notes designated as Class D[a/b] Notes, issued in accordance with the Indenture.]

 

["Class E Interest
Rate" means [One-LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and
on] a 360-day year [consisting of twelve 30-day months]).]

 

["Class E Note
Balance" means, as of any date, the Initial Class E Note Balance reduced by all payments of principal made on or prior
to such date on the Class E Notes.]

 

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

 

["Class E Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class E Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class E Noteholders' Interest Carryover Shortfall.]

 

["Class E Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class E Notes at the Class E Interest Rate on the Class E Note Balance immediately preceding
the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Holders of the Class E Notes on or prior to such preceding Payment Date. Interest with respect to the Class E Notes shall
be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

 

    	 	App. A-10	 

     

    

 

["Class E Notes"
means the Class of Asset-Backed Notes designated as Class E[a/b] Notes, issued in accordance with the Indenture.]

 

["Class F Interest
Rate" means [One-LIBOR plus][  ]% per annum (computed on the basis of [the actual number of days elapsed and
on] a 360-day year [consisting of twelve 30-day months]).]

 

["Class F Note
Balance" means, as of any date, the Initial Class F Note Balance reduced by all payments of principal made on or prior
to such date on the Class F Notes.]

 

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

 

["Class F Noteholders'
Interest Distributable Amount" shall mean, with respect to any Payment Date, the sum of the Class F Noteholders' Monthly
Interest Distributable Amount for such Payment Date and the Class F Noteholders' Interest Carryover Shortfall.]

 

["Class F Noteholders'
Monthly Interest Distributable Amount" means, with respect to any Payment Date, the sum of the aggregate interest accrued
for the related Interest Period on the Class F Notes at the Class F Interest Rate on the Class F Note Balance immediately preceding
the Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Holders of the Class F Notes on or prior to such preceding Payment Date. Interest with respect to the Class F Notes shall
be computed on the basis of [the actual number of days elapsed and on] a 360-day year [consisting of twelve 30-day months].]

 

["Class F Notes"
means the Class of Asset-Backed Notes designated as Class F[a/b] Notes, issued in accordance with the Indenture.]

 

"Clearing Agency"
means an organization registered as a "clearing agency" pursuant to Section 17A of the Exchange Act and shall initially
be DTC.

 

"Clearing Agency
Participant" means a broker, dealer, bank or other financial institution or other Person for which from time to time a
Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

 

"Closed-End
Administrative Agent" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End
Collateral Agent" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

    	 	App. A-11	 

     

    

 

"Closed-End
EN Collected Amounts" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End
EN Collection Period" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End
Exchange Note" means the 20[  ]-[  ] closed-end exchange note issued pursuant to the Exchange Note
Supplement.

 

"Closed-End
Exchange Note Payment Date" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End
Lease" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End
Obligor" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Closed-End
Unit" has the meaning set forth in Appendix A to the Collateral Agency Agreement

 

"Closed-End
Vehicle" has the meaning set forth in Appendix A to the Collateral Agency Agreement

 

"Closing Date"
means [      ], 20[  ].

 

"Code"
means the Internal Revenue Code of 1986, as amended from time to time, or any successor law, and the Treasury Regulations promulgated
thereunder.

 

"Collateral"
has the meaning set forth in the Granting Clause of the Indenture.

 

"Collateral
Agency Agreement" means the fourth amended and restated collateral agency agreement dated as of December 15, 2009, among
the Titling Trust, ALF LLC, as initial beneficiary, AL Holding Corp., as closed-end collateral agent, Bank of America N.A. as deal
agent and U.S. Bank, as administrative agent, as the same may be further amended or modified from time to time.

 

"Collection
Period" means the period commencing on the first day of each calendar month (or, in the case of the initial Collection
Period, the period from but excluding the Cut-Off Date) to and including the last day of the calendar month immediately preceding
the calendar month in which such Payment Date occurs. As used herein, the "related" Collection Period with respect to
a Payment Date shall be deemed to be the Collection Period which ends on the last day of the calendar month which immediately precedes
such Payment Date.

 

"Commission"
means the U.S. Securities and Exchange Commission.

 

    	 	App. A-12	 

     

    

 

"Contract Residual
Value" means, with respect to any Closed-End Vehicle, the residual value of the Closed-End Vehicle at the scheduled termination
of the lease as set forth in the related lease agreement.

 

"Controlling
Securities" means the Class A Notes so long as the Class A Notes are outstanding, and after the Class A Notes are no longer
outstanding, the Class B Notes so long as the Class B Notes are outstanding[, and after the Class A Notes and the Class B Notes
are no longer outstanding, the Class C Notes so long as the Class C Notes are outstanding][, and after the Class A Notes, the Class
B Notes and the Class C Notes are no longer outstanding, the Class D Notes so long as the Class D Notes are outstanding][, and
after the Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes are no longer outstanding, the Class E Notes
so long as the Class E Notes are outstanding] [and after the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes
and the Class E Notes are no longer outstanding, the Class F Notes so long as the Class F Notes are outstanding].

 

"Corporate
Trust Office" means:

 

(a)          as
used in the Indenture, or otherwise with respect to Indenture Trustee, the principal office of the Indenture Trustee at which at
any particular time its corporate trust business shall be administered which office at date of the execution of the Indenture is
located at [          ], or at such other address or electronic mail address
as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Administrator, the Servicer and the
Issuing Entity, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor
Indenture Trustee will notify the Noteholders and the Owner Trustee); and

 

(b)          as
used in the Trust Agreement, or otherwise with respect to Owner Trustee, the corporate trust office of the Owner Trustee located
at [          ] or at such other address or electronic mail address as the Owner
Trustee may designate by notice to the Certificateholder and the Depositor, or the principal corporate trust office of any successor
Owner Trustee (the address of which the successor Owner Trustee will notify the Certificateholder and the Depositor).

 

"Credit Losses"
means, for any Collection Period, an amount equal to the excess of (a) the sum of the Securitization Value for all Included Units
that became Defaulted Units during that Collection Period over (b) the sum of Sales Proceeds and Recoveries received by the Servicer
with respect to Defaulted Units during that Collection Period.

 

“Credit Risk
Retention Rules” or “Regulation RR” means risk retention regulations in 17 C.F.R. Part 246 as such
regulation may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission
in an adopting release or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from
time to time.

 

"Customary
Servicing Practices" means the customary servicing practices of the Servicer with respect to Closed-End Vehicles and Closed-End
Leases held by the Titling Trust, without

 

    	 	App. A-13	 

     

    

 

regard to whether such Closed-End Vehicles
and Closed-End Leases have been identified and allocated into any Reference Pool, as such practices may be changed from time to
time.

 

"Cut-Off Date"
means the close of business on [      ], 20[  ].

 

"Dealer"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Default"
means any occurrence that is, or with notice or lapse of time or both would become, an Event of Default.

 

"Defaulted
Unit" means any Closed-End Unit with a related Closed-End Lease for which any of the following has occurred during a Collection
Period: (a) any payment or part thereof in excess of $[40.00] on such Closed-End Lease is past due 120 or more days, (b) the related
Closed-End Vehicle has been repossessed and sold or repossessed and held in inventory for more than 90 days, whichever occurs first,
or (c) such related Closed-End Lease has been charged off in accordance with Customary Servicing Practices.

 

"Definitive
Note" means a definitive fully registered Note issued as a “Definitive Note” pursuant to Section 2.11
of the Indenture.

 

"Delaware Trustee"
means U.S. Bank Trust National Association, as Delaware Trustee under the Titling Trust Agreement.

 

"Delinquency
Percentage" means, for each Payment Date and the related Collection Period, the ratio (expressed as a percentage) of (i)
the aggregate Securitization Value of all Delinquent Units held by the Issuing Entity that are more than 60 days delinquent as
of the last day of the related Collection Period to (ii) the aggregate Securitization Value of the Transaction Units held by the
Issuing Entity as of the related Collection Period.

 

"Delinquency
Trigger" means [___]%.

 

"Delinquent
Unit" means any Transaction Unit (other than a Defaulted Unit) with a related Transaction Lease on which any payment or
part thereof in excess of $[40.00] is past due for more than 30 days.

 

"Depositor"
means World Omni Auto Leasing LLC, a Delaware limited liability company.

 

"Depository
Agreement" means the agreement among the Issuing Entity and DTC, as the initial Clearing Agency, dated as of the Closing
Date, substantially in the form of Exhibit B to the Indenture.

 

"Determination
Date" means [one][two] Business Days immediately preceding the related Payment Date.

 

"Dollar"
and "$" mean lawful currency of the United States of America.

 

"DTC"
means The Depository Trust Company, and its successors.

 

    	 	App. A-14	 

     

    

 

“Early Termination
Charge” means the Remaining Payments Charge, plus the Contract Residual Value set forth in the Closed-End Lease, minus
the unearned portions of the Lease Charge and the administrative fee set forth in the Closed-End Lease, minus the realized value
of the Closed-End Vehicle as determined by the estimated or appraised wholesale value of the Closed-End Vehicle or by the amount
the Servicer receives upon disposition of the Closed-End Vehicle at wholesale.

 

"Eligible Account"
means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department
of a depository institution acting in its fiduciary capacity organized under the laws of the United States of America or any one
of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and
acting as trustee for funds deposited in such account, so long as the long-term unsecured debt of such depository institution shall
have a credit rating from each Rating Agency in one of its generic rating categories which signifies investment grade. Any such
trust account may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts
meet the requirements described in clause (b) of the preceding sentence.

 

"Eligible Institution"
means a depository institution or trust company (which may be the Owner Trustee, the Indenture Trustee or any of their respective
Affiliates) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia
(or any domestic branch of a foreign bank) (a) which at all times (i) has either (A) a long-term senior unsecured debt rating of
[  ] or better by [  ] and [  ] or better by [  ] or such other rating that is acceptable
to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture Trustee or (B) a
certificate of deposit rating of [  ] by [  ] and [  ] by [  ] or (C) such other rating
that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Issuing Entity or the Indenture
Trustee and (b) whose deposits are insured by the Federal Deposit Insurance Corporation.

 

"Eligible Lease"
means a Closed-End Lease:

 

(i)          relates
to a Toyota automobile or light duty truck, of a model year of 20[  ] or later,

 

(ii)         is
written with respect to a Closed-End Vehicle that was, at the time of the origination of the related Closed-End Lease, a new [or
used] vehicle or a dealer demonstration vehicle driven fewer than [ ] miles,

 

(iii)        was
originated in the Five-State Area by a Dealer (a) for a Closed-End Obligor with a United States address, (b) in the ordinary course
of such Dealer's business[, and (c) pursuant to a dealer agreement that provides for recourse to the Dealer in the event of certain
defects in the Closed-End Lease, but not for default by the Closed-End Obligor],

 

(iv)        has
a remaining term to maturity, as of the Cut-Off Date of less than or equal to [  ] months and had an original lease term
greater than or equal to [  ] months and less than or equal to [  ] months,

 

    	 	App. A-15	 

     

    

 

(v)         was
originated on or after [          ], 20[  ],

 

(vi)        provides
for level payments that fully amortize the Adjusted Capitalized Cost of the lease at a contractual annual percentage rate to the
related Contract Residual Value over the lease term and, in the event of a Closed-End Obligor initiated early termination, provides
for payment of an Early Termination Charge,

 

(vii)       that
does not have a monthly payment for which $[40] or more is more than 30 days past due as of the Cut-Off Date and is not a Defaulted
Unit,

 

(viii)      is
owned, and the related Closed-End Vehicle is owned, by the Titling Trust, free of all Liens (including tax liens, mechanics' liens,
and other liens other than any lien of the Closed-End Collateral Agent or any lien on the certificate of title that arises by operation
of law), other than a Permitted Lien,

 

(ix)         was
originated in compliance with, and complies in all material respect with, all material applicable legal requirements, including,
to the extent applicable, the Federal Consumer Credit Protection Act, Regulation M of the Board of Governors of the Federal Reserve,
all State leasing and consumer protection laws and all State and federal usury laws,

 

(x)          is
the valid, legal, and binding full-recourse payment obligation of the related Closed-End Obligor, enforceable against such Closed-End
Obligor in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization,
moratorium, or other similar laws, now or hereafter in effect, affecting the enforcement of creditors' rights in general or (b)
general principles of equity,

 

(xi)         was
originated in compliance with Customary Servicing Practices,

 

(xii)        is
payable solely in U.S. dollars,

 

(xiii)       the
Securitization Value of the related Closed-End Unit, as of the Cut-Off Date is no greater than $[     ],
and

 

(xiv)      the
related Closed-End Obligor of which is a person located in any State within the United States or the District of Columbia and is
not (a) World Omni Corp. or any of its Affiliates, or (b) the United States of America or any State or local government or any
agency or political subdivision thereof.

 

"ERISA"
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

"Event of Default"
has the meaning set forth in Section 5.1 of the Indenture.

 

"Excess Mileage
Charges" means, with respect to any Transaction Unit, the amount of charges for excess mileage on the related Transaction
Vehicle received by the Closed-End Servicer at the expiration of the Transaction Lease.

 

    	 	App. A-16	 

     

    

 

"Excess Wear
and Tear Charges" means, with respect to any Transaction Unit, the amount of charges for wear and tear to the related
Transaction Vehicle received by the Servicer at the expiration of the Transaction Lease.

 

“Exchange”
has the meaning set forth in Section 2.4(k)(xv) of the Indenture.

 

"Exchange Act"
means the Securities Exchange Act of 1934, as amended.

 

"Exchange Note"
means the Closed-End Exchange Note.

 

"Exchange Note
Agreement" means the Collateral Agency Agreement and the Exchange Note Supplement.

 

"Exchange Note
Assets" means a separate pool of Titling Trust Assets allocated to the Exchange Note.

 

"Exchange Note
Collection Account" means the account designated as such, established and maintained pursuant to Section 5.2(f)
of the Servicing Agreement.

 

"Exchange Note
Default" has the meaning set forth in Section 8.7 of the Collateral Agency Agreement.

 

"Exchange Note
Purchase Price" means $[          ].

 

"Exchange Note
Sale Agreement" means the Exchange Note Sale Agreement, dated as of the Closing Date, between the Initial Beneficiary
and the Depositor, as the same may be amended or modified from time to time.

 

"Exchange Note
Servicer Default" has the meaning set forth in Section 14.1(a) of the Exchange Note Servicing Supplement.

 

"Exchange Note
Servicing Supplement" means the Exchange Note Servicing Supplement 20[  ]-[  ] to Servicing Agreement,
dated as of the Closing Date, between the Titling Trust, the Closed-End Collateral Agent and the Servicer, as the same may be amended
or modified from time to time.

 

"Exchange Note
Supplement" means the Exchange Note Supplement 20[  ]-[  ] to Collateral Agency Agreement, dated as
of the Closing Date, between Titling Trust, Initial Beneficiary, AL Holding Corp. and U.S. Bank National Association, as Closed-End
Administrative Agent, as the same may be amended or modified from time to time.

 

"Exchange Note
Transfer Agreement" means the Exchange Note Transfer Agreement, dated as of the Closing Date, between the Depositor and
the Issuing Entity, as amended or supplemented from time to time.

 

"Exchange Noteholder"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

    	 	App. A-17	 

     

    

 

"Executive
Officer" means (i) with respect to any corporation or depository institution, the Chief Executive Officer, the Chief Operating
Officer, the Chief Financial Officer, the President, the Executive Vice President, any Vice President, the Secretary or the Treasurer
of such corporation or depository institution and (ii) with respect to any partnership, any general partner thereof.

 

"FATCA"
means Sections 1471 through 1474 of the Code, commonly referred to as the Foreign Account Tax Compliance Act.

 

"FATCA Withholding
Tax" means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements thereunder or official interpretations
thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof
(or any law implementing such an intergovernmental agreement).

 

"FDIC"
means the Federal Deposit Insurance Corporation.

 

"Final Scheduled
Payment Date" means, with respect to (i) the Class A-1 Notes, [      ], 20[  ],
(ii) the Class A-2 Notes, [      ], 20[  ]; (iii) the Class A-3 Notes, [      ],
20[  ]; (iv) the Class A-4 Notes, [      ], 20[  ]; [and] (v) the Class B Notes,
[      ], 20[  ][;and] (vi) the Class C Notes, [      ],
20[  ]][;and] (vii) the Class D Notes, [      ], 20[  ]][;and] (viii) the Class
E Notes, [      ], 20[  ]] [and (ix) the Class F Notes, [      ],
20[  ]].

 

"Financing"
means, collectively, (i) any financing transaction of any sort undertaken by World Omni or any Affiliate of World Omni involving,
directly or indirectly, Titling Trust Assets (including, without limitation, any financing undertaken in connection with the issuance
and assignment of the Exchange Note or any Other Exchange Note), (ii) any sale or purchase by the Depositor or any other Special
Purpose Entity of any interest in the Exchange Note or any Other Exchange Note and (iii) any other asset securitization, synthetic
lease, sale-leaseback, secured loan or similar transaction involving Titling Trust Assets or any beneficial interest therein or
in the Titling Trust.

 

["Fitch"
means Fitch Ratings, Inc., or any successor that is a nationally recognized statistical rating organization.]

 

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

 

"GAAP"
means generally accepted accounting principles in the USA, applied on a materially consistent basis; provided, however, that no
financial test contained in the Transaction Documents shall fail to be satisfied as a result of the adoption or amendment (including
any published interpretation) after the Closing Date by any governmental or accounting body of any financial accounting standard,
and any notices, representations or certifications based on financial accounting data that are required under the Transaction Documents
may be delivered without giving effect to the adoption or amendment of such financial accounting standard.

 

    	 	App. A-18	 

     

    

 

"Governmental
Authority" means any (a) federal, State, municipal, foreign or other governmental entity, board, bureau, agency or instrumentality,
(b) administrative or regulatory authority (including any central bank or similar authority) or (c) court or judicial authority.

 

"Grant"
means to mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, grant a lien upon
and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the
Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of
the Granting party thereunder, including the immediate and continuing right to claim, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other
communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings in the name of the
Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive
thereunder or with respect thereto. Other forms of the verb "to Grant" shall have correlative meanings.

 

"Holder"
means, as the context may require, the Certificateholder or a Noteholder or both.

 

"Included Units"
means, for any Collection Period, all Transaction Units as of the beginning of such Closed-End EN Collection Period (or, in the
case of the initial Closed-End EN Collection Period, the Cut-Off Date), other than Transaction Units reallocated to the Warehouse
Facility Pool during such Collection Period pursuant to Section 2.3(c) of the Exchange Note Sale Agreement. The "Included
Units" for any Cut-Off Date means the Included Units for the Closed-End EN Collection Period which begins on the day after
such Cut-Off Date.

 

"Indenture"
means the Indenture, dated as of the Closing Date, between the Issuing Entity and Indenture Trustee, as the same may be amended
and supplemented from time to time.

 

"Indenture
Secured Parties" means the Noteholders.

 

"Indenture
Trustee" means [          ], a [national banking association], not in
its individual capacity but as indenture trustee under the Indenture, or any successor trustee under the Indenture.

 

"Independent"
means, when used with respect to any specified Person, that such Person (i) is in fact independent of the Issuing Entity, any other
obligor upon the Notes, the Administrator and any Affiliate of any of the foregoing Persons, (ii) does not have any direct financial
interest or any material indirect financial interest in the Issuing Entity, any such other obligor, the Administrator or any Affiliate
of any of the foregoing Persons and (iii) is not connected with the Issuing Entity, any such other obligor, the Administrator or
any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or Person
performing similar functions.

 

"Independent
Certificate" means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described
in, and otherwise complying with, the applicable requirements of Section 11.1(b) of the Indenture, made by an independent
appraiser or other expert appointed by an Issuing Entity Order, and such opinion or certificate shall state that the

 

    	 	App. A-19	 

     

    

 

signer has read the definition of "Independent"
in this Indenture and that the signer is Independent within the meaning thereof.

 

"Initial Beneficiary"
means ALF LLC, as initial beneficiary under the Titling Trust Agreement and its permitted successors and assigns.

 

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

 

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

 

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

 

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

 

"Initial Class
B Note Balance" means $[          ].

 

["Initial Class
C Note Balance" means $[          ].]

 

["Initial Class
D Note Balance" means $[          ].]

 

["Initial Class
E Note Balance" means $[          ].]

 

["Initial Class
F Note Balance" means $[          ].]

 

"Initial Note
Balance" means, (i) for any Class A Notes, the Initial Class A-1 Note Balance, the Initial Class A-2 Note Balance, the
Initial Class A-3 Note Balance and the Initial Class A-4 Note Balance, as applicable, (ii) any Class B Notes, the Initial Class
B Note Balance[, (iii) any Class C Notes, the Initial Class C Note Balance][, (iv) any Class D Notes, the Initial Class D Note
Balance][, (v) any Class E Notes, the Initial Class E Note Balance][, (vi) any Class F Notes, the Initial Class F Note Balance]
or ([vii]) with respect to the Notes generally, the sum of the foregoing.

 

"Initial Securitization
Value" means $[          ].

 

"Initial Trust
Agreement" means the Trust Agreement, dated as of [      ], 20[  ], between the
Depositor and the Owner Trustee.

 

"Insurance
Policy" means (i) any comprehensive and collision, fire, theft or other insurance policy maintained by a Closed-End Obligor
in which the Servicer or the Titling Trust is named as loss payee with respect to one or more Transaction Units and (ii) any credit
life or credit disability insurance maintained by a Closed-End Obligor in connection with any Transaction Unit.

 

"Intercreditor
Agreement" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Interest Holder"
has the meaning set forth in the Intercreditor Agreement.

 

    	 	App. A-20	 

     

    

 

"Interest Period"
means, with respect to any Payment Date, (i) with respect to the Class [__] Notes, the period from and including the Closing Date
(in the case of the first Payment Date) or from and including the most recent Payment Date to but excluding such Payment Date and
(ii) and for the Class [__] Notes, the period from and including the 15th day of the preceding calendar month (or, in the case
of the initial Payment Date, the Closing Date) to, but excluding, the 15th day of the current calendar month.

 

"Interest Rate"
means (a) with respect to the Class A-1 Notes, the Class A-1 Interest Rate, (b) with respect to the Class A-2 Notes, the Class
A-2 Interest Rate, (c) with respect to the Class A-3 Notes, the Class A-3 Interest Rate, (d) with respect to the Class A-4 Notes,
the Class A-4 Interest Rate[,] [or] (e) with respect to the Class B Notes, the Class B Interest Rate[,] [or] [(f) with respect
to the Class C Notes, the Class C Interest Rate][,] [or] [(g) with respect to the Class D Notes, the Class D Interest Rate][,]
[or] [(h) with respect to the Class E Notes, the Class E Interest Rate] [or (i) with respect to the Class F Notes, the Class F
Interest Rate].

 

[“Interest
Rate [Swap][Cap]” means [_______].]

 

[“Interest
Rate [Swap][Cap] Agreement” means [______].]

 

"Issuing Entity"
means World Omni Automobile Lease Securitization Trust 20[  ]-[  ], a Delaware statutory trust established
pursuant to the Initial Trust Agreement and continued under the Trust Agreement, until a successor replaces it and, thereafter,
means the successor and, for purposes of any provision contained herein, each other obligor on the Notes.

 

"Issuing Entity
Order" and "Issuing Entity Request" means a written order or request of the Issuing Entity signed in the name
of the Issuing Entity by any one of its Authorized Officers and delivered to the Indenture Trustee.

 

"Joinder Agreement"
has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Lease Charges"
means lease (or rent) charges calculated and determined based on the Lease Rate.

 

"Lease Rate"
means the implicit interest rate used to calculate the Lease Charges that are included in determining the Base Monthly Payments
due under the related Closed-End Lease.

 

["LIBOR Determination
Date" has the meaning set forth in Section 8.4(a) of the Indenture.]

 

"Lien"
means any mortgage, pledge, security interest, lien or other encumbrance of any kind.

 

["London Business
Day" means any day on which dealing in deposits in U.S. dollars are transacted in the London bank market.]

 

"Majority Certificateholder"
means as of any date, the holder of more than 50% interest in the Certificate.

 

    	 	App. A-21	 

     

    

 

["Materiality
Opinion" has the meaning set forth in the Swap Counterparty Rights Agreement.]

 

"Monthly Remittance
Condition" has the meaning set forth in Section 13.3 of the Exchange Note Servicing Supplement.

 

[“Monthly
Swap Payment Amount” means with respect to any Payment Date, the amount if any payable, by the Issuing Entity under the
Interest Rate Swap Agreement other than Swap Termination Payment Amounts.]

 

["Moody's"
means Moody's Investors Service, Inc., or any successor that is a nationally recognized statistical rating organization.]

 

"MRM "
means, with respect to any Closed-End Vehicle, the maximum dollar MSRP established by ALG giving only partial credit or no credit
for options that add little or no value to the resale price of the vehicle.

 

"MSRP"
means, with respect to any Closed-End Vehicle, the Manufacturer's Suggested Retail Price for such Closed-End Vehicle.

 

“Non-ERISA
Plan” has the meaning set forth in Section 2.4(k)(xiii) of the Indenture.

 

"Note"
means a Class A-1 Note, Class A-2 Note, Class A-3 Note, Class A-4 Note[,] [or] Class B Note[,] [or] [Class C Note][,] [or] [Class
D Note][,] [or] [Class E Note] [or Class F Note], in each case substantially in the form of Exhibit A to the Indenture.

 

"Note Balance"
means, for (i) Class A Notes, the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3 Note Balance or the Class A-4
Note Balance, as applicable, (ii) Class B Notes, the Class B Note Balance, [(iii) Class C Notes, the Class C Note Balance,] [(iv)
Class D Notes, the Class D Note Balance,] [(v) Class E Notes, the Class E Note Balance,] [(vi) Class F Notes, the Class F Note
Balance,] ([vii]) with respect to the Notes generally, the sum of the foregoing.

 

"Note Factor"
means, with respect to the Notes or any Class on any Payment Date, the seven digit decimal equivalent of a fraction the numerator
of which is the Note Balance of the Notes of such Class on such Payment Date (after giving effect to any payment of principal on
such Payment Date) and the denominator of which is the Initial Note Balance.

 

"Noteholder"
means, as of any date, the Person in whose name a Note is registered on the Note Register on such date.

 

"Noteholders'
First Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero,
equal to (a) the Outstanding Amount of the Class A Notes as of the day immediately preceding such Payment Date minus (b) the aggregate
Securitization Value as of the last day of the related Collection Period; provided, however, that the Noteholders'
First Priority Principal Distributable Amount on and after the Final Scheduled Payment Date of any class of the Notes shall not
be less than the amount that is necessary to reduce the Outstanding Amount of that Class of Notes to zero.

 

    	 	App. A-22	 

     

    

 

"Noteholders'
Regular Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero, equal to
the excess, if any, of (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date over (b) the
aggregate Securitization Value as of the last day of the related Collection Period less the Overcollateralization Target Amount,
minus (c) the amount allocated as the Noteholders' First Priority Principal Distributable Amount, if any, with respect to such
Payment Date, minus (d) the amount allocated as the Noteholders' Second Priority Principal Distributable Amount, if any, with respect
to such Payment Date[,] [minus (e) the amount allocated as the Noteholders' Third Priority Principal Distributable Amount, if any,
with respect to such Payment Date][,] [minus (f) the amount allocated as the Noteholders' Fourth Priority Principal Distributable
Amount, if any, with respect to such Payment Date][,] [minus (g) the amount allocated as the Noteholders' Fifth Priority Principal
Distributable Amount, if any, with respect to such Payment Date] [minus (h) the amount allocated as the Noteholders' Sixth Priority
Principal Distributable Amount, if any, with respect to such Payment Date].

 

"Noteholders'
Second Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero,
equal to (a) the Outstanding Amount of the Class A Notes and the Class B Notes as of the day immediately preceding the Payment
Date, minus (b) the aggregate Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated
as the Noteholders' First Priority Principal Distributable Amount on the related Payment Date.

 

["Noteholders'
Third Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero,
equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate
Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First
Priority Principal Distributable Amount and the Noteholders' Second Priority Principal Distributable Amount on the related Payment
Date.]

 

["Noteholders'
Fourth Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero,
equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate
Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First
Priority Principal Distributable Amount, the Noteholders' Second Priority Principal Distributable Amount and the Noteholders’
Third Priority Principal Distributable Amount on the related Payment Date.]

 

["Noteholders'
Fifth Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero,
equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate
Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First
Priority Principal Distributable Amount, the Noteholders' Second Priority Principal Distributable Amount, the Noteholders’
Third Priority Principal Distributable Amount and the Noteholders’ Fourth Priority Principal Distributable Amount on the
related Payment Date.]

 

["Noteholders'
Sixth Priority Principal Distributable Amount" means, with respect to any Payment Date, an amount not less than zero,
equal to (a) the Outstanding Amount of the Notes as of the day immediately preceding the Payment Date, minus (b) the aggregate
Securitization Value as of the last day of the related Collection Period; minus (c) the amount allocated as the Noteholders' First
Priority Principal Distributable Amount, the Noteholders' Second Priority Principal Distributable Amount, the Noteholders’
Third Priority Principal Distributable Amount, the Noteholders’ Fourth Priority Principal Distributable Amount and the Noteholders’
Fifth Priority Principal Distributable Amount on the related Payment Date.]

 

    	 	App. A-23	 

     

    

 

"Note Owner"
means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency or a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant
or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

 

"Note Register"
and "Note Registrar" have the respective meanings set forth in Section 2.4 of the Indenture.

 

"Officer's
Certificate" means a certificate signed by an Authorized Officer of the Issuing Entity, under the circumstances described
in, and otherwise complying with, the applicable requirements of Section 11.1 of the Indenture, and delivered to, the Indenture
Trustee.

 

["One-Month
LIBOR" has the meaning set forth in Section 8.4(a) of the Indenture.]

 

"Opinion of
Counsel" means one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture
or any other applicable Transaction Document, be employees of or counsel to the Issuing Entity or the Administrator, and which
opinion or opinions comply with any applicable requirements of the Transaction Documents and are in form and substance reasonably
satisfactory to the recipient(s). Opinions of Counsel need address matters of law only and may be based upon stated assumptions
as to relevant matters of fact.

 

"Optional Redemption"
has the meaning set forth in Section 15.1 of the Exchange Note Servicing Supplement.

 

"Other Exchange
Note Assets" means the Titling Trust Assets allocated to Other Exchange Notes.

 

"Other Exchange
Note" means any exchange note issued pursuant to the Exchange Note Supplement other than the Exchange Note.

 

"Other Reference
Pool" means a pool of Titling Trust Assets other than the Reference Pool.

 

"Outstanding"
means, as of any date, all Notes (or all Notes of an applicable Class) theretofore authenticated and delivered under this Indenture
except:

 

(i)          Notes
(or Notes of an applicable Class) theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

 

    	 	App. A-24	 

     

    

 

(ii)         Notes
(or Notes of an applicable Class) or portions thereof the payment for which money in the necessary amount has been theretofore
deposited with the Indenture Trustee or any Paying Agent in trust for the related Noteholders (provided, however, that if such
Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor, satisfactory
to the Indenture Trustee, has been made); and

 

(iii)        Notes
(or Notes of an applicable Class) in exchange for or in lieu of other Notes (or Notes of such Class) that have been authenticated
and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are
held by a bona fide purchaser; provided that in determining whether Noteholders holding the requisite Outstanding Note Amount have
given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Transaction Document, Notes
owned by the Issuing Entity, the Depositor, the Servicer, the Administrator or any of their respective Affiliates shall be disregarded
and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer knows to be
so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee
thereof establishes to the satisfaction of the Indenture Trustee such pledgee's right so to act with respect to such Notes and
that such pledgee is not the Issuing Entity, the Depositor, the Administrator or any of their respective Affiliates.

 

"Outstanding
Amount" or "Outstanding Note Amount" means the aggregate principal amount of all Notes, or Class of Notes,
as applicable, Outstanding at the date of determination.

 

"Overcollateralization
Target Amount" means, [with respect to any Payment Date, an amount equal to [ ]% of the Initial Securitization Value][
(a) with respect to any Payment Date on or prior to the date on which the Outstanding Amount of the Class [__] Notes is paid in
full, an amount equal to [__]% of the Initial Securitization Value and (b) with respect to any Payment Date after the date after
which the Outstanding Amount of the Class [__] Notes is paid in full, an amount equal to [__]% of the Initial Securitization Value.

 

"Owner Trustee"
means [          ], a [national banking association], not in its individual capacity
but solely as Owner Trustee under the Trust Agreement, and any successor Owner Trustee thereunder.

 

"Paying Agent"
means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee set forth in Section
6.11 of the Indenture and is authorized by the Issuing Entity to make the payments to and distributions from the Trust Collection
Account, including the payment of principal of or interest on the Notes and distributions on the Certificates on behalf of the
Issuing Entity.

 

"Payment Date"
means the 15th day of each calendar month; provided, however, whenever a Payment Date would otherwise be a day that
is not a Business Day, the Payment Date shall be the next Business Day; provided, further, that the initial Payment
Date shall be

 

    	 	App. A-25	 

     

    

 

[      ],
20[  ]. As used herein, the "related" Payment Date with respect to a Collection Period shall be deemed to be
the Payment Date which follows such Collection Period.

 

"Percentage
Interest" shall mean, with respect to each Trust Certificate, the percentage interest in the Trust represented by such
Trust Certificate.

 

"Permitted
Investments" shall mean any of the following:

 

(c)          (i)
direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the United States
or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United
States (other than the Government National Mortgage Association), and (ii) direct obligations of, or obligations fully guaranteed
by, Fannie Mae or any State then rated with the highest available credit rating of [     ] and [     ],
or such obligations, which obligations are, at the time of investment, otherwise acceptable to each Rating Agency for securities
having a rating at least equivalent to the rating of the Notes;

 

(d)          money
market deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances, or federal funds,
in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold by or offered
by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee
or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State thereof which
has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are insured by
the FDIC to the full extent legally permitted and which has from [     ] a short-term rating of not lower
than [  ] or long-term rating of not lower than [  ];

 

(e)          repurchase
obligations held by the Indenture Trustee that are acceptable to the Indenture Trustee with respect to (i) any security described
in clause (a) above or (e) below, or (ii) any other security issued or guaranteed by any agency or instrumentality of the United
States, in either case entered into with a federal agency or depository institution or trust company (including the Indenture Trustee)
acting as principal, whose obligations having the same maturity as that of the repurchase agreement would be Permitted Investments
under clause (b) above; provided, however, that repurchase obligations entered into with any particular depository institution
or trust company (including the Indenture Trustee or Owner Trustee) will not be Permitted Investments to the extent that the aggregate
principal amount of such repurchase obligations with such depository institution or trust company held by the Indenture Trustee
on behalf of the Issuing Entity shall exceed 10% of either the aggregate Securitization Value or the aggregate unpaid balance or
face amount, as the case may be, of all Permitted Investments held by the Indenture Trustee on behalf of the Issuing Entity;

 

(f)          securities
bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any State
so long as at the time of such investment or contractual commitment providing for such investment, either the long-term, unsecured
debt of such corporation has the highest available credit rating from [     ] and [     ],
or the Rating Agency Condition has been satisfied, or commercial paper or other short-term debt having the Required Rating; provided,
however, that any such commercial paper or other short-

 

    	 	App. A-26	 

     

    

 

term debt may have a remaining term to
maturity of no longer than 30 days after the date of such investment or contractual commitment providing for such investment, and
that the securities issued by any particular corporation will not be Permitted Investments to the extent that investment therein
will cause the then outstanding principal amount or face amount, as the case may be, of securities issued by such corporation and
held by the Indenture Trustee on behalf of the Issuing Entity to exceed 10% of either the aggregate Securitization Value or the
aggregate unpaid principal balance or face amount, as the case may be, of all Permitted Investments held by the Indenture Trustee
on behalf of the Issuing Entity;

 

(g)          interest
in any open-end or closed-end management type investment company or investment trust (i) registered under the Investment Company
Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to agreements
to repurchase such obligations, which agreements, with respect to principal and interest, are at least 100% collateralized by such
obligations marked to market on a daily basis and the investment company or investment trust shall take delivery of such obligations
either directly or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable
to each Rating Agency (as approved by each Rating Agency) as collateral for securities having ratings equivalent to the ratings
of the Notes;

 

(h)          guaranteed
reinvestment agreements issued by any bank, insurance company or other corporation for which the Rating Agency Condition has been
satisfied;

 

(i)          investments
in Permitted Investments maintained in "sweep accounts," short-term asset management accounts and the like utilized for
the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any other
depository institution or trust company organized under the laws of the United States or any State that is a member of the FDIC,
the short-term debt of which has the highest available credit rating of [     ] and [     ];

 

(j)          guaranteed
investment contracts entered into with any financial institution having a final maturity of not more than one month from the date
of acquisition, the short-term debt securities of which institution have the Required Rating;

 

(k)          funds
classified as money market funds; provided, however, that the fund shall be rated with the highest available credit rating of [     ]
and [     ], and redemptions shall be permitted on a daily or next business day basis;

 

(l)          auction
rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be limited to those
issuers having the AAA credit rating of [     ] and [     ]; and

 

(m)          such
other investments for which the Rating Agency Condition has been satisfied.

 

Notwithstanding anything
to the contrary contained in the foregoing definition:

 

(a)          no
Permitted Investment may be repurchased at a premium;

 

    	 	App. A-27	 

     

    

 

(b)          any
of the foregoing which constitutes a certificated security shall not be considered a Permitted Investment unless:

 

(i)          in
the case of a certificated security that is in bearer form, (A) the Indenture Trustee acquires physical possession of such certificated
security, or (B) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of
the Indenture Trustee; and

 

(ii)         in
the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of such
certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on
behalf of the Indenture Trustee, or (3) a securities intermediary acting on behalf of the Indenture Trustee acquires possession
of such certificated security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1)
such certificated security is endorsed to the Indenture Trustee or in blank by an effective endorsement, or (2) such certificated
security is registered in the name of the Indenture Trustee;

 

(c)          any
of the foregoing that constitutes an uncertificated security shall not be considered a Permitted Investment unless (A) the Indenture
Trustee is registered by the issuer as the owner thereof, (B) a person, other than a securities intermediary, becomes the registered
owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees
that it will comply with the instructions originated by the Indenture Trustee without further consent by any registered owner of
such uncertificated security;

 

(d)          any
of the foregoing that constitutes a security entitlement shall not be considered a Permitted Investment unless (A) the Indenture
Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the entitlement orders
originated by the Indenture Trustee without further consent by the entitlement holder;

 

(e)          any
of the foregoing shall not constitute a Permitted Investment unless the Indenture Trustee (A) has given value, and (B) does not
have notice of an adverse claim; and

 

(f)          for
the purposes of funds held in the Trust Collection Account only, investments which would otherwise qualify as Permitted Investments
but for the fact that such investments are rated [  ] by [     ] shall be Permitted Investments,
so long as the aggregate amount of such investments does not exceed [10]% of the Outstanding Amount of the Notes.

 

"Permitted
Lien" means (1) with respect to any Transaction Unit (a) the interests of the parties under the Transaction Documents;
(b) the interests of the Titling Trust and any Closed-End Obligor as provided in any Transaction Lease; (c) any liens thereon for
taxes, assessments, levies, fees and other government and similar charges not due and payable or the amount or validity of which
is being contested in good faith by appropriate proceedings; (d) any liens of mechanics, suppliers, vendors, materialmen, laborers,
employees, repairmen and other like liens arising in the ordinary course of the Servicer's, the Issuing Entity's or the Titling
Trust's (or if a Transaction Lease is then in effect, any Closed-End Obligor's) business securing obligations which are not due
and payable or the amount or validity of which is being contested in good faith

 

    	 	App. A-28	 

     

    

 

by appropriate proceedings; (e) liens arising
out of any judgment or award against the Depositor or the Titling Trust (or if a Transaction Lease is then in effect, any Closed-End
Obligor) with respect to which an appeal or proceeding for review is being taken in good faith and with respect to which there
shall have been secured a stay of execution pending such appeal or proceeding for review; and (f) any lien of the Titling Trust
noted on the certificate of title of the Transaction Vehicle included in such Closed-End Unit for the sole purpose of causing the
certificate of title for such Transaction Vehicle to be returned or otherwise delivered to the Depositor, the Servicer or the Titling
Trust from the relevant registrar of titles and which does not convey to the Titling Trust any other rights with respect to such
Closed-End Vehicle; and (2) with respect to any Exchange Note, the type of liens described in subclauses (a), (c) and (e) of the
foregoing clause (1).

 

"Person"
means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company,
trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

 

"Plan"
shall have the meaning assigned to such term in Section 3.03 of the Trust Agreement.

 

“Plan Asset
Regulation” has the meaning set forth in Section 2.4(k)(xiii) of the Indenture.

 

"Post-maturity
Term Extension" means, with respect to any Included Unit, that the Servicer has granted an extension of the term of the
related Transaction Lease, and the Transaction Lease term as so extended ends beyond the Closed-End EN Collection Period preceding
the Final Scheduled Payment Date for the Class [F] Notes.

 

"Predecessor
Note" means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; provided, however, for the purpose of this definition, any Note authenticated and delivered
under Section 2.5 of the Indenture in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Note.

 

"Principal
Distribution Account" means the account designated as such, established and maintained pursuant to Section 8.2(b)
of the Indenture.

 

"Proceeding"
means any suit in equity, action at law or other judicial or administrative proceeding.

 

“PTCE 95-60”
has the meaning set forth in Section 2.4(k)(xiii) of the Indenture.

 

"Rating Agency"
means either [     ] or [     ], as the context may require. If neither [     ]
nor [     ] nor a successor thereto remains in existence, "Rating Agency" shall mean any nationally
recognized statistical rating organization or other comparable Person designated by the Depositor, notice of which shall be given
to the Indenture Trustee, the Owner Trustee and the Servicer.

 

    	 	App. A-29	 

     

    

 

"Rating Agency
Condition" means, with respect to any action, that each Rating Agency shall have received prior written notice and shall
not have notified the Depositor that such action will result in a downgrade of the then current rating on any Notes.

 

"Reallocation
Request" has the meaning specified in Section 2.3(d)(i) of the Exchange Note Sale Agreement.

 

"Record Date"
means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day immediately preceding such
Payment Date or Redemption Date or, if Definitive Notes have been issued pursuant to Section 2.9 of the Indenture, the Payment
Date in the preceding month.

 

"Records"
means, for any Transaction Unit, all contracts, books, records and other documents or information (including computer programs,
tapes, disks, software and related property and rights, to the extent legally transferable) relating to such Transaction Unit or
the related Closed-End Obligor.

 

"Recoveries"
means, with respect to any Transaction Unit that has become a Terminated Unit, all monies collected by the Servicer (from whatever
source, including, but not limited to, proceeds of a deficiency balance or insurance proceeds recovered after the charge-off of
the related Transaction Unit) on such Terminated Unit, net of any and all out-of-pocket costs and expenses incurred by the Servicer
in connection therewith, Supplemental Servicing Fees and any payments required by law to be remitted to the Closed-End Obligor.

 

"Redemption
Date" means in the case of a redemption of the Notes pursuant to Section 10.1 of the Indenture, the Payment Date
specified by the Administrator or the Issuing Entity pursuant to Section 10.1 of the Indenture.

 

"Reference
Pool" means the pool of Titling Trust Assets allocated to the Exchange Note.

 

"Redemption
Price" means an amount equal to the unpaid principal amount of the Notes redeemed plus accrued and unpaid interest thereon
at the applicable Interest Rate for the Notes being so redeemed, up to but excluding the Redemption Date as calculated by the Paying
Agent.

 

"Registered
Holder" means the Person in whose name a Note is registered on the Note Register on the related Record Date.

 

"Regulation
AB" means Subpart 229.1100 - Asset-Backed Securities (Regulation AB), 17 C.F.R. Sections 229.1100-229.1125, as such regulation
may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in
the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)
and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57, 184 (September 24,
2014)) or by the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 

    	 	App. A-30	 

     

    

 

"Related Rights"
means, with respect to any Transaction Vehicle and related Closed-End Lease, all Titling Trust Assets to the extent such assets
are associated with such Transaction Unit.

 

“Remaining
Payments Charge” means the remaining amounts owed under a related lease in connection with a Closed-End Obligor initiated
early termination, including, Base Monthly Payments and all applicable Additional Lease Charges, plus the disposition fee set forth
in the Closed-End Lease, plus any official fees and taxes related to termination.

 

"Reporting
Officer" means any officer, employee or other person within the Corporate Trust Office of the Owner Trustee having responsibility
for the administration of the Issuing Entity.

 

"Reporting
Subcontractor" shall mean with respect to any Person, any Subcontractor for such Person that is "participating in
the servicing function" within the meaning of Item 1122 of Regulation AB. References to a Reporting Subcontractor shall refer
only to the Subcontractor of such Person and shall not refer to Subcontractors generally.

 

"Repurchase
Payment" has the meaning specified in Section 2.3(c) of the Exchange Note Sale Agreement.

 

"Repurchase
Rules and Regulations" has the meaning set forth in Section 6.14.

 

"Requesting
Party" has the meaning specified in Section 2.3(d)(i) of the Exchange Note Sale Agreement.

 

"Required Deposit
Amount" has the meaning set forth in Section 5.1(d)(ii) to the Servicing Agreement.

 

"Required Rating"
means a rating on commercial paper or other short term unsecured debt obligations of [  ] by [     ]
so long as [     ] is a Rating Agency and [  ] by [     ] so long as
[     ] is a Rating Agency; and any requirement that deposits or debt obligations have the "Required
Rating" shall mean that such deposits or debt obligations have the foregoing required ratings from [     ]
and [     ].

 

["Required
Reserve Account Balance" means with respect to any Payment Date, [an amount equal to [   ]% of the [Initial]
Securitization Value][, provided that, with respect to any Payment Date after the date on which the Outstanding Amount of the
Class [    ] Notes is paid in full, [[  ]% of the [Initial] Securitization Value] [      ]%
of the Pool Balance for that Payment Date].]

 

"[Risk Retention]
Reserve Account" means the account designated as such, established and maintained pursuant to Section 8.2(c) of
the Indenture.

 

“Reserve Account
Letter of Credit” means [    ].

 

“Reserve Account
Letter of Credit Bank” means [    ].

 

    	 	App. A-31	 

     

    

 

"Residual Losses"
means, for any Collection Period, an amount (which, for the avoidance of doubt, shall be a positive number in the case of residual
losses and a negative number in the case of residual gains) equal to (a) the Securitization Value of each Included Unit that became
a Terminated Unit (other than Defaulted Units) during that Collection Period minus (b) the sum of all Sales Proceeds and Recoveries
in connection with the sale or other disposition of the related Transaction Vehicle and Excess Mileage Charges and Excess Wear
and Tear Charges received by the Servicer during such Closed-End EN Collection Period.

 

"Responsible
Officer" means, with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture
Trustee, including any vice president, senior associate, associate, trust officer or any other officer of the Indenture Trustee
who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject
and who shall have direct responsibility for the administration of the Indenture and, with respect to the Owner Trustee, any officer
within the Corporate Trust Office of the Owner Trustee and having direct responsibility for the administration of the Issuing Entity
pursuant to the Trust Agreement, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary,
or any other officer customarily performing functions similar to those performed by any of the above designated officers and also,
with respect to a particular matter, any other officer to whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

 

“Retained
Notes” means the Class [__] Notes, until such time as such Notes are the subject of an opinion specified in Section
2.4 of the Indenture regarding treatment of such Notes as indebtedness for U.S. federal income tax purposes, which opinion
shall have been received by the Depositor and the Indenture Trustee.

 

"Review"
means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Transaction
Leases that have been Delinquent Units for 60 days or more as of the last day of the preceding Collection Period to determine whether
such Transaction Leases satisfy the representations and warranties set forth in Section 2.3(b) of the Exchange Note Sale
Agreement, each as of the date as specified in Section 2.3(b) of the Exchange Note Sale Agreement.

 

"Review Transaction
Lease" has the meaning designated in Section 1.02 of the Asset Representations Review Agreement.

 

"Review Notice"
means the notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity and the Servicer pursuant
to Section 7.5(c) of the Indenture directing the Asset Representations Reviewer to perform a Review.

 

"Review Report"
has the meaning designated in Section 3.04 of the Asset Representations Review Agreement.

 

"Sales Proceeds"
means, with respect to any Transaction Vehicle, an amount equal to the aggregate amount of proceeds received by the Servicer from
the purchaser in connection with the sale or other disposition of such Transaction Vehicle, net of any and all out-of-pocket costs
and

 

    	 	App. A-32	 

     

    

 

expenses incurred by the Servicer in connection
with such sale or other disposition, including without limitation, all repossession, auction, painting, repair and any and all
other similar liquidation and refurbishment costs and expenses.

 

"Sarbanes-Oxley
Act" means the Sarbanes-Oxley Act of 2002, as amended.

 

"Securities
Act" shall mean the Securities Act of 1933, as amended.

 

"Securitization
Rate" means, with respect to any Included Unit, [  ]%.

 

"Securitization
Value" means, for each Included Unit, as of any date, the sum of (i) the present values (discounted at the greater of
the Securitization Rate and the Lease Rate) of (a) the aggregate scheduled monthly payments remaining on the Closed-End Lease and
(b) the Base Residual Value of the related Closed-End Vehicle and (ii) the monthly payments due and not yet paid, minus any monthly
payments made in advance of the Closed-End Obligor’s next due date; provided, however, that the Securitization
Value of a Terminated Unit is equal to zero.

 

"Securitization
Transaction" means any transaction effected after the Closing Date involving an issuance of notes pursuant to the Indenture,
whether publicly offered or privately placed, rated or unrated.

 

"Seller"
has the meaning set forth in the first paragraph of the Exchange Note Sale Agreement.

 

[“Senior Swap
Termination Amount” means, any Swap Termination Payment Amount other than a Subordinate Swap Termination Amount.]

 

"Servicer"
means World Omni, initially, in its capacity as Servicer under the Exchange Note Servicing Agreement, and any replacement Servicer
appointed pursuant to the Exchange Note Servicing Supplement.

 

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

 

"Servicing
Agreement" means the fifth amended and restated servicing agreement, dated as of December 15, 2009, between the Titling
Trust, World Omni and the Closed-End Collateral Agent, as amended, modified and supplemented by the Exchange Note Servicing Supplement,
and as the same may be further amended or modified from time to time.

 

"Servicing
Criteria" means the "servicing criteria" set forth in Item 1122(d) of Regulation AB.

 

"Servicing
Fee" means, for any Closed-End EN Collection Period, an amount equal to the product of (a) one-twelfth (1/12th) (or, in
the case of the initial Closed-End EN Collection Period (i.e., the period commencing on the close of business on the Cut-Off Date
and ending on [      ], 20[  ]), a fraction, the numerator of which is [  ] and
the denominator of which is 360), (b) [1.00]% and (c) the aggregate Securitization Value at the beginning of such Closed-End EN
Collection Period (or, in the case of the first Payment Date, at the Cut-Off Date) of all Transaction Units for such Closed-End
EN Collection Period.

 

    	 	App. A-33	 

     

    

 

"Similar Law"
shall have the meaning assigned to such term in Section 3.03 of the Trust Agreement.

 

"Special Purpose
Entity" means any special purpose corporation, partnership, limited partnership, trust, business trust, limited liability
company or other entity created for one or more Financings.

 

["Standard
 & Poor's" means Standard & Poor's Ratings Services, a division of Standard & Poor's Financial Services LLC
or any successor that is a nationally recognized statistical rating organization.]

 

"State"
means any one of the 50 States of the United States of America or the District of Columbia.

 

"Statutory
Trust Act" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as the same may be amended
from time to time.

 

"Subcontractor"
shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as "servicing"
is commonly understood by participants in the mortgage-backed securities market) of the Closed-End Units but performs one or more
discrete functions identified in Item 1122(d) of Regulation AB with respect to the Closed-End Units under the direction or authority
of the Servicer or the Indenture Trustee.

 

[“Subordinate
Swap Termination Amount” means, any Swap Termination Payment Amount resulting from a termination where the Swap Counterparty
is the Defaulting Party or the sole Affected Party (as defined in the Interest Rate Swap) other than terminations arising from
a Tax Event or Illegality (as defined in the Interest Rate Swap).]

 

"Supplemental
Servicing Fees" means any and all (i) late fees, (ii) extension fees, (iii) prepayment charges, (iv) early termination
fees or any other fees paid to the Servicer in connection with the termination of any Closed-End Lease (other than monthly lease
payments and Excess Wear and Tear Charges and Excess Mileage Charges), (v) non-sufficient funds charges and (vi) any and all other
administrative fees or similar charges allowed by applicable law received by or on behalf of the Servicer, the Closed-End Collateral
Agent, the Closed-End Administrative Agent or the Titling Trust with respect to any Closed-End Unit.

 

[“[Swap][Cap]
Counterparty” means [      ], and any permitted successor pursuant to the terms
of each applicable Interest Rate [Swap][Cap].]

 

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

 

[“Swap Termination
Payment Amount” means, any amount due to the Swap Counterparty from the Issuing Entity in respect of an early termination
of the Interest Rate Swap Agreement.]

 

"Taxes"
means all taxes, charges, fees, levies or other assessments (including income, gross receipts, profits, withholding, excise, property,
sales, use, license, occupation and franchise

 

    	 	App. A-34	 

     

    

 

taxes and including any related interest,
penalties or other additions) imposed by any jurisdiction or taxing authority (whether foreign or domestic).

 

"Terminated
Unit" shall mean, without duplication, an Included Unit for which any of the following has occurred during a Closed-End
EN Collection Period:

 

(a)          following
the scheduled expiration or early termination (including any voluntary early termination by the related Closed-End Obligor) of
the related Transaction Lease, the related Closed-End Vehicle was either (a) sold or otherwise disposed of by the Servicer or (b)
held in inventory for more than 90 days, whichever occurs first; or

 

(b)          the
related Closed-End Vehicle was purchased by the customer or the dealer; or

 

(c)          the
Servicer's records, in accordance with Customary Servicing Practices, disclose that all insurance proceeds expected to be received
have been received by the Servicer following a Casualty or other loss with respect to the related Closed-End Vehicle; or

 

(d)          the
related Closed-End Lease becoming a Defaulted Unit.

 

"Test Fail"
has the meaning assigned in Section 3.03(a) of the Asset Representations Review Agreement.

 

"TIA"
or "Trust Indenture Act" means the Trust Indenture Act of 1939, as amended and as in force on the date hereof,
unless otherwise specifically provided.

 

"Titling Trust"
means World Omni LT, a Delaware statutory trust formed under the Statutory Trust Act.

 

"Titling Trust
Administrator" means World Omni, in its capacity as Titling Trust Administrator under the Titling Trust Agreement.

 

"Titling Trust
Agreement" means the second amended and restated trust agreement, dated as of July 16, 2008, among ALF LLC, as initial
beneficiary, VT Inc., as Titling Trustee, U.S. Bank Trust National Association, as Delaware Trustee, U.S. Bank, as Initial Titling
Trustee Agent and World Omni, as titling trust administrator and as the same may be further amended supplemented or modified from
time to time.`

 

"Titling Trust
Assets" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"Titling Trustee"
means VT Inc., not in its individual capacity but solely as Titling Trustee under the Titling Trust Agreement.

 

"Transaction
Documents" means the Indenture, the Notes, the Depository Agreement, the Exchange Note Servicing Supplement, the Exchange
Note Supplement, the Servicing Agreement (to the extent that it deals solely with the Exchange Note and the Reference Pool), the
Titling Trust Agreement (to the extent that it deals solely with the Exchange Note and the Reference Pool), the Exchange Note Sale
Agreement, the Exchange Note Transfer Agreement, the

 

    	 	App. A-35	 

     

    

 

Administration Agreement, the Trust Agreement[,
the Interest Rate Swaps, the Swap Counterparty Rights Agreement][,the Interest Rate Caps], the Asset Representations Review Agreement
and all other documents, instruments and agreements executed or furnished on the Closing Date in connection herewith and therewith,
as the same may be amended or modified from time to time.

 

"Transaction
Lease" means, for any Transaction Vehicle, the Closed-End Lease for such Transaction Vehicle.

 

"Transaction
Unit" means a Closed-End Unit that has been allocated to the 20[  ]-[  ] Reference Pool.

 

"Transaction
Vehicle" means, at any time, a Closed-End Vehicle then identified and allocated to the 20[  ]-[  ]
Reference Pool.

 

"Treasury Regulations"
means regulations, including proposed or temporary regulations, promulgated under the Code from time to time.

 

"Trust Agreement"
means the amended and restated trust agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee, as the
same may be amended and supplemented from time to time.

 

"Trust Certificate"
shall have the meaning set forth in Section 3.01 of the Trust Agreement.

 

"Trust Collection
Account" means the trust account designated as such established and maintained pursuant to Section 8.2(a) of the
Indenture.

 

"Trust Collection
Account Shortfall Amount" has the meaning set forth in Section 13.2(b)(iv) of the Exchange Note Supplement.

 

"Trust Estate"
means all money, accounts, chattel paper, general intangibles, goods, instruments, investment property and other property of the
Issuing Entity, including (i) the Exchange Note (transferred pursuant to the Exchange Note Transfer Agreement), including the right
to payments thereunder after the Cut-Off Date, (ii) the rights of the Issuing Entity to the funds on deposit from time to time
in the Collection Account and any other account or accounts established pursuant to the Indenture and all cash, investment property
and other property from time to time credited thereto and all proceeds thereof (including investment earnings, net of losses and
investment expenses, on amounts on deposit therein), (iii) the rights of the Depositor, as buyer, under the Exchange Note Sale
Agreement, (iv) the rights of the Issuing Entity, as buyer, under the Exchange Note Transfer Agreement, (v) the rights of the Issuing
Entity as a third-party beneficiary under the Basic Documents, to the extent relating to the Transaction Units, [(vi) the rights
of the Issuing Entity under the Interest Rate [Swap][Cap], including any amounts owed by the [Swap][Cap] Counterparty to the Issuing
Entity] and ([vii]) all proceeds of the foregoing.

 

"UCC"
means, unless the context otherwise requires, the Uniform Commercial Code as in effect in the relevant jurisdiction, as amended
from time to time.

 

    	 	App. A-36	 

     

    

 

"Unencumbered
Reference Pool" has the meaning set forth in Appendix A to the Collateral Agency Agreement.

 

"United States"
or "USA" means the United States of America (including all states, the District of Columbia and political subdivisions
thereof).

 

"U.S. Bank"
means U.S. Bank National Association, a national banking association, with a corporate trust office in Delaware.

 

"World Omni"
means World Omni Financial Corp., a Florida corporation.

 

The foregoing definitions
shall be equally applicable to both the singular and plural forms of the defined terms. Unless otherwise inconsistent with the
terms of this Indenture, all accounting terms used herein shall be interpreted, and all accounting determinations hereunder shall
be made, in accordance with GAAP. Amounts to be calculated hereunder shall be continuously recalculated at the time any information
relevant to such calculation changes.

 

    	 	App. A-37EXHIBIT 10.1

 

SECOND AMENDED AND RESTATED

TRUST AGREEMENT

 

of

 

WORLD OMNI LT,

a Delaware statutory trust

 

dated as of July 16, 2008

 

among

 

AUTO LEASE FINANCE LLC,

as Initial Beneficiary,

 

WORLD OMNI FINANCIAL CORP.,

as Titling Trust Administrator,

 

VT INC.,

as Titling Trustee,

 

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Delaware Trustee,

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

as Initial Titling Trustee Agent

 

Titling Trust Agreement 

    

     

    

  

TABLE OF CONTENTS

 

	ARTICLE I USAGE AND DEFINITIONS	2
	Section 1.1	Definitions	2
	Section 1.2	Usage	11
	 	 	 
	ARTICLE II ORGANIZATION OF THE TRUST	12
	Section 2.1	Name	12
	Section 2.2	Office	13
	Section 2.3	Purposes and Powers	13
	Section 2.4	Banking Activities	14
	Section 2.5	Appointment of the Titling Trustee and Delaware Trustee	15
	Section 2.6	Contribution and Conveyance of Titling Trust Assets	15
	Section 2.7	Declaration of Trust	15
	Section 2.8	Representations and Warranties of World Omni as Titling Trust Administrator	16
	Section 2.9	Tax Reporting and Characterization	17
	Section 2.10	Execution of Documents	17
	Section 2.11	Conduct of Operations	17
	Section 2.12	No State Law Partnership	21
	Section 2.13	Titling of Titling Trust Vehicles	21
	Section 2.14	Enforcement of Titling Trust Leases	21
	Section 2.15	Liability to Third Parties	21
	Section 2.16	No Personal Liability of any Holder	22
	Section 2.17	Limited Liability and Bankruptcy Remoteness	22
	Section 2.18	Term	22
	 	 	 
	ARTICLE III MANAGEMENT OF THE TITLING TRUST	22
	Section 3.1	General Management of the Titling Trust	22
	Section 3.2	Restrictions on the Power of the Titling Trustee	23
	Section 3.3	Duties and Obligations of the Titling Trustee	23
	Section 3.4	Delegation of Certain Titling Trustee Duties and Ob1iations to the Titling Trust Administrator	25
	 	 	 
	ARTICLE IV SPECIFIED INTERESTS	25
	Section 4.1	Designation of the Specified Interests	25
	Section 4.2	Capital Contributions	27
	Section 4.3	Allocation of Specified Assets; Servicing Agreements	28
	Section 4.4	Asset Removal Procedures	33
	Section 4.5	Accounts of the Titling Trust	34
	Section 4.6	Titling Trust Debts	34
	 	 	 
	ARTICLE V THE CERTIFICATES	34
	Section 5.1	Authentication and Delivery; Form	34
	Section 5.2	Mutilated, Destroyed, Lost or Stolen Certificates	35
	Section 5.3	Persons Deemed Holders	35

 

Titling Trust Agreement

     i

     

    

 

	Section 5.4	Registration of Transfer and Exchange of Certificates	36
	Section 5.5	Maintenance of Office or Agency	37
	Section 5.6	Cooperation with Servicers	37
	Section 5.7	Registered Pledge	37
	 	 	 
	ARTICLE VI ACCOUNTING AND REPORTS TO HOLDERS	38
	 	 	 
	ARTICLE VII THE TITLING TRUST ADMINISTRATOR AND THE TRUSTEES	38
	Section 7.1	Appointment of the Titling Trust Administrator; Duties of the Tit1ing Trust Administrator and the Titling Trustee	38
	Section 7.2	Authorization of the Titling Trust Administrator and the Trustees	39
	Section 7.3	Acceptance of Duties; Limitation of Liability	39
	Section 7.4	Action upon Instruction by Holders	40
	Section 7.5	Furnishing of Documents	41
	Section 7.6	Representations and Warranties of the Trustees; Agreements Regarding Stock	41
	Section 7.7	Reliance; Advice of Counsel	44
	Section 7.8	Compensation and Reimbursement	45
	Section 7.9	Resignation or Removal of Titling Trust Administrator and the Trustees	45
	Section 7.10	Merger or Consolidation of Titling Trust Administrator or the Titling Trustee	47
	Section 7.11	Eligibility Requirements for the Trustees	47
	Section 7.12	Agents of the Trust Representatives	48
	 	 	 
	ARTICLE VIII TERMINATION OF TRUST AGREEMENT	51
	Section 8.1	Termination of Trust Agreement	51
	 	 	 
	ARTICLE IX AMENDMENTS	51
	Section 9.1	Amendments	51
	 	 	 
	ARTICLE X LIABILITIES; INDEMNIFICATION	53
	Section 10.1	Liabilities; Indemnification	53
	Section 10.2	Indemnification of the Tit1in Trustee Agents and the Trustees	54
	 	 	 
	ARTICLE XI MISCELLANEOUS	55
	Section 11.1	No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator	55
	Section 11.2	Limitations on Rights of Others	55
	Section 11.3	Notices	55
	Section 11.4	GOVERNING LAW	57
	Section 11.5	Severability; Conflict with Delaware Statutory Trust Act	57
	Section 11.6	Counterparts	58
	Section 11.7	Headings	58
	Section 11.8	Successors and Assigns	58
	Section 11.9	No Recourse	58
	Section 11.10	No Petition	58

 

Titling Trust Agreement

     ii

     

    

  

	Section 11.11	Confidential Information.	59

 

Titling Trust Agreement

     iii

     

    

 

EXHIBITS

 

	Exhibit A	Form of Specification Notice
	Exhibit B	Form of Certificate
	Exhibit C	Form of Notice of Registered Pledge
	Exhibit D	Form of Certificate of Trust
	Exhibit E	Form of Certificate of Merger
	Exhibit F	Form of Addition Notice
	Exhibit G	Form of Reallocation Notice

 

SCHEDULES

 

	Schedule A	Authorized Officers of the Initial Beneficiary and the Titling Trust Administrator
	Schedule B	Authorized Officers of the Titling Trustee
	Schedule C	Initial Designated Notice Recipients

 

Titling Trust Agreement

     iv

     

    

 

INDEX OF TERMS DEFINED IN THIS

TITLING TRUST AGREEMENT OR IN THE

INTERCREDITOR AGREEMENT

 

A

 

	Addition Date	Titling Trust Agreement, Section 1.1
	Addition Notice	Titling Trust Agreement, Section 1.1
	Affiliate	Titling Trust Agreement, Section 1.1
	Alabama Trust	Titling Trust Agreement, Recitals
	Alabama Trust Agreement	Titling Trust Agreement, Section 1.1
	Alabama Trustee	Titling Trust Agreement, Section 1.1
	ALF LLC	Titling Trust Agreement, Preamble
	ALF LP	Titling Trust Agreement, Recitals
	ALHC	Schedule Ito the Intercreditor Agreement
	Applicable Asset Annex	Titling Trust Agreement, Section 1.1
	Applicable Law	Titling Trust Agreement, Section 1.1
	Asset Removal Procedures	Titling Trust Agreement, Section 4.4
	Assignment Date	Titling Trust Agreement, Section 1.1
	Assignment Notice	Titling Trust Agreement, Section 1.1
	Authorized Officer	Titling Trust Agreement, Section 1.1

 

B

 

	Bank	Titling Trust Agreement, Section 2.4(d)
	Bank of America	Schedule Ito the Intercreditor Agreement
	Bankruptcy Code	Titling Trust Agreement, Section 1.1
	Beneficial Interest	Titling Trust Agreement, Section 1.1
	Borrower Novation Agreement	Titling Trust Agreement, Section 1.1
	BTM	Schedule I to the Intercreditor Agreement
	BTM Receivables Financing Agreement	Schedule I to the Intercreditor Agreement
	Business Day	Titling Trust Agreement, Section 1.1

 

C

 

	Certificate	Titling Trust Agreement, Section 4.1(a)
	Certificate of Merger	Titling Trust Agreement, Section 1.1
	Certificate of Title	Titling Trust Agreement, Section 1.1
	Certificate of Trust	Titling Trust Agreement, Section 1.1
	Certificate Register	Titling Trust Agreement, Section 5.4(a)
	Certificates of Title	Titling Trust Agreement, Section 1.1
	Class	Titling Trust Agreement, Section 4.3(b)(iii)
	Closed-End Collateral Agency Agreement	Schedule I to the Intercreditor Agreement
	Closed-End Collateral Specified Interest	Schedule I to the Intercreditor Agreement
	Closed-End Collateral Specified Interest Certificate	Schedule I to the Intercreditor Agreement
	Closed-End Security Agreement	Schedule I to the Intercreditor Agreement
	Code	Titling Trust Agreement, Section 1.1

 

Titling Trust Agreement

     v

     

    

  

	Collection Period	Titling Trust Agreement, Section 1.1
	Collections	Titling Trust Agreement, Section 1.1
	Confidential Information	Titling Trust Agreement, Section 11.11(b)
	Corporate Trust Office	Titling Trust Agreement, Section 1.1

 

D

 

	Dealer	Titling Trust Agreement, Section 1.1
	Delaware Statutory Trust Act	Titling Trust Agreement, Section 1.1
	Delaware Trustee	Titling Trust Agreement, Preamble
	Designated Notice Recipient	Titling Trust Agreement, Section 1.1

 

E

 

	Enhancement	Titling Trust Agreement, Section 1.1
	Enhancement Document	Titling Trust Agreement, Section 1.1
	Existing Party	Intercreditor Agreement, Section 3.1(a)

 

F

 

	First Amended and Restated Trust Agreement	Titling Trust Agreement, Recitals
	Fixed Specified Interest	Titling Trust Agreement, Section 4.3(b)(ii)

 

G

 

	G-L-B Act	Titling Trust Agreement, Section 11.11(a)
	Governmental Authority	Titling Trust Agreement, Section 1.1
	Grantor	Titling Trust Agreement, Recitals

 

H

 

	Holder	Titling Trust Agreement, Section 1.1
	Holding Company	Intercreditor Agreement, Preamble

 

I

 

	Indemnified Person	Titling Trust Agreement, Section 10.1(a)
	Indemnified Persons	Titling Trust Agreement, Section 10.2(a), Titling Trust Agreement, Section 10.1(a)
	Information Recipients	Titling Trust Agreement, Section 11.11(a)
	Initial Beneficiary	Titling Trust Agreement, Preamble
	Initial Titling Trust Debt Documents	Titling Trust Agreement, Section 1.1
	Initial Titling Trustee Agent	Titling Trust Agreement, Section 7.12(d)(i)
	Insolvency Event	Titling Trust Agreement, Section 1.1
	Intercreditor Agreement	Intercreditor Agreement, Preamble, Titling Trust Agreement, Section 1.1
	Interest Holder	Intercreditor Agreement, Sect Lou 1.1
	Interim Trust Agreement	Titling Trust Agreement, Recitals

 

Titling Trust Agreement

     vi

     

    

  

J

 

	Joinder Agreement	Intercreditor Agreement, Section 3.1(a)

 

L

 

	Lease Files	Titling Trust Agreement, Sect Lou 1.1
	Lessee	Titling Trust Agreement, Section 1.1
	Liabilities	Titling Trust Agreement, Section 10.1(a)
	Lien	Titling Trust Agreement, Section 1.1
	Liquid Titling Trustee Assets	Titling Trust Agreement, Section 7.6(c)(ii)(B)

 

M

 

	Merger	Titling Trust Agreement, Recitals
	Merger Agreement	Titling Trust Agreement, Recitals
	Multi-Bank Receivables Financing Agreement	Schedule I to the Intercreditor Agreement
	Multiple-Use SPV	Intercreditor Agreement, Section 1.1

 

N

 

	Notice of Registered Pledge	Titling Trust Agreement, Section 5.4(e)

 

O

 

	Open-End Collateral Specified Interest	Schedule I to the Intercreditor Agreement
	Open-End Collateral Specified Interest Certificate	Schedule I to the Intercreditor Agreement
	Open-End Credit and Security Agreement	Schedule I to the Intercreditor Agreement,
	Opinion of Counsel	Titling Trust Agreement, Section 1.1
	Other Assets, Rights and Interests	Intercreditor Agreement, Section 2.1(b)

 

P

 

	Pass-Through Entity	Titling Trust Agreement, Section 5.1 (d)(iii)
	Permitted Transactions	Titling Trust Agreement, Section 2.3
	Person	Titling Trust Agreement, Section 1.1

 

R

 

	Rating Agency	Titling Trust Agreement, Section 1.1
	Reallocation Date	Titling Trust Agreement, Section 1.1
	Reallocation Notice	Titling Trust Agreement, Section 1.1
	Registered Pledge	Titling Trust Agreement, Section 5.4(e)
	Registered Pledgee	Titling Trust Agreement, Section 1.1
	Related Assets, Rights and Interests	Intercreditor Agreement, Section 2.1(b)
	Related Specified Assets	Intercreditor Agreement, Section 1.1
	Related Specified Interest	Intercreditor Agreement, Section 1.1
	Representative Capacities	Intercreditor Agreement, Section 1.1

 

Titling Trust Agreement

     vii

     

    

  

	Representative Capacity	Intercreditor Agreement, Section 1.1
	Representative Party	Intercreditor Agreement, Section 1.1
	Revolving Specified Interest	Titling Trust Agreement, Section 4.3(b)(ii)

 

S

 

	Secured Titling Trust Creditor	Titling Trust Agreement, Section 1.1
	Secured Titling Trust Debt	Titling Trust Agreement, Section 1.1
	Securitization Entity	Titling Trust Agreement, Section 1.1
	Series	Titling Trust Agreement, Section 4.1(a)
	Series Collateral Agents	Intercreditor Agreement, Section 1.1
	Series Cutoff Date	Titling Trust Agreement, Section 4.3(b)(v)
	Series Issue Date	Titling Trust Agreement, Section 4.3(b)(i)
	Servicer	Titling Trust Agreement, Section 4.3(a)
	Servicing Agreement	Titling Trust Agreement, Section 1.1
	Specification Notice	Titling Trust Agreement, Section 4.3(b)
	Specified Asset	Titling Trust Agreement, Section 1.1
	Specified Asset Amount	Titling Trust Agreement, Section 1.1
	Specified Asset Percentage	Titling Trust Agreement, Section 1.1
	Specified Asset Titling Trust Administrator Fee	Titling Trust Agreement, Section 1.1
	Specified Asset Titling Trustee Fee	Titling Trust Agreement, Section 1.1
	Specified Interest	Titling Trust Agreement, Section 4.1(a)
	Specified Interest Default Condition	Titling Trust Agreement, Section 1.1
	Specified Lease	Titling Trust Agreement, Section 1.1
	Specified Vehicle	Titling Trust Agreement, Section 1.1

 

T

 

	Titling Trust	Titling Trust Agreement, Recitals
	Titling Trust Administrator	Titling Trust Agreement, Preamble
	Titling Trust Agreement	Intercreditor Agreement, Section 1.1, Titling Trust Agreement, Preamble
	Titling Trust Assets	Titling Trust Agreement, Section 1.1
	Titling Trust Creditor	Titling Trust Agreement, Section 1.1
	Titling Trust Debt	Titling Trust Agreement, Section 1.1
	Titling Trust Debt Document	Titling Trust Agreement, Section 1.1
	Titling Trust Debt Specified Interest	Titling Trust Agreement, Section 4.3(b)(vii)
	Titling Trust Lease	Titling Trust Agreement, Section 1.1
	Titling Trust Vehicle	Titling Trust Agreement, Section 1.1
	Titling Trustee	Titling Trust Agreement, Preamble
	Treasury Regulations	Titling Trust Agreement, Section 1.1
	TRO Default	Tilling Trust Agreement, Section 1.1
	TRO Document	Tilling Trust Agreement, Section 1.1
	TRO Holder	Titling Trust Agreement, Section 1.1
	TRO Holder Representative	Intercreditor Agreement, Section 1.1
	Trust Agency Agreement	Titling Trust Agreement, Section 7.12
	Trust Agent	Titling Trust Agreement, Section 7.12

 

Titling Trust Agreement

     viii

     

    

  

	Trust Document	Titling Trust Agreement, Section 1.1
	Trust Representative	Titling Trust Agreement, Section 1.1
	Trust Representatives	Titling Trust Agreement, Section 1.1
	Trustee	Titling Trust Agreement, Section 1.1
	Trustee Stock	Titling Trust Agreement, Section 7.6(c)

 

U

 

	U.S. Bank	Titling Trust Agreement, Preamble
	U.S. Bank Trust	Titling Trust Agreement, Preamble
	Undertaking	Titling Trust Agreement, Section 1.1

 

V

 

	VT Inc.	Intercreditor Agreement, Preamble, Titling Trust Agreement, Section 1.1

 

W

 

	Warehouse Facility Lender	Schedule I to the Intercreditor Agreement
	Warehouse Facility Lenders	Schedule I to the Intercreditor Agreement
	World Omni	Titling Trust Agreement, Preamble

 

Titling Trust Agreement

     ix

     

    

 

SECOND AMENDED AND RESTATED TRUST AGREEMENT,
dated and effective as of July 16, 2008 (the “Titling Trust Agreement”), among AUTO LEASE FINANCE
LLC, a Delaware limited liability company (“ALF LLC”), as initial beneficiary (in such capacity,
the “Initial Beneficiary”), WORLD OMNI FINANCIAL CORP., a Florida corporation (“World
Omni”) as titling trust administrator (in such capacity, the “Titling Trust Administrator”),
VT INC., an Alabama corporation, as trustee (in such capacity, the “Titling Trustee”), U.S.
BANK TRUST NATIONAL ASSOCIATION, a national banking association (“US Bank Trust”), as co-trustee
(in such capacity, the “Delaware Trustee”), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association (“U.S. Bank”), as Initial Titling Trustee Agent (as defined herein).

 

BACKGROUND

 

1.          Auto
Lease Finance L.P., a Delaware limited partnership (“ALF LP”), has established World Omni LT, a Delaware
statutory trust (the “Titling Trust”), pursuant to the Certificate of Trust (as defined herein) and a
Trust Agreement, dated and effective as of June 25, 2007 (the “Interim Trust Agreement”), among ALF LP,
as grantor (in such capacity, the “Grantor”), World Omni, as Servicer, the Titling Trustee, and the Delaware
Trustee, as amended and restated by the Amended and Restated Trust Agreement, dated and effective as of March 30, 2008 (the “First
Amended and Restated Trust Agreement”), among the Grantor, World Omni, as Servicer and as Titling Trust Administrator,
the Titling Trustee, and the Delaware Trustee.

 

2.          On
the date that the Titling Trust was established, (A) ALF LP held the entire beneficial interest in the Titling Trust, (B) the Initial
Beneficiary was the general partner of ALF LP and (C) World Omni, as a limited partner, owned 99% of the economic interest in ALF
LP.

 

3.          World
Omni LT, an Alabama business trust (the “Alabama Trust”), was established pursuant to the Alabama Trust
Agreement (as defined herein).

 

4.          On
or around July 16, 2008, the Alabama Trust will merge with and into the Titling Trust (the “Merger”)
pursuant to (A) the Agreement and Plan of Merger, dated July 16, 2008 (the “Merger Agreement”), between
the Alabama Trust and the Titling Trust, and the filing of a “Certificate of Merger” with the Secretary of State of
the State of Alabama and the filing of a “Certificate of Merger” with the Secretary of State of the State of Delaware.
The Titling Trust will be the surviving entity pursuant to the Merger. Such merger has been approved by ALF LP, as the sole beneficial
owner of each of the Alabama Trust and the Titling Trust, by VT, Inc., as the trustee of each of the Alabama Trust and the Titling
Trust and by U.S. Bank Trust, as co-trustee of the Titling Trust.

 

5.          On
the date of, and simultaneously with the execution and delivery of, this Titling Trust Agreement, (A) World Omni is transferring
all of its partnership interests in, and other rights with respect to, ALF LP to the Initial Beneficiary and (B) ALF LP is being
dissolved, with the Initial Beneficiary succeeding to all of the rights of ALF LP in and with respect to the Titling Trust. The
Initial Beneficiary is executing this Titling Trust Agreement as

 

Titling Trust Agreement

     

     

    

 

the successor to ALF LP of all the rights of ALF
LP in, to and under the First Amended and Restated Trust Agreement.

 

6.          The
parties now wish to amend and restate the First Amended and Restated Trust Agreement to more fully set forth the rights and obligations
of the parties.

 

The parties agree as follows:

 

ARTICLE
I

 

USAGE
AND DEFINITIONS

 

Section 1.1           Definitions.

 

Capitalized terms used but not otherwise defined
in this Titling Trust Agreement are defined below or, if not defined in this Titling Trust Agreement (including in this Section
1.1), are defined in the Intercreditor Agreement (as defined below).

 

“Addition Date” means,
with respect to any Specified Asset, the date as of which such Specified Asset is acquired by the Titling Trust for allocation
to a previously designated Revolving Specified Interest pursuant to Section 4.3(d).

 

“Addition Notice” means
a notice provided to the Titling Trust Administrator pursuant to Section 4.3(d).

 

“Affiliate” means, with
respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control
with such Person. For the purposes of this definition. “control” when used with respect to any Person means the power
to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities,
by contract or otherwise.

 

“Alabama Trust Agreement”
means the Third Amended and Restated Trust Agreement of World Omni LT, an Alabama trust, dated as of September 10, 2004, among
ALF LP, as grantor and sole beneficiary, VT Inc., as trustee, and, for the limited purposes set forth therein, U.S. Bank.

 

“Alabama Trustee” means
VT Inc., in its capacity as trustee under the Alabama Trust Agreement, and otherwise engaging in the activities described in Section
6.07(e) of the Alabama Trust Agreement.

 

“Applicable Asset Annex”
means a schedule that is (1) attached to the Specification Notice delivered with respect to any Specified Interest and identifies
the Specified Assets with respect to such Specified Interest as of the related Series Cutoff Date, (2) attached to a Reallocation
Notice and identifies the Titling Trust Assets to be reallocated pursuant to such notice or (3) attached to an Addition Notice
and identifies the Titling Trust Assets to be acquired by the Titling Trust and allocated, pursuant to such notice, to the applicable
Specified Interest.

 

    	 	 	Titling Trust Agreement
	 	2	 

     

    

 

“Applicable Law” means
all applicable laws, ordinances, judgments, decrees, injunctions, writs and orders of any Governmental Authority and rules, regulations,
orders, interpretations, licenses and permits of any Governmental Authority.

 

“Assignment Date” means,
with respect to any Specified Asset allocated to any Specified Interest, the date as of which such Specified Asset is assigned
or otherwise transferred from the Titling Trust pursuant to Section 4.3(e).

 

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

 

“Authorized Officer”:

 

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

 

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

 

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

 

“Bankruptcy Code” means
the United States Bankruptcy Code, as set forth in Title 11 of the United States Code.

 

“Beneficial Interest”
means the beneficial interest of the Holders of a Series in the related Specified Interest, represented by their Certificates,
including such Holders’ exclusive right to administer, manage, and control the related Specified Assets in the manner set
forth in Section 4.3(c), but subject, however, to (x) the rights of (A) any related Registered
Pledgee and (B) any related Titling Trust Creditors and to the terms of the related Servicing Agreement and (y) any other document
to which the Specified Assets of such Specified Interest are subject.

 

“Borrower Novation Agreement”
means the Novation Agreement, dated as of July 16, 2008, among ALF LP, as Borrower Transferor, the Titling Trust, as Borrower Transferee,
and the Novation Consenting Parties named therein.

 

    	 	 	Titling Trust Agreement
	 	3	 

     

    

 

“Business Day” means
any day that is not a Saturday, Sunday or other day on which commercial banking institutions in New York, New York, Chicago, Illinois,
Charlotte, North Carolina, or Boca Raton, Florida are authorized or obligated by law or executive order to be closed.

 

“Certificate of Merger”
means the certificate or certificates of merger, a copy (or copies) of which is (or are) attached as Exhibit E.

 

“Certificate of Trust”
means the certificate of trust of the Titling Trust, as filed with the Secretary of State of the State of Delaware on June 25,
2007, a copy of which is attached as Exhibit D.

 

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

 

“Code” means the Internal
Revenue Code of 1986.

 

“Collection Period”
means, with respect to any Specified Interest, except as otherwise provided in the related Servicing Agreement, a calendar month.

 

“Collections” means,
with respect to any Specified Interest, except as otherwise provided in the related Servicing Agreement:

 

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

 

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

 

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

 

“Corporate Trust Office”
means, with respect to the applicable Trustee, the office of the Trustee at which its corporate trust business is administered,
which as of the date of this Titling Trust Agreement is located at:

 

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	 	4	 

     

    

 

In the case of the Titling Trustee:

 

VT Inc.

c/o U.S. Bank National Association

209 South LaSalle Street

Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

 

In the case of the Delaware Trustee:

 

U.S. Bank Trust National Association

c/o Corporate Trust Services

209 South LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

 

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

 

“Dealer” means a dealer
who in the ordinary course of business leases motor vehicles to Lessees.

 

“Delaware Statutory Trust Act”
means Chapter 38 of Title 12 of the Delaware Code, 12 Delaware Code § 3801 et seq.

 

“Designated Notice Recipient”
means, with respect to any Trust-Related Obligation, the Person (if any) designated to receive notices pursuant to this Titling
Trust Agreement with respect to such Trust-Related Obligation and/or the related Specified Interest by either (1) inclusion of
such person as an initial Designated Notice Recipient on Schedule C or (2) by notice in writing delivered by one
or more TRO Holders of such Trust-Related Obligation to the Initial Beneficiary and each of the Trust Representatives, specifying
(at a minimum) the name and notice information of such designee.

 

“Enhancement” means,
with respect to any Specified Interest, any reserve fund, overcollateralization, residual value guaranty, residual value insurance
policy, financial guarantee insurance policy, letter of credit, guaranteed investment contract, cash collateral account, cash collateral
guaranty, interest rate swap, cap, hedge or protection agreement, credit default swap or any other similar contract or agreement
for the benefit of the holders of the related TRO Holders.

 

“Enhancement Document”
means any document representing, or entered into in connection with, any Enhancement; provided, however,
that, “Enhancement Document” does not include any TRO Document.

 

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“Governmental Authority”
means the United States of America, any state or other political subdivision thereof and any entity exercising executive, legislative,
judicial, regulatory or administrative functions of or pertaining to government.

 

“Holder” means each
holder of a Certificate, as indicated in the Certificate Register.

 

“Initial Titling Trust Debt Documents”
means, collectively:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Intercreditor Agreement”
means the Intercreditor Agreement, dated as of the date of this Titling Trust Agreement, among (i) World Omni, as Titling Trust
Administrator and as an Interest Holder, (ii) the Titling Trust, (iii) the Initial Beneficiary, as initial multiple-use SPV and
an Interest Holder, (iv) VT Inc., as Titling Trustee and as an Interest Holder, and (v) each of the other Persons from time to
time becoming party to such agreement as Interest Holders thereunder.

 

“Lease Files” means,
with respect to each Titling Trust Lease, the following documents (which may be photocopies or in electronic format unless otherwise
indicated):

 

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

 

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

 

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

 

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

 

“Lessee” means the lessee
of one or more Titling Trust Vehicles or any Person who is obligated to make payments on the related Titling Trust Lease.

 

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“Lien” means a security
interest, lien, charge, pledge, equity, or encumbrance of any kind other than tax liens, mechanics’ liens and any liens that
attach to a Titling Trust Lease or Titling Trust Vehicle by operation of law.

 

“Opinion of Counsel”
means a written opinion of legal counsel, which counsel may be an employee of World Omni or an Affiliate or may provide legal services
to World Omni or an Affiliate.

 

“Person” means any legal
person, including any corporation, estate, natural person, firm, joint venture, joint stock company, limited liability company,
limited liability partnership, partnership (limited or general), trust, business trust, unincorporated organization, association,
enterprise, government, any department or agency of any government or any other entity of whatever nature.

 

“Rating Agency” means
each nationally recognized statistical rating organization that has been requested by any Holder or its agent to rate any class
of Trust-Related Obligations.

 

“Reallocation Date”
means, with respect to any Specified Asset allocated to any Specified Interest, the date as of which such Specified Asset is reallocated
to another Specified Interest pursuant to Section 4.3(f).

 

“Reallocation Notice”
means a notice provided to the Titling Trust Administrator pursuant to Section 4.3(f).

 

“Registered Pledgee”
means, with respect to any Certificate, the Person who is listed in the Certificate Register as the registered pledgee of such
Certificate.

 

“Secured Titling Trust Creditor”
means any Person to whom any Secured Titling Trust Debt is owed.

 

“Secured Titling Trust Debt”
means any Titling Trust Debt that is secured by a voluntary pledge by the Titling Trust of all or any portion of the Titling Trust
Assets.

 

“Securitization Entity”
means a special-purpose entity that becomes obligated on, or issues, one or more Trust-Related Obligations. For avoidance of doubt,
the Titling Trust is not a Securitization Entity.

 

“Servicing Agreement”
means a “Servicing Agreement” that is entered into from time to time and appointing the Servicer with respect to any
Specified Assets pursuant to Section 4.3(a). As of July 16, 2008, the Servicing Agreements consist of (1) the Fourth
Amended and Restated Servicing Agreement, dated as of July 16, 2008, among World Omni, as Servicer with respect to the Open-End
Collateral Specified Interest, ALF LLC, as Lender, the Titling Trust, as Borrower and ALHC, as Open-End Collateral Agent, and (2)
the Servicing Agreement, dated as of July 16, 2008, among World Omni, as Servicer with respect to the Closed-End Collateral Specified
Interest, the Titling Trust, as Borrower, and ALHC, as Closed-End Collateral Agent.

 

“Specified Asset” means,
with respect to any Specified Interest, a Titling Trust Lease or Titling Trust Vehicle that, in either case, is identified in the
Applicable Asset Annex

 

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attached to any Specification Notice, Reallocation
Notice or Addition Notice reflecting the allocation or reallocation, as the case may be, of such Titling Trust Lease or Titling
Trust Vehicle to such Specified Interest pursuant to the applicable provisions of Section 4.3. However, a Titling
Trust Lease or Titling Trust Vehicle will no longer be a Specified Asset with respect to any Specified Interest as of the date
on which such Titling Trust Asset has been (i) transferred from the Titling Trust pursuant to Section 4.3(e) or (ii)
reallocated to another Specified Interest pursuant to Section 4.3(f).

 

“Specified Asset Amount”
has, with respect to any Specified Interest, the meaning set forth in the related Servicing Agreement. Unless otherwise specified
in the related Servicing Agreement, the Specified Asset Amount with respect to each Specified Interest will be based on the aggregate
lease balances of the Specified Assets allocated thereto (which may be calculated based on a simple interest, actuarial, straight-line
or other commercially reasonable method specified in the related Servicing Agreement).

 

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

 

“Specified Asset Titling Trust Administrator
Fee” means, with respect to any Collection Period and any Specified Interest, an amount equal to the product of the
Specified Asset Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i)
the monthly fees of the Titling Trust Administrator determined pursuant to the first sentence of Section 7.8 plus
(ii) the expenses of the Titling Trust Administrator determined pursuant to the second sentence of Section 7.8.

 

“Specified Asset Titling Trustee Fee”
means, with respect to any Collection Period and any Specified Interest, an amount equal to the product of the Specified Asset
Percentage of such Specified Interest as of the last day of the preceding Collection Period and the sum of (i) the monthly fees
of the Titling Trustee determined pursuant to the first sentence of Section 7.8 plus (ii) the expenses of the Titling
Trustee determined pursuant to the second sentence of Section 7.8.

 

“Specified Interest Default Condition”
means, with respect to any Specified Interest and any date of determination, a condition that will exist if the Titling Trustee
either:

 

(i)          has
actual knowledge, or

 

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

 

in either case that a TRO Default has occurred and
is continuing with respect to any Trust- Related Obligation relating to such Specified Interest.

 

“Specified Lease” means
a Specified Asset of any Specified Interest that is a Titling Trust Lease.

 

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“Specified Vehicle”
means a Specified Asset of any Specified Interest that is a Titling Trust Vehicle.

 

“Titling Trust Assets”
means the Titling Trust Leases, Titling Trust Vehicles, all proceeds of the foregoing and all other assets held by the Titling
Trust.

 

“Titling Trust Creditor”
means any Person to whom any Titling Trust Debt is owed.

 

“Titling Trust Debt”
means, as of any date of determination and with respect to any Titling Trust Debt Specified Interest, a promissory note or other
debt obligation of the Titling Trust, acting solely with respect to such Specified Interest, (A) which (1) is secured by a voluntary
pledge by the Titling Trust of all or a portion of the Titling Trust Assets or (2) otherwise has been designated as “Titling
Trust Debt” by the Titling Trust Administrator, with notice to the Titling Trustee and (B) as to which any amounts remain
outstanding as of such date of determination. For avoidance of doubt, any fee, indemnity or reimbursement obligation, or other
monetary obligation, in each case of the Titling Trust, that (i) is not on account of an equity interest in the Titling Trust and
(ii) satisfied subclauses (A)(1) and (A)(2) of the immediately preceding sentence shall constitute “Titling Trust Debt.”

 

“Titling Trust Debt Document”
means any TRO Document relating to Titling Trust Debt.

 

“Titling Trust Lease”
means any lease agreement for motor vehicles as to which the Titling Trust is the lessor, either directly or by assignment. In
the case of a master lease, the term “Titling Trust Lease” shall include all schedules thereto or, if
the provisions of such master lease are incorporated into such schedules, the term “Titling Trust Lease”
shall include a schedule together with the incorporated provisions of the master lease.

 

“Titling Trust Vehicle”
means any motor vehicle, together with all attached items or accessories, that is subject to a Titling Trust Lease.

 

“Treasury Regulations”
means the regulations promulgated by the U.S. Department of Treasury pursuant to the Code.

 

“TRO Default” means
with respect to any Trust-Related Obligation and any date of determination, a condition that will be deemed to exist if one or
more of the following has occurred and is continuing as of such date:

 

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

 

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

 

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

 

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

 

“TRO Holder” means each
Person that is entitled to payment or performance with respect to a Trust-Related Obligation.

 

“Trust Document” means,
as of any date the determination, collectively, (1) this Titling Trust Agreement, (2) the Intercreditor Agreement, (3) the Borrower
Novation Agreement, (4) each Titling Trust Debt Document to which the Titling Trust is party as of such date of determination and
(4) any other “Basic Document” (as defined in the applicable Titling Trust Debt Document) to which the Titling Trust
is a party.

 

“Trustee” means the
Titling Trustee or the Delaware Trustee, as the context may require.

 

“Trust-Related Obligation”
means, with respect to any Specified Interest, any Certificate, any Titling Trust Debt, any Undertaking and any other obligation
or security, the payments on which are derived in any material part from amounts received with respect to the Specified Assets
of such Specified Interest (other than solely by reference).

 

“Trust Representatives”
means, collectively, the Titling Trustee, the Delaware Trustee and the Titling Trust Administrator. Each of the foregoing is referred
to singly as a “Trust Representative.”

 

“Undertaking” means,
with respect to any Series, an agreement, contract or other written obligation of the Holder of such Series, the payments under
which are in any material part derived from or collateralized by Collections on the related Specified Assets.

 

“VT Inc.” means VT Inc.,
an Alabama corporation.

 

Section 1.2           Usage.

 

The following rules of construction and usage
are applicable to this Titling Trust Agreement and to any certificate or other document made or delivered pursuant to this Titling
Trust Agreement:

 

(a)          All
terms used in any certificate or other document made or delivered pursuant to this Titling Trust Agreement are defined in this
Titling Trust Agreement.

 

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(b)          Accounting
terms not defined in this Titling Trust Agreement or in any such certificate or other document, and accounting terms partly defined
in this Titling Trust Agreement or in any such certificate or other document, to the extent not defined, have the respective meanings
given to them under U.S. generally accepted accounting principles as in effect on the date of this Titling Trust Agreement. To
the extent that the definitions of accounting terms in this Titling Trust Agreement or in any such certificate or other document
are inconsistent with the meanings of such terms under U.S. generally accepted accounting principles, the definitions contained
in this Titling Trust Agreement or in any such certificate or other document will control.

 

(c)          References
in this Titling Trust Agreement to “Article,” “Section,” “Exhibit,” “Schedule”
or another subdivision or to an attachment are, unless otherwise specified, to an article, section, exhibit, schedule or other
subdivision of or an attachment to this Titling Trust Agreement, and the term “including” means “including without
limitation.”

 

(d)          The
definitions contained in this Titling Trust Agreement are equally applicable to both the singular and plural forms of such terms
and to the masculine as well as to the feminine and neuter genders of such terms.

 

(e)          Any
agreement or statute defined or referred to in this Titling Trust Agreement means such agreement or statute as from time to time
amended, modified, supplemented or replaced, including (in the case of agreements) by waiver or consent and (in the case of statutes)
by succession of comparable successor statutes and includes (in the case of agreements) references to all attachments thereto and
instruments incorporated therein and (in the case of statutes) any rules and regulations promulgated thereunder and any judicial
and administrative interpretations thereof.

 

(f)          References
to a Person are also to its permitted successors and assigns.

 

(g)          References
to deposits, transfers and payments of any amounts refer to deposits, transfers or payments of such amounts in immediately available
funds.

 

(h)          Except
where “not less than zero” or similar language is indicated, amounts determined by reference to a mathematical formula
may be positive or negative.

 

ARTICLE
II

 

ORGANIZATION
OF THE TRUST

 

Section 2.1           Name.

 

The trust created by the Interim Trust Agreement,
continued by the First Amended and Restated Trust Agreement and further continued hereby is known as “World Omni LT,”
in which name the Titling Trustee and the Titling Trust Administrator each may (to the extent and in the manner specified herein)
conduct the activities of the Titling Trust, make and execute contracts and other instruments on behalf of the Titling Trust and
sue and be sued on behalf of the Titling Trust.

 

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Section 2.2           Office.

 

The office of the Titling Trust will be in care
of the Delaware Trustee at 209 South LaSalle Street, Suite 300, Chicago, Illinois 60604, or at such other address in the State
of Delaware as the Delaware Trustee may designate by notice to the Titling Trustee, the Initial Beneficiary and the Servicer.

 

Section 2.3           Purposes
and Powers.

 

The nature of the activities or purpose to be
conducted or promoted by the Titling Trust is to engage exclusively in the following activities (such activities, collectively,
the “Permitted Transactions”), in each case in accordance with the terms of this Titling Trust Agreement:

 

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

 

(b)          at
the direction of the Initial Beneficiary or a Holder, issuing Certificates representing a separate series of beneficial interest
in the Titling Trust and the related Titling Trust Assets in accordance with the terms of this Titling Trust Agreement and the
related Specification Notice;

 

(c)          at
the direction of the Holders of any Series relating to a Titling Trust Debt Specified Interest, issuing one or more Titling Trust
Debts with respect to such Specified Interest, entering into the related Titling Trust Debt Document and pledging any or all of
the related Specified Assets to secure such Titling Trust Debts;

 

(d)          performing
its obligations under agreements, instruments or other documents to which it is to be a party;

 

(e)          assigning
or otherwise transferring title to Titling Trust Leases, Titling Trust Vehicles and Titling Trust Assets to, or to the order of,
the related Holders;

 

(f)          borrowing
on a revolving basis or otherwise under one or more Titling Trust Debt Documents or any other arrangements, as from time to time
in effect, to finance the purchase of Titling Trust Leases and related Titling Trust Vehicles;

 

(g)          entering
into agreements and transactions relating to, or in furtherance of, any Enhancement;

 

(h)          entering
into and performing its obligations under the Intercreditor Agreement;

 

(i)          entering
into and performing its obligations under the Initial Titling Trust Debt Documents;

 

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	 	13	 

     

    

 

(j)          entering
into and performing its obligations under the Trust Documents;

 

(k)          entering
into and consummating the Merger, pursuant to and in accordance with the Merger Agreement, the Certificate of Merger and/or other
documents similar or ancillary to the foregoing;

 

(l)          taking
any other action in connection with the qualification, licensing or authorization of the Titling Trust to engage in activities
in any jurisdiction;

 

(m)          engaging
in such other activities as may be necessary, convenient or advisable in connection with (A) owning and holding title to the Titling
Trust Leases, the Titling Trust Vehicles and the other Titling Trust Assets, (B) the management of the Titling Trust Assets, (C)
the making of distributions to the Holders of Certificates and (D) the making of payments to any Titling Trust Creditors; and

 

(n)          engaging
in any activity and exercising any powers permitted to statutory trusts under the laws of the State of Delaware that are related
or incidental to the foregoing and necessary, convenient or advisable to accomplish the foregoing.

 

Section 2.4           Banking
Activities.

 

Without limiting the generality of Section
2.3, each of the Initial Beneficiary and the Titling Trust Administrator is authorized to act on behalf of the Titling
Trust and in its name, through any of its Authorized Officers:

 

(a)          to
establish bank accounts on behalf of the Titling Trust;

 

(b)          to
sign checks, drafts, instruments, bills of exchange, acceptances and/or other orders for the payment of money (including by electronic
funds transfer) from any account opened on behalf of the Titling Trust;

 

(c)          to
endorse checks, instruments, evidences of indebtedness, and orders payable, owned or held by the Titling Trust or the Titling Trust
Administrator;

 

(d)          to
accept drafts, acceptances, instruments and/or other evidences of indebtedness payable at or through the bank at which any such
account is maintained (each, a “Bank”);

 

(e)          to
waive presentment, demand, protest and notice of protest or dishonor of any check(s), instrument(s), draft(s), acceptance(s), or
other evidences of indebtedness made, drawn or endorsed by the Titling Trust;

 

(f)          otherwise
to deal with each Bank in connection with the foregoing activities on behalf of the Titling Trust;

 

(g)          to
enter into one or more agreements with any Bank, which will be deemed to govern the applicable account established at such Bank;

 

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	 	14	 

     

    

 

(h)          to
authorize the purchase, on behalf of the Titling Trust, of CDs, bonds, notes, commercial paper, money market funds, and other similar
savings or investment instruments from each Bank;

 

(i)          to
obtain, on behalf of the Titling Trust, other related services from any Bank, such as the rental of safe deposit boxes from such
Bank, obtaining of night depository services, routine cash management services, and the like, which will be governed by night depository
agreement(s), safe deposit box lease agreement, and any other such agreement(s) contained on the application or signature cards
pertaining to any such services offered to the Titling Trust by such Bank, as amended from time to time;

 

(j)          to
sign and execute signature cards, applications and forms as any Bank will deem appropriate, from time to time, in connection with
the opening and maintaining of accounts at such Bank and/or obtaining any of the aforementioned additional related services; and

 

(k)          to
execute applications for the issuance of any savings or investment instrument in the name of the Titling Trust.

 

Section 2.5           Appointment
of the Titling Trustee and Delaware Trustee.

 

The Initial Beneficiary hereby confirms the appointments
of the Titling Trustee as trustee of the Titling Trust, and the Delaware Trustee as co-trustee of the Titling Trust, in each case
effective as of the date of this Titling Trust Agreement, to have all the respective rights, powers and duties set forth with respect
to the Titling Trustee or the Delaware Trustee, as the case may be, in this Titling Trust Agreement.

 

Section 2.6           Contribution
and Conveyance of Titling Trust Assets.

 

As of June 25, 2007, ALF LP (as the initial holder
of the entire beneficial interest in the Titling Trust) contributed to the Titling Trustee the amount of $1,000. The Titling Trustee
acknowledges receipt in trust from ALF LP, as of such date, of the foregoing contribution (to be held from and after the date of
this Titling Trust Agreement for the benefit of the Initial Beneficiary, as successor to ALF LP), which constitutes the initial
Titling Trust Assets and will be deposited in an account of the Titling Trust.

 

Section 2.7           Declaration
of Trust.

 

The Titling Trustee will hold the Titling Trust
Assets in trust upon and subject to the conditions set forth in this Titling Trust Agreement for the use and benefit of the Initial
Beneficiary and any other beneficiaries, subject to the obligations of the Titling Trust under any other Trust Documents to which
it is a party. It is the intention of the parties that the Titling Trust constitutes a statutory trust under the Delaware Statutory
Trust Act and that this Titling Trust Agreement constitutes the governing instrument of such statutory trust. Effective as of the
date of this Titling Trust Agreement, the Titling Trustee and the Delaware Trustee each will have the rights, powers and duties
set forth in this Titling Trust Agreement and in the Delaware Statutory Trust Act with respect to accomplishing the purposes of
the Titling Trust. A

 

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Certificate of Trust and any necessary certificate
of amendment thereto has been filed with the Secretary of State of the State of Delaware and is attached as Exhibit D.

 

Section 2.8           Representations
and Warranties of World Omni as Titling Trust Administrator.

 

World Omni, as Titling Trust Administrator, represents
and warrants to the Titling Trustee that:

 

(a)          Organization
and Good Standing. World Omni has been duly organized and is validly existing as a corporation in good standing under
the laws of the State of Florida, with the power and authority to own or lease its properties and to conduct its activities as
such properties are currently owned or leased and such activities are currently conducted.

 

(b)          Due
Qualification. World Omni is duly qualified to do business as a foreign corporation in good standing, and has obtained
all necessary licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its activities
requires such qualifications, unless the failure to obtain such qualifications, licenses or approvals would not reasonably be expected
to have a material adverse effect on the ability of World Omni to perform its obligations under this Titling Trust Agreement or
the other Trust Documents to which it is a party.

 

(c)          Power
and Authority; Authorization; Execution and Delivery; Binding Obligation. World Omni has the power and authority to
execute, deliver and perform its obligations under this Titling Trust Agreement and each other Trust Document to which it is a
party. World Omni has duly authorized the execution and delivery of this Titling Trust Agreement and each other Trust Document
to which it is a party by all necessary corporate action. This Titling Trust Agreement and each other Trust Document to which it
is a party has been duly executed and delivered by World Omni. This Titling Trust Agreement and each other Trust Document to which
it is a party constitutes a legal, valid and binding obligation of World Omni, enforceable against World Omni in accordance with
its terms, except as such enforceability may be limited by insolvency, bankruptcy, reorganization, or other laws relating to or
affecting the enforcement of creditors’ rights and by general equitable principles.

 

(d)          No
Violation. The consummation of the transactions contemplated by, and the fulfillment of the terms of, this Titling
Trust Agreement and of other Trust Documents to which World Omni is a party will not (i) conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under its articles
of incorporation or by-laws or any indenture, mortgage, deed of trust, loan agreement, guarantee, lease financing agreement or
similar agreement or instrument to which World Omni is a party or by which World Omni is bound (in each case material to World
Omni and its subsidiaries considered as a whole), (ii) result in the creation or imposition of any Lien (material to World Omni
and its subsidiaries considered as a whole) upon any of its properties pursuant to any such agreement or instrument (other than
as contemplated by this Titling Trust Agreement or the other Trust Documents to which it a party) or (iii) violate or contravene
any law or, to the knowledge of World Omni, any order, rule or regulation applicable to World Omni of any court or any Governmental
Authority having jurisdiction over World

 

    	 	 	Titling Trust Agreement
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Omni or its properties, the failure to comply
with which would reasonably be expected to have a material adverse effect upon the ability of World Omni to perform its obligations
under this Titling Trust Agreement or any other Trust Document to which it is a party.

 

(e)          No
Proceedings. There are no proceedings pending, or, to the knowledge of World Omni, threatened, and to the knowledge
of World Omni there are no investigations pending or threatened, against or affecting World Omni or its property, before any Governmental
Authority: (i) asserting the invalidity or unenforceability of this Titling Trust Agreement, (ii) seeking to prevent the consummation
of any of the transactions contemplated by this Titling Trust Agreement, (iii) seeking any determination or ruling that would reasonably
be expected to have a material adverse effect upon the ability of World Omni to perform its obligations under this Titling Trust
Agreement or any other Trust Document to which it is a party or (iv) seeking adversely to affect the tax characterization specified
in Section 2.9.

 

Section 2.9           Tax
Reporting and Characterization.

 

(a)          The
Initial Beneficiary and the Holders of each Series each agrees that for U.S. federal, state and local income and franchise tax
purposes it will (i) treat its interest in the related Specified Interest as a direct ownership interest in the related Specified
Assets and (ii) not treat the Titling Trust, this Titling Trust Agreement or the arrangement among the Initial Beneficiary and
the Holders of any Series as creating a co-ownership of any assets or as creating a separate entity (such as a partnership). Each
party agrees that it will not take any action (including filing any tax return) that is inconsistent with this Section 2.9(a)
unless required to do so by the relevant tax authority.

 

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

 

Section 2.10         Execution
of Documents.

 

The Initial Beneficiary is authorized and empowered
to execute and deliver, on behalf of the Titling Trust, as attorney-in-fact or otherwise, any and all documents, agreements and
other instruments, including any registration statement to be filed with the Securities and Exchange Commission or otherwise, on
behalf of the Titling Trust. The Initial Beneficiary is authorized and empowered to prepare for filing in connection with such
registration statement, balance sheets, income statements and any other financial statements for the Titling Trust.

 

Section 2.11         Conduct
of Operations.

 

(a)          Notwithstanding
any other provision of this Titling Trust Agreement and any provision of Applicable Law that otherwise so empowers the Titling
Trust, the Titling Trust may not, without the consent of the Titling Trustee and each Secured Titling Trust Creditor, do any of
the following:

 

(i)          engage
in any activity other than a Permitted Transaction;

 

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(ii)         create,
incur or assume any indebtedness, other than pursuant to any Titling Trust Debts, any Enhancement or any transactions entered into
in connection therewith, in each case in accordance with this Titling Trust Agreement;

 

(iii)        become
or remain liable, directly or contingently, in connection with any indebtedness or other liability of the Initial Beneficiary or
any of its Affiliates or, except in connection with a Permitted Transaction, any other Person, whether by assumption, guarantee,
endorsement (other than endorsements of negotiable instruments for deposit or collection in the ordinary course of business), agreement
to purchase or purchase, agreement to supply or advance funds, or otherwise;

 

(iv)        make
or suffer to exist any loans or advances to, or extend any credit to, or make any investments (by way of transfer of property,
contributions to capital, purchase of stock or securities or evidences of indebtedness, acquisition of the business or assets,
or otherwise) in, any Affiliate other than in connection with Permitted Transactions; provided, however,
that, subject to the terms of any Trust Documents, the Titling Trust will not be prohibited under this clause
(a)(iv) from causing a distribution of cash to its Initial Beneficiary or to any Holder or from making payments with respect
to any Titling Trust Debts or any Enhancement;

 

(v)         enter
into any transaction of merger or consolidation with or into any other entity, or convey its properties and assets substantially
as an entirety to any entity, other than with respect to a Permitted Transaction, unless (A) the entity (if other than the Titling
Trust) formed as a result of or surviving such consolidation or merger, or which acquires the properties and assets of the Titling
Trust (i) is organized and existing under the laws of the State of Delaware, (ii) expressly assumes all of the Titling Trust’s
obligations under this Titling Trust Agreement, all Titling Trust Debts and all Trust Documents and (iii) is governed under a charter
document containing provisions substantially identical to Section 2.3 and this Section 2.11; (B) each
Rating Agency and each TRO Holder Representative will have received at least 5 days’ prior notice of any such merger, consolidation
or sale of assets; (C) such merger, consolidation or sale of assets will not conflict with the Certificate of Trust; and (D) immediately
after giving effect to such merger, consolidation or sale of assets, no default or event of default by or relating to the Titling
Trust will have occurred and be continuing under any material agreement to which the Titling Trust is a party, including any Titling
Trust Debt Document, or any agreement or other document pursuant to which any Titling Trust Debt has been issued;

 

(vi)        become
party to, or permit any of its properties to be bound by, any indenture, mortgage, instrument, contract, agreement, lease or other
undertaking, with the exception of any Certificate, any Notice of Registered Pledge, any Titling Trust Debt, any Titling Trust
Debt Document or any other any documents relating to a Permitted Transaction; and

 

(vii)       amend,
modify, alter, change or repeal any provision of Section 2.3 or this Section 2.11; provided,
however, that, the Titling Trust reserves the right to amend, alter, change or repeal any provision
contained in the Certificate of Trust

 

    	 	 	Titling Trust Agreement
	 	18	 

     

    

 

or this Titling Trust Agreement in a
manner now or hereafter prescribed by the Delaware Statutory Trust Act, and all rights conferred upon the Initial Beneficiary in
this Titling Trust Agreement are granted subject to this reservation.

 

(b)          The
Titling Trust will at all times:

 

(i)          maintain
its existence as a statutory trust and remain in good standing under the laws of the State of Delaware;

 

(ii)         observe
all procedures required by this Titling Trust Agreement and such others, if any, as may be from time to time required by the Delaware
Statutory Trust Act;

 

(iii)        ensure
that (x) the activities and affairs of the Titling Trust are at all times managed by or under the direction of the Titling Trustee,
(y) the Titling Trustee has duly authorized all actions requiring such authorization and (z) when required by Applicable Law or
by this Titling Trust Agreement, the Titling Trust has obtained the proper authorization for action from its Initial Beneficiary;

 

(iv)        maintain
the Titling Trust’s books, financial statements, accounting records and other documents and records separate from those of
the Initial Beneficiary, any Affiliate of the Initial Beneficiary or any other Person;

 

(v)         not
commingle the Titling Trust Assets with those of the Initial Beneficiary or any Affiliate of the Initial Beneficiary (other than
in connection with the Permitted Transactions or in connection with the performance by World Omni of its obligations as Servicer
or as custodian with respect to any Specified Interest);

 

(vi)        not
hold itself out as being liable for the debts of any other Person, except in connection with the Permitted Transactions (and, in
any event, not hold itself out as being liable for the debts of World Omni, or of any of its Affiliates, other than a Securitization
Entity in connection with a Permitted Transaction);

 

(vii)       maintain
its bank accounts, books of account and payroll (if any) separate from those of its Affiliates, the Holders, the Initial Beneficiary
or any of the Initial Beneficiary’s Affiliates or any other Person; and ensure that its funds and other assets will at all
times be readily distinguishable from the funds and other assets of its Affiliates, the Holders, the Initial Beneficiary and any
of the Initial Beneficiary’s Affiliates or any other Person (other than in connection with the performance of any Servicer
or custodian of its obligations with respect to any Specified Interest);

 

(viii)      act
solely in its own name and through its own managers and agents so as not to mislead others as to its identity or the identity of
any Affiliate and correct any known misunderstanding regarding its separate identity, and conduct all oral and written communications
of the Titling Trust, including letters, invoices, contracts, statements and applications solely in the name of the Titling Trust;

 

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(ix)         separately
manage its liabilities from those of the Initial Beneficiary or any Affiliate thereof and pay its own liabilities, including all
administrative expenses, from its own separate assets, except that (A) the Initial Beneficiary, the Titling Trust Administrator,
any Holder, any Servicer or any Affiliate of any of them may pay certain of the organizational costs of the Titling Trust, and
the Titling Trust will reimburse the Initial Beneficiary, the Titling Trust Administrator, such Holder, such Servicer or such Affiliate,
as the case may be, for its allocable portion of shared expenses paid by such Person, and (B) the Initial Beneficiary, the Titling
Trust Administrator, any Holder, any Servicer or any Affiliate of any of them may pay fees and expenses and indemnify parties as
provided in this Titling Trust Agreement, any Servicing Agreement or any other agreement entered into in connection with the issuance
or undertaking, as the case may be, of any Titling Trust Debt;

 

(x)         at
all times maintain an arm’s length relationship with any Affiliates;

 

(xi)        take
such actions as are necessary to ensure that the Titling Trustee may not at any time serve as a trustee in bankruptcy for the Titling
Trust or any of its Affiliates;

 

(xii)        not
issue, or permit the issuance of, or enter into, or permit to be entered into, as the case may be, any Undertaking or any Enhancement,
unless such Undertaking or Enhancement contains the applicable provisions set forth in Section 4.1(f);

 

(xiii)      operate
in such a manner that it would not be substantively consolidated for purpose of applicable bankruptcy laws with any other entity;

 

(xiv)      not
form any subsidiary; and

 

(xv)       maintain
adequate capital in light of its contemplated operations.

 

(c)          The
Titling Trust will prepare financial statements in a manner that indicates the separate existence of the Titling Trust and its
assets and liabilities. To the extent permitted by law, until one year and one day (or, if longer, any applicable preference period)
after all Trust-Related Obligations (including all Secured Titling Trust Debt and other Titling Trust Debt) are paid in full, the
Titling Trustee will make decisions with respect to the activities and operations of the Titling Trust independent of, and not
dictated by, the Initial Beneficiary or any Affiliate thereof (without limiting the right of the Initial Beneficiary to exercise
its rights in such capacity under this Titling Trust Agreement and under the Delaware Statutory Trust Act).

 

(d)          Notwithstanding
any provision in this Titling Trust Agreement to the contrary, the Initial Beneficiary or any of its Affiliates, in each case,
in its own capacity (i) may pay fees and expenses of and indemnify trustees relating to the issuance or undertaking of any Trust-Related
Obligations and (ii) may indemnify any underwriter, placement agent, initial purchaser for resale, surety provider or other Enhancement
provider or other Person performing

 

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similar functions in connection with the issuance
or undertaking of any Trust-Related Obligations.

 

(e)          The
Titling Trust, by or through the Titling Trustee or the Titling Trust Administrator, may enter into and perform all documents,
agreements, certificates, or financing statements relating to the Permitted Transactions, all without any further act, vote or
approval of any other Person notwithstanding any other provision of this Titling Trust Agreement, the Delaware Statutory Trust
Act or Applicable Law. The foregoing authorization is not a restriction on the powers of the Titling Trustee or the Titling Trust
Administrator to enter into other agreements on behalf of the Titling Trust.

 

Section 2.12         No
State Law Partnership.

 

The Holders intend that the Titling Trust will
not be a partnership (including a general partnership or a limited partnership) or joint venture, and that neither any Holder nor
the Titling Trustee will be a partner of or joint venturer with any Holder or the Titling Trustee with respect to the activities
of the Titling Trust for any purposes, and this Titling Trust Agreement will not be construed to suggest otherwise.

 

Section 2.13         Titling
of Titling Trust Vehicles.

 

The Servicing Agreement with respect to each Specified
Interest will provide that the related Servicer will cause the Certificate of Title for each Titling Trust Vehicle assigned to
the Titling Trust for allocation to such Specified Interest to be issued in the name “VT Inc. TSTEE World Omni LT”
or “World Omni LT” or in such substantially similar words as the relevant Governmental Authority will accept, with
the address of World Omni, its agent or the related Lessee, as the relevant Governmental Authority requires or allows, as the address
of the recorded owner of the Titling Trust Vehicle.

 

Section 2.14         Enforcement
of Titling Trust Leases.

 

If in any enforcement suit or legal proceeding
with respect to a Titling Trust Lease it is held that the Servicer with respect to the applicable Specified Interest may not enforce
the Titling Trust Lease on the ground that it is not a real party in interest or a Holder entitled to enforce the Titling Trust
Lease, the Titling Trust and the Holders of the related Series, at such Servicer’s expense and direction, will take steps
to enforce the Titling Trust Lease, including bringing suit in its name or the name of the applicable Holders.

 

Section 2.15         Liability
to Third Parties.

 

Except as otherwise expressly provided by the
Delaware Statutory Trust Act or in this Titling Trust Agreement (including Section 10.1), none of the Initial Beneficiary,
the Titling Trust Administrator, the Titling Trustee, any Holder, or any officer or Affiliate of any such Person (other than the
Titling Trust), will be liable for the debts, obligations or liabilities of the Titling Trust (whether arising in contract, tort
or otherwise), including, under a judgment, decree or order of a court, by reason of being the Initial Beneficiary, the Titling
Trust Administrator, the Titling Trustee, a Holder, or an officer or Affiliate of any such Person.

 

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Section 2.16         No
Personal Liability of any Holder.

 

(a)          The
Initial Beneficiary and the Holders will have the same limitation of personal liability as is extended to stockholders of a private
corporation for profit incorporated under the General Corporation Law of the State of Delaware.

 

(b)          None
of the Initial Beneficiary, the Titling Trust Administrator, the Titling Trustee, any Holder, any officer, director, employee,
trustee or manager of any of the foregoing, will be subject in such capacity to any personal liability whatsoever to any Person
in connection with the assets or the affairs of the Titling Trust; and, subject to the provisions of Article X and
any provision for indemnification set forth in the related Servicing Agreements, all such Persons will look solely to the assets
of the Titling Trust for satisfaction of claims of any nature arising in connection with the affairs of the Titling Trust. However,
such protection from personal liability will apply to the fullest extent permitted by Applicable Law, as the same exists or may
hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Titling Trust
to provide greater or broader indemnification rights than such law permitted the Titling Trust to provide prior to such amendment).

 

Section 2.17         Limited
Liability and Bankruptcy Remoteness.

 

Without limiting the generality of Section
2.11, the Titling Trust will be operated in such a manner as the Titling Trustee may deem to be reasonable and necessary
or appropriate to preserve (a) the limited liability of the Holders and the Initial Beneficiary and their respective Affiliates,
(b) the separateness of the Titling Trust from the respective businesses of the Holders and the Initial Beneficiary and their respective
Affiliates and (c) until the expiration of the period of one year and one day (or, if longer, any applicable preference period)
after the payment in full of all Trust-Related Obligations (including all Secured Titling Trust Debt and other Titling Trust Debt),
the bankruptcy-remote status of the Titling Trust.

 

Section 2.18         Term.

 

Unless terminated in accordance with this Titling
Trust Agreement and the Delaware Statutory Trust Act, the Titling Trust will have a perpetual existence.

 

ARTICLE
III

 

MANAGEMENT
OF THE TITLING TRUST

 

Section 3.1           General
Management of the Titling Trust.

 

The activities, properties and affairs of the
Titling Trust will be managed by the Titling Trustee. Without limiting the generality of the foregoing, the Titling Trustee will
have the power to appoint and direct agents of the Titling Trust, to grant general or limited authority to officers, employees
and agents of the Titling Trust, and to make, execute and deliver contracts and other instruments and documents in the name and
on behalf of the Titling Trust, subject to and in accordance with this Titling Trust Agreement.

 

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Section 3.2           Restrictions
on the Power of the Titling Trustee.

 

The Titling Trustee will not have the authority
to:

 

(a)          cause
the Titling Trust to do any acts in violation of or in breach of any agreement entered into by the Titling Trust;

 

(b)          take
any action in contravention of the Delaware Statutory Trust Act, the Certificate of Trust or this Titling Trust Agreement;

 

(c)          to
the fullest extent permitted by Applicable Law, take any action that would make it impossible to carry on the ordinary activities
of the Titling Trust;

 

(d)          knowingly
perform any act that would subject the Initial Beneficiary or any Holder to loss of limited liability in any jurisdiction; or

 

(e)          except
as permitted under Section 9.1, take any action to amend or modify the Certificate of Trust or this Titling Trust
Agreement.

 

Section 3.3           Duties
and Obligations of the Titling Trustee.

 

The Titling Trustee shall do each of the following:

 

(a)          Notification
to Third Parties. Use its best efforts, in the conduct of the Titling Trust’s activities and business, to put
all Persons with whom the Titling Trust deals on notice that the Initial Beneficiary, the Holders, the Titling Trust Creditors
and the Registered Pledgees are not liable for the Titling Trust’s obligations and all agreements to which the Titling Trust
is a party will include a statement to the effect that the Titling Trust is a statutory trust formed under the Delaware Statutory
Trust Act. However, the failure to include such a statement in an agreement to which the Titling Trust is a party will not affect
the Titling Trust’s power and authority or authorization to enter into such agreement.

 

(b)          State
Entity Filings. As long as any Trust-Related Obligation is outstanding, take all action that may be necessary or appropriate
for the continuation of the Titling Trust’s valid existence as a statutory trust under the laws of the State of Delaware
(and each other jurisdiction in which such existence is necessary to protect the limited liability of the Initial Beneficiary,
the Holders, any Registered Pledgees or any Titling Trust Creditors or to enable the Titling Trust to engage in the activities
in which it is engaged).

 

(c)          Taxes.

 

(i)          Prepare
or cause to be prepared and file or cause to be filed on or before the due date (or any extension thereof) any federal, state or
local tax returns required to be filed by the Titling Trust.

 

(ii)        Cause
the Titling Trust to pay any taxes payable by the Titling Trust (except that the Titling Trustee will not be required to cause
the Titling Trust to pay any tax so long as the Titling Trust is contesting in good faith and by

 

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	 	23	 

     

    

  

appropriate legal proceedings the validity,
applicability or amount of such tax and such contest does not materially endanger any right or interest of the Titling Trust).

 

(iii)        Pay
or cause to be paid all applicable taxes and fees properly due and owing in connection with its activities.

 

(d)          Filings
With State Securities Administrators. From time to time, submit, or cause to be submitted, to any appropriate state
securities administrator all documents, papers, statistics and reports required to be filed with or submitted to such state securities
administrator.

 

(e)          Foreign
Qualifications. Use its best efforts to cause the Titling Trust to be qualified to engage in investment activities
in connection with Permitted Transactions, or be registered under any applicable assumed or fictitious name statute or similar
law in any state in which the Titling Trust then makes investments or transacts business, if such qualification or registration
is necessary or desirable in order to protect the limited liability of the Initial Beneficiary or to permit the Titling Trust lawfully
to own or make investments or transact business.

 

(f)          Obtain
Licenses, Permits and Authorizations. Apply for and maintain (or cause to be applied for and maintained) all licenses,
permits and authorizations necessary and appropriate to carry on its duties as Titling Trustee under this Titling Trust Agreement
(including without limitation receiving assignments of Titling Trust Leases and causing Certificates of Title to reflect the Titling
Trustee, in such capacity, as the owner of the Titling Trust Vehicles) in each jurisdiction that the Initial Beneficiary or the
Servicer reasonably deems appropriate.

 

(g)          Assistance
and Cooperation in Vehicle Titling and Lease Assignment. Assist and cooperate with any Servicer in any manner reasonably
requested by such Servicer:

 

(i)          in
connection with the performance by such Servicer of the Servicer’s obligations under the applicable Servicing Agreement which
are in the nature described in Section 2.13 or related thereto;

 

(ii)         to
cause each applicable Titling Trust Lease to be assigned (x) to the Titling Trust or (y) to the Titling Trustee on behalf of the
Titling Trust; and

 

(iii)        to
cause to be reflected on the Certificates of Title with respect to any Titling Trust Vehicles that constitute (or are to become)
Titling Trust Assets one or more Liens that are (x) in the nature required by the terms of any Titling Trust Debt Document or Servicing
Agreement or (y) subject to the terms of such Servicing Agreement and any applicable Titling Trust Debt Document, otherwise determined
by the applicable Servicer to be required, necessary or desirable.

 

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Section 3.4           Delegation
of Certain Titling Trustee Duties and Ob1iations to the Titling Trust Administrator.

 

(a)          Delegation.
The Titling Trustee hereby delegates to the Titling Trust Administrator, and the Titling Trust Administrator hereby accepts and
will perform, on behalf of the Titling Trustee, each of the obligations of the Titling Trustee that are set forth in Section
2.17 and Section 3.3.

 

(b)          Prohibition
on Certain Actions. Notwithstanding Section 3.4(a), the Titling Trust Administrator shall not take, or
cause the Titling Trust to take, any actions that are prohibited by the terms of this Titling Trust Agreement or any other Trust
Document.

 

(c)          Independent
Obligations. The obligations of the Titling Trustee under Section 3.3 and the obligations of the Titling
Trust Administrator under Section 3.4(a) shall constitute independent obligations, and the delegation of the duties
of the Titling Trustee pursuant to Section 3.4(a) shall not relieve the Titling Trustee of its obligations pursuant
to Section 3.3.

 

ARTICLE
IV

 

SPECIFIED
INTERESTS

 

Section 4.1           Designation
of the Specified Interests.

 

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

 

(b)          Issuance
of Certificates. In connection with the designation of a Specified Interest by the Holders of any Series pursuant to
this Section 4.1(a), the Titling Trust will issue to, or to the order of, such Holders one or more certificates,
that at any time will collectively represent the entire Beneficial Interest in the assets allocated to such newly-created Specified
Interest at such time (each such certificate, a “Certificate” and all of the Certificates issued in connection
with a Specified Interest, a “Series”).

 

(c)          Delivery
of Specification Notice. The designation of each Specified Interest and the Holders of the related Certificates will
be set forth in the Specification Notice delivered to the Titling Trust Administrator (with a copy to each of the Titling Trustee

 

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and the Delaware Trustee) by the Holders of the
related Certificates pursuant to Section 4.3(b). The terms of the Beneficial Interest in the Specified Assets allocated
to such Specified Interest will be as set forth in such Specification Notice and in the related Servicing Agreement, if any.

 

(d)          All
Titling Trust Assets to be Allocated to Specified Interests. All Titling Trust Leases, Titling Trust Vehicles and proceeds
of the foregoing will be allocated to Specified Interests, and no Titling Trust Asset may at any time be allocated to more than
one Specified Interest (without limiting the right of more than one Specified Interest to be a beneficiary of, or named as the
loss payee or additional insured with respect to, any insurance policy).

 

(e)          Separateness
of Specified Interests. In accordance with Section 3806(b) of the Delaware Statutory Trust Act, the Titling Trust Administrator,
acting on behalf of the Titling Trust and the Holders of the Certificates, will maintain separate and distinct records for the
Specified Assets allocated to each Specified Interest. The Specified Assets allocated to each Specified Interest will be accounted
for separately from the Specified Assets allocated to each other Specified Interest. Except to the extent required by Applicable
Law or specified in this Titling Trust Agreement, the debts, liabilities and obligations incurred, contracted for or otherwise
existing with respect to the Specified Assets allocated to any Specified Interest will be enforceable against such Specified Assets
only, and not against the Titling Trust generally or the Specified Assets allocated to any other Specified Interest and none of
the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Titling Trust
generally or the Specified Assets of any other Specified Interest will be enforceable against the Specified Assets allocated to
such Specified Interest.

 

(f)          Recitations
and Agreements Regarding Separateness. One or more of the TRO Documents with respect to each Trust-Related Obligation
shall contain agreements and acknowledgments to the effect of each of the provisions set forth in the table below, in a manner
sufficient such that each related TRO Holder is, and each Person that from time to time subsequently becoming a TRO Holder with
respect to such Trust-Related Obligation shall be, bound thereby (either directly or through a representative, such as an indenture
trustee or any collateral agent, whose agreement would have the effect of limiting the rights of such TRO Holder for purposes
of the matters stated in such agreements and acknowledgments). In addition, each Certificate, and each certificate, security or
instrument representing a Trust-Related Obligation, shall contain recitations to the effect of each of the provisions set forth
in the table below.

 

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

 

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	 	Required Provision
	 	 
	(2)         Subordination	If an insolvency Event occurs with respect to the Titling Trust, any claim that any related TRO Holder or Holder of a Certificate, as the case may be, may seek to enforce at any time against the Titling Trust or the Specified Assets of any Specified Interest other than the Specified Interest in connection with which the applicable TRO Document or Certificate, as the case may be, was issued or entered into will be subordinate to the payment in full, including post-petition interest, of the claims of all TRO Holders, and all Holders of Certificates, ill each case related to such other Specified Interest.  
	 	 
	(3)         Section 1111(b) 

Election	Such TRO Holder irrevocably makes the election afforded to secured creditors by Section 1111(b)(1f)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code with respect to any secured claim that such TRO Holder may have at any time against the Titling Trust or against any Series other than the Series in connection with which such TRO Document was issued or entered into.  
	 	 
	(4)         Non-Petition	No such Holder or TRO Holder (and no representative of any such Holder or TRO Holder) shall, prior to the end of the period that is one year and one day (or, if longer, any applicable preference period) after payment in full of all Trust-Related Obligations, (A) institute, or join any other Person in instituting, any bankruptcy, reorganization, arrangement, insolvency or liquidatio11 proceeding, or any other proceeding, against the Initial Beneficiary, the Titling Trustee or the Titling Trust and/or (B) cooperate with or encourage others to institute any such proceeding, in each case under the laws of the United States, any state or commonwealth of the United States (including the District of Columbia), or any foreign jurisdiction.

 

Section 4.2           Capital
Contributions.

 

The Holders of any Series may make capital contributions
to the Titling Trust. Any such capital contributions will be allocated to the related Specified Interest. If the Holders of Certificates
relating to any Series make capital contributions to the Titling Trust, except as otherwise specified in the related Certificates,
Specification Notice or Servicing Agreement, each such Holder will make capital contributions in an amount such that after giving
effect to the capital contributions of all Holders of such Series, the ratio of each Holder’s investment in the related Specified
Interest remains unchanged. The proceeds of capital contributions made with respect to any Specified Interest will be applied in
a manner consistent with the terms (if any) as may be applicable to such capital contributions under the terms of any related Titling
Trust Debt Document(s).

 

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	 	27	 

     

    

 

Section 4.3           Allocation
of Specified Assets; Servicing Agreements.

 

(a)          Holders
Responsible for Servicing Specified Assets. The Holders of each Series, by accepting their respective Certificates,
will be deemed to have acknowledged and agreed that the Holders of such Series will administer, manage and control the Specified
Assets allocated to the related Specified Interest. The Holders of each Series may engage one or more third party servicers to
administer, manage and control the Specified Assets allocated to the related Specified Interest (with respect to any Series, a
 “Servicer”). The terms and conditions under which any Servicer will perform such functions will be set
forth in a Servicing Agreement. The Titling Trust or the Titling Trustee, on behalf of the Titling Trust, will be a party to or
execute an acknowledgment and acceptance of each Servicing Agreement and of the appointment of the Servicer. The Holders of any
Series may assign to the related Servicer any or all of the rights of the Holders under this Titling Trust Agreement and the related
Certificates, including the rights granted to such Holders under Section 4.3(c), to be exercised in connection with
the Servicer’s performance of its duties under the related Servicing Agreement, and the Titling Trust consents to such assignment.
Each Servicing Agreement will set forth the duties and responsibilities of the related Servicer, including:

 

(i)          the
standards the Servicer will be required to use to service and administer the related Specified Assets and maintain the accounts,
records and computer systems pertaining to the related Specified Assets;

 

(ii)         the
type, required coverages and principal terms of the insurance policies, if any, that the Servicer will maintain with respect to
the related Specified Assets; and

 

(iii)        the
appointment of a custodian of the Lease Files with

 

respect to the related Specified Assets.

 

(b)          Designation
of Specified Interests. At least one Business Day prior to the Series Issue Date with respect to any Specified Interest,
the Holders of the applicable Series (with prior notice to the Initial Beneficiary, any Registered Pledgee of any Certificate of
such Series and the holders of any Titling Trust Debts issued with respect to the related Specified Interest) will deliver to the
Titling Trust Administrator a notice executed by the Initial Beneficiary or such Holders (each, a “Specification Notice”),
setting forth the terms of the related Series, including:

 

(i)          the
date that the related Series will be issued (the “Series Issue Date”);

 

(ii)         that
(A) additional Titling Trust Leases and Titling Trust Vehicles may be allocated to the Specified Interest (any such Specified Interest,
a “Revolving Specified Interest”) or (B) no additional Titling Trust Leases and Titling Trust Vehicles
may be allocated to the Specified Interest (any such Specified Interest, a “Fixed Specified Interest”);

 

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	 	28	 

     

    

 

(iii)        that
the Certificates of the related Series will collectively represent the entire Beneficial Interest in the related Specified Assets
and (1) will be issued in more than one class (each, a “Class”) having different rights with respect
to the related Specified Assets and specifying the terms of each such Class or (2) will be issued only in a single Class;

 

(iv)        the
Persons to whom the Certificates of such Series initially will be issued;

 

(v)         the
first date as of which Collections on the related Specified Assets will be allocated to such Specified Interest (the “Series
Cutoff Date”);

 

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

 

(vii)       that
(A) Titling Trust Debts may be issued by the Titling Trust with respect to such Specified Interest (if so specified, such Specified
Interest a “Titling Trust Debt Specified Interest”) or (B) Titling Trust Debts may not be issued by the
Titling Trust with respect to such Specified Interest.

 

No Applicable Asset Annex delivered pursuant to
this Section 4.3(b) may include any Titling Trust Leases or Titling Trust Vehicles that will be allocated (and as
to which Collections will be allocable) to another Specified Interest as of the day immediately following the applicable Series
Cutoff Date.

 

On the Series Issue Date, the Titling Trust will
issue the related Certificates to the Persons named in the Specification Notice. The Titling Trust will provide notice of each
such issuance to the Titling Trustee, and the Titling Trustee will record such issuance in the Certificate Register. Each Specification
Notice will be substantially in the form of Exhibit A.

 

(c)          Rights
of Holders With Respect to Specified Interests. The Holders of each Series, with respect to the related Specified Interest,
subject to the rights of (A) any related Registered Pledgee and (B) any related Secured Titling Trust Creditors or other Titling
Trust Creditors and to the terms of the related Servicing Agreement and any other document to which the related Specified Assets
are subject, will have the exclusive right to administer, manage, and control the related Specified Assets, including the right
to, at any time and, for any reason or for no reason to:

 

(i)          direct
the Titling Trust to assign or otherwise transfer any related Specified Leases, Specified Vehicles or other Specified Assets to,
or to the order of, such Holders;

 

(ii)         receive
or direct the application of all Collections on the related Specified Assets;

 

    	 	 	Titling Trust Agreement
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(iii)        designate,
remove and direct the actions of the related Servicer and specify the terms of the related Servicing Agreement in accordance with
Section 4.3(a);

 

(iv)        direct
the Titling Trust to accept assignment of title to Titling Trust Leases and Titling Trust Vehicles (or instruct the related Servicer,
as their agent, to so direct the Titling Trust) for allocation to such Specified Interest (if designated as a Revolving Specified
Interest) in accordance with Section 4.3(d);

 

(v)         direct
the Titling Trust to reallocate any related Specified Leases, Specified Vehicles or other Specified Assets to a different Specified
Interest in accordance with Section 4.3(f);

 

(vi)        in
the case of a Titling Trust Debt Specified Interest, direct the Titling Trust to issue Titling Trust Debts with respect to the
related Specified Interest and pledge any or all of the related Specified Assets to secure such Titling Trust Debts, subject
to and in accordance with the terms of this Titling Trust Agreement and the related Specification Notice; and

 

(vii)       provide
directions to the Titling Trust Administrator, the Titling Trust, the Titling Trustee or the related Servicer with respect to the
related Specified Interest pursuant to Section 7.4(a).

 

(d)          Subsequent
Addition of Specified Assets to Revolving Specified Interests. The Holders of the Series relating to any Revolving
Specified Interest will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with
Section 4.3(h) any Titling Trust Leases, Titling Trust Vehicles or other assets that have been acquired or are to
be acquired by the Titling Trust for allocation to such Revolving Specified Interest, and provide to the Titling Trust Administrator
the following information with respect to any such assets:

 

(i)          the
Revolving Specified Interest to which Titling Trust Leases, Titling Trust Vehicles or other assets have been or are to be allocated;

 

(ii)         the
Addition Date; and

 

(iii)        the
date as of which Collections on such assets will be allocated to such Revolving Specified Interest.

 

Effective as of the Addition Date set forth in any Addition Notice,
the Titling Trust Leases, Titling Trust Vehicles or other assets identified therein will be Specified Assets allocated to the Specified
Interest set forth in the Addition Notice. Notwithstanding the foregoing, if the Specification Notice related to a Revolving Specified
Interest specifies that Titling Trust Leases and Titling Trust Vehicles having specifically identified characteristics shall be
automatically allocated to such Specified Interest upon the acquisition thereof by the Titling Trust, then no separate Addition
Notices will be required in respect of any Titling Trust Leases and Titling Trust Vehicles acquired by the Titling Trust with such
specifically identified characteristics.

 

    	 	 	Titling Trust Agreement
	 	30	 

     

    

 

Notwithstanding the foregoing part of this Section 4.3(d),
no assets may be added to any Specified Interest pursuant to this Section 4.3(d) if such assets will be allocated
(and as to which Collections will be allocable) to another Specified Interest immediately following the applicable Addition Date.

 

(e)          Assignment
and Transfer of Specified Assets from the Titling Trust. The Holders of the Series relating to any Specified Interest
will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with Section 4.3(h)
any related Specified Assets that have been or are to be assigned or otherwise transferred from the Titling Trust, and provide
to the Titling Trust Administrator the following information with respect to such Specified Assets:

 

(i)          the
Specified Interest from which the Specified Assets have been or are to be assigned or otherwise transferred;

 

(ii)         the
Assignment Date; and

 

(iii)        the
date as of which Collections on such Specified Assets will cease to be allocated to such Specified Interest.

 

Effective as of the Assignment Date set forth in any Assignment
Notice, but subject to compliance with the Asset Removal Procedures set forth in Section 4.4, the Specified Assets
identified in the Applicable Asset Annex attached to such Assignment Notice will cease to be Titling Trust Assets.

 

(f)          Reallocation
of Specified Assets from one Specified Interest to Another. The Holders of the Series relating to any Specified Interest
will, or will cause the related Servicer to, identify to the Titling Trust Administrator in accordance with Section 4.3(h)
any related Specified Assets that have been or are to be reallocated to another existing Specified Interest, and provide to the
Titling Trust Administrator the following information with respect to such Specified Assets:

 

(i)          the
Specified Interest from which the Specified Assets have been or are to be reallocated;

 

(ii)         the
Specified Interest to which the Specified Assets have been or are to be reallocated;

 

(iii)        the
Reallocation Date; and

 

(iv)        the
date as of which Collections on such Specified Assets will be allocated to the Specified Interest to which such Specified Assets
have been or are to be reallocated.

 

Subject to compliance with the Asset Removal Procedures set forth
in Section 4.4, and as of the Reallocation Date set forth in any Reallocation Notice, the Titling Trust Leases, Titling
Trust Vehicles or other assets identified therein will be reallocated to the Specified Interest set forth in the Reallocation Notice.

 

    	 	 	Titling Trust Agreement
	 	31	 

     

    

 

(g)          Identification
of Assets. In identifying Titling Trust Leases, Titling Trust Vehicles and other assets to be allocated, acquired,
assigned, transferred or reallocated pursuant to Section 4.3(b), (d), (e), or (f),
the Holders of the Series relating to the Specified Interest from which such assets will be allocated will identify:

 

(i)          Titling
Trust Leases by account number;

 

(ii)         Titling
Trust Vehicles by vehicle identification number; and

 

(iii)        any
other Titling Trust Assets by such description in such form that will permit the Titling Trustee to identify such Titling Trust
Assets separately from any other Titling Trust Assets.

 

(h)          Reporting
to Titling Trust Administrator. The Holders (or the related Servicer on their behalf) will report to the Titling Trust
Administrator with respect to assets acquired, assigned, transferred, or reallocated pursuant to Section 4.3(b),
(d), (e), and (f) at such times, in such manner and in such form as may be agreed to
from time to time by such Holders (or the related Servicer on their behalf) and the Titling Trust Administrator, which may include
any electronic means.

 

(i)          Certain
Rights and Duties of the Titling Trust Administrator With Respect to Specified Interests and Specified Assets. In accordance
with procedures set forth in the related Servicing Agreement, each Servicer (or, if no Servicer has been appointed with respect
to a Specified Interest, the Holders of the related Series) will provide information with respect to the related Specified Assets
to the Titling Trust Administrator in detail sufficient to permit the Titling Trust Administrator to maintain on an ongoing basis
adequate records with respect to the investments of the Holders in the Titling Trust and to provide the Holders and the Titling
Trust Creditors with any information required to be provided to them pursuant to this Titling Trust Agreement and the other Trust
Documents. The Titling Trust Administrator has no responsibility for determining, monitoring or verifying the value or quality
of any assets contributed to or held by the Titling Trust. The Titling Trust Administrator, upon receipt of all certificates, statements,
opinions, reports, documents, orders, other instruments or property furnished to the Titling Trust Administrator that are required
to be furnished pursuant to this Titling Trust Agreement, will examine them to determine whether they are on their face in the
form required by this Titling Trust Agreement. If any such item is found on its face not to conform to the requirements of this
Titling Trust Agreement in a material manner, the Titling Trust Administrator will take such action as it deems appropriate to
have the item corrected by the related Servicer, and if the item is not corrected to the Titling Trust Administrator’s reasonable
satisfaction by the related Servicer, the Titling Trust Administrator will provide notice thereof to the Titling Trustee and to
the applicable Holders. The Titling Trust Administrator will make all books and records maintained by the Titling Trust Administrator
with respect to the Titling Trust and the Titling Trust Assets available to the Titling Trustee for inspection, but only upon reasonable
notice and during the normal business hours of the respective offices of the Titling Trust Administrator.

 

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	 	32	 

     

    

 

Section 4.4           Asset
Removal Procedures.

 

Notwithstanding any provision to the contrary
set forth in Section 4.3, the effectiveness of the reallocation of a Specified Asset of any Specified Interest to
any other Specified Interest pursuant to any Specification Notice or Reallocation Notice, or the assignment or transfer by the
Titling Trust of a Specified Asset of any Specified Interest, shall be subject to compliance with the following procedures, conditions
and limitations (such procedures, the “Asset Removal Procedures”):

 

(a)          the
Titling Trustee has neither received notice from any related Registered Pledgee or Titling Trust Creditor, as the case may be,
nor otherwise obtained actual knowledge, that a TRO Default (i) has occurred and is continuing with respect to any Trust- Related
Obligation relating to the Specified Interest from which such Specified Assets are to be reallocated or (ii) would occur under
any such Trust-Related Obligation as a result of such reallocation;

 

(b)          Notice
of such reallocation or assignment shall have been provided by the related Holder or Servicer to each TRO Holder Representative,
if any, with respect to the Specified Interest from which such assets are to be reallocated at least five (5) Business Days prior
to the applicable Series Cutoff Date, Reallocation Date or Assignment Date, as the case may be;

 

(c)          a
copy of such Specification Notice or Reallocation Notice (including the related Applicable Asset Annex) shall have been delivered
to each TRO Holder Representative, if any, with respect to the Specified Interest from which such Titling Trust Assets are to be
reallocated or assigned no later than the fifth (5th) Business Day following the applicable Series Cutoff Date, Reallocation Date
or Assignment Date;

 

(d)          the
rights of the Titling Trust Creditors or Registered Pledgees with respect to the Specified Interest from which such Titling Trust
Assets are being reallocated would not otherwise be violated by such reallocation; and

 

(e)          in
the case of an asset to be reallocated from another Specified Interest pursuant to a Specification Notice or Reallocation Notice,
such asset will not be allocated to, or constitute a Specified Asset of, in each case as of the applicable Series Cutoff Date or
Reallocation Date, as applicable, specified in such notice, any Specified Interest other than the Specified Interest to which such
asset is to be reallocated pursuant to such notice.

 

Notwithstanding the foregoing part of this Section 4.4,
if and to the extent that procedures with respect to the reallocation of assets from any Specified Interest are set forth in the
TRO Documents for the Trust-Related Obligations, if any, of such Specified Interest, the procedures set forth in such TRO Documents
shall govern, and compliance with such procedures shall be deemed to constitute compliance with this Section 4.4
(including as to delivery of any required notices to TRO Holders or their representatives).

 

    	 	 	Titling Trust Agreement
	 	33	 

     

    

 

Section 4.5           Accounts
of the Titling Trust.

 

If so specified in the Servicing Agreement with
respect to any Specified Interest, the Titling Trust Administrator will, in the manner so specified, establish and maintain in
the name of the Titling Trust, or in such other name that identifies the Titling Trust as the holder of the account, one or more
separate deposit accounts or securities accounts for the benefit of the Holders of the related Series. Any such account will be
under the sole dominion and control of the related Holders, subject to the rights of any related Registered Pledgees or any related
TRO Holders, except to the extent otherwise specified in such Servicing Agreement.

 

Section 4.6           Titling
Trust Debts.

 

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

 

ARTICLE
V

 

THE
CERTIFICATES

 

Section 5.1           Authentication
and Delivery; Form.

 

(a)          Each
Certificate will be substantially in the form set forth in Exhibit B, subject to modifications as required by this
Titling Trust Agreement or the related Specification Notice. Each Certificate will be executed by manual or facsimile signature
by an Authorized Officer of the Titling Trustee. Each Certificate bearing the manual or facsimile signatures of individuals who
were authorized to sign on behalf of the Titling Trustee at the time when such signatures were affixed will be a valid and binding
representation of interests in the Titling Trust notwithstanding that any or all of such individuals will have ceased to be so
authorized prior to or did not hold such offices at the date of authentication and delivery of such Certificate or thereafter.

 

(b)          Certificates
may be typewritten or produced by any other method, all as determined by the Titling Trustee, as evidenced by the Titling Trustee’s
execution of such Certificates.

 

(c)          In
the case of Certificates issued in connection with the issuance of Trust-Related Obligations, Certificates will be issued only
upon delivery of an Opinion of Counsel addressed to the Titling Trust Administrator, the Titling Trustee and the Titling Trust
that (i) such issuance and the transactions entered into in connection therewith (including transfers of such Certificates permitted
by the documents executed in connection with such transactions) will not cause the Titling Trust to be classified as an association
(or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes and (ii) the issuance of

 

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	 	34	 

     

    

 

such Certificates will not have a material adverse
effect on the U.S. federal income tax characterization of the Trust-Related Obligations, if any, issued in connection with any
previously issued Certificates.

 

(d)          Notwithstanding
any other part of this Titling Trust Agreement, no Person may acquire any Certificate or be admitted as a Holder unless:

 

(i)          such
Person is not acquiring its interest in the Titling Trust through an “established securities market” within the meaning
of section 7704(b) of the Code;

 

(ii)         after
giving effect to such acquisition, there are no more than 95 beneficial owners of the Titling Trust as determined by Section 1.7704-1(h)
of the Treasury Regulations; and

 

(iii)        such
Person either (A) is not (or, if it is disregarded as an entity separate from its owner within the meaning of Treasury Regulations
Section 301.7701-3(a), its owner is not), for U.S. federal income tax purposes, a partnership, grantor trust, or S Corporation
(as defined in the Code) (any such entity, a “Pass-Through Entity”) or (B) is a Pass-Through Entity,
but (x) after giving effect to such transaction less than 50 percent of the value of each beneficial ownership interest in such
Pass-Through Entity is attributable to such entity’s interest in the Titling Trust or (y) adequate provisions are in place
that restrict any transfer of beneficial interests in such Pass-Through Entity or the actions of such Pass-Through Entity in such
a manner to prevent any increase in the number of beneficial owners of the Pass-Through Entity for purposes of Section 1.7704-1(h)
of the Treasury Regulations without the consent of the Titling Trust (as confirmed by an Opinion of Counsel).

 

Section 5.2           Mutilated,
Destroyed, Lost or Stolen Certificates.

 

If (i) any mutilated Certificate is surrendered
to the Titling Trustee, or the Titling Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Certificate,
and (ii) there is delivered to the Titling Trustee such security or indemnity as may be required by it to indemnify and hold it
harmless, then the Titling Trustee will execute on behalf of the Titling Trust and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a replacement Certificate of the same Class and proportionate interest in the
Titling Trust, the related Specified Interest and the Specified Assets allocated thereto. Such substitute Certificate will constitute
for all purposes a substitute for the original Certificate and the original Certificate will be deemed canceled and the books and
records of the Titling Trustee will indicate such cancellation. Any replacement Certificate will be delivered to the Holder of
the applicable Series. However, if there is a Registered Pledgee of such Certificate, then a replacement Certificate will be delivered
to the Registered Pledgee if the Notice of Registered Pledge so provides.

 

Section 5.3           Persons
Deemed Holders.

 

Prior to due presentation of a Certificate for
registration of transfer, the Titling Trustee will regard the Person in whose name such Certificate is registered as the Holder
for all

 

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	 	35	 

     

    

 

purposes. The Holder of any Certificate may covenant
or enter into agreements with other Persons with respect to the exercise of any or all of its rights as Holder of such Certificate
and, subject to Section 5.4(e), upon receipt of notification of such arrangements by the Titling Trustee (with a
copy to the Titling Trust Administrator), such Persons will be treated as Holders in accordance with and to the extent provided
in such agreement.

 

Section 5.4           Registration
of Transfer and Exchange of Certificates.

 

(a)          The
Titling Trustee will keep or cause to be kept, at the office or agency maintained pursuant to Section 5.5, a register
(the “Certificate Resister”) that, subject to such reasonable regulations as it may prescribe, the Titling
Trustee will provide for the registration of Certificates and of transfers and exchanges of Certificates. The Titling Trustee will
not register any transfer, sale, assignment, hypothecation, pledge or other conveyance of any Certificate unless the request for
such transfer, sale, assignment, hypothecation, pledge or other conveyance is accompanied by either (i) in the case of a conveyance
that constitutes a Registered Pledge, a Notice of Registered Pledge and the other documentation required under Section 5.4(e)
and Section 5.4(f) or (ii) in the case of any other conveyance of a Certificate subject to a Registered Pledge, evidence
that the related Registered Pledgees have consented to such conveyance.

 

(b)          Upon
surrender for registration of transfer of any Certificate to the Titling Trustee at its Corporate Trust Office, an Authorized Officer
of the Titling Trustee will execute, authenticate, and deliver, in the name of the designated transferee or transferees, one or
more new Certificates in a like aggregate amount dated the date of authentication by the Titling Trustee.

 

(c)          Every
Certificate presented or surrendered for registration of transfer or exchange will be accompanied by an instrument of transfer
or exchange in form satisfactory to the Titling Trustee duly executed by the Holder, including, with respect to any Certificate
subject to a Registered Pledge, the documentation described in Section 5.4(a)(ii). Each Certificate surrendered for
registration of transfer and exchange will be canceled and subsequently disposed of by the Titling Trustee.

 

(d)          No
service charge will be made for any registration of transfer or exchange of Certificates, but the Titling Trustee may require payment
of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of
Certificates.

 

(e)          Except
to the extent specified in this Titling Trust Agreement or in the related Servicing Agreement, Certificates may be assigned, pledged
or otherwise transferred. However, the Certificates may be assigned, pledged or otherwise transferred only upon delivery of an
Opinion of Counsel addressed to the Titling Trust Administrator, the Titling Trustee and the Titling Trust that such assignment,
pledge or transfer will not cause the Titling Trust to be classified as an association (or publicly traded partnership) taxable
as a corporation for U.S. federal income tax purposes. Any attempted assignment, pledge, or other transfer in violation of this
Section 5.4(e) will be void ab initio. In addition, each assignee, pledgee or other transferee must,
prior to or contemporaneously with any such assignment, pledge or other transfer, execute

 

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an agreement containing a non-petition covenant
substantially similar to that set forth in Section 11.10 and deliver to the Titling Trust Administrator, the Titling
Trustee and the Initial Beneficiary an executed copy of such agreement. In addition to the foregoing, in the case of a pledge of
a Certificate, the Holder will deliver to the Titling Trustee (with a copy to the Titling Trust Administrator) a notice of registered
pledge substantially in the form of Exhibit C (a “Notice of Registered Pledge”), an executed
copy of the related security agreement and any agreements governing the exercise by the pledgee of the rights of a Holder with
respect to the applicable Certificate (any such pledge, a “Registered P1edge”).

 

(f)          The
Titling Trustee will deliver, or cause to be delivered, a copy of this Titling Trust Agreement to each Person that becomes a Holder
or Registered Pledgee.

 

Section 5.5           Maintenance
of Office or Agency.

 

The Titling Trustee will maintain an office or
offices or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Titling Trustee in respect of the Certificates and this Titling Trust Agreement may be served. The Titling
Trustee initially designates its Corporate Trust Office as its office for such purposes. The Titling Trustee will give prompt notice
to the Initial Beneficiary, the Holders and any Registered Pledgees of any change in the location of such office.

 

Section 5.6           Cooperation
with Servicers.

 

The Titling Trust will furnish each Servicer with
any powers of attorney and such other documents as have been prepared by such Servicer for execution by the Titling Trust as are
necessary or appropriate to enable such Servicer to carry out its duties under the applicable Servicing Agreement.

 

Section 5.7           Registered
Pledge.

 

Each Notice of Registered Pledge will be executed
by the Holder of the subject Certificate and each Registered Pledgee of such Certificate and will set forth the following information:

 

(i)          the
name of the Holder;

 

(ii)         the
name and address of the Registered Pledgee;

 

(iii)        the
Series and Class, if applicable, of the Certificate subject to the Registered Pledge;

 

(iv)        any
rights of the Holder under this Titling Trust Agreement and the applicable Certificate that the Holder has agreed may be exercised
by the Registered Pledgee;

 

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(v)         if
there is more than one Registered Pledgee of a Certificate, a brief statement of the relative rights of each Registered Pledgee
in such Certificate; and

 

(vi)        any
additional information required by the Titling Trust Administrator or the Titling Trustee.

 

ARTICLE
VI

 

ACCOUNTING
AND REPORTS TO HOLDERS

 

The Titling Trust Administrator will (a) maintain
(or cause to be maintained) the books of the Titling Trust on a calendar year basis on the accrual method of accounting, (b) deliver
to each Holder and Registered Pledgee such information as may be required by the Code and applicable Treasury Regulations or otherwise,
including such information as may be required to enable each Holder and Registered Pledgee to prepare its U.S. federal income tax
returns, (c) file (or cause to be filed) any tax returns relating to the Titling Trust and make (or cause to be made) such elections
as may be required or appropriate under any Applicable Law, and (d) cause such tax returns to be signed in the manner required
by Applicable Law.

 

ARTICLE
VII

 

THE
TITLING TRUST ADMINISTRATOR AND THE TRUSTEES

 

Section 7.1           Appointment
of the Titling Trust Administrator; Duties of the Tit1ing Trust Administrator and the Titling Trustee.

 

(a)          Appointment
of the Titling Trust Administrator. The Initial Beneficiary appoints World Omni as Titling Trust Administrator and
World Omni hereby accepts such appointment. Each Holder of a Certificate, by acceptance thereof, will be deemed to have consented
to the appointment of World Omni as Titling Trust Administrator.

 

(b)          Duties
of the Titling Trust Administrator and the Trustees. The Titling Trust Administrator and the Trustees will each perform
such duties, and only such duties, as are specifically set forth in this Titling Trust Agreement. No implied covenants or obligations
will be read into this Titling Trust Agreement.

 

(c)          Reliance
on Certificates and Opinions. In the absence of bad faith, gross negligence or willful misconduct on its part, the
Titling Trust Administrator and each Trustee may conclusively rely upon certificates or opinions furnished to the Titling Trust
Administrator or the applicable Trustee, as the case may be, and conforming to the requirements of this Titling Trust Agreement
in determining the truth of the statements and the correctness of the opinions contained therein. However, the immediately preceding
sentence will not apply unless the Titling Trust Administrator or the applicable Trustee, as the case may be, have examined such
certificates or opinions so as to determine compliance of the same with the requirements of this Titling Trust Agreement.

 

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(d)          No
Duty to Segregate Funds; No Liability for Interest. Subject to Section 4.3, the Titling Trust Administrator
is not required to segregate funds received under this Titling Trust Agreement in any manner except to the extent required by Applicable
Law and the related Servicing Agreement and may deposit such funds under such general conditions as may be prescribed by Applicable
Law. The Titling Trust Administrator will not be liable for any interest on any such funds.

 

(e)          Limitation
on Direction by Holders. A Holder will not direct the Titling Trust Administrator or either Trustee to take any action
that:

 

(i)          is
inconsistent with any of the Permitted Transactions;

 

(ii)         would
result in the Titling Trust’s becoming an association (or publicly traded partnership) taxable as a corporation for U.S.
federal income tax purposes or that is otherwise inconsistent with the intended tax characterization of the Titling Trust and the
Titling Trust Assets as set forth in Section 2.9; or

 

(iii)        is
otherwise inconsistent with any provision of this Titling Trust Agreement or any other Trust Document.

 

Section 7.2           Authorization
of the Titling Trust Administrator and the Trustees.

 

Each Trust Representative is authorized and directed
by the Initial Beneficiary to execute and deliver this Titling Trust Agreement, the Intercreditor Agreement, each of the other
Trust Documents, and each certificate or other document attached as an exhibit to or contemplated by this Titling Trust Agreement
to which the Titling Trust is to be a party, in such form as the Initial Beneficiary may approve.

 

Section 7.3           Acceptance
of Duties; Limitation of Liability.

 

(a)          General
Standard of Care. Each Trust Representative agrees to perform its respective duties under this Titling Trust Agreement
but only upon the terms of this Titling Trust Agreement. Each Trust Representative also agrees to disburse any and all moneys received
by it constituting part of the Titling Trust Assets upon the terms of this Titling Trust Agreement and the other Trust Documents.
In carrying out its duties hereunder, each Trust Representative shall exercise such of the rights and powers vested in it using
the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct
of such Person’s own affairs. No provision of this Titling Trust Agreement shall be construed to relieve any Trust Representative
from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful misfeasance
or, in the case of the Titling Trustee, similar acts or omissions of any Titling Trustee Agent; provided, however,
that:

 

(i)          no
Trustee shall be personally liable for any action taken, suffered or omitted by it or any error of judgment, in each case made
in good faith by any officer of, or any other employee of the corporate trust office of, such Trustee (or, in the case of the Titling
Trustee, any Titling Trustee Agent), including any vice-president, trust

 

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officer or any other officer of such
Trustee (or, in the case of the Titling Trustee, any Titling Trustee Agent) customarily performing functions similar to those performed
by such officers or to whom any corporate trust matter is referred because of such Person’s knowledge of or familiarity with
the particular subject, unless it shall be proved that such Trustee (or, in the case of the Titling Trustee, such Titling Trustee
Agent) was negligent or acted with willful misfeasance in performing its duties in accordance with the terms of this Titling Trust
Agreement; and

 

(ii)         no
Trustee shall be personally liable with respect to any action taken, suffered or omitted to be taken in good faith in accordance
with the express direction of the Initial Beneficiary or, to the extent of actions taken with respect to any Specified Interest
or the related Specified Assets, the Holder of the related Series, relating to the exercise of any trust power conferred upon such
Trustee under this Titling Trust Agreement.

 

(b)          Limitation
on Requirement of Trust Representatives to Take Actions Exposing Them to Risk. Notwithstanding Section 7.3(a),
no Trust Representative will be under any obligation to exercise any of the rights or powers vested in it by this Titling Trust
Agreement, or to institute, conduct or defend any litigation under this Titling Trust Agreement or otherwise or in relation to
this Titling Trust Agreement, at the request, order or direction of any Holder, unless such Holder has offered to such Trust Representative
security or indemnity satisfactory to it against the fees, costs, expenses and liabilities that may be incurred by such Trust Representative
therein or thereby. The right of each Trust Representative to perform any discretionary act enumerated in this Titling Trust Agreement
will not be construed as a duty, and neither Trust Representative will not be answerable for other than its negligence or willful
misconduct in the performance of any such act.

 

(c)          Limitation
on Actions That Impair Beneficial Interests, Asset Value or Ratings. Except for actions expressly authorized or required
by this Titling Trust Agreement or another Trust Document related to a Specified Interest (or any particular subset of Titling
Trust Assets included therein), no Trustee shall take any action as to which such Trustee (i) has been notified by the Initial
Beneficiary, or any related Securitization Entity, Holder or Titling Trust Creditor or (ii) has actual knowledge, that, in either
case, such action would impair the related Beneficial Interests, would impair the value of any related Specified Asset or would
result in a downgrade or withdrawal of the rating assigned by any Rating Agency to any related Trust-Related Obligation.

 

Section 7.4           Action
upon Instruction by Holders.

 

(a)          The
Holders of any Series, subject to the rights of the related Registered Pledgee, if any, may direct the Titling Trust Administrator,
the Titling Trust, each Trustee or the Servicer with respect to the related Specified Interest to take action or refrain from taking
action with respect to the related Specified Assets except to the extent that such action or inaction would conflict with any other
provision of this Titling Trust Agreement, any other Trust Document or any other document to which the related Titling Trust Assets
are subject. Such direction may be exercised at any time by instructions signed by the Holders holding a 100% beneficial interest
in such Specified Assets.

 

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(b)          Notwithstanding
the foregoing, and in accordance with Section 7.7, the Titling Trust Administrator will not be required to take any
action or refrain from taking action under this Titling Trust Agreement if the Titling Trust Administrator has reasonably determined,
or has been advised by counsel, that such action is likely to result in liability on the part of the Titling Trust Administrator
or is contrary to the terms hereof or is otherwise contrary to Applicable Law.

 

(c)          Whenever
the Titling Trust Administrator is unable to decide between alternative courses of action permitted or required by this Titling
Trust Agreement, or is unsure as to the application, intent, interpretation or meaning of any provision of this Titling Trust Agreement,
the Titling Trust Administrator may request an Opinion of Counsel as to such application, intent, interpretation or meaning, or
may give notice (in a form appropriate under the circumstances) to the Holders requesting instruction as to the course of action
to be adopted, and, to the extent the Titling Trust Administrator acts in good faith in accordance with such Opinion of Counsel
or any such instruction received from such Holders, as the case may be, the Titling Trust Administrator will not be liable on account
of such action to any Person. If the Titling Trust Administrator does not receive an Opinion of Counsel or appropriate instructions
within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but will be under no duty to, take or refrain from taking such action that is consistent, in its
view, with this Titling Trust Agreement, and as it deems to be in the best interests of the Holders, and the Titling Trust Administrator
will have no liability to any Person for any such action or inaction.

 

Section 7.5           Furnishing
of Documents.

 

The Titling Trust Administrator will furnish to
the Holders, promptly upon receipt of a request therefor, duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Titling Trust Administrator by the Servicer or others.

 

Section 7.6           Representations
and Warranties of the Trustees; Agreements Regarding Stock.

 

(a)          Representations
and Warranties of the Trustees. Each Trustee represents and warrants to the Initial Beneficiary and the Holders as
follows:

 

(i)          Due
Organization. It is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction
of organization.

 

(ii)         Power
and Authority; Authorization. It has full power, authority and legal right to execute, deliver and perform this Titling
Trust Agreement, and has taken all necessary action to authorize the execution, delivery and performance by it of this Titling
Trust Agreement.

 

(iii)        No
Violation. The execution, delivery and performance by it of this Titling Trust Agreement (i) does not violate any provision
of any law or regulation governing the banking and trust powers of the Titling Trustee or any order, writ, judgment or decree of
any court, arbitrator or governmental authority applicable to

 

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the Titling Trustee or any of its assets,
(ii) does not violate any provision of the corporate charter or by-laws of the Titling Trustee, and (iii) does not violate any
provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition
of any Lien on any properties of the Titling Trustee pursuant to the provisions of any mortgage, indenture, contract, agreement
or other undertaking to which it is a party, violation, default or Lien would reasonably be expected to have a materially adverse
effect on the Titling Trustee’s performance or ability to perform its duties under this Titling Trust Agreement or on the
transactions contemplated in this Titling Trust Agreement.

 

(iv)        Consents
and Approvals. The execution, delivery and performance by the Titling Trustee of this Titling Trust Agreement does not
require the authorization, consent or approval of, the giving of notice to, the filing or registration with, or the taking of any
other action in respect of, any Governmental Authority.

 

(v)         Execution,
Delivery and Enforceability. This Titling Trust Agreement has been duly executed and delivered by the Titling Trustee and
constitutes the legal, valid and binding agreement of the Titling Trustee, enforceable in accordance with its terms, except as
enforceability may be limited by insolvency, bankruptcy, reorganization, or other laws relating to or affecting the enforcement
of creditors’ rights and by general equitable principles.

 

(b)          Single
Purpose. The Titling Trustee represents and warrants to the Initial Beneficiary and the Holders that, except in its
capacity as the Alabama Trustee, the Titling Trustee has not engaged, is not currently engaged, and will not engage during the
term of this Titling Trust Agreement in any other activity other than sewing as Titling Trustee and in such ancillary activities
as are necessary and proper in order to act as Titling Trustee in accordance with this Titling Trust Agreement and the other Trust
Documents.

 

(c)          Representations
and Warranties of U.S. Bank; Agreements Regarding Stock. U.S. Bank represents and warrants to the Initial Beneficiary
and the Holders that:

 

(i)          Ownership
of Stock. All of the issued and outstanding capital stock of the Titling Trustee (together with any additional capital
stock of the Titling Trustee that may be issued from time to time in the future, the “Trustee Stock”)
is owned by U.S. Bank, free and clear of any lien, encumbrance or any other restriction, agreement or commitment of any kind (other
than as provided for in this Titling Trust Agreement) that would in any way restrict U.S. Bank’s ability freely to transfer,
convey and assign the Trustee Stock. All such Trustee Stock currently outstanding is (and any Trustee Stock that may be issued
in the future will be) validly issued, fully paid and nonassessable and has not been (and will not be) issued in violation of any
preemptive, first refusal or other subscription rights of any Person. There are no outstanding options, warrants, conversion rights,
subscription rights, preemptive rights, exchange rights or other rights, agreements or commitments of any kind obligating U.S.
Bank to sell any Trustee Stock or to issue any additional capital stock in the Titling Trustee to any Person.

 

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U.S. Bank will not issue any additional
Trustee Stock without the express written consent of the Initial Beneficiary.

 

(ii)         Transfer
of Trustee Stock. For so long as U.S. Bank is acting as a Titling Trustee Agent pursuant to Section 7.12
of this Titling Trust Agreement or any Trust Agency Agreement, but subject to any applicable legal or regulatory requirements,
it will retain ownership of all of the Trustee Stock. If at any time (and for any reason, including without limitation U.S. Bank’s
resignation or termination as Titling Trustee Agent or the termination of the Titling Trust) U.S. Bank either is no longer acting
as a Titling Trustee Agent, is no longer able, because of legal or regulatory changes, to own the Trustee Stock, or the Titling
Trustee would have to be removed pursuant to Section 7.11 because of is being owned by U.S. Bank, U.S. Bank will:

 

(A)         notify
the Initial Beneficiary of such event; and

 

(B)         sell
to the Initial Beneficiary’s designee (who shall not be the Initial Beneficiary or any Affiliate thereof), at the Initial
Beneficiary’s option, without recourse except with respect to the representations, warranties and covenants contained herein,
all of the Trustee Stock for the sum of Ten United States Dollars (U.S.$10) plus the face value of any cash or cash equivalents
then held by the Titling Trustee for its own account, but not in excess of its net worth as set forth on its financial books and
records (“Liquid Titling Trustee Assets”).

 

The Initial Beneficiary’s designee shall have sixty
(60) days from the date of receipt of such notice in which to exercise such option and to consummate such acquisition, during which
time U.S. Bank shall refrain from offering for sale or selling any Trustee Stock to any Person other than the Initial Beneficiary’s
designee. If the Initial Beneficiary’s designee shall not consummate such acquisition within such period, U.S. Bank shall
be free to offer for sale or sell to any Person any or all of the Trustee Stock or to dissolve the Titling Trustee; provided,
however, that, if, upon or in connection with U.S. Bank’s no longer being a Titling Trustee Agent,
a successor Titling Trustee Agent shall be appointed by the Titling Trustee in replacement of U.S. Bank, and U.S. Bank will next
grant to such successor Titling Trustee Agent an option for it or its designee to buy the Trustee Stock without recourse except
with respect to the representations, warranties and covenants contained herein, for the sum of Ten United States Dollars (U.S.$10)
plus the face value of the Liquid Titling Trustee Assets. Such successor Titling Trustee Agent or its designee shall have sixty
(60) days from the date of receipt of such offer in which to exercise such option and consummate such acquisition, during which
time U.S. Bank shall refrain from offering for sale or selling any Trustee Stock to any Person other than such successor Titling
Trustee Agent or its designee.

 

If any of the Initial Beneficiary’s designee, a
successor Titling Trustee Agent or its designee shall timely exercise its option to acquire the Trustee Stock, U.S. Bank shall
promptly tender all such Trustee Stock to such buyer at a time and place determined by the buyer, duly endorsed in blank or with
duly endorsed stock powers attached, against payment of the purchase price. The Initial Beneficiary shall pay any transfer or similar

 

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taxes arising from a transfer of the Trustee Stock as
contemplated by this Titling Trust Agreement.

 

Section 7.7           Reliance;
Advice of Counsel.

 

Except as otherwise provided in this Titling Trust
Agreement:

 

(a)          Reliance
on Documents. Each Trust Representative may rely and shall be protected in acting or refraining from acting upon any
resolution, officer’s certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have
been signed or presented by the proper party or parties. In particular, but without limitation, whenever in this Titling Trust
Agreement it is provided that the applicable Trust Representative shall receive or may rely on the instructions or directions of
the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor, any written instruction or direction
purporting to bear the signature of any officer of such Person reasonably believed by it to be genuine may be deemed by such Trust
Representative to have been signed or presented by the proper party.

 

(b)          Reliance
on Counsel. Each Trust Representative may consult with counsel, and any opinion of counsel shall be full and complete
authorization and protection in respect of any action taken or suffered or omitted by it under this Titling Trust Agreement in
good faith and in accordance with such opinion of counsel.

 

(c)          No
Requirement to Take Discretionary Action Without Indemnity. No Trust Representative shall be under any obligation to
exercise any of the discretionary rights or powers vested in it by this Titling Trust Agreement, or to institute, conduct or defend
any litigation under this Titling Trust Agreement or in relation to this Titling Trust Agreement at the request, order or direction
of the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor pursuant to the provisions of this
Titling Trust Agreement, unless such requesting Person(s) shall have offered to such reasonable security or indemnity against the
costs, expenses and liabilities that may be incurred therein or thereby.

 

(d)          No
Trust Representative shall be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by the Initial Beneficiary, any Securitization Entity, any Holder or any Titling Trust Creditor in connection
with a Trust-Related Obligation; provided, however, that, if the payment within a reasonable
time to such Trust Representative of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation
is, in the opinion of such Trust Representative, not reasonably assured to such Trust Representative by the security afforded to
it by the terms of this Titling Trust Agreement or any other Trust Document, such Trust Representative may require reasonable indemnity
against such cost, expense or liability as a condition to so proceeding; the reasonable expense of every such examination shall
be paid by the Person(s) requesting such examination or, if paid by such Trust Representative, shall be reimbursed to such Trust
Representative as an expense of the Titling Trust upon demand.

 

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Section 7.8           Compensation
and Reimbursement.

 

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

 

Section 7.9           Resignation
or Removal of Titling Trust Administrator and the Trustees.

 

(a)          Neither
the Titling Trust Administrator nor either of the Trustees may resign without the consent of the Initial Beneficiary unless the
Titling Trust Administrator or the applicable Titling Trustee ceases to be eligible (in the case of the Trustees, in accordance
with the provisions of Section 7.11) or the Titling Trust Administrator or the applicable Trustee is incapable of
acting or it is illegal for the Titling Trust Administrator or the applicable Trustee to act.

 

(b)          The
Initial Beneficiary may remove the Titling Trust Administrator or either Trustee (and will remove the Titling Trust Administrator
or the applicable Trustee in the case of the occurrence of the events described in clauses (i) through (v)):

 

(i)          in
the case of either Trustee, if the Trustee ceases to be eligible in accordance with the provisions of Section 7.11;

 

(ii)         if
the Titling Trust Administrator or the applicable Trustee is adjudged bankrupt or insolvent;

 

(iii)        if
a receiver or other public officer is appointed or takes charge or control of the applicable Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation or if an Insolvency Event occurs with respect to the Titling Trust
Administrator or the applicable Trustee;

 

(iv)        if
the Titling Trust Administrator or the applicable Trustee otherwise is incapable of acting or it is illegal for the Titling Trust
Administrator or the applicable Trustee to act;

 

(v)         in
the case of either Trustee, (A) any representation or warranty made by such Trustee pursuant to Section 7.6 shall
prove to have been untrue in any material respect when made, and (B) such representation or warranty shall continue

 

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to be untrue for 30 days following actual
knowledge thereof by such Trustee, or notice thereof to such Trustee by the Initial Beneficiary, any Holder or any Registered Pledgee,
and (C) such Trustee shall fail to resign after written request therefor, following the 30- day period referred to
in the immediately preceding subclause (B), by the Initial Beneficiary, any Holder or any Registered Pledgee; or

 

(vi)        at
its discretion.

 

(c)          If
the Titling Trust Administrator or a Trustee is removed or if a vacancy exists in the office of Titling Trust Administrator or
either Trustee for any reason, the Initial Beneficiary will promptly appoint a successor Titling Trust Administrator or successor
Trustee by written instrument (one copy will be delivered to the outgoing Titling Trust Administrator or Trustee so removed, one
copy to the successor Titling Trust Administrator or successor Trustee, as the case may be, and one copy to each Rating Agency
then rating any Trust- Related Obligation). Any successor Trustee must satisfy the requirements of Section 7.11.
All costs associated with the resignation or removal of the Titling Trust Administrator or a Trustee and the appointment of a successor
will be borne by the Holders of the Certificates based on their respective Specified Asset Percentages of such costs. However,
if the Initial Beneficiary (i) consents to the resignation of the Titling Trust Administrator or a Trustee pursuant to Section
7.9(a) or (ii) removes the Titling Trust Administrator or a Trustee pursuant to Section 7.9(b)(vi), all such
costs will be borne exclusively by the Initial Beneficiary.

 

(d)          Any
resignation or removal of the Titling Trust Administrator or a Trustee and appointment of a successor Titling Trust Administrator
or Trustee pursuant to any of the provisions of this Section 7.9 will not become effective until an acceptance of
appointment is delivered by the successor Titling Trust Administrator or Trustee, as the case may be, upon which the successor
Titling Trust Administrator or Trustee, as the case may be, must become fully vested with all the rights, powers, duties and obligations
of its predecessor under this Titling Trust Agreement, with like effect as if originally named as Titling Trust Administrator or
Trustee, as the case may be.

 

(e)          The
predecessor Titling Trust Administrator or Trustee, as the case may be, will deliver to the successor Titling Trust Administrator
or Trustee, as the case may be, all books, records, accounts, documents, statements and monies held by it under this Titling Trust
Agreement. The predecessor Titling Trust Administrator or Trustee, as the case may be, will execute and deliver such instruments
and do such other things as may reasonably be required to fully and certainly vest and confirm in the successor Titling Trust Administrator
or Trustee, as the case may be, all such rights, powers, duties and obligations. The predecessor Titling Trust Administrator or
Trustee, as the case may be, will cooperate with the successor Titling Trust Administrator or Trustee, as the case may be, to ensure
that the successor Titling Trust Administrator or Titling Trustee, as the case may be, has all books, records, accounts, documents,
statements and monies held by it under this Titling Trust Agreement and any other relevant information relating to the Titling
Trust Assets.

 

(f)          Upon
the acceptance by a successor Titling Trust Administrator or Trustee, as the case may be, of its appointment pursuant to this Section
7.9, the Initial Beneficiary will mail notice of such appointment to each Holder or Registered Pledgee of a

 

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Certificate, and to each Designated Notice Recipient
with respect to any Trust-Related Obligation. If the Initial Beneficiary fails to mail such notice within 10 days after the successor
Titling Trust Administrator or Trustee, as the case may be, has accepted its appointment under this Titling Trust Agreement, the
successor Titling Trust Administrator or Trustee, as the case may be, will cause such notice to be mailed at the expense of the
Initial Beneficiary.

 

Section 7.10         Merger
or Consolidation of Titling Trust Administrator or the Titling Trustee.

 

Any Person that may be merged, converted or consolidated
with the Titling Trust Administrator or either Trustee, as the case may be, or any Person resulting from any merger, conversion
or consolidation to which the Titling Trust Administrator or either Trustee, as the case may be, is a party, or any Person succeeding
to all or substantially all of the corporate trust business of the Titling Trust Administrator or either Trustee, as the case may
be, will be deemed the successor of the Titling Trust Administrator or the applicable Trustee, as the case may be, under this Titling
Trust Agreement, in the case of a Trustee, so long as such Person satisfies the requirements of Section 7.11, and
without the execution or filing of any instrument or any further act on the part of any of the parties to this Titling Trust Agreement.

 

Section 7.11         Eligibility
Requirements for the Trustees.

 

(a)          Each
Trustee will at all times satisfy each of the following requirements or be a wholly owned subsidiary of an entity that satisfies
each of the following requirements:

 

(i)          be
either (a) a corporation organized under the laws of one of the fifty states of the United States, the District of Columbia or
the Commonwealth of Puerto Rico or (b) a banking association organized under the laws of the United States or any state thereof;

 

(ii)         not
be the Initial Beneficiary or any Affiliate thereof;

 

(iii)        be
qualified as a trustee to hold Titling Trust Assets located in each of Florida, Alabama, Georgia, North Carolina and South Carolina
(to the extent that the Titling Trustee is required to hold such Titling Trust Assets);

 

(iv)        be
authorized to exercise corporate trust powers; and

 

(v)         have
a combined capital and surplus of not less than $50,000,000.

 

(b)          The
Titling Trust will at all times have at least one trustee that will comply with all of the requirements of Section 3807(a) of the
Delaware Statutory Trust Act relating to the qualification of a trustee for a Delaware statutory trust.

 

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Section 7.12         Agents
of the Trust Representatives.

 

(a)          Appointment.
In the performance of its duties and obligations under this Titling Trust Agreement, each Trust Representative may act directly
or through its agents, attorneys, custodians or nominees pursuant to agreements entered into with any of them, and neither Trust
Representative will be liable for the conduct or misconduct of such agents, attorneys, custodians or nominees if such agents, attorneys,
custodians or nominees were selected by such Trust Representative with reasonable care. Each Trust Representative may consult with
counsel, accountants and other skilled professionals to be selected with reasonable care and employed by it. No Trust Representative
will be liable for anything done, suffered or omitted in good faith by it in accordance with any Opinion of Counsel or advice of
such accountants or other such skilled professionals and not contrary to this Titling Trust Agreement. By way of illustration and
not in limitation of the foregoing, the Titling Trustee may enter from time to time into one or more agency agreements (each a
 “Trust Agency Agreement”) with such Person or Persons, including without limitation any Affiliate of
the Titling Trustee (each a “Titling Trustee Agent”), as are by experience and expertise qualified to
act in a trustee capacity and otherwise acceptable to the Initial Beneficiary (U.S. Bank being hereby deemed both qualified and
acceptable for these purposes).

 

(b)          Removal.
Notwithstanding Section 7.12(a), each Trust Representative agrees that it shall replace any Titling Trustee Agent
appointed by such Trust Representative (including U.S. Bank) upon the occurrence and continuation of any of the following events:

 

(i)          the
Initial Beneficiary determines in its good faith judgment that the compensation or level of service of such Titling Trustee Agent
shall no longer be reasonably competitive with those of any alternative agent reasonably proposed by the Initial Beneficiary, and
the Initial Beneficiary provides notice to such effect to the Titling Trustee and the Titling Trustee Agent; or

 

(ii)         such
Titling Trustee Agent is adjudged bankrupt or insolvent; or

 

(iii)        a
receiver or other public officer is appointed or takes charge or control of such Titling Trustee Agent or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation or an Insolvency Event occurs with respect to such Titling Trustee
Agent; or

 

(iv)        such
Titling Trustee Agent otherwise is incapable of acting with respect to the performance of its obligations under the applicable
Trust Agency Agreement, or it is illegal for such Titling Trustee Agent to so act; or

 

(v)         all
of the following have occurred: (A) any representation or warranty made by such Titling Trustee Agent pursuant to the applicable
Trust Agency Agreement shall prove to have been untrue in any material respect when made, and (B) such representation
or warranty shall continue to be untrue for 30 days following actual knowledge thereof by such Titling Trustee Agent, or notice
thereof to the Titling Trustee

 

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and such Titling Trustee Agent by the
Initial Beneficiary, and (C) such Titling Trustee Agent shall fail to resign after written request therefor, following
the 30-day period referred to in the immediately preceding subclause (B), by the Initial Beneficiary (with a copy
of such notice being delivered to the Titling Trustee); or

 

(vi)        all
of the following have occurred:

 

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

 

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

 

(C)         the
Titling Trustee Agent has not cured such breach in all material respects within 30 Business Days thereafter.

 

(c)          Trust
Agency Agreements. Each Trust Agency Agreement shall:

 

(i)          specify
the duties, powers, liabilities, obligations and compensation of the applicable Titling Trustee Agent(s) to carry out on behalf
of the Titling Trustee any or all of its obligations in such capacity that arise under this Titling Trust Agreement or otherwise;
and

 

(ii)         contain
a non-petition covenant substantially identical to that set forth in Item 4 of the table in Section 4.1(f);

 

provided, however, that,
nothing contained in any Trust Agency Agreement shall excuse, limit or otherwise affect any power, duty, obligation, liability
or compensation otherwise applicable to the Titling Trustee under this Titling Trust Agreement.

 

(d)          Appointment
of U.S. Bank as Initial Titling Trustee Agent.

 

(i)          Appointment.
The Titling Trustee hereby engages U.S. Bank as its Initial Titling Trustee Agent (in such capacity, the “Initial Titling
Trustee Agent”), and U.S. Bank by its signature to this Titling Trust Agreement accepts such engagement. All provisions
of this Section 7.12(d) shall constitute a Trust Agency Agreement between the Initial Titling Trustee Agent and the
Titling Trustee, subject to any amendment or supplement between such parties that is not inconsistent with the terms of this Titling
Trust Agreement.

 

(ii)         Duties.
The Initial Titling Trustee Agent shall perform and carry out, on behalf of the Titling Trustee, each and every obligation of the
Titling Trustee under this Titling Trust Agreement and under each other Trust Document.

 

(iii)        Compensation.
The Titling Trustee shall from time to time pay to the Initial Titling Trustee Agent reasonable compensation for its services and
shall provide such reimbursement of expenses as are separately agreed from time to time by the Titling Trustee and the Initial
Titling Trustee Agent.

 

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(iv)        Non-Petition.
To the extent permitted by applicable law, the Initial Titling Trustee Agent shall not, prior to the end of the period that is
one year and one day (or, if longer, any applicable preference period), (A) file or join in filing any bankruptcy petition against
the Titling Trust and/or (B) cooperate with or encourage others to file a bankruptcy petition against the Titling
Trust.

 

(v)         Vacancy;
Appointment of Successor. If the Initial Titling Trustee Agent is removed or if a vacancy exists in the office of the Initial
Titling Trustee Agent (or any successor thereto performing similar functions) for any reason (and the rights and obligations of
the Initial Titling Trustee Agent, or such other Person, as the case may be, under this Titling Trust Agreement have not been transferred
to a Person that is willing and able to perform the functions currently performed by the Initial Titling Trustee Agent), the Initial
Beneficiary will promptly appoint a successor to the Initial Titling Trustee Agent by written instrument (one copy will be delivered
to the outgoing Initial Titling Trustee Agent, one copy to its successor, and one copy to each Rating Agency then rating any Trust-Related
Obligation). The Titling Trustee must satisfy the requirements of Section 7.11 immediately following any such appointment.
All costs associated with the resignation or removal of the Initial Titling Trustee Agent (or any other Person performing the obligations
of the Initial Titling Trustee Agent and the appointment of a successor will be borne by the Holders of the Certificates based
on their respective Specified Asset Percentages of such costs.

 

(vi)        Effectiveness
of Appointment of Successor. Any resignation or removal of any Person performing the functions of the Initial Titling Trustee
Agent and appointment of a successor Titling Trustee Agent performing such functions pursuant to any of the provisions of this
Section 7.12 will not become effective until an acceptance of appointment is delivered by such successor, upon which
such successor must become fully vested with all the rights, powers, duties and obligations of its predecessor under this Titling
Trust Agreement, with like effect as if originally named as the Initial Titling Trustee Agent under this Titling Trust Agreement.

 

(vii)       Delivery
of Books and Records: Cooperation in Transition. The predecessor to any Person appointed pursuant to clauses (v)
and/or (vi) above will deliver to the successor to such Person all books, records, accounts, documents, statements
and monies held by it under this Titling Trust Agreement. Such predecessor will execute and deliver such instruments and do such
other things as may reasonably be required to fully and certainly vest and confirm in such successor all such rights, powers, duties
and obligations. Such predecessor will cooperate with such successor to ensure that such successor has all books, records, accounts,
documents, statements and monies held by it under this Titling Trust Agreement and any other relevant information relating to the
Titling Trust Assets.

 

(viii)      Notice
of Appointment of Successor. Upon the acceptance by a successor to the Initial Titling Trustee Agent (or a Person performing
the functions thereof) of its appointment pursuant to this Section 7.12, the Initial Beneficiary will mail notice
of such appointment to each Holder or Registered Pledgee of a Certificate, and to each Designated Notice Recipient with respect
to any Trust-Related Obligation.

 

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ARTICLE
VIII

 

TERMINATION
OF TRUST AGREEMENT

 

Section 8.1           Termination
of Trust Agreement.

 

(a)          This
Titling Trust Agreement (other than Section 10.1 and Section 11.8) and the Titling Trust will terminate
and be of no further force or effect on the final distribution by the Titling Trust Administrator of all moneys or other property
constituting Titling Trust Assets.

 

Any Specified Interest may be terminated upon
receipt by the Titling Trust Administrator of direction to such effect signed by the Holders of all of the related Certificates,
with the consent of the Registered Pledgee, if any, and subject to the rights of any Titling Trust Creditors. Upon any such termination
of a Specified Interest, the Titling Trust Administrator will distribute to the Holders of the Certificates related to the terminating
Specified Interest, subject to the rights of any Registered Pledgees and of any Titling Trust Creditors, all related Specified
Assets, including title to the related Specified Vehicles, by causing the Certificates of Title with respect thereto to be reregistered
in the name of, or at the direction of, such Holders.

 

This Titling Trust Agreement and the Titling Trust
may also terminate at the direction of the Initial Beneficiary so long as no Trust-Related Obligations are outstanding.

 

Neither this Titling Trust Agreement nor the Titling
Trust will terminate upon the occurrence of an Insolvency Event with respect to any Holder and the Titling Trust will continue
following the occurrence of an Insolvency Event with respect to any Holder, in each case, subject to the first paragraph of this
Section 8.1(a).

 

(b)          Upon
the termination of the Titling Trust, the Titling Trust Administrator will distribute to each Holder of a Certificate its interest
in the related Specified Assets by causing the Certificates of Title to be reregistered in the name of, or at the direction of,
each such Holder.

 

(c)          Upon
the liquidation in whole of the Titling Trust pursuant to Section 8.1(a), Titling Trust Administrator will take all
other actions required under the Delaware Statutory Trust Act in connection with the wind-up and liquidation of the Titling Trust,
including the filing of a Certificate of Cancellation with the Secretary of State of the State of Delaware.

 

ARTICLE
IX

 

AMENDMENTS

 

Section 9.1           Amendments.

 

(a)          This
Titling Trust Agreement and the Certificate of Trust may be amended by the parties hereto without the consent of any Holder of
any Certificate at any time. Any such amendment will not (x) as evidenced by an Opinion of Counsel, materially and

 

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adversely affect the interests of any Holder (unless
each such Holder has consented thereto), (y) as confirmed by each Rating Agency then rating any class or series of Trust-Related
Obligations issued in connection with any Certificates, cause the then current rating assigned to such class or series to be withdrawn
or reduced or (z) as evidenced by an Opinion of Counsel, cause the Titling Trust to be classified as an association (or publicly
traded partnership) taxable as a corporation for U.S. federal income tax purposes.

 

(b)          Notwithstanding
Section 9.1(a), this Titling Trust Agreement may be amended at any time by the parties hereto without satisfaction
of the conditions set forth in Section 9.1(a):

 

(i)          to
correct or amplify the description of any Specified Asset, or better to assure, convey and confirm unto the Titling Trust any Specified
Asset;

 

(ii)         to
convey, transfer, assign, mortgage or pledge any additional Specified Assets to the Titling Trustee;

 

(iii)        to
cure any ambiguity, to correct or supplement any provision in this Titling Trust Agreement or in any supplemental agreement that
may be inconsistent with any other provision in this Titling Trust Agreement or in any supplemental agreement or to make any other
provisions with respect to matters or questions arising under this Titling Trust Agreement or under any supplemental agreement
which will not be inconsistent with the provisions of this Titling Trust Agreement;

 

(iv)        to
evidence the acceptance of the appointment under this Titling Trust Agreement of a successor trustee and to add to or change any
of the provisions of this Titling Trust Agreement as will be necessary to facilitate the administration of the trusts under this
Titling Trust Agreement; or

 

(v)         to
the extent reasonably necessary to assure that none of the Titling Trust or any transferee of any Certificate will be classified
as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.

 

(c)          Notwithstanding
Section 9.1(a) and Section 9.1(b), any amendment to this Titling Trust Agreement shall require such
additional approvals, if any, as may be specified in any other Trust Document.

 

(d)          The
Initial Beneficiary will deliver a copy of each amendment entered into pursuant to this Section 9.1 to each Rating
Agency then rating any then-outstanding Trust-Related Obligations.

 

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ARTICLE
X

 

LIABILITIES;
INDEMNIFICATION

 

Section 10.1         Liabilities;
Indemnification.

 

(a)          Indemnification
by Holders for all Liabilities. To the extent permitted under Applicable Law, each Holder of a Certificate (but not
any Registered Pledgee, Titling Trust Creditor or Secured Titling Trust Creditor) will be liable to third parties and will indemnify,
defend and hold harmless the Titling Trust Administrator and each Trustee, including their respective officers, directors, shareholders,
employees and agents (each, with respect to this Section 10.1, an “Indemnified Person”
and, collectively, the “Indemnified Persons”) for all liabilities, obligations, losses, claims, damages,
actions and suits, expenses and any and all costs, expenses and disbursements (including legal fees and expenses) of any kind and
nature whatsoever (“Liabilities”) incurred in connection with the related Specified Assets, including
any Liabilities arising out of or incurred in connection with such Persons’ acceptance or performance of the duties contained
in this Titling Trust Agreement other than, in each case, Liabilities incurred solely:

 

(i)          by
reason of such Person’s willful malfeasance, bad faith or gross negligence; or

 

(ii)         by
reason of such Person’s breach of its representations and warranties set forth in this Titling Trust Agreement.

 

(b)          Holders’
Liability Limited to Related Specified Interest. No Holder of a Certificate and none of the related Specified Assets
will be subject to Liabilities arising from or with respect to the Indemnified Persons or the Specified Assets relating to any
other Specified Interest.

 

(c)          Indemnification
by Holders for State and Local Taxes. Without limiting the generality of Section 10.1(a), the Holders
of each Series will defend and hold harmless the Indemnified Persons against all state and local taxes assessed on such Persons
resulting from the location of the related Specified Assets.

 

(d)          Specified
Assets Not Subject to Liabilities. No claim for indemnification pursuant to this Section 10.1 will be
payable from any Titling Trust Assets, including any Specified Assets, and neither the Titling Trust Administrator, nor any other
Indemnified Person, will have any recourse against the assets of the Titling Trust, including any Specified Assets, with respect
to any indemnification claim that any such Person may have against the Titling Trust or any Holder, Registered Pledgee, Servicer
or Affiliate of any of the foregoing.

 

(e)          Indemnification
Procedures; Defense of Claims. The Indemnified Persons will promptly notify the Initial Beneficiary and the Holders
of each Series of any claim for which such Indemnified Persons may seek indemnity. Failure by the Indemnified Persons to so notify
such Holders will not relieve such Holder or Holders of its obligations under this Titling Trust Agreement. Any claim against the
Indemnified Persons will

 

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be defended by such Holders and the Indemnified
Persons will be entitled to separate counsel, the fees and expenses of which will be paid by such Holders.

 

(f)          Survival.
The indemnities contained in this Section 10.1 will survive the resignation, removal or termination of any Indemnified
Person or the termination of this Titling Trust Agreement.

 

Section 10.2         Indemnification
of the Tit1in Trustee Agents and the Trustees.

 

(a)          Indemnification.
To the extent permitted under Applicable Law, the Titling Trust Administrator will indemnify, defend and hold harmless each Trustee
and each Titling Trustee Agent (including U.S. Bank, as Initial Titling Trustee Agent), and their respective officers, directors,
employees and agents (each, with respect to this Section 10.2, an “Indemnified Person”
and, collectively, the “Indemnified Persons”), from and against any and all Liabilities incurred by it:

 

(i)          in
connection with the administration of and the performance of its duties under this Titling Trust Agreement or the related Trust
Agency Agreement, as the case may be, including the costs and expenses of defending itself against any loss, damage, claim or liability
incurred by it in connection with the exercise or performance of any of its powers or duties under this Titling Trust Agreement
or such Trust Agency Agreement, as the case may be, but excluding any cost, expense, loss, damage, claim or liability (A) incurred
by the applicable Trustee or Titling Trustee Agent, as the case may be, through its own willful misconduct, negligence or bad faith
or (B) arising from the breach of any representation or warranty contained in Section 7.6; or

 

(ii)         by
reason of (A) the Titling Trust Administrator’s willful misconduct, negligence or bad faith in the performance of its duties
under this Titling Trust Agreement (including the obligations delegated to the Titling Trust Administrator under Section
3.4(a)) or (B) the Titling Trust Administrator’s reckless disregard of its obligations and duties under this Titling
Trust Agreement.

 

(b)          Indemnification
Procedures. Promptly upon receipt by any Indemnified Person of notice of the commencement of any suit, action, claim,
proceeding or governmental investigation against any such Indemnified Person, such Indemnified Person will, if a claim in respect
of such suit, action, claim, proceeding or investigation is to be made against the Titling Trust Administrator under Section
10.2(a), notify the Titling Trust Administrator of the commencement of such suit, action, claim, proceeding or investigation.
The Titling Trust Administrator may participate in and assume the defense and settlement of any such suit, action, claim, proceeding
or investigation at its expense, and no settlement of such suit, action, claim, proceeding or investigation may be made without
the approval of the Titling Trust Administrator and such Indemnified Person, which approvals will not be unreasonably withheld
or delayed. After notice from the Titling Trust Administrator to the Indemnified Person of the Titling Trust Administrator’s
intention to assume the defense of such suit, action, claim, proceeding or investigation with counsel reasonably satisfactory to
the Indemnified Person, and so long as the Titling Trust Administrator so assumes the defense of such suit, action, claim, proceeding
or investigation in a manner reasonably satisfactory to the Indemnified Person, as applicable, the

 

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Titling Trust Administrator will not be liable
for any legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Titling Trust
Administrator and an Indemnified Person, in which case the Titling Trust Administrator will pay for the separate counsel to the
Indemnified Person which is reasonably satisfactory to the Titling Trust Administrator.

 

(c)          Survival
of Indemnities. The indemnities contained in this Section 10.2 will survive the resignation, removal
or termination of any Indemnified Person or the termination of this Titling Trust Agreement.

 

ARTICLE
XI

 

MISCELLANEOUS

 

Section 11.1         No
Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator.

 

(a)          Legal
title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not have legal title to any
Titling Trust Assets. However, as set forth in Section 4.3(c)(i), the Holders may direct the Titling Trust Administrator
and the Titling Trustee to deliver the related Specified Assets to such Holders or at their direction.

 

(b)          Notwithstanding
Section 11.1(a) or anything else in this Titling Trust Agreement to the contrary, the Titling Trust Administrator
will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Titling
Trust Vehicle, Titling Trust Lease, Certificate of Title or insurance policy except in accordance with the procedures set forth
in the applicable Servicing Agreement or (subject to the terms of the applicable Servicing Agreement and any applicable TRO Documents)
as directed by the related Holders in accordance with Section 7.4(a).

 

Section 11.2         Limitations
on Rights of Others.

 

This Titling Trust Agreement is solely for the
benefit of the Titling Trustee, the Delaware Trustee, the Titling Trust Administrator, the Initial Titling Trustee Agent, each
additional Titling Trustee Agent, the Initial Beneficiary, each Registered Pledgee, the Secured Titling Trust Creditors, the other
Titling Trust Creditors and the Holders, and nothing in this Titling Trust Agreement, whether express or implied, will be construed
to give to any other Person any legal or equitable right, remedy or claim in the Titling Trust or the Titling Trust Assets or under
or in respect of this Titling Trust Agreement or any covenants, conditions or provisions contained in this Titling Trust Agreement.

 

Section 11.3         Notices.

 

Unless otherwise specified in this Titling Trust
Agreement, all notices, requests, demands, consents, instructions or other communications to or from the parties to this Titling
Trust Agreement will be in writing (which may be transmitted electronically or posted to a password-protected website, provided
that recipients will be notified of any such electronic posting and receipt of such notification will be confirmed in accordance
with this Section 11.3 or

 

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confirmed by telephone). Notices, requests, demands,
consents, instructions and other communications will be deemed to have been given and made, (i) in the case of a letter, upon delivery
or, in the case of a letter mailed via registered first class mail, postage prepaid, three (3) days after deposit in the mail;
(ii) in the case of a facsimile, when receipt is confirmed by telephone or by reply email or reply facsimile from the recipient;
(iii) in the case of an email, when receipt is confirmed by telephone or by reply email from the recipient; and (iv) in the case
of an electronic posting to a password-protected website, upon printed confirmation of the recipient’s access to such website,
or when notification of such electronic posting is confirmed in accordance with clauses (i) through (iii) above. Unless otherwise
specified in this Titling Trust Agreement, any such notice, request, demand, consent, instructions or other communication will
be delivered or addressed as follows (or at such other address or facsimile number as any party may designate by notice to the
other parties):

 

If to the Titling Trust Administrator,
addressed to World Omni Financial Corp.:

 

World Omni Financial Corp.

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

Attention: Treasurer

Fax: 954-429-2685

 

If to the Titling Trustee:

 

VT Inc.

c/o U.S. Bank Trust National Association

209 South LaSalle Street

Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

 

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

 

Auto Lease Finance LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

Attention: Treasurer

Fax: 954-429-2685

 

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	 	56	 

     

    

 

If to the Delaware Trustee:

 

U.S. Bank Trust National Association

c/o Corporate Trust Services

209 South LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

 

If to the Initial Titling Trustee Agent:

 

U.S. Bank National Association

c/o Corporate Trust Services

209 South LaSalle Street, Suite 300

Chicago, Illinois 60604

Attention: Patricia M. Child

Fax: 312-325-8905

Telephone: 312-325-8902

 

If to any TRO Holder, to
the address specified for delivery of notices to such Person in the Intercreditor Agreement (or, if no address is specified therein,
the address so specified in the applicable TRO Documents).

 

Any notice to be delivered to any Holder (whether
an initial Holder of a Certificate, or a permitted assignee of a Certificate) will be delivered at the address provided to the
Titling Trust Administrator by such Holder.

 

Section 11.4         GOVERNING
LAW.

 

THIS TITLING TRUST AGREEMENT WILL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, PURSUANT TO SECTION 3809 OF TITLE 12 OF THE
DELAWARE CODE, THE DOCTRINE OF MERGER SHALL NOT BE APPLICABLE TO THIS TITLING TRUST AGREEMENT.

 

Section 11.5         Severability;
Conflict with Delaware Statutory Trust Act.

 

If any one or more of the covenants, agreements,
provisions or terms of this Titling Trust Agreement is held invalid, illegal or unenforceable, then such covenants, agreements,
provisions or terms will be deemed severable from the remaining covenants, agreements, provisions or terms of this Titling Trust
Agreement and will in no way affect the validity, legality or enforceability of the other provisions of this Titling Trust Agreement
or of the Certificates or any Trust-Related Obligations or the rights of any Holders or TRO Holders. If there is a direct conflict
between the provisions of this Titling Trust Agreement and any mandatory provision of the Delaware Statutory Trust Act, then the
applicable provision of the Delaware Statutory Trust Act will control.

 

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Section 11.6         Counterparts.

 

This Titling Trust Agreement may be executed in
any number of counterparts, each of which counterparts will be an original, and all of which counterparts will together constitute
one and the same instrument.

 

Section 11.7         Headings.

 

The headings in this Titling Trust Agreement are
included for convenience only and will not affect the meaning or interpretation of any provision of this Titling Trust Agreement.

 

Section 11.8         Successors
and Assigns.

 

All covenants and agreements contained herein
are binding upon, and inure to the benefit of, the Initial Beneficiary, the Titling Trust Administrator and each Holder and their
respective successors and permitted assigns. Notwithstanding the foregoing, the interests of the Initial Beneficiary hereunder
will not be assigned, pledged, or otherwise transferred unless an Opinion of Counsel, delivered to the Titling Trust Administrator,
is rendered that such assignment, pledge or other transfer will not cause the Titling Trust to be classified as an association
(or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. Any attempted assignment, pledge
or other transfer in violation of this Section 11.8 will be void ab initio. Any request, notice, direction, consent,
instruction, waiver or other instrument or action by a Holder will bind the successors and assigns of such Holder.

 

Section 11.9         No
Recourse.

 

Each Holder by accepting a Certificate acknowledges
that such Holder’s Certificate or Certificates represent a beneficial interest in the related Specified Assets only and does
not represent interests in or obligations of the Initial Beneficiary, any other Holder, the Titling Trustee, the Delaware Trustee,
the Titling Trust Administrator, the Initial Titling Trustee Agent, any other Titling Trustee Agent, or any Affiliate thereof and
no recourse may be had against such Persons or their assets, except as may be expressly set forth or contemplated in this Titling
Trust Agreement or the Certificates.

 

Section 11.10         No
Petition.

 

The Titling Trust Administrator, the Titling Trustee,
the Delaware Trustee, the Initial Titling Trustee Agent, any other Titling Trustee Agent, the Initial Beneficiary, each Holder,
each Registered Pledgee and each TRO Holder (including each Secured Titling Trust Creditor and each other Titling Trust Creditor)
covenants that for a period of one year and one day (or, if longer, any applicable preference period) after payment in full of
all distributions to all Holders, Registered Pledgees and holders of Trust-Related Obligations pursuant to this Titling Trust Agreement,
it will not institute against, or join any Person in instituting against, the Titling Trust any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or any state of the United States.
Notwithstanding any other provision of this Titling Trust Agreement, none of the Titling Trust Administrator, the Titling Trustee
or the Delaware Trustee will commence a voluntary

 

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proceeding in bankruptcy relating to the Titling
Trust without the unanimous prior approval of all Holders and TRO Holders (or applicable TRO Holder Representatives on their behalf)
and the delivery by each such Person of a certificate certifying that such Person reasonably believes that the Titling Trust is
insolvent.

 

Section 11.11         Confidential
Information.

 

(a)          Each
Trustee agrees to hold and treat all Confidential Information (defined in Section 11.11(b)) provided to it in connection
with the transactions contemplated by this Titling Trust Agreement in confidence and in accordance with this Section 11.11,
and will implement and maintain safeguards to further assure the confidentiality of such Confidential Information. Such Confidential
Information will not, without the prior written consent of the Initial Beneficiary, be disclosed or used by the Titling Trustee
or the Delaware Trustee or its directors, officers, employees or agents (collectively, the “Information Recipients”)
other than in connection with the transactions contemplated by this Titling Trust Agreement, provided, however,
that, such disclosure is not in violation of the Right to Financial Privacy Act of 1978, the Gramm-Leach-Bliley Act
of 1999 (the “G-L-B Act”) or other Applicable Law.

 

(b)          As
used in this Titling Trust Agreement, “Confidential Information” means (A) all information obtained by
the applicable Trustee regarding the administration of the Titling Trust, whether upon the exercise of its rights under this Titling
Trust Agreement or otherwise and (B) without limiting the generality of the foregoing sub-clause (A), all non-public personal information
(as defined in the G-L-B Act and its enabling regulations issued by the Federal Trade Commission) regarding Lessees on the Titling
Trust Leases that is identified as such by the Initial Beneficiary. However, notwithstanding the preceding sentence, Confidential
Information will not include information that (i) is or becomes generally available to the public other than as a result of disclosure
by the Titling Trustee or any of its Information Recipients, (ii) was available to the applicable Trustee on a non-confidential
basis from a Person other than the Servicer prior to its disclosure to such Trustee, (iii) is requested to be disclosed by a Governmental
Authority or related governmental, administrative, or regulatory or self- regulatory agencies having or claiming authority to regulate
or oversee any aspect of the applicable Trustee’s business or that of its Affiliates or is otherwise required by Applicable
Law or by legal or regulatory process to be disclosed, (iv) becomes available to the applicable Trustee on a non-confidential basis
from a Person other than the Initial Beneficiary who, to the knowledge of the applicable Trustee, is not otherwise bound by a confidentiality
agreement with the Initial Beneficiary and is not otherwise prohibited from transmitting the information to the applicable Trustee
or (v) the Initial Beneficiary provides written permission to the applicable Trustee to release.

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	AUTO LEASE FINANCE LLC, as Initial Beneficiary
	 	 	 
	 	By:  	/s/ Ben Miller
	 	Name:	Ben Miller
	 	Title:	Assistant Treasurer

 

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

 

Titling Trust Agreement 

     

     

    

  

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

 

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

 

Titling Trust Agreement 

     

     

    

 

	 	VT INC., not in its individual capacity but solely as Titling Trustee
	 	 	 
	 	By:	/s/ Patricia M. Child
	 	Name:	Patricia M. Child
	 	Title:	President

 

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

 

Titling Trust Agreement 

     

     

    

 

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

 

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

 

Titling Trust Agreement 

     

     

    

 

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

 

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

 

Titling Trust Agreement 

     

     

    

 

EXHIBIT A

 

[FORM OF SPECIFICATION NOTICE]

 

WORLD OMNI LT

 

SPECIFICATION NOTICE

 

[            ]

 

		To:	World Omni Financial Corp.,

as Titling Trust Administrator of World Omni
LT

 

		Re:	Designation of [            ]
Specified Interest

 

		cc:	[                           ],
as Registered Pledgee;

VT Inc., as Titling Trustee

 

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

 

1.          Pursuant
to Section 4.1(a) of the Titling Trust Agreement, you are directed to designate a Specified Interest of the Titling
Trust, to be known as the “[________] Specified Interest” and to issue a Series of Certificates,
to be known as the “[________] Certificates,” substantially in the form of Exhibit A hereto,
representing the entire Beneficial Interest in the Specified Assets allocated from time to time to such Specified Interest. [The
Specified Assets to be initially allocated to such Specified Interest are [            ].]

 

2.          The
[        ] Specified Interest will be a separate series of the Titling Trust within the
meaning of Section 3806(b) of the Delaware Statutory Trust Act.

 

3.          Pursuant
to Section 4.3(b)(i) of the Titling Trust Agreement, the Series Issue Date of the [          ]
Specified Interest is [          ].

 

4.          Pursuant
to Section 4.3(b)(iv) of the Titling Trust Agreement, [    ] is designated as the registered
Holder of the entire Series relating to the [          ] Specified Interest as
of the [         ] Series Issue Date, and you are directed to cause the Titling Trust
to execute and deliver to [         ], or to its order, as of the [         ]
Series Issue Date, a single Certificate, designated as [          ] Certificate
No. [   ], which will represent the entire beneficial interest in the Specified Assets allocated to the [            ]
Specified Interest at any time.

 

    	 	A-1	 

     

    

 

5.          The
[         ] Specified Interest will be a [Fixed Specified Interest] [Revolving Specified
Interest].

 

6.          The
[          ] Certificates will be issued [as a single Class] [in multiple Classes].

 

7.          Pursuant
to Section 4.3(b)(v) of the Titling Trust Agreement, the Series Cutoff Date for the [            ]
Specified Interest will be [           ].

 

8.          Pursuant
to Section 4.3(b)(vii) of the Titling Trust Agreement, Titling Trust Debts [may] [may not] be issued with respect
to the [          ] Specified Interest.

 

9.          The
Specified Assets with respect to the [           ] Specified Interest as
of the Series Cutoff Date specified in paragraph 7 hereof shall consist of the assets identified on the Applicable
Asset Annex attached as Annex A hereto.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	A-2	 

     

    

 

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

	 	 
	 	[                                                            ] as Holder

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	A-3	 

     

    

 

EXHIBIT B

 

[Form of Certificate]

 

WORLD OMNI LT

 

[      ]
CERTIFICATE

 

No. [ ]

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

 

This Certificate evidences an interest in World
Omni LT, a Delaware statutory trust (the “Titling Trust”), to the extent and in the manner set forth
herein.

 

This Closed-End Collateral Specified Interest
Certificate (this “Certificate”) does not evidence or represent an interest in or obligation
of (1) World Omni Financial Corp., a Florida corporation (“World Omni”), (2) VT Inc., an Alabama corporation
(“VT Inc.”), (3) U.S. Bank National Association, a national banking association (“U.S. Bank”),
(4) U.S. Bank Trust National Association, a national banking association (“U.S. Bank Trust”), (5) Auto
Lease Finance LLC, a Delaware limited liability company (“ALF LLC”), or any of their respective affiliates
(other than the Titling Trust, to the extent expressly set forth herein).

 

THIS CERTIFIES THAT [       ]
is the registered owner of a nonassessable, fully-paid, 100% beneficial interest in the [        ]
Specified Assets of World Omni LT (the “Titling Trust”).

 

The Titling Trust is a Delaware statutory trust
governed by the Second Amended and Restated Trust Agreement, dated as of July 16, 2008 (the “Titling Trust Agreement”),
among Auto Lease Finance LLC, as Initial Beneficiary, World Omni Financial Corp., as Titling Trust Administrator (in such capacity,
the “Titling Trust Administrator”), VT Inc., an Alabama corporation, as Titling Trustee (in such capacity,
the “Titling Trustee”), U.S. Bank Trust National Association, a national banking association, as Delaware
Trustee (in such capacity, the “Delaware Trustee”), and U.S. Bank National Association, as Initial Titling
Trustee Agent (in such capacity, the “Initial Titling Trustee Agent”).

 

This Certificate is one of a duly authorized Series
of Certificates. This [          ] Certificate is issued under and is subject
to the Titling Trust Agreement and the Servicing Agreement (the “Servicing Agreement”), dated as of [                ],
20[    ] between World Omni Financial Corp. (“World Omni”) as Servicer, and [        ],
as Holder. Capitalized terms used but not defined in this Certificate are defined in the Titling Trust Agreement, or, if not defined
in the Titling Trust Agreement, are defined in the Servicing Agreement, which also contains rules as to usage that are applicable
herein.

 

Any rights of the Holder of this [     ]
Certificate are limited to the related Specified Assets and the related Specified Interest (and will include the right to receive
or direct the application of all Collections on the related Specified Assets pursuant to Section 4.3(c)(ii) of the
Titling Trust Agreement). If an Insolvency Event occurs with respect to the Titling Trust, any claim that the Holder of this Certificate
may seek to enforce against the Titling Trust or the

 

    	 	B-1	 

     

    

  

Specified Assets allocated to any Specified Interest
of the Titling Trust other than the Specified Interest represented by this [     ] Certificate will be
subordinate to the payment in full, including post-petition interest, of the claims of the TRO Holders related to the Specified
Assets allocated to such other Specified Interests of the Titling Trust.

 

The Holder of this [     ]
Certificate, by acceptance of this [     ] Certificate, covenants that for a period of one year and one
day (or, if longer, any applicable preference period) after payment in full of all distributions to all Holders and TRO Holders
pursuant to the Titling Trust Agreement and the related Certificates or Trust-Related Obligations, as the case may be, it will
not institute against, or join any Person in instituting against, the Initial Beneficiary or the Titling Trust any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding, or other proceeding, under the laws of the United States or
any state of the United States.

 

This [        ]
Certificate may be transferred only in accordance with the Titling Trust Agreement.

 

THIS [      ]
CERTIFICATE WILL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS,
AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS CERTIFICATE WILL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Unless this [     ] Certificate
is executed by an Authorized Officer of the Titling Trustee, this [     ] Certificate will not entitle
the Holder thereof to any benefit under the Titling Trust Agreement or be valid for any purpose.

 

The parties hereto acknowledge and agree that
the [        ] Specified Interest is a separate Specified Interest of the Titling Trust
as described in the Titling Trust Agreement. Accordingly, separate and distinct records shall be maintained (directly or indirectly,
including through a nominee or otherwise) for the [        ] Specified Interest, and the
Specified Assets allocated to such Specified Interest shall be accounted for in such separate and distinct records separate from
the assets of the Titling Trust generally or any other Specified Interest such that the debts, liabilities and obligations incurred,
contracted for, or otherwise existing with respect to the [        ] Specified Interest
shall be enforceable against the Specified Assets allocated to the [        ] Specified
Interest only and not against any other assets of the Titling Trust generally or the assets of any other Specified Interest.

 

    	 	B-2	 

     

    

 

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

 

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

 

    	 	B-3	 

     

    

 

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

 

	Dated:  [                  ]	 	By:	 

 

    	 	B-4	 

     

    

 

EXHIBIT C

 

[Form of Notice of Registered Pledge]

 

WORLD OMNI LT

 

NOTICE OF REGISTERED PLEDGE

 

[_______ __], 20__

 

		To:	VT Inc.,

as Titling Trustee

 

		cc:	World Omni Financial Corp.,

as Titling Trust Administrator

 

		Re:	Pledge of Certificates related to

[          ]
Series to[             ]

 

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

 

Each of the undersigned hereby certifies, represents
and warrants as follows:

 

1.          Pursuant
to Section 5.4(a), (c) and (e) and Section 5.7 of the Titling Trust Agreement,
[all of the outstanding Certificates] [Certificates Nos. [___] and [___]] related to the [_______] Series [, [Class [___]] (collectively,
the “Pledged Certificates”), [each] designated pursuant to the Specification Notice dated as of [_______
__], 20__, a true and complete copy of which is attached as Exhibit A, have been pledged by [_______] and [_______],
the [______] existing registered Holders thereof (collectively, the “Pledgors”), to [_______] and [________]
(collectively, the “Pledgees”).

 

2.          Attached
as Exhibits [B and C] are true and complete copies of the related security agreements and other agreements governing the exercise
by the Pledgees of the Pledged Rights with respect to the Pledged Certificates: [list documents] (collectively, the “Pledge
Documents”).

 

3.          Pursuant
to the Pledge Documents, the Pledgors have agreed that the Pledgees may exercise the following rights: [list rights] (collectively,
the “Pledged Rights”).

 

    	 	C-1	 

     

    

 

4.          The
pledge of the Pledged Certificates by the Pledgors to the Pledgees pursuant to the Pledge Documents, and the exercise by the Pledgees
of the Pledged Rights, are each permitted by the Titling Trust Agreement, and duly authorized and enforceable by each Pledgee against
each Pledgor.

 

[5.          The
relative rights of the Pledgees are as follows: [specify if applicable].]

 

6.          Accordingly,
you are authorized and directed to cause the Titling Trustee to reflect that the Pledgees have become the Registered Pledgees with
respect to the Pledged Certificates, entitled to exercise the Pledged Rights with respect to the Pledged Certificates.

 

7.          [The
Titling Trustee will act in accordance with any direction provided by the Registered Pledgee to the Titling Trustee in accordance
with Section 7.4 of the Titling Trust Agreement.]

 

8. [Any replacement Certificate with respect to
the Pledged Certificate will be delivered to the Registered Pledgee.]

 

    	 	C-2	 

     

    

 

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

 

	 	[_____________], as Pledgor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	[Title:]
	 	 	 
	 	[_____________], as Pledgor
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	[Title:]
	 	 	 
	 	[_____________], as Pledgee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	[Title:]
	 	 	 
	 	[_____________], as Pledgee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	[Title:]

 

    	 	C-3	 

     

    

 

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

 

	 	[                                              ], as Pledgee
	 	 	 
	 	By:	 
	 	 	Name:

 

    	 	C-4	 

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE OF TRUST

 

CERTIFICATE OF TRUST

 

OF

 

WORLD OMNI LT

 

THIS Certificate of Trust of WORLD OMNI LT (the
 “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustees, to form a
business trust under the Delaware Business Trust Act (12 Del. C. Section 3801 et seq.) (the “Trust Statute”).

 

1.          Name.
The name of the trust formed hereby is “WORLD OMNI LT.”

 

2.          Delaware
Trustee. The name and the business address of the trustee of the Trust in the State of Delaware is U.S. Bank Trust National
Association, 300 E. Delaware Avenue, 8th Floor, Wilmington, DE 19809-1515, Attention: Corporate Trust Services.

 

3.          Series.
Pursuant to Section 3806(b)(2) of the Trust Statute, the Trust shall issue one or more series of beneficial interests having the
rights and preferences set forth in the governing instrument of the Trust, as the same may be amended from time to time (each a
 “Series”).

 

4.          Notice
of Limitation of Liabilities of each Series. Pursuant to Section 3-804(a) of the Trust Statute, there shall be a limitation
on liabilities of each Series such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets
of the Trust generally or the assets of any other Series thereof and (b) none of the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable
against the assets of such Series.

 

5.          Effective
Date. This Certificate of Trust shall be effective upon filing.

 

    	 	D-1	 

     

    

 

	 	U.S. BANK TRUST NATIONAL ASSOCIATION, as
    Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	VT INC., as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	D-2	 

     

    

 

EXHIBIT E

 

FORM OF CERTIFICATE OF MERGER

 

Certificate Of Merger 

of 

WORLD OMNI LT, 

an Alabama business trust 

into 

WORLD OMNI LT, 

a Delaware statutory trust

 

THIS Certificate of Merger, is duly executed and
filed on behalf of World Omni LT, a statutory trust formed and existing under the Delaware Statutory Trust Act, 12 Del. C.
 § 1801 et seq. (the “Act”), by the undersigned, as trustees, in accordance with Section 3815 of the
Act:

 

FIRST: The name and jurisdiction of formation
or organization of each of the constituent entities which is to merge is World Omni LT, a business trust formed under the laws
of the State of Alabama (the “Alabama Trust”), and World Omni LT, a statutory trust formed under the laws of
the State of Delaware (the “Delaware Trust”).

 

SECOND: An Agreement and Plan of Merger, dated
as of July 16, 2008 (the “Agreement and Plan of Merger”), between the Alabama Trust and the Delaware Trust has
been approved and executed by the Alabama Trust and the Delaware Trust, and their respective beneficial owners and trustees.

 

THIRD: The name of the surviving Delaware statutory
trust is World Omni LT.

 

FOURTH: The merger of the Alabama Trust into the
Delaware Trust shall be effective upon the later of the filing of this Certificate of Merger with the Secretary of State of the
State of Delaware and the filing of a Certificate of Merger with the Secretary of State of the State of Alabama.

 

FIFTH: The executed Agreement and Plan of Merger
is on file at the principal place of business of the surviving Delaware statutory trust. The address of such place of business
of the surviving Delaware statutory trust is World Omni LT, c/o U.S. Bank Trust National Association, 300 E. Delaware Avenue, 8th
Floor, Wilmington, DE 19809-1515, Attention: Corporate Trust Services.

 

SIXTH: A copy of the Agreement and Plan of Merger
will be furnished by the surviving Delaware statutory trust, on request and without cost, to any beneficial owner of the Alabama
Trust or the Delaware Trust.

 

    	 	E-1	 

     

    

 

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

 

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

 

    	 	E-2	 

     

    

 

EXHIBIT F

 

FORM OF ADDITION NOTICE

 

 

[_________], 20__

 

		To:	WORLD OMNI FINANCIAL CORP.,

as Titling Trust Administrator, of
World Omni LT (the “Titling Trust”)

 

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

 

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

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	F-1	 

     

    

 

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

 

	 	ALF LLC, as Initial Beneficiary,
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

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

 

    	 	F-2	 

     

    

 

AnnexA

 

ADDITION NOTICE APPLICABLE

 

([To Be Provided Electronically])

 

     

     

    

 

EXHIBIT G

 

FORM OF REALLOCATION NOTICE

  

[_________], 20__

 

		To:	WORLD OMNI FINANCIAL CORP.,

as Titling Trust Administrator, of
World Omni LT (the “Titling Trust”)

 

		Re:	Addition of Specified Assets to

the [_______] Specified Interest

  

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

 

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

 

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

 

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

 

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

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	G-1	 

     

    

 

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

 

	 	ALF LLC, as Initial Beneficiary,
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:  

 

    	 	G-2	 

     

    

 

AnnexA

 

REALLOCATION NOTICE APPLICABLE ASSET ANNEX

 

([To Be Provided Electronically])

 

     

     

    

 

Schedule A

 

Authorized Officers of World Omni, as

Servicer and as Titling Trust Administrator

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

  

    Schedule A—Page 1

     

    

 

Schedule B

 

Authorized Officers of the Titling Trustee

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

  

    Schedule B—Page 1

     

    

 

SCHEDULE C

 

INITIAL DESIGNATED NOTICE RECIPIENTS

 

Designation of Desinated Notice Recipient
for Certain Warehouse

Arrangements Relating to the Closed-End
Collateral Specified Interest

 

Reference is hereby made to:

 

1.          the
Third Amended and Restated Collateral Agency Agreement, dated as of July 16, 2008 (the “Collateral Agency Agreement”),
among the Titling Trust, as Borrower, ALF LLC, as Initial Beneficiary, AL Holding Corp., a Delaware corporation, as Closed-End
Collateral Agent, Bank of America, N.A., a national banking association (“Bank of America”), as Deal
Agent (in such capacity, the “Deal Agent”), U.S. Bank, as Closed-End Administrative Agent, and the other secured parties
from time to time party to such agreement;

 

2.          the
Second Amended and Restated Receivables Financing Agreement, dated as of July 16, 2008 (the “BTM Receivables Financing
Agreement”), among the Titling Trust, as Borrower, ALF LLC, as Holding Company and as Initial Beneficiary, World
Omni, as Closed-End Servicer, Gotham Funding Corporation, as Lender, and The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch,
as Warehouse Facility Agent; and

 

3.          the
Second Amended and Restated Receivables Financing Agreement, dated as of July 16, 2008 (the “Multi-Lender Receivables
Financing Agreement” and, together with the BTM Receivables Financing Agreement, the “Receivables Financing
Areements’ and each a “Receivables Financing Agreement”), among the Titling Trust, as Borrower,
ALF LLC, as Holding Company and as Initial Beneficiary, World Omni, as Closed-End Servicer, Bank of America, as Warehouse Facility
Agent, and each of the “Conduit Lenders,” Alternate Lenders and Group Agents from time to time party to such agreement.

 

Bank of America, in its capacity as Deal Agent
under the Collateral Agency Agreement, is hereby designated as the Designated Notice Recipient for each of the Warehouse Facility
Lenders and Warehouse Facility Agents under the BTM Receivables Financing Agreement and the Multi-Lender Receivables Financing
Agreement, and under each other Receivables Financing Agreement entered into from time to time pursuant to Section 2.1(b)
of the Collateral Agency Agreement. Each such Warehouse Facility Lender and Warehouse Facility Agent has agreed into such designation
by its signature to the Collateral Agency Agreement, as specified therein.

 

Capitalized terms used but not defined (or as
to which a meaning is assigned) in this Schedule C or in the Titling Trust Agreement to which this Schedule
C is a part, have the respective meanings assigned to such terms in the Collateral Agency Agreement (including in Appendix
A to such agreement); or, if no meaning is assigned to such term therein, such term shall have the meanings assigned to
such terms in the applicable Receivables Financing Agreement.

  

    Schedule C—Page 1

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