SF-3

As filed with the Securities and Exchange Commission on June 8, 2022 

Registration No. 333-______ 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549

FORM SF-3REGISTRATION STATEMENT UNDER
THE SECURITIES ACT OF 1933

FORD CREDIT AUTO LEASE TWO LLC

(Depositor for the trusts described herein)

CAB EAST LLC
(Issuer of the exchange note described herein)

CAB WEST LLC
(Issuer of the exchange note described herein) 

(Exact names of co-registrants as specified in their charters)

Delaware	Ford Credit Auto Lease Two LLC 13-4347114 CAB East LLC 38-3670462 CAB West LLC 38-3670460	Ford Credit Auto Lease Two LLC 0001519881 CAB East LLC 0001519883 CAB West LLC 0001519884
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)	(Central Index Key Number)

c/o Ford Credit SPE Management Office 

c/o Ford Motor Company
World Headquarters, Suite 802
One American Road
Dearborn, Michigan 48126
(313) 322-3000

FORD MOTOR CREDIT COMPANY LLC(Sponsor for the trusts described herein)

(Exact name of sponsor as specified in its charter)
A Delaware Limited Liability Company
Central Index Key Number of sponsor: 0000038009
One American Road
Dearborn, Michigan 48126
(313) 322-3000

COREY MACGILLIVRAY
Ford Motor Credit Company LLC
One American Road
Dearborn, Michigan 48126
(313) 845-4932
(Name and Address of Agent for Service)

Copy to:
JOSEPH P. TOPOLSKI
Katten Muchin Rosenman LLP 

50 Rockefeller Plaza 

New York, New York 10020-1605 

(212) 940-8800

Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement as determined by market conditions.

If any of the securities being registered on this Form SF-3 are to be offered pursuant to Rule 415 under the Securities Act of 1933, check the following box. x

If this Form SF-3 is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨

If this Form SF-3 is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨

The registrants hereby amend this registration statement on such date or dates as may be necessary to delay its effective date until the registrants file a further amendment that specifically states that this registration statement will thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this registration statement becomes effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

[Form of Prospectus]

This prospectus is not complete and may be changed. This prospectus is not an offer to sell these securities and we are not seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

SUBJECT TO COMPLETION, DATED _________, 20__

 

$___________ [or $___________]⁽¹⁾

Ford Credit Auto Lease Trust 20__-__Issuing Entity or Trust

(CIK: ___________)

Ford Credit Auto Lease Two LLC Depositor (CIK: 0001519881) Ford Motor Credit Company LLC Sponsor and Servicer (CIK: 0000038009)

Before you purchase any notes, be sure you understand the structure and the risks. You should read carefully the risk factors beginning on page __.

The notes will be obligations of the issuing entity only and will not be obligations of or interests in the sponsor, the depositor or any of their affiliates.

[The trust will issue notes with an aggregate initial principal amount of $_________ or $_________.⁽¹⁾  If the aggregate initial principal balance of the notes is $_________⁽²⁾, the following classes of notes will be issued:]

[The trust will issue:]	Principal Amount[(2)][(3)]	Interest Rate	Final Scheduled Payment Date[(2)]
Class A-1 notes	$	%
Class A-2[a] notes[(4)] [Class A-2b notes(4)[(5)(6)]]	}	% %30-day average SOFR + ___%]
Class A-3 notes		%
Class A-4 notes		%
Class B notes[(7)]		%
Class C notes[(7)]		%
[Class D notes[(7)]		%]
Total[(2)]	$

[(1)	The sponsor will determine the aggregate initial principal amount of the notes to be issued on or before the day of pricing. For more details about the determination of the initial principal amount of the notes, you should read "Risk Factors — The initial principal amount of the notes is unknown."]
[(2)	If the aggregate initial principal amount of the notes to be issued is $_________, the initial principal amount [and final scheduled payment date] of each class of notes will be[, respectively]: $_________ [and _____, 20__] for the Class A-1 notes, $_________ [and _____, 20__] for the Class A-2 notes, $_________ [and _____, 20__] for the Class A-3 notes, $_________ [and _____, 20__] for the Class A-4 notes, $_________ [and _____, 20__] for the Class B notes[,]/[and] $_________ [and _____, 20__] for the Class C notes [and $_________ [and _____, 20__] for the Class D notes].]
[(3)	The depositor will retain [__%][at least 5%] of the initial principal amount of each class of notes.]
[(4)	The allocation of the initial principal amount between the Class A-2a and Class A-2b notes will be determined on or before the day of pricing. [If the aggregate initial principal amount of notes to be issued is $_________,] [T][t]he trust expects that the initial principal amount of the Class A-2b notes will not exceed $_____________ [and if the aggregate initial principal amount of notes to be issued is $_________, the trust expects that the initial principal amount of the Class A-2b notes will not exceed $_____________].]
[(5)	The Class A-2b notes will accrue interest at a floating rate based on a benchmark, which will initially be 30-day average SOFR. However, the benchmark may change in certain situations. For more information on how 30-day average SOFR is determined and the circumstances under which the benchmark may change, you should read "Description of the Notes — Payments of Interest — Floating Rate Benchmark Rate; Benchmark Transition Event."
[(6)	If the benchmark plus the spread for the Class A-2b notes is less than zero, the interest rate will be 0.00%.]
[(7)	The [Class B][,]/[and] [Class C] [and Class D] notes are not being offered by this prospectus.]

• The notes will be backed by an exchange note, which will be backed by a reference pool of [new] car, light truck and utility vehicle leases and leased vehicles purchased by Ford Credit's titling companies from dealers.

• The trust will pay interest on and principal of the notes on the 15th day of each month (or, if not a business day, the next business day). The first payment date will be _______, 20__. The trust will pay each class of notes in full on its final scheduled payment date (or, if not a business day, the next business day) if not paid in full before that date.

• The trust will pay principal of the notes sequentially to each class of notes in order of seniority until each class is paid in full.

• The credit enhancement for the notes will be a reserve account, subordination, overcollateralization and excess spread.

The pricing terms of the offered notes are:

	Price to Public	Underwriting Discount	Proceeds to the Depositor(1)
Class A-1 notes	%	%	%
Class A-2[a] notes	%	%	%
[Class A-2b notes	%	%	%]
Class A-3 notes	%	%	%
Class A-4 notes	%	%	%
[Class B notes	%	%	%]
[Class C notes	%	%	%]
[Class D notes	%	%	%]
Total	$	$	$

⁽¹⁾     Before deducting expenses estimated to be $_______ and registration fees for the offered notes and excluding any selling concessions rebated to the depositor by an underwriter due to sales to affiliates.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this prospectus is accurate or complete. Any representation to the contrary is a criminal offense.

[NAMES OF UNDERWRITERS] 

___________________________

The date of this prospectus is _______, 20__

TABLE OF CONTENTS

Reading this Prospectus	4
Forward-Looking Statements	4
Notice to Investors in Canada	5
Notice to Investors in the United Kingdom	5
Notice to Investors in the European Economic Area	6
Transaction Structure Diagram	7
Transaction Credit Enhancement Diagram	9
Transaction Payments Diagram	10
Transaction Parties and Documents Diagram	11
Summary	12
Summary of Risk Factors	21
Sponsor and Servicer	47
General	47
Ratings of Sponsor and Servicer	48
Securitization Experience	49
Securitization Program for Leases	49
Use of Titling Companies; Financing Purchases of Leases by Titling Companies	49
Origination, Underwriting and Purchasing	50
Origination Characteristics	57
Material Changes to Origination, Underwriting and Purchasing Policies and Procedures	58
Servicing Experience	59
Servicing and Collections	59
Portfolio Residual Performance, Delinquency, Repossession and Credit Loss Information	65
Material Changes to Servicing Policies and Procedures	69
Demands to Reallocate Leases and Leased Vehicles – Prior Securitized Pools	69
Static Pool Information – Prior Securitized Pools	69
Reference Pool	70
Trust Assets	70
Selection of Reference Pool	70
Composition of Reference Pool	71
Initial Asset-Level Data	71
Depositor Review of Reference Pool	71
Representations About Reference Pool	72
Obligation to Reallocate Ineligible Leases and Leased Vehicles	73
Asset Representations Review	74
Dispute Resolution for Reallocation Requests	76
Description of Exchange Note	77
Funds Available for Payments on Exchange Note	78
Priority of Payments on Exchange Note	82
Shared Amounts	83
Amendments to Credit and Security Agreement and Exchange Note Supplement	83
Facility Defaults and Exchange Note Defaults; Rights on Default	84
Description of the Notes	84
Payments of Interest	84
Payments of Principal	87

Priority of Payments	89
Post-Acceleration Priority of Payments	91
Events of Default and Acceleration	91
Optional Redemption or "Clean Up Call" Option	94
Satisfaction and Discharge of Indenture	94
Amendments to Indenture	94
Noteholder Communication	95
Book-Entry Registration	96
Computing Outstanding Principal Amount	97
Notes Held by Transaction Parties	97
Credit Enhancement	97
Reserve Account	97
Subordination	98
Overcollateralization	98
Excess Spread	99
Maturity and Prepayment Considerations	99
General	99
Weighted Average Life	101
Credit Risk Retention	111
Servicing	114
Servicing Obligations	115
Servicing Fees	115
Servicer Modifications and Obligation to Reallocate Leases and Leased Vehicles	116
Transaction Bank Accounts	116
[Servicer Advances]	117
Deposit of Collections	117
Custodial Obligations of Ford Credit	117
Limitations on Liability	117
Amendments to Servicing Agreement and Servicing Supplement	118
Resignation and Termination of Servicer	118
Monthly Reports	119
Annual Compliance Reports	121
Transaction Parties	121
Depositor	121
Issuing Entity	122
Administrator	124
Owner Trustee [and Delaware Trustee]	125
Indenture Trustee	126
Titling Companies	127
Collateral Agent	128
Administrative Agent	128
Asset Representations Reviewer	128
Affiliations and Related Transactions	129
Transaction Fees and Expenses	130
Use of Proceeds	131
Legal Proceedings	131
Important Legal Considerations	131
Bankruptcy Considerations	131
The Dodd-Frank Act	133
Security Interests in Exchange Note and Leases and Leased Vehicles	134
Lease Contracts and Leased Vehicles	136

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[Investment Considerations]	138
Tax Considerations	138
General	138
Tax Characterization of Trust	139
Tax Characterization and Treatment of Notes	140
State and Local Tax Considerations	142
ERISA Considerations	142
General Investment Considerations	142
Prohibited Transactions	143
Benefit Plans Not Subject to ERISA or Internal Revenue Code	144
Underwriting	144
United Kingdom	146

European Economic Area	147
[European Union and UK Securitization Requirements]	147
Legal Opinions	147
Where You Can Find More Information	148
Incorporation of Documents by Reference	148
Glossary of Terms	149
Index of Defined Terms	151

Annex A:	Composition of the Reference Pool	A-1
Annex B:	Static Pool Information – Prior Securitized Pools	B-1

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Reading this Prospectus

This prospectus contains information about Ford Credit Auto Lease Trust 20__-__ and the terms of the notes to be issued by the trust. You should only rely on information in or referenced in this prospectus and any information incorporated by reference into the registration statement for this securitization transaction filed with the Securities and Exchange Commission, or "SEC," that includes this prospectus. Ford Credit has not authorized anyone to provide you with different information.

This prospectus starts with the following brief introductory sections:

· Transaction Diagrams — separate diagrams show the structure of this securitization transaction, the credit enhancement available for the notes, the order in which exchange note available funds and available funds are paid on each payment date and the role of each transaction party and transaction document in this securitization transaction,

· Summary — provides an overview of the notes, the cash flows in this securitization transaction and the credit enhancement available for the notes, and

· Risk Factors — describes the material risks of investing in the notes.

The other sections of this prospectus contain more details about the notes and the structure of this securitization transaction. Cross-references refer you to more details about a particular topic or related information elsewhere in this prospectus. The Table of Contents contains references to key topics.

A glossary of certain terms and an index of defined terms are at the end of this prospectus.

Forward-Looking Statements

Any projections, expectations and estimates in this prospectus are not historical in nature but are forward-looking statements based on information and assumptions Ford Credit and the depositor consider reasonable. Forward-looking statements are about circumstances and events that have not yet taken place, so they are uncertain and may vary materially from actual events. Neither Ford Credit nor the depositor is obligated to update or revise any forward-looking statements, including changes in economic conditions, portfolio or asset pool performance or other circumstances or developments, after the date of this prospectus.

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Notice to Investors in Canada

THE NOTES MAY BE SOLD ONLY TO PURCHASERS IN THE PROVINCES OF ALBERTA, BRITISH COLUMBIA, ONTARIO AND QUEBEC PURCHASING, OR DEEMED TO BE PURCHASING, AS PRINCIPALS THAT ARE ACCREDITED INVESTORS, AS DEFINED IN NATIONAL INSTRUMENT 45-106 PROSPECTUS EXEMPTIONS OR SUBSECTION 73.3(1) OF THE SECURITIES ACT (ONTARIO), AND ARE PERMITTED CLIENTS, AS DEFINED IN NATIONAL INSTRUMENT 31-103 REGISTRATION REQUIREMENTS, EXEMPTIONS AND ONGOING REGISTRANT OBLIGATIONS. ANY RESALE OF THE NOTES MUST BE MADE IN ACCORDANCE WITH AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE PROSPECTUS REQUIREMENTS OF APPLICABLE SECURITIES LAWS.

SECURITIES LEGISLATION IN CERTAIN PROVINCES OR TERRITORIES OF CANADA MAY PROVIDE A PURCHASER WITH REMEDIES FOR RESCISSION OR DAMAGES IF THIS PROSPECTUS (INCLUDING ANY AMENDMENT THERETO) CONTAINS A MISREPRESENTATION, PROVIDED THAT THE REMEDIES FOR RESCISSION OR DAMAGES ARE EXERCISED BY THE PURCHASER WITHIN THE TIME LIMIT PRESCRIBED BY THE SECURITIES LEGISLATION OF THE PURCHASER'S PROVINCE OR TERRITORY. THE PURCHASER SHOULD REFER TO ANY APPLICABLE PROVISIONS OF THE SECURITIES LEGISLATION OF THE PURCHASER'S PROVINCE OR TERRITORY FOR PARTICULARS OF THESE RIGHTS OR CONSULT WITH A LEGAL ADVISOR.

PURSUANT TO SECTION 3A.3 (OR, IN THE CASE OF SECURITIES ISSUED OR GUARANTEED BY THE GOVERNMENT OF A NON-CANADIAN JURISDICTION, SECTION 3A.4) OF NATIONAL INSTRUMENT 33-105 UNDERWRITING CONFLICTS (NI 33-105), THE UNDERWRITERS ARE NOT REQUIRED TO COMPLY WITH THE DISCLOSURE REQUIREMENTS OF NI 33-105 REGARDING UNDERWRITER CONFLICTS OF INTEREST IN CONNECTION WITH THIS OFFERING.

Notice to Investors in the United Kingdom

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSE OF REGULATION (EU) 2017/1129 (AS AMENDED), as it forms part of THE domestic law OF THE UNITED KINGDOM ("UK") by virtue of the European Union (Withdrawal) Act 2018 (AS AMENDED, the "EUWA") (AS AMENDED, THE "UK PROSPECTUS REGULATION"). THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFER OF NOTES IN THE UK WILL BE MADE ONLY TO A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF THE UK PROSPECTUS REGULATION ("UK QUALIFIED INVESTOR"). ACCORDINGLY, ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER IN THE UK OF NOTES WHICH ARE THE SUBJECT OF THE OFFERING CONTEMPLATED IN THIS PROSPECTUS MAY ONLY DO SO WITH RESPECT TO UK QUALIFIED INVESTORS. NONE OF THE TRUST, THE DEPOSITOR NOR ANY UNDERWRITER HAS AUTHORIZED, NOR DO THEY AUTHORIZE, THE MAKING OF ANY OFFER OF NOTES IN THE UK OTHER THAN TO UK QUALIFIED INVESTORS.

The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the UK. For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client, as defined in point (8) of Article 2 of COMMISSION DELEGATED Regulation (EU) No 2017/565, as it forms part of UK domestic law by virtue of the eUWA or (ii) a customer within the meaning of the provisions of the UNITED KINGDOM FINANCIAL SERVICES AND MARKETS ACT 2000 (AS AMENDED, THE "FSMA") and any rules or regulations made under the FSMA to implement DIRECTIVE (EU) 2016/97 (AS AMENDED, KNOWN AS THE "INSURANCE DISTRIBUTION DIRECTIVE"), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of UK domestic law by virtue of the EUWA or (iii) not a uk qualified investor.

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Consequently no key information document required by REGULATION (EU) NO 1286/2014 (AS AMENDED), as it forms part of UK domestic law by virtue of the EUWA (AS AMENDED, the "UK PRIIPS REGULATION") for offering or selling the Notes or otherwise making them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regulation.

THIS PROSPECTUS IS DIRECTED IN THE UK ONLY AT PERSONS WHO (I) ARE AUTHORIZED TO CARRY ON A REGULATED ACTIVITY UNDER FSMA, (II) HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND WHO QUALIFY AS INVESTMENT PROFESSIONALS UNDER ARTICLE 19(5) OF THE UNITED KINGDOM FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005 (THE "FPO"), (III) ARE HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, PARTNERSHIPS OR TRUSTEES UNDER ARTICLE 49(2) OF THE FPO OR (IV) ARE PERSONS TO WHOM THIS PROSPECTUS MAY OTHERWISE LAWULLY BE DIRECTED (TOGETHER, "RELEVANT PERSONS"). IN THE UK, THIS PROSPECTUS MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS AND ONLY RELEVANT PERSONS MAY INVEST IN THE NOTES. IN THE UK, ANY INVESTMENT ACTIVITY RELATING TO THIS PROSPECTUS OR THE NOTES WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THE COMMUNICATION OF THIS PROSPECTUS TO ANY PERSON IN THE UK OTHER THAN A RELEVANT PERSON IS UNAUTHORIZED AND MAY CONTRAVENE FSMA.

POTENTIAL INVESTORS IN THE UK ARE ADVISED THAT ALL, OR MOST, OF THE PROTECTIONS AFFORDED BY THE UK REGULATORY SYSTEM WILL NOT APPLY TO AN INVESTMENT IN THE NOTES AND THAT COMPENSATION WILL NOT BE AVAILABLE UNDER THE UK FINANCIAL SERVICES COMPENSATION SCHEME.

Notice to Investors in the European Economic Area

THIS PROSPECTUS IS NOT A PROSPECTUS FOR THE PURPOSE OF REGULATION (EU) 2017/1129 (AS AMENDED, THE "PROSPECTUS REGULATION"). THIS PROSPECTUS HAS BEEN PREPARED ON THE BASIS THAT ANY OFFERS OF THE NOTES IN THE EUROPEAN ECONOMIC AREA ("EEA") WILL ONLY BE MADE TO A PERSON OR LEGAL ENTITY THAT IS A QUALIFIED INVESTOR AS DEFINED IN ARTICLE 2 OF THE PROSPECTUS REGULATION ("QUALIFIED INVESTOR"). ACCORDINGLY, ANY PERSON MAKING OR INTENDING TO MAKE AN OFFER IN THE EEA OF THE NOTES DESCRIBED IN THIS PROSPECTUS MAY ONLY DO SO WITH RESPECT TO QUALIFIED INVESTORS. NONE OF THE TRUST, THE DEPOSITOR NOR ANY UNDERWRITER HAS AUTHORIZED, NOR DO THEY AUTHORIZE, THE OFFERING OF THE NOTES IN THE EEA OTHER THAN TO ONE OR MORE QUALIFIED INVESTORS.

THE NOTES ARE NOT INTENDED TO BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO AND SHOULD NOT BE OFFERED, SOLD OR OTHERWISE MADE AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA. FOR THESE PURPOSES, A RETAIL INVESTOR MEANS A PERSON WHO IS ONE (OR MORE) OF: (I) A RETAIL CLIENT AS DEFINED IN POINT (11) OF ARTICLE 4(1) OF DIRECTIVE 2014/65/EU (AS AMENDED, "MIFID II"); (II) A CUSTOMER WITHIN THE MEANING OF THE INSURANCE DISTRIBUTION DIRECTIVE WHERE THAT CUSTOMER WOULD NOT QUALIFY AS A PROFESSIONAL CLIENT AS DEFINED IN POINT (10) OF ARTICLE 4(1) OF MIFID II; OR (III) NOT A QUALIFIED INVESTOR AS DEFINED IN THE PROSPECTUS REGULATION.

CONSEQUENTLY NO KEY INFORMATION DOCUMENT REQUIRED BY REGULATION (EU) NO 1286/2014 (AS AMENDED, THE "PRIIPS REGULATION") FOR OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO RETAIL INVESTORS IN THE EEA HAS BEEN PREPARED AND THEREFORE OFFERING OR SELLING THE NOTES OR OTHERWISE MAKING THEM AVAILABLE TO ANY RETAIL INVESTOR IN THE EEA MAY BE UNLAWFUL UNDER THE PRIIPS REGULATION.

6

Transaction Structure Diagram

This diagram is a simplified overview of the structure of this securitization transaction and the credit enhancement available for the notes. You should read this prospectus completely for more details about this securitization transaction.

 

[*	If the aggregate initial principal amount of notes to be issued is $_________, the initial total securitization value, the exchange note initial note balance, the reserve account deposit amount, the initial overcollateralization amount, the targeted overcollateralization amount and the initial principal amount of each class of notes will be as described in the table above. If the aggregate initial principal amount of the notes to be issued is $_________, the initial total securitization value will be $_________, the exchange note initial note balance will be $_________, the reserve account deposit amount will be $_________, the initial overcollateralization amount will be $_________[, which is ___% of the initial total securitization value], the targeted overcollateralization amount will be $_________[, which is ___% of the initial total securitization value] and the initial principal amount of each class of notes will be: $_________ for the Class A-1 notes, $_________ for the Class A-2 notes, $_________ for the Class A-3 notes, $_________ for the Class A-4 notes, $_________ for the Class B notes[,]/[and] $_________ for the Class C notes [and $_________ for the Class D notes]. For more details about the determination of the initial principal amount of the notes, you should read "Risk Factors — The initial principal amount of the notes is unknown."]
(1)	The titling companies will allocate a reference pool of leases and leased vehicles to the exchange note. [If the aggregate initial principal amount of notes to be issued is $_________,] [T][t]he reference pool will have an initial total securitization value of $________ and the exchange note will have an initial note balance of $________ [, and if the aggregate initial principal amount of notes to be issued is $_________, the reference pool will have an initial total securitization value of $________ and the exchange note will have an initial note balance of $________].
(2)	The reserve account will be funded on the closing date [in an amount equal to] at [least] __% of the initial total securitization value.
(3)	Overcollateralization is the amount by which the total securitization value exceeds the principal amount of the notes.
(4)	All available funds remaining after payments of the senior fees and expenses of the trust, the interest on the notes, any required priority principal payment and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, will be used to pay principal of the notes until the targeted overcollateralization amount is reached.

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(5)	Excess spread representing the excess of the collections on the reference pool over senior amounts payable from those collections will be available to pay principal on the exchange note or to offset a shortfall in payment on the notes. Excess spread representing the excess of interest payments on the exchange note over the fees and expenses of the trust, including interest payments on the notes, will be available to pay principal of the notes.
(6)	All notes other than the Class [C]/[D] notes benefit from subordination of more junior classes to more senior classes. The order of the subordination varies depending on whether interest or principal is being paid and whether an event of default that results in acceleration has occurred. For more details about subordination, you should read "Description of the Notes — Priority of Payments," "Description of the Notes — Post-Acceleration Priority of Payments" and "Credit Enhancement — Subordination."
(7)	The residual interest will be held initially by the depositor and represents the right to all funds not needed to make required payments on the notes, pay fees and expenses of the trust or make deposits in the reserve account.

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Transaction Credit Enhancement Diagram

This diagram is a simplified overview of the credit enhancement available for the notes on the closing date and how credit enhancement is used to offset losses on the leases and leased vehicles. You should read this prospectus completely, including "Credit Enhancement," for more details about the credit enhancement available for the notes.

 

(1)	All notes other than the Class [C]/[D] notes benefit from subordination of more junior classes to more senior classes. The order of the subordination varies depending on whether interest or principal is being paid and whether an event of default that results in acceleration occurred. For more details about subordination, you should read "Description of the Notes — Priority of Payments," "Description of the Notes — Post-Acceleration Priority of Payments" and "Credit Enhancement — Subordination."
(2)	Overcollateralization is the amount by which the total securitization value exceeds the principal amount of the notes. On the closing date, [if the aggregate initial principal amount of the notes to be issued is $______,] overcollateralization will equal __% of the initial total securitization value [, or, if the aggregate initial principal amount of the notes to be issued is $______, overcollateralization will equal __% of the initial total securitization value]. All available funds remaining after payments of the senior fees and expenses of the trust, the interest on the notes, any required priority principal payment and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, will be used to pay principal of the notes until the targeted overcollateralization amount of __% of the initial total securitization value is reached [, if the aggregate initial principal amount of the notes to be issued is $______, or, __% of the initial total securitization value is reached, if the aggregate initial principal amount of the notes to be issued is $______].
(3)	The reserve account will be funded on the closing date [in an amount equal to] at [least] __% of the initial total securitization value.
(4)	Excess spread representing the excess of the collections on the reference pool over senior amounts payable from those collections will be available to pay principal on the exchange note or to offset a shortfall in payment on the notes. Excess spread representing the excess of interest payments on the exchange note over the fees and expenses of the trust, including interest payments on the notes, will be available to pay principal of the notes.

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Transaction Payments Diagram

This diagram shows how exchange note available funds are paid on each payment date and how available funds are paid on each payment date. The priority of payments shown in this diagram will apply unless (a) the exchange note is accelerated after a facility default or an exchange note default or (b) the notes are accelerated after an event of default under the Indenture. You should read this prospectus completely, including "Description of Exchange Note — Priority of Payments on Exchange Note," "Description of the Notes — Priority of Payments" and "Description of the Notes — Post-Acceleration Priority of Payments," for more details about the priority of payments for the notes.

 

10

Transaction Parties and Documents Diagram

This diagram shows the role of each transaction party and each transaction document in this securitization transaction. You should read this prospectus completely, including "Transaction Parties," "Reference Pool," "Description of Exchange Note," "Description of the Notes" and "Servicing," for more details about the roles of each transaction party and each transaction document in this securitization transaction.

 

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Summary

This summary describes the main terms of the issuance of and payments on the notes, the assets of the trust, the cash flows in this securitization transaction and the credit enhancement available for the notes. It does not contain all of the information that you should consider in making your decision to purchase any notes. To understand fully the terms of the notes and the transaction structure, you should read this prospectus completely, especially "Risk Factors" starting on page __.

Transaction Overview

The depositor will use the proceeds from the sale of the notes to purchase an exchange note from Ford Credit. The exchange note will be issued by the titling companies and backed by a reference pool of leases and leased vehicles purchased by the titling companies from motor vehicle dealers. The trust will issue the notes to the depositor in exchange for the exchange note on the closing date. The depositor will sell the offered notes to the underwriters who will offer and sell the offered notes to investors.

Transaction Parties

Sponsor, Servicer, Lender, Titling Company Servicer, Collateral Agent Administrator and Administrator

Ford Motor Credit Company LLC, or "Ford Credit," is a Delaware limited liability company and a wholly-owned subsidiary of Ford Motor Company, or "Ford."

Depositor

Ford Credit Auto Lease Two LLC, or the "depositor," is a Delaware limited liability company and a special-purpose company wholly owned by Ford Credit.

Titling Companies

Each of CAB East LLC and CAB West LLC, or a "titling company," is a Delaware limited liability company and is a special-purpose company wholly owned by Ford Credit.

Collateral Agent

HTD Leasing LLC, or "HTD," is a Delaware limited liability company and a wholly-owned subsidiary of U.S. Bank National Association.

Administrative Agent

_____________________

Issuing Entity or Trust

Ford Credit Auto Lease Trust 20__-__, or the "trust," is a Delaware statutory trust established under a trust agreement between the depositor and the owner trustee.

Owner Trustee

_____________________

[Delaware Trustee

_____________________]

Indenture Trustee

_____________________

Asset Representations Reviewer

_____________________

For more information about the transaction parties and their roles in this securitization transaction, you should read "Sponsor and Servicer" and "Transaction Parties."

Closing Date

The trust expects to issue the notes on or about ________, 20__, or the "closing date."

Cutoff Date

The leases and leased vehicles will be allocated to the "reference pool" as of _______ 1, 20__, or the "cutoff date." The initial total securitization value of the leases in the reference pool will be the aggregate securitization value of the leases in the reference pool as of the cutoff date. The titling companies will use collections on the 

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leases and leased vehicles in the reference pool applied on or after the cutoff date to make payments on the exchange note, which will be used by the trust to make payments on the notes.

Notes

The trust will issue the following notes [if the aggregate initial principal amount of notes to be issued is $_________⁽¹⁾]:

		Principal Amount[(1)][(2)]	Interest Rate
Class A-1 notes	}	$	%
Class A-2[a] notes[(3)] [Class A-2b notes(3)(4)(5)	}	$	% 30-day average SOFR + ___%]
Class A-3 notes		$	%
Class A-4 notes		$	%
Class B notes[(6)]		$	%
Class C notes[(6)]		$	%
Class D notes[(6)]		$	%

[⁽¹⁾ If the aggregate initial principal amount of notes to be issued is $_________, the initial principal amount of each class of notes will be: $_________ for the Class A-1 notes, $_________ for the Class A-2 notes, $_________ for the Class A-3 notes, $_________ for the Class A-4 notes, $_________ for the Class B notes[,]/[and] $_________ for the Class C notes [and $_________ for the Class D notes].]

[⁽²⁾ The depositor will retain [__%][at least 5%] of the initial principal amount of each class of notes.]

[⁽³⁾ The allocation of the initial principal amount between the Class A-2a and Class A-2b notes will be determined on or before the day of pricing.]

^[(4) The Class A-2b notes will accrue interest at a floating rate based on a benchmark, which will initially be 30-day average SOFR. However, the benchmark may change in certain situations. For more information on how 30-day average SOFR is determined and the circumstances under which the benchmark may change, you should read "Description of the Notes — Payments of Interest — Floating Rate Benchmark Rate; Benchmark Transition Event."

^[(5) If the benchmark plus the spread for the Class A-2b notes is less than zero, the interest rate will be 0.00%.]

[⁽⁶⁾ The [Class B][,]/[and] [Class C] [and Class D] notes are not being offered by this prospectus.]

[The sponsor will make the determination regarding the initial principal amount of each class of notes on or before the day of pricing. For more details about the determination of the initial principal amount of the notes, you should read "Risk Factors — The initial principal amount of the notes is unknown."]

The Class A-1, Class A-2[a], [Class A-2b,] Class A-3 and Class A-4 notes are collectively referred to as the "Class A notes." The Class A-1, Class A-2[a], [Class A-2b,] Class A-3, Class A-4, [Class B][,]/[and] [Class C] [and Class D] notes are being offered by this prospectus and are collectively referred to as the "offered notes" [or] [and, together with the [Class B][,]/[and] [Class C] [and Class D] notes,] the "notes."

[The Class A-2b notes are sometimes referred to as the "floating rate notes." [The Class A-2a and Class A-2b notes are together referred to as the "Class A-2 notes" and are a single class with equal rights to interest and principal payments].]

The depositor [may retain some or all of one or more classes of notes and] will initially retain [__%][at least 5%] of the initial principal amount of each class of notes and] the residual interest in the trust.

Form and Minimum Denomination

The notes will be issued in book-entry form. The offered notes will be available in minimum denominations of $1,000 and in integral multiples of $1,000.

Payment Dates; Interest Accrual

The trust will pay interest on and principal of the notes on "payment dates," which will be the 15th day of each month (or, if not a business day, the next business day). The first payment date will be ________, 20__.

The notes, except the Class A-1 notes [and the floating rate notes], will accrue interest on a "30/360" basis from the 15th day of the prior month to the 15th day of the current month (or from the closing date to ________, 20__, for the first period).

The Class A-1 notes [and the floating rate notes] will accrue interest on an "actual/360" basis from the prior payment date (or from the closing date, for the first period) to the following payment date.

The final scheduled payment date for each class of notes is listed below.

	Final Scheduled Payment Date[(1)]
Class A-1 notes
Class A-2 notes
Class A-3 notes
Class A-4 notes
Class B notes
Class C notes
[Class D notes	]

[⁽¹⁾ If the aggregate initial principal amount of the notes to be issued is $_________, the final scheduled payment date of each class of notes will be as described in the table above. If the aggregate initial principal amount of the notes to be issued is $_________, the final scheduled payment date of each class of notes will be:

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_____, 20__ for the Class A-1 notes, _____, 20__ for the Class A-2 notes, _____, 20__ for the Class A-3 notes, _____, 20__ for the Class A-4 notes, _____, 20__ for the Class B notes[,]/[and] _____, 20__ for the Class C notes [and _____, 20__ for the Class D notes].]

It is expected that each class of notes will be paid in full earlier than its final scheduled payment date.

For more details about the payment of interest on and principal of each payment date, you should read "Description of the Notes — Payments of Interest," "Description of the Notes — Payments of Principal" and "Maturity and Prepayment Considerations —Weighted Average Life."

[Calculation Agent

The "calculation agent" will be the indenture trustee. The calculation agent will determine 30-day average SOFR, which is used to calculate the interest rate for the floating rate notes.]

Optional Redemption or "Clean Up Call" Option

The servicer will have a "clean up call" option to purchase the exchange note on any payment date if the principal amount of the notes on that payment date will be [5]% or less of the initial principal amount of the notes. The servicer may exercise its clean up call option only if the purchase price for the exchange note is sufficient to pay in full the notes and all fees and expenses of the trust. On the servicer's exercise of its clean up call option, the notes will be redeemed and paid in full.

For more information about optional redemption, you should read "Description of the Notes – Optional Redemption or 'Clean Up Call' Option."

Trust Assets

The trust assets will include:

· the exchange note,

· rights to funds in the exchange note collection account, the reserve account and the collection account, [and]

· rights under the transaction documents for the reallocation of ineligible leases and other leases and leased vehicles from the reference pool[, and

· rights under the transaction documents for any servicer advances].

Exchange Note

The primary asset of the trust will be an exchange note issued by the titling companies to Ford Credit. The exchange note will be issued under a credit facility provided by Ford Credit to the titling companies to finance their purchase of leases and leased vehicles from dealers.

On the closing date, the note balance of the exchange note will be $_________[, if the aggregate initial principal amount of the notes to be issued is $_________, or will be $_________, if the aggregate initial principal amount of the notes to be issued is $_________]. The exchange note will accrue interest at a rate of __% per annum.

The titling companies will use exchange note available funds received on a reference pool of leases and leased vehicles to make payments on the exchange note, including:

· payments by or on behalf of the lessees on the leases,

· net proceeds from sales of leased vehicles, and

· proceeds from claims on insurance policies covering the lessees, the leases or the leased vehicles.

For more details about the exchange note, you should read "Description of Exchange Note."

Reference Pool

The leases in the reference pool are retail closed-end lease contracts for new cars, light trucks and utility vehicles. A lessee who meets the terms of the lease will not be responsible for the value of the leased vehicle at the end of the lease.

Each lease in the reference pool is assigned a securitization value. The "securitization value" of a lease is the sum of the present values of (1) the remaining scheduled base monthly payments plus (2) the base residual value of the related leased vehicle.

The "base residual value" of a leased vehicle is the lesser of the contract residual value and the

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ALG base residual value for the leased vehicle. The "total securitization value" is the aggregate securitization value of the leases in the reference pool.

For more information about the calculation of securitization value, you should read the definition of securitization value in "Glossary of Terms."

[If the aggregate initial principal amount of the notes to be issued is $______,] [A][a]s of the cutoff date, the reference pool has the following summary characteristics:

Number of leases
Initial total securitization value	$
Residual portion of securitization value	$
Residual portion of securitization value	%
Base monthly payments plus base residual value	$
Base residual value	$
Weighted average original term	months
Weighted average remaining term	months
Weighted average FICO® score at origination
Weighted average LTV at origination	%
Weighted average PTI at origination	%
Commercial use leases	%

[If the aggregate initial principal amount of the notes to be issued is $______, as of the cutoff date, the reference pool has the following summary characteristics:

Number of leases
Initial total securitization value	$
Residual portion of securitization value	$
Residual portion of securitization value	%
Base monthly payments plus base residual value	$
Base residual value	$
Weighted average original term	months
Weighted average remaining term	months
Weighted average FICO® score at origination
Weighted average LTV at origination	%
Weighted average PTI at origination	%
Commercial use leases	%

For more details about the information in this table, including how it is calculated and defined, and for more information about the characteristics of the reference pool, you should read "Composition of the Reference Pool" attached as Annex A.

Servicer

Ford Credit will be the "servicer" of the leases and leased vehicles in the reference pool and of this securitization transaction. The servicer is responsible for collecting payments on the reference pool, administering payoffs, managing

extensions, modifications, defaults and delinquencies, and repossessing and liquidating leased vehicles. The servicer will prepare monthly reports on the leases and leased vehicles, payments on the notes and the status of credit enhancement. Ford Credit will also act as custodian and maintain custody of the lease files.

The trust will pay the servicer on each payment date (1) a servicing fee equal to 1/12 of ___% of the total securitization value at the beginning of the related collection period (or the cutoff date for the first payment date) and (2) an administration fee equal to 1/12 of ___% of the principal amount of the notes at the end of the related collection period (or the closing date for the first payment date).

For more information about the servicer, you should read "Sponsor and Servicer."

Priority of Payments on Exchange Note

On each payment date, the indenture trustee will use exchange note available funds for the related collection period to make payments in the order of priority listed below. Exchange note available funds will consist primarily of collections on the reference pool. This priority will apply unless the exchange note is accelerated after a facility default or an exchange note default:

(1) Servicing Fee [and Advance Reimbursement] — to the servicer, the servicing fee [and reimbursement of any outstanding servicer advances],

(2) Interest — to the trust, interest due on the exchange note,

(3) Shortfall Payments — to the trust, the amounts necessary to cover a shortfall in payments under items (1) through [(7)]/[(9)] under "— Priority of Payments on the Notes" below,

(4) Reserve Account – to the reserve account, the amount required to replenish the reserve account to its original balance, unless the payment date is on or after the final scheduled payment date for the Class [C]/[D] notes,

(5) Principal — to the trust, (a) principal on the exchange note equal to the excess of the

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principal amount of the notes over (b) the total securitization value at the beginning of the month that includes the payment date minus the targeted overcollateralization amount, which amount will be reduced by any payments of principal made in item (3) above,

(6) Shared Amounts — to be applied as shared amounts for exchange notes other than the exchange note owned by the trust if there has been a failure to pay principal or interest owed on the other exchange notes, and

(7) Remaining Amounts — to the trust, all remaining amounts to be applied as excess exchange note amounts.

For more details about what amounts are included in exchange note available funds, you should read "Description of Exchange Note — Funds Available for Payments on Exchange Note." For more details about the priority of payments on the exchange note and the allocation of funds on each payment date, you should read "Description of Exchange Note — Priority of Payments on Exchange Note" and "Description of Exchange Note — Shared Amounts."

Priority of Payments on the Notes

On each payment date, the indenture trustee will use the amounts received on the exchange note on that payment date, or "available funds," to make payments on the notes in the order of priority listed below. This priority will apply unless the notes are accelerated after an event of default under the indenture:

(1) Transaction Fees and Expenses — to the indenture trustee, the owner trustee[, the Delaware trustee] and the asset representations reviewer, the fees, expenses and indemnities due, and to or at the direction of the trust, any expenses of the trust, up to a maximum amount of $_______ per year,

(2) Administration Fee — to the servicer, all unpaid administration fees,

(3) Class A Note Interest — to the Class A noteholders, interest due on the Class A notes, pro rata based on the principal amount of the Class A notes,

(4) First Priority Principal Payment — to the Class A noteholders, sequentially by class, the amount equal to the excess, if any, of (a) the principal amount of the Class A notes, over (b) the total securitization value at the beginning of the month that includes the payment date,

(5) Class B Note Interest — to the Class B noteholders, interest due on the Class B notes,

(6) Second Priority Principal Payment — to the Class A and Class B noteholders, sequentially by class, the amount equal to the excess, if any, of (a) the principal amount of the Class A and Class B notes, over (b) the total securitization value at the beginning of the month that includes the payment date, which amount will be reduced by any first priority principal payment on that payment date,

(7) Class C Note Interest — to the Class C noteholders, interest due on the Class C notes,

(8) [Third Priority Principal Payment — to the Class A, Class B and Class C noteholders, sequentially by class, the amount equal to the excess, if any, of (a) the principal amount of the Class A, Class B and Class C notes, over (b) the total securitization value at the beginning of the month that includes the payment date, which amount will be reduced by any first priority principal payment and second priority principal payment on that payment date,]

(9) [Class D Note Interest — to the Class D noteholders, interest due on the Class D notes,]

(10) Reserve Account — to the reserve account, the amount, if any, required to replenish the reserve account to its original balance, unless the payment date is on or after the final scheduled payment date for the Class [C]/[D] notes,

(11) Regular Principal Payment — to the noteholders, sequentially by class, the amount equal to the excess of (a) the principal amount of the notes over (b) the total securitization value at the beginning of the month that includes the payment date minus the targeted overcollateralization

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amount, which amount will be reduced by any first[,]/[and] second [and third] priority principal payments on that payment date,

(12) Additional Fees and Expenses — to the indenture trustee, the owner trustee[, the Delaware trustee], the asset representations reviewer and the trust, all fees, expenses and indemnities due to the extent not paid in item (1) above, and

(13) Residual Interest — to the holder of the residual interest in the trust, all remaining available funds.

The trust will not pay principal of any class of notes until the principal amounts of more senior classes of notes are paid in full.

For more details about the priority of payments on each payment date, you should read "Description of the Notes — Priority of Payments." For more details about targeted overcollateralization amount and how it is used to determine the principal payable on the notes, you should read "Credit Enhancement — Overcollateralization."

Events of Default

Each of the following will be an "event of default" under the indenture:

· the trust fails to pay interest due on the notes of the controlling class within five days after a payment date,

· the trust fails to pay the principal amount of any class of notes in full by its final scheduled payment date,

· the trust fails to observe or perform a material covenant or agreement or breaches a representation in any material respect that is not corrected within a 60-day cure period, and

· a bankruptcy or dissolution of the trust.

If an event of default occurs, other than because of a bankruptcy or dissolution of the trust, the indenture trustee or a majority of the controlling class may accelerate the notes and declare them immediately due and payable. If an event of default occurs because of a bankruptcy or dissolution of the trust, the notes will be accelerated automatically.

For more details about events of default, acceleration of the notes and other remedies available to noteholders after an event of default, you should read "Description of the Notes — Events of Default and Acceleration." For more details about the priority of payments on each payment date after an event of default and acceleration of the notes, you should read "Description of the Notes — Post-Acceleration Priority of Payments."

Controlling Class

Holders of the most senior class of notes outstanding, or the "controlling class," will control the ability to make some decisions about the trust, including whether to declare or waive events of default and servicer termination events, or accelerate the notes, cause a sale of the exchange note or direct the indenture trustee to exercise other remedies after an event of default. Notes of the controlling class held by the trust, the depositor, the servicer or their affiliates are not considered outstanding for these purposes while other notes are also outstanding. Holders of notes that are not part of the controlling class will not have these rights.

Credit Enhancement

Credit enhancement provides protection for the notes against losses on the leases and leased vehicles in the reference pool and potential shortfalls in the funds available to the trust to make required payments. If the credit enhancement is not sufficient to cover all amounts payable on the notes, notes having a later final scheduled payment date will bear a greater risk of loss than notes having an earlier final scheduled payment date.

The following credit enhancement will be available to the trust.

Reserve Account

On the closing date, [if the aggregate initial principal amount of the notes to be issued is $______,] the depositor will deposit [at least] $______ in the reserve account [or, if the aggregate initial principal amount of the notes to be issued is $______, the depositor will deposit [at least] $______ in the reserve account], which[, in each case,] is [at least] ___% of the initial total securitization value.

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If the exchange note available funds (excluding reserve account amounts) are insufficient to cover amounts payable under items (1) through (3) under "— Priority of Payments on Exchange Note" above, the indenture trustee will use amounts in the reserve account to cover the shortfall. The indenture trustee also will use the amounts in the reserve account if needed to pay any class of notes in full on its final scheduled payment date or to pay the notes after an event of default and acceleration of the notes.

If amounts in the reserve account are used, they will be replenished from exchange note available funds and available funds on later payment dates after the trust makes all higher priority payments.

For more details about the reserve account, you should read "Credit Enhancement — Reserve Account." For more details about exchange note available funds and available funds, you should read "Description of Exchange Note — Funds Available for Payments on Exchange Note."

Subordination

The trust will pay interest to all classes of the Class A notes and then will pay interest sequentially to the remaining classes of notes in order of seniority. The trust will not pay interest on a subordinate class of notes until all interest due on more senior classes of notes is paid in full.

The trust will pay principal sequentially to each class of notes in order of seniority (starting with the Class A-1 notes). The trust will not pay the principal of any class of notes until the principal amounts of more senior classes of notes are paid in full.

In addition, if a priority principal payment is required on a payment date, the trust will pay the priority principal payment to the most senior class of notes outstanding before the payment of interest on the affected subordinated notes on that payment date.

For more details about the priority of payments, including changes to the priority after an event of default and acceleration of the notes, you should read "Description of the Notes — Priority of Payments," "Description of the Notes — Post-Acceleration Priority of Payments" and "Credit Enhancement — Subordination."

Overcollateralization

Overcollateralization is the amount by which total securitization value exceeds the principal amount of the notes. It is composed of (i) the excess of the total securitization value over the balance of the exchange note and (ii) the excess of the balance of the exchange note over the principal amount of the notes. Overcollateralization means there will be additional leases and leased vehicles generating collections that will be available to offset losses on the reference pool. The initial amount of overcollateralization for the notes[, if the aggregate initial principal amount of the notes to be issued is $______,] will be $_____, [or _____% of the initial total securitization value,][or, if the aggregate initial principal amount of the notes to be issued is $______, will be $_____,] or[, in each case,] _____% of the initial total securitization value.

This securitization transaction is structured to use all available funds remaining after payments of the senior fees and expenses of the trust, the interest on the notes, any required priority principal payments and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, to pay principal of the notes until the targeted overcollateralization amount is reached. After reaching the targeted overcollateralization amount, the regular principal payment will be used to maintain the overcollateralization at the targeted level. The targeted overcollateralization amount for the notes[, if the aggregate initial principal amount of the notes to be issued is $______,] will be $_____, [or _____% of the initial total securitization value,][or, if the aggregate initial principal amount of the notes to be issued is $______, will be $_____,] or[, in each case,] _____% of the initial total securitization value.

For more details about the targeted overcollateralization amount, you should read "Credit Enhancement — Overcollateralization."

Excess Spread

For a payment date, there are two types of excess spread. First, there is excess spread representing the excess of collections on the reference pool over the sum of the servicing fee, the interest payments on the exchange note and the reduction in the total securitization value. This excess spread will be available to pay

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principal on the exchange note or to cover a shortfall in payments on the notes. Second, there is excess spread representing the excess of the interest payments on the exchange note received by the trust over senior fees and expenses of the trust and interest payments on the notes. This excess spread will be available to pay principal of the notes.

In general, excess spread provides a source of funds to offset losses on the reference pool.

For more details about the use of excess spread as credit enhancement, you should read "Credit Enhancement — Excess Spread."

Reallocation of Leases and Leased Vehicles from the Reference Pool

Reallocation of Leases and Leased Vehicles for Breach of Representations

Ford Credit will make representations about the origination, characteristics, terms and status of each lease and leased vehicle. If a representation is later determined to have been untrue when made, then the lease and leased vehicle were not eligible to be included in the reference pool. If a breach of a representation has a material adverse effect on a lease or leased vehicle, Ford Credit must reallocate the lease and leased vehicle from the reference pool and make a corresponding payment to the collection account unless it corrects the breach before the date it is required to reallocate the lease and leased vehicle.

For more details about the representations made about the leases and leased vehicles and Ford Credit's reallocation obligation if these representations are breached, you should read "Reference Pool — Representations About Reference Pool" and "Reference Pool — Obligation to Reallocate Ineligible Leases and Leased Vehicles." For information about when the asset representations reviewer may review certain leases for compliance with the representations, you should read "Reference Pool — Asset Representations Review."

Reallocation of Leases and Leased Vehicles for Servicer Actions

If Ford Credit as servicer materially impairs a lease, it must reallocate the lease and leased vehicle unless it corrects the impairment. In addition, Ford Credit as servicer must reallocate

a lease and leased vehicle from the reference pool if it makes specific kinds of modifications to the lease and leased vehicle, including if it:

· changes the amount of the base monthly payment, or

· grants payment or term extensions that extend the lease's term beyond the final scheduled payment date of the Class [C]/[D] notes.

Ford Credit must make a corresponding payment to the collection account for any reallocated leases and leased vehicles.

For more details about the servicer's obligation to reallocate leases and leased vehicles if the servicer takes certain actions, you should read "Servicing — Servicer Modifications and Obligation to Reallocate Leases and Leased Vehicles."

Ratings

The depositor expects that the offered notes will receive credit ratings from [__] nationally recognized statistical rating organizations, or "rating agencies."

The ratings of the notes will reflect each rating agency's assessment of the likelihood of the timely payment of interest on, and the ultimate payment of principal of, the notes according to the notes' terms. Each rating agency rating the notes will monitor its ratings under its normal surveillance process. Ford Credit has agreed to provide ongoing information about the notes and the reference pool to each rating agency. A rating agency may change or withdraw an assigned rating at any time. A rating action taken by one rating agency may not necessarily be taken by another rating agency. No transaction party will be responsible for monitoring any changes to the ratings on the notes.

Tax Status

If you purchase a note, you agree by your purchase that you will treat your note as debt for U.S. federal, state and local income and franchise tax purposes.

Katten Muchin Rosenman LLP will deliver its opinion that, for U.S. federal income tax purposes:

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· the offered notes will be treated as debt to the extent they are treated as beneficially owned by a person other than the sponsor or its affiliates for such purposes, and

· the trust will not be classified as an association or publicly traded partnership taxable as a corporation.

For more information about the application of tax laws, you should read "Tax Considerations."

ERISA Considerations

The offered notes generally will be eligible for purchase by employee benefit plans.

For more information about the treatment of the notes under ERISA, you should read "ERISA Considerations."

Credit Risk Retention

The risk retention regulations in Regulation RR under the Securities Exchange Act of 1934 require the sponsor, either directly or through its majority-owned affiliates, to retain an economic interest of at least 5% in the credit risk of the leases and leased vehicles. The sponsor will satisfy this credit risk retention requirement by causing the depositor to retain [an "eligible horizontal residual interest" having a fair value equal to at least 5% of the sum of the fair value, as of the closing date, of the notes to be issued by the trust and the residual interest in the trust] [an "eligible vertical interest" of [__%][at least 5%] of the initial principal amount, as of the closing date, of each class of notes to be issued by the trust and the residual interest in the trust] [a combination of an "eligible vertical interest" and an "eligible horizontal residual interest" having a fair value equal to at least 5% of the sum of the fair value, as of the closing date, of the notes to be issued by the trust and the residual interest in the trust.]

For more information about the manner in which the risk retention requirements will be satisfied, you should read "Credit Risk Retention."

Investment Considerations

The trust is not registered or required to be registered as an "investment company" under the Investment Company Act of 1940 and, in making this determination, is relying on the exemption in [Rule 3a-7] under the Investment Company Act of 1940, although other exclusions or exemptions may also be available to the trust. The trust is structured not to be a "covered fund" under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule."

[The Class A-1 notes will be structured to be eligible for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940. A money market fund should consult its legal advisors regarding the eligibility of the Class A-1 notes under Rule 2a-7 and whether an investment in the Class A-1 notes satisfies the fund's investment policies and objectives.

For more information about Rule 2a-7 under the Investment Company Act of 1940, you should read "Investment Considerations."]

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Summary of Risk Factors

The notes are subject to certain risks that you should consider before making a decision to purchase any notes. The risk factors that are material to the notes are summarized below and described in detail under "Risk Factors". This summary is included to provide an overview of these risks. It does not contain all of the information regarding the risks that you should consider in making your decision to purchase any notes. To understand these risks fully, you should read "Risk Factors" starting on page __.

Risks relating to the nature of the notes and the structure of the transaction

The notes are subject to risks relating to their nature as asset-backed securities and the structure of the transaction, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes, including:

· limited assets or sources of funds available to pay the notes other than amounts received on the exchange note (which represent collections on the reference pool) and related property of the trust,

· faster or slower than expected rates of prepayments on the leases in the reference pool,

· in the case of junior classes of notes, subordination to the more senior classes of notes,

· slower than expected or incomplete achievement of overcollateralization targets,

· acceleration of payments on your notes due to an event of default,

· failure to make principal payments on a note will not be an event of default until the note's final scheduled payment date,

· absence of a secondary market for your notes or an insufficiently liquid secondary market for your notes,

· actions taken by the controlling class of noteholders that are adverse to the interests of noteholders of the other classes,

· adverse changes in the ratings on the notes or the issuance of adverse unsolicited ratings from non-hired rating agencies,

· [unknown principal amount of the notes prior to the time of pricing,]

· [increase in 30-day average SOFR, the benchmark rate for the floating rate notes, or the adoption of an alternative benchmark rate in certain circumstances,] and

· retention by the depositor of one or more classes of notes.

Risks relating to the trust assets and the reference pool

The notes are subject to risks relating to the leases and leased vehicles in the reference pool and property comprising the trust assets, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes, including:

· insufficient collections due to, among other things, shortfalls in the amounts received on the exchange note due to delayed or missed payments on the leases in the reference pool,

· lower than expected net sale proceeds from leased vehicles that are worth less than their base residual values at the end of the related lease,

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· lower than expected resale value of repossessed leased vehicles or insurance proceeds from losses on damaged leased vehicles,

· vehicle recalls leading to, among other things, lease terminations and/or lower auction values,

· decreases in the value of specific vehicle models or vehicle types of leased vehicles that represent a significant percentage of the total securitization value,

· the security interest of the trust in the exchange note or the security interest of the collateral agent in any lease or leased vehicle in the reference pool is not perfected or is of lower priority than another security interest, and

· economic or other factors affecting a state or region with a high concentration of the leases in the reference pool.

Risks relating to macroeconomic, regulatory and other external factors

The notes are subject to risks relating to climate change, the broader economy, legal and regulatory environment and other external factors, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes, including:

· climate related legislation and regulation, the physical effects of climate change, and any associated reputational risk,

· [global pandemics, such as the COVID-19 pandemic, or other health emergencies and the ensuing measures adopted by governmental and non-governmental actors,]

· downturns in global financial markets, levels of unemployment, interest rates, fuel prices, consumer demand for motor vehicles and the general state of the U.S. or global economy,

· [the use of SOFR, a relatively new reference rate, for the floating rate notes,] and

· legal and regulatory developments affecting the automotive or financial services sectors.

Risks relating to the transaction parties

The notes are subject to risks relating to the various transaction parties that are involved in the structuring and ongoing maintenance of the transaction and the offering of the notes, which could lead to shortfalls in payments or losses on your notes, adversely affect the market value of your notes and/or limit your ability to resell your notes, including:

· declines in the financial condition or business prospects, including bankruptcy, of Ford or Ford Credit,

· ability of the servicer to commingle collections with its own funds for a certain period of time,

· disruptions or delays in the processing of payments on the leases, sales of returned or repossessed leased vehicles and information about collections or an insufficient servicing fee to attract a successor servicer, if necessary,

· cyber attacks and other disruptions to the servicer's operational systems and security systems, and

· inaccurate or untrue representations made by Ford Credit or the depositor regarding the leases and leased vehicles or the inability of Ford Credit or the depositor to reallocate leases and leased vehicles that breach representations made by them.

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Risk Factors

You should consider the following risk factors in deciding whether to purchase any notes.

Risks relating to the nature of the notes and the structure of the transaction
The assets of the trust are limited and are the only source of payment for your notes	The trust will not have assets or sources of funds other than amounts received on the exchange note and related property that the trust owns.  Credit enhancement is limited.  Your notes will not be insured or guaranteed by Ford Credit or any of its affiliates or anyone else.  If these assets or sources of funds are insufficient to pay your notes in full, you will incur losses on your notes.
The timing of principal payments on your notes is uncertain	Faster than expected rates of prepayments on the leases or higher than expected auction proceeds on the leased vehicles in the reference pool may and in some cases will cause the trust to pay principal of your notes earlier than expected and may shorten the maturity of your notes.  Prepayments on leases or higher proceed amounts on disposed leased vehicles in the reference pool will occur if:
	·	the related leased vehicles are purchased under the leases prior to the scheduled termination dates,
	·	lessees participate in an early termination program sponsored by Ford,
	·	lessees terminate leases early and the returned leased vehicles are sold,
	·	lessees default on their leases and the related leased vehicles are repossessed and sold,
	·	the servicer receives proceeds from physical damage, credit life or other insurance policies covering the leased vehicles or lessees,
	·	the proceeds of leased vehicles sold at auctions are higher than expected due to increases in auction values,
	·	the depositor or Ford Credit reallocates ineligible leases and leased vehicles from the reference pool due to a breach of representations, or
	·	the servicer reallocates modified or impaired leases and leased vehicles from the reference pool.
	A variety of economic, social and other factors will influence the rate of prepayments on the reference pool.  No prediction can be made about the actual prepayment rates that will occur for the reference pool.

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	[In addition, the timing of principal payments may be affected by the current level of interest rates.  If current interest rates fall below the rates at the time of issuance of the floating rate notes, there will be additional excess spread available to pay principal of the notes on each payment date.  If interest rates rise above the rates at the time of issuance of the floating rate notes, there will be less excess spread available to pay principal of the notes on each payment date.]
	If principal of your notes is paid earlier than expected due to faster rates of prepayments on the leases or higher proceeds of disposed leased vehicles in the reference pool, and interest rates at that time are lower than interest rates at the time principal would have been paid had those prepayments or proceeds occurred as expected, you may not be able to reinvest the principal at a rate of return that is equal to or greater than the rate of return on your notes.  Alternatively, if principal of your notes is paid later than expected due to slower rates of prepayments or payments on the leases, lease-end extensions by the servicer or lower proceeds of disposed leased vehicles in the reference pool, and interest rates at that time are higher than interest rates at the time principal would have been paid had those prepayments, payments or proceeds occurred as expected, you may lose reinvestment opportunities and, if your notes were purchased at a discount, your yield may be reduced.  You will bear all reinvestment risk resulting from principal payments on your notes occurring earlier or later than expected.
	In addition, your notes will be paid in full before maturity if the servicer exercises its clean up call option when the principal amount of the notes is [5]% or less of the initial principal amount of the notes.
	For more information about the timing of payment on the reference pool, you should read "Maturity and Prepayment Considerations."
[The Class B[,]/[and] Class C [and Class D] notes will be subject to greater risk because of the sequential payment structure and subordination	The Class B notes will bear greater risk than the Class A notes because no interest will be paid on the Class B notes on any payment date until all interest on the Class A notes is paid in full on that payment date, and no principal will be paid on the Class B notes until the principal amount of the Class A notes is paid in full. [The Class C notes will bear even greater risk because of similar subordination to more senior classes of notes.  Failure to pay interest on subordinated notes that are not part of the controlling class will not be an event of default.]/[The Class C notes will bear greater risk than the Class B notes because no interest will be paid on the Class C notes on any payment date until all interest on the Class B notes is paid in full on that payment date, and no principal will be paid on the Class C notes until the principal amount of the Class B notes is paid in full.  The Class D notes will bear even greater risk because of similar subordination to more senior classes of notes.]  Failure to pay interest on subordinated notes that are not part of the controlling class will not be an event of default.]

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Overcollateralization may not increase as expected	Overcollateralization is expected to increase to the targeted overcollateralization amount as excess spread is used to pay principal of the notes in an amount greater than the decrease in the total securitization value of the reference pool over time.  It is not certain that the targeted overcollateralization amount will be reached or maintained, or that the reference pool will generate sufficient collections to pay your notes in full.
	For more information about overcollateralization as a form of credit enhancement for your notes, you should read "Credit Enhancement — Overcollateralization."
An event of default and acceleration of the notes may result in earlier than expected payment of your notes or losses on your notes	An event of default may result in an acceleration of payments on your notes.  If principal of your notes is paid earlier than expected, you may not be able to reinvest the principal at a rate of return that is equal to or greater than the rate of return on your notes.  If the notes are accelerated after an event of default, the trust will not pay interest on or principal of any notes that are not part of the controlling class until all interest on and principal of the notes of the controlling class are paid in full.  If collections on the reference pool and the proceeds of any sale of the leases and leased vehicles or the exchange note are insufficient to pay the amounts owed on your notes, you will have losses on your notes.
	For more details about events of default and acceleration of the notes, you should read "Description of the Notes — Events of Default and Acceleration."  For more details about the change in the priority of payments after events of default and acceleration of the notes, you should read "Description of the Notes — Priority of Payments" and "Description of the Notes — Post-Acceleration Priority of Payments."
Failure to pay principal of a class of notes will not be an event of default until its final scheduled payment date	The trust will not be obligated to pay a specific amount of principal of any class of notes on any date other than its outstanding principal amount on its final scheduled payment date.  Failure to pay principal of a class of notes will not be an event of default until the final scheduled payment date of that class.
The absence of a secondary market for your notes, financial market disruptions and a lack of liquidity in the secondary market may adversely affect the market value of your notes and/or limit your ability to resell your notes	If a secondary market for your notes does not develop or becomes disrupted, it could limit your ability to resell them.  This means that if you want to sell your notes before they mature, you may be unable to find a buyer or, if you find a buyer, the selling price may be less than it would have been if a liquid secondary market had existed.  The underwriters may assist in the resale of notes, but they are not required to do so.  [The underwriters and other brokers and dealers may also be unwilling or unable to publish quotations for the notes or otherwise facilitate trading of the notes due to regulatory requirements or otherwise.]  If a secondary market does develop, it might not continue, it might be disrupted or it might not be sufficiently liquid to allow you to resell your notes.
	[For more information about the effect of the COVID-19 pandemic on global financial markets, you should read "— Economic volatility and global financial market disruptions resulting from the COVID-19 pandemic could result in losses on your notes and/or limit your ability to resell your notes" below.]

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You may suffer losses because you have limited control over actions of the trust and conflicts between classes of notes may occur	The controlling class may provide notice of a default relating to a breach of a material covenant, may accelerate the notes after an event of default and may waive certain events of default.  The controlling class may, in some circumstances, direct the indenture trustee to sell the exchange note after an acceleration of the notes even if the proceeds would not be sufficient to pay all of the notes in full and would cause some classes of notes to suffer a loss.  The controlling class may terminate the servicer after a servicer termination event and may waive servicer termination events.
	Holders of notes that are not part of the controlling class will have no right to take these actions.  Only the controlling class will have these rights.  The controlling class may have different interests from the noteholders of other classes and will not be required to consider the effect of its actions on the noteholders of other classes.
	For more details about the actions that the controlling class may direct, you should read "Description of the Notes — Events of Default and Acceleration" and "Servicing — Resignation and Termination of Servicer."
A reduction, withdrawal or qualification of the ratings on your notes, or the issuance of unsolicited ratings on your notes, may adversely affect the market value of your notes and/or limit your ability to resell your notes	The ratings on the notes are not recommendations to purchase, hold or sell the notes and do not address market value or investor suitability.  The ratings reflect each rating agency's assessment of the future performance of the reference pool, the credit enhancement available for the notes and the likelihood of repayment of the notes.  The notes may not perform as expected and the ratings may be reduced, withdrawn or qualified in the future as a result of a change of circumstances, deterioration in the performance of the reference pool, analytical errors or incorrect assumptions.  None of the depositor, the sponsor or any of their affiliates will be obligated to replace or supplement any credit enhancement or to take other action to maintain any ratings on the notes.  If the ratings on your notes are reduced, withdrawn or qualified, it may adversely affect the market value of your notes and/or limit your ability to resell your notes.
	The sponsor hired [__] rating agencies that are nationally recognized statistical rating organizations, or "NRSROs," and will pay them a fee to assign ratings on the offered notes.  The sponsor has not hired any other NRSRO to assign ratings on the notes and is not aware that any other NRSRO assigned ratings on the notes.  However, under SEC rules, information provided to a hired rating agency for the purpose of assigning or monitoring the ratings on the notes is required to be made available to each NRSRO to make it possible for non-hired NRSROs to assign unsolicited ratings on the notes.  An unsolicited rating could be assigned at any time, including before the closing date, and none of the sponsor, the depositor, the underwriters or any of their affiliates will be obligated to inform you of any unsolicited ratings assigned after the date of this prospectus.  If a non-hired NRSRO assigns an unsolicited rating on the notes, it may be lower than the ratings provided by the hired rating agencies, which may adversely affect the market value of your notes and/or limit your ability to resell your notes.  In addition, if the sponsor fails to make available to the non-hired NRSROs any information provided to any hired

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	rating agency for the purpose of assigning or monitoring the ratings on the notes, a hired rating agency could withdraw its ratings on the notes, which may adversely affect the market value of your notes and/or limit your ability to resell your notes.
	You should make your own evaluation of the future performance of the reference pool, the credit enhancement available for the notes and the likelihood of repayment of the notes.  You should not rely solely on the ratings on the notes.
[The initial principal amount of the notes is unknown.	Whether the trust will issue notes with an aggregate initial principal amount of $_________ or $_________ will be determined on or before the day of pricing.  The sponsor will make the determination regarding the aggregate initial principal amount of each class of notes based on, among other considerations, market conditions at the time of pricing.  The size of a class of notes may affect the liquidity of that class, with smaller classes being less liquid than larger classes.  In addition, if your class of notes is larger than you expected, then you will hold a smaller percentage of that class of notes and the voting power of your notes will be diluted.]
[Retention of notes by the depositor may adversely affect the market value of your notes and/or limit your ability to resell your notes	The depositor [may retain some or all of one or more classes of notes][will retain [__%][at least 5%] of the initial principal amount of each class of notes].  As a result, the market for notes of [that][each] class may be less liquid than would otherwise be the case and, if the retained notes are later sold in the secondary market, it could reduce demand for notes of [that][each] class already in the market, which may adversely affect the market value of your notes and/or limit your ability to resell your notes.]
[The trust will issue floating rate notes, but will not enter into interest rate hedges, which may result in losses on your notes if interest rates rise	The leases in the reference pool require level monthly payments and the exchange note will accrue interest at a fixed rate, while the floating rate notes will accrue interest at a floating rate based on 30-day average SOFR, plus a spread.  Even though the trust will issue floating rate notes, it will not enter into interest rate hedges or other derivatives contracts to mitigate this interest rate risk.
	The trust will pay interest on the floating rate notes from available funds and not solely from funds that are dedicated to the floating rate notes.  Therefore, an increase in 30-day average SOFR would reduce the amounts available for payments to all the notes, not just to the floating rate notes.
	If 30-day average SOFR increases to the point at which the amount of interest and principal due on the notes, together with fees and expenses of the trust, exceeds the available funds, the trust may not have sufficient funds to pay interest and principal due on the notes.  If the trust does not have sufficient funds to make these payments, you may have delayed payments or losses on your notes.]

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[The occurrence of a benchmark transition event could adversely affect the market value of the floating rate notes and/or limit your ability to resell the floating rate notes	The trust will issue floating rate notes that will accrue interest based on a benchmark.  The benchmark will initially be 30-day average SOFR, although it may be changed following the occurrence of a benchmark transition event and its related benchmark replacement date.  The benchmark transition events generally include the making of public statements or publication of information by the administrator of the benchmark, its regulatory supervisor or certain other governmental authorities that the benchmark will no longer be provided or is no longer representative of underlying market or economic reality.  However, we cannot provide any assurances that these events will be sufficient to trigger a change in the benchmark at all times when the then-current benchmark is no longer representative of market interest rates, or that these events will align with similar events in the market generally or in other parts of the financial markets, such as the derivatives market.
	In order to compensate for any differences in the benchmark, a benchmark replacement adjustment will be included in any benchmark replacement.  However, we cannot provide any assurances that any benchmark replacement adjustment will be sufficient to produce the economic equivalent of the then-current benchmark, either at the benchmark replacement date or over the life of the floating rate notes.  As a result, we cannot provide any assurances that the characteristics of any benchmark replacement will be similar to the then-current benchmark that it is replacing, or that any benchmark replacement will produce the economic equivalent of the then-current benchmark that it is replacing.
	Finally, the trust will have discretion in certain elements of the benchmark replacement process, including determining if a benchmark transition event and its related benchmark replacement date has occurred, determining which benchmark replacement is available, selecting a benchmark replacement, determining the benchmark replacement adjustment and making benchmark replacement conforming changes.  The noteholders will not have any right to approve or disapprove of these changes and will be deemed to have agreed to waive and release any and all claims relating to any such determinations.
	For more information about the benchmark for the floating rate notes and the replacement of the benchmark, you should read "Description of the Notes — Payments of Interest — Floating Rate Benchmark Rate; Benchmark Transition Event."]

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[The allocation of the initial principal amount of the Class A-2 notes is unknown	The allocation of the initial principal amount of the Class A-2 notes between the Class A-2a notes and the Class A-2b notes will not be determined until the day of pricing.  [If the aggregate initial principal amount of notes to be issued is $_________,] [T][t]he trust expects that the initial principal amount of the Class A-2b notes will not exceed $_____________ [and if the aggregate initial principal amount of notes to be issued is $_________, the trust expects that the initial principal amount of the Class A-2b notes will not exceed $_____________].  A higher allocation to the floating rate notes will correspondingly increase the exposure of the trust to increases in the interest rate payable on the floating rate notes.  In addition, a reduction in liquidity in the secondary market for the Class A-2a or Class A-2b notes may result if either class has a small initial principal amount compared to the other.]
Risks relating to the trust assets and the reference pool
Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn	The performance of the leases and leased vehicles in the reference pool depends on a number of factors, including global financial markets, general economic conditions, unemployment levels, the circumstances of individual lessees, the terms of the leases, Ford Credit's underwriting standards at origination, the accuracy of Ford Credit's residual value forecasts, the success of Ford Credit's servicing, collection and vehicle remarketing strategies and used vehicle prices.  Because many of these factors are outside the control of Ford Credit, the performance of the leases and leased vehicles in the reference pool cannot be predicted with accuracy and may worsen in an economic downturn, which could result in losses on your notes.
	For more information about factors which could affect the performance of the leases and the value of the leased vehicles, you should read "— Declines in the resale value of the leased vehicles may adversely affect the performance of the leases and your notes," "— Vehicle recalls and customer satisfaction programs may adversely affect the performance of the leases and your notes" and "— High vehicle model or vehicle type concentrations may adversely affect the performance of the leases and your notes" below.
	For more information about residual performance, delinquencies, repossessions and credit losses for Ford Credit's portfolio of U.S. leases, you should read "Sponsor and Servicer — Portfolio Residual Performance, Delinquency, Repossession and Credit Loss Information."

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Payments on the notes depend on collections and defaults on the leases and proceeds from the sale of the leased vehicles	The trust will pay the notes only with amounts received on the exchange note.  The amounts received on the exchange note will primarily depend on the collections on the leases in the reference pool, the impact of defaulted leases and the proceeds from the sale of the leased vehicles on scheduled termination, early termination or default.  If there are decreased collections, increased frequencies of default or amounts lost following default or if the net sale proceeds from the leased vehicles are less than the base residual values of the leased vehicles, you may have delayed payments or losses on your notes.
	The market value of a leased vehicle may not be greater than or equal to its base residual value at the end of the lease.  If the market value of a leased vehicle is less than the price at which the lessee may purchase the vehicle under the lease, the lessee will be more likely to return it.  Conversely, if the market value of a leased vehicle is greater than the price at which the vehicle may be purchased under the lease, the lessee will be less likely to return it.  If the leased vehicle is purchased instead of being returned, the trust receives only the purchase price without regard to the market value for the disposition of the leased vehicle.  In addition, proceeds from the sale of a leased vehicle could be delayed if the lessee elects to extend their lease term, or if the lessee returns the vehicle at the end of the lease but transportation of the vehicle to auction or the sale of the vehicle at auction is delayed.  If the net sale proceeds from returned leased vehicles are less than their base residual values or there are delays in the sale of leased vehicles at auction, you may have delayed payments or losses on your notes.
Residual value losses may result in losses on your notes	Because the leases in the reference pool are closed-end leases, you will bear the risk that the leased vehicles are worth less than their base residual values at the end of the leases.  The aggregate base residual value of the leased vehicles[, if the aggregate initial principal amount of the notes to be issued is $______,] equals ____%[, or, if the aggregate initial principal amount of the notes to be issued is $______, equals ____%] of[, in each case,] the sum of the base monthly payments plus the base residual value. This is the amount that will be available to pay your notes assuming each base monthly payment is made as scheduled and each leased vehicle is returned as scheduled and sold for an amount equal to its base residual value.  The base residual value used in this securitization transaction is the lower of the contract residual value stated in the lease and the ALG base residual value.  The base residual value of ____%[, if the aggregate initial principal amount of the notes to be issued is $______, or, of ____%, if the aggregate initial principal amount of the notes to be issued is $______,] of[, in each case,] the leased vehicles by securitization value equals the ALG base residual value of the leased vehicles.

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	In order to establish residual values, Ford Credit and ALG each make predictions about a number of factors that may affect the supply and demand for used vehicles, including changes in consumer tastes and economic factors, vehicle manufacturer decisions and government actions, as described in "— Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn" above.  In making forecasts of the value of used vehicles in the future, Ford Credit and ALG each also make predictions about a number of factors that affect used vehicle pricing, including housing prices, commodity prices, wage growth, consumer sentiment, interest rates, gas and oil prices and new vehicle sales and level and type of Ford-sponsored marketing programs.  None of these factors can be predicted with certainty.  Some of these factors are impossible to quantify and may be significantly impacted by unanticipated events.
	In addition, nearly every lease in the reference pool was originated under Ford-sponsored marketing programs.  Under these programs, the contract residual values of the leased vehicles were set higher than the contract residual values Ford Credit would otherwise have set.  As a result, the price at which a lessee may purchase one of these leased vehicles, if applicable, was also set higher than it would otherwise have been set, making it more likely that the purchase price will exceed the market value of the leased vehicle at the time of lease termination and less likely that a lessee will purchase one of these leased vehicles.  Consequently, a large portion of the leased vehicles will likely be returned at lease termination and the net sales proceeds on these returned leased vehicles may be less than their base residual values.  Finally, you may not receive the full benefit if the market value is greater than the base residual value because the lessee has the right to purchase the leased vehicle.  The lessee may purchase the leased vehicle at lease end by paying the purchase price stated in the lease, which equals the contract residual value plus a fee of up to $500 and other amounts owed under the lease.
	Because residual values cannot be predicted with certainty and you will bear the risk if the leased vehicles are worth less than their base residual values and may not receive the full benefit if they are worth more than their base residual values, you may have delayed payments or losses on your notes.
Declines in the resale value of the leased vehicles may adversely affect the performance of the leases and your notes	The used vehicle market is affected by supply and demand for vehicles, which is influenced by many factors, including:
	·	consumer tastes and preferences, which are influenced by many factors, including changes in technology and changes in fuel prices,
	·	the cost or availability of financing to consumers and dealers for their purchase of used vehicles,

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·	vehicle manufacturer decisions, including those on pricing and incentives offered for the purchase of new vehicles, on the introduction and pricing of new models or on whether to sell a brand or to discontinue a model or brand,
·	government actions, including actions that encourage consumers to purchase some types of vehicles,
·	severe weather conditions that create delays in vehicle transportation or selling vehicles at auction,
·	the timing of returns of leased vehicles by lessees, the availability of dealers to accept returns of leased vehicles, the ability to transport vehicles to auction and the timing of auctions conducting sales of vehicles,
·	high volumes of lease terminations concentrated in specific locations, concentrated during specific periods of time or caused by fleet or vehicle rental companies that, in each case, cause an excessive volume of used vehicles to enter the market,
·	constraints in production and supply chain factors, including shortages or price increases of key components needed to build new vehicles or repair and maintain used vehicles, and
·	other factors including significant vehicle recalls and labor strikes.
None of these factors can be predicted with certainty.  Some of these factors are impossible to quantify and may be significantly impacted by unanticipated events.  Changes in various factors could have disproportionate effects on the supply or demand for some vehicle types or models.  For example, increases in fuel prices could disproportionately reduce the resale value of larger, less fuel efficient vehicles, like full-sized trucks and SUVs and a decrease in fuel prices could disproportionately reduce the resale value of more fuel efficient vehicles such as hybrid electric, plug-in hybrid electric and battery electric vehicles.  Similarly, introduction of a new model by Ford may impact the resale value of similar, but older, models.  Consequently, the performance of the reference pool cannot be predicted with accuracy and may result in losses on your notes.
These impacts may be more pronounced if they relate to vehicle models or vehicle types that represent a high percentage of the leased vehicles in the reference pool.
For more information about the distribution by vehicle model and vehicle type of the leases, you should read "— High vehicle model or vehicle type concentrations may adversely affect the performance of the leases and your notes" below, and "Composition of the Reference Pool — Distribution of the Leases by Vehicle Model" and "Composition of the Reference Pool — Distribution by Vehicle Type of Leases" attached in Annex A.

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Vehicle recalls and customer satisfaction programs may adversely affect the performance of the leases and your notes	Vehicle recalls and customer satisfaction programs that apply to the leased vehicles in the reference pool, including recalls resulting from government or regulatory investigations or Ford requests to lessees to return their leased vehicles to dealers or mechanics for possible service or repair or other similar actions, may adversely affect the residual value, delinquencies, repossessions and credit losses on the related leases and leased vehicles.  An open recall or customer satisfaction program or lessee perception of the applicability of the same may increase the likelihood that lessees return those leased vehicles at the end of the lease or reduce the residual value of the affected leased vehicles and the price at which those leased vehicles are sold at auction or delay the timing of disposition of those leased vehicles.  An increase in delinquencies, repossessions and credit losses on the leases or a decrease in the residual value and the proceeds from the sale of leased vehicles may result in accelerated, delayed or reduced payments on your notes.
	For more information about residual performance, delinquencies, repossessions and credit losses for Ford Credit's portfolio of U.S. leases, you should read "Sponsor and Servicer — Portfolio Residual Performance, Delinquency, Repossession and Credit Loss Information."
	These impacts may be more pronounced if a vehicle recall applies to vehicle models or vehicle types that represent a high percentage of the leased vehicles in the reference pool.
	For more information about the distribution by vehicle model and vehicle type of the leases, you should read "— High vehicle model or vehicle type concentrations may adversely affect the performance of the leases and your notes" below, and "Composition of the Reference Pool — Distribution of the Leases by Vehicle Model" and "Composition of the Reference Pool — Distribution by Vehicle Type of Leases" attached in Annex A.
High vehicle model or vehicle type concentrations may adversely affect the performance of the leases and your notes	If a specific vehicle model or vehicle type of the leased vehicles represents a significant percentage of the total securitization value, any adverse change in the value of that specific vehicle model or vehicle type of the leased vehicles may adversely impact the performance of the related leases or reduce the residual value of those leased vehicles and the price at which those leased vehicles are sold at auction and could result in delayed payments or losses on your notes.
	As of the cutoff date[, if the aggregate initial principal amount of the notes to be issued is $______], the vehicle models and vehicle types of the leased vehicles in the reference pool are concentrated by initial total securitization value as follows:

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Model Vehicle Type Percentage of Total
Securitization Value 

[As of the cutoff date, if the aggregate initial principal amount of the notes to be issued is $______, the vehicle models and vehicle types of the leased vehicles in the reference pool are concentrated by initial total securitization value as follows:

Model Vehicle Type Percentage of Total
Securitization Value 

	No other vehicle model represents more than 5% of the initial total securitization value as of the cutoff date.
	For more information about the distribution by vehicle model and vehicle type of the leases, you should read "Composition of the Reference Pool — Distribution of the Leases by Vehicle Model" and "Composition of the Reference Pool — Distribution by Vehicle Type of Leases" attached in Annex A.
Interests of other persons in the exchange note, the leases or the leased vehicles could reduce funds available to pay your notes	If another person acquires an interest in the exchange note or in a lease or leased vehicle in the reference pool that has priority over the trust's interest, the payments on the exchange note, the collections on the lease or the proceeds from the sale of that leased vehicle may not be available to make payments on your notes.  Another person could acquire an interest that is superior to the trust's interest if:
	·	the trust does not have a perfected security interest in the exchange note because its security interest was not properly perfected despite the delivery of the exchange note to the indenture trustee on the closing date,
	·	the collateral agent does not have a perfected security interest in the assets in the reference pool because its security interest in the leases or leased vehicles was not properly perfected despite the grant of a security interest in the leases and leased vehicles to the collateral agent on their acquisition by the titling companies and the application for a certificate of title for each leased vehicle naming the collateral agent as secured party,

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	·	the related titling company does not have proper evidence of its ownership of a leased vehicle in the reference pool despite the application for a certificate of title for the leased vehicle naming the related titling company as owner,
	·	the collateral agent does not have a perfected security interest in the lease in the reference pool because Ford Credit did not maintain physical possession of the related tangible contract or "control" of the related electronic contract, or
	·	the collateral agent's security interest in a lease or leased vehicle in the reference pool is impaired because holders of some types of liens, such as a lien in favor of the Pension Benefit Guaranty Corporation, tax liens or mechanic's liens, may have priority over the collateral agent's security interest, or a leased vehicle is confiscated by a government agency.
	For more information about the security interests in the exchange note and the leases and leased vehicles in the reference pool, you should read "Important Legal Considerations — Security Interests in Exchange Note and Leases and Leased Vehicles."
Geographic concentration may result in more risk to you	As of the cutoff date[, if the aggregate initial principal amount of the notes to be issued is $______,] the billing addresses of the lessees of the leases in the reference pool are concentrated by initial total securitization value in the following states: ______         (___%) ______         (___%) ______         (___%) ______         (___%)
	As of the cutoff date, if the aggregate initial principal amount of the notes to be issued is $______, the billing addresses of the lessees of the leases in the reference pool are concentrated by initial total securitization value in the following states: ______             (___%) ______             (___%) ______             (___%) ______             (___%)]
	No other state represents more than 5% of the initial total securitization value as of the cutoff date.  Economic conditions or other factors, such as natural disasters, affecting states with a high concentration of lessees may adversely impact the performance of the reference pool and could result in delayed payments or losses on your notes.
	[If leases from any state or geographic region represent 10% or more of the reference pool, disclosure of any economic or other factors specific to such state or region that may materially impact the pool or the cash flows to be added.]

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Risks relating to macroeconomic, regulatory and other external factors
Climate change could have an adverse effect on Ford and Ford Credit and may, directly or indirectly, cause losses on your notes	The effects of climate change and the ongoing efforts to mitigate its impact may have a negative effect on Ford and Ford Credit, including through climate change-related legislation and regulation, adverse changes to the physical environment and public perception of greenhouse gas emissions from petroleum powered vehicles.
	The auto industry in particular is subject to regulations worldwide that govern product characteristics and that differ by region, country, state or province and locality.  Regulations continue to be proposed to address concerns regarding the environment, including global climate change and its impact.  The precise implications of those actions, as well as future efforts, are uncertain, but could adversely impact the business operations and financial condition of manufacturers, suppliers and other interdependent market participants in the auto industry, including Ford and Ford Credit.
	Significant physical effects of climate change, such as extreme weather and natural disasters, may affect manufacturers, suppliers and other interdependent market participants in the auto industry, including Ford, Ford Credit and their customers.  For example, lessees living in areas affected by extreme weather and natural disasters may suffer financial harm, reducing their ability to make timely payments on their leases.  The auto dealerships and physical auctions that facilitate the origination of the leases and disposition of the leased vehicles are also subject to disruption as a result of extreme weather and natural disasters.  In addition, extreme weather and natural disasters may have industry- or economy-wide effects due to the interdependence of market actors.
	In addition, legal, technological, political and scientific developments related to climate change have created and will continue to create new opportunities and risks for Ford and Ford Credit.  For example, Ford is continuing to make changes to its product cycle plan to improve the fuel economy of its petroleum-powered vehicles and to offer more propulsion choices, such as electrified vehicles, with lower greenhouse gas emissions.  These changes in Ford’s business may:
	·	create demand for those products and related services, such as Ford Credit financing,
	·	decrease demand for existing products or services related to petroleum powered vehicles, and/or
	·	increase competition in the auto industry to develop innovative new products and related services.

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	Ford's and Ford Credit’s reputations may also be adversely affected by current and/or future public perception of the greenhouse gas emissions of petroleum powered vehicles.  A negative change in public opinion could expose Ford and Ford Credit to potential adverse consequences to their business operations and financial condition.
	Any of those effects or their confluence could adversely affect the performance of the leases and leased vehicles, the market value of the leased vehicles securing the leases, the credit rating of Ford or Ford Credit or the ability of Ford Credit, as sponsor, to honor its commitment to reallocating leases and leased vehicles due to breaches of representations or warranties, and, as servicer, to service the leases and leased vehicles or reallocate leases and leased vehicles due to certain servicer modifications, which could result in losses on your notes.
	The risks of climate change described above may exacerbate other risks disclosed in this section.  For more information, you should read "— Geographic concentration may result in more risk to you," "— Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn," "— Declines in the resale value of the leased vehicles may adversely affect the performance of the leases and your notes," "— Vehicle recalls and customer satisfaction programs may adversely affect the performance of the leases and your notes," "— High vehicle model or vehicle type concentrations may adversely affect the performance of the leases and your notes," "— Federal financial regulatory reform could have an adverse impact on Ford Credit, the titling companies, the depositor or the trust" and "— A decline in the financial condition or business prospects of Ford, Ford Credit or other interdependent market participants could result in losses on your notes."
[Economic volatility and global financial market disruptions resulting from the COVID-19 pandemic could result in losses on your notes and/or limit your ability to resell your notes	The COVID-19 pandemic created a global public health crisis that resulted in widespread deterioration in household, business and economic conditions and significant dislocations and volatility in global financial market conditions.  To combat the spread of COVID-19 and protect public health, numerous governmental and nongovernmental measures were adopted, including:
	·	widespread social distancing requirements, stay-at-home orders, travel restrictions, quarantines and remote work arrangements,
	·	restrictions on business operations and/or shutdowns of various businesses and industries deemed non-essential, including, in some states, auto dealerships and auto auctions, and

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·	invocation of the Defense Production Act by the President of the United States compelling certain manufacturers, including auto manufacturers, to prioritize the production of various healthcare products.
The onset of the COVID-19 pandemic and the measures taken to combat its spread caused severe disruptions and significant uncertainty in the economy and global financial markets, including:
·	unprecedented increases in unemployment,
·	decreases in consumer spending and reduced demand for certain products, including abrupt declines in new and used vehicle sales and volatility in used vehicle values,
·	disruptions in global supply chains and shutdowns of manufacturing capacity in certain industries, including those of auto manufacturers, and
·	significant disruptions in financial markets and decreases in liquidity of certain secondary markets.
In response to these disruptions and the uncertainty in the economy and global financial markets, federal, state and local governments and regulatory agencies implemented and/or proposed numerous actions, including:
·	laws, regulations, executive orders and other guidance relating to the collection of financial obligations such as the leases, including allowing lessees to forgo making scheduled payments, requiring certain modifications, waiving certain fees and precluding lessors from exercising certain rights such as repossessions and liquidations of leased vehicles, and
·	significant fiscal and monetary policies intended to provide relief for those affected by the economic downturn and promote liquidity for affected segments of the financial markets.
To the extent cases of COVID-19 increase or variants of the related coronavirus occur and spread, stringent limitations on daily activities that may have been eased previously could be reinstated.  If the COVID-19 pandemic worsens and/or causes increased volatility in or disruption of the global financial markets, it could result in losses on your notes and/or affect your ability to resell your notes.  Specifically, economic and public health disruption related to the COVID-19 pandemic could lead to:
·	Ford Credit choosing to grant an increased number of extensions to lessees,

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	·	depressed economic activity and increased unemployment, leading to increased delinquency and credit losses on the leases, particularly for leases for which the lessee is a small business entity or individual that uses the leased vehicle for commercial purposes,
	·	adverse effects on the liquidation value for repossessed leased vehicles and the resale value for returned leased vehicles or restrictions on the ability of the servicer to repossess and liquidate leased vehicles and the ability to accept and process returns of leased vehicles, and
	·	the enactment or enforcement of federal, state and local laws, regulations, executive orders and other actions that may preclude creditors from exercising certain rights, such as repossessions and liquidations of leased vehicles.
	The risks of the COVID-19 pandemic described above may exacerbate other risks disclosed in this section.  For more information about the risks that are susceptible to the COVID-19 pandemic, you should read "— The timing of principal payments on your notes is uncertain," "— Overcollateralization may not increase as expected," "— The absence of a secondary market for your notes, financial market disruptions and a lack of liquidity in the secondary market may adversely affect the market value of your notes and/or limit your ability to resell your notes," "— Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn," "— Residual value losses may result in losses on your notes," "— Declines in the resale value of the leased vehicles may adversely affect the performance of the leases and your notes," "— Geographic concentration may result in more risk to you," "— Federal financial regulatory reform could have an adverse impact on Ford Credit, the titling companies, the depositor or the trust" and "— A decline in the financial condition or business prospects of Ford, Ford Credit or other interdependent market participants could result in losses on your notes."]
Federal financial regulatory reform could have an adverse impact on Ford Credit, the titling companies, the depositor or the trust	The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the "Dodd-Frank Act," is extensive legislation that impacts financial institutions and other nonbank financial companies, such as Ford Credit.  The Dodd-Frank Act created the Consumer Financial Protection Bureau or the "CFPB," which has authority to supervise and examine the largest nonbank automotive finance companies, including Ford Credit, for compliance with consumer financial protection laws.
	For more information about potentially applicable provisions of the Dodd-Frank Act, you should read "Important Legal Considerations – The Dodd-Frank Act."

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	[The Dodd-Frank Act created an alternative liquidation framework under which the FDIC may be appointed as receiver for the resolution of a nonbank financial company if the company is in default or in danger of default and the resolution of the company under other insolvency law (such as the United States Bankruptcy Code, 11 U.S.C. section 101 et seq., or the "Bankruptcy Code") would have serious adverse effects on financial stability in the United States. It is not clear whether this alternative liquidation framework would apply to Ford Credit, the titling companies, the depositor or the trust. We believe that the relevant regulators would invoke the alternative liquidation framework only on rare occasion. Guidance from the FDIC indicates that the framework should be exercised in a manner consistent with the Bankruptcy Code, which is the insolvency regime that would apply to Ford Credit, the titling companies, the depositor and the trust absent the application of the alternative liquidation framework involving the FDIC. If the FDIC were appointed as receiver for Ford Credit, any titling company, the depositor or the trust, or if future regulations or FDIC actions are contrary to the FDIC guidance, you may have delayed payments or losses on your notes.]
	[Recently, the CFPB successfully asserted the power to investigate and bring enforcement actions directly against securitization vehicles.  On December 13, 2021, in an action brought by the CFPB, the U.S. District Court for the District of Delaware denied a motion to dismiss filed by a securitization trust by holding that the securitization trust is a "covered person" under the Dodd-Frank Act because it engages in the servicing of loans, even if through servicers and subservicers.  CFPB v. Nat’l Collegiate Master Student Loan Trust, No. 1:17-cv-1323-SB (D. Del.).  On February 11, 2022, the district court granted the defendant securitization trusts' motion to certify that order for an immediate interlocutory appeal and stayed the case pending resolution of any appeal.  While the court did not decide whether the securitization trust could be held liable for the conduct of the servicer at this stage of the case, the CFPB may now make that argument; the case remains pending.  Depending upon the outcome of the appeal, the CFPB may rely on this decision as precedent in investigating and bringing enforcement actions against other securitization trusts, including the issuing entity, in the future.]
[Eligibility of the Class A-1 notes under Rule 2a-7	The Class A-1 notes will be structured to be eligible for purchase by money market funds under Rule 2a-7 under the Investment Company Act of 1940.  However, Rule 2a-7 includes additional criteria for investments by money market funds, including requirements relating to portfolio maturity, quality and diversification.  Any determinations about the qualification of the Class A-1 notes under, and compliance with, other applicable requirements of Rule 2a-7 are solely the responsibility of each money market fund and its investment advisor.
	For more information about Rule 2a-7 under the Investment Company Act of 1940, you should read "Investment Considerations."]

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[SOFR is a relatively new reference rate, which could have an adverse effect on the floating rate notes	The floating rate notes will accrue interest based on 30-day average SOFR.  SOFR is published by the Federal Reserve Bank of New York, or the "FRBNY," and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.  The FRBNY notes on its publication page for SOFR that use of SOFR is subject to important limitations and disclaimers, including that the FRBNY may alter the methods of calculation, publication schedule, rate revision practices or availability of SOFR at any time without notice.
	Because SOFR is published by the FRBNY based on data received from other sources and depends on interrelated economic, financial and political considerations, we have no control over its determination, calculation or publication.  The activities of the FRBNY may directly affect prevailing SOFR rates in ways we are unable to predict.  SOFR is a relatively new interest rate index and may not become widely established in the market or could eventually be eliminated.  We cannot assure you that SOFR will not be discontinued or fundamentally altered in a manner that is materially adverse to the interests of investors in the floating rate notes.  If the manner in which SOFR is calculated is changed or if SOFR is discontinued, that change or discontinuance may result in a reduction of the amount of interest payable on the floating rate notes and the trading prices of the floating rate notes.
	As an overnight rate, SOFR may be subject to increased volatility relative to other interest rate benchmarks.  Additionally, if SOFR is not published on any day, the floating rate notes will bear interest at a rate based on SOFR published on the first preceding day for which such rate was published.  This previously published rate would be an overnight rate that would remain in effect until the next day on which SOFR is published.  As such, this rate may not reflect then-current market conditions, or the rate that would apply to investments where interest is set for a longer term.  For more information on how SOFR is determined, you should read "Description of the Notes — Payments of Interest  — Floating Rate Benchmark Rate; Benchmark Transition Event."

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Because SOFR is a relatively new rate, the floating rate notes may not have an established trading market when issued, and an established trading market may never develop or may not be liquid.  The secondary market for, and the market value of, the floating rate notes will be affected by a number of factors, including the manner in which SOFR is determined, calculated and published, the development of SOFR-based market conventions, broad acceptance of SOFR in the capital markets, the anticipated and actual level and direction of interest rates, the variable rate of interest payable on the floating rate notes, potential volatility of SOFR, the time remaining to the maturity of floating rate notes, the principal balance of the floating rate notes and the availability of comparable instruments.  Market terms for the floating rate notes, such as the spread over the rate reflected in interest rate provisions, may evolve over time, and trading prices of the floating rate notes may be lower than those of later-issued notes with interest rates based on SOFR as a result.  Similarly, if SOFR does not become widely adopted for securities like the floating rate notes, the trading prices of the floating rate notes may be lower than those of securities like the notes linked to indices that are more widely used.  Investors in the floating rate notes may not be able to sell such notes at all or may not be able to sell such notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.

In addition, due to the emerging and developing adoption of SOFR as an interest rate index, investors who desire to obtain financing for their floating rate notes may have difficulty obtaining any credit or credit with satisfactory interest rates, which may result in lower leveraged yields and lower secondary market prices upon the sale of the floating rate notes.

The FRBNY began to publish SOFR in April 2018. Although the FRBNY has also published historical indicative SOFR going back to 2014, such prepublication historical data inherently involves assumptions, estimates and approximations.  Investors should therefore not rely on any historical changes or trends in SOFR as an indicator of the future performance of SOFR during the term of the floating rate notes.  Historical interest rates are not necessarily indicative of future interest rates and actual interest rates may be lower than anticipated.]

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Risks relating to the transaction parties
[A decline in the financial condition or business prospects of Ford, Ford Credit or other interdependent market participants could result in losses on your notes	Manufacturers and suppliers in the auto industry are interdependent, and adverse events affecting any major auto manufacturer or supplier could have an adverse effect on the other industry participants, including Ford and Ford Credit.  In recent years, for example, economic volatility associated with the 2007-2009 global financial crisis and with the current COVID-19 pandemic have had adverse effects on the financial condition and business prospects of manufacturers, suppliers and other interdependent market participants in the auto industry, including Ford and Ford Credit.  In an initial response to the COVID-19 pandemic, many auto manufacturers, including Ford, temporarily shut down North American auto production.  In addition, in many states automotive dealers were required to temporarily close or restrict their operations, and even for dealerships that remained open, consumer demand declined quickly.
	We cannot predict whether the COVID-19 pandemic will worsen or whether and when other periods of increased economic volatility or decline will occur.  If the COVID-19 pandemic worsens, or global economic volatility resumes, the financial condition and business prospects of Ford and Ford Credit or of other manufacturers and suppliers in the U.S. auto industry, could be further adversely affected, which could have industry- or economy-wide effects due to the interdependence of market actors.
	The occurrence of any of these events could adversely affect the performance of the leases and leased vehicles in the reference pool, the market value of the leased vehicles, the credit rating of Ford or Ford Credit or the ability of Ford Credit, as sponsor, to honor its commitment to reallocate leases and leased vehicles due to breaches of representations or warranties, and, as servicer, to service the leases and leased vehicles or reallocate the leases and leased vehicles due to certain servicer modifications, which could result in losses on your notes.
	For more information about the effects that economic disruptions may have on the performance of the leases and leased vehicles, you should read "— Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn" above.]
A bankruptcy of Ford Credit may result in delayed payments or losses on your notes	If Ford Credit becomes subject to a bankruptcy proceeding, you may have delayed payments or losses on your notes.  A bankruptcy court could conclude that Ford Credit effectively still owns the exchange note because the transfer of the exchange note by Ford Credit to the depositor was viewed as a financing and not a "true sale," or that the assets and liabilities of any of the titling companies, the holding companies that own membership interests in the titling companies or the depositor should be consolidated with those of Ford Credit for bankruptcy purposes.  If a court were to reach either of these conclusions, you may have delayed payments or losses on your notes due to:

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•       the "automatic stay" of the U.S. federal bankruptcy laws that prevents secured creditors from exercising remedies against a debtor in bankruptcy without permission from the bankruptcy court and other U.S. federal bankruptcy laws that permit substitution of collateral in limited circumstances,

•       tax or government liens on Ford Credit's property that were existing before the transfer of the exchange note to the trust having a claim on collections that are senior to your notes, or

•       the trust not having a perfected security interest in the exchange note or any cash collections held by Ford Credit at the time the bankruptcy proceeding starts.

If a court were to decide that the transfer was not a "true sale" or that the depositor should be consolidated with Ford Credit for bankruptcy purposes, the trust would benefit from a security interest in the exchange note.  However, in that case, the exchange note would be deemed to be owned by Ford Credit and payments may be delayed, collateral substituted or other remedies may be imposed by the bankruptcy court that may cause delayed payments or losses on your notes.

Any bankruptcy proceeding involving Ford Credit may also adversely affect the rights and remedies of the trust and payments on your notes in other ways, whether or not the transfer of the exchange note is considered a "true sale" or the depositor is consolidated with Ford Credit for bankruptcy purposes. For example:

•       as noted above, the "automatic stay" may prevent the exercise by the trust and others of their rights and remedies against Ford Credit and others, including the right to replace Ford Credit as servicer or the right to require it to reallocate leases and leased vehicles based on a breach of a representation, and/or

•       Ford Credit may be permitted to reject some agreements to which it is a party, including the sale and servicing agreement, and not be required to perform its obligations under those agreements.

For more information about the effects of a bankruptcy of Ford Credit on your notes, you should read " Important Legal Considerations — Bankruptcy Considerations."

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The servicer's ability to commingle collections with its own funds may result in delayed payments or losses on your notes	The servicer will be required to deposit collections on the reference pool in the collection account within two business days of applying them on the leases or on a monthly basis, depending on its credit ratings.  Until it deposits collections, the servicer may use them at its own risk and for its own benefit and may commingle collections on the reference pool with its own funds.  If the servicer does not pay these amounts to the trust by the next payment date, which could occur if the servicer becomes subject to a bankruptcy proceeding, it may result in delayed payments or losses on your notes.
	For more information about Ford Credit's credit ratings, you should read "Sponsor and Servicer — Ratings of Sponsor and Servicer."
Delays in collecting payments could occur if Ford Credit is not the servicer	If Ford Credit resigns or is terminated as servicer, the processing of payments on the leases, sales of returned or repossessed leased vehicles and information about collections could be disrupted or delayed.  This may result in delayed payments on your notes.  Ford Credit may be removed as servicer if it defaults on its servicing obligations or becomes subject to bankruptcy proceedings as described in "Servicing — Resignation and Termination of Servicer."
The servicing fee may be insufficient to attract a replacement servicer	If Ford Credit resigns or is terminated as servicer, the servicing fee, which is calculated as a fixed percentage of the total securitization value, may be insufficient to attract a replacement servicer or cover the actual cost of servicing the reference pool.  In particular, the amount of the servicing fee will decline each month as the total securitization value declines but the cost of servicing each account will remain essentially fixed.  This risk is greatest toward the end of a securitization transaction when a larger portion of collections will be attributable to sales of leased vehicles which have a higher cost of servicing than the collection and processing of monthly payments.  A delay or inability to find a replacement servicer would disrupt or delay collection and other servicing activities on the leases and leased vehicles in the reference pool and could disrupt or delay reports to the noteholders and the indenture trustee and result in delayed payments or losses on your notes.
The servicer has discretion over the servicing of the leases and leased vehicles which could impact the amount or timing of funds available to make payments on your notes	The servicer has discretion in servicing the leases and leased vehicles in the reference pool, including the ability to grant payment and term extensions and to determine the timing and method of collection, vehicle remarketing [and whether or not to make a servicer advance].  The manner in which the servicer exercises that discretion could have an impact on the amount or timing of collections on the reference pool and consequently on the amount or timing of payments received by the trust on the exchange note.  If [the servicer determines not to advance funds, or if other][any] servicing procedures impact the amount or timing of the collections on the leases and leased vehicles in the reference pool, you may have delayed payments or losses on your notes.

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The servicer's operational systems and security systems could be affected by cyber incidents and other disruptions that may result in losses on your notes	The servicer relies on information technology networks and systems, including mobile devices, some of which are managed by suppliers, to process, transmit, and store electronic information that is important to the servicing of the leases and leased vehicles.  Despite security measures, the servicer is at risk for interruptions, outages, and compromises of operational systems (including business, financial, accounting, product development, consumer receivables or data processing), whether caused by a cyber attack, security breach, or other reasons, e.g., a natural disaster, fire, or overburdened infrastructure system.  Such incidents could materially disrupt the servicer's operational systems.  Moreover, the servicer has been the target of cyber attacks in the past, and such attacks will continue and evolve in the future, which may cause cyber incidents to be more difficult to detect for periods of time.  The servicer's networks could also be impacted by the negligence or misconduct of insiders or third parties who have access to the servicer's networks and systems.  The servicer employs capabilities, processes, and other security measures designed to reduce and mitigate the risk of cyber attacks; however, such preventative measures cannot provide absolute security and may not be sufficient in all circumstances or mitigate all potential risks.  If the servicer experiences any interruptions or losses in its information processing capabilities, its ability to service the leases and leased vehicles may be materially and adversely affected, which may result in delayed payments or losses on your notes.
Failure by Ford Credit or the depositor to reallocate leases and leased vehicles when required may result in delayed payments or losses on your notes	Ford Credit and the depositor make representations regarding the leases and leased vehicles, including that their origination and servicing comply with U.S. federal and state consumer financial protection laws.  If any of these representations are not true, it could adversely affect the collectability of the related leases.  For instance, if the origination or servicing of a lease does not comply with U.S. federal and state consumer financial protection laws, the servicer may be prevented from or delayed in collecting amounts due on the lease.  Ford Credit and/or the depositor must reallocate leases and leased vehicles that breach any of these representations if such a breach has a material adverse effect on the lease and leased vehicle.  Similarly, Ford Credit, as servicer, is required to reallocate from the reference pool leases and leased vehicles for which certain modifications have been made.  If Ford Credit or the depositor fails to reallocate, or the servicer fails to reallocate, the related leases and leased vehicles, you may experience delayed payments or losses on your notes.
	For more details about consumer financial protection laws relating to the leases, you should read "Important Legal Considerations — Lease Contracts and Leased Vehicles — Consumer Financial Protection Laws."

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Sponsor and Servicer

General

Ford Credit was established in 1959 to provide financing for Ford vehicles and support Ford dealers. Ford Credit is a Delaware limited liability company and is a wholly-owned subsidiary of Ford.

Ford Credit provides a wide variety of automotive financing products to and through automotive dealers throughout the world. The predominant share of Ford Credit's business consists of financing Ford and Lincoln vehicles and supporting the dealers of those brands. Ford Credit's primary financing products are:

• Retail financing — purchasing retail installment sale contracts and leases from dealers, and offering financing to commercial customers, primarily vehicle leasing companies and fleet purchasers, to lease or purchase vehicle fleets,

• Wholesale financing — making loans to dealers to finance the purchase of vehicle inventory, also known as floorplan financing and

• Other financing — making loans to dealers for working capital, improvements to dealership facilities, and to purchase or finance dealership real estate.

Ford Credit also services the finance receivables and leases it originates and purchases, makes loans to Ford affiliates and provides insurance services related to its financing programs.

Ford Credit earns its revenue primarily from:

• payments on retail installment sale contracts and leases that it purchases,

• interest rate supplements and other support payments from Ford and affiliated companies, and

• payments on wholesale and other dealer financing programs.

Ford Credit will be the sponsor of the securitization transaction in which the notes will be issued. Ford Credit will be the servicer of the leases and leased vehicles in the reference pool and the securitization transaction and the administrator for the trust. Ford Credit is also the lender under the credit and security agreement, the servicer for the titling companies and the administrator for the collateral agent.

As sponsor, Ford Credit will be responsible for structuring this securitization transaction, selecting the transaction parties and paying the expenses of forming the trust, legal fees of some transaction parties, rating agency fees for rating the notes and other transaction expenses. Ford Credit will also select the leases and leased vehicles allocated to the reference pool for this securitization transaction using the criteria described in "Reference Pool – Selection of Reference Pool." Ford Credit will make representations about the characteristics of the leases and leased vehicles in the reference pool on which the depositor and the trust will rely in acquiring the exchange note. If Ford Credit obtains knowledge or is notified by the trust, the owner trustee or the indenture trustee of a claim to the effect that any representation made about a lease or leased vehicle was untrue when made, Ford Credit must investigate whether a breach of that representation has occurred, and if so and if the breach has a material adverse effect on the lease or leased vehicle, Ford Credit must reallocate the lease and leased vehicle from the reference pool unless it corrects the breach in all material respects before the date it is required to reallocate the lease and leased vehicle.

For more information about the representations and reallocation obligations, you should read "Reference Pool – Representations About Reference Pool" and "Reference Pool —Obligation to Reallocate Ineligible Leases and Leased Vehicles."

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As lender, Ford Credit advances funds to the titling companies for the purchase of leases and leased vehicles from Ford and Lincoln brand motor vehicle dealers in the United States in the ordinary course of its business. As lender, Ford Credit will request the titling companies to issue the exchange note for this securitization transaction and will also be the initial holder of the exchange note and other exchange notes issued under the credit and security agreement. In addition, as lender, Ford Credit will have voting and other rights under the credit and security agreement.

As servicer for the titling companies, Ford Credit is responsible for originating, purchasing and underwriting the leases and leased vehicles purchased by the titling companies. Ford Credit is also responsible for servicing the leases and leased vehicles owned by the titling companies, including the leases and leased vehicles in the reference pool.

As collateral agent administrator, Ford Credit performs administrative duties on behalf of the collateral agent, including maintaining the lien and security interest granted to the collateral agent under the credit and security agreement and taking necessary actions for the collateral agent related to the certificates of title for the leased vehicles. Ford Credit will receive a fee for the performance of its services as collateral agent administrator.

As administrator, Ford Credit will perform administrative duties on behalf of the trust. Ford Credit will receive a fee for the performance of its services as administrator.

Ford Credit's wholly-owned subsidiary, the depositor, will retain [[__%][at least 5%] of the initial principal amount each class of notes and] the residual interest in the trust. The residual interest represents the ownership interest in the trust and the right to all funds not needed to make required payments on the notes, offset losses on the leases, pay fees and expenses of the trust or make deposits in the reserve account. [The depositor's retention of [__%][at least 5%] of the initial principal amount of each class of notes and of the residual interest represents a vertical interest in the securitization transaction.] The residual interest is subordinated to the notes and represents the first-loss interest in this securitization transaction. The depositor's retained interest will not be sold, financed, transferred or hedged by Ford Credit, the depositor or any of their affiliates other than as permitted by Regulation RR.

For more information about the required retention of credit risk in the transaction by the sponsor, you should read "Credit Risk Retention."

Ratings of Sponsor and Servicer

As of the date of this prospectus, Ford Credit's senior unsecured debt ratings are:

	DBRS	Fitch	Moody's	S&P
Short-term debt ratings
Long-term debt ratings
Outlook

The rating agencies periodically review Ford Credit's debt ratings and may raise, downgrade or change the ratings or the outlook of the ratings at any time.

Based on its present ratings, Ford Credit, as servicer, will be required to deposit collections (except recoveries) on the leases and leased vehicles in the reference pool in the collection account within two business days of applying these amounts to the lessee accounts.

For more information about the deposit of collections, you should read "Servicing — Deposit of Collections."

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Securitization Experience

Ford Credit has securitized its assets since 1988.

Ford Credit's securitization programs are diversified across asset classes and markets. Ford Credit sponsors securitization programs for retail installment sale contracts, leases and leased vehicles and dealer floorplan receivables. Ford Credit participates in a number of international securitization markets, including the United States, Canada, the United Kingdom, Germany, Mexico and China. Ford Credit also participated in the securitization markets in Japan, Australia and other European countries.

In the United States, Ford Credit sponsors a number of securitization and structured financing programs, in which it sells receivables to trusts making registered public offerings or broadly-distributed Rule 144A offerings of asset-backed securities. In addition, Ford Credit regularly sells interests in, and asset-backed securities backed by, pools of receivables to a large number of bank-sponsored asset-backed commercial paper conduits and other banks and financial institutions.

Ford Credit securitizes its assets because the market for securitization of financial assets usually provides the company with a lower cost source of funding than other alternatives, diversifies funding among different markets and investors, and provides additional liquidity. Ford Credit meets a significant portion of its funding requirements through securitizations for these reasons. Securitization is a core component of Ford Credit's funding strategy.

For more information about Ford Credit's securitization programs and its funding strategy, please read Ford Credit's Annual Report on Form 10-K which is available on Ford Credit's website at [www.ford.com/finance/investor-center].

Securitization Program for Leases

Ford Credit established a publicly-registered securitization program for leases in the United States in 2011. The asset-backed securities offered by this prospectus are part of that program. Ford Credit first securitized leases in the mid-1990s and has had an active private securitization program for leases since 2004, including broadly-distributed transactions under Rule 144A beginning in 2009 and ending in 2011 when Ford Credit started its public lease securitization program. Ford Credit has issued asset-backed securities in more than [__] transactions under its public and private lease programs. [Ford Credit has never received a demand to reallocate a lease and leased vehicle from a reference pool backing the asset-backed securities offered in these programs due to a breach of representations made about the leases and leased vehicles.] Reallocations of leases and leased vehicles due to Ford Credit's discovery of a breach of representations have been immaterial in these lease programs. [None of the asset-backed securities offered in these programs have experienced any losses or events of default and Ford Credit has never taken any action out of the ordinary in any transaction to prevent losses or events of default.]

Use of Titling Companies; Financing Purchases of Leases by Titling Companies

Ford Credit uses two titling companies in its leasing business. These titling companies purchase leases entered into between lessees and motor vehicle dealers and the leased vehicles that are subject to those leases. The state where the leased vehicle is titled at the beginning of the lease determines which titling company purchases a given lease and leased vehicle. Each titling company pays the purchase price of its leases and leased vehicles with funds borrowed from Ford Credit under a revolving credit facility established by the credit and security agreement and contributions to the titling company indirectly from Ford Credit. The titling companies have agreed to pay amounts advanced under the revolving credit facility on a joint and several basis.

Ford Credit may request that the titling companies exchange an amount outstanding under the revolving credit facility for a term obligation evidenced by an "exchange note."

Amounts due to Ford Credit under the revolving credit facility and amounts due under outstanding exchange notes, including the exchange note issued for this securitization transaction, are secured by a

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single security interest in favor of the collateral agent, for the benefit of Ford Credit and the holder of an exchange note, on the leases and leased vehicles financed under the credit and security agreement and proceeds of those leases and leased vehicles. Whenever a new exchange note is issued, some leases and leased vehicles are allocated as a reference pool for that exchange note and generally only the collections on those leases and leased vehicles will be used to make payments on that exchange note. For more information about the reference pool, you should read "Reference Pool."

Under the credit and security agreement, the security interest of the collateral agent in a leased vehicle and the net sale proceeds is released immediately before the sale of that vehicle. Ford Credit, as servicer, must deposit an amount equal to the net proceeds of the sale in the collection account under the servicing agreement.

Origination, Underwriting and Purchasing

Vehicle Leasing. The Ford Credit titling companies use funds borrowed from Ford Credit to purchase completed leases entered into between lessees and Ford and Lincoln brand motor vehicle dealers. When a lessee leases a vehicle from a dealer, the lessee and the dealer agree on the price of the vehicle and the purchase of insurance, service contracts and other products offered by the dealer. The lessee also chooses the lease term and the mileage allowance and the dealer uses the Ford Credit residual value and any Ford-sponsored marketing programs to calculate and provide the monthly payment. The lessee can choose the day on which monthly payments will be due, but the first monthly payment due date must be between 21 and 35 days of completing the lease.

The monthly payments are set so that, over the lease term, the "base monthly payments" will cover the difference between the adjusted capitalized cost of the lease and the estimated value of the leased vehicle at the end of the lease term or the "contract residual value" plus lease charges. The "adjusted capitalized cost" of the lease is generally equal to the price of the leased vehicle plus, if applicable, taxes, additional products such as insurance and service contracts, dealer installed or other vehicle accessories, vehicle charging stations, outstanding balances on prior leases or trade-in vehicles and other fees and charges included in the lease, less any vehicle trade-in, cash payments from the lessee and cash payments from marketing programs offered by Ford and Ford Credit applied to reduce this amount. Ford Credit will generally only purchase leases from dealers if it approved the additional products included on the lease and the providers of those products. Lease charges are based on an implicit interest rate, called a "lease factor." A lessee's total monthly payment may also include sales or use taxes imposed on the base monthly payment and an amount to cover applicable personal property taxes and similar government charges.

The leases are closed-end leases, meaning that at the end of the lease term the lessee can either purchase the vehicle for a pre-determined purchase option price, if that option is available in the lease, or otherwise must return the leased vehicle. If the lessee returns the leased vehicle, the lessee is not required to pay the deficiency between the net sale proceeds received for the leased vehicle and the contract residual value and is not entitled to the excess of the leased vehicle's net sale proceeds over the contract residual value. The related titling company, as the lessor, retains the residual risk on the leased vehicle.

Ford Credit establishes a standard contract residual value and lease factor for each lease. However, nearly every lease purchased by the titling companies is originated under Ford-sponsored marketing programs. Under these programs, the contract residual value is set higher and/or the lease factor is set lower than Ford Credit would otherwise have set them, which reduces the lessee's monthly payments and/or increases the lessee's purchase option price, if applicable. Ford pays Ford Credit the present value of the difference between the terms under the marketing program and Ford Credit's standard leasing terms, adjusted for a return rate assumption. Ford Credit also allows lessees to reduce the lease factor by prepaying every monthly payment in a single up-front payment.

Credit Application and Scoring Models. Ford Credit makes credit and purchase decisions on behalf of the titling companies, as servicer for the titling companies. Each lessee that elects to lease through the dealer completes a credit application. If the dealer requests that Ford Credit purchase a lease, the dealer submits the credit application electronically to Ford Credit through online systems together with information about the proposed terms of the lease. On receipt of a credit application, Ford Credit automatically obtains a

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credit report on the applicant from a national credit bureau, which includes a credit score and other credit information. Ford Credit generally selects a credit bureau based on its assessment of which credit bureau provides the most accurate and complete credit reports and a credit analyst may select an additional credit bureau for more information. In some cases, the applicant is a business entity and a credit report from a commercial credit bureau is used as described in "— Commercial Accounts" below. In a small number of cases, a credit report is not available because an applicant does not have a sufficient credit history. Ford Credit also automatically obtains other information on the applicant including results of compliance and fraud checks, whether the applicant has other active credit applications submitted to Ford Credit, whether the applicant is a current or former Ford Credit customer, and in some cases, other available credit information.

If an individual applicant has sufficient recent credit history, the credit bureau information used in Ford Credit's origination scoring models includes the applicant's credit risk score, often called a FICO^® score. A FICO^® score is generated using statistical models created by Fair Isaac Corporation and measures the likelihood that an applicant will become severely delinquent. FICO^® is a registered trademark of Fair Isaac Corporation. FICO^® models are updated from time to time. [Ford Credit currently uses FICO^® scores designed specifically for automotive financing known as FICO^® 8 scores.] FICO^® scores range from 250 to 900. An applicant's FICO^® score is a factor in Ford Credit's consumer origination scoring models. An applicant's lease-to-value and payment-to-income ratios are also factors, among others, in Ford Credit's consumer origination scoring models.

The first step Ford Credit takes on receipt of an application is to classify the applicant based on whether the applicant is an individual or business entity and the applicant's credit profile. This classification determines the particular origination scoring model to be used. Ford Credit's proprietary origination scoring models assess the creditworthiness of the applicant using the information in the applicant's credit application, the proposed terms of the lease, the applicant's credit bureau information and other information obtained by Ford Credit. The origination scoring models are statistical tools used to differentiate credit applicants based on their probability of paying the amounts due under their leases. The origination scoring models assign a proprietary risk score for each applicant that is used in Ford Credit's evaluation process. The origination scoring models update the applicant's risk score in real time throughout the evaluation and purchasing process, if any of the inputs to the risk score change. However, using origination scoring models does not eliminate credit risk in Ford Credit's origination, underwriting and purchasing practices.

Ford Credit's origination scoring models were developed internally based on Ford Credit's portfolio databases of millions of leases originated over several decades to identify key variables that predict an applicant's probability of paying the amount due under the lease. Ford Credit regularly reviews its origination scoring models to confirm the continued business significance and statistical predictability of the variables, including comparing actual and predicted performance of its lease portfolio. Ford Credit develops new origination scoring models for its consumer, commercial and commercial line of credit applicants on a regular cycle plan. Ford Credit may make adjustments to improve the performance of the origination scoring models between development cycles by uniformly changing the overall risk scores or modifying the weighting of selected variables.

Underwriting and Credit Evaluation. After all information is obtained and a proprietary risk score is generated, Ford Credit evaluates the application to determine whether to approve it. Ford Credit's decision process is based on a judgmental evaluation of the applicant, the credit application, the proposed terms of the lease, the credit bureau information, the proprietary risk score and other information. The evaluation emphasizes the applicant's ability to pay and creditworthiness focusing on payment, affordability, applicant credit history and stability factors as key considerations. The creditworthiness of any co-applicant or guarantor is evaluated in a similar manner to the applicant and is also considered when determining whether to approve an application.

The lease-to-value ratio, or "LTV," is determined by dividing the lease amount by the collateral value of the vehicle. The "lease amount" used in the LTV calculation in the origination scoring models is the base monthly payment multiplied by the lease term. This amount is less than the acquisition cost because it does not include the residual value of the leased vehicle, but it does include the rent charge and acquisition fee. The collateral value in the LTV calculation is determined using the wholesale value of the vehicle, which is generally the dealer invoice price, but it may be increased to reflect equipment added to the vehicle,

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including specialty bodies. Ford Credit may adjust the wholesale value before calculating the LTV that is used in the origination scoring models.

The payment-to-income ratio, or "PTI," is determined by dividing the base monthly payment by the combined gross monthly income and other monthly income of the applicant and any co-applicant as reported by them in the credit application or as adjusted in limited cases through Ford Credit's income verification process. PTI is not calculated on leases for which the lessee prepays every monthly payment in a single up-front payment. PTI is also not calculated for commercial use leases with a business entity as the primary lessee. PTI is not used for credit evaluation for a limited number of leases where the applicant stated no income or negligible income and leases where Ford Credit has determined that the PTI is unreliable.

All credit applications automatically go into Ford Credit's electronic decisioning process in order to expedite the review of applications, promote consistent decisions and allow Ford Credit to make and communicate decisions to dealers faster and more efficiently. The electronic decisioning process first identifies the applications to approve, reject or make a conditional offer for a resulting lease, and then the remaining applications are assigned to a credit analyst for further evaluation. These electronic decisions are made using models that generally replicate the judgmental evaluation that would be applied by an experienced credit analyst based on various combinations of factors that in Ford Credit's experience have resulted in credit analysts' approval, rejection or conditional offer decisions. Ford Credit regularly reviews its electronic decisioning process and makes adjustments in response to market conditions, lease terms and the performance of its portfolio or to increase or decrease the percentage of applications electronically approved, conditionally offered or rejected. Ford Credit electronically approves between approximately [___% to ___%] of the leases that are purchased. Ford Credit uses a single level underwriting standard for all credit applications including those that are electronically decisioned and those decisioned by a credit analyst. Many of the applications not approved in the electronic decisioning process are evaluated and approved by a credit analyst.

On receipt of a credit application, the credit analyst judgmentally evaluates the credit application using uniform system processes and system based decision-making tools in the framework of Ford Credit's purchasing standards. Each credit application is reviewed separately and the credit analyst makes an individual decision based on the credit analyst's assessment of the strengths and weaknesses of the application. The credit analyst may work with the dealer to determine acceptable lease terms for applications that cannot be approved as originally submitted. The credit analyst may condition approval on the addition of a qualified co-applicant or guarantor or a security deposit or on changes to the lease terms, such as a higher cash down payment or a less expensive vehicle being leased. For less creditworthy applicants, or if there is a discrepancy in the information provided by the applicant, the credit analyst may verify the identity, employment, income, residency and other applicant information using Ford Credit's established procedures before a decision is made.

To support consistent credit and purchase decisions and the overall quality of the portfolio, as described in "– Portfolio Quality" below, Ford Credit establishes purchasing standards and procedures including purchase quality guidelines and risk factor guidelines that are used by its credit analysts. Purchase quality guidelines set targets for the purchase of lower and marginal quality leases and may be set at different levels for different Ford Credit business regions. Risk factor guidelines provide a framework of evaluation guidelines for specific attributes of an application, including affordability measures like PTI and debt-to-income ratios, FICO^® score and lease term. Risk factor guidelines and purchase quality guidelines are not strict limits or requirements and the credit analysts evaluating an application determine whether there may be other factors that, in their judgment, support approval of the application, including demonstrated ability to pay, strong credit history, prior favorable Ford Credit financing experience, residency and employment stability and eligibility for Ford-sponsored marketing programs. Ford Credit also uses performance monitoring software to improve process discipline and consistency of decisions. Notwithstanding these guidelines, procedures and software, the judgment of the credit analyst is the most important aspect of Ford Credit's evaluation and credit and purchase decision process.

Each credit analyst is assigned a maximum approval level that is based on the applicant's total outstanding balances with Ford Credit. More experienced credit analysts are assigned higher approval levels. Managers with higher approval authority review or approve any credit application that exceeds the

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credit analyst's approval level or that contain specific characteristics or combinations of characteristics identified in Ford Credit's risk factor guidelines. Ford Credit's credit and purchase decisions are made independently of Ford, and Ford cannot require Ford Credit to approve a credit application or purchase a lease that would not otherwise be approved or purchased through Ford Credit's decision process.

Ford Credit also has a compliance management program designed to ensure that Ford Credit's processes comply with legal and regulatory requirements. The compliance management program is commensurate with Ford Credit's structure and the complexity of the products and services it offers.

Credit and purchase decisions are typically communicated to the dealer electronically and credit decisions made through the electronic decisioning process are typically communicated within seconds. For credit applications not decisioned electronically, Ford Credit typically makes a decision within 20 minutes of receipt of an application. Less creditworthy applicants may require additional investigation and take longer before a decision can be made.

Lease Purchasing Process. For approved credit applications, dealers must submit leases, signed by both the customer and the dealer, on paper or electronic forms approved by Ford Credit and determined by Ford Credit to be in compliance with law and enforceable. After the dealer submits a completed lease, Ford Credit confirms that the terms of the lease are consistent with the application approval and checks for errors apparent in the lease disclosures made by the dealer. If the lease is consistent with the approval but contains minor errors, Ford Credit may approve the lease for purchase by the titling company and send a correction notice to the customer or obtain a signed modification agreement from the customer. If the lease is not consistent with the approval or has more significant errors, Ford Credit returns it to the dealer for correction or a new lease.

As part of the approval process, Ford Credit establishes a lease factor that is used to calculate the lessee's monthly payments. The lease factor applicable to a particular lease is based on a combination of factors, including Ford Credit's proprietary risk score and the lease characteristics. If the dealer submits a lease with a lease factor exceeding the maximum allowed by Ford Credit, either the titling company will not purchase the lease or Ford Credit will adjust the lease factor to meet Ford Credit guidelines. Ford and Ford Credit may also offer marketing programs where the lease factor is determined primarily based on the specific applicant or lease characteristics, including the leased vehicle, rather than on the risk scores. These programs are generally offered to attract particular types of applicants, such as current college students and recent college graduates or first time buyers of Ford or Lincoln vehicles, or to promote sales of particular Ford and Lincoln vehicles.

A titling company purchases the lease from the dealer for an amount equal to the acquisition cost plus, if applicable, a set fee or the portion of the lease charges that exceed the lease factor established by Ford Credit. The portion of the lease charge earned by the dealer is generally calculated using the difference between the lease factor set by Ford Credit and the lease factor of the lease that is submitted by the dealer.

At the time the lease is originated, the dealer must collect the first month's lease payment because lease payments are made in advance. Less creditworthy lessees may also be required to make a security deposit typically equal to approximately one month's payment. The dealer also collects required license fees, acquisition fees and other fees and taxes to register the vehicle that are not included in the lease.

The lessee agrees to maintain physical damage and liability insurance on the leased vehicle, and the dealer is required to confirm insurance is in place at the beginning of the lease. The minimum amount of liability insurance required by the lease is generally equal to the minimum state law requirements. The maximum allowable deductible is $[1,000]. The titling company must be named as an additional insured and loss payee on insurance policies. Since lessees may choose their own insurers to provide the required coverage, the specific terms of the policies may vary. Ford Credit generally does not track whether the lessee maintains the required insurance after the origination of the lease.

Each dealer signs an assignment agreement with Ford Credit and represents that the lease assigned to the applicable titling company is complete, all required lease disclosures were properly made and all material statements made to Ford Credit by the dealer on behalf of the customer are true. If, after investigation, these

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representations are later determined to have been untrue when made, including due to fraud, Ford Credit may require the dealer to repurchase the lease and the lease is paid off in Ford Credit's receivables system, or may retain the lease and obtain a dealer guaranty in case there is a subsequent default on the lease.

Lease Maintenance. Leases purchased by the titling companies are either completed in paper form and are physically signed by the customer or are completed in electronic form and are electronically signed by the customer. Ford Credit, as custodian for the collateral agent, maintains possession of the paper leases and related documents through a third-party vendor in secure, limited access facilities. These facilities use security access measures, including physical badge or biometric authentication and may use video surveillance. These facilities have fire suppression systems and are subject to disaster recovery and business continuity plans to ensure safekeeping and preservation of the documents. The electronic leases are stored in a specially-designed computer system or "electronic vault" maintained by a third-party vendor that establishes Ford Credit's "control" of the electronic leases as the custodian for the collateral agent. Access to the electronic vault is limited to users having a business need and controlled by user identification, passwords, machine token authentication and access logs. Access to the data center housing the electronic vault is limited to authorized system maintenance users and is controlled by anti-intrusion software, video surveillance and physical badge or biometric authentication. The data center and electronic vault are subject to disaster recovery and business continuity plans.

All leases purchased by the titling companies are entered into Ford Credit's originations and receivables systems and assigned a unique account number for the life of the lease. Ford Credit considers a lease to be originated on the date the lease is signed by the customer.

Purchased leases and related documents are electronically imaged. For electronic leases, a separate image of the original lease is created for servicing purposes. Once imaged, the documents may be viewed on Ford Credit's systems for servicing, but may not be altered or deleted from those systems. Additional documents generated or received by Ford Credit during servicing are also added to the imaged file.

Vehicle Title. The assignment agreement also requires the dealer to apply immediately for a certificate of title for the leased vehicle naming the applicable titling company as the owner of the leased vehicle and naming the collateral agent as secured party. Ford Credit or its vendor verifies each title to confirm that the titling company is identified as owner and that the collateral agent's security interest is noted, using procedures to follow up with the dealer, the customer or state vehicle regulatory agencies. In most states, the verification occurs when the certificate of title is received. Ford Credit or its vendor receives the certificate of title and holds it until the lease is paid off. If Ford Credit cannot verify that the lien of the collateral agent is noted on the certificate of title within an established period of time or if the lien notation is incorrect, it follows up with the dealer, the customer or the state vehicle regulatory agencies to properly note or correct the lien.

Ford Credit or its vendor stores paper certificates of title in secure facilities controlled by physical badge authentication. Access to the title storage area is limited to authorized personnel with a business need. Ford Credit also uses the electronic certificate of title process offered in many states that maintain electronic records of the certificate of title and lienholder information. Electronic titles are processed by Ford Credit's vendor and, unless prohibited by state law, are converted to paper titles and stored at a Ford Credit facility or at the secure facilities of a vendor.

Types of Leases and Vehicle Classification. Nearly every lease purchased by the titling companies is for new Ford and Lincoln vehicles that have not had their title registered. The titling companies also purchase leases for vehicles that were previously used by a dealer as courtesy vehicles for the dealer’s service customers as well as demonstrator vehicles used by a dealer. Dealers are not required by Ford Credit to title and register those vehicles unless required by federal, state or local laws and regulations. Ford Credit considers those courtesy and demonstrator vehicles, which generally have fewer than 6,000 miles, to be new vehicles at the time of lease origination.

Most leases are with individuals who lease vehicles for personal use. The titling companies generally purchase leases with terms of [24, 36, 39 and 48] months, but will purchase leases with other terms. The

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lease term is the number of months that the lessee keeps the leased vehicle, but the lease term does not end upon receipt of final payment from the lessee because lease payments are made in advance.

Ford Credit classifies vehicles into categories. The car category includes sedans, hatchbacks and coupes. The light truck category includes minivans, vans and light pick-up trucks including a limited number that may have specialty bodies. The utility category includes wagons, SUVs and cross-overs.

Each lease purchased by the titling companies has a related leased vehicle with either a gasoline, hybrid, plug-in hybrid or battery electric power source. The majority of the leased vehicles in Ford Credit's lease portfolio have a gasoline power source, however, the total number and percentage of leased vehicles with other power sources fluctuates over time in response to consumer preferences and various compliance and regulatory thresholds, including zero emission vehicle mandates in California and other states.

For more information about the leased vehicles in the reference pool with hybrid, plug-in hybrid or battery electric power sources, you should read "Annex A — Composition of the Reference Pool — Distribution of the Leases by Vehicle Model."

Determination of Residual Values. The residual value of a leased vehicle is the estimated value of the vehicle at the end of the lease term. The contract residual value is stated in the lease and is a major component used to calculate the base monthly payment. The contract residual value is also the main component used to set the purchase price the lessee must pay if the lessee elects to purchase the leased vehicle at the end of the lease term, if applicable.

Ford Credit uses proprietary residual value models and an internal review process to establish residual values. These residual value models use a number of factors about a vehicle to determine its residual value, including the manufacturer's suggested retail price, wholesale price, planned production volume, rental and fleet sales, consumer acceptance, life cycle and recent and seasonal auction trends. In addition to those factors, Ford Credit’s residual value models also consider a number of macroeconomic factors such as gasoline prices, inflation and trends in the national gross domestic product. Ford Credit regularly reviews and updates its residual value models. The internal review process considers the accuracy of the current residual value models as vehicles come off lease, current or planned Ford-sponsored marketing programs, market acceptance of vehicles and competitive actions within the vehicle segment. In a small number of cases, such as limited vehicle models or new vehicle models where there is not sufficient information available, the residual values are set using only the internal review process. In establishing residual values for leased vehicles, Ford Credit also compares its residual values to historical auction values for returned leased vehicles and to residual value forecasts published in independent industry guides that are used in the automotive finance industry, including Automotive Lease Guide or "ALG."

Ford Credit sets residual value percentages quarterly for each new Ford and Lincoln vehicle generally for lease terms of 24, 36, 39 and 48 months. Ford Credit may set residual value percentages for other lease terms to promote the use of the other lease terms to maximize auction values on returned leased vehicles and to more evenly spread out the termination dates of leases in its portfolio. If Ford Credit has not set residual value percentages for a particular lease term, the dealer must contact Ford Credit to obtain a residual value percentage for that lease term. Residual value percentages are also determined based on maximum mileage levels ranging from [7,500 to 19,500] miles per year for Ford vehicles and [5,000 to 19,500] miles per year for Lincoln vehicles. Lessees may purchase additional mileage above [19,500] miles per year (subject to a total limit of [100,000] miles), which reduces the contract residual value, but the residual value percentage will not be adjusted. Certain dealer-installed equipment and accessories are eligible to be included in the residual calculation, subject to limits and conditions set by Ford Credit.

Ford sponsors marketing programs on particular vehicles to lower a lessee's monthly payment by increasing the contract residual value above the level that would otherwise be established by Ford Credit. Vehicles that are leased under these Ford-sponsored marketing programs may be more likely to be returned at the end of the lease term because the price at which the lessee may purchase the vehicle is more likely to exceed the market value of the vehicle at that time. For this reason, Ford Credit has established guidelines to limit the amount by which the residual value of a vehicle may be increased over the residual value that Ford Credit would otherwise set.

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When a vehicle is sold after being returned at the end of the lease, there will be a residual gain on the vehicle if the net sale proceeds of the vehicle are greater than the vehicle's contract residual value and there will be a residual loss on the vehicle if the net sale proceeds of the vehicle are less than the vehicle's contract residual value.

Commercial Accounts. Some of the leases purchased by the titling companies are for lessees who are either business entities or individuals who use the leased vehicles for commercial purposes. Commercial customers may have multiple vehicles financed with Ford Credit and a portion of commercial customers have lines of credit that allow the customer to finance the purchase and lease of multiple vehicles up to the approved amount under pre-established terms, subject to some conditions.

Ford Credit's origination scoring models for commercial applicants that are business entities include factors relevant to businesses and use commercial credit bureau information. Consumer credit bureaus do not provide data or FICO^® scores for business entities. The origination scoring models for commercial applications that include individuals as the applicant, co-applicant or guarantor use the individual's FICO^® score, but still factor in the commercial use of the leased vehicle and commercial credit bureau information if the commercial applicant is a business entity.

For the majority of commercial applicants that are business entities, the commercial credit bureau information used in Ford Credit's origination scoring models includes the primary applicant's Small Business Credit Share, or SBCS^® score, even if there is also a FICO^® score because the commercial application included an individual. SBCS^® scores are generated using statistical models created by Experian and measure the likelihood that a commercial applicant will become severely delinquent. SBCS^® scores range from 0 to 100. Ford Credit uses the SBCS^® Acquisition Score in its commercial origination scoring models to generate a proprietary risk score for the applicants. Commercial credit bureau scores are not as significant a factor in Ford Credit's commercial origination scoring models as FICO^® scores are in the consumer origination scoring models.

If the credit analyst requires additional information on a commercial applicant, the analyst may obtain a credit report from Dun & Bradstreet. The analyst may regenerate the applicant's proprietary risk score through the commercial origination scoring models using data from this report, including various scores on the applicant. The credit report obtained from Dun & Bradstreet also includes the applicant's D&B Delinquency Predictor Score, a commercial credit score that is created by Dun & Bradstreet to measure the likelihood that a business will become severely delinquent. D&B Delinquency Predictor Scores range from [101 to 670]. Ford Credit uses the D&B Delinquency Predictor Score in its commercial origination scoring models if the credit analyst determines that the Dun & Bradstreet credit report provides more fulsome information for an applicant or an SBCS^® Acquisition Score is unavailable for a commercial applicant that is a business entity.

For commercial line of credit applicants, there are two steps in the process. First, Ford Credit evaluates the applicant for approval of the line of credit. Underwriting procedures vary based on desired line of credit size, but the procedures include a commercial credit report from Dun & Bradstreet that contains payment history information and various scores on the applicant and may include review of the applicant's financial statements and proposed vehicle usage. Once the applicant is approved for a line of credit, the second step in the process occurs each time there is a request to lease a vehicle under the line of credit. At this time, Ford Credit gathers the same information for commercial customers with a line of credit as it does for other commercial customers, including a Dun & Bradstreet credit report and generates a proprietary risk score for each applicant. The key considerations for requests to lease a vehicle under a line of credit are that there is capacity under the line of credit and there have been no significant changes to the customer's financial condition.

Similar to purchase decisions for consumer applicants, purchase decisions for commercial applicants emphasize ability to pay and creditworthiness, but also recognize that commercial vehicles are often put to more demanding uses, which may reduce the resale value of the leased vehicle. For these reasons, Ford Credit uses a different electronic decisioning process for commercial applicants and its purchase standards are often different. Ford Credit does not allow the value of a specialized body added to a base vehicle to

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customize it for commercial purposes to be included in calculating the vehicle's contract residual value. As a result, the titling companies have few leased vehicles with specialty bodies.

An important difference between commercial leases and other leases is that commercial leases may be included in a separate cross collateral agreement. These cross collateral agreements allow Ford Credit to enforce collection and repossession rights against some or all leases and leased vehicles with the same lessee even if payments for some leases are current. Payments or other amounts received on a specific lease, such as repossession sale proceeds, generally are applied first to that lease. Excess amounts collected for one lease may be applied to other leases with the same lessee to reduce losses.

Portfolio Quality. Ford Credit uses its purchasing standards to manage the overall quality of its lease portfolio. Ford Credit reviews credit analysts' decisions regularly to ensure they are consistent with Ford Credit's purchasing standards and credit approval authority. In addition, a specific auditing group within Ford Credit regularly reviews the underwriting process and compliance with company procedures and legal requirements.

Ford Credit uses credit performance and purchase quality reports to monitor credit quality, consistency of purchase decisions and portfolio composition, including levels of lower and marginal quality leases, and to provide ongoing training for credit analysts. These reports are generated at several levels including total company, geographic region, dealer and credit analyst.

Ford Credit regularly reviews and analyzes its lease portfolio to evaluate the effectiveness of its credit decisions and purchasing standards. If external economic factors, credit losses or delinquencies, market conditions, consumer credit trends, customer characteristics or other factors change, Ford Credit may adjust its purchasing standards and procedures, including purchase quality guidelines and risk factor guidelines, to change the quality of its portfolio or to achieve other business objectives.

Origination Characteristics

The following table contains information about the leases purchased from dealers by Ford Credit as servicer for the titling companies during each of the periods indicated.

Origination Characteristics

	___ Months Ended _______,		Year Ended December 31,
	____	____	____	____	____	____	____
Number of leases originated(1)
Total acquisition cost (in millions)	$	$	$	$	$	$	$
Weighted average(2) original term (in months)
Weighted average(2) FICO® score(3) at origination
No FICO® score consumer(4)(5)
Weighted average(2) LTV(6)
Weighted average(2) PTI(7)
Commercial use(4)(8)

⁽¹⁾ This is the total number of leases originated during the period indicated, including those for which Ford Credit does not have an ALG residual value.

⁽²⁾ Weighted averages are weighted by the acquisition cost of each lease.

⁽³⁾ Excludes leases with primary lessees who did not have FICO^® scores because they (a) are not individuals and use leased vehicles for commercial purposes or (b) are individuals with minimal or no recent credit history. For a description of FICO^® scores, you should read "Sponsor and Servicer – Origination, Underwriting and Purchasing."

⁽⁴⁾ As a percentage of the acquisition cost of the leases purchased during the period.

⁽⁵⁾ Leases with lessees who are individuals with minimal or no recent credit history.

⁽⁶⁾ The LTV for a lease for purposes of this table is acquisition cost divided by the wholesale value of the leased vehicle.

⁽⁷⁾ The PTI for a lease is the base monthly payment divided by the monthly combined income of the lessee and any co-lessee. Excludes leases for which the lessee prepaid every monthly payment in a single up-front payment, commercial use leases with business entities as the primary lessee, leases where the applicant stated no income or negligible income in the credit application and leases where Ford Credit has determined that PTI is unreliable.

⁽⁸⁾ Leases with lessees who use the leased vehicle for commercial purposes. These lessees may be business entities or individuals.

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[From time to time Ford Credit changes its origination and purchasing policies and procedures for leases to respond to market conditions and competitive pressures and to pursue different business strategies. Although Ford Credit's origination and purchasing policies focus on supporting the sale of new Ford vehicles, due to the residual risk associated with closed-end leases, Ford Credit generally establishes a target for lease purchases based on a percentage of Ford's retail vehicle sales forecast and works with Ford to design vehicle marketing incentive programs to achieve this target. Targets can vary across vehicle models over time.

Ford Credit's target for lease purchases has been relatively consistent. Although the target may remain consistent, the number of leases originated by Ford Credit in any year can fluctuate over time because other factors influence Ford Credit's willingness to originate leases and customers' willingness to lease vehicles. For example, the relative cost and availability of funding sources impact Ford Credit's willingness to purchase leases. In addition, nearly every lease purchased by Ford Credit's titling companies is originated under Ford-sponsored marketing programs. From a customer's perspective, the relative attractiveness of leasing a vehicle or purchasing it can depend on the Ford-sponsored marketing programs available to the customer, which can influence the customer's monthly payment by increasing the contract residual value of the leased vehicle, lowering the lease factor of the lease and/or providing cash to the lessee. Changes in these programs are the primary reasons for increases or decreases in the number of leases originated.

The total acquisition cost of the leases in Ford Credit's lease portfolio has increased and decreased primarily as a function of the total number of leases originated. In more recent years, the total acquisition cost of the leases in Ford Credit’s lease portfolio has also been affected by an increase in the average acquisition cost of each lease during that time, leading increases in the number of leases originated to have a more pronounced impact on the total acquisition cost of the leases in Ford Credit’s lease portfolio and the effect of decreases in the number of leases originated to be offset relative to prior periods. The average acquisition cost of each lease has increased in these periods primarily due to mix shift among vehicle types and higher-trim vehicles of all vehicle types.]

Material Changes to Origination, Underwriting and Purchasing Policies and Procedures

[As part of its regular cycle plan, Ford Credit launched new origination scoring models for consumer credit applicants in January 2018 and again in May 2022 for certain FICO^® segments, for commercial credit applicants in January 2019 and for commercial line of credit applicants in May 2017 and again in April 2022.

In October 2018, Ford Credit began redeveloping certain of its origination scoring models for consumer credit applicants using advanced statistical tools to improve data interactions and evaluate and create more predictive variables, which enhance the models' ability to assess risk. Those redeveloped models can sometimes place a greater emphasis on the newly created variables, which continue to be derived from certain information in an applicant's credit bureau report, other available credit information and the proposed contract terms, with relatively less emphasis placed on traditional variables such as an applicant's FICO^® score. Ford Credit's redeveloped origination scoring models more accurately assign the applicant a proprietary risk score based on the probability of the applicant paying the amounts due under their contract. Ford Credit continues to expand the use of those tools in the development of its origination scoring models.

In April 2017, Ford Credit began including a disposition fee of up to $395 in its lease contracts for new leases in some states. By September 2017, Ford Credit's lease contracts for new leases in all states included a disposition fee. Those lease contracts require the lessee to pay a disposition fee if the lessee returns the leased vehicle to Ford Credit and does not either purchase or lease another Ford or Lincoln vehicle. From time to time, Ford Credit may waive the disposition fee for lessees who meet eligibility criteria established by Ford Credit. Beginning June 2022, certain leases no longer include a disposition fee.]

For more details about Ford Credit's origination, underwriting and purchasing policies and procedures, you should read "Sponsor and Servicer — Origination, Underwriting and Purchasing."

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Servicing Experience

Ford Credit will be the servicer for the leases and leased vehicles in the reference pool and this securitization transaction. Ford Credit will be responsible for all servicing functions, except that the indenture trustee will be responsible for making payments on the exchange note and to the noteholders based on information and calculations provided by the servicer. Ford Credit has been the servicer for its public lease securitization program in the United States since its start in 2011. [None of the asset-backed securities in this program have experienced losses or events of default.] [Ford Credit has not had any material instances of noncompliance with the servicing criteria in its publicly-registered securitization program for leases.] [If applicable, describe any material instances of noncompliance as required by Item 1108(b)(2) of Reg AB.]

Ford Credit services all the leases it originates, including leases allocated in securitizations. Ford Credit uses technologies and has comprehensive online servicing policies and procedures that ensure common servicing practices and procedures are used for leases. These technologies, practices and procedures are described in "— Servicing and Collections" below. Servicing personnel do not know if a given lease they are servicing has been included in a securitization transaction.

Ford Credit's servicing and collections systems maintain records for all leases, track application of payments and maintain relevant information on the lessees and account status. The systems also capture communications with lessees and allow management to review collection personnel activities.

As is customary in the servicing industry, Ford Credit engages vendors, which may be affiliates, to perform some servicing processes. These processes include processing monthly lockbox payments from lessees, providing telephonic and internet payment systems, reviewing titles of leased vehicles for accuracy, imaging lease documents, storing and processing paper and electronic leases and certificates of title, providing lessee communications and notifications and early stage collections support, communicating with lessees in languages other than English, recovering deficiencies for selected accounts and performing data entry and administrative functions. Ford Credit requires vendors to follow processes set by Ford Credit or agreed to between Ford Credit and the vendor and regularly monitors them for compliance. Vendors do not have the discretion to make decisions that would materially affect agreed on processes, amounts collected or the timing for amounts applied to lessee accounts. Ford Credit believes these vendors could be replaced, if necessary. Some vendors perform their services from locations outside the United States.

Ford Credit also contracts with a network of outside contractors to repossess vehicles and to collect some deficiencies for charged off accounts. These contractors are monitored for compliance with the contracts, but due to the nature of these relationships, these contractors follow their own procedures.

As servicer of this securitization transaction, Ford Credit will prepare monthly investor reports, provide payment instructions to the indenture trustee and prepare annual compliance reports.

Servicing and Collections

General. Nearly all Ford Credit personnel that service the leases primarily work outside of Ford Credit's facilities in a fully remote work environment. Ford Credit's servicing operations are divided into three areas — account services, collections and vehicle liquidations. The account services area handles the processing of non-collection related customer requests. The collections area has two main functions — early stage delinquency, which includes account maintenance, and late stage delinquency, which focuses on loss prevention. The vehicle liquidations area manages the disposal of returned and repossessed vehicles. Ford Credit's collections operations are supported by workforce scheduling software, call monitoring software, auto dialing technology, collection systems and workflow operating systems.

Ford Credit's customer service personnel handle inbound customer calls and Ford Credit maintains a specialty department for collection of charged off accounts. Ford Credit uses specialty teams in its servicing operations for some functions such as total loss insurance claims, vehicle skip tracing, multiple account customers, accounts with bankrupt lessees and repossession reinstatements.

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Payments and Application of Payments. Ford Credit encourages lessees to make payments electronically, including through direct debit, online payment applications or telephone payment. Lessees who do not pay electronically are instructed to send their monthly payments to one of several lockbox locations.

Ford Credit applies almost all payments that are received before the designated processing time on each business day to a lessee's account on the day payment is received. By the end of the next business day, Ford Credit researches, matches and applies most payments that do not include enough information to match an account. A specialized group at Ford Credit researches, matches and applies the remaining small number of payments that have not been matched to an account.

If a payment is applied to a lessee's account but is later reversed or if a misapplied payment is reversed or corrected, an account may have negative collections for the period.

Lessees may prepay their leases by making partial prepayments in multiple small amounts or larger lump sum payments at any time. These partial prepayments result in the lease being paid ahead and no payment being due for a period of time that is typically one or two months but may be longer depending on the amount of the prepayment. Many lessees continue to make their monthly payments even though no payment is due.

Ford Credit also writes off the remaining amount if the lessee dies and the estate of the deceased lessee meets requirements that include returning the vehicle.

Behavioral Scoring Models. Ford Credit uses behavioral scoring models to assess the probability of payment default for each lease and implements collection efforts based on its determination of the credit risk of the lessee on the payment due date. These models assess a number of variables including origination characteristics, customer account history, payment patterns, expected net losses and periodically updated FICO^® scores, if applicable. Based on data from these models, leases are grouped by risk category for collection. These categories determine how soon a lessee will be contacted after a payment becomes delinquent, how often the lessee will be contacted during the delinquency and how long the account will remain in early stage collections before it is transferred to late stage collections where a more experienced customer service representative follows the account until the delinquency is resolved. Ford Credit develops new behavioral scoring models on a regular cycle plan and regularly reviews the models to confirm the continued business significance and statistical predictability of the variables. Ford Credit may make adjustments to improve the performance of the behavioral scoring models between development cycles by uniformly changing the overall scores or modifying the weighting of selected variables.

Servicing and Collections. Most of the leases are paid without any additional servicing or collection efforts. If an account becomes delinquent, Ford Credit will attempt to contact the lessee to determine the reason for the delinquency and identify the lessee's plans to resolve the delinquency. A number of communication methods are employed by Ford Credit to contact lessees whose accounts are delinquent and encourage resolution to the delinquencies, including auto dialing technology, directed telephone calls, e-mails and text messaging. Ford Credit considers an account to be delinquent if more than $[49.99] of a scheduled payment is past due. Accounts with bankrupt lessees, accounts in repossession status and accounts that have been charged off are not considered delinquent because they are removed from Ford Credit's standard servicing process or have been accelerated. Ford Credit assesses a late fee to delinquent accounts after a grace period has ended. Most delinquent accounts are resolved because the lessee makes the past due payment. In certain cases, Ford Credit may grant a payment extension to allow a lessee to continue to make the normal monthly payments or the lessee may request and process a payment extension online.

A payment extension defers one or more past due payments and moves the scheduled lease end date by the number of months extended. The mileage allowance and contract residual value, however, are not changed. The length of a typical payment extension is one month, although payment extensions may be granted for more than one month. Multiple payment extensions may be given over the term of a lease. Payment extensions for a lessee are generally limited to a maximum of six months over the term of the lease. After a payment extension, the account generally is no longer considered delinquent. Ford Credit's

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guidelines for offering a payment extension generally require that the lessee's payment problem is temporary, the lessee has an income source for making the next payment and the lessee made at least one payment since the origination of the lease. Payment extensions are reviewed regularly by Ford Credit's servicing managers. When allowed by state law, Ford Credit usually collects a fee on payment extensions equal to [30]% of the base monthly payment for each month the lease is extended.

From time to time Ford Credit may offer goodwill extensions to lessees whose leases meet certain eligibility criteria established by Ford Credit. For example, an extension of up to three months may be offered to lessees who live in an area affected by a flood, hurricane, wildfire or tornado. In the servicer’s experience, the acceptance rate for these payment extension offers is generally less than [5]%.

A lessee may also request a term extension. As a result of a term extension, the current scheduled lease end date is extended and the mileage allowance and leased vehicle's contract residual value are changed. During a term extension, the lessee makes additional monthly payments. A term extension is typically approved if the lessee is awaiting delivery of a new Ford or Lincoln vehicle or the lessee has other special circumstances. If the lessee does not return or purchase the leased vehicle by the 10th day after the lease's current scheduled lease end date, the lessee may receive a one-month term extension. Most term extensions have historically been for one or two months and term and payment extensions in total generally do not exceed twelve months. However, from time to time, Ford Credit may offer promotional term extensions to lessees awaiting delivery of a new Ford or Lincoln vehicle or with other special circumstances who meet eligibility criteria established by Ford Credit for a period of time that, combined with the lessee's previous term and payment extensions, may exceed twelve months. To be eligible for a term extension, the lessee cannot be in default. If a term extension is granted, the lessee may return the vehicle at any time during the extension period without responsibility for the remaining extended term.

Ford Credit may allow a lessee to change the monthly payment due date typically by not more than 30 days over the life of the lease, if, for example, the day on which the lessee is paid by their employer changes. A due date change is generally not allowed for delinquent accounts and may not be used to bring an account current. A due date change is not considered to be a payment extension.

Occasionally, Ford Credit allows a change to the lessees on the lease by releasing a co-lessee or adding a new lessee who may assume the lease with the original lessee either still obligated or released from the terms of the lease. In rare instances, Ford Credit may permit a substitution of the leased vehicle with a vehicle of similar value.

In limited circumstances, Ford Credit may cancel its purchase of a lease if there are mistakes that cannot be corrected or to resolve an issue with a customer. In the case of such a cancellation, all payments and fees are reversed, the lease is returned to the dealer and the collateral agent's lien on the leased vehicle is released.

Ford Credit uses periodic management reports on delinquencies, payment extensions, term extensions and other measurements and operating audits to maintain control over the use of collection actions. Ford Credit regularly tests new servicing procedures on controlled portions of its leases to develop and refine its servicing procedures. Areas tested include timing and frequency of collection calls and when it is more effective for the early stage delinquency team or the late stage delinquency team to contact the lessee. If a test shows that a new procedure is an improvement over the existing procedure, the new servicing procedure is applied to the entire portfolio. Ford Credit's servicing policies and procedures may change over time.

Customer Service and Complaint Handling. Ford Credit provides general account services to customers who contact its customer service personnel by phone, chat, email, or in writing. Services provided include processing address and due date changes, handling title paperwork if the customer moves to a different state, providing account payoff information and early stage collection support. The customer service personnel also support Ford Credit's online account manager application that allows customers to manage their accounts by making payments, updating their information, such as address and phone number, and requesting payment and goodwill extensions.

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Ford Credit sometimes receives complaints from customers about the origination and servicing of their leases, including complaints about dealers that leased the vehicles to the customers. Customer complaints are handled by customer service and collections personnel, including a dedicated customer relations team, who are experienced and authorized to resolve customer issues. These personnel use a defined escalation process to ensure customers have a means to further address concerns. All complaints received are entered into a complaint tracking system for tracking, reporting and regulatory purposes. Reports are monitored by senior operations management and the compliance function to promote uniform, consistent, and timely handling and to identify and implement process improvements.

Vehicle Maintenance; Excess Mileage and Excess Wear and Use. The lessee is responsible for maintenance, repair, service and operating expenses of the leased vehicle during the term of the lease. The lessee is also responsible if the vehicle is lost, stolen or seized by a government agency.

If the lessee returns the leased vehicle, the lessee is required to pay for any excess mileage and the estimated cost to repair any excess wear and use. Excess mileage is a charge for each mile the vehicle has been driven in excess of the mileage limit in the lease. Excess wear and use generally includes missing or inoperative equipment, parts or accessories or damage to the leased vehicle's body, interior, lights, trim or paint. If the lessee does not pay all of the excess mileage or excess wear and use charges when the vehicle is returned, Ford Credit will continue efforts to collect these amounts. Ford Credit may offer marketing programs to pay some or all of these amounts on behalf of a returning lessee who meets eligibility criteria established by Ford Credit.

If the lessee buys an excess wear and use waiver contract at the beginning of the lease, the lessee will be released from the obligation to pay excess wear and use charges up to $[5,000] for Ford vehicles and up to $[10,000] for Lincoln vehicles. Ford Credit has an insurance policy under which it collects amounts that lessees are released from paying under these excess wear and use waiver contracts.

In a small number of leases, the lessee purchases prepaid mileage at the beginning of the lease. In this case, if the lessee returns the leased vehicle, Ford Credit will refund to the lessee the cost of any unused prepaid miles.

Lease End Communication. About four to five months before the current scheduled lease end date of a lease, Ford Credit will notify the lessee of the current scheduled lease end date, the lessee's options and obligations at lease end, the vehicle inspection process and information about new Ford and Lincoln vehicles. The dealer through which the lessee obtained the lease and/or Ford Credit may also contact the lessee near the current scheduled lease end date to determine whether the lessee intends to purchase the leased vehicle or to return the leased vehicle and to answer any lessee questions.

Because the leases are closed-end leases, the titling company, not the lessee, retains the residual risk on the leased vehicle. The lessee may purchase the leased vehicle at lease end by paying the purchase option price stated in the lease, if applicable, which equals the contract residual value plus a fee of up to $[500] and other amounts owed under the lease. If the lessee decides not to purchase the leased vehicle, the lessee must return it to the dealer by the lease's current scheduled lease end date and, if applicable, pay the disposition fee.

If the lessee does not return or purchase the vehicle by the 10th day after the lease's current scheduled lease end date, the lessee may be responsible for additional monthly payments until the leased vehicle is returned, repossessed or purchased.

Vehicle Inspection. If the lessee returns the leased vehicle, the vehicle is inspected to determine its condition. An inspection may occur before the current scheduled lease end date and is usually conducted by a third party inspection company. At the time of the inspection the lessee is typically given a vehicle condition report that states the amount the lessee must pay for excess wear and use on the leased vehicle. If the vehicle inspection is not completed before the vehicle is returned, the vehicle will be inspected shortly after it is returned.

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Vehicle Disposal. Ford Credit works with the vehicle remarketing department of Ford to manage the disposition of returned vehicles and seeks to maximize net sale proceeds, which equal gross auction proceeds less auction fees and costs for reconditioning and transporting the vehicles. Ford Credit sells returned leased vehicles through two primary channels, over the internet directly to dealers and through physical auctions. On average, returned leased vehicles are sold within [25] to [35] days of return.

Ford Credit uses a proprietary vehicle pricing model to establish an expected price for each vehicle based on recent prices of similar vehicles at physical auctions and taking into account options included on the vehicle, mileage and any excess wear and use. In a small number of cases, including limited vehicle models or new vehicle models where there is not sufficient auction sale information available, prices are set using a manual pricing process with input from an experienced pricing analyst.

After the price is established, Ford Credit generally offers returned vehicles for sale first using an online remarketing application called Accelerate, through which eligible dealers may purchase returned vehicles over the internet before they are shipped to auction. Ford Credit may decide to ship vehicles more quickly to auction for a variety of reasons including insufficient space on dealer lots, which can be impacted by weather and the volume of returned vehicles. In general, returned vehicles are sold through Accelerate within seven business days of their return. By selling returned vehicles through Accelerate, the titling company receives a price similar to that expected at auction, without incurring transportation, reconditioning and auction expenses or waiting for the next scheduled physical auction. If a vehicle is sold on Accelerate, Ford Credit collects the proceeds electronically. The percentage of eligible vehicles purchased through Accelerate has ranged between [30% and 44%].

[In addition, Ford sponsors a marketing program to incentivize Lincoln dealers to purchase returned leased vehicles through Accelerate, certify those vehicles and sell them to customers under a certified pre-owned program. Under this program, Ford Credit uses the same proprietary model to establish the price of the returned leased Lincoln vehicles as it uses for other vehicles.]

Vehicles not sold on Accelerate are shipped to a Ford-sponsored auction in the United States. Vehicles are typically shipped to the closest auction site, but Ford's vehicle remarketing group uses a proprietary model to determine whether to ship the vehicle to another region to maximize net sale proceeds. At each auction site, each vehicle is inspected by trained auction personnel. As part of the inspection, the auction personnel provide an assessment of the condition of the vehicle and make recommendations for any repairs to improve the condition to maximize auction value. The Ford vehicle remarketing area manager decides whether to make the repairs and oversees vehicle repairs and reconditioning. Most of the vehicles, including the ones in the best condition, are offered first in Ford-sponsored auctions open only to Ford dealers and may subsequently be offered in auctions open to every dealer. The remarketing area manager may declare a 'no sale' for any vehicle because the bid amount did not match the minimum amount expected for a vehicle. These vehicles are auctioned at a later date to maximize net sale proceeds. The Ford-sponsored auctions also offer vehicles through an online remarketing process in between physical auctions and offer a real-time webcast of physical auctions that allow internet bidders to participate. After a vehicle is sold at auction, Ford Credit collects the net sale proceeds electronically.

Early Termination by Lessee. A lessee may terminate a lease before making the originally scheduled number of payments. If the lessee terminates the lease early, the lessee must return the vehicle or may purchase the leased vehicle, if applicable.

If the lessee returns the vehicle early, the lessee must pay the money owed under the lease, including any remaining monthly payments, plus any charges for excess mileage and excess wear and use and, if applicable, a disposition fee. Alternatively, the lessee may pay the amount by which the unpaid balance on the lease (including any remaining monthly payments and the contract residual value of the leased vehicle) exceeds the wholesale value of the vehicle, plus any applicable early termination fee. At the lessee's option, the vehicle's wholesale value is determined by negotiation between the dealer and the lessee, by appraisal or by selling the vehicle at wholesale. If the dealer negotiates a price with the lessee, the dealer must purchase the vehicle for the unpaid balance on the lease.

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Ford Credit allows the estate of a deceased lessee to terminate the lease early without requiring additional payments, subject to certain requirements including returning the leased vehicle.

Early Termination Program. To encourage new vehicle sales or to pull leased vehicle returns into periods when vehicle resale prices are expected to be higher, Ford may allow selected lessees to terminate their leases early without making a stated number of remaining monthly payments. These programs are generally offered either nationally or regionally to lessees based on the vehicle model they lease and the period during which their lease is scheduled to terminate. To be eligible to participate, a lessee must lease or buy a new Ford or Lincoln vehicle and finance it through Ford Credit. If a lessee accepts the offer, the dealer must pay Ford Credit the total of the monthly payments that are waived under the program. The lessee must pay any other amounts owed under the lease, including any unwaived remaining monthly payments, excess mileage or excess wear and use charges. Ford reimburses the dealer for the dealer payment. A dealer is under no obligation to participate in the program. The rate of participation in Ford's early lease termination programs from lessees has ranged between [0% and 16%].

Repossession and Charge Off. Ford Credit makes reasonable efforts to collect on delinquent accounts and to keep leases current. Repossession is considered only after other collection efforts have failed. While some delinquent lessees voluntarily surrender their vehicles to Ford Credit, self-help repossession is the method used by Ford Credit in most cases and usually occurs by an independent contractor taking possession of the leased vehicle. On average, Ford Credit repossesses the vehicle when the account is between [60 and 70] days delinquent, but may do so earlier or later depending on the risk of the account or other circumstances. Following repossession, the lessee may reinstate their lease in some states under a mandatory reinstatement right before the vehicle is sold. To minimize credit losses, Ford Credit may allow some lessees to reinstate their leases in states where there is no mandatory reinstatement right.

The vast majority of repossessed vehicles are sold at a physical or online auction and the net sale proceeds are applied to the outstanding balance of the lease. As with returned vehicles, Ford Credit works with the vehicle remarketing department of Ford to manage the disposal of repossessed vehicles and seeks to maximize net sale proceeds. On average, vehicles are sold at auction within [35 to 45] days of repossession. A small number of repossessed vehicles are sold through other means. For example, some heavily damaged vehicles are sold for salvage or scrap and some vehicles may receive a settlement amount from an insurance company due to a total loss claim filed on the repossessed vehicle.

After standard collection efforts are exhausted and all collections, including net sale proceeds, refunds on cancelled service contracts and insurance products and insurance claims are applied, Ford Credit charges off any remaining balance owed by the lessee. In a limited number of cases, a lessee or a leased vehicle cannot be located after skip tracing and the lease is charged off as a skip account.

Ford Credit continues to pursue collection of deficiency balances and skip accounts after charge off through its specialty service department for charged off leases. Collection activities generally are continued until the lease is paid or settled in full, the lease is determined to be uncollectible due to bankruptcy of the lessee, or the lessee dies and the estate of the deceased lessee meets certain requirements that include returning the vehicle or the statute of limitations on claims under the lease expires. After several cycles of collection activity on charged off leases, Ford Credit may sell them as a final effort to realize value. Ford Credit may decide not to pursue further collection of the lease if the expected cost of collection exceeds the balance owed by the lessee.

Ford Credit may give up ownership of the leased vehicle and release the title to an insurer to receive proceeds from insurance covering the vehicle, as part of a discounted settlement of the lease or in connection with abandoning its rights in the leased vehicle, in each case according to its policies and procedures.

Total Loss – Deficiency Waiver. A lease account is considered a total loss when the leased vehicle has been damaged beyond repair or stolen. When a lessee maintains proper insurance, Ford Credit waives the lessee's responsibility for any deficiency between the amount remaining due on the lease and the insurance settlement. A lessee is only responsible for the insurance deductible, any past-due monthly payments, prior unrepaired damage, plus any other amount due before the date of loss. If the lessee does

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not maintain proper insurance or the claim is denied, the deficiency will not be waived and the lessee will be responsible for all amounts due.

Bankruptcy Accounts. When Ford Credit is notified that a lessee has filed for bankruptcy, the account is moved to its specialty team that handles accounts with bankrupt lessees. Restrictions of the U.S. federal bankruptcy laws, including the automatic stay, generally prohibit Ford Credit from taking any collection action against the lessee or the leased vehicle without court approval. In both Chapter 7 and Chapter 13 proceedings, most lessees must assume their obligations under the lease in order to retain the leased vehicle. If a lease is assumed in a Chapter 7 proceeding, the lessee is bound by the lease after completion of the Chapter 7 proceeding and the lease is returned to normal servicing after the lessee is discharged from bankruptcy. If a lease is assumed as part of a Chapter 13 proceeding, the lessee and the leased vehicle remain subject to bankruptcy protection for the length of the plan. The typical plan of reorganization in a Chapter 13 proceeding lasts from two to five years. The payments required on an assumed lease will be the same as the original lease payments. No modifications of a lease are permitted. In some Chapter 13 proceedings, a debtor may be given a period of time in which to correct pre-bankruptcy payment defaults, typically six to twelve months. A debtor who assumes a lease as part of a Chapter 13 proceeding may be held responsible for excess mileage charges, excess wear and use charges and a disposition fee or any deficiency balance on the lease.

Portfolio Residual Performance, Delinquency, Repossession and Credit Loss Information

The following tables show Ford Credit's residual performance, delinquency, repossession and credit loss information for its portfolio of leases, including leases in reference pools that Ford Credit continues to service. Residual performance, delinquencies, repossessions or credit losses may be influenced by a variety of economic, social, geographic and other factors beyond the control of Ford Credit. It is not certain that the residual performance, delinquency, repossession or credit loss information of a particular pool of leases will be similar to the historical information shown below or that any trends shown in the tables will continue for any period. It is also uncertain that the historical residual performance, delinquency, repossession and credit loss information included in the table below will accurately predict or be similar to the performance of Ford Credit's portfolio of leases or particular reference pools of leases in the near future.

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Residual Performance Information

___ Months Ended _______,

Year Ended December 31,

Number of Leases Terminated

Number of Vehicles Returned and Sold

Return Rate

%

%

%

%

%

%

%

Vehicles Returned and Sold

Average Adjusted MSRP

$

$

$

$

$

$

$

Average ALG Base Residual Value

Average Residual Loss (Gain)(1)

Residual Loss (Gain) as a % of Adjusted MSRP(1)(2)

Car

%

%

%

%

%

%

%

CUV(3)

SUV(3)

Truck

Average

%

%

%

%

%

%

%

Residual Loss (Gain) as a % of ALG Base Residual Value(1)(4)

%

%

%

%

%

%

%

Terminated Leases

Average Contract Residual Value as a % of Adjusted MSRP(5)

%

%

%

%

%

%

%

Average ALG Base Residual Value as a % of Adjusted MSRP(6)

%

%

%

%

%

%

%

Contract Residual Value Higher (Lower) than ALG Base Residual Value

___

ppts

___

ppts

___

ppts

___

ppts

___

ppts

___

ppts

___

ppts

_______________

⁽¹⁾ The "residual loss (gain)" for each leased vehicle returned and sold equals (a) the base residual value of the leased vehicle, minus (b) the sum of (i) the net auction proceeds from the sale of the leased vehicle, plus (ii) the amounts assessed under the related lease for excess mileage and/or excess wear and use, plus (iii) the amount claimed under any related excess wear and use waiver contract or program.

⁽²⁾ The percentage equivalent to the average residual loss (gain) for leased vehicles of each vehicle type that were returned and sold, divided by the average adjusted MSRP for those vehicles. The vehicle types do not include a small number of vehicles that are not manufactured by Ford or for which Ford Credit does not have a valid vehicle identification number.

⁽³⁾ Explorers and Escapes are classified as CUV instead of SUV for purposes of this table.

⁽⁴⁾ The percentage equivalent to the average residual loss (gain) for leased vehicles that were returned and sold, divided by the average ALG base residual value for those vehicles.

⁽⁵⁾ The percentage equivalent to the average contract residual value for leased vehicles that terminated during the period, divided by the average adjusted MSRP of those vehicles.

⁽⁶⁾ The percentage equivalent to the average ALG base residual value for leased vehicles that terminated during the period, divided by the average adjusted MSRP of those vehicles.

Residual Performance. [Changes in the number of leases terminated in a period primarily reflect increases or decreases in originations 24 to 48 months prior to the relevant period, Ford-sponsored marketing programs that impact the terms of the lease such as early lease termination programs, other early terminations by lessees, and term extensions. As used in the table above, "terminated leases" are leases for which (1) the related leased vehicle was returned during the period and sold by [    ] [    ], 20[ ], (2) the related leased vehicle was purchased under the lease during the period or (3) the lessee defaulted during the period.

"Vehicles returned and sold" refers to the terminated leases that are returned during the period and sold by [   ] [    ], 20[ ]. During the periods covered in the table above, the average residual loss or gain on vehicles returned and sold has been impacted by changing auction values driven by supply and demand in the used vehicle market. Residual losses generally increase in periods where low demand and/or excess supply leads to lower auction values and either decrease or transition to residual gains in periods where high demand or constrained supply leads to higher auction values. Shifts in the composition of the portfolio of terminating off lease vehicles can also drive portfolio outcomes, with relative gains and losses within portfolio segments and vehicle models partially or wholly offsetting each other. Return rates are also sensitive to auction values. In periods where average residual losses are lower (or average residual gains are higher),

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return rates tend to decrease, because in those periods lessees at the end of their term have a greater equity position if they purchase the vehicle rather than return it. Auction values remain variable and can be seasonal.

The table above titled "Residual Performance Information" excludes information about any lease with a leased vehicle that was returned but not sold by [    ] [    ], 20[ ].

References to ALG base residual value in the table represent ALG's forecasts of the value of used vehicles in the future. For more information about these values and the factors that are used to determine them, you should read "Risk Factors — Residual value losses may result in losses on your notes" and "Risk Factors — Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn." The residual losses for a particular pool of leases originated in any period may differ from that shown in the table above.]

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Delinquency, Repossession and Credit Loss Information

	___ Months Ended _______,		Year Ended December 31,
	____	____	____	____		____	____	____
Average number of leases outstanding(1)
Average portfolio outstanding (in millions)(2)	$	$	$		$	$	$	$
Delinquencies
Average number of delinquencies(3)(4)
31 - 60 days
61 - 90 days
91 - 120 days
Over 120 days
Average number of delinquencies as a percentage of average number of leases outstanding(3)(4)
31 - 60 days	%	%	%		%	%	%	%
61 - 90 days	%	%	%		%	%	%	%
91 - 120 days	%	%	%		%	%	%	%
Over 120 days	%	%	%		%	%	%	%
Aggregate balance of delinquent leases as a percentage of average portfolio outstanding(3)(5)
31 - 60 days	%	%	%		%	%	%	%
61 - 90 days	%	%	%		%	%	%	%
91 - 120 days	%	%	%		%	%	%	%
Over 120 days	%	%	%		%	%	%	%
Repossessions and Credit Losses
Repossessions as a percentage of average number of leases outstanding[(8)]	%	%	%		%	%	%	%
Aggregate net losses (gains) (in millions)(6)	$	$	$		$	$	$	$
Net losses (gains) as a percentage of average portfolio outstanding(6)[(8)]	%	%	%		%	%	%	%
Net losses (gains) as a percentage of gross liquidations(6)(7)[(8)]	%	%	%		%	%	%	%
Number of leases charged off
Number of leases charged off as a percentage of average number of leases outstanding[(8)]	%	%	%		%	%	%	%
Average net loss (gain) on leases charged off(6)	$	$	$		$	$	$	$

⁽¹⁾ Average of the number of leases outstanding at the beginning and end of each month in the period.

⁽²⁾ Average of the aggregate balance of leases outstanding at the beginning and end of each month in the period.

⁽³⁾ The period of delinquency is the number of days that more than $49.99 of a scheduled monthly payment is past due, excluding accounts with bankrupt lessees and accounts that have been repossessed or charged off.

⁽⁴⁾ Average of the number of leases delinquent at the beginning and end of each month in the period.

⁽⁵⁾ Aggregate balance at the end of the period over the aggregate balance of all leases outstanding at the end of the period.

⁽⁶⁾ Net losses include the aggregate balance ((i) lease and other charges, plus (ii) external costs associated with repossession and disposition of vehicles incurred both before and after charge off, plus (iii) external costs associated with continued collection efforts incurred after charge off) of all leases that the servicer determined to be uncollectible in the period less any amounts received in the period on leases charged off in the period or any earlier periods. Net losses also include the excess mileage charges and the estimated cost to repair any excess wear and use that the lessee does not pay when the vehicle is returned, less any amount received in the period for excess mileage and excess wear and use. In addition, net losses include the estimated loss recorded at the time a vehicle is repossessed and this estimated loss is adjusted to reflect the actual loss after the vehicle is sold. Realized losses for a securitized pool of leases for any period include the aggregate lease balance ((i) remaining total securitization value, (ii) external costs associated with repossession and disposition of vehicles incurred both before and after charge off and (iii) external costs associated with continued collection efforts incurred after charge off) of all leases that the servicer determined to be uncollectible in the period less any amounts received in the period on leases charged off in the period. Therefore, realized losses for a securitized pool of leases may be higher or lower than net losses for those leases.

⁽⁷⁾ Gross liquidations are cash payments and charge offs that reduce the outstanding balance of a lease.

[⁽⁸⁾ For non-annual periods, the percentages are annualized.]

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Delinquencies, Repossessions and Credit Losses. [Delinquency, repossession and credit loss trends for Ford Credit’s portfolio of leases can be affected by extrinsic events and Ford Credit’s response to such events, as well as by business cycles and auction values for used vehicles. For example, following the onset of the COVID-19 pandemic in early 2020, Ford Credit granted goodwill payment extensions to lessees and temporarily suspended involuntary repossessions of leased vehicles, which contributed to a decline in 30 day delinquency and repossessions.

Delinquency, repossession, and credit loss trends for Ford Credit's portfolio of leases can also be affected by cyclical events like the business cycle, seasonal trends such as auction values and other variables. For example, since 2017, net losses as a percentage of average portfolio outstanding decreased primarily due to increased demand for used vehicles and higher auction values. Auction values remain variable, can be seasonal and can sometimes be subject to historically uncharacteristic volatility, such as the sharp increase in 2021. This sharp increase is primarily attributable to a supply chain constraint resulting in curtailed new vehicle production, fewer new vehicles available for sale and corresponding increased and substituted relative consumer demand for used vehicles.

Delinquencies, repossessions and credit losses are shown as a percentage of Ford Credit's lease portfolio in the table above. Over the periods shown, the portfolio size increased as new leases were originated and decreased as existing leases were paid down or liquidated. The delinquency, repossession and credit loss percentages for a particular pool of leases originated in any period may differ from the portfolio percentages shown in the table above.]

Material Changes to Servicing Policies and Procedures

[As part of its regular cycle plan, Ford Credit launched new consumer behavioral scoring models in February 2018 and again in July 2021. Ford Credit launched new commercial behavioral scoring models for its commercial portfolio in January 2019. In August 2021, Ford Credit formalized a fully remote work pattern for nearly all servicing personnel in the United States, but maintains physical locations to accommodate in-person work as needed.]

For more details about Ford Credit's servicing policies and procedures, you should read "Sponsor and Servicer — Servicing and Collections."

Demands to Reallocate Leases and Leased Vehicles – Prior Securitized Pools

The transaction documents for prior securitizations of leases and leased vehicles sponsored by Ford Credit require Ford Credit to reallocate a lease or leased vehicle from the related reference pool for breach of a representation made about that lease and leased vehicle that has a material adverse effect on the lease or leased vehicle and is not corrected before the date the lease is required to be reallocated. During the three year period ended __________, 20__, [neither Ford Credit nor any of the depositors, the indenture trustees or the owner trustees for those securitizations received a demand to reallocate a lease or leased vehicle from the reference pool in those securitizations.] [If applicable, Rule 15Ga-1(a) information to be provided.] Ford Credit, as securitizer, discloses all reallocation demands and related activity on SEC Form ABS-15G. Ford Credit filed its most recent Form ABS-15G for reallocation requests related to the three year period ended __________, 20__, with the SEC on February __, 20__. Ford Credit's CIK number is 0000038009.

Static Pool Information – Prior Securitized Pools

Annex B contains static pool information about prior amortizing reference pools of leases and related leased vehicles securitized by Ford Credit. The information in Annex B consists of summary information about the original characteristics of the prior securitized pools and a graphical presentation of prepayment, delinquency, termination and loss data for each prior securitized pool. The original characteristics of the prior securitized pools may differ somewhat from each other and from the characteristics of the reference pool in this securitization transaction. This is because Ford Credit's portfolio of leases and leased vehicles, from which the reference pools are selected, changes over time in response to changing economic and market conditions, although such changes generally occur gradually. [Over the period covered by the prior

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securitized pools, newer securitized pools have generally exhibited higher FICO^® scores, lower lease-to-value ratios and higher payment-to-income ratios than older securitized pools, although changes between each successive pool have generally not been significant. As a result, prior securitized pools are generally comparable to the reference pool in this securitization transaction, however, the oldest prior securitized pools generally have the largest differences in characteristics to the reference pool in this securitization transaction.

Despite the differences in characteristics among the prior securitized pools, the performance of the related securitization transactions has been generally consistent over time, and any difference in performance in the reference pool in this securitization transaction compared to prior securitized pools may be more influenced by general macroeconomic conditions than differences in characteristics.

In addition, although the selection criteria used for the leases and leased vehicles in the prior securitized pools have changed over time, these changes do not diminish the general comparability of the prior securitized pools to the reference pool in this securitization transaction.] Prepayments, delinquencies, terminations or losses for the reference pool in this securitization transaction may differ from the information shown in Annex B for prior securitized pools.

Reference Pool

The following description of the reference pool summarizes parts of the transaction documents, including the exchange note purchase agreement, the servicing supplement, the indenture and the asset representations review agreement, but is not a complete description of these agreements. For more details about the transaction documents, you should read the forms of the transaction documents that are included as exhibits to the registration statement filed with the SEC that includes this prospectus.

Trust Assets

The primary asset of the trust will be an exchange note issued by the titling companies to Ford Credit under the credit and security agreement. The exchange note will be backed by a reference pool of car, light truck and utility vehicle leases and leased vehicles purchased by the titling companies from dealers, and not by any other lease assets in Ford Credit's portfolio. On the closing date, the titling companies will issue the exchange note to Ford Credit, Ford Credit will sell the exchange note and other related assets to the depositor and the depositor will sell the exchange note and other related assets to the trust. The trust assets will be pledged by the trust to the indenture trustee for the benefit of the noteholders.

The trust assets will be:

• the exchange note and all amounts paid or due on it on and after the cutoff date,

• rights to funds and investments in bank accounts relating to the notes,

• rights under the transaction documents, including:

• rights for the reallocation of certain leases and leased vehicles, including ineligible leases, [and]

• [rights for any servicer advances, and]

• rights to credit enhancement for the notes, and

• all proceeds of the above.

Selection of Reference Pool

The leases and leased vehicles in the reference pool were randomly selected by Ford Credit from its U.S. portfolio of leases that met the selection criteria as of the cutoff date. Ford Credit did not use selection

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procedures believed to be adverse to the holder of the exchange note in selecting the leases and leased vehicles in the reference pool from other leases and leased vehicles. The selection criteria include that each lease and/or leased vehicle:

• has an original term of not more than [48] months,

• was a new car, light truck or utility vehicle at the beginning of the lease,

• is currently not more than [30] days delinquent as of the cutoff date(Ford Credit considers a lease delinquent if more than $[49.99] of a monthly payment is overdue) although it may have been more than [30] days delinquent in the past,

• has not been granted payment extensions of more than three months as of the cutoff date, and

• is not subject to a bankruptcy proceeding as of the cutoff date.

Composition of Reference Pool

Information about the composition of the reference pool and the characteristics of the leases and leased vehicles in the reference pool is in Annex A.

Initial Asset-Level Data

The depositor prepared asset-level data for the reference pool, [relating to the issuance of notes with an aggregate initial principal amount of $______ and for the reference pool relating to the issuance of notes with an aggregate initial principal amount of $______], or[, in each case,] the "initial asset-level data," and related information and filed it with the SEC on [separate][a] Form ABS-EE[s] by the date of filing of this prospectus as exhibits to Form ABS-EE. [Each][The] Form ABS-EE, and the related information attached as exhibits to the form, is incorporated by reference into this prospectus. The initial asset-level data contains detailed information for each lease and leased vehicle about its identification, origination, lease terms, lessee, payment activity, servicing and status. Certain data in the initial asset-level data, such as data related to scheduled termination dates and vehicle types, may not match the data provided in this prospectus due to differences in how this data is required to be reported for the initial asset-level data and how this data is reported for this prospectus. Investors should carefully review the initial asset-level data and related information attached as exhibits to [each][the] Form ABS-EE.

For more details about the monthly asset-level data, you should read "Monthly Reports."

Depositor Review of Reference Pool

The depositor performed a review of the leases and leased vehicles in the reference pool designed and effected to provide reasonable assurance that the disclosures about the reference pool in this prospectus, including the initial asset-level data, are accurate in all material respects. This review consisted of a statistical data review, a lease review, reviews of data and information by securitization funding personnel and reviews of factual information by senior management and legal office personnel of Ford Credit, and is supported by Ford Credit's business and systems control processes. The depositor consulted with, and was assisted by, responsible personnel of Ford Credit in performing the review. The depositor also engaged a third party to assist it in its statistical data review and the lease review using procedures designed and established by the depositor and determined by the depositor to be sufficient for purposes of its review of the reference pool. The depositor takes full responsibility for the review of the reference pool, the work performed by Ford Credit and third parties and the findings and conclusions of that review.

The depositor completed a multistep quality assurance review of the reference pool selected for this securitization transaction in which Ford Credit securitization funding personnel applied systemic and manual filters to confirm that the leases and leased vehicles in the reference pool meet the selection criteria described in "Reference Pool — Selection of Reference Pool" as of the cutoff date. As part of the reference pool selection process, certain data and information about the reference pool that was transferred from Ford

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Credit's receivables system and other system sources to Ford Credit's securitization system, including the initial asset-level data, was systematically verified back to the source systems and the depositor found no discrepancies. 

The reference pool composition and stratification tables and other reference pool information in "Summary — Reference Pool" and in Annex A were systematically created by Ford Credit's securitization system or calculated from data in Ford Credit's securitization system or other source data by Ford Credit's securitization funding personnel. Ford Credit securitization funding personnel reviewed and verified the data and information in these tables as consistent with the data and information from Ford Credit's securitization system and other source data. In addition, the data and information in these tables were recalculated and confirmed to be consistent with the data and information from the securitization system and other source data. To the extent applicable, the data and information in these tables were confirmed to be consistent with the initial asset-level data. The depositor found no discrepancies in the reference pool composition and stratification tables or the other reference pool information in these tables.

The depositor reviewed a sample of [125] lease files randomly selected from the leases[, each of which are included] in the [two] reference pool[s] described in this prospectus, and compared specific lease information in the sample leases relevant to the data and information about the reference pool[s] in this prospectus to the same information in Ford Credit's receivables system. The depositor found __ error[s] out of [2,250] data points reviewed or compared in the sample leases. The depositor considers that the review indicates no systemic errors in the reference pool data or other errors that could have a material adverse effect on the data and information about the reference pool[s] in this prospectus. Receivables system data for the sample of [125] lease files was also compared against the initial asset-level data.

The depositor confirmed with senior management and legal office personnel of Ford Credit that they performed a comprehensive management and legal review of the information about the reference pool in this prospectus. Senior managers and legal office personnel reviewed and confirmed as accurate the descriptions of the general information about the reference pool and how the leases in the reference pool were originated. Ford Credit legal office personnel also reviewed and confirmed that the descriptions of the material terms of the leases in the reference pool accurately reflect the terms of the forms of leases purchased by the titling companies, that the descriptions of the legal and regulatory considerations that may materially affect the performance of the reference pool accurately reflect current federal and state law and regulations and case law precedents and that the summary of the representations and the remedies available for breach of these representations accurately reflect the terms of the securitization transaction documents.

The depositor's review of the reference pool, including the initial asset-level data, is supported by Ford Credit's extensive control processes used in the day-to-day operation of its business. These controls include financial reporting controls required by the Sarbanes-Oxley Act, regular internal reviews of key business functions, including lease and leased vehicle purchasing, servicing and systems processing, controls to verify compliance with procedures and legal requirements, and quality assurance reviews for credit decisions, lease and leased vehicle purchases and securitization processes. In addition, Ford Credit uses an integrated network of computer applications to ensure that information about the reference pool is accurately entered, captured and maintained in its lease and other systems and accurately transferred among its systems. These computer systems are subject to change control processes, automated controls testing and control review programs to determine whether systems controls are operating effectively and accurately. All of these controls and procedures ensure integrity of data and information and accuracy of securitization disclosures.

After completion of the review described above, the depositor concluded that it has reasonable assurance that the disclosure about the reference pool in this prospectus, including the initial asset-level data, is accurate in all material respects.

Representations About Reference Pool

As sponsor, Ford Credit will make representations to the depositor about each lease and leased vehicle in the reference pool. Generally, these representations relate to the origination of the lease, the

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characteristics of the lease and leased vehicle, legal compliance, terms of the lease and status of the lease, as well as the selection criteria described in "—Selection of Reference Pool" above. In addition, the representations include:

• each lease and leased vehicle in the reference pool was originated and has been serviced in compliance with law in all material respects,

• the applicable titling company has good title, or Ford Credit, as servicer, has begun procedures that will result in good title, to each lease and leased vehicle,

• the collateral agent has a first priority perfected security interest, or Ford Credit, as servicer, has begun procedures that will result in the perfection of the collateral agent's first priority security interest, in the related lease and leased vehicle, and

• each lease in the reference pool is the enforceable payment obligation of the lessee and no lessee has asserted a right of rescission, setoff, counterclaim or defenses against the lease.

The depositor will make similar representations to the trust about each lease and leased vehicle and the reference pool and other property.

Obligation to Reallocate Ineligible Leases and Leased Vehicles

If any representation made by Ford Credit or the depositor about a lease or leased vehicle was untrue when made, the lease or leased vehicle was not eligible to be allocated to the reference pool. If either Ford Credit or the depositor knows, or receives notice from the trust, the owner trustee or the indenture trustee of a claim to the effect that any representation made about a lease or leased vehicle was untrue when made, Ford Credit must investigate whether a breach of that representation has occurred, and if so and if the breach has a material adverse effect on the lease or leased vehicle, Ford Credit or the depositor must reallocate the lease and leased vehicle from the reference pool. In addition, a noteholder may make a request or demand to the indenture trustee that a lease or leased vehicle be reallocated from the reference pool due to a breach of representation made about the leases or leased vehicles and the indenture trustee will notify Ford Credit of any noteholder request or demand it receives.

Ford Credit and the depositor will be considered to know about a breach if a responsible person of Ford or Ford Credit knows of the breach. A "responsible person" of a party is a designated employee or officer of the party who is responsible for this securitization transaction. Ford Credit and the depositor will designate to the indenture trustee their responsible persons for this purpose.

None of the indenture trustee, the owner trustee, the asset representations reviewer or the servicer are obligated to monitor the lease or leased vehicles or investigate whether any representations have been breached.

If Ford Credit or the depositor knows of a breach or receives notice of a breach, a reallocation request or demand or a review report from the asset representations reviewer indicating that a test was failed for a lease, Ford Credit or the depositor will investigate the lease or leased vehicle or leases and leased vehicles to confirm the breach and determine if it has a material adverse effect on any lease or leased vehicle. Ford Credit will report any fulfilled and unfulfilled requests or demands to reallocate leases or leased vehicles and related activity and status on SEC Form ABS-15G, as required by the Securities Exchange Act.

If a reallocation is required, Ford Credit or the depositor will reallocate the lease or leased vehicle from the reference pool on the first payment date after the month in which it obtained knowledge or was notified of the breach or, at its option, on the next payment date, unless it corrects the breach in all material respects before that payment date. On that payment date, Ford Credit or the depositor will reallocate the lease or leased vehicle from the reference pool, effective as of the last day of the second prior month by depositing in the collection account an amount generally equal to (1) the securitization value of the lease, plus (2) [the amount of any outstanding servicer advances, minus (3)] any monthly payments received but not yet due.

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These reallocation obligations will be the sole remedy of the trust, the indenture trustee, the noteholders and the collateral agent for any losses resulting from breaches of the representations of Ford Credit or the depositor about the leases or leased vehicles.

Asset Representations Review

If two factual conditions, which we refer to as "triggers," are met, the asset representations reviewer will perform a review of leases to test for compliance with the representations made by Ford Credit and the depositor about the leases and leased vehicles. The first trigger is a "delinquency trigger" that will occur if the aggregate securitization value of leases in the reference pool that are more than 60 days delinquent as a percentage of the total securitization value as of the end of a month meets or exceeds the delinquency trigger for that month set by Ford Credit as described in " — Delinquency Trigger" below. If the delinquency trigger occurs, it will be reported on the investor report and reported in the Form 10-D for that month. The second trigger is a "voting trigger" that will be met if, after the occurrence of a delinquency trigger, the noteholders of at least 5% of the principal amount of notes demand a vote and, subject to a 5% voting quorum, the noteholders of a majority of the principal amount of the notes that are voted vote to direct a review.

Delinquency Trigger. The "delinquency trigger" will be [0.30]% for the first 12 months after the cutoff date and [0.40]% for the remaining months that the notes are outstanding. Ford Credit developed the delinquency trigger by considering the monthly greater than 60-day delinquency rate observed in its prior securitizations of leases and leased vehicles in this program from [2009] through [2021]. The delinquency rate is calculated as the aggregate securitization value of the leases that are more than 60 days delinquent as a percentage of the total securitization value as of the end of a month. For this purpose, a "delinquent" lease is a lease with more than $49.99 of a scheduled payment past due, including leases with bankrupt lessees but excluding leases with leased vehicles in repossession status or that have been charged off by the servicer according to its servicing procedures.

Annually, Ford Credit derives average monthly delinquency percentages from these prior securitization transactions and uses this data to construct a delinquency curve which it believes, given the consistency of its origination and servicing practices, represents a reasonable expected case delinquency curve for the leases over economic cycles. Ford Credit then applies a multiple of [3.0] to the average delinquency percentage observed at month 12 and month 24, and then rounds the resulting percentages up to the nearest multiple of 0.10. By establishing these multiples consistent with, or within, the multiples of expected cumulative net losses that the Class [C]/[D] notes are expected to be able to withstand without a loss, Ford Credit believes the delinquency trigger is an appropriate threshold at the point when noteholders may benefit from an asset representations review. The delinquency trigger starts at a lower level for the first year and increases the following year of the securitization transaction to reflect the historical shape of the delinquency curve in Ford Credit's securitization transactions. This provides a more conservative delinquency trigger level early in this securitization transaction's life, when rising delinquencies may cause concern about whether the representations made about the leases and leased vehicles are true and when noteholders may benefit most from an asset representations review.

Ford Credit believes that the delinquency trigger is appropriate based on:

• its experience with delinquency in its prior securitized pools of leases, and in its portfolio of leases,

• its observation that greater than 60-day delinquency rates and net cumulative losses in its lease securitization transactions increase over time and are correlated, and

• its assessment of the amount of cumulative net losses that would likely result in a loss to noteholders of the most junior notes in prior securitized pools.

For Ford Credit's prior securitized pools in Annex B, the percentage of leases that have been more than 60 days delinquent at month 12 have ranged from [0.05]% to [0.11]% and at month 24 have ranged from [0.05]% to [0.12]%. The following chart shows the monthly percentages of leases more than 60 days

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delinquent in Ford Credit's prior securitized pools and the average monthly delinquency rate for these prior securitized pools from [2009] through [2021] compared to the delinquency trigger established for this securitization transaction.

 

Voting Trigger. If the delinquency trigger occurs on the last day of the month, a noteholder may demand that the indenture trustee call a vote of all noteholders on whether to direct the asset representations reviewer to perform a review. If noteholders of at least 5% of the principal amount of the notes demand a vote within 90 days after the filing of the Form 10-D reporting the occurrence of the delinquency trigger, the indenture trustee will submit the matter to a vote of all noteholders of record as of the most recent record date through DTC. The vote will remain open until the 150th day after the filing of that Form 10-D. Assuming a voting quorum of noteholders holding at least 5% of the principal amount of the notes is reached, if the noteholders of a majority of the principal amount of the notes that are voted vote to direct a review, the indenture trustee will issue a review notice to the asset representations reviewer and the servicer directing an asset review. If the requirements of the voting trigger are not met within these time periods, no review of the leases will be performed for that occurrence of the delinquency trigger.

Asset Representations Review Process. If the indenture trustee issues a review notice as described in the preceding paragraph, the asset representations reviewer will perform the related review on all of the leases that are more than 60 days delinquent at the end of the month prior to the date of the issuance of direction. We refer to this set of leases as the "review leases." Within 60 days of the receipt of a review notice, the servicer will give the asset representations reviewer access to the lease files and other information necessary for the review of all of the review leases. Upon receiving access to the review materials, the asset representations reviewer will start its review of the review leases and complete its review within 60 days after receiving access to all review materials. The review period may be extended by up to an additional 30 days if the asset representations reviewer detects missing review materials that are subsequently provided within the 60-day period or requires clarification of any review materials or testing procedures. The review will consist of performing specific tests for each representation and each review lease and determining whether each test was passed or failed. If the servicer notifies the asset

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representations reviewer that a review lease was paid in full or reallocated from the reference pool before the review report is delivered, the asset representations reviewer will terminate the tests of that review lease and the review of that review lease will be considered complete. If a review lease was included in a prior review, the asset representations reviewer will not be required to perform any tests on the lease, and will include the results of the previous tests in the review report for the current review. However, the asset representations reviewer may provide additional information in a review report about any review lease that it determines in good faith to be material to the review.

The review tests were designed by Ford Credit to determine whether a review lease was not in compliance with the representations made about it in the transaction documents at the relevant time, which is usually at origination of the lease or as of the cutoff date or closing date. There may be multiple tests for each representation. The review is not designed to determine why the lessee is delinquent or the creditworthiness of the lessee, either at the time of the review or at origination of the lease. The review is not designed to determine whether the lease was serviced in compliance with the servicing agreement after the cutoff date. The review is not designed to establish cause, materiality or recourse for any failed test. The review is not designed to determine whether Ford Credit's origination, underwriting, purchasing and servicing policies and procedures are adequate, reasonable or prudent.

Review Report. Within five days after the end of the review period, the asset representations reviewer will provide a report to the sponsor, the depositor, the trust, the servicer and the indenture trustee on the test results for each review lease and each representation, including any review lease for which the tests were considered complete, and the related reason. The asset representations reviewer is not responsible for determining whether noncompliance with any representation is a breach of the transaction documents or if a lease is required to be reallocated from the reference pool.

On delivery of the review report, the asset representations reviewer will be entitled to receive a review fee of up to $___ for each lease tested in the review. On receipt of the report, the review fee will be paid to the asset representations reviewer according to the priority of payments as described under "Description of the Notes — Priority of Payments." A summary of the report of the asset representations review will be included in the Form 10-D for the trust in the next month.

For more information about the asset representations reviewer, you should read "Transaction Parties — Asset Representations Reviewer."

Dispute Resolution for Reallocation Requests

If a request is made for the reallocation of a lease and leased vehicle due to a claim of a breach of a representation made about the leases or leased vehicles, and the reallocation request is not resolved within 180 days after Ford Credit or the depositor receives notice of the reallocation request, the requesting party, including a noteholder, will have the right to refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. The requesting party must start the mediation or arbitration proceeding according to the rules of the mediation or arbitration organization with 90 days after the end of the 180-day period. Ford Credit and the depositor must agree to participate in the selected resolution method. Dispute resolution to resolve reallocation requests will be available regardless of whether the noteholders voted to direct an asset representations review or whether the delinquency trigger occurred. However, if the lease subject to a reallocation request has been part of an asset representations review and the asset representations review report states that no tests were failed for the lease, the reallocation request for the lease will be deemed to be resolved.

A mediation or arbitration will be administered by [The American Arbitration Association] using its mediation or arbitration rules in effect at the time of the proceeding. If [The American Arbitration Association] no longer exists, or if its rules would no longer permit mediation or arbitration of the dispute, the matter will be administered by another nationally recognized mediation or arbitration organization selected by Ford Credit, using its rules then in effect. However, if any rules of the mediation or arbitration organization are inconsistent with the procedures for the mediation or arbitration stated in the transaction documents, the procedures in the transaction documents will control. Any mediation or arbitration will be held in New York

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City at the offices of the mediator or arbitrator or at another location selected by Ford Credit or the depositor. Any party or witness may appear by teleconference or video conference.

A single mediator or arbitrator will be selected by the mediation or arbitration organization from a list of neutrals maintained by it according to its mediation or arbitration rules then in effect. The mediator or arbitrator must be impartial, an attorney admitted to practice in the state of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

For a mediation, the proceeding will start within [15] days after selection of the mediator and conclude within [30] days after the start of the mediation. Expenses of the mediation will be allocated among the parties as mutually agreed by the parties as part of the mediation. If the parties fail to agree at the completion of the mediation, the requesting party may refer the reallocation request to arbitration.

For an arbitration, the arbitrator will establish procedures and will have the authority to schedule, hear and determine motions made by the parties. Discovery will be scheduled for completion within [30] days of selection of the arbitrator and the evidentiary hearing on the merits will start no later than [90] days after the selection of the arbitrator and will proceed for no more than [six] consecutive business days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow additional time for discovery and hearing on a showing of good cause or due to unavoidable delays.

The arbitrator will make its final determination in writing no later than [90] days after its selection. The arbitrator will not have the power to award punitive or consequential damages or award remedies not consistent with the transaction documents. The arbitrator will determine and award the expenses of the arbitration to the parties in its reasonable discretion. The final determination of the arbitrator will be final and non-appealable and may be entered and enforced in any court with appropriate jurisdiction. By selecting arbitration, the requesting party is giving up its right to sue in court, including the right to a trial by jury.

Neither the depositor nor the sponsor will be required to produce personally identifiable customer information for purposes of any mediation or arbitration. Each party will agree to keep the details of the reallocation request and the dispute resolution confidential, except as may be required by applicable law.

Description of Exchange Note

The titling companies will issue the exchange note under an exchange note supplement to the credit and security agreement among the titling companies, the administrative agent, the collateral agent and Ford Credit. The following summarizes the main terms of the exchange note and the exchange note supplement but is not a complete description of the exchange note, the credit and security agreement or exchange note supplement. For more details about the exchange note and the credit and security agreement and the exchange note supplement, you should read the credit and security agreement and the form of exchange note supplement that are exhibits to the registration statement filed with the SEC that includes this prospectus.

Ford Credit finances the titling companies' purchase of leases and leased vehicles under the credit and security agreement as described in "Sponsor and Servicer -— Use of Titling Companies; Financing Purchases of Leases by Titling Companies." At any time, Ford Credit may request that the titling companies exchange a portion of the amount outstanding under the credit and security agreement for a term note evidenced by an "exchange note" and allocate a portion of the leases and leased vehicles that secure the loans under the credit and security agreement to that exchange note. The exchange note issued for this securitization transaction will represent a debt obligation of the titling companies secured by the leases and leased vehicles in the "reference pool" allocated to the exchange note.

On the closing date, the titling companies will issue the exchange note to Ford Credit under a supplement to the credit and security agreement, or the "exchange note supplement." Ford Credit will sell the exchange note to the depositor which will, in turn, sell the exchange note to the trust. The trust will pledge the exchange note and its other assets to the indenture trustee for the benefit of the noteholders. The primary asset of the trust will be the exchange note.

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As holder of the exchange note, the trust will be entitled to the payments made on the exchange note. Payments on the exchange note will be based on the amounts received on the leases and leased vehicles in the reference pool. These amounts include:

• payments by or on behalf of the lessees on the leases in the reference pool applied on or after the cutoff date,

• net proceeds from the sale of the leased vehicles in the reference pool, and

• proceeds from claims on insurance companies for insurance covering the lessees, the leases or the leased vehicles in the reference pool.

Interest will accrue on the exchange note at a rate of ___% per annum. This interest rate equals the interest rate on the Class [C]/[D] notes plus ___%. The exchange note will accrue interest on an actual/360 basis from the closing date to the date on which the exchange note balance is reduced to zero. The servicer will instruct the indenture trustee to make interest and principal payments on the exchange note on each payment date from exchange note available funds as described under "— Priority of Payments on Exchange Note" below.

The indenture trustee will have a first priority security interest in the exchange note for the benefit of the holders of the notes. The exchange note is secured by a security interest in the leases and leased vehicles owned by the titling companies and financed under the credit and security agreement, including the leases and leased vehicles in the reference pool. Under the credit and security agreement, the security interest of the collateral agent in a leased vehicle and the net sale proceeds is released immediately before sale, if Ford Credit, as servicer, deposits an amount equal to those proceeds in the collection account under the servicing agreement. However, the trust will agree that it will have recourse solely to the reference pool, the reserve account and, if available, shared amounts allocated to the exchange note from other reference pools. The trust will also agree that any claim it may have against the assets of the titling companies other than the reference pool allocated to the exchange note held by the trust will be subordinate to the payment in full of the claims of Ford Credit, as the lender under the credit and security agreement, the holders of the other exchange notes and other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the titling companies, and related hedging arrangements. However, the trust will be able to accelerate the maturity of the exchange note on default and then bring suit and obtain a judgment against either of the titling companies on the exchange note.

The trust will also agree that, before the date which is one year and one day after payment in full of the obligations under the credit and security agreement, including the exchange notes, it will not begin or join in bankruptcy proceedings against the titling companies.

As long as any of the notes are outstanding, the indenture trustee, acting at the direction of a majority of the controlling class, will be entitled to exercise the rights and remedies of the trust as holder of the exchange note.

Funds Available for Payments on Exchange Note

Payments on the exchange note will be made from "exchange note available funds," which for any payment date generally will be equal to collections on the reference pool for the collection period, amounts withdrawn from the reserve account and, if available, shared amounts from other reference pools allocated to the exchange note. For each payment date, the "collection period" is the calendar month preceding the payment date.

Collections. For each month, "collections" on the reference pool will consist of the following amounts:

• base monthly payments on the leases in the reference pool for the month that are received by the servicer, plus

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• [any advances of base monthly payments for the month made by the servicer on the leases, minus reimbursements of any servicer advances previously made on the leases in the reference pool, plus]

• proceeds from the sale or other disposition of leased vehicles in the reference pool, plus

• amounts paid by Ford Credit or the depositor for the reallocation of ineligible leases and leased vehicles from the reference pool, plus

• amounts paid by the servicer for the reallocation of servicer modified or servicer impaired leases and leased vehicles from the reference pool, plus

• other amounts received by the servicer on leases in the reference pool, including excess mileage and excess wear and use charges, insurance proceeds and recoveries on any lease that has been charged off, plus

• amounts assessed by the servicer to the lessees of leases in the reference pool for a payment extension, minus

• following amounts relating to the leases in the reference pool (1) payments of sales and use taxes on the base monthly payments and amounts to cover personal property taxes and similar government charges, (2) late fees, returned check fees and any other similar fees or charges, (3) amounts required to reimburse the servicer for fees, fines or other amounts paid by the servicer on behalf of a lessee, (4) amounts spent by the servicer and charged to the account of a lessee, (5) amounts paid to third parties for repossession and disposition of a leased vehicle, (6) amounts required to be refunded to a lessee and (7) external costs of collection on charged off leases.

Base monthly payments that are received by the servicer before the month in which they are due will be held in the collection account and included in collections for the month in which they are due.

This diagram shows the sources of exchange note available funds for each payment date. Exchange note available funds, including amounts withdrawn from the reserve account to cover shortfalls and any shared amounts from other reference pools allocated to the exchange note, are the only funds that will be used to make payments on the exchange note on each payment date.

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The following diagram shows how exchange note available funds are distributed on each payment date. The priority of payments shown in this diagram will apply unless the exchange note is accelerated after a facility default or an exchange note default.

 

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Priority of Payments on Exchange Note

General Rule. On each payment date, the servicer will direct the indenture trustee to use exchange note available funds for the collection period to make payments in the order of priority listed below. This priority will apply unless the exchange note is accelerated after a facility default or an exchange note default.

(1) to the servicer, servicing fees due [and reimbursement of any outstanding servicer advances],

(2) to the trust, interest due on the exchange note,

(3) to the trust, amounts necessary to cover any shortfall in payments under items (1) through [(7)]/[(9)] under "Description of the Notes — Priority of Payments,"

(4) to the reserve account, the amount required to replenish the reserve account to its original balance, unless the payment date is on or after the final scheduled payment date for the Class [C]/[D] notes,

(5) to the trust, principal on the exchange note equal to the excess of the principal amount of the notes (or, if the trust is no longer the holder of the exchange note, the principal amount of the exchange note) over an amount equal to the total securitization value at the beginning of the month that includes the payment date minus the targeted overcollateralization amount, which amount will be reduced by any payments in respect of principal made in item (3) above,

(6) to be applied as shared amounts on any other exchange note that is in default as a result of a failure to pay principal or interest, and

(7) remaining money, to the trust as excess exchange note amounts.

If collections on the reference pool on any payment date are insufficient to cover the money payable under items (1) through (3), the servicer will direct the indenture trustee to withdraw the shortfall from the reserve account if available and use it to pay amounts payable under items (1) through (3) that remain unpaid.

If an exchange note default as a result of failure to pay principal or interest has occurred and is continuing, the servicer will direct the indenture trustee to use any shared amounts allocated to the exchange note to pay amounts payable under items (1) through (3) that remain unpaid.

Post-Acceleration Exchange Note Priority of Payments. If the exchange note is accelerated after a facility default or an exchange note default, on each payment date starting with the payment date relating to the month in which the acceleration occurs, the indenture trustee will apply the amount in the collection account, together with any shared accounts allocated to the exchange note for the payment date, to make payments in the following order of priority:

(1) to the collateral agent, money due to the collateral agent related to the exchange note or the reference pool,

(2) to the administrative agent, money due to the administrative agent related to the exchange note or the reference pool,

(3) to the servicer, servicing fees due [and reimbursement of any outstanding servicer advances],

(4) to the trust, interest due on the exchange note,

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(5) to the trust, the amount required to cover money payable under items (1) through [(8)]/[(10)] under "Description of the Notes — Post-Acceleration Priority of Payments,"

(6) to the trust, principal on the exchange note until paid in full,

(7) to be applied as shared amounts to any other exchange note that is in default as a result of non-payment of principal or interest, and

(8) remaining money, to the trust as excess exchange note amounts.

Shared Amounts

Collections remaining after making the payment described in item (5) in "— Priority of Payments on Exchange Note — General Rule" above will be available for allocation to other exchange notes. This excess, plus any similar excesses from other exchange notes are called "shared amounts" and will be allocated to cover shortfalls in interest and principal payments owed on other exchange notes for which an exchange note default for failure to pay principal or interest has occurred and is continuing. In addition, if a default occurs and is continuing on the exchange note issued for this securitization transaction as a result of a failure to pay principal or interest, shared amounts from other exchange notes may be available to the exchange note issued for this securitization transaction on each payment date.

If a default for failure to pay principal or interest has occurred and is continuing on any exchange note, the defaulted exchange note will be allocated an amount equal to the shared amounts from the exchange notes multiplied by a fraction the numerator of which is the outstanding note balance of the defaulted exchange note and the denominator of which is the sum of the outstanding balance under the revolving credit facility plus the aggregate note balance of the exchange notes.

Shared amounts, if available for the exchange note issued for this securitization transaction, will cover shortfalls in the payments described in items (1) through (5) in "— Priority of Payments on Exchange Note — General Rule" above.

Amendments to Credit and Security Agreement and Exchange Note Supplement

The exchange note supplement may be amended without the consent of the noteholders or of the trust, as holder of the exchange note, and the credit and security agreement may be amended without the consent of any noteholder or any holder of an exchange note, including the trust as holder of the exchange note, to:

• further protect the collateral agent's interest in the leases and leased vehicles or the indenture trustee's interest in the exchange note or other trust property,

• add any covenants for the benefit of the secured parties,

• transfer or pledge any property to the collateral agent,

• cure any ambiguity in or to correct or supplement any provision in the exchange note supplement or the credit and security agreement,

• evidence the acceptance of the appointment under the credit and security agreement of a successor administrative agent or successor collateral agent, or

• make any amendment to the exchange note supplement or the credit and security agreement that does not materially adversely affect the interests of any exchange noteholder (other than exchange noteholders who have consented to the amendment).

The credit and security agreement may also be amended in any other way with the consent of each exchange noteholder.

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The exchange note supplement may also be amended in any other way with the consent of the indenture trustee, as directed by a majority of the controlling class.

Facility Defaults and Exchange Note Defaults; Rights on Default

Each of the following events will be a "facility default" under the credit and security agreement:

• bankruptcy or dissolution of any of the titling companies, and

• bankruptcy or dissolution of the servicer, unless, on or before the date the servicer is terminated, a successor servicer has accepted its appointment.

If a facility default occurs, the exchange note will automatically be accelerated and the exchange note will be immediately due and payable.

Each of the following events will be an "exchange note default:"

• failure to pay interest due on the exchange note within five business days after the due date,

• failure to pay the principal amount of the exchange note in full by its final scheduled payment date,

• failure by either titling company to observe or perform any covenant or agreement made in the credit and security agreement or the exchange note supplement, which failure materially and adversely affects the rights of the trust, as holder of the exchange note, and is not corrected for a period of 60 days after notice was given to the appropriate titling company, and

• any representation of the titling companies made in the credit and security agreement or the exchange note supplement was untrue when made which materially and adversely affects the trust, as holder of the exchange note, and is not corrected for a period of 60 days after notice was given to the titling companies.

If an exchange note default occurs and is continuing, the indenture trustee, acting at the direction of a majority of the controlling class, may accelerate the exchange note and declare the exchange note to be immediately due and payable. Under some circumstances, the indenture trustee, acting at the direction of a majority of the controlling class, may rescind this declaration.

If a facility default occurs or if the exchange note is accelerated and declared due and payable following an exchange note default, the collateral agent, acting at the direction of a majority of the controlling class, may (1) file a lawsuit for the collection of the exchange note and enforce any judgment and (2) begin foreclosure proceedings on the leases and leased vehicles in the reference pool and/or (3) exercise any other remedies of a secured party. If the reference pool is liquidated following an acceleration of the exchange note, the amount of principal paid on the exchange note on the next payment date will increase, which will increase the amount of principal that is payable on the notes on that payment date.

Description of the Notes

The trust will issue the notes under an indenture between the trust and the indenture trustee. The following description summarizes the main terms of the notes and the indenture but is not a complete description of the notes or the indenture. For more details about the notes and the indenture, you should read the form of indenture that is included as an exhibit to the registration statement filed with the SEC that includes this prospectus.

Payments of Interest

[General.] Interest will accrue on the notes at the per annum interest rate for each class stated on the cover of this prospectus and will be due and payable to the noteholders on each payment date. [The interest

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rate for the floating rate notes will be determined as described below under "— Floating Rate Benchmark Rate; Benchmark Transition Event."] Interest on the Class A-1 notes [and the floating rate notes] will accrue on an "actual/360" basis from the prior payment date to the following payment date (or from the closing date, for the first period). Interest on all other classes of notes will accrue on a "30/360" basis from the 15th day of the prior month to the 15th day of the current month (or from the closing date to _______, 20__, for the first period).

All interest due but not paid on a payment date will be due on the next payment date, together with interest on the unpaid amount at the applicable interest rate. Failure to pay interest that is due on the notes of the controlling class that continues for five days after the payment date will be an event of default. Failure to pay interest that is due on any class of notes that is not part of the controlling class will not be an event of default.

The trust will pay interest on the notes on each payment date from exchange note available funds on that payment date. Interest will not be paid on any subordinated class of notes until interest due on more senior classes of notes is paid in full.

If exchange note available funds are insufficient to pay all interest due on any class of notes on a payment date, each holder of that class of notes will receive its pro rata share of the funds that are available. Any priority principal payments on more senior classes of notes will be made before the payment of interest due on the Class B[,]/[or] Class C [or Class D] notes.

For more details about the priority of payments made from exchange note available funds on each payment date, including priority payments of principal of senior classes of notes, you should read " — Priority of Payments" below.

If the notes are accelerated after an event of default, interest due on the subordinated classes of notes will not be paid until both interest on and principal of more senior classes of notes are paid in full. For instance, interest due on the Class B notes will not be paid until interest on and principal of the Class A notes are paid in full.

For more details about the payment priorities after an acceleration of the notes, you should read " — Post-Acceleration Priority of Payments" below.

[Floating Rate Benchmark Rate; Benchmark Transition Event. Interest on the floating rate notes will accrue at a floating rate based on a benchmark rate initially based on the secured overnight financing rate, or "SOFR," published by the FRBNY but will be replaced by the benchmark replacement following the occurrence of a benchmark transition event and its related benchmark replacement date as described below. The benchmark rate will initially be "30-day average SOFR," which for any determination date is the average of the daily SOFR for the preceding 30 calendar days, compounded daily on SOFR business days. The 30-day average SOFR rate will be obtained by the calculation agent for each interest period by referring to a published source of the rate. The calculation agent will obtain 30-day average SOFR for each interest period on the "SOFR determination date," which is the second SOFR business day before that interest period. If a published 30-day average SOFR rate is unavailable on a SOFR determination date, the rate will be the 30-day average SOFR for the most recent SOFR business day on which such rate was published. For purposes of calculating the SOFR rate, a "SOFR business day" means a business day determined in accordance with the SOFR publication calendar of the FRBNY. All determinations of 30-day average SOFR by the calculation agent, in absence of manifest error, will be conclusive and binding on the noteholders.

Notwithstanding the foregoing, if the trust determines that a benchmark transition event and its related benchmark replacement date have occurred prior to the SOFR determination date or otherwise prior to the determination date of the then-current benchmark, the benchmark replacement will replace the then-current benchmark for all purposes relating to the floating rate notes in respect of such determination on such date and all determinations on all subsequent dates.

A "benchmark transition event" means the occurrence of one or more of the following events with respect to the then-current benchmark:

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(1) a public statement or publication of information by or on behalf of the administrator of the benchmark announcing that such administrator has ceased or will cease to provide the benchmark, permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to provide the benchmark,

(2) a public statement or publication of information by the regulatory supervisor for the administrator of the benchmark, the central bank for the currency of the benchmark, an insolvency official with jurisdiction over the administrator for the benchmark, a resolution authority with jurisdiction over the administrator for the benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the benchmark, which states that the administrator of the benchmark has ceased or will cease to provide the benchmark permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to provide the benchmark, or

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the benchmark announcing that the benchmark is no longer representative of the underlying market or economic reality or may no longer be used.

A "benchmark replacement date" means:

(1) in the case of clause (1) or (2) of the definition of benchmark transition event, the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the benchmark permanently or indefinitely ceases to provide the benchmark, or

(2) in the case of clause (3) of the definition of benchmark transition event, the date of the public statement or publication of information referenced therein.

The "benchmark replacement" will be the first alternative set forth in the order below that can be determined by the trust as of the benchmark replacement date:

(1) the sum of (a) the alternate rate of interest that has been selected or recommended by the relevant governmental body as the replacement for the then-current benchmark for the applicable corresponding tenor and (b) the benchmark replacement adjustment, or

(2) the sum of (a) the alternate rate of interest that has been selected by the trust in its reasonable discretion as the replacement for the then-current benchmark for the applicable corresponding tenor and (b) the benchmark replacement adjustment.

The "corresponding tenor" will be a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current benchmark.

The "benchmark replacement adjustment" will be the first alternative set forth in the order below that can be determined by the trust as of the benchmark replacement date:

(1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the relevant governmental body for the applicable unadjusted benchmark replacement, and

(2) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected by the trust in its reasonable discretion for the replacement of the then-current benchmark with the applicable unadjusted benchmark replacement.

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The "unadjusted benchmark replacement" is the benchmark replacement excluding the benchmark replacement adjustment. The "relevant governmental body" is the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened by the Federal Reserve Board and/or the FRBNY, or any successor thereto.

In connection with the implementation of a benchmark replacement, the trust will have the right from time to time to make "benchmark replacement conforming changes," which are any technical, administrative or operational changes (including changes to the timing and frequency of determining rates, the process of making payments of interest, rounding of amounts or tenors, and other administrative matters) that the trust decides may be appropriate to reflect the adoption of such benchmark replacement in a manner substantially consistent with market practice (or, if the trust decides that adoption of any portion of such market practice is not administratively feasible or if the trust determines that no market practice for use of the benchmark replacement exists, in such other manner as the trust determines is reasonably necessary).

Notice of the occurrence of a benchmark transition event and its related benchmark replacement date, the determination of a benchmark replacement and the making of any benchmark conforming changes will be included in the monthly investor report. Notwithstanding anything in the transaction documents to the contrary, upon the inclusion of such information in the monthly investor report, the relevant transaction documents will be deemed to have been amended to reflect the new unadjusted benchmark replacement, benchmark replacement adjustment and/or benchmark replacement conforming changes without further compliance with the amendment provisions of the relevant transaction documents.

Any determination, decision or election that may be made by the trust in connection with a benchmark transition event or a benchmark replacement as described above, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the trust's sole discretion, and, notwithstanding anything to the contrary in the transaction documents, will become effective without consent from any other party. None of the trust, the owner trustee, the indenture trustee, the calculation agent, the administrator, the sponsor, the depositor or the servicer will have any liability for any determination made by or on behalf of the trust in connection with a benchmark transition event or a benchmark replacement as described above, and each noteholder, by its acceptance of a note or a beneficial interest in a note, will be deemed to waive and release any and all claims against the trust, the owner trustee, the indenture trustee, the calculation agent, the administrator, the sponsor, the depositor or the servicer relating to any such determinations.]

Payments of Principal

The trust will pay principal of the notes on each payment date in the amounts described below. Principal will be paid sequentially to each class of notes in order of seniority, starting with the Class A-1 notes. [The Class A-2a notes and the Class A-2b notes are a single class with equal rights to payments of principal and interest, which will be made on a pro rata basis.] The trust will not pay principal of any class of notes until the principal amounts of more senior classes are paid in full. Ford Credit expects the principal amount of each class of notes to be repaid by that class's final scheduled payment date. If the principal amount of any class of notes is not paid in full by its final scheduled payment date, an event of default will occur and the principal amount of all classes of notes may be declared immediately due and payable.

The notes benefit from the application of exchange note available funds remaining after payment of the senior fees and expenses of the trust, interest due on the notes and any required deposits in the reserve account, including the portion of the remaining payments that is excess spread. After those amounts are paid, the trust will apply any remaining exchange note available funds to pay principal of the notes, in order of priority, until the targeted overcollateralization amount is reached before any funds will be distributed to the holder of the residual interest.

After the targeted overcollateralization amount is reached, the trust will pay principal of the notes on each payment date generally in an amount equal to the excess of (a) the principal amount of the notes as of the close of business on the prior payment date over (b) the excess of the total securitization value as of the beginning of the month that includes the payment date minus the targeted overcollateralization amount. In

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other words, principal will be paid on the notes on each payment date in an amount equal to the decrease in the total securitization value for the prior month, unless the actual amount of overcollateralization differs from the targeted overcollateralization amount. All exchange note available funds will be used to make these payments.

Unless a priority principal payment is required, the trust will pay principal of the notes on each payment date only after all interest due on the notes is paid in full and any required deposit in the reserve account is made. Priority principal payments are required when the total securitization value is less than the principal amount of the Class A[,]/[or] Class [,]/[or Class C] notes. Priority principal payments are also required for the Class A[,]/[and] Class B [and Class C] notes if they are not paid in full before their respective final scheduled payment date. These priority principal payments will be paid to more senior classes of notes before payments of interest on subordinated classes of notes. The "priority principal payments" for a payment date are:

· a "first priority principal payment" payable to the Class A noteholders, equal to the excess of the principal amount of the Class A notes on the prior payment date (after giving effect to payments on that date) over the total securitization value at the beginning of the month that includes the payment date, except that on and after the final scheduled payment date for each class of Class A notes, this amount will equal the principal amount of that class of Class A notes until paid in full, and

· a "second priority principal payment" payable to the Class A and Class B noteholders, equal to (a) the excess of the principal amount of the Class A and Class B notes on the prior payment date (after giving effect to payments on that date) over the total securitization value at the beginning of the month that includes the payment date, minus (b) the amount of any first priority principal payment, except that on and after the final scheduled payment date for the Class B notes, this amount will equal the principal amount of the Class B notes until paid in full.

· [a "third priority principal payment" payable to the Class A, Class B and Class C noteholders, equal to (a) the excess of the principal amount of the Class A, Class B and Class C notes on the prior payment date (after giving effect to payments on that date) over the total securitization value at the beginning of the month that includes the payment date, minus (b) the amount of any first priority principal payment minus (c) the amount of any second priority principal payment, except that on and after the final scheduled payment date for the Class C notes, this amount will equal the principal amount of the Class C notes until paid in full.]

The trust will pay the regular principal payment to the notes after all interest due on the notes and any required priority principal payments are paid in full. The regular principal payment pays principal to the notes if required to reach the targeted overcollateralization amount before any funds are distributed to the holder of the residual interest. The "regular principal payment" for a payment date is equal to:

· the excess of the principal amount of the notes as of the close of business on the prior payment date over an amount equal to the total securitization value at the beginning of the month that includes the payment date minus the targeted overcollateralization amount for the current payment date, minus

· the sum of any first priority principal payment[,]/[and] second priority principal payment [and third priority principal payment] made on that payment date,

except that on and after the final scheduled payment date for the Class [C]/[D] notes, the regular principal payment will equal the principal amount of the Class [C]/[D] notes until paid in full.

The amount of the regular principal payment will be limited by the remaining available funds after more senior payments are made.

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Priority of Payments

On each payment date, the servicer will direct the indenture trustee to use available funds for the related collection period to make payments and deposits in the order of priority listed below and, unless indicated below, pro rata based on the amounts due. This priority will apply unless the notes are accelerated after an event of default:

(1) to the indenture trustee, the owner trustee[, the Delaware trustee] and the asset representations reviewer, all amounts due, including indemnities, and to or at the direction of the trust, any expenses of the trust incurred under the transaction documents, in each case, if not paid by the depositor or administrator, up to a maximum of $________ per year,

(2) to the servicer, all unpaid administration fees,

(3) to the Class A noteholders, interest due on the Class A notes, pro rata, based on the principal amount of the Class A notes on the prior payment date (after giving effect to payments on that date),

(4) to the Class A noteholders, sequentially by class, in each case until paid in full, principal in an amount equal to the first priority principal payment, if any,

(5) to the Class B noteholders, interest due on the Class B notes,

(6) to the Class A and Class B noteholders, sequentially by class, in each case until paid in full, principal in an amount equal to the second priority principal payment, if any,

(7) to the Class C noteholders, interest due on the Class C notes,

(8) [to the Class A, Class B and Class C noteholders, sequentially by class, in each case until paid in full, principal in an amount equal to the third priority principal payment, if any,]

(9) [to the Class D noteholders, interest due on the Class D notes,]

(10) to the reserve account, the amount, if any, required to replenish the reserve account to its original balance, unless the payment date is on or after the final scheduled payment date for the Class [C]/[D] notes,

(11) to the noteholders, sequentially by class, in each case until paid in full, principal in an amount equal to the regular principal payment,

(12) to the indenture trustee, the owner trustee[, the Delaware trustee] and the asset representations reviewer and to or at the direction of the trust, all fees, expenses and indemnities due but not paid under item (1), and

(13) to the holder of the residual interest in the trust, all remaining available funds.

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This diagram shows how available funds are paid on each payment date. The priority of payments shown in this diagram will apply unless the notes are accelerated after an event of default.

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Post-Acceleration Priority of Payments

If the notes are accelerated after an event of default, on each payment date, the servicer will direct the indenture trustee to use the amounts in the collection account for the related collection period and the reserve account to make payments in the order of priority listed below and, unless indicated below, pro rata based on the amounts due:

(1) to the indenture trustee, the owner trustee[, the Delaware trustee] and the asset representations reviewer, all amounts due, including indemnities, to or at the direction of the trust, any expenses of the trust incurred under the transaction documents,

(2) to the servicer, all unpaid administration fees,

(3) to the Class A noteholders, interest due on the Class A notes, pro rata, based on the principal amount of the Class A notes on the prior payment date (after giving effect to payments on that date),

(4) to the Class A noteholders, sequentially by class, principal of the Class A notes until paid in full,

(5) to the Class B noteholders, interest due on the Class B notes,

(6) to the Class B noteholders, principal of the Class B notes until paid in full,

(7) to the Class C noteholders, interest due on the Class C notes,

(8) to the Class C noteholders, principal of the Class C notes until paid in full,

(9) [to the Class D noteholders, interest due on the Class D notes,]

(10) [to the Class D noteholders, principal of the Class D notes until paid in full,] and

(11) to the holder of the residual interest in the trust, any remaining amounts.

For more details about events of default and your rights after an event of default, you should read "— Events of Default and Acceleration" below.

Events of Default and Acceleration

Each of the following will be an "event of default" under the indenture:

· the trust fails to pay interest due on the notes of the controlling class within five days after any payment date,

· the trust fails to pay the principal amount of any class of notes in full by its final scheduled payment date,

· the trust fails to observe or perform a material covenant or agreement made in the indenture or a representation of the trust made in the indenture is later determined to have been incorrect in any material respect and, in either case, is not corrected for a period of 60 days after notice was given to the trust by the indenture trustee or to the trust and the indenture trustee by at least 25% of the controlling class, and

· a bankruptcy or dissolution of the trust.

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If a responsible person of the trust knows of an event that with notice or the lapse of time, or both, would become an event of default of the type described in the third item above, it must notify the indenture trustee within five business days. Except in limited circumstances, if a responsible person of the indenture trustee knows of an event that with notice or the lapse of time, or both, would become an event of default, it must notify the noteholders within 90 days.

The trust must notify the indenture trustee, the servicer and the rating agencies no more than five business days after a responsible person of the trust knows of an event of default. If a responsible person of the indenture trustee knows of an event of default, it must notify all noteholders within five business days.

A majority of the controlling class may waive any event of default and its consequences except an event of default (a) in the payment of principal of or interest on any of the notes (other than an event of default relating to failure to pay principal due only because of the acceleration of the notes) or (b) relating to a covenant or term of the indenture that cannot be amended, supplemented or modified without the consent of all noteholders.

Acceleration of the Notes. If an event of default occurs, other than because of a bankruptcy or dissolution of the trust, the indenture trustee or a majority of the controlling class may accelerate the notes and declare the notes to be immediately due and payable. If an event of default occurs because of bankruptcy or dissolution of the trust, the notes will be accelerated automatically.

A majority of the controlling class may rescind a declaration of acceleration if:

· notice of the rescission is given before a judgment for payment of the amount due is obtained by the indenture trustee,

· the trust deposited with the indenture trustee an amount sufficient to pay the interest and principal due on the notes (other than amounts due only because of the acceleration of the notes) and other outstanding fees and expenses of the trust, and

· events of default (other than the nonpayment of amounts due only because of the acceleration of the notes) are corrected or waived by a majority of the controlling class.

Remedies After Acceleration. If the notes have been accelerated and the acceleration has not been rescinded, the indenture trustee may, and at the direction of a majority of the controlling class, will:

· start a legal proceeding for the collection of the notes and enforce any judgment obtained,

· start foreclosure proceedings on the exchange note,

· sell or liquidate all or any part of the exchange note at one or more public or private sales,

· exercise any remedies of a secured party under the UCC, and

· take any other action to protect and enforce the rights and remedies of the indenture trustee and the noteholders.

However, the indenture trustee is only permitted to sell the exchange note if the following conditions are met, depending on which event of default has occurred:

· If an event of default occurs because of the late payment of interest on or principal of any note, the indenture trustee may sell the exchange note without obtaining the consent of the noteholders or may elect to have the trust maintain possession of the exchange note and apply collections as they are received, except that the indenture trustee will sell the exchange note if directed by a majority of the controlling class.

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· If an event of default occurs because of the bankruptcy or dissolution of the trust, the indenture trustee may not sell the exchange note unless:

— the noteholders of the controlling class consent to the sale,

— the proceeds of the sale are expected to be sufficient to pay all amounts owed by the trust, including payments on the notes, or

— the indenture trustee determines that the assets of the trust would not be sufficient on an ongoing basis to pay all amounts owed by the trust, including payments on the notes as those payments would have become due if the obligations had not been accelerated, and the indenture trustee obtains the consent of 66-2/3% of the controlling class.

· If an event of default occurs because of a breach of a representation or covenant of the trust, the indenture trustee may not sell the exchange note unless:

— the noteholders consent to the sale, or

— the proceeds of the sale are expected to be sufficient to pay all amounts owed by the trust, including payments on the notes.

The indenture trustee will notify the noteholders at least 15 days before any sale of the exchange note. Any noteholder, the depositor and the servicer may submit a bid to purchase the exchange note at a sale proceeding.

Payments After Sales of Exchange Note. After an acceleration of the notes and any sale of the exchange note, any amounts collected by the indenture trustee will be paid according to the "post-acceleration" priority of payments described in "— Post-Acceleration Priority of Payments" above.

Standard of Care of the Indenture Trustee After an Event of Default. If an event of default occurred and is continuing, the indenture trustee must exercise its rights and powers under the indenture using the same degree of care and skill that a prudent person would use under the circumstances in conducting his or her own affairs. A majority of the controlling class generally will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the indenture trustee after an event of default and acceleration of the notes.

Limitation on Legal Proceedings. No noteholder will have the right to start any legal proceeding for any remedy under the indenture described in "— Remedies After Acceleration" above unless:

· the noteholder notified the indenture trustee of a continuing event of default,

· at least 25% of the controlling class requested the indenture trustee to start the legal proceeding,

· the requesting noteholders offered reasonable security or indemnity satisfactory to the indenture trustee against any liabilities that the indenture trustee may incur in complying with the request,

· the indenture trustee failed to start the legal proceeding within 60 days after its receipt of the notice, request and offer of indemnity, and

· a majority of the controlling class has not given the indenture trustee any inconsistent direction during the 60-day period.

A noteholder, however, has the right to start a proceeding at any time to enforce its right to receive principal and interest due to it under its note.

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The indenture trustee and the noteholders will agree not to start or pursue a bankruptcy proceeding against the trust.

Optional Redemption or "Clean Up Call" Option

The servicer will have a "clean up call" option to purchase the exchange note from the trust on any payment date if the principal amount of the notes on that payment date will be [5]% or less of the initial principal amount of the notes. The servicer will notify the indenture trustee, the owner trustee and the rating agencies at least ten days before the payment date the option is exercised. The servicer will exercise the option by depositing the purchase price for the exchange note in the collection account on the business day before the payment date the option is exercised (or, with the satisfaction of the rating agency condition, on that payment date), and the trust will transfer the exchange note to the servicer. The indenture trustee will notify the noteholders of the redemption and provide instructions for surrender of the notes for final payment of principal of and interest on the notes. The servicer may exercise its clean up call option only if the purchase price for the exchange note plus the collections in the collection account in the final collection period will be sufficient to pay in full the notes and all fees and expenses of the trust. The purchase price paid by the servicer for the exchange note will be the outstanding note balance of the exchange note plus any accrued and unpaid interest minus the collections in the collection account in the final month. On the servicer's exercise of its clean up call option, the notes will be redeemed and paid in full. [Ford Credit expects the clean up call option will become available to the servicer when the [Class B[,]/[and] Class C [and Class D] notes are still outstanding.]

Satisfaction and Discharge of Indenture

The indenture will not be discharged until:

· the indenture trustee has received all notes for cancellation or, with some limitations, funds sufficient to pay all notes in full,

· the trust has paid all other amounts payable by it under the transaction documents, and

· the trust has delivered an officer's certificate and a legal opinion each stating that all conditions to the satisfaction and discharge of the indenture have been satisfied.

Amendments to Indenture

The indenture trustee and the trust may amend the indenture without the consent of the noteholders for limited purposes, including to:

· further protect the indenture trustee's interest in the exchange note and other trust assets under the lien of the indenture,

· add to the covenants of the trust for the benefit of the noteholders,

· transfer or pledge any trust assets to the indenture trustee,

· correct any ambiguity or mistake or add a term that is not inconsistent with the other terms of the indenture, if it will not have a material adverse effect on the notes,

· [to resolve any inconsistency between the provisions of the indenture and description of those provisions contained in this prospectus in order to conform the provisions of the indenture to the description in this prospectus,] and

· modify, eliminate or add a term required by or necessary to qualify the indenture under the Trust Indenture Act.

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The indenture trustee and the trust may amend the indenture to add, change or eliminate a term or modify the noteholders' rights under the indenture:

· without the consent of the noteholders if (a) the administrator certifies that the amendment will not have a material adverse effect on the notes and (b) the "rating agency condition" is satisfied, which generally means, for any proposed action, that each rating agency either (i) confirms that the proposed action will not result in a reduction or withdrawal of its then-current ratings of the notes or (ii) within ten business days of receiving notice of the proposed action, does not notify the depositor, the servicer, the owner trustee or the indenture trustee that the proposed action will result in a reduction or withdrawal of its then-current ratings of the notes, or

· with the consent of a majority of the controlling class.

In each case, the indenture trustee must receive a legal opinion that, for federal income tax purposes, the amendment will not cause any note to be deemed sold or exchanged, cause the trust to be treated as an association or publicly traded partnership taxable as a corporation or adversely affect the treatment of the notes as debt for federal income tax purposes.

The prior consent of all adversely affected noteholders will be required for any amendment that would:

· change the terms for amending the indenture or voting or consent under the indenture,

· change the principal amount of or interest rate on any note, the final scheduled payment date of any class of notes, the price at which notes may be redeemed after exercise of the clean up call option by the servicer or the percentage of the initial principal amount of the notes at which that option may be exercised or the priority of payments or how principal or interest payments are calculated or made on the notes,

· change the right of noteholders to start legal proceedings to enforce the indenture,

· change the percentage of the note balance or of the controlling class required for any action,

· change the definitions of "controlling class" or "outstanding,"

· change the calculation of the amount of a payment of principal of or interest on any note, or

· permit the creation of a lien ranking prior or equal to, or impair, the lien of the indenture trustee on the trust assets.

Noteholder Communication

A noteholder may communicate with the indenture trustee and provide notices and make requests and demands and give directions to the indenture trustee as permitted by the transaction documents through the procedures of DTC or by notice to the indenture trustee.

Three or more noteholders may request a list of all noteholders of the trust maintained by the indenture trustee for the purpose of communicating with other noteholders about their rights under the indenture or under the notes. Any request must be accompanied by a copy of the communication that the requesting noteholders propose to send.

A noteholder may also send a request to the trust or to the servicer, on behalf of the trust, stating that the noteholder is interested in communicating with other noteholders about the possible exercise of rights under the transaction documents. The requesting noteholder must include in the request a description of the method by which other noteholders may contact the requesting noteholder. The trust will promptly

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deliver any such request to the servicer. On receipt of a communication request, the servicer will include in the Form 10-D filed in the next month the following information:

· a statement that the trust received a communication request,

· the date the request was received,

· the name of the requesting noteholder,

· a statement that the requesting noteholder is interested in communicating with other noteholders about the possible exercise of rights under the transaction documents, and

· a description of the method by which the other noteholders may contact the requesting noteholder.

Any expenses of the trust or the servicer relating to an investor communication, including any review of documents evidencing ownership of a note and the inclusion of the investor communication information in the Form 10-D, will be paid by the servicer.

In order to make a request or demand or to provide notice to the trust, the owner trustee, the indenture trustee, the depositor, the sponsor or the servicer under the transaction documents, a noteholder must either be a noteholder of record or must provide a written certification stating that it 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.

Book-Entry Registration

The notes will be available only in book-entry form except in the limited circumstances described below. All notes will be held in book-entry form by The Depository Trust Company, or "DTC," in the name of Cede & Co., as nominee of DTC. Noteholders' interests in the notes will be represented through financial institutions acting on their behalf as direct and indirect participants in DTC. Noteholders may hold their notes through DTC, Clearstream Banking Luxembourg S.A., or Euroclear Bank S.A./N.V., which will hold positions on behalf of their customers or participants through their depositories, which in turn will hold positions in accounts as DTC participants. The notes will be traded as home market instruments in both the U.S. domestic and European markets. Initial settlement and secondary trades will settle in same-day funds.

Noteholders who hold their notes through DTC will follow the settlement practices for U.S. corporate debt obligations. Noteholders who hold global notes through Clearstream or Euroclear accounts will follow the settlement procedures for conventional eurobonds, except that there will be no temporary global notes and no "lock-up" or restricted period.

Actions of noteholders under the indenture will be taken by DTC on instructions from its participants and payments, notices, reports and statements to be delivered to noteholders will be delivered to DTC or its nominee as the registered holder of the book-entry notes for distribution to holders of book-entry notes according to DTC's rules and procedures.

Prospective noteholders should review the rules and procedures of DTC, Clearstream and Euroclear for clearing, settlement, payments and tax withholding applicable to their purchase of the notes. In particular, noteholders should note that DTC's rules and procedures limit the ability of the trust and the indenture trustee to make post-payable adjustments for principal and interest payments after a period of time, which may be as short as 90 days.

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Notes will be issued in physical form to noteholders only if:

· the administrator determines that DTC is no longer willing or able to properly discharge its responsibilities as depository for the notes and the administrator or the depositor cannot appoint a qualified successor,

· the administrator terminates the book-entry system through DTC, or

· after the occurrence of an event of default or a servicer termination event, a majority of the controlling class notify the indenture trustee and DTC to terminate the book-entry system through DTC (or a successor to DTC).

Payments of interest on and principal of definitive notes will be made by the indenture trustee on each payment date to registered holders of definitive notes as of the end of the prior month. The payments will be made by check mailed to the address of the holder as it appears on the register maintained by the indenture trustee. The final payment on a definitive note will be made only on presentation and surrender of the definitive note at the address stated in the notice of final payment to the noteholders.

Definitive notes will be transferable and exchangeable at the offices of the indenture trustee or a note registrar. No service charge will be imposed for registration of transfer or exchange, but the indenture trustee may require payment of an amount sufficient to cover any tax or other governmental charge related to a transfer or exchange.

Computing Outstanding Principal Amount

The monthly investor report will include a note factor for each class of notes that can be used to compute the outstanding principal amount of that class of notes each month. The note factor for each class of notes is a seven-digit decimal indicating the remaining outstanding principal amount of that class of notes as of the applicable payment date as a percentage of its original principal amount, after giving effect to payments to be made on the payment date.

The note factors for each class of notes will initially be 1.0000000 and will decline as the outstanding principal amount of the class declines. For each note, the portion of the outstanding principal amount of that class of notes can be determined by multiplying the original denomination of that note by the note factor for that class of notes.

Notes Held by Transaction Parties

Notes held by the depositor, the trust, the servicer or any of their affiliates will not be included for purposes of determining whether a required percentage of any class of notes has taken any action under the indenture or any other transaction document.

Credit Enhancement

This securitization transaction is structured to provide credit enhancement that increases the likelihood that the trust will make timely payments of interest on and principal of the notes and decreases the likelihood that losses on the leases and leased vehicles in the reference pool will impair the trust's ability to do so. The amount of credit enhancement will be limited and it is not certain it will be sufficient in all circumstances. The noteholders will have no recourse to the sponsor, the depositor, the servicer, the indenture trustee or the owner trustee as a source of payment.

Reserve Account

The servicer will establish the reserve account [with]/[in the name of] the indenture trustee [at _________] for the benefit of the noteholders. On the closing date, the depositor will deposit, or cause to be deposited, in the reserve account from the net proceeds of the sale of the notes an amount equal to [at

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least] $________, [if the aggregate initial principal amount of the notes to be issued is $______, or an amount equal to [at least] $_______, if the aggregate initial principal amount of the notes to be issued is $______,] which[, in each case,] is [at least] ___% of the initial total securitization value. [The exact amount on deposit in the reserve account will be determined by the depositor prior to the closing date.]

If, on a payment date, exchange note available funds (excluding reserve account amounts) are insufficient to pay the senior fees and expenses of the trust, interest and any priority principal payments on the notes, the servicer will direct the indenture trustee to use amounts in the reserve account to cover the shortfall. Similarly, if any class of notes would not be paid in full on its final scheduled payment date from exchange note available funds (excluding reserve account amounts), the servicer will direct the indenture trustee to use amounts in the reserve account to pay those notes in full. Ford Credit does not expect that amounts in the reserve account will be required for this purpose.

If amounts in the reserve account are used on a payment date other than the final scheduled payment date for the Class [C]/[D] Notes, amounts will be deposited in the reserve account from (1) collections on the reference pool after making all more senior payments due on the exchange note on that payment date and (2) amounts paid to the trust on the exchange note after making more senior ranking payments on that payment date, in each case, until the reserve account is replenished to its initial level.

On payment of the notes in full, the servicer will distribute any amounts remaining in the reserve account to the titling companies. Net investment earnings on amounts in the reserve account will be paid to the servicer on each payment date, as described in "Servicing — Transaction Bank Accounts" and will not be available to make payments on the exchange note.

For information about how amounts in the reserve account may be invested, you should read "Servicing — Transaction Bank Accounts."

Subordination

This securitization transaction is structured so that the trust will pay interest on the Class A notes and then will pay interest sequentially on the remaining classes of notes in order of seniority.

The trust will pay principal sequentially, starting with the Class A-1 notes, and will not pay principal of any class of notes until the principal amounts of more senior classes of notes are paid in full. In addition, if a priority principal payment is required on a payment date, the trust will pay the priority principal payment to the most senior class of notes outstanding before the payment of interest on any subordinated class of notes on that payment date.

If the notes are accelerated after an event of default, the priority of payments will change and the trust will pay interest and principal sequentially by class, starting with the Class A notes (paying interest on the Class A notes, pro rata, and principal of the Class A notes sequentially, starting with the Class A-1 notes), and will not pay interest on or principal of the Class B[,]/[and] Class C [and Class D] notes until all more senior classes of notes are paid in full. These subordination features provide credit enhancement to more senior classes of notes, with the Class A notes benefiting the most.

Overcollateralization

Overcollateralization is the amount by which the total securitization value exceeds the principal amount of the notes. On the closing date, [if the aggregate initial principal amount of the notes to be issued is $______,] overcollateralization will be $_______ [or __% of the initial total securitization value,][or, if the aggregate initial principal amount of the notes to be issued is $______, will be $_____], or[, in each case,] __% of the initial total securitization value. The overcollateralization for the notes has two parts. First, there is the overcollateralization representing the excess of the total securitization value over the note balance of the exchange note. On the closing date, [if the aggregate initial principal amount of the notes to be issued is $______,] this amount will be $_______ [or __% of the initial total securitization value,][or, if the aggregate initial principal amount of the notes to be issued is $______, will

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be $_____], or[, in each case,] __% of the initial total securitization value. Second, there is the overcollateralization representing the excess of the note balance of the exchange note over the principal amount of the notes. On the closing date, [if the aggregate initial principal amount of the notes to be issued is $______,] this amount will be $_______ [or __% of the initial total securitization value,][or, if the aggregate initial principal amount of the notes to be issued is $______, will be $_____], or[, in each case,] __% of the initial total securitization value.

This securitization transaction is structured to use all available funds remaining after payments of the senior fees and expenses of the trust, interest due on the notes, any priority principal payments and any required deposits in the reserve account, including the portion of the remaining available funds that is excess spread, to pay principal of the notes until the targeted overcollateralization amount is reached.

The "targeted overcollateralization amount" is an amount equal to $________[, if the aggregate initial principal amount of the notes to be issued is $______,][or __% of the initial total securitization value,][or an amount equal to $________, if the aggregate initial principal amount of the notes to be issued is $______], or[, in each case,] __% of the initial total securitization value of the reference pool.

To increase the amount of overcollateralization on a payment date and reach the targeted overcollateralization amount, the trust must pay principal of the notes in an amount greater than the decline in the total securitization value for the prior month. The use of excess spread to make regular principal payments and priority principal payments is expected to increase overcollateralization as a percentage of each class's principal amount. The class of notes receiving principal payments will experience the greatest increase in overcollateralization. When the actual amount of overcollateralization is less than the targeted overcollateralization amount, principal will be paid to the noteholders from available funds until the targeted overcollateralization amount is reached.

Excess Spread

Excess spread on the exchange note for a payment date will be the amount by which the collections on the reference pool during the collection period exceed the sum of the reduction in the total securitization value for that month plus the servicing fee[, reimbursements of any outstanding servicer advances] and interest due on the exchange note for that payment date and any required deposit in the reserve account. Excess spread on the notes for any payment date will be the amount by which interest paid to the trust as holder of the exchange note exceeds the sum of the indenture trustee, owner trustee and asset representations reviewer fees and expenses, the administration fee and the interest payments due on the notes for that payment date. Any excess spread on the exchange note will be available to pay principal of the exchange note or to cover any shortfall in payments on the notes. Any excess spread for the notes will be available to pay principal of the notes. In general, excess spread provides a source of funds to offset any losses on the reference pool and to reduce the likelihood of losses on the notes.

Maturity and Prepayment Considerations

General

The final scheduled payment date for each class of notes is listed on the cover of this prospectus. Ford Credit determined these dates:

· for the Class A-1 notes, by selecting the latest payment date falling within the 397-day period after the date of pricing of those notes,

· for the Class A-2a, Class A-2b, Class A-3, Class A-4[,]/[and] Class B [and Class C] notes, by selecting the first payment date that is ____ months after the payment date on which each of those classes of notes would be paid in full assuming the leases pay as scheduled with no delays, defaults or prepayments, and

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· for the Class [C]/[D] notes, by selecting the first payment date that is ____ months after the end of the month that contains the scheduled lease end date of the latest terminating lease.

Ford Credit expects that the final payment of each class of notes will occur before its final scheduled payment date. The final payment of any class of notes could occur significantly earlier (or could occur later) than that class's final scheduled payment date because the rate of principal payments on each class of notes depends primarily on the rate of payment by the lessees on the leases in the reference pool and the rate at which returned or repossessed leased vehicles in the reference pool are sold.

The weighted average life of each note is uncertain because it generally will be determined by the rate at which principal payments on the exchange note are made, which will be determined based on the rate at which the leases in the reference pool are paid and the rate at which returned or repossessed leased vehicles in the reference pool are sold, which is referred to in this section as a prepayment. "Prepayments" on the leases will occur in the following circumstances:

· Prepayments — proceeds may be received on the sale of leased vehicles because lessees may return or purchase their leased vehicles at any time after paying the money due under their leases,

· Defaults — proceeds may be received on the sale of a leased vehicle following a default by the lessee, including rebates on cancelled service contracts, insurance and similar products financed over the term of the lease,

· Early termination programs — proceeds may be received on the sale of leased vehicles returned by lessees participating in early termination programs sponsored by Ford,

· Insurance proceeds — proceeds may be received from claims on any insurance policies covering the lessees, the leases or the leased vehicles,

· Reallocation of leases and leased vehicles by Ford Credit and the depositor — Ford Credit and the depositor may be required to reallocate ineligible and other leases and leased vehicles from the reference pool as described in "Reference Pool — Obligation to Reallocate Ineligible Leases and Leased Vehicles,"

· Reallocation of leases and leased vehicle by the servicer — the servicer may be required to reallocate leases and leased vehicles from the reference pool if the servicer fails to maintain the security interest of the collateral agent in the leased vehicles or impairs the rights of the collateral agent in the lease and leased vehicle or if the servicer makes certain modifications to the leases as described in "Servicing — Servicer Modifications and Obligation to Reallocate Leases and Leased Vehicles,"

· Exchange note acceleration — proceeds may be received on the liquidation of the reference pool following a facility default or an exchange note default under the credit and security agreement or the exchange note supplement, and

· Clean up call option — the servicer will have the option to purchase the exchange note from the trust on any payment date if the principal amount of the notes on that payment date will be [5]% or less of the initial principal amount of the notes.

In Ford Credit's experience, prepayments on its leases occur primarily when lessees decide to purchase or lease new vehicles, lessees participate in Ford-sponsored early termination programs, defaulted contracts are liquidated or insurance proceeds are received after a leased vehicle is determined to be a total loss. Unlike some other asset classes, such as residential mortgage loans, leases for cars, light trucks and utility vehicles historically have not experienced significant voluntary prepayments as interest rates decline.

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Any reinvestment risk resulting from a faster or slower rate of prepayment of leases will be borne entirely by the noteholders. For more information about reinvestment risk, you should read "Risk Factors — The timing of principal payments on your notes is uncertain."

Weighted Average Life

Prepayments on the leases can be measured against a prepayment standard or model. This securitization transaction uses the Absolute Prepayment Model commonly referred to as "ABS," which uses an assumed rate of prepayment each month relative to the original number of leases in a pool. For example, in a pool of leases originally containing 10,000 leases, a 1% ABS rate means that 100 leases prepay in full each month. ABS assumes that the leases that prepay in any period have the same characteristics as the leases remaining in the pool. ABS is not a historical description of prepayment experience or a prediction of the anticipated rate of prepayment of any pool of assets.

The ABS tables below were prepared based on the reference pool having the characteristics in the "Payment Schedule of Leases" table in Annex A, which shows the decline in securitization value and the payments received each month on the leases in the reference pool assuming (1) each base monthly payment is made as scheduled with no prepayments, delays or defaults and (2) each leased vehicle is returned and sold for an amount equal to its base residual value in the month after the month in which the final base monthly payment is due.

Ford Credit developed the prepayment curve and the "100% prepayment assumptions" described below for the leases in the reference pool based on the historical performance of Ford Credit's lease portfolio:

· [prepayments will occur during the life of the leases (1) at __ % ABS for month __, (2) increase by __% ABS each month starting with month __ until reaching __% in month __, and remain at that level through month __, (3) increase by __% ABS each month starting in month __ until reaching __% ABS in month __, and remain at that level through month __, and (4) decrease by __% ABS to __% ABS in month __, and remain at that level until the leases are paid in full,]

· as of the cutoff date, __ months have passed since the origination of the leases,

· if a lease prepays in full, an amount equal to the remaining securitization value of the lease is received,

· unless a lease prepays in full, each base monthly payment is made as scheduled, with no delays, defaults or prepayments,

· unless a lease prepays in full, the related leased vehicle is returned and sold for an amount equal to its base residual value in the month after the month in which the final base monthly payment is due,

· no lease and leased vehicle is reallocated from the reference pool,

· [the aggregate initial principal amount of notes to be issued is $_________ or $________, as applicable,]

· interest accrues on the notes at the following rates:

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Class	Interest Rate
Class A-1	__%
Class A-2[a]	__%
[Class A-2b]	__%]
Class A-3	__%
Class A-4	__%
Class B	__%
Class C	__%
[Class D	__%]

· [if the aggregate initial principal amount of the notes to be issued is $______,] the principal amount of the Class A-2 notes is allocated to Class A-2a notes in the amount of $__________ and to Class A-2b notes in the amount of $__________ [and if the aggregate initial principal amount of the notes to be issued is $______, the principal amount of the Class A-2 notes is allocated to Class A-2a notes in the amount of $__________ and to Class A-2b notes in the amount of $__________].]

The actual characteristics and performance of the reference pool will differ from the assumptions used in the prepayment tables. The ABS tables only give a general sense of how each class of notes may amortize at different assumed prepayment rates with other assumptions held constant. It is unlikely that the leases in the reference pool will prepay based on the 100% prepayment assumption. The diverse terms of the leases could produce slower or faster prepayment rates for any payment date, which would result in principal payments occurring earlier or later than indicated in the ABS tables. Any difference between those assumptions and the actual characteristics and performance of the leases, or actual prepayment experience, will affect the weighted average life and period during which principal is paid on each class of notes.

For a description of factors which may affect the rate of principal payments on the notes, you should read "Risk Factors — The timing of principal payments on your notes is uncertain."

The ABS tables show the percent of the initial principal amount of notes that would be outstanding after each payment date based on various percentages of the 100% prepayment assumption. For example, the 0% prepayment assumption means that none of the leases will prepay and the 75% prepayment assumption means that the leases will prepay at 75% of the 100% prepayment assumption.

Ford Credit intends to establish the interest rates for the notes based on their weighted average lives determined by applying the 100% prepayment assumption.

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Percent of Initial Note Principal Amount at Various Prepayment Assumptions

[if the Aggregate Initial Principal Amount of the Notes is $________]

Class A-1

Class A-2[a] [and A-2b]

Payment Date

0%

50%

75%

100%

125%

150%

0%

50%

75%

100%

125%

150%

Closing Date

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

Weighted Average Life to Call (years)(1)

Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.

103

Percent of Initial Note Principal Amount at Various Prepayment Assumptions

[if the Aggregate Initial Principal Amount of the Notes is $________]

Class A-3

Class A-4

Payment Date

0%

50%

75%

100%

125%

150%

0%

50%

75%

100%

125%

150%

Closing Date

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

Weighted Average Life to Call (years)(1)

Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.

104

Percent of Initial Note Principal Amount at Various Prepayment Assumptions

[if the Aggregate Initial Principal Amount of the Notes is $________]

Class B

Class C

Payment Date

0%

50%

75%

100%

125%

150%

0%

50%

75%

100%

125%

150%

Closing Date

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

Weighted Average Life to Call (years)(1)

Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.

105

[Percent of Initial Note Principal Amount at Various Prepayment Assumptions
[if the Aggregate Initial Principal Amount of the Notes is $______]

	Class D
Payment Date	0%	50%	75%	100%	125%	150%
Closing Date
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
Weighted Average Life to Call (years)(1)
Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.]

106

[Percent of Initial Note Principal Amount at Various Prepayment Assumptions

if the Aggregate Initial Principal Amount of the Notes is $________

Class A-1

Class A-2[a] [and A-2b]

Payment Date

0%

50%

75%

100%

125%

150%

0%

50%

75%

100%

125%

150%

Closing Date

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

Weighted Average Life to Call (years)(1)

Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.

107

Percent of Initial Note Principal Amount at Various Prepayment Assumptions

if the Aggregate Initial Principal Amount of the Notes is $________

Class A-3

Class A-4

Payment Date

0%

50%

75%

100%

125%

150%

0%

50%

75%

100%

125%

150%

Closing Date

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

Weighted Average Life to Call (years)(1)

Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.

108

Percent of Initial Note Principal Amount at Various Prepayment Assumptions

if the Aggregate Initial Principal Amount of the Notes is $________

Class B

Class C

Payment Date

0%

50%

75%

100%

125%

150%

0%

50%

75%

100%

125%

150%

Closing Date

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

[Payment Date]

Weighted Average Life to Call (years)(1)

Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.]

109

[Percent of Initial Note Principal Amount at Various Prepayment Assumptions
if the Aggregate Initial Principal Amount of the Notes is $______

	Class D
Payment Date	0%	50%	75%	100%	125%	150%
Closing Date
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
[Payment Date]
Weighted Average Life to Call (years)(1)
Weighted Average Life to Maturity (years)(1)

⁽¹⁾  The weighted average life of a note is calculated by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the initial principal amount of the note.

The ABS tables were prepared based on the assumptions described above, including the assumptions regarding the characteristics and performance of the leases that will differ from the actual characteristics and performance of the leases. You should be sure you understand these assumptions when reading the ABS tables.]

110

Credit Risk Retention

The risk retention regulations in Regulation RR under the Securities Exchange Act of 1934 require the sponsor, either directly or through its majority-owned affiliates, to retain an economic interest in the credit risk of the leases and leased vehicles. The depositor is a wholly-owned affiliate of Ford Credit and will retain the required economic interest in the credit risk of the leases and leased vehicles to satisfy the sponsor's requirements under Regulation RR.

[Combination Vertical and Horizontal Interest Option:] [The depositor will satisfy the risk retention requirements of Regulation RR by retaining a combination of an "eligible vertical interest" and an "eligible horizontal residual interest" under Regulation RR. The depositor expects that the percentage of the "eligible vertical interest" and the percentage of the fair value of the "eligible horizontal residual interest" will equal at least five.] [Include following disclosure for Eligible Vertical Interest Option and/or Eligible Horizontal Residual Interest Option, as applicable. Include following disclosure regarding fair value if any component of the credit risk retention requirement will be satisfied with an Eligible Horizontal Residual Interest Option.]

[Eligible Vertical Interest Option:] [The depositor's retention of [__%][at least 5%] of the initial principal amount of each class of notes and the residual interest satisfies the requirements for an "eligible vertical interest" under Regulation RR. The depositor, or another majority-owned affiliate of Ford Credit, is required to retain this interest until the latest of two years from the closing date, the date the total securitization value of the reference pool is one-third or less of the initial total securitization value, or the date the principal amount of the notes is one-third or less of the original principal amount. None of Ford Credit, the depositor or any of their affiliates may sell, transfer or hedge the residual interest during this period other than as permitted by Regulation RR. If the percentage of each class of notes and the residual interest retained by the depositor on the closing date is materially different than [__][at least 5]%, Ford Credit will include the retained percentage in the first investor report.

By retaining the "eligible vertical interest," the depositor will be a noteholder of [__%][at least 5%] of the initial principal amount of each class of notes and will be entitled to receive [__%][at least 5%] of all interest on and principal of each class of notes and, if any class of notes incurs losses, will bear [__%][at least 5%] of those losses. Each class of notes retained by the depositor as part of the "eligible vertical interest" will have the same terms as all other notes in that class, except that the notes retained by the depositor will not be included for purposes of determining whether a required percentage of any class of notes have taken any action under the indenture or any other transaction document as described in "Description of the Notes — Notes Held by Transaction Parties." For a description of the notes and the credit enhancement available for notes, you should read "Description of the Notes" and "Credit Enhancement."]

[Eligible Horizontal Residual Interest Option:] [The depositor's retention of the residual interest satisfies the requirements for an "eligible horizontal residual interest" under Regulation RR. The fair value of the residual interest will represent at least 5% of the sum of the fair value of the notes and the residual interest on the closing date. The depositor, Ford Credit, or another majority-owned affiliate of Ford Credit, is required to retain the residual interest until the latest of two years after the closing date, the date the total securitization value of the reference pool is one-third or less of the initial total securitization value, or the date the principal amount of the notes is one-third or less of the original principal amount. None of Ford Credit, the depositor or any of their affiliates may sell, transfer or hedge the residual interest during this period other than as permitted by Regulation RR. The depositor intends to retain the residual interest for the life of this securitization transaction.]

In general, the residual interest represents the rights to the overcollateralization, amounts in the reserve account and excess spread not needed to make required payments on the notes, offset losses on the leases, or pay expenses and fees of the trust. Because the residual interest is subordinated to each class of notes and is only entitled to amounts not needed on a payment date to make payments on the notes or to make other required payments or deposits according to the priority of payments described in "Description of the Notes — Priority of Payments" and "Description of the Notes — Post-Acceleration Priority of Payments," the residual interest offsets all losses on the leases and leased vehicles by reduction of, first, the excess spread, second, the overcollateralization and, third, the amounts in the reserve account, before any losses

111

are incurred by the notes. For a description of the credit enhancement available for the notes, including the excess spread and overcollateralization, you should read "Credit Enhancement."

The fair value of the notes and the residual interest[, if the aggregate initial principal amount of the notes to be issued is $_______,] is summarized below. The totals in the table may not sum due to rounding:

	Fair Value (in millions)		Fair Value (as a percentage)
Class A notes		$		%
Class B notes		$		%
Class C notes		$		%
[Class D notes		$		%]
Residual Interest		$		%
Total		$		%

[The fair value of the notes and the residual interest, if the aggregate initial principal amount of the notes to be issued is $_______, is summarized below. The totals in the table may not sum due to rounding:

	Fair Value (in millions)		Fair Value (as a percentage)
Class A notes		$		%
Class B notes		$		%
Class C notes		$		%
[Class D notes		$		%]
Residual Interest		$		%
Total		$		%]

The sponsor determined the fair value of the notes and the residual interest using a fair value measurement framework under generally accepted accounting principles. In measuring fair value, the use of observable and unobservable inputs and their significance in measuring fair value are reflected in the fair value hierarchy assessment, with Level 1 inputs favored over Level 2 and Level 3 inputs, and Level 2 inputs favored over Level 3 inputs.

● Level 1 – inputs include quoted prices for identical instruments and are the most observable,

● Level 2 – inputs include quoted prices for similar instruments and observable inputs such as interest rates and yield curves, and

● Level 3 – inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instrument.

The fair value of the notes is categorized within Level 2 of the hierarchy, reflecting the use of inputs derived from prices for similar instruments. The fair value of the residual interest is categorized within Level 3 of the hierarchy as inputs to the fair value calculation are generally not observable.

The fair value of the notes is assumed to be equal to the initial principal amount, or par. [This reflects the expectation that the final interest rates of the notes will be consistent with the interest rate assumptions below] [The interest rates in the table below are based on the final interest rates of the notes][. For the Class [A1-b] [and the] [Class A-2b] notes, the interest rate assumptions below [is][are] based on 30-day average SOFR at the time of pricing plus the applicable spread]:

112

Class	Interest Rate
Class A-1	__%
Class A-2[a]	__%
[Class A-2b	__%
Class A-3	__%
Class A-4	__%
Class B	__%
Class C	__%
[Class D	__%]

[These interest rates are estimated based on recent pricing of notes issued in similar securitization transactions and market-based expectations for interest rates and credit risk applicable to the notes.]

To calculate the fair value of the residual interest, Ford Credit used an internal valuation model. This model projects future cash flows on the reference pool, the payments on the exchange note, interest and principal payments on each class of notes, transaction fees and expenses and the servicing fee. The model also assumes that the servicer will exercise its clean up call option on the first payment date that the option is available and that the purchase price paid for the exchange note will be equal to the outstanding principal balance of the notes, which is the minimum principal amount the depositor may pay for the exchange note. The resulting cash flows to the residual interest are discounted to present value based on a discount rate that reflects the credit exposure to these cash flows. In completing these calculations, Ford Credit made the following assumptions:

● interest accrues on the notes at the rates described above. [In determining the interest payments on the floating rate notes, assumptions for 30-day average SOFR are consistent with the [applicable forward rate curve] as of [the cut-off date of the reference pool, or the next business day] [the date of this prospectus],

● [the fair value calculation includes assumptions on the minimum and maximum allocation of principal between the Class A-2a and Class A-2b notes,]

● cash flows for the leases and leased vehicles are calculated using the assumptions as described in "Maturity and Prepayment Considerations—Weighted Average Life," except that retained and returned leased vehicles are assumed to be sold for an amount equal to the lower of (a) ALG's most recent mark-to-market residual value and (b) the contract residual value,

● leases prepay at an ABS rate using a 100% prepayment assumption as described in "Maturity and Prepayment Considerations—Weighted Average Life,"

● cumulative net losses on the reference pool, as a percentage of the initial total securitization value, occur each month at the following rates:

113

Month	Cumulative Net Loss	Month	Cumulative Net Loss	Month	Cumulative Net Loss
1	%	17	%	33	%
2	%	18	%	34	%
3	%	19	%	35	%
4	%	20	%	36	%
5	%	21	%	37	%
6	%	22	%	38	%
7	%	23	%	39	%
8	%	24	%	40	%
9	%	25	%	41	%
10	%	26	%	42	%
11	%	27	%	43	%
12	%	28	%	44	%
13	%	29	%	45	%
14	%	30	%	46	%
15	%	31	%	47	%
16	%	32	%	48	%

● residual interest cash flows are discounted at [__]%.

Ford Credit developed these inputs and assumptions by considering the following factors:

● ABS rate – estimated considering the composition of the leases and the performance of its prior securitized amortizing pools included in Annex B,

● Cumulative net loss rate – estimated using assumptions for both the magnitude of lifetime cumulative net losses and the shape of the cumulative net loss curve. The lifetime cumulative net loss assumption and the shape of the cumulative net loss curve were developed considering the composition of the reference pool, the 10-year historical average performance of its prior securitized amortizing pools including those in Annex B, trends in used vehicle values, economic conditions, and the cumulative net loss assumptions of the hired NRSROs. Default and recovery rate estimates are included in the cumulative net loss assumption, and

● Discount rate applicable to the residual cash flows – estimated to reflect the credit exposure to the residual cash flows. Due to the lack of an actively traded market in residual interests, the discount rate was derived using qualitative factors that consider the equity-like component of the first-loss exposure.

Ford Credit believes that the inputs and assumptions described above include the inputs and assumptions that could have a significant impact on the fair value calculation or a prospective noteholder's ability to evaluate the fair value calculation. The fair value of the notes and the residual interest were calculated based on the assumptions described above, including the assumptions regarding the characteristics and performance of the reference pool that will differ from the actual characteristics and performance of the reference pool. You should be sure you understand these assumptions when considering the fair value calculation.

Ford Credit will recalculate the fair value of the notes and the residual interest after the closing date to reflect the issuance of the notes and any changes in the methodology or inputs and assumptions described above. The fair value of the residual interest as a dollar amount and as a percentage of the sum of the fair value of the notes and the residual interest will be included in the first investor report, together with a description of any material changes in the methodology or key inputs and assumptions used to calculate the fair value.

Servicing

The servicer will service the reference pool and this securitization transaction under a servicing supplement to a servicing agreement among Ford Credit, as servicer, the titling companies and the collateral agent. The following description summarizes the main terms of the servicing agreement and the servicing

114

supplement but is not a complete description of the agreements. For more details about the servicing agreement and the servicing supplement, you should read the servicing agreement and the form of servicing supplement that are included as exhibits to the registration statement filed with the SEC that includes this prospectus.

Servicing Obligations

Under the servicing agreement and the servicing supplement to the servicing agreement for the reference pool, or the "servicing supplement," the servicer's main obligations will be to:

● collect and apply all payments made on the leases in the reference pool and any other amounts received related to the leases in the reference pool,

● process returns of leased vehicles in the reference pool and then sell returned leased vehicles,

● investigate delinquencies,

● send invoices and respond to inquiries of lessees,

● pay taxes related to payments on leases or to the leased vehicles in the reference pool,

● process requests for extensions, modifications and adjustments,

● administer payoffs, defaults and delinquencies,

● repossess and then sell leased vehicles,

● maintain accurate and complete accounts and computer systems for the servicing of the leases in the reference pool,

● prepare and provide monthly investor reports and instructions to the indenture trustee, and

● provide the custodian with updated records for the lease files.

[The servicer is not required or permitted to make advances for shortfalls in scheduled payments on leases, collections or other cash flows on the leases.]

The servicer may delegate or perform its servicing obligations to or through others. No delegation or subcontracting will relieve the servicer of its servicing obligations. The servicer will be responsible for paying the fees of any delegates or subcontractors.

Servicing Fees

The servicer will earn a servicing fee each payment date for servicing of the reference pool equal to 1/12 of ___% of the total securitization value at the beginning of the related collection period (or the cutoff date for the first payment date) and an administration fee equal to 1/12 of ___% of the principal amount of the notes at the end of the related collection period (or the closing date for the first payment date). In addition, the servicer will retain any late fees and other administrative fees received from lessees and receive net investment earnings on funds in the transaction bank accounts. The servicer will be reimbursed for (i) fees, fines or other amounts paid by the servicer on behalf of a lessee, (ii) amounts spent by the servicer and charged to the account of the lessee, (iii) amounts paid to third parties for repossession and disposition of leased vehicles, (iv) amounts required to be refunded to a lessee and (v) external costs of collection activities on charged off leases. The servicer may net these fees and expenses from collections deposited in the collection account.

115

Servicer Modifications and Obligation to Reallocate Leases and Leased Vehicles

The servicer will follow its policies and procedures in servicing the leases and processing returned leased vehicles in the reference pool. As part of its normal collection efforts, the servicer may waive or modify the terms of a lease, including granting a payment extension and a rebate and rewriting, rescheduling or amending any lease[, refunding advance payments] or waiving late fees, extension fees or other administrative fees. The servicer [may reallocate any lease and related leased vehicle from the reference pool if it refunds advance payment amounts, and] will reallocate any lease and related leased vehicle from the reference pool if it (a) changes the amount of the base monthly payment owed by the lessee or (b) gives a payment or term extension resulting in the scheduled lease end date of the lease being later than the final scheduled payment date of the most junior class of notes issued by the trust. However, the servicer will not be required to reallocate any modified lease and related leased vehicle from the reference pool if the modification was required by law or court order, including by a bankruptcy court, although it may choose to do so. Ford Credit's servicing systems identify these types of modifications and will automatically reallocate the modified lease and the related leased vehicle from the reference pool on the payment date after the month in which the modification is made. On payment of the reallocation amount, the reallocation will be effective at the end of the month before the month in which the modification is made. The servicer must deposit in the collection account for each reallocation an amount generally equal to (1) the securitization value of the lease, plus (2) the amount of any outstanding servicer advances, minus (3) any monthly payments received but not yet due. The reallocation of a lease and leased vehicle by the servicer due to a modification is effectively the same as a prepayment of the lease in full, and will result in payment of principal of the notes earlier than would have been the case if the lease and leased vehicle was not reallocated. For modifications or waivers that do not result in the reallocation of a lease and leased vehicle, Ford Credit does not expect, on the basis of its past portfolio servicing experience, that these changes or waivers will materially affect the cash flows on the reference pool; however, there can be no assurance that future modifications[, refunds] or waivers will not materially affect the cash flows on the reference pool.

For more information about the servicer's policies and procedures for servicing the leases and leased vehicles, you should read "Sponsor and Servicer — Servicing and Collections."

The servicer must maintain perfection of the collateral agent's security interest in each lease and leased vehicle in the reference pool until the lease is paid in full and, if the leased vehicle is returned at the end of the lease, until immediately before the time the leased vehicle is sold. For a charged-off lease, the servicer may release the security interest in a sale of charged off leases as permitted by the servicer's policies and procedures. If the servicer fails to maintain perfection of the collateral agent's security interests in a lease and leased vehicle or impairs the rights of the applicable titling company or the collateral agent in the lease and leased vehicle (other than according to its policies and procedures), the servicer must reallocate the lease and leased vehicle from the reference pool on the following payment date, unless is corrects the failure or impairment before that date. The servicer must deposit in the collection account for each reallocation an amount generally equal to (1) the securitization value of the lease, plus (2) [the amount of any outstanding servicer advances, minus (3)] any monthly payments received but not yet due. On payment of the reallocation amount, the reallocation will be effective as of the last day of the second month before the payment date.

For more information about the servicer's policies and procedures for releasing the security interest in a lease and leased vehicle, you should read "Sponsor and Servicer — Servicing and Collections —Repossession and Charge Off."

Transaction Bank Accounts

The servicer will establish a collection account and will deposit collections on the reference pool and amounts relating to the reallocation of leases and leased vehicles from the reference pool by the servicer in the collection account. The servicer will also establish the reserve account and, together with the collection account, the "transaction bank accounts." The transaction bank accounts will be pledged to the indenture trustee to secure the notes.

116

Funds in the transaction bank accounts will be invested in highly rated short-term investments that mature or are made available on or before the next payment date. Net investment earnings on funds in the transaction bank accounts will be paid to the servicer each month. The servicer will direct the investments unless the indenture trustee instructs the bank holding the account otherwise after an event of default. The trust may invest the funds in the transaction bank accounts in obligations issued by the underwriters or their affiliates.

The servicer will have no access to the funds in the transaction bank accounts. Only the indenture trustee may withdraw funds from these accounts to make payments, including payments to the trust, as holder of the exchange note, payments to the noteholders or to pay net investment earnings on the transaction bank accounts to the servicer. The indenture trustee will make payments from the transaction bank accounts to the noteholders and others based on information provided by the servicer.

[Servicer Advances]

[If there is a shortfall in the base monthly payment on a lease in the reference pool, after applying any payments made in advance by the related lessee, the servicer may advance an amount equal to the shortfall by depositing that amount in the collection account. The servicer may only make an advance to cover base monthly payment shortfalls if the servicer determines that the advance will be recoverable from collections on the lease. Any advance must be made no later than the payment date immediately following the month for which the base monthly payment was due. The servicer will be reimbursed for outstanding servicer advances on a lease from collections and recoveries on that lease or from collections on other leases. The servicer is not obligated to make servicer advances and, even if it makes servicer advances on any leases, it may stop making servicer advances at any time.]

Deposit of Collections

Ford Credit will deposit all collections (except recoveries) in the collection account within two business days of applying them to the lessees' accounts, and will deposit recoveries on the business day before each payment date. However, if at any time Ford Credit's short-term unsecured debt is rated equal to or higher than ["R-1 (middle)" by DBRS, "F1" by Fitch, "P-1" by Moody's and "A-1" by S&P], and if no servicer termination event has occurred, Ford Credit may deposit all collections for the collection period in the collection account on the business day before each payment date or, with satisfaction of the rating agency condition, on each payment date. Until deposited in the collection account, collections may be used by the servicer for its own benefit and will not be segregated from its own funds.

For administrative convenience, the servicer may deposit collections in the collection account each month net of the servicing fee [and reimbursements of any outstanding servicer advances] payable to the servicer for the month, but must account for transactions individually. If amounts are deposited in error, they will be returned to the servicer or netted from later deposits.

Custodial Obligations of Ford Credit

Ford Credit will act as custodian for the titling companies and will maintain a lease file for each lease in the reference pool. A lease file will include originals or copies of the lease, credit application, certificate of title and other documents relating to the lease, the leased vehicle and the lessee. Each lease file will be maintained separately, but will not be segregated from other similar lease files or stamped or marked to reflect the pledge to the collateral agent so long as Ford Credit is servicing the leases. The lease files are held by Ford Credit, directly or through third-party vendors, as described in "Sponsor and Servicer — Origination, Underwriting and Purchasing — Vehicle Title" and "Sponsor and Servicer — Origination, Underwriting and Purchasing — Types of Leases and Vehicle Classification."

Limitations on Liability

The servicer will not be liable to the trust or the noteholders for any action or omission or for any error in judgment, except for its own willful misconduct, bad faith or negligence in the performance of its obligations. The servicer will not be obligated to start, pursue or defend any legal proceeding that is not incidental to its

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servicing obligations and that may cause it to incur expense or liability. The servicer will indemnify the trust, the owner trustee and the indenture trustee for damages caused by the servicer's willful misconduct, bad faith or negligence in the performance of its servicing obligations.

Amendments to Servicing Agreement and Servicing Supplement

The titling companies, the collateral agent and the servicer may amend the servicing agreement and the servicing supplement, without the consent of the noteholders, to clarify an ambiguity, correct an error or correct or supplement any term of the agreement or supplement that may be defective or inconsistent with the other terms of the agreement or supplement or as may be necessary to conform the terms of the agreement or supplement to its description contained in this prospectus.

The titling companies, the collateral agent and the servicer may amend the servicing agreement and the servicing supplement to add, change or eliminate terms of the agreement or supplement if:

· the titling companies or the servicer certify that the amendment will not have a material adverse effect on the exchange noteholders or, if such a certification cannot be made, the consent of each exchange noteholder (for amendments to the servicing agreement) or the related exchange noteholder (for amendments to the servicing supplement) is received, and

· the titling companies or the servicer deliver a legal opinion that, for federal income tax purposes, the amendment will not cause any exchange note to be deemed sold or exchanged, cause a titling company to be treated as an association or publicly traded partnership taxable as a corporation or if such an opinion cannot be delivered, the consent of each exchange noteholder is received.

Resignation and Termination of Servicer

Ford Credit may not resign as servicer unless it is legally unable to perform its servicing obligations. No resignation will become effective until a successor servicer has been engaged by the indenture trustee or the date the servicer becomes legally unable to act.

Each of the following events will be a "servicer termination event" for the reference pool under the servicing agreement and the servicing supplement:

· the servicer fails to deposit any collections, payments or other amounts and that failure continues for five business days after it receives notice of the failure from the collateral agent, the administrative agent, the trust, as exchange noteholder, or the indenture trustee, or a responsible person of the servicer knows of the failure, unless:

— the failure was caused by an event outside the servicer's control and does not continue for more than ten business days, and the servicer uses all commercially reasonable efforts to perform its obligations and promptly notifies the collateral agent, the administrative agent and the trust, as exchange noteholder, of the failure and the steps being taken by the servicer to correct it, or

— the failure relates to an amount no greater than 0.05% of the outstanding amount of the exchange note and does not continue for more than (a) if the servicer's long-term debt is rated investment grade by all rating agencies rating the notes, 90 days after the servicer receives notice of the failure or a responsible person of the servicer learns of the failure or (b) if the servicer's long-term debt is not so rated, 90 days after the collections, payments or other amounts were required to be deposited.

· the servicer fails to perform its obligations regarding the reference pool under the transaction documents and that failure has a material adverse effect on the rights of the trust, as exchange noteholder, and continues for 90 days after it receives notice of the failure from the collateral agent, the administrative agent, the trust, as exchange noteholder, or the indenture trustee, and

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· certain circumstances relating to a bankruptcy of the servicer.

The indenture trustee, acting at the direction of a majority of the controlling class, may waive any servicer termination event. As long as a servicer termination event has not been corrected, the titling companies may, and at the direction the collateral agent, the administrative agent or the indenture trustee, acting at the direction of a majority of the controlling class, must, terminate the servicer for the reference pool.

If the servicer resigns or is terminated, the indenture trustee, acting at the direction of a majority of the controlling class, will promptly engage a successor servicer to assume the servicing obligations. If a successor servicer is not appointed when the servicer stops performing its obligations, the indenture trustee may appoint, or petition a court to appoint, a successor servicer having a net worth of at least $50 million and whose regular business includes the servicing of motor vehicle leases.

If a bankruptcy trustee or similar official is appointed for the servicer and no other servicer termination event has occurred, the bankruptcy trustee or official may have the power to prevent the indenture trustee or the noteholders from terminating the servicer.

The servicer will agree to cooperate to effect an orderly servicing transfer and make available its records on payments on the leases and the lease files. The servicer will not be required to make available or license its proprietary servicing procedures, processes, models, software or other applications. The predecessor servicer will reimburse the successor servicer for reasonable expenses for the transition of servicing obligations.

Monthly Reports

On or about the 10th day of each month, the servicer will prepare and deliver an investor report to the owner trustee, the indenture trustee, the depositor and, if requested, the rating agencies. Each investor report will contain information about payments to be made on the notes on the payment date, the performance of the reference pool during the collection period and the status of any credit enhancement. An officer of the servicer will certify the accuracy of the information in each investor report. The servicer will post each investor report on its website located at [https://www.ford.com/finance/investor-center/asset-backed-securitization] on the payment date. The investor report will contain the following information for each payment date:

· collections on the leases and leased vehicles in the reference pool for the collection period,

· the fees and expenses payable to the indenture trustee, the owner trustee, the asset representations reviewer and the trust,

· the fees payable to the servicer and administrator,

· the payments on the exchange note,

· the amount of interest and principal payable and paid on each class of notes, in each case expressed as an aggregate amount and per $1,000 of principal amount,

· the regular principal payment and any priority principal payments,

· the principal amount of each class of notes at the beginning of the period and the end of the period and the note factors needed to compute the principal amount of each class of notes, in each case giving effect to all payments to be made on the payment date,

· [the balance of any servicer advances and the amount of any additional servicer advances or reimbursements of any outstanding servicer advances,]

· the balance of lessee payaheads and the amount of any payahead draws or additional payaheads,

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· the balance of the reserve account and the amount of any withdrawals from or deposits to the reserve account to be made on the payment date,

· information on the performance of the reference pool for the collection period, including the total securitization value, collections and the aggregate amount paid by Ford Credit or the depositor to reallocate leases and leased vehicles from the reference pool, any reallocation demand activity, the number of leases and leased vehicles remaining in the reference pool and the pool factor,

· delinquency, repossession, credit loss and residual performance information on the leases and leased vehicles in the reference pool for the collection period,

· lease termination information for the reference pool, including number of leased vehicles purchased or returned by lessees, number of leases charged off and return rate,

· the targeted overcollateralization amount, and

· the amount of available funds released to the holder of the residual interest.

The first investor report will also include [the percentage of each class of notes retained by the depositor on the closing date, if that percentage is materially different than [__%][at least 5%] of the initial principal amount of each class of notes] [the fair value of the residual interest as a percentage of the sum of the fair value of the notes and the residual interest and as a dollar amount as of the closing date, together with a description of any material changes in the methodology or key inputs and assumptions used to calculate the fair value], as described in "Credit Risk Retention."

The servicer will use the investor report to direct the indenture trustee on payments to be made to the noteholders on each payment date. The indenture trustee will not be obligated to verify calculations made by the servicer. On each payment date, the indenture trustee, as paying agent, will forward the investor report to each noteholder of record or make the investor report available to noteholders through the indenture trustee's internet website, which is located at https://_________________.

The servicer, on behalf of the trust, will file a Form 10-D for the trust with the SEC within 15 days after each payment date, which will include the investor report for that payment date and the following information, if applicable:

· a description of the events that triggered a review of the review leases by the asset representations reviewer during the prior month,

· if the asset representations reviewer delivered its review report during the prior month, a summary of the report,

· if the asset representations reviewer resigned or was removed, replaced or substituted, or if a new asset representations reviewer was appointed during the prior month, the identity and experience of the new asset representations reviewer, the date the change occurred and the circumstances surrounding the change,

· a statement that the trust received a request from a noteholder during the prior month to communicate with other noteholders, together with the date the request was received, the name of the requesting noteholder, a statement that the requesting noteholder is interested in communicating with other noteholders about the possible exercise of rights under the transaction documents and a description of the method by which the other noteholders may contact the requesting noteholder, and

· any material change in the depositor's retained interest in this securitization transaction.

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The servicer, on behalf of the trust, will also prepare asset-level data for the reference pool [relating to the issued notes] for the prior month and related information and file it with the SEC on Form ABS-EE before filing the Form 10-D. This Form ABS-EE, and related information attached as exhibits to the form, will be incorporated by reference into the Form 10-D. The asset-level data will contain detailed information for each lease and leased vehicle about its identification, origination, lease terms, lessee, payment activity, servicing and status. Certain data in the asset-level data, such as data related to collections, reallocated leases, losses on the leases and repossessions, may not match the data provided on the investor report due to differences in how this data is required to be reported for asset-level data and how this data is reported for the investor report. Investors should carefully review the asset-level data and related information attached as exhibits to Form ABS-EE to find more information about the differences, if any, between the asset-level data and investor reports.

Annual Compliance Reports

The servicer will prepare or obtain a number of annual reports, statements or certificates for the trust. No later than 90 days after the end of the calendar year, the servicer will provide to the depositor, the trust, the indenture trustee and the rating agencies the following:

· Compliance Certificate: a certificate stating that the servicer fulfilled its obligations under the servicing agreement and the servicing supplement in all material respects throughout the prior year or, if there was a failure to fulfill any obligation in any material respect, stating the nature and status of each failure,

· Assessment of Compliance: copies of any report by the servicer and any other "party participating in the servicing function" (as contemplated by "Regulation AB" under the Securities Act of 1933 and the Securities Exchange Act of 1934) on its assessment of compliance with the minimum servicing criteria regarding general servicing, cash collection and administration, investor payments and reporting and pool asset administration during the prior year covering securitization transactions sponsored by Ford Credit involving leases and leased vehicles that were subject to Regulation AB, including disclosure of any material instance of noncompliance identified by that servicer, and

· Attestation Report: copies of any report by a registered public accounting firm that attests to, and reports on, the assessment made by the servicer and any other "party participating in the servicing function" (as contemplated by Regulation AB) of compliance with the minimum servicing criteria during the prior year covering securitization transactions sponsored by Ford Credit involving leases and leased vehicles that were subject to Regulation AB, which must be made according to standards for attestation engagements issued or adopted by the Public Company Accounting Oversight Board.

The servicer will file the compliance certificate, the assessment report and the attestation report with the SEC as exhibits to the trust's annual report on Form 10-K within 90 days after the end of the calendar year. A copy of these items may be obtained by any noteholder by request to the indenture trustee.

Transaction Parties

The following descriptions of the transaction parties summarize parts of the transaction documents to which they are parties, including the trust agreement, the indenture, the administration agreement and the asset representations review agreement, but are not complete descriptions of these agreements. For more details about the transaction documents, you should read the forms of the transaction documents that are included as exhibits to the registration statement filed with the SEC that includes this prospectus.

Depositor

The depositor for this securitization transaction is Ford Credit Auto Lease Two LLC, a Delaware limited liability company created in October 2006. The depositor met the registrant requirements of paragraph I.A.

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of the General Instructions to Form SF-3 at the time the registration statement was filed [and as of ________, 20__].

Ford Credit is the sole member of the depositor. The depositor was created for the limited purpose of purchasing exchange notes from Ford Credit and selling exchange notes to trusts for securitization transactions.

In connection with the offering of the notes, the chief executive officer of the depositor will make the certifications required under Regulation AB about this prospectus, the disclosures made about the characteristics of the leases and leased vehicles and the structure of this securitization transaction, the risks of owning the notes and whether the securitization transaction will produce sufficient cash flows to make interest and principal payments on the notes when due. This certification will be filed by the depositor with the SEC at the time of filing of this prospectus. The certification should not be considered to reduce or eliminate the risks of investing in the notes.

The depositor will make representations about the leases and leased vehicles in the reference pool. If any of these representations prove to have been untrue when made and the breach has a material adverse effect on a lease or leased vehicle in the reference pool, the depositor must reallocate the lease and leased vehicle unless it corrects the breach in all material respects before the date it is required to reallocate the lease and leased vehicle. In addition, the depositor must enforce Ford Credit's reallocation obligation described in "Reference Pool — Obligation to Reallocate Ineligible Leases and Leased Vehicles." In addition, the depositor will represent that it owns the exchange note free of liens or claims.

The depositor will be responsible for filing required income tax or franchise tax returns for the trust and for filing and maintaining the effectiveness of the financing statements that perfect the trust's security interest in the exchange note and other trust assets.

The depositor will:

· pay the administrator's annual fees,

· indemnify the owner trustee for liabilities and damages resulting from the owner trustee's performance of its obligations under the trust agreement unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of the owner trustee or the breach of representations made by the owner trustee in the trust agreement,

· reimburse the expenses of the owner trustee or the indenture trustee if they resign or are removed, if those expenses are not paid by the trust, and

· indemnify the underwriters for certain liabilities as described in "Underwriting."

[The depositor [will retain [__%][at least 5%] of the initial principal amount of each class of notes] [may retain all or a portion of any class of notes] issued by the trust. Any retained notes [other than the [__%][5%] of each class] may be sold by the depositor in private placements or other non-registered offerings and will not be offered by this prospectus.]

Issuing Entity

The issuing entity for this securitization transaction is Ford Credit Auto Lease Trust 20__-__, a Delaware statutory trust. The trust's fiscal year is the calendar year.

The purpose of the trust will be to:

· acquire and hold the exchange note and other trust assets,

· issue the notes and pledge the trust assets to the indenture trustee to secure payments on the notes,

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· make payments on the notes,

· issue additional notes or certificates in exchange for the residual interest of the trust, and

· engage in any other related activities to accomplish these purposes.

The trust may not engage in other activities and may not invest in other securities or make loans to anyone.

The depositor and the owner trustee may amend the trust agreement, without the consent of the noteholders, to (a) clarify an ambiguity, correct an error or correct or supplement any term of the agreement that may be inconsistent with the other terms of the agreement or in order to conform the terms of the agreement to its description contained in this prospectus or (b) provide for, or facilitate the acceptance of the agreement by, a successor owner trustee.

The depositor and the owner trustee may amend the trust agreement to add, change or eliminate terms of the agreement if:

· the holder of the residual interest certifies that the amendment will not have a material adverse effect on the noteholders or, if such a certification cannot be made, the consent of a majority of each class of notes (with each class voting separately, except that the Class A notes will vote together as a single class) is received,

· the holder of the residual interest delivers a legal opinion that, for federal income tax purposes, the amendment will not cause any note to be deemed sold or exchanged, cause the trust to be treated as an association or publicly traded partnership taxable as a corporation or adversely affect the treatment of the notes as debt for federal income tax purposes, and

· the consent of the indenture trustee is received if the amendment has a material adverse effect on the rights or obligations of the indenture trustee, which consent will not be unreasonably withheld.

The prior consent of all affected noteholders will be required for any amendment that would:

· change the amount, timing, allocation or priority of distributions required to be made to the noteholders, or

· reduce the percentage of noteholders that are required to consent to an amendment.

The trust may not dissolve, merge with or sell its assets to anyone or impair the first priority lien of the indenture trustee in the trust assets except as permitted by the transaction documents.

The servicer will indemnify the trust for liabilities and damages resulting from the servicer's willful misconduct, bad faith or negligence (other than errors in judgment) in the performance of its obligations as servicer.

On the closing date, the depositor will sell the exchange note to the trust and make, or cause to be made, an initial deposit in the reserve account in exchange for the notes and the residual interest in the trust. The following table shows the capitalization of the trust on the closing date after issuance of the notes.

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	Principal Amount[(1)]	[Principal Amount[(2)]
Class A-1 notes	$	$
Class A-2[a] notes	}	}
[Class A-2b notes]
Class A-3 notes
Class A-4 notes
Class B notes
Class C notes
[Class D notes		]
Residual Interest —- Overcollateralization
Total —- Exchange Note Initial Note Balance	$	$                      ]

[⁽¹⁾ If the aggregate initial principal amount of the notes to be issued is $________.

⁽²⁾  If the aggregate initial principal amount of the notes to be issued is $________.]

Administrator

Ford Credit will be the administrator of the trust under an administration agreement.

The administrator's main obligations will be to provide notices on behalf of the trust and perform all administrative obligations of the trust under the transaction documents, including to:

· obtain and maintain the trust's qualification to do business where necessary,

· notify the rating agencies and the indenture trustee of events of default,

· prepare and file reports with the SEC,

· cause the servicer to perform its obligations under the sale and servicing agreement[,

· make determinations regarding any benchmark transition event and benchmark replacement], and

· cause the indenture trustee to notify the noteholders of the redemption of their notes.

The administrator will indemnify the owner trustee, the indenture trustee and the asset representations reviewer for liabilities and damages resulting from the performance of their obligations under the transaction documents unless resulting from their willful misconduct, bad faith or negligence (other than errors in judgment) or breach of their representations in the transaction documents.

The depositor will pay the administrator an annual administration fee.

The administrator may not resign unless it is legally unable to perform its administrative obligations. If the servicer is terminated, the administrator will immediately resign on the appointment or engagement of a successor servicer (other than the indenture trustee), who will automatically become the successor administrator. The owner trustee, with the consent of a majority of the controlling class, may remove the administrator if (a) the administrator fails to perform in any material respect its obligations, which continues for 90 days after the administrator receives notice of the failure from the owner trustee, the indenture trustee or at least 25% of the controlling class or (b) an insolvency event of the administrator occurs. No resignation or removal of the administrator will become effective until a successor administrator is in place.

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Owner Trustee [and Delaware Trustee]

_______________, a __________, will act as the "owner trustee" under the trust agreement.

[Insert description of Owner Trustee, including prior experience as Owner Trustee for ABS transactions involving similar assets as required by Item 1109(a)(2) of Regulation AB].

The owner trustee's main obligations will be to:

· create the trust by filing a certificate of trust with the Delaware Secretary of State[, along with the Delaware trustee] and

· execute documents on behalf of the trust.

Neither co-trustee will be liable for any action, omission or error in judgment, except for its own willful misconduct, bad faith or negligence. Neither co-trustee will be required to exercise any of its rights or powers under the transaction documents or to start, conduct or defend any legal proceedings on behalf of the trust at the direction of the depositor unless the depositor has offered reasonable security or indemnity satisfactory to such co-trustee to protect it against the costs and expenses that it may incur in complying with the direction.

The depositor and the administrator will indemnify each co-trustee for liabilities and damages resulting from such co-trustee's performance of its obligations under the trust agreement unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of such co-trustee or the breach of representations made by such co-trustee in the trust agreement. The servicer will indemnify each co-trustee for liabilities and damages resulting from the servicer's willful misconduct, bad faith or negligence (other than errors in judgment) in the performance of its obligations as servicer.

The trust will pay the acceptance fees and annual fees of the co-trustees, reimburse the co-trustees for expenses incurred in performing its obligations, and pay any indemnities due to the co-trustees, to the extent those amounts are not paid or reimbursed by the depositor or the administrator. The trust will pay these amounts to the co-trustees on each payment date, along with similar amounts owed to the indenture trustee and the asset representations reviewer and expenses incurred by the trust under the transaction documents, up to the limit of $________ per year before the trust makes any other payments. The trust will pay any of these amounts in excess of the limit only after paying in full on that payment date all other fees and expenses of the trust and required interest and principal payments on the notes and after any required deposits in the reserve account are made. After an event of default, however, these fees, expenses and indemnities will be paid first.

Either co-trustee may resign at any time by notifying the depositor and the administrator at least 30 days in advance. The administrator may remove either or both co-trustees at any time and for any reason by notifying the co-trustee at least 30 days in advance. The administrator must remove a co-trustee if the co-trustee becomes legally unable to act as co-trustee, becomes subject to a bankruptcy or is no longer eligible to act as co-trustee under the trust agreement because of changes in its legal status, financial condition or ratings. No resignation or removal of a co-trustee will be effective until a successor owner trustee [or Delaware trustee, as appropriate,] is in place. If not paid by the trust, the depositor will pay a co-trustee and the successor co-trustee for the expenses for replacement of such co-trustee.

The trust agreement will terminate when:

· the exchange note has been redeemed after the last lease in the reference pool has been paid in full, settled, sold or charged off, the last related leased vehicle has been sold and all collections have been applied, or

· the trust paid all notes in full and all other amounts payable by it under the transaction documents.

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On termination of the trust agreement, any remaining trust assets will be distributed to the holder of the residual interest in the trust and the trust will be terminated.

Indenture Trustee

_____________, a _________, will act as the "indenture trustee" under the indenture.

[Insert description of Indenture Trustee, including prior experience as Indenture Trustee for ABS transactions involving similar assets as required by Item 1109(a)(2) of Regulation AB].

The indenture trustee's main obligations will be to:

· hold the security interest in the exchange note and other trust assets on behalf of the noteholders,

· administer the transaction bank accounts,

· enforce remedies at the direction of the controlling class after an event of default and acceleration of the notes,

· act as note registrar to maintain a record of noteholders and provide for the registration, transfer, exchange and replacement of notes,

· act as note paying agent to make payments from the transaction bank accounts to the noteholders and others,

· notify the asset representations reviewer when a review has been directed by the noteholders, and

· notify the noteholders of an event of default.

Except in limited circumstances, if a responsible person of the indenture trustee knows of an event that with notice or the lapse of time or both would become an event of default, it must provide written notice to the noteholders within 90 days. If a responsible person of the indenture trustee knows of an event of default, it must notify all noteholders within five business days. If the notes have been accelerated, the indenture trustee may, and at the direction of a majority of the controlling class must, start proceedings for the collection of amounts payable on the notes and enforce any judgment obtained, start foreclosure proceedings and, in some circumstances, sell the exchange note.

The indenture trustee's obligations and standard of care change depending on whether an event of default has occurred. Before an event of default, the indenture trustee is only required to perform the obligations stated in the indenture and will not have any implied obligations and will not be liable for any action, omission or error in judgment, except for its own willful misconduct, bad faith or negligence. After an event of default, the indenture trustee must exercise its rights and powers under the indenture using the same degree of care and skill that a prudent person would use under the circumstances in conducting his or her own affairs. After an event of default, the indenture trustee may assert claims on behalf of the trust and the noteholders against the depositor and Ford Credit.

For a description of the rights and obligations of the indenture trustee after an event of default and on acceleration of the notes, you should read "Description of the Notes — Events of Default and Acceleration."

The indenture trustee must mail an annual report to the noteholders if events stated in the Trust Indenture Act have occurred during the prior year, including a change to the indenture trustee's eligibility under the Trust Indenture Act, a conflict of interest under the Trust Indenture Act, a release of trust assets from the lien of the indenture and any action taken by the indenture trustee that has a material adverse effect on the notes.

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The indenture trustee will not be required to exercise any of its rights or powers, expend or risk its own funds or incur financial liability in the performance of its obligations if it has reasonable grounds to believe that it is not likely to be repaid or indemnified by the trust. The indenture trustee also will not be required to take action in response to litigation, investigations, requests, demands or directions of the noteholders, other than litigation, investigations, requests, demands, or directions relating to an asset representations review, unless the noteholders have offered reasonable security or indemnity satisfactory to the indenture trustee to protect it against the costs and expenses that it may incur in complying with the litigation, investigation, request, demand or direction.

The trust and the administrator will indemnify the indenture trustee for liabilities and damages resulting from the indenture trustee's performance of its obligations under the indenture unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of the indenture trustee or the breach of representations made by the indenture trustee in the indenture. The servicer will indemnify the indenture trustee for damages resulting from the servicer's willful misconduct, bad faith or negligence (other than errors of judgment) in the performance of its obligations as servicer.

The trust will pay the acceptance fees and annual fees of the indenture trustee, reimburse the indenture trustee for expenses incurred in performing its obligations and pay any indemnities due to the indenture trustee, to the extent those amounts are not paid or reimbursed by the depositor or the administrator. The trust will pay these amounts to the indenture trustee on each payment date, along with similar amounts owed to the owner trustee and the asset representations reviewer and expenses incurred by the trust under the transaction documents, up to the limit of $_________ per year before the trust makes any other payments. The trust will pay any of these amounts in excess of the limit only after paying in full on that payment date other fees and expenses of the trust and required interest and principal payments on the notes and after any required deposits in the reserve account have been made. After an event of default, however, these fees, expenses and indemnities will be paid first.

Under the Trust Indenture Act, the indenture trustee may be considered to have a conflict of interest and be required to resign as indenture trustee for the notes or any class of notes if a default occurs under the indenture. In these circumstances, separate successor indenture trustees will be appointed for each class of notes. Even if separate indenture trustees are appointed, only the indenture trustee acting on behalf of the controlling class will have the right to exercise remedies and only the controlling class will have the right to direct or consent to any action to be taken, including a sale of the exchange note.

The indenture trustee may resign at any time by notifying the trust at least 30 days in advance. A majority of the controlling class may remove the indenture trustee at any time and for any reason by notifying the indenture trustee and the trust at least 30 days in advance. The trust must remove the indenture trustee if the indenture trustee becomes legally unable to act as indenture trustee, becomes subject to a bankruptcy or is no longer eligible to act as indenture trustee under the indenture because of changes in its legal status, financial condition or ratings. No resignation or removal of the indenture trustee will be effective until a successor indenture trustee is in place. If not paid by the trust, the depositor will pay the indenture trustee and the successor indenture trustee for any expenses for replacement of the indenture trustee.

Titling Companies

The titling companies are CAB East LLC and CAB West LLC, each a Delaware limited liability company, that were created by Ford Credit for the limited purpose of purchasing leases and the related leased vehicles from dealers. Each leased vehicle will be titled in the name of one of the titling companies and the collateral agent will be named as secured party on the certificate of title.

CAB East Holdings, LLC is the sole member of CAB East LLC. CAB West Holdings, LLC is the sole member of CAB West LLC. CAB East Holdings, LLC and CAB West Holdings, LLC are wholly-owned subsidiaries of Ford Credit.

The limited liability company agreement of each titling company contains substantial restrictions on the activities of the titling company that are similar to those of other "bankruptcy-remote" special purpose entities. These restrictions include limitations on activities, incurrence of indebtedness and affiliated transactions.

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Each titling company's purposes and powers are limited to owning the leases and leased vehicles, issuing certificates or notes, borrowing on a revolving basis from Ford Credit to finance the purchase of leases and leased vehicles and engaging in other activities related to owning the leased vehicles.

Under the credit and security agreement, the titling companies will pay amounts advanced to them by Ford Credit on a joint and several basis and may at any time, at the request of Ford Credit, exchange the amounts outstanding under the revolving credit facility to one or more term notes which will be evidenced by an exchange note. The titling companies will be responsible for making payments on the exchange note under the credit and security agreement. The titling companies have appointed the collateral agent to hold the security interest in the leases and leased vehicles according to the credit and security agreement.

Collateral Agent

HTD Leasing LLC, or "HTD," is the collateral agent under the credit and security agreement. U.S. Bank National Association is the sole member of HTD. HTD's limited liability company agreement contains substantial restrictions on its activities. HTD's purposes and powers are limited to holding the security interest granted to it, as collateral agent, for the benefit of Ford Credit, as lender, and the holders of the exchange notes and some related activities. Neither HTD nor U.S. Bank National Association receives title to or possession of any leases or leased vehicles. HTD is not permitted to incur indebtedness, issue securities or other interests (other than the membership interest held by U.S. Bank National Association) or hold substantial assets.

The titling companies have agreed to pay HTD a fee for its services and to pay HTD for liabilities and damages resulting from HTD's performance of its obligations unless caused by HTD's willful misconduct, bad faith or negligence.

Administrative Agent

_________ is the administrative agent under the credit and security agreement. The administrative agent is responsible for performing, on behalf of the collateral agent, administrative functions under the credit and security agreement. These functions include (1) causing certificates of title for the leased vehicles to reflect the lien of the collateral agent and (2) causing those liens to be released and removed from the certificates of title on termination of the related leases and disposition of the leased vehicles, which obligations may be performed by Ford Credit in its capacity as collateral agent administrator. The collateral agent has granted a power of attorney to the administrative agent to perform these functions.

Under the credit and security agreement, Ford Credit, as lender, may remove ____________ as the administrative agent, with or without cause, and designate a successor administrative agent. Any successor administrative agent or its parent entity must have a combined capital and surplus of at least $50 million, must have a long-term unsecured debt rating of investment grade by each of S&P and Moody's and may not be Ford Credit or an affiliate of Ford Credit.

If __________ is removed or resigns, and a successor is designated, __________ will be required to transfer to the successor, and the successor will be required to acquire, the entire membership interest in HTD and rights under HTD's limited liability company agreement. Ford Credit and its affiliates may not be a successor administrative agent and may not acquire HTD or any rights under HTD's limited liability company agreement.

[Insert description of administrative agent, as required by Item 1109(b)(2) of Regulation AB].

Asset Representations Reviewer

_____________, a _________, will act as the "asset representations reviewer" under the asset representations review agreement.

[Insert description of asset representations reviewer, including prior experience as asset representations reviewer for ABS transactions involving similar assets as required by Item 1109(b)(2) of Regulation AB].

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The asset representations reviewer is an "eligible asset representations reviewer," meaning that (i) it is not affiliated with the sponsor, the depositor, the servicer, the indenture trustee, the owner trustee or any of their affiliates and (ii) neither it nor any of its affiliates has been hired by the sponsor or the underwriters to perform pre-closing due diligence work on the leases. For so long as the notes remain outstanding, the asset representations reviewer must be an eligible asset representations reviewer.

The asset representations reviewer's main obligations will be to:

· review each review lease after receipt of a review notice from the indenture trustee, and

· provide a report on the results of the review to the sponsor, the depositor, the trust, the servicer and the indenture trustee.

For a description of the review to be performed by the asset representations reviewer, you should read "Reference Pool — Asset Representations Review."

The asset representations reviewer is not responsible for (a) reviewing the leases for compliance with the representations under the transaction documents, except in connection with a review under the asset representations review agreement or (b) determining whether noncompliance with any representation is a breach of the transaction documents or if any lease or leased vehicle is required to be reallocated.

The asset representations reviewer will not be liable for any action, omission or error in judgment, except for its own willful misconduct, bad faith or negligence. The asset representations reviewer will not be liable for any errors in any review materials relied on by it to perform a review or for the noncompliance or breach of any representation made about the leases and leased vehicles.

The trust and the administrator will indemnify the asset representations reviewer for liabilities and damages resulting from the asset representations reviewer's performance of its obligations under the asset representations review agreement unless resulting from the willful misconduct, bad faith or negligence (other than errors in judgment) of the asset representations reviewer or the breach of representations made by the asset representations reviewer in the asset representations review agreement.

The trust will pay annual fees and review fees of the asset representations reviewer, reimburse the asset representations reviewer for their reasonable travel expenses for a review and pay any indemnities due to the asset representations reviewer, to the extent those amounts are not paid or reimbursed by the administrator. The trust will pay these amounts to the asset representations reviewer on each payment date, along with similar amounts owed to the indenture trustee and the owner trustee and expenses incurred by the trust under the transaction documents, up to the limit of $________ per year, before the trust makes any other payments. The trust will pay any of these amounts in excess of the limit only after paying in full on that payment date all other fees and expenses of the trust and all required interest and principal payments on the notes and after any required deposits in the reserve account have been made. After an event of default, however, these fees, expenses and indemnities will be paid first.

The asset representations reviewer may not resign, unless it becomes legally unable to perform its obligations as asset representations reviewer. The trust may remove the asset representations reviewer if the asset representations reviewer (a) ceases to be an eligible asset representations reviewer, (b) breaches of any of its representations, warranties, covenants or obligations or (c) becomes subject to a bankruptcy. No resignation or removal of the asset representations reviewer will be effective until a successor asset representations reviewer who is an eligible asset representations reviewer is in place. The asset representations reviewer will pay the expenses of transitioning the asset representations reviewer's obligations to the successor asset representations reviewer.

Affiliations and Related Transactions

Ford Credit is the sponsor of this securitization transaction, the original purchaser of the leases originated by motor vehicle dealers and related leased vehicles in the reference pool and the servicer of the leases and leased vehicles in the reference pool. As the sponsor, Ford Credit caused the depositor to be

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formed for purposes of participating in securitization transactions. Ford Credit is the sole member of the depositor. Ford Credit caused the depositor to form the trust that is the issuing entity for this securitization transaction and will be the administrator of the trust. The depositor is the sole beneficiary of the trust and the holder of the residual interest in the trust.

In the ordinary course of business from time to time, Ford Credit and its affiliates have business relationships and agreements with the owner trustee, the indenture trustee and the asset representations reviewer and their affiliates, including commercial banking and corporate trust services, committed credit facilities, underwriting agreements, hedging agreements, investment and financial advisory services, due diligence services and securitization services, all on arm's length terms and conditions.

Transaction Fees and Expenses

The following table shows the amount or formula for the fees payable to the indenture trustee, the owner trustee, the asset representations reviewer and the servicer. The fees of the indenture trustee, the owner trustee and the asset representations reviewer may be paid monthly, annually or on another schedule as agreed by the administrator and the indenture trustee, the owner trustee and the asset representations reviewer. To the extent these fees have not been paid by the depositor or the administrator, they will be paid on each payment date from exchange note available funds in the order of priority described in "Description of the Notes — Priority of Payments." The fees payable to the servicer will be paid from collections as described in "Description of Exchange Note — Priority of Payments on Exchange Note." These fees will not change during the term of this securitization transaction.

Fee	Amount
Indenture trustee acceptance fee	$[_____] on closing of the transaction
Indenture trustee annual fee	$[_____] each year
Owner trustee acceptance fee	$[_____] on closing of the transaction
Owner trustee annual fee	$[_____] each year
Asset representations reviewer annual fee	$[_____] each year
Asset representations reviewer review fee	Up to $[___] for each review lease on completion of a review
Administration fee	1/12 of [___]% of the principal amount of the notes each month
Servicing fee	1/12 of [__]% of the total securitization value each month

The indenture trustee acceptance fee and the owner trustee acceptance fee are one-time fees payable to the indenture trustee and the owner trustee on closing of the transaction in consideration of their acceptance of their obligations under the transaction documents. The indenture trustee annual fee will be paid to the indenture trustee for performance of its obligations under the indenture. The owner trustee annual fee will be paid to the owner trustee for performance of its obligations under the trust agreement. The asset representations reviewer annual fee will be paid to the asset representations reviewer in consideration of its obligation to perform the asset representations reviewer's obligations under the asset representations review agreement. The asset representations reviewer review fee will be paid to the asset representations reviewer on completion of a review for its performance of the review.

The trust will pay and reimburse the indenture trustee and the owner trustee for their fees and reasonable expenses incurred under the indenture and the trust agreement and the asset representations reviewer for its reasonable travel expenses for a review under the asset representations review agreement, each to the extent not paid by the depositor or the administrator. The trust also will pay any indemnities owed to the indenture trustee, the owner trustee or the asset representations reviewer if not paid by the depositor or the administrator. For information about indemnities applicable to the indenture trustee, the owner trustee and the asset representations reviewer, you should read "Transaction Parties — Indenture Trustee," "Transaction Parties — Owner Trustee [and Delaware Trustee]" and " Transaction Parties — Asset Representations Reviewer."

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The administration fee is paid to the servicer for its role in administering the trust. In that capacity, the servicer will handle payments, administer defaults and delinquencies and perform other duties relating to the trust. The servicing fee is paid to the servicer for the servicing of the reference pool under the servicing agreement. The servicer will be responsible for its own expenses under the servicing agreement except (1) amounts charged to the account of a lessee, (2) external costs for the repossession and disposition of a leased vehicle and (3) external costs of collection on charged off leases.

Use of Proceeds

The net proceeds from the sale of the notes issued on the closing date will be used by the depositor to purchase the exchange note from Ford Credit. Ford Credit will use the proceeds from the sale of the exchange note for general corporate purposes. No expenses were incurred in connection with the selection or allocation of leases for this securitization transaction.

Legal Proceedings

[There are no legal proceedings pending or known to be contemplated by any governmental authorities against the sponsor, the depositor, the owner trustee, the indenture trustee, the trust or the servicer, or of which any of their property is subject, that are material to noteholders.]

[Describe any legal proceedings against the sponsor, the depositor, the owner trustee, the indenture trustee, the trust or the servicer that are material to noteholders as required by Item 1117 of Regulation AB.]

Important Legal Considerations

Bankruptcy Considerations

Sale of Exchange Note by Ford Credit to Depositor and by Depositor to Trust. The sale of the exchange note by Ford Credit to the depositor and then by the depositor to the trust will each be structured to minimize the possibility that a bankruptcy proceeding of Ford Credit or the depositor will adversely affect the trust's rights in the exchange note. Ford Credit and the depositor intend that the sale of the exchange note by Ford Credit to the depositor will be a "true sale." The depositor and the trust also intend that the sale of the exchange note by the depositor to the trust will be a "true sale." Neither the depositor nor the trust will have recourse to Ford Credit, as seller of the exchange note, other than the limited obligation to reallocate ineligible leases and leased vehicles from the reference pool for breaches of representations.

On the closing date, Ford Credit, the depositor and the trust will receive a reasoned legal opinion that in a bankruptcy of Ford Credit or the depositor:

· the exchange note and the collections on the exchange note would not be property of Ford Credit's or the depositor's bankruptcy estate, as applicable, under U.S. federal bankruptcy laws, and

· the automatic stay under U.S. federal bankruptcy laws would not apply to prevent payment of the collections on the exchange note to the depositor or the trust.

This opinion will be subject to assumptions and qualifications and a court in a bankruptcy proceeding of Ford Credit or the depositor may not reach the same conclusion.

Structure of Holding Companies, Titling Companies and Depositor; Risk of Substantive Consolidation. Each of the holding companies, the titling companies and the depositor is organized as a special purpose entity and is restricted by its limited liability company agreement to activities designed to make it "bankruptcy-remote." These restrictions limit the nature of its activities, prohibit the incurrence of additional indebtedness and make it unlikely that it will have any creditors. Each limited liability company agreement also restricts the special purpose entity from starting a voluntary case or proceeding under U.S. bankruptcy laws or similar state laws without the unanimous consent of its board of managers, including independent managers, who are instructed to take into account the interests of creditors of the special purpose entity and, for the depositor, the trusts created by the depositor, as well as the interests of the

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special purpose entity, in any vote to allow the special purpose entity to file for bankruptcy. Each limited liability company agreement also contains covenants meant to maintain the separate identity of the special purpose entity from Ford Credit and to avoid substantive consolidation of the special purpose entity and Ford Credit. The most important of these covenants require each company to maintain its separate existence, maintain separate books and bank accounts, prepare separate financial statements, not hold itself as liable for debts of the other and not commingle its assets with the assets of Ford Credit or its affiliates. These restrictions and covenants may not be amended without the consent of the entire board of managers, including the independent managers, and satisfaction of the rating agency condition.

In addition, in the transaction documents, the owner trustee, the indenture trustee and the noteholders will agree not to start or pursue a bankruptcy proceeding against the holding companies, the titling companies or the depositor.

On the closing date, Ford Credit and the depositor will obtain a reasoned legal opinion that in a bankruptcy of Ford Credit, a creditor or bankruptcy trustee of Ford Credit (or Ford Credit as debtor in possession) would not have valid grounds to request a court to disregard the separate legal existence of the depositor, any of the holding companies or any of the titling companies so as to cause substantive consolidation of the assets and liabilities of (1) the depositor, any of the holding companies or any of the titling companies with the assets and liabilities of Ford Credit or (2) any holding company with the assets and liabilities of the related titling company, in each case, in a manner prejudicial to the noteholders. This opinion will be subject to assumptions and qualifications, including an assumption that the depositor, each of the holding companies, each of the titling companies and Ford Credit comply with its limited liability company agreement. A court in a Ford Credit bankruptcy proceeding may not reach the same conclusion. If the separate legal existence of Ford Credit and the depositor were disregarded and the assets and liabilities of Ford Credit and the depositor were consolidated, assets of the depositor could be used to satisfy Ford Credit's creditors instead of the noteholders or the trust. Similarly, if the separate legal existence of Ford Credit and the holding companies or of Ford Credit and the titling companies were disregarded and the assets and liabilities of Ford Credit and the titling companies or of Ford Credit and the holding companies were consolidated, the leases and leased vehicles in the reference pool could be used to satisfy Ford Credit's creditors instead of the noteholders or the trust. This consolidation of assets and liabilities generally is referred to as "substantive consolidation."

Assuming that the sale of the exchange note by Ford Credit to the depositor is a "true sale," the sale of the exchange note by the depositor to the trust is a "true sale," the depositor and the titling companies are not consolidated with Ford Credit in a bankruptcy of Ford Credit and the depositor and the titling companies are not in bankruptcy, the trust generally will have uninterrupted access to amounts received on the exchange note and collections on the reference pool (other than any collections held by Ford Credit as servicer at the time a bankruptcy proceeding is begun) will be available to make payments on the exchange note.

Bankruptcy Proceedings of Ford Credit, the Depositor or the Servicer. The depositor does not intend to start, and Ford Credit will agree that it will not cause the depositor to start, a voluntary bankruptcy proceeding while the depositor is solvent.

The bankruptcy of the servicer will be a servicer termination event. If no other servicer termination event other than a bankruptcy exists, a trustee-in-bankruptcy of the servicer, or the servicer as debtor-in-possession, may have the power to prevent either the indenture trustee or the noteholders from terminating the servicer, or to reject, assume or modify the contracts to which the servicer is party if the requisite approvals of the bankruptcy court or creditors are obtained.

Payments made by Ford Credit or the depositor to reallocate leases and leased vehicles may be recoverable by Ford Credit or the depositor, as debtor-in-possession, or by a creditor or a trustee-in-bankruptcy of Ford Credit or of the depositor as a preferential transfer from Ford Credit or the depositor if the payments were made within one year before the filing of a bankruptcy proceeding against Ford Credit.

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The Dodd-Frank Act

Orderly Liquidation Authority. The Dodd-Frank Act established the Orderly Liquidation Authority, or "OLA," under which the Federal Deposit Insurance Corporation, or "FDIC," is authorized to act as receiver of a financial company and its subsidiaries. OLA differs from U.S. federal bankruptcy laws in several ways. In addition, because the legislation remains subject to clarification through FDIC regulations and has yet to be applied by the FDIC in a receivership, it is unclear what impact OLA will have on a particular company, including Ford Credit, the titling companies, the depositor or the trust, or the company's creditors.

Potential Applicability to Ford Credit, the Depositor and the Trust. It is not clear which companies will be subject to OLA rather than the U.S. federal bankruptcy laws. For a company to become subject to OLA, the Secretary of the Treasury (in consultation with the President of the United States) must determine that (a) the company is in default or in danger of default, (b) the failure of the company and its resolution under the U.S. federal bankruptcy laws would have serious adverse effects on financial stability in the United States, (c) no viable private sector alternative is available to prevent the default of the company and (d) an OLA proceeding would mitigate these effects. It is not clear whether OLA would be applied to Ford Credit, although it is expected that OLA will be used only very rarely. The titling companies, the depositor or the trust could, under some circumstances, also be subject to OLA.

FDIC's Avoidance Power Under OLA. The parts of OLA relating to preferential transfers differ from those of the U.S. federal bankruptcy laws. If the titling companies were to become subject to OLA, there is an interpretation under OLA that previous pledges of the leases and leased vehicles by the titling companies to the collateral agent perfected for purposes of state law and the U.S. federal bankruptcy laws could nevertheless be avoided by the FDIC as preferential transfers. In this case, the leases and leased vehicles in the reference pool securing the exchange note, which in turn secures the notes, could be reclaimed by the FDIC and the exchange note may become unsecured.

In July 2011, the FDIC adopted final rules which harmonize the application of the FDIC's avoidance power under OLA with the related parts of the U.S. federal bankruptcy laws. Based on these rules, the pledge of the leases and leased vehicles by the titling companies to the collateral agent would not be avoidable by the FDIC as a preference under OLA.

FDIC's Repudiation Power Under OLA. If the FDIC is appointed receiver of a company under OLA, the FDIC would have the power to repudiate any contract to which the company was a party, if the FDIC determined that performance of the contract was burdensome and that repudiation would promote the orderly administration of the company's affairs.

In January 2011, the Acting General Counsel of the FDIC issued an advisory opinion confirming:

· that nothing in the Dodd-Frank Act changes the existing law governing the separate existence of separate entities under other applicable law, or changes the enforceability of standard contractual provisions meant to foster the bankruptcy-remote treatment of special purpose entities such as the titling companies, the depositor and the trust, and

· that, until the FDIC adopts a regulation, the FDIC will not exercise its repudiation authority to reclaim, recover or recharacterize as property of a company in receivership or the receivership assets transferred by the company before the end of the transition period of any future regulation, if the transfer satisfies the conditions for the exclusion of the assets from the property of the estate of the company under the U.S. federal bankruptcy laws.

Ford Credit and the depositor intend that the sale of the exchange note by Ford Credit to the depositor will be a "true sale" between separate legal entities under state law. As a result, Ford Credit believes that the FDIC would not be able to recover the exchange note using its repudiation power.

Although the advisory opinion does not bind the FDIC, and could be modified or withdrawn in the future, the opinion provides that it will apply to asset transfers which occur before the end of any transition period adopted to implement future regulation addressing the FDIC's repudiation authority under OLA. However, it

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is not certain that the FDIC will address its repudiation authority under OLA in future regulations or that future regulations or FDIC actions in an OLA proceeding involving Ford Credit, the titling companies, the depositor or the trust would not be contrary to this opinion.

If the titling companies or the trust were placed in receivership under OLA, the FDIC would have the power to repudiate the exchange note issued by the titling companies or the notes issued by the trust, as applicable. In that case, the FDIC would be required to pay compensatory damages that are no less than the then outstanding principal amount of the exchange note plus accrued interest or the principal amount of the notes plus accrued interest as of the date the FDIC was appointed receiver and, if the value of the property that secured the exchange note or the notes is greater than the principal amount of the exchange note and any accrued interest or the principal amount of the notes and accrued interest, as applicable, through the date of repudiation or disaffirmance, that accrued interest.

Security Interests in Exchange Note and Leases and Leased Vehicles

The sale and assignment of the exchange note to the trust, the perfection of the security interest pledged in the exchange note and the enforcement of rights to realize on the exchange note as collateral for the notes will be subject to a number of federal and state laws, including the Uniform Commercial Code in effect in each state.

The indenture trustee will hold a first priority security interest in the exchange note for the benefit of the noteholders. The exchange note will be secured by a first priority security interest in the leases and leased vehicles financed under the credit and security agreement, including the leases and leased vehicles in the reference pool. Under the credit and security agreement, the security interest of the collateral agent in a leased vehicle and the net sale proceeds is released immediately before sale. Ford Credit, as servicer, must deposit an amount equal to those proceeds in the collection account under the servicing agreement. This security interest is for the benefit of Ford Credit, as lender, and the holders of exchange notes, including the trust as holder of the exchange note for the securitization transaction in which the notes will be issued. Although the exchange note for the securitization transaction in which the notes will be issued will be secured by the leases and leased vehicles financed under the credit and security agreement, the trust, as holder of the exchange note, will agree that it will not have recourse to any leases and leased vehicles other than the leases and leased vehicles in the reference pool and any shared amounts from other reference pools.

Security Interest in Exchange Note. Ford Credit will sell the exchange note to the depositor and the depositor will perfect its interest in the exchange note by filing a Uniform Commercial Code financing statement. The depositor will then sell the exchange note to the trust and the trust will perfect its interest in the exchange note by filing a Uniform Commercial Code financing statement. The trust will then pledge the exchange note to the indenture trustee and the indenture trustee will perfect its security interest in the exchange note by filing a Uniform Commercial Code financing statement and by taking possession of the exchange note.

Security Interest in Leases. The leases, both tangible and electronic, purchased by the titling companies are "chattel paper" for purposes of the Uniform Commercial Code. The sale, assignment and pledge of "chattel paper" may be perfected either by taking physical possession of tangible leases and taking and maintaining "control" (within the meaning of the Uniform Commercial Code) of electronic leases or by the filing of financing statements under the Uniform Commercial Code. The collateral agent has perfected its security interest in the leases securing the revolving credit facility and the exchange notes by filing a Uniform Commercial Code financing statement against each titling company and by taking physical possession, for tangible leases, or taking and maintaining "control," for electronic leases. The collateral agent has appointed Ford Credit to serve as custodian of the leases. The tangible leases are physically held by Ford Credit or by a third party vendor. The electronic leases are stored in a specially-designed computer system maintained by a third party vendor that establishes Ford Credit's "control" of the electronic leases. Ford Credit will not segregate or mark the leases to indicate that they have been pledged as security to the exchange noteholders and Ford Credit, as lender.

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Security Interest in Leased Vehicles. As servicer, Ford Credit follows procedures to apply for a certificate of title for each leased vehicle in the name of the titling company and to perfect the collateral agent's security interest in each leased vehicle securing the revolving credit facility and the exchange notes by noting the lien of the collateral agent on the certificate of title for the leased vehicle under state motor vehicle laws. Generally, these procedures require the dealer to apply for a title that includes the titling company's ownership and the collateral agent's lien immediately after a titling company's purchase of a leased vehicle. The procedures to obtain title in the name of the titling company and to perfect the collateral agent's lien on the leased vehicle depend on the actions of third parties, including dealers and state and local motor vehicle registration authorities. If the collateral agent obtains a validly perfected security interest in the leased vehicle on a timely basis, the trust, as holder of the exchange note, will also have the benefits of this security interest in most states. If the collateral agent does not obtain a perfected security interest in the leased vehicle due to fraud, forgery, negligence or administrative error of a third party, the collateral agent's security interest could be subordinated to later purchasers of the leased vehicle and subsequent lenders with a perfected security interest. If the collateral agent does not have a perfected security interest in a leased vehicle, the trust's ability to realize on the leased vehicle after an exchange note default would be adversely affected. As collateral agent administrator, Ford Credit must take appropriate steps to maintain perfection of the collateral agent's security interest in the leased vehicles, and under the servicing supplement the servicer must reallocate the leased vehicle from the reference pool if the collateral agent fails to obtain a perfected first priority security interest in the leased vehicle and the lease or leased vehicle is materially and adversely affected.

In addition, because it is possible that the leased vehicles may be characterized as inventory held for sale by the titling companies, Ford Credit, as collateral agent administrator, files a Uniform Commercial Code financing statement against each titling company, on behalf of the collateral agent, because a financing statement must be filed to perfect a security interest in motor vehicles that are inventory.

The revolving credit facility and the exchange notes, including the exchange note issued for this securitization transaction, are secured by the leases and leased vehicles financed by the titling companies under the credit and security agreement and this security interest will ultimately be held by the indenture trustee, as holder of the exchange note and secured party on the applicable Uniform Commercial Code financing statement, as described in "— Security Interests in Exchange Note and Leases and Leased Vehicles — Security Interest in Exchange Note" above.

In some circumstances, the collateral agent's security interest in the leases or leased vehicles may be subordinated because federal or state law gives the holders of some types of liens, such as tax liens or mechanic's liens, priority over even the properly perfected lien of other secured parties. In addition, if a leased vehicle is confiscated by a government agency, Ford Credit may not be able to obtain possession of the vehicle and enforce the security interest unless it completes documentation required by the agency, including a "hold harmless" agreement. Unless Ford Credit fails to follow its policies and procedures, Ford Credit will not be required to reallocate any lease or leased vehicle from the reference pool in these circumstances.

PBGC Liens. Under ERISA, the Pension Benefit Guaranty Corporation, or "PBGC", will have the ability to place a lien on any of the assets of the Ford controlled group if:

· a defined benefit pension plan (other than a multiemployer plan) is terminated by any member of the Ford controlled group or the PBGC, and the pension plan is underfunded at the time of termination,

· any member of the Ford controlled group withdraws from a defined benefit pension plan (other than a multiemployer plan) which has at least two contributing sponsors who are not under common control during a plan year for which the member is a substantial employer, and the pension plan is underfunded at the time of withdrawal, or

· the members of the Ford controlled group fail to satisfy the minimum funding requirements for a defined benefit pension plan (other than a multiemployer plan), which together with other unpaid contributions, exceeds $1 million.

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The titling companies, the depositor and the trust are members of the Ford controlled group. In addition, while a PBGC lien could attach to any of the assets of the Ford controlled group, the automatic stay would prevent the PBGC from realizing on any assets of any member of the Ford controlled group, including Ford Credit, that is the subject of a bankruptcy proceeding at the time the PBGC lien begins. Assuming the titling companies, the depositor and the trust are not subject to bankruptcy proceedings and that neither the reference pool nor the exchange note are consolidated with the bankruptcy estate of Ford Credit, the PBGC would be able to levy on those assets to satisfy the pension obligations of the Ford controlled group unless the security interest of the collateral agent in the leases and leased vehicles in the reference pool and the security interest of the indenture trustee in the exchange note have priority over the PBGC lien.

This securitization transaction will be structured so that the security interest of the collateral agent in the leases and leased vehicles in the reference pool and the security interest of the indenture trustee in the exchange note and any identifiable cash proceeds received before the PBGC files the notice of lien will have priority over a PBGC lien, notice of which is filed after the closing date.

Under state law, the priority of the collateral agent's security interest in a lease is established under the Uniform Commercial Code on the date the collateral agent filed its Uniform Commercial Code financing statements. The priority of the collateral agent's security interest in a leased vehicle and identifiable cash proceeds is established on the date the certificate of title for the leased vehicle was filed with the proper state department of motor vehicles (if the motor vehicle statutes apply) or on the date the collateral agent filed its financing statements (if the Uniform Commercial Code applies). The priority of the indenture trustee's security interest in the exchange note will be established under the Uniform Commercial Code when the indenture trustee files its financing statements.

The priority of a PBGC lien, however, is determined under the rules applicable to federal tax liens and not under state law. Under these rules, a PBGC lien will be senior to any security interest that is perfected under state law after the PBGC files a notice of lien. Under the Uniform Commercial Code, the priority of a security interest will relate back to the date that the security interest was perfected, even if the property subject to the security interest does not exist at that time. Under the rules applicable to federal tax liens, however, the priority of a security interest does not relate back to the date the security interest was perfected under state law if the property subject to the security interest does not exist at that time. Instead, under the rules applicable to federal tax liens, a security interest will not attach and be entitled to priority until the property comes into existence. As a result, the security interest of the collateral agent in the leases in the reference pool and any proceeds received after the filing of a notice of lien by the PBGC will have priority over the PBGC lien only if the applicable titling company's right to receive those monthly payments existed before the PBGC filed the notice of lien.

On the closing date, Ford Credit, the depositor and the trust will receive a reasoned legal opinion that, under the rules applicable to federal tax liens, a court would hold that the security interest of the collateral agent in the leases and leased vehicles in the reference pool and identifiable cash proceeds (including the collections received after a filing of a lien by the PBGC) would be before any lien of the PBGC if the notice of lien is filed after the closing date. This opinion will be subject to assumptions and qualifications and a court may not reach the same conclusion.

Lease Contracts and Leased Vehicles

Repossession of Leased Vehicles; Notice of Sale and Cure Rights. If a lessee defaults on its lease, the servicer will have certain remedies available under that lease contract as allowed by state laws. These remedies include the right to perform self-help repossession unless it would be a breach of the peace or unless prohibited by state law. Self-help repossession is the method used by Ford Credit in most cases and usually is accomplished by hiring an independent contractor to take possession of the leased vehicle. In cases where the lessee objects or raises a defense to repossession, or if required by state law, Ford Credit may have to obtain a court order before repossessing the vehicle.

If a lessee is in default under its lease, some states require that the lessee be notified of the default and given time to correct the default before repossession. In Ford Credit's experience, this right to correct is exercised by only a limited number of lessees.

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On repossession of a vehicle, Ford Credit provides the lessee with notice of the date, time and place of a public sale and/or the date after which a private sale of the vehicle may be held. The lessee has the right to correct the default under the lease before sale by paying the past due amounts owed under the lease plus reasonable expenses for repossessing, holding, and preparing the vehicle for disposition and arranging for the sale, including attorney's fees when allowed by law.

Deficiency Judgments. Ford Credit generally is required to apply the proceeds of sale of a repossessed vehicle to the expenses of sale and repossession and then to the satisfaction of the amounts due under the lease. If the net proceeds from sale do not cover the full amount due under the lease, Ford Credit may seek a deficiency judgment in some states, but other states prohibit or limit deficiency judgments. Because a deficiency judgment is an unsecured personal judgment against the lessee for the shortfall, in many cases it is not worthwhile to seek one. If a deficiency judgment is obtained, it may be settled at a significant discount or it may be impossible to collect.

Consumer Financial Protection Laws. Numerous federal and state consumer financial protection laws and regulations impose substantial requirements on lessors and servicers involved in consumer leasing, including Ford Credit, and impose statutory liabilities on those who fail to comply with them. The most significant consumer financial protection laws regulating the leases and leased vehicles include:

· [the federal Consumer Leasing Act of 1976 and Regulation M, which require that a number of disclosures be made at the time a vehicle is leased, including money due at the time of origination of the lease, a description of the lessee's liability at the end of the lease term, the amount of any periodic payments, the circumstances under which the lessee may terminate the lease before the end of the lease term and the capitalized cost of the vehicle and a warning about possible charges for early termination,]

· the federal Equal Credit Opportunity Act that prohibits creditors from discriminating on the basis of specific factors, such as race, color, sex, age and marital status in all aspects of a credit transaction, including the application process and the development and use of scoring models,

· the federal Fair Credit Reporting Act that regulates consumer credit reports and includes requirements on when and how creditors may obtain and use these reports and actions creditors must take to prevent identity theft, and

· the Gramm-Leach-Bliley Act and state privacy laws that require protection of specific consumer data and communication of privacy rights with consumers.

Every state, other than Louisiana, has adopted Article 2A of the Uniform Commercial Code, which provides protection to lessees through implied warranties and the right to cancel a lease contract relating to defective goods. In addition, courts have imposed general equitable principles on secured parties pursuing repossession of collateral or litigation involving deficiency balances. These equitable principles may relieve a lessee from some or all of the legal consequences of a default.

Ford Credit and the depositor will represent that each lease complies in all material respects with requirements of law and that each lease is not subject to claims or defenses of the lessee. This representation is based on Ford Credit's review of form lease terms, its review of completed leases for errors apparent in the lease, and dealer representations of lease disclosure accuracy in agreements between Ford Credit and the dealer. If a lessee has a claim for a violation of law related to a lease, that violation would be a breach by Ford Credit and the depositor and if the breach has a material adverse effect on a lease and leased vehicle, Ford Credit and the depositor would have to reallocate the lease and leased vehicle from the reference pool unless the breach is corrected in all material respects before the date the lease or leased vehicle is required to be reallocated.

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Under the terms of the Servicemembers Civil Relief Act and similar state laws, Ford Credit may not charge off a lease or use self-help methods to repossess the leased vehicle of a lessee who enters military service after entering into a qualifying lease. In addition, a lease may be terminated without further obligation at any time if the lessee enters into military service or by a servicemember who enters into a lease and then receives certain qualifying military orders or dies or suffers catastrophic injury or illness. Similar rights related to termination are provided to members of the foreign service posted abroad. No early termination charges may be imposed on the lessee for the termination and a prorated portion of the amount that the lessee paid in advance of the termination will be returned to the lessee. Leases with lessees who are in the military or who enter the military may be included in the reference pool and neither the depositor nor Ford Credit will be required to reallocate from the reference pool a lease and leased vehicle that become subject to these laws.

Bankruptcy Limitations. U.S. bankruptcy laws affect the ability of the trust to realize on collateral or enforce a deficiency judgment. For example, in a Chapter 13 proceeding under the Bankruptcy Code, a bankruptcy court may prevent a creditor from repossessing a vehicle and, as part of the plan of reorganization may, in limited circumstances, reduce the amount due under the lease to the market value of the leased vehicle at the time of bankruptcy, leaving the lessor as a general unsecured creditor for the remainder of the amount owed by the lessee. A bankruptcy court may also reduce the monthly payments due under a lease or change the time of payment of the lease. Neither the depositor nor Ford Credit will be required to reallocate from the reference pool any lease that becomes subject to a bankruptcy proceeding after the cutoff date solely as a result of the bankruptcy.

[Investment Considerations]

[The Class A-1 notes will be structured to be eligible for purchase by money market funds under Rule 2a–7 under the Investment Company Act of 1940. Rule 2a-7 includes additional criteria for investments by money market funds, including requirements relating to portfolio maturity, quality and diversification. Any determinations as to the qualification of the Class A-1 notes under, and compliance with, these other requirements of Rule 2a-7 are solely the responsibility of each money market fund and its investment advisor.

A money market fund should consider whether an investment by the money market fund in the Class A-1 notes satisfies the money market fund's investment policies and objectives, and should consult its own legal advisors in determining whether and to what extent the Class A-1 notes are a legal investment or are subject to restrictions on investment. For more information about Rule 2a-7 under the Investment Company Act of 1940, you should read "Risk Factors – Eligibility of the Class A-1 notes under Rule 2a-7."]

Tax Considerations

General

Below is a description of the anticipated material U.S. federal income tax consequences of the purchase, ownership and disposition of the notes offered by this prospectus. This description is based on current provisions of the Internal Revenue Code, existing and proposed Treasury regulations, current administrative rulings, judicial decisions and other authorities all of which are subject to change, perhaps with retroactive effect. There are no cases or Internal Revenue Service, or "IRS," rulings on similar transactions involving debt issued by a trust with terms similar to those of the notes. It is not certain that the IRS will not challenge the conclusions reached in this description, and no ruling from the IRS has been or will be sought on any of the issues described below. Furthermore, legislative, judicial or administrative changes may occur, perhaps with retroactive effect, which could affect the accuracy of the statements and conclusions in this prospectus.

This description does not deal with all aspects of U.S. federal income taxation that may be relevant to the holders of notes in light of their personal investment circumstances nor, except for specific limited descriptions of particular topics, to noteholders subject to special treatment under the U.S. federal income tax laws, such as non-U.S. noteholders, insurance companies, tax-exempt organizations, financial institutions or broker dealers, taxpayers subject to the alternative minimum tax, holders that will hold the notes as part of a hedge, straddle, appreciated financial position or conversion transaction and holders that

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will hold the notes as other than capital assets. This information is directed only to prospective noteholders who:

· purchase notes in the initial distribution of the notes,

· are U.S. noteholders, and

· hold the notes as "capital assets" within the meaning of Section 1221 of the Internal Revenue Code.

As used in this section of this prospectus, the term "U.S. noteholder" means a beneficial owner of a note that is for U.S. federal income tax purposes:

· a citizen or resident of the United States,

· a corporation created or organized in or under the laws of the United States, any state of the United States or the District of Columbia,

· an estate whose income is subject to U.S. federal income tax regardless of its source, or

· a trust if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Internal Revenue Code) have the authority to control all substantial decisions of the trust or that has made a valid election under Treasury regulations to be treated as a United States person.

The term "U.S. noteholder" also includes a noteholder whose income or gain on its investment in a note is effectively connected with the conduct of a U.S. trade or business. As used in this section, the term "non-U.S. noteholder" means a beneficial owner of a note other than a U.S. noteholder and other than a partnership.

If a partnership (including any entity treated as a partnership for U.S. federal income tax purposes) owns a note, the tax treatment of a partner in the partnership will depend on the status of the partner and the activities of the partnership. Partners are encouraged to consult their tax advisors as to the particular U.S. federal income tax consequences to them.

Prospective noteholders are encouraged to consult with their tax advisors as to the U.S. federal, state and local, foreign and other tax consequences to them of the purchase, ownership and disposition of notes.

Tax Characterization of Trust

In the opinion of Katten Muchin Rosenman LLP, tax counsel to the depositor, assuming compliance with the terms of the trust agreement and transaction documents, the trust will not be an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

If the IRS successfully asserted that one or more classes of notes did not represent debt for U.S. federal income tax purposes, the class or classes of notes might be treated as equity interests in the trust. If so treated, the trust might be treated as a publicly traded partnership taxable as a corporation with potentially adverse tax consequences, including not being able to reduce its taxable income by deductions for interest expense on notes recharacterized as equity. Alternatively, the trust could be treated as a publicly traded partnership that would not be taxable as a corporation because it would satisfy a safe harbor. Nonetheless, treatment of notes as equity interests in a publicly traded partnership could have adverse tax consequences to some noteholders. For example, income to some tax-exempt entities (including pension funds) would be "unrelated business taxable income," income to non-U.S. noteholders may be subject to U.S. withholding tax and U.S. tax return filing requirements, and individual holders might be subject to some limitations on their ability to deduct their share of trust expenses.

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Tax Characterization and Treatment of Notes

Characterization as Debt. In the opinion of Katten Muchin Rosenman LLP, the offered notes [other than the Class __ notes] will [and, although the conclusion is not free from doubt, the Class __ notes should] be treated as debt for U.S. federal income tax purposes to the extent they are treated as beneficially owned by a person other than the sponsor or its affiliates for such purposes. The depositor, the servicer, the indenture trustee and each noteholder, by acquiring an interest in a note, will agree to treat the notes as debt for U.S. federal, state and local income and franchise tax purposes. Neither the opinion of tax counsel nor the agreement to treat the notes as debt is binding on the IRS or the courts.

For a description of the potential U.S. federal income tax consequences to noteholders if the IRS were successful in challenging the characterization of the notes for U.S. federal income tax purposes, you should read "— Tax Characterization of Trust" above.

Treatment of Stated Interest. The stated interest on a note that constitutes qualified stated interest will be taxable to a holder as ordinary income when received or accrued according to the holder's method of tax accounting. For stated interest to be qualified stated interest it must be payable at least annually and reasonable remedies must exist to compel timely payment or the terms of the instrument must make late payment or non-payment sufficiently remote for purposes of the original issue discount, or "OID," rules. [Although stated interest on the Class __ notes can be deferred under certain circumstances, the trust intends to treat the potential deferral as sufficiently remote for purposes of the OID rules and treat the stated interest on the notes as qualified stated interest.]

Original Issue Discount. A holder of notes treated as issued with OID must include OID in its gross income as ordinary interest income as it accrues, regardless of the holder's regular method of accounting, generally under a constant yield method. [The trust does not anticipate issuing the notes with any OID.]

[The Class ___ notes will be issued with OID and will be subject to additional rules applicable to "short-term obligations" because they have a maturity date of not more than one year from the date of issuance.  All stated interest payments on short-term obligations are included in their stated redemption price at maturity and, therefore, are treated as OID.  A holder of short-term obligations generally must:

· include amounts treated as OID in income when received or accrued, depending on the holder's method of accounting,

· include in ordinary income any gain realized on the sale, exchange or retirement of the short-term obligation to the extent of the unrecognized OID (determined as a ratable share of OID over the number of days the short-term obligation is held, or if an election is made regarding the short-term obligation, on the basis of its yield to maturity and daily compounding), and

· defer deductions for interest expense on any indebtedness incurred or continued to purchase or carry the short-term obligation in an amount not exceeding the unrecognized OID until it is recognized.]

Disposition of Notes. If a noteholder sells or disposes of a note, the holder will recognize gain or loss in an amount equal to the difference between the amount realized on the sale or disposition and the holder's adjusted tax basis in the note. The holder's adjusted tax basis will equal the holder's cost for the note, increased by any OID and market discount previously included by the noteholder in income on the note and decreased by any bond premium previously amortized and any payments of principal and OID previously received by the noteholder on the note. Any gain or loss on sale or disposition will be capital gain or loss if the note was held as a capital asset, except for gain representing accrued interest or accrued market discount not previously included in income. Capital gain or loss will be long-term if the note was held by the holder for more than one year and otherwise will be short-term.

Information Reporting and Backup Withholding. The indenture trustee will be required to report annually to the IRS, and to each noteholder of record, the amount of interest paid on the notes, and any amount of interest withheld for U.S. federal income taxes, except as to exempt holders (generally,

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corporations, tax-exempt organizations, qualified pension and profit-sharing trusts, individual retirement accounts, or nonresident aliens who provide certification as to their status). Each holder who is not an exempt holder will be required to provide to the indenture trustee, under penalties of perjury, a certificate containing the holder's name, address, correct federal taxpayer identification number and a statement that the holder is not subject to backup withholding. Should a holder fail to provide the required certification, the indenture trustee will be required to withhold the tax from interest payable to the holder and pay the withheld amount to the IRS.

Tax Consequences to Non-U.S. Noteholders. Subject to the application of the FATCA withholding tax described in "—Payments to Foreign Financial Institutions and Certain Other Non-U.S. Entities" below, a non-U.S. noteholder who is an individual or corporation (or a person treated as a corporation for U.S. federal income tax purposes) holding the notes on its own behalf and not in connection with the conduct of a U.S. trade or business will not be subject to U.S. federal income taxes on payments of principal, premium, interest or OID on a note, unless the non-U.S. noteholder is a direct or indirect 10% or greater shareholder of the trust or a controlled foreign corporation related to the trust. To qualify for the exemption from taxation, the withholding agent must have received a signed statement from the individual or corporation that:

· is signed under penalties of perjury by the beneficial owner of the note,

· certifies that the beneficial owner is not a U.S. noteholder, and

· provides the beneficial owner's name and address.

A "withholding agent" is the last U.S. payor (or a non-U.S. payor who is a qualified intermediary, U.S. branch of a foreign person, or withholding foreign partnership) in the chain of payment before payment to a non-U.S. noteholder (which itself is not a withholding agent). Generally, this statement is made on an IRS Form W-8BEN or W-8BEN-E (or any substitute form), which generally is effective for the remainder of the year of signature plus three full calendar years unless a change in circumstances makes any information on the form incorrect. Under some circumstances, an IRS Form W-8BEN or W-8BEN-E can remain effective indefinitely. The beneficial owner must inform the withholding agent within 30 days of a change in circumstances that makes any information on the form incorrect and furnish a new IRS Form W-8BEN or W-8BEN-E to the withholding agent.

A non-U.S. noteholder who is not an individual or corporation (or a person treated as a corporation for U.S. federal income tax purposes) holding the notes on its own behalf may have substantially increased reporting requirements and is encouraged to consult its tax advisor.

A non-U.S. noteholder whose income on its investment in a note is effectively connected with the conduct of a U.S. trade or business would generally be taxed as if the holder was a U.S. noteholder.

Some securities clearing organizations, and other entities who are not beneficial owners, may be able to provide the signed statement to the withholding agent. However, in this case, the signed statement may require a copy of the beneficial owner's IRS Form W-8BEN or W-8BEN-E (or the substitute form).

Any capital gain realized on the sale, redemption, retirement or other taxable disposition of a note by a non-U.S. noteholder will be exempt from U.S. federal income and withholding tax so long as:

· the gain is not effectively connected with the conduct of a trade or business in the United States by the non-U.S. noteholder, and

· in the case of a foreign individual, the non-U.S. noteholder is not present in the United States for 183 days or more in the taxable year.

If the interest, gain or income on a note held by a non-U.S. noteholder is effectively connected with the conduct of a trade or business in the United States by the non-U.S. noteholder, the holder, although exempt from the withholding tax described above, if an appropriate statement is furnished, will generally be subject to U.S. federal income tax on the interest, gain or income at regular federal income tax rates. In addition, if

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the non-U.S. noteholder is a foreign corporation, it may be subject to a branch profits tax equal to 30 percent of its "effectively connected earnings and profits" within the meaning of the Internal Revenue Code for the taxable year, unless it qualifies for a lower rate under a tax treaty.

Payments to Foreign Financial Institutions and Certain Other Non-U.S. Entities. A 30% withholding tax generally will apply to payments of interest that are made to foreign financial institutions and certain non-financial foreign entities. Withholding tax, imposed under sections 1471 through 1474 of the Internal Revenue Code, or "FATCA," generally will not apply where payments are made to (i) a foreign financial institution that enters into an agreement with the IRS to, among other requirements, undertake to identify accounts held by certain U.S. persons or U.S.-owned foreign entities, report annually certain information about those accounts and withhold tax as may be required by that agreement, or (ii) a non-financial foreign entity that certifies it does not have substantial U.S. owners or furnishes identifying information about each substantial U.S. owner. Alternative requirements may apply to foreign entities subject to an intergovernmental agreement for the implementation of FATCA. The FATCA withholding tax applies regardless of whether a payment would be exempt from U.S. non-resident withholding tax (such as under the portfolio interest exemption or as capital gain) and regardless of whether a foreign financial institution is the beneficial owner of a payment. Prospective noteholders should consult their own tax advisors about the application and requirements of information reporting and withholding under FATCA and any intergovernmental agreement for the implementation of FATCA.

State and Local Tax Considerations

Because of the variation in the tax laws of each state and locality, it is impossible to predict the tax classification of the trust or the tax consequences to the trust or to holders of notes in all of the state and local taxing jurisdictions in which they may be subject to tax. Prospective noteholders are encouraged to consult their tax advisors about state and local taxation of the trust and state and local tax consequences of the purchase, ownership and disposition of notes.

ERISA Considerations

General Investment Considerations

The Employee Retirement Income Security Act of 1974, or "ERISA," and the Internal Revenue Code impose obligations and requirements on employee benefit plans and other retirement plans and arrangements (such as individual retirement accounts and Keogh plans) that are subject to Title I of ERISA and/or Section 4975 of the Internal Revenue Code, referred to as "plans," and some entities (including insurance company general accounts and investment vehicles) whose assets are deemed to include assets of plans, and on persons who are fiduciaries of plans. Any person who exercises authority or control over the management or disposition of a plan's assets or who gives investment advice for a fee or other compensation regarding a plan is considered to be a fiduciary of that plan, or a "plan fiduciary." Below is a description of the anticipated consequences of the purchase, ownership and disposition of the notes offered by this prospectus by a plan or a fiduciary of that plan. Under ERISA's general fiduciary standards, before investing in the notes, a plan fiduciary should determine, among other factors:

· whether the investment is permitted under the plan's governing documents,

· whether the fiduciary has the authority to make the investment,

· whether the investment is consistent with the plan's funding objectives,

· the tax effects of the investment,

· whether under the general fiduciary standards of investment prudence and diversification an investment in the notes is appropriate for the plan, taking into account the overall investment policy of the plan and the composition of the plan's investment portfolio, and

· whether the investment is prudent considering the factors described in this prospectus.

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In addition, ERISA and Section 4975 of the Internal Revenue Code prohibit a broad range of transactions involving assets of a plan and persons who are "parties in interest" under ERISA or "disqualified persons" under Section 4975 of the Internal Revenue Code. A violation of these rules may result in the imposition of significant excise taxes and other liabilities.

Subject to the considerations described in this section, plans generally may purchase the notes. A fiduciary of a plan should carefully review with its legal and other advisors whether the purchase, holding or disposition of any notes could give rise to a transaction prohibited or impermissible under ERISA or Section 4975 of the Internal Revenue Code, and should consider the restrictions on the purchase, holding and/or disposition of the notes. Unless otherwise stated, references to the purchase, holding and disposition of the notes in these sections also refer to the purchase, holding and disposition of an interest or participation in the notes.

Prohibited Transactions

Whether or not an investment in the notes will give rise to a transaction prohibited or impermissible under ERISA or Section 4975 of the Internal Revenue Code will depend on whether the assets of the trust will be deemed to be "plan assets" of a plan investing in notes issued by the trust. Under a regulation issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA, or the "plan assets regulation," a plan's assets may be deemed to include an interest in the assets of the trust if the plan acquires an "equity interest" in the trust and none of the exceptions in the plan assets regulation are applicable. In general, an "equity interest" is defined under the plan assets regulation as any interest in an entity other than an instrument which is treated as indebtedness under local law and which has no substantial equity features.

The depositor believes that the notes will be treated as indebtedness without substantial equity features for purposes of the plan assets regulation. This assessment is based on the traditional debt features of the notes, including the reasonable expectation of purchasers of the notes that the notes will be repaid when due, traditional default remedies, and on the absence of conversion rights, warrants and other typical equity features.

Without regard to whether the notes are treated as debt for ERISA purposes, the purchase, holding and disposition of the notes by or on behalf of a plan could be considered to give rise to a direct or indirect prohibited transaction under ERISA or Section 4975 of the Internal Revenue Code if the trust, the owner trustee, the indenture trustee, any underwriter or any of their affiliates, including Ford Credit, is or becomes a "party in interest" under ERISA or a "disqualified person" under Section 4975 of the Internal Revenue Code for the plan. In this case, exemptions from the prohibited transaction rules could apply to the purchase, holding and disposition of notes by or on behalf of a plan depending on the type and circumstances of the plan fiduciary making the decision to purchase a note and the relationship of the party in interest to the plan or investor using plan assets, collectively, the "plan investor." Included among these exemptions are:

· prohibited transaction class exemption 84-14, regarding transactions effected by qualified professional asset managers,

· prohibited transaction class exemption 90-1, regarding transactions entered into by insurance company pooled separate accounts,

· prohibited transaction class exemption 91-38, regarding transactions entered into by bank collective investment funds,

· prohibited transaction class exemption 95-60, regarding transactions entered into by insurance company general accounts, and

· prohibited transaction class exemption 96-23, regarding transactions effected by in-house asset managers.

In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Internal Revenue Code provide an exemption for some transactions between a plan and a person that is a party in interest or disqualified

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person for a plan solely by reason of providing services to the plan or having a relationship with a service provider (other than a party in interest or a disqualified person that is, or is an affiliate of, a fiduciary for the assets of the plan involved in the transaction), if the plan pays no more than, and receives no less than, adequate consideration in connection with the transaction. However, even if the conditions in one or more applicable exemptions are met, the scope of relief may not necessarily cover all acts that might be construed as prohibited transactions.

Due to the possibility that the sponsor, the trust, the underwriters or any of their affiliates, or the "transaction parties," may receive certain benefits in connection with the sale or holding of the notes, the purchase of the notes using plan assets over which any of the transaction parties has investment authority, renders investment advice to for a fee with respect to the plan assets or is the employer or other sponsor of the plan, may be deemed to be a violation of Title I of ERISA or Section 4975 of the Internal Revenue Code. Accordingly, the notes may not be purchased using plan assets if any of the transaction parties has investment authority, renders investment advice to for a fee with respect to the plan assets or is the employer or other sponsor of the plan, unless the purchase or holding would not otherwise result in a non-exempt prohibited transaction.

Any plan investor that purchases, holds or disposes of the notes will be deemed to have represented that its purchase, holding or disposition of the notes is not and will not result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Internal Revenue Code.

Benefit Plans Not Subject to ERISA or Internal Revenue Code

Some employee benefit plans, such as governmental plans, foreign plans and some church plans (each as defined or described in ERISA) are not subject to the prohibited transaction provisions of ERISA or Section 4975 of the Internal Revenue Code. However, these employee benefit plans may be subject to other federal, state, local or non-U.S. laws or regulations that are substantially similar to the provisions of Part 4 of Title I of ERISA or Section 4975 of the Internal Revenue Code, or a "similar law." In addition, any of these employee benefit plans that are qualified and exempt from taxation under Sections 401(a) and 501(a) of the Internal Revenue Code are subject to the prohibited transaction rules in Section 503 of the Internal Revenue Code. Each of these employee benefit plans that are subject to similar laws, and each person acting on behalf of or investing the assets of such an employee benefit plan, that purchases, holds or disposes of notes will be deemed to have represented that its purchase, holding and disposition of the notes is not and will not result in a non-exempt violation of these similar laws or regulations.

Underwriting

The depositor and the underwriters named below have entered into an underwriting agreement for the notes offered by this prospectus. Subject to some conditions, each underwriter agreed to purchase the principal amount of the offered notes indicated in the following table:

Underwriters	Class A-1 Notes		Class A-2[a] Notes		[Class A-2b Notes]		Class A-3 Notes
		$		$		$		$
Total		$		$		$		$

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Underwriters	Class A-4 Notes		[Class B Notes]		[Class C Notes]		[Class D Notes]
		$		$		$		$
Total		$		$		$		$

The depositor [will retain __% of each class of notes and] may retain some or all of one or more classes of the notes. [The depositor's retention of __% of each class of notes will be held by the depositor in satisfaction of the sponsor's risk retention obligation under Regulation RR and may not be sold. The remaining notes] [These notes] may be sold, subject to the requirements in the indenture, directly by the depositor or through underwriters, broker-dealers or agents who may receive compensation in the form of discounts, concessions or commissions from the depositor or the purchasers of these notes. If these notes are sold through underwriters or broker-dealers, the depositor will be responsible for underwriting discounts or commissions or agent's commissions. These notes may be sold in one or more transactions at fixed prices, prevailing market prices at the time of sale, varying prices determined at the time of sale or negotiated prices.

All classes of notes must be issued and purchased (or retained by the depositor) for any offered notes to be issued and purchased by the underwriters.

The underwriters will resell the offered notes to the public. The selling concessions that the underwriters may allow to some dealers, and the discounts that those dealers may reallow to other dealers, expressed as a percentage of the initial principal amount of each class of notes, are indicated in the following table. Due to sales to affiliates, one or more of the underwriters may be required to forego a minor portion of the selling concessions they would otherwise receive.

	Selling Concessions not to exceed	Reallowances not to exceed
Class A-1 notes	%	%
Class A-2[a] notes	%	%
[Class A-2b notes	%	%]
Class A-3 notes	%	%
Class A-4 notes	%	%
[Class B notes	%	%]
[Class C notes	%	%]
[Class D notes	%	%]

Each class of notes is a new issue of securities with no established trading market. The underwriters have advised the depositor that they intend to make a market in the classes of the offered notes purchased by them but they are not obligated to do so and may discontinue market-making at any time without notice. It is not certain that a secondary market for the notes will develop, that it will continue or that it will provide sufficient liquidity. If a secondary market for the notes does develop, it might end at any time or it might not be sufficiently liquid to allow noteholders to resell any of the notes.

In connection with the sale of the notes, the underwriters may, to the extent permitted by Regulation M under the Securities Exchange Act of 1934, engage in:

· over-allotments, in which members of the selling syndicate sell more notes than the seller actually sold to the syndicate, creating a syndicate short position,

· stabilizing transactions, in which purchases and sales of the notes may be made by the members of the selling syndicate at prices that do not exceed a stated maximum,

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· syndicate covering transactions, in which members of the selling syndicate purchase the notes in the open market after the distribution is completed to cover syndicate short positions, and

· penalty bids, by which underwriters reclaim a selling concession from a syndicate member when any of the notes originally sold by that syndicate member are purchased in a syndicate covering transaction to cover syndicate short positions.

These stabilizing transactions, syndicate covering transactions and penalty bids may cause the prices of the notes to be higher than they would otherwise be. These transactions, if begun, may be discontinued at any time.

The depositor and Ford Credit will indemnify the underwriters against specific liabilities, including liabilities under the federal securities laws, or contribute to payments the underwriters may be required to make for those liabilities.

The trust may invest the funds in its bank accounts in obligations issued by the underwriters or their affiliates.

In the ordinary course of their businesses, the underwriters and their affiliates have engaged and may engage in various financial advisory, investment banking and commercial banking transactions with the sponsor, the depositor, the servicer and their affiliates.

On request by a noteholder who received an electronic prospectus from an underwriter within the period during which there is an obligation to deliver a prospectus, the underwriter will promptly deliver, without charge, a paper copy of this prospectus.

United Kingdom

Each underwriter severally, but not jointly, has represented and agreed that:

· It has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the UK,

· in the UK, it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any offered notes in circumstances in which Section 21(1) of the FSMA does not apply to the trust or the depositor, and

· it has complied and will comply with all applicable provisions of the FSMA for anything done by it in relation to any offered notes in, from or otherwise involving the UK.

· for the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following:

— a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) No 2017/565, as it forms part of UK domestic law by virtue of the EUWA, or

— a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of UK domestic law by virtue of the EUWA, or

— not a UK Qualified Investor, and

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· for the purposes of this provisions, the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the offered notes to be offered so as to enable an investor to decide to purchase or subscribe for the offered notes.

European Economic Area

Each underwriter severally, but not jointly, has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any offered notes which are the subject of this prospectus to any retail investor in the European Economic Area. For the purposes of this provision:

· the expression "retail investor" means a person who is one (or more) of the following:

— a retail client as defined in point (11) of Article 4(1) of MiFID II, or

— a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II, or

— not a Qualified Investor, and

· the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the offered notes to be offered so as to enable an investor to decide to purchase or subscribe for the offered notes.

[European Union and UK Securitization Requirements]

[None of the sponsor, the depositor, the servicer, the trust or any underwriter is required, or intends to retain a material net economic interest in the securitization constituted by the issuance of the notes in a manner that would satisfy, or enable any investor to comply with, the requirements of (i) Regulation (EU) 2017/2402 (as amended, the "EU Securitization Regulation") or (ii) the EU Securitization Regulation, as it forms part of UK domestic law by virtue of the EUWA, and as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019 (the "UK Securitization Regulation"). In addition, none of these parties undertakes to take any other action, or refrain from taking any action, prescribed or contemplated in, or for purposes of, or in connection with, compliance by any investor with any applicable requirement of, the EU Securitization Regulation or the UK Securitization Regulation. Additionally, the arrangements described under "Credit Risk Retention" have not been structured with the objective of enabling or facilitating compliance by any person with any requirement of the EU Securitization Regulation or the UK Securitization Regulation. Consequently, the notes may not be a suitable investment for any person that is now or may in the future be subject to any requirement of the EU Securitization Regulation or the UK Securitization Regulation.

Prospective noteholders are responsible for analyzing their own regulatory requirements and are encouraged to consult with their own investment and legal advisors regarding the suitability of the notes for investment and compliance with these legal requirements.]

Legal Opinions

Katten Muchin Rosenman LLP will review or provide opinions on legal matters relating to the notes and U.S. federal income tax and other matters for the trust, the depositor and the servicer. ________________ will review some legal matters relating to the notes and other matters for the underwriters. [_______ has from time to time represented Ford Credit and its affiliates on other matters.]

147

Where You Can Find More Information

The depositor, as originator of the trust, filed with the SEC a registration statement, Registration No. 333-_______ under the Securities Act of 1933, for the notes offered by this prospectus. [Forms of t]/[T]he transaction documents described in this prospectus are included as exhibits to the registration statement.

The SEC maintains a website containing reports, proxy materials, information statements and other information regarding issuers that file electronically with the SEC. The address is http://www.sec.gov.

You may obtain more information about Ford and Ford Credit at www.ford.com and www.ford.com/finance. The information about Ford and Ford Credit's websites in this prospectus and their content are not incorporated by reference into this prospectus.

The servicer will file for the trust annual reports on Form 10-K, monthly distribution reports on Form 10-D, monthly asset-level data for the reference pool [relating to the issued notes] and related information attached as exhibits to Form ABS-EE, any required current reports on Form 8-K, and amendments to these reports with the SEC. A copy of any reports may be obtained by any noteholder by request to the indenture trustee or the depositor.

Incorporation of Documents by Reference

The trust "incorporates by reference" some information it files with the SEC, which means that the trust can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus. Information that the trust files later with the SEC will automatically update the information in this prospectus. In all cases, you should rely on the later information over different information included in this prospectus. The trust incorporates by reference the initial asset-level data and related information attached as exhibits to [each] [the] Form ABS-EE filed with the SEC by the depositor by the date of filing of this prospectus. The trust also incorporates by reference any current reports on Form 8-K later filed by or on behalf of the trust before the termination of the offering of the notes (including any market-making transactions for the notes unless exempt from the registration requirements under the Securities Act of 1933).

The depositor will provide without charge to each person, including any beneficial owner of the notes, to whom a copy of this prospectus is delivered, on request, a copy of any of the documents incorporated in this prospectus by reference.

Requests for copies should be directed to:

Ford Credit Auto Lease Two LLC

c/o Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention: Ford Credit SPE Management Office

Telephone number: (313) 594-3495

Email address: FSPEMgt@ford.com

148

Glossary of Terms

The definitions of some terms that are used in this prospectus and in Annexes A and B to this prospectus are listed below.

(1) The "adjusted MSRP" for a leased vehicle is the manufacturer's suggested retail price, or "MSRP," of the leased vehicle plus the value of any dealer installed accessories and vehicle charging stations installed as part of the lease minus the value of any equipment removed from the leased vehicle.

(2) The "acquisition cost" of a lease is the adjusted capitalized cost minus the acquisition fee. The "acquisition cost" of a lease is also equal to the sum of (i) the base monthly payments due under the lease, plus (ii) the contract residual value of the leased vehicle, minus (iii) the lease charges and the acquisition fee included in the lease.

(3) The "ALG base residual value" for a leased vehicle is (a) the ALG residual value for the leased vehicle or (b) if the servicer does not have the ALG residual value for the leased vehicle, the oldest ALG mark-to-market that the servicer has for the leased vehicle.

(4) The "ALG mark-to-market" for a leased vehicle is the residual value for the leased vehicle on the current scheduled lease end date of the related lease as forecasted by ALG after the beginning of the lease assuming wholesale average condition.⁽¹⁾  The ALG mark-to-market values used in determining ALG base residual values are the oldest ALG mark-to-market values that the servicer has for those leased vehicles. The ALG mark-to-market values shown in Annex A are the most recent ALG mark-to-market values that the servicer has for the leased vehicles in the reference pool.

(5) The "ALG residual value" for a leased vehicle is the residual value for the leased vehicle as forecasted by ALG at the beginning of the related lease assuming wholesale average condition.⁽¹⁾

(6) The "base monthly payments" due under a lease equal the adjusted capitalized cost minus the contract residual value plus the lease charges (based on an implicit interest rate, called a "lease factor") included in the lease. A customer's total monthly payment also includes any sales or use taxes imposed on the base monthly payments, but these amounts and amounts to cover applicable personal property taxes and similar government charges are not included in collections and will not be available to make payments on the exchange note.

(7) The "base residual value" for a leased vehicle is the lesser of (a) the contract residual value and (b) the ALG base residual value.

(8) The "contract residual value" for a leased vehicle is the residual value of the vehicle stated in the related lease.

(9) The "lease factor" is the implicit interest rate used to calculate the lease charges that are included in determining the base monthly payments due under a lease.

(10) The "remaining scheduled base monthly payments plus base residual value" is the sum, as of the cutoff date, of (a) the remaining scheduled base monthly payments under the lease and (b) the base residual value of the related leased vehicle.

(11) The "residual portion of securitization value" for a leased vehicle is the portion of securitization value that is attributable to the base residual value (i.e., the present value of the base residual value of the leased vehicle).

(12) The "securitization value" of a lease is the sum of the present values, as of the cutoff date, of (a) the remaining scheduled base monthly payments under the lease plus (b) the base residual value of the related leased vehicle. The present value is computed (i) using a discount rate set by the depositor at a

149

level that will result in an amount of excess spread sufficient to obtain the required ratings on the notes, which is equal to the higher of the lease factor used to calculate the base monthly payment under the lease and __%, (ii) on the basis of a 360-day year of twelve 30-day months, (iii) assuming that each base monthly payment is made as scheduled with no prepayments, delays or defaults, and (iv) assuming that each leased vehicle is returned and sold for an amount equal to its base residual value in the month after the month in which the final base monthly payment is due. The aggregate securitization value of the leases in the reference pool is also referred to as the "total securitization value."

Each month during this securitization transaction, the securitization value of each lease will be recalculated to reflect the fact that (a) fewer scheduled base monthly payments remain and (b) the discounting period is shorter. At the beginning of the month in which a lease reaches its original scheduled lease end date or the related leased vehicle is returned or repossessed, the securitization value of the lease will equal the base residual value of the related leased vehicle. The securitization value of a lease will be zero (i) after the end of the month in which (A) the lease is marked as paid in full or closed (including where the lease is charged off) in the servicer's servicing system or (B) the related leased vehicle is sold or (ii) at the beginning of the sixth month after the month in which the lease reaches its original scheduled lease end date or the related leased vehicle is returned or repossessed.

⁽¹⁾ ALG residual values and ALG mark-to-market values represent ALG's forecasts of the value of used vehicles in the future. In making these forecasts, ALG takes into account a number of factors that will affect the value of each leased vehicle in the future, including the characteristics of the lease and the leased vehicle. ALG also makes predictions about a number of factors that affect the supply and demand for used vehicles and used vehicle pricing. None of these factors can be predicted with certainty. Some of these factors are impossible to quantify and may be significantly impacted by unanticipated events. For more information about these factors, you should read "Risk Factors – Residual value losses may result in losses on your notes" and "Risk Factors – Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn." As a result, the ALG information cannot be relied on as fact.

150

Index of Defined Terms

ABS	101
acquisition cost	149
adjusted capitalized cost	50
adjusted MSRP	149
ALG	55
ALG base residual value	149
ALG mark-to-market	149
ALG residual value	149
asset representations reviewer	128
available funds	16
Bankruptcy Code	40
base monthly payments	50, 149
base residual value	14, 149
benchmark replacement	86
benchmark replacement adjustment	86
benchmark replacement conforming changes	87
benchmark replacement date	86
benchmark transition event	85
calculation agent	14
CFPB	39
Class A notes	13
Class A-2 notes	13
clean up call	14
closing date	12
collection period	78
collections	78
contract residual value	149
controlling class	17
corresponding tenor	86
cutoff date	12
delinquency trigger	74
depositor	12
Dodd-Frank Act	39
DTC	96
EEA	6
eligible asset representations reviewer	129
ERISA	142
EU Securitization Regulation	147
EUWA	5
event of default	91

exchange note	49
exchange note available funds	78
exchange note default	84
exchange note supplement	77
facility default	84
FATCA	142
first priority principal payment	88
floating rate notes	13
Ford	12
Ford Credit	12
FPO	6
FRBNY	41
FSMA	5
HTD	12
indenture trustee	126
initial asset-level data	71
Insurance Distribution Directive	5
IRS	138
lease factor	50, 149
LTV	51
MiFID II	6
notes	13
NRSRO	26
offered notes	13
OID	140
owner trustee	125
payment date	13
plan fiduciary	142
plan investor	143
plans	142
prepayments	100
PRIIPs Regulation	6
priority principal payments	88
Prospectus Regulation	6
PTI	52
Qualified Investor	6
rating agencies	19
rating agency condition	95
reference pool	12
regular principal payment	88
Regulation AB	121

151

relevant governmental body	87
Relevant Persons	6
remaining scheduled base monthly payments plus base residual value	149
residual portion of securitization value	149
responsible person	73
review leases	75
SEC	4
second priority principal payment	88
securitization value	14, 149
servicer	15
servicer termination event	118
shared amounts	83
short-term obligations	140
similar law	144
SOFR	85

SOFR business day	85
SOFR determination date	85
targeted overcollateralization amount	99
third priority principal payment	88
titling company	12
total securitization value	15, 150
transaction bank accounts	116
transaction parties	144
trust	12
UK	5
UK PRIIPs Regulation	6
UK Prospectus Regulation	5
UK Qualified Investor	5
UK Securitization Regulation	147
unadjusted benchmark replacement	87

152

Annex A

COMPOSITION OF THE REFERENCE POOL

The [following] tables in this Annex A show the characteristics of the reference pool[, if the aggregate initial principal amount of the notes to be issued is $______,] on the cutoff date, which is ________, 20__. The percentages in the tables in this Annex A may not sum to 100.00% due to rounding. The definitions of certain terms used in this Annex A are listed in "Glossary of Terms" in this prospectus.

The ALG mark-to-market values shown in this Annex A for the reference pool are based on ALG's ________, 20__ edition. ALG residual values and ALG mark-to-market values represent ALG's forecasts of the value of used vehicles in the future. In making these forecasts, ALG takes into account a number of factors that will affect the value of each leased vehicle in the future, including the characteristics of the lease and the leased vehicle. ALG also makes predictions about a number of factors that affect the supply and demand for used vehicles and used vehicle pricing. None of these factors can be predicted with certainty. Some of these factors are impossible to quantify and may be significantly impacted by unanticipated events. For more information about these factors, you should read "Risk Factors — Residual value losses may result in losses on your notes" and " Risk Factors — Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn" in this prospectus. As a result, the ALG information cannot be relied on as fact.

Pool Composition Summary
[if the Aggregate Initial Principal Amount of the Notes is $_________]

Number of Leases
Initial Total Securitization Value	$
Residual Portion of Securitization Value	$
Residual Portion of Securitization Value(1)		%
Base Monthly Payments plus Base Residual Value	$
Base Residual Value	$
Weighted Average(2) Original Term		months
Weighted Average(2) Remaining Term		months
Weighted Average(2) FICO® score at Origination(3)
Percentage FICO® score less than 650(1)		%
Percentage No FICO® score consumer(1)(4)		%
Weighted Average(2) Lease Factor		%
Weighted Average(2) LTV(5) at Origination		%
Weighted Average(2) PTI(6) at Origination		%
Commercial Use Leases(1)(7)		%
Minimum Discount Rate Used to Calculate Securitization Value		%

(1)	As a percentage of the initial total securitization value.
(2)	Weighted averages are weighted by the securitization value of each lease on the cutoff date.
(3)	Excludes leases representing __% of the initial total securitization value that have primary lessees who do not have FICO® scores because they (a) are not individuals, or (b) are individuals with minimal or no recent credit history. For a description of FICO® scores, you should read "Sponsor and Servicer – Origination, Underwriting and Purchasing" in the prospectus. It is not certain that FICO® scores will be an accurate predictor of the likelihood of repayment of the related lease or that any lessee's credit score would not be lower if obtained on the cutoff date.
(4)	Represents leases with primary lessees that use the financed vehicles for personal use and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.
(5)	The LTV for a lease for purposes of this table is the acquisition cost divided by the wholesale value of the leased vehicle.
(6)	The PTI for a lease is the base monthly payment divided by the monthly combined income of the applicant and any co-applicant. Excludes leases for which the lessee prepaid every monthly payment in a single up-front payment, commercial use leases with business entities as the primary lessee, leases where the applicant stated no income or negligible income in the credit application and leases where Ford Credit has determined that PTI is unreliable.
(7)	Leases with lessees who use the leased vehicle for commercial purposes. These customers may be either business entities or individuals.

A-1

Lease Characteristics

[if the Aggregate Initial Principal Amount of the Notes is $________]

	Adjusted MSRP	Acquisition Cost	Remaining Scheduled Base Monthly Payments Plus Base Residual Value	Securitization Value
Average	$	$	$	$
Highest
Lowest
Total

Residual Characteristics

[if the Aggregate Initial Principal Amount of the Notes is $________]

	Contract Residual Value	ALG Base Residual Value	Base Residual Value(1)	Residual Portion of Securitization Value		ALG Mark-to-Market
Average	$	$	$	$		$
Highest
Lowest
Total
Total as a % of Initial Total Securitization Value					%

⁽¹⁾ The ALG base residual values for the leased vehicles in the reference pool are generally lower than the contract residual values of those vehicles. As a result, the base residual value of __% of the leased vehicles in the reference pool by securitization value equals the ALG base residual value of the leased vehicle, with ___% equal to the ALG residual value and __% equal to the oldest ALG mark-to-market value that the servicer has for the leased vehicles.

A-2

Distribution by Original Term of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

Original Term	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

Distribution by Year of Origination of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

Origination Year	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

Distribution by Scheduled Termination Date of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

Scheduled Termination Date (by quarter)(1)	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
20__-Q1		%	$	$	$	%	$	%	$	$
Q2
Q3
Q4
Total		%	$	$	$	%	$	%	$	$

⁽¹⁾ The scheduled termination date is assumed to be in the month after the month in which the final base monthly payment is due.

A-3

Geographic Distribution of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

State(1)[(2)]	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

(1)

States representing greater than ____% of initial total securitization value based on the billing address of the lessee on the cutoff date.

[(2)

As of _______, 20__, the Federal Emergency Management Agency has declared that certain counties [and parishes, as applicable,] in the states of ______, ______, ______ and ______ are subject to a major disaster declaration as a result of _______. [Leases with lessees with billing addresses in these counties as of the cutoff date were excluded from the pool of leases. The exclusion of those leases from the pool leases has resulted in a higher concentration of leases with lessees with a billing address in other states.]/[Leases with lessees whose billing addresses are in those jurisdictions were not excluded from the reference pool for this securitization transaction and may be granted goodwill payment extensions by Ford Credit between the cutoff date and the closing date. As of the cutoff date, the following number of leases with lessees whose billing addresses were in the relevant counties in ______, ______, ______ and ______ [and the relevant parishes in ______], respectively, were allocated to the reference pool: ___, ___, ___ and ___. Those leases and the related leased vehicles represent ___%, ___%, ___% and ___%, respectively, of the securitization value of the reference pool.]

Distribution by Vehicle Type of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

Vehicle Type	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Car		%	$	$	$	%	$	%	$	$
CUV
SUV
Truck
Total		%	$	$	$	%	$	%	$	$

Distribution by Vehicle Make of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

Vehicle Make	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

A-4

Distribution by Vehicle Model of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

Vehicle Model(1)[(2)]	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

(1)	Models representing greater than ____% of initial total securitization value.
[(2)	Models include vehicles with battery electric or plug-in hybrid electric power source, which represent [__]% of initial total securitization value.]

A-5

Distribution by FICO^® Score of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

FICO® Score(1)	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Greater than 749		%	$	$	$	%	$	%	$	$
700 - 749
650 - 699
600 - 649
Less than 600
Commercial(2)
No FICO® score(3)
Total		%	$	$	$	%	$	%	$	$

(1)	Based on the FICO® score of the primary lessees on the origination date of the leases. For a description of FICO® scores, you should read "Sponsor and Servicer – Origination, Underwriting and Purchasing." It is not certain that FICO® scores will be an accurate predictor of the likelihood of repayment of the related lease or that any primary lessee's credit score would not be lower if obtained on the cutoff date.
(2)	Represents leases with primary lessees that use the financed vehicle for commercial purposes and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history. For a description of commercial accounts, you should read "Sponsor and Servicer – Commercial Accounts."
(3)	Represents leases with primary lessees that use the financed vehicles for personal use and do not have FICO® scores because they (a) are not individuals, or (b) are individuals with minimal or no recent credit history.

Distribution by Lease Factor of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

Lease Factor(1)	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
0.00 - 0.99%		%	$	$	$	%	$	%	$	$
1.00 - 1.99
2.00 - 2.99
3.00 - 3.99
4.00 - 4.99
5.00 - 5.99
6.00 - 6.99
7.00 - 7.99
8.00 - 8.99
9.00 - 9.99
10.00 - 10.99
11.00 - 11.99
12.00 - 12.99
13.00 or greater
Total		%	$	$	$ 1	%	$	%	$	$

⁽¹⁾ The lease factor for ____% of the leases in the reference pool by securitization value is less than or equal to ____%, the minimum discount rate used to calculate securitization value.

A-6

Distribution by LTV of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

LTV(1) Range	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Less than 86%		%	$	$	$	%	$	%	$	$
86 – 100
101 – 115
116 – 130
Greater than 130
Excluded(2)
Total		%	$	$	$	%	$	%	$	$

(1)	The LTV for a lease for purposes of this table is the acquisition cost divided by wholesale value of the leased vehicle.
(2)	Represents a limited number of leases where Ford Credit has determined that LTV is unreliable.

Distribution by PTI of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

PTI(1) Range	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Less than 11%		%	$	$	$	%	$	%	$	$
11 – 15
16 – 20
Greater than 20
Excluded(2)
Total		%	$	$	$ 1	%	$	%	$	$

(1)	The PTI for a lease is the base monthly payment divided by the monthly combined income of the lessee and any co-lessee.
(2)	Represents leases for which the lessee prepaid every monthly payment in a single up-front payment, commercial use leases with business entities as the primary lessee, leases where the applicant stated no income or negligible income in the credit application and leases where Ford Credit has determined that PTI is unreliable.

A-7

Payment Schedule of Leases

[if the Aggregate Initial Principal Amount of the Notes is $________]

The following table shows the decline in the securitization value of the reference pool and the payments that will be received each month on the reference pool assuming (1) each base monthly payment is made as scheduled with no prepayments, delays or defaults and (2) each leased vehicle is returned and sold for an amount equal to the base residual value in the month after the month in which the final base monthly payment is due.

Month	Securitization Value	Scheduled Base Monthly Payments	Base Residual Value
Initial Balance
20__ –
20__ –
20__ –
20__ –
Total
Total Scheduled Base Monthly Payments plus Base Residual Value			$

A-8

[The following tables in this Annex A show the characteristics of the reference pool, if the aggregate initial principal amount of the notes to be issued is $______, on the cutoff date, which is ________, 20__. The percentages in the tables in this Annex A may not sum to 100.00% due to rounding. The definitions of certain terms used in this Annex A are listed in "Glossary of Terms" in this prospectus.

The ALG mark-to-market values shown in this Annex A for the reference pool are based on ALG's ________, 20__ edition. ALG residual values and ALG mark-to-market values represent ALG's forecasts of the value of used vehicles in the future. In making these forecasts, ALG takes into account a number of factors that will affect the value of each leased vehicle in the future, including the characteristics of the lease and the leased vehicle. ALG also makes predictions about a number of factors that affect the supply and demand for used vehicles and used vehicle pricing. None of these factors can be predicted with certainty. Some of these factors are impossible to quantify and may be significantly impacted by unanticipated events. For more information about these factors, you should read "Risk Factors — Residual value losses may result in losses on your notes" and " Risk Factors — Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn" in this prospectus. As a result, the ALG information cannot be relied on as fact.

Pool Composition Summary
if the Aggregate Initial Principal Amount of the Notes is $_________

Number of Leases
Initial Total Securitization Value	$
Residual Portion of Securitization Value	$
Residual Portion of Securitization Value(1)		%
Base Monthly Payments plus Base Residual Value	$
Base Residual Value	$
Weighted Average(2) Original Term		months
Weighted Average(2) Remaining Term		months
Weighted Average(2) FICO® score at Origination(3)
Percentage FICO® score less than 650(1)		%
Percentage No FICO® score consumer(1)(4)		%
Weighted Average(2) Lease Factor		%
Weighted Average(2) LTV(5) at Origination		%
Weighted Average(2) PTI(6) at Origination		%
Commercial Use Leases(1)(7)		%
Minimum Discount Rate Used to Calculate Securitization Value		%

(1)	As a percentage of the initial total securitization value.
(2)	Weighted averages are weighted by the securitization value of each lease on the cutoff date.
(3)	Excludes leases representing __% of the initial total securitization value that have primary lessees who do not have FICO® scores because they (a) are not individuals, or (b) are individuals with minimal or no recent credit history. For a description of FICO® scores, you should read "Sponsor and Servicer – Origination, Underwriting and Purchasing" in the prospectus. It is not certain that FICO® scores will be an accurate predictor of the likelihood of repayment of the related lease or that any lessee's credit score would not be lower if obtained on the cutoff date.
(4)	Represents leases with primary lessees that use the financed vehicles for personal use and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history.
(5)	The LTV for a lease for purposes of this table is the acquisition cost divided by the wholesale value of the leased vehicle.
(6)	The PTI for a lease is the base monthly payment divided by the monthly combined income of the applicant and any co-applicant. Excludes leases for which the lessee prepaid every monthly payment in a single up-front payment, commercial use leases with business entities as the primary lessee, leases where the applicant stated no income or negligible income in the credit application and leases where Ford Credit has determined that PTI is unreliable.
(7)	Leases with lessees who use the leased vehicle for commercial purposes. These customers may be either business entities or individuals.

A-1

Lease Characteristics

if the Aggregate Initial Principal Amount of the Notes is $________

	Adjusted MSRP	Acquisition Cost	Remaining Scheduled Base Monthly Payments Plus Base Residual Value	Securitization Value
Average	$	$	$	$
Highest
Lowest
Total

Residual Characteristics

if the Aggregate Initial Principal Amount of the Notes is $________

	Contract Residual Value	ALG Base Residual Value	Base Residual Value(1)	Residual Portion of Securitization Value		ALG Mark-to-Market
Average	$	$	$	$		$
Highest
Lowest
Total
Total as a % of Initial Total Securitization Value					%

⁽¹⁾  The ALG base residual values for the leased vehicles in the reference pool are generally lower than the contract residual values of those vehicles. As a result, the base residual value of __% of the leased vehicles in the reference pool by securitization value equals the ALG base residual value of the leased vehicle, with ___% equal to the ALG residual value and __% equal to the oldest ALG mark-to-market value that the servicer has for the leased vehicles.

A-2

Distribution by Original Term of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

Original Term	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

Distribution by Year of Origination of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

Origination Year	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

Distribution by Scheduled Termination Date of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

Scheduled Termination Date (by quarter)(1)	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
20__-Q1		%	$	$	$	%	$	%	$	$
Q2
Q3
Q4
Total		%	$	$	$	%	$	%	$	$

⁽¹⁾  The scheduled termination date is assumed to be in the month after the month in which the final base monthly payment is due.

A-3

Geographic Distribution of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

State(1)[(2)]	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

(1)

States representing greater than ____% of initial total securitization value based on the billing address of the lessee on the cutoff date.

[(2)

As of _______, 20__, the Federal Emergency Management Agency has declared that certain counties [and parishes, as applicable,] in the states of ______, ______, ______ and ______ are subject to a major disaster declaration as a result of _______. [Leases with lessees with billing addresses in these counties as of the cutoff date were excluded from the pool of leases. The exclusion of those leases from the pool leases has resulted in a higher concentration of leases with lessees with a billing address in other states.]/[Leases with lessees whose billing addresses are in those jurisdictions were not excluded from the reference pool for this securitization transaction and may be granted goodwill payment extensions by Ford Credit between the cutoff date and the closing date. As of the cutoff date, the following number of leases with lessees whose billing addresses were in the relevant counties in ______, ______, ______ and ______ [and the relevant parishes in ______], respectively, were allocated to the reference pool: ___, ___, ___ and ___. Those leases and the related leased vehicles represent ___%, ___%, ___% and ___%, respectively, of the securitization value of the reference pool.]

Distribution by Vehicle Type of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

Vehicle Type	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Car		%	$	$	$	%	$	%	$	$
CUV
SUV
Truck
Total		%	$	$	$	%	$	%	$	$

Distribution by Vehicle Make of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

Vehicle Make	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

A-4

Distribution of the Leases by Vehicle Model

if the Aggregate Initial Principal Amount of the Notes is $________

Vehicle Model(1)[(2)]	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
		%	$	$	$	%	$	%	$	$
Total		%	$	$	$	%	$	%	$	$

(1)	Models representing greater than ____% of initial total securitization value.
[(2)	Models include vehicles with battery electric or plug-in hybrid electric power source, which represent [__]% of initial total securitization value.]

A-5

Distribution by FICO^® Score of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

FICO® Score(1)	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Greater than 749		%	$	$	$	%	$	%	$	$
700 - 749
650 - 699
600 - 649
Less than 600
Commercial(2)
No FICO® score(3)
Total		%	$	$	$	%	$	%	$	$

(1)	Based on the FICO® score of the primary lessees on the origination date of the leases. For a description of FICO® scores, you should read "Sponsor and Servicer – Origination, Underwriting and Purchasing." It is not certain that FICO® scores will be an accurate predictor of the likelihood of repayment of the related lease or that any primary lessee's credit score would not be lower if obtained on the cutoff date.
(2)	Represents leases with primary lessees that use the financed vehicle for commercial purposes and do not have FICO® scores because they (a) are not individuals or (b) are individuals with minimal or no recent credit history. For a description of commercial accounts, you should read "Sponsor and Servicer – Commercial Accounts."
(3)	Represents leases with primary lessees that use the financed vehicles for personal use and do not have FICO® scores because they (a) are not individuals, or (b) are individuals with minimal or no recent credit history.

Distribution by Lease Factor of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

Lease Factor(1)	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
0.00 - 0.99%		%	$	$	$	%	$	%	$	$
1.00 - 1.99
2.00 - 2.99
3.00 - 3.99
4.00 - 4.99
5.00 - 5.99
6.00 - 6.99
7.00 - 7.99
8.00 - 8.99
9.00 - 9.99
10.00 - 10.99
11.00 - 11.99
12.00 - 12.99
13.00 or greater
Total		%	$	$	$1	%	$	%	$	$

⁽¹⁾ The lease factor for ____% of the leases in the reference pool by securitization value is less than or equal to ____%, the minimum discount rate used to calculate securitization value.

A-6

Distribution by LTV of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

LTV(1) Range	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Less than 86%		%	$	$	$	%	$	%	$	$
86 – 100
101 – 115
116 – 130
Greater than 130
Excluded(2)
Total		%	$	$	$	%	$	%	$	$

(1)	The LTV for a lease for purposes of this table is the acquisition cost divided by wholesale value of the leased vehicle.
(2)	Represents a limited number of leases where Ford Credit has determined that LTV is unreliable.

Distribution by PTI of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

PTI(1) Range	Number of Leases		Adjusted MSRP	Acquisition Cost	Securitization Value		Base Residual Value		Residual Portion of Securitization Value	ALG Mark-to-Market
Less than 11%		%	$	$	$	%	$	%	$	$
11 – 15
16 – 20
Greater than 20
Excluded(2)
Total		%	$	$	$1	%	$	%	$	$

(1)	The PTI for a lease is the base monthly payment divided by the monthly combined income of the lessee and any co-lessee.
(2)	Represents leases for which the lessee prepaid every monthly payment in a single up-front payment, commercial use leases with business entities as the primary lessee, leases where the applicant stated no income or negligible income in the credit application and leases where Ford Credit has determined that PTI is unreliable.

A-7 

Payment Schedule of Leases

if the Aggregate Initial Principal Amount of the Notes is $________

The following table shows the decline in the securitization value of the reference pool and the payments that will be received each month on the reference pool assuming (1) each base monthly payment is made as scheduled with no prepayments, delays or defaults and (2) each leased vehicle is returned and sold for an amount equal to the base residual value in the month after the month in which the final base monthly payment is due.

Month	Securitization Value	Scheduled Base Monthly Payments	Base Residual Value
Initial Balance
20__ –
20__ –
20__ –
20__ –
Total
Total Scheduled Base Monthly Payments plus Base Residual Value			$	]

A-8 

Annex B

STATIC POOL INFORMATION — PRIOR SECURITIZED POOLS

This Annex contains static pool information about prior reference pools of leases and leased vehicles securitized by Ford Credit. The information in this Annex consists of summary information about the original characteristics of the prior securitized pools and a graphical presentation of prepayment, delinquency, termination and loss data for each prior securitized pool. The original characteristics of the prior securitized pools may differ somewhat from each other and from the characteristics of the reference pool of leases in this securitization transaction described in the prospectus. This is because Ford Credit's portfolio of leases and leased vehicles, from which the securitized pools are selected, changes over time in response to changing economic and market conditions, although such changes generally occur gradually. [Over the period covered by the prior securitized pools, newer securitized pools have generally exhibited higher FICO^® scores, lower lease-to-value ratios and higher payment-to-income ratios than older securitized pools, although changes between each successive pool have generally not been significant. As a result, prior securitized pools are generally comparable to the reference pool in the securitization transaction described in the prospectus, however, the oldest prior securitized pools generally have the largest differences in characteristics to the reference pool in the securitization transaction described in the prospectus.

Despite the differences in characteristics among the prior securitized pools, the performance of the related securitization transactions has been generally consistent over time, and any difference in performance in the reference pool in the securitization transaction described in the prospectus compared to prior securitized pools may be more influenced by general macroeconomic conditions than differences in characteristics.

In addition, although the selection criteria used for the leases and leased vehicles in the prior securitized pools have changed over time, these changes do not diminish the general comparability of the prior securitized pools to the reference pool in the securitization transaction described in the prospectus.] Prepayments, delinquencies, terminations or losses for the reference pool in the securitization transaction described in the prospectus may differ from the information shown in this Annex for prior securitized pools.

The definitions of certain terms used in this Annex B are listed below. The definitions of other terms used in this Annex B are listed in "Glossary of Terms" in the prospectus.

ALG residual values and ALG mark-to-market values represent ALG's forecasts of the value of used vehicles in the future. In making these forecasts, ALG takes into account a number of factors that will affect the value of each leased vehicle in the future, including the characteristics of the lease and the leased vehicle. ALG also makes predictions about a number of factors that affect the supply and demand for used vehicles and used vehicle pricing. None of these factors can be predicted with certainty. Some of these factors are impossible to quantify and may be significantly impacted by unanticipated events. For more information about these factors, you should read "Risk Factors — Residual value losses may result in losses on your notes" and "Risk Factors — Performance of the reference pool is uncertain and depends on many factors and may worsen in an economic downturn" in this prospectus. As a result, the ALG information cannot be relied on as fact.

A lease is considered to have "defaulted" if (1) the lease has been charged off or (2) the related leased vehicle was repossessed. A lease is not considered to have defaulted if the leased vehicle has been returned, even if the lessee does not pay the full amounts owing under the lease before the lease is closed in Ford Credit's servicing system, including the full amounts assessed under the lease for excess mileage and/or excess wear and use.

The "gross credit loss" on a default equals (1) the securitization value of the lease as of the end of the month before the lease defaults, plus (2) the costs associated with repossession and disposition of the leased vehicle, plus (3) [the amount of any outstanding servicer advances as of the end of the month before the lease defaults, minus (4)] the net sale proceeds, if any, from the sale of the leased vehicle, minus [(4)][(5)] any amounts paid by or on behalf of the related lessee after Ford Credit processes the default and before the lease is closed in Ford Credit's servicing system.

B-1

The "loss (gain)" (1) for each leased vehicle returned and sold equals (a) the securitization value of the related lease as of the end of the month before Ford Credit processes the return of the leased vehicle, plus (b) [the amount of any outstanding servicer advances for the related lease as of the end of the month before Ford Credit processes the return of the leased vehicle, minus (c)] the net sale proceeds from the sale of the leased vehicle, minus [(c)][(d)] any amounts paid by or on behalf of the related lessee after Ford Credit has processed the return of the leased vehicle and before the related lease is closed in Ford Credit's servicing system, including amounts paid for excess mileage and/or excess wear and use, minus [(d)][(e)] any base monthly payments that, as of the end of the month before Ford Credit processes the return of the leased vehicle, had been paid before the month in which they are due, and (2) for each leased vehicle purchased pursuant to a lease equals (a) the securitization value of the related lease as of the end of the month before Ford Credit processes the purchase of the leased vehicle, plus (b) [the amount of any outstanding servicer advances for the related lease as of the end of the month before Ford Credit processes the purchase of the leased vehicle, minus (c)] any amounts paid by or on behalf of the related lessee in connection with the purchase of the leased vehicle, minus [(c)][(d)] any base monthly payments that, as of the end of the month before Ford Credit processes the purchase of the leased vehicle, had been paid before the month in which they are due.

"Recoveries" are amounts collected after a lease has been charged off or closed in Ford Credit's servicing system and are net of all external costs associated with continued collection efforts, including legal fees.

The "residual loss (gain)" on a leased vehicle that is returned and sold equals (1) the residual portion of securitization value as of the end of the month before Ford Credit processes the return of the leased vehicle, minus (2) the amounts assessed for excess mileage and/or excess wear and use, whether or not collected, minus (3) the net auction proceeds from the sale of the leased vehicle.

The percentages in the tables in this Annex B may not sum to 100.00% due to rounding.

The following footnotes are applicable to the static pool information for each of the prior securitized reference pools included in this Annex:

(1) Weighted averages are weighted by the securitization value of each lease on the cutoff date for the prior securitization transaction.

(2) Percentage of initial total securitization value.

(3) Excludes leases with lessees who did not have FICO^® scores because they (1) are not individuals or (2) are individuals with minimal or no recent credit history.

(4) Represents leases with primary lessees that use the financed vehicles for personal use and did not have FICO^® scores because they (a) are not individuals, or (b) are individuals with minimal or no recent credit history.

(5) LTV for a lease for purposes of this table is the acquisition cost divided by the wholesale value of the leased vehicle. Excludes a limited number of leases for which Ford Credit has determined that LTV is unreliable.

(6) PTI for a lease is the base monthly payment divided by the monthly combined income of the applicant and any co-applicant. Excludes leases for which the lessee prepaid every monthly payment in a single up-front payment, commercial use leases with business entities as the primary lessee, leases where the applicant stated no income or negligible income in the credit application and leases where Ford Credit has determined that PTI is unreliable.

(7) Commercial Use Leases are leases with lessees who use the leased vehicle for commercial purposes. These customers may be either business entities or individuals.

(8) [Vehicle type reflects classification of 2011 and newer model year Explorers and 2013 and newer model year Escapes as CUVs rather than SUVs.]

B-2

(9) Based on the billing addresses of the lessees on the cutoff date for the prior securitization transaction.

(10) Values reported for securitization value and residual portion of securitization value are as of the end of the month. Values reported for total note balance are as of the payment date relating to such month after giving effect to all payments to be made on the payment date.

(11) The "prepayment speed" for any month equals (1) the monthly survival factor, divided by (2) 1 plus ((a) the monthly survival factor, times (b) the seasoning), in each case for the month.

The "monthly survival factor" for any month equals 1 minus ((1)(a) the actual total securitization value of the reference pool, divided by (b) the scheduled total securitization value of the reference pool, in each case at the beginning of the next month, divided by (2)(a) the actual total securitization value of the reference pool, divided by (b) the scheduled total securitization value of the reference pool, in each case at the beginning of the month).

"Seasoning" for the first month equals (1) the weighted average original term of the reference pool, minus (2) the weighted average remaining term of the reference pool, in each case as of the cutoff date. Seasoning for each subsequent month equals the seasoning for the prior month plus 1.

The "scheduled total securitization value of the reference pool" equals the total securitization value of the reference pool assuming (1) each base monthly payment is made as scheduled with no prepayments, delays or defaults and (2) each leased vehicle is returned and sold for an amount equal to its base residual value in the month after the month in which the final base monthly payment is due.

(12) The period of delinquency is the number of days that more than $49.99 of a scheduled payment is past due, excluding leases that have reached their original scheduled lease end date (including leases with payment or term extensions), defaulted or been removed and leases for which the leased vehicle has been returned or retained. The dollar amounts represent the aggregate securitization value of the delinquent leases at the end of the month. Delinquencies include leases with bankrupt lessees but exclude leases with leased vehicles in repossession status or that have been charged off by the servicer.

(13) Number of scheduled terminations is the number of leases that are scheduled to terminate during the month assuming each base monthly payment is made as scheduled with no prepayments, delays or defaults and each lease terminates in the month after the month in which the final base monthly payment is due.

(14) Number of defaults is the number of leases that defaulted during the month.

(15) Number of vehicles returned and sold is the number of leased vehicles that were returned and that have been sold by the end of the month.

(16) Number of vehicles retained is the number of leased vehicles that were purchased pursuant to the lease during the month.

(17) Number of vehicles removed is the number of leases and leased vehicles removed by the servicer during the month because (1) the representations made by it about the lease and leased vehicle were discovered to have been untrue, were not cured and had a material adverse effect on the lease or leased vehicle, (2) its servicing materially impaired the lease or leased vehicle, (3) it (a) changed the amount of the base monthly payment due under the lease or (b) granted a payment or term extension resulting in the current scheduled lease end date of the lease being later than the final scheduled payment date of the most junior class of notes issued by the related trust or (4) the leased vehicle was no longer owned by a titling company.

(18) Return rate equals the percentage equivalent to (1) the number of vehicles returned and sold, divided by (2) the sum of (a) the number of defaults, (b) the number of vehicles returned and sold, (c) the number of vehicles retained and (d) the number of vehicles removed, in each case for the month.

B-3

(19) Securitization value factor represents the securitization value, as a percentage of the initial total securitization value.

(20) Cumulative net credit loss equals (1) cumulative loss (gain) minus (2) cumulative residual loss (gain) on vehicles returned and sold minus (3) cumulative loss (gain) on vehicles retained.

[(21) Excludes states with concentrations less than 3% of the initial total securitization value as of the cutoff date.]

B-4

Ford Credit Auto Lease Trust 20__-_

 

B-5

Ford Credit Auto Lease Trust 20__-_

Original Pool Characteristics

Closing Date			Weighted Average(1) LTV(5) at Origination
Cutoff Date			Weighted Average(1) PTI(6) at Origination
First Payment Date			Percentage Commercial Use Receivables(2)(7)
Total Note Balance	$		Percentage New Vehicle(2)	%
Number of Leases			Percentage of Vehicle Type(2)(8)	%
Minimum Discount Rate Used to Calculate Securitization Value		%	Car	%
Initial Total Securitization Value	$		SUV
Average	$		CUV
Highest	$		Truck
Lowest	$		Percentage of Vehicle Make(2)	%
Total Adjusted MSRP	$		Ford	%
Total Base Residual Value	$		Lincoln
Average	$		[Make]
Highest	$		Percentage of Top 10 Vehicle Models(2)	%
Lowest	$		[Model]	%
Total as % of Initial Total Securitization Value		%	[Model]
Total Residual Portion of Securitization Value	$		[Model]
Average	$		[Model]
Highest	$		[Model]
Lowest	$		[Model]
Total as % of Initial Total Securitization Value		%	[Model]
Total ALG Mark-to-Market (___-_____ 20__)	$		[Model]
Original Term(2)			[Model]
24 months		%	[Model]
[27]			Percentage in Top 8 States(2)(9)	%
36			[State]	%
[39]			[State]
48			[State]
[__]			[State]
Weighted Average(1) Original Term		months	[State]
Weighted Average(1) Remaining Term		months	[State]
Weighted Average(1) Lease Factor		%	[State]
Weighted Average(1) FICO® Score(3) at Origination		%	[State]
Percentage FICO® Score(3) less than 650(2)		%
Percentage No FICO® Score Consumer(2)(4)		%

See page B-1 for definitions and footnotes

Balances, Prepayments and Delinquencies

			Residual Portion of		Delinquencies(12)
Month	Securitization Value(10)	Total Note Balance(10)	Securitization Value(10)	Prepayment Speed(11)	31-60 Days	61-90 Days	91-120 Days	121+ Days	61+ Days
1	$	$	$	%	$	$	$	$	%
2
3
4
5
6
7
8
9
10

See page B-1 for definitions and footnotes

B-6

Ford Credit Auto Lease Trust 20__-_

Terminations

Month	Number of Scheduled Terminations(13)	Number of Defaults(14)	Number of Vehicles Returned and Sold(15)	Number of Vehicles Retained(16)	Number of Vehicles Removed(17)	Return Rate(18)
1							%
2
3
4
5
6
7
8
9
10

       See page B-1 for definitions and footnotes

Losses

Month	Gross Credit Losses on Defaults	Loss (Gain) on Vehicles Returned and Sold	Loss (Gain) on Vehicles Retained	Recoveries	Total Loss (Gain)	Cumulative Loss (Gain)	Cumulative Loss (Gain) as a % of Initial Total Sec. Value		Cumulative Residual Loss (Gain) on Vehicles Returned and Sold
1	$	$	$	$	$	$		%	$
2
3
4
5
6
7
8
9
10

See page B-1 for definitions and footnotes

B-7

Ford Credit Auto Lease Trusts

Delinquency Information. The graph below shows delinquency information for Ford Credit's prior securitized pools of leases for all transactions issued since 201[7].

 

See page B-1 for definitions and footnotes

Cumulative Net Loss Information. The graph below shows cumulative net loss information for Ford Credit's prior securitized pools of leases for all transactions issued since 201[7].

See page B-1 for definitions and footnotes

B-8

You should rely only on the information in or incorporated by reference into this prospectus. We have not authorized anyone to give you different information.  You should not rely on the accuracy of the information in this prospectus for any date other than on its date.  We are not offering the notes in any state where their offer is not permitted. Ford Credit Auto Lease Two LLC Depositor Ford Motor Credit Company LLC Sponsor and Servicer Dealer Prospectus Delivery Obligation. Until 90 days after the date of this prospectus dealers that effect transactions in these securities, whether or not participating in the offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and for their unsold allotments or subscriptions.	Ford Credit Auto Lease Trust 20__-__Issuing Entity or Trust   [$__________   or $__________]
	$________		Class A-1 __% Asset Backed Notes
	$________		Class A-2[a] __% Asset Backed Notes
			[Class A-2b Floating Rate Asset Backed Notes]
	$________		Class A-3 __% Asset Backed Notes
	$________		Class A-4 __% Asset Backed Notes
	[$_______		Class B __% Asset Backed Notes]
	[$_______		Class C __% Asset Backed Notes]
	[$_______		Class D __% Asset Backed Notes]
	PROSPECTUS [NAMES OF UNDERWRITERS]

PART II. INFORMATION NOT REQUIRED IN PROSPECTUS

ITEM 12. Other Expenses of Issuance and Distribution.

The following table sets forth the estimated expenses in connection with the offering described in this registration statement.

Securities and Exchange Commission Registration Fees(1)	$	1,529,550
Rating agency fees	$	4,015,753
Printing	$	288,601
Legal fees and expenses	$	2,030,669
Accountants' fees	$	890,779
Fees and expenses of Indenture Trustee	$	192,500
Fees and expenses of Owner Trustee	$	91,000
Fees and expenses of Asset Representations Reviewer	$	105,000
Miscellaneous expenses	$	70,000
Total	$	9,213,852

⁽¹⁾  The registration fee for any additional securities has been estimated for purposes of this table and is deferred in accordance with Rules 456(c) and 457(s) of the Securities Act of 1933.

ITEM 13. Indemnification of Directors and Officers.

Section 18-108 of the Delaware Limited Liability Company Act, 6 Del. C. § 18-101 et seq., provides as follows:

"§ 18-108. Indemnification. — Subject to such standards and restrictions, if any, as are set forth in its limited liability company agreement, a limited liability company may, and shall have the power to, indemnify and hold harmless any member or manager or other person from and against any and all claims and demands whatsoever."

ITEM 13.1. Ford Credit Auto Lease Two LLC

Article VII of the Second Amended and Restated Limited Liability Company Agreement of Ford Credit Auto Lease Two LLC provides as follows:

"Section 7.1. Limitation on Liability. Notwithstanding any other terms of this Agreement, whether express or implied, or obligation or duty at law or in equity, none of the Member, the Managers or any of their officers, directors, stockholders, partners, employees, representatives or agents, nor any officer, employee, representative or agent of the Company or its Affiliates will be liable to the Company or any other Person for any act or omission taken or omitted by that Person bound by this Agreement in the reasonable belief that the act or omission is in, or not contrary to, the best interests of the Company and is within the scope of authority granted to that Person by this Agreement if the act or omission is not fraud, willful misconduct, bad faith or gross negligence.

Section 7.2. Indemnification. (a) Indemnification. Subject to Section 7.2(f), any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such Person is or was a Member, Manager, officer, employee, agent or legal representative of the Company (each, an "Indemnified Party"), will be indemnified and held harmless by the Company if legally permissible against all expenses, claims, damages, liabilities and losses (including judgments, interest on judgments, fines, charges, costs, amounts paid in settlement, expenses and attorneys' fees incurred in investigating, preparing or defending any action, claim suit, inquiry, proceeding, investigation or any appeal taken by or before any court or governmental, administrative or other regulatory agency, body or commission), whether pending or merely threatened, whether or not any Indemnified Party is or may be a party, including interest on any

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of them, for the management or conduct of the business of the Company, except for any such amounts if they are found by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Indemnified Parties or willful violations of this Agreement by the Indemnified Parties. The Indemnified Parties may consult with counsel and accountants for the business of the Company and will be fully protected and justified, if allowed by law, in acting, or failing to act, if the action or failure to act is consistent with the advice or opinion of counsel or accountants.

(b) Effect of Judgment. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or on a plea of nolo contendere or its equivalent, will not, of itself, create a presumption that the Person seeking indemnification did not act in good faith and in a manner the Person reasonably believed to be in or not opposed to the best interest of the Company or its creditors, and, for any criminal action or proceeding, had reasonable cause to believe that the Person's conduct was unlawful. Entry of a judgment by consent as part of a settlement will not be considered a final adjudication of liability for negligence or misconduct in the performance of duty, nor of any other issue or matter.

(c) Expenses. Subject to Section 7.2(f), expenses (including attorneys' fees and disbursements) incurred by an Indemnified Party in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Company in advance of the final disposition of the action, suit or proceeding as authorized by the Board of Managers in the specific case on receipt of an agreement by or on behalf of the Indemnified Party to repay that amount unless it is determined that the Person is entitled to be indemnified by the Company. Expenses (including attorneys' fees and disbursements) incurred by other employees or agents of the Company in defending in any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Company on terms and conditions the Board of Managers determined are appropriate.

(d) No Personal Liability. No Manager of the Company will be personally liable to the Company for monetary damages for any breach of fiduciary duty by that person as a Manager. However, a Manager will be liable if provided by applicable law (i) for breach of the Manager's duty of loyalty to the Company or the Member, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law or (iii) for any transaction from which the Manager derived an improper personal benefit.

(e) No Exclusive Remedy. The indemnification and advancement of expenses provided by this Section 7.2 will not be considered exclusive of any other rights to which those seeking indemnification or advancement may by entitled under any agreement, vote of the Board of Managers or otherwise, both for action in an official capacity and for action in another capacity while holding that office, and will continue for a Person who has ceased to be a Manager, employee or agent and will inure to the benefit of the heirs, executors and administrators of that Person.

(f) Limited Recourse. Any amounts payable by the Company according to this Section 7.2 will be payable solely up to funds available for such obligations and actually received by the Company under the Basic Documents, from capital contributions or for other Permitted Activities. The Company's obligations under this Section 7.2 will not be a claim against the Company if the Company does not have funds to make payment of those obligations. Any claim that an Indemnified Party may have at any time against the Company that it may seek to enforce under this Agreement will be subordinate to the payment in full, including post-petition interest, if the Company becomes a debtor or debtor in possession in a case under any applicable federal or state bankruptcy, insolvency or other similar law now or later in effect or subject to any insolvency, reorganization, liquidation, rehabilitation or other similar proceedings, of the claims of the holders of any Securities which are collateralized or secured by the assets of the Company.

Section 7.3 Survival of Indemnification. The indemnities in Section 7.2 will survive the resignation, removal or termination of any Indemnified Party or the termination of this Agreement. Any repeal or modification of this Article VII will not adversely affect any rights of the Indemnified Party under this Article VII, including the right to indemnification and to the advancement of expenses of an Indemnified Party existing at the time of the repeal or modifications for any acts or omissions occurring before the repeal or modification."

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ITEM 13.2. CAB East LLC

Article VII of the Second Amended and Restated Limited Liability Company Agreement of CAB East LLC provides as follows:

"Section 7.1. Limitation on Liability. Notwithstanding any other terms of this Agreement, whether express or implied, or obligation or duty at law or in equity, none of the Member, the Managers or any of their officers, directors, stockholders, partners, employees, representatives or agents, nor any officer, employee, representative or agent of the Company or its Affiliates will be liable to the Company or any other Person for any act or omission taken or omitted by that Person bound by this Agreement in the reasonable belief that the act or omission is in, or not contrary to, the best interests of the Company and is within the scope of authority granted to that Person by this Agreement if the act or omission is not fraud, willful misconduct, bad faith or gross negligence.

Section 7.2. Indemnification. (a) Indemnification. Subject to Section 7.2(f), any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such Person is or was a Member, Manager, officer, employee, agent or legal representative of the Company (each, an "Indemnified Party"), will be indemnified and held harmless by the Company if legally permissible against all expenses, claims, damages, liabilities and losses (including judgments, interest on judgments, fines, charges, costs, amounts paid in settlement, expenses and attorneys' fees incurred in investigating, preparing or defending any action, claim suit, inquiry, proceeding, investigation or any appeal taken by or before any court or governmental, administrative or other regulatory agency, body or commission), whether pending or merely threatened, whether or not any Indemnified Party is or may be a party, including interest on any of them, for the management or conduct of the business of the Company, except for any such amounts if they are found by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Indemnified Parties or willful violations of this Agreement by the Indemnified Parties. The Indemnified Parties may consult with counsel and accountants for the business of the Company and will be fully protected and justified, if allowed by law, in acting, or failing to act, if the action or failure to act is consistent with the advice or opinion of counsel or accountants.

(b) Effect of Judgment. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or on a plea of nolo contendere or its equivalent, will not, of itself, create a presumption that the Person seeking indemnification did not act in good faith and in a manner the Person reasonably believed to be in or not opposed to the best interest of the Company or its creditors, and, for any criminal action or proceeding, had reasonable cause to believe that the Person's conduct was unlawful. Entry of a judgment by consent as part of a settlement will not be considered a final adjudication of liability for negligence or misconduct in the performance of duty, nor of any other issue or matter.

(c) Expenses. Subject to Section 7.2(f), expenses (including attorneys' fees and disbursements) incurred by an Indemnified Party in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Company in advance of the final disposition of the action, suit or proceeding as authorized by the Board of Managers in the specific case on receipt of an agreement by or on behalf of the Indemnified Party to repay that amount unless it is determined that the Person is entitled to be indemnified by the Company. Expenses (including attorneys' fees and disbursements) incurred by other employees or agents of the Company in defending in any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Company on terms and conditions the Board of Managers determined are appropriate.

(d) No Personal Liability. No Manager of the Company will be personally liable to the Company for monetary damages for any breach of fiduciary duty by that person as a Manager. However, a Manager will be liable if provided by applicable law (i) for breach of the Manager's duty of loyalty to the Company or the Member, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law or (iii) for any transaction from which the Manager derived an improper personal benefit.

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(e) No Exclusive Remedy. The indemnification and advancement of expenses provided by this Section 7.2 will not be considered exclusive of any other rights to which those seeking indemnification or advancement may by entitled under any agreement, vote of the Board of Managers or otherwise, both for action in an official capacity and for action in another capacity while holding that office, and will continue for a Person who has ceased to be a Manager, employee or agent and will inure to the benefit of the heirs, executors and administrators of that Person.

(f) Limited Recourse. Any amounts payable by the Company according to this Section 7.2 will be payable solely up to funds available for such obligations and actually received by the Company under the Basic Documents, from capital contributions or for other Permitted Activities. The Company's obligations under this Section 7.2 will not be a claim against the Company if the Company does not have funds to make payment of those obligations. Any claim that an Indemnified Party may have at any time against the Company that it may seek to enforce under this Agreement will be subordinate to the payment in full, including post-petition interest, if the Company becomes a debtor or debtor in possession in a case under any applicable federal or state bankruptcy, insolvency or other similar law now or later in effect or subject to any insolvency, reorganization, liquidation, rehabilitation or other similar proceedings, of the claims of the holders of any Securities which are collateralized or secured by the assets of the Company.

Section 7.3 Survival of Indemnification. The indemnities in Section 7.2 will survive the resignation, removal or termination of any Indemnified Party or the termination of this Agreement. Any repeal or modification of this Article VII will not adversely affect any rights of the Indemnified Party under this Article VII, including the right to indemnification and to the advancement of expenses of an Indemnified Party existing at the time of the repeal or modifications for any acts or omissions occurring before the repeal or modification."

ITEM 13.3. CAB West LLC

Article VII of the Second Amended and Restated Limited Liability Company Agreement of CAB West LLC provides as follows:

"Section 7.1. Limitation on Liability. Notwithstanding any other terms of this Agreement, whether express or implied, or obligation or duty at law or in equity, none of the Member, the Managers or any of their officers, directors, stockholders, partners, employees, representatives or agents, nor any officer, employee, representative or agent of the Company or its Affiliates will be liable to the Company or any other Person for any act or omission taken or omitted by that Person bound by this Agreement in the reasonable belief that the act or omission is in, or not contrary to, the best interests of the Company and is within the scope of authority granted to that Person by this Agreement if the act or omission is not fraud, willful misconduct, bad faith or gross negligence.

Section 7.2.Indemnification. (a) Indemnification. Subject to Section 7.2(f), any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such Person is or was a Member, Manager, officer, employee, agent or legal representative of the Company (each, an "Indemnified Party"), will be indemnified and held harmless by the Company if legally permissible against all expenses, claims, damages, liabilities and losses (including judgments, interest on judgments, fines, charges, costs, amounts paid in settlement, expenses and attorneys' fees incurred in investigating, preparing or defending any action, claim suit, inquiry, proceeding, investigation or any appeal taken by or before any court or governmental, administrative or other regulatory agency, body or commission), whether pending or merely threatened, whether or not any Indemnified Party is or may be a party, including interest on any of them, for the management or conduct of the business of the Company, except for any such amounts if they are found by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Indemnified Parties or willful violations of this Agreement by the Indemnified Parties. The Indemnified Parties may consult with counsel and accountants for the business of the Company and will be fully protected and justified, if allowed by law, in acting, or failing to act, if the action or failure to act is consistent with the advice or opinion of counsel or accountants.

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(b) Effect of Judgment. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or on a plea of nolo contendere or its equivalent, will not, of itself, create a presumption that the Person seeking indemnification did not act in good faith and in a manner the Person reasonably believed to be in or not opposed to the best interest of the Company or its creditors, and, for any criminal action or proceeding, had reasonable cause to believe that the Person's conduct was unlawful. Entry of a judgment by consent as part of a settlement will not be considered a final adjudication of liability for negligence or misconduct in the performance of duty, nor of any other issue or matter.

(c) Expenses. Subject to Section 7.2(f), expenses (including attorneys' fees and disbursements) incurred by an Indemnified Party in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Company in advance of the final disposition of the action, suit or proceeding as authorized by the Board of Managers in the specific case on receipt of an agreement by or on behalf of the Indemnified Party to repay that amount unless it is determined that the Person is entitled to be indemnified by the Company. Expenses (including attorneys' fees and disbursements) incurred by other employees or agents of the Company in defending in any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the Company on terms and conditions the Board of Managers determined are appropriate.

(d) No Personal Liability. No Manager of the Company will be personally liable to the Company for monetary damages for any breach of fiduciary duty by that person as a Manager. However, a Manager will be liable if provided by applicable law (i) for breach of the Manager's duty of loyalty to the Company or the Member, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law or (iii) for any transaction from which the Manager derived an improper personal benefit.

(e) No Exclusive Remedy. The indemnification and advancement of expenses provided by this Section 7.2 will not be considered exclusive of any other rights to which those seeking indemnification or advancement may by entitled under any agreement, vote of the Board of Managers or otherwise, both for action in an official capacity and for action in another capacity while holding that office, and will continue for a Person who has ceased to be a Manager, employee or agent and will inure to the benefit of the heirs, executors and administrators of that Person.

(f) Limited Recourse. Any amounts payable by the Company according to this Section 7.2 will be payable solely up to funds available for such obligations and actually received by the Company under the Basic Documents, from capital contributions or for other Permitted Activities. The Company's obligations under this Section 7.2 will not be a claim against the Company if the Company does not have funds to make payment of those obligations. Any claim that an Indemnified Party may have at any time against the Company that it may seek to enforce under this Agreement will be subordinate to the payment in full, including post-petition interest, if the Company becomes a debtor or debtor in possession in a case under any applicable federal or state bankruptcy, insolvency or other similar law now or later in effect or subject to any insolvency, reorganization, liquidation, rehabilitation or other similar proceedings, of the claims of the holders of any Securities which are collateralized or secured by the assets of the Company.

Section 7.3 Survival of Indemnification. The indemnities in Section 7.2 will survive the resignation, removal or termination of any Indemnified Party or the termination of this Agreement. Any repeal or modification of this Article VII will not adversely affect any rights of the Indemnified Party under this Article VII, including the right to indemnification and to the advancement of expenses of an Indemnified Party existing at the time of the repeal or modifications for any acts or omissions occurring before the repeal or modification."

Section 145 of the General Corporation Law of the State of Delaware, 8 Del. C. § 101 et seq., provides as follows:

"§ 145. Indemnification of officers, directors, employees and agents; insurance

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(a) A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe the person's conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful.

(b) A corporation shall have power to indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

(c) To the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b) of this section, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by such person in connection therewith.

(d) Any indemnification under subsections (a) and (b) of this section (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of the present or former director, officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth in subsections (a) and (b) of this section. Such determination shall be made, with respect to a person who is a director or officer of the corporation at the time of such determination: (1) By a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum; or (2) By a committee of such directors designated by majority vote of such directors, even though less than a quorum; or (3) If there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion; or (4) By the stockholders.

(e) Expenses (including attorneys' fees) incurred by an officer or director of the corporation in defending any civil, criminal, administrative or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such expenses (including attorneys' fees) incurred by former directors and officers or other employees and agents of the corporation or by persons serving at the request of the corporation as directors,

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officers, employees or agents of another corporation, partnership, joint venture, trust or other enterprise may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.

(f) The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an amendment to the certificate of incorporation or the bylaws after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission has occurred.

(g) A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person's status as such, whether or not the corporation would have the power to indemnify such person against such liability under this section.

(h) For purposes of this section, references to "the corporation" shall include, in addition to the resulting corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request of such constituent corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation as such person would have with respect to such constituent corporation if its separate existence had continued.

(i) For purposes of this section, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to "serving at the request of the corporation" shall include any service as a director, officer, employee, or agent of the corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the corporation" as referred to in this section.

(j) The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

(k) The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses or indemnification brought under this section or under any bylaw, agreement, vote of stockholders or disinterested directors, or otherwise. The Court of Chancery may summarily determine a corporation's obligation to advance expenses (including attorneys' fees)."

Indemnification provisions of Section 5 of Article EIGHTH of the Restated Certificate of Incorporation of Ford Motor Company are applicable to directors, officers and employees of Ford Credit Auto Lease Two LLC, CAB East LLC and CAB West LLC who serve as such at the request of Ford Motor Company and provide as follows:

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"5.1. Limitation on Liability of Directors. A director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability

(i) for any breach of the director's duty of loyalty to the corporation or its stockholders,

(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law,

(iii) under Section 174 of the Delaware General Corporation Law, or

(iv) for any transaction from which the director derived an improper personal benefit.

If the Delaware General Corporation Law is amended after approval by the stockholders of this subsection 5.1 of Article EIGHTH to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the corporation shall be eliminated or limited to the fullest extent permitted by the Delaware General Corporation Law, as so amended.

5.2. Effect of any Repeal or Modification of Subsection 5.1. Any repeal or modification of subsection 5.1 of this Article EIGHTH by the stockholders of the corporation shall not adversely affect any right or protection of a director of the corporation existing at the time of such repeal or modification.

5.3. Indemnification and Insurance.

5.3a. Right to Indemnification. Each person who was or is made a party or is threatened to be made a party to or is involved in any action, suit or proceeding, whether civil, criminal, administrative, investigative or otherwise (hereinafter a "proceeding"), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was a director, officer or employee of the corporation or is or was serving at the request of the corporation as a director, officer or employee of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether the basis of such proceeding is alleged action in an official capacity as a director, officer or employee or in any other capacity while serving as a director, officer or employee, shall be indemnified and held harmless by the corporation to the fullest extent authorized by the Delaware General Corporation 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 corporation to provide broader indemnification rights than said law permitted the corporation to provide prior to such amendment), against all expense, liability and loss (including penalties, fines, judgments, attorneys' fees, amounts paid or to be paid in settlement and excise taxes imposed on fiduciaries with respect to (i) employee benefit plans, (ii) charitable organizations or (iii) similar matters) reasonably incurred or suffered by such person in connection therewith and such indemnification shall continue as to a person who has ceased to be a director, officer or employee and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that the corporation shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person (other than pursuant to subsection 5.3b of this Article EIGHTH) only if such proceeding (or part thereof) was authorized by the Board of Directors of the corporation. The right to indemnification conferred in this subsection 5.3a of Article EIGHTH shall be a contract right and shall include the right to be paid by the corporation the expenses incurred in defending any such proceeding in advance of its final disposition; provided, however, that, if the Delaware General Corporation Law requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) in advance of the final disposition of a proceeding shall be made only upon delivery to the corporation of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified under this subsection 5.3a of Article EIGHTH or otherwise.

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5.3b. Right of Claimant to Bring Suit. If a claim which the corporation is obligated to pay under subsection 5.3a of this Article EIGHTH is not paid in full by the corporation within 60 days after a written claim has been received by the corporation, the claimant may at any time thereafter bring suit against the corporation to recover the unpaid amount of the claim and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its final disposition where the required undertaking, if any is required, has been tendered to the corporation) that the claimant has not met the standards of conduct which make it permissible under the Delaware General Corporation Law for the corporation to indemnify the claimant for the amount claimed, but the burden of proving such defense shall be on the corporation. Neither the failure of the corporation (including its Board of Directors, independent legal counsel or its stockholders) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the Delaware General Corporation Law, nor an actual determination by the corporation (including its Board of Directors, independent legal counsel or its stockholders) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

5.3c. Miscellaneous. The provisions of this Section 5.3 of Article EIGHTH shall cover claims, actions, suits and proceedings, civil or criminal, whether now pending or hereafter commenced, and shall be retroactive to cover acts or omissions or alleged acts or omissions which heretofore have taken place. If any part of this Section 5.3 of Article EIGHTH should be found to be invalid or ineffective in any proceeding, the validity and effect of the remaining provisions shall not be affected.

5.3d. Non-Exclusivity of Rights. The right to indemnification and the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Section 5.3 of Article EIGHTH shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of the Restated Certificate of Incorporation, by-law, agreement, vote of stockholders or disinterested directors or otherwise.

5.3e. Insurance. The corporation may maintain insurance, at its expense, to protect itself and any director, officer, employee or agent of the corporation or another corporation, partnership, joint venture, trust or other enterprise against any such expense, liability or loss, whether or not the corporation would have the power to indemnify such person against such expense, liability or loss under the Delaware General Corporation Law.

5.3f. Indemnification of Agents of the Corporation. The corporation may, to the extent authorized from time to time by the Board of Directors, grant rights to indemnification, and rights to be paid by the corporation the expenses incurred in defending any proceeding in advance of its final disposition, to any agent of the corporation to the fullest extent of the provisions of this Section 5.3 of Article EIGHTH with respect to the indemnification and advancement of expenses of directors, officers and employees of the corporation."

Indemnification provisions of Article 10 of the Limited Liability Company Agreement of Ford Motor Credit Company LLC are applicable to directors, officers and employees of Ford Credit Auto Lease Two LLC, CAB East LLC and CAB West LLC who serve as such at the request of Ford Motor Credit Company LLC and provide as follows:

"10.1 Limitation on Liability. The debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, will be solely the debts, obligations and liabilities of the Company, and no Shareholder, Director or officer of the Company will be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Shareholder, Director and/or officer.

10.2 Directors' Standard of Care. Each Director of the Company will be deemed to owe to the Company and its Shareholders all of the fiduciary duties that a director of a corporation formed under the Delaware General Corporation Law would owe to such corporation and its stockholders. Notwithstanding

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the previous sentence, however, a Director of the Company will not be personally liable to the Company or any Shareholder for monetary damages for breach of fiduciary duty as a Director, except for liability for: (a) any breach of the Director's duty of loyalty to the Company or its Shareholders; (b) any act or omission not in good faith or which involves intentional misconduct or a knowing violation of law; (c) voting for or consenting to a distribution to a Shareholder in violation of Section 18-607 of the [Delaware Limited Liability Company] Act [(the "Act")]; or (d) any transaction from which the Director derived an improper personal benefit.

10.3 Indemnification of Directors, Officers, Employees and Agents. To the fullest extent permitted by law, the Company will indemnify and hold harmless each Shareholder, Director, or officer of the Company or any Affiliate of the Company (as defined below) and any officer, director, stockholder, partner, employee, representative or agent of any such Shareholder, Director or officer (each, a "Covered Person") and each former Covered Person from and against any and all losses, claims, demands, liabilities, expenses, judgments, fines, settlements and other amounts (including any investigation, legal and other reasonable expenses) arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative ("Claims"), in which the Covered Person or former Covered Person may be involved, or threatened to be involved, as a party or otherwise, by reason of its management of the affairs of the Company or that relates to or arises out of the Company or its formation, operation, dissolution or termination or its property, business or affairs. The Company may indemnify any employee, representative or agent of the Company when, as and if determined by the Board of Directors, to the same extent as provided to Covered Persons pursuant to this Section 10.3. A Covered Person or former Covered Person will not be entitled to indemnification under this Section 10.3 with respect to (a) any Claim that a court of competent jurisdiction has determined results from (i) any breach of such Covered Person's duty of loyalty to the Company or its Shareholders, (ii) any act or omission not in good faith or which involves intentional misconduct or a knowing violation of law, (iii) voting for or consenting to a distribution to a Shareholder in violation of Section 18-607 of the Act, or (iv) any transaction from which such Covered Person derived an improper personal benefit or (b) any Claim initiated by such Covered Person unless such Claim (or part thereof) (i) was brought to enforce such Covered Person's rights to indemnification under this Agreement or (ii) was authorized or consented to by the Board. For purposes of this Section 10.3, "Affiliate of the Company" means any person or entity controlling, controlled by or under common control with the Company. For the purposes of this definition, "control" of a person or entity means the power to direct the management and policies of such person or entity, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

10.4 Survival. The indemnities under this Article 10 will survive dissolution or termination of the Company.

10.5 Claim Against Company. Each Covered Person or former Covered Person will have a claim against the property and assets of the Company for payment of any indemnity amounts due under this Agreement, which amounts will be paid or properly reserved for prior to the making of distributions by the Company to Shareholders.

10.6 Advancement of Expenses. Expenses incurred by a Covered Person or former Covered Person in defending any Claim will be paid by the Company in advance of the final disposition of such Claim upon receipt by the Company of an undertaking by or on behalf of such Covered Person or former Covered Person to repay such amount if it is ultimately determined that such Covered Person or former Covered Person is not entitled to be indemnified by the Company as authorized by this Article 10.

10.7 Repeal or Modification. Any repeal or modification of this Article 10 will not adversely affect any rights of such Covered Person or former Covered Person pursuant to this Article 10, including the right to indemnification and to the advancement of expenses of a Covered Person or former Covered Person existing at the time of such repeal or modification with respect to any acts or omissions occurring prior to such repeal or modification.

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10.8 Rights Not Exclusive. The rights to indemnification and to the advancement of expenses conferred in this Article 10 will not be exclusive of any other right that any person may have or hereafter acquire under any statute, agreement, vote of the Directors or otherwise.

10.9 Insurance. The Company may maintain insurance, at its expense, to protect itself and any Director, officer, employee or agent of the Company or another limited liability company, corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Company would have the power to indemnify such person against such expense, liability or loss under this Agreement or the Act."

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ITEM 14. Exhibits.

(A) Exhibits:

Exhibits	Description
1.1	— Form of Underwriting Agreement for the Notes.*
3.1	— Certificate of Formation of Ford Credit Auto Lease Two LLC.**
3.2	— Second Amended and Restated Limited Liability Company Agreement of Ford Credit Auto Lease Two LLC.**
3.3	— Certificate of Formation of CAB East LLC.**
3.4	— Second Amended and Restated Limited Liability Company Agreement of CAB East LLC.**
3.5	— Certificate of Formation of CAB West LLC.**
3.6	— Second Amended and Restated Limited Liability Company Agreement of CAB West LLC.**
4.1	— Form of Indenture between the Trust and the Indenture Trustee (including form of Notes).*
4.2	— Fourth Amended and Restated Credit and Security Agreement among the Borrowers, the Administrative Agent, the Collateral Agent, the Lender and the Servicer (including form of Exchange Note).*
4.3	— Form of 20__-__ Exchange Note Supplement among the Borrowers, the Administrative Agent, the Collateral Agent, the Lender and the Servicer.*
5.1	— Opinion of Katten Muchin Rosenman LLP with respect to legality.*
8.1	— Opinion of Katten Muchin Rosenman LLP with respect to federal income tax matters.*
10.1	— Form of Amended and Restated Trust Agreement between the Depositor and the Owner Trustee.*
10.2	— Form of Exchange Note Purchase Agreement between the Sponsor and Depositor.*
10.3	— Form of Exchange Note Sale Agreement between the Depositor and the Trust.*
10.4	— Third Amended and Restated Servicing Agreement among the Servicer, the Lender, the Titling Companies and the Collateral Agent.*
10.5	— Form of 20__-__ Servicing Supplement among the Servicer, the Lender, the Titling Companies and the Collateral Agent.*
10.6	— Second Amended and Restated Administration Agreement among the Collateral Agent, the Collateral Agent Administrator and the Administrative Agent.**
10.7	— Form of Administration Agreement among the Trust, the Administrator and the Indenture Trustee.*
10.8	— Form of Account Control Agreement among the Trust, the Indenture Trustee and the Securities Intermediary.*
10.9	— Form of Titling Company Account Control Agreement among the Borrowers, the Indenture Trustee and the Securities Intermediary.*
10.10	— Form of Asset Representations Review Agreement among the Trust, the Servicer and the Asset Representations Reviewer.*
23.1	— Consent of Katten Muchin Rosenman LLP (included as part of Exhibit 5.1).*
23.2	— Consent of Katten Muchin Rosenman LLP (included as part of Exhibit 8.1).*
24.1	— Powers of Attorney with respect to signatories for Ford Credit Auto Lease Two LLC.*
24.2	— Powers of Attorney with respect to signatories for CAB East LLC.*
24.3	— Powers of Attorney with respect to signatories for CAB West LLC.*
25.1	— Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939.***
36.1	— Form of Depositor certification for shelf offerings of asset-backed securities.*
102.1	— Asset data file.****
103.1	— Asset related documents.****
107	Filing Fee Table.

* Filed with this Form SF-3.

** Incorporated by reference to Form SF-3 Registration Statement of the Depositor filed with the Securities and Exchange Commission on May 30, 2019.

*** To be filed under Section 305(b)(2) of the Trust Indenture Act of 1939.

**** To be incorporated by reference from the Form ABS-EE for such offering on file at the time of the Rule 424(h) or Rule 424(b) filing, as applicable, for such offering.

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ITEM 15. Undertakings.

(a)            Each undersigned co-registrant hereby undertakes:

(1)           To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

(i)            To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

(ii)           To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) (§ 230.424(b)) if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

(iii)           To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, that:

(A) [Not applicable].

(B) Paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the registration statement is on Form S-1 (§ 239.11), Form S-3 (§ 239.13), Form SF-3 (§ 239.45) or Form F-3 (§ 239.33) and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the co-registrants pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the registration statement, or, as to a registration statement on Form S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to § 230.424(b) that is part of the registration statement.

(C) Provided further, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is for an offering of asset-backed securities on Form SF-1 (§239.44) or Form SF-3 (§ 239.45), and the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB (§ 229.1100(c)).

(2)           That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(3)           To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(4)           [Not applicable].

(5)           That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

(i)            [Not applicable].

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(ii)           [Not applicable].

(iii)          If the co-registrants are relying on § 230.430D :

(A)            Each prospectus filed by the co-registrants pursuant to §§ 230.424(b)(3) and (h)  shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

(B)            Each prospectus required to be filed pursuant to § 230.424(b)(2), (b)(5), or (b)(7)  as part of a registration statement in reliance on § 230.430D relating to an offering made pursuant to § 230.415(a)(1)(vii) or (a)(1)(xii)  for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 (15 U.S.C. 77j(a)) shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in § 230.430D , for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

(6)           That, for the purpose of determining liability of the co-registrants under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, each undersigned co-registrant undertakes that in a primary offering of securities of the undersigned co-registrants pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, each undersigned co-registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(i)            Any preliminary prospectus or prospectus of the undersigned co-registrants relating to the offering required to be filed pursuant to Rule 424 (§ 230.424);

(ii)           Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned co-registrants or used or referred to by the undersigned co-registrants;

(iii)          The portion of any other free writing prospectus relating to the offering containing material information about the undersigned co-registrants or their securities provided by or on behalf of the undersigned co-registrants; and

(iv)          Any other communication that is an offer in the offering made by the undersigned co-registrants to the purchaser.

(7)           If the co-registrants are relying on § 230.430D , with respect to any offering of securities registered on Form SF–3 (§ 239.45 ), to file the information previously omitted from the prospectus filed as part of an effective registration statement in accordance with § 230.424(h) and § 230.430D .

(b) Each undersigned co-registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the co-registrant's annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the

II-14

securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) [Not applicable].

(d) [Not applicable].

(e) [Not applicable].

(f) [Not applicable].

(g) [Not applicable].

(h) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of each co-registrant pursuant to the foregoing provisions, or otherwise, the co-registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the co-registrants of expenses incurred or paid by a director, officer or controlling person of the co-registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the co-registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

(i) Each undersigned co-registrant hereby undertakes that:

(1)           For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the co-registrants pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2)           For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(j) Each undersigned co-registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act.

(k) Each undersigned co-registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 of a third party that is incorporated by reference in the registration statement in accordance with Item 1100(c)(1) of Regulation AB (17 CFR 229.1100(c)(1)) shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the co-registrant, Ford Credit Auto Lease Two LLC, certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3, and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized officer, in the City of Dearborn, State of Michigan on June 8, 2022.

FORD CREDIT AUTO LEASE TWO LLC
(Co-Registrant)
By:	/s/ Ryan Hershberger
	(Ryan Hershberger, Chairman of the Board of Managers of Ford Credit Auto Lease Two LLC)

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following managers and officers of FORD CREDIT AUTO LEASE TWO LLC in the capacities and on the date indicated.

Signature	Title	Date
/s/ Ryan Hershberger	Chairman of the Board of Managers and	June 8, 2022
(Ryan Hershberger)	President and Assistant Treasurer
	(principal executive officer)
/s/ Brian Schaaf	Executive Vice President,	June 8, 2022
(Brian Schaaf)	Chief Financial Officer and Treasurer
	(principal financial officer)
/s/ Carrie Yee	Manager and Vice President and Controller	June 8, 2022
(Carrie Yee)	(principal accounting officer)
/s/ Shawn Ryan	Manager	June 8, 2022
(Shawn Ryan)

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the co-registrant, CAB East LLC, certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3, and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized officer, in the City of Dearborn, State of Michigan on June 8, 2022.

CAB EAST LLC
(Co-Registrant)
By:	/s/ Ryan Hershberger
	(Ryan Hershberger, Chairman of the Board of Managers of CAB East LLC)

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following managers and officers of CAB EAST LLC in the capacities and on the date indicated.

Signature	Title	Date
/s/ Ryan Hershberger	Chairman of the Board of Managers and	June 8, 2022
(Ryan Hershberger)	President and Assistant Treasurer
	(principal executive officer)
/s/ Brian Schaaf	Executive Vice President,	June 8, 2022
(Brian Schaaf)	Chief Financial Officer and Treasurer
	(principal financial officer)
/s/ Carrie Yee	Manager and Vice President and Controller	June 8, 2022
(Carrie Yee)	(principal accounting officer)
/s/ Shawn Ryan	Manager	June 8, 2022
(Shawn Ryan)

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SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, the co-registrant, CAB West LLC, certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form SF-3, and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized officer, in the City of Dearborn, State of Michigan on June 8, 2022.

CAB WEST LLC
(Co-Registrant)
By:	/s/ Ryan Hershberger
	(Ryan Hershberger, Chairman of the Board of Managers of CAB West LLC)

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following managers and officers of CAB WEST LLC in the capacities and on the date indicated.

Signature	Title	Date
/s/ Ryan Hershberger	Chairman of the Board of Managers and	June 8, 2022
(Ryan Hershberger)	President and Assistant Treasurer
	(principal executive officer)
/s/ Brian Schaaf	Executive Vice President,	June 8, 2022
(Brian Schaaf)	Chief Financial Officer and Treasurer
	(principal financial officer)
/s/ Carrie Yee	Manager and Vice President and Controller	June 8, 2022
(Carrie Yee)	(principal accounting officer)
/s/ Shawn Ryan	Manager	June 8, 2022
(Shawn Ryan)

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EX-1.1

EXHIBIT 1.1

Ford Credit Auto Lease Two LLC

Ford Credit Auto Lease Trust 20___-__

Underwriting Agreement

_____, 20__

[NAMES OF UNDERWRITERS],

each as an Underwriter

and as a Representative

of the other Underwriters

named in the Terms Annex

Ladies and Gentlemen:

1.          Introduction. Ford Credit Auto Lease Two LLC, a Delaware limited liability company (the "Depositor"), wholly owned by Ford Motor Credit Company LLC, a Delaware limited liability company ("Ford Credit"), proposes to sell the Class A-1, Class A-2[a], [Class A-2b,] Class A-3[,] [and] Class A-4[, Class B][,]/[and] [Class C] [and Class D] Notes (together, the "Offered Notes"[or the "Notes"]) described in the Terms Annex attached to this agreement (this agreement, including the Terms Annex, this "Agreement"). The Offered Notes will be registered with the Securities and Exchange Commission (the "Commission") and will be sold to the underwriters listed in the Terms Annex through the representatives (the "Representatives") signing this Agreement on behalf of themselves and the other underwriters (the Representatives and the other underwriters of the Offered Notes, the "Underwriters").

The Offered Notes will be issued by Ford Credit Auto Lease Trust 20__-__, a Delaware statutory trust (the "Trust"). The Trust will be governed by [an]/[a second] amended and restated trust agreement (the "Trust Agreement") to be entered into by the Depositor, __________________, as owner trustee (the "Owner Trustee") and __________________, as Delaware trustee. [Simultaneously with the issuance and sale of the Offered Notes as contemplated in this Agreement, the Trust will issue the [Class B Notes (the "Class B Notes")] [and]/[,] [the Class C Notes (the "Class C Notes")] [and the Class D Notes (the "Class D Notes"] and, collectively with the Offered Notes[,]/[and] [the Class B Notes] [and the Class C Notes], the "Notes"). The [Class B][,]/[and] [Class C] [and Class D] Notes will initially be retained by the Depositor.] The Notes will be issued under an indenture (the "Indenture") to be entered into by the Trust and __________________, as indenture trustee (the "Indenture Trustee"), and will be secured by (i) the 20__-___Exchange Note (the "Exchange Note") issued by CAB East LLC ("CAB East") and CAB West LLC ("CAB West" and, together with CAB East, the "Titling Companies"), as borrowers under a credit and security agreement (the "Credit and Security Agreement") among the Titling Companies, U.S. Bank National Association, as administrative agent (the "Administrative Agent"), HTD Leasing LLC, as collateral agent (the "Collateral Agent") and Ford Credit, as lender and as servicer, and a supplement to the Credit and Security Agreement (the "Exchange Note Supplement") to be entered into by the parties to the Credit and Security Agreement and (ii) other property of the Trust.

Ford Credit will sell the Exchange Note to the Depositor under an exchange note purchase agreement (the "Exchange Note Purchase Agreement") to be entered into by Ford Credit and the Depositor, and the Depositor will sell the Exchange Note to the Trust under an exchange note sale agreement (the "Exchange Note Sale Agreement") to be entered into by Ford Credit and the Trust. Ford Credit, as servicer (in this capacity, the "Servicer"), will service the leases and leased vehicles allocated to the Exchange Note (the "20__-_ Reference Pool") on behalf of the Trust under a servicing agreement (the

"Servicing Agreement") among the Servicer, the Titling Companies and the Collateral Agent, and a supplement to the Servicing Agreement (the "Servicing Supplement") to be entered into by the Servicer, the Titling Companies and the Collateral Agent. Ford Credit will also act as administrator (the "Administrator") for the Trust under an administration agreement (the "Administration Agreement") to be entered into by Ford Credit and the Trust.

The security interest granted to the Indenture Trustee in the Trust's bank accounts will be perfected under (a) an account control agreement (the "Account Control Agreement") to be entered into by the Trust, as grantor, the Indenture Trustee, as secured party, and ___________________, in its capacity as both a securities intermediary and a bank and (b) an account control agreement (the "Titling Company Account Control Agreement") to be entered into by the Titling Companies, as grantors, the Indenture Trustee, as secured party, and ___________________, in its capacity as both a securities intermediary and a bank.

The Trust will provide for the review of the leases allocated to the 20__-_ Reference Pool for compliance with the representations and warranties made about them in certain circumstances under an asset representations review agreement (the "Asset Representations Review Agreement") to be entered into by the Trust, Ford Credit, as servicer, and _____________, as asset representations reviewer (the "Asset Representations Reviewer").

The Trust Agreement, the Indenture, the Credit and Security Agreement, the Exchange Note Supplement, the Exchange Note Purchase Agreement, the Exchange Note Sale Agreement, the Servicing Agreement, the Servicing Supplement, the Administration Agreement, the Account Control Agreement, the Titling Company Account Control Agreement and the Asset Representations Review Agreement are collectively referred to as the "Basic Documents." The Basic Documents and this Agreement are collectively referred to as the "Transaction Documents."

The Depositor prepared and filed with the Commission according to the Securities Act of 1933 (together with the rules and regulations of the Commission under the Securities Act of 1933, the "Securities Act") a registration statement on Form SF-3 (Registration No. 333-________), including a form of prospectus and all amendments that are required as of the date of this Agreement for the offering of notes from time to time according to Rule 415 under the Securities Act, which was declared effective by the Commission on ______, 20__ (as amended at the time of effectiveness and including all documents incorporated by reference at the time of effectiveness, the "Registration Statement").

The Depositor also prepared and filed with the Commission according to Rule 424(h) under the Securities Act ("Rule 424(h)"), [(a)] at least three business days before the Time of Sale (as defined below), a preliminary prospectus relating to the Offered Notes as described in the Terms Annex under "Time of Sale Information" [and (b) at least 48 hours before the Time of Sale, a supplement to the preliminary prospectus (the "Supplement") as described in the Terms Annex under "Time of Sale Information"] (as amended or supplemented and including all documents incorporated by reference in the preliminary prospectus, [together,] the "Preliminary Prospectus").

At or before the time that the Representatives first entered into "contracts of sale" (within the meaning of Rule 159 under the Securities Act, the "Contracts of Sale") with investors in the Offered Notes, which time will be stated in the Terms Annex and will not be before the date of this Agreement (the "Time of Sale"), the Depositor prepared the Preliminary Prospectus and the other information (including any "free-writing prospectus," as defined in Rule 405 under the Securities Act (a "Free Writing Prospectus")) listed in the Terms Annex under "Time of Sale Information" (collectively, the "Time of Sale Information"). If, after the initial Time of Sale, the Depositor and the Representatives determine that the original Time of Sale Information included an untrue statement of material fact or omitted to state a

2

material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading and the Representatives advise the Depositor that investors in the Offered Notes have elected to terminate their initial Contracts of Sale and enter into new Contracts of Sale, then the "Time of Sale" will refer to the time of entry into the first new Contract of Sale and the "Time of Sale Information" will refer to the information available to purchasers at least 48 hours prior to the time of entry (prior to the Closing Date) into the first new Contract of Sale, including any information that corrects the material misstatements or omissions (the new information, the "Corrective Information") and the Terms Annex will be deemed to be amended to include the Corrective Information in the Time of Sale Information. However, for the purposes of Section 7, if an investor elects not to terminate its initial Contract of Sale and enter into a new Contract of Sale, "Time of Sale" will refer to the time of entry into the initial Contract of Sale and "Time of Sale Information" for Offered Notes to be purchased by that investor will refer to information available to that investor at the time of entry into the initial Contract of Sale.

The Depositor will prepare and file with the Commission according to Rule 424(b) under the Securities Act ("Rule 424(b)"), within two business days after the date of this Agreement, a final prospectus relating to the Offered Notes (as amended or supplemented and including all documents incorporated by reference in the prospectus, the "Prospectus").

2.          Purchase, Sale and Delivery of Offered Notes. On the Closing Date, on the basis of the representations, warranties and agreements in this Agreement, but subject to the terms and conditions in this Agreement, the Depositor will sell to the Underwriters, and the Underwriters will, severally and not jointly, purchase from the Depositor, the principal amounts of the Offered Notes listed opposite the Underwriters' names in the Terms Annex for the purchase prices stated in the Terms Annex.

Payment for the Offered Notes will be made to the Depositor or to its order by wire transfer at 10:00 a.m., New York City time, on the closing date stated in the Terms Annex (the "Closing Date") or at another time not later than seven business days after that date as the Representatives and the Depositor may agree.

Payment for the Offered Notes will be made against delivery of the Offered Notes to the Representatives, for the account of the Underwriters, at the office of Katten Muchin Rosenman LLP, New York, New York, on the Closing Date. Each of the Offered Notes will be initially represented by one or more notes registered in the name of Cede & Co., the nominee of The Depository Trust Company. The interests of beneficial owners of the Offered Notes will be represented by book entries on the records of The Depository Trust Company and its participating members.

3.          Depositor's Representations and Warranties. The Depositor (and, for Sections 3(p) through (r) only, Ford Credit) represents and warrants to and agrees with the Underwriters that, as of the date of this Agreement:

(a)          Registration Statement Effective; Satisfaction of Conditions. The Registration Statement has been declared effective by the Commission under the Securities Act, and no stop order suspending the effectiveness of the Registration Statement has been issued by the Commission and no proceeding for that purpose has been started or, to the knowledge of the Depositor, threatened by the Commission. At the Time of Sale, the Registration Statement and the Preliminary Prospectus complied, and as of its date and as of the Closing Date the Prospectus will comply, in all material respects with the Securities Act. The conditions to the use by the Depositor of a registration statement on Form SF-3 under the Securities Act, as stated in the Registrant Requirements in the General Instructions to Form SF-3, have been satisfied as of the date of this Agreement and will be satisfied as of the Closing Date. The conditions to the offering of the Offered Notes under a registration statement on Form SF-3 under the Securities Act, as stated in the

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Transaction Requirements in the General Instructions to Form SF-3, will be satisfied as of the Closing Date. The Depositor has paid the registration fee for the Offered Notes according to Rule 456 of the Securities Act.

(b)          Filing of Preliminary Prospectus. The Depositor filed with the Commission according to Rule 424(h) [(i)] the Preliminary Prospectus [(excluding the Supplement)], at least three business days before the Time of Sale [and (ii) the Supplement, at least 48 hours before the Time of Sale]. [The Supplement clearly delineates what material information has changed and how the information has changed from the Preliminary Prospectus (excluding the Supplement).]

(c)          Trust Free Writing Prospectus. Other than the Preliminary Prospectus and the Prospectus, the Depositor (including its agents and representatives other than the Underwriters in their capacity as such) has not prepared or authorized, and will not prepare or authorize, any "written communication" (as defined in Rule 405 under the Securities Act) that constitutes an offer to sell or solicitation of an offer to buy the Offered Notes other than the documents, if any, listed as a Trust Free Writing Prospectus (each, a "Trust Free Writing Prospectus") under "Time of Sale Information" in the Terms Annex. Each Trust Free Writing Prospectus complied in all material respects with the Securities Act at the Time of Sale and has been filed according to Section 5 (to the extent required by Rule 433 under the Securities Act ("Rule 433")).

(d)          No Material Misstatement or Omission. The (i) Registration Statement did not, at the time the Registration Statement became effective or as of the Time of Sale, and will not, on the Closing Date, (ii) Time of Sale Information did not, as of its date and at the Time of Sale, and will not, on the Closing Date, and (iii) Prospectus will not, as of its date and on the Closing Date, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that, in each case, the Depositor makes no representation or warranty about any statements or omissions made in reliance on and in conformity with information delivered to the Depositor by any Underwriter through the Representatives for use in such documents. However, if after the Time of Sale but before or on the Closing Date the Depositor and the Representatives determine that the Time of Sale Information included an untrue statement of material fact or omitted to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, for purposes of this paragraph, Time of Sale Information will, subject to Section 1, include any Corrective Information delivered to the Representatives or the Underwriters by the Depositor according to Section 4(c).

(e)          Documents Incorporated by Reference. The documents incorporated by reference in the Registration Statement or the Preliminary Prospectus, when they were filed with the Commission, complied in all material respects to the requirements of the Securities Act or the Securities Exchange Act of 1934 (together with the rules and regulations of the Commission under the Securities Exchange Act of 1934, the "Exchange Act"), as applicable, and any other documents filed and incorporated by reference in the Registration Statement, the Preliminary Prospectus or the Prospectus, when the documents are filed with the Commission, will comply in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable.

(f)          Organization and Qualification. The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Depositor is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications,

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licenses or approvals would not reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under the Transaction Documents to which it is a party.

(g)          Power, Authority and Enforceability. The Depositor has the power and authority to execute, deliver and perform its obligations under each of the Transaction Documents to which it is a party. The Depositor has authorized the execution, delivery and performance of this Agreement and on the Closing Date, the other Transaction Documents to which the Depositor will be a party will have been authorized, executed and delivered by the Depositor. Each of the Transaction Documents to which the Depositor is or will be a party is the legal, valid and binding obligation of the Depositor enforceable against the Depositor, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles.

(h)          No Conflicts and No Violation. The completion of the transactions under the Transaction Documents to which the Depositor is a party and the performance of its obligations under such documents will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Depositor is a debtor or guarantor, (ii) result in the creation or imposition of a lien on the Depositor's properties or assets under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than the Exchange Note Sale Agreement), (iii) violate the Depositor's certificate of formation or limited liability company agreement or (iv) violate a law or, to the Depositor's knowledge, an order, rule or regulation of a federal or state court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties that applies to the Depositor, which, in each case, would reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under the Transaction Documents to which it is a party.

(i)          Conformity of Transaction Documents. The Transaction Documents will conform to their descriptions in the Prospectus in all material respects.

(j)          Enforceability of Notes. On the Closing Date, the Notes will have been executed, issued and delivered, and when authenticated by the Indenture Trustee and paid for by the Underwriters according to this Agreement [(or retained by the Depositor)], will be the valid and binding obligations of the Trust entitled to the benefits of the Indenture.

(k)          Representations and Warranties in Basic Documents. The Depositor's representations and warranties in the Basic Documents to which it is or will be a party will be true and correct in all material respects as of the date stated.

(l)          Ineligible Issuer. The Depositor is not, and on the date on which the first bona fide offer of the Offered Notes was made was not, an "ineligible issuer," as defined in Rule 405 under the Securities Act.

(m)          Trust Indenture Act. When the Indenture is executed by all of the parties to the Indenture, it will comply in all material respects with the Trust Indenture Act of 1939 (the "TIA"), and at all times after that date will be qualified under the TIA.

(n)          Investment Company Act. None of the Titling Companies, the Depositor or the Trust is required to be registered as an "investment company" under the Investment Company Act of 1940. In making this determination for the Trust, the Trust is relying on the exemption in [Rule 3a-7] of the Investment Company Act of 1940, although other exclusions or exemptions may also be available to the Trust.

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(o)          Volcker Rule. The Trust is not a "covered fund" under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule."

(p)          Compliance with Rule 17g-5. Ford Credit has executed and delivered a written representation to each Rating Agency (as defined in the Terms Annex) that it will take the actions stated in paragraphs (a)(3)(iii)(A) through (E) of Rule 17g-5 under the Exchange Act ("Rule 17g-5") for the Notes, and it has complied with each representation, other than any breach of the representations resulting from a breach by any Underwriter of the representations, warranties and agreements in Section 5(m) or (n).

(q)          Compliance with Rule 15Ga-2. Neither Ford Credit nor the Depositor has employed any person to provide third-party "due diligence services" (as defined in Rule 17g-10 under the Exchange Act) relating to the Offered Notes or obtained a "third-party due diligence report" (as defined in Rule 15Ga-2 under the Exchange Act ("Rule 15Ga-2")), except as described in the third-party due diligence report obtained by the Depositor identified in the Terms Annex. The Depositor has complied with Rule 15Ga-2 for the Offered Notes, including by furnishing a Form ABS-15G (the "Form ABS-15G") containing the "third-party due diligence report" identified in the Terms Annex to the Commission to the extent required by Rule 15Ga-2.

(r)          Regulation RR Risk Retention. Ford Credit, as Sponsor, has complied and on the Closing Date will comply with all requirements imposed on the "sponsor of a securitization transaction" according to Regulation RR under the Exchange Act (17 C.F.R. §246.1, et seq.) ("Regulation RR") in the manner described in the Preliminary Prospectus under the heading "Credit Risk Retention." [Ford Credit determined the fair value of the residual interest disclosed in the Preliminary Prospectus under the heading "Credit Risk Retention," and will determine the fair value of the residual interest on the Closing Date as required by Rule 4(c)(1)(ii) of Regulation RR, based on its own valuation methodology, inputs and assumptions and is solely responsible for them.]

4.          Depositor's Agreements. The Depositor (and, for Sections 4(h) and (k) only, Ford Credit) agrees with the Underwriters:

(a)          Preparation of Prospectus. Immediately following the execution of this Agreement, the Depositor will prepare the Prospectus, which will contain the information from the Terms Annex and any other information as the Depositor determines to be appropriate or advisable.

(b)          Filing of Prospectus and any Trust Free Writing Prospectus. The Depositor will transmit the Prospectus by a means reasonably calculated to result in a timely filing with the Commission according to Rule 424(b) under the Securities Act and, subject to Section 5 and to the extent required by Rule 433, will file any Trust Free Writing Prospectus with the Commission by a means reasonably calculated to result in a timely filing.

(c)          Delivery of Proposed Amendment or Supplement. On or before the Closing Date, the Depositor will deliver to the Representatives any proposed amendment or supplement to the Registration Statement, the Time of Sale Information or the Prospectus and give the Representatives reasonable opportunity to review the amendment or supplement before it is filed, and will deliver any final Corrective Information to the Representatives or the Underwriters before the new Time of Sale to allow the Underwriters to deliver the final Corrective Information to each investor at least 48 hours before the new Time of Sale.

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(d)          Notice to Representatives. On or before the Closing Date, the Depositor will notify the Representatives promptly (i) when any amendment to the Registration Statement or supplement to the Prospectus is filed or becomes effective, (ii) of any request by the Commission for any amendment to the Registration Statement or supplement to the Prospectus, (iii) of any stop order issued by the Commission suspending the effectiveness of the Registration Statement or the initiation or threat of any proceeding for that purpose and (iv) of the receipt of any notice regarding a suspension of the qualification of the Offered Notes for offer and sale in any jurisdiction or the initiation or threat of any proceeding for that purpose. The Depositor will use commercially reasonable efforts to prevent the issuance of any stop order or notice and, if issued, to use commercially reasonable efforts to obtain its withdrawal.

(e)          Blue Sky Compliance. The Depositor will arrange to qualify the Offered Notes for offer and sale under the securities or "blue sky" laws of any states the Representatives may reasonably request and to continue the qualifications in effect so long as necessary under those laws for the distribution of the Offered Notes. However, the Depositor will not be required to qualify as a foreign limited liability company to do business or to file a general consent to service of process in any jurisdiction, and the expense of maintaining any qualification more than one year from the Closing Date will be at the Representatives' expense.

(f)          Delivery of Prospectus. The Depositor will deliver to the Underwriters a reasonable number of copies (including an electronic copy) of the Prospectus prior to the Closing Date. If the Representatives notify the Depositor that delivery of a prospectus is required by law in connection with sales of any Offered Notes in the six-month period following the Closing Date, and either (i) an event has occurred that causes the Prospectus to contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) for any other reason it is necessary during that period to supplement the Prospectus to comply with applicable law, the Depositor agrees to notify the Representatives and to prepare and deliver to the Representatives, as the Representatives may reasonably request, a supplement to the Prospectus that will correct the statement or omission or result in compliance with applicable law. If an Underwriter is required by law to deliver a prospectus or other offering document in connection with sales of any Offered Notes at any time six months or more after the Closing Date, the Representatives will notify the Depositor and inquire if either clause (i) or (ii) above is applicable and, if so, on the Representatives' request, but at the expense of that Underwriter, the Depositor will prepare and deliver to that Underwriter as many copies as the Representatives may reasonably request of a supplemented prospectus or offering document complying with the Securities Act.

(g)          Earnings Statement. The Depositor will make generally available to noteholders as soon as practicable, but no later than eighteen months after the Closing Date, an earnings statement for the Trust complying with Rule 158 under the Securities Act and covering a period of at least twelve consecutive months beginning after the Closing Date, which may be satisfied by posting the monthly investor report for the Trust on a publicly available website.

(h)          Payment of Fees and Expenses. The Depositor and Ford Credit will pay or cause to be paid, jointly and severally, the following amounts: (i) the Commission's registration fees for the Offered Notes; (ii) all fees of the Rating Agencies rating the Notes; (iii) all fees and expenses of the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer; (iv) all fees and expenses of counsel to the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer; (v) all fees and expenses of the independent accountants relating to the letters referred to in Sections 6(d) and (e); (vi) all fees and expenses of accountants incurred in connection with the delivery of any accountants' or auditors' reports required by the Indenture or the Servicing Supplement; (vii) all expenses for printing and producing any final prospectuses delivered to investors (including any supplements required within six months from the Closing Date under Section 4(f)) for the Offered Notes and the Registration

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Statement; and (viii) any other fees and expenses incurred in the performance of their obligations under this Agreement.

(i)          Delivery of Reports. From the date of this Agreement until the payment in full of the Offered Notes, or until such time as the Representatives notify the Depositor that the Underwriters have ceased to maintain a secondary market in the Offered Notes, whichever occurs first, the Depositor will deliver to the Representatives on request, if not otherwise available from any publicly available source, copies of: (i) the annual statement of compliance, the Servicer's report on its assessment of compliance with the minimum servicing criteria and the related attestation report delivered under Article VI of the Servicing Supplement, (ii) each certificate and the annual statements of compliance delivered to the Indenture Trustee under Article III of the Indenture, (iii) any material amendment to any Basic Document and (iv) each monthly investor report for the Trust.

(j)          Cooperation with Rating Agencies. If the ratings assigned to the Offered Notes by the Rating Agencies are conditional on the delivering of documents or the taking of any other actions by the Depositor, the Depositor will deliver those documents and take those actions.

(k)          Compliance with Rule 17g-5. The Depositor and Ford Credit will comply with the representation made by Ford Credit to each Rating Agency for the Notes under paragraph (a)(3)(iii)(A) through (E) of Rule 17g-5, other than any breach of the representations resulting from a breach by any Underwriter of the representations, warranties and agreements in Section 5(m) or (n).

5.          Agreements Regarding Offering of Notes.

(a)          Public Offering. The Depositor understands that the Underwriters intend to offer the Offered Notes for sale to the public (which may include selected dealers) on the terms stated in the Preliminary Prospectus, the Time of Sale Information and the Prospectus.

(b)          Time of Sale; Delivery of Time of Sale Information. Each Underwriter, severally and not jointly, represents and agrees that (i) it did not enter into any Contract of Sale for any Offered Notes prior to the Time of Sale, (ii) if any Corrective Information is delivered by the Depositor under Section 4(c), it will not enter into any new Contract of Sale for any Offered Notes until at least 48 hours after the new Time of Sale Information, including the Corrective Information, has been delivered to the related investor and (iii) it will, at any time that such Underwriter is acting as an "underwriter" (as defined in Section 2(a)(11) of the Securities Act) for the Offered Notes, deliver the Time of Sale Information to each investor to whom Offered Notes are sold by it during the period prior to the filing of the Prospectus according to Rule 424(b) (as notified to the Underwriters by the Depositor), at or prior to the applicable time of entry into the Contract of Sale for that investor.

(c)          No Other Written Communications. Unless preceded or accompanied by a prospectus satisfying the requirements of Section 10(a) of the Securities Act, no Underwriter will publish, transmit or deliver any written communication to any person in connection with the initial offering of the Offered Notes unless the written communication (i) is made in reliance on Rule 134 under the Securities Act, (ii) is a prospectus satisfying the requirements of Rule 430D under the Securities Act or (iii) is a Free Writing Prospectus.

(d)          Underwriter Free Writing Prospectuses. Each Underwriter, severally and not jointly, represents and agrees with the Depositor and Ford Credit that (i) it has not and will not prepare or use any Free Writing Prospectus (any Free Writing Prospectus prepared by or on behalf of the Underwriter, an "Underwriter Free Writing Prospectus") that contains any information other than (A) information included in the Preliminary Prospectus or to be included in the Prospectus ("Trust Information") or (B)

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expected pricing parameters for the Offered Notes and status of subscriptions or allocations for the Offered Notes, unless otherwise agreed to by the Depositor, (ii) it will discuss with the Depositor and Ford Credit the information to be included, prior to its first use, in any Underwriter Free Writing Prospectus that includes pricing-related information (including class size, coupons or spread and price on Bloomberg screens) unless the pricing-related information was in an Underwriter Free Writing Prospectus previously discussed with the Depositor, and (iii) it will not use any "ABS informational and computational material," as defined in Item 1101(a) of Regulation AB under the Securities Act in reliance on Rules 167 and 426 under the Securities Act. Each Underwriter will deliver to the Depositor any Underwriter Free Writing Prospectus required to be filed with the Commission (other than an Underwriter Free Writing Prospectus referred to in Section 5(i)) on the business day prior to its first use (except as otherwise agreed by the Depositor), except that the Representatives agree to deliver an Underwriter Free Writing Prospectus with all final pricing information as soon as practicable on the day the Offered Notes are priced.

(e)          Trust Free Writing Prospectuses. The Depositor represents and agrees with the Underwriters that it has not prepared any Free Writing Prospectuses other than any Trust Free Writing Prospectus listed in the Terms Annex under "Time of Sale Information."

(f)          No Material Misstatements or Omissions. Each Underwriter, severally and not jointly, represents and agrees with the Depositor and Ford Credit that each Underwriter Free Writing Prospectus prepared or used by that Underwriter, if any, when read together with the Preliminary Prospectus and any Trust Free Writing Prospectus, will not, as of the date the Underwriter Free Writing Prospectus was published, transmitted or delivered to any prospective purchaser of Offered Notes, include any untrue statement of a material fact or omit a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, except that the Underwriter makes no representation to the extent the misstatements or omissions were the result of any inaccurate Trust Information delivered by the Depositor or Ford Credit to the Representatives or the Underwriter, which information was not corrected by Corrective Information subsequently delivered by the Depositor or Ford Credit to the Representatives or the Underwriter prior to the Time of Sale.

(g)          Free Writing Prospectus Legend. The Depositor and each Underwriter, severally and not jointly, agree that any Free Writing Prospectuses prepared by it will contain substantially the following legend:

The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free at ___________.

(h)          SEC Filings. The Depositor agrees to file with the Commission when required under the Securities Act the following:

(i)          the Prospectus;

(ii)         the certifications and Transaction Documents necessary to satisfy the conditions for the offering of the Offered Notes under Form SF-3, as stated in the General Instructions to Form SF-3;

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(iii)        each Trust Free Writing Prospectus required to be filed according to Rule 433(d);

(iv)        any Underwriter Free Writing Prospectus included in the "Time of Sale Information" in the Terms Annex and any other Underwriter Free Writing Prospectus required to be filed according to Rule 433(d) (other than an Underwriter Free Writing Prospectus required to be filed according to Rule 433(d)(1)(ii)), as long as the Underwriter Free Writing Prospectus was delivered to the Depositor reasonably in advance of the time required to be filed according to Rule 433(d); and

(v)         any Free Writing Prospectus for which the Depositor or any person acting on its behalf delivered, authorized and approved information that is prepared and published, transmitted or delivered by a person unaffiliated with the Depositor or any other offering participant that is in the business of publishing, radio or television broadcasting or otherwise disseminating communications.

(i)          Filing of Underwriter Free Writing Prospectuses. Subject to Section 5(h)(iv), each Underwriter, severally and not jointly, agrees to file with the Commission any Underwriter Free Writing Prospectus prepared by it when required to be filed according to Rule 433(d)(1)(ii) and, on request, deliver a copy to the Depositor and Ford Credit.

(j)          Free Writing Prospectuses Not Required to be Filed. Notwithstanding the provisions of Sections 5(h) and (i), neither the Depositor nor any Underwriter will be required to file any Free Writing Prospectus that does not contain substantive changes from or additions to a Free Writing Prospectus previously filed with the Commission.

(k)          Retention of Free Writing Prospectuses. The Depositor and each Underwriter, severally and not jointly, agree to retain all Free Writing Prospectuses that they have used and that are not filed with the Commission according to Rule 433.

(l)          Final Prospectus. Each Underwriter, severally and not jointly, agrees with the Depositor and the Trust that after the Prospectus is made available to the Underwriter, it will not distribute any written information in connection with the offering of the Offered Notes during the ninety-day period (or any longer period required by law) following the Closing Date to a prospective purchaser of Offered Notes unless the information is preceded or accompanied by the Prospectus.

(m)          No Rating Agency Information. Each Underwriter, severally and not jointly, (i) represents to Ford Credit, the Depositor and the Trust that it has not provided, as of the date of this Agreement, and agrees with Ford Credit, the Depositor and the Trust that it will not provide, on or prior to the Closing Date, to any Rating Agency or other "nationally recognized statistical rating organization" (within the meaning of the Exchange Act), any information, written or oral, relating to the Trust, the Notes, the 20__-_ Reference Pool, the transactions contemplated by this Agreement or the other Basic Documents or any other information, that could be reasonably determined to be relevant to determining an initial credit rating for the Offered Notes (as contemplated by Rule 17g-5(a)(3)(iii)(C)), without the prior consent of Ford Credit, the Depositor or the Administrator and (ii) agrees with Ford Credit, the Depositor and the Trust that it will not provide to any Rating Agency or other "nationally recognized statistical rating organization" (within the meaning of the Exchange Act), any information, written or oral, relating to the Trust, the Notes, the 20__-_ Reference Pool, the transactions contemplated by this Agreement or the other Basic Documents or any other information, that could be reasonably determined to be relevant to undertaking credit rating surveillance for the Offered Notes (as contemplated by Rule 17g-5(a)(3)(iii)(D)), without the prior consent of Ford Credit, the Depositor or the Administrator.

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(n)          No Due Diligence Services. Each Underwriter, severally and not jointly, represents and agrees that it has not employed any person to provide third-party "due diligence services" (as defined in Rule 17g-10 under the Exchange Act) relating to the Offered Notes or obtained a "third-party due diligence report" (as defined in Rule 15Ga-2 under the Exchange Act) relating to the Offered Notes.

(o)          Sales in the United States. Each Underwriter, severally and not jointly, represents and agrees with Ford Credit and the Depositor that sales of Offered Notes in the United States or to U.S. persons will only be made by it either directly as a broker-dealer registered with the Commission or through a broker-dealer registered with the Commission.

(p)          Underwriters' Fees and Expenses. The Underwriters will pay the following fees and expenses: (i) all fees and expenses, including fees and expenses of counsel, in connection with any state securities or "blue sky" law qualifications or legal investment surveys for the Offered Notes; and (ii) all fees and expenses of counsel to the Underwriters. Except as stated in Sections 4(h) and 9, the Underwriters will pay all their own fees and expenses in connection with any offers of the Offered Notes.

(q)          United Kingdom. Each Underwriter severally, but not jointly, represents and agrees that:

(i)          it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Offered Notes to any retail investor in the United Kingdom (the "UK"),

(ii)         in the UK, it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (as amended), or the "FSMA") received by it in connection with the issue or sale of any Offered Notes in circumstances in which Section 21(1) of the FSMA does not apply to the Trust or the Depositor,

(iii)        it has complied and will comply with all applicable provisions of the FSMA for anything done by it in relation to any Offered Notes in, from or otherwise involving the UK,

(iv)        for the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following:

(A) a retail client, as defined in point (8) of Article 2 of Commission Delegated Regulation (EU) No 2017/565, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA"), or

(B) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97 (as amended, the "Insurance Distribution Directive"), where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014, as it forms part of UK domestic law by virtue of the EUWA, or

(C) not a "qualified investor" as defined in Article 2 of Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation"), as it forms part of UK domestic law by virtue of the EUWA, and

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(v)         for the purposes of this provision, the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Offered Notes.

(r)          European Economic Area. Each Underwriter severally, but not jointly, represents and agrees that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any Offered Notes which are the subject of the Prospectus to any "retail investor" in the European Economic Area. For the purposes of this provision:

(i)          the expression "retail investor" means a person who is one (or more) of the following:

(A) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"), or

(B) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II, or

(C) not a "qualified investor" as defined in the Prospectus Regulation, and

(ii)          the expression "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Notes so as to enable an investor to decide to purchase or subscribe for the Offered Notes.

6.          Conditions to Underwriters' Obligations. The obligations of the Underwriters to purchase and pay for the Offered Notes will be subject to the following conditions:

(a)          Registration Compliance; No Stop Order. The Prospectus and each Trust Free Writing Prospectus will have been timely filed with the Commission under the Securities Act (in the case of a Trust Free Writing Prospectus, to the extent required by Rule 433 under the Securities Act) and according to Section 4(b); and, as of the Closing Date, no stop order will have been issued suspending the effectiveness of the Registration Statement or any post-effective amendment, and no proceedings for that purpose will be pending before or, to the knowledge of the Depositor, threatened by the Commission.

(b)          No Material Adverse Change. Since the date of the Preliminary Prospectus there has not occurred any material adverse change, or any development involving a prospective material adverse change, in or affecting particularly (i) the business or assets of the Depositor, or any material adverse change in the financial position or results of operations of the Depositor or (ii) the business or assets of Ford Credit and its subsidiaries considered as a whole, or any material adverse change in the financial position or results of operations of Ford Credit and its subsidiaries considered as a whole, other than as disclosed in the Prospectus, which in any case makes it impracticable or inadvisable in the Representatives' reasonable judgment to proceed with the public offering or the delivery of the Offered Notes on the terms described in the Prospectus.

(c)          War Out; Market Out. After the execution and delivery of this Agreement:

(i)          there will not have occurred a declaration of a general moratorium on commercial banking activities by either the Federal or New York State authorities or a material disruption in the securities settlement or clearance systems in the United States, which

12

moratorium or disruption remains in effect and which, in the Representatives' reasonable judgment, substantially impairs the Underwriters' ability to settle the sale of the Offered Notes. In making this judgment the Representatives will take into account the availability of alternative means for settlement and the likely duration of the moratorium or disruption. If the Commission or, for a banking moratorium, the Board of Governors of the Federal Reserve System or New York State banking authority, as applicable, has stated on or before the Closing Date that the resumption of the systems will occur within three business days of the scheduled Closing Date for the Offered Notes, the ability to settle the sale of the Offered Notes will not be deemed to be substantially impaired;

(ii)         the United States will not have become engaged in hostilities which have resulted in the declaration of a national emergency or a declaration of war, which makes it impracticable or inadvisable, in the Representatives' reasonable judgment, to proceed with the public offering or the delivery of the Offered Notes on the terms described in the Prospectus; and

(iii)        there will not have occurred (A) any suspension or limitation on trading in securities generally on the New York Stock Exchange or the National Association of Securities Dealers National Market system, or any setting of minimum prices for trading on that exchange or market system, (B) any suspension of trading of any securities of Ford Motor Company on any exchange or in the over-the-counter market, (C) any material outbreak or material escalation of hostilities involving the engagement of armed conflict in which the United States is involved or (D) any material adverse change in the general economic, political, legal, tax, regulatory or financial conditions or currency exchange rates in the United States (whether resulting from events within or outside the United States) which has caused a substantial deterioration in the price and/or value of the Offered Notes, which in the mutual reasonable determination of the Representatives and Ford Credit makes it impracticable or inadvisable to proceed with the public offering or the delivery of the Offered Notes on the terms described in the Prospectus.

(d)          Accountant's Report about 20__-_ Reference Pool. On or before the Time of Sale, a nationally recognized accounting firm, who are independent accountants reasonably satisfactory to the Representatives, will have delivered to the Representatives a report, reasonably satisfactory to the Representatives, about procedures performed on a sample of the leases in the 20__-_ Reference Pool, but only if each Representative has executed an acknowledgment letter for the accountant's letter.

(e)          Accountant's Report about Preliminary Prospectus and Prospectus. On or before the Time of Sale and on or before the Closing Date, a nationally recognized accounting firm, who are independent accountants reasonably satisfactory to the Representatives, will have delivered to the Representatives a report, reasonably satisfactory to the Representatives, about information in the Preliminary Prospectus and the Prospectus, respectively, but only if each Representative has executed an acknowledgment letter for the accountant's letter.

(f)          Ford Credit Officer's Certificate about Transaction Documents. The Representatives will have received an officer's certificate, dated the Closing Date, signed by the President, an Executive Vice President, a Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of Ford Credit, stating that the representations and warranties of Ford Credit in this Agreement, the Credit and Security Agreement, the Exchange Note Supplement, the Exchange Note Purchase Agreement, the Servicing Agreement and the Servicing Supplement are true and correct in all material respects and that Ford Credit has complied with all agreements and satisfied all conditions to be performed by it or satisfied by it under those agreements in all material respects.

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(g)           Depositor Officer's Certificate about Transaction Documents. The Representatives will have received an officer's certificate, dated the Closing Date, signed by the President, an Executive Vice President, a Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Depositor stating that the representations and warranties of the Depositor in this Agreement, the Trust Agreement, the Exchange Note Purchase Agreement and the Exchange Note Sale Agreement are true and correct in all material respects and that the Depositor has complied with all agreements and satisfied all conditions to be performed by it or satisfied by it under those agreements in all material respects.

(h)           Legal Opinions and Letters. Each of the following counsel (or other counsel satisfactory to the Representatives) will have delivered to the Representatives the related opinion or letter, dated the Closing Date, each of which will be reasonably satisfactory to the Representatives.

(i)              In-house Opinion. ___________, ___________ of Ford Credit, will have delivered [his/her] written opinion about certain corporate matters relating to Ford Credit, the Depositor and the Titling Companies.

(ii)             Corporate and Securities Law Opinion. Katten Muchin Rosenman LLP, special counsel to the Depositor and Ford Credit, will have delivered their written opinion about certain corporate and securities law matters relating to Ford Credit, the Depositor, the Titling Companies and the Trust.

(iii)            Bankruptcy Opinion. Katten Muchin Rosenman LLP, special counsel to the Depositor and Ford Credit, will have delivered their written opinion about certain bankruptcy law matters.

(iv)            Security Interest Opinion. Katten Muchin Rosenman LLP, special counsel to the Depositor and Ford Credit, will have delivered their written opinion about certain security interest matters.

(v)             Tax Opinion. Katten Muchin Rosenman LLP, special tax counsel to the Depositor and Ford Credit, will have delivered their written opinion about certain federal tax matters.

(vi)            ERISA Opinion. Katten Muchin Rosenman LLP, special counsel to the Depositor and Ford Credit, will have delivered their written opinion about certain ERISA controlled group matters.

(vii)           PBGC Opinion. Katten Muchin Rosenman LLP, special counsel to the Depositor and Ford Credit, will have delivered their written opinion about certain Pension Benefit Guaranty Corporation lien matters.

(viii)          Negative Assurance Letter. Katten Muchin Rosenman LLP, special counsel to the Depositor and Ford Credit, will have delivered a negative assurance letter about the Registration Statement, the Preliminary Prospectus, the Time of Sale Information and the Prospectus.

(ix)            Underwriters Counsel Negative Assurance Letter. ________________, counsel to the Underwriters, will have delivered a negative assurance letter about the Preliminary Prospectus and the Prospectus.

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(x)            Owner Trustee Opinion. ________________, counsel to the Owner Trustee, will have delivered their written opinion about certain corporate matters relating to the Owner Trustee.

(xi)            Delaware Trust Opinion. ________________, counsel to the Trust, will have delivered their written opinion about certain corporate matters relating to the Trust.

(xii)           Indenture Trustee Opinion. ________________, counsel to the Indenture Trustee, will have delivered their written opinion about certain corporate matters relating to the Indenture Trustee.

(xiii)          Collateral Agent Opinion. ________________, counsel to the Collateral Agent, will have delivered their written opinion about certain corporate matters relating to the Collateral Agent.

(xiv)          Administrative Agent Opinion. ________________, counsel to the Administrative Agent, will have delivered their written opinion about certain corporate matters relating to the Administrative Agent.

(xv)           Asset Representations Reviewer Opinion. ___________, ___________, of __________, will have delivered [his/her] written opinion about certain corporate matters relating to the Asset Representations Reviewer.

(i)            Ratings Letters. The Depositor will have received ratings letters from the Rating Agencies that assign the ratings to the Offered Notes at least as high as the ratings stated in the Terms Annex.

(j)            Transaction Documents. Each Transaction Document will have been executed and delivered by the parties to the Transaction Document.

(k)           Issuance and Payment for Notes. At the Closing Date, the Notes will have been validly issued by the Trust and paid for by the Depositor.

7.             Indemnification and Contribution.

(a)           Indemnification by Ford Credit and Depositor. Each of Ford Credit and the Depositor, jointly and severally, will indemnify and hold each Underwriter harmless against any losses, claims, damages or liabilities, joint or several, to which that Underwriter may become subject, under the Securities Act or otherwise, to the extent those losses, claims, damages or liabilities arise out of or are based on any untrue statement or alleged untrue statement of a material fact in the Registration Statement, the Prospectus, the Preliminary Prospectus, or any amendment or supplement to any such document, or any other Time of Sale Information (considered together with the Preliminary Prospectus) or in the Form ABS-15G (considered together with the Time of Sale Information) or an omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and will reimburse each Underwriter for any legal or other expenses reasonably incurred by it in investigating or defending any claim. However, (i) neither Ford Credit nor the Depositor will be liable to the extent that any loss, claim, damage or liability arises out of or is based on an untrue statement or alleged untrue statement in or omission or alleged omission from any such document in reliance on and in conformity with written information delivered to Ford Credit or the Depositor by any Underwriter through the Representatives specifically for use in such document and (ii) neither Ford Credit nor the Depositor will be liable to any Underwriter or any person controlling any Underwriter under the indemnification provided for in this subsection (a) with

15

respect to any such document to the extent that the loss, claim, damage or liability results from the fact that the Underwriter, at or prior to the entry into the related Contract of Sale, failed to send or give to any person to whom it sold the Offered Notes a copy of the Preliminary Prospectus, the Time of Sale Information or the Prospectus, whichever is more recent, if the Depositor has before the entry into the Contract of Sale delivered copies of such documents to the Underwriter.

The indemnification in this subsection (a) will be in addition to any liability which Ford Credit and/or the Depositor may otherwise have and will extend, on the same terms and conditions, to each person, if any, who controls any Underwriter within the meaning of the Securities Act or the Exchange Act.

(b)           Indemnification by Underwriters. Each Underwriter, severally and not jointly, will indemnify and hold harmless Ford Credit and the Depositor against any losses, claims, damages or liabilities to which Ford Credit or the Depositor may become subject, under the Securities Act or otherwise, to the extent those losses, claims, damages or liabilities (i) arise out of or are based on any untrue statement or alleged untrue statement of a material fact (A) in the Registration Statement, the Prospectus, the Preliminary Prospectus, or any amendment or supplement to any such document, or any other Time of Sale Information (considered together with the Preliminary Prospectus), or an omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, but only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in any such document in reliance on and in conformity with written information delivered to Ford Credit or the Depositor by that Underwriter through the Representatives specifically for use in such document or (B) in an Underwriter Free Writing Prospectus prepared by that Underwriter that has not been previously approved by Ford Credit or the Depositor and is not Trust Information, or (ii) arise out of or are based on the breach by that Underwriter of the representations, warranties and agreements in Section 5(m) or (n), and will reimburse Ford Credit and the Depositor for any legal or other expenses reasonably incurred by them in investigating or defending any such claim, except that the indemnification provided by any Underwriter in clause (ii) above will in no event exceed the total underwriting discounts and commissions received by that Underwriter as stated on the cover of the Prospectus.

The indemnification in this subsection (b) will be in addition to any liability which each Underwriter may otherwise have and will extend, on the same terms and conditions, to the officers and directors of Ford Credit or the Depositor and each person, if any, who controls Ford Credit or the Depositor within the meaning of the Securities Act or the Exchange Act.

(c)           Proceedings. Promptly after receipt by an indemnified party under subsection (a) or (b) above of written notice of the start of any action, the indemnified party will, if the claim is to be made against the indemnifying party under subsection (a) or (b) above, notify the indemnifying party of the action, and if the indemnified party does not so notify the indemnifying party within 30 days following receipt of any such notice by the indemnified party, the indemnifying party will have no further liability under subsection (a) or (b) above to the indemnified party unless the indemnifying party has received other notice addressed and delivered according to Section 12 of the action. However, the failure to notify the indemnifying party will not relieve it from any liability which it may have to any indemnified party otherwise than under that subsection. If any such action is brought against any indemnified party and it notifies the indemnifying party of the start of the action, the indemnifying party will be entitled to participate in the action and, may, jointly with any other indemnifying party, assume the defense of the action, with counsel reasonably satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of the action, the indemnifying party will not be liable to the indemnified party under subsection (a) or (b) above, as applicable, for any legal or

16

other expenses subsequently incurred by the indemnified party in connection with the defense of the action other than reasonable expenses for investigation.

No indemnifying party will, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action for which any indemnified party is or could have been a party if indemnity could have been claimed under this Agreement by the indemnified party unless the settlement includes (i) an unconditional release of the indemnified party from all liability on any claims in the action and (ii) does not include a statement or an admission of fault, culpability or a failure to act by or on behalf of the indemnified party.

(d)           Contribution. If the indemnification provided for in this Section 7 is unavailable or insufficient to hold harmless an indemnified party under subsection (a) or (b) above for any losses, claims, damages or liabilities referred to in subsection (a) or (b), as applicable, then each indemnifying party will contribute to the amount paid or payable by the indemnified party as a result of those losses, claims, damages or liabilities in the proportion appropriate to reflect the relative benefits received by Ford Credit and the Depositor, on the one hand, and that Underwriter, on the other, from the offering of the Offered Notes. If, however, the allocation provided by the prior sentence is not permitted by applicable law, then each indemnifying party will contribute to the amount paid or payable by the indemnified party in the proportion appropriate to reflect not only the relative benefits but also the relative fault of Ford Credit and the Depositor, on the one hand, and that Underwriter, on the other, in connection with the statements or omissions which resulted in the losses, claims, damages or liabilities as well as any other relevant equitable considerations. The relative benefits received by Ford Credit and the Depositor, on the one hand, and that Underwriter, on the other, will be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by the Depositor in relation to the total underwriting discounts and commissions received by that Underwriter, in each case, as stated on the cover of the Prospectus. The relative fault will be determined by taking into consideration, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information delivered by Ford Credit, the Depositor and their affiliates, on the one hand, or by that Underwriter, on the other, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent the untrue statement or omission, including, for that Underwriter, the extent to which the losses, claims, damages or liabilities result from the fact that that Underwriter sold the Offered Notes to a person to whom there was not sent or given, at or prior to the entry into the related Contract of Sale, a copy of the Preliminary Prospectus, the Time of Sale Information or the Prospectus, whichever is more recent, if the Depositor has previously delivered those documents to that Underwriter.

Ford Credit, the Depositor and the Underwriters, severally and not jointly, agree that it would not be just and equitable if contribution under this subsection (d) were determined by pro rata allocation (even if the Underwriters were treated as one entity) or by any other method of allocation which does not take account of the equitable considerations referred to above in this subsection (d). The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to above in this subsection (d) will be deemed to include any legal or other expenses reasonably incurred by the indemnified party in connection with investigating or defending any action or claim. Notwithstanding the provisions of this subsection (d), no Underwriter will be required to contribute any amount under this Agreement in excess of the underwriting discounts and commissions received by that Underwriter, as reduced by the amount of any damages which that Underwriter has otherwise been required to pay by reason of the untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of the fraudulent misrepresentation. The obligations of the Underwriters of the Offered Notes in this subsection (d) to contribute are several in proportion to their respective underwriting obligations for the Offered Notes as stated in the Terms Annex and not joint.

17

(e)            Limitation on Certain Liabilities. Notwithstanding anything else in this Agreement, the aggregate liability of any Underwriter to Ford Credit and the Depositor for any losses, claims, damages, liabilities, legal or other expenses or other amounts (collectively, "Amounts") based on any breaches or alleged breaches by that Underwriter of its agreements in Section 5(m)(ii), without regard to whether the Amounts are payable by that Underwriter under Section 7(b) or as damages for breach of contract or otherwise, will in no event exceed the total underwriting discounts and commissions received by that Underwriter, in each case, as stated on the cover of the Prospectus.

8.             Survival of Representations and Obligations. The respective indemnities, agreements, representations, warranties and other statements of Ford Credit and the Depositor or the officers of Ford Credit and the Depositor and of the Underwriters stated in or made under this Agreement will remain in full force and effect, regardless of any investigation or statement as to the results of any investigation, made by or on behalf of any Underwriter, Ford Credit, the Depositor or any of their respective representatives, officers or directors of any controlling person, and will survive delivery of and payment for the Offered Notes.

9.             Failure to Purchase Offered Notes; Other Agreements.

(a)           Liability of Ford Credit and Depositor. If the purchase of the Offered Notes is not completed because the circumstances described in Section 6(c) have occurred, then neither Ford Credit nor the Depositor will have any liability to the Underwriters with respect to the Offered Notes except as provided in Sections 4(h) and 7. However, if for any other reason (subject to subsection (b) below), the Offered Notes are not delivered to the Underwriters as provided in this Agreement, Ford Credit and the Depositor will be liable, jointly and severally, to reimburse the Underwriters, through the Representatives, for all out-of-pocket expenses, including legal fees and expenses reasonably incurred by the Underwriters in making preparations for the offering of the Offered Notes. In this case, neither Ford Credit nor the Depositor will then have any further liability to any Underwriter for the Offered Notes except as provided in Sections 4(h) and 7.

(b)           Default by Underwriters. If any Underwriter or Underwriters default on their obligations to purchase Offered Notes under this Agreement and the aggregate principal amount of Offered Notes that the defaulting Underwriter or Underwriters agreed but failed to purchase does not exceed [10]% of the total principal amount of the Offered Notes, the Representatives may make arrangements satisfactory to the Depositor for the purchase of those Offered Notes by other persons, including the non-defaulting Underwriter or Underwriters. If no arrangements are made by the Closing Date, the non-defaulting Underwriter or Underwriters will purchase, in proportion to their commitments under this Agreement, the Offered Notes that the defaulting Underwriter or Underwriters agreed but failed to purchase. If any Underwriter or Underwriters so default and the aggregate principal amount of Offered Notes related to the default or defaults exceeds [10]% of the total principal amount of the Offered Notes and arrangements satisfactory to the non-defaulting Underwriter or Underwriters and the Depositor for the purchase of those Offered Notes by other persons are not made within 36 hours after the default, this Agreement will terminate without liability on the part of any non-defaulting Underwriter or Underwriters or Ford Credit and the Depositor, except as provided in Sections 4(h) and 7. Nothing in this Agreement will relieve a defaulting Underwriter or Underwriters from liability for its default.

(c)           Recognition of the U.S. Special Resolution Regimes.

(i)              In the event that any Underwriter that is a Covered Entity (or, solely with respect to clause (B) below, a BHC Act Affiliate of such Underwriter) becomes subject to a proceeding under a U.S. Special Resolution Regime:

18

(A) the transfer from such Underwriter of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States; and

(A) Default Rights under this Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

(ii)             The following terms have the meanings stated below for purposes of this Section 9(c):

"BHC Act Affiliate" has the meaning assigned to the term "affiliate" in, and will be interpreted in accordance with, 12 U.S.C. § 1841(k);

"Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b);

"Default Right" has the meaning assigned to that term in, and will be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable; and

"U.S. Special Resolution Regime" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

10.           No Fiduciary Duty. The Depositor and Ford Credit acknowledge that in connection with the offering of the Offered Notes: (a) the Underwriters have acted at arm's length, are not agents of, and owe no fiduciary duties to, the Depositor or Ford Credit, (b) the Underwriters owe the Depositor and Ford Credit only those duties and obligations stated in this Agreement, (c) the Underwriters may have interests that differ from those of the Depositor and Ford Credit and (d) the Underwriters have not provided any legal, regulatory, tax, accounting or insurance advice in any jurisdiction. Each of the Depositor and Ford Credit waives, to the extent permitted by applicable law, any claims it may have against the Underwriters related to an alleged breach of fiduciary duty in connection with the offering of the Offered Notes.

11.           Entire Agreement. This Agreement represents the entire agreement between the Depositor, Ford Credit and the Underwriters about the preparation of the Prospectus, and the conduct of the offering of the Offered Notes and the purchase and sale of the Offered Notes.

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12.           Notices.

(a)           Delivery of Notices. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)              for overnight mail, on delivery or, for registered first class mail, postage prepaid and properly addressed to the recipient, three days after deposit in the mail;

(ii)             for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)            for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)            for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)           Notices to Depositor. Communications to the Depositor must be addressed to:

Ford Credit Auto Lease Two LLC
c/o Ford Motor Company
World Headquarters, Suite 802
One American Road
Dearborn, Michigan 48126
Attention: Ford Credit SPE Management Office
Telephone: (313) 594-3495
Email: FSPEMgt@ford.com

with a copy to:

Ford Motor Credit Company LLC
c/o Ford Motor Company
One American Road
Suite 1038
Dearborn, Michigan 48126
Attention: Office of General Counsel
Fax: (313) 337-9591
Email: notice@ford.com

(c)           Notices to Ford Credit. Communications to Ford Credit must be addressed to:

Ford Motor Credit Company LLC
c/o Ford Motor Company
One American Road
Suite 1038
Dearborn, Michigan 48126
Attention: Office of General Counsel
Fax: (313) 337-9591
Email: notice@ford.com

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(d)           Notices to Representatives. Communications to the Representatives, in their capacity as Representatives of the Underwriters or in their individual capacities, must be addressed to the Representatives at their addresses stated in the Terms Annex.

13.           Benefit of Agreement. This Agreement is for the benefit of and will be binding on the Underwriters, the Depositor and Ford Credit and their permitted successors and assigns and the officers and directors and controlling persons referred to in Section 7. No other person will have any right or obligation under this Agreement.

14.           GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

15.           Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

16.           WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

17.           Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will in no way affect the validity, legality or enforceability of the remaining Agreement.

18.           Headings. The headings in this Agreement are included for convenience only and will not affect the meaning or interpretation of this Agreement.

19.           Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD CREDIT AUTO LEASE TWO LLC
By:
	Name:
	Title:
FORD MOTOR CREDIT COMPANY LLC
By:
	Name:
	Title:

[Signature Page to Underwriting Agreement]

[nAME OF UNDERWRITER]
By:
	Name:
	Title:
[NAME OF UNDERWRITER]
By:
	Name:
	Title:
[NAME OF UNDERWRITER]
By:
	Name:
	Title:
Each as an Underwriter and as a Representative of the other Underwriters

[Signature Page to Underwriting Agreement]

TERMS ANNEX

FORD CREDIT AUTO LEASE TRUST 20___-__

______, 20__

Offered Notes

Class A-1 Notes

Class A-2[a] Notes

[Class A-2b Notes]

Class A-3 Notes

Class A-4 Notes

[Class B Notes]

[Class C Notes]

[Class D Notes]

[Retained Notes]

[Class B Notes]

[Class C Notes]

[Class D Notes]

Underwriters

[nAMES OF UNDERWRITERS]

Terms of the Offered Notes

Pricing Date:	______, 20__
Time of Sale:	_____ a.m./p.m. ([EST/EDT]), ______, 20__
Closing Date:	______, 20__

Expected Ratings as of the Closing Date

The ratings on each Class of Offered Notes from each "nationally recognized statistical rating organization" (each, a "Rating Agency") stated in the Time of Sale Information.

A-1

Pricing Information

Notes	Aggregate Principal Amount		Interest Rate	Purchase Price (as a % of the aggregate principal amount)	Underwriting Discount	Final Scheduled Payment Date
Class A-1 Notes		$	%	%	%
Class A-2[a] Notes		$	%	%	%
[Class A-2b Notes		$	30-day average SOFR + __%	%	%	]
Class A-3 Notes		$	%	%	%
Class A-4 Notes		$	%	%	%
[Class B Notes		$	%	%	%	]
[Class C Notes		$	%	%	%	]
[Class D Notes		$	%	%	%	]

Underwriters and Allotments

Underwriters	Initial Principal Amount of Class A-1 Notes		Initial Principal Amount of Class A-2[a] Notes		[Initial Principal Amount of Class A-2b Notes]	Initial Principal Amount of Class A-3 Notes		Initial Principal Amount of Class A-4 Notes
		$		$			$		$
Total		$		$			$		$

Underwriters	[Initial Principal Amount of Class B Notes]		[Initial Principal Amount of Class C Notes]		[Initial Principal Amount of Class D Notes]
Total		$		$		$

A-2

Address for Notices to the Representatives

[Underwriter]
[address]

[Underwriter]
[address]

[Underwriter]
[address]

[Underwriter]
[address]

Time of Sale Information

Preliminary Prospectus:	Preliminary Prospectus, dated ______, 20__
Trust Free Writing Prospectus:	Ratings FWP, dated ______, 20__
[Trust Free Writing Prospectus:	Roadshow Presentation, dated ______, 20__]
Underwriter Free Writing Prospectus:	Bloomberg Pricing Screen, dated ______, 20__
Third-Party Due Diligence Report
Depositor obtained Third-Party Due Diligence Report	Agreed-Upon Procedures letter of a nationally recognized accounting firm, dated ______, 20__

A-3

EX-4.1

EXHIBIT 4.1

INDENTURE

between

FORD CREDIT AUTO LEASE TRUST 20__-__,
as Issuer

and

___________________________,
as Indenture Trustee

Dated as of ___________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
Section 1.2.	Incorporation by Reference of Trust Indenture Act	2
ARTICLE II THE NOTES		2
Section 2.1.	Form of Notes	2
Section 2.2.	Execution, Authentication and Delivery	2
Section 2.3.	Tax Treatment	3
Section 2.4.	Note Register	3
Section 2.5.	Registration of Transfer and Exchange	4
Section 2.6.	[Rule 144A Notes]	5
Section 2.7.	Mutilated, Destroyed, Lost or Stolen Notes	6
Section 2.8.	Persons Deemed Owners	7
Section 2.9.	Payments on Notes	7
Section 2.10.	Cancellation of Notes	8
Section 2.11.	Release of Collateral	8
Section 2.12.	Book-Entry Notes	8
Section 2.13.	Definitive Notes	9
Section 2.14.	Authenticating Agents	9
Section 2.15.	Note Paying Agents	10
ARTICLE III COVENANTS, REPRESENTATIONS AND WARRANTIES		10
Section 3.1.	Payment of Principal and Interest	10
Section 3.2.	Maintenance of Office or Agency	10
Section 3.3.	Money for Payments To Be Held in Trust	10
Section 3.4.	Existence	11
Section 3.5.	Protection of Collateral	11
Section 3.6.	Performance of Obligations	12
Section 3.7.	Negative Covenants	13
Section 3.8.	Opinions on Collateral	13
Section 3.9.	Annual Certificate of Compliance	14
Section 3.10.	Merger and Consolidation; Transfer of Assets	14
Section 3.11.	Successor or Transferee	15
Section 3.12.	No Other Activities	15
Section 3.13.	Further Acts and Documents	15
Section 3.14.	Restricted Payments	15
Section 3.15.	Notice of Events of Default	15
Section 3.16.	Review of Issuer's Records	15
Section 3.17.	Issuer's Representations and Warranties	16
Section 3.18.	Issuer's Representations and Warranties About Security Interest	17
Section 3.19.	[Calculation Agent; Benchmark Determination]	18
ARTICLE IV SATISFACTION AND DISCHARGE		19
Section 4.1.	Satisfaction and Discharge of Indenture	19

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ARTICLE V EVENTS OF DEFAULT; REMEDIES		20
Section 5.1.	Events of Default	20
Section 5.2.	Acceleration of Maturity; Rescission	21
Section 5.3.	Collection of Indebtedness by Indenture Trustee	22
Section 5.4.	Trustee May File Proofs of Claim	22
Section 5.5.	Enforcement of Claims Without Possession of Notes	23
Section 5.6.	Remedies; Priorities	23
Section 5.7.	Optional Preservation of Collateral	24
Section 5.8.	Limitation on Suits	25
Section 5.9.	Unconditional Rights to Receive Principal and Interest	25
Section 5.10.	Restoration of Rights and Remedies	25
Section 5.11.	Rights and Remedies Cumulative	26
Section 5.12.	Delay or Omission Not a Waiver	26
Section 5.13.	Control by Noteholders	26
Section 5.14.	Waiver of Defaults and Events of Default	26
Section 5.15.	Agreement to Pay Costs	27
Section 5.16.	Waiver of Stay or Extension Laws	27
Section 5.17.	Performance and Enforcement of Obligations	27
ARTICLE VI INDENTURE TRUSTEE		28
Section 6.1.	Indenture Trustee's Obligations	28
Section 6.2.	Indenture Trustee's Rights	29
Section 6.3.	Indenture Trustee's Individual Rights	30
Section 6.4.	Indenture Trustee's Disclaimer	30
Section 6.5.	Notice of Defaults	31
Section 6.6.	Reports by Indenture Trustee	31
Section 6.7.	Compensation and Indemnity	32
Section 6.8.	Resignation or Removal of Indenture Trustee	33
Section 6.9.	Merger or Consolidation; Transfer of Assets	34
Section 6.10.	Appointment of Separate Trustee or Co-Trustee	34
Section 6.11.	Eligibility; Disqualification	35
Section 6.12.	Preferential Collection of Claims Against Issuer	36
Section 6.13.	Review of Indenture Trustee's Records	36
Section 6.14.	Indenture Trustee's Representations and Warranties	36
Section 6.15.	Obligation to Update Disclosure	38
Section 6.16.	Reporting of Reallocations of Leases and Leased Vehicles	38
ARTICLE VII NOTEHOLDER COMMUNICATIONS AND REPORTS		39
Section 7.1.	Noteholder Communications	39
Section 7.2.	Noteholder Demand for Asset Representations Review	40
Section 7.3.	Reports by Issuer	40
Section 7.4.	Reports by Indenture Trustee	41
ARTICLE VIII ACCOUNTS, DISTRIBUTIONS AND RELEASES		41
Section 8.1.	Collection of Funds	41
Section 8.2.	Bank Accounts; Distributions	41
Section 8.3.	Bank Accounts	45
Section 8.4.	Release of Collateral	45

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ARTICLE IX AMENDMENTS		46
Section 9.1.	Amendments Without Consent of Noteholders	46
Section 9.2.	Amendments with Consent of Controlling Class	47
Section 9.3.	Execution of Amendments	48
Section 9.4.	Effect of Amendment	49
Section 9.5.	Conformity with TIA	49
Section 9.6.	Reference in Notes to Supplemental Indentures	49
ARTICLE X REDEMPTION OF NOTES		49
Section 10.1.	Redemption	49
ARTICLE XI OTHER AGREEMENTS		50
Section 11.1.	No Petition	50
Section 11.2.	Limited Recourse; Subordination of Claims Against Titling Companies	50
Section 11.3.	Limited Recourse; Subordination of Claims Against Depositor	51
Section 11.4.	Issuer Orders; Certificates and Opinions	52
Section 11.5.	Acts of Noteholders	53
Section 11.6.	Conflict with Trust Indenture Act	54
Section 11.7.	Issuer Obligation	54
ARTICLE XII MISCELLANEOUS		54
Section 12.1.	Benefits of Indenture; Third-Party Beneficiaries	54
Section 12.2.	Notices	54
Section 12.3.	GOVERNING LAW	55
Section 12.4.	Submission to Jurisdiction	55
Section 12.5.	WAIVER OF JURY TRIAL	55
Section 12.6.	No Waiver; Remedies	55
Section 12.7.	Severability	56
Section 12.8.	Headings	56
Section 12.9.	Counterparts	56

Schedule A	Notice Addresses	SA-1
Exhibit A	Form of Notes	EA-1

iii 

INDENTURE, dated as of ___________, 20__ (this "Indenture"), between FORD CREDIT AUTO LEASE TRUST 20__-__, a Delaware statutory trust, as Issuer, and __________________, a ____________________, as Indenture Trustee for the benefit of the Secured Parties.

In connection with a securitization transaction sponsored by Ford Credit, the Issuer will issue Notes secured by the 20__-__ Exchange Note issued by the Titling Companies and purchased by the Issuer from the Depositor, who purchased it from Ford Credit. The 20__-__ Exchange Note is secured by a reference pool of Leases and Leased Vehicles purchased by the Titling Companies from motor vehicle dealers.

The parties agree as follows:

GRANTING CLAUSE

The Issuer Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Secured Parties, all the Issuer's right, title and interest in, to and under, whether now owned or later acquired, the Collateral.

This Grant is made in trust to secure (a) the payment of principal of, interest on and other amounts owing on the Notes as stated in this Indenture and (b) compliance by the Issuer with this Indenture for the benefit of the Secured Parties.

The Titling Companies jointly and severally Grant to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Secured Parties, all the Titling Companies' right, title and interest in, to and under, whether now owned or existing or later acquired in, the Exchange Note Collection Account and the Reserve Account. This Grant is made in trust to secure (a) the payment of principal of, interest on and other amounts owing on, the 20__-__ Exchange Note as stated in the Exchange Note Supplement and (b) compliance by the Titling Companies with the Exchange Note Supplement for the benefit of the Secured Parties.

The Indenture Trustee acknowledges these Grants, accepts the trusts under this Indenture according to this Indenture and agrees to perform the obligations stated in this Indenture and the Exchange Note Supplement so that the interests of the Secured Parties may be adequately and effectively protected.

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.         Usage and Definitions. Capitalized terms used but not defined in this Indenture are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules

that apply to this Indenture. Appendix 1 and Appendix A are incorporated by reference into this Indenture.

Section 1.2.          Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a part of the TIA, it is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:

"indenture securities" means the Notes;

"indenture security holder" means a Noteholder;

"indenture to be qualified" means this Indenture;

"indenture trustee" or "institutional trustee" means the Indenture Trustee; and

"obligor" on the indenture securities means the Issuer and any other obligor on the indenture securities.

Any other TIA terms used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by Securities and Exchange Commission rule have the meaning assigned to them by those definitions.

ARTICLE II
THE NOTES

Section 2.1.         Form of Notes.

(a)           Form. Each Class of Notes will be in substantially the form of Exhibit A with variations required or permitted by this Indenture. The Notes may have marks of identification and legends or endorsements as determined by the Responsible Person of the Issuer executing the Notes. The physical Notes will be produced by a method determined by the Responsible Person of the Issuer executing the Notes.

(b)           Incorporation by Reference. Each Note will be dated the date of its authentication. The terms of the Notes in Exhibit A are part of this Indenture and are incorporated into this Indenture by reference.

Section 2.2.         Execution, Authentication and Delivery.

(a)           Execution. A Responsible Person of the Issuer will execute the Notes for the Issuer. The signature of the Responsible Person on the Notes may be manual or facsimile. Notes having the manual or facsimile signature of an individual who was a Responsible Person of the Issuer will bind the Issuer, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Notes or was not a Responsible Person on the issuance date of the Notes.

(b)           Authentication and Delivery. The Indenture Trustee will, on Issuer Order, authenticate and deliver the Notes for original issue in the Classes, Note Interest Rates and initial

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Note Balances as stated below (except that the Note Interest Rate for any Floating Rate Notes will not be less than 0.00%).

Class	Note Interest Rate	Initial Note Balance
Class A-1 Notes	%	$[_____]
Class A-2[a] Notes	%	$[_____]
[Class A-2b Notes	30-day average SOFR + ___%]	$[_____]
Class A-3 Notes	%	$[_____]
Class A-4 Notes	%	$[_____]
Class B Notes	%	$[_____]
Class C Notes	%	$[_____]
[Class D Notes	%]	$[_____]

(c)           Denomination. The Notes will initially be issued as Book-Entry Notes. The Notes[, except for the Rule 144A Notes,] will be issued in minimum denominations of $1,000 and in multiples of $1,000. [The Rule 144A Notes will be issued in minimum denominations of $100,000 and in multiples of $1,000 in excess of $100,000.] However, one Note of each Class may be issued in a different amount if it exceeds the minimum denomination for the Class.

(d)           Certificate of Authentication. No Note will have the benefit of this Indenture or be valid unless it has a certificate of authentication substantially in the form included in Exhibit A manually executed by a Responsible Person of the Indenture Trustee. The certificate of authentication on a Note will be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.

Section 2.3.         Tax Treatment. The Issuer intends that Notes owned or beneficially owned by a Person other than Ford Credit or its Affiliates will be indebtedness of the Issuer for U.S. federal, State and local income and franchise tax purposes. The Issuer, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes for U.S. federal, State and local income and franchise tax purposes as indebtedness of the Issuer.

Section 2.4.         Note Register. The Issuer appoints the Indenture Trustee to be the "Note Registrar" and to keep a register (the "Note Register") for the purpose of registering Notes and transfers and exchanges of Notes. On resignation of the Note Registrar, the Issuer will promptly appoint a successor or, if it elects not to make the appointment, assume the obligations of Note Registrar. If the Issuer appoints a Person other than the Indenture Trustee as Note Registrar, (i) the Issuer will notify the Indenture Trustee of the appointment and (ii) the Indenture Trustee will have the right to rely on a certificate executed by an officer of the Note Registrar listing the names and addresses of the Noteholders and the principal amounts and number of the Notes. Each of the Indenture Trustee (if it is not the Note Registrar), the Issuer and the Administrator will have the right to inspect the Note Register at reasonable times and to receive copies of the Note Register.

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Section 2.5.         Registration of Transfer and Exchange.

(a)          Transfer of Notes. A Noteholder may transfer a Note by surrendering the Note for registration of transfer at the office or agency of the Issuer maintained under Section 3.2. If the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute and the Indenture Trustee will authenticate and deliver to the Noteholder, in the name of the transferee or transferees, new Notes of the same Class, in the same principal amount.

(b)          Exchange of Notes. A Noteholder may exchange Notes for other Notes of the same Class by surrendering the Notes to be exchanged at the office or agency of the Issuer maintained under Section 3.2. If the requirements of Section 8-401(a) of the UCC are met, the Issuer will execute, the Indenture Trustee will authenticate and the Noteholder will receive from the Indenture Trustee new Notes of the same Class, in the same principal amount.

(c)          Valid Obligation. Notes issued on the registration of transfer or exchange of Notes will be the valid obligations of the Issuer, evidencing the same debt, and have the same benefits under this Indenture as the Notes surrendered for registration of transfer or exchange.

(d)          Surrendered Notes. Every Note surrendered for registration of transfer or exchange will be (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Note Registrar or the Indenture Trustee duly executed by, the Noteholder of the Note or the Noteholder's authorized attorney, with the signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar including membership or participation in the Securities Transfer Agents Medallion Program or another "signature guarantee program", according to the Exchange Act and (ii) accompanied by other documents the Indenture Trustee may require.

(e)           No Service Charge. None of the Issuer, the Note Registrar or the Indenture Trustee will impose a service charge on a Noteholder for the registration of transfer or exchange of Notes. The Issuer, the Note Registrar or the Indenture Trustee may require the Noteholder to pay an amount to cover taxes or other governmental charges that may be imposed for the registration of transfer or exchange of the Notes.

(f)            Registration of Transfers and Exchanges. The Note Register will register transfers and exchanges of Notes in the Note Register. However, neither the Issuer nor the Note Registrar will be required to register transfers or exchanges of Notes for which the next Payment Date is not more than 15 days after the requested date of transfer or exchange or which have been called for redemption.

(g)           ERISA Representations. Each Note Owner that is subject to Title I of ERISA, Section 4975 of the Code or Similar Law, by accepting an interest or participation in a Note, is deemed to represent that its purchase, holding and disposition of that interest or participation is not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code or a violation of any Similar Law, as applicable.

4

Section 2.6.         [Rule 144A Notes].

(a)            [Rule 144A Notes Not Registered. The Rule 144A Notes have not been registered under the Securities Act or any State securities laws. None of the Issuer, the Note Registrar or the Indenture Trustee is obligated to register the Rule 144A Notes under the Securities Act or any State securities or "blue sky" laws or to take other action not required under this Indenture or the Trust Agreement to permit the transfer of a Rule 144A Note without registration. The Issuer, at the direction of the Depositor or the Administrator, may elect to register, or cause the registration of, the Rule 144A Notes under the Securities Act and applicable State securities laws. In this case, the Issuer will deliver, or cause to be delivered, to the Indenture Trustee and the Note Registrar the Opinions of Counsel, Officer's Certificates and other information necessary to effect the registration.

(b)           Restrictions on Transfer. Until the Rule 144A Notes have been registered under the Securities Act and any applicable State securities laws under Section 2.6(a), no Rule 144A Note may be sold, transferred, assigned, participated, pledged or disposed of (each, a "Rule 144A Note Transfer") except according to this Section 2.6, and a Rule 144A Note Transfer in violation of this Section 2.6 will be null and void (a "Void Rule 144A Note Transfer"). Notwithstanding any other provision of this Indenture, no Rule 144A Note Transfer may be made by the Depositor or its Affiliates unless the Depositor delivers an Opinion of Counsel to the Indenture Trustee and the Issuer stating that the transfer will not (A) cause any other Note to be deemed sold or exchanged for purposes of Section 1001 of the Code, (B) cause the Issuer or a Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or (C) adversely affect the treatment of any other Notes as debt for U.S. federal income tax purposes.

(c)           Note Legend and Transferee Representation. Each Rule 144A Note will bear the applicable legend in Exhibit A. As a condition to the registration of a Rule 144A Note Transfer, the prospective transferee of the Rule 144A Note will be deemed to represent to the Indenture Trustee, the Note Registrar and the Issuer the following:

(i)             It understands that the Rule 144A Notes have not been registered under the Securities Act or any State securities or "blue sky" laws.

(ii)            It understands that Rule 144A Note Transfers are only permitted if made in compliance with the Securities Act and other applicable laws and only to a person who the holder reasonably believes is a "qualified institutional buyer" within the meaning of Rule 144A (a "QIB").

(iii)           It (A) is a QIB, (B) is aware that the sale to it is being made under Rule 144A and if it is acquiring the Rule 144A Notes or an interest or participation in the Rule 144A Notes for the account of another QIB, that other QIB is aware that the sale is being made under Rule 144A and (C) is acquiring the Rule 144A Notes or an interest or participation in the Rule 144A Notes for its own account or for the account of another QIB.

5

(iv)           It is purchasing the Rule 144A 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 offer, transfer, assign, participate, pledge or dispose of the Rule 144A Notes for a distribution that would violate the Securities Act.

(d)          Rule 144A Noteholder Agreement. By acceptance of a Rule 144A Note, the Rule 144A Noteholder agrees with and represents to the Depositor, the Issuer and the Note Registrar, that no Rule 144A Note Transfer will be made unless (i) the registration requirements of the Securities Act and applicable State securities laws have been complied with for the Rule 144A Note according to Section 2.6(a), (ii) the Rule 144A Note Transfer is to the Depositor or its Affiliates or (iii) the Rule 144A Note Transfer is exempt from the registration requirements under the Securities Act because the Rule 144A Note Transfer is in compliance with Rule 144A, to a transferee who the transferor reasonably believes is a QIB that is purchasing for its own account or for the account of a QIB and to whom notice is given that the Rule 144A Note Transfer is being made under Rule 144A.

(e)           Rule 144A Information. The Administrator will make available to the prospective transferor and transferee of a Rule 144A Note information requested to satisfy the requirements of paragraph (d)(4) of Rule 144A (the "Rule 144A Information"). The Rule 144A Information will include any of the following items requested by the prospective transferee:

(i)             the offering memorandum, if any, relating to the Rule 144A Notes and any amendments or supplements to the offering memorandum;

(ii)            the Monthly Investor Report for each Payment Date before the request;

(iii)           copies of the Transaction Documents, including any amendments; and

(iv)           any other information reasonably available to the Administrator that may be considered Rule 144A Information.]

Section 2.7.         Mutilated, Destroyed, Lost or Stolen Notes.

(a)          Replacement Notes. If a mutilated Note is surrendered to the Indenture Trustee or the Indenture Trustee receives evidence of the destruction, loss or theft of a Note, the Issuer will execute and, on Issuer Request, the Indenture Trustee will authenticate and deliver a replacement Note of the same Class and principal amount in exchange for or in place of the Note if the following conditions are met: (i) the Indenture Trustee receives security or indemnity to hold the Issuer and the Indenture Trustee harmless, (ii) none of the Issuer, the Note Registrar or the Indenture Trustee have received notice that the Note has been acquired by a protected purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met. However, if a destroyed, lost or stolen Note (but not a mutilated Note) is due and payable within 15 days or has been called for redemption, instead of issuing a replacement Note, the Issuer may pay the destroyed, lost or stolen Note when so due or payable or on the Redemption Date without surrender of the Note. If a protected purchaser of the original Note in place of which the replacement Note was issued (or the payment made) presents for payment the original Note, the Issuer and the Indenture Trustee may recover the replacement Note (or the payment) from the Person to whom it was delivered or a Person taking the replacement Note (or

6

the payment) from the Person to whom the replacement Note (or the payment) was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or indemnity provided for the replacement Note (or the payment) for any fee, expense, loss, damage or liability incurred by the Issuer or the Indenture Trustee for the replacement Note (or the payment).

(b)          Taxes, Charges and Expenses. On the issuance of a replacement Note under Section 2.7(a), (i) the Issuer may require the Noteholder of the Note to pay an amount to cover any taxes or other governmental charges imposed and any other reasonable expenses incurred for the replacement Note, (ii) the Indenture Trustee will, for a mutilated Note, cancel the Note and (iii) the Note Registrar will record in the Note Register that the destroyed, lost or stolen Note no longer has the benefits of this Indenture.

(c)          Additional Obligation. Each replacement Note issued under Section 2.7(a) will be an original additional contractual obligation of the Issuer and have the benefits of this Indenture equally and proportionately with other Notes of the same Class duly issued under this Indenture.

(d)          Sole Remedy. This Section 2.7 states the sole remedy available to Noteholders for the replacement or payment of mutilated, destroyed, lost or stolen Notes.

Section 2.8.         Persons Deemed Owners. On any date, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name a Note is registered as of that date as the owner of the Note for all purposes, including receiving payments of principal of and interest on the Note, without regard to any notice or other information to the contrary.

Section 2.9.         Payments on Notes.

(a)          Interest Accrual. Each Class of Notes will accrue interest on its Note Balance for each Interest Period until the Note Balance has been paid in full at a rate per annum equal to its Note Interest Rate for that Interest Period. Interest on the Class A-1 [and Class A-2b] Notes will be calculated for each Interest Period on the basis of the actual number of days in the Interest Period and a 360-day year. Interest on the Notes (other than the Class A-1 [and Class A-2b] Notes) for each Interest Period will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Interest on each Note for each Interest Period will be due and payable on the related Payment Date.

(b)          Principal. The principal of each Class of Notes will be payable in installments on each Payment Date according to Article VIII. The Note Balance of each Class of Notes will be due and payable on the earlier of the Redemption Date and its Final Scheduled Payment Date. The Note Balance of each Class of Notes will be due and payable on the date the Notes are declared to be, or have automatically become, immediately due and payable according to Section 5.2(a).

(c)         Monthly Payment of Interest and Principal. Payments of interest and principal on each Class of Notes will be made pro rata to the Registered Noteholders of that Class on each Payment Date. For Book-Entry Notes, payments will be made by wire transfer to the account

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designated by the nominee of the Clearing Agency according to Section 2.12. For Definitive Notes, payments will be made (i) if the Noteholder has given to the Note Registrar instructions at least five Business Days before that Payment Date and the aggregate original principal amount of the Noteholder's Notes is at least $1,000,000, by wire transfer to the account of the Registered Noteholder or (ii) by check mailed first class mail, postage prepaid, to the Registered Noteholder's address as it appears on the Note Register on the related Record Date. Amounts paid by wire transfers or checks that is returned undelivered will be held according to Section 3.3.

(d)          Payment of Final Installment. The final installment of principal (whether payable by wire transfer or check) of each Note on a Payment Date, the Redemption Date or the Final Scheduled Payment Date will be payable only on presentation and surrender of the Note, subject to Section 2.7(a). The Indenture Trustee will notify each Registered Noteholder of the date the Issuer expects to pay the final installment on any of the Notes, which notice will be delivered no later than five days before that date, and the place where the Notes may be presented and surrendered for payment.

Section 2.10.      Cancellation of Notes. Any Person that receives a Note surrendered for payment, registration of transfer, exchange or redemption will deliver the Note to the Indenture Trustee and the Indenture Trustee will promptly cancel it. The Issuer may surrender to the Indenture Trustee for cancellation Notes previously authenticated and delivered under this Indenture which the Issuer may have acquired, and the Indenture Trustee will promptly cancel them. No Notes will be authenticated in place of or in exchange for Notes cancelled as stated in this Section 2.10. The Indenture Trustee may hold or dispose of cancelled Notes according to its standard retention or disposal policy unless the Issuer directs, by Issuer Order, that they be destroyed or returned to it.

Section 2.11.      Release of Collateral. The Indenture Trustee will release property from the Lien of this Indenture only according to Sections 8.4 and 10.1.

Section 2.12.      Book-Entry Notes.

(a)          Issuance and Registration. The Notes will be issued as Book-Entry Notes on the Closing Date. The Book-Entry Notes, on original issuance, will be issued in the form of printed Notes representing the Book-Entry Notes and delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes will be registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency.

(b)          Sole Noteholder. The Note Registrar and the Indenture Trustee may deal with the Clearing Agency as the sole Noteholder of the Book-Entry Notes for all purposes of this Indenture and will not be obligated to the Note Owners, except as stated in Section 7.2.

(c)          Rights. The rights of Note Owners may be exercised only through the Clearing Agency and will be limited to those established by law and agreements between the Note Owners and the Clearing Agency and/or its participants under the Depository Agreement.

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(d)          Clearing Agency Obligations. The Clearing Agency will make book-entry transfers among its participants and receive and transmit payments of principal of and interest on the Book-Entry Notes to the participants.

(e)           Representation of Noteholders. If this Indenture requires or permits actions to be taken based on instructions or directions of the Noteholders of a stated percentage of the Note Balance of the Notes (or the Controlling Class), the Clearing Agency will be deemed to represent those Noteholders only if it has received instructions to that effect from Note Owners and/or the Clearing Agency's participants owning or representing, the required percentage of the beneficial interest of the Notes (or the Controlling Class) and has delivered the instructions to the Indenture Trustee.

(f)           Conflicts. If this Section 2.12 conflicts with other terms of this Indenture, this Section 2.12 will control.

Section 2.13.      Definitive Notes. No Note Owner will receive a definitive, fully registered Note (a "Definitive Note") representing the Note Owner's interest in the Note unless and until (a) the Administrator notifies the Indenture Trustee that the Clearing Agency is no longer willing or able to properly discharge its responsibilities as depository for the Book-Entry Notes and the Administrator is unable to reach an agreement on satisfactory terms with a qualified successor, (b) the Administrator notifies the Indenture Trustee that it elects to terminate the book-entry system through the Clearing Agency or (c) after the occurrence and during the continuation of an Event of Default or a Reference Pool Servicer Termination Event for the 20__-__ Reference Pool, Note Owners of a majority of the Note Balance of the Controlling Class notify the Indenture Trustee and the Clearing Agency that they elect to terminate the book-entry system through the Clearing Agency. In these cases, the Clearing Agency will notify Note Owners and the Indenture Trustee of the availability of Definitive Notes. After the Clearing Agency has surrendered the printed Notes representing the Book-Entry Notes and delivered the registration instructions to the Indenture Trustee, the Issuer will execute and the Indenture Trustee, on Issuer Request, will authenticate the Definitive Notes according to the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee will be liable for delay in delivery of the instructions and may conclusively rely, and will be protected in relying, on the instructions. On the issuance of Definitive Notes to Note Owners, the Indenture Trustee will recognize the holders of the Definitive Notes as Noteholders.

Section 2.14.      Authenticating Agents.

(a)          Appointment. The Indenture Trustee may appoint one or more Persons as authenticating agents for the Notes (each, an "Authenticating Agent") with the power to act on its behalf and subject to its direction in the authentication of Notes for issuances, transfers, exchanges and replacements. The authentication of Notes by an Authenticating Agent under this Section 2.14 is deemed to be the authentication of Notes "by the Indenture Trustee." If no Authenticating Agent is appointed, the Indenture Trustee will be the Authenticating Agent for the Notes.

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(b)          Resignation and Termination. An Authenticating Agent may resign by notifying the Indenture Trustee and the Owner Trustee. The Indenture Trustee may terminate the agency of an Authenticating Agent by notifying the Authenticating Agent and the Owner Trustee.

Section 2.15.      Note Paying Agents.

(a)          Appointment. The Indenture Trustee may appoint one or more Note Paying Agents that meet the eligibility standards for the Indenture Trustee in Section 6.11(a). If no Note Paying Agent is appointed, then the Indenture Trustee will be the Note Paying Agent for the Notes. Each Note Paying Agent will have the power to make distributions from the Bank Accounts.

(b)          Resignation and Termination. A Note Paying Agent may resign by notifying the Indenture Trustee, the Administrator and the Issuer. The Indenture Trustee may terminate the agency of a Note Paying Agent by notifying the Note Paying Agent, the Administrator and the Issuer.

ARTICLE III
COVENANTS, REPRESENTATIONS AND WARRANTIES

Section 3.1.         Payment of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Notes according to the Notes and this Indenture. Amounts withheld under the Code or State or local tax law by any Person from a payment to a Noteholder will be considered as having been paid by the Issuer to the Noteholder.

Section 3.2.          Maintenance of Office or Agency. The Issuer will maintain an office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer or exchange, and where notices to and demands on the Issuer for the Notes and this Indenture may be served. The Issuer initially appoints the Indenture Trustee to serve as its agent for those purposes. The Issuer will promptly notify the Indenture Trustee of a change in the location of the office or agency. If the Issuer fails to maintain the office or agency or fails to furnish the Indenture Trustee with the address of the office or agency, any surrender, notices and demands may be made or served at the Corporate Trust Office, and the Issuer appoints the Indenture Trustee as its agent to receive them.

Section 3.3.         Money for Payments To Be Held in Trust.

(a)          Payments on the Notes. Payments on the Notes that are to be made from amounts withdrawn from the Bank Accounts will be made on behalf of the Issuer by the Indenture Trustee or a Note Paying Agent. No amounts withdrawn for payments on the Notes may be paid over to the Issuer, except as stated in this Section 3.3.

(b)         Agreement by Note Paying Agent. The Indenture Trustee will, and will cause each Note Paying Agent to, execute and deliver to the Indenture Trustee, an instrument in which the Note Paying Agent agrees with the Indenture Trustee to:

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(i)             hold funds held by it for the payment of amounts due on the Notes in trust for the benefit of the Persons entitled to that money and pay it to those Persons under this Indenture;

(ii)            notify the Indenture Trustee of a default by the Issuer of which it has actual knowledge in the making of a required payment on the Notes;

(iii)           during the continuance of a default, on the request of the Indenture Trustee, immediately pay to the Indenture Trustee money held by it in trust;

(iv)           immediately resign as a Note Paying Agent and immediately pay to the Indenture Trustee amounts held by it in trust if it ceases to meet the eligibility standards in Section 6.11 for the Indenture Trustee; and

(v)            comply with all requirements of law for withholding and reporting requirements for payments on the Notes.

(c)          Payment Direction. The Issuer may by Issuer Order, direct a Note Paying Agent to pay to the Indenture Trustee money held in trust by the Note Paying Agent, which money will be held by the Indenture Trustee on the same terms as the Note Paying Agent. On a Note Paying Agent's payment of money held in trust to the Indenture Trustee, the Note Paying Agent will be released from liability for such amounts.

(d)          Unclaimed Money. Subject to applicable law, money held by the Indenture Trustee or a Note Paying Agent in trust under this Section 3.3 which remains unclaimed for two years after it became due and payable will be discharged from the trust and paid to the Issuer on Issuer Request. After discharge and payment, the Noteholder of the Note will, as an unsecured general creditor, look only to the Issuer for payment of the amount due and unclaimed, and the Indenture Trustee or the Note Paying Agent will be released from liability for such amounts. However, the Indenture Trustee or the Note Paying Agent, before making the payment, will publish once, at the expense and direction of the Issuer, in a newspaper customarily published on each Business Day in the English language and of general circulation in The City of New York, notice that the money remains unclaimed and that after a date stated in the notice, which must be at least 30 days from the date of publication, any unclaimed balance of the money then remaining will be paid to the Issuer. The Indenture Trustee will also use other reasonable means to notify the Noteholders of unclaimed payments.

Section 3.4.         Existence. The Issuer will maintain its existence as a statutory trust under the Delaware Statutory Trust Act and will obtain and maintain its qualification in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability of this Indenture, the Notes and the Collateral.

Section 3.5.         Protection of Collateral.

(a)          Amendments and Financing Statements. The Issuer will (i) execute and deliver amendments to this Indenture and other documents, (ii) file or authorize and cause to be filed financing statements and amendments and continuations of those financing statements and (iii) take other action necessary or advisable to:

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(A)            maintain or preserve the Lien and security interest (and the priority of the security interest) of this Indenture;

(B)            perfect, maintain perfection, publish notice of or protect the validity of a Grant made or to be made by this Indenture;

(C)            enforce the Collateral; or

(D)            maintain and defend title to the Collateral and the rights of the Indenture Trustee and the Secured Parties in the Collateral against the claims of all Persons, subject to Permitted Liens and the Transaction Documents.

(b)            Authorization to File. The Issuer authorizes the Administrator and the Indenture Trustee to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Administrator or the Indenture Trustee may reasonably determine necessary or advisable to perfect the Indenture Trustee's interest in the Collateral. The financing and continuation statements may describe the Collateral as the Administrator or the Indenture Trustee may reasonably determine necessary or advisable to perfect the Indenture Trustee's interest in the Collateral (including describing the Collateral as "all assets" of the Issuer "now owned or later acquired" or words to that effect). The Administrator or the Indenture Trustee will promptly deliver to the Issuer file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

(c)            Indenture Trustee Not Obligated. The Indenture Trustee is not obligated to (i) make a determination of whether filing financing or continuation statements, or amendments to the statements, is required or (ii) file any financing or continuation statements, or amendments to the statements, and will not be liable for failure to do so.

Section 3.6.           Performance of Obligations.

(a)            Performance of Obligations. The Issuer will perform all of its obligations under the Transaction Documents and documents included in the Collateral.

(b)            Subcontracting. The Issuer may contract with other Persons to assist it in performing its obligations under this Indenture. Initially, the Issuer has contracted with the Servicer and the Administrator to assist the Issuer in performing its obligations under this Indenture.

(c)            Reference Pool Servicer Termination Event. If the Issuer has knowledge of a Reference Pool Servicer Termination Event for the 20__-__ Reference Pool, the Issuer will notify the Indenture Trustee and the Rating Agencies of the event and any action the Issuer is taking to correct the situation. If a Reference Pool Servicer Termination Event results from the failure of the Servicer to perform its obligations under the Servicing Supplement and the Servicing Agreement, the Issuer will take reasonable steps available to cause the Servicer to correct the failure. If (i) a Reference Pool Servicer Termination Event for the 20__-__ Reference Pool occurs according to Section 7.3(a) of the Servicing Agreement, (ii) the Servicer is removed for the 20__-__ Reference Pool according to Section 7.3(c) of the Servicing Agreement or (iii) a

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Successor Servicer is appointed according to Section 7.5(b) of the Servicing Agreement, the Issuer will, in each case, promptly notify the Rating Agencies, Indenture Trustee and the Asset Representations Reviewer.

Section 3.7.           Negative Covenants. So long as Notes are Outstanding, the Issuer will not, except as permitted in the Transaction Documents:

(a)            Dispose of Collateral. Sell, transfer, exchange or dispose of the Collateral unless directed to do so by the Indenture Trustee;

(b)            No Release of Material Obligations. Take action, and will use its commercially reasonable efforts to prevent any action from being taken by others, that would release any Person from any material obligation under a document included in the Collateral or that would impair the validity or enforceability of the Collateral or a document included in the Collateral;

(c)            Set-off. Claim a credit on, or make a deduction from the payments of principal or interest on, the Notes (other than amounts withheld from payments under applicable law) or assert a claim against a Noteholder by reason of the payment of the taxes levied or assessed on the Issuer or the Collateral;

(d)            Dissolve or Liquidate. Dissolve or liquidate;

(e)            Liens. Permit (i) the validity or effectiveness of this Indenture to be impaired, or permit the Lien of this Indenture to be amended, subordinated, terminated or discharged, or permit a Person to be released from obligations under this Indenture except in each case as permitted by this Indenture, (ii) any Lien, other than Permitted Liens, to be created on or extend to the Collateral or (iii) the Lien of this Indenture not to be a valid first priority security interest in the Collateral, other than Permitted Liens; or

(f)             Modification of Collateral or Transaction Documents. Amend, modify, waive, terminate or surrender any Collateral or any Transaction Document without the consent of the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Notes and notifying the Rating Agencies.

Section 3.8.           Opinions on Collateral.

(a)            Opinion on Recording. If this Indenture is subject to recording, the Issuer, at its expense, will record it and deliver an Opinion of Counsel to the Indenture Trustee stating that the recording is necessary either for the protection of the Secured Parties or for the enforcement of a right or remedy Granted to the Indenture Trustee under this Indenture.

(b)           Opinion on Perfection. On the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel stating that this Indenture and all financing statements have been properly recorded or filed to perfect the Lien created by this Indenture, or stating that in the opinion of that counsel no action is necessary to perfect the Lien.

(c)            Annual Opinion. On or before April 30 of each year, starting in the year after the Closing Date, the Issuer will furnish to the Indenture Trustee an Opinion of Counsel either (i)

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stating that, in the opinion of that counsel, all action has been taken for the recording, filing, re-recording and refiling of this Indenture and all financing statements and continuation statements to maintain the Lien of this Indenture or (ii) stating that in the opinion of that counsel no action is necessary to maintain the Lien.

Section 3.9.           Annual Certificate of Compliance. The Issuer will deliver to the Indenture Trustee within 90 days after the end of each year, starting in the year after the Closing Date, an Officer's Certificate signed by a Responsible Person of the Issuer, stating that (a) a review of the Issuer's activities and of its performance under this Indenture during the prior year has been made under a Responsible Person's supervision and (b) to the Responsible Person's knowledge, based on the review, the Issuer has fulfilled in all material respects its obligations under this Indenture throughout the prior year or, if there has been a failure to fulfill an obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the failure. A copy of the Officer's Certificate may be obtained by any Noteholder or Person certifying it is a Note Owner by request to the Indenture Trustee at its Corporate Trust Office. The Issuer's obligation to deliver an Officer's Certificate under this Section 3.9 will terminate on the payment in full of the Notes.

Section 3.10.        Merger and Consolidation; Transfer of Assets. The Issuer will not merge or consolidate with or into any other Person or transfer all or substantially all of its assets, unless:

(a)            Surviving Person. The Person (if other than the Issuer) formed by or surviving the merger or consolidation, or that acquires those assets, (i) is organized and existing under the laws of the United States or any State and (ii) assumes, by an indenture supplemental to this Indenture (unless the assumption happens by operation of law), executed and delivered to the Indenture Trustee, in form reasonably satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on the Notes and the performance of the other obligations under this Indenture and the other Transaction Documents to be performed by the Issuer;

(b)            Subordination. For a transfer of the assets included in the Collateral, the Person who acquires those assets agrees by means of the supplemental indenture executed and delivered to the Indenture Trustee that (i) all right, title and interest transferred will be subject and subordinate to the rights of the Noteholders, (ii) unless stated in the supplemental indenture, that Person will indemnify the Issuer for fees, expenses, losses, damages and liabilities (including fees and expenses of defending itself against any loss, damage or liability) related to this Indenture and the Notes and (iii) that Person will make all necessary filings, including filings with the Securities and Exchange Commission required by the Exchange Act for the Notes;

(c)            No Default or Event of Default. Immediately after giving effect to the merger, consolidation or transfer, no Default or Event of Default will have occurred and be continuing;

(d)            Rating Agency Condition. The Rating Agency Condition has been satisfied for the merger, consolidation or transfer;

(e)            Opinion. The Issuer has received an Opinion of Counsel (with a copy to the Indenture Trustee) stating that the merger, consolidation or transfer will not (i) cause any

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security issued by the Issuer to be deemed sold or exchanged for purposes of Section 1001 of the Code, (ii) cause the Issuer or a Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or (iii) adversely affect the treatment of the Notes as debt for U.S. federal income tax purposes;

(f)              Actions. Any action necessary to maintain the Lien and security interest Granted by this Indenture has been taken; and

(g)            Conditions. The Issuer has delivered to the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee an Officer's Certificate and an Opinion of Counsel each stating that the merger, consolidation or transfer and the supplemental indenture comply with this Section 3.10 and that all the conditions in this Indenture for the merger, consolidation or transfer have been satisfied.

Section 3.11.        Successor or Transferee. On a merger or consolidation of the Issuer or a transfer under Section 3.10, (a) the Person formed by or surviving the merger or consolidation (if other than the Issuer) will succeed to, and be substituted for, and may exercise the rights and powers of, the Issuer under this Indenture with the same effect as if that Person had been named as the Issuer in this Indenture and (b) for a transfer of the assets of the Issuer under Section 3.10, the predecessor Issuer will be released from its obligations under this Indenture to be performed by the successor Issuer for the Notes immediately on receipt of notice by the Indenture Trustee stating that the Issuer is to be released.

Section 3.12.        No Other Activities. The Issuer will not engage in activities other than financing, acquiring, owning and pledging the Trust Property as described in the Transaction Documents and activities incidental to those activities.

Section 3.13.        Further Acts and Documents. On request of the Indenture Trustee, the Issuer will take action and execute and deliver additional documents reasonably required to perform and carry out the purposes of this Indenture.

Section 3.14.        Restricted Payments.

(a)            No Set-off. The Issuer will not, directly or indirectly, (i) make payments (by reduction of capital or otherwise) to the Owner Trustee, the Delaware Trustee or the holder of the Residual Interest, (ii) redeem, purchase, retire or acquire for value an ownership interest in the Issuer or (iii) set aside or segregate amounts for those purposes, except as permitted under this Indenture and the other Transaction Documents.

(b)            No Other Payments. The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except according to the Transaction Documents.

Section 3.15.        Notice of Events of Default. The Issuer will notify the Indenture Trustee, the Servicer and the Rating Agencies as soon as practicable and within five Business Days after a Responsible Person of the Issuer has knowledge of an Event of Default.

Section 3.16.        Review of Issuer's Records. The Issuer will maintain records and documents relating to its performance under this Indenture according to its customary business

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practices. On reasonable request not more than once during any year, the Issuer will give the Indenture Trustee (or its representatives) access to the records and documents to conduct a review of the Issuer's performance under this Indenture. Any access or review will be conducted at the Issuer's offices during its normal business hours at a time reasonably convenient to the Issuer and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Issuer's confidentiality and privacy policies.

Section 3.17.        Issuer's Representations and Warranties. The Issuer represents and warrants to the Indenture Trustee as of the Closing Date:

(a)            Organization and Qualification. The Issuer is duly formed and validly existing as a statutory trust in good standing under the laws of the State of Delaware.

(b)            Power, Authority and Enforceability. The Issuer has the power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party. The Issuer has authorized the execution, delivery and performance of the Transaction Documents to which it is a party. The Transaction Documents to which it is a party are the legal, valid and binding obligation of the Issuer enforceable against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions contemplated by the Transaction Documents to which it is a party and the performance of its obligations under such documents will not (i) conflict with, or be a breach or default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Issuer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Issuer's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than this Indenture), (iii) violate the Trust Agreement or (iv) violate a law or, to the Issuer's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties that applies to the Issuer, which, in each case, would reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under the Transaction Documents to which it is a party.

(d)            No Proceedings. To the Issuer's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties (i) asserting the invalidity of the Transaction Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents, (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under, or the validity or enforceability of, the Transaction Documents or the Notes or (iv) relating to the Issuer that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than the

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proceedings that, to the Issuer's knowledge, would not reasonably be expected to have a material adverse effect on the Issuer, the performance by the Issuer of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

(e)            No Investment Company. The Issuer is not an "investment company" as defined in the Investment Company Act. In making this determination, the Issuer is relying on the exemption in [Rule 3a-7] of the Investment Company Act, although other exclusions or exemptions may also be available to the Issuer.

(f)            Volcker Rule. The Issuer is structured not to be a "covered fund" under the regulations adopted to implement Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule."

Section 3.18.        Issuer's Representations and Warranties About Security Interest. The Issuer represents and warrants to the Indenture Trustee as of the Closing Date, which representations and warranties will survive the termination of this Indenture and may not be waived by the Indenture Trustee:

(a)            Valid Security Interest. This Indenture creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the Indenture Trustee which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors of and purchasers from the Issuer.

(b)            Type. The Collateral (other than those Permitted Investments which have been credited to a Securities Account) is "certificated securities," "instruments" or "general intangibles" within the meaning of the applicable UCC.

(c)            Good Title. The Issuer owns and has good and marketable title to the Collateral free and clear of any Lien, other than Permitted Liens. The executed 20__-__ Exchange Note has been delivered to the Indenture Trustee. The 20__-__ Exchange Note either (i) has been indorsed, by an effective indorsement, to the Indenture Trustee or in blank or (ii) has been registered in the name of the Indenture Trustee. The Issuer has received all consents and approvals required by the terms of the Collateral to Grant to the Indenture Trustee all of its right, title and interest in the Collateral, except if a requirement for consent or approval is made ineffective under the applicable UCC.

(d)            Filing Financing Statements. The Issuer has caused, or will cause within ten days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law to perfect the security interest Granted in the Collateral to the Indenture Trustee under this Indenture. All financing statements filed or to be filed against the Issuer in favor of the Indenture Trustee under this Indenture describing the Collateral will contain the following statement: "A purchase of or grant of a security interest in collateral described in this financing statement will violate the rights of the Secured Parties. "

(e)            No Other Sale, Grant or Financing Statements. Other than the security interest Granted to the Indenture Trustee under this Indenture, the Issuer has not sold or Granted a security interest in any of the Collateral. The Issuer has not authorized the filing of and is not

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aware of any financing statements against the Issuer that include a description of collateral covering any of the Collateral, other than financing statements relating to the security interest Granted to the Indenture Trustee under this Indenture. The Issuer is not aware of any judgment or tax Lien filings against it.

(f)            Securities Account. All Permitted Investments have been and will be credited to a Securities Account. The securities intermediary for each Securities Account has agreed to treat all assets credited to the Securities Accounts as "financial assets" within the meaning of the applicable UCC.

(g)            Securities Intermediary Agreement. The Issuer has delivered to the Indenture Trustee a fully executed agreement under which the securities intermediary has agreed to comply with all instructions originated by the Indenture Trustee relating to the Securities Accounts without further consent by the Issuer.

(h)            Name of Securities Accounts. The Securities Accounts are not in the name of a Person other than the Issuer or the Indenture Trustee. The Issuer has not consented to the securities intermediary of a Securities Account complying with entitlement orders of a Person other than the Indenture Trustee.

Section 3.19.        [Calculation Agent; Benchmark Determination].

(a)            [Appointment. The Issuer agrees that for so long as the Floating Rate Notes are Outstanding and the Benchmark is SOFR there will be an agent appointed to calculate SOFR for each Interest Period (the "Calculation Agent"). The Issuer appoints ___________________ as Calculation Agent only for the purposes of obtaining SOFR for each Interest Period and ___________________ accepts the appointment. The Calculation Agent may be removed by the Issuer at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent or is removed by the Issuer, the Issuer will promptly appoint as a replacement Calculation Agent a leading bank with the ability to determine or obtain SOFR that is not an Affiliate of the Issuer or its Affiliates. The Calculation Agent may not resign without a replacement having been duly appointed.

(b)            Benchmark Determination. If the Benchmark is SOFR, on each SOFR Determination Date, the Calculation Agent will notify the Servicer, the Issuer and the Administrator by email of SOFR for the related Interest Period. If the Benchmark is any rate other than SOFR, on each Benchmark Determination Date, the Issuer will notify the Servicer and the Indenture Trustee by email of the Benchmark for the related Interest Period. All determinations of the Benchmark by the Calculation Agent or the Issuer, as applicable, in the absence of manifest error, will be conclusive and binding on the Noteholders.

(c)            Effect of Benchmark Transition Event.

(i)               Benchmark Replacement. If the Issuer determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes

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relating to the Notes in respect of such determination on such date and all determinations on all subsequent dates.

(ii)              Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Issuer will have the right to make Benchmark Replacement Conforming Changes from time to time.

(iii)             Notice of Benchmark Replacement and/or Benchmark Replacement Conforming Changes. Promptly following the determination of a Benchmark Replacement and/or the making of any Benchmark Replacement Conforming Changes, the Issuer will notify the Indenture Trustee and the Servicer, and will provide to the Servicer the relevant information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and any such Benchmark Replacement Conforming Changes for inclusion in the Monthly Investor Report. Notwithstanding anything in this Indenture or the other Transaction Documents to the contrary, upon the delivery of such notice and the inclusion of such information in the Monthly Investor Report, this Indenture and/or any other relevant Transaction Document will be deemed to have been amended to reflect such Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment and/or Benchmark Replacement Conforming Changes without further compliance with the provisions of Article IX of this Indenture or the amendment provisions of any other relevant Transaction Document.

(iv)             Decisions and Determinations. Any determination, decision or election that may be made by the Issuer pursuant to this Section 3.19(c) (or pursuant to any capitalized term used in this Section 3.19(c) or in any such capitalized term), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error, may be made in the Issuer's sole discretion, and, notwithstanding anything to the contrary in the Transaction Documents, will become effective without consent from any other party. None of the Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the Administrator, the Sponsor, the Depositor or the Servicer will have any liability for any determination made by or on behalf of the Issuer pursuant to this Section 3.19(c) (or pursuant to any capitalized term used in this Section 3.19(c) or in any such capitalized term), and each Noteholder and Note Owner, by its acceptance of a Note or a beneficial interest in a Note, will be deemed to waive and release any and all claims against the Issuer, the Owner Trustee, the Indenture Trustee, the Calculation Agent, the Administrator, the Sponsor, the Depositor and the Servicer relating to any such determinations.]

ARTICLE IV
SATISFACTION AND DISCHARGE

Section 4.1.           Satisfaction and Discharge of Indenture.

(a)            Conditions to Satisfaction and Discharge. Except as stated in Section 4.1(c), this Indenture will cease to be of further effect for the Notes if:

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(i)               either (A) the Notes that have been authenticated and delivered (other than (1) Notes that have been destroyed, lost or stolen and that have been replaced or paid under Section 2.7 and (2) Notes for which payment money has been deposited in trust or segregated and held in trust by the Issuer and later paid to the Issuer or discharged from the trust under Section 3.3) have been delivered to the Indenture Trustee for cancellation or (B) the Notes not delivered to the Indenture Trustee for cancellation have become due and payable and the Issuer has deposited or caused to be deposited with the Indenture Trustee money in trust in an amount sufficient to pay and discharge the outstanding principal amount of the Notes and interest accrued on the Notes on the Redemption Date;

(ii)              the Issuer has paid or caused to be paid all money payable by it under the Transaction Documents; and

(iii)             the Issuer has delivered to the Indenture Trustee an Officer's Certificate and an Opinion of Counsel meeting the requirements of Section 11.4.

(b)            Acknowledgement of Satisfaction and Discharge. After the satisfaction and discharge of the Indenture under Section 4.1(a), the Indenture Trustee will (i) by Issuer Order and at the expense of the Issuer, execute documents acknowledging satisfaction and discharge of this Indenture and (ii) at the request of the Owner Trustee, the Indenture Trustee will deliver to the Owner Trustee a certificate of a Responsible Person stating that all Noteholders have been paid in full.

(c)            Continuing Rights and Obligations. After the satisfaction and discharge of this Indenture, this Indenture will continue for (i) rights of registration of transfer and exchange, (ii) replacement of mutilated, destroyed, lost or stolen Notes, (iii) the rights of the Noteholders to receive payments of principal of and interest on the Notes, (iv) the obligations of the Indenture Trustee and any Note Paying Agent under Section 3.3, (v) the rights, obligations and immunities of the Indenture Trustee under this Indenture and (vi) the rights of the Secured Parties as beneficiaries of this Indenture in the property deposited with the Indenture Trustee payable to them for a period of two years after the satisfaction and discharge.

ARTICLE V
EVENTS OF DEFAULT; REMEDIES

Section 5.1.           Events of Default.

(a)            Events of Default. The occurrence of one of the following events will be an event of default under this Indenture (each, an "Event of Default"):

(i)               the Issuer fails to pay interest due on a Note of the Controlling Class on any Payment Date, and the failure continues for five days or more;

(ii)              the Issuer fails to pay the principal of a Note on its Final Scheduled Payment Date;

(iii)             the Issuer fails to observe a material covenant or agreement of the Issuer in this Indenture (other than to pay interest on or principal of the Notes) or a

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representation or warranty of the Issuer made in this Indenture or in an Officer's Certificate or other document delivered under this Indenture is incorrect in any material respect when made and, in each case, the failure or error continues for at least 60 days after the Issuer receives notice from the Indenture Trustee or the Issuer and the Indenture Trustee receive notice from the Noteholders of at least 25% of the Note Balance of the Controlling Class stating the failure or error, requiring it to be corrected and stating that the notice is a "Notice of Default"; or

(iv)            an Insolvency Event of the Issuer occurs.

(b)            Issuer to Notify. The Issuer will notify the Indenture Trustee within five Business Days after a Responsible Person of the Issuer has knowledge of the occurrence of a Default under Section 5.1(a)(iii), which notice will describe the Default, the status of the Default and what action the Issuer is taking to correct the Default. The Issuer will deliver a copy of the notice to each Qualified Institution (if not the Indenture Trustee) maintaining a Bank Account.

(c)            Indenture Trustee to Notify. The Indenture Trustee will notify the Noteholders within five Business Days after a Responsible Person of the Indenture Trustee has knowledge of the occurrence of an Event of Default.

Section 5.2.           Acceleration of Maturity; Rescission.

(a)            Acceleration. If an Event of Default occurs and is continuing, the Indenture Trustee or the Noteholders of a majority of the Note Balance of the Controlling Class may declare the Notes to be accelerated by notifying the Issuer (and the Indenture Trustee if such notice is given by the Noteholders). On acceleration, the unpaid Note Balance of the Notes, together with accrued and unpaid interest, will become immediately due and payable. If an Event of Default in Section 5.1(a)(iv) occurs, all unpaid principal of and accrued and unpaid interest on the Notes, and all other amounts payable under this Indenture, will automatically become immediately due and payable without a declaration or other act of the Indenture Trustee or a Noteholder. On the declaration of acceleration or automatic acceleration, the Indenture Trustee will promptly notify each Secured Party and each Qualified Institution (if not the Indenture Trustee) maintaining a Bank Account.

(b)            Rescission of Acceleration. The Noteholders of a majority of the Note Balance of the Controlling Class, by notifying the Issuer and the Indenture Trustee, may rescind a declaration of acceleration before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as stated in this Article V if:

(i)               the Issuer has paid or deposited with the Indenture Trustee an amount sufficient to (A) pay the due and unpaid principal of and interest on the Notes and all other amounts that would then be due under this Indenture or on the Notes if the Event of Default giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Indenture Trustee under Section 6.7 and (C) pay all other outstanding fees and expenses of the Issuer; and

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(ii)              all Events of Default, other than the non-payment of the principal of the Notes that has become due solely by acceleration, have been corrected or waived under Section 5.14.

Section 5.3.           Collection of Indebtedness by Indenture Trustee.

(a)            Overdue Amounts. If an Event of Default under Section 5.1(a)(i) or (ii) occurs and is continuing, the Issuer, on demand of the Indenture Trustee, will pay to the Indenture Trustee for the benefit of the Noteholders, the overdue amount with interest at the rate of interest then applicable to the Notes.

(b)            Collection Costs. In addition, the Issuer will pay the costs of collection, including all amounts owed to the Indenture Trustee under Section 6.7.

(c)            Proceedings. If the Issuer fails to pay those amounts on demand, the Indenture Trustee, in its own name and as trustee of an express trust, may start a proceeding to collect the money due and unpaid, and may pursue the proceeding to final judgment, and may enforce the judgment against the Issuer and collect the money due and unpaid in the manner provided by law out of the Collateral.

Section 5.4.           Trustee May File Proofs of Claim.

(a)            Proofs of Claim. If there is a proceeding involving the Issuer under the Bankruptcy Code or another bankruptcy, insolvency or other similar law, or in case a trustee, liquidator, receiver or similar official has been appointed for or taken possession of the Issuer or its property, the Indenture Trustee may:

(i)               file a proof of claim for due and unpaid principal of and interest on the Notes and file other proofs of claim or documents necessary or advisable to have the claims of the Indenture Trustee on behalf of the Secured Parties allowed in the proceedings or in other judicial proceedings involving the Issuer, its creditors and its property;

(ii)              unless prohibited by applicable law, vote on behalf of the Secured Parties in the election of a trustee, a standby trustee or a Person performing similar functions in the proceedings; and

(iii)             collect and receive any money or other property payable or deliverable on the claims and pay all amounts received on the claims of the Secured Parties, including the claims asserted by the Indenture Trustee on their behalf.

(b)            Authorization by Secured Parties. Each Secured Party authorizes a trustee, liquidator, receiver or similar official in a proceeding to make payments to the Indenture Trustee and, if the Indenture Trustee consents to make payments directly to the Secured Parties, to pay to the Indenture Trustee the amounts owed to the Indenture Trustee under Section 6.7.

(c)            No Right to Consent or Vote. Except as permitted under Section 5.4(a)(ii), this Indenture (i) does not authorize the Indenture Trustee to authorize or consent to or vote for or

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accept or adopt on behalf of a Secured Party a plan of reorganization, arrangement, adjustment or composition affecting the Notes and (ii) does not limit the rights of a Secured Party to authorize the Indenture Trustee to vote on the claim of a Secured Party in the proceeding.

Section 5.5.           Enforcement of Claims Without Possession of Notes.

(a)            Notes not Required. The Indenture Trustee may enforce its rights and make claims under this Indenture, or under the Notes, without the possession of the Notes or the production of the Notes in a proceeding. A proceeding started by the Indenture Trustee will be brought in its own name as trustee of an express trust, and any recovery of judgment will be for the benefit of the Secured Parties for which the judgment has been recovered.

(b)            Proceeding. In any proceeding brought by the Indenture Trustee (and any proceeding involving the interpretation of this Indenture to which the Indenture Trustee is a party), the Indenture Trustee will be held to represent all the Secured Parties, and it will not be necessary to make any Secured Party, including a Noteholder, a party to the proceeding.

Section 5.6.           Remedies; Priorities.

(a)            Remedies. If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded according to Section 5.2(b), the Indenture Trustee may do one or more of the following (subject to Section 5.7), and will at the direction of the Noteholders of a majority of the Note Balance of the Controlling Class:

(i)               start a proceeding 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 on the Notes, enforce any judgment obtained and collect from the Issuer money adjudged due;

(ii)              start a proceeding for the complete or partial foreclosure of this Indenture on the Collateral;

(iii)             sell or liquidate all or any part of the Collateral or rights or interest in the Collateral at one or more public or private sales called and conducted in any manner permitted by law;

(iv)             exercise any remedies of a secured party under the UCC; and

(v)              take any other action to protect and enforce the rights and remedies of the Indenture Trustee and the Secured Parties.

(b)            Notice of Sale or Liquidation of Collateral. The Indenture Trustee will notify each Secured Party and the Depositor of a sale or liquidation under Section 5.6(a)(iii) at least 15 days before the sale or liquidation. A Secured Party, the Depositor or the Servicer may submit a bid during the sale or liquidation.

(c)            Limitation on Collateral Liquidation. The Indenture Trustee may not sell or liquidate the Collateral unless:

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(i)               the Event of Default is described in Section 5.1(a)(i) or (ii); or

(ii)              the Event of Default is described in Section 5.1(a)(iii) and:

(A) the Noteholders representing 100% of the Note Balance of the Notes consent to the sale or liquidation; or

(B) the proceeds of the sale or liquidation are expected to be sufficient to pay in full all amounts owed by the Issuer to the Secured Parties including all principal of and accrued interest on the Notes;

(iii)             the Event of Default is described in Section 5.1(a)(iv) and:

(A) the Noteholders representing 100% of the Note Balance of the Controlling Class consent to the sale or liquidation; or

(B) the proceeds of the sale or liquidation are expected to be sufficient to pay in full all amounts owed by the Issuer to the Secured Parties including all principal of and accrued interest on the Notes; or

(C) the Indenture Trustee (1) determines that the Collateral will not continue to provide sufficient money for the payment of all amounts owed to the Secured Parties, as those payments would have become due if the Notes had not been accelerated and (2) obtains the consent of the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class.

In determining whether the condition in clause (ii)(B), (iii)(B) or (iii)(C) (1) above has been satisfied, the Indenture Trustee may rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants on the expected proceeds or on the sufficiency of the Collateral for that purpose.

(d)            Proceeds of Collateral. Any money or property collected by the Indenture Trustee after an acceleration of the Notes will be deposited in the Collection Account for distribution according to Section 8.2(d) on the Payment Date after the Collection Period during which those amounts are collected. In all other circumstances, Section 8.2(c) will continue to apply after an Event of Default.

Section 5.7.           Optional Preservation of Collateral. If the Notes have been accelerated under Section 5.2(a) and the declaration of acceleration has not been rescinded, the Indenture Trustee may elect to maintain possession of the Collateral. The Indenture Trustee will take into account that the 20__-__ Collections and other amounts expected to be received on the Collateral must be sufficient to pay the unpaid principal of and accrued and unpaid interest on the Notes when determining whether or not to maintain possession of part of the Collateral. In making this determination, the Indenture Trustee may rely on an opinion of a nationally-recognized Independent investment banking firm or firm of certified public accountants.

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Section 5.8.           Limitation on Suits.

(a)            Proceedings. No Noteholder has the right to start a proceeding under this Indenture or for the appointment of a receiver or trustee, or for any other remedy under this Indenture, unless:

(i)               the Noteholder has notified the Indenture Trustee of a continuing Event of Default;

(ii)               the Noteholders of at least 25% of the Note Balance of the Controlling Class have requested the Indenture Trustee to start the proceeding for the Event of Default in its own name as Indenture Trustee under this Indenture;

(iii)              the Noteholders have offered reasonable indemnity satisfactory to the Indenture Trustee against fees, expenses, losses, damages, claims and liabilities that may be incurred by the Indenture Trustee, or its agents, counsel, accountants and experts, in complying with the request;

(iv)             the Indenture Trustee has failed to start the proceedings for 60 days after it receives the notice, request and offer of indemnity; and

(v)              the Noteholders of a majority of the Note Balance of the Controlling Class have not given the Indenture Trustee a direction inconsistent with the request during that 60 day period.

(b)            No Right to Impair. No Noteholder has the right to impair the rights of another Noteholder or to seek or obtain priority or preference over another Noteholder or to enforce any right under this Indenture, except in the manner stated in this Indenture.

(c)            Conflicting Requests. If the Indenture Trustee receives conflicting requests under Section 5.8(a)(ii) from two or more groups of Noteholders, each evidencing less than a majority of the Note Balance of the Controlling Class, the Indenture Trustee will take the action requested by the Noteholders representing the greatest percentage of the Note Balance, notwithstanding any other provision of this Indenture.

Section 5.9.           Unconditional Rights to Receive Principal and Interest. Each Noteholder has an absolute and unconditional right to receive payment of the principal of and interest on its Note on or after the due dates stated in the Note or in this Indenture (or, for redemption, on or after the Redemption Date) and to start a proceeding for the enforcement of the payment according to Section 5.8. Those rights may not be impaired or affected without the consent of the Noteholder.

Section 5.10.        Restoration of Rights and Remedies. If the Indenture Trustee or a Noteholder has started a proceeding to enforce a right or remedy under this Indenture and the proceeding has been discontinued or abandoned or has been determined adversely to the Indenture Trustee or to the Noteholder, then the Issuer, the Indenture Trustee and the Noteholders, subject to a determination in the proceeding, will be restored to their former

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positions under this Indenture, and all rights and remedies of the Indenture Trustee and the Noteholders will continue as though no proceeding had been started.

Section 5.11.        Rights and Remedies Cumulative. No right or remedy of the Indenture Trustee or the Noteholders under this Indenture is intended to be exclusive of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right and remedy under this Indenture. The exercise of a right or remedy will not prevent the exercise of another right or remedy at the same time. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture will not be affected by the seeking, obtaining or use of other relief under this Indenture. Neither the Lien of this Indenture nor the rights or remedies of the Indenture Trustee or the Noteholders will be impaired by the recovery of a judgment by the Indenture Trustee against the Issuer or by the execution of a judgment on the Collateral.

Section 5.12.        Delay or Omission Not a Waiver. No delay or omission of the Indenture Trustee or a Noteholder to exercise a right or remedy after a Default or Event of Default will impair the right or remedy, or be a waiver of the Default or Event of Default. Every right and remedy under this Article V or under law of the Indenture Trustee or the Noteholders may be exercised as often as deemed advisable by the Indenture Trustee or by the Noteholders.

Section 5.13.        Control by Noteholders. The Noteholders of a majority of the Note Balance of the Controlling Class have the right to direct the time, method and place of conducting a proceeding for a remedy available to the Indenture Trustee for the Notes or exercising a trust or power of the Indenture Trustee, subject to the following terms.

(a)            No Conflict. The direction does not conflict with law or with this Indenture.

(b)            Direction to Sell or Liquidate. Except under Section 5.6(c), a direction to the Indenture Trustee to sell or liquidate the Collateral must have been made by the Noteholders of 100% of the Note Balance of the Controlling Class.

(c)            Non-Unanimous Directions. If the Indenture Trustee elects to retain the Collateral under Section 5.7, then a direction to the Indenture Trustee by Noteholders of less than 100% of the Note Balance of the Controlling Class to sell or liquidate the Collateral will not be effective.

(d)            Other Action. The Indenture Trustee may take other action considered advisable by the Indenture Trustee that is not inconsistent with the direction from the Noteholders of a majority of the Note Balance of the Controlling Class.

(e)            Adverse Action. The Indenture Trustee need not take an action that it determines might have a material adverse effect on the rights of the Noteholders not consenting to the action.

Section 5.14.        Waiver of Defaults and Events of Default.

(a)            Waiver by Controlling Class. The Noteholders of a majority of the Note Balance of the Controlling Class may waive a Default or Event of Default except an Event of Default (i)

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in the payment of principal of or interest on the Notes (other than an Event of Default relating to failure to pay principal due only by reason of acceleration) or (ii) for a covenant or term of this Indenture that cannot be amended, supplemented or modified without the consent of all the Noteholders.

(b)          Effect of Waiver. Once waived, the Default or Event of Default will be considered not to have occurred for all purposes of this Indenture. No waiver will extend to any other Default or Event of Default or impair any right relating to any other Default or Event of Default.

Section 5.15.          Agreement to Pay Costs. The parties to this Indenture agree, and each Noteholder by its acceptance of a Note will be deemed to have agreed, that a court may in its discretion require, in a proceeding for the enforcement of a right or remedy under this Indenture, or in a proceeding against the Indenture Trustee for an action taken or not taken by it as Indenture Trustee, the filing by a party litigant in the proceeding of an agreement to pay the costs of the proceeding, and that the court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against a party litigant in the proceeding. This Section 5.15 will not apply to (a) a proceeding started by the Indenture Trustee, (b) a proceeding started by a Noteholder or group of Noteholders holding more than 10% of the Note Balance of the Notes (or for a proceeding for the enforcement of a right or remedy under this Indenture that is started by the Controlling Class, holding more than 10% of the Note Balance of the Controlling Class) or (c) a proceeding started by a Noteholder for the enforcement of the payment of principal of or interest on a Note on or after the respective due dates expressed in the Note and in this Indenture (or, for redemption, on or after the Redemption Date).

Section 5.16.          Waiver of Stay or Extension Laws. The Issuer agrees that it will not plead or in any manner claim or take the benefit of, a stay or extension that may affect the performance of its obligations under this Indenture, and the Issuer waives the benefit of such law.

Section 5.17.          Performance and Enforcement of Obligations.

(a)          Actions Requested by Indenture Trustee. At the Administrator's expense, the Issuer will promptly take any lawful action the Indenture Trustee requests to (i) compel the performance by (A) the Titling Companies, the Collateral Agent and the Servicer of their obligations to the Issuer under the Credit and Security Agreement, the Exchange Note Supplement, the Servicing Agreement or the Servicing Supplement or (B) the Depositor and Ford Credit of their obligations under the Exchange Note Purchase Agreement and the Exchange Note Sale Agreement and (ii) exercise any rights, remedies, powers, privileges and claims available to the Issuer under those agreements as directed by the Indenture Trustee.

(b)          Exercise by Indenture Trustee. If an Event of Default occurs and is continuing, (i) the Indenture Trustee may, and at the direction of the Noteholders of at least 66-2/3% of the Note Balance of the Controlling Class will, exercise all rights, remedies, powers, privileges and claims of the Issuer against (A) the Titling Companies, the Collateral Agent and the Servicer under the Credit and Security Agreement, the Exchange Note Supplement, the Servicing Agreement or the Servicing Supplement or (B) the Depositor and Ford Credit under the Exchange Note Purchase Agreement and the Exchange Note Sale Agreement, including the right or power to take any

27

action to compel or secure performance or observance by those Persons of their obligations to the Issuer under those agreements, and to give a consent, request, notice, direction, approval, extension or waiver under those agreements and (ii) the right and power of the Issuer to take any such action will be suspended.

(c)          Indenture Trustee May Enforce Exchange Note. The Indenture Trustee, acting at the direction of the Noteholders of a majority of the Note Balance of the Controlling Class, may exercise any rights, remedies, powers, privileges and claims available to the Issuer as holder of the 20__-__ Exchange Note.

ARTICLE VI
INDENTURE TRUSTEE

Section 6.1.          Indenture Trustee's Obligations.

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

(b)          Obligations; Reliance. Except during the continuance of an Event of Default:

(i)          the Indenture Trustee agrees to perform the obligations and only the obligations stated in this Indenture and no implied covenants or obligations are to be read into this Indenture; and

(ii)          in the absence of willful misconduct, bad faith or negligence on its part, the Indenture Trustee may conclusively rely, for the truth of the statements and the correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by this Indenture, conforming to the requirements of this Indenture. The Indenture Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements, if any, of this Indenture.

(c)          Indenture Trustee Liable. The Indenture Trustee will not be relieved from liability for its own willful misconduct, bad faith or negligence, except that:

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

(ii)         the Indenture Trustee will not be liable for an error of judgment made in good faith unless it is proved that the Indenture Trustee was negligent in determining the relevant facts; and

(iii)        the Indenture Trustee will not be liable for any action taken or not taken in good faith according to this Indenture or a direction received by it under Sections 5.13, 5.17(b) and 7.2.

(d)          Not Liable for Interest. The Indenture Trustee will not be liable for interest on money received by it, except as the Indenture Trustee may agree in writing with the Issuer.

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(e)          Not Required to Segregate. The Indenture Trustee need not segregate any funds held by it in trust under this Indenture from other funds unless required by law, this Indenture, the Exchange Note Supplement or the Servicing Supplement.

(f)          Section Governs. The terms of this Indenture relating to the conduct of the Indenture Trustee, the liability of the Indenture Trustee or giving protection to the Indenture Trustee are subject to this Section 6.1 and to the TIA.

(g)          No Deemed Knowledge. The Indenture Trustee will not be deemed to have knowledge of a Default, an Event of Default or a breach of a representation or warranty unless (i) a Responsible Person of the Indenture Trustee has knowledge of the Default, Event of Default or breach or (ii) it has actually received notice of the Default, Event of Default or breach.

(h)          Permissive Rights. No permissive right of the Indenture Trustee in this Indenture or any other Transaction Document will be considered to be an obligation, and the Indenture Trustee will not be liable for not taking action under any permissive right.

(i)          Enforceable in all Capacities. The rights, privileges, protections, immunities and benefits given to the Indenture Trustee in this Article VI, including its right to be indemnified, are extended to, and will be enforceable by, the Indenture Trustee in each of its capacities under this Indenture and the other Transaction Documents, including as Authenticating Agent, [Calculation Agent,] Note Registrar and Note Paying Agent under this Indenture and as a "securities intermediary" as defined in Section 8-102 of the UCC and a "bank" as defined in Section 9-102 of the UCC under the Account Control Agreement and the Titling Company Account Control Agreement.

Section 6.2.          Indenture Trustee's Rights.

(a)          Reliance on Documents. The Indenture Trustee may rely on any document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper Person. The Indenture Trustee is not required to investigate any facts or matters or to verify any calculations or amounts stated in any document. The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance on a document believed by it to be genuine.

(b)          Reliance on Opinions. Before the Indenture Trustee acts or does not act, it may require and rely on an Officer's Certificate or an Opinion of Counsel. The Indenture Trustee will not be liable for any action taken or not taken in good faith in reliance on an Officer's Certificate or Opinion of Counsel.

(c)          Use of Agents. The Indenture Trustee may exercise its rights or powers under this Indenture or perform its obligations under this Indenture either directly or by or through agents or attorneys or a custodian or nominee. The Indenture Trustee will not be responsible for misconduct or negligence on the part of, or for the supervision of, the agent, attorney, custodian or nominee appointed by it with due care.

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(d)          Good Faith. The Indenture Trustee will not be liable for any action taken or not taken in good faith which it believes to be authorized or within its rights or powers under this Indenture so long as the action taken or not taken does not amount to negligence.

(e)          Advice from Experts. The Indenture Trustee may consult with counsel, accountants or other experts, and the advice or opinion of counsel, accountants or other experts on any matters relating to this Indenture and the Notes will be full and complete authorization and protection from liability for any action taken or not taken by it under this Indenture in good faith and according to the advice or opinion of that counsel, accountant or expert.

(f)          Not Required to Pay or Risk Funds. The Indenture Trustee is not obligated to (i) exercise the rights or powers under this Indenture or to pay or risk its own funds or incur any financial liability in the performance of its obligations under this Indenture if it has reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against that risk or liability is not reasonably assured or given to it or (ii) start, pursue or defend litigation, investigate any matter or honor the request, demand or direction of the Noteholders under this Indenture, other than requests, demands or directions relating to an asset representations review demand under Section 7.2, unless the Noteholders have offered to the Indenture Trustee reasonable security or indemnity satisfactory to it for the reasonable expenses that might be incurred by the Indenture Trustee in complying with the request or direction.

(g)          Force Majeure. The Indenture Trustee will not be responsible or liable for a failure or delay in the performance of its obligations under this Indenture from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, loss or failures of mechanical, electronic or communication systems, pandemics or epidemics. The Indenture Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

(h)          Consequential Damages. The Indenture Trustee will not be responsible or liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Indenture Trustee has been advised of the likelihood of the loss or damage and regardless of the form of action.

Section 6.3.          Indenture Trustee's Individual Rights. The Indenture Trustee and any Note Paying Agent, Note Registrar or Authenticating Agent under this Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee or Note Paying Agent, Note Registrar or Authenticating Agent.

Section 6.4.          Indenture Trustee's Disclaimer. The Indenture Trustee will not be liable for (a) the validity or adequacy of this Indenture or the Notes, (b) the Issuer's use of the proceeds from the Notes or (c) any statement of the Issuer in this Indenture or in the Notes, other than the Indenture Trustee's certificate of authentication, or any statement of the Issuer, the Depositor or the Servicer in any prospectus or offering document used for the offering or sale of the Notes.

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Section 6.5.          Notice of Defaults. Within 90 days after a Responsible Person of the Indenture Trustee has knowledge of, or actually receives notice of, a Default under this Indenture, the Indenture Trustee will mail as described in Section 313(c) of the TIA to each Noteholder, notice of the Default, unless the Default has been corrected or waived. However, (a) except for a Default in the payment of principal of or interest on a Note, the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Persons in good faith determines that the withholding of the notice is in the interests of the Noteholders and (b) for a Default stated in Section 5.1(a)(iii), the Indenture Trustee will not notify the Noteholders until at least 30 days after a Responsible Person of the Indenture Trustee has knowledge of, or actually receives notice of, the Default.

Section 6.6.          Reports by Indenture Trustee.

(a)          Tax Information. Starting in the year after the Closing Date, the Indenture Trustee will deliver or cause to be delivered to each Person who at any time during the prior calendar year was a Noteholder of record, a statement containing the information required to be given to a noteholder by an issuer of indebtedness, in the form and at the time required under the Code.

(b)          Monthly Investor Report. On each Payment Date, the Indenture Trustee will deliver the Monthly Investor Report to each Noteholder of record as of the most recent Record Date (which delivery may be made by e-mail to the e-mail addresses in the Note Register without need for confirmation of receipt or by making the report available to the Noteholders through the Indenture Trustee's website, which initially is located at ________________________).

(c)          Annual Certificate of Compliance. If required by Regulation AB and requested by the Depositor or the Servicer, the Indenture Trustee will deliver to the Administrator, the Issuer and the Servicer on or before March 1 of each year, starting in the year after the Closing Date, an Officer's Certificate signed by a Responsible Person of the Indenture Trustee (i) stating that (A) a review of the Indenture Trustee's activities during the prior year and of its performance under this Indenture has been made under the Responsible Person's supervision and (B) to the Responsible Person's knowledge, based on the review, the Indenture Trustee has fulfilled in all material respects its obligations under this Indenture throughout the prior year, or, if there has been a failure to fulfill the obligation in a material respect, stating the failure known to the Responsible Person and the nature and status of the failure and (ii) certifying to matters related to the Indenture Trustee as required under Form 10-K under the Exchange Act.

(d)          Annual Assessment of Compliance. The Indenture Trustee will:

(i)          deliver to the Administrator, the Issuer and the Servicer, a report on its assessment of compliance with the minimum servicing criteria described in Items 1122(d)(2)(i), (2)(ii), (2)(iv), (2)(v), (3)(ii) (for payments only) and (3)(iv) of Regulation AB (the "Applicable Servicing Criteria") during the prior year, including disclosure of any material instance of non-compliance identified by the Indenture Trustee, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB; and

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(ii)         cause a firm of registered public accountants to deliver to the Administrator, the Issuer and the Servicer an attestation report on the assessment of compliance with the Applicable Servicing Criteria for the prior year that (A) satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as applicable, (B) complies with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and (C) indicates that the firm is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act.

The reports will be delivered on or before March 1 of each year, starting in the year after the Closing Date, in a format suitable for filing with the Securities and Exchange Commission on EDGAR.

Section 6.7.          Compensation and Indemnity.

(a)          Fees. The Issuer will pay the Indenture Trustee as compensation for performing its obligations under this Indenture a fee separately agreed by the Issuer and the Indenture Trustee. The Indenture Trustee's compensation will not be limited by law on compensation of a trustee of an express trust. The Issuer will reimburse the Indenture Trustee for its reasonable expenses in performing its obligations under this Indenture and the other Transaction Documents, including costs of collection and the reasonable compensation and expenses of the Indenture Trustee's agents, counsel, accountants and experts, but excluding expenses resulting from the Indenture Trustee's willful misconduct, bad faith or negligence.

(b)          Indemnification. The Issuer will indemnify the Indenture Trustee and its officers, directors, employees and agents (each, an "Indemnified Person"), for all fees, expenses, losses, damages and liabilities resulting from the administration of and the performance of its obligations under this Indenture and the other Transaction Documents (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Issuer's indemnification obligations), but excluding any fee, expense, loss, damage or liability resulting from (i) the Indenture Trustee's willful misconduct, bad faith or negligence or (ii) the Indenture Trustee's breach of its representations or warranties in this Indenture.

(c)          Proceedings. If an Indemnified Person receives notice of the start of a proceeding against it, the Indemnified Person will, if a claim under the proceeding will be made under this Section 6.7, promptly notify the Issuer of the proceeding. The Issuer may participate in and assume the defense and settlement of the proceeding at its expense. If the Issuer notifies the Indemnified Person of its intention to assume the defense of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer will not be liable for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer and the Indemnified Person. If there is a conflict, the Issuer will pay for the separate counsel to the Indemnified Person. No settlement of the proceeding may be made without the approval of the Issuer and the Indemnified Person, which approvals will not be unreasonably withheld.

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(d)          Survival of Obligations. The Issuer's obligations to the Indenture Trustee under this Section 6.7 will survive the resignation or removal of the Indenture Trustee and the discharge of this Indenture. Expenses incurred by the Indenture Trustee after the occurrence of a Default stated in Section 5.1(a)(iv) are intended to be expenses of administration under the Bankruptcy Code or another applicable federal or State bankruptcy, insolvency or similar law.

(e)          Repayment. If the Issuer makes a payment to an Indemnified Person under Section 6.7(b) and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer for distribution according to the priority of payments under Section 8.2 on the related Payment Date.

(f)          Funds for Payment. Payments required to be made by the Issuer under this Section 6.7 will be made solely from funds used to make payments under this Indenture.

Section 6.8.          Resignation or Removal of Indenture Trustee.

(a)          Resignation. The Indenture Trustee may resign by notifying the Issuer and the Administrator at least 30 days in advance.

(b)          Removal by Controlling Class. The Noteholders of a majority of the Note Balance of the Controlling Class may, without cause, remove the Indenture Trustee and terminate its rights and obligations under this Indenture by notifying the Indenture Trustee and the Issuer at least 30 days in advance.

(c)          Removal by Issuer. The Issuer must remove the Indenture Trustee and terminate its rights and obligations under this Indenture if:

(i)          the Indenture Trustee fails to comply with the eligibility requirements in Section 6.11(a);

(ii)         the Indenture Trustee becomes legally unable to act or incapable of acting as Indenture Trustee; or

(iii)        an Insolvency Event for the Indenture Trustee occurs.

(d)          Appointment of Successor. If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class must appoint a successor Indenture Trustee promptly. If a successor Indenture Trustee does not take office within 60 days after the Indenture Trustee resigns or is removed, the Indenture Trustee, the Issuer or the Noteholders of a majority of the Note Balance of the Controlling Class may petition a court of competent jurisdiction to appoint a successor Indenture Trustee.

(e)          Acceptance of Appointment. No resignation or removal of the Indenture Trustee will become effective until the acceptance of appointment by the successor Indenture Trustee under this Section 6.8. Any successor Indenture Trustee will deliver a written acceptance of its appointment to the Indenture Trustee, the Issuer and the Administrator. The Issuer will continue to pay amounts owed to the predecessor Indenture Trustee for the period it was Indenture Trustee

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according to Sections 6.7 and 8.2. The successor Indenture Trustee will notify the Secured Parties of its succession and the Issuer or Administrator will deliver a copy of the notice to the Rating Agencies.

(f)          Transition of Indenture Trustee Obligations. On the resignation or removal of the Indenture Trustee becoming effective under Section 6.8(e), all rights, powers and obligations of the Indenture Trustee under this Indenture will become the rights, powers and obligations of the successor Indenture Trustee. The predecessor Indenture Trustee will promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. The Depositor will reimburse the Indenture Trustee and any successor Indenture Trustee for expenses related to the replacement of the Indenture Trustee, if those amounts have not been paid under Section 8.2.

Section 6.9.          Merger or Consolidation; Transfer of Assets.

(a)          Merger or Consolidation. If the Indenture Trustee merges or consolidates with, or transfers all or substantially all of its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Indenture Trustee so long as that Person is qualified and eligible under Section 6.11(a). The Indenture Trustee will promptly notify the Servicer and the Issuer of the succession, and the Issuer will notify the Rating Agencies.

(b)          Authentication of Notes. If, at the time the successor by merger or consolidation to the Indenture Trustee succeeds to the trusts created by this Indenture, Notes have been authenticated but not delivered, the successor Indenture Trustee may adopt the certificate of authentication of a predecessor Indenture Trustee and deliver the Notes so authenticated. If at that time any Notes have not been authenticated, the successor Indenture Trustee may authenticate the Notes. In each of those cases, the certificates will have the same force and effect provided in the Notes or in this Indenture as the certificate of the predecessor Indenture Trustee.

Section 6.10.          Appointment of Separate Trustee or Co-Trustee.

(a)          Appointment. For the purpose of meeting the legal requirement of a jurisdiction in which part of the Collateral may be located, after notifying the Issuer and the Servicer, the Indenture Trustee may appoint one or more Persons to act as a separate trustee or separate trustees, or co-trustee or co-trustees, of all or part of the Collateral, and to vest in those Persons, in this capacity and for the benefit of the Secured Parties, title to all or part of the Collateral, and, subject to this Section 6.10, rights, powers and obligations the Indenture Trustee may consider necessary or desirable. No separate trustee or co-trustee will be required to be eligible as a successor trustee under Section 6.11(a) and no notice to the Secured Parties of the appointment of a separate trustee or co-trustee will be required under Section 6.8.

(b)          Terms of Appointment. Every separate trustee and co-trustee will be appointed and act subject to the following:

(i)          all rights, powers and obligations of the Indenture Trustee will apply to and will be exercised or performed by the Indenture Trustee, or the Indenture Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee will not be authorized to act separately without the Indenture Trustee joining in

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the act), except if under the law of a jurisdiction in which a particular act or acts are to be performed the Indenture Trustee will be incompetent or unqualified to perform those act or acts, in which event those acts will be exercised and performed singly by the separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

(ii)         no trustee will be personally liable by reason of an act or omission of another trustee under this Indenture; and

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

(c)          Notices. Any notice, request or other writing given to the Indenture Trustee will be deemed to have been given to each appointed separate trustee and co-trustee, as effectively as if given to each of them.

(d)          Rights of Appointee. Every document appointing a separate trustee or co-trustee will refer to this Indenture and the conditions of this Section 6.10. Each separate trustee and co-trustee, on its acceptance of its appointment will have the rights, powers and obligations stated in its appointment, subject to this Indenture. The document will be filed with the Indenture Trustee and the Indenture Trustee will give the Issuer a copy of each document.

(e)          Indenture Trustee as Agent. A separate trustee or co-trustee may appoint the Indenture Trustee as its agent or attorney-in-fact with power and authority, if permitted by law, to do each lawful act under or for this Indenture on its behalf and in its name. If a separate trustee or co-trustee becomes incapable of acting, resigns or is removed, all of its rights, powers and obligations will be exercised by the Indenture Trustee, if permitted by law, without the appointment of a new or successor trustee.

Section 6.11.          Eligibility; Disqualification.

(a)          Eligibility Requirements. The Indenture Trustee must satisfy the requirements of Section 310(a) of the TIA and must comply with Section 310(b) of the TIA. The Indenture Trustee or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report of condition and must have a long-term debt rating of investment grade by each of the Rating Agencies or must be acceptable to each of the Rating Agencies. Promptly after the Indenture Trustee fails to satisfy the requirements in this Section 6.11(a) [or ceases to be a Qualified Institution], the Indenture Trustee will notify the Issuer and the Servicer of the failure.

(b)          Resignation. Within 90 days after the occurrence of an Event of Default that has not been corrected or waived, unless authorized by the Securities and Exchange Commission, the Indenture Trustee will resign for the Class A, Class B[,]/[and/or] Class C [and/or Class D] Notes according to Section 6.8, and the Issuer will appoint a successor Indenture Trustee for the Class A, Class B[,]/[and/or] Class C [and/or Class D] Notes, as applicable, so that there will be separate Indenture Trustees for the Class A, Class B[,]/[and] Class C [and Class D] Notes. If the Indenture Trustee fails to comply with the prior sentence, the Indenture Trustee must comply with TIA Section 310(b)(ii) and (iii).

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(c)          Successor. If a successor Indenture Trustee is appointed for the Class A, Class B[,]/[or] Class C [or Class D] Notes under this Section 6.11, the Issuer, the predecessor Indenture Trustee and the successor Indenture Trustee will execute an indenture supplemental to this Indenture. The supplemental indenture will contain:

(i)          the terms on which the successor Indenture Trustee accepts its appointment;

(ii)         the terms necessary or advisable to transfer and confirm to, the successor Indenture Trustee the rights, powers and obligations of the Indenture Trustee for the Notes for which the successor Indenture Trustee is appointed;

(iii)        if the predecessor Indenture Trustee is not being removed as Indenture Trustee for all of the Notes, the terms necessary or desirable to confirm that the rights, powers and obligations of the predecessor Indenture Trustee for the Notes for which the predecessor Indenture Trustee is not being removed continue to be vested in the Indenture Trustee for these Notes; and

(iv)        the terms necessary to provide for or facilitate the administration of the trusts under this Indenture by more than one Indenture Trustee.

(d)          Timing. Nothing in this Indenture or in the supplemental indenture will make the Indenture Trustees co-trustees of the same trust and the Indenture Trustee will be a trustee of a trust or trusts under this Indenture separate and apart from the trust or trusts under this Indenture administered by another Indenture Trustee. The indenture supplement will become effective on the removal of the predecessor Indenture Trustee.

Section 6.12.          Preferential Collection of Claims Against Issuer. The Indenture Trustee will comply with Section 311(a) of the TIA, excluding each creditor relationship listed in Section 311(b) of the TIA. An Indenture Trustee who has resigned or been removed will be subject to Section 311(c) of the TIA.

Section 6.13.          Review of Indenture Trustee's Records. The Indenture Trustee agrees that, with reasonable prior notice, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, during the Indenture Trustee's normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of the Indenture Trustee relating to (a) the performance of the Indenture Trustee's obligations under this Indenture, (b) the payments of fees and expenses of the Indenture Trustee for its performance and (c) any claim made by the Indenture Trustee under this Indenture. In addition, the Indenture Trustee will permit those representatives to make copies and extracts of the books and records and to discuss them with the Indenture Trustee's officers and employees. Any access and review will be subject to the Indenture Trustee's confidentiality and privacy policies. The Indenture Trustee will maintain all relevant books, records, reports and other documents and materials for a period of two years after the termination of its obligations under this Indenture.

Section 6.14.          Indenture Trustee's Representations and Warranties. The Indenture Trustee represents and warrants to the Issuer as of the Closing Date:

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(a)          Organization and Qualification. The Indenture Trustee is duly organized and, validly existing as a _________ [in good standing] under the laws of _______________. The Indenture Trustee [is qualified as a foreign banking corporation in good standing and] has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Indenture Trustee's ability to perform its obligations under the Transaction Documents to which it is a party.

(b)          Power, Authority and Enforceability. The Indenture Trustee has the power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party. The Indenture Trustee has authorized the execution, delivery and performance of the Transaction Documents to which it is a party. Each of the Transaction Documents to which it is a party is the legal, valid and binding obligation of the Indenture Trustee enforceable against the Indenture Trustee, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)          No Conflicts and No Violation. The completion of the transactions under the Transaction Documents to which it is a party, and the performance of its obligations under such documents, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Indenture Trustee is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Indenture Trustee's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the Indenture Trustee's organizational documents or by-laws or (iv) violate a law or, to the Indenture Trustee's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties that applies to the Indenture Trustee, which, in each case, would reasonably be expected to have a material adverse effect on the Indenture Trustee's ability to perform its obligations under the Transaction Documents to which it is a party.

(d)          No Proceedings. To the Indenture Trustee's knowledge, there are no proceedings or investigations pending or threatened in writing before any federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Indenture Trustee or its properties (i) asserting the invalidity of the Transaction Documents to which it is a party, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents to which it is a party or (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Indenture Trustee's ability to perform its obligations under, or the validity or enforceability of, the Transaction Documents to which it is a party.

(e)          Eligibility. The Indenture Trustee satisfies the requirements of Section 310(a) of the TIA [and is a Qualified Institution]. The Indenture Trustee or its parent has a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report of condition.

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(f)          Information Given by the Indenture Trustee. The information given by the Indenture Trustee in any certificate delivered by a Responsible Person of the Indenture Trustee is true and correct in all material respects.

Section 6.15.          Obligation to Update Disclosure. The Indenture Trustee will notify and provide information, and certify that information in an Officer's Certificate, to the Depositor on the occurrence of any event or condition relating to the Indenture Trustee or actions taken by the Indenture Trustee that (a) may be required to be disclosed by the Depositor under Item 2 (the institution of, material developments in, or termination of legal proceedings against __________________ that are material to the Noteholders) of Form 10-D under the Exchange Act within five days of a Responsible Person of the Indenture Trustee becoming aware of such proceeding, (b) the Depositor reasonably requests of the Indenture Trustee that the Depositor believes is necessary to comply with Regulation AB within five days of the request, (c) is required to be disclosed under Item 5 (submission of matters to a vote of the Noteholders) of Form 10-D under the Exchange Act within five days of a Responsible Person of the Indenture Trustee becoming aware of the submission, (d) is required to be disclosed under Item 6.02 (resignation, removal, replacement or substitution of ___________________ as Indenture Trustee) or Item 6.04 (failure to make a distribution when required) of Form 8-K under the Exchange Act within two days of a Responsible Person of the Indenture Trustee becoming aware of the occurrence or (e) causes the information given by the Indenture Trustee in any certificate delivered by a Responsible Person of the Indenture Trustee to be untrue or incorrect in any material respect or is necessary to make the statements given by the Indenture Trustee in light of the circumstances in which they were made not misleading within five days of a Responsible Person of the Indenture Trustee becoming aware of the event or condition.

Section 6.16.          Reporting of Reallocations of Leases and Leased Vehicles. The Indenture Trustee will (a) notify the Sponsor, the Depositor and the Servicer, as soon as practicable and within five Business Days, of demands or requests received by a Responsible Person of the Indenture Trustee for the removal of a Lease and related Leased Vehicle from the 20__-__ Reference Pool and reallocation of the Lease and Leased Vehicle to the Revolving Facility Pool under Section 3.3 of the Exchange Note Sale Agreement, (b) promptly on request by the Sponsor, the Depositor or the Servicer, provide to them other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB and (c) if requested by the Sponsor, the Depositor or the Servicer, provide a written certification no later than 15 days following the end of any quarter or year that the Indenture Trustee has not received any repurchase demands or requests for that period, or if repurchase demands or requests have been received during that period, that the Indenture Trustee has provided all the information reasonably requested under clause (b) above. The Indenture Trustee and the Issuer will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act or Regulation AB.

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ARTICLE VII
NOTEHOLDER COMMUNICATIONS AND REPORTS

Section 7.1.          Noteholder Communications.

(a)          Noteholder List. If the Indenture Trustee is not the Note Registrar, the Issuer will furnish a list of the names and addresses of the Noteholders of any Definitive Notes to the Indenture Trustee (a) not more than five days after each Record Date, as of that Record Date and (b) not more than 30 days after receipt by the Issuer of a request from the Indenture Trustee, as of a date not more than ten days before the time the list is furnished. If the Indenture Trustee is the Note Registrar, the Indenture Trustee, on the request of the Owner Trustee, will furnish within ten days to the Owner Trustee a list of Noteholders of any Book-Entry Notes as of the date stated by the Owner Trustee.

(b)          Noteholder List Retention. The Indenture Trustee will maintain a current list of the names and addresses of the Noteholders based on the most recent list furnished to the Indenture Trustee under Section 7.1(a) and the names and addresses of the Noteholders received by the Indenture Trustee in its capacity as Note Registrar.

(c)          TIA Communication. A Noteholder may communicate under Section 312(b) of the TIA with other Noteholders about their rights under this Indenture or under the Notes. The Issuer, the Indenture Trustee and the Note Registrar will have the protection of Section 312(c) of the TIA.

(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 notifying 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 an asset representations review demand under Section 7.2, unless the Noteholder or Note Owner has offered reasonable security or indemnity reasonably satisfactory to the Indenture Trustee to protect it against the fees and expenses that it may incur in complying with the request, demand or direction.

(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 request to the Issuer or the Servicer, on behalf of the Issuer, to include information regarding the communication in a Form 10-D to be filed by the Issuer with the Securities and Exchange 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

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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 7.1(e) will be deemed to have certified to the Issuer 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 Issuer 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 Issuer with the Securities and Exchange Commission for the Collection Period in which the request was received (A) a statement that the Issuer 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.

Section 7.2.          Noteholder Demand for Asset Representations Review. If a Delinquency Trigger occurs, as reported on Form 10-D, 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 Leases under the Asset Representations Review Agreement. In the case of a Note Owner, each demand 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 the Noteholders or Note Owners of at least 5% of the aggregate Note Balance of the Notes demand a vote within 90 days of the filing of the Form 10-D reporting the occurrence of the Delinquency Trigger, the Indenture Trustee will promptly request a vote of the Noteholders or Note Owners of record as of the most recent Record Date and, in the case of Note Owners, through the Clearing Agency process. The vote will remain open until the 150th day after the filing of the Form 10-D. Assuming a voting quorum of the Noteholders or Note Owners holding at least 5% of the aggregate Note Balance of the Notes is reached, if the Noteholders or Note Owners of a majority of the Note Balance of Notes vote to direct a Review, the Indenture Trustee will promptly send a Review Notice to the Asset Representations Reviewer and the Servicer under the Asset Representations Review Agreement stating that the Noteholders or Note Owners have voted to direct the Asset Representations Reviewer to conduct the Review.

Section 7.3.          Reports by Issuer.

(a)          SEC Filings. The Issuer will, or will cause the Administrator or the Servicer to:

(i)          prepare and file with the Securities and Exchange Commission (A) the annual reports and the information, documents and other reports (or copies or parts the Securities and Exchange Commission may prescribe) that the Issuer is required to file with the Securities and Exchange Commission under Section 13 or 15(d) of the Exchange Act, including annual reports on Form 10-K and monthly distribution reports on Form

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10-D, and (B) additional information, documents and reports about compliance by the Issuer with this Indenture required by the Securities and Exchange Commission;

(ii)         deliver to the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Securities and Exchange Commission, copies of the annual reports and the information, documents or other reports filed with the Securities and Exchange Commission under Section 7.3(a)(i); and

(iii)        deliver to the Indenture Trustee the information, documents and reports (or summaries) required to be filed by the Issuer under Sections 7.3(a)(i) and (ii) as may be required by rules and regulations prescribed by the Securities and Exchange Commission.

(b)          Documents and Reports to Noteholders. The Indenture Trustee will mail to all Noteholders, as described in Section 313(c) of the TIA, the information, documents and reports (or summaries of such items) supplied to the Indenture Trustee under Section 7.3(a).

(c)          Fiscal Year. The fiscal year of the Issuer will be the calendar year.

Section 7.4.          Reports by Indenture Trustee.

(a)          Annual Report. Within 90 days after each April 15, starting in the year after the Closing Date, the Indenture Trustee will prepare and mail to each Noteholder a report dated as of April 15 of the applicable year that complies with Section 313(a) of the TIA, if the report is required under Section 313(a) of the TIA. The Indenture Trustee will also prepare and mail to the Noteholders any report required under Section 313(b) of the TIA. A report mailed to the Noteholders under this Section 7.4(a) will be mailed according to Section 313(c) of the TIA.

(b)          Filing. The Indenture Trustee will file with the Securities and Exchange Commission a copy of each report delivered under Section 7.4(a) at the time of its mailing to the Noteholders.

ARTICLE VIII
ACCOUNTS, DISTRIBUTIONS AND RELEASES

Section 8.1.          Collection of Funds. Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture, the Exchange Note Supplement and the Servicing Supplement. The Indenture Trustee will apply the funds and other property received by it, and will make deposits to, and distributions from, the Bank Accounts, under this Indenture, the Exchange Note Supplement and the Servicing Supplement.

Section 8.2.          Bank Accounts; Distributions.

(a)          Establishment. On and after the Closing Date, the Indenture Trustee will maintain the Bank Accounts established by the Servicer under Section 4.1 of the Servicing Supplement.

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(b)          Distributions from Collection Account. Subject to Section 8.2(d), on each Payment Date the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Collection Account and make deposits and payments, to the extent of Available Funds in the Collection Account for that Payment Date, in the following order of priority (pro rata within each priority level based on the amounts due except as otherwise stated):

(i)          first, to the payment of amounts, including indemnities, then due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents, in each case, if not paid by the Depositor or the Administrator, up to a maximum of $_______ per year;

(ii)         second, to the Servicer, all unpaid Administration Fees;

(iii)        third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date);

(iv)        fourth, for allocation as principal under Section 8.2(c), the First Priority Principal Payment;

(v)         fifth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

(vi)        sixth, for allocation as principal under Section 8.2(c), the Second Priority Principal Payment;

(vii)       seventh, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

(viii)      [eighth, for allocation as principal under Section 8.2(c), the Third Priority Principal Payment;

(ix)        ninth, to the Noteholders of Class D Notes, the Accrued Note Interest for the Class D Notes;]

(x)         [eighth]/[tenth], to the Reserve Account, the amount required to bring the amount in the Reserve Account up to the Required Reserve Amount after taking into account each deposit made to the Reserve Account on that Payment Date under Section 5.1(a)(iv) of the Exchange Note Supplement;

(xi)        [ninth]/[eleventh], for allocation as principal under Section 8.2(c), the Regular Principal Payment;

(xii)       [tenth]/[twelfth], to the payment of all amounts due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer, in each case,

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if not paid by the Depositor or Administrator or under Section 8.2(b)(i) on that Payment Date; and

(xiii)      [eleventh]/[thirteenth], to the holder of the Residual Interest, any remaining amounts.

(c)          Distributions of Principal. On each Payment Date, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) pay any amounts allocated to principal under Section 8.2(b) in the following order of priority, in each case, applied pro rata according to the Note Balance of the Notes of that Class:

(i)          first, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes has been reduced to zero;

(ii)         second, to the Noteholders of Class A-2[a] [and Class A-2b] Notes[, pro rata based on the respective Note Balances], in payment of principal until the Note Balance of the Class A-2[a] [and Class A-2b] Notes has been reduced to zero;

(iii)        third, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes has been reduced to zero;

(iv)        fourth, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes has been reduced to zero;

(v)         fifth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes has been reduced to zero;

(vi)        sixth, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes has been reduced to zero;[and]

(vii)       [seventh, to the Noteholders of Class D Notes, in payment of principal until the Note Balance of the Class D Notes has been reduced to zero; and]

(viii)      [seventh]/[eighth], to the holder of the Residual Interest, any remaining amounts.

(d)          Distributions Following Acceleration. If the Notes are accelerated after an Event of Default, on each Payment Date starting with the Payment Date relating to the Collection Period in which the Notes are accelerated, the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Bank Accounts and make deposits and payments, to the extent of funds in the Bank Accounts for the related Collection Period, in the following order of priority (pro rata within each priority level based on the amounts due except as stated):

(i)          first, to the payment of amounts, including indemnities, due to the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and, to or at the direction of the Issuer, any expenses of the Issuer incurred under the Transaction Documents;

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(ii)         second, to the Servicer, all unpaid Administration Fees;

(iii)        third, to the Noteholders of Class A Notes, the aggregate Accrued Note Interest for the Class A Notes, pro rata based on the Note Balances of the Class A Notes on the prior Payment Date (after giving effect to payments on that date);

(iv)        fourth, to the Noteholders of Class A-1 Notes, in payment of principal until the Note Balance of the Class A-1 Notes is reduced to zero;

(v)         fifth, to the Noteholders of Class A-2[a] [and Class A-2b] Notes, in payment of principal until the Note Balance of the Class A-2[a] [and Class A-2b] Notes is reduced to zero;

(vi)        sixth, to the Noteholders of Class A-3 Notes, in payment of principal until the Note Balance of the Class A-3 Notes is reduced to zero;

(vii)       seventh, to the Noteholders of Class A-4 Notes, in payment of principal until the Note Balance of the Class A-4 Notes is reduced to zero;

(viii)      eighth, to the Noteholders of Class B Notes, the Accrued Note Interest for the Class B Notes;

(ix)        ninth, to the Noteholders of Class B Notes, in payment of principal until the Note Balance of the Class B Notes is reduced to zero;

(x)         tenth, to the Noteholders of Class C Notes, the Accrued Note Interest for the Class C Notes;

(xi)        eleventh, to the Noteholders of Class C Notes, in payment of principal until the Note Balance of the Class C Notes is reduced to zero; [and]

(xii)       [twelfth, to the Noteholders of Class D Notes, the Accrued Note Interest for the Class D Notes;

(xiii)      thirteenth, to the Noteholders of Class D Notes, in payment of principal until the Note Balance of the Class D Notes is reduced to zero; and]

(xiv)      [twelfth]/[fourteenth], to the holder of the Residual Interest, any remaining amounts.

(e)          Subordination Agreement. Each of (i) the subordination of interest payments to the Noteholders of the Class B Notes to the payment of any First Priority Principal Payment to the Noteholders of the Class A Notes[,]/[and] (ii) the subordination of interest payments to the Noteholders of the Class C Notes to the payment of any Second Priority Principal Payment to the Noteholders of the Class A Notes and the Class B Notes [and (iii) the subordination of interest payments to the Noteholders of the Class D Notes to the payment of any Third Priority Principal Payment to the Noteholders of the Class A Notes, the Class B Notes and the Class C Notes]

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under Section 8.2(b) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.

Section 8.3.          Bank Accounts.

(a)          Limited Liability for Permitted Investments. Subject to Section 6.1(c), the Indenture Trustee will not be liable for any insufficiency in Bank Accounts resulting from a loss on a Permitted Investment, except for losses attributable to the Indenture Trustee's failure to make payments on the Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee. The Indenture Trustee is not obligated to monitor the activities of any Qualified Institution (unless the Qualified Institution is also the Indenture Trustee) and will not be liable for the actions or inactions of any Qualified Institution (unless the Qualified Institution is also the Indenture Trustee).

(b)          Notice to Qualified Institution. A Responsible Person of the Indenture Trustee will notify the Qualified Institution maintaining the Bank Accounts (if not the Indenture Trustee) if an Event of Default has occurred and is continuing.

Section 8.4.          Release of Collateral.

(a)          Release of Property. The Indenture Trustee may, and when required by this Indenture will, release Collateral from the Lien of this Indenture, in each case, according to this Indenture. Except under Sections 8.4(c), 8.4(d) and 10.1(c), the Indenture Trustee will release Collateral from the Lien of this Indenture only on receipt of an Issuer Request and an Officer's Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates according to Sections 314(c) and 314(d)(1) of the TIA meeting the requirements of Section 11.4.

(b)          Limited Security Interest. The Issuer and the Indenture Trustee intend that the property in which a Lien is Granted under this Indenture will be limited to the 20__-__ Exchange Note and the other Collateral as stated in the "Granting Clause" of this Indenture, and the Lien will not include direct rights in the Leases or Leased Vehicles or proceeds of the Leases or Leased Vehicles (other than for proceeds of the 20__-__ Exchange Note) or other property of the Titling Companies.

(c)          Deemed Release. The Indenture Trustee will be deemed to release, and does release, and each Noteholder or Note Owner, by its acceptance of a Note or an interest or participation in a Note, acknowledges that the Indenture Trustee will release Liens and other rights and interests it possesses, without further action of the parties, in, to and under:

(i)          each Lease and Leased Vehicle and all proceeds of the Lease and Leased Vehicle reallocated to the Revolving Facility Pool under Section 3.4(c) of the Exchange Note Purchase Agreement, Section 3.3(c) of the Exchange Note Sale Agreement or Section 3.3(f) of the Servicing Supplement, effective when the Lease and Leased Vehicle is deemed reallocated to the Revolving Facility Pool under the applicable Section;

(ii)         each Lease and Leased Vehicle (but not the proceeds of the sale or disposition of the Lease and Leased Vehicle) sold by the related Titling Company under

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Section 4.2 of the Servicing Agreement, effective when the Lease and Leased Vehicle is deemed sold and assigned by the Titling Company under that Section; and

(iii)        each Leased Vehicle (and the proceeds of the sale or disposition of the Leased Vehicle released according to Section 3.3(b) of the Credit and Security Agreement and Section 4.2(d) of the Servicing Agreement) sold by the Servicer under Section 4.2 of the Servicing Agreement, effective when the Leased Vehicle is deemed sold and assigned by the related Titling Company under that Section.

(d)          Release of Funds. When there are no Notes Outstanding and all amounts due from the Issuer to the Indenture Trustee have been paid in full under Section 6.7 or 10.1, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to those funds under this Indenture or the other Transaction Documents, the funds then in the Bank Accounts under this Indenture. The Indenture Trustee will release Collateral from the Lien of this Indenture under this Section 8.4(d) only on receipt of an Issuer Request and an Officer's Certificate and an Opinion of Counsel meeting the requirements of Section 11.4.

(e)          Termination Statements. On receipt of an Issuer Request accompanied by an Officer's Certificate and an Opinion of Counsel meeting the requirements of Section 11.4, the Indenture Trustee will execute termination statements and other documents to release Collateral as permitted by this Section 8.4 and Section 10.1. No party relying on a document or authorization executed by the Indenture Trustee under this Article VIII is required to determine the Indenture Trustee's authority, inquire into the satisfaction of conditions precedent or require evidence of the application of funds.

ARTICLE IX
AMENDMENTS

Section 9.1.          Amendments Without Consent of Noteholders.

(a)          General Amendments. Without the consent of the Noteholders but after notifying the Rating Agencies, the Issuer and the Indenture Trustee may, and when directed by Issuer Order will, amend this Indenture:

(i)          to correct or expand the description of property subject to the Lien of this Indenture, or better to assure, convey and confirm to the Indenture Trustee property subject or required to be subjected to the Lien of this Indenture, or to subject additional property to the Lien of this Indenture;

(ii)         to evidence the succession of any other Person to the Issuer, and the assumption by the successor of the obligations of the Issuer in this Indenture and in the Notes;

(iii)        to add to the obligations of the Issuer, for the benefit of the Noteholders, or to surrender a right or power given to the Issuer in this Indenture;

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(iv)        to transfer, assign, mortgage or pledge property to or with the Indenture Trustee;

(v)         to clarify an ambiguity, correct an error or correct or supplement a term in this Indenture inconsistent with another term in this Indenture or applicable law or to add terms which are not inconsistent with the other terms of this Indenture if the action does not have a material adverse effect on the interests of the Noteholders;

(vi)        [to clarify an ambiguity, correct an error or correct or supplement a term in this Indenture inconsistent with another term in any prospectus or offering memorandum related to the Notes, in each case, without the consent of the Noteholders or any other Person;]

(vii)       to evidence the acceptance of the appointment under this Indenture of a successor trustee and to add to or change this Indenture necessary for the administration of the trusts under this Indenture by more than one trustee; or

(viii)      to modify, eliminate or add to the terms of this Indenture to effect the qualification of this Indenture under the TIA and to add to this Indenture other terms required by the TIA.

(b)          Amendments without Material Adverse Effect. Without the consent of the Noteholders, the Issuer and the Indenture Trustee may, and when directed by Issuer Order will, amend this Indenture to add terms to, to change or eliminate the terms of, or to amend (other than the amendments in Section 9.2) the rights of the Noteholders under, this Indenture, if:

(i)          the Issuer or the Administrator delivers, to the Indenture Trustee an Officer's Certificate stating that the amendment will not have a material adverse effect on the Notes;

(ii)         the Issuer delivers an Opinion of Counsel to the Indenture Trustee stating that the amendment will not (A) cause a Note to be considered sold or exchanged for purposes of Section 1001 of the Code, (B) cause the Issuer or a Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or (C) adversely affect the treatment of the Notes as debt for U.S. federal income tax purposes; and

(iii)        the Rating Agency Condition has been satisfied.

Section 9.2.          Amendments with Consent of Controlling Class.

(a)          Amendments. With the consent of the Noteholders of a majority of the Note Balance of the Controlling Class and after notifying the Rating Agencies, the Issuer and the Indenture Trustee may, and when directed by Issuer Order will, amend this Indenture to add terms to, to change or eliminate the terms of, or to modify the rights of the Noteholders under, this Indenture if the Issuer delivers an Opinion of Counsel to the Indenture Trustee stating that the amendment will not (i) cause any Note to be considered sold or exchanged for purposes of Section 1001 of the Code, (ii) cause the Issuer or a Titling Company to be treated as an

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association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or (iii) adversely affect the treatment of the Notes as debt for U.S. federal income tax purposes. However, no amendment, without the consent of each Noteholder of each Outstanding Note adversely affected by the amendment, will:

(A)          change Section 9.1 or this Section 9.2;

(B)          change (1) the Final Scheduled Payment Date or the date of payment of any installment of principal of or interest on a Note, (2) the principal amount of or interest rate on a Note, (3) the price at which the Notes may be redeemed, (4) the priority of payments on the Notes or relating to the application of collections on, or the proceeds of the sale of, the Collateral to payment of principal of or interest on the Notes, or change the place of payment where, or the currency in which, a Note or the interest on a Note is payable or (5) the right of the Noteholders to start proceedings to enforce this Indenture;

(C)          change the percentage of the Note Balance of the Notes or the Controlling Class required for any action;

(D)          change the definition of "Outstanding" or "Controlling Class";

(E)          change the calculation of the amount of a payment of principal or interest on a Note on a Payment Date; or

(F)          permit the creation of any Lien ranking prior or equal to the Lien of this Indenture on the Collateral, other than Permitted Liens, or, except as permitted by this Indenture or the other Transaction Documents, release the Lien of this Indenture on the Collateral.

(b)          Noteholder Consent. For any amendment to this Indenture or any other Transaction Document requiring the consent of the Noteholders, the Indenture Trustee will, when directed by Issuer Order, notify the Noteholders to request consent and follow its reasonable procedures to obtain consent.

Section 9.3.          Execution of Amendments.

(a)          Form; Authorization; Reliance. Each amendment will be in form reasonably satisfactory to the Indenture Trustee. The Indenture Trustee is authorized to execute the amendment and any other agreements required by the amendment. For any amendment, the Issuer will deliver to the Indenture Trustee and the Owner Trustee an Opinion of Counsel stating that the amendment is permitted by this Indenture and that all conditions to the amendment have been satisfied.

(b)          Indenture Trustee Not Obligated. The Indenture Trustee is not obligated to, enter into an amendment that adversely affects the Indenture Trustee's rights, powers, obligations, or liabilities under this Indenture.

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(c)          Indenture Supplement not an Amendment. An indenture supplement entered into under Section 6.11(c) will not be considered an amendment to this Indenture for purposes of this Article IX.

Section 9.4.          Effect of Amendment. On the execution of an amendment under this Article IX, this Indenture will be amended by the amendment, and the amendment will be part of this Indenture for all purposes. Every Noteholder of Notes authenticated and delivered before or after the amendment will be bound by the amendment.

Section 9.5.          Conformity with TIA. Each amendment of this Indenture executed under this Article IX will conform to the requirements of the TIA as then in effect so long as this Indenture is qualified under the TIA.

Section 9.6.          Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of an amendment under this Article IX may, and if required by the Indenture Trustee will, bear a notation about the amendment. New Notes modified to conform to an amendment may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for the Outstanding Notes.

ARTICLE X
REDEMPTION OF NOTES

Section 10.1.          Redemption.

(a)          Optional Redemption. The Notes may be redeemed in whole, but not in part, at the direction of the Servicer on any Payment Date on which the Servicer exercises its option to purchase the 20__-__ Exchange Note under Section 6.1 of the Servicing Supplement. If the Notes are to be redeemed under this Section 10.1, the Servicer or the Issuer will notify the Indenture Trustee and the Rating Agencies at least ten days before the Redemption Date. After the Servicer or the Issuer notifies the Indenture Trustee, the Indenture Trustee will promptly notify the Noteholders:

(i)          of the Redemption Date;

(ii)         of the Note Redemption Price;

(iii)        of the outstanding Note Balance of each Class of the Notes to be redeemed and that the Notes plus accrued and unpaid interest on the Notes to the Redemption Date will be paid in full;

(iv)        of the place to surrender the Notes for final payment (which will be the office or agency of the Issuer maintained under Section 3.2); and

(v)         that on the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date.

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(b)          Deposit of Note Redemption Price. The Issuer will cause the Servicer to deposit on the Business Day before the Redemption Date (or, with satisfaction of the Rating Agency Condition, on the Redemption Date) in the Exchange Note Collection Account the amount required under Section 6.1 of the Servicing Supplement, and the Notes will be paid in full on the Redemption Date.

(c)          Release of Funds. On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

ARTICLE XI
OTHER AGREEMENTS

Section 11.1.          No Petition. The Indenture Trustee and each Noteholder or Note Owner, by accepting a Note or an interest or participation in a Note, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 11.1 will survive the resignation or removal of the Indenture Trustee under this Indenture and the termination of this Indenture.

Section 11.2.          Limited Recourse; Subordination of Claims Against Titling Companies.

(a)          Limited Recourse; Subordination Agreement. The Titling Companies' obligations under the 20__-__ Exchange Note are secured solely by the Borrower Collateral, and a claim under this Indenture or a Note issued under this Indenture against a Titling Company will be limited in recourse to the 20__-__ Reference Pool and the other Borrower Collateral available for payment on the 20__-__ Exchange Note under the Exchange Note Supplement. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or an interest or participation in a Note, acknowledge and agree that they have no right, title or interest in or to any other assets of the Titling Companies, including assets allocated to Specified Interests other than the Collateral Specified Interest ("Other Borrower Assets"). If the Indenture Trustee, a Noteholder, a Note Owner or another Person having a claim under this Indenture either (i) asserts an interest in, claim to or benefit from, Other Borrower Assets or (ii) is deemed to have an interest in, claim to or benefit from Other Borrower Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the Indenture Trustee, each Noteholder and each Note Owner further acknowledges and agrees that the interest, claim or benefit in, to or from the Other Borrower Assets is subordinated to the indefeasible payment in full of the other obligations and liabilities of the Titling Companies ("Other Borrower Liabilities"), which, under the relevant

50

documents relating to the securitization, conveyance or other financing or disposition of those Other Borrower Assets, are entitled to be paid from, entitled to the benefits of or secured by those Other Borrower Assets (whether or not the entitlement or security interest is legally perfected or entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Titling Companies), in each case, including the payment of post-petition interest on those other obligations and liabilities. This Section 11.2(a) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Indenture Trustee, each Noteholder and each Note Owner further acknowledge and agree that no adequate remedy at law exists for a breach of this Section 11.2 and this Section 11.2 may be enforced by an action for specific performance.

(b)          Election under Bankruptcy Code. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or an interest or participation in a Note, irrevocably makes the election provided to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment provided by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that Person may have against Other Borrower Assets (including a Specified Interest of a Titling Company other than the Collateral Specified Interest).

(c)          Third Party Benefit. This Section 11.2 is for the third party benefit of the holders, pledgees or other beneficiaries of Other Borrower Liabilities and will survive the termination of this Indenture.

Section 11.3.          Limited Recourse; Subordination of Claims Against Depositor. The Issuer's obligations under this Indenture are solely the Issuer's obligations and do not represent an obligation or interest in the assets of the Depositor other than the Sold Property conveyed to the Issuer under the Exchange Note Sale Agreement. The Indenture Trustee, by entering into this Indenture, and each Noteholder and Note Owner, by accepting a Note or an interest or participation in a Note, acknowledge and agree that they have no right, title or interest in or to Other Assets of the Depositor. If the Indenture Trustee, Noteholder or Note Owner either (i) asserts an interest in, claim to or benefit from, the Other Assets or (ii) is deemed to have an interest in, claim to or benefit from the Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the Indenture Trustee, Noteholder or Note Owner further acknowledges and agrees that the interest, claim or benefit in, to or from the Other Assets is expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by, those Other Assets (whether or not the entitlement or security interest is legally perfected or entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on those other obligations and liabilities. This Section 11.3 is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Indenture Trustee, each Noteholder and each Note Owner further acknowledge and agree that no adequate remedy at law exists for a breach of this Section 11.3 and it may be enforced by an action for specific performance. This Section 11.3 is for the third-party benefit of the Depositor and any Person with an interest in the Other Assets and will survive the termination of this Indenture.

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Section 11.4.          Issuer Orders; Certificates and Opinions

(a)          Issuer Order or Issuer Request. For an order or request by the Issuer to the Indenture Trustee to take an action under this Indenture or any other Transaction Document, the Issuer will deliver the following documents to the Indenture Trustee: (i) a written order (an "Issuer Order") or a written request (an "Issuer Request"), signed in the name of the Issuer by a Responsible Person and delivered to the Indenture Trustee, (ii) an Officer's Certificate stating that all conditions in this Indenture or other Transaction Document for the proposed action have been satisfied, (iii) if required by the TIA or on the request of the Indenture Trustee, an Opinion of Counsel stating that the conditions have been satisfied and (iv) if required by the TIA, an Independent Certificate from a firm of certified public accountants of national reputation selected by the Issuer. However, no certificates or opinions are required to be delivered if this Indenture requires the furnishing of specific documents for the action to be taken.

(b)          Form of Certificates and Opinions.

(i)          Each certificate or opinion on compliance with a condition or covenant in this Indenture will include:

(A) a statement that each signatory of the certificate or opinion has read the covenant or condition and the definitions in this Indenture relating to the covenant or condition;

(B) a brief statement about the nature and scope of the examination or investigation on which the statements or opinions in the certificate or opinion are based;

(C) a statement that, in the opinion of the signatory, the signatory has made an examination or investigation if necessary to enable the signatory to express an informed opinion on whether or not the covenant or condition has been complied with; and

(D) a statement about whether, in the opinion of the signatory, the condition or covenant has been complied with.

(ii)         Any Officer's Certificate of a Responsible Person of the Issuer may be based, for legal matters, on an opinion of counsel, unless that Responsible Person knows, or in the exercise of reasonable care should know, that the opinion is erroneous. Any Officer's Certificate of a Responsible Person of the Issuer or opinion of counsel may be based, for factual matters, on an Officer's Certificate of a Responsible Person of the Servicer, the Depositor or the Issuer (including by the Administrator on behalf of the Issuer), stating that the information about those factual matters is in the possession of the Servicer, the Depositor, the Issuer or the Administrator, unless the Responsible Person of the Issuer or counsel knows, or in the exercise of reasonable care should know, that the Officer's Certificate is erroneous.

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(c)          Conditions for Release.

(i)          Before depositing property or securities with the Indenture Trustee that is to be made the basis for the release of any Collateral subject to the Lien of this Indenture, the Issuer will furnish to the Indenture Trustee (A) an Officer's Certificate stating the opinion of each Responsible Person signing the certificate about the fair value (within 90 days before the deposit) to the Issuer of the property or securities to be so deposited and (B) an Independent Certificate about the same matters, if the fair value to the Issuer of the securities to be so deposited and of other securities withdrawn or released since the start of the then-current year, as stated in the certificates required by clause (A) and this clause (B), is 10% or more of the Note Balance of the Notes Outstanding, except that an Independent Certificate need not be furnished for property or securities so deposited if the fair value of the property or securities to the Issuer as stated in the related Officer's Certificate is less than $25,000 or less than 1% of the Note Balance of the Notes.

(ii)         Whenever property or securities are to be released from the Lien of this Indenture, the Issuer will furnish to the Indenture Trustee (A) an Officer's Certificate stating the opinion of each Responsible Person signing the certificate about the fair value (within 90 days before the release) of the property or securities to be released and stating that in the opinion of that Responsible Person the proposed release will not impair the security under this Indenture and (B) an Independent Certificate about the same matters, if the fair value of the property or securities to be released and of other property, other than property as contemplated by Section 11.4(d), or securities released from the Lien of this Indenture since the start of the then-current year, as stated in the certificates required by clause (A) and this clause (B), is 10% or more of the Note Balance of the Notes Outstanding, except that an Independent Certificate need not be furnished for the release of property or securities if the fair value of the property or securities as stated in the related Officer's Certificate is less than $25,000 or less than 1% of the Note Balance of the Notes.

(d)          Ordinary Course of Business. The Issuer may, without furnishing any Officer's Certificates or Independent Certificates under Section 11.4(c), (i) collect, liquidate, sell or dispose of (or, as Holder of the 20__-__ Exchange Note, cause the Titling Companies to collect, liquidate, sell, remove or dispose of) Leases and Leased Vehicles in the ordinary course of its business, so long as Collections, Liquidation Proceeds, Recoveries and other proceeds of the dispositions are applied according to this Indenture and (ii) make cash payments out of the Bank Accounts, in each case, as and if permitted or required by the Transaction Documents.

(e)          Exemptive Orders. If the Securities and Exchange Commission issues an exemptive order under Section 304(d) of the TIA modifying the Indenture Trustee's obligations under Sections 314(c) and 314(d)(1) of the TIA, the Indenture Trustee will release property from the Lien of this Indenture only according to the Transaction Documents and the conditions and procedures stated in the exemptive order.

Section 11.5.          Acts of Noteholders. Any request, demand, authorization, direction, notice, consent, waiver or other action permitted by a Transaction Document to be given or taken by the Noteholders or a stated percentage of the Noteholders may be included in and evidenced

53

by one or more documents signed by the Noteholders. Except as otherwise stated in a Transaction Document, the action will become effective when the documents are delivered to the Indenture Trustee and, if required, to the Issuer. Any such acts will bind the Noteholder of every Note issued on the registration of the Note or in exchange for the Note or in place of the Note, for all purposes whether or not notation of the action is made on the Note.

Section 11.6.          Conflict with Trust Indenture Act. If any part of this Indenture limits, qualifies or conflicts with any other part of this Indenture that is required or deemed to be included in this Indenture by the TIA, the required or deemed part will control. Sections 310 through 317 of the TIA that impose obligations on a Person (including those automatically deemed included in this Indenture unless expressly excluded by this Indenture) are a part of and govern this Indenture.

Section 11.7.          Issuer Obligation. No recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee, the Delaware Trustee or the Indenture Trustee on the Notes or under this Indenture or a certificate or other writing delivered under this Indenture or the Notes, against (a) the Indenture Trustee, the Owner Trustee or the Delaware Trustee each in its individual capacity, (b) each holder of a beneficial interest in the Issuer, (c) each partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee, the Owner Trustee or the Delaware Trustee, each in its individual capacity or (d) each holder of a beneficial interest in the Owner Trustee, the Delaware Trustee or the Indenture Trustee, each in its individual capacity. The Indenture Trustee, the Owner Trustee and the Delaware Trustee have none of these obligations in their individual capacities. For all purposes of this Indenture, the Owner Trustee and the Delaware Trustee will be subject to, and have the benefits of, Articles V, VI and VII of the Trust Agreement.

ARTICLE XII
MISCELLANEOUS

Section 12.1.          Benefits of Indenture; Third-Party Beneficiaries. This Indenture and the Notes are for the benefit of and will be binding on the parties and their permitted successors and assigns. The Secured Parties, each Person with rights to payments or distributions under this Indenture and the holder of the Residual Interest will be third-party beneficiaries of this Indenture and may enforce this Indenture according to its terms. No other Person will have any right or obligation under this Indenture or the Notes.

Section 12.2.          Notices.

(a)          Notices to Parties. Notices, requests, directions, consents, waivers or other communications to or from the parties to this Indenture must be in writing and will be considered received by the recipient:

(i)          for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)         for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

54

(iii)        for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)        for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)          Notice Addresses. A notice, request, direction, consent, waiver or other communication will be addressed to the recipient stated on Schedule A, which address the party may change by notifying the other party.

(c)          Notice to Noteholders. Notices to a Noteholder will be considered received by the Noteholder:

(i)          for Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the Noteholder at its address in the Note Register; or

(ii)         for Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

(d)          Notices to Rating Agencies. Where this Indenture requires notice to the Rating Agencies, failure to give the notice will not affect other rights or obligations under this Indenture, and will not be a Default or Event of Default.

Section 12.3.          GOVERNING LAW. THIS INDENTURE WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 12.4.          Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Indenture. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

Section 12.5.          WAIVER OF JURY TRIAL. Each party irrevocably waives, to the fullest extent permitted by law, THE right to trial by jury in legal proceedings relating to this INDENTURE.

Section 12.6.          No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Indenture will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Indenture are in addition to any powers, rights and remedies under law.

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Section 12.7.          Severability. If a part of this Indenture is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Indenture and will not affect the validity, legality or enforceability of the remaining Indenture.

Section 12.8.          Headings. The headings in this Indenture are included for convenience and will not affect the meaning or interpretation of this Indenture.

Section 12.9.          Counterparts. This Indenture may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD CREDIT AUTO LEASE TRUST 20__-__,
as Issuer
By:	______________________, not in its individual capacity but solely as Owner Trustee of Ford Credit Auto Lease Trust 20__-__
By:
	Name:
	Title:
		,
	not in its individual capacity but solely as Indenture Trustee
By:
	Name:
	Title:

[Signature Page to Indenture]

Agreed and Acknowledged for purposes
of the Granting Clause:

CAB EAST LLC
By:
	Name:
	Title:

CAB WEST LLC
By:
	Name:
	Title:

[Signature Page to Indenture]

Schedule A

Notice Addresses

1. If to Ford Credit, in its individual capacity or as Sponsor, Servicer, Custodian or Administrator:

Ford Motor Credit Company LLC
c/o Ford Motor Company
World Headquarters, Suite 802
One American Road
Dearborn, Michigan 48126
Attention: Securitization Operations Manager
Telephone: (313) 206-7860
Email: FDSecops@ford.com

With a copy to:

Ford Motor Credit Company LLC

c/o Ford Motor Company
One American Road
Suite 1038
Dearborn, Michigan 48126
Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com

2. If to the Depositor:

Ford Credit Auto Lease Two LLC
c/o Ford Motor Company
World Headquarters, Suite 802
One American Road
Dearborn, Michigan 48126
Attention: Ford Credit SPE Management Office
Telephone: (313) 594-3495
Email: FSPEMgt@ford.com

With a copy to:

Ford Motor Credit Company LLC

c/o Ford Motor Company
One American Road
Suite 1038
Dearborn, Michigan 48126
Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com

SA-1

3. If to the Issuer:

c/o the Owner Trustee at the Corporate Trust Office of the Owner Trustee

With copies to:

Ford Motor Credit Company LLC
c/o Ford Motor Company
World Headquarters, Suite 802
One American Road
Dearborn, Michigan 48126
Attention: Ford Credit SPE Management Office
Telephone: (313) 594-3495
Email: FSPEMgt@ford.com

and

Ford Motor Credit Company LLC

c/o Ford Motor Company
One American Road
Suite 1038
Dearborn, Michigan 48126
Attention: Office of General Counsel

Fax: (313) 337-9591

Email: notice@ford.com

4. If to the Owner Trustee, at the Corporate Trust Office of the Owner Trustee;

5. If to the Delaware Trustee, at the Corporate Trust Office of the Delaware Trustee;

6. If to the Indenture Trustee, at the Corporate Trust Office of the Indenture Trustee;

7. If to the Asset Representations Reviewer:

[address]
Attention:
Telephone:
Fax:

7. If to [Rating Agency]:

[address]
Attention:
Telephone:
Fax:

SA-2

Exhibit A

Form of Notes

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

[Rule 144A Notes Only: THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE SECURITIES OR BLUE SKY LAWS OF ANY STATE OF THE UNITED STATES. THE HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), BY PURCHASING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) MAY BE SOLD, TRANSFERRED, ASSIGNED, PARTICIPATED, PLEDGED OR DISPOSED OF ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) UNDER RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN THE MEANING OF RULE 144A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE UNDER RULE 144A, OR (II) TO THE DEPOSITOR OR ITS AFFILIATES, IN EACH CASE, ACCORDING TO ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES.]

EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) THAT IS SUBJECT TO (A) TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), (B) SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (C) ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF PART 4 OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A "SIMILAR LAW"), BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) IS NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF ANY SIMILAR LAW, AS APPLICABLE.

EA-1

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN THIS NOTE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE OF THIS NOTE.

EA-2

REGISTERED	$[___________]
No. R-1	CUSIP NO. [_________]

FORD CREDIT AUTO LEASE TRUST 20__-__

CLASS [A-__][B][C][D] [__%][FLOATING RATE] ASSET BACKED NOTES

Ford Credit Auto Lease Trust 20__-__, a statutory trust organized under the laws of the State of Delaware (the "Issuer"), for value received, promises to pay to CEDE & CO., or registered assigns, the principal sum of [________________] DOLLARS payable on the fifteenth day of each month, or, if that day is not a Business Day, the next succeeding Business Day, starting in ______ 20__ (each, a "Payment Date") in an amount equal to the aggregate amount payable to the Noteholders of Class [A-__][B][C][D] Notes on that Payment Date from the amounts payable as principal on the Class [A-__][B][C][D] Notes under Section 3.1 of the Indenture, dated as of ___________, 20__ (the "Indenture"), between the Issuer and ________________________, as Indenture Trustee (the "Indenture Trustee"). However, the entire unpaid principal amount of this Note will be due and payable on the earlier of (a) the [__________] Payment Date (the "Class [A-__][B][C][D] Final Scheduled Payment Date"), or (b) the Redemption Date under Section 10.1 of the Indenture. The entire unpaid principal amount of the Notes will be due and payable on the date on which the Notes are declared to be, or have automatically become, immediately due and payable under Section 5.2(a) of the Indenture. Principal payments on the Class [A-__][B][C][D] Notes will be made pro rata to the Noteholders entitled to those principal payments. Capitalized terms used but not defined in this Note are defined in Article I of the Indenture, which also contains usage rules that apply to this Note.

The Issuer will pay interest on this Note at [the rate per annum shown above] [a rate based on SOFR determined under the terms of the Indenture, equal to 30-day average SOFR plus [___]% (but not less than 0.00%)] on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the prior Payment Date (in each case, after giving effect to payments of principal made on the prior Payment Date), subject to limitations in Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the [15th day of the month before each Payment Date] [previous Payment Date on which interest has been paid] (or, for the initial Payment Date, from and including the Closing Date) to but excluding [the 15th day of the month in which that Payment Date occurs] [that Payment Date]. Interest will be computed on the basis of [actual days elapsed and] a 360-day year [of twelve 30 day months].

The principal of and interest on this Note are payable in the coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments made by the Issuer on this Note will be applied first to interest due and payable on this Note as stated above and then to the unpaid principal of this Note.

This Note is one of a duly authorized issue of Class [A-__][B][C][D] [__%][Floating Rate] Asset Backed Notes (the "Class [A-__][B][C][D] Notes") of the Issuer. Also authorized under the Indenture are the Class [A-__][B][C][D] Notes. The Indenture and indentures

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supplemental to the Indenture state the respective rights and obligations of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to the Indenture.

The Class [A-__][B][C][D] Notes are and will be equally and ratably secured by the collateral pledged as security therefor under the Indenture. Interest on and principal of the Notes will be payable according to the priority of payments stated in Section 8.2 of the Indenture. [Class B only:][The Class B Notes are subordinated in right of payment to the Class A Notes.] [Class C only:][The Class C Notes are subordinated in right of payment to the Class A and Class B Notes.] [Class D only:][The Class D Notes are subordinated in right of payment to the Class A, Class B and Class C Notes.]

Payments of interest on this Note on each Payment Date, together with each installment of principal if not in full payment of this Note, will be made to the Registered Noteholder of this Note either by wire transfer, to the account of the Noteholder at a bank or other entity having proper facilities for the wire transfer, if the Noteholder has given to the Note Registrar proper written instructions at least five Business Days before that Payment Date and the Noteholder's Notes in the aggregate evidence a denomination of not less than $1,000,000, or, if not, by check mailed first class mail, postage prepaid, to the Registered Noteholder's address as it appears on the Note Register on each Record Date. However, unless Definitive Notes have been issued to Note Owners, payment will be made by wire transfer to the account designated by Cede & Co., as nominee of the Clearing Agency or a successor nominee. The payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note effected by payments made on a Payment Date will bind future Noteholders of this Note and of a Note issued on the registration of transfer of this Note or in exchange of this Note or in place of this Note, whether or not noted on this Note. If money is expected to be available for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Registered Noteholder of this Note as of the prior Record Date by notice mailed or transmitted by fax before that Payment Date, and the amount then due and payable will be payable only on presentation and surrender of this Note at the Indenture Trustee's Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for those purposes located in The City of New York.

The Issuer will pay interest on overdue installments of interest at the Class [A-__]/B/C/D] Note Interest Rate if lawful.

The Notes may be redeemed, in whole but not in part, in the manner and to the extent described in the Indenture and the Servicing Supplement.

The transfer of this Note is subject to the restrictions on transfer stated on the face of this Note and to the other limitations in the Indenture. Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Note Register on surrender of this Note for registration of transfer at the office or agency designated by the Issuer under the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder of this Note or its attorney-in-fact, with the signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, and then one or more new Notes of the same Class in

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authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for the registration of transfer or exchange of this Note, but the transferor may be required to pay an amount to cover any tax or other governmental charge that may be imposed under any registration of transfer or exchange.

Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that no recourse may be taken, directly or indirectly, for the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under the Indenture or a certificate or other writing delivered for the Notes and the Indenture, against (i) the Indenture Trustee or the Owner Trustee, each in its individual capacity, (ii) any holder of a beneficial interest in the Issuer, (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee or the Owner Trustee, each in its individual capacity or (iv) any holder of a beneficial interest in the Owner Trustee or the Indenture Trustee, each in its individual capacity.

The obligations of the Issuer under the Indenture are solely the obligations of the Issuer and do not represent an obligation or interest in any assets of the Depositor other than the Sold Property conveyed to the Issuer under the Exchange Note Sale Agreement. Each Noteholder and Note Owner, by its acceptance of a Note or an interest or participation in a Note, acknowledges and agrees that it has no right, title or interest in or to any Other Assets of the Depositor. If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Assets or (ii) is deemed to have any interest, claim to or benefit in or from Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further acknowledges and agrees that any interest, claim or benefit in or from Other Assets is and will be expressly subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the relevant documents relating to the securitization or conveyance of those Other Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Assets (whether or not any entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on the other obligations and liabilities. THIS PARAGRAPH IS A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

Any claim under a Note issued under the Indenture against one of the Titling Companies will be limited in recourse to the 20__-__ Reference Pool and the other Borrower Collateral available for payment on this Note under the Exchange Note Supplement. Each Noteholder and Note Owner, by its acceptance of a Note or an interest or participation in a Note, acknowledges and agrees that it has no right, title or interest in or to any Other Borrower Assets of a Titling Company. If the Noteholder or Note Owner either (i) asserts an interest or claim to, or benefit from, Other Borrower Assets or (ii) is deemed to have any interest, claim to or benefit in or from Other Borrower Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including by virtue of Section 1111(b) of the Bankruptcy Code), then the Noteholder or Note Owner further acknowledges and agrees that any interest, claim or benefit in or from Other Borrower Assets is and will be expressly subordinated to the indefeasible payment in full

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of the other obligations and liabilities, which, under the relevant documents relating to the securitization or conveyance of those Other Borrower Assets, are entitled to be paid from, entitled to the benefits of, or secured by those Other Borrower Assets (whether or not any entitlement or security interest is legally perfected or otherwise entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Titling Company), including the payment of post-petition interest on the other obligations and liabilities. THIS PARAGRAPH IS A SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(a) OF THE BANKRUPTCY CODE.

Each Noteholder or Note Owner, by accepting a Note or, for a Note Owner, an interest or participation in a Note, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join another Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any bankruptcy or similar law.

The Issuer has entered into the Indenture and this Note is issued with the intention that, for federal, State and local income and franchise tax purposes, Notes that are beneficially owned by a Person other than Ford Credit or its Affiliates will qualify as indebtedness of the Issuer secured by the Collateral. Each Noteholder or Note Owner, by its acceptance of a Note or an interest or participation in a Note, will be deemed to agree to treat the Notes for federal, State and local income, single business and franchise tax purposes as indebtedness of the Issuer.

For any date, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Note is registered as of that date as the owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without regard to any notice or other information to the contrary.

The Indenture permits, with some exceptions requiring the consent of all adversely affected Noteholders under the Indenture, the amendment of the Indenture and the modification of the rights and obligations of the Issuer and the rights of the Noteholders under the Indenture by the Issuer with the consent of the Noteholders of Notes evidencing not less than a majority of the Note Balance of the Controlling Class. The Indenture also permits the Indenture Trustee to amend or waive some terms and conditions in the Indenture without the consent of the Noteholders if some conditions are satisfied. In addition, the Indenture contains terms permitting the Noteholders of Notes evidencing stated percentages of the Note Balance of the Notes or of the Controlling Class, on behalf of all Noteholders, to waive compliance by the Issuer with some terms of the Indenture and some defaults under the Indenture and their consequences. Any consent or waiver by the Noteholder of this Note will be conclusive and bind the Noteholder and all future Noteholders of this Note and of any Note issued on the registration of transfer of this Note or in exchange of this Note or in place of this Note whether or not notation of the consent or waiver is made on this Note.

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The term "Issuer," as used in this Note, includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under some circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture.

The Notes are issuable only in registered form in denominations as stated in the Indenture, subject to some limitations in the Indenture.

THIS NOTE AND THE INDENTURE WILL BE GOVERNED BY, AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

No reference in this Note to the Indenture, and no term of this Note or of the Indenture, will alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency prescribed in this Note.

Except as permitted under the Transaction Documents, none of ___________________, in its individual capacity, _________________, in its individual capacity, any owner of a beneficial interest in the Issuer, or their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally liable for, nor will recourse be had to any of them for, the payment of principal of or interest on this Note or performance of, or omission to perform, any of the covenants, obligations or indemnifications in the Indenture. The Noteholder of this Note, by its acceptance of this Note, agrees that, except as permitted in the Transaction Documents, for an Event of Default under the Indenture, the Noteholder has no claim against those Persons for any deficiency, loss or claim from this Note. However, nothing in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Issuer for liabilities, obligations and undertakings in the Indenture or in this Note.

Unless the certificate of authentication on this Note has been executed by the Indenture Trustee whose name appears below by manual signature, this Note will not have the benefit of the Indenture, or be valid or obligatory for any purpose.

[Remainder of Page Left Blank]

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The Issuer has caused this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date below.

Date: __________ ___, 20__

FORD CREDIT AUTO LEASE TRUST 20__-__
By:	______________________, not in its individual capacity but solely as Owner Trustee of Ford Credit Auto Lease Trust 20__-__
By:
	Responsible Person

CERTIFICATE OF AUTHENTICATION

This is one of the Class [A-__][B][C][D] Notes designated above and referred to in the Indenture.

Date: __________ ___, 20__

_______________________________,
not in its individual capacity but
solely as Indenture Trustee

By:
	Responsible Person

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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 under said Note, and hereby irrevocably constitutes and appoints _________________, attorney, to transfer said Note on the books kept for registration of said Note, with full power of substitution in the premises.

Dated:		*/
	Signature Guaranteed*/

*/ NOTICE: 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 whatever. The signature must be guaranteed by an "eligible guarantor institution" meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion Program or another "signature guarantee program" selected by the Note Registrar in addition to, or in substitution for, the Securities Transfer Agents Medallion Program, all according to the Exchange Act.

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EX-4.2

Exhibit 4.2

Execution Version

FOURTH AMENDED AND RESTATED
CREDIT AND SECURITY AGREEMENT

among

CAB EAST LLC and
CAB WEST LLC,
as Borrowers,

U.S. BANK NATIONAL ASSOCIATION,
as Administrative Agent,

HTD LEASING LLC,
as Collateral Agent,

and

FORD MOTOR CREDIT COMPANY LLC,
as Lender and as Servicer

Dated as of July 22, 2005
as amended and restated as of June 4, 2021

TABLE OF CONTENTS
ARTICLE I USAGE AND DEFINITIONS	1

Section 1.1. Usage and Definitions 1

ARTICLE II REVOLVING FACILITY 1

Section 2.1.	Revolving Facility Advances	1
Section 2.2.	Recording of Revolving Facility Balance	2
Section 2.3.	Optional Termination of Revolving Period	2
Section 2.4.	Extension of Facility Termination Date	2
Section 2.5.	Facility Amount Increases and Decreases	2
Section 2.6.	Rate Increases and Decreases	2
Section 2.7.	Payments on Revolving Facility	3
Section 2.8.	Appointment of Borrower's Agent	3

ARTICLE III APPOINTMENT OF COLLATERAL AGENT; GRANT OF SECURITY 3

Section 3.1.	Appointment of Collateral Agent	3
Section 3.2.	Grant of Security	4
Section 3.3.	Release of Borrower Collateral	4

ARTICLE IV EXCHANGE NOTES 5

Section 4.1.	Exchange Notes	5
Section 4.2.	Issuance of Exchange Notes	5
Section 4.3.	Exchange Note Register	7
Section 4.4.	Registration of Transfer	7
Section 4.5.	Mutilated, Destroyed, Lost or Stolen Exchange Notes	9
Section 4.6.	Persons Deemed Owners	10
Section 4.7.	Payments on Exchange Notes	10
Section 4.8.	Cancellation of Exchange Notes	11
Section 4.9.	Acceptance of Agreement by Exchange Noteholders	11

ARTICLE V BORROWER'S COVENANTS, REPRESENTATIONS AND WARRANTIES 11

Section 5.1.	Payment of Principal and Interest	11
Section 5.2.	Maintenance of Office or Agency	12
Section 5.3.	Existence; Licenses	12
Section 5.4.	Protection of Borrower Collateral	12
Section 5.5.	Performance of Obligations	13
Section 5.6.	Negative Covenants	13
Section 5.7.	Opinions on Borrower Collateral	14
Section 5.8.	Merger and Consolidation; Transfer of Assets	14
Section 5.9.	Successor or Transferee	15
Section 5.10.	No Other Activities	15
Section 5.11.	Further Acts and Documents	15
Section 5.12.	Restricted Payments	15
Section 5.13.	Notice of Defaults	15
Section 5.14.	Review of Borrowers' Records	16
Section 5.15.	Insurance Policies	16

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Section 5.16.	Borrower's Authorized and Responsible Persons	16
Section 5.17.	Borrowers' Representations and Warranties	16
Section 5.18.	Borrowers' Representations and Warranties about Security Interest	17

ARTICLE VI EVENTS OF DEFAULT; REMEDIES 18

Section 6.1.	Facility Events of Default	18
Section 6.2.	Acceleration of Revolving Facility; Rescission	19
Section 6.3.	Revolving Facility Remedies	19
Section 6.4.	Exchange Note Events of Default	20
Section 6.5.	Acceleration of Exchange Note; Rescission	21
Section 6.6.	Exchange Note Remedies	21
Section 6.7.	Rights and Remedies Cumulative	22
Section 6.8.	Delay or Omission Not a Waiver	22
Section 6.9.	Waiver of Defaults	22

ARTICLE VII CREDITORS' RELATIONS 23

Section 7.1.	Allocation of Collections	23
Section 7.2.	Distribution of Collections on Revolving Facility Pool	23
Section 7.3.	Distribution of Collections on Reference Pools	24
Section 7.4.	Distribution of Collections Following Facility Event of Default	24
Section 7.5.	Priorities Following Liquidation	25

ARTICLE VIII COLLATERAL AGENT; ADMINISTRATIVE AGENT 25

Section 8.1.	Obligations of Collateral Agent	25
Section 8.2.	Administrative Agent's Obligations	26
Section 8.3.	Administrative Agent's Rights	28
Section 8.4.	Administrative Agent's Individual Rights	29
Section 8.5.	Administrative Agent's Disclaimer	29
Section 8.6.	Compensation and Indemnity	29
Section 8.7.	Resignation or Removal of Administrative Agent	30
Section 8.8.	Merger or Consolidation; Transfer of Assets	31
Section 8.9.	Eligibility	31
Section 8.10.	Review of Records	31
Section 8.11.	Collateral Agent's Representations and Warranties	32
Section 8.12.	Administrative Agent's Representations and Warranties	33
Section 8.13.	Dissolution of Collateral Agent	33

ARTICLE IX OTHER AGREEMENTS 34

Section 9.1.	Compliance Certificates and Opinions	34
Section 9.2.	No Petition	34
Section 9.3.	Borrowers' Obligation Only	34
Section 9.4.	Limited Recourse; Subordination of Claims	34
Section 9.5.	Obligations of Collateral Agent and Administrative Agent	35

ARTICLE X MISCELLANEOUS 36

Section 10.1.	Amendments	36
Section 10.2.	Benefit of Agreement	37
Section 10.3.	Notices	37
Section 10.4.	GOVERNING LAW	38

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Section 10.5.	Submission to Jurisdiction	38
Section 10.6.	WAIVER OF JURY TRIAL	38
Section 10.7.	No Waiver; Remedies	38
Section 10.8.	Severability	38
Section 10.9.	Headings	38
Section 10.10.	Counterparts	39

Schedule A	–	Notice Addresses	SA-1
Appendix A	–	Usage and Definitions	AA-1

Exhibit A	–	Form of Exchange Note	EA-1
Exhibit B	–	Form of Transferee Representation Letter	EB-1

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This FOURTH AMENDED AND RESTATED CREDIT AND SECURITY AGREEMENT, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (this "Agreement"), is among CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, as Borrowers, FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Lender and as Servicer, U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and not in its individual capacity, and HTD LEASING LLC, a Delaware limited liability company, as Collateral Agent.

BACKGROUND

CAB East Holdings, LLC is the sole Member of and the holder of the Collateral Specified Interest in CAB East, which represents the entire limited liability company interest in certain motor vehicle leases and leased vehicles acquired by CAB East. CAB West Holdings, LLC is the sole Member of and the holder of the Collateral Specified Interest in CAB West, which represents the entire limited liability company interest in certain motor vehicle leases and leased vehicles acquired by CAB West.

The Borrowers, the Lender, the Servicer, the Administrative Agent and the Collateral Agent entered into the Credit and Security Agreement, dated as of July 22, 2005, as amended and restated on December 1, 2006, as further amended and restated on December 1, 2015 and September 1, 2019 (the "Existing Agreement"), to establish a revolving credit facility and other arrangements to finance the purchase by each Borrower of motor vehicle leases and leased vehicles to be allocated to the related Collateral Specified Interest.

The parties to this Agreement intend to amend and restate the Existing Agreement on the terms and conditions in this Agreement.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.         Usage and Definitions. Capitalized terms used but not defined in this Agreement or in Appendix 1 to any Exchange Note Supplement delivered under this Agreement are defined in Appendix A. Appendix A also contains usage rules that apply to this Agreement. Appendix A is incorporated by reference into this Agreement.

ARTICLE II
REVOLVING FACILITY

Section 2.1.         Revolving Facility Advances.

(a)            Advances. On any Business Day during the Revolving Period, the Lender will make advances ("Advances") to the Borrowers on a revolving basis on the terms and conditions in this Agreement. No Advance will be made to the extent that, after the Advance, the Revolving Facility Balance would exceed either the Facility Amount or the Borrowing Base.

(b)           Use of Proceeds. The proceeds of each Advance will be used by the Borrowers to purchase one or more Leases and related Leased Vehicles, which must be allocated to the Collateral Specified Interest of the applicable Borrower.

(c)            Payment of Advances. The Lender will make available to the Borrowers each Advance by payment or deposit of the Advance at the direction of the Servicer (which may include payment directly to the Dealer originating the Lease and Leased Vehicle purchased with the Advance).

Section 2.2.         Recording of Revolving Facility Balance. The Lender and the Servicer will maintain a record of the Revolving Facility Balance. On request of the Lender or the Borrowers, the Servicer will provide to the Administrative Agent a report (which may be included in a Revolving Facility Pool Report) stating the Revolving Facility Balance as of the end of the prior Collection Period. The Administrative Agent will maintain a record of the Revolving Facility Balance based on the Servicer's reports. Any failure by the Administrative Agent to record, or an error in recording, the Revolving Facility Balance will not affect the obligations of the Borrowers under the Revolving Facility or the Advances.

Section 2.3.         Optional Termination of Revolving Period. The Lender, in its sole discretion, may terminate the Revolving Period by notifying the Borrowers and the Administrative Agent at least 30 days in advance. The Borrowers may terminate the Revolving Period by giving at least 30 days' notice to the Lender and the Administrative Agent.

Section 2.4.         Extension of Facility Termination Date. The Facility Termination Date will automatically extend to December 31 of the following year unless the Lender notifies the Borrowers and the Administrative Agent at least 90 days before the Facility Termination Date then in effect that the Facility Termination Date will not be extended.

Section 2.5.         Facility Amount Increases and Decreases. At the request of the Borrowers, the Lender, in its sole discretion, may increase the Facility Amount by notifying the Borrowers and the Administrative Agent of the new Facility Amount. The Lender, in its sole discretion, may reduce the Facility Amount to an amount not less than the Revolving Facility Balance by notifying the Borrowers and the Administrative Agent at least 30 days in advance. The Borrowers, in their sole discretion, may decrease the Facility Amount to an amount not less than the Revolving Facility Balance by notifying the Lender and the Administrative Agent of the new Facility Amount.

Section 2.6.         Rate Increases and Decreases.

(a)            Advance Rate. The Advance Rate may be increased or decreased by agreement of the Borrowers and the Lender.

(b)            Revolving Facility Interest Rate. The Margin may be increased or decreased by the Lender annually by notifying the Borrowers at least five Business Days before the first day of each year. The revised Margin will apply to all Advances, including outstanding Advances, starting on the first day of the next year.

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Section 2.7.         Payments on Revolving Facility.

(a)            Interest Accrual. The Revolving Facility will accrue interest for each Interest Period until the Revolving Facility Balance has been paid in full at a rate per annum equal to the Revolving Facility Interest Rate for that Interest Period. The Lender will calculate the Revolving Facility Interest Rate for each Payment Date and the related Interest Period and the Revolving Facility Interest Payment Amount. The determination of the Revolving Facility Interest Rate by the Lender, in the absence of manifest error, will be conclusive and binding on the Borrowers. Accrued and unpaid interest for each Interest Period will be payable in arrears on the related Payment Date and on the Facility Termination Date.

(b)            Principal. The Revolving Facility Balance will be payable in installments on each Payment Date according to Section 7.2. On each Payment Date, a mandatory payment will be due in an amount equal to the excess of (i) the Borrowing Base on the first day of the related Collection Period over (ii) the Borrowing Base as of the close of business on the last day of the related Collection Period (the "Revolving Facility Principal Payment Amount"). The entire Revolving Facility Balance will be due and payable on the Facility Termination Date.

(c)            Payment of Interest and Principal. Amounts to be paid by the Borrowers to the Lender under this Agreement will be paid by deposit in an account designated by the Lender on each Payment Date.

(d)            Joint and Several Obligation. The payment of interest on and principal of the Revolving Facility Balance will be the joint and several obligation of the Borrowers.

Section 2.8.         Appointment of Borrower's Agent. The Borrowers appoint the Servicer (but only for so long as Ford Credit is the Servicer, for clause (a) below) as their agent to: (a) determine the amount of each Advance, (b) arrange for payment by the Borrowers of the Secured Obligations, (c) cause the payment of interest on and principal of the Revolving Facility Balance and (d) execute on behalf of the Borrowers and deliver to the Lender, notices, requests or directions under this Agreement. The Borrowers agree that (i) the Borrowers will be bound by actions of the Servicer taken under this Section 2.8, (ii) the Lender, the Collateral Agent and the Administrative Agent are authorized to accept payments, notices, requests or directions from the Servicer on behalf of the Borrowers and (iii) the execution and delivery by the Servicer to the Lender, the Collateral Agent or the Administrative Agent of a notice, request or direction or the taking by the Servicer of any other action described in this Section 2.8 will be conclusive evidence of the Servicer's authority to execute and deliver any document or take the action on behalf of the Borrowers under this Agreement.

ARTICLE III
APPOINTMENT OF COLLATERAL AGENT;
GRANT OF SECURITY

Section 3.1.         Appointment of Collateral Agent. The Lender appoints HTD as Collateral Agent under this Agreement for the benefit of the Secured Parties. HTD accepts the appointment and agrees to perform the obligations of the Collateral Agent under this Agreement.

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Section 3.2.         Grant of Security.

(a)            Grant. On the Closing Date, each Borrower Granted to HTD, as Collateral Agent for the benefit of the Secured Parties, all of the Borrower's right, title and interest in, to and under, whether now owned or later acquired, the Borrower Collateral. The Grant is made to secure (i) the payment of interest on, principal of and any other amounts owing on the Revolving Facility Balance and the Exchange Notes as stated in this Agreement and the Exchange Note Supplements and (ii) compliance by the Borrowers with this Agreement for the benefit of the Secured Parties (together, the "Secured Obligations").

(b)            Acknowledgement of Grant. The Collateral Agent acknowledges the Grant and agrees to perform its obligations under this Agreement and the Exchange Note Supplements so that the interests of the Secured Parties may be adequately and effectively protected.

Section 3.3.         Release of Borrower Collateral.

(a)            Release. The Collateral Agent may, and when required by this Agreement will, release property from the Lien Granted under Section 3.2, in each case, according to this Agreement. Unless otherwise stated in this Section 3.3, the Collateral Agent will only release property from the Lien Granted under Section 3.2 on receipt of an Officer's Certificate and an Opinion of Counsel stating that all conditions in this Agreement for the release have been satisfied.

(b)            Release of Leased Vehicles on Sale. The Collateral Agent will be deemed to have released, and does release, any Liens and its other rights, title and interests in, to and under a Leased Vehicle (and all proceeds of the Leased Vehicle and the rights of the related Borrower and/or Ford Credit (individually or as Servicer) under a contract or agreement for the sale or other disposition of the Leased Vehicle (including for the realization of the proceeds of each insurance policy on or covering the Leased Vehicle)) sold according to Section 4.2 of the Servicing Agreement, effective immediately before the sale or other disposition of the Leased Vehicle and without further action of the parties.

(c)            Release of Charged-Off Leases and Leased Vehicles on Sale. The Collateral Agent will be deemed to have released, and does release, any Liens and its other rights, title and interests in, to and under a Lease and Leased Vehicle (but not the proceeds of the sale or disposition of the Lease and Leased Vehicle) sold by the related Borrower according to Section 3.3(g) of the Servicing Agreement, effective immediately before the sale of the Lease and Leased Vehicle and without further action of the parties.

(d)            Not Obligated to Verify. No party relying on a document executed by the Collateral Agent under this Section 3.3 is required to verify the Collateral Agent's authority, inquire into the satisfaction of any conditions or require evidence of the distribution of any funds.

(e)            Release on Satisfaction of Secured Obligations. When the Secured Obligations and any amounts due to the Administrative Agent under Section 8.6 have been paid in full, the Collateral Agent will release the Borrower Collateral from the Lien Granted under Section 3.2 and release to the Borrowers or any other Person entitled to them, amounts then on deposit in the Revolving Facility Collection Account and any Exchange Note Collection Account.

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(f)            UCC Termination Statements. On request of the Borrowers, the Collateral Agent will execute and deliver termination statements for filing under the UCC of each applicable jurisdiction for the release of the Lien Granted under Section 3.2.

ARTICLE IV
EXCHANGE NOTES

Section 4.1.         Exchange Notes.

(a)            Request for Issuance. The Lender, by notifying the Administrative Agent and the Borrowers, may from time to time request that all or a portion of the Revolving Facility Balance be issued in the form of one or more notes in definitive form (each, an "Exchange Note"). The Lender and the Borrowers will agree to the terms of each Exchange Note, which terms will be stated in a supplement to this Agreement (each, an "Exchange Note Supplement"). Each Exchange Note will, on its execution and delivery, be issued to, and be payable in favor of, the Lender or any other Person as directed by the Lender to the Borrowers and the Administrative Agent. Each Exchange Note issued under this Agreement will be a "Titling Company Note" under Section 5.7 of the related Titling Company LLC Agreement.

(b)            Designation of Reference Pool. Each Exchange Note Supplement will designate certain Leases and Leased Vehicles in the Revolving Facility Pool as the "Reference Pool" for the related Exchange Note, and following that designation, these Leases and Leased Vehicles will be allocated to that Reference Pool and will no longer be allocated to the Revolving Facility Pool and will not be available to be allocated to any other Reference Pool. Except as otherwise stated in the related Exchange Note Supplement, each Exchange Note will be payable solely from Collections on the Leases and Leased Vehicles allocated to the related Reference Pool according to the priorities in Article VII and the related Exchange Note Supplement. For purposes of determining the Collections that are allocated to a Reference Pool, the Leases and Leased Vehicles allocated to the Reference Pool will be considered to be allocated to the Reference Pool from and after the Cutoff Date stated in the related Exchange Note Supplement.

Section 4.2.         Issuance of Exchange Notes.

(a)            Form. Each Exchange Note will be substantially in the form of Exhibit A, or in another form as may be stated in the related Exchange Note Supplement. Each Exchange Note may have marks of identification and legends or endorsements as determined by the Responsible Persons of the Borrowers executing the Exchange Notes. Each physical Exchange Note will be produced by a method determined by the Responsible Persons of the Borrowers executing the Exchange Note.

(b)           Incorporation by Reference. Each Exchange Note will be dated the date of its authentication. The terms of each Exchange Note in Exhibit A are part of this Agreement and the related Exchange Note Supplement and are incorporated into this Agreement and the related Exchange Note Supplement by reference.

(c)            Execution. A Responsible Person of each Borrower will execute each Exchange Note on behalf of the Borrower. The signature of the Responsible Person on an Exchange Note may be manual or facsimile. An Exchange Note having the manual or facsimile signature of an individual who was a Responsible Person of a Borrower will bind the Borrower, even if the individual has ceased to be a Responsible Person before the authentication and delivery of the Exchange Note or was not a Responsible Person on the issuance date of the Exchange Note.

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(d)            Exchange Note Supplement; Principal Terms. On or before the delivery of an Exchange Note to the Administrative Agent for authentication, the Borrowers, the Lender, the Administrative Agent and the Collateral Agent will execute and deliver an Exchange Note Supplement which will state the principal terms of the Exchange Note, including:

(i)          its issuance date (each, an "Exchange Note Issuance Date");

(ii)         its name or designation;

(iii)        its class and any rights and priorities of the class;

(iv)        its initial Exchange Note Balance;

(v)        the Cutoff Date for its Reference Pool;

(vi)        its Exchange Note Interest Rate and, for a floating rate Exchange Note, the manner of determining the floating rate;

(vii)      the Exchange Note Events of Default in Section 6.4 that are inapplicable or are modified and any additional events that will be Exchange Note Events of Default;

(viii)      its Final Scheduled Payment Date; and

(ix)        any other material terms.

(e)            Conditions to Delivery of Exchange Note. The Administrative Agent's obligation to authenticate an Exchange Note and to acknowledge and deliver the related Exchange Note Supplement is subject to the satisfaction of the following conditions:

(i)          the Lender has notified the Administrative Agent of the Exchange Note Issuance Date at least five Business Days before the Exchange Note Issuance Date;

(ii)         the Exchange Note Supplement, including a Schedule of Reference Pool Assets listing the Leases and the Leased Vehicles in the related Reference Pool, executed by each party to the Exchange Note Supplement other than the Administrative Agent, has been delivered to the Administrative Agent; and

(iii)        an Officer's Certificate from the Borrowers stating that all conditions to the authentication and delivery of the Exchange Note have been satisfied, has been delivered to the Administrative Agent.

(f)            Acknowledgement of Exchange Note Supplement; Authentication and Delivery of Exchange Note. Following the satisfaction of the conditions in Section 4.2(e), the Administrative Agent will (i) acknowledge the Exchange Note Supplement and (ii) authenticate and deliver the Exchange Note in the form and with the terms stated in the Exchange Note Supplement.

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(g)            Certificate of Authentication. No Exchange Note will have the benefit of this Agreement or the related Exchange Note Supplement or be valid unless it has a certificate of authentication substantially in the form included in Exhibit A manually executed by a Responsible Person of the Administrative Agent. The certificate of authentication on an Exchange Note will be conclusive evidence that the Exchange Note has been duly authenticated and delivered under this Agreement and the related Exchange Note Supplement.

(h)           Revolving Facility Balance. On the issuance of each Exchange Note, the Revolving Facility Balance will be reduced by the initial Exchange Note Balance of the Exchange Note, as stated on the record of the Revolving Facility Balance maintained under Section 2.2.

Section 4.3.         Exchange Note Register. The Borrowers appoint the Administrative Agent to be the "Exchange Note Registrar" and to keep a register (the "Exchange Note Register") for the purpose of registering Exchange Notes and transfers of Exchange Notes. On resignation of the Exchange Note Registrar, the Borrowers will promptly appoint a successor or, if they elect not to make the appointment, assume the obligations of the Exchange Note Registrar. If the Borrowers appoint a Person other than the Administrative Agent as Exchange Note Registrar, (i) the Borrowers will notify the Administrative Agent of the appointment and (ii) the Administrative Agent will have the right to rely on a certificate executed by an officer of the Exchange Note Registrar listing the names and addresses of the Exchange Noteholders and the principal amounts and number of the Exchange Notes. Each of the Administrative Agent (if it is not the Exchange Note Registrar) and the Borrowers will have the right to inspect the Exchange Note Register at reasonable times and to receive a copy of the Exchange Note Register.

Section 4.4.         Registration of Transfer.

(a)            Transfer of Exchange Notes. An Exchange Noteholder may transfer an Exchange Note by surrendering the Exchange Note for registration of transfer at the office or agency of the Borrowers maintained under Section 5.2. If the requirements of Section 8-401(a) of the UCC are met, the Borrowers will execute and the Administrative Agent will authenticate and deliver to the related Exchange Noteholder, in the name of the transferee, a new Exchange Note in the same principal amount. An Exchange Noteholder may Transfer an Exchange Note only in whole and not in part.

(b)            Valid Obligation. Each Exchange Note issued on the registration of transfer of an Exchange Note will be the valid obligation of the Borrowers, evidencing the same debt, and have the same benefits under this Agreement and the related Exchange Note Supplement as the Exchange Note surrendered for registration of transfer.

(c)            Surrendered Exchange Notes. Every Exchange Note surrendered for registration of transfer will be (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Exchange Note Registrar or the Administrative Agent duly executed by, the Exchange Noteholder or the Exchange Noteholder's authorized attorney, (ii) accompanied by a transferee representation letter substantially in the form of Exhibit B (with any changes that may be approved by the Borrowers) and any other documents or evidence that the Administrative Agent may require and (iii) accompanied by any other documents the Administrative Agent may require.

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(d)            No Service Charge. None of the Borrowers, the Exchange Note Registrar or the Administrative Agent will impose a service charge on an Exchange Noteholder for the registration of transfer of an Exchange Note. The Borrowers, the Exchange Note Registrar or the Administrative Agent may require the Exchange Noteholder to pay an amount to cover any taxes or other governmental charges that may be imposed for the registration of transfer of the Exchange Note.

(e)            Registration of Transfers. The Exchange Note Registrar will register transfers of Exchange Notes in the Exchange Note Register. However, neither the Borrowers nor the Exchange Note Registrar will be required to register transfers of Exchange Notes for which the next Payment Date is not more than 15 days after the requested date of transfer or which have been called for redemption.

(f)            Exchange Noteholder Representations. By acceptance of an Exchange Note, the Exchange Noteholder agrees with, and represents and warrants to, the Borrowers and the Administrative Agent, that:

(i)          It understands that the Exchange Note has not been registered under the Securities Act or any State securities or "blue sky" laws and will bear the legend in Exhibit A.

(ii)         It understands that any sale, transfer, assignment, participation, pledge or other disposition of the Exchange Note (each, a "Transfer") is only permitted if made in compliance with the Securities Act and other applicable laws and only to a person who the holder reasonably believes is either (A) a "qualified institutional buyer" within the meaning of Rule 144A (a "QIB") or (B) an institutional accredited investor as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

(iii)        It either (A) (i) is a QIB, (ii) is aware that the sale to it is being made in reliance on Rule 144A and if it is acquiring the Exchange Note or an interest or participation in the Exchange Note for the account of another QIB, that other QIB is aware that the sale is being made in reliance on Rule 144A and (iii) is acquiring the Rule 144A Notes or an interest or participation in the Exchange Note for its own account or for the account of another QIB or (B) is an institutional accredited investor as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

(iv)        It is purchasing the Exchange Note 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 offer, transfer, assign, participate, pledge or dispose of the Exchange Note for a distribution that would violate the Securities Act.

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(v)         Either (A) it is not subject to Title I of ERISA, Section 4975 of the Code or any Similar Law or (B) its purchase, holding and disposition of the Exchange Note is not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if it is subject to any Similar Law, the purchase, holding and disposition is not and will not result in a non-exempt violation of that Similar Law);

(vi)       It understands that no subsequent Transfer of the Exchange Note will be made unless (A) the registration requirements of the Securities Act and applicable State securities laws have been complied with for the Exchange Note and the other requirements of this Section 4.4 are met, (B) the Transfer is to the Borrowers or their Affiliates or (C) the Transfer is exempt from the registration requirements under the Securities Act because either (i) the Transfer is in compliance with Rule 144A, to a transferee who the transferor reasonably believes is a QIB that is purchasing for its own account or for the account of a QIB and to whom notice is given that the Transfer is being made in reliance on Rule 144A or (ii) the Transfer is to an institutional accredited investor as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.

(g)            Rule 144A Information. The Borrowers will make available to the prospective transferor and transferee of an Exchange Note information requested to satisfy the requirements of paragraph (d)(4) of Rule 144A (the "Rule 144A Information"). The Rule 144A Information for an Exchange Note will include any of the following items requested by the prospective transferee:

(i)          the related Monthly Investor Report for each Payment Date before the request;

(ii)         copies of the Basic Documents, the related Exchange Note Supplement and the related Servicing Supplement, including any amendments; and

(iii)        any other information reasonably available to the Borrowers that may be considered Rule 144A Information.

Section 4.5.         Mutilated, Destroyed, Lost or Stolen Exchange Notes.

(a)            Replacement Notes. If a mutilated Exchange Note is surrendered to the Administrative Agent or the Administrative Agent receives evidence of the destruction, loss or theft of an Exchange Note the Borrowers will execute, and the Administrative Agent will authenticate and deliver a replacement Exchange Note of the same class and principal amount in exchange for or in place of the Exchange Note if the following conditions are met: (i) the Administrative Agent receives security or indemnity to hold the Borrowers and the Administrative Agent harmless, (ii) none of the Borrowers, the Exchange Note Registrar or the Administrative Agent have received notice that the Exchange Note has been acquired by a protected purchaser, as defined in Section 8-303 of the UCC and (iii) the requirements of Section 8-405 of the UCC are met. However, if a destroyed, lost or stolen Exchange Note (but not a mutilated Exchange Note) is due and payable within 15 days or has been called for redemption, instead of issuing a replacement Exchange Note, the Borrowers may pay the destroyed, lost or stolen Exchange Note when so due or payable or on the Exchange Note Redemption Date for the Exchange Note without surrender of the Exchange Note. If a protected purchaser of the original Exchange Note in place of which the replacement Exchange Note was issued (or the payment made) presents for payment the original Exchange Note, the Borrowers and the Administrative Agent may recover the replacement Exchange Note (or the payment) from the Person to whom it was delivered or a Person taking the replacement Exchange Note (or the payment) from the Person to whom the replacement Exchange Note (or the payment) was delivered or an assignee of that Person, except a protected purchaser, and may recover on the security or indemnity provided for the replacement Exchange Note (or the payment) for any fee, expense, loss, damage or liability incurred by the Borrowers or the Administrative Agent for the replacement Exchange Note (or the payment).

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(b)            Taxes, Charges and Expenses. On the issuance of a replacement Exchange Note under Section 4.5(a), (i) the Borrowers may require the Exchange Noteholder of the Exchange Note to pay an amount to cover any taxes or other governmental charges imposed and any other reasonable expenses incurred for the replacement Exchange Note, (ii) the Administrative Agent will, for a mutilated Exchange Note, cancel the Exchange Note and (iii) the Exchange Note Registrar will record in the Exchange Note Register that the destroyed, lost or stolen Exchange Note no longer has the benefits of this Agreement or the related Exchange Note Supplement.

(c)            Additional Obligation. Each replacement Exchange Note issued under Section 4.5(a) will be an original additional contractual obligation of the Borrowers and have the benefits of this Agreement and the related Exchange Note Supplement equally and proportionately with other Exchange Notes issued under this Agreement and the related Exchange Note Supplement.

(d)            Sole Remedy. This Section 4.5 states the sole remedy available to the Exchange Noteholders for the replacement or payment of mutilated, destroyed, lost or stolen Exchange Notes.

Section 4.6.         Persons Deemed Owners. On any date, the Borrowers, the Administrative Agent and any agent of the Borrowers or the Administrative Agent may treat the Person in whose name an Exchange Note is registered as of that date as the owner of the Exchange Note for all purposes, including receiving payments of interest on and principal of the Exchange Note, without regard to any notice or other information to the contrary.

Section 4.7.         Payments on Exchange Notes.

(a)           Interest Accrual. Each Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to its Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on each Exchange Note will be calculated in the manner stated in the related Exchange Note Supplement. Interest on each Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date in the amount stated in the related Exchange Note Supplement.

(b)           Principal. The principal of each Exchange Note will be payable in installments on each Payment Date according to Article VII and the related Exchange Note Supplement. The entire unpaid Exchange Note Balance of each Exchange Note will be due and payable on the Final Scheduled Payment Date for the Exchange Note. The entire unpaid Exchange Note Balance of each Exchange Note will be due and payable on the date the Exchange Note is declared to be, or has automatically become, immediately due and payable according to Section 6.5(a).

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(c)            Monthly Payment of Interest and Principal. On each Payment Date, interest on and principal of each Exchange Note will be paid to the registered Exchange Noteholder by wire transfer to the account of the Exchange Noteholder (as designated by the Exchange Noteholder to the Exchange Note Registrar on or before the date the payment is to be made), except that the final installment of principal payable on the Exchange Note will be payable according to Section 4.7(d).

(d)            Payment of Final Installment. The final installment of principal of an Exchange Note on a Payment Date or its Final Scheduled Payment Date will be payable only on presentation and surrender of the Exchange Note. The Administrative Agent will notify the applicable Exchange Noteholder of the date the Borrowers expect to pay the final installment on the Exchange Note, which notice will be delivered no later than five days before that date, and the place where the Exchange Note may be presented and surrendered for payment.

Section 4.8.      Cancellation of Exchange Notes. Any Person that receives an Exchange Note surrendered for payment, registration of transfer or redemption will deliver the Exchange Note to the Administrative Agent and the Administrative Agent will promptly cancel it. If the Servicer and the Lender are the same entity, following an optional redemption of an Exchange Note under the related Servicing Supplement, the Servicer may request that the Borrowers cancel the Exchange Note according to the Servicing Supplement. On request, the Borrowers will cancel the Exchange Note and the Leases and related Leased Vehicles in the related Reference Pool will be reallocated to the Revolving Facility Pool.

Section 4.9.      Acceptance of Agreement by Exchange Noteholders. Each Exchange Noteholder, by accepting the related Exchange Note, will be deemed to have agreed to the terms and conditions of this Agreement and the related Exchange Note Supplement with the same effect as if the Exchange Noteholder had been a party to this Agreement and the related Exchange Note Supplement.

ARTICLE V
BORROWER'S COVENANTS, REPRESENTATIONS AND WARRANTIES

Section 5.1.      Payment of Principal and Interest. The Borrowers will duly and punctually pay the principal of and interest on the Advances and the Exchange Notes according to this Agreement and the Exchange Notes. Amounts withheld under the Code or State or local tax law by any Person from a payment to the Lender or an Exchange Noteholder will be considered as having been paid by the Borrowers to the Lender or the Exchange Noteholder, as applicable.

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Section 5.2.      Maintenance of Office or Agency. The Borrowers will maintain an office or agency where Exchange Notes may be surrendered for registration of transfer, and where notices to and demands on the Borrowers for the Exchange Notes and this Agreement and any Exchange Note Supplement may be served. The Borrowers initially appoint the Administrative Agent to serve as its agent for those purposes. The Borrowers will promptly notify the Administrative Agent of a change in the location of the office or agency. If the Borrowers fail to maintain the office or agency or fail to furnish the Administrative Agent with the address of the office or agency, any surrender, notices and demands may be made or served at the Corporate Trust Office, and the Borrowers appoint the Administrative Agent as their agent to receive them.

Section 5.3.      Existence; Licenses. Each Borrower will maintain its existence as a limited liability company under the laws of the State of Delaware and will obtain and maintain its qualification in each jurisdiction in which the qualification is or will be necessary to protect the validity and enforceability of this Agreement, the Exchange Notes and the Borrower Collateral. Each Borrower will obtain and maintain all material licenses required by applicable law in each jurisdiction necessary for the conduct of its business or the ownership of the Leases or the ownership and leasing of the Leased Vehicles.

Section 5.4.      Protection of Borrower Collateral.

(a)            Amendments and Financing Statements. The Borrowers will (i) execute and deliver amendments to this Agreement and other documents, (ii) file or authorize and cause to be filed financing statements, and amendments and continuations of those financing statements and (iii) take other action necessary or advisable to:

(A) maintain or preserve the Lien and security interest (and the priority of the security interest) of this Agreement;

(B) perfect, maintain perfection, publish notice of or protect the validity of the Grant made or to be made by this Agreement;

(C) enforce the Borrower Collateral; or

(D) preserve and defend title to the Borrower Collateral and the rights of the Collateral Agent and the Secured Parties in the Borrower Collateral.

(b)            Authorization to File. The Borrowers authorize the Collateral Agent and the Administrative Agent to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Collateral Agent or the Administrative Agent may determine are necessary or advisable to perfect the Collateral Agent's interest in the Borrower Collateral. The financing and continuation statements may describe the Borrower Collateral as the Collateral Agent or the Administrative Agent may reasonably determine to perfect the Collateral Agent's interest in the Borrower Collateral. The Collateral Agent or the Administrative Agent will promptly deliver to the Borrowers file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

(c)            Collateral Agent Not Obligated. The Collateral Agent is not obligated to (i) make a determination of whether filing financing or continuation statements, and amendments to the statements, is required or (ii) file the financing or continuation statements, or amendments to the statements, and will not be liable for failure to do so.

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Section 5.5.      Performance of Obligations.

(a)            Performance of Obligations. The Borrowers will perform all of their obligations under this Agreement and the other Basic Documents and documents included in the Borrower Collateral.

(b)            Subcontracting. The Borrowers may contract with other Persons to assist them in performing their obligations under this Agreement. Initially, the Borrowers have contracted with the Servicer to assist them in performing their obligations under this Agreement.

(c)            Servicer Termination Event. If the Borrowers have knowledge of a Reference Pool Servicer Termination Event, the Borrowers will notify the Administrative Agent of the event and state in the notice any action the Borrowers are taking to correct the situation. If a Reference Pool Servicer Termination Event results from the failure of the Servicer to perform its obligations under the Servicing Agreement or a Servicing Supplement, the Borrowers will take reasonable steps to cause the Servicer to correct the failure.

Section 5.6.      Negative Covenants. So long as the Revolving Facility Balance or an Exchange Note is Outstanding, the Borrowers will not, except as permitted in the Basic Documents or Exchange Note Basic Documents:

(a)            Dispose of Borrower Collateral. Sell, exchange or dispose of any Borrower Collateral unless directed to do so by the Collateral Agent;

(b)            No Release of Material Obligations. Take action, and will use commercially reasonable efforts to prevent any action from being taken by others, that would release any Person from any material obligation under a document included in the Borrower Collateral or that would impair the validity or enforceability of the Borrower Collateral or a document included in the Borrower Collateral;

(c)            Set-off. Claim a credit on, or make a deduction from the payments of principal or interest on, the Revolving Facility Balance or the Exchange Notes (other than amounts withheld from those payments under applicable law) or assert a claim against the Lender or an Exchange Noteholder by reason of the payment of the taxes levied or assessed on the Borrowers or the Borrower Collateral;

(d)            Dissolve or Liquidate. Dissolve or liquidate;

(e)            Liens. Permit (i) the validity or effectiveness of this Agreement to be impaired, or permit the Lien Granted under Section 3.2 to be amended, subordinated, terminated or discharged, or permit a Person to be released from any obligations under this Agreement except in each case as permitted by this Agreement or the other Basic Documents, (ii) a Lien, other than Permitted Liens, to be created on or extend to the Borrower Collateral or (iii) the Lien Granted under Section 3.2 not to be a valid first priority security interest in the Borrower Collateral, other than Permitted Liens; or

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(f)            Modification of Borrower Collateral. Amend, modify, waive, terminate or surrender any Borrower Collateral or any Basic Documents without the consent of the Administrative Agent.

Section 5.7.      Opinions on Borrower Collateral. On or before April 30 of each year, if an Exchange Note was Outstanding during any part of the prior year and the Exchange Note is still Outstanding on April 30 of that year, the Borrowers will furnish to the Collateral Agent and the Administrative Agent an Opinion of Counsel either (a) stating that, in the opinion of that counsel, (i) for the Borrower Collateral other than the Leased Vehicles, all action has been taken for the recording, filing, re-recording and refiling of this Agreement and all financing statements and continuation statements to maintain the Lien Granted under Section 3.2 and (ii) for the Leased Vehicles, procedures have been established that if followed would be sufficient to create and maintain the Lien Granted under Section 3.2 or (b) stating that in the opinion of that counsel no action is necessary to maintain the Lien.

Section 5.8.      Merger and Consolidation; Transfer of Assets. Neither Borrower will merge or consolidate with or into any other Person or, except as permitted by the related Titling Company LLC Agreement and the other Basic Documents, transfer all or substantially all of its assets, unless:

(a)            Surviving Person. The Person (if other than the applicable Borrower) formed by or surviving the merger or consolidation, or that acquires those assets, (i) is organized and existing under the laws of the United States or any State and (ii) assumes, by an agreement to assume the Borrower's obligations under this Agreement (unless the assumption happens by operation of law), executed and delivered to the Administrative Agent, in form satisfactory to the Administrative Agent, the due and punctual payment of the interest on and principal of the Secured Obligations and the performance of the other obligations under this Agreement and the other Basic Documents to be performed by the Borrower;

(b)            Subordination. For a transfer of the assets included in the Borrower Collateral, the Person who acquires those assets agrees by means of the assumption agreement executed and delivered to the Administrative Agent that (i) all right, title and interest transferred will be subject and subordinate to the rights of the Lender and the Exchange Noteholders, (ii) unless stated in the assumption agreement, that Person will indemnify the Borrowers for fees, expenses, losses, damages and liabilities (including fees and expenses of defending itself against any loss, damage or liability) related to this Agreement, the Revolving Facility and the Exchange Notes and (iii) that Person will make all necessary filings, including filings with the Securities and Exchange Commission required by the Exchange Act for the Exchange Notes and any related Securities;

(c)            No Defaults. Immediately after giving effect to the merger, consolidation or transfer, no Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default will have occurred and be continuing;

(d)            Opinion. The Borrowers have received an Opinion of Counsel (with a copy to the Administrative Agent) stating that the merger, consolidation or transfer will not cause (i) any Exchange Note to be deemed sold or exchanged for purposes of Section 1001 of the Code or (ii) the Borrower to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes;

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(e)            Actions. Any action necessary to maintain the Lien and security interest Granted under this Agreement has been taken; and

(f)            Conditions. The applicable Borrower has delivered to the Administrative Agent and the Servicer an Officer's Certificate and an Opinion of Counsel each stating that the merger, consolidation or transfer and the assumption agreement comply with this Section 5.8 and that the conditions in this Agreement relating to the merger, consolidation or transfer have been satisfied.

Section 5.9.      Successor or Transferee. On a merger or consolidation of a Borrower or a transfer under Section 5.8, (a) the Person formed by or surviving the merger or consolidation (if other than the applicable Borrower) will succeed to, and be substituted for, and may exercise the rights and powers of, the Borrower under this Agreement with the same effect as if that Person had been named as a Borrower in this Agreement and (b) for a transfer of the assets of a Borrower under Section 5.8, the predecessor Borrower will be released from its obligations under this Agreement to be performed by the successor Borrower for the Secured Obligations immediately on receipt of notice by the Administrative Agent stating that the Borrower is to be released.

Section 5.10.      No Other Activities. Neither Borrower will engage in activities other than financing, acquiring, owning and pledging the Borrower Collateral as described in the Basic Documents and activities incidental to those activities.

Section 5.11.      Further Acts and Documents. On request of the Administrative Agent, the Borrowers will take action and execute and deliver additional documents reasonably required to perform and carry out the intention of this Agreement.

Section 5.12.      Restricted Payments.

(a)            No Set-off. Neither Borrower will, directly or indirectly, (i) make payments (by reduction of capital or otherwise) to member(s) of the Borrower, (ii) redeem, purchase, retire or acquire for value an ownership interest in the Borrower or (iii) set aside or segregate amounts for those purposes, except as permitted under this Agreement and the other Basic Documents.

(b)            No Other Payments. Neither Borrower will, directly or indirectly, make payments to or distributions from the Revolving Facility Collection Account or an Exchange Note Collection Account, except according to the Basic Documents.

Section 5.13.      Notice of Defaults. The Borrowers will notify the Administrative Agent and the Servicer as soon as practicable and within five Business Days after a Responsible Person of the Borrowers has knowledge of a Facility Event of Default or Exchange Note Event of Default.

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Section 5.14.      Review of Borrowers' Records. Each Borrower will maintain records and documents relating to its performance under this Agreement according to its customary business practices. On reasonable request not more than once during any year, each Borrower will give the Administrative Agent and the Servicer (or their representatives) access to the records and documents to conduct a review of the Borrower's performance under this Agreement. Any access or review will be conducted at the Borrower's offices during its normal business hours at a time reasonably convenient to the Borrower and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Borrower's confidentiality and privacy policies.

Section 5.15.      Insurance Policies. The Borrowers will maintain, or cause to be maintained, residual value, vicarious liability and contingent or excess liability insurance policies or programs (which may be blanket policies covering the Borrowers and all or certain Affiliates of the Borrowers) for the Leases and the Leased Vehicles consistent with the policies or programs, if any, that any of its Affiliates maintains for its own portfolio of leases and leased vehicles. Each insurance policy will name the Borrowers and the Collateral Agent as an insured party and will be updated annually by the Borrowers to reflect each Exchange Noteholder as an insured party. To the extent the Borrowers self-insure for losses related to vicarious liability, they will indemnify the Lender, the Collateral Agent and the Exchange Noteholders for any uninsured losses.

Section 5.16.      Borrower's Authorized and Responsible Persons. On or before the date of this Agreement, the Borrowers will notify the Lender, the Collateral Agent and the Administrative Agent of each Person who (a) will be authorized to give instructions and directions to the Lender, the Collateral Agent and the Administrative Agent on behalf of the Borrower and (b) is a Responsible Person for the Borrower. The Borrower may change such Persons by notifying the Lender, the Collateral Agent and the Administrative Agent.

Section 5.17.      Borrowers' Representations and Warranties. Each Borrower represents and warrants to the Collateral Agent as of the date of this Agreement and each Exchange Note Issuance Date:

(a)            Organization and Qualification. The Borrower is duly formed and validly existing as a limited liability company in good standing under the laws of the State of Delaware.

(b)            Power, Authority and Enforceability. The Borrower has the power and authority to execute, deliver and perform its obligations under this Agreement and each Exchange Note Supplement. The Borrower has authorized the execution, delivery and performance of this Agreement and each Exchange Note Supplement. This Agreement and each Exchange Note Supplement is the legal, valid and binding obligation of the Borrower enforceable against the Borrower, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and each Exchange Note Supplement and the performance of its obligations under such documents will not (i) conflict with, or be a breach or default under any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Borrower is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Borrower's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than this Agreement), (iii) violate its organizational documents or (iv) violate a law or, to the Borrower's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Borrower or its properties that applies to the Borrower, which, in each case, would reasonably be expected to have a material adverse effect on the Borrower's ability to perform its obligations under this Agreement and any Exchange Note Supplement.

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(d)            No Proceedings. To the Borrower's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Borrower or its properties (i) asserting the invalidity of this Agreement, any Exchange Note Supplement or any Exchange Note, (ii) seeking to prevent the issuance of an Exchange Note or the completion of the transactions contemplated by this Agreement or any Exchange Note Supplement, (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Borrower's ability to perform its obligations under, or the validity or enforceability of, this Agreement, any Exchange Note Supplement or any Exchange Note, in each case, other than the proceedings that, to the Borrower's knowledge, would not reasonably be expected to have a material adverse effect on the Borrower, the performance by the Borrower of its obligations under, or the validity and enforceability of, this Agreement, any Exchange Note Supplement or any Exchange Note.

(e)            No Investment Company. The Borrower is not an "investment company" as defined in the Investment Company Act.

Section 5.18.      Borrowers' Representations and Warranties about Security Interest. Each Borrower represents and warrants to the Collateral Agent as of the date of this Agreement and each Exchange Note Issuance Date, which representations and warranties will survive the termination of this Agreement and may not be waived by the Collateral Agent:

(a)            Valid Security Interest. This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower Collateral in favor of the Collateral Agent which is prior to all other Liens, other than Permitted Liens, and is enforceable against creditors of and purchasers from the Borrower.

(b)            Perfection. The Servicer has represented that it has started procedures that will result in the perfection of a first priority security interest against the Borrower in the related Leased Vehicles.

(c)            Type. The Borrower Collateral (other than (i) the Leased Vehicles, (ii) those investments which have been credited to the Revolving Facility Collection Account and (iii) those Permitted Investments which have been credited to an Exchange Note Collection Account) is "tangible chattel paper," "electronic chattel paper," "instruments" or "general intangibles" within the meaning of the applicable UCC.

(d)            Good Title. The Borrowers own and have good title to the Borrower Collateral free and clear of any Lien, other than Permitted Liens. The Borrowers have received all consents and approvals required by the terms of the Borrower Collateral to Grant to the Collateral Agent all of their right, title and interest in the Borrower Collateral, except if a requirement for consent or approval is made ineffective under the applicable UCC.

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(e)            Filing Financing Statements. The Borrowers have caused, or will cause within ten days after the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law to perfect the security interest Granted in the Borrower Collateral to the Collateral Agent under this Agreement. All financing statements filed or to be filed against the Borrowers in favor of the Collateral Agent under this Agreement describing the Borrower Collateral will contain a statement to the following effect: "A purchase of or grant of a security interest in collateral described in this financing statement will violate the rights of the Secured Parties."

(f)            No Other Sale, Grant or Financing Statements. Other than the security interest Granted to the Collateral Agent under this Agreement, the Borrowers have not sold or Granted a security interest in any of the Borrower Collateral. The Borrowers have not authorized the filing of and are not aware of any financing statements against the Borrowers that include a description of collateral covering any of the Borrower Collateral, other than financing statements relating to the security interest Granted to the Collateral Agent under this Agreement. The Borrowers are not aware of any judgment or tax Lien filings against them.

(g)            Possession of Leases. For a Lease that is "tangible chattel paper," the Borrowers have in their possession, directly or through their agents, the original copy of the Lease that is or evidences part of the Borrower Collateral, and the Lease does not have any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent. For a Lease that is "electronic chattel paper," the Borrowers have not communicated an "authoritative copy" (within the meaning of the applicable UCC) of the Lease that is or evidences part of the Borrower Collateral to any Person other than the Collateral Agent.

ARTICLE VI
EVENTS OF DEFAULT; REMEDIES

Section 6.1.      Facility Events of Default.

(a)            Facility Events of Default. The occurrence of one of the following events will be an event of default for the Revolving Facility under this Agreement (each, a "Facility Event of Default"):

(i)            the Borrowers fail to pay the Revolving Facility Interest Payment Amount due on any Payment Date, and the failure continues for five Business Days or more;

(ii)            the Borrowers fail to pay (A) the Revolving Facility Balance on the Facility Termination Date or (B) the Revolving Facility Principal Payment Amount due on any Payment Date and, if the failure is due to an administrative omission, mistake or technical difficulty, the failure continues for five Business Days or more;

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(iii)            either Borrower fails to observe a material covenant or agreement of the Borrower in this Agreement (other than to pay interest on or principal of the Revolving Facility) or a representation or warranty of either Borrower made in this Agreement or in an Officer's Certificate or other document delivered under this Agreement is incorrect in a material respect when made and, in each case, the failure or error continues for at least 60 days after the Borrower receives notice from the Lender, the Collateral Agent or the Administrative Agent stating the failure or error, requiring it to be corrected and stating that the notice is a "Notice of Facility Event of Default";

(iv)            the Servicer is terminated for the Revolving Facility Pool following the occurrence of an Insolvency Event for the Servicer and no successor Servicer has accepted its engagement on or before the date stated in the notice of termination under Section 7.2 of the Servicing Agreement; or

(v)            an Insolvency Event of a Borrower occurs.

(b)            Borrowers to Notify. The Borrowers will notify the Lender, the Collateral Agent and the Administrative Agent within five Business Days after a Responsible Person of a Borrower has knowledge of the occurrence of a Facility Default under Section 6.1(a)(iii), which notice will describe the Facility Default, the status of the Facility Default and what action the Borrowers are taking to correct the Facility Default.

Section 6.2.      Acceleration of Revolving Facility; Rescission.

(a)            Acceleration. If a Facility Event of Default occurs and is continuing, the Lender, may (i) terminate the Revolving Facility and (ii) declare the Revolving Facility Balance to be accelerated by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent. On acceleration, the unpaid Facility Balance, together with accrued and unpaid interest, will become immediately due and payable, in each case. If a Facility Event of Default in Section 6.1(a)(iv) or (v) occurs, (A) the Revolving Facility will automatically terminate and (ii) the Revolving Facility Balance, together accrued and unpaid interest, will automatically become due and payable, in each case, without a declaration or other act of the Lender.

(b)            Rescission. The Lender, by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent, may rescind a declaration of acceleration at any time. No rescission will affect a subsequent default or impair a right resulting from the rescission.

Section 6.3.      Revolving Facility Remedies.

(a)            Proceedings. If the Revolving Facility Balance has been accelerated under Section 6.2(a) and the declaration of acceleration has not been rescinded according to Section 6.2(b), the Lender may (subject to Article VII) take the action in clause (i) below, or direct the Collateral Agent to, and the Collateral Agent will, take one or more of the actions in clauses (ii) through (v) below:

(i)            start a Proceeding for the collection of all amounts then payable to the Lender or under this Agreement and pursue its other rights, remedies, powers or privileges under this Agreement;

(ii)            start a Proceeding for the complete or partial foreclosure of the Borrower Collateral included in the Revolving Facility Pool;

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(iii)            sell or liquidate all or any part of the Borrower Collateral in the Revolving Facility Pool or rights or interest in the Borrower Collateral in the Revolving Facility Pool at one or more public or private sales called and conducted in any manner permitted by law;

(iv)            exercise any remedies of a secured party under the UCC; and

(v)            take any other action to protect and enforce the rights and remedies of the Lender.

(b)            Priority of Payments Following Liquidation. Any money or property collected by the Collateral Agent following the sale or other liquidation of the Borrower Collateral in the Revolving Facility Pool under Section 6.3(a)(iii) will be used (i) first, to pay the Collateral Agent any amounts due under Section 8.6, (ii) second, to pay the Administrative Agent any amounts due under Section 8.6 and (iii) third, to or at the direction of the Lender, to pay principal of and interest on the Revolving Facility Balance and any other amounts owing on the Revolving Facility.

Section 6.4.      Exchange Note Events of Default.

(a)            Exchange Note Events of Default. Unless otherwise stated in the related Exchange Note Supplement, the occurrence of any of the following events will be an event of default for the related Exchange Note under this Agreement and the related Exchange Note Supplement (each, an "Exchange Note Event of Default"):

(i)            the Borrowers fail to pay the Exchange Note Interest Payment Amount due on any Payment Date, and the failure continues for five Business Days or more;

(ii)            the Borrowers fail to pay the Exchange Note Balance on its Final Scheduled Payment Date and, if the failure is due to an administrative omission, mistake or technical difficulty, the failure continues for three Business Days or more;

(iii)            either Borrower fails to observe a material covenant or agreement of the Borrower in this Agreement or the Exchange Note Supplement (other than to pay interest on or principal of the Exchange Note) or a representation or warranty of either Borrower made in this Agreement, the Exchange Note Supplement or in an Officer's Certificate or other document delivered under this Agreement or the Exchange Note Supplement is incorrect in a material respect when made and, in each case, the failure or error continues for at least 60 days after the Borrower receives notice from the Collateral Agent, the Administrative Agent or the Exchange Noteholder stating the failure or error, requiring it to be corrected and stating that the notice is a "Notice of Exchange Note Event of Default";

(iv)            the Servicer is terminated for the related Reference Pool following a Reference Pool Servicer Termination Event resulting from the occurrence of an Insolvency Event for the Servicer and no successor Servicer has accepted its engagement on or before the date stated in the notice of termination under Section 7.3(c) of the Servicing Agreement;

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(v)            an Insolvency Event of a Borrower occurs; or

(vi)           any other event stated in the Exchange Note Supplement for the Exchange Note occurs.

(b)            Borrowers to Notify. The Borrowers will notify the Collateral Agent, the Administrative Agent and the Exchange Noteholder within five Business Days after a Responsible Person of a Borrower has knowledge of the occurrence of an Exchange Note Default under Section 6.4(a)(iii), which notice will describe the Exchange Note Default, the status of the Exchange Note Default and what action the Borrowers are taking to correct the Exchange Note Default.

Section 6.5.    Acceleration of Exchange Note; Rescission.

(a)            Acceleration. If an Exchange Note Event of Default occurs and is continuing, the Exchange Noteholder may declare the Exchange Note Balance to be accelerated by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent. On acceleration, the unpaid Exchange Note Balance, together with accrued and unpaid interest, will become be immediately due and payable. If an Exchange Note Event of Default in Section 6.4(a)(iv) or (v) occurs, all unpaid principal of and accrued and unpaid interest on the Exchange Note will automatically become due and payable without a declaration or other act of the Exchange Noteholder.

(b)            Rescission. The Exchange Noteholders, by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent, may rescind a declaration of acceleration before a judgment or decree for payment of the amount due has been obtained by the Collateral Agent as stated in this Article VI if:

(i)             the Borrowers have paid an amount sufficient to (A) pay the due and unpaid principal of and interest on the Exchange Note and all other amounts that would then be due under this Agreement and the Exchange Note Supplement if the Exchange Note Event of Default giving rise to the acceleration had not occurred, (B) pay all amounts owed to the Administrative Agent under Section 8.6 and (C) pay all other outstanding fees and expenses of the Borrowers; and

(ii)            all Exchange Note Events of Default, other than the non-payment of the Exchange Note Balance that has become due solely by the acceleration, have been corrected or waived under Section 6.9.

Section 6.6.    Exchange Note Remedies.

(a)            Proceedings. If the Exchange Note Balance has been accelerated under Section 6.5(a) and the declaration of acceleration has not been rescinded according to Section 6.5(b), the Exchange Noteholder may (subject to Article VII) take the action in clause (i) below, or direct the Collateral Agent to, and the Collateral Agent will, take one or more of the actions in clauses (ii) through (v) below:

(i)            start a Proceeding for the collection of all amounts then payable to the Exchange Noteholder or under this Agreement or the Exchange Note Supplement and pursue its other rights, remedies, powers or privileges under this Agreement and the Exchange Note Supplement;

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(ii)            start a Proceeding for the complete or partial foreclosure of the Borrower Collateral included in the Reference Pool;

(iii)           sell or liquidate all or any part of the Borrower Collateral in the Reference Pool or rights or interest in the Borrower Collateral in the Reference Pool at one or more public or private sales called and conducted in any manner permitted by law;

(iv)           exercise any remedies of a secured party under the UCC; and

(v)            take any other action to protect and enforce the rights and remedies of the Exchange Noteholder.

(b)            Priority of Payments Following Liquidation. Any money or property collected by the Collateral Agent following the sale or other liquidation of the Borrower Collateral in the Reference Pool under Section 6.6(a)(iii) will be deposited in the related Exchange Note Collection Account and distributed according to the related Exchange Note Supplement.

Section 6.7.    Rights and Remedies Cumulative. No right or remedy of the Lender or an Exchange Noteholder under this Agreement is intended to be exclusive of any other right or remedy, and every right and remedy, if permitted by law, will be cumulative and in addition to every other right and remedy given under this Agreement. The exercise of a right or remedy will not prevent the exercise of another right or remedy at the same time. The Lender's or an Exchange Noteholder's right to seek and recover judgment on the Revolving Facility, the Exchange Note or under this Agreement will not be affected by the seeking, obtaining or use of other relief under this Agreement. Neither the Lien Granted under this Agreement nor the rights or remedies of the Lender or an Exchange Noteholder will be impaired by the recovery of a judgment by them or the Collateral Agent against the Borrowers or by the execution of a judgment on the Borrower Collateral.

Section 6.8.    Delay or Omission Not a Waiver. No delay or omission of the Lender or an Exchange Noteholder to exercise a right or remedy after a Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default will impair the right or remedy, or be a waiver of the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default. Every right and remedy given by this Article VI or by law to the Collateral Agent, the Lender or an Exchange Noteholder may be exercised as often as deemed advisable by the Collateral Agent, the Lender or the Exchange Noteholder.

Section 6.9.    Waiver of Defaults.

(a)            Waiver by Lender. The Lender may waive a Facility Event of Default, by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent.

(b)            Waiver by Exchange Noteholder. The related Exchange Noteholder may waive an Exchange Note Event of Default, by notifying the Borrowers, the Servicer, the Collateral Agent and the Administrative Agent.

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(c)            Effect of Waiver. On any waiver, the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default will be considered not to have occurred for all purposes of this Agreement. No waiver will extend to any other Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default or impair any right relating to any other Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default.

ARTICLE VII
CREDITORS' RELATIONS

Section 7.1.    Allocation of Collections. The Lender and the Administrative Agent, by entering into this Agreement, and each Exchange Noteholder, by accepting the related Exchange Note, acknowledges and agrees that (a) the Revolving Facility and the Exchange Notes are secured under Section 3.1 by a single security interest in the Borrower Collateral, (b) each of the Lender, the Administrative Agent and each Exchange Noteholder will be subject to the limitation of recourse, waiver of claims and rights, and subordination terms of this Article VII, (c) except following a Facility Event of Default or an Exchange Note Event of Default, no Exchange Noteholder will have any recourse to, or right to payment from, the Collections on the Revolving Facility Pool and (d) all Collections will be distributed according to the priorities and procedures in this Article VII.

Section 7.2.    Distribution of Collections on Revolving Facility Pool. On each Payment Date for which Collections on the Revolving Facility Pool are in the Revolving Facility Collection Account (unless a Facility Event of Default has occurred before the Payment Date), the Administrative Agent will (based on the information in the Revolving Facility Pool Report delivered before the Payment Date) withdraw from the Revolving Facility Collection Account and make deposits and payments, to the extent of Collections for the Revolving Facility Pool for that Payment Date and any Revolving Facility Pool Additional Amounts for that Payment Date, in the following order of priority (but only if such amounts have not been paid from Collections retained by Ford Credit under Section 5.3(a) of the Servicing Agreement):

(a)            first, to the Servicer, the Revolving Facility Pool Servicing Fee for the related Collection Period;

(b)            second, to the Lender, the Revolving Facility Interest Payment Amount;

(c)            third, to the Lender, the Revolving Facility Principal Payment Amount, until the Revolving Facility Balance is reduced to zero;

(d)            fourth, if the Borrowers elect (by direction to the Administrative Agent on or before the applicable Payment Date, which may be in the form of a standing direction) or if the Revolving Period has been terminated (or a Facility Event of Default has occurred), to the Lender, all amounts remaining, as an additional payment of principal of the Revolving Facility Balance, until the Revolving Facility Balance is reduced to zero; and

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(e)            fifth, all remaining amounts, to the Borrowers (to be allocated between them as agreed).

Section 7.3.    Distribution of Collections on Reference Pools. On each Payment Date (unless a Facility Event of Default has occurred before the Payment Date), the related Indenture Trustee will, for each Reference Pool (based on the information in the related Monthly Investor Report delivered before the Payment Date), withdraw from the related Exchange Note Collection Account and make deposits and payments, to the extent of Collections for the Reference Pool for the Payment Date and any Shared Amounts allocated to the Reference Pool for that Payment Date, according to the related Exchange Note Supplement.

Section 7.4.    Distribution of Collections Following Facility Event of Default. On each Payment Date following the occurrence of a Facility Event of Default for which Collections on the Revolving Facility Pool are in the Revolving Facility Collection Account, the Administrative Agent will (unless the Exchange Noteholder directs otherwise under Section 6.9(b)), for the Revolving Facility Pool and each Reference Pool (based on the information in the Revolving Facility Pool Report or the related Monthly Investor Report delivered before the Payment Date), withdraw from the Revolving Facility Collection Account and related Exchange Note Collection Account, respectively, and make deposits and payments, to the extent of Collections for the Revolving Facility Pool or the Reference Pool, as applicable, for the related Collection Period, in the following order of priority:

(a)            first, (i) for the Revolving Facility Pool, according to Section 7.2(a) through (c) and (ii) for each Reference Pool and the related Exchange Note, in the following order of priority:

(A) first, to the Servicer, the Reference Pool Servicing Fee and Advance Reimbursement Amount, if any, for the Reference Pool and the related Collection Period, in each case, if those amounts have not been paid from the Collections on the Reference Pool retained by the Servicer under the related Servicing Supplement;

(B) second, to the related Exchange Noteholder, the Exchange Note Interest Payment Amount; and

(C) third, to the related Exchange Noteholder, (I) on a Payment Date other than an Exchange Note Redemption Date, the Exchange Note Principal Payment Amount, as a payment of principal of the Exchange Note until the Exchange Note Balance of the Exchange Note is reduced to zero or (II) on an Exchange Note Redemption Date, an amount equal to the Exchange Note Purchase Price (if that amount has not been paid under clause (B) above);

(b)            second, without priority to the Lender or an Exchange Noteholder, (i) for the Revolving Facility Allocation Percentage of the remaining amount of Collections for the Revolving Facility Pool and each Reference Pool, to pay amounts due and unpaid under Section 7.2(a) through (c) and (ii) for each Exchange Note's Exchange Note Allocation Percentage of the remaining amount of Collections for the Revolving Facility Pool and each Reference Pool, to make deposits and payments in the following order of priority:

(A) first, to pay amounts due and unpaid for the related Exchange Note under Section 7.4(a);

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(B) second, to the related Exchange Noteholder, as an additional payment of principal of the Exchange Note, all amounts necessary to cover any shortfall in payment on debt obligations that are secured by the Exchange Note until the Exchange Note Balance of the Exchange Note is reduced to zero; and

(C) third, to the reserve account, if any, established for the related Exchange Note, until the amount in the reserve account equals the amount required under the related Exchange Note Supplement;

(c)            third, all remaining amounts of Collections for the Revolving Facility Pool and each Reference Pool will be distributed, pro rata, based on the amounts due, to pay any amounts due and unpaid (i) under Section 7.2(a) through (c) for the Revolving Facility and (ii) under Section 7.4(b) for each Exchange Note; and

(d)            fourth, all remaining amounts of Collections for the Revolving Facility Pool and each Reference Pool, to the Borrowers (to be allocated between them as agreed).

Section 7.5.     Priorities Following Liquidation. Following the liquidation of any part of the Borrower Collateral under Article VI, the proceeds of the liquidation will be distributed according to Section 6.3(b) or 6.6(b), as applicable.

ARTICLE VIII
COLLATERAL AGENT; ADMINISTRATIVE AGENT

Section 8.1.    Obligations of Collateral Agent.

(a)            Obligations of Collateral Agent. The Collateral Agent will:

(i)            hold a security interest in the Borrower Collateral for the benefit of the Secured Parties;

(ii)           cause the Certificate of Title for each Leased Vehicle to reflect "HTD Leasing LLC" as the recorded lienholder or recorded holder of a security interest in the Leased Vehicle (if those actions have not been taken by the Servicer under Section 3.2(b) of the Servicing Agreement);

(iii)           for each Leased Vehicle that is permitted or required by the Basic Documents to be sold or disposed of by the applicable Borrower or reallocated to a Specified Interest other than the Collateral Specified Interest of the applicable Borrower, take action necessary to cause (A) the security interest granted under Section 3.2 in the Leased Vehicle to be released and (B) the evidence of the Collateral Agent as lienholder on the related Certificate of Title to be removed;

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(iv)           take the actions required to be taken by the Collateral Agent under Article VI following a Facility Event of Default or an Exchange Note Event of Default; and

(v)            take the other actions required to be taken by the Collateral Agent under this Agreement.

(b)            Administrative Agent to Perform. The Administrative Agent will, for the benefit of the Collateral Agent, the other parties to this Agreement and the Exchange Noteholders, perform the obligations of the Collateral Agent under this Agreement and the other Basic Documents. The Collateral Agent will not be responsible for, nor have liability for, any actions taken or not taken by the Administrative Agent on behalf of the Collateral Agent. It is intended that, under the HTD Administration Agreement, the Administrative Agent will delegate to the Collateral Agent Administrator certain of the Collateral Agent's obligations that the Administrative Agent is required to perform under this Section 8.1(b), and each party to this Agreement and each Exchange Noteholder, by accepting an Exchange Note, consents to the delegation.

(c)            Administrative Agent to Maintain Collateral Agent. The Administrative Agent will (i) maintain the Collateral Agent in existence in its jurisdiction of organization, (ii) maintain all qualifications, licenses and approvals from governmental authorities that are necessary or advisable for the performance of the Collateral Agent's obligations under this Agreement, (iii) maintain a 100% limited liability company interest in the Collateral Agent and (iv) comply with, and take all actions necessary or advisable to avoid a violation of, the HTD LLC Agreement.

(d)            Power of Attorney. The Collateral Agent appoints the Administrative Agent as the Collateral Agent's attorney-in-fact, with full power of substitution to exercise all rights of the Collateral Agent under this Agreement and the other Basic Documents. This power of attorney, and all authority given, under this Section 8.1(d) is revocable and is given solely to facilitate the performance of the Administrative Agent's obligations under this Agreement and may only be used by the Administrative Agent consistent with this Agreement. On request of the Administrative Agent, the Collateral Agent will furnish the Administrative Agent with written powers of attorney and other documents to enable the Administrative Agent to perform its obligations under this Agreement.

Section 8.2.    Administrative Agent's Obligations.

(a)           Standard of Care. If a Facility Event of Default or an Exchange Note Event of Default has occurred and is continuing, the Administrative Agent will exercise the rights and powers vested to it under this Agreement using the same degree of care and as a prudent person would use under the circumstances in the conduct of that person's own affairs.

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(b)            Obligations; Reliance. Except during the continuance of a Facility Event of Default or an Exchange Note Event of Default:

(i)            the Administrative Agent agrees to perform the obligations and only the obligations stated in this Agreement and no implied covenants or obligations are to be read into this Agreement; and

(ii)            in the absence of willful misconduct, bad faith or negligence on its part, the Administrative Agent may conclusively rely, for the truth of the statements and the correctness of the opinions furnished to it, on certificates or opinions furnished to it and, if required by this Agreement, conforming to the requirements of this Agreement. The Administrative Agent will examine the certificates and opinions to determine whether or not they conform to the requirements, if any, of this Agreement.

(c)            Administrative Agent Liable. The Administrative Agent will not be relieved from liability for its own willful misconduct, bad faith or negligence, except that:

(i)            this Section 8.2(c) does not limit Section 8.2(b);

(ii)           the Administrative Agent will not be liable for an error of judgment made in good faith unless it is proved that the Administrative Agent was negligent in determining the relevant facts; and

(iii)           the Administrative Agent will not be liable for any action taken or not taken in good faith according to this Agreement or a direction received by it from the Lender or an Exchange Noteholder for the exercise of remedies under Article VI.

(d)            Not Liable for Interest. The Administrative Agent will not be liable for interest on any amounts received by it, except as the Administrative Agent may agree with the Borrowers.

(e)            Not Required to Segregate. The Administrative Agent need not segregate any funds held by it in trust under this Agreement from other funds unless required by law, this Agreement, an Exchange Note Supplement or a Servicing Supplement.

(f)            Section Governs. The terms of this Agreement relating to the conduct of the Administrative Agent, the liability of the Administrative Agent or giving protection to the Administrative Agent are subject to this Section 8.2.

(g)            No Deemed Knowledge. The Administrative Agent will not be deemed to have knowledge of a Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default unless (i) a Responsible Person of the Administrative Agent has knowledge of the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default or (ii) it has received notice of the Facility Default, Facility Event of Default, Exchange Note Default or Exchange Note Event of Default.

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Section 8.3.    Administrative Agent's Rights.

(a)            Reliance on Documents. The Administrative Agent may rely on any document believed by it to be genuine and which appears on its face to be properly executed and signed or presented by the proper Person. The Administrative Agent is not required to investigate any facts or matters or to verify any calculations or amounts stated in any document. The Administrative Agent will not be liable for any action taken or not taken in good faith in reliance on a document believed by it to be genuine.

(b)            Reliance on Opinions. Before the Administrative Agent acts or does not act, it may require and rely on an Officer's Certificate or an Opinion of Counsel. The Administrative Agent will not be liable for action taken or not taken in good faith in reliance on an Officer's Certificate or Opinion of Counsel.

(c)            Use of Agents. The Administrative Agent may exercise the trusts or powers under this Agreement or perform obligations under this Agreement either directly or by or through agents or attorneys or a custodian or nominee, and the Administrative Agent will not be responsible for misconduct or negligence on the part of, or for the supervision of, any agent, counsel, custodian or nominee appointed with due care by it under this Agreement.

(d)            Good Faith. The Administrative Agent will not be liable for any action taken or not taken in good faith which it believes to be authorized or within its rights or powers so long as the action taken or not taken does not amount to negligence.

(e)            Advice from Counsel. The Administrative Agent may consult with counsel, accountants or other experts, and the advice or opinion of counsel, accountants or other experts on any matters relating to this Agreement will be full and complete authorization and protection from liability for any action taken or not taken by it under this Agreement in good faith and according to the advice or opinion of that counsel, accountant or expert.

(f)            Not Required to Pay or Risk Funds. The Administrative Agent is not obligated to (i) exercise the rights or powers under this Agreement or to pay or risk funds or incur any financial liability in the performance of its obligations under this Agreement if it has reasonable grounds to believe that payment of such funds or adequate indemnity satisfactory to it against that risk or liability is not reasonably assured or given to it or (ii) honor the request, demand or direction of Exchange Noteholders under this Agreement, unless the Exchange Noteholders have offered to the Administrative Agent reasonable security or indemnity satisfactory to it for the reasonable expenses that might be incurred by the Administrative Agent in complying with the request or direction.

(g)            Force Majeure. The Administrative Agent will not be responsible or liable for a failure or delay in the performance of its obligations under this Agreement from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, loss or failures of mechanical, electronic or communication systems. The Administrative Agent will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

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(h)            Consequential Damages. The Administrative Agent will not be responsible or liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Administrative Agent has been advised of the likelihood of the loss or damage and regardless of the form of action.

Section 8.4.    Administrative Agent's Individual Rights. The Administrative Agent, in its individual or another capacity, may deal with the Borrowers or their Affiliates with the same rights it would have if it were not the Administrative Agent.

Section 8.5.    Administrative Agent's Disclaimer. The Administrative Agent will not be liable for (a) the validity or adequacy of this Agreement, any Exchange Note Supplement or any Exchange Notes, (b) the Borrowers' use of the funds advanced under the Revolving Facility or (c) any statement of the Borrowers in this Agreement.

Section 8.6.    Compensation and Indemnity.

(a)            Collateral Agent's Fees. The Lender will pay the Collateral Agent as compensation for performing its obligations under this Agreement a fee separately agreed to by the Lender and the Collateral Agent. The Lender will reimburse the Collateral Agent for its reasonable expenses in performing its obligations under this Agreement, including costs of collection and the reasonable fees and expenses of the Collateral Agent's agents, counsel and accountants, but excluding expenses resulting from the Collateral Agent's willful misconduct, negligence or bad faith.

(b)            Administrative Agent's Fees. The Lender will pay the Administrative Agent as compensation for performing its obligations under this Agreement a fee separately agreed to by the Lender and the Administrative Agent. This fee may be paid net of any fee payable from the Administrative Agent to Ford Credit, as Collection Agent Administrator. The Lender will reimburse the Administrative Agent for its reasonable expenses in performing its obligations under this Agreement, including costs of collection and the reasonable fees and expenses of the Administrative Agent's agents, counsel and accountants, but excluding expenses resulting from the Administrative Agent's willful misconduct, negligence or bad faith.

(c)            Indemnification. The Borrowers will indemnify the Collateral Agent, the Administrative Agent and their respective officers, directors, employees and agents (each, an "Indemnified Person"), for all fees, expenses, losses, damages and liabilities resulting from the administration of and performance of their obligations under this Agreement (including the fees and expenses of defending themselves against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Borrowers' indemnification obligations), but excluding any fee, expense, loss, damage or liability resulting from their willful misconduct, bad faith or negligence or breach of its representations or warranties in this Agreement.

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(d)            Proceedings. If an Indemnified Person receives notice of the start of a Proceeding against it, the Indemnified Person will, if a claim under the Proceeding will be made under this Section 8.6, promptly notify the Borrowers of the Proceeding. The Borrowers may participate in and assume the defense and settlement of the Proceeding at their expense. If the Borrowers notify the Indemnified Person of their intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Borrowers assume the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Borrowers will not be liable for legal expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Borrowers and the Indemnified Person. If there is a conflict, the Borrowers will pay for the separate counsel to the Indemnified Person. No settlement of the Proceeding may be made without the approval of the Borrowers and the Indemnified Person, which approvals will not be unreasonably withheld.

(e)            Survival of Obligations. The Borrowers' obligations to the Collateral Agent and the Administrative Agent under this Section 8.6 will survive the resignation or removal of the Collateral Agent or the Administrative Agent and the termination of this Agreement. Expenses incurred after the occurrence of an Exchange Note Event of Default stated in Section 6.4(a)(v) are intended to be expenses of administration under the Bankruptcy Code or other applicable federal or State bankruptcy, insolvency or similar law.

(f)            Repayment. If a Borrower makes a payment to an Indemnified Person under this Section 8.6 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Borrower.

(g)            Available Funds. Payments required to be made by the Borrowers under this Section 8.6 will be made solely from funds used to make payments under this Agreement and each Exchange Note Supplement.

Section 8.7.    Resignation or Removal of Administrative Agent.

(a)            Resignation. The Administrative Agent may resign by notifying the Lender.

(b)            Optional Removal by Lender. The Lender may, without cause, remove the Administrative Agent and terminate its rights and obligations under this Agreement by notifying the Administrative Agent and the Borrowers.

(c)            Mandatory Removal by Lender. The Borrowers must remove the Administrative Agent and terminate its rights and obligations under this Agreement if:

(i)            the Administrative Agent fails to comply with the eligibility requirements in Section 8.9;

(ii)           the Administrative Agent becomes legally unable to act or incapable of acting as Administrative Agent; or

(iii)          an Insolvency Event for the Administrative Agent occurs.

(d)            Appointment of Successor. If the Administrative Agent resigns or is removed or if a vacancy exists in the office of the Administrative Agent, the Borrowers or the Lender will appoint a successor Administrative Agent promptly. If a successor Administrative Agent does not take office within 60 days after the Administrative Agent resigns or is removed, the Administrative Agent, the Borrowers or the Lender may petition a court of competent jurisdiction to appoint a successor Administrative Agent.

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(e)            Acceptance of Appointment. No resignation or removal of the Administrative Agent will become effective until the acceptance of appointment by the successor Administrative Agent under this Section 8.7. Any successor Administrative Agent will deliver a written acceptance of its appointment to the Administrative Agent, the Collateral Agent, the Borrowers and the Lender. The Borrowers will continue to pay amounts owed to the predecessor Administrative Agent for the period it was Administrative Agent according to Section 8.6. The successor Administrative Agent will notify the Exchange Noteholders of its succession.

(f)            Transition of Administrative Agent Obligations. On the resignation or removal of the Administrative Agent becoming effective under Section 8.7(e), all rights, powers and obligations of the Administrative Agent under this Agreement will become the rights, powers and obligations of the successor Administrative Agent. The predecessor Administrative Agent will promptly transfer all property held by it as Administrative Agent to the successor Administrative Agent. The Borrowers will reimburse the Administrative Agent and any successor Administrative Agent for expenses related to the replacement of the Administrative Agent.

Section 8.8.      Merger or Consolidation; Transfer of Assets. If the Administrative Agent merges or consolidates with, or transfers its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Administrative Agent so long as that Person is qualified and eligible under Section 8.9. The Administrative Agent will promptly notify the Borrowers, the Collateral Agent and the Lender of the succession.

Section 8.9.      Eligibility. The Administrative Agent or its parent must have a combined capital and surplus of at least $50,000,000 as stated in its most recent annual published report of condition, must have a long-term unsecured debt rating of investment grade by each of S&P and Moody's and must not be Ford Credit or an Affiliate of Ford Credit.

Section 8.10.     Review of Records. Each of the Collateral Agent and the Administrative Agent agree that, with reasonable advance notice, it will permit authorized representatives of the Borrowers, the Servicer or the Collateral Agent Administrator, during the Collateral Agent's or the Administrative Agent's normal business hours, to have access to and review the books of account, records, reports and other documents and materials of the Collateral Agent or the Administrative Agent relating directly and solely to (a) the performance of the obligations of the Collateral Agent or the Administrative Agent under this Agreement, (b) the payments of fees and expenses of the Collateral Agent or the Administrative Agent for its performance and (c) any claim made by the Collateral Agent or the Administrative Agent under this Agreement. In addition, the Collateral Agent or the Administrative Agent will permit those representatives to make copies and extracts of the books and records and to discuss the same with the Collateral Agent's or the Administrative Agent's officers and employees. Any access and review will be subject to the Collateral Agent's and the Administrative Agent's confidentiality and privacy policies. The Collateral Agent and the Administrative Agent will maintain all books, records, reports and other documents and materials for a period of two years after the termination of its obligations under this Agreement.

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Section 8.11.     Collateral Agent's Representations and Warranties. The Collateral Agent represents and warrants to the Borrowers as of the date of this Agreement:

(a)            Organization and Qualification. The Collateral Agent is duly organized and validly existing as a limited liability company in good standing under the laws of Delaware. The Collateral Agent is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Collateral Agent's ability to perform its obligations under the Basic Documents to which it is a party.

(b)            Power, Authority and Enforceability. The Collateral Agent has the power and authority to execute, deliver and perform its obligations under the Basic Documents to which it is a party. The Collateral Agent has authorized the execution, delivery and performance of the Basic Documents to which it is a party. Each of the Basic Documents to which it is a party is the legal, valid and binding obligation of the Collateral Agent enforceable against the Collateral Agent, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions under the Basic Documents to which it is a party, and the performance of its obligations under such documents, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Collateral Agent is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Collateral Agent's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the Collateral Agent's organizational documents or by-laws or (iv) violate a law or, to the Collateral Agent's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Collateral Agent or its properties that applies to the Collateral Agent, which, in each case, would reasonably be expected to have a material adverse effect on the Collateral Agent's ability to perform its obligations under the Basic Documents to which it is a party.

(d)            No Proceedings. To the Collateral Agent's knowledge, there are no proceedings or investigations pending or threatened in writing before a court or other governmental authority having jurisdiction over the Collateral Agent or its properties: (i) asserting the invalidity of the Basic Documents to which it is a party, (ii) seeking to prevent the completion of any of the transactions contemplated by the Basic Documents to which it is a party or (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Collateral Agent's ability to perform its obligations under, or the validity or enforceability of, the Basic Documents to which it is a party.

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Section 8.12.     Administrative Agent's Representations and Warranties. The Administrative Agent represents and warrants to the Borrowers as of the date of this Agreement:

(a)            Organization and Qualification. The Administrative Agent is duly organized and validly existing as a national banking association in good standing under the laws of the United States. The Administrative Agent is qualified as a banking institution in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Administrative Agent's ability to perform its obligations under the Basic Documents to which it is a party.

(b)            Power, Authority and Enforceability. The Administrative Agent has the power and authority to execute, deliver and perform its obligations under the Basic Documents to which it is a party. The Administrative Agent has authorized the execution, delivery and performance of the Basic Documents to which it is a party. Each of the Basic Documents to which it is a party is the legal, valid and binding obligation of the Administrative Agent enforceable against the Administrative Agent, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions under the Basic Documents to which it is a party, and the performance of its obligations under such documents, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Administrative Agent is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Administrative Agent's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the Administrative Agent's organizational documents or by-laws or (iv) violate a law or, to the Administrative Agent's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Administrative Agent or its properties that applies to the Administrative Agent, which, in each case, would reasonably be expected to have a material adverse effect on the Administrative Agent's ability to perform its obligations under the Basic Documents to which it is a party.

(d)            No Proceedings. To the Administrative Agent's knowledge, there are no proceedings or investigations pending or threatened in writing before a court or other governmental authority having jurisdiction over the Administrative Agent or its properties: (i) asserting the invalidity of the Basic Documents to which it is a party, (ii) seeking to prevent the completion of any of the transactions contemplated by the Basic Documents to which it is a party or (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Administrative Agent's ability to perform its obligations under, or the validity or enforceability of, the Basic Documents to which it is a party.

Section 8.13.      Dissolution of Collateral Agent. Following the termination of this Agreement, the Administrative Agent will, on direction of the Borrowers, dissolve the Collateral Agent under the laws of the State of Delaware and the HTD LLC Agreement.

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ARTICLE IX
OTHER AGREEMENTS

Section 9.1.      Compliance Certificates and Opinions . On direction of or request by the Borrowers to the Collateral Agent or the Administrative Agent to take action under this Agreement or any other Basic Document, the Borrowers will furnish to the Collateral Agent and/or the Administrative Agent (a) an Officer's Certificate stating that all conditions in this Agreement or such other Basic Document for the proposed action have been satisfied and (b) an Opinion of Counsel stating that in the opinion of that counsel those conditions have been satisfied.

Section 9.2.      No Petition. Each party and each Exchange Noteholder, by accepting the related Exchange Note, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of all Secured Obligations, including all Exchange Notes, and any other Securities, it will not start or pursue against, or join any other Person in starting or pursuing against, either Titling Company or either Holding Company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any federal or State bankruptcy or similar law. This Section 9.2 will survive the termination of this Agreement.

Section 9.3.      Borrowers' Obligation Only. The Borrowers' obligations under this Agreement, the Exchange Note Supplements and the Exchange Notes are solely the Borrowers' obligations and do not represent an obligation, or interest in any assets, of the Servicer, the Holding Companies, the Collateral Agent, the Administrative Agent or any other Person, or of any member, manager, officer, director, employee or agent of the Borrowers in their individual capacities.

Section 9.4.      Limited Recourse; Subordination of Claims.

(a)           Limited Recourse of Secured Parties. The Collateral Agent, the Administrative Agent and the Lender, by entering into this Agreement, and each Exchange Noteholder, by accepting an Exchange Note, acknowledge and agree that:

(i)            a claim against the Borrowers for Secured Obligations under this Agreement by (A) the Collateral Agent will be limited in recourse to the Borrowers' assets allocated to the Collateral Specified Interest, (B) the Lender will be limited in recourse to the Borrowers' assets allocated to the Revolving Facility Pool and (C) except for funds allocated to the Exchange Noteholder under Article VII and each related Exchange Note Supplement, an Exchange Noteholder will be limited in recourse to the Borrowers' assets allocated to the related Reference Pool; and

(ii)           none of the Collateral Agent, the Lender or an Exchange Noteholder (or the Administrative Agent on behalf of any of them) has any right, title or interest in or to any assets of the Borrowers other than as described in clause (i), including (A) for each of them, assets allocated to a Specified Interest of a Borrower other than the Collateral Specified Interest, (B) for the Lender, assets allocated to any Reference Pool and (C) for an Exchange Noteholder, assets allocated to the Revolving Facility Pool or any other Reference Pool (for each of the Collateral Agent, the Lender or an Exchange Noteholder, as applicable, "Other Borrower Assets").

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(b)            Subordination Agreement. If the Collateral Agent, the Lender or an Exchange Noteholder (or the Administrative Agent on behalf of any of them) either (i) asserts an interest in, claim to or benefit from, Other Borrower Assets or (ii) is deemed to have an interest in, claim to or benefit from Other Borrower Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the Collateral Agent, the Administrative Agent, the Lender and each Exchange Noteholder further acknowledges and agrees that the interest, claim or benefit in, to or from the Other Borrower Assets is subordinated to the indefeasible payment in full of the other obligations and liabilities of the Borrowers ("Other Borrower Liabilities"), which, under the relevant documents relating to the securitization, conveyance or other financing or disposition of those Other Borrower Assets, are entitled to be paid from, entitled to the benefits of or secured by those Other Borrower Assets (whether or not the entitlement or security interest is legally perfected or entitled to a priority of distribution under applicable law, including insolvency laws, and whether or not asserted against the Borrowers), in each case, including the payment of post-petition interest on those other obligations and liabilities. This Section 9.4(b) is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. The Collateral Agent, the Administrative Agent, the Lender and each Exchange Noteholder further acknowledge and agree that no adequate remedy at law exists for a breach of this Section 9.4 and this Section 9.4 may be enforced by an action for specific performance.

(c)            Election under Bankruptcy Code. The Collateral Agent, the Administrative Agent and the Lender, by entering into this Agreement, each Exchange Noteholder, by accepting an Exchange Note, irrevocably makes the election provided to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment provided by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that Person may have against Other Borrower Assets, including (i) for each of them, assets allocated to a Specified Interest of a Borrower other than the Collateral Specified Interest, (ii) for the Lender, assets allocated to any Reference Pool and (iii) for an Exchange Noteholder, assets allocated to the Revolving Facility Pool or any other Reference Pool.

(d)            Third Party Benefit. This Section 9.4 is for the third party benefit of the holders, pledgees or other beneficiaries of Other Borrower Liabilities and will survive the termination of this Agreement.

Section 9.5.      Obligations of Collateral Agent and Administrative Agent. No recourse may be taken, directly or indirectly, for the obligations of the Collateral Agent and the Administrative Agent under this Agreement or a certificate or other writing delivered for this Agreement, against (a) the Collateral Agent or the Administrative Agent, each in its individual capacity, (b) each partner, owner, beneficiary, agent, officer, director, employee or agent of the Collateral Agent or the Administrative Agent, each in its individual capacity or (c) each holder of a beneficial interest in the Collateral Agent or the Administrative Agent, each in its individual capacity. The Collateral Agent and the Administrative Agent have none of these obligations in their individual capacities.

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ARTICLE X
MISCELLANEOUS

Section 10.1.     Amendments.

(a)            General Amendments. Without the consent of the Exchange Noteholders, the parties may amend this Agreement or any Exchange Note Supplement:

(i)            to correct or expand the description of property subject to the Lien of this Agreement, or better to assure, convey and confirm to the Collateral Agent property subject or required to be subjected to the Lien of this Agreement, or to subject additional property to the Lien of this Agreement;

(ii)           to evidence the succession of any other Person to a Borrower, and the assumption by the successor of the obligations of the Borrower in this Agreement, the Exchange Note Supplements and in the Exchange Notes;

(iii)          to add to the covenants of the Borrowers, for the benefit of the Lender and the Exchange Noteholders, or to surrender a right or power given to the Borrowers in this Agreement and the Exchange Note Supplements;

(iv)          to transfer, assign, mortgage or pledge property to or with the Collateral Agent;

(v)           to clarify an ambiguity, correct an error or correct or supplement any term in this Agreement or an Exchange Note Supplement inconsistent with another term in this Agreement or the Exchange Note Supplement or to add provisions which are not inconsistent with the provisions of this Agreement or an Exchange Note Supplement if the action does not have a material adverse effect on the interests of the Exchange Noteholders; or

(vi)          to evidence the acceptance of the appointment under this Agreement of a successor Collateral Agent or Administrative Agent.

(b)           Amendments without Material Adverse Effect. Without the consent of the Exchange Noteholders, the parties may amend this Agreement or an Exchange Note Supplement to add terms to, to change or eliminate the terms of, or to modify the rights of the Exchange Noteholders under, this Agreement or the Exchange Note Supplement, if:

(i)            the Borrowers deliver to the Collateral Agent and the Administrative Agent an Officer's Certificate stating that the amendment will not have a material adverse effect on the Exchange Notes; and

(ii)           the Borrowers deliver an Opinion of Counsel to the Collateral Agent and the Administrative Agent stating that the amendment will not (A) cause a Note to be considered sold or exchanged for purposes of Section 1001 of the Code or (B) cause a Borrower to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

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(c)            Amendments with Consent of Exchange Noteholders. With the consent of all Exchange Noteholders (for amendments to this Agreement) or the related Exchange Noteholder (for amendments to an Exchange Note Supplement), the parties may amend this Agreement or an Exchange Note Supplement to add terms to, to change or eliminate terms of, or to modify the rights of the Exchange Noteholders under, this Agreement or the Exchange Note Supplement if the Borrowers deliver an Opinion of Counsel to the Collateral Agent and the Administrative Agent stating that the amendment will not (i) cause any Note to be considered sold or exchanged for purposes of Section 1001 of the Code or (ii) cause a Borrower to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

(d)            Exchange Noteholder Consent. For any amendment to this Agreement or an Exchange Note Supplement or any other Basic Document requiring the consent of the Exchange Noteholders, the Administrative Agent will, when directed by the Borrowers, notify the Exchange Noteholders to request consent and follow its reasonable procedures to obtain consent.

(e)            Form; Authorization; Reliance. Each amendment will be in form reasonably satisfactory to the Administrative Agent. The Collateral Agent and the Administrative Agent are authorized to execute the amendment and any other agreements required by the amendment. For any amendment, the Administrative Agent may request, and the Borrowers will deliver, an Opinion of Counsel stating that the amendment is permitted by this Agreement and that all conditions to the amendment have been satisfied.

(f)            Collateral Agent and Administrative Agent Not Obligated. Neither the Collateral Agent nor the Administrative Agent is obligated to enter into an amendment that adversely affects their rights, powers, obligations, or liabilities under this Agreement or an Exchange Note Supplement.

Section 10.2.      Benefit of Agreement. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. No other Person will have any right or obligation under this Agreement.

Section 10.3.      Notices.

(a)            Notices to Parties. All notices, requests, demands, consents, waivers or other communications to or from the parties to this Agreement must be in writing and will be considered received by the recipient:

(i)            for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)           for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)          for an email, when receipt is confirmed by telephone or reply email from the recipient; and

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(iv)          for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)            Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient stated in Schedule A, which address the party may change by notifying the other parties.

(c)            Notices to Exchange Noteholders. Notices to an Exchange Noteholder will be considered received by the Exchange Noteholder, for overnight delivery, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the Exchange Noteholder at its address in the Exchange Note Register.

Section 10.4.      GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, UNDER SECTION 3809 OF TITLE 12 OF THE DELAWARE CODE, THE DOCTRINE OF MERGER WILL NOT BE APPLICABLE TO THIS AGREEMENT.

Section 10.5.      Submission to Jurisdiction. The Administrative Agent submits to the nonexclusive jurisdiction of a United States District Court sitting in Delaware and of a Delaware State Court for legal proceedings relating to this Agreement or any Exchange Note Supplement. The Administrative Agent irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding relating to this Agreement or any Exchange Note Supplement brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

Section 10.6.      WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT OR ANY EXCHANGE NOTE SUPPLEMENT.

Section 10.7.      No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement or any Exchange Note Supplement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement and any Exchange Note Supplement are in addition to any powers, rights and remedies under law.

Section 10.8.      Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 10.9.      Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

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Section 10.10.      Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and the counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

CAB EAST LLC,
as a Borrower and a Titling Company
By:		/s/ Nathan Herbert
	Name:	Nathan Herbert
	Title:	Secretary
CAB WEST LLC,
as a Borrower and a Titling Company
By:		/s/ Nathan Herbert
	Name:	Nathan Herbert
	Title:	Secretary
FORD MOTOR CREDIT COMPANY,
as Lender and as Servicer
By:		/s/ Ryan Hershberger
	Name:	Ryan Hershberger
	Title:	Assistant Treasurer

[Signature Page to Credit and Security Agreement (4th A&R)]

U.S. BANK NATIONAL ASSOCIATION,
not in its individual capacity
but solely as Administrative Agent
By:		/s/ April E. Lancsak
	Name:	April E. Lancsak
	Title:	Vice President
HTD LEASING LLC,
as Collateral Agent
By:		/s/ Melissa Rosal
	Name:	Melissa Rosal
	Title:	President

[Signature Page to Credit and Security Agreement (4th A&R)]

Schedule A

Notice Addresses

1. If to Ford Credit, in its individual capacity or as Lender, Servicer, Custodian and Collateral Agent Administrator:

Ford Motor Credit Company LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention: Securitization Operations Manager

Telephone: (313) 206-7860

Email: FDSecops@ford.com

With a copy to:

Ford Motor Credit Company LLC

c/o Ford Motor Company
One American Road
Suite 1038

Dearborn, Michigan 48126
Attention: Office of General Counsel
Fax: (313) 337-9591
Email: notice@ford.com

2. If to the Borrowers or the Titling Companies:

CAB East LLC

CAB West LLC

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Attention: Ford Credit SPE Management Office

Telephone: (313) 594-3495

Email: FSPEMgt@ford.com

With a copy to:

Ford Motor Credit Company LLC
c/o Ford Motor Company
One American Road
Suite 1038

Dearborn, Michigan 48126
Attention: Office of General Counsel
Fax: (313) 337-9591
Email: notice@ford.com

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3. If to the Administrative Agent:

U.S. Bank National Association
190 South LaSalle Street, 7th Floor
Chicago, Illinois 60603

Attention: Ford Lease Collateral Agency

Telephone: (312) 332-7496

Facsimile: (312) 332-7996

4. If to the Collateral Agent:

HTD Leasing LLC
c/o U.S. Bank National Association
190 South LaSalle Street
7th Floor
Chicago, Illinois 60603

Attention: Ford Lease Collateral Agency

Telephone: (312) 332-7496

Facsimile: (312) 332-7996

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Appendix A to the
Credit and Security Agreement

Usage and Definitions

Usage

The following usage rules apply to this Appendix, each document that incorporates this Appendix and any document delivered under any such document:

(a)            The term "document" includes any document, agreement, instrument, certificate, notice, report, statement or other writing, whether in electronic or physical form.

(b)            Accounting terms not defined or not completely defined in this Appendix will have the meanings given to them under generally accepted accounting principles, international financial reporting standards or other applicable accounting principles in effect in the United States on the date of the document that incorporates this Appendix.

(c)             References to "Article," "Section," "Exhibit," "Schedule," "Appendix" or another subdivision of or to an attachment are, unless otherwise stated, to an article, section, exhibit, schedule, appendix or subdivision of or an attachment to the document in which the reference appears.

(d)            Any document defined or referred to in this Appendix or in any document that incorporates this Appendix means the document as amended, modified, supplemented, restated or replaced, including by waiver or consent, and includes all attachments to and instruments incorporated in the document.

(e)            Any statute defined or referred to in this Appendix or in any document that incorporates this Appendix means the statute as amended, modified, supplemented, restated or replaced, including by succession of comparable successor statute, and includes any rules and regulations promulgated under the statute and any judicial and administrative interpretations of the statute.

(f)             References to "law" or "applicable law" in this Appendix or in any document that incorporates this Appendix include all rules and regulations enacted under such law.

(g)            The calculation of any amount as of the Cutoff Date will be determined as of the open of business on that day before the application or processing of any funds, payments and other transactions on that day. The calculation of any amount for any other day will be determined, unless otherwise stated, as of the close of business on that day after the application or processing of any funds, payments and other transactions on that day.

(h)            References to deposits, transfers and payments of any funds refer to deposits, transfers or payments of such funds in immediately available funds.

(i)             The terms defined in this Appendix apply to the singular and plural forms of those terms.

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(j)             The term "including" means "including without limitation."

(k)            References to a Person are also to its permitted successors and assigns, whether in its individual or representative capacity.

(l)            In the computation of periods of time from one date to or through a later date, the word "from" means "from and including," the word "to" means "to but excluding" and the word "through" means "to and including."

(m)            Except where "not less than zero" or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

(n)            References to a month, quarter or year are, unless otherwise stated, to a calendar month, calendar quarter or calendar year, respectively.

(o)            No Person will be deemed to have "knowledge" of a particular event or occurrence for purposes of any document that incorporates this Appendix, unless either (i) a Responsible Person of the Person has knowledge of the event or occurrence or (ii) the Person has received notice of the event or occurrence according to any Basic Document.

Definitions

"Adjusted Capitalized Cost" means, for a Lease, (a) the sum of (i) the agreed on value of the related Leased Vehicle, plus (ii) any items the Lessee agrees to pay over the original term of the Lease, minus (b) any amounts paid by the Lessee that reduce the amount in clause (a).

"Administrative Agent" means U.S. Bank, not in its individual capacity but solely as Administrative Agent under the Credit and Security Agreement.

"Advance" has the meaning stated in Section 2.1(a) of the Credit and Security Agreement.

"Advance Payment Plan Lease" means a Lease that was paid in full at the time it was originated.

"Advance Rate" means 90%, as may be increased or decreased according to Section 2.6(a) of the Credit and Security Agreement.

"Affiliate" means, for a specified Person, another Person directly or indirectly controlling, controlled by, or under direct or indirect common control with the specified Person. For the purposes of this definition, "control" when used with respect to a Person means the power to direct the management and policies of the Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

"Bankruptcy Code" means the United States Bankruptcy Code, Title 11 of the United States Code.

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"Base Payment" means, for a Lease, an amount payable by the related Lessee monthly in advance that provides a fixed internal rate of return and amortizes the Adjusted Capitalized Cost of the Lease to the Contract Residual Value of the related Leased Vehicle at the Scheduled Lease End Date.

"Basic Documents" means:

(a) the Credit and Security Agreement;

(b) the Servicing Agreement;

(c) the HTD Administration Agreement;

(d) the Titling Company LLC Agreements;

(e) the Holding Company LLC Agreements;

(f) the HTD LLC Agreement; and

(g) the License Agreement.

"Borrower" means each of CAB East and CAB West, as borrowers under the Credit and Security Agreement.

"Borrower Collateral" means (a) the Leases, (b) the Leased Vehicles, (c) all Collections on the Leases and the Leased Vehicles, (d) rights to receive proceeds from claims on insurance companies for (i) insurance policies maintained under Section 5.15 of the Credit and Security Agreement and (ii) insurance covering the Leased Vehicle or Lessee, (e) Dealer Recourse for the Leases, (f) the Lease Files, (g) all "security entitlements" (as defined in Section 8-102 of the UCC) relating to the Revolving Facility Collection Account and all Exchange Note Collection Accounts and the property deposited in or credited to the Revolving Facility Collection Account and any of the Exchange Note Collection Accounts, (h) all present and future claims, demands, causes of action and choses in action relating to the property described above and (i) all payments on or under and proceeds of the property described above.

"Borrowing Base" means, as of the date of any Advance, the product of (a) the Advance Rate, times (b) the excess of (i) the aggregate Lease Balance of the Leases (including a Lease to be acquired with the proceeds of the Advance and the Leases allocated to Reference Pools on that date), over (ii) the aggregate principal balance of the Exchange Notes on that date (after giving effect to payment of principal on the Exchange Notes on that date).

"Business Day" means a day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York, New York, St. Paul, Minnesota or Chicago, Illinois are authorized or obligated by law or executive order to close.

"CAB East" means CAB East LLC, a Delaware limited liability company.

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"CAB East LLC Agreement" means the Second Amended and Restated Limited Liability Company Agreement, dated as of February 5, 2003, as amended and restated as of December 1, 2015, by CAB East Holdings, as member.

"CAB East Holdings" means CAB East Holdings, LLC, a Delaware limited liability company.

"CAB West" means CAB West LLC, a Delaware limited liability company.

"CAB West LLC Agreement" means the Second Amended and Restated Limited Liability Company Agreement, dated as of February 5, 2003, as amended and restated as of December 1, 2015, by CAB West Holdings, as member.

"CAB West Holdings" means CAB West Holdings, LLC, a Delaware limited liability company.

"Certificate of Title" means the certificate of title of a Leased Vehicle.

"Closing Date" means July 22, 2005.

"Code" means the Internal Revenue Code of 1986.

"Collateral Agent" means HTD, as Collateral Agent under the Credit and Security Agreement.

"Collateral Agent Administrator" means Ford Credit, as Collateral Agent Administrator under the HTD Administration Agreement.

"Collateral Specified Interest" means, for each Borrower, the Specified Interest designated according to the related Titling Company LLC Agreement as a "Collateral Specified Interest."

"Collection Period" (a) for the Revolving Facility Pool, means each month and (b) for a Reference Pool, has the meaning stated in the related Exchange Note Supplement. For a Payment Date, the related Collection Period means the Collection Period before the Payment Date.

"Collections" means, for a Collection Period and the Revolving Facility Pool and, unless otherwise stated in the related Exchange Note Supplement or Servicing Supplement, a Reference Pool, all amounts applied on the Leases and Leased Vehicles in the Revolving Facility Pool or the Reference Pool, as applicable, during that Collection Period, including all amounts applied from the Lessees on the related Leases and all amounts applied that relate to the sale or other disposition of the related Leased Vehicles, but excluding any such amounts used by the Servicer to pay sales and use and/or monthly rental receipts tax and to offset personal property and ad valorem taxes and other administrative costs.

"Contract Rate" means, for a Lease, the internal rate of return used to calculate the Base Payment.

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"Contract Residual Value" means, for a Lease, the dollar amount stated in the Lease as the value of the related Leased Vehicle at the Scheduled Lease End Date, which amount may be adjusted if the Lease is extended.

"Corporate Trust Office" means, for the Administrative Agent:

(a) for administration of the Credit and Security Agreement:

U.S. Bank National Association
190 South LaSalle Street, 7th Floor
Chicago, Illinois 60603
Fax: (312) 332-7996
Telephone: (312) 332-7496

(b) for Exchange Note Registrar services:

U.S. Bank National Association
111 Fillmore Street
St. Paul, Minnesota 55107-1402
Attn: Bondholder Services

or, in each case, at another address designated by that Person by notice to the Borrowers, the Servicer and each Exchange Noteholder.

"Credit and Security Agreement" means the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021, among the Titling Companies, as Borrowers, U.S. Bank, as Administrative Agent, HTD, as Collateral Agent, and Ford Credit, as Lender and as Servicer, as supplemented by Exchange Note Supplements.

"Custodian" means Ford Credit, in its capacity as custodian of the Lease Files.

"Cutoff Date" means, for an Exchange Note and the related Reference Pool, the date stated in the related Exchange Note Supplement.

"Dealer" means, for a Lease, the dealer who originated and assigned the Lease to a Titling Company.

"Dealer Recourse" means, for a Lease or Leased Vehicle, recourse rights against the originating Dealer.

"Eligible State" means, for a Titling Company, each State in which the Titling Company is, if required by applicable law, qualified, licensed and approved to hold title or other evidence of an interest in a Leased Vehicle.

"ERISA" means the Employee Retirement Income Security Act of 1974.

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"Excess Mileage" means, for a Leased Vehicle, the amount assessed under the related Lease for the excess of the number of miles that the Leased Vehicle has been driven over the number of miles the Leased Vehicle may be driven during the term of the Lease without an excess mileage charge, whether or not the assessed amount is waived or collected.

"Excess Wear and Use" means, for a Leased Vehicle, the amount assessed under the related Lease for damages to the Leased Vehicle that are not the result of normal wear and use, whether or not the assessed amount is waived or collected.

"Exchange Note" has the meaning stated in Section 4.1(a) of the Credit and Security Agreement.

"Exchange Note Allocation Percentage" means, for an Exchange Note and a date, a fraction expressed as a percentage, with (a) a numerator equal to the Exchange Note Balance of the Exchange Note and (b) a denominator equal to the sum of (i) the Revolving Facility Balance, plus (ii) the aggregate of the Exchange Note Balances of the Exchange Notes.

"Exchange Note Balance" means, for an Exchange Note, the initial principal balance minus all amounts paid on the Exchange Note as principal.

"Exchange Note Basic Documents" means, for an Exchange Note, the related Exchange Note Supplement, the related Servicing Supplement and any other document stated as a "Transaction Document" in the related Exchange Note Supplement.

"Exchange Note Collection Account" means the account established for an Exchange Note and a Reference Pool under Section 5.1(b) of the Servicing Agreement and the related Servicing Supplement.

"Exchange Note Default" means, for an Exchange Note, any occurrence that with notice or passage of time or both would become an Exchange Note Event of Default.

"Exchange Note Event of Default" has the meaning stated in Section 6.4(a) of the Credit and Security Agreement.

"Exchange Note Interest Payment Amount" means, for an Exchange Note and a Payment Date, the interest due and owing on the Exchange Note for the Payment Date according to the related Exchange Note Supplement.

"Exchange Note Interest Period" has, for an Exchange Note, the meaning stated in the related Exchange Note Supplement.

"Exchange Note Interest Rate" has, for an Exchange Note, the meaning stated in the related Exchange Note Supplement.

"Exchange Note Issuance Date" has the meaning stated in Section 4.2(d)(i) of the Credit and Security Agreement.

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"Exchange Note Principal Payment Amount" means, for an Exchange Note and a Payment Date, the amount owing as principal of the Exchange Note for the Payment Date according to the related Exchange Note Supplement.

"Exchange Note Purchase Price" means, for an Exchange Note, the amount payable for the redemption of the Exchange Note as stated in the related Servicing Supplement.

"Exchange Note Redemption Date" means, for an Exchange Note, the date on which the redemption of the Exchange Note is to occur under the related Servicing Supplement.

"Exchange Note Register" and "Exchange Note Registrar" have the meanings stated in Section 4.3 of the Credit and Security Agreement.

"Exchange Note Supplement" has the meaning stated in Section 4.1(a) of the Credit and Security Agreement.

"Exchange Noteholder" means the Person in whose name an Exchange Note is registered on the Exchange Note Register.

"Facility Amount" means $30,000,000,000, as increased or decreased under Section 2.5 of the Credit and Security Agreement.

"Facility Default" means any occurrence that with notice or the passage of time or both would become a Facility Event of Default.

"Facility Event of Default" has the meaning stated in Section 6.1(a) of the Credit and Security Agreement.

"Facility Termination Date" means the 20th anniversary of the Closing Date, as that date may be extended according to Section 2.4 of the Credit and Security Agreement.

"Federal Reserve Bank of New York's Website" means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.

"Final Scheduled Payment Date" means, for an Exchange Note, the date stated in the Exchange Note or in the related Exchange Note Supplement as the fixed date that the final payment of principal on the Exchange Note is due and payable.

"Ford Credit" means Ford Motor Credit Company LLC, a Delaware limited liability company.

"Grant" means to mortgage, pledge, assign and to grant a lien on and a security interest in the relevant property.

"Holding Company" means each of CAB East Holdings and CAB West Holdings.

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"Holding Company LLC Agreement" means each of (a) the Second Amended and Restated Limited Liability Company Agreement of CAB East Holdings, dated as of November 1, 2004, as amended and restated as of December 1, 2015, between Ford Credit and CAB East Holdings, and (b) the Amended and Restated Limited Liability Company Agreement of CAB West Holdings, dated as of November 18, 2014, as amended and restated as of December 1, 2015, between Ford Credit and CAB West Holdings.

"HTD" means HTD Leasing LLC, a Delaware limited liability company.

"HTD Administration Agreement" means the Second Amended and Restated Administration Agreement, dated as of July 22, 2005, as amended and restated as of December 1, 2015, between the Collateral Agent, the Administrative Agent and the Collateral Agent Administrator.

"HTD LLC Agreement" means the Third Amended and Restated Limited Liability Company Agreement of HTD Leasing LLC, dated as of December 1, 2006, by U.S. Bank, as Member.

"Indemnified Person" has (a) for the Credit and Security Agreement, the meaning stated in Section 8.6(c) of the Credit and Security Agreement, (b) for the Servicing Agreement, the meaning stated in Section 6.3(a) of the Servicing Agreement and (c) for the HTD Administration Agreement, the meaning stated in Section 3.3(a) of the HTD Administration Agreement.

"Insolvency Event" means, for a Person, (a) the making of a general assignment for the benefit of creditors, (b) the filing of a voluntary petition in bankruptcy, (c) being adjudged bankrupt or insolvent, or having had entered against the Person an order for relief in any bankruptcy or insolvency proceeding, (d) the filing by the Person of a petition or answer seeking reorganization, liquidation, dissolution or similar relief under any law, (e) seeking, consenting to or acquiescing in the appointment of a trustee, liquidator, receiver or similar official of the Person or of all or any substantial part of the Person's assets, (f) the failure to obtain dismissal or a stay within 60 days of the start of or the filing by the Person of an answer or other pleading admitting or failing to contest the material allegations of a petition filed against the Person in any proceeding against the Person seeking (i) reorganization, liquidation, dissolution or similar relief under any law or (ii) the appointment of a trustee, liquidator, receiver or similar official of the Person or of all or any substantial part of the Person's assets or (g) the failure by the Person generally to pay its debts as they become due.

"Interest Period" means, for the Revolving Facility:

(a) for the first Payment Date, the period from and including the Closing Date to the last day of the month in which the Closing Date occurs;

(b) for each following Payment Date other than the final Payment Date, the calendar month immediately before the month in which the Payment Date occurs; and

(c) for the final Payment Date, the period from the first day of the calendar month immediately before the month in which the Payment Date occurs to the Payment Date.

"Investment Company Act" means the Investment Company Act of 1940.

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"IRS" means the Internal Revenue Service.

"Lease" means a lease agreement for a motor vehicle entered into between a Lessee and a Dealer and assigned by the Dealer to a Titling Company and which has been allocated to the Collateral Specified Interest of the related Titling Company according to the related Titling Company LLC Agreement.

"Lease Balance" means, for a Lease and a Collection Period, the sum of the present values of (a) the Base Payments remaining after the end of the Collection Period and (b) the Contract Residual Value of the related Leased Vehicle, calculated using a discount rate equal to the related Contract Rate on the basis of a 360-day year of twelve 30-day months to the beginning of the Collection Period and assuming each amount is received at the end of the Collection Period in which the amount is scheduled to be received and giving effect to any Payment Extension made on the Lease.

"Lease File" has the meaning stated in Section 3.9(b) of the Servicing Agreement.

"Leased Vehicle" means a motor vehicle, together with all attached items or accessories, subject to a Lease.

"Lender" means Ford Credit, in its capacity as Lender under the Credit and Security Agreement.

"Lessee" means the lessee of a Leased Vehicle under a Lease or any other Person who is obligated to make payments on the Lease.

"License Agreement" means the License Agreement dated as of July 22, 2005, among Ford Credit, as licensor, HTD Leasing LLC, as Collateral Agent and licensee, and U.S. Bank as Administrative Agent.

"Lien" means a security interest, lien, charge, pledge, equity or encumbrance.

"Margin" means 0.50%, as may be increased or decreased according to Section 2.6(b) of the Credit and Security Agreement

"Monthly Investor Report" has the meaning stated in Section 3.4(b) of the Servicing Agreement.

"Moody's" means Moody's Investors Service, Inc.

"New York UCC" has the meaning stated in Section 5.2(b) of the Servicing Agreement.

"Officer's Certificate" means, for a Person, a certificate signed by any officer of the Person.

"Opinion of Counsel" means a written opinion of counsel, which counsel is reasonably acceptable to the Administrative Agent.

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"Other Borrower Assets" has the meaning stated in Section 9.4(a)(ii) of the Credit and Security Agreement.

"Other Borrower Liabilities" has the meaning stated in Section 9.4(b) of the Credit and Security Agreement.

"Outstanding" means, for the Exchange Notes as of any date, all Exchange Notes authenticated and delivered under an Exchange Note Supplement on or before that date except (a) Exchange Notes that has been cancelled by the Exchange Note Registrar or delivered to the Exchange Note Registrar for cancellation, (b) Exchange Notes for which an amount necessary to pay the Exchange Note has been deposited with the Administrative Agent for the related Exchange Noteholder and, if the Exchange Note is to be redeemed, notice of the redemption has been given under the Exchange Note Supplement and (c) Exchange Notes in exchange for or in place of which another Exchange Note has been authenticated and delivered under the Credit and Security Agreement unless proof satisfactory to the Administrative Agent is presented that the Exchange Note is held by a bona fide purchaser. In determining whether Exchange Noteholders of the required aggregate Exchange Note Balance have made or given a request, demand, authorization, direction, notice, consent or waiver under any Basic Document, Exchange Notes owned by the Borrowers, the Servicer or their Affiliates will be considered not to be Outstanding. However, Exchange Notes owned by the Borrowers, the Servicer or their Affiliates will be considered to be Outstanding if (i) no other Exchange Notes remain Outstanding or (ii) the Exchange Notes have been pledged in good faith and the pledgee establishes to the reasonable satisfaction of the Administrative Agent the pledgee's right to act for the Exchange Notes and that the pledgee is not a Borrower, the Servicer or their Affiliates.

"Payment Date" means (a) for the Revolving Facility, the 15th day of each month or, if not a Business Day, the next Business Day and (b) for an Exchange Note, the date stated in the related Exchange Note Supplement. For a Collection Period, the related Payment Date means the Payment Date following the end of the Collection Period.

"Payment Extension" means, for a Lease other than an Advance Payment Plan Lease, an extension of the payment term by the Servicer by deferring the scheduled payment due in one or more months and extending the term of the Lease by the same number of months.

"Payment Extension Fee" means, for a Lease other than an Advance Payment Plan Lease and a Collection Period, the amount assessed to the related Lessee for a Payment Extension, whether or not the amount is waived or collected.

"Permitted Lien" means, for a Lease or Leased Vehicle, (a) a tax lien, mechanics' lien or lien that attaches to a Lease or Leased Vehicle by operation of law and resulting solely from an action or omission of the related Lessee and (b) the Lien of the Collateral Agent under the Credit and Security Agreement.

"Person" means a legal person, including a corporation, natural person, joint venture, limited liability company, partnership, trust, business trust, association, government, a department or agency of a government or any other entity.

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"Proceeding" means a suit in equity, action at law or other judicial or administrative proceeding.

"QIB" has the meaning stated in Section 4.4(f)(ii) of the Credit and Security Agreement.

"Reference Pool" has the meaning stated in Section 4.1(b) of the Credit and Security Agreement.

"Reference Pool Servicer Termination Event" has the meaning stated in Section 7.3(a) of the Servicing Agreement.

"Reference Pool Servicing Fee" has, for a Reference Pool, the meaning stated in the related Servicing Supplement.

"Responsible Person":

(a) for a Titling Company, has the meaning stated in the related Titling Company LLC Agreement;

(b) for the Servicer, means the individuals designated by the Servicer under Section 3.6(d) of the Servicing Agreement;

(c) for the Collateral Agent Administrator, means the individuals designated by the Collateral Agent Administrator under Section 2.7 of the HTD Administration Agreement; and

(d) for the Administrative Agent, means an officer in the Corporate Trust Office, including a vice president, assistant vice president, secretary, assistant secretary or another officer customarily performing functions similar to those performed by the officers listed above, having direct responsibility for the administration of the Credit and Security Agreement and, for a particular matter, any officer to whom the matter is referred because of the officer's knowledge of and familiarity with the particular subject.

"Revolving Facility" means the uncommitted revolving credit facility by the Lender to the Borrowers under Article II of the Credit and Security Agreement.

"Revolving Facility Allocation Percentage" means, as of a date of determination, a fraction, expressed as a percentage, with a numerator equal to the Revolving Facility Balance and a denominator equal to the sum of (a) the Revolving Facility Balance, plus (b) the aggregate of the Exchange Note Balances of the Exchange Notes.

"Revolving Facility Balance" means, as of a date, the unpaid principal amount of the Advances outstanding under the Credit and Security Agreement.

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"Revolving Facility Benchmark Rate" means, for the Revolving Facility and an Interest Period, the rate, as determined by the Lender, for the compounded average of the secured overnight financing rate over a rolling 30-calendar day period, which is published by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York's Website under "30-Day Average SOFR" at 3:00 p.m., New York time, on the most recent Revolving Facility Interest Determination Date. If this rate does not appear on the Federal Reserve Bank of New York's Website, the rate that was published at 3:00 p.m., New York time, on the first preceding Revolving Facility Interest Determination Date for which such rate was published on the Federal Reserve Bank of New York's Website under "30-Day Average SOFR." If the Federal Reserve Bank of New York's Website's rate is not available or does not appear on a Revolving Facility Interest Determination Date, the Lender and the Borrowers will agree on another method to determine an appropriate rate. All percentages resulting from any determination of the Revolving Facility Benchmark Rate will be rounded to the nearest 1/100,000 of 1% (0.000001), with five one-millionths of a percentage point rounded upward.

"Revolving Facility Collection Account" means the account established for the Revolving Facility Pool under Section 5.1(a) of the Servicing Agreement.

"Revolving Facility Interest Determination Date" means, for the Revolving Facility, the day that is two Business Days before the first day of the applicable Interest Period (determined in accordance with the SOFR publication calendar of the Federal Reserve Bank of New York).

"Revolving Facility Interest Payment Amount" means, for a Payment Date and the related Interest Period, the sum of:

(a) the portion of the Revolving Facility Interest Payment Amount for the immediately prior Payment Date that was not paid in that date; plus

(b) the product of (i) the arithmetic mean of (A) the Revolving Facility Balance as of the open of business on the first day of the Interest Period and (B) the Revolving Facility Balance as of the close of business on the last day of the Interest Period, times (ii) the Revolving Facility Interest Rate, times (iii) the actual number of days in the Interest Period divided by 365 or 366, applicable.

"Revolving Facility Interest Rate" means, for an Interest Period and the Revolving Facility Pool, the Revolving Facility Benchmark Rate for the Interest Period plus the Margin and the Revolving Facility SOFR Adjustment.

"Revolving Facility Pool" means, as of a date, all of the Leases and Leased Vehicles on that date, including a Lease acquired with the proceeds of an Advance made on that date, but excluding any of the Leases and Leased Vehicles allocated to a Reference Pool as of that date.

"Revolving Facility Pool Additional Amounts" means, for a Payment Date under the Revolving Facility, amounts that are designated as "Revolving Facility Pool Additional Amounts" under any Exchange Note Supplement on or before that Payment Date.

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"Revolving Facility Pool Report" has the meaning stated in Section 3.4(a) of the Servicing Agreement.

"Revolving Facility Pool Servicing Fee" means, for a Collection Period, a fee payable by the Holding Companies to the Servicer, which fee will initially be in an amount equal to the product of (a) one-twelfth of 1%, times (b) the sum of the Lease Balances of the Leases included in the Revolving Facility Pool as of the last day of the prior Collection Period.

"Revolving Facility Principal Payment Amount" has the meaning stated in Section 2.7(b) of the Credit and Security Agreement.

"Revolving Facility SOFR Adjustment" means 0.26% or such other amount as the Lender and the Borrowers may mutually agree upon from time to time.

"Revolving Period" means the period from the Closing Date to the earlier of (a) the Facility Termination Date or (b) the date on which the Lender or the Borrowers terminate the Revolving Period under Section 2.3 or 6.2 of the Credit and Security Agreement.

"Rule 144A" means Rule 144A under the Securities Act.

"Rule 144A Information" has the meaning stated in Section 4.4(g) of the Credit and Security Agreement.

"Schedule of Reference Pool Assets" means the Schedule of Reference Pool Assets attached to each Exchange Note Supplement.

"Scheduled Lease End Date" means, for a Lease, the date at the end of the Lease term stated in the Lease.

"Secured Obligations" has the meaning stated in Section 3.2(a) of the Credit and Security Agreement.

"Secured Parties" means the Lender and each Exchange Noteholder.

"Securities Act" means the Securities Act of 1933.

"Security" has, for a Titling Company, the meaning stated in the related Titling Company LLC Agreement.

"Servicer" means Ford Credit, as servicer for the Collateral Specified Interests and the Leases and Leased Vehicles under the Servicing Agreement.

"Servicing Agreement" means the Third Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated as of September 1, 2019, among the Titling Companies, acting for the Collateral Specified Interests, Ford Credit, as Servicer for the Collateral Specified Interests and as Lender, and HTD, as Collateral Agent, as supplemented by each Servicing Supplement.

SA-13

"Servicing Fee" means, for a Collection Period, the sum of Revolving Facility Pool Servicing Fee and the Reference Pool Servicing Fees.

"Servicing Procedures" means the servicing procedures of Ford Credit relating to motor vehicle leases and the related vehicles as the procedures may change.

"Servicing Supplement" has the meaning stated in Section 2.3 of the Servicing Agreement.

"Shared Amounts" means, for a Reference Pool, amounts that are designated as "Shared Amounts" under the related Exchange Note Supplement.

"Similar Law" means a federal, State, local or non-U.S. law or regulation that is substantially similar to Title I of ERISA or Section 4975 of the Code.

"Specified Interest" has, for a Titling Company, the meaning stated in the related Titling Company LLC Agreement.

"Standard & Poor's" and "S&P" means Standard & Poor's Ratings Services, a Standard & Poor's Financial Services LLC business.

"State" means a State or Commonwealth of the United States or the District of Columbia.

"Term Extension" means, for a Lease, an extension of the payment term by the Servicer according to the Servicing Procedures, by increasing the number of scheduled payments due and extending the term of the Lease for an additional month for each additional scheduled payment.

"Titling Company" means each of CAB East and CAB West.

"Titling Company LLC Agreements" means each of the CAB East LLC Agreement and the CAB West LLC Agreement.

"Transfer" has the meaning stated in Section 4.4(f)(ii) of the Credit and Security Agreement.

"UCC" means the Uniform Commercial Code as in effect in any relevant jurisdiction.

"Underwriting Procedures" means the underwriting procedures of Ford Credit relating to motor vehicle leases and the related vehicles as the procedures may change.

"U.S. Bank" means U.S. Bank National Association, a national banking association.

SA-14

Exhibit A

Form of Exchange Note

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER SECURITIES OR BLUE SKY LAW OF A STATE OF THE UNITED STATES. THE HOLDER OF THIS NOTE, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY TO EITHER (1) A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT, (2) AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR (3) TO A HOLDING COMPANY OR ITS AFFILIATES, IN EACH CASE, ACCORDING TO APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE BORROWERS OF OTHER EVIDENCE ACCEPTABLE TO THE BORROWERS THAT THE REOFFER, RESALE, PLEDGE OR TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS.

THIS NOTE MAY BE TRANSFERRED ONLY IN WHOLE AND NOT IN PART. NEITHER THIS NOTE NOR AN INTEREST IN THIS NOTE MAY BE TRANSFERRED UNLESS THE TRANSFEREE OR PURCHASER DELIVERS TO THE ADMINISTRATIVE AGENT AND THE LENDER A DULY SIGNED INVESTMENT LETTER IN THE FORM ATTACHED AS EXHIBIT B TO THE CREDIT AND SECURITY AGREEMENT. THE PURCHASER UNDERSTANDS AND AGREES THAT A TRANSFER OF THIS NOTE OR AN INTEREST IN THIS NOTE IN VIOLATION OF THIS PARAGRAPH WILL BE VOID AND OF NO EFFECT.

EACH HOLDER OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR A FEDERAL, STATE, LOCAL OR NON-U.S. LAW OR REGULATION THAT IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF TITLE I OF ERISA OR SECTION 4975 OF THE CODE (A "SIMILAR LAW"), BY ACCEPTING THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE), IS DEEMED TO REPRESENT THAT ITS PURCHASE, HOLDING AND DISPOSITION OF THIS NOTE (OR AN INTEREST OR PARTICIPATION IN THIS NOTE) IS NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE CODE DUE TO THE APPLICABILITY OF A STATUTORY OR ADMINISTRATIVE EXEMPTION FROM THE PROHIBITED TRANSACTION RULES (OR, IF THE HOLDER IS SUBJECT TO ANY SIMILAR LAW, ITS PURCHASE, HOLDING AND DISPOSITION IS NOT AND WILL NOT RESULT IN A NON-EXEMPT VIOLATION OF THE SIMILAR LAW).

EA-1

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS STATED IN THIS NOTE. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE MAY BE LESS THAN THE AMOUNT SHOWN ON ITS FACE.

EA-2

REGISTERED       $[                          ]

No. 1

[         ]% ____-__ EXCHANGE NOTE

CAB EAST LLC AND CAB WEST LLC, as Borrowers (the "Borrowers"), for value received, promise to pay to FORD MOTOR CREDIT COMPANY, as ____-__ Exchange Noteholder (the "Exchange Noteholder") for its benefit and the benefit of the other Transferees acquiring interests in this Note (this "Note") under this Note Supplement, dated as of [                       ], 20__ (the "Exchange Note Supplement"), among the Borrowers, Ford Motor Credit Company LLC, as Lender and Servicer, U.S. Bank National Association, as Administrative Agent, and HTD Leasing LLC, as Collateral Agent, and other Transferees or registered assigns, the principal sum of [                        ] (U.S. $[                      ]) payable on each Payment Date in an amount equal to the Exchange Note Principal Payment Amount for the Payment Date under Section __ of the Exchange Note Supplement. However, (i) the entire unpaid principal amount of this Note will be due and payable on the [            ], [    ] Payment Date (the "____-__ Exchange Note Final Scheduled Payment Date") and (ii) this Note may be redeemed earlier than the Final Scheduled Payment Date under Section __ of the ____-__ Servicing Supplement, dated as of [           ], 20__ (the "Servicing Supplement"), among Ford Motor Credit Company LLC, as Servicer, the Borrowers and HTD Leasing LLC, as Collateral Agent. Capitalized terms used but not defined in this Note are defined in Appendix 1 to the Exchange Note Supplement or Appendix A to the Credit and Security Agreement. Appendix 1 also contains usage rules that apply to this Note.

The payment of interest on and principal of this Note will be the joint and several obligation of the Borrowers.

The Borrowers will pay interest on this Note is an amount equal to the Exchange Note Interest Payment Amount until the principal of this Note is paid or made available for payment. The amount of interest due on this Note on each Payment Date will be calculated on the basis of this Note Balance outstanding on the prior Payment Date (after giving effect to payments of principal made on the prior Payment Date), and will be subject to certain limitations in Section 2.4 of the Exchange Note Supplement.

The interest on and principal of this Note are payable in coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts. All payments made by the Borrowers for this Note will be applied to interest on and principal of this Note in the manner stated in the Exchange Note Supplement.

Unless the certificate of authentication on this Note has been executed by the Administrative Agent whose name appears below by manual signature, this Note will not have the benefit of the Credit and Security Agreement or the Exchange Note Supplement or be valid or obligatory for any purpose.

EA-3

This Note is one of the duly authorized issue of Exchange Notes, which may be issued under the Credit and Security Agreement and the Exchange Note Supplement, to which reference is made for a statement of the respective rights and obligations of the Borrowers, the Lender, the Servicer, the Administrative Agent, the Collateral Agent and the Exchange Noteholder. This Note is subject to the Credit and Security Agreement and the Exchange Note Supplement. If there is a conflict between this Note, the Credit and Security Agreement and the Exchange Note Supplement, the Exchange Note Supplement will govern.

Interest on and principal of this Note will be payable according to the order of priority in Section __ of the Exchange Note Supplement.

Principal of this Note will be payable on each Payment Date in an amount equal to this Note Principal Payment Amount for the Payment Date. "Payment Date" means the 15th day of each calendar month or, if the day is not a Business Day, the next Business Day, starting in [       ] [     ].

The entire unpaid principal amount of this Note will be due and payable on this Note Final Scheduled Payment Date. The entire unpaid principal amount of the Notes will be due and payable on the date on which an Exchange Note Event of Default for this Note has occurred and is continuing and the Noteholder has declared, the Note to be, or on which such amounts have automatically become, immediately due and payable in the manner stated in the Credit and Security Agreement.

Payments of interest on this Note on each Payment Date, together with the installment of principal not in full payment of this Note, will be made to the account of the Noteholder either by wire transfer to the account of the Noteholder or an account designated by the Noteholder at a bank or other entity having proper facilities therefor if the Noteholder has given to the Exchange Note Registrar proper written instructions at least five Business Days before the Payment Date or, if not, by check mailed first-class mail postage paid to the Noteholder's address as it appears on the Exchange Note Register, except that the final installment of principal payable on this Note on a Payment Date or this Note Final Scheduled Payment Date will be payable only on the presentation and surrender of this Note in the manner in Section 4.7(b) of the Credit and Security Agreement. Those payments will be made without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount of this Note effected by payments made on a Payment-Date will bind future Exchange Noteholders of this Note and of an Exchange Note issued on the registration of transfer or in exchange of this Note or in place of this Note, whether or not noted on this Note. If funds are expected to be available, as stated in the Exchange Note Supplement and the Credit and Security Agreement, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date, then the Administrative Agent will notify the Noteholder of the date on which the Borrowers expects that the final installment of interest on and principal of this Note will be paid no later than five days before that date. The notice will state that the final installment will be payable only on presentation and surrender of this Note and will state the place where this Note may be presented and surrendered for payment of the installment.

As stated in the Servicing Supplement, this Note may be purchased by the Servicer, in whole but not in part, in the manner described in Section __ of the Servicing Supplement.

EA-4

The transfer of this Note is subject to the restrictions on transfer described in this Note and to the other limitations in the Credit and Security Agreement and the Exchange Note Supplement. Subject to the satisfaction of those restrictions and limitations, the transfer of this Note may be registered on the Exchange Note Register on surrender of this Note for registration of transfer at the office or agency designated by the Borrowers under the Credit and Security Agreement, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Administrative Agent duly executed by, this Noteholder or its attorney-in-fact, with the signature guaranteed by an "eligible guarantor institution" meeting the requirements of the Exchange Note Registrar, and then a new Exchange Note in the same aggregate principal amount will be issued to the designated transferee. No service charge will be charged for registration of transfer or exchange of this Note, but the transferor may be required to pay an amount sufficient to cover any taxes or other governmental charges that may be imposed for the registration of transfer or exchange.

The Noteholder, by accepting this Note acknowledges and agrees that (i) if an Insolvency Event occurs for one of the Borrowers, each claim that the Noteholder may seek to enforce against one of the Borrowers will be limited in recourse to the ____-__ Reference Pool (except for Shared Amounts allocated to the Noteholder under Section __ of the Exchange Note Supplement) and (ii) if the Noteholder is deemed to have an interest in, claim to or benefit from assets of the Borrowers other than the assets included in the ____-__ Reference Pool, whether by operation of law, legal process, under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the interest, claim or benefit in, to or from those other assets is subordinated to the indefeasible payment in full of the other obligations and liabilities of the Borrowers, which, under the relevant documents relating to the securitization, conveyance or other financing or disposition of those other assets, are entitled to be paid from, entitled to the benefits of or secured by those other assets (whether or not the entitlement or security interest is legally perfected or entitled to a priority of distribution under applicable law, including insolvency laws, and whether or not asserted against the Borrowers), in each case, including the payment of post-petition interest on those other obligations and liabilities. THIS PARAGRAPH WILL BE DEEMED TO BE AN ENFORCEABLE SUBORDINATION AGREEMENT WITHIN THE MEANING OF SECTION 510(A) OF THE BANKRUPTCY CODE.

In addition, the Noteholder, by accepting this Note, consents to the Administrative Agent's delegation under the HTD Administration Agreement to the Collateral Agent Administrator of some of the obligations that the Administrative Agent is required to perform on behalf of the Collateral Agent under the Credit and Security Agreement.

The Noteholder, by accepting this Note, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of all Secured Obligations, including all Exchange Notes, and any other Securities, it will not start or pursue against, or join any other Person in starting or pursuing against, either Titling Company or either Holding Company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any federal or State bankruptcy or similar law.

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

EA-5

For any date, the Borrowers, the Administrative Agent and any agent of the Borrowers or the Administrative Agent may treat the Person in whose name this Note is registered as of that date as the owner of this Note for the purpose of receiving payments of principal of and any interest on the Note and for all other purposes, without regard to any notice or other information to the contrary.

The Credit and Security Agreement permits amendments by the Borrowers, the Collateral Agent, the Lender and the Administrative Agent so long as each Exchange Noteholder of an Outstanding Exchange Note has consented to the amendment. The Credit and Security Agreement also permits amendments to amend or waive certain terms and conditions of the Credit and Security Agreement without the consent of the Noteholders if certain conditions are satisfied. The consent by the Noteholder will be conclusive and bind the Noteholder and on future holders of this Note and of each Exchange Note issued on the registration of transfer or in exchange or in place of this Note whether or not notation of the consent or waiver is made on this Note.

The term "Borrower", as used in this Note, includes any successor to the Borrowers under the Credit and Security Agreement.

This Note is issuable only in registered form as stated in the Credit and Security Agreement and the Exchange Note Supplement, subject to limitations in the Credit and Security Agreement and the Exchange Note Supplement.

This Note, the Credit and Security Agreement and the Exchange Note Supplement will be governed by, and construed according to the laws of the State of Delaware.

No reference in this Note to the Credit and Security Agreement or the Exchange Note Supplement, and no provision of this Note or of the Credit and Security Agreement will alter or impair the obligation of the Borrowers, which is absolute and unconditional, to pay the interest on and principal of this Note at the times, place and rate, and in the coin or currency prescribed in this Note.

Except as expressly stated in the Transaction Documents, none of U.S. Bank National Association, in its individual capacity or HTD Leasing LLC, in its individual capacity, or their respective affiliates, partners, beneficiaries, agents, officers, directors, employees or successors or assigns will be personally liable for, nor will recourse be had to them for, the payment of interest on or principal of this Note or performance of, or omission to perform, the covenants or obligations in the Credit and Security Agreement or the Exchange Note Supplement. The Noteholder, by its acceptance of this Note, agrees that, except as expressly stated in the Transaction Documents, for an Exchange Note Event of Default under the Credit and Security Agreement or the Exchange Note Supplement, the Noteholder will have no claim against one of the these Persons for a deficiency, loss or claim. However, nothing in this Note will be taken to prevent recourse to, and enforcement against, the assets of the Borrowers for liabilities, obligations and agreements in the Credit and Security Agreement, the Exchange Note Supplement or in this Note.

EA-6

IN WITNESS WHEREOF, each of the Borrowers has caused this instrument to be signed, manually or in facsimile, by its Responsible Person, as of the date below.

Date: [                    ], 20__

CAB EAST LLC,as a Borrower
By:
	Name:
	Title:
CAB WEST LLC,as a Borrower
By:
	Name:
	Title:

ADMINISTRATIVE AGENT'S CERTIFICATE OF AUTHENTICATION

This is this Note designated above and referred to in the Exchange Note Supplement.

Date: [                    ], 20__

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

EA-7

ASSIGNMENT

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

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

(name and address of assignee)

this Note and all rights under this Note, and irrevocably appoints __________________, attorney, to transfer this Note on the books kept for registration of the Exchange Notes, with full power of substitution.

Date:

Signature Guaranteed:*

*        Note: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within 20__-__ Exchange Note in every particular, without alteration, enlargement or any change whatsoever.

EA-8

Exhibit B

Form of Transferee Representation Letter

Ford Motor Credit Company LLC,
  as Lender
One American Road, Suite 2411
Dearborn, Michigan 48121

U.S. Bank National Association,
  as Exchange Note Registrar
111 Fillmore Street
St. Paul, Minnesota 55107-1402
Attention: Bondholder Services

U.S. Bank National Association,
  as Administrative Agent
190 South LaSalle Street, 7th Floor
Chicago, Illinois 60603
Attention: Corporate Trust Services

Re: CAB East LLC and CAB West LLC
           -          Exchange Note

Ladies and Gentlemen:

For our proposed transfer of the Exchange Note referenced above (the "Exchange Note") of CAB East LLC and CAB West LLC (the "Borrowers") issued under the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), and the 20__-__ Exchange Note Supplement, dated as of ________, 20__ (the "Exchange Note Supplement"), each among CAB East LLC and CAB West LLC, as Borrowers, Ford Motor Credit Company LLC, as Lender and as Servicer, U.S. Bank National Association, as Administrative Agent, and HTD Leasing LLC, as Collateral Agent, we agree with and represent to and for the benefit of the Lender and the Administrative Agent, that:

1. No Transfer of the Exchange Note will be made unless the registration requirements of the Securities Act of 1933 ("Securities Act") and applicable state securities laws are complied with, or the transfer is exempt from the registration requirements under the Securities Act, and only to either (i) a "qualified institutional buyer" as defined in Rule 144A of the Securities Act (a "Qualified Institutional Buyer"), (ii) an institutional accredited investor as defined in Rule 501(a)(l), (2), (3) or (7) of Regulation D tinder the Securities Act (an "Institutional Accredited Investor") or (iii) the Holding Companies or their respective Affiliates in a transaction exempt from the registration requirements of the Securities Act and, in each case, the transfer is according to applicable State securities laws and the transferee executes and delivers to the Lender and the Administrative Agent a transferee representation letter substantially in the form of this letter.

EB-1

2. We are, and were at the time that we acquired the Exchange Note held by us, a Qualified Institutional Buyer or an Institutional Accredited Investor and we are aware that the sale or transfer of Exchange Note to us is being made in reliance or the exemption from registration under Rule 144A or Section 4(a)(2) of the Securities Act, as applicable.

3. We are acquiring the Exchange Note for our own account or for one or more accounts, each of which is either a Qualified Institutional Buyer or an Institutional Accredited Investor, and for each of which we exercise sole investment discretion for us and for the account.

4. We have sufficient knowledge and experience in financial and business matters to be capable of evaluating the merits and risks of its investment in the Exchange Note, and we and accounts for which we are acting are each able to bear the economic risk of its investment.

5. If we are a corporation, partnership, trust or other entity we were not formed or recapitalized for the specific purpose of acquiring the Exchange Note.

6. We understand that the Exchange Note is being offered only in a transaction not involving airy public offering in the United States within the meaning of the Securities Act, the Exchange Note has not been and will not be registered under the Securities Act, and, if in the future we decide to offer, resell, pledge or transfer the Exchange Note, it may be offered, resold, pledged or transferred only according to the legend on the Exchange Note and described in this letter. We acknowledge that no representation is made by the Seller about the availability of an exemption under the Securities Act or state securities laws for resale of the Exchange Note;

7. We understand that an investment in the Exchange Note involves some risks, including the risk of loss of a substantial part of our investment under some circumstances. We have had access to financial and other information about the Borrowers, the Leases, the Leased Vehicles and the Servicer's servicing practices and procedures that we deemed necessary or proper in order to make an informed investment decision about our acquisition of the Exchange Note, including an opportunity to ask questions of and request information from each of the Borrowers.

8. Either (A) we are not subject to Title I of ERISA, Section 4975 of the Code or any Similar Law or (B) our purchase, holding and disposition of the Exchange Note is not and will not result in a non-exempt prohibited transaction under Title I of ERISA or Section 4975 of the Code due to the applicability of a statutory or administrative exemption from the prohibited transaction rules (or, if it is subject to any Similar Law, such purchase, holding and disposition is not and will not result in a violation of such Similar Law);

EB-2

9. None of the Borrowers or the Administrative Agent is under an obligation to register the Exchange Note under the Securities Act or State securities laws. Each Note will bear a legend to the following effect unless determined otherwise by the Servicer (as certified to the Administrative Agent in an Officer's Certificate):

"THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (ITS "SECURITIES ACT"), OR UNDER SECURITIES OR BLUE SKY LAW OF A STATE OF THE UNITED STATES. THE HOLDER OF THIS NOTE, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD, PLEDGED OR TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (1) TO A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING THEREOF IN RULE 144A OF THE SECURITIES ACT, (2) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (3) TO A HOLDING COMPANY OR ITS AFFILIATES, IN EACH CASE, ACCORDING TO APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE STATES OF THE UNITED STATES, AND SUBJECT TO THE RECEIPT BY THE ADMINISTRATIVE AGENT OF OTHER EVIDENCE ACCEPTABLE TO THE ADMINISTRATIVE AGENT THAT THE REOFFER, RESALE, PLEDGE OR TRANSFER 1S IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS."

10. As a condition to the registration of sale, transfer, assignment, participation, pledge or other disposition (each, a "Transfer") of an Exchange Note, the prospective transferee of the Exchange Note will be required to represent to the Administrative Agent and the Borrowers the following, unless determined otherwise by the Servicer (as certified to the Administrative Agent in an Officer's Certificate):

(a) It understands that no subsequent Transfer of the Exchange Note is permitted unless it causes its proposed transferee to provide to the Administrative Agent and the Lender a letter substantially in the form of this letter(with changes approved by the Servicer), or another statement that the Borrower may require,

(b) It understands that a Transfer of an Exchange Note (or interest in an Exchange Note) in contravention of the restrictions and conditions in this letter will be null and void, and the transferee in the Transfer will not be recognized by the Borrowers or another Person as an Exchange Noteholder.

EB-3

11. A Transfer of the Exchange Note to a Person that is neither a Qualified Institutional Buyer nor an Institutional Accredited Investor, or that is not made according to the restrictions in the Credit and Security Agreement will be null and void from the beginning and will not be given effect under this letter or the Credit and Security Agreement.

Capitalized terms used and not defined in this letter are defined in Appendix A to the Credit and Security Agreement, which also contains usage rules that apply to this letter.

You are entitled to rely on this letter and are irrevocably authorized to produce this letter or a copy of this letter to each interested party in an administrative or legal proceeding or official inquiry about the matters covered by this letter.

Very truly yours,
[NAME OF TRANSFEREE]
By:
	Name: Title:

EB-4

EX-4.3

EXHIBIT 4.3

20__-__ EXCHANGE NOTE SUPPLEMENT

to the

FOURTH AMENDED AND RESTATED
CREDIT AND SECURITY AGREEMENT

dated as of July 22, 2005
as amended and restated as of June 4, 2021

among

CAB EAST LLC and

CAB WEST LLC,

as Borrowers,

U.S. BANK NATIONAL ASSOCIATION,
as Administrative Agent,

HTD LEASING LLC,
as Collateral Agent

and

FORD MOTOR CREDIT COMPANY LLC,
as Lender and as Servicer

Dated as of __________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II EXCHANGE NOTE		1
Section 2.1.	Creation of Exchange Note	1
Section 2.2.	Terms of Exchange Note	1
Section 2.3.	Issuance of Exchange Note	2
Section 2.4.	Transfer Restrictions on Exchange Note	3
Section 2.5.	Reserve Account	3
Section 2.6.	Borrowers' Representations and Warranties	3
ARTICLE III REFERENCE POOL		4
Section 3.1.	Reference Pool	4
ARTICLE IV EXCHANGE NOTE EVENTS OF DEFAULT AND REMEDIES		4
Section 4.1.	Exchange Note Events of Default	4
Section 4.2.	Exchange Note Remedies	5
ARTICLE V APPLICATION OF COLLECTIONS ON REFERENCE POOL		5
Section 5.1.	Distributions from Exchange Note Collection Account	5
ARTICLE VI OTHER AGREEMENTS		6
Section 6.1.	Annual Certificate of Compliance	6
Section 6.2.	No Petition	7
Section 6.3.	Tax Information	7
Section 6.4.	Conflict with Credit and Security Agreement	7
ARTICLE VII MISCELLANEOUS		7
Section 7.1.	Amendments	7
Section 7.2.	Benefit of this Supplement	7
Section 7.3.	Governing Law	7
Section 7.4.	Severability	7
Section 7.5.	Headings	8
Section 7.6.	Counterparts	8
Schedule A          Leases and Leased Vehicles in 20__-__ Reference Pool		SA-1
Appendix 1         Usage and Definitions		A1-1

i

20__-__ EXCHANGE NOTE SUPPLEMENT, dated as of __________, 20__ (this "Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, as Borrowers, U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and not in its individual capacity, HTD LEASING LLC, a Delaware limited liability company, as Collateral Agent, and FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Lender and as Servicer.

BACKGROUND

Section 4.1 of the Credit and Security Agreement provides that the parties to the Credit and Security Agreement may enter into a supplement to the Credit and Security Agreement to authorize the issuance of an Exchange Note.

The parties to this Supplement have determined to create the 20__-__ Exchange Note and state its principal terms.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.               Usage and Definitions. Capitalized terms used but not defined in this Supplement are defined in Appendix 1 or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Supplement. Appendix 1 and Appendix A are incorporated by reference into this Supplement.

ARTICLE II
EXCHANGE NOTE

Section 2.1.               Creation of Exchange Note. This Supplement creates an Exchange Note to be issued under the Credit and Security Agreement and this Supplement and designated as the "20__-__ Exchange Note."

Section 2.2.               Terms of Exchange Note.

(a)                  Principal Terms. The principal terms of the 20__-__ Exchange Note are as follows:

(i)           the "Exchange Note Issuance Date" is ________, 20__;

(ii)          the 20__-__ Exchange Note will be issued as a single class;

(iii)         the "Exchange Note Initial Principal Balance" for the 20__-__ Exchange Note is $_______________;

(iv)         the Reference Pool for the 20__-__ Exchange Note will be the 20__-__ Reference Pool, as stated in Section 3.1;

(v)          the "Cutoff Date" for the 20__-__ Reference Pool is __________, 20__;

(vi)         the "Exchange Note Interest Rate" for the 20__-__ Exchange Note is ____%;

(vii)        the Exchange Note Events of Default for the 20__-__ Exchange Note are stated in Section 4.1; and

(viii)       the "Exchange Note Final Scheduled Payment Date" for the 20__-__ Exchange Note is ________, 20__.

(b)            Payments on Exchange Note.

(i)           Interest Accrual. The 20__-__ Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20__-__ Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20__-__ Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

(ii)          Principal. The principal of the 20__-__ Exchange Note will be payable in installments on each Payment Date according to Article V. The Exchange Note Balance will be due and payable on the earlier of the Exchange Note Redemption Date and the Exchange Note Final Scheduled Payment Date. The Exchange Note Balance will be due and payable on the date the 20__-__ Exchange Note is declared to be, or has automatically become, immediately due and payable according to Section 6.5(a) of the Credit and Security Agreement.

Section 2.3.               Issuance of Exchange Note.

(a)                  Form. The 20__-__ Exchange Note will be substantially in the form of Exhibit A to the Credit and Security Agreement, and will satisfy the requirements of Sections 4.1 and 4.2 of the Credit and Security Agreement.

(b)                  Authorization, Execution and Delivery. Each of the Borrowers and the other parties to this Supplement will execute or acknowledge, as applicable, and the Borrowers will deliver to the Administrative Agent the 20__-__ Exchange Note and this Supplement. Following receipt of the 20__-__ Exchange Note and this Supplement and satisfaction of the conditions in Section 4.2(e) of the Credit and Security Agreement, the Administrative Agent will (i) acknowledge this Supplement and (ii) authenticate and deliver the 20__-__ Exchange Note under Section 4.2(f) of the Credit and Security Agreement.

(c)                  Satisfaction of Conditions. Each of the Borrowers represents and warrants that on satisfaction of the conditions in Section 2.3(b), the 20__-__ Exchange Note will be duly authorized, executed and delivered under this Supplement.

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Section 2.4.               Transfer Restrictions on Exchange Note.

(a)                  No Transfer in Part. The 20__-__ Exchange Note may be Transferred only in whole and not in part.

(b)                  Exchange Noteholder Representations. By acceptance of the 20__-__ Exchange Note, the 20__-__ Exchange Noteholder agrees with and is deemed to make, as of the date of this Supplement and as of the date of any transfer of the 20__-__ Exchange Note, the representations and warranties in Section 4.4(f) of the Credit and Security Agreement and, with respect to Section 4.4(f)(v) of the Credit and Security Agreement, is deemed to make only the representation and warranty in clause (A).

Section 2.5.            Reserve Account.

(a)                  Establishment. On or before the issuance of the 20__-__ Exchange Note, the Servicer will establish the Reserve Account according to Section 4.1(a) of the Servicing Supplement.

(b)                  Initial Deposit. On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account according to Section 4.1 of the Exchange Note Sale Agreement.

(c)                  Additional Deposits. On each Payment Date, the Indenture Trustee will deposit in the Reserve Account all amounts available according to Section 5.1(a)(iv) until the amount in the Reserve Account is equal to the Required Reserve Amount.

(d)                  Reserve Account Draw Amount. On or before each Payment Date, the Indenture Trustee will (as directed by the Servicer under Section 4.6 of the Servicing Supplement) withdraw the Reserve Account Draw Amount for the Payment Date from the Reserve Account and deposit it in the Exchange Note Collection Account.

(e)                  Distribution Following Event of Default. Following the occurrence of an Event of Default that has resulted in acceleration of the Notes, the Indenture Trustee will distribute amounts in the Reserve Account (other than net investment earnings) according to Section 8.2(d) of the Indenture.

(f)                   Transfer to Depositor. The Indenture Trustee will withdraw all funds from the Reserve Account and pay them to the Depositor on the earlier of (i) the first Payment Date on or after which the Servicer has deposited in the Exchange Note Collection Account the Exchange Note Purchase Price according to Section 6.1(a) of the Servicing Supplement in connection with the exercise of its option to acquire the 20__-__ Exchange Note under Section 6.1 of the Servicing Supplement and (ii) the date on which the Note Balance of the Notes and of other amounts owing or to be distributed to the Secured Parties under the Indenture and this Supplement are paid in full.

Section 2.6.               Borrowers' Representations and Warranties. Each Borrower has made the representations and warranties in Sections 5.17 and 5.18 of the Credit and Security Agreement on which the Ford Credit, the Depositor and the Issuer is relying. The representations and warranties are made as of the Exchange Note Issuance Date and will survive the issuance of the 20__-__

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Exchange Note to Ford Credit, the sale of the 20__-__ Exchange Note to the Depositor, the sale of the 20__-__ Exchange Note to the Issuer and the pledge of the 20__-__ Exchange Note by the Issuer to the Indenture Trustee under the Indenture.

ARTICLE III
REFERENCE POOL

Section 3.1.               Reference Pool.

(a)                  Leases and Leased Vehicles. The parties allocate the Leases and Leased Vehicles listed on Schedule A to a Reference Pool designated as the "20__-__ Reference Pool". References in this Supplement or in any other Transaction Document to "Leases" and "Leased Vehicles" will be to the Leases and Leased Vehicles then allocated to the 20__-__ Reference Pool, unless the context otherwise requires.

(b)                  Security Interest. Each Borrower confirms its Grant under the Credit and Security Agreement of a security interest in the Borrower Collateral, including the 20__-__ Reference Pool, to the Collateral Agent, for the benefit of the Secured Parties.

(c)                  Source for Payment; Limited Recourse. The 20__-__ Exchange Note will be payable solely from Exchange Note Available Funds, the proceeds of the other Borrower Collateral and any Shared Amounts allocated to the 20__-__ Exchange Note under Section 5.1, in each case, according to the priorities in Section 5.1. For purposes of determining the 20__-__ Collections, the Leases and Leased Vehicles will be deemed to have been allocated to the 20__-__ Reference Pool from and after the related Cutoff Date. Recourse for the 20__-__ Exchange Noteholder will be limited to the 20__-__ Reference Pool.

(d)                  Single Allocation. Leases and Leased Vehicles allocated to the 20__-__ Reference Pool will not be in the Revolving Facility Pool or allocated to any other Reference Pool (other than after an Administrative Reallocation of a Lease and the related Leased Vehicle). No Leases or Leased Vehicles in the Revolving Facility Pool or allocated to any other Reference Pool after the Cutoff Date will be in the 20__-__ Reference Pool.

(e)                  Reallocation on Payment in Full or Cancellation. On payment in full of the 20__-__ Exchange Note or cancellation of the 20__-__ Exchange Note at the direction of the Servicer under Section 6.1(b) of the Servicing Supplement, the 20__-__ Reference Pool will terminate and the Leases and Leased Vehicles allocated to the 20__-__ Reference Pool at that time will be reallocated to the Revolving Facility Pool.

ARTICLE IV
EXCHANGE NOTE EVENTS OF DEFAULT AND REMEDIES

Section 4.1.               Exchange Note Events of Default. The Exchange Note Events of Default applicable to the 20__-__ Exchange Note are stated in Section 6.4(a) of the Credit and Security Agreement. [There are no additional Exchange Note Events of Default for the 20__-__ Exchange Note.]

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Section 4.2.               Exchange Note Remedies.

(a)                  Remedies on Acceleration. If an Exchange Note Event of Default has occurred and the 20__-__ Exchange Note has been accelerated, the 20__-__ Exchange Noteholder may take the actions stated in Section 6.6(a) of the Credit and Security Agreement.

(b)                  Bids on Borrower Collateral. A Secured Party may submit a bid in any liquidation or sale of the Borrower Collateral allocated to the 20__-__ Reference Pool under Section 6.6(a)(iii) of the Credit and Security Agreement.

ARTICLE V
APPLICATION OF COLLECTIONS ON REFERENCE POOL

Section 5.1.               Distributions from Exchange Note Collection Account.

(a)                  Distributions on Payment Dates. Subject to Section 5.1(c), on each Payment Date the Indenture Trustee will (based on the information in the most recent Monthly Investor Report) withdraw from the Exchange Note Collection Account and make deposits and payments, to the extent of (a) Exchange Note Available Funds for the Payment Date and (b) if the 20__-__ Exchange Note is accelerated due to an Exchange Note Event of Default, any proceeds from any sale or liquidation of the 20__-__ Exchange Note during the related Collection Period, and together with any Shared Amounts allocated to the 20__-__ Exchange Note for the Payment Date, in the following order of priority:

(i)           first, to the Servicer, unpaid Reference Pool Servicing Fees [and any unpaid Advance Reimbursement Amount] for the related Collection Period;

(ii)          second, to the 20__-__ Exchange Noteholder, the Exchange Note Interest Payment Amount;

(iii)         third, to the 20__-__ Exchange Noteholder, (A) on a Payment Date other than a Payment Date after the Collection Period during which the 20__-__ Exchange Note is accelerated due to an Exchange Note Event of Default, the amount required to cover any shortfall in payment under Sections 8.2(b)(i) through [(vii)]/[(ix)] of the Indenture on that Payment Date or (B) on a Payment Date after the Collection Period during which the 20__-__ Exchange Note is accelerated due to an Exchange Note Event of Default, the amount required to cover any shortfall in payment under Sections 8.2(d)(i) through [(xi)]/[(xiii)] of the Indenture on that Payment Date;

(iv)         fourth, to the Reserve Account, any amount required for the amount on deposit in the Reserve Account to equal the Required Reserve Amount, unless the Payment Date is on or after the Final Scheduled Payment Date for the Class [C]/[D] Notes or after the Collection Period during which the 20__-__ Exchange Note is accelerated due to an Exchange Note Event of Default;

(v)          fifth, to the 20__-__ Exchange Noteholder, (A) on a Payment Date other than an Exchange Note Redemption Date or a Payment Date after the Collection Period during which the 20__-__ Exchange Note is accelerated due to an Exchange Note Event of

5

Default, an amount equal to the Exchange Note Principal Payment Amount less payments of principal made in Section 5.1(a)(iii), until the Exchange Note Balance has been reduced to zero, (B) on the Exchange Note Redemption Date, an amount equal to the Exchange Note Balance or (C) on a Payment Date after the Collection Period during which the 20__-__ Exchange Note is accelerated due to an Exchange Note Event of Default, to reduce the Exchange Note Balance to zero;

(vi)         sixth, to be applied as Shared Amounts on any other Exchange Note for which an Exchange Note Event of Default described in Sections 6.4(a)(i) or (ii) of the Credit and Security Agreement has occurred and is continuing (and, if there is more than one Exchange Note in default, the amounts applied under this clause (vi) will be allocated as Shared Amounts among all Exchange Notes in default pro rata based on their respective Exchange Note Balances); and

(vii)        seventh, all remaining amounts, to be distributed to the 20__-__ Exchange Noteholder as Excess Exchange Note Amounts; provided that if the Sponsor, the Servicer or any of their Affiliates (other than the Issuer) is the 20__-__ Exchange Noteholder, all remaining amounts to be applied as Revolving Facility Pool Additional Amounts in the priority stated in Section 7.2 of the Credit and Security Agreement.

(b)                  Payments to Exchange Noteholder. All amounts payable to the 20__-__ Exchange Noteholder under this Section 5.1 will be deposited by the Indenture Trustee in the Collection Account.

(c)                  Distributions Following Acceleration. If the 20__-__ Exchange Note is accelerated due to an Exchange Note Event of Default, all funds available for distribution under Section 5.1(a) will be paid, first, to the Collateral Agent and, second, to the Administrative Agent, in each case, to the extent of any amounts due under Section 8.6 of the Credit and Security Agreement relating to the 20__-__ Exchange Note or the 20__-__ Reference Pool, if those amounts have not been paid by the Borrowers, before making payments under Section 5.1(a).

ARTICLE VI
OTHER AGREEMENTS

Section 6.1.               Annual Certificate of Compliance. Each Borrower will deliver to the Administrative Agent within 90 days after the end of each year, starting in the year after the Closing Date, an Officer's Certificate signed by a Responsible Person of the Borrower, stating that (a) a review of the Borrower's activities during the prior year and of its performance under this Supplement and the Credit and Security Agreement relating to the 20__-__ Exchange Note has been made under the Responsible Person's supervision and (b) to the Responsible Person's knowledge, based on the review, the Borrower has fulfilled in all material respects its obligations under this Supplement and the Credit and Security Agreement relating to the 20__-__ Exchange Note throughout the prior year or, if there has been a failure to fulfill any obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the failure. A copy of the Officer's Certificate may be obtained by any Exchange Noteholder by request to the Administrative Agent at its Corporate Trust Office. The Borrowers' obligation to

6

deliver an Officer's Certificate under this Section 6.1 will terminate on the payment in full of the Exchange Note.

Section 6.2.               No Petition. Each party and the 20__-__ Exchange Noteholder, by accepting the 20__-__ Exchange Note, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Supplement.

Section 6.3.               Tax Information. Each year, starting in the year after the Closing Date, the Indenture Trustee will deliver or cause to be delivered to each Person who at any time during the prior calendar year was an Exchange Noteholder of record, a statement containing the information required to be given to a noteholder by an issuer of indebtedness, in the form and at the time required under the Code.

Section 6.4.               Conflict with Credit and Security Agreement. If there is a conflict between this Supplement and the Credit and Security Agreement, this Supplement will govern for the 20__-__ Exchange Note only.

ARTICLE VII
MISCELLANEOUS

Section 7.1.               Amendments. This Supplement may be amended according to Section 10.1 of the Credit and Security Agreement. Promptly on the execution of an amendment to this Supplement or the Credit and Security Agreement, (a) the Servicer will deliver a copy of the amendment to the Issuer, the Indenture Trustee, the Administrator and the Rating Agencies and (b) the Indenture Trustee will notify each Noteholder of the substance of the amendment.

Section 7.2.               Benefit of this Supplement. This Supplement is for the benefit of and will be binding on the parties to this Supplement and their permitted successors and assigns. The 20__-__ Exchange Noteholder, the Owner Trustee and the Indenture Trustee for the benefit of the Secured Parties will be third-party beneficiaries of this Supplement and may enforce this Supplement against the Borrowers. No other Person will have any right or obligation under this Supplement.

Section 7.3.               Governing Law. THIS SUPPLEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE, EXCEPT THAT, UNDER SECTION 3809 OF TITLE 12 OF THE DELAWARE CODE, THE DOCTRINE OF MERGER WILL NOT BE APPLICABLE TO THIS SUPPLEMENT.

Section 7.4.               Severability. If a part of this Supplement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Supplement and will in no way affect the validity, legality or enforceability of the remaining Supplement.

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Section 7.5.               Headings. The headings in this Supplement are included for convenience and will not affect the meaning or interpretation of this Supplement.

Section 7.6.               Counterparts. This Supplement may be executed in multiple counterparts. Each counterpart will be an original and the counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

CAB EAST LLC,
	as a Borrower
By:
	Name:
	Title:
CAB WEST LLC,
	as a Borrower
By:
	Name:
	Title:
FORD MOTOR CREDIT COMPANY LLC,
	as Lender and as Servicer
By:
	Name:
	Title:

[Signature Page to Exchange Note Supplement]

U.S. BANK NATIONAL ASSOCIATION,
	not in its individual capacity but solely as Administrative Agent
By:
	Name:
	Title:
HTD LEASING LLC,
	as Collateral Agent
By:
	Name:
	Title:

AGREED AND ACCEPTED BY:

________________________,

not in its individual capacity,

but solely as Indenture Trustee

By:
	Name:
	Title:

[Signature Page to Exchange Note Supplement]

Schedule A

Leases and Leased Vehicles in 20__-__ Reference Pool

(On File with Collateral Agent)

SA-1

Appendix 1 to
Exchange Note Supplement

Usage and Definitions

(20__-__)

Usage

The following usage rules apply to this Appendix, any document that incorporates this Appendix and any document delivered under any such document:

(a)            The term "document" includes any document, agreement, instrument, certificate, notice, report, statement or other writing, whether in electronic or physical form.

(b)            Accounting terms not defined or not completely defined in this Appendix will have the meanings given to them under generally accepted accounting principles, international financial reporting standards or other applicable accounting principles in effect in the United States on the date of the document that incorporates this Appendix.

(c)            References to "Article," "Section," "Exhibit," "Schedule," "Appendix" or another subdivision of or to an attachment are, unless otherwise stated, to an article, section, exhibit, schedule, appendix or subdivision of or an attachment to the document in which the reference appears.

(d)            Any document defined or referred to in this Appendix or in any document that incorporates this Appendix means the document as amended, modified, supplemented, restated or replaced, including by waiver or consent, and includes all attachments to and instruments incorporated in the document.

(e)            Any statute defined or referred to in this Appendix or in any document that incorporates this Appendix means the statute as amended, modified, supplemented, restated or replaced, including by succession of comparable successor statute, and includes any rules and regulations under the statute and any judicial and administrative interpretations of the statute.

(f)             References to "law" or "applicable law" in this Appendix or in any document that incorporates this Appendix include all rules and regulations enacted under such law.

(g)            The calculation of any amount as of the Cutoff Date will be determined as of the open of business on that day before the application or processing of any funds, payments and other transactions on that day. The calculation of any amount for any other day will be determined, unless otherwise stated, as of the close of business on that day after the application or processing of any funds, payments and other transactions on that day.

(h)            References to deposits, transfers and payments of any funds refer to deposits, transfers or payments of such funds in immediately available funds.

AA-1

(i)              The terms defined in this Appendix apply to the singular and plural forms of those terms and may be used as nouns or verbs. Terms defined in the present tense may be used in the past or future tense.

(j)              The term "including" means "including without limitation."

(k)            References to a Person are also to its permitted successors and assigns, whether in its individual or representative capacity.

(l)             In the computation of periods of time from one date to or through a later date, the word "from" means "from and including," the word "to" means "to but excluding" and the word "through" means "to and including."

(m)           Except where "not less than zero" or similar language is indicated, amounts determined by reference to a mathematical formula may be positive or negative.

(n)            References to a month, quarter or year are, unless otherwise stated, to a calendar month, calendar quarter or calendar year, respectively.

(o)            No Person will be deemed to have "knowledge" of a particular event or occurrence for purposes of any document that incorporates this Appendix, unless either (i) a Responsible Person of the Person has actual knowledge of the event or occurrence or (ii) the Person has received notice of the event or occurrence according to any Transaction Document.

Definitions

"20__-__ Collections" means, for the Leases and Leased Vehicles allocated to the 20__-__ Reference Pool and a Collection Period, the sum of the following amounts for the Collection Period, without duplication:

(a) Active Lease Proceeds; minus

(b) Payaheads; plus

(c) Payahead Draws; plus

(d) [Active Lease Advances; minus]

(e) [Advance Reimbursement Amounts (to the extent retained by the Servicer under Section 4.4(b) of the Servicing Supplement); plus]

(f) Terminating Lease Proceeds; plus

(g) Closed Lease Proceeds; plus

(h) Payment Extension Fees.

AA-2

"20__-__ Exchange Note" means the note, substantially in the form of Exhibit A to the Credit and Security Agreement, executed and authenticated according to the Credit and Security Agreement and the Exchange Note Supplement.

"20__-__ Exchange Noteholder" means the Issuer, as endorsee of the 20__-__ Exchange Note.

"20__-__ Reference Pool" has the meaning stated in Section 3.1(a) of the Exchange Note Supplement.

"Account Control Agreement" means the Account Control Agreement, dated as of the Cutoff Date, among the Issuer, as grantor, the Indenture Trustee, as secured party, and _______________, in its capacity as both a "securities intermediary" as defined in Section 8-102 of the UCC and a "bank" as defined in Section 9-102 of the UCC.

"Accrued Note Interest" means, for a Class of Notes and a Payment Date, the sum of the Note Monthly Interest and the Note Interest Shortfall.

"Active Lease" means a Lease before the Collection Period that includes its Termination Date.

["Active Lease Advance" means, for an Active Lease other than an Advance Payment Plan Lease and a Collection Period, an advance by the Servicer in an amount (not less than zero) equal to (a) the Base Payment, minus (b) the sum of (i) Active Lease Proceeds, plus (ii) the Payahead Draw.]

"Active Lease Proceeds" means, for an Active Lease and a Collection Period, an amount equal to:

(a) amounts applied on the Active Lease; minus

(b) local fees and taxes; minus

(c) Lease Administration Amounts; minus

(d) the sum of (i) amounts paid by the Servicer that are charged to the account of the related Lessee (including collection expenses), plus (ii) amounts paid to third parties for the repossession, transportation, reconditioning and disposition of the related Leased Vehicle, plus (iii) amounts refunded to the Lessee.

"Administration Agreement" means the Administration Agreement, dated as of the Cutoff Date, between Ford Credit, as Administrator, and the Issuer.

"Administration Fee" means, for a Payment Date, an amount equal to the sum of (a) the product of (i) one-twelfth of 0.01%, times (ii) the Note Balance determined as of the end of the prior Collection Period (or the Closing Date for the first Payment Date), plus (b) the part of the Administration Fee for the prior Payment Date that was not paid on that Payment Date.

AA-3

"Administrative Reallocation" means the reallocation of a Lease and Leased Vehicle by (a) the Sponsor under Section 3.4 of the Exchange Note Purchase Agreement, (b) the Depositor under Section 3.3 of the Exchange Note Sale Agreement or (c) the Servicer under Section 3.3 of the Servicing Supplement.

"Administrative Reallocation Amount" means, for an Administrative Reallocation and a Payment Date, an amount for the related Lease and Leased Vehicle equal to the sum of the following amounts and determined as of the last day of the Collection Period before the Collection Period related to the Payment Date:

(a) the Securitization Value; [plus

(b) the Advance Balance;] minus

(c) the Payahead Balance; minus

(d) the sum of any Terminating Lease Proceeds and Closed Lease Proceeds.

"Administrator" means Ford Credit, in its capacity as administrator under the Administration Agreement.

"ADR Organization" means [The American Arbitration Association] or, if [The American Arbitration Association] 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 Sponsor.

"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.

["Advance Balance" means, for a Lease:

(a) as of the Cutoff Date, the Cutoff Date Delinquency Amount; and

(b) for a Collection Period, the sum of:

(i) the Advance Balance for the prior Collection Period (or, for the first Collection Period, as of the Cutoff Date); plus

(ii) any Active Lease Advance for the Collection Period; minus

(iii) any Advance Reimbursement Amount for the Collection Period.]

["Advance Reimbursement Amount" has the meaning stated in Section 4.4(b) of the Servicing Supplement.]

"ALG MTM Residual Value" means, for a Lease, the expected value of the related Leased Vehicle at the related Scheduled Lease End Date, as forecasted by Automotive Lease Guide after the beginning of the Lease.

AA-4

"ALG Residual Value" means, for a Lease, the expected value of the related Leased Vehicle at the related Scheduled Lease End Date, calculated using the residual factors supplied by Automotive Lease Guide in effect as of the date the related Lease was originated.

"Applicable Tax State" means the State in which the Owner Trustee maintains its Corporate Trust Office, the State in which the Owner Trustee maintains its principal executive offices and the State of Michigan.

"Asset Representations Review Agreement" means the Asset Representations Review Agreement, dated as of the Cutoff Date, among the Issuer, the Servicer and the Asset Representations Reviewer.

"Asset Representations Reviewer" means __________, a ___________.

"Authenticating Agent" has the meaning stated in Section 2.14(a) of the Indenture.

"Available Funds" means, for a Payment Date, the amounts received for the Payment Date by the 20__-__ Exchange Noteholder under Section 5.1 of the Exchange Note Supplement (including the Exchange Note Purchase Price).

"Bank Accounts" means the Exchange Note Collection Account, the Collection Account and the Reserve Account.

"Base Residual Value" means, for a Lease, the lower of (a) the Contract Residual Value of the Lease and (b)(i) the ALG Residual Value of the related Leased Vehicle or (ii) if the Servicer does not have an ALG Residual Value, the oldest ALG MTM Residual Value that the Servicer has for the related Leased Vehicle.

["Benchmark" means (a) initially, SOFR and (b) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR or the then-current Benchmark, the applicable Benchmark Replacement.

"Benchmark Determination Date" means (a) if the Benchmark is SOFR, the SOFR Determination Date and (b) if the Benchmark is any other rate, the date determined by the Issuer according to Section 3.19(c)(ii) of the Indenture.

"Benchmark Replacement" means the first alternative set forth in the order below that can be determined by the Issuer as of the Benchmark Replacement Date:

(a) the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; or

(b) the sum of (a) the alternate rate of interest that has been selected by the Issuer in its reasonable discretion as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment.

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"Benchmark Replacement Adjustment" means the first alternative set forth in the order below that can be determined by the Issuer as of the Benchmark Replacement Date:

(a) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; and

(b) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected by the Issuer in its reasonable discretion for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement.

"Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions of "Benchmark Determination Date," "Interest Period," and "Reference Time," the timing and frequency of determining rates, the process of making payments of interest, rounding of amounts or tenors and other administrative matters) that the Issuer decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Issuer decides that adoption of any portion of such market practice is not administratively feasible or if the Issuer determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Issuer determines is reasonably necessary).

"Benchmark Replacement Date" means:

(a) in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or

(b) in the case of clause (c) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on a Benchmark Determination Date, but earlier than the Reference Time for that Benchmark Determination Date, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

"Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the then-current Benchmark:

(a) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;

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(b) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely; provided, that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or

(c) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative of the underlying market or economic reality or may no longer be used.]

"Book-Entry Note" means a beneficial interest in a Note issued in book-entry form under Section 2.12 of the Indenture.

["Calculation Agent" has the meaning stated in Section 3.19 of the Indenture.]

"Certificate of Trust" means the Certificate of Trust of Ford Credit Auto Lease Trust 20__-__.

"Class" means the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes,] the Class A-3 Notes, the Class A-4 Notes, the Class B Notes[,]/[or] the Class C Notes [or the Class D Notes], as applicable.

"Class A Notes" means the Class A-1 Notes, the Class A-2[a] Notes, [the Class A-2b Notes,] the Class A-3 Notes and the Class A-4 Notes.

"Class A-1 Notes" means the $[______] Class A-1 Notes issued by the Issuer.

["Class A-2 Notes" means the Class A-2a Notes and the Class A-2b Notes, collectively.]

"Class A-2[a] Notes" means the $[______] Class A-2[a] Notes issued by the Issuer.

["Class A-2b Notes" means the $[______] Class A-2b Notes issued by the Issuer.]

"Class A-3 Notes" means the $[______] Class A-3 Notes issued by the Issuer.

"Class A-4 Notes" means the $[______] Class A-4 Notes issued by the Issuer.

"Class B Notes" means the $[______] Class B Notes issued by the Issuer.

"Class C Notes" means the $[______] Class C Notes issued by the Issuer.

["Class D Notes" means the $[______] Class D Notes issued by the Issuer.]

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"Clearing Agency" means an organization registered as a "clearing agency" under Section 17A of the Exchange Act.

"Closed Date" means, for a Lease, the earliest of the date:

(a) on which the Lease is marked as paid in full (meaning that the related Lessee owes no further amounts) or closed in the Servicer's receivables system (including where the Lease is charged off by the Servicer); and

(b) that is the first day of the sixth month after the month that includes its Termination Date.

"Closed Lease" means a Lease after the Collection Period that includes its Closed Date.

"Closed Lease Proceeds" means, for a Closed Lease and a Collection Period, an amount equal to:

(a) amounts applied on the Closed Lease; minus

(b) local fees and taxes; minus

(c) Lease Administration Amounts; minus

(d) the sum of (i) amounts paid by the Servicer that are charged to the account of the related Lessee (including collection expenses), plus (ii) amounts paid to third parties for the repossession, transportation, reconditioning and disposition of the related Leased Vehicle, plus (iii) amounts refunded to the Lessee.

"Closing Date" means _________, 20__.

"Co-Trustee" means each of the Owner Trustee and the Delaware Trustee.

"Collateral" means (a) the Trust Property, (b) all present and future claims, demands, causes of action and choses in action relating to the property described above and (c) all payments on or under and all proceeds of the property described above.

"Collection Account" means the account established under Section 4.1(a) of the Servicing Supplement.

"Collection Period" means each month, starting with the Cutoff Date. For a Payment Date, the related Collection Period means the Collection Period before the Payment Date.

"Controlling Class" means (a) the Outstanding Class A Notes, (b) if no Class A Notes are Outstanding, the Outstanding Class B Notes[,]/[and] (c) if no Class B Notes are Outstanding, the Outstanding Class C Notes [and (d) if no Class C Notes are Outstanding, the Outstanding Class D Notes].

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"Corporate Trust Office" means,

(a) for the Owner Trustee:

[address]

or at another address that the Owner Trustee may notify the Indenture Trustee, the Administrator and the Depositor,

(b) for the Delaware Trustee:

[address]

or at another address in the State of Delaware that the Delaware Trustee may notify the Indenture Trustee, the Administrator and the Depositor, and

(c) for the Indenture Trustee:

[address]

or at another address that the Indenture Trustee may notify the Owner Trustee and the Administrator.

["Corresponding Tenor" means, with respect to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark.]

"Cutoff Date" has the meaning stated in Section 2.2(a)(v) of the Exchange Note Supplement.

"Cutoff Date Delinquency Amount" means, for a Lease other than an Advance Payment Plan Lease, the portion of the Base Payment that is due on or before the Cutoff Date and that has not been applied on the Lease on or before the Cutoff Date.

"Cutoff Date Payahead Amount" means, for a Lease other than an Advance Payment Plan Lease, an amount (not less than zero) equal to the aggregate Base Payments applied on the Lease minus the aggregate scheduled Base Payments, in each case, on or before the Cutoff Date.

"Default" means an event that with notice or the passage of time or both would become an Event of Default.

"Definitive Notes" has the meaning stated in Section 2.13 of the Indenture.

"Delaware Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware Code.

"Delaware Trustee" means _____________, a ________________, not in its individual capacity but solely as Delaware Trustee under the Trust Agreement.

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"Delinquency Trigger" means, for any Collection Period, that the aggregate Securitization Value of Leases in the 20__-__ Reference Pool that are more than 60 days Delinquent as a percentage of the aggregate Securitization Value of the Leases in the 20__-__ Reference Pool as of the last day of the Collection Period exceeds __% for the first 12 Collection Periods and __% for the remaining Collection Periods that the Notes are Outstanding.

"Delinquent" means a Lease on which more than $49.99 of a Base Payment required to be paid by the Lessee is past due.

"Depositor" means Ford Credit Auto Lease Two LLC, a Delaware limited liability company.

"Depository Agreement" means the letter of representations for the Notes, dated _________, 20__, by the Issuer for the benefit of The Depository Trust Company.

"Event of Default" has the meaning stated in Section 5.1(a) of the Indenture.

"Excess Exchange Note Amounts" means any amounts distributed to the 20__-__ Exchange Noteholder under Section 5.1(a)(vii) of the Exchange Note Supplement.

"Exchange Act" means the Securities Exchange Act of 1934.

"Exchange Note Available Funds" means, for a Payment Date, an amount equal to the sum of the following amounts for the Payment Date:

(a) the 20__-__ Collections;

(b) any Administrative Reallocation Amounts;

(c) the Exchange Note Purchase Price, if any; and

(d) the Reserve Account Draw Amount, if any.

"Exchange Note Balance" means the Exchange Note Initial Principal Balance, as reduced by amounts paid as principal on the 20__-__ Exchange Note under Section 5.1 of the Exchange Note Supplement.

"Exchange Note Collection Account" means the account established under Section 4.1(a) of the Servicing Supplement.

"Exchange Note Final Scheduled Payment Date" has the meaning stated in Section 2.2(a)(viii) of the Exchange Note Supplement.

"Exchange Note Initial Principal Balance" has the meaning stated in Section 2.2(a)(iii) of the Exchange Note Supplement.

"Exchange Note Interest Payment Amount" means, for a Payment Date, the sum of the Exchange Note Monthly Interest and the Exchange Note Interest Shortfall.

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"Exchange Note Interest Period" means, for a Payment Date, from the prior Payment Date to the Payment Date (or from the Exchange Note Issuance Date for the first Payment Date).

"Exchange Note Interest Rate" has the meaning stated in Section 2.2(a)(vi) of the Exchange Note Supplement.

"Exchange Note Interest Shortfall" means, for a Payment Date, an amount equal to the excess of the Exchange Note Interest Payment Amount for the prior Payment Date over the amount of interest that was paid to the 20__-__ Exchange Noteholder on the prior Payment Date, together with interest on that excess amount, if lawful, at the Exchange Note Interest Rate for the related Exchange Note Interest Period.

"Exchange Note Issuance Date" has the meaning stated in Section 2.2(a)(i) of the Exchange Note Supplement.

"Exchange Note Monthly Interest" means, for a Payment Date, the aggregate amount of interest accrued on the Exchange Note Balance of the 20__-__ Exchange Note at the Exchange Note Interest Rate for the related Exchange Note Interest Period.

"Exchange Note Principal Payment Amount" means, for a Payment Date, the lesser of (a) an amount equal to the excess of (i) the aggregate Note Balance of the Notes (or, if the Issuer is no longer the 20__-__ Exchange Noteholder, as endorsee, the Exchange Note Balance) as of the prior Payment Date (or, for the first Payment Date, as of the Closing Date) over (ii)(A) the Pool Balance as of the end of the related Collection Period minus (B) the Targeted Overcollateralization Amount and (b) the Exchange Note Balance.

"Exchange Note Purchase Agreement" means the Exchange Note Purchase Agreement, dated as of the Cutoff Date, between Ford Credit, as seller, and the Depositor, as purchaser.

"Exchange Note Purchase Date" means the Payment Date on which the Exchange Note Purchase Price is paid.

"Exchange Note Purchase Price" means, for an Exchange Note Purchase Date, an amount equal to the sum of:

(a)            the sum of:

(i) the Exchange Note Balance as of the Exchange Note Purchase Date (without giving effect to payments of principal to be made on that date); plus

(ii) the Exchange Note Interest Payment Amount payable on the Exchange Note Purchase Date; minus

(b)            the amount in the Exchange Note Collection Account for the related Collection Period minus any net investment earnings.

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"Exchange Note Redemption Date" means the Payment Date stated by the Servicer for the purchase of the 20__-__ Exchange Note under Section 6.1 of the Servicing Supplement.

"Exchange Note Sale Agreement" means the Exchange Note Sale Agreement, dated as of the Cutoff Date, between the Depositor, as seller, and the Issuer, as purchaser.

"Exchange Note Supplement" means the 20__-__ Exchange Note Supplement, dated as of the Cutoff Date, to the Credit and Security Agreement.

["Federal Reserve Bank of New York's Website" means the website of the Federal Reserve Bank of New York, currently at https://apps.newyorkfed.org/markets/autorates/sofr-avg-ind, or at such other page as may replace such page on the website of the Federal Reserve Bank of New York.]

"Final Scheduled Payment Date" means, for each Class of Notes, the Payment Date stated below:

Class	Final Scheduled Payment Date
Class A-1 Notes
Class A-2 Notes
Class A-3 Notes
Class A-4 Notes
Class B Notes
Class C Notes
[Class D Notes]

"First Priority Principal Payment" means, for a Payment Date, the greater of:

(a) an amount (not less than zero) equal to the Note Balance of the Class A Notes as of the prior Payment Date (or, for the first Payment Date, the Closing Date) minus the total Securitization Value as of the end of the related Collection Period; and

(b) on and after the Final Scheduled Payment Date for the Class A Notes, the Note Balance of the Class A Notes.

["Fitch" means Fitch Ratings, Inc.]

["Floating Rate Notes" means the Class A-2b Notes.]

"Indemnified Person" has the meaning stated in Section 6.7(c) of the Indenture, Section 5.2(b) of the Servicing Supplement and Section 7.2(a) of the Trust Agreement, in each case, as used in such document.

"Indenture" means the Indenture, dated as of the Cutoff Date, between the Issuer and the Indenture Trustee.

"Indenture Trustee" means _______________, a _______________, not in its individual capacity but solely as Indenture Trustee under the Indenture.

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"Independent" means that the relevant Person (a) is independent of the Issuer, the Depositor and their Affiliates, (b) does not have a direct financial interest or a material indirect financial interest in the Issuer, the Depositor or their Affiliates and (c) is not an officer, employee, underwriter, trustee, partner, director or person performing similar functions of or for the Issuer, the Depositor or their Affiliates.

"Independent Certificate" means a certificate or opinion to be delivered to the Indenture Trustee under Section 11.4 of the Indenture, signed by an Independent appraiser or other expert appointed by an Issuer Order and approved by the Indenture Trustee, and stating that the signer has read the definition of "Independent" and that the signer is Independent.

"Initial Pool Balance" means $____________, which is the aggregate Securitization Value of the Leases as of the Cutoff Date.

"Interest Period" means, for a Payment Date, (a) for the Class A-1 Notes [and the Class A-2b Notes], from the prior Payment Date to the Payment Date (or from the Closing Date to _________, 20__, for the first Payment Date) and (b) for each other Class of Notes, from the 15th day of the month before the Payment Date to the 15th day of the month in which the Payment Date occurs (or from the Closing Date to _________, 20__ for the first Payment Date).

"Investor Rate" means ____%.

"Issuer" means Ford Credit Auto Lease Trust 20__-__, a Delaware statutory trust.

"Issuer Order" and "Issuer Request" have the meanings stated in Section 11.4(a) of the Indenture.

"Lease" means, for the 20__-__ Reference Pool, a Lease identified as a "20__-__ Lease" in the Schedule of Leases and allocated to the 20__-__ Reference Pool, excluding each Lease (a) for which the Administrative Reallocation Amount has been paid by the Sponsor, the Depositor or the Servicer or (b) that was a charged-off Lease sold under Section 3.3(g) of the Servicing Agreement during a prior Collection Period.

"Lease Administration Amounts" means, for a Lease and a Collection Period, administrative amounts and charges due from the related Lessee in the Collection Period, including:

(a) late fees, returned check fees and other administrative fees or similar charges allowed by applicable law; and

(b) amounts to reimburse the Servicer for payment of the related Lessee's parking tickets, other fines imposed by governmental authorities and other amounts required to be paid by the Lessee that are paid by the Servicer;

but excluding, Payment Extension Fees, Excess Wear and Use, Excess Mileage and amounts required to be paid by the related Lessee on an early termination of the Lease.

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"Monthly Deposit Required Ratings" has the meaning stated in Section 4.3(b) of the Servicing Supplement.

"Monthly Investor Report" has the meaning stated in Section 3.4(a) of the Servicing Supplement.

"Moody's" means Moody's Investors Service, Inc.

"Note Balance" means, for a Note or Class of Notes, the initial aggregate principal amount of the Note or Class of Notes minus amounts paid as principal on the Note or Class of Notes.

"Note Interest Rate" means, for each Class of Notes, the interest rate per annum specified below (except that the Note Interest Rate for any Floating Rate Notes will not be less than 0.00%):

Class	Note Interest Rate
Class A-1 Notes	%
Class A-2[a] Notes	%
[Class A-2b Notes	30-day average SOFR +   %]
Class A-3 Notes	%
Class A-4 Notes	%
Class B Notes	%
Class C Notes	%
[Class D Notes	%]

"Note Interest Shortfall" means, for a Class of Notes and a Payment Date, an amount equal to the excess of the Accrued Note Interest for the prior Payment Date for the Class over the amount of interest that was paid to the Noteholders of the Class on the prior Payment Date, together with interest on that excess amount, if lawful, at the Note Interest Rate for the Class for the related Interest Period.

"Note Monthly Interest" means, for a Class of Notes and a Payment Date, the aggregate amount of interest accrued on the Note Balance of that Class at the Note Interest Rate for the Class for the related Interest Period.

"Note Owner" means, for a Book-Entry Note, the Person who is the beneficial owner of a Book-Entry Note as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with the Clearing Agency (as a direct participant or as an indirect participant, under the rules of the Clearing Agency).

"Note Paying Agent" means the Indenture Trustee and any other Person appointed as Note Paying Agent under Section 2.15 of the Indenture.

"Note Pool Factor" means, for a Class of Notes and a Payment Date, a seven-digit decimal figure equal to the Note Balance of the Class after giving effect to payments of principal of the Class on the Payment Date divided by the initial Note Balance of the Class.

"Note Redemption Price" means, for the Redemption Date, an amount equal to the sum of:

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(a) the Note Balance as of the Redemption Date; plus

(b) the Accrued Note Interest payable on the Redemption Date.

"Note Register" and "Note Registrar" have the meanings stated in Section 2.4(a) of the Indenture.

"Noteholder" means the Person in whose name a Note is registered on the Note Register.

"Notes" means the Class A-1 Notes, the Class A-2[a] Notes[, the Class A-2b Notes], the Class A-3 Notes, the Class A-4 Notes, the Class B Notes[,]/[and] the Class C Notes [and the Class D Notes], collectively.

"Officer's Certificate" means, for a Person, a certificate signed by a Responsible Person of the Person.

"Opinion of Counsel" means a written opinion of counsel, which counsel is reasonably acceptable to the Indenture Trustee and the Owner Trustee, as applicable.

"Other Assets" means any assets (other than the Trust Property) sold, assigned or conveyed or intended to be sold, assigned or conveyed by the Depositor to any Person other than the Issuer, whether by way of a sale, capital contribution, pledge or otherwise.

"Other Borrower Assets" has the meaning stated in Section 11.2(a) of the Indenture.

"Other Borrower Liabilities" has the meaning stated in Section 11.2(a) of the Indenture.

"Outstanding" means, for the Notes as of any date, all Notes authenticated and delivered under the Indenture on or before that date except (a) Notes that have been cancelled by the Note Registrar or delivered to the Note Registrar for cancellation, (b) Notes to the extent the amount necessary to pay the Notes has been deposited with the Indenture Trustee or Note Paying Agent in trust for the Noteholders and, if those Notes are to be redeemed, notice of the redemption has been given under the Indenture and (c) Notes in exchange for or in place of which other Notes have been authenticated and delivered under the Indenture unless proof satisfactory to the Indenture Trustee is presented that the Notes are held by a bona fide purchaser. In determining whether Noteholders of the required Note Balance have made or given a request, demand, authorization, direction, notice, consent or waiver under any Transaction Document, Notes owned by the Issuer, the Depositor, the Servicer or their Affiliates will be considered not to be Outstanding. However, Notes owned by the Issuer, the Depositor, the Servicer or their Affiliates will be considered to be Outstanding if (A) no other Notes remain Outstanding or (B) the Notes have been pledged in good faith and the pledgee establishes to the reasonable satisfaction of the Indenture Trustee the pledgee's right to act for the Notes and that the pledgee is not the Issuer, the Depositor, the Servicer or their Affiliates.

"Owner Trustee" means _____________, a ________________, not in its individual capacity but solely as Owner Trustee under the Trust Agreement.

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"Payahead" means, for an Active Lease and a Collection Period, an amount (not less than zero) equal to (i) the Active Lease Proceeds for the Collection Period, minus (ii) the sum of [(A)] the Base Payment for the Collection Period (or, for an Advance Payment Plan Lease, zero) [plus (B) the Advance Balance for the prior Collection Period].

"Payahead Balance" means, for a Lease:

(a) as of the Cutoff Date, the Cutoff Date Payahead Amount; and

(b) for a Collection Period, the sum of:

(i) the Payahead Balance for the prior Collection Period (or, for the first Collection Period, as of the Cutoff Date); plus

(ii) the Payahead for the Collection Period; minus

(iii) the Payahead Draw for the Collection Period.

"Payahead Draw" means, for a Lease and a Collection Period, an amount equal to:

(a) for a Collection Period before the Collection Period that includes its Termination Date, the lesser of:

(i) an amount (not less than zero) equal to the Base Payment (or, for an Advance Payment Plan Lease, zero), minus the Active Lease Proceeds; and

(ii) the Payahead Balance for the Lease for the prior Collection Period (or, for the first Collection Period, as of the Cutoff Date); and

(b) for a Collection Period that includes its Termination Date or in which its Administrative Reallocation occurs, the Payahead Balance for the Lease for the prior Collection Period (or, for the first Collection Period, as of the Cutoff Date).

"Payment Date" means the 15th day of a month, or, if not a Business Day, the next Business Day, starting in the first full month after the Closing Date. For a Collection Period, the related Payment Date means the Payment Date following the end of the Collection Period.

"Permitted Investments" means book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form that evidence:

(a) direct non-callable obligations of, and obligations fully guaranteed as to timely payment by, the United States;

(b) demand deposits, time deposits, certificates of deposit or bankers' acceptances of any depository institution or trust company (i) incorporated under the laws of the United States or any State or any United States branch or agency of a foreign bank, (ii) subject to supervision and examination by federal or State banking or depository institution authorities and (iii) that at the time the investment or

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contractual commitment to invest is made, the commercial paper or other short-term unsecured debt obligations (other than obligations with a rating based on the credit of a Person other than the depository institution or trust company) of the depository institution or trust company have the Required Rating;

(c) commercial paper, including asset-backed commercial paper, having, at the time the investment or contractual commitment to invest is made, the Required Rating;

(d) investments in money market funds having, at the time the investment or contractual commitment to invest is made, a rating in the highest investment grade category from each of [Fitch, if rated by Fitch,] Moody's and Standard & Poor's (including funds for which the Indenture Trustee or the Owner Trustee or any of their Affiliates is investment manager or advisor);

(e) repurchase obligations for any security that is a direct non-callable obligation of, or fully guaranteed 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, in either case entered into with a depository institution or trust company (acting as principal) described in clause (b) above; and

(f) any other investment that is acceptable to each Rating Agency.

"Permitted Lien" means a tax, mechanics' or other Lien that attaches by operation of law, or any security interest of the Depositor in the Purchased Property under the Exchange Note Purchase Agreement, the Issuer in the Sold Property under the Exchange Note Sale Agreement or the Indenture Trustee in the Collateral under the Indenture.

"Pool Balance" means, for the 20__-__ Reference Pool as of any date, the sum of the Securitization Values of the Leases.

"Purchased Property" means (a) the 20__-__ Exchange Note, (b) all amounts paid or due on the 20__-__ Exchange Note on or after the Cutoff Date, (c) Ford Credit's rights under the Credit and Security Agreement, the Exchange Note Supplement, the Servicing Agreement and the Servicing Supplement related to the 20__-__ Exchange Note, (d) all present and future claims, demands, causes of action and choses in action relating to any of the property described above and (e) all payments on or under and all proceeds of the property described above.

["QIB" has the meaning stated in Section 2.6(c)(ii) of the Indenture.]

"Qualified Institution" means (a) a bank or depository institution organized under the laws of the United States or any State or any United States branch or agency of a foreign bank or depository institution that (i) is subject to supervision and examination by federal or State banking authorities, (ii) has a short-term deposit or debt rating of ["F1" from Fitch,] ["P-1" from Moody's] [and] ["A-1" from Standard & Poor's], (iii) if the institution holds any Bank Accounts other than as segregated trust accounts and the deposits are to be held in the accounts more than 30 days, has a long-term unsecured debt rating or issuer rating of at least ["A" from Fitch] [and] ["AA" from Standard & Poor's], and (iv) if the institution is organized under the laws of the United States, whose deposits are insured by the Federal Deposit Insurance Corporation, or (b) the corporate trust

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department of any bank or depository institution organized under the laws of the United States or any State or any United States branch or agency of a foreign bank or depository institution that is subject to supervision and examination by federal or State banking authorities that (x) is authorized under those laws to act as a trustee or in any other fiduciary capacity, and (y) has a long-term deposit rating of at least ["A" from Fitch,] [and] ["Baa3" from Moody's].

"Rating Agency" means ______________ and _________________.

"Rating Agency Condition" means, for an action or request and a Rating Agency, the satisfaction of either of the following conditions, according to the then-current policies of the Rating Agency for that action or request:

(a) the Rating Agency has notified the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee in writing that the proposed action or request will not result in a downgrade or withdrawal of its then current rating on any of the Notes; or

(b) the Issuer has given ten Business Days' prior notice to the Rating Agency and the Rating Agency has not notified the Depositor, the Servicer, the Owner Trustee and the Indenture Trustee before the end of the ten-day period that the action will result in a downgrade or withdrawal of its then current rating on any of the Notes.

"Reallocation Request" has the meaning stated in Section 3.4(a) of the Exchange Note Sale Agreement.

"Record Date" means, for a Payment Date and a Book-Entry Note, the close of business on the day before the Payment Date and, for a Payment Date and a Definitive Note, the last day of the month before the month in which the Payment Date occurs.

"Recoveries" means, for a Terminating Lease or Closed Lease and a Collection Period, an amount equal to:

(a) amounts applied on the Lease after the date the Lease is marked as closed in the Servicer's receivables system (including where the Lease is charged off by the Servicer); minus

(b) local fees and taxes; minus

(c) Lease Administration Amounts; minus

(d) the sum of (i) amounts paid by the Servicer that are charged to the account of the related Lessee (including collection expenses), plus (ii) amounts paid to third parties for the repossession, transportation, reconditioning and disposition of the related Leased Vehicle, plus (iii) amounts refunded to the related Lessee.

"Redemption Date" means the Payment Date on which the Note Redemption Price is paid.

"Reference Pool Servicing Fee" has the meaning stated in Section 3.10(a)(i) of the Servicing Supplement.

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["Reference Time" means, for an Interest Period, the time on the Benchmark Determination Date determined by the Issuer according to Section 3.19(c)(ii) of the Indenture.]

"Registered Noteholder" means the Person in whose name a Note is registered on the Note Register on the Record Date.

"Regular Principal Payment" means:

(a) for a Payment Date that is not the Redemption Date, the greater of:

(i) an amount (not less than zero) equal to:

(A) (1) the aggregate Note Balance of the Notes as of the prior Payment Date (or, for the first Payment Date, the Closing Date) minus (2) the total Securitization Value as of the end of the related Collection Period minus the Targeted Overcollateralization Amount; minus

(B) the sum of the First Priority Principal Payment[,]/[and] the Second Priority Principal Payment [and the Third Priority Principal Payment]; and

(ii) on and after the Final Scheduled Payment Date of the Class [C]/[D] Notes, the Note Balance of the Class [C]/[D] Notes; and

(b) for the Redemption Date, the Note Redemption Price.

"Regulation AB" means Regulation AB under the Securities Act.

"Regulation RR" means Regulation RR under the Exchange Act (17 C.F.R. §246.1, et seq.).

["Relevant Governmental Body" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York, or any successor thereto.]

"Requesting Party" has the meaning specified in Section 3.4(a) of the Exchange Note Sale Agreement.

"Required Rating" means, for short-term unsecured debt obligations, a rating of (a) ["F1" from Fitch"] [(b) "P-1" from Moody's] and [(c) "A-1+" from Standard & Poor's].

"Required Reserve Amount" means, $_________, which is [at least] ___% of the Initial Pool Balance.

"Reserve Account" means the account established under Section 4.1(a) of the Servicing Supplement.

AA-19

"Reserve Account Draw Amount" means, for a Payment Date, the lesser of:

(a) an amount (not less than zero) equal to (i) the sum of the payments required to be made on the Payment Date under Sections 5.1(a)(i) through (iii) of the Exchange Note Supplement, minus (ii) the 20__-__ Collections for the Payment Date, minus (iii) any Shared Amounts allocated to the 20__-__ Exchange Note for the Payment Date; and

(b) the amount in the Reserve Account minus any net investment earnings.

"Residual Interest" means a beneficial ownership interest in the Issuer, as recorded on the Trust Register.

"Responsible Person" means:

(a) for a Borrower or a Titling Company, an "Authorized Officer," as stated in Section 4.11(a) of the related Titling Company LLC Agreement;

(b) for the Depositor, an "Authorized Officer", as stated in Section 4.11(a) of the Limited Liability Company Agreement;

(c) for the Administrator, a "Responsible Person" designated under Section 2.7 of the Administration Agreement;

(d) for the Issuer, an officer in the Corporate Trust Office of the Owner Trustee, including a vice president, assistant vice president, secretary, assistant secretary or another officer customarily performing functions similar to those performed by the officers listed above and, for a particular matter, any officer to whom the matter is referred because of the officer's knowledge of and familiarity with the particular subject and, if the Administration Agreement is in effect, a Responsible Person of the Administrator;

(e) for the Servicer, a "Responsible Person" designated under Section 3.9 of the Servicing Supplement; and

(f) for the Indenture Trustee, the Owner Trustee or the Delaware Trustee, an officer in the Corporate Trust Office of the Indenture Trustee, the Owner Trustee or the Delaware Trustee, as applicable, including each vice president, assistant vice president, secretary, assistant secretary or other officer customarily performing functions similar to those performed by those officers listed above, having direct responsibility for the administration of the Transaction Documents and, for a particular matter, any officer to whom the matter is referred because of the officer's knowledge of and familiarity with the particular subject.

"Review" has the meaning stated in the Asset Representations Review Agreement.

AA-20

"Review Demand Date" means, for a Review, the date following the occurrence of the Delinquency Trigger on which the Indenture Trustee determines that the required percentage of Noteholders has voted to direct a Review under Section 7.2 of the Indenture.

"Review Lease" means, for a Review, the Leases more than 60 days Delinquent as of the last day of the Collection Period before the Review Demand Date stated in the Review Notice.

"Review Notice" means the notice from the Indenture Trustee to the Asset Representations Reviewer and the Servicer that a Review Demand Date has occurred.

"Review Report" has the meaning stated in the Asset Representations Review Agreement.

["Rule 144A" means Rule 144A under the Securities Act.]

["Rule 144A Information" has the meaning stated in Section 2.6(e) of the Indenture.]

["Rule 144A Note Transfer" has the meaning stated in Section 2.6(b) of the Indenture.]

["Rule 144A Notes" means the Class __ and Class __ Notes].

"Schedule of Leases" means the schedule or file listing the Leases attached as Schedule A to the Exchange Note Supplement.

"Second Priority Principal Payment" means, for a Payment Date, the greater of:

(a) an amount (not less than zero) equal to the Note Balance of the Class A Notes and the Class B Notes as of the prior Payment Date (or, for the first Payment Date, the Closing Date) minus the total Securitization Value as of the end of the related Collection Period minus the First Priority Principal Payment; and

(b) on and after the Final Scheduled Payment Date of the Class B Notes, the Note Balance of the Class B Notes.

"Secured Parties" means the Noteholders.

"Securities Account" means each Bank Account subject to the terms of the Account Control Agreement or the Titling Company Account Control Agreement.

"Securitization Value" means, for:

(a) an Active Lease and a Collection Period (or the Cutoff Date), the sum of the present values of:

(i) (A) the Base Payments (determined as of the Cutoff Date) remaining after the end of the Collection Period (or as of the Cutoff Date) or (B) for an Advance Payment Plan Lease, zero; and

(ii) the Base Residual Value;

AA-21

calculated using a discount rate equal to the higher of the Contract Rate and the Investor Rate on the basis of a 360-day year of twelve 30-day months to the beginning of the Collection Period (or the Cutoff Date) and assuming each amount is received at the end of the Collection Period in which the amount is scheduled to be received and giving effect to any Payment Extension made on the Active Lease on or before the Cutoff Date;

(b) a Terminating Lease and (i) a Collection Period in which the related Leased Vehicle is sold, zero and (ii) any other Collection Period, the Base Residual Value; and

(c) a Closed Lease and a Collection Period, zero.

"Servicing Supplement" means the 20__-__ Servicing Supplement, dated as of the Cutoff Date, to the Servicing Agreement.

"Shared Amounts" means, for a Payment Date and any Exchange Note for which an Exchange Note Event of Default described in Sections 6.4(a)(i) or (ii) of the Credit and Security Agreement has occurred and is continuing, any shortfall in payment of interest on or principal of that Exchange Note on the Payment Date (and, if there is more than one Exchange Note having funds available for distribution as Shared Amounts, the Shared Amounts will be allocated among all such Exchange Notes pro rata based on their respective Exchange Note Balances).

["SOFR" means, for any Interest Period, the following rate, as obtained by the Calculation Agent:

(a) the compounded average of the secured overnight financing rate over a rolling 30-calendar day period, as such rate is published by the Federal Reserve Bank of New York, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York's Website under "30-Day Average SOFR" at 3:00 p.m., New York time, on the SOFR Determination Date; and

(b) if the rate does not appear on the Federal Reserve Bank of New York's Website, the rate that was published at 3:00 p.m., New York time, on the first preceding SOFR Business Day for which such rate was published on the Federal Reserve Bank of New York's Website under "30-Day Average SOFR."

"SOFR Business Day" means a business day determined in accordance with the SOFR publication calendar of the Federal Reserve Bank of New York.

"SOFR Determination Date" means the date that is two SOFR Business Days before the first day of the applicable Interest Period.]

"Sold Property" means (a) the Purchased Property, (b) the Depositor's rights under the Exchange Note Purchase Agreement, (c) all present and future claims, demands, causes of action and choses in action relating to any of the property described above and (d) all payments on or under and all proceeds of the property described above.

AA-22

"Sponsor" means Ford Credit.

"Standard & Poor's" means S&P Global Ratings.

"Targeted Overcollateralization Amount" means $[__________], which is [___]% of the Initial Pool Balance.

"Terminating Lease" means a Lease from the beginning of the Collection Period that includes its Termination Date through the end of the Collection Period that includes its Closed Date.

"Terminating Lease Proceeds" means, for a Terminating Lease and a Collection Period, an amount equal to:

(a) amounts applied on the Terminating Lease; minus

(b) local fees and taxes; minus

(c) Lease Administration Amounts; minus

(d) the sum of (i) amounts paid by the Servicer that are charged to the account of the related Lessee (including collection expenses), plus (ii) amounts paid to third parties for the repossession, transportation, reconditioning and disposition of the related Leased Vehicle, plus (iii) amounts refunded to the Lessee.

"Termination Date" means, for a Lease, the earliest of:

(a) its Scheduled Lease End Date, as extended by any Payment Extension granted before the Cutoff Date;

(b) the date the related Leased Vehicle is either:

(i) in the possession of the Servicer or its agent or bailee; or

(ii) purchased by the related Lessee under the Lease or by a Dealer under the Servicing Procedures; and

(c) its Closed Date.

"Test Fail" has the meaning stated in the Asset Representations Review Agreement.

["Third Priority Principal Payment" means, for a Payment Date, the greater of:

(a) an amount (not less than zero) equal to the Note Balance of the Class A Notes, the Class B Notes and the Class C Notes as of the prior Payment Date (or, for the first Payment Date, the Closing Date) minus the total Securitization Value as of the end of the related Collection Period minus the First Priority Principal Payment minus the Second Priority Principal Payment; and

AA-23

(b) on and after the Final Scheduled Payment Date of the Class C Notes, the Note Balance of the Class C Notes.]

"Titling Company Account Control Agreement" means the Titling Company Account Control Agreement, dated as of the Cutoff Date, among the Titling Companies, as grantors, the Indenture Trustee, as secured party, and ________________, in its capacity as both a "securities intermediary" as defined in Section 8-102 of the UCC and a "bank" as defined in Section 9-102 of the UCC.

"Transaction Documents" means:

(a) the Basic Documents;

(b) the Trust Agreement;

(c) the Exchange Note Supplement;

(d) the Servicing Supplement;

(e) the Exchange Note Purchase Agreement;

(f) the Exchange Note Sale Agreement;

(g) the Indenture;

(h) the Account Control Agreement and the Titling Company Account Control Agreement;

(i) the Administration Agreement;

(j) the Asset Representations Review Agreement; and

(k) the Depository Agreement.

"Trust Agreement" means the [Second] Amended and Restated Trust Agreement, dated as of the Cutoff Date, among the Depositor, the Delaware Trustee and the Owner Trustee.

"Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939.

"Trust Property" means (a) the Sold Property, (b) the Issuer's rights under the Transaction Documents, (c) all "security entitlements" (as defined in Section 8-102 of the UCC) relating to the Bank Accounts and the property deposited in or credited to any of the Bank Accounts, (d) all present and future claims, demands, causes of action and choses in action relating to any of the property described above and (e) all payments on or under and all proceeds of the property described above.

"Trust Register" and "Trust Registrar" have the meanings stated in Section 3.2 of the Trust Agreement.

AA-24

["Void Rule 144A Note Transfer" has the meaning stated in Section 2.6(b) of the Indenture.]

["Unadjusted Benchmark Replacement" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.]

AA-25

EX-5.1

EXHIBIT 5.1

50 Rockefeller Plaza

New York, NY 10020-1605

+1.212.940.8800 tel

katten.com

June 8, 2022

Ford Credit Auto Lease Two LLC

CAB East LLC
CAB West LLC
c/o Ford Credit SPE Management Office

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Re: Registration Statement on Form SF-3

Ladies and Gentlemen:

We have acted as special counsel to Ford Credit Auto Lease Two LLC, a Delaware limited liability company, CAB East LLC, a Delaware limited liability company ("CAB East") and CAB West LLC, a Delaware limited liability company ("CAB West" and, together with Ford Credit Auto Lease Two LLC and CAB East, the "Registrants"), in connection with a Registration Statement on Form SF-3 (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Act"), relating to the registration by the Registrants of Asset Backed Notes (the "Notes"). As described in the Registration Statement, each Series of Notes will be issued under and pursuant to an indenture (the "Indenture") to be entered into between the indenture trustee designated in the Indenture (the "Indenture Trustee") and one of various trusts (each, a "Trust") to be formed under the related trust agreement (the "Trust Agreement") to be entered into by the Registrant Ford Credit Auto Lease Two LLC, and the owner trustee designated in the Trust Agreement (the "Owner Trustee"), (the Indenture, and the Trust Agreement being referred to in this opinion as the "Agreements"). The principal collateral for each Series of Notes will be an exchange note (each, an "Exchange Note") that is issued by CAB East and CAB West under an exchange note supplement (each, an "Exchange Note Supplement") to be entered into under a credit and security agreement (the "Credit and Security Agreement"), each among CAB East and CAB West, as borrowers, Ford Motor Credit Company LLC, as lender and as servicer, U.S. Bank National Association, as administrative agent, and HTD Leasing LLC, as collateral agent.

KATTEN MUCHIN ROSENMAN LLP

CENTURY CITY        CHARLOTTE        CHICAGO        DALLAS        LOS ANGELES
NEW YORK        ORANGE COUNTY        SHANGHAI        WASHINGTON, DC

A limited liability partnership including professional corporations

LONDON: KATTEN MUCHIN ROSENMAN UK LLP

Ford Credit Auto Lease Two LLC

CAB East, LLC

CAB West, LLC

June 8, 2022

Page 2

We generally are familiar with the proceedings taken or required to be taken in connection with the proposed authorization, issuance and sale of the Notes and the related Exchange Note, and have made investigations of law and have examined and relied on the originals or copies certified or otherwise identified to our satisfaction of all the documents and records of the Registrants and other instruments of the Registrants and other persons, as we have deemed appropriate as a basis for the opinions expressed below, including (a) the Registration Statement, (b) the form of Indenture (including the form of Notes included as an exhibit to the Indenture), the form of Underwriting Agreement, the Credit and Security Agreement, the form of Exchange Note Supplement (including the form of Exchange Notes included as an exhibit to the Exchange Note Supplement) and the other transaction documents and forms of transaction documents attached as exhibits or incorporated by reference to the Registration Statement (collectively, the "Agreements").

We express no opinion except as to matters that are governed by federal law, the laws of the State of New York or the Delaware Limited Liability Company Act or the Delaware Statutory Trust Act. All opinions expressed below are based on laws, regulations and policy guidelines currently in force and may be affected by future regulations.

Subject to the qualifications stated above, we are of the opinion that, for the Notes, when (a) the Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended, (b) the Indenture has been duly authorized by all necessary action and duly executed and delivered by all necessary parties and (c) the Notes have been duly executed and authenticated according to the provisions of the Indenture and issued and sold as contemplated in the Registration Statement and the Agreements and delivered under Section 5 of the Act, the Notes will have been duly authorized by all necessary action of the Trust and will be legally and validly issued, binding obligations of the Trust, fully paid and non-assessable, and the holders of the Notes will be entitled to the benefits of the Indenture, except as may be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights generally and to general principles of equity, regardless of whether such matters are considered in a proceeding in equity or at law. Furthermore, subject to the qualifications stated above, we are of the opinion that, for each Exchange Note (a) neither the Credit and Security Agreement nor the Exchange Note Supplement is required to be qualified under the Trust Indenture Act of 1939, as amended, and that (b) when (i) the Exchange Note Supplement for such Exchange Note has been duly authorized by all necessary action and duly executed and delivered by all necessary parties and (ii) such Exchange Note has been duly executed and authenticated according to the provisions of the Credit and Security Agreement and the related Exchange Note Supplement and is issued and sold as contemplated in the Registration Statement and the Agreements and delivered under Section 5 of the Act, such Exchange Note will have been duly authorized by all necessary action of CAB East and CAB West and will be the legally and validly issued, binding obligation of CAB East and CAB West, fully paid and non-assessable, and the holders of such Exchange Note will be entitled to the benefits of the Credit and Security Agreement and the related Exchange Note Supplement, except as may be limited by

Ford Credit Auto Lease Two LLC

CAB East, LLC

CAB West, LLC

June 8, 2022

Page 3

bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors' rights generally and to general principles of equity, regardless of whether such matters are considered in a proceeding in equity or at law.

We consent to the filing of this opinion as an exhibit to the Registration Statement and to references to this firm as counsel to the Registrants in the Registration Statement, without implying or admitting that we are "experts" within the meaning of the Act or the rules and regulations of the Commission issued under the Act, for any part of the Registration Statement, including this exhibit.

Very truly yours,

/s/ Katten Muchin Rosenman LLP

EX-8.1

EXHIBIT 8.1

2900 K Street NW

North Tower - Suite 200

Washington, DC 20007-5118

+1.202.625.3500 tel

katten.com

June 8, 2022

Ford Credit Auto Lease Two LLC

CAB East LLC
CAB West LLC
c/o Ford Credit SPE Management Office

c/o Ford Motor Company

World Headquarters, Suite 802

One American Road

Dearborn, Michigan 48126

Re: Registration Statement on Form SF-3

Ladies and Gentlemen:

We have acted as special counsel to Ford Credit Auto Lease Two LLC, a Delaware limited liability company, CAB East LLC, a Delaware limited liability company ("CAB East") and CAB West LLC, a Delaware limited liability company ("CAB West" and, together with Ford Credit Auto Lease Two LLC and CAB East, the "Registrants"), in connection with a Registration Statement on Form SF-3 (the "Registration Statement"), filed with the U.S. Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Act"), relating to the Asset Backed Notes (the "Notes") and with the authorization and issuance from time to time in one or more series (each, a "Series") of Notes. As described in the Registration Statement, each Series of Notes will be issued under and pursuant to an indenture (the "Indenture") to be entered into between the indenture trustee designated in the Indenture (the "Indenture Trustee") and one of various trusts (each, a "Trust") to be formed under the related trust agreement (the "Trust Agreement") to be entered into by the Registrant Ford Credit Auto Lease Two LLC and the owner trustee designated in the Trust Agreement (the "Owner Trustee"), (the Indenture, and the Trust Agreement being referred to in this opinion as the "Agreements").

We have examined the form of prospectus (the "Prospectus") related to the Agreements contained in the Registration Statement and other documents, records and instruments as we have deemed necessary for the purposes of this opinion.

In arriving at the opinion expressed below, we have assumed that each Agreement will be duly authorized by all necessary corporate or limited liability company action on the part of the Registrants, the Indenture Trustee, the Owner Trustee and any other party to the Agreements and will be duly executed and delivered by the Registrants, the Indenture Trustee, the Owner Trustee and any other party to the Agreements substantially in the applicable form

KATTEN MUCHIN ROSENMAN LLP

CENTURY CITY       CHARLOTTE        CHICAGO       DALLAS       LOS ANGELES
NEW YORK        ORANGE COUNTY       SHANGHAI        WASHINGTON, DC

A limited liability partnership including professional corporations

LONDON: KATTEN MUCHIN ROSENMAN UK LLP

Ford Credit Auto Lease Two LLC

CAB East, LLC

CAB West, LLC

June 8, 2022

Page 2

filed or incorporated by reference as an exhibit to the Registration Statement, and that the Notes will be sold as described in the Registration Statement. As to various questions of fact material to our opinions, we have relied, to the extent we deemed appropriate, on representations, statements and certificates of officers and representatives of the Registrants and others.

As special tax counsel to the Registrants, we have advised the Registrants regarding material federal income tax aspects of the proposed issuance of the Notes under the Agreements. This advice has formed the basis for the description of federal income tax consequences for holders of the Notes under the headings "Summary—Tax Status" and "Tax Considerations" in the Prospectus. We confirm and adopt as our opinion those opinions stated under these headings (in each case subject to the limitations stated in the Prospectus.)

This opinion is based on the facts and circumstances in the Registration Statement and in the other documents reviewed by us. Our opinion as to the matters in this opinion could change for the Notes as a result of changes in facts or circumstances, changes in the terms of the documents reviewed by us, or changes in the law after the date of this opinion.

This opinion is based on our interpretations of current law, including the Internal Revenue Code of 1986, as amended, judicial decisions, administrative rulings and existing final and temporary Treasury regulations, which are subject to change both prospectively and retroactively, and on the facts and assumptions discussed in this opinion. This opinion letter is limited to the matters stated in this opinion, and no opinions are intended to be implied or may be inferred beyond those expressly stated in this opinion. In addition, our opinion is based on the assumption that the matter, if litigated, will be properly presented to the applicable court. Furthermore, our opinion is not binding on the Internal Revenue Service and there can be no assurance that the Internal Revenue Service will not take a contrary position.

We consent to the filing of this opinion as an exhibit to the Registration Statement and to references to this firm as special tax counsel to the Registrants under the headings in the Prospectus stated above, without implying or admitting that we are "experts" within the meaning of the Act or the rules and regulations of the Commission issued under the Act, for any part of the Registration Statement, including this exhibit.

Very truly yours,

/s/ Katten Muchin Rosenman LLP

EX-10.1

EXHIBIT 10.1

[SECOND] AMENDED AND RESTATED
TRUST AGREEMENT

among

FORD CREDIT AUTO LEASE TWO LLC,
acting for its Series of limited liability company interests
designated as the "20__-__ Series," as Depositor

and

_______________________________,
as Owner Trustee

[and

_______________________________,
as Delaware Trustee]

for

FORD CREDIT AUTO LEASE TRUST 20__-__

Dated as of ________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II ORGANIZATION OF TRUST		1
Section 2.1.	Name	1
Section 2.2.	Office	1
Section 2.3.	Purposes and Powers	2
Section 2.4.	Appointment of Co-Trustees	2
Section 2.5.	Contribution and Sale of Trust Property	3
Section 2.6.	Declaration of Trust	3
Section 2.7.	Limitations on Liability	3
Section 2.8.	Title to Trust Property	3
Section 2.9.	Location of Issuer	3
Section 2.10.	Depositor's Representations and Warranties	4
Section 2.11.	Tax Matters	5
ARTICLE III RESIDUAL INTEREST AND TRANSFER OF INTERESTS		7
Section 3.1.	Residual Interest	7
Section 3.2.	Registration of Residual Interest	7
Section 3.3.	Transfer of Residual Interest	7
ARTICLE IV APPLICATION OF TRUST PROPERTY		8
Section 4.1.	Application of Trust Property	8
ARTICLE V OWNER TRUSTEE'S AUTHORITY AND OBLIGATIONS		9
Section 5.1.	General Authority	9
Section 5.2.	General Obligations	9
Section 5.3.	Action Requiring Prior Notice	10
Section 5.4.	Action on Direction by Holder of Residual Interest	10
Section 5.5.	Action for Bankruptcy	11
Section 5.6.	Action on Administrator's Instruction	11
Section 5.7.	No Obligations or Actions Except as Stated in Transaction Documents or Instructions	11
Section 5.8.	Prohibition on Some Actions	11
Section 5.9.	Action Not Required	11
Section 5.10.	Review of Owner Trustee's Records	12
Section 5.11.	Furnishing of Documents	12
Section 5.12.	Sarbanes-Oxley Act	13
Section 5.13.	Reporting of Reallocations of Leases and Leased Vehicles	13
ARTICLE VI OWNER TRUSTEE [AND DELAWARE TRUSTEE]		13
Section 6.1.	Acceptance of Trusts	13
Section 6.2.	Limitations on Liability	13
Section 6.3.	Reliance; Advice of Counsel; Use of Agents	14

i

Section 6.4.	Not Acting in Individual Capacity	15
Section 6.5.	_________________ May Own Notes	15
Section 6.6.	Owner Trustee's [and Delaware Trustee's] Representations and Warranties	15
Section 6.7.	Obligation to Update Disclosure	16
ARTICLE VII COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE [AND DELAWARE TRUSTEE]		16
Section 7.1.	Fees and Expenses	16
Section 7.2.	Indemnification of Owner Trustee [and Delaware Trustee]	17
Section 7.3.	Organizational Expenses of Issuer	18
ARTICLE VIII TERMINATION		18
Section 8.1.	Termination of Trust Agreement and Issuer	18
ARTICLE IX SUCCESSOR TRUSTEES AND ADDITIONAL TRUSTEES		19
Section 9.1.	Eligibility Requirements for Owner Trustee [and Delaware Trustee]	19
Section 9.2.	Resignation or Removal of Owner Trustee	19
Section 9.3.	Successor Co-Trustee	20
Section 9.4.	Merger or Consolidation; Transfer of Assets	20
Section 9.5.	Appointment of Separate Trustee or Co-Trustee	21
Section 9.6.	Compliance with Delaware Statutory Trust Act	22
ARTICLE X OTHER AGREEMENTS		22
Section 10.1.	Limitation on Rights of Others	22
Section 10.2.	No Petition	22
Section 10.3.	Limited Recourse	22
Section 10.4.	Subordination	22
Section 10.5.	Rights Limited to Exchange Note	23
ARTICLE XI MISCELLANEOUS		24
Section 11.1.	Amendments	24
Section 11.2.	Benefit of Agreement; Third-Party Beneficiaries	25
Section 11.3.	Notices	25
Section 11.4.	GOVERNING LAW	26
Section 11.5.	WAIVER OF JURY TRIAL	26
Section 11.6.	Severability	26
Section 11.7.	Headings	26
Section 11.8.	Counterparts	26

Exhibit A Form of Certificate of Trust EA-1

ii

[SECOND] AMENDED AND RESTATED TRUST AGREEMENT, dated as of ________, 20__ (this "Agreement"), among FORD CREDIT AUTO LEASE TWO LLC, a Delaware limited liability company, as Depositor, _______________, a ________________, not in its individual capacity but solely as Owner Trustee under this Agreement, [and _______________, a ________________, not in its individual capacity but solely as Delaware Trustee under this Agreement,] for Ford Credit Auto Lease Trust 20__-__.

BACKGROUND

The parties created the Issuer under a Trust Agreement, dated as of _____, 20__ [(as amended and restated as of _____, 20__)], to engage in a securitization transaction sponsored by Ford Credit in which the Issuer will issue Notes secured by a 20__-__ Exchange Note that is secured by a reference pool of leases and leased vehicle purchased by the Titling Companies from motor vehicle dealers.

In connection with the securitization transaction, the parties have determined to amend and restate the existing Trust Agreement on the terms in this Agreement.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.      Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this Agreement.

ARTICLE II
ORGANIZATION OF TRUST

Section 2.1.      Name. The trust was created and is known as "Ford Credit Auto Lease Trust 20__-__", in which name the Owner Trustee may conduct the activities of the Issuer and make and execute contracts and other documents and sue and be sued on behalf of the Issuer.

Section 2.2.      Office. The Delaware office of the Issuer is in care of the [Delaware]/[Owner] Trustee. The [Delaware]/[Owner] Trustee will maintain an office or agency where notices and demands to or on the [Delaware]/[Owner] Trustee under the Transaction Documents may be served. The [Delaware]/[Owner] Trustee designates its Corporate Trust Office for those purposes and will promptly notify the Depositor and the Indenture Trustee of a change in the location of its Corporate Trust Office. The ________ office of the Issuer is in care of the Owner Trustee. The Owner Trustee will maintain an office or agency where notices and

1

demands to or on the Owner Trustee under the Transaction Documents may be served. The Owner Trustee designates its Corporate Trust Office for those purposes and will promptly notify the Depositor and the Indenture Trustee of a change in the location of its Corporate Trust Office.

Section 2.3.      Purposes and Powers.

(a)            Permitted Activities. The purpose of the Issuer is, and the Issuer will have the power and authority, and is authorized, to engage in the following activities:

(i)             to acquire the 20__-__ Exchange Note and other Sold Property under the Exchange Note Sale Agreement from the Depositor in exchange for the Notes;

(ii)            to Grant the Collateral to the Indenture Trustee under the Indenture;

(iii)           to enter into and perform its obligations under the Transaction Documents;

(iv)           to issue the Notes under the Indenture and to facilitate the sale of the Notes by the Depositor;

(v)            to pay principal of and interest on the Notes;

(vi)           to administer and manage the Trust Property;

(vii)          to make payments to the Noteholders and distributions to the holder of the Residual Interest; and

(viii)         to take other actions necessary or advisable to accomplish the activities listed above or that are incidental to the activities listed above.

(b)            No Other Activity. The Issuer will not engage in any activity other than as required or authorized by this Agreement or the other Transaction Documents.

Section 2.4.      Appointment of Co-Trustees.

(a)            Appointment of Owner Trustee. The Depositor appoints the Owner Trustee as trustee of the Issuer to have all the rights, powers and obligations in this Agreement.

(b)            [Appointment of Delaware Trustee. The Depositor appoints the Delaware Trustee to serve as the trustee of the Issuer in the State of Delaware for the sole purpose of satisfying Section 3807 of the Delaware Statutory Trust Act that the Issuer have at least one trustee with a principal place of business in Delaware. The duties of the Delaware Trustee are limited to (a) accepting legal process served on the Issuer in the State of Delaware and (b) at the Owner Trustee's direction, executing and filing certificates required to be filed with the Secretary of State of the State of Delaware under Section 3811 of the Delaware Statutory Trust Act. The Delaware Trustee will notify the Owner Trustee after it takes either of those actions. The Delaware Trustee does not have the powers, duties and liabilities of the Owner Trustee. The Delaware Trustee is not liable for any act or failure to act of the Owner Trustee, the Depositor, the holder of the Residual Interest or the Issuer. To the extent that, at law or in equity, the

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Delaware Trustee has duties (including fiduciary duties) or liabilities to the Issuer, the Depositor or any holder of the Residual Interest, it is agreed by the parties that such duties and liabilities are replaced by the duties and liabilities of the Delaware Trustee stated in this Agreement.]

Section 2.5.      Contribution and Sale of Trust Property. As of the date of the formation of the Issuer, the Depositor contributed to the Owner Trustee, and the Owner Trustee acknowledged receipt of, the amount of $1, which is the initial Trust Property. On the Closing Date, the Depositor will sell to the Issuer the Sold Property in exchange for the Notes under the Exchange Note Sale Agreement.

Section 2.6.      Declaration of Trust. The Owner Trustee will hold the Trust Property in trust under this Agreement for the use and benefit of the holder of the Residual Interest and subject to the obligations of the Issuer under the Transaction Documents. The parties intend that the Issuer is a statutory trust under the Delaware Statutory Trust Act and that this Agreement is the governing instrument of the statutory trust. The Owner Trustee will have the rights, powers and obligations in this Agreement and in the Delaware Statutory Trust Act for accomplishing the purposes of the Issuer and engaging in any activity required or authorized by this Agreement or the other Transaction Documents. The parties intend that the activities of the Issuer be managed by the Administrator under the Administration Agreement. A Certificate of Trust substantially in the form of Exhibit A has been filed (originally or by amendment) with the Secretary of State of the State of Delaware. The parties intend that the Issuer is a "business trust" within the meaning of Section 101(9)(a)(v) of the Bankruptcy Code.

Section 2.7.      Limitations on Liability.

(a)            Liability of Depositor. The Depositor, as initial holder of the Residual Interest, will have the same limitation of personal liability as stockholders of a private for profit corporation organized under the Delaware General Corporation Law.

(b)            Liability to Third Parties. Except as stated in this Agreement, none of the Depositor, the Administrator or their Affiliates or any of their directors, managers, officers or employees will be liable for the Issuer's debts, obligations or liabilities.

Section 2.8.      Title to Trust Property.

(a)            Title Vested in Issuer. Legal title to the Trust Property will be vested in the Issuer as a separate legal entity, except where applicable law in a jurisdiction requires title to the Trust Property to be vested in a trustee or trustees, in which case title will be considered vested in the Owner Trustee, a co-trustee and/or a separate trustee appointed under this Agreement.

(b)            No Legal Title in Holder of Residual Interest. The holder of the Residual Interest has no legal title to any Trust Property. The holder of the Residual Interest will receive distributions on its Residual Interest only according to Article IV.

Section 2.9.      Location of Issuer. The Issuer will be administered in the States of Delaware and _____. Bank accounts maintained by the Owner Trustee on behalf of the Issuer will be located in the State of _____. The Issuer will not have employees in a state other than the State of Delaware, except that _________________, in its capacity as Owner Trustee or another

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capacity, may have employees within or outside the State of Delaware. The Issuer will only receive payments in or make payments from the State of Delaware or the State in which the Indenture Trustee is located. The Issuer's principal office will be in care of the [Delaware]/[Owner] Trustee in the State of Delaware.

Section 2.10.      Depositor's Representations and Warranties. The Depositor represents and warrants to each Co-Trustee as of the Closing Date:

(a)            Organization and Qualification. The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Depositor is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

(b)            Power, Authority and Enforceability. The Depositor has the power and authority to execute, deliver and perform its obligations under this Agreement. The Depositor has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Depositor enforceable against the Depositor, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Depositor is a debtor or guarantor, (ii) result in the creation or imposition of any Lien on the Depositor's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than the Exchange Note Sale Agreement), (iii) violate the Depositor's certificate of formation or limited liability company agreement or (iv) violate a law or, to the Depositor's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties that applies to the Depositor, which, in each case, would reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

(d)            No Proceedings. To the Depositor's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the

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Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Depositor, the performance by the Depositor of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

Section 2.11.      Tax Matters.

(a)            Disregarded Entity. The parties and Ford Credit intend that, for purposes of U.S. federal income, State and local income and franchise tax, so long as the Issuer has no equity owner other than the Depositor (as determined for U.S. federal income tax purposes), the Issuer will be treated as an entity disregarded as separate from the Depositor.

(b)            Recharacterized Classes. If beneficially owned for U.S. federal income tax purposes by a Person other than the Depositor, each Class of Notes is intended to be treated as indebtedness for U.S. federal income tax purposes. The Depositor agrees, and the Noteholders by acceptance of their Notes agree in the Indenture, to that treatment and each agrees to take no action inconsistent with that treatment. If one or more Classes of Notes is recharacterized as an equity interest in the Issuer, and not as indebtedness (a "Recharacterized Class") and a Recharacterized Class is treated as not owned for U.S. federal income tax purposes by the same entity that owns the Issuer, the parties intend that the Issuer be characterized as a partnership among the Depositor (if it is at that time treated as an equity owner of the Issuer for U.S. federal income tax purposes), other holders, if any, of the Residual Interest and holders of the Recharacterized Class or Classes. In that event, for purposes of U.S. federal income, State and local income or franchise tax each month:

(i)            amounts paid as interest to holders of a Recharacterized Class will be treated as a guaranteed payment within the meaning of Section 707(c) of the Code;

(ii)            if the characterization in Section 2.11(b)(i) is not respected, gross ordinary income of the Issuer for that month as determined for U.S. federal income tax purposes will be allocated to the holders of each Recharacterized Class as of the Record Date occurring within that month, in an amount equal to the sum of (A) the interest accrued to the Recharacterized Class for that month, (B) the part of the market discount on the 20__-__ Exchange Note accrued during that month that is allocable to any excess of the aggregate initial Note Balance of the Recharacterized Class over the initial aggregate issue price of the Notes of the Recharacterized Class and (C) any amount expected to be distributed to the holders of that Class of Notes under Section 8.2 of the Indenture (if not previously allocated under this subsection (ii)) if necessary to reverse any net loss previously allocated to holders of the Notes of the Recharacterized Class (if not previously reversed under this clause (C)); and

(iii)            then, remaining net income of the Issuer (subject to the modifications below) for that month as determined for U.S. federal income tax purposes (and each item of income, gain, credit, loss or deduction for the computation of net income) will be allocated to the holder of the Residual Interest.

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If the gross ordinary income of the Issuer for a month is insufficient for the allocations described in Section 2.11(b)(ii), gross ordinary income in later periods will first be allocated to each Recharacterized Class in alphabetical order (if applicable) to make up the shortfall before an allocation under Section 2.11(b)(iii). Any net losses of the Issuer for a month as determined for U.S. federal income tax purposes (and each item of income, gain, credit, loss or deduction for the computation of net losses) will be allocated to the holder of the Residual Interest if the holder of the Residual Interest is reasonably expected to bear the economic burden of those net losses, and any remaining net losses will be allocated in reverse alphabetical order (if applicable) to each Recharacterized Class, in each case, until the Note Balance of the Recharacterized Class is reduced to zero as of the Record Date occurring within that month, and among the holders of the Recharacterized Class, in proportion to their ownership of the aggregate Note Balance of the Recharacterized Class on that Record Date. The partnership representative designated under Section 2.11(f) is authorized to modify the allocations in this Section 2.11(b) if necessary or advisable, in its sole discretion, for the allocations to fairly reflect the economic income, gain or loss to the holder of the Residual Interest or the holders of a Recharacterized Class or as required by the Code.

(c)            Filing of Returns. The parties agree that, unless required by the tax authorities, the Depositor, on behalf of the Issuer, will file or cause to be filed annual or other returns, reports and other forms consistent with the characterizations described in Section 2.11(a) and the first sentence of Section 2.11(b).

(d)            Elections. The Owner Trustee will not elect or cause the Issuer to elect, and no holder of the Residual Interest will elect or permit an election to be made, to treat the Issuer as an association taxable as a corporation for U.S. federal income tax purposes under Treasury Regulation §301.7701-3. If the Issuer is classified as a partnership for U.S. federal income tax purposes, the Majority Equity Holder will or will cause the Issuer, to the extent eligible, to make the election under Section 6221(b) of the Code for determinations of adjustments at the partnership level and take any other action necessary or appropriate for the election. If this election is not available, to the extent applicable, the Majority Equity Holder will or will cause the Issuer to make the election under Section 6226(a) of the Code for the alternative to payment of imputed underpayment by a partnership and take any other action necessary or appropriate for the election. However, the Majority Equity Holder is authorized, in its sole discretion, to make any available election under Sections 6221 through 6241 of the Code, including any other Code provisions for the same subject matter, and any related regulations (adopted or proposed) and administrative guidance (the "BBA Partnership Audit Rules") and take any action it deems necessary or appropriate to comply with the requirements of the Code and to conduct the Issuer's activities under the BBA Partnership Audit Rules. Each holder and, if different, each beneficial owner of a Residual Interest or Recharacterized Class, shall promptly provide the Issuer, Depositor and Administrator any requested information, documentation or material to enable the Issuer to make any of the elections described in this clause (d) and otherwise comply with the BBA Partnership Audit Rules. For purposes of this Section 2.11, the "Majority Equity Holder" means the Depositor or, if it is no longer treated as holding an equity interest in the Issuer for U.S. federal income tax purposes, the holder of the greatest percentage of the equity interests in the Issuer. The provisions of this Section 2.11(d) shall survive any termination of this Agreement.

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(e)            Alternative Treatment; Capital Accounts. If the Issuer is not treated as an entity disregarded as separate from the Depositor for U.S. federal income tax purposes, the Administrator or the Owner Trustee will, based on information or instruction given by or on behalf of the Depositor, (i) maintain the books of the Issuer on the basis of a calendar year and the accrual method of accounting, (ii) deliver to each holder of the Residual Interest information required under the Code to enable the holder to prepare its U.S. federal and State income tax returns, (iii) file tax returns relating to the Issuer and make elections under any applicable U.S. federal or State statute and (iv) collect any withholding tax according to Section 4.1(d). The Administrator (or the Owner Trustee at the request of the Administrator) will also establish and maintain, according to Section 1.704-1(b)(2)(iv) of the Treasury Regulations, a separate bookkeeping account for the Depositor and each other person treated as an equity owner of the Issuer for U.S. federal income tax purposes. This Section 2.11(e) will be interpreted to comply with the Treasury Regulations under Section 704 of the Code and the Depositor is authorized to modify these provisions if necessary to comply with those regulations.

(f)            Partnership Representative. If the Issuer is classified as a partnership for U.S. federal income tax purposes, the Majority Equity Holder will (i) prepare and sign, on behalf of the Issuer, the tax returns of the Issuer and (ii) be designated as the partnership representative of the Issuer under Section 6223(a) of the Code to the extent allowed under the law.

ARTICLE III
RESIDUAL INTEREST AND TRANSFER OF INTERESTS

Section 3.1.      Residual Interest. The Depositor is the initial holder of the Residual Interest. The holder of the Residual Interest will receive any amounts not needed on a Payment Date to pay the Notes and the Issuer's other obligations under the Indenture and this Agreement, and any amounts remaining in the Reserve Account after payment in full of the 20__-__ Exchange Note and the Notes and of all other amounts owing or to be distributed under the Transaction Documents to the Secured Parties on the termination of the Issuer.

Section 3.2.      Registration of Residual Interest. The Issuer appoints the Owner Trustee to be the "Trust Registrar" and to keep a register (the "Trust Register") of the holders of the Residual Interest and transfers of the Residual Interest. If the Trust Registrar resigns, the Administrator, on behalf of the Issuer, will promptly appoint a successor or, if it elects not to make the appointment, assume the obligations of Trust Registrar. The "holder of the Residual Interest" will be the Person registered as the holder of the Residual Interest on the Trust Register.

Section 3.3.      Transfer of Residual Interest. The holder of the Residual Interest will be permitted to sell, transfer, assign or convey its rights in the Residual Interest if the following conditions are satisfied:

(a)            Opinion of Counsel. The holder of the Residual Interest delivers an Opinion of Counsel to the Issuer and the Indenture Trustee stating that the action will not cause the Issuer or a Titling Company to be or become characterized for U.S. federal income tax purposes as an association or publicly traded partnership taxable as a corporation;

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(b)            Tax Forms. The holder of the Residual Interest delivers to the Indenture Trustee and the Owner Trustee a U.S. Internal Revenue Service Form W-9 stating that it is a "United States person" under Section 7701(a)(30) of the Code;

(c)            Nature of Tax Positions. The Depositor has notified the transferee of the Residual Interest of the tax positions previously taken by it, as holder of the Residual Interest, for U.S. federal and State income tax purposes and the transferee has agreed to take tax positions consistent with the tax positions previously taken by the Depositor;

(d)            Pass-Through Entity. The transferee of the Residual Interest either (i) 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 federal income tax purposes, a partnership, grantor trust, or S Corporation (as defined in the Code) (that entity, a "Pass-Through Entity") or (ii) is a Pass-Through Entity, but (A) after giving effect to the transaction, less than 50 percent of the value of each beneficial ownership interest in the Pass-Through Entity is attributable to the entity's interest in the Issuer or (B) the purpose of using the tiered arrangement was not to avoid the purposes of Section 1.7704-1(h) of the Treasury Regulations;

(e)            ERISA Certification. The transferee of the Residual Interest delivers to the Indenture Trustee and the Owner Trustee a certification that it is not, and is not acting on behalf of or investing the assets of (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 defined in Section 4975(e)(1) of the Code) that is subject to Section 4975 of the Code, (iii) an entity whose underlying assets include "plan assets" (within the meaning of Department of Labor Regulation 29 C.F.R. Section 2510.3-101 or otherwise under ERISA) by reason of the employee benefit plan's or plan's investment in the entity or (iv) an employee benefit plan, plan or retirement arrangement that is subject to Similar Law;

(f)            Established Securities Market. The holder or transferee of the Residual Interest delivers to the Owner Trustee a certification that it has neither acquired nor will it transfer a Residual Interest it purchases or cause the Residual Interest to be marketed on or through an "established securities market" within the meaning of Section 7704(b)(1) of the Code, including an over-the-counter market or an interdealer quotation system that regularly disseminates firm buy or sell quotations; and

(g)            Rating Agency Condition. If the transferee of the Residual Interest is Ford Credit or an Affiliate of Ford Credit that is not a special-purpose, bankruptcy remote entity, the holder of the Residual Interest satisfies the Rating Agency Condition.

ARTICLE IV
APPLICATION OF TRUST PROPERTY

Section 4.1.      Application of Trust Property.

(a)            Distributions Under Indenture. Before the satisfaction and discharge of the Indenture, all distributions of Trust Property, including any distributions to the holder of the Residual Interest, will be made according to Article VIII of the Indenture.

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(b)            Distributions Following Satisfaction and Discharge of Indenture. Following the satisfaction and discharge of the Indenture, the Owner Trustee will distribute the Trust Property as directed by the holder of the Residual Interest.

(c)            Funds Deposited with Owner Trustee. All funds deposited with the Owner Trustee may be held in a non-interest bearing trust account and are not required to be segregated from other funds, except to the extent required by law or the terms of this Agreement.

(d)            Withholding Tax. If federal withholding tax is imposed on the Issuer's payments (or allocations of income) to the holder of the Residual Interest made by the Owner Trustee, that tax will reduce the amount distributable to the holder. The Owner Trustee is authorized and directed to retain from amounts distributable to the holder of the Residual Interest a sufficient amount for the payment of the withholding tax that is legally owed by the Issuer. The Owner Trustee may contest the tax and withholding payment of the tax, if permitted by law, pending the outcome. The amount of withholding tax imposed on the holder of the Residual Interest will be treated as cash distributed to the holder at the time it is withheld by the Issuer and paid to the taxing authority. If there is a possibility that withholding tax is payable for a distribution, the Owner Trustee may, in its sole discretion, withhold those amounts. If the holder of the Residual Interest seeks to apply for a refund of the withholding tax, the Owner Trustee will cooperate with the holder in making the claim so long as the holder agrees to reimburse the Owner Trustee for expenses incurred in cooperating.

ARTICLE V
OWNER TRUSTEE'S AUTHORITY AND OBLIGATIONS

Section 5.1.      General Authority.

(a)            Execution of Transaction Documents; Direction to Indenture Trustee. The Owner Trustee is authorized and directed, on behalf of the Issuer, to (i) execute and deliver the Transaction Documents to which the Issuer is a party and the other documents required to be delivered on the Closing Date by the Issuer under the Transaction Documents and (ii) direct the Indenture Trustee to authenticate and deliver the Notes.

(b)            Actions under Transaction Documents. The Owner Trustee is authorized, but not obligated, to take all actions required of the Issuer under the Transaction Documents and is authorized to take actions on behalf of the Issuer, if permitted by the Transaction Documents, that the Servicer or the Administrator directs, except if this Agreement requires the consent of the Noteholders or the holder of the Residual Interest for the action. In addition, the Administrator is authorized to take actions on behalf of the Issuer, if permitted by the Transaction Documents, according to the Administration Agreement.

Section 5.2.      General Obligations.

(a)            Obligations Under Transaction Documents. Subject to Section 5.3, the Owner Trustee will perform the obligations of the Owner Trustee under this Agreement and the Transaction Documents to which the Issuer is a party. The Owner Trustee will administer the Issuer in the interest of the holder of the Residual Interest, subject to the Lien of the Indenture and according to the Transaction Documents.

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(b)            Discharge of Liens. The Owner Trustee will promptly take, at its own expense, action necessary to discharge a Lien (other than the Lien of the Indenture) on the Trust Property resulting from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Trust Property.

(c)            Obligations Performed by Administrator. The Owner Trustee will be considered to have performed its obligations under the Transaction Documents if the Administrator is required in the Administration Agreement to perform the obligations of the Owner Trustee or the Issuer. The Owner Trustee will not be liable for the default or failure of the Administrator to perform its obligations under the Administration Agreement.

Section 5.3.      Action Requiring Prior Notice. For the following matters, the Owner Trustee may not take action unless (a) at least 30 days before taking the action, the Owner Trustee has notified the Indenture Trustee (who will notify the Noteholders), the holder of the Residual Interest and the Administrator (who will notify the Rating Agencies) of the proposed action and (b) the Indenture Trustee, acting on instruction of the Noteholders of a majority of the Note Balance of the Controlling Class (or if no Notes are Outstanding, the holder of the Residual Interest), has not notified the Owner Trustee before the 30th day after it receives notice that those Noteholders or the holder of the Residual Interest, as applicable, have withheld consent or given alternative direction:

(i)              starting or pursuing of a material Proceeding by the Issuer and the settlement of any material Proceeding brought by or against the Issuer;

(ii)            amending the Certificate of Trust (unless the amendment is required to be filed under the Delaware Statutory Trust Act), except to correct an ambiguity or to amend or supplement it in a manner that would not materially adversely affect the interests of the holders of the Notes or the Residual Interest;

(iii)            appointing or engaging a successor Indenture Trustee under the Indenture or consenting to the assignment by the Indenture Trustee of its obligations under the Indenture or this Agreement; and

(iv)            directing the Administrator to take any of the actions described above.

Section 5.4.      Action on Direction by Holder of Residual Interest.

(a)            Direction of Owner Trustee. The Owner Trustee will take all actions, if permitted by the Transaction Documents, that the holder of the Residual Interest directs, subject to the consent of the Noteholders, if such consent is required by the Transaction Documents.

(b)            Consent to Amendments. The Owner Trustee on behalf of the Issuer will not execute, or consent to, an amendment to the Credit and Security Agreement, the Exchange Note Supplement, the Servicing Agreement, the Servicing Supplement, the Indenture or the Administration Agreement that would materially adversely affect the holder of the Residual Interest without its consent.

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Section 5.5.      Action for Bankruptcy. The Owner Trustee may not start or pursue a voluntary proceeding in bankruptcy for the Issuer unless the Notes have been paid in full and the holder of the Residual Interest consents to the proceeding in advance and delivers to the Owner Trustee a certificate certifying that it reasonably believes that the Issuer is insolvent.

Section 5.6.      Action on Administrator's Instruction. If (a) the Owner Trustee is unsure of the application of a term of a Transaction Document, (b) a term of a Transaction Document is, or appears to be, in conflict with another term, (c) this Agreement permits a determination by the Owner Trustee or is silent or is unclear about the action the Owner Trustee is required to take or (d) the Owner Trustee is unable to decide between alternative actions permitted or required by a Transaction Document, the Owner Trustee may, and for clause (d) will, notify the Administrator requesting instruction on the matter. If the Owner Trustee acts or does not act in good faith according to the instruction received, the Owner Trustee will not be liable for the action or inaction. If the Owner Trustee does not receive instruction before ten days after it has notified the Administrator (or sooner if reasonably requested in the notice or necessary under the circumstances) it may, but is not obligated to, take or not take the action that it considers to be in the best interests of the holder of the Residual Interest, and will not be liable for the action or inaction.

Section 5.7.      No Obligations or Actions Except as Stated in Transaction Documents or Instructions. The Owner Trustee is not obligated to, and will not, manage, use, sell or dispose of the Trust Property, except according to the rights and powers granted to and the authority given to the Issuer and the Owner Trustee under this Agreement and the other Transaction Documents or in an instruction received by the Owner Trustee under Section 5.4(a) or 5.6. The right of the Owner Trustee to perform a discretionary act stated in a Transaction Document will not be interpreted as an obligation. There are no implied obligations of the Owner Trustee under the Transaction Documents.

Section 5.8.      Prohibition on Some Actions. The Owner Trustee will not take action (a) that is inconsistent with the purposes of the Issuer in Section 2.3 or (b) that, to the knowledge of the Owner Trustee, would (i) cause a Class of Notes not to be treated as indebtedness for U.S. federal or Applicable Tax State income or franchise tax purposes, (ii) be deemed to cause a sale or exchange of the Notes for purposes of Section 1001 of the Code (unless no gain or loss would be recognized on the deemed sale or exchange for U.S. federal income tax purposes) or (iii) cause the Issuer, the Titling Companies or any part of any of them to be treated as an association (or publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes. The holder of the Residual Interest will not direct the Owner Trustee to take action that would violate this Section 5.8.

Section 5.9.      Action Not Required. The Owner Trustee will not be required to do any of the following:

(a)            Actions Resulting in Liability. To take any action under a Transaction Document if the Owner Trustee reasonably determines, or is advised by counsel, that the action is likely to result in liability on the part of the Owner Trustee, is contrary to a Transaction Document or is not permitted by applicable law.

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(b)            Actions Resulting in Financial Liability. To pay or risk funds or incur any financial liability in the performance of its rights or powers under a Transaction Document if the Owner Trustee has reasonable grounds for believing that payment of such funds or adequate indemnity against the risk or liability is not reasonably assured or given to it.

(c)            Administering or Collecting Exchange Note. To administer, service or collect the 20__-__ Exchange Note or to monitor or supervise the administration, servicing or collection of the 20__-__ Exchange Note.

(d)           Perfecting Security Interest. To file financing statements or continuation statements or to perfect or maintain the perfection of a security interest or Lien granted to it under this Agreement or to prepare or file a Securities and Exchange Commission filing for the Issuer or to record a Transaction Document.

(e)           Advice. To provide advice, counsel or opinion regarding the tax, financial, investment, securities law or insurance implications and consequences of the formation, funding and ongoing administration of the Issuer, including income, gift and estate tax issues, insurable interest issues, doing business or other licensing matters and the initial and ongoing selection and monitoring of financing arrangements.

(f)            Investigation. To make investigation about the accuracy of representations, warranties or other obligations of the Issuer under the Transaction Documents.

(g)            Verification. To prepare or verify information, disclosure or other statements in the offering documents or other documents issued or delivered in connection with the sale or transfer of the Notes, except as separately agreed by the Owner Trustee.

(h)            Actions of other Parties. To monitor or supervise the activities or performance of other parties under the Transaction Documents.

Section 5.10.      Review of Owner Trustee's Records. The Owner Trustee agrees that, with reasonable advance notice, it will permit authorized representatives of the Servicer or the Administrator, during the Owner Trustee's normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of the Owner Trustee relating to (a) the performance of the Owner Trustee's obligations under this Agreement, (b) payments of fees and expenses of the Owner Trustee for its performance and (c) a claim made by the Owner Trustee under this Agreement. In addition, the Owner Trustee will permit the Servicer's or the Administrator's representatives to make copies and extracts of any of those documents and to discuss them with the Owner Trustee's officers and employees. Any access and review will be subject to the Owner Trustee's confidentiality and privacy policies. The Owner Trustee will maintain all relevant books, records, reports and other documents and materials for a period of two years after the termination of its obligations under this Agreement.

Section 5.11.      Furnishing of Documents. The Owner Trustee will provide to the Administrator and, on request from the holder of the Residual Interest (if a different Person than the Administrator), to the holder copies of reports, notices, requests, demands, certificates and other documents provided to the Owner Trustee under the Transaction Documents, including any

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requests from a Noteholder to communicate under Section 7.1(e) of the Indenture and any Review Reports received from the Asset Representations Reviewer.

Section 5.12.    Sarbanes-Oxley Act. The Owner Trustee will not be required to execute, deliver or certify on behalf of the Issuer, the Servicer, the Depositor or the Sponsor any filings, certificates or other documents required by the Securities and Exchange Commission or required under the Sarbanes-Oxley Act of 2002 in connection with the Transaction Documents. The Owner Trustee will provide any relevant information and Officer's Certificates reasonably requested by the Person responsible for the filings, certificates or other documents on behalf of the Issuer.

Section 5.13.     Reporting of Reallocations of Leases and Leased Vehicles. The Owner Trustee will (a) notify the Sponsor, the Depositor and the Servicer, as soon as practicable and within five Business Days, of demands or requests received by a Responsible Person of the Owner Trustee (including to the Owner Trustee on behalf of the Issuer) for the removal of a Lease and related Leased Vehicle from the 20__-__ Reference Pool and reallocation of the Lease and Leased Vehicle to the Revolving Facility Pool under Section 3.3 of the Exchange Note Sale Agreement, (b) promptly on request by the Sponsor, the Depositor or the Servicer, provide to them other information reasonably requested to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB and (c) if requested by the Sponsor, the Depositor or the Servicer, provide a written certification no later than 15 days following the end of a quarter or year that the Owner Trustee has not received reallocation demands or requests for that period, or if reallocation demands or requests have been received during that period, that the Owner Trustee has given the information reasonably requested under clause (b) above. The Owner Trustee and the Issuer will not have responsibility or liability for a filing required to be made by a securitizer under the Exchange Act or Regulation AB.

ARTICLE VI
OWNER TRUSTEE [AND DELAWARE TRUSTEE]

Section 6.1.     Acceptance of Trusts. Each Co-Trustee accepts the trusts created by this Agreement and agrees to exercise its rights and powers and perform its obligations under this Agreement.

Section 6.2.     Limitations on Liability. Neither Co-Trustee will be liable under the Transaction Documents, including for the following actions, except (a) for its own willful misconduct, bad faith or negligence (except for errors in judgment) or (b) if a representation or warranty made by it in Section 6.6 is not true and correct as of the Closing Date:

(i)      neither Co-Trustee will be liable for any action taken or not taken by it (A) according to the instructions of the Noteholders of a majority of the Note Balance of the Controlling Class, the Indenture Trustee, the Depositor, the holder of the Residual Interest, the Administrator or the Servicer or (B) in good faith which it believes to be authorized or within its rights and powers under this Agreement so long as the action taken or not taken does not amount to negligence;

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(ii)          neither Co-Trustee will be liable for indebtedness evidenced by or created under the Transaction Documents, including the principal of and interest on the Notes or amounts distributable to the holder of the Residual Interest;

(iii)          neither Co-Trustee will be liable for (A) the validity or sufficiency of this Agreement, (B) the due execution of this Agreement by the Depositor, (C) the form, genuineness, sufficiency, value or validity of the Trust Property, (D) the validity or sufficiency of the other Transaction Documents, the Notes or related documents, (E) the legality, validity and enforceability of the 20__-__ Exchange Note, (F) the sufficiency of the Trust Property or the ability of the Trust Property to generate the amounts necessary to make payments to the Noteholders under the Indenture or distributions to the holder of the Residual Interest under this Agreement or (G) the accuracy of a representation or warranty made under a Transaction Document (other than the representations and warranties made by it in Section 6.6);

(iv)          neither Co-Trustee will be liable for the default or misconduct of the Servicer, the Administrator, the Depositor, the holder of the Residual Interest or the Indenture Trustee under the Transaction Documents or for any action taken by the Indenture Trustee, the Administrator or the Servicer in the name of the Owner Trustee;

(v)          neither Co-Trustee will be responsible or liable for special, punitive, indirect or consequential damages (including lost profit), even if it has been advised of the likelihood of the loss or damage and regardless of the form of action; or

(vi)          neither Co-Trustee will be responsible or liable for a failure or delay in the performance of its obligations under this Agreement from or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, nuclear catastrophes, fires, floods, earthquakes, storms, hurricanes or other natural catastrophes and interruptions, loss or failures of mechanical, electronic or communication systems, pandemics or epidemics; each Co-Trustee will use reasonable efforts consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

Section 6.3.      Reliance; Advice of Counsel; Use of Agents.

(a)          Reliance. Each Co-Trustee may rely on, and will not be liable to anyone for acting in reliance on, a signature, notice, resolution, request, consent, certificate, report, opinion or other document believed by it to be genuine that appears on its face to be properly signed by the proper party or parties. Each Co-Trustee may accept a certified copy of a resolution of the board of directors or other governing body of a corporate party as conclusive evidence that the resolution has been duly adopted and that the resolution is in full force and effect.

(b)          Advice of Counsel. In the exercise or administration of the trusts under this Agreement and in the exercise of its rights and powers or the performance of its obligations under the Transaction Documents, each Co-Trustee may consult with counsel, accountants and other Persons whom it selects with reasonable care. Each Co-Trustee may rely on the written opinion or advice of counsel, accountants or other Persons and will not be liable for any action

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taken or not taken in good faith according to such opinion or advice, including that such action or inaction is not contrary to the Transaction Documents.

(c)          Use of Agents. In the exercise or administration of the trusts under this Agreement and in the performance of its rights, powers and obligations under the Transaction Documents, each Co-Trustee may act directly or through its agents or attorneys under agreements entered into with any of them and will not be liable for the conduct or misconduct of those agents or attorneys if it selects those agents or attorneys with due care.

Section 6.4.      Not Acting in Individual Capacity. Except as stated in this Article VI, in accepting the trusts created by this Agreement, __________________ acts solely as Owner Trustee under this Agreement and not in its individual capacity [and ____________ acts solely as Delaware Trustee under this Agreement and not in its individual capacity]. Any Person with a claim against the Owner Trustee [or the Delaware Trustee] related to a Transaction Document will look only to the Trust Property for payment or satisfaction of that claim.

Section 6.5.      _________________ May Own Notes. ________________, in its individual or another capacity, may become the owner or pledgee of Notes and may deal with the Depositor, the holder of the Residual Interest, the Servicer, the Administrator and the Indenture Trustee in banking transactions with the same rights as it would have if it were not a Co-Trustee.

Section 6.6.      Owner Trustee's [and Delaware Trustee's] Representations and Warranties. Each Co-Trustee represents and warrants to the Depositor as of the Closing Date:

(a)          Organization and Qualification. It is duly formed and is validly existing as a ______________ under the laws of (i) the State of _______, for the Owner Trustee[, and (ii) the State of Delaware, for the Delaware Trustee]. It is duly qualified as a _______________ and has obtained necessary licenses and approvals in each jurisdiction in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Agreement.

(b)          Power, Authority and Enforceability. It has the power and authority to execute, deliver and perform its obligations under this Agreement. It has authorized the execution, delivery and performance of this Agreement. This Agreement is its legal, valid and binding obligation, enforceable against it, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)          No Conflicts and No Violation. The completion of the transactions under this Agreement and the performance by the Co-Trustee of its obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which it is a debtor or guarantor, (ii) result in the creation or imposition of any Lien on its properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate its organizational documents or by-laws or (iv) violate a law or, to its knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other

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governmental instrumentality having jurisdiction over it or its properties that applies to it, which, in each case, would reasonably be expected to have a material adverse effect on its ability to perform its obligations under this Agreement.

(d)          No Proceedings. To its knowledge, there are no proceedings or investigations pending or threatened in writing, before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over it or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the issuance of the Notes or the completion of the transactions contemplated by the Transaction Documents or (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on its ability to perform its obligations under, or the validity or enforceability of, this Agreement.

(e)          Banking Association. [The Delaware Trustee is a Delaware _________ satisfying Section 3807(a) of the Delaware Statutory Trust Act.] The Owner Trustee is a ____________ and meets the applicable eligibility requirements of Section 9.1.

(f)          Information Provided. The information provided by each Co-Trustee in its individual capacity in any certificate or agreement delivered by a Responsible Person of that Co-Trustee is true and correct in all material respects.

Section 6.7.     Obligation to Update Disclosure. Each Co-Trustee will notify and provide information, and certify the information in an Officer's Certificate, to the Depositor on the occurrence of any event or condition relating to it or actions taken by it that (a) may be required to be disclosed by the Depositor under Item 2 (the start of, material developments in, or termination of legal proceedings against ____________________ that are material to the Noteholders) of Form 10-D under the Exchange Act within five days of a Responsible Person of it becoming aware of such proceeding, (b) the Depositor reasonably requests of it that the Depositor, in good faith, believes is necessary to comply with Regulation AB within five days of request, (c) may be required to be disclosed under Item 6.02 (resignation, removal, replacement or substitution of _________________ as Owner Trustee [or _________________ as Delaware Trustee]) of Form 8-K under the Exchange Act within two days of a Responsible Person of it becoming aware of the occurrence or (d) causes the information given by it in a certificate delivered by a Responsible Person of it to be untrue or incorrect in any material respect or is necessary to make the statements provided by it in light of the circumstances in which they were made not misleading within five days of a Responsible Person of it becoming aware of the event or condition.

ARTICLE VII
COMPENSATION AND INDEMNIFICATION OF OWNER TRUSTEE [AND DELAWARE TRUSTEE]

Section 7.1.     Fees and Expenses. The Issuer will pay each Co-Trustee as compensation for performing its obligations under this Agreement a fee separately agreed on by the Issuer and that Co-Trustee. The Issuer will reimburse each Co-Trustee for its reasonable expenses in performing its obligations under this Agreement and the other Transaction Documents, including the reasonable fees and expenses of its agents, counsel and advisors, but excluding expenses

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resulting from that Co-Trustee's willful misconduct, bad faith or negligence (other than errors in judgment).

Section 7.2.     Indemnification of Owner Trustee [and Delaware Trustee].

(a)          Indemnification. The Depositor will, or will cause the Administrator to, indemnify each Co-Trustee in its individual capacity, and its officers, directors, employees and agents (each, an "Indemnified Person"), for all fees, expenses, losses, damages and liabilities resulting from the administration of and the performance of its obligations under this Agreement and the other Transaction Documents (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification obligations of the Depositor and the Administrator), but excluding any fee, expense, loss, damage or liability resulting from (i) the Co-Trustee's willful misconduct, bad faith or negligence (other than errors in judgment) or (ii) the Co-Trustee's breach of its representations and warranties in this Agreement.

(b)          Proceedings. If an Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim is to be made under Section 7.2(a), promptly notify the Depositor and the Administrator of the Proceeding. The Depositor or the Administrator may participate in and assume the defense and settlement of a Proceeding at its expense. If the Depositor or the Administrator notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Depositor or the Administrator assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Depositor or the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Depositor or the Administrator, as applicable, and an Indemnified Person. If there is a conflict, the Depositor or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Depositor or the Administrator and the Indemnified Person, which approval will not be unreasonably withheld.

(c)          Survival of Obligations. The obligations of the Depositor and the Administrator under this Section 7.2 will survive the resignation or removal of the Owner Trustee [or the Delaware Trustee] and the termination of this Agreement.

(d)          Repayment. If the Depositor or the Administrator makes a payment to an Indemnified Person under this Section 7.2 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Depositor or the Administrator, as applicable.

(e)          Other Assets. The Depositor's obligations under this Section 7.2 are obligations solely of the Depositor and are not a claim against the Depositor if the Depositor does not have funds sufficient to make payment of those obligations. Each Co-Trustee, by entering into or accepting this Agreement, acknowledges and agrees that it has no right, title or interest in or to the Other Assets of the Depositor. If a Co-Trustee either (i) asserts an interest or claim to, or benefit from, the Other Assets or (ii) is considered to have an interest, claim to, or benefit in or

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from the Other Assets, whether by operation of law, legal process, under insolvency laws or otherwise (including under Section 1111(b) of the Bankruptcy Code), then the Co-Trustee further acknowledges and agrees that the interest, claim or benefit in or from the Other Assets is subordinated to the indefeasible payment in full of the other obligations and liabilities, which, under the documents relating to the securitization or conveyance of those Other Assets, are entitled to be paid from or to the benefits of, or are secured by, those Other Assets (whether or not the entitlement or security interest is legally perfected or entitled to a priority of distributions or application under applicable law, including insolvency laws, and whether or not asserted against the Depositor), including the payment of post-petition interest on those other obligations and liabilities. This subordination agreement is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 7.2(e) and this Section 7.2(e) may be enforced by an action for specific performance. This Section 7.2(e) is for the third party benefit of the holders of the other obligations and liabilities and will survive the termination of this Agreement.

Section 7.3.      Organizational Expenses of Issuer. The Depositor will, or will cause the Administrator to, pay the organizational fees and expenses of the Issuer.

ARTICLE VIII
TERMINATION

Section 8.1.      Termination of Trust Agreement and Issuer.

(a)          Termination of Trust Agreement and Issuer. The Issuer will dissolve, on the later to occur of (i) the final distribution by the Owner Trustee of all Trust Property according to the Indenture, the Servicing Agreement, the Servicing Supplement and Article IV and (ii) the satisfaction and discharge of the Indenture under Article IV of the Indenture. An Insolvency Event, liquidation or dissolution of the Depositor will not (A) operate to terminate this Agreement or the Issuer, (B) allow the Depositor's legal representatives to claim an accounting or to start an action or proceeding in court for a partition or winding up of the Issuer or the Trust Property or (C) affect the rights, powers, obligations and liabilities of the parties to this Agreement. On dissolution of the Issuer, the Owner Trustee, at the direction of the Administrator, will wind up the activities and affairs of the Issuer as required by Section 3808 of the Delaware Statutory Trust Act.

(b)          Depositor May Not Terminate Issuer. The Depositor may not cancel or terminate the Issuer.

(c)          Trust Property; Certificate of Cancellation. On dissolution of the Issuer, any remaining Trust Property will be distributed to the holder of the Residual Interest, and on completion of the windup, the Owner Trustee [and the Delaware Trustee] will cause the Certificate of Trust to be cancelled by preparing, executing and filing a certificate of cancellation as required by the Delaware Statutory Trust Act. On the filing of the certificate of cancellation, this Agreement and each Co-Trustee's rights, powers and obligations under this Agreement will simultaneously terminate. The [Delaware]/[Owner] Trustee will promptly deliver a file-stamped copy of the certificate of cancellation to the Administrator.

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ARTICLE IX
SUCCESSOR TRUSTEES AND ADDITIONAL TRUSTEES

Section 9.1.      Eligibility Requirements for Owner Trustee [and Delaware Trustee].

(a)          Eligibility Requirements. The Owner Trustee must (i) be authorized to exercise corporate trust powers, (ii) have a combined capital and surplus of at least $50,000,000 and be subject to supervision or examination by federal or State authorities and (iii) have (or have a parent that has) a long-term debt rating of investment grade by each of the Rating Agencies or be acceptable to the Rating Agencies. If the Owner Trustee publishes reports of condition at least annually, under law or the requirements of its supervising or examining authority, then for the purpose of this Section 9.1, the combined capital and surplus of the Owner Trustee will be considered to be its combined capital and surplus as stated in its most recent published report.

(b)          Trustee in Delaware. The [Delaware]/[Owner] Trustee must satisfy Section 3807(a) of the Delaware Statutory Trust Act.

(c)          Notice of Ineligibility. A Co-Trustee will promptly notify the Depositor and the Administrator if it no longer meets the eligibility requirements in this Section 9.1.

Section 9.2.      Resignation or Removal of Owner Trustee.

(a)          Resignation. A Co-Trustee may resign by notifying the Depositor and the Administrator at least 30 days in advance. A Co-Trustee must resign immediately if it no longer meets the applicable eligibility requirements in Section 9.1 or is legally unable to act as Owner Trustee [or Delaware Trustee, as applicable].

(b)          Removal by Administrator. The Administrator may, without cause, remove a Co-Trustee and terminate its rights and obligations under this Agreement by notifying the Co-Trustee at least 30 days in advance.

(c)          Removal for Cause. The Administrator will, if any of the following events occurs and is continuing, remove a Co-Trustee and terminate its rights and obligations under this Agreement by notifying the Co-Trustee:

(i)        the Co-Trustee no longer meets the applicable eligibility requirements in Section 9.1;

(ii)       the Co-Trustee is legally unable to act as Owner Trustee [or Delaware Trustee, as applicable]; or

(iii)      an Insolvency Event of the Co-Trustee occurs.

(d)          Notice of Resignation or Removal. The Administrator will notify the Depositor, the Indenture Trustee and the Rating Agencies of any resignation or removal of a Co-Trustee.

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(e)          Continue to Perform. No resignation or removal of a Co-Trustee will be effective, and the Co-Trustee will continue to perform its obligations under this Agreement, until a successor Co-Trustee has accepted its engagement according to Section 9.3(b).

Section 9.3.      Successor Co-Trustee.

(a)          Appointment of Successor Co-Trustee. If a Co-Trustee resigns or the Administrator removes a Co-Trustee, the Administrator will promptly appoint a successor who meets the applicable eligibility requirements in Section 9.1. If no successor is appointed and has accepted the appointment within 30 days after the Administrator's receives notice of the resignation or removal of the Co-Trustee, the Co-Trustee may petition a court of competent jurisdiction to appoint a successor. No successor Co-Trustee may accept appointment under this Section 9.3 unless, at the time of the acceptance, the successor Co-Trustee meets the applicable eligibility requirements in Section 9.1.

(b)          Effectiveness of Resignation or Removal. No resignation or removal of a Co-Trustee and appointment of a successor under this Section 9.3 will become effective until (i) the successor accepts its appointment as the Owner Trustee [or Delaware Trustee, as applicable], under Section 9.3(a) by executing and delivering to the Administrator an agreement accepting its appointment under this Agreement and (ii) [if the successor is a successor Delaware Trustee,] it files the certificate of amendment to the Certificate of Trust referred to in Section 9.3(e).

(c)          Transition of Co-Trustee Obligations. On the resignation or removal of a Co-Trustee becoming effective under Section 9.3(b), all rights, powers and obligations of that Co-Trustee under this Agreement will become the rights, powers and obligations of the successor. The Co-Trustee will deliver to the successor all documents and amounts held by it under this Agreement, and the Administrator and the Co-Trustee will execute and deliver any documents and do other things reasonably required to confirm in the successor those rights, powers and obligations. The Depositor will reimburse the Co-Trustee and any successor for expenses related to the replacement of the Co-Trustee if those amounts have not been paid under Section 8.2 of the Indenture.

(d)          Notification. On the acceptance of appointment by a successor under this Section 9.3, the Administrator will notify the Depositor, the Indenture Trustee, the Noteholders and the Rating Agencies of the successor.

(e)          Certificate of Amendment. A successor [Delaware]/[Owner] Trustee appointed under this Agreement will promptly file a certificate of amendment to the Certificate of Trust with the Secretary of State of the State of Delaware identifying the name and principal place of business of the successor [Delaware]/[Owner] Trustee in the State of Delaware. The successor [Delaware]/[Owner] Trustee will promptly deliver a file-stamped copy of the certificate of amendment to the Administrator.

Section 9.4.     Merger or Consolidation; Transfer of Assets. If a Co-Trustee merges or consolidates with, or transfers its corporate trust business or assets to, any Person, the resulting, surviving or transferee Person will be the successor Owner Trustee [or Delaware Trustee, as applicable,] so long as that Person is qualified and eligible under Section 9.1. The Co-Trustee

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will (i) notify the Issuer and the Administrator (who will notify the Rating Agencies) of the merger or consolidation within 15 Business Days of the event and (ii) [if that Co-Trustee is the Delaware Trustee,] file a certificate of amendment to the Certificate of Trust as required by Section 9.3(e).

Section 9.5.     Appointment of Separate Trustee or Co-Trustee.

(a)          General. For the purpose of meeting a legal requirement of any jurisdiction in which the Trust Property or a Leased Vehicle may be located, the Administrator and the Owner Trustee acting jointly will have the power to appoint one or more Persons approved by the Owner Trustee to act as a separate trustee or as separate trustees, or as co-trustee, jointly with the Owner Trustee, of the Issuer, and to vest in that Person, in that capacity, the title to the Trust Property, and, subject to this Section 9.5, the trusts, rights, powers and obligations as the Administrator and the Owner Trustee consider necessary or advisable. If the Administrator has not joined in the appointment within 15 Business Days of its receipt of a request so to do, the Owner Trustee will have the power to make the appointment. No separate trustee or co-trustee under this Agreement will be required to be eligible under Section 9.1 and no notice of the appointment of a separate trustee or co-trustee is required.

(b)          Rights; Liability; Resignation or Removal. Each separate trustee and co-trustee will, if permitted by law, be appointed and act subject to the following:

(i)          all rights, powers and obligations of the Owner Trustee will be exercised or performed by the Owner Trustee and the separate trustee or co-trustee jointly (it being understood that the separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in the act), except if under the law of each jurisdiction in which a particular act or acts are to be performed, the Owner Trustee is incompetent or unqualified to perform the act or acts, in which event the rights, powers and obligations (including the holding of title to any Trust Property) may be exercised and performed separately by the separate trustee or co-trustee;

(ii)          no trustee under this Agreement will be personally liable for any act or failure to act by another trustee under this Agreement; and

(iii)         the Administrator and the Owner Trustee acting jointly may accept the resignation of or remove a separate trustee or co-trustee.

(c)          Joint or Separate Trusts. Any notice, request or other communication given to the Owner Trustee will be considered given to each of the then separate trustees and co-trustees, as if given to each of them. Every appointment of a separate trustee or co-trustee must refer to this Agreement and the conditions of this Article IX. Each separate trustee and co-trustee, on its acceptance of the appointment, will be vested with the properties, trusts, rights and powers stated in its appointment, either jointly with the Owner Trustee or separately. The Owner Trustee will keep a copy of the appointment in its files and will deliver a copy to the Administrator.

(d)          Owner Trustee as Agent. Any separate trustee or co-trustee may appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, if not prohibited by law, to do any act under this Agreement on its behalf and in its name. If a separate trustee or co-

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trustee becomes incapable of acting, resigns or is removed, its properties, trusts, rights and powers will be vested in and may be exercised by the Owner Trustee, if permitted by law, without the appointment of a new or successor trustee.

Section 9.6.     Compliance with Delaware Statutory Trust Act. The Issuer must have at least one trustee that meets the requirements of Section 3807(a) of the Delaware Statutory Trust Act.

ARTICLE X
OTHER AGREEMENTS

Section 10.1.   Limitation on Rights of Others. Except for Sections 2.6, 7.2, 10.5 and 11.1, this Agreement is solely for the benefit of the Owner Trustee, [the Delaware Trustee,] the Depositor, the Administrator, the Servicer, the holder of the Residual Interest and the Indenture Trustee and the Secured Parties. Nothing in this Agreement (other than Section 2.6), will give to any other Person any legal or equitable right, remedy or claim in the Trust Property or under this Agreement.

Section 10.2.   No Petition. Each Co- Trustee agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 10.2 will survive the resignation or removal of the Owner Trustee [or the Delaware Trustee] under this Agreement and the termination of this Agreement.

Section 10.3.   Limited Recourse. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor is limited to the 20__-__ Exchange Note only and is not a claim against the Depositor's assets as a whole or assets other than the Depositor's assets related to the 20__-__ Exchange Note.

Section 10.4.   Subordination.

(a)          Subordination of Claims. Each Co-Trustee agrees that each claim that the Co-Trustee may seek to enforce against the Depositor's assets other than the assets related to the 20__-__ Exchange Note will be subordinate to the payment in full of other claims for those other assets. However, this Section 10.4(a) will not limit, subordinate or modify claims against the Depositor for the right to payment, commitment to repurchase or other obligation of Depositor relating to:

(i)          assets related to the 20__-__ Exchange Note or the 20__-__ Reference Pool;

(ii)         related credit enhancement;

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(iii)       transactions entered into for the assets related to the 20__-__ Exchange Note (or the beneficial interest in the 20__-__ Exchange Note);

(iv)       administrative services performed for the 20__-__ Exchange Note;

(v)        a servicing obligation; or

(vi)       an obligation to a Person acting as trustee, registrar or administrator (including as owner trustee or indenture trustee).

(b)          Election under Bankruptcy Code. Each Co- Trustee irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that the Co-Trustee may have against assets of the Depositor other than assets related to the 20__-__ Exchange Note of the Depositor.

(c)          Subordination Agreement. Sections 10.4(a) and (b) are an enforceable subordination agreement under Section 510(a) of the Bankruptcy Code.

Section 10.5.   Rights Limited to Exchange Note.

(a)          Rights Limited to Exchange Notes. Each claim by a Co-Trustee or another Person under this Agreement if the claim is deemed to be against a Titling Company or assets of a Titling Company will be limited in recourse to the 20__-__ Exchange Note. If the Noteholders or other Persons having a claim under this Agreement will be deemed to have a claim against the assets of a Titling Company other than the 20__-__ Exchange Note, the claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holder of (i) other Exchange Notes and (ii) for assets allocated to a Specified Interest other than the Collateral Specified Interest, other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Titling Companies and related hedging arrangements. This paragraph is a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code. Each Co-Trustee and the Depositor each further acknowledges and agrees that no adequate remedy at law exists for a breach of this Section 10.5 and this Section 10.5 may be enforced by action for specific performance.

(b)          Election under Bankruptcy Code. Each Co-Trustee and each other Person having rights under this Agreement by accepting the benefits hereof irrevocably makes the election afforded to secured creditors by Section 1111(b)(1)(A)(i) of the Bankruptcy Code to receive the treatment afforded by Section 1111(b)(2) of the Bankruptcy Code for a secured claim that Person may have against a Titling Company or against an Exchange Note of a Titling Company other than the 20__-__ Exchange Note.

(c)          Third-Party Benefit. This Section 10.5 is for the third party benefit of the holders, pledgees or other beneficiaries of securities or parties to or other beneficiaries of an agreement, contract or other obligation of the type referred to in clause (ii) of Section 10.5(a), which relates to an Exchange Note other than the 20__-__ Exchange Note and will survive the termination of this Agreement.

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ARTICLE XI
MISCELLANEOUS

Section 11.1.    Amendments.

(a)          Amendments to Clarify and Correct Errors and Defects. The parties may amend this Agreement to (i) clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be inconsistent with the other terms of this Agreement [or any prospectus or offering memorandum related to the Notes], or (ii) provide for, or facilitate the acceptance of this Agreement by, a successor Owner Trustee [or Delaware Trustee, in each case,] without the consent of the Noteholders or any other Person.

(b)          Other Amendments. The parties may amend this Agreement to add, change or eliminate terms for this Agreement if:

(i)       the holder of the Residual Interest delivers an Officer's Certificate to the Indenture Trustee and the Owner Trustee stating that the amendment will not have a material adverse effect on the Notes or, if such Officer's Certificate is not or cannot be delivered, the consent of the Noteholders of a majority of the Note Balance of each Class of the Notes Outstanding (with each Class voting separately, except that all Noteholders of the Class A Notes will vote together as a single class) is received;

(ii)      the holder of the Residual Interest delivers an Opinion of Counsel to the Indenture Trustee and the Owner Trustee stating that the amendment will not (A) cause a Note to be deemed sold or exchanged for purposes of Section 1001 of the Code, (B) cause the Issuer or a Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or (C) adversely affect the treatment of the Notes as debt for U.S. federal income tax purposes; and

(iii)    the consent of the Indenture Trustee is received if the amendment has a material adverse effect on the rights or obligations of the Indenture Trustee, which consent will not be unreasonably withheld.

(c)          Amendments Requiring Consent of all Affected Noteholders. No amendment to this Agreement may, without the consent of all affected Noteholders, (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, or change the allocation or priority of, payments on the 20__-__ Exchange Note or distributions that are required to be made to the Secured Parties or (ii) reduce the percentage of the Note Balance of the Notes required to consent to any amendment.

(d)          Notice of Amendments. The Administrator will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, (i) the Administrator will deliver a copy of the amendment to the Rating Agencies and (ii) the Owner Trustee will notify the Indenture Trustee of the substance of the amendment or consent.

(e)          Certificate of Amendment. Promptly after the execution of any certificate of amendment to the Certificate of Trust, the [Delaware]/[Owner] Trustee will cause the amendment to be filed with the Secretary of State of the State of Delaware. The

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[Delaware]/[Owner] Trustee will promptly deliver a file-stamped copy of the certificate of amendment to the Administrator.

(f)          Amendment by [Delaware]/[Owner] Trustee. The [Delaware]/[Owner] Trustee may enter into any amendment or certificate of amendment to the Certificate of Trust that affects the [Delaware]/[Owner] Trustee's own rights, powers and obligations under this Agreement.

(g)          Opinions of Counsel.

(i)        Before executing any amendment to this Agreement or certificate of amendment to the Certificate of Trust, the holder of the Residual Interest will deliver to each Co-Trustee an Opinion of Counsel stating that the execution of the amendment or certificate of amendment is authorized or permitted by this Agreement.

(ii)       Before executing any amendment to this Agreement or any other Transaction Document to which the Issuer is a party, the holder of the Residual Interest will deliver to each Co-Trustee an Opinion of Counsel stating that the amendment is permitted by the Transaction Documents and that all conditions in the Transaction Documents for the execution and delivery of the amendment by the Issuer or the Co-Trustees have been satisfied.

(h)          Noteholder Consent. For any amendment to this Agreement or any other Transaction Document requiring the consent of the Noteholders, the Owner Trustee will notify the Indenture Trustee to request consent from the Noteholders and follow its reasonable procedures to obtain consent.

Section 11.2.   Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Administrator, the Servicer, the holder of the Residual Interest, the Indenture Trustee and the Secured Parties will be third-party beneficiaries of this Agreement and may enforce this Agreement according to its terms. Subject to Section 10.1, no other Person will have any right or obligation under this Agreement.

Section 11.3.   Notices.

(a)          Notices to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)        for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)       for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)      for an email, when receipt is confirmed by telephone or reply email from the recipient; and

25

(iv)      for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)          Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other party.

(c)          Notices to Noteholders. Notices to a Noteholder will be considered received by the Noteholder:

(i)        for Definitive Notes, for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the Noteholder at its address in the Note Register; and

(ii)       for Book-Entry Notes, when delivered under the procedures of the Clearing Agency, whether or not the Noteholder actually receives the notice.

Section 11.4.    GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICT OF LAWS.

Section 11.5.    WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

Section 11.6.    Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 11.7.    Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 11.8.    Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD CREDIT AUTO LEASE TWO LLC,
as Depositor
By:
	Name:
	Title:

	,
as Owner Trustee

By:
	Name:
	Title:

	,
as DelawareTrustee

By:
	Name:
	Title:

[Signature Page to [Second] Amended and Restated Trust Agreement]

Exhibit A

FORM OF CERTIFICATE OF TRUST OF
FORD CREDIT AUTO LEASE TRUST 20__-__

This Certificate of Trust of FORD CREDIT AUTO LEASE TRUST 20__-__ (the "Trust") is being duly executed and filed by _______________, a ________________, as Owner Trustee [and _______________, a ________________, as Delaware Trustee], to form a statutory trust under the Delaware Statutory Trust Act (12 Delaware Code, § 3801 et seq.) (the "Act").

1.          Name. The name of the statutory trust formed by this Certificate of Trust is "Ford Credit Auto Lease Trust 20__-__".

2.          [Delaware]/[Owner]Trustee. The name and business address of a trustee of the Trust having its principal place of business in the State of Delaware is __________________________________________.

3.          Effective Date. This Certificate of Trust will be effective on filing.

The undersigned, being all of the trustees of the Trust, have executed this Certificate of Trust according to Section 3811(a)(1) of the Act.

	,
not in its individual capacity but solely as Owner Trustee

By:
	Name:
	Title:

[	,
not in its individual capacity but solely as Delaware Trustee

By:
	Name:
	Title:  ]

A-1

EX-10.2

EXHIBIT 10.2

EXCHANGE NOTE PURCHASE AGREEMENT

between

FORD MOTOR CREDIT COMPANY LLC,
as Sponsor

and

FORD CREDIT AUTO LEASE TWO LLC,
acting for its series of
limited liability company interests designated as
the "20__-__ Series", as Depositor

Dated as of __________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II SALE AND PURCHASE OF PURCHASED PROPERTY		1
Section 2.1.	Sale of Purchased Property	1
Section 2.2.	Payment of Purchase Price; Delivery of Exchange Note	2
Section 2.3.	Acknowledgement of Assignments and Servicing	2
Section 2.4.	Savings Clause	2
ARTICLE III REPRESENTATIONS AND WARRANTIES		3
Section 3.1.	Sponsor's Representations and Warranties	3
Section 3.2.	Sponsor's Representations and Warranties About Purchased Property and Reference Pool	4
Section 3.3.	Sponsor's Representations and Warranties About Each Lease and Leased Vehicle	5
Section 3.4.	Sponsor's Reallocation of Leases and Leased Vehicles for Breach of Representations	7
Section 3.5.	Depositor's Representations and Warranties	8
ARTICLE IV SPONSOR'S AGREEMENTS		9
Section 4.1.	Financing Statements	9
Section 4.2.	No Sale or Lien by Sponsor	10
Section 4.3.	Expenses	10
Section 4.4.	Review of Sponsor's Records	10
ARTICLE V OTHER AGREEMENTS		10
Section 5.1.	Obligations Unaffected	10
Section 5.2.	No Petition	10
Section 5.3.	Limited Recourse	11
Section 5.4.	Obligations Under Exchange Note	11
Section 5.5.	Regulation RR Risk Retention	11
Section 5.6.	Termination	11
ARTICLE VI MISCELLANEOUS		11
Section 6.1.	Amendments	11
Section 6.2.	Benefit of Agreement; Third-Party Beneficiaries	12
Section 6.3.	Notices	12
Section 6.4.	GOVERNING LAW	12
Section 6.5.	Submission to Jurisdiction	13
Section 6.6.	WAIVER OF JURY TRIAL	13
Section 6.7.	No Waiver; Remedies	13
Section 6.8.	Severability	13
Section 6.9.	Headings	13
Section 6.10.	Counterparts	13

i

EXCHANGE NOTE PURCHASE AGREEMENT, dated as of __________, 20__ (this "Agreement"), between FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Sponsor, and FORD CREDIT AUTO LEASE TWO LLC, a Delaware limited liability company, acting for its series of limited liability company interests designated as the "20__-__ Series," as Depositor.

BACKGROUND

Ford Credit makes loans to the Titling Companies under a Credit and Security Agreement to finance their acquisition of leases and leased vehicles originated by motor vehicle dealers. Each Titling Company allocates the leases and leased vehicles to a separate series of limited liability company interests in the Titling Company designated as the "Collateral Specified Interest" and pledges them as Collateral to secure the Revolving Facility.

Ford Credit requested that a portion of the Revolving Facility Balance be exchanged for a note designated as the "20__-__ Exchange Note" to be issued by the Titling Companies to Ford Credit under the Exchange Note Supplement and the Credit and Security Agreement. Ford Credit and the Titling Companies designated the 20__-__ Reference Pool for the 20__-__ Exchange Note and allocated the Leases and Leased Vehicles from the Revolving Facility Pool to the 20__-__ Reference Pool.

In connection with a securitization transaction sponsored by Ford Credit in which the Issuer will issue Notes secured by the 20__-__ Exchange Note, Ford Credit has determined to sell the 20__-__ Exchange Note to the Depositor, who will sell it to the Issuer.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.          Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this Agreement.

ARTICLE II
SALE AND PURCHASE OF PURCHASED PROPERTY

Section 2.1.          Sale of Purchased Property. Effective on the Closing Date and immediately before the transactions under the Exchange Note Sale Agreement, the Trust Agreement and the Indenture, the Sponsor sells and assigns to the Depositor, without recourse (other than the Sponsor's obligations under this Agreement), all of the Sponsor's right, title and interest, whether

now owned or later acquired, in the Purchased Property. This sale and assignment does not, and is not intended to, include any obligation of the Sponsor to the Titling Companies, the Lessees, the Dealers or any other Person relating to the 20__-__ Reference Pool and the other Purchased Property, and the Depositor does not assume any of these obligations.

Section 2.2.          Payment of Purchase Price; Delivery of Exchange Note.

(a)          Payment of Purchase Price. In consideration for the Purchased Property, the Depositor will pay to the Sponsor(i) $_______________ on the Closing Date and (ii) a deferred purchase payment on each Payment Date in an amount equal to the Excess Exchange Note Amounts for such Payment Date (for application as Revolving Facility Pool Additional Amounts in the priority stated in Section 7.2 of the Credit and Security Agreement). The Depositor and the Sponsor each represents and warrants to the other that the amount paid by the Depositor on the Closing Date, together with the Excess Exchange Note Amounts on each Payment Date and the increase in the value of the Sponsor's capital in the Depositor, is equal to the fair market value of the 20__-__ Exchange Note and the other Purchased Property.

(b)          Delivery of Exchange Note. On payment of the purchase price, the Sponsor will deliver to the Depositor the 20__-__ Exchange Note, registered in the name of "Ford Motor Credit Company LLC" and duly endorsed by the Sponsor in blank.

Section 2.3.          Acknowledgement of Assignments and Servicing.

(a)          Further Assignments. The Sponsor acknowledges that (i) under the Exchange Note Sale Agreement, the Depositor will sell and assign all of its right, title and interest in the Purchased Property and its rights under this Agreement to the Issuer and (ii) under the Indenture, the Issuer will assign and pledge the Purchased Property and related property and rights to the Indenture Trustee for the benefit of the Secured Parties.

(b)          Servicing. The Depositor acknowledges the engagement of Ford Credit as Servicer of the Leases and Leased Vehicles in the 20__-__ Reference Pool under the Servicing Supplement and the Servicing Agreement.

Section 2.4.          Savings Clause. The Sponsor and the Depositor intend that the sale and assignment under this Agreement be an absolute sale and assignment of the Purchased Property, conveying good title to the Purchased Property free and clear of any Lien other than Permitted Liens, from the Sponsor to the Depositor. The Sponsor and the Depositor intend that the Purchased Property not be a part of the Sponsor's estate if there is a bankruptcy or insolvency of the Sponsor. If, despite the intent of the Sponsor and the Depositor, the transfer of the Purchased Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute sale and assignment, the Sponsor Grants to the Depositor on the date of this Agreement a security interest in the Sponsor's right, title and interest in the Purchased Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Sponsor under this Agreement, all amounts payable as principal or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement is a

2

security agreement under law and the Depositor will have the rights and remedies of a secured party and creditor under the UCC.

ARTICLE III
REPRESENTATIONS AND WARRANTIES

Section 3.1.          Sponsor's Representations and Warranties. The Sponsor makes the following representations and warranties on which the Depositor is relying in purchasing the Purchased Property. The representations and warranties are made as of the Closing Date and will survive the sale and assignment of the Purchased Property by Ford Credit to the Depositor under this Agreement and by the Depositor to the Issuer under the Exchange Note Sale Agreement and the pledge of the Purchased Property by the Issuer to the Indenture Trustee under the Indenture:

(a)          Organization and Qualification. The Sponsor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Sponsor is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Sponsor's ability to perform its obligations under this Agreement.

(b)          Power, Authority and Enforceability. The Sponsor has the power and authority to execute, deliver and perform its obligations under this Agreement. The Sponsor has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Sponsor, enforceable against the Sponsor, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)          No Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Sponsor is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Sponsor's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than this Agreement), (iii) violate the Sponsor's certificate of formation or limited liability company agreement or (iv) violate a law or, to the Sponsor's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Sponsor or its properties that applies to the Sponsor, which, in each case, would reasonably be expected to have a material adverse effect on the Sponsor's ability to perform its obligations under this Agreement.

(d)          No Proceedings. To the Sponsor's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Sponsor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Sponsor's ability to perform

3

its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Sponsor, the performance by the Sponsor of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

(e)          Not an Investment Company. The Sponsor is not required to be registered as an "investment company" under the Investment Company Act.

Section 3.2.          Sponsor's Representations and Warranties About Purchased Property and Reference Pool. The Sponsor makes the following representations and warranties about the Purchased Property and the 20__-__ Reference Pool on which the Depositor is relying in purchasing the Purchased Property. The representations and warranties are made as of the Closing Date and will survive the sale and assignment of the Purchased Property by Ford Credit to the Depositor under this Agreement and by the Depositor to the Issuer under the Exchange Note Sale Agreement and the pledge of the Purchased Property by the Issuer to the Indenture Trustee under the Indenture:

(a)          Enforceability of Exchange Note. The 20__-__ Exchange Note has been duly executed, issued, authenticated and delivered and is the valid and binding obligation of the Borrowers entitled to the benefits of the Exchange Note Supplement and the Credit and Security Agreement.

(b)          Valid Sale. This Agreement evidences a valid sale and assignment of the Purchased Property from the Sponsor to the Depositor, enforceable against creditors of and purchasers from the Sponsor.

(c)          Good Title to Purchased Property. Immediately before the sale and assignment under this Agreement, the Sponsor has good and marketable title to the Purchased Property free and clear of any Lien other than Permitted Liens and, immediately after the sale and assignment under this Agreement, the Depositor will have good and marketable title to the Purchased Property, free and clear of any Lien other than Permitted Liens.

(d)          Security Interest in Purchased Property.

(i)          This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Purchased Property in favor of the Depositor, which is prior to any Lien, other than Permitted Liens, and is enforceable against all creditors of and purchasers from the Sponsor.

(ii)         All filings (including UCC filings) necessary in any jurisdiction to give the Depositor a first priority, validly perfected ownership and security interest in the Purchased Property, to give the Issuer a first priority, validly perfected ownership and security interest

4

in the Sold Property and to give the Indenture Trustee a first priority perfected security interest in the Collateral, will be made within ten days after the Closing Date.

(iii)        All financing statements filed or to be filed against the Sponsor in favor of the Depositor describing the Purchased Property sold under this Agreement will contain a statement to the following effect: "A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Assignee."

(iv)        The Sponsor has not authorized the filing of and is not aware of any financing statements against the Sponsor that include a description of collateral covering any Purchased Property other than the financing statements relating to the security interest Granted to the Depositor under this Agreement, by the Depositor to the Issuer under the Exchange Note Sale Agreement or by the Issuer to the Indenture Trustee under the Indenture, or that has been terminated.

(e)          Good Title to Reference Pool; Allocation to Specified Interest and Reference Pool. The applicable Titling Company has good title, or the Servicer has started procedures that will result in good title, to the Leases and Leased Vehicles in the 20__-__ Reference Pool, free and clear of Liens other than Permitted Liens. The Leases and Leased Vehicles in the 20__-__ Reference Pool have not been allocated to a Specified Interest other than the Collateral Specified Interest or to a Reference Pool other than the 20__-__ Reference Pool.

(f)          Selection Procedures. The Sponsor did not use selection procedures believed to be adverse to the 20__-__ Exchange Noteholder in selecting the Leases and Leased Vehicles in the 20__-__ Reference Pool from the Revolving Facility Pool.

(g)          Schedule of Leases and Leased Vehicles. The Schedule of Leases contains an accurate and complete list of unique asset identifying numbers for the Leases in the 20__-__ Reference Pool.

Section 3.3.          Sponsor's Representations and Warranties About Each Lease and Leased Vehicle. The Sponsor makes the following representations and warranties about each Lease and Leased Vehicle in the 20__-__ Reference Pool on which the Depositor is relying in purchasing the 20__-___ Exchange Note. The representations and warranties are made as of the Closing Date or other dates stated and will survive the sale and assignment of the 20__-__ Exchange Note by Ford Credit to the Depositor under this Agreement and by the Depositor to the Issuer under the Exchange Note Sale Agreement and the pledge of the 20__-__ Exchange Note by the Issuer to the Indenture Trustee under the Indenture.

(a)          Origination of Leases. The Lease was originated by a Dealer in the United States and has a garaging location in an Eligible State. The Lease was originated by a Dealer for the retail lease of a Leased Vehicle in the ordinary course of the Dealer's business. The Lease was signed by the parties to the Lease. The Lease was purchased by a Titling Company qualified to hold the Lease and the related Leased Vehicle and was validly assigned by the Dealer to that Titling Company.

(b)          New Vehicle. The Leased Vehicle was a new car, light truck or utility vehicle according to the Underwriting Procedures at the beginning of the related Lease.

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(c)         Monthly Payments. The Lease (if not an Advance Payment Plan Lease) provides for monthly payments in U.S. dollars in an amount equal to the sum of (i) a level scheduled payment that provides a fixed internal rate of return and amortizes the Adjusted Capitalized Cost stated in the Lease to the Contract Residual Value of the related Leased Vehicle over the term of the Lease, plus (ii) other fees and taxes on the Lease.

(d)         Certificate of Title. The Leased Vehicle is titled, or the Servicer has started procedures that will result in the Leased Vehicle being titled, in the name of the applicable Titling Company and otherwise according to the Servicing Agreement.

(e)         No Government Lessee. The Lease is not an obligation of the United States or a State or local government or any agency, department, instrumentality or political subdivision of the United States or a State or local government.

(f)          No Commercial Lease. The Lease is not a commercial lease contract, master lease contract or fleet vehicle lease contract, but the Lease may have been entered by a business entity and the Leased Vehicle may be used for commercial purposes.

(g)         Insurance. The Lease requires the Lessee to have physical damage insurance covering the Leased Vehicle.

(h)         Compliance with Underwriting Procedures. The Lease was underwritten according to the Underwriting Procedures in effect at the time, in all material respects.

(i)           Valid Assignment. The Lease was originated in, and is subject to the laws of, a jurisdiction which permits the sale and assignment of the Lease and the related Leased Vehicle to the Titling Company. The terms of the Lease do not limit the right of the owner of the Lease to sell and assign the Lease.

(j)          Compliance with Law. At the time it was originated, the Lease complied in all material respects with all requirements of law in effect at the time.

(k)         Binding Obligation. The Lease is on a form contract that includes rights and remedies allowing the holder to enforce the obligation and realize on the Leased Vehicle and represents the legal, valid and binding payment obligation of the Lessee, enforceable in all material respects by the holder of the Lease, except as may be limited by bankruptcy, insolvency, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles and consumer financial protection laws.

(l)           Security Interest in Leased Vehicle. The Collateral Agent has, or the Servicer has started procedures that will result in the Collateral Agent having, a perfected, first-priority security interest in the Leased Vehicle, which security interest was validly created.

(m)        Good Title to Lease and Leased Vehicle. The applicable Titling Company has good title, or the Servicer has started procedures that will result in good title, to the Lease and Leased Vehicle, free and clear of Liens other than Permitted Liens.

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(n)          Chattel Paper. The Lease is either "tangible chattel paper" or "electronic chattel paper" within the meaning of the applicable UCC and there is only one original authenticated copy of the Lease.

(o)          Servicing. The Lease was serviced in compliance with law and the Servicing Procedures in all material respects from the time it was originated to the Cutoff Date.

(p)          No Bankruptcy. As of the Cutoff Date, the Sponsor's receivables systems do not indicate that the Lessee on the Lease is a debtor in a bankruptcy proceeding.

(q)          Leases in Force. As of the Cutoff Date, neither the Sponsor's receivables systems nor the Lease File indicate that the Lease (i) was a Terminating Lease or a Closed Lease or (ii) was satisfied, subordinated, rescinded, cancelled or terminated.

(r)           No Amendments or Modifications. No material term of the Lease has been affirmatively amended or modified (other than the assessment of a security deposit or a Payment Extension Fee or the payment of any other amount that would be a Lease Administration Amount, or a default relating to failure by the related Lessee to pay any such amount), except amendments and modifications indicated in the Sponsor's receivables systems or in the Lease File.

(s)          No Extensions. As of the Cutoff Date, the Lease was not amended to extend the due date for any payment, other than Payment Extensions totaling no more than three months, as recorded in the Sponsor's receivables systems and in the Lease File.

(t)           No Defenses. There is no right of rescission, setoff, counterclaim or defense asserted or threatened against the Lease indicated in the Sponsor's receivables systems or in the Lease File.

(u)          No Payment Default. Except for a payment that is not more than 30 days Delinquent as of the Cutoff Date, no payment default exists on the Lease.

(v)          Maturity of Leases. The Lease has an original Scheduled Lease End Date of not greater than [48] months from the date it was originated.

Section 3.4.          Sponsor's Reallocation of Leases and Leased Vehicles for Breach of Representations.

(a)          Investigation of Breach. If a Responsible Person of the Sponsor (i) has knowledge of a breach of a representation or warranty made in Section 3.3, (ii) receives notice from the Depositor, the Issuer, the Owner Trustee or the Indenture Trustee of a breach of a representation or warranty made in Section 3.3, (iii) receives a Reallocation Request for a Lease and Leased Vehicle or (iv) receives a Review Report that indicates a Test Fail for a Lease and Leased Vehicle, then, in each case, the Sponsor will investigate to confirm the breach and determine if the breach has a material adverse effect on a Lease and Leased Vehicle. None of the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee or the Administrator will have an obligation to investigate whether a breach of any representation or warranty has occurred or whether any Lease and Leased Vehicle is required to be reallocated under this Section 3.4.

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(b)          Reallocation of Leases and Leased Vehicles; Payment of Administrative Reallocation Amount. For a breach described in Section 3.4(a), the Sponsor may, and if the breach has a material adverse effect on a Lease and Leased Vehicle will, reallocate the Lease and Leased Vehicle to the Revolving Facility Pool by paying the Administrative Reallocation Amount for each Lease and Leased Vehicle on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Sponsor has knowledge or receives notice of and confirms the breach or, at the Sponsor's option, on or before the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, the Sponsor may cause the Administrative Reallocation Amount to be paid according to Section 4.3(c) of the Servicing Supplement.

(c)          Reallocation of Leases and Leased Vehicles. When the Sponsor's payment of the Administrative Reallocation Amount for a Lease and Leased Vehicle is included in Exchange Note Available Funds for a Payment Date, the Lease and Leased Vehicle will be deemed to have been reallocated to the Revolving Facility Pool, effective as of the last day of the Collection Period before the related Collection Period. After the reallocation, the Sponsor will mark its receivables systems to indicate that the lease and leased vehicle is no longer a Lease and Leased Vehicle in the 20__-__ Reference Pool.

(d)          Reallocation Sole Remedy. The sole remedy for a breach of a representation or warranty made by the Sponsor in Section 3.3 is to require the Sponsor to reallocate the Lease and Leased Vehicle or Leases and Leased Vehicles under this Section 3.4. The Depositor will enforce the Sponsor's reallocation obligation under this Section 3.4.

(e)          Dispute Resolution. The Sponsor agrees to be bound by the dispute resolution terms in Section 3.4 of the Exchange Note Sale Agreement as if they were part of this Agreement.

Section 3.5.          Depositor's Representations and Warranties. The Depositor represents and warrants to the Sponsor as of the Closing Date:

(a)          Organization and Qualification. The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Depositor is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

(b)          Power, Authority and Enforceability. The Depositor has the power and authority to execute, deliver and perform its obligations under this Agreement. The Depositor has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Depositor and enforceable against the Depositor, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

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(c)          No Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Depositor is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Depositor's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than the Exchange Note Sale Agreement), (iii) violate the Depositor's certificate of formation or limited liability company agreement or (iv) violate a law or, to the Depositor's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties that applies to the Depositor, which, in each case, would reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

(d)          No Proceedings. To the Depositor's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Depositor, the performance by the Depositor of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

(e)          Not an Investment Company. The Depositor is not required to be registered as an "investment company" under the Investment Company Act.

ARTICLE IV
SPONSOR'S AGREEMENTS

Section 4.1.          Financing Statements.

(a)          Filing of Financing Statements. The Sponsor will file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices necessary to perfect the Depositor's interest in the Purchased Property. The Sponsor will promptly deliver to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

(b)          Depositor Authorized to File Financing Statements. The Sponsor authorizes the Depositor to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Depositor may determine are necessary or advisable to perfect the Depositor's interest in the Purchased Property. The financing and continuation

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statements may describe the Purchased Property as the Depositor may reasonably determine to perfect the Depositor's interest in the Purchased Property. The Depositor will promptly deliver to the Sponsor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

(c)          Relocation of Sponsor. The Sponsor will notify the Depositor at least ten days before a relocation of its chief executive office or change in its corporate structure, form of organization or jurisdiction of organization if it could require the filing of a new financing statement or an amendment to a previously filed financing statement under Section 9-307 of the UCC. The Sponsor will promptly file new financing statements or amendments to all previously filed financing statements. The Sponsor will maintain its chief executive office within the United States and will maintain its jurisdiction of organization in only one State.

(d)          Change of Sponsor's Name. The Sponsor will notify the Depositor at least ten days before any change in the Sponsor's name that could make a financing statement filed under this Section 4.1 seriously misleading under Section 9-506 of the UCC. The Sponsor will promptly file amendments to all previously filed financing statements.

Section 4.2.          No Sale or Lien by Sponsor. Except for the sale and assignment under this Agreement, the Sponsor will not sell or assign any Purchased Property to another Person or Grant or allow a Lien on an interest in any Purchased Property. The Sponsor will defend the Depositor's interest in the Purchased Property against claims of third parties claiming through the Sponsor.

Section 4.3.          Expenses. The Sponsor will pay all expenses to perform its obligations under this Agreement and the Depositor's reasonable expenses to perfect the Depositor's interest in the Purchased Property and to enforce the Sponsor's obligations under this Agreement.

Section 4.4.          Review of Sponsor's Records. The Sponsor will maintain records and documents relating to the origination, underwriting and purchasing of the Leases and Leased Vehicles according to its customary business practices. The Sponsor will give the Depositor access to the records and documents to conduct a review of the representations and warranties made by the Sponsor about the Leases and Leased Vehicles or in connection with any request or demand to reallocate a Lease and Leased Vehicle or any dispute resolution proceeding for a request or demand or any Review by the Asset Representations Reviewer. Any access or review will be conducted at the Sponsor's offices during its normal business hours at a time reasonably convenient to the Sponsor and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Sponsor's confidentiality and privacy policies.

ARTICLE V
OTHER AGREEMENTS

Section 5.1.          Obligations Unaffected. Any invalidity, illegality or irregularity of a Lease or Leased Vehicle in the 20__-__ Reference Pool will not affect the Sponsor's obligations under this Agreement.

Section 5.2.          No Petition. The Sponsor agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the

10

Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 5.2 will survive the termination of this Agreement.

Section 5.3.          Limited Recourse. The Sponsor agrees that any claim that it may seek to enforce against the Depositor under this Agreement is limited to the Purchased Property only and is not a claim against the Depositor's assets as a whole or against assets other than the Purchased Property. This Section 5.3 will survive the termination of this Agreement.

Section 5.4.          Obligations Under Exchange Note.

(a)          Borrowers' Obligations. The Borrowers' obligations under the 20__-__ Exchange Note and the other Purchased Property are solely the Borrowers' obligations and are not the Sponsor's obligation or an interest in any of the Sponsor's assets. The Depositor acknowledges and agrees that it has no right, title or interest in any assets of the Sponsor for the payment of amounts due or for the performance of obligations under the 20__-__ Exchange Note or the other Purchased Property, except for the performance of the Sponsor's obligations in its capacity as the Servicer or the Administrator under the Transaction Documents.

(b)          Subordination of Claims. The Depositor acknowledges Section 9.4 of the Credit and Security Agreement regarding the subordination of claims against the Borrowers and agrees to be bound by it as an Exchange Noteholder.

Section 5.5.          Regulation RR Risk Retention. Ford Credit, as Sponsor, and the Depositor agree that (i) Ford Credit will cause the Depositor to, and the Depositor will, retain [the Residual Interest][at least 5% of the initial Note Balance of each Class of Notes and of the Residual Interest] on the Closing Date and (ii) Ford Credit will not permit the Depositor to, and the Depositor will not, sell, transfer, finance or hedge [the Residual Interest][such retained interests] except as permitted by Regulation RR.

Section 5.6.          Termination. This Agreement will terminate on the payment in full or cancellation of the 20__-__ Exchange Note.

ARTICLE VI
MISCELLANEOUS

Section 6.1.          Amendments.

(a)          Amendments. The parties may amend this Agreement:

(i)          to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement [or any prospectus or offering memorandum related to the Notes], in each case, without the consent of the Noteholders or any other Person;

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(ii)         to add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Depositor or the Sponsor delivers an Officer's Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

(iii)        to add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 6.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

(b)          Notice of Amendments. The Depositor or the Sponsor will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, the Sponsor will deliver a copy of the amendment to the Indenture Trustee and the Rating Agencies.

Section 6.2.          Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Issuer and the Indenture Trustee, for the benefit of the Secured Parties, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Sponsor. No other Person will have any right or obligation under this Agreement.

Section 6.3.          Notices.

(a)          Notices to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)          for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)         for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)        for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)        for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)          Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other party.

Section 6.4.          GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

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Section 6.5.          Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

Section 6.6.          WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

Section 6.7.          No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 6.8.          Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 6.9.          Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 6.10.       Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD MOTOR CREDIT COMPANY LLC, as Sponsor
By:
	Name: Title:
FORD CREDIT AUTO LEASE TWO LLC, acting for its series of limited liability company interests designated as the "20__-__ Series," as Depositor
By:
	Name: Title:

[Signature Page to Exchange Note Purchase Agreement]

EX-10.3

EXHIBIT 10.3

EXCHANGE NOTE SALE AGREEMENT

between

FORD CREDIT AUTO LEASE TWO LLC,
acting for its series of
limited liability company interests designated as
the "20__-__ Series", as Depositor

and

FORD CREDIT AUTO LEASE TRUST 20__-__,
as Issuer

Dated as of __________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II SALE AND PURCHASE OF SOLD PROPERTY		1
Section 2.1.	Sale of Sold Property	1
Section 2.2.	Payment for Sold Property; Delivery of Exchange Note	2
Section 2.3.	Acknowledgement of Assignment and Servicing	2
Section 2.4.	Savings Clause	2
ARTICLE III REPRESENTATIONS AND WARRANTIES		2
Section 3.1.	Depositor's Representations and Warranties	2
Section 3.2.	Depositor's Representations and Warranties About Sold Property and Reference Pool	4
Section 3.3.	Depositor's Reallocation of Leases and Leased Vehicles for Breach of Representations	5
Section 3.4.	Dispute Resolution	6
Section 3.5.	Issuer's Representations and Warranties	9
ARTICLE IV DEPOSITOR'S AGREEMENTS		10
Section 4.1.	Required Reserve Amount	10
Section 4.2.	Financing Statements	10
Section 4.3.	No Sale or Lien by Depositor	10
Section 4.4.	Expenses	10
ARTICLE V OTHER AGREEMENTS		11
Section 5.1.	Obligations Unaffected	11
Section 5.2.	No Petition	11
Section 5.3.	Limited Recourse	11
Section 5.4.	Obligations Under Exchange Note	11
Section 5.5.	Limitation of Liability of Owner Trustee	11
Section 5.6.	Issuer Obligation	11
Section 5.7.	Termination	12
ARTICLE VI MISCELLANEOUS		12
Section 6.1.	Amendments	12
Section 6.2.	Benefit of Agreement; Third-Party Beneficiaries	12
Section 6.3.	Notices	12
Section 6.4.	GOVERNING LAW	13
Section 6.5.	Submission to Jurisdiction	13
Section 6.6.	WAIVER OF JURY TRIAL	13
Section 6.7.	No Waiver; Remedies	13
Section 6.8.	Severability	13
Section 6.9.	Headings	13
Section 6.10.	Counterparts	13

 i

EXCHANGE NOTE SALE AGREEMENT, dated as of __________, 20__ (this "Agreement"), between FORD CREDIT AUTO LEASE TWO LLC, a Delaware limited liability company, acting for its series of limited liability company interests designated as the "20__-__ Series," as Depositor, and FORD CREDIT AUTO LEASE TRUST 20__-__ , a Delaware statutory trust, as Issuer.

BACKGROUND

Ford Credit makes loans to the Titling Companies under a Credit and Security Agreement to finance their acquisition of leases and leased vehicles originated by motor vehicle dealers. Each Titling Company allocates the leases and leased vehicles to a separate series of limited liability company interests in the Titling Company designated as the "Collateral Specified Interest" and pledges them as Collateral to secure the Revolving Facility.

Ford Credit requested that a portion of the Revolving Facility Balance be exchanged for a note designated as the "20__-__ Exchange Note" to be issued by the Titling Companies to Ford Credit under the Exchange Note Supplement and the Credit and Security Agreement. Ford Credit and the Titling Companies designated the 20__-__ Reference Pool for the 20__-__ Exchange Note and allocated the Leases and Leased Vehicles from the Revolving Facility Pool to the 20__-__ Reference Pool.

In connection with a securitization transaction sponsored by Ford Credit in which the Issuer will issue Notes secured by the 20__-__ Exchange Note, Ford Credit has sold the 20__-__ Exchange Note to the Depositor, who will sell it to the Issuer.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.              Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this Agreement.

ARTICLE II
SALE AND PURCHASE OF SOLD PROPERTY

Section 2.1.              Sale of Sold Property. Effective on the Closing Date and immediately after the transaction under the Exchange Note Purchase Agreement, and immediately before the transactions under the Trust Agreement and the Indenture, the Depositor sells and assigns to the Issuer, without recourse (other than the Depositor's obligations under this Agreement), all of the

Depositor's right, title and interest, whether now owned or later acquired, in the Sold Property. This sale and assignment does not, and is not intended to, include any obligation of the Depositor to the Titling Companies, the Lessees, the Dealers or any other Person relating to the 20__-__ Reference Pool and the other Sold Property, and the Issuer does not assume any obligations.

Section 2.2.              Payment for Sold Property; Delivery of Exchange Note.

(a)            Payment for Sold Property. In consideration for the Sold Property, the Issuer will transfer to the Depositor the Notes as payment for the 20__-__ Exchange Note and the other Sold Property. The Depositor and the Issuer each represents and warrants to the other that the transfer of the Notes on the Closing Date and the increase in the value of the Depositor's beneficial interest in the Issuer, is equal to the fair market value of the20__-__ Exchange Note and the other Sold Property.

(b)            Delivery of Exchange Note. On payment for the Sold Property, the Depositor will deliver to the Issuer the 20__-__ Exchange Note, registered in the name of "Ford Motor Credit Company LLC" and duly endorsed by Ford Credit in blank.

Section 2.3.              Acknowledgement of Assignment and Servicing.

(a)            Further Assignment. The Depositor acknowledges that, under the Indenture, the Issuer will assign and pledge the Sold Property and related property and rights to the Indenture Trustee for the benefit of the Secured Parties.

(b)            Servicing. The Issuer acknowledges the engagement of Ford Credit as Servicer of the Leases and Leased Vehicles in the 20__-__ Reference Pool under the Servicing Supplement and the Servicing Agreement.

Section 2.4.              Savings Clause. The Depositor and the Issuer intend that the sale and assignment under this Agreement be an absolute sale and assignment of the Sold Property, conveying good title to the Sold Property free and clear of any Lien other than Permitted Liens, from the Depositor to the Issuer. The Depositor and the Issuer intend that the Sold Property not be a part of the Depositor's estate if there is a bankruptcy or insolvency of the Depositor. If, despite the intent of the Depositor and the Issuer, the transfer of the Sold Property under this Agreement is determined to be a pledge for a financing or is determined not to be an absolute sale and assignment, the Depositor Grants to the Issuer on the date of this Agreement a security interest in the Depositor's right, title and interest in the Sold Property, whether now owned or later acquired, to secure a loan in an amount equal to all amounts payable by the Depositor under this Agreement, all amounts payable as principal or interest on the Notes, all amounts payable as Reference Pool Servicing Fees under the Servicing Supplement and all other amounts payable by the Issuer under the Transaction Documents. In that case, this Agreement is a security agreement under law and the Issuer will have the rights and remedies of a secured party and creditor under the UCC.

ARTICLE III
REPRESENTATIONS AND WARRANTIES

Section 3.1.              Depositor's Representations and Warranties. The Depositor makes the following representations and warranties on which the Issuer is relying in purchasing the Sold

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Property. The representations and warranties are made as of the Closing Date and will survive the sale and assignment of the Sold Property by the Depositor to the Issuer under this Agreement and the pledge of the Sold Property by the Issuer to the Indenture Trustee under the Indenture:

(a)            Organization and Qualification. The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Depositor is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

(b)            Power, Authority and Enforceability. The Depositor has the power and authority to execute, deliver and perform its obligations under this Agreement. The Depositor has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Depositor enforceable against the Depositor, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Depositor is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Depositor's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than this Agreement), (iii) violate the Depositor's certificate of formation or limited liability company agreement or (iv) violate a law or, to the Depositor's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties that applies to the Depositor, which, in each case, would reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under this Agreement.

(d)           No Proceedings. To the Depositor's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Depositor's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Depositor, the performance by the Depositor of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

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(e)            Not an Investment Company. The Depositor is not required to be registered as an "investment company" under the Investment Company Act.

Section 3.2.              Depositor's Representations and Warranties About Sold Property and Reference Pool.

(a)             Representations and Warranties from Exchange Note Purchase Agreement. Ford Credit made representations and warranties about the Leases and Leased Vehicles in the 20__-__ Reference Pool in Section 3.3 of the Exchange Note Purchase Agreement, and has consented to the sale by the Depositor to the Issuer of the Depositor's rights to these representations and warranties. Under Section 2.1, the Depositor has sold and assigned to the Issuer the Depositor's rights under the Exchange Note Purchase Agreement, including the right to require Ford Credit to reallocate any Leases and Leased Vehicles if there is a breach of Ford Credit's representations and warranties. In addition, the Depositor represents and warrants as of the Closing Date that the representations and warranties about the Leases and Leased Vehicles in the 20__-__ Reference Pool in Section 3.3 of the Exchange Note Purchase Agreement are true and correct. The Issuer is relying on Ford Credit's representations and warranties in the Exchange Note Purchase Agreement and on the Depositor's representations and warranties in this Section 3.2(a) in purchasing the 20__-__ Exchange Note, which representations and warranties will survive the sale and assignment of the 20__-__ Exchange Note by the Depositor to the Issuer under this Agreement and the pledge of the 20__-__ Exchange Note to the Indenture Trustee under the Indenture.

(b)            Representations and Warranties About Sold Property and Reference Pool. The Depositor makes the following representations and warranties about the Sold Property and the 20__-__ Reference Pool on which the Issuer is relying in purchasing the Sold Property. The representations and warranties are made as of the Closing Date and will survive the sale and assignment of the Sold Property by the Depositor to the Issuer under this Agreement and the pledge of the Sold Property by the Issuer to the Indenture Trustee under the Indenture.

(i)          Enforceability of Exchange Note. The 20__-__ Exchange Note has been duly executed, issued, authenticated and delivered and is the valid and binding obligation of the Borrowers entitled to the benefits of the Exchange Note Supplement and the Credit and Security Agreement.

(ii)         Valid Sale. This Agreement evidences a valid sale and assignment of the Sold Property from the Depositor to the Issuer, enforceable against creditors of and purchasers from the Depositor.

(iii)        Good Title to Sold Property. Immediately before the sale and assignment under this Agreement, the Depositor has good and marketable title to the Sold Property free and clear of any Lien other than Permitted Liens and, immediately after the sale and assignment under this Agreement, the Issuer will have good and marketable title to the Sold Property, free and clear of any Lien other than Permitted Liens.

(iv)        Security Interest in Sold Property.

(A) This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Sold Property in favor of the

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Issuer, which is prior to any Lien, other than Permitted Liens, and is enforceable against all creditors of and purchasers from the Depositor.

(B) All filings (including UCC filings) necessary in any jurisdiction to give the Depositor a first priority, validly perfected ownership and security interest in the Purchased Property, to give the Issuer a first priority, validly perfected ownership and security interest in the Sold Property and to give the Indenture Trustee a first priority perfected security interest in the Collateral, will be made within ten days after the Closing Date.

(C) All financing statements filed or to be filed against the Depositor in favor of the Issuer describing the Sold Property sold under this Agreement will contain a statement to the following effect: "A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party/Assignee."

(D) The Depositor has not authorized the filing of and is not aware of any financing statements against the Depositor that include a description of collateral covering any Sold Property other than the financing statements relating to the security interest Granted to the Depositor under the Exchange Note Purchase Agreement, by the Depositor to the Issuer under this Agreement or by the Issuer to the Indenture Trustee under the Indenture, or that has been terminated.

(v)         Good Title to Reference Pool; Allocation to Specified Interest and Reference Pool. The applicable Titling Company has good title, or the Servicer has started procedures that will result in good title, to the Leases and Leased Vehicles in the 20__-__ Reference Pool, free and clear of Liens other than Permitted Liens. The Leases and Leased Vehicles in the 20__-__ Reference Pool have not been allocated to a Specified Interest other than the Collateral Specified Interest or to a Reference Pool other than the 20__-__ Reference Pool.

Section 3.3.              Depositor's Reallocation of Leases and Leased Vehicles for Breach of Representations.

(a)            Investigation of Breach. If a Responsible Person of the Depositor (i) has knowledge of a breach of a representation or warranty made in Section 3.2(a), (ii) receives notice from the Issuer, the Owner Trustee or the Indenture Trustee of a breach of a representation or warranty made in Section 3.2(a), (iii) receives a Reallocation Request for a Lease and Leased Vehicle or (iv) receives a Review Report that indicates a Test Fail for a Lease and Leased Vehicle, then, in each case, the Depositor will investigate to confirm the breach and determine if the breach has a material adverse effect on a Lease and Leased Vehicle. None of the Servicer, the Issuer, the Owner Trustee, the Indenture Trustee or the Administrator will have an obligation to investigate whether a breach of any representation or warranty has occurred or whether any Lease and Leased Vehicle is required to be reallocated under this Section 3.3.

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(b)            Reallocation of Leases and Leased Vehicles; Payment of Administrative Reallocation Amount. For a breach described in Section 3.3(a), the Depositor may, and if the breach has a material adverse effect on a Lease and Leased Vehicle will, reallocate the Lease and Leased Vehicle to the Revolving Facility Pool by paying the Administrative Reallocation Amount for each Lease and Leased Vehicle on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Depositor has knowledge or receives notice of and confirms the breach or, at the Depositor's option, on or before the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, the Depositor may cause the Administrative Reallocation Amount to be paid according to Section 4.3(c) of the Servicing Supplement.

(c)            Reallocation of Leases and Leased Vehicles. When the Depositor's payment of the Administrative Reallocation Amount for a Lease and Leased Vehicle is included in Exchange Note Available Funds for a Payment Date, the Lease and Leased Vehicle will be deemed to have been reallocated to the Revolving Facility Pool, effective as of the last day of the Collection Period before the related Collection Period. After the reallocation, the Sponsor will mark its receivables systems to indicate that the lease and leased vehicle is no longer a Lease and Leased Vehicle in the 20__-__ Reference Pool.

(d)            Reallocation Sole Remedy. The sole remedy for a breach of a representation or warranty made by the Depositor in Section 3.2(a) is (i) to require the Depositor to reallocate the Lease and Leased Vehicle or Leases and Leased Vehicles under this Section 3.3 or (ii) to require the Depositor or the Indenture Trustee to enforce the obligation of Ford Credit to reallocate the Lease and Leased Vehicle under Section 3.4 of the Exchange Note Purchase Agreement.

Section 3.4.              Dispute Resolution.

(a)             Referral to Dispute Resolution. If the Issuer, the Owner Trustee, the Indenture Trustee or a Noteholder (the "Requesting Party") requests that the Depositor and/or the Sponsor reallocate a Lease and related Leased Vehicle due to an alleged breach of a representation and warranty in Section 3.2(a) or in Section 3.4 of the Exchange Note Purchase Agreement (each, a "Reallocation Request"), and the Reallocation Request has not been resolved within 180 days after the Depositor or the Sponsor receives the Reallocation Request, the Requesting Party may refer the matter, in its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration. However, if the Lease subject to a Reallocation Request was part of a Review and the Review Report showed no Test Fails for the Lease, the Reallocation Request for the Lease and Leased Vehicle will be deemed to be resolved. The Requesting Party must start the mediation or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of the 180-day period. The Depositor and the Sponsor agree to participate in the dispute resolution method selected by the Requesting Party.

(b)            Mediation. If the Requesting Party selects mediation for dispute resolution:

(i)          The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for mediation stated in this Section 3.4, the procedures in this Section 3.4 will control.

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(ii)         A single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

(iii)        The mediation will start within [15] days after the selection of the mediator and conclude within [30] days after the start of the mediation.

(iv)        Expenses of the mediation will be allocated to the parties as mutually agreed by them as part of the mediation.

(v)         If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Reallocation Request to arbitration under this Section 3.4.

(c)            Arbitration. If the Requesting Party selects arbitration for dispute resolution:

(i)          The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the procedures for arbitration stated in this Section 3.4, the procedures in this Section 3.4 will control.

(ii)         A single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules. The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least [15] years of experience in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration. Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

(iii)        The arbitrator will have the authority to schedule, hear and determine any motions, according to New York law, and will do so at the motion of any party. Discovery will be completed within [30] days of selection of the arbitrator and will be  limited for each party to [two] witness depositions not to exceed five hours, [two] interrogatories, [one] document request and [one] request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery is reasonable and necessary. Briefs will be limited to no more than [ten] pages each, and will be limited to initial statements of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than [60] days after selection of the arbitrator and will proceed for no more than [six] consecutive Business Days with equal time allocated to each party for the presentation of evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable delays.

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(iv)        The arbitrator will make its final determination no later than [90] days after its selection. The arbitrator will resolve the dispute according to the terms of this Agreement and the other Transaction Documents, and may not modify or change this Agreement or the other Transaction Documents in any way. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted by them. In its final determination, the arbitrator will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator, expense of any record or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction.

(v)         By selecting arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by jury.

(vi)        The Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.

(d)            Additional Conditions. For each mediation or arbitration:

(i)          Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location selected by the Depositor or the Sponsor. Any party or witness may participate by teleconference or video conference.

(ii)         The Depositor, the Sponsor and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary restraining order, preliminary injunction or attachment order, if such relief is available by law.

(iii)        Neither the Depositor nor the Sponsor will be required to produce personally identifiable customer information for purposes of any mediation or arbitration. The existence and details of any unresolved Reallocation Request, any informal meetings, mediations or arbitration proceedings , the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding, will be confidential, privileged and inadmissible for any purpose in any mediation, arbitration, litigation or other proceeding. The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party's attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this Section 3.4), except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the other party with the opportunity to object to the production of its confidential information.

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Section 3.5.              Issuer's Representations and Warranties. The Issuer represents and warrants to the Depositor as of the Closing Date:

(a)            Organization and Qualification. The Issuer is duly formed and validly existing as a statutory trust in good standing under the laws of the State of Delaware. The Issuer is qualified as a foreign statutory trust in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under this Agreement.

(b)            Power, Authority and Enforceability. The Issuer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Issuer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Issuer and enforceable against the Issuer, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions under this Agreement and the performance of its obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Issuer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Issuer's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than the Indenture), (iii) violate the Trust Agreement or (iv) violate a law or, to the Issuer's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Issuer or its properties that applies to the Issuer, which, in each case, would reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under this Agreement.

(d)            No Proceedings. To the Issuer's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity this Agreement, (ii) seeking to prevent the completion of the transactions under this Agreement, (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Issuer's ability to perform its obligations under, or the validity or enforceability of, this Agreement or (iv) that would reasonably be expected to (A) affect the treatment of the Notes as indebtedness for U.S. federal income or Applicable Tax State income or franchise tax purposes, (B) be deemed to cause a taxable exchange of the Notes for U.S. federal income tax purposes or (C) cause the Issuer to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, in each case, other than proceedings that would not reasonably be expected to have a material adverse effect on the Issuer, the performance by the Issuer of its obligations under, or the validity and enforceability of, the Transaction Documents or the Notes or the tax treatment of the Issuer or the Notes.

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(e)            Not an Investment Company. The Issuer is not required to be registered as an "investment company" under the Investment Company Act.

ARTICLE IV
DEPOSITOR'S AGREEMENTS

Section 4.1.              Required Reserve Amount. On the Closing Date, the Depositor will deposit, or cause to be deposited, the Required Reserve Amount in the Reserve Account from the net proceeds of the sale of the Notes.

Section 4.2.              Financing Statements.

(a)            Filing of Financing Statements. The Depositor will file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices necessary to perfect the Issuer's interest in the Sold Property. The Depositor will promptly deliver to the Issuer and the Indenture Trustee file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

(b)            Issuer and Indenture Trustee Authorized to File Financing Statements. The Depositor authorizes the Issuer and the Indenture Trustee to file financing and continuation statements, and amendments to the statements, in the jurisdictions and with the filing offices as the Issuer or the Indenture Trustee may determine are necessary or advisable to perfect the Issuer's interest in the Sold Property. The financing and continuation statements may describe the Sold Property as the Issuer or the Indenture Trustee may reasonably determine to perfect the Issuer's interest in the Sold Property. The Issuer or the Indenture Trustee will promptly deliver to the Depositor file-stamped copies of, or filing receipts for, any financing statement, continuation statement and amendment to a previously filed financing statement.

(c)            Relocation of Depositor. The Depositor will notify the Owner Trustee and the Indenture Trustee at least ten days before a relocation of its chief executive office or change in its corporate structure, form of organization or jurisdiction of organization if it could require the filing of a new financing statement or amendment under Section 9-307 of the UCC. The Depositor will promptly file new financing statements or amendments to all previously filed  financing statements or amendments. The Depositor will maintain its chief executive office within the United States and will maintain its jurisdiction of organization in only one State.

(d)            Change of Depositor's Name. The Depositor will notify the Owner Trustee and the Indenture Trustee at least ten days before any change in the Depositor's name that could make a financing statement filed under this Section 4.2 seriously misleading under Section 9-506 of the UCC. The Depositor will promptly file amendments to all previously filed financing statements.

Section 4.3.              No Sale or Lien by Depositor. Except for the sale and assignment under this Agreement, the Depositor will not sell or assign any Sold Property to another Person, or Grant or allow a Lien on an interest in any Sold Property. The Depositor will defend the Issuer's interest in the Sold Property against claims of third parties claiming through the Depositor.

Section 4.4.              Expenses. The Depositor will pay the expenses to perform its obligations under this Agreement and the Issuer and the Indenture Trustee's reasonable expenses to perfect the

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Issuer's interest in the Sold Property and to enforce the Depositor's obligations under this Agreement.

ARTICLE V
OTHER AGREEMENTS

Section 5.1.              Obligations Unaffected. Any invalidity, illegality or irregularity of a Lease or Leased Vehicle in the 20__-__ Reference Pool will not affect the Depositor's obligations under this Agreement.

Section 5.2.              No Petition. Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 5.2 will survive the termination of this Agreement.

Section 5.3.              Limited Recourse. Each party agrees that any claim that it may seek to enforce against the other party under this Agreement is limited to the Sold Property only and is not a claim against the other party's assets as a whole or against assets other than the Sold Property. This Section 5.3 will survive the termination of this Agreement.

Section 5.4.              Obligations Under Exchange Note.

(a)            Borrowers Obligations. The Borrowers' obligations under the 20__-__ Exchange Note and the other Sold Property are solely the Borrowers' obligations and are not the Depositor's obligation or an interest in any of the Depositor's assets. The Issuer acknowledges and agrees that it has no right, title or interest in any assets of the Depositor for the payment of  amounts due or for the performance of obligations under the 20__-__ Exchange Note or the other Sold Property.

(b)            Subordination of Claims. The Issuer acknowledges Section 9.4 of the Credit and Security Agreement regarding the subordination of claims against the Borrowers and agrees to be bound by it as an Exchange Noteholder.

Section 5.5.              Limitation of Liability of Owner Trustee. This Agreement has been signed on behalf of the Issuer by _____________________ not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will _____________________ in its individual capacity or a beneficial owner of the Issuer be liable for the representations, warranties, covenants, agreements or other obligations of the Issuer under this Agreement. For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

Section 5.6.              Issuer Obligation. No recourse may be taken, directly or indirectly, for the obligations of the Issuer or the Owner Trustee under this Agreement or a document delivered under this Agreement, against (a) the Owner Trustee in its individual capacity, (b) any holder of a beneficial interest in the Issuer, (c) any partner, owner, beneficiary, officer, director, employee or

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agent of the Owner Trustee, in its individual capacity or (d) any holder of a beneficial interest in the Owner Trustee, in its individual capacity, except as that Person may have expressly agreed.

Section 5.7.              Termination. This Agreement will terminate on the payment in full or cancellation of the 20__-__ Exchange Note.

ARTICLE VI
MISCELLANEOUS

Section 6.1.              Amendments.

(a)            Amendments. The parties may amend this Agreement:

(i)          to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement [or any prospectus or offering memorandum related to the Notes], in each case without the consent of the Noteholders or any other Person;

(ii)         to add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Depositor delivers an Officer's Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

(iii)        to add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 6.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

(b)            Notice of Amendments. The Depositor or the Issuer will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, the Depositor will deliver a copy of the amendment to the Indenture Trustee and the Rating Agencies.

Section 6.2.              Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Indenture Trustee, for the benefit of the Secured Parties, will be a third-party beneficiary of this Agreement and may enforce this Agreement against the Depositor. No other Person will have any right or obligation under this Agreement.

Section 6.3.              Notices.

(a)            Notices to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)          for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

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(ii)         for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)        for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)        for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)            Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other party.

Section 6.4.              GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 6.5.              Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

Section 6.6.              WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

Section 6.7.              No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 6.8.              Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 6.9.              Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 6.10.           Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD CREDIT AUTO LEASE TWO LLC,
	acting for its series of limited liability company interests designated as the "20__-__ Series," as Depositor
By:
	Name:
	Title:
FORD CREDIT AUTO LEASE TRUST 20__-__,
	as Issuer
By:	___________________, not in its individual capacity but solely as Owner Trustee
By:
	Name:
	Title:

[Signature Page to Exchange Note Sale Agreement]

EX-10.4

Exhibit 10.4

Execution Version

THIRD AMENDED AND RESTATED
SERVICING AGREEMENT

between

FORD MOTOR CREDIT COMPANY LLC,
as Servicer and as Lender

CAB EAST LLC and
CAB WEST LLC,
each acting for its series of limited liability company interests
designated as the “Collateral Specified Interest,”
as a Titling Company

and

HTD LEASING LLC,
as Collateral Agent

Dated as of July 22, 2005
as amended and restated as of September 1, 2019,

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II DESIGNATION OF COLLATERAL SPECIFIED INTERESTS		2
Section 2.1.	Designation	2
Section 2.2.	Direction to Servicer	2
Section 2.3.	Servicing Supplements	2
ARTICLE III PURCHASE AND SERVICING OF LEASES AND LEASED VEHICLES		3
Section 3.1.	Engagement	3
Section 3.2.	Purchase of Leases and Leased Vehicles	3
Section 3.3.	Servicing of Leases and Leased Vehicles	3
Section 3.4.	Servicer Reports	6
Section 3.5.	Review of Servicer’s Records	6
Section 3.6.	Servicer’s Authorized and Responsible Persons	7
Section 3.7.	Servicer’s Fees	7
Section 3.8.	Servicer’s Expenses	7
Section 3.9.	Custodian	7
ARTICLE IV SALE OF LEASED VEHICLES		9
Section 4.1.	Termination of Leases; Return of Leased Vehicles	9
Section 4.2.	Sale of Leased Vehicles	9
ARTICLE V ACCOUNTS AND DISTRIBUTIONS		10
Section 5.1.	Bank Accounts	10
Section 5.2.	Investment of Funds in Revolving Facility Collection Account	11
Section 5.3.	Deposits and Payments	12
ARTICLE VI SERVICER		13
Section 6.1.	Servicer’s Representations and Warranties	13
Section 6.2.	Liability of Servicer	14
Section 6.3.	Indemnities of Servicer	15
Section 6.4.	Delegation and Contracting	15
ARTICLE VII SERVICER RESIGNATION AND TERMINATION; SUCCESSOR SERVICER		16
Section 7.1.	No Resignation	16
Section 7.2.	Termination for Revolving Facility Pool	16
Section 7.3.	Termination for a Reference Pool	16
Section 7.4.	Continue to Perform	17
Section 7.5.	Successor Servicer	18
Section 7.6.	Transition of Servicing	19
Section 7.7.	Merger, Consolidation, Succession and Assignment	19
Section 7.8.	Non-Solicitation of Dealers and Lessees	20
ARTICLE VIII OTHER AGREEMENTS		20
Section 8.1.	Further Assurances	20
Section 8.2.	No Legal Title to Borrower Collateral	20
Section 8.3.	Tax Treatment	20
Section 8.4.	No Petition	21
Section 8.5.	No Recourse	21

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Section 8.6.	Limitation of Liability of Collateral Agent and Administrative Agent	21
Section 8.7.	Termination	21
ARTICLE IX MISCELLANEOUS		21
Section 9.1.	Amendments	21
Section 9.2.	Assignment; Benefit of Agreement; Third-Party Beneficiaries	22
Section 9.3.	Notices	22
Section 9.4.	Agent for Service	23
Section 9.5.	GOVERNING LAW	23
Section 9.6.	Submission to Jurisdiction	23
Section 9.7.	WAIVER OF JURY TRIAL	23
Section 9.8.	No Waiver; Remedies	23
Section 9.9.	Severability	24
Section 9.10.	Headings	24
Section 9.11.	Counterparts	24

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THIRD AMENDED AND RESTATED SERVICING AGREEMENT, dated as of July 22, 2005, as amended and restated as of September 1, 2019 (this “Agreement”), between FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer and as Lender, CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, each acting for its series of limited liability company interests designated as the “Collateral Specified Interest,” as a Titling Company, and HTD LEASING LLC, a Delaware limited liability company, as Collateral Agent.

BACKGROUND

CAB East Holdings, LLC is the sole Member of and the holder of the Collateral Specified Interest in CAB East, which represents the entire limited liability company interest in certain motor vehicle leases and leased vehicles acquired by CAB East. CAB West Holdings, LLC is the sole Member of and the holder of the Collateral Specified Interest in CAB West, which represents the entire limited liability company interest in certain motor vehicle leases and leased vehicles acquired by CAB West.

Under each Titling Company LLC Agreement, the Holding Company, as holder of the related Collateral Specified Interest, or the Titling Company, acting for the related Collateral Specified Interest, may enter into a Servicing Agreement to provide for the administration and servicing of the motor vehicle leases and leased vehicles allocated to the related Collateral Specified Interest.

Each Titling Company pledged the motor vehicle leases and leased vehicles allocated to the related Collateral Specified Interest to the Collateral Agent for the benefit of the Lender and the Exchange Noteholders under the Credit and Security Agreement.

The Lender, the Servicer and the Titling Companies entered into the Servicing Agreement, dated as of July 22, 2005, as amended and restated as of December 1, 2006, as further amended and restated as of December 1, 2015 (the “Existing Agreement”), to provide for the servicing of the motor vehicle leases and leased vehicles allocated to each Collateral Specified Interest.

The parties intend to amend and restate the Existing Agreement on the terms and conditions in this Agreement.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.          Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix A to Third Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of September 1, 2019 (the “Credit and Security Agreement”), among the Titling Companies, as Borrowers, U.S. Bank, as Administrative Agent, HTD, as Collateral Agent, and Ford Credit, as Lender and Servicer, or, for a Reference Pool, in the related Exchange Note Supplement. Appendix A also contains usage

rules that apply to this Agreement. Appendix A is incorporated by reference into this Agreement.

ARTICLE II
DESIGNATION OF COLLATERAL SPECIFIED INTERESTS

Section 2.1.          Designation. As stated in the related Specification Notices (as defined in each Titling Company LLC Agreement) (a) additional Leases and Leased Vehicles may be allocated to each Collateral Specified Interest and (b) the Specified Interest Issue Date and the Specified Interest Cutoff Date for each Collateral Specified Interest was July 22, 2005.

Section 2.2.          Direction to Servicer. Under each Titling Company LLC Agreement, the applicable Titling Company directs the Servicer to deliver any notices required to be delivered to the applicable Titling Company under the applicable Titling Company LLC Agreement for the assignment or reallocation of Leases or Leased Vehicles from the related Collateral Specified Interest. If Ford Credit is the Servicer, the notices will be considered given when the assignment or reallocation of a Lease and Leased Vehicle is reflected on the books and records of the Titling Company.

Section 2.3.          Servicing Supplements.

(a)           Terms of Servicing Supplements. On the issuance of an Exchange Note under Section 4.1(a) of the Credit and Security Agreement, the Servicer, the Lender, the Collateral Agent and each Titling Company will enter into a supplement to this Agreement (each, a “Servicing Supplement”) to acknowledge the allocation of the Leases and Leased Vehicles to the related Reference Pool and to identify additional rights and obligations of the Servicer for the administration, servicing and collection of the Leases and Leased Vehicles in the related Reference Pool and the Exchange Note, including:

(i)          the Reference Pool Servicing Fee;

(ii)         any additional requirements for the administration, servicing and collection of the Leases and Leased Vehicles in the Reference Pool;

(iii)        the reallocation of Leases and the related Leased Vehicles from the Reference Pool or other remedy to be provided by the Servicer on the occurrence of certain events or breaches by the Servicer; and

(iv)        the reporting obligations for the Reference Pool.

(b)           No Conflict. The terms of a Servicing Supplement may amend the terms of this Agreement solely for the related Reference Pool.

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ARTICLE III
PURCHASE AND SERVICING OF
LEASES AND LEASED VEHICLES

Section 3.1.          Engagement. Each Titling Company, acting for the related Collateral Specified Interest, under the authority granted to it in its Titling Company LLC Agreement, engages Ford Credit to act as the Servicer of the Leases and Leased Vehicles for the Titling Company and the Collateral Agent, and Ford Credit accepts the engagement.

Section 3.2.          Purchase of Leases and Leased Vehicles.

(a)           Origination of Leases by Dealers; Role of Servicer. For so long as Ford Credit is the Servicer, the Servicer will, on behalf of and for the account of each Titling Company, acquire Leases and Leased Vehicles from Dealers according to the Underwriting Procedures for allocation to the related Collateral Specified Interest. The Servicer will direct Dealers to originate Leases on a form providing for the assignment of the related Leased Vehicle by the Dealer to the applicable Titling Company.

(b)           Titling of Leased Vehicles. The Servicer will cause the Certificate of Title for each Leased Vehicle acquired under Section 3.2(a) to be issued and maintained in the name of the applicable Titling Company and to reflect the Collateral Agent as the lienholder or holder of a security interest according to the Underwriting Procedures. Each Titling Company authorizes the Servicer to retitle the Certificate of Title for a Leased Vehicle to the other Titling Company if the Leased Vehicle is relocated or for another reason. The Servicer will not allow a Leased Vehicle to be titled in the name of a Titling Company unless the related Certificate of Title has been issued by a State or jurisdiction that is an Eligible State for the Titling Company.

(c)           Purchase of Leases and Leased Vehicles. On origination of a Lease and assignment of the Lease by the Dealer to the applicable Titling Company, the Servicer will pay, or cause to be paid, to the related Dealer on the Titling Company’s behalf the purchase amount for the Lease and Leased Vehicle according to the Underwriting Procedures from an Advance made under Section 2.1(a) of the Credit and Security Agreement or from other funds available to the Titling Company. The Servicer will direct the Titling Company to allocate each Lease, the related Leased Vehicle and the related rights to the Collateral Specified Interest of the Titling Company.

(d)           List of Leases and Leased Vehicles. The Servicer will keep track of the Leases and Leased Vehicles acquired by each Titling Company and allocated to the related Collateral Specified Interest. On request of a Titling Company, the Lender, the Administrative Agent or the Collateral Agent, the Servicer will provide a list (or access to a list) of the Leases and Leased Vehicles acquired by a Titling Company and allocated to the related Collateral Specified Interest.

Section 3.3.          Servicing of Leases and Leased Vehicles.

(a)           General Servicing Obligations. The Servicer will manage, service, administer and collect on the Leases and Leased Vehicles with reasonable care using that degree of skill and attention that the Servicer exercises for comparable motor vehicle leases that it services for itself

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and others according to the Servicing Procedures and will comply with all material requirements of law. The Servicer’s obligations will include:

(i)          collecting and applying (A) all amounts received from Lessees on the Leases (including Excess Mileage and Excess Wear and Use and any security deposits applied to pay amounts that a Lessee fails to pay on a Lease), (B) all proceeds received from claims on insurance companies for insurance covering the Leased Vehicles or Lessees, (C) all amounts received on the Leases for Dealer Recourse, (D) all proceeds realized on the sale or other disposition of the Leased Vehicles and (E) all net recoveries for charged-off Leases;

(ii)         collecting and paying state and local fees and taxes relating the Leases and Leased Vehicles;

(iii)        investigating delinquencies;

(iv)        sending invoices and notices and responding to inquiries from Lessees;

(v)         processing requests for Payment Extensions, Term Extensions and other modifications and adjustments;

(vi)        administering Lease terminations, payoffs, defaults and delinquencies;

(vii)      repossessing or otherwise converting the possession of Leased Vehicles under Leases that the Servicer determines are unlikely to be paid in full;

(viii)     selling, on behalf of the applicable Titling Company, repossessed Leased Vehicles at public or private sale and selling or otherwise disposing of Leased Vehicles returned on termination of the Leases or otherwise;

(ix)         refunding amounts to Lessees under the Leases;

(x)          collecting any remaining balance on the Leases after disposing of the Leased Vehicles;

(xi)         maintaining accurate and complete accounts and receivables systems for servicing the Leases;

(xii)        providing to the Custodian copies, or access to, any documents and correspondence in the Lease Files; and

(xiii)       providing Revolving Facility Pool Reports, Monthly Investor Reports and other reports required to be provided by the Servicer under this Agreement, any Servicing Supplement and any other Basic Document or Exchange Note Basic Document;

The Servicer will comply with all material requirements of applicable law in performing its obligations as servicer of the Leases.

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(b)           Security Deposits. The Servicer will maintain a record of any security deposits on the Leases and, if required by applicable law, will maintain security deposits in a segregated account. The Servicer will apply any security deposits according to the Servicing Procedures.

(c)           Collection of Lease Payments; Extensions and Amendments. The Servicer will use reasonable efforts to collect all payments due under each Lease. The Servicer may waive late payment charges or other fees that may be collected in the ordinary course of servicing a Lease. Subject to the related Servicing Supplement, the Servicer may grant extensions, refunds, rebates or adjustments on a Lease or amend a Lease according to the Servicing Procedures.

(d)           No Additional Miles for Payment Extensions. For a Payment Extension on a Lease, the Servicer may not increase the limit on the aggregate mileage that the related Leased Vehicle may be driven without the Lessee incurring a charge for Excess Mileage, except according to the Servicing Procedures or as otherwise permitted by this Agreement or, for a Reference Pool, the related Servicing Supplement.

(e)           Maintenance of Interests in Leased Vehicles. The Servicer will take all steps to maintain each Titling Company’s ownership interest in the related Leased Vehicles and the perfection of the Collateral Agent’s security interest in the Leased Vehicles created under the Credit and Security Agreement. Each Titling Company authorizes the Servicer to take all actions to continue its ownership interest in a Leased Vehicle and the perfection of the Collateral Agent’s security interest if a Leased Vehicle is relocated to another State or for any other reason. Unless required by law or court order, the Servicer will not release a Titling Company’s ownership interest or the Collateral Agent’s security interest in a Leased Vehicle, except according to the Servicing Procedures and as permitted by the Basic Documents and the Exchange Note Basic Documents.

(f)            No Impairment. The Servicer will not impair in any material respect the rights of a Titling Company or the Collateral Agent in any Lease or Leased Vehicle, except according to the Servicing Procedures or as permitted by this Agreement or, for a Reference Pool, the related Servicing Supplement.

(g)           Sale of Charged-Off Leases. The Servicer may, on behalf of a Titling Company, sell to third parties Leases that have been charged off, separately or together with the related Leased Vehicles. Amounts collected by the Servicer from the sales will be treated as recoveries on the charged-off Leases and applied according to this Agreement and any related Servicing Supplement. The Leases and related Leased Vehicles will be deemed to have been sold and assigned on receipt by the Servicer of the purchase price from the purchaser, the Lien Granted to the Collateral Agent in the Leases and the related Leased Vehicles will be deemed to have been released immediately before sale, without further action by the parties.

(h)           Assignment for Enforcement. The Leases are assigned to the Servicer solely for the purpose of permitting the Servicer to perform its servicing and administrative obligations under this Agreement and the Servicing Supplements, including the start or pursuit of or participation in a legal proceeding to enforce a Lease or otherwise related to a Lease. If in a legal proceeding it is held that the Servicer may not enforce a Lease on the ground that it is not a real party in interest or a holder entitled to enforce the Lease, the Titling Company will, at the

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Servicer’s expense and direction, assign the Lease to the Servicer solely for that purpose or take steps to enforce the Lease, including bringing suit in the names of the Collateral Agent, the Exchange Noteholders and the applicable Titling Company.

(i)            Powers of Attorney. Each Titling Company appoints the Servicer as the Titling Company’s attorney-in-fact, with full power of substitution to exercise all rights of the Titling Company for the servicing and administration of the related Leases and Leased Vehicles. This power of attorney, and all authority given, under this Section 3.3(i) is revocable and is given solely to facilitate the performance of the Servicer’s obligations under this Agreement and the Servicing Supplements and may only be used by the Servicer consistent with this Agreement and the related Servicing Supplement. On request of the Servicer, each Titling Company will furnish the Servicer with written powers of attorney and other documents to enable the Servicer to perform its obligations under this Agreement and the Servicing Supplements.

(j)            Release Documents. The Servicer is authorized to execute and deliver, on behalf of itself, each Titling Company, the Collateral Agent and the Exchange Noteholders, any documents of satisfaction, cancellation, partial or full release or discharge, and other comparable documents, for the Leases and the Leased Vehicles.

Section 3.4.          Servicer Reports.

(a)           Revolving Facility Pool Reports. On request of the Lender, the Collateral Agent, the Administrative Agent or a Titling Company, the Servicer will deliver a list of the Leases and Leased Vehicles in the Revolving Facility Pool and other information on the Revolving Facility Pool as may be reasonably requested. If funds are on deposit in the Revolving Facility Collection Account for any Payment Date, the Servicer will deliver to the Collateral Agent, the Administrative Agent and each Titling Company a report for the Revolving Facility Pool (a “Revolving Facility Pool Report”) containing information necessary for the Administrative Agent to make the payments and distributions required by Article VII of the Credit and Security Agreement at least two Business Days before the Payment Date.

(b)           Reference Pool Reports. The Servicer will deliver to the Lender, the Collateral Agent, the Administrative Agent, the related Exchange Noteholder and any other Person stated in the related Servicing Supplement a report for the related Reference Pool substantially in the form attached to the Servicing Supplement (the “Monthly Investor Report”) at the times stated in the related Servicing Supplement.

Section 3.5.          Review of Servicer’s Records. The Servicer will maintain records and documents relating to its performance under this Agreement according to its customary business practices. On reasonable request not more than once during any year, the Servicer will give each Titling Company, the Lender, the Collateral Agent and the Administrative Agent (or their representatives) access to the records and documents to conduct a review of the Servicer’s performance under this Agreement. Any access or review will be conducted at the Servicer’s offices during its normal business hours at a time reasonably convenient to the Servicer and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Servicer’s confidentiality and privacy policies.

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Section 3.6.          Servicer’s Authorized and Responsible Persons. On or before the date of this Agreement, the Servicer will notify the Lender, the Collateral Agent and the Administrative Agent of each Person who (a) will be authorized to give instructions and directions to the Lender, the Collateral Agent and the Administrative Agent on behalf of the Servicer and (b) is a Responsible Person for the Servicer. The Servicer may change such Persons by notifying the Lender, the Collateral Agent and the Administrative Agent.

Section 3.7.          Servicer’s Fees.

(a)           Revolving Facility Pool Servicing Fee. The Servicer will be paid the Revolving Facility Pool Servicing Fee in consideration for administering and servicing the Revolving Facility Pool and paying certain fees and expenses relating to the Revolving Facility Pool. The Revolving Facility Pool Servicing Fee will be payable solely from, and the Servicer’s right to receive the Revolving Facility Pool Servicing Fee will be limited in recourse to, the Collections and other amounts available to pay the fee under the Credit and Security Agreement.

(b)           Reference Pool Servicing Fee. The Servicer will be paid the Reference Pool Servicing Fee for the related Reference Pool in consideration for administering and servicing the Reference Pool and paying certain fees and expenses relating to the Reference Pool. The Reference Pool Servicing Fee for each Reference Pool will be payable solely from, and the Servicer’s right to receive the Reference Pool Servicing Fee for each Reference Pool will be limited in recourse to, the Collections and other amounts available to pay the fee under the related Exchange Note Supplement.

Section 3.8.          Servicer’s Expenses. Except as otherwise stated in this Agreement or a Servicing Supplement, the Servicer will be required to pay (i) its expenses for servicing the Leases and Leased Vehicles and related activities under this Agreement or a Servicing Supplement, including fees and expenses of legal counsel and independent accountants, taxes imposed on the Servicer and expenses to prepare reports, certificates and notices under this Agreement or a Servicing Supplement and (ii) any general corporation, intangible, franchise, privilege or license taxes with respect to the Leases and Leased Vehicles. The Servicer will be reimbursed under this Agreement or any related Servicing Supplement for (A) amounts paid by the Servicer that are charged to the account of a Lessee according to the Servicing Procedures to administer or service the related Lease, (B) amounts paid by the Servicer to third parties for collection and for repossession, transportation, reconditioning and disposition or a Leased Vehicle and (C) amounts (such as fines for parking tickets and moving violations) required to be paid by a Lessee that are paid by the Servicer.

Section 3.9.          Custodian.

(a)           Appointment of Custodian. To reduce administrative costs and facilitate the servicing of the Leases by the Servicer, each Titling Company appoints Ford Credit, in its capacity as the Servicer, to act as the custodian of the applicable Leases for the Titling Company and the Collateral Agent, as their interests may appear. Ford Credit accepts the appointment and agrees to perform the custodial obligations in this Section 3.9. For any Leases and Leased Vehicles that are allocated to a Reference Pool, any additional custodial obligations of the Custodian for the related Lease Files will be stated in the Servicing Supplement.

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(b)           Custody of Lease Files. The Custodian will hold and maintain in custody the following documents for each Lease (the “Lease Files”) for the benefit of the applicable Titling Company and the Collateral Agent, using reasonable care and according to the Underwriting Procedures and the Servicing Procedures:

(i)          the original Lease, if in tangible form, or an authoritative copy, if in electronic form, clearly marked to show the applicable Titling Company as the owner of the Lease;

(ii)         the credit application signed by the Lessee;

(iii)        the original Certificate of Title and all related documents retained by the Servicer evidencing the ownership of the related Leased Vehicle; and

(iv)        all other documents, notices and correspondence relating to the Lease, the related Leased Vehicle or the Lessee that the Servicer generates in the course of servicing the Lease and the Leased Vehicle.

Except as stated above, any document in a Lease File may be a photocopy or in electronic format or may be converted to electronic format at any time. The Custodian will hold and maintain the Lease Files, including any receivables systems on which the Lease Files are electronically stored, in a manner that will permit the Servicer to comply with this Agreement and the Servicing Supplements and each Titling Company and the Collateral Agent to comply with the Credit and Security Agreement and the Exchange Note Supplements.

(c)           Delivery of Lease Files. The Lease Files are constructively delivered to the Collateral Agent, as pledgee of each Titling Company under the Credit and Security Agreement, and the Custodian confirms to each Titling Company and the Collateral Agent that it has received the Lease Files. No initial review or any periodic review of the Lease Files by each Titling Company or the Collateral Agent is required.

(d)           Location of Lease Files. The Custodian will maintain the Lease Files (or access to any Lease Files stored in an electronic format) at one of its offices or the offices of one of its custodians in the United States. On request of a Titling Company, the Collateral Agent or the Administrative Agent, the Custodian will provide a list of locations of the Lease Files.

(e)           Access to Lease Files. The Custodian will give the Servicer access to the Lease Files and, on request of the Servicer, the Custodian will promptly release any document in the Lease Files to the Servicer for purposes of servicing the related Lease. The Custodian will give the Titling Companies, the Collateral Agent and the Administrative Agent access to the Lease Files and the receivables systems to conduct a review of the Leases. Any access or review will be conducted at the Custodian’s offices during normal business hours at a time reasonably convenient to the Custodian and in a manner that will minimize disruption of its business operations. Any access or review will be subject to the Custodian’s confidentiality and privacy policies.

(f)            Effective Period and Termination. Ford Credit’s appointment as custodian is effective on the Closing Date and will continue until terminated under this Section 3.9(f). If the

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Servicer resigns under Section 7.1 or is terminated under Section 7.2 or 7.3, the Servicer’s appointment as custodian under this Agreement may be terminated in the same manner as the Servicer may be terminated under Section 7.2 or 7.3. As soon as practicable after any termination of its appointment as custodian, the Custodian will deliver the Lease Files to the Collateral Agent or its designee or successor custodian at a place designated by the Collateral Agent. All reasonable expenses of transferring the Lease Files to the designee or successor custodian will be paid by the terminated custodian on receipt of an invoice in reasonable detail.

ARTICLE IV
SALE OF LEASED VEHICLES

Section 4.1.          Termination of Leases; Return of Leased Vehicles. The Servicer will contact the applicable Dealer on or before the Scheduled Lease End Date for each Lease (or earlier or later if the Servicer becomes aware that a Lease will be terminated before or after its Scheduled Lease End Date). On return of a Leased Vehicle by the related Lessee to the Dealer, the Servicer will cause the Leased Vehicle to be inspected for Excess Wear and Use, Excess Mileage, and any required repairs and will cause a vehicle condition report (unless the Dealer is purchasing the Leased Vehicle) to be delivered to the Servicer. If the Servicer or its agent determines that the Leased Vehicle requires repairs, the Dealer, as agent of the Servicer, will to the extent permitted by the related Lease require that the Lessee pay to the Dealer the estimated cost of the repairs. If the Lessee disagrees with the Dealer’s estimate of the cost of the repairs, the Servicer may grant a one month Term Extension under the Lease to permit the Lessee to repair the Leased Vehicle at the Lessee’s expense. The Servicer will require the Lessee to pay Excess Wear and Use or Excess Mileage as required by the terms of the related Lease.

Section 4.2.          Sale of Leased Vehicles.

(a)           Sale to Lessee or Dealer. If a Dealer or Lessee advises the Servicer that it will exercise an option to purchase a Leased Vehicle, the Servicer, on behalf of the applicable Titling Company, will sell the Leased Vehicle to the Dealer or Lessee (either directly or by sale to the Dealer for resale to the Lessee).

(b)           Sale at Auction. If neither the Dealer nor the Lessee purchases a Leased Vehicle within a reasonable period (determined according to the Servicing Procedures) following the return of the Leased Vehicle, the Servicer, on behalf of the applicable Titling Company, will sell the Leased Vehicle to a Dealer at a price determined by the Servicer according to the Servicing Procedures, or at auction or otherwise.

(c)           Procedures On Sale. For the sale or other disposition of a Leased Vehicle under Section 4.2(a) or (b), the Servicer will, on receipt of proceeds of the sale:

(i)          on behalf of the Collateral Agent, deliver the related Certificate of Title to the purchaser of the Leased Vehicle;

(ii)         deliver the notice required under the Titling Company LLC Agreement for the Leased Vehicle to the applicable Titling Company; and

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(iii)        change its records to reflect the termination of the applicable Titling Company’s interest in the Lease and Leased Vehicle.

ARTICLE V
ACCOUNTS AND DISTRIBUTIONS

Section 5.1.          Bank Accounts.

(a)           Establishment of Revolving Facility Collection Account. On or before the Closing Date, the Servicer will establish a segregated trust account at the Administrative Agent in the name of the Collateral Agent, as secured party for the benefit of the Secured Parties, and designated as the “Revolving Facility Collection Account”.

(b)           Establishment of Exchange Note Bank Accounts. On or before each Exchange Note Issuance Date, the Servicer will establish an Exchange Note Collection Account and any other bank accounts for the related Reference Pool as stated in the related Servicing Supplement. The rights of the parties in the Exchange Note Collection Account and any other bank account that is established for a Reference Pool will be governed by the related Servicing Supplement.

(c)           Control of Revolving Facility Collection Account. The Revolving Facility Collection Account will be under the control of the Collateral Agent so long as it remains subject to the Lien Granted under Section 3.2 of the Credit and Security Agreement, except that the Servicer may make deposits to or direct the Administrative Agent, on behalf of the Collateral Agent, to make deposits to or withdrawals from the Revolving Facility Collection Account according to the Basic Documents. The Servicer may direct the Administrative Agent, on behalf of the Collateral Agent, to withdraw from the Revolving Facility Collection Account and pay to the Servicer or as directed by the Servicer amounts that are not Collections for a Collection Period or that were deposited in the Revolving Facility Collection Account in error. Following the payment in full of the Revolving Facility Balance, the termination of the Revolving Facility and the release of the Revolving Facility Collection Account from the Lien Granted under Section 3.2 of the Credit and Security Agreement, the Revolving Facility Collection Account will be under the control of the Borrowers.

(d)           Benefit of Revolving Facility Collection Account; Deposits and Withdrawals. The Revolving Facility Collection Account and all cash, money, securities, investments, financial assets and other property deposited in or credited to it will be held by the Collateral Agent, as secured party for the benefit of the Secured Parties and, after payment in full of the Revolving Facility Balance, the termination of the Revolving Facility and the release of the Revolving Facility Collection Account from the Lien Granted under Section 3.2 of the Credit and Security Agreement, as agent for the Borrowers. All deposits to and withdrawals from the Revolving Facility Collection Account will be made according to the Basic Documents.

(e)           Administrative Agent’s Agreements About Control. For the Revolving Facility Collection Account, the Administrative Agent agrees that:

(i)          securities, instruments, cash, money or other property delivered to it under the Credit and Security Agreement or this Agreement and investments of funds held in

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the Revolving Facility Collection Account will be promptly credited to the Revolving Facility Collection Account;

(ii)         securities, instruments, cash, money or other property credited to the Revolving Facility Collection Account will be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the UCC;

(iii)        until the Revolving Facility Balance has been paid in full, the Revolving Facility has been terminated and the Revolving Facility Collection Account has been released from the Lien Granted under Section 3.2 of the Credit and Security Agreement, it will comply with “entitlement orders” (as defined in Section 8-102(a)(8) of the UCC) originated by the Collateral Agent, as secured party, without further consent of the Borrowers or any other Person; and

(iv)        the law of the State of New York will govern the Revolving Facility Collection Account.

(f)            Securities Entitlements and Deposit Account. For funds in the Revolving Facility Collection Account:

(i)          any funds or property in the account that is a “financial asset” as defined in Section 8-102(a)(9) of the UCC will be physically delivered to, or credited to an account in the name of, the Administrative Agent according to its customary procedures so that it establishes a “securities entitlement” in favor of the Collateral Agent for the funds or property; and

(ii)         any funds or property that are held in a deposit account will be held solely in the name of the Collateral Agent at the Administrative Agent, the deposit account will be subject to the exclusive custody and control of the Collateral Agent and the Collateral Agent will have sole signature authority for the deposit account.

Section 5.2.          Investment of Funds in Revolving Facility Collection Account.

(a)           Permitted Investments. If no Facility Default or Facility Event of Default has occurred and is continuing, the Servicer may instruct the Collateral Agent to invest any funds in the Revolving Facility Collection Account, and, if investment instructions are received, the Administrative Agent will invest the funds in the Revolving Facility Collection Account in those investments. The investment instructions form the Servicer may be in the form of a standing instruction. If (i) the Servicer fails to give investment instructions for any funds in the Revolving Facility Collection Account to the Administrative Agent by 11:00 a.m. New York time (or other time as may be agreed by the Administrative Agent) on the Business Day before a Payment Date or (ii) a Facility Default or Facility Event of Default has occurred and is continuing, the Administrative Agent will invest and reinvest funds in the Revolving Facility Collection Account according to the last investment instructions received, if any. If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Administrative Agent will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received. The Servicer may

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direct the Administrative Agent to consent, vote, waive or take any other action, or not to take any action, on any matters available to the holder of the investments.

(b)           No Liability for Investments. Neither the Servicer nor the Administrative Agent will be liable for the selection of investments or for investment losses incurred on investments (other than in the capacity as obligor, if applicable).

(c)           Continuation of Liens in Investments. The Servicer will not direct the Administrative Agent to make any investment of funds or to sell any investment held in the Revolving Facility Collection Account unless the security interest Granted and perfected in the account in favor of the Collateral Agent will continue to be perfected in the investment or the proceeds of the sale without further action by any Person.

(d)           Investment Earnings. The Servicer will receive investment earnings (net of losses and investment expenses) on funds in the Revolving Facility Collection Account as additional compensation for the servicing of the Leases and Leased Vehicles. The Servicer will direct the Administrative Agent to withdraw the investment earnings and distribute them to the Servicer on each Payment Date.

Section 5.3.          Deposits and Payments.

(a)           Revolving Facility Pool; Right to Retain Collections.

(i)          Subject to Section 5.3(a)(ii), the Servicer will deposit in the Revolving Facility Pool Collection Account all Collections on the Revolving Facility Pool within two Business Day after application.

(ii)         If Ford Credit is the Lender and the Servicer, it may (i) retain for its own account Collections on the Revolving Facility Pool to the extent of (A) amounts payable to Ford Credit, as Servicer, for the Revolving Facility Pool Servicing Fee under Article VII of the Credit and Security Agreement, (B) amounts reimbursable to Ford Credit, as Servicer, under Section 3.8 for the Revolving Facility Pool and (C) amounts payable to Ford Credit, as Lender, for interest, principal or other amounts for the Revolving Facility under Article VII of the Credit and Security Agreement and (ii) make payments from Collections on the Revolving Facility Pool according to Article VII of the Credit and Security Agreement. Ford Credit, as Servicer and Lender, as applicable, will separately account for all such retained amounts and payments in the same manner as if those amounts had been deposited in the Revolving Facility Collection Account and paid under Article VII of the Credit and Security Agreement. The Servicer may retain Collections for the Revolving Facility Pool for its own account until those amounts are required to be paid under Article VII of the Credit and Security Agreement.

(b)           Reference Pools. The Servicer will deposit the Collections for each Reference Pool in the related Exchange Note Collection Account as stated in the related Servicing Supplement. The Servicer may retain Collections for the Reference Pool for its own account until those amounts are required to be paid under Article VII of the Credit and Security Agreement or the related Exchange Note Supplement.

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ARTICLE VI
SERVICER

Section 6.1.          Servicer’s Representations and Warranties. The Servicer represents and warrants to the Lender, each Titling Company and the Collateral Agent, on the date of this Agreement, and each Exchange Noteholder, on the related Exchange Note Issuance Date, on which the Lender, each Titling Company and the Collateral Agent are relying in entering into this Agreement and each Exchange Noteholder will rely in acquiring the related Exchange Note.

(a)           Organization and Qualification. The Servicer is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Servicer is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Servicer’s ability to perform its obligations under the Basic Documents or Exchange Note Basic Documents to which it is a party.

(b)           Power, Authority and Enforceability. The Servicer has the power and authority to execute, deliver and perform its obligations under each of the Basic Documents and Exchange Note Basic Documents to which it is a party. The Servicer has authorized the execution, delivery and performance of each of the Basic Documents and Exchange Note Basic Documents to which it is a party. Each of the Basic Documents and Exchange Note Basic Documents to which the Servicer is a party is the legal, valid and binding obligation of the Servicer enforceable against the Servicer, except as may be limited by insolvency, bankruptcy, reorganization or other laws relating to the enforcement of creditors’ rights or by general equitable principles.

(c)           No Conflicts and No Violation. The completion of the transactions contemplated by the Basic Documents and Exchange Note Basic Documents to which the Servicer is a party and the performance of its obligations under such documents will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Servicer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Servicer’s properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document (other than an Exchange Note Basic Document), (iii) violate the Servicer’s certificate of formation or limited liability company agreement or (iv) violate a law or, to the Servicer’s knowledge, an order, rule or regulation of any federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or its properties that applies to the Servicer, which, in each case, would reasonably be expected to have a material adverse effect on the Servicer’s ability to perform its obligations under the Basic Documents and Exchange Note Basic Documents to which it is a party.

(d)           No Proceedings. To the Servicer’s knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or its properties: (i) asserting the invalidity of the Basic Documents, the Exchange Note Basic Documents, the Exchange Notes or any other Securities, (ii) seeking to prevent the

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issuance of the Exchange Notes or the completion of the transactions contemplated by the Basic Documents or Exchange Note Basic Documents or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Servicer’s ability to perform its obligations under, or the validity or enforceability of, the Basic Documents, the Exchange Note Basic Documents, the Exchange Notes or any other Securities, in each case, other than the proceedings that, to the Servicer’s knowledge, would not reasonably be expected to have a material adverse effect on the Servicer and its subsidiaries considered as a whole or the performance by the Servicer of its obligations under, or the validity and enforceability of, the Basic Documents, the Exchange Note Basic Documents, the Exchange Notes or any other Securities.

Section 6.2.          Liability of Servicer.

(a)           Liability for Specific Obligations. The Servicer will be liable only for its specific obligations under this Agreement and each Servicing Supplement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement and each Servicing Supplement by the Servicer. The Servicer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement and each Servicing Supplement.

(b)           No Liability of Others. The Servicer’s obligations under this Agreement and each Servicing Supplement are corporate obligations. No Person will have recourse, directly or indirectly, to any member, manager, officer, director, employee or agent of the Servicer for the Servicer’s obligations under this Agreement and each Servicing Supplement.

(c)           Legal Proceedings. The Servicer will not be required to start, pursue or participate in any legal proceeding that is not incidental to its obligations to service the Leases and Leased Vehicles under this Agreement or any Servicing Supplement and that in its opinion may result in liability or cause it to pay or risk funds or incur financial liability. The Servicer may in its sole discretion start or pursue any legal proceeding to protect the interests of the Titling Companies, the Lender and the Exchange Noteholders under the Basic Documents and the Exchange Note Basic Documents. The Servicer will be responsible for the fees and expenses of legal counsel and any liability resulting from the legal proceeding.

(d)           Force Majeure. The Servicer will not be responsible or liable for any failure or delay in performing its obligations under this Agreement or any Servicing Supplement caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, fire, flood, earthquakes, storms, hurricanes or other natural disasters or failures of mechanical, electronic or communication systems. The Servicer will use commercially reasonable efforts to resume performance as soon as practicable in the circumstances.

(e)           Reliance by Servicer. The Servicer may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party for any matters under this Agreement or any Servicing Supplement.

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Section 6.3.          Indemnities of Servicer.

(a)           Indemnification. The Servicer will indemnify each Titling Company, the Holding Companies, the Lender, the Collateral Agent, the Administrative Agent and the Exchange Noteholders, and their officers, directors, employees and agents (each, an “Indemnified Person”) for all fees, expenses, losses, damages and liabilities resulting from the Servicer’s (including in its capacity as Custodian) willful misconduct, bad faith or negligence in performing its obligations under the Basic Documents and the Exchange Note Basic Documents (including the fees and expenses of defending themselves against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Servicer’s indemnification obligations).

(b)           Proceedings. If an Indemnified Person receives notice of a Proceeding against it, the Indemnified Person will, if a claim will be made against the Servicer under this Section 6.3, promptly notify the Servicer of the Proceeding. The Servicer may participate in and assume the defense and settlement of a Proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense of the Proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Servicer assumes the defense of the Proceeding in a manner reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer and the Indemnified Person. If there is a conflict, the Servicer will pay the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a Proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will not be unreasonably withheld.

(c)           Survival of Obligations. The Servicer’s obligations under this Section 6.3, for the period it was the Servicer, will survive the Servicer’s resignation or termination, the termination of this Agreement or any Servicing Supplement, the resignation or removal of the Administrative Agent or the Collateral Agent or the dissolution of a Titling Company.

(d)           Repayment. If the Servicer makes a payment to an Indemnified Person under this Section 6.3 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Servicer.

Section 6.4.          Delegation and Contracting. The Servicer and the Custodian may not delegate to any Person its obligations under this Agreement or any Servicing Supplement without the consent of each Titling Company. However, no notice or consent will be required for any delegation if Ford Credit is the Servicer or the Custodian. The Servicer or the Custodian may contract with other Persons to perform its obligations under this Agreement and any Servicing Supplement. No delegation or contracting will relieve the Servicer or the Custodian of its responsibilities, and the Servicer will remain responsible for those obligations. The Servicer or the Custodian will be responsible for the fees of its delegates and contractors.

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ARTICLE VII
SERVICER RESIGNATION AND TERMINATION;
SUCCESSOR SERVICER

Section 7.1.          No Resignation. The Servicer will not resign as Servicer under this Agreement or any Servicing Supplement unless it determines it is legally unable to perform its obligations under this Agreement or the Servicing Supplement. The Servicer will notify each Titling Company, the Collateral Agent and the Administrative Agent of its resignation as soon as practicable after it determines it is required to resign, including an Opinion of Counsel supporting its determination.

Section 7.2.          Termination for Revolving Facility Pool. The Titling Companies may remove the Servicer and terminate its rights and obligations under this Agreement solely for the Revolving Facility Pool by notifying the Servicer, the Collateral Agent and the Administrative Agent. The notice of termination will state the date the termination will be effective, which date must be at least 60 days after the date of the notice, and that the termination applies solely to the Revolving Facility Pool.

Section 7.3.          Termination for a Reference Pool.

(a)           Reference Pool Servicer Termination Events. Unless otherwise stated in the related Servicing Supplement, the following events will each be a “Reference Pool Servicer Termination Event” for the related Reference Pool:

(i)          the Servicer fails to deliver to the Collateral Agent or the Administrative Agent any proceeds or payment required to be delivered on the Reference Pool under this Agreement or the related Servicing Supplement and that failure continues for five Business Days after the earlier of the date (A) the Servicer receives notice of the failure from the Collateral Agent, the Administrative Agent or the related Exchange Noteholder or (B) a Responsible Person of the Servicer has knowledge of the failure, unless:

(1) (A) the failure is caused by an event outside the Servicer’s control that the Servicer could not have avoided through the exercise of commercially reasonable efforts, (B) the failure does not continue for more than ten Business Days after the earlier of the date the Servicer receives notice of the failure from the Collateral Agent, the Administrative Agent or the related Exchange Noteholder or a Responsible Person of the Servicer has knowledge of the failure, (C) during the period the Servicer uses all commercially reasonable efforts to perform its obligations under this Agreement and the related Servicing Supplement and (D) the Servicer promptly notifies the Collateral Agent, the Administrative Agent and the Exchange Noteholder of the failure (or acknowledges receipt of the notice of the failure), including a description of the Servicer’s efforts to correct the failure; or

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(2) (A) the failure would not reasonably be expected to, or after investigation and quantification does not, result in a failure to pay or deposit an amount greater than 0.05% of the Exchange Note Balance of the related Exchange Note and (B) the failure does not continue for more than (i) if the Servicer’s long-term debt is rated investment grade by each rating agency rating the related Securities, 90 days after the Servicer receives notice of the failure or a Responsible Person of the Servicer has knowledge of the failure and (ii) if the Servicer’s long-term debt is not so rated, 90 days after the failure;

(ii)         the Servicer (including in its capacity as Custodian) fails to observe or to perform in any material respect any other obligation relating to the Reference Pool under this Agreement or the related Servicing Supplement and that failure has a material adverse effect on the rights of the related Exchange Noteholder and continues for 90 days after the Servicer receives notice of the failure from the Collateral Agent, the Administrative Agent or the Exchange Noteholder;

(iii)        an Insolvency Event of the Servicer occurs; or

(iv)        any other event stated in the Servicing Supplement for the related Exchange Note occurs.

(b)           Notice of Reference Pool Servicer Termination Event. The Servicer will notify each Titling Company, the Administrative Agent, the Collateral Agent and the related Exchange Noteholder of any Reference Pool Servicer Termination Event for the Reference Pool or any event that with the giving of notice or passage of time, or both, would become a Reference Pool Servicer Termination Event for the Reference Pool, at the times stated in the related Servicing Supplement.

(c)           Removal for a Reference Pool. If a Reference Pool Servicer Termination Event occurs and is continuing, so long as the related Exchange Note is Outstanding, the Titling Companies may and, if directed by the Collateral Agent, the Administrative Agent or the related Exchange Noteholder, must remove the Servicer and terminate its rights and obligations under this Agreement and the related Servicing Supplement solely for the related Reference Pool by notifying the Servicer, the Collateral Agent, the Administrative Agent and the related Exchange Noteholder. The notice of termination will state the date the termination will be effective and the related Reference Pool for which the Servicer is terminated.

(d)           Waiver of Reference Pool Servicer Termination Events. The related Exchange Noteholder may waive a Reference Pool Servicer Termination Event by notifying the Servicer, each Titling Company, the Administrative Agent and the Collateral Agent. On the waiver, the Reference Pool Servicer Termination Event will be considered not to have occurred. No waiver will extend to any other Reference Pool Servicer Termination Event or impair a right relating to any other Reference Pool Servicer Termination Event.

Section 7.4.          Continue to Perform. If the Servicer resigns under Section 7.1, it will continue to perform its obligations as Servicer under this Agreement and each Servicing

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Supplement until the earlier to occur of (a) a successor Servicer accepting its engagement as Servicer under Section 7.5 or (b) the date the Servicer is legally unable to act as Servicer. If the Servicer is terminated under this Agreement for the Revolving Facility Pool or a Reference Pool, it will continue to perform its obligations as Servicer for the Revolving Facility Pool or the Reference Pool under this Agreement and the related Servicing Supplement until the date stated in the related notice of termination.

Section 7.5.          Successor Servicer.

(a)           Engagement of Successor Servicer. If the Servicer resigns or is terminated under this Agreement, the Titling Companies, for the Revolving Facility Pool, or the related Exchange Noteholder, for a Reference Pool, will promptly engage an institution having a net worth of not less than $50,000,000 whose regular business includes the servicing of motor vehicle leases, as the successor to the Servicer under this Agreement and any Servicing Supplement, to the extent of the rights so terminated. If no Person has accepted the engagement as successor Servicer when the Servicer stops performing its obligations, the Titling Companies or the related Exchange Noteholder, as applicable, may petition a court of competent jurisdiction to appoint an institution having a net worth of not less than $50,000,000 whose regular business includes the servicing of motor vehicle leases, as successor to the Servicer under this Agreement and any Servicing Supplement, to the extent of the rights so terminated.

(b)           Acceptance of Engagement. The successor Servicer will accept its engagement by assuming the Servicer’s obligations under this Agreement and any related Servicing Supplement or entering into an amendment to this Agreement and any related Servicing Supplement or a new servicing agreement and servicing supplement on substantially the same terms as this Agreement and the related Servicing Supplement, in a form acceptable to the Titling Companies, the Lender, the Collateral Agent and, for a termination under Section 7.3, the related Exchange Noteholder. The successor Servicer will deliver a copy of the assumption, amendment or new servicing agreement and servicing supplement to the other parties, the Administrative Agent and, if applicable, the related Exchange Noteholders.

(c)           Compensation of Successor Servicer. The Titling Companies, in the case of a termination under Section 7.2, and the related Exchange Noteholder, in the case of a termination under Section 7.3, may make arrangements for the compensation of the successor Servicer out of Collections that are part of the Borrower Collateral relating to the rights terminated as they and the successor Servicer may agree. No compensation will exceed the amount paid to the predecessor Servicer under this Agreement or the related Servicing Supplement.

(d)           Transfer of Authority. On the effective date of the Servicer’s resignation or termination or the later date that the Servicer stops performing its obligations, all rights and obligations of the Servicer under this Agreement and the related Servicing Supplement, to the extent of the rights terminated, will become rights and obligations of the successor Servicer.

(e)           Authority of Titling Companies and Exchange Noteholders. The Titling Companies, in the case of a termination under Section 7.2, and the related Exchange Noteholder, in the case of a termination under Section 7.3, are authorized to execute and deliver, on behalf of

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the Servicer, as attorney-in-fact or otherwise, all documents, and to do all things necessary or advisable to effect the termination and replacement of the Servicer.

Section 7.6.          Transition of Servicing.

(a)           Cooperation on Termination. On its resignation or termination, the Servicer will cooperate with the Titling Companies, the Lender, the Administrative Agent, the Collateral Agent and the successor Servicer in effecting (i) the termination of its rights and obligations under this Agreement and the related Servicing Supplement, to the extent of the rights terminated, and (ii) an orderly transition of such rights and obligations to the successor Servicer.

(b)           Transfer of Cash, Lease Files and Records. As soon as practicable after the effective date of its resignation or termination, the predecessor Servicer will (i) transfer to the successor Servicer all funds relating to the Revolving Facility Pool or the Reference Pool, as applicable, that are held or later received by the predecessor Servicer and (ii) deliver to the successor Servicer the related Lease Files and the related accounts and records maintained by the Servicer. The Servicer will not be obligated to provide, license or assign its processes, procedures, models, servicing software or other applications to any successor Servicer or any third party, or provide anything covered by a restriction on transfer or assignment or a confidentiality agreement.

(c)           Expenses of Servicing Transition. All reasonable expenses incurred by the Titling Companies, the Collateral Agent, the Administrative Agent and the successor Servicer in connection with (i) the transition of servicing rights and obligations to the successor Servicer and (ii) amending this Agreement or any Servicing Supplement or entering into an assumption agreement or new agreement to reflect a succession of the Servicer will be paid by the resigning or terminated Servicer on receipt of an invoice in reasonable detail.

Section 7.7.          Merger, Consolidation, Succession and Assignment. Any Person (a) into which the Servicer is merged or consolidated, (b) resulting from any merger or consolidation to which the Servicer is a party, (c) succeeding to the Servicer’s business or (d) that is an Affiliate of the Servicer to whom the Servicer has assigned this Agreement and each Servicing Supplement, will be the successor to the Servicer under this Agreement and each Servicing Supplement. Within 15 Business Days after the merger, consolidation, succession or assignment, such Person will (i) execute an agreement to assume the Servicer’s obligations under this Agreement, each Servicing Supplement and each Basic Document and Exchange Note Basic Document to which the Servicer is a party (unless the assumption happens by operation of law), (ii) deliver to the Titling Companies, the Collateral Agent and the Administrative Agent an Officer’s Certificate and an Opinion of Counsel each stating that the merger, consolidation, succession or assignment and the assumption agreement comply with this Section 7.7 and (iii) deliver to the Titling Companies, the Collateral Agent and the Administrative Agent an Opinion of Counsel stating that the security interest in favor of the Collateral Agent in the Borrower Collateral is or will be perfected.

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Section 7.8.          Non-Solicitation of Dealers and Lessees.

(a)           Non-Solicitation Agreement. Any successor Servicer (other than an Affiliate of Ford Credit), by accepting the rights and obligations under this Agreement and any Servicing Supplement agrees that it will not engage in, and will ensure that none of its Affiliates, or any agent of itself or any of its Affiliates, engages in any targeted solicitation of:

(i)          any Lessee for the purpose of refinancing the related Lease in whole or in part or otherwise causing prepayment under the Lease;

(ii)         any Lessee for the purpose of encouraging the Lessee to terminate the related Lease through anyone other than the Dealer;

(iii)        any Dealer for the purpose of providing vehicle inventory or floorplan financing; or

(iv)        any Dealer for the purpose of engaging in the sale or lease of vehicles other than vehicles manufactured by Ford Motor Company and its Affiliates.

(b)           Benefit of Non-Solicitation Agreement. All rights and benefits relating to solicitation of Lessees and the right, title and interest in and to the list of Lessees and data and other information relating to their Leases and Leased Vehicles will be for the benefit of Ford Credit and its Affiliates.

ARTICLE VIII
OTHER AGREEMENTS

Section 8.1.          Further Assurances. The Servicer agrees to do and perform all acts and to execute all further documents required or reasonably requested by the other parties or by the Titling Companies to more fully effect the purposes of this Agreement, including the execution of financing statements or continuation statements relating to the Borrower Collateral for filing under the UCC of each applicable jurisdiction.

Section 8.2.          No Legal Title to Borrower Collateral. The Servicer will not have legal title to Leases and Leased Vehicles. Legal title to the Leases and Leased Vehicles will remain with the applicable Titling Company. Each Holding Company will be entitled to receive distributions for their Collateral Specified Interest only according to this Agreement, the Credit and Security Agreement and the applicable Titling Company LLC Agreement. However, if a Holding Company directs the applicable Titling Company to deliver the Leases and Leased Vehicles held by the Titling Company to or to the order of the Holding Company under the applicable Titling Company LLC Agreement, the Servicer will assist the Titling Company in identifying and delivering the applicable Leases and Leased Vehicles. The direction will be subject to the Credit and Security Agreement.

Section 8.3.          Tax Treatment. The designation of a Collateral Specified Interest is not intended to cause either Titling Company to be classified as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes.

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Section 8.4.          No Petition. Each party and each Exchange Noteholder, by accepting the related Exchange Note, agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of all Secured Obligations, including all Exchange Notes, and any other Securities, it will not start or pursue against, or join any other Person in starting or pursuing against, either Titling Company or either Holding Company any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any federal or State bankruptcy or similar law. This Section 8.4 will survive the termination of this Agreement.

Section 8.5.          No Recourse. Each Holding Company, by accepting a Collateral Specified Interest, acknowledges that the Collateral Specified Interest represents the limited liability company interest in the Leases and Leased Vehicles only and does not represent an interest in or obligation of the Servicer, Ford Credit, another Holding Company or their respective Affiliates (other than the applicable Titling Company itself, limited as described in this sentence), and no recourse may be had against the parties or their assets, except as may be stated in this Agreement or the applicable Titling Company LLC Agreement.

Section 8.6.          Limitation of Liability of Collateral Agent and Administrative Agent. In performing its obligations under this Agreement, each of the Collateral Agent and the Administrative Agent is subject to, and entitled to the benefits of, the Credit and Security Agreement. Neither the Collateral Agent nor the Administrative Agent will have any liability for any act or failure to act of the Servicer.

Section 8.7.          Termination. This Agreement may be terminated at the option of the Servicer or the Titling Companies after the Revolving Period terminates and the Outstanding Exchange Notes and the Advances, if any, outstanding under the Revolving Facility are paid in full.

ARTICLE IX
MISCELLANEOUS

Section 9.1.          Amendments.

(a)           Amendments to Clarify and Correct Errors and Defects. The parties may amend this Agreement or any Servicing Supplement to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement or the Servicing Supplement that may be defective or inconsistent with the other terms of this Agreement, in each case, without the consent of the Exchange Noteholders or any other Person.

(b)           Other Amendments. The parties may amend this Agreement and any Servicing Supplement to add, change or eliminate terms of this Agreement or the Servicing Supplement if:

(i)          the Servicer or the Titling Companies deliver an Officer’s Certificate to the Collateral Agent and the Administrative Agent stating that the amendment will not have a material adverse effect on the Exchange Noteholders or, if such Officer’s Certificate is not or cannot be delivered, the consent of each Exchange Noteholder (for amendments to this Agreement) or the related Exchange Noteholder (for amendments to a Servicing Supplement) is received; and

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(ii)         the Servicer or the Titling Companies deliver an Opinion of Counsel to the Collateral Agent and the Administrative Agent stating that the amendment will not (A) cause any Exchange Note to be deemed sold or exchanged for purposes of Section 1001 of the Code or (B) cause a Titling Company to be treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income tax purposes or, if such Opinion of Counsel is not or cannot be delivered, consent of each Exchange Noteholder is received.

(c)           Notice of Amendments. Promptly after execution of an amendment, the Servicer will deliver a copy of the amendment to the Administrative Agent and each related Exchange Noteholder.

Section 9.2.          Assignment; Benefit of Agreement; Third-Party Beneficiaries.

(a)           Assignment. Except as stated in Sections 7.5 and 7.7, neither this Agreement nor any Servicing Supplement may be assigned by the Servicer without the consent of the Titling Companies, the Collateral Agent, the Administrative Agent and the Exchange Noteholders.

(b)           Benefit of Agreement; Third Party Beneficiaries. This Agreement and each Servicing Supplement is for the benefit of and will be binding on the parties to this Agreement and such Servicing Supplement and their permitted successors and assigns. Each Exchange Noteholder and any other party stated in a Servicing Supplement will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Servicer. No other Person will have any right or obligation under this Agreement or any Servicing Supplement.

Section 9.3.          Notices.

(a)           Notices to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)          for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)         for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)        for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)        for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)           Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Credit and Security Agreement, which address the party may change by notifying the other parties.

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Section 9.4.          Agent for Service.

(a)           Titling Companies. The agent for service of each Titling Company for this Agreement will be the person holding the office of the Corporate Secretary of the Titling Company at the following address:

CAB East LLC or CAB West LLC
c/o Ford Motor Credit Company LLC
c/o Ford Motor Company
World Headquarters, Suite 802-A3
One American Road
Dearborn, Michigan 48126
Attention: Ford Credit SPE Management Office

Telephone: (313) 594-3495

Email: FSPEMgt@ford.com

(b)           Servicer. The agent for service of the Servicer for this Agreement will be the person holding the office of the Corporate Secretary of the Servicer at the following address:

Ford Motor Credit Company LLC
One American Road
Suite 2411, Office 212-016
Dearborn, Michigan 48126
Attention: Corporate Secretary
Telephone: (313) 323-1200
Fax: (313) 337-1160

Section 9.5.          GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 9.6.          Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for purposes of legal proceedings relating to this Agreement or any Servicing Supplement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

Section 9.7.          WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT OR ANY SERVICING SUPPLEMENT.

Section 9.8.          No Waiver; Remedies. No party’s failure or delay in exercising a power, right or remedy under this Agreement or any Servicing Supplement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers,

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rights and remedies under this Agreement and any Servicing Supplement are in addition to any powers, rights and remedies under law.

Section 9.9.          Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 9.10.        Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 9.11.        Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD MOTOR CREDIT COMPANY LLC,
as Servicer and as Lender
By:	/s/ Nathan Herbert
	Name:	Nathan Herbert
	Title:	Assistant Secretary
CAB EAST LLC,
acting for its series of limited liability company interests designated as the “Collateral Specified Interest,” as a Titling Company
By:	/s/ Nathan Herbert
	Name:	Nathan Herbert
	Title:	Assistant Secretary
CAB WEST LLC,
acting for its series of limited liability company interests designated as the “Collateral Specified Interest,” as a Titling Company
By:	/s/ Nathan Herbert
	Name:	Nathan Herbert
	Title:	Assistant Secretary
HTD LEASING LLC,
as Collateral Agent
By:	/s/ Melissa A. Rosal
	Name:	Melissa A. Rosal
	Title:	President

[Signature Page to Servicing Agreement (3d A&R)]

AGREED AND ACCEPTED BY:
U.S. BANK NATIONAL ASSOCIATION,
as Administrative Agent
By:	/s/ Melissa A. Rosal
	Name:	Melissa A. Rosal
	Title:	Vice President
FORD MOTOR CREDIT COMPANY LLC,
as Custodian
By:	/s/ Nathan Herbert
	Name:	Nathan Herbert
	Title:	Assistant Secretary

[Signature Page to Servicing Agreement (3d A&R)]

EX-10.5

EXHIBIT 10.5

20__-__ SERVICING SUPPLEMENT

to the

THIRD AMENDED AND RESTATED
SERVICING AGREEMENT

dated as of July 22, 2005,
as amended and restated as of September 1, 2019

among

FORD MOTOR CREDIT COMPANY LLC,
as Servicer for the Collateral Specified Interests
and the 20__-__ Reference Pool and as Lender,

CAB EAST LLC and
CAB WEST LLC,
each acting for its series of limited liability company interests
designated as the "Collateral Specified Interest,"
as a Titling Company

and

HTD LEASING LLC,
as Collateral Agent

Dated as of _________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II REFERENCE POOL		1
Section 2.1.	Acknowledgment	1
ARTICLE III SERVICING OF LEASES AND LEASED VEHICLES		2
Section 3.1.	Engagement	2
Section 3.2.	Collection of Payments; Extensions and Amendments	2
Section 3.3.	Servicer's Reallocation of Leases and Leased Vehicles	2
Section 3.4.	Servicer Reports and Compliance Statements	3
Section 3.5.	Notices Under Servicing Agreement	5
Section 3.6.	Sarbanes-Oxley Certificates	5
Section 3.7.	Securities and Exchange Commission Filings	5
Section 3.8.	Review of Servicer's Records	5
Section 3.9.	Servicer's Authorized and Responsible Persons	5
Section 3.10.	Servicer's Fees	6
Section 3.11.	Servicer's Expenses	6
ARTICLE IV ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS		6
Section 4.1.	Bank Accounts	6
Section 4.2.	Investment of Funds in Bank Accounts	7
Section 4.3.	Deposits and Payments	8
Section 4.4.	[Advances]	9
Section 4.5.	[Payment of Advances]	10
Section 4.6.	Reserve Account Draw Amount	10
Section 4.7.	Direction to Indenture Trustee for Distributions	11
ARTICLE V SERVICER		11
Section 5.1.	Servicer's Representations and Warranties	11
Section 5.2.	Indemnities of Servicer	11
Section 5.3.	Reference Pool Servicer Termination Events	12
Section 5.4.	Servicer May Own Exchange Note and Notes	12
ARTICLE VI TERMINATION		12
Section 6.1.	Clean-Up Call	12
Section 6.2.	Termination of Servicing Supplement	13
ARTICLE VII OTHER AGREEMENTS		13
Section 7.1.	No Petition	13
Section 7.2.	Conflict with Servicing Agreement	13
ARTICLE VIII MISCELLANEOUS		13
Section 8.1.	Amendments	13
Section 8.2.	Benefit of Agreement; Third-Party Beneficiaries	13
Section 8.3.	GOVERNING LAW	13
Section 8.4.	Severability	13
Section 8.5.	Headings	13
Section 8.6.	Counterparts	14
Exhibit A      Form of Monthly Investor Report		EA-1

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20__-__ SERVICING SUPPLEMENT, dated as of _______, 20__ (this "Supplement"), to the Third Amended and Restated Servicing Agreement, dated as of July 22, 2005, as amended and restated as of September 1, 2019 (the "Servicing Agreement"), among FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer for the Collateral Specified Interests and the 20__-__ Reference Pool and as Lender under the Credit and Security Agreement, CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, each acting for its series of limited liability company interests designated as the "Collateral Specified Interest," as a Titling Company, and HTD Leasing LLC, as Collateral Agent.

BACKGROUND

The Borrowers and the Lender have determined to issue the 20__-__ Exchange Note and to designate the 20__-__ Reference Pool under the Credit and Security Agreement and the Exchange Note Supplement.

The parties have determined to enter into this Supplement according to Section 2.3 of the Servicing Agreement to acknowledge the designation of the 20__-__ Reference Pool and identify the additional obligations required of the Servicer for the 20__-__ Reference Pool and the 20__-__ Exchange Note.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.           Usage and Definitions. Capitalized terms used but not defined in this Supplement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of _________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, the Collateral Agent and Ford Credit, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Supplement. Appendix 1 and Appendix A are incorporated by reference into this Supplement.

ARTICLE II
REFERENCE POOL

Section 2.1.           Acknowledgment. The parties acknowledge that the Leases and Leased Vehicles listed in Schedule A to the Exchange Note Supplement have been allocated to the Reference Pool designated as the "20__-__ Reference Pool" under the Exchange Note Supplement. References in this Supplement or in any other Transaction Document to "Leases" and "Leased Vehicles" will be to the Leases and Leased Vehicles then allocated to the 20__-__ Reference Pool, unless the context otherwise requires.

ARTICLE III
SERVICING OF LEASES AND LEASED VEHICLES

Section 3.1.           Engagement. Each party agrees that the Servicer under the Servicing Agreement is also engaged as Servicer under this Supplement for the 20__-__ Reference Pool and the 20__-__ Exchange Note and will act as agent of each Titling Company in the management and control of the Leases and Leased Vehicles and for all other purposes in this Supplement and the Servicing Agreement, and Ford Credit accepts the engagement.

Section 3.2.           Collection of Payments; Extensions and Amendments. The Servicer will use reasonable efforts to collect all payments due under each Lease in the 20__-__ Reference Pool. The Servicer may waive late payment charges or other fees that may be collected in the ordinary course of servicing a Lease. The Servicer may grant extensions, refunds, rebates or adjustments on a Lease or amend a Lease according to the Servicing Procedures. However, if the Servicer (a) grants a Payment Extension or Term Extension on a Lease in the 20__-__ Reference Pool resulting in the final payment date of the Lease being later than the Final Scheduled Payment Date of the most junior Class of Notes issued by the Issuer or (b) modifies the amount of the Base Payment due on a Lease, it will reallocate the Lease and the related Leased Vehicle to the Revolving Facility Pool under Section 3.3, unless it is required to take the action by law or court order.

Section 3.3.           Servicer's Reallocation of Leases and Leased Vehicles.

(a)            Reallocation for Servicer Modifications. If an extension or modification of a Lease and Leased Vehicle is made that requires them to be reallocated under Section 3.2, the Servicer will reallocate the Lease and Leased Vehicle to the Revolving Facility Pool.

(b)            Reallocation for Breach of Servicer's Obligations. If a Responsible Person of the Servicer has knowledge, or receives notice from the Collateral Agent, the Depositor, the 20__-__ Exchange Noteholder, the Owner Trustee or the Indenture Trustee, of a breach of the Servicer's obligations in Section 3.3(e) or (f) of the Servicing Agreement that has a material adverse effect on a Lease or Leased Vehicle or the rights of the Issuer or the Indenture Trustee in any Lease or Leased Vehicle, the Servicer will reallocate the Lease and Leased Vehicle to the Revolving Facility Pool.

(c)            Reallocation for System Limitation or Inability to Service. If the Servicer, in its sole discretion, determines that as a result of a receivables systems error or receivables systems limitation or for any other reason the Servicer is unable to service a Lease according to the Servicing Procedures and the terms of this Supplement and the Servicing Agreement, the Servicer may reallocate the Lease and Leased Vehicle to the Revolving Facility Pool.

(d)            [Reallocation for Disaster Extension Offers. If the Servicer offers Payment Extensions to Lessees located in a major disaster area as declared by the Federal Emergency Management Agency before the Closing Date and a Lessee accepts the offered Payment Extensions which results in the related Lease being extended for a total of more than three months, the Servicer will reallocate the related Lease and Leased Vehicle to the Revolving Facility Pool.]

(e)            Reallocation of Leases and Leased Vehicles; Payment of Administrative Reallocation Amount. For any reallocation of a Lease and Leased Vehicle by the Servicer under

2

this Section 3.3, the Servicer will reallocate the Lease and Leased Vehicle by paying the Administrative Reallocation Amount on the Business Day before the Payment Date (or, with satisfaction of the Rating Agency Condition, on the Payment Date) related to the Collection Period in which the Servicer made the extension or modification on the Lease, has knowledge or receives notice of the breach or determines the need for reallocation or, at the Servicer's option, on or before the following Payment Date, unless the breach is cured in all material respects before that Payment Date. If Ford Credit is the Servicer, it may pay any Administrative Reallocation Amounts according to Section 4.3(c).

(f)             Reallocation of Leases and Leased Vehicles. When the Servicer's payment of the Administrative Reallocation Amount for a Lease and Leased Vehicle is included in Exchange Note Available Funds for a Payment Date, the Lease and Leased Vehicle will be deemed to have been reallocated to the Revolving Facility Pool, effective as of the last day of the Collection Period before the related Collection Period. After the reallocation, the Servicer will mark its receivables systems to indicate that the lease and leased vehicle is no longer a Lease and Leased Vehicle in the 20__-__ Reference Pool.

(g)            No Obligation to Investigate. None of the Servicer, the Collateral Agent, the Issuer, the Owner Trustee, the Indenture Trustee, the Sponsor, the Depositor or the Administrator will be obligated to investigate whether a breach or other event has occurred that would require the reallocation of any Lease and Leased Vehicle under this Section 3.3 or whether any Lease and Leased Vehicle is required to be reallocated under this Section 3.3.

(h)            Reallocation is Sole Remedy. The sole remedy of the Collateral Agent, the Depositor, the 20__-__ Exchange Noteholder, the Owner Trustee, the Indenture Trustee and the Secured Parties for the occurrence of a condition stated in Section 3.2 or a breach of a covenant made by the Servicer in Section 3.3(e) or (f) of the Servicing Agreement is the Servicer's reallocation of the Lease and the Leased Vehicle to the Revolving Facility Pool under this Section 3.3.

(i)            Reallocation for Advance Payment Plan Lease Refunds. If the Servicer determines to refund any amounts that were paid by a Lessee under an Advance Payment Plan Lease at the time it was originated, the Servicer may reallocate the Advance Payment Plan Lease and related Leased Vehicle to the Revolving Facility Pool.

Section 3.4.          Servicer Reports and Compliance Statements.

(a)            Monthly Reports.

(i)       Investor Report. At least two Business Days before each Payment Date, the Servicer will deliver to the Depositor, the Issuer, the Indenture Trustee, the Note Paying Agent, the Administrator and the Rating Agencies a servicing report substantially in the form of Exhibit A (the "Monthly Investor Report") for that Payment Date and the related Collection Period. A Responsible Person of the Servicer will certify that the information in the Monthly Investor Report is accurate in all material respects. The Servicer will include the disclosure required by Rule [4(c)(1)(ii)][4(c)(2)(ii)] of Regulation RR in the first Monthly Investor Report.

3

(ii)      Asset-Level Information. On or before the 15th day following each Payment Date, the Servicer will prepare a Form ABS-EE, including an asset data file and asset-related document containing the asset-level information for each Lease and Leased Vehicle for the prior Collection Period as required by Item 1A of Form 10-D.

(iii)     [Benchmark Replacement; Benchmark Replacement Conforming Changes. Upon receipt of notice from the Issuer of the determination of a Benchmark Replacement and/or the making of any Benchmark Replacement Conforming Changes, the Servicer will include in the Monthly Investor Report any information regarding the Unadjusted Benchmark Replacement, the Benchmark Replacement Adjustment and any such Benchmark Replacement Conforming Changes provided by the Issuer.]

(b)            Annual Statement of Compliance. The Servicer will deliver to the Depositor, the Issuer, the Indenture Trustee, the Administrator and the Rating Agencies within 90 days after the end of each year, starting with the year after the Closing Date, an Officer's Certificate signed by a Responsible Person of the Servicer, stating that (i) a review of the Servicer's activities during the prior year and of its performance under this Supplement and the Servicing Agreement has been made under the Responsible Person's supervision and (ii) to the Responsible Person's knowledge, based on the review, the Servicer has fulfilled in all material respects all of its obligations under this Supplement and the Servicing Agreement throughout the prior year or, if there has been a failure to fulfill any obligation in any material respect, stating each failure known to the Responsible Person and the nature and status of the failure. A copy of this Officer's Certificate may be obtained by any Noteholder or Note Owner by request to the Indenture Trustee.

(c)            Report on Assessment of Compliance with Servicing Criteria and Attestation. The Servicer will:

(i)       deliver to the Depositor, the Issuer, the Indenture Trustee, the Administrator and the Rating Agencies, a report on its assessment of compliance with the minimum servicing criteria during the prior year, including disclosure of any material instance of non-compliance identified by the Servicer, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB; and

(ii)      cause a firm of registered public accountants to deliver an attestation report on the assessment of compliance with the minimum servicing criteria that (A) satisfies the requirements of Rule 13a-18 or 15d-18 under the Exchange Act, as applicable, (B) complies with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and (C) indicates that the firm is qualified and independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act.

These reports will be delivered within 90 days after the end of each year, starting in the year after the Closing Date. A copy of these reports may be obtained by any Noteholder or Note Owner by request to the Indenture Trustee.

(d)            Termination of Reporting Obligation. The Servicer's obligation to deliver or cause the delivery of reports under this Section 3.4 will terminate on payment in full of the Notes.

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Section 3.5.           Notices Under Servicing Agreement.

(a)            Notices and Certificates Under Servicing Agreement. The Servicer will deliver each notice or certificate received by it or delivered by it under the Servicing Agreement relating to this Supplement or the 20__-__ Reference Pool to the Issuer, the Indenture Trustee and the Administrator within five Business Days of receipt or delivery by the Servicer.

(b)            Notice of Merger or Consolidation. The Servicer will notify the Exchange Noteholder and the Rating Agencies of any merger, consolidation, succession or assignment under Section 7.7 of the Servicing Agreement.

(c)            Notice of Reference Pool Servicer Termination Event. The Servicer will notify the Depositor, the Issuer, the Indenture Trustee, the Administrator and the Rating Agencies of any Reference Pool Servicer Termination Event for the 20__-__ Reference Pool or any event that with the giving of notice or lapse of time, or both, would become a Reference Pool Servicer Termination Event for the 20__-__ Reference Pool, no later than five Business Days after a Responsible Person of the Servicer has knowledge of the event.

Section 3.6.           Sarbanes-Oxley Certificates. If directed by the Administrator, the Servicer will prepare, execute and deliver all certificates or other documents required to be delivered by the Issuer under the Sarbanes-Oxley Act of 2002.

Section 3.7.           Securities and Exchange Commission Filings. To the extent permitted by law, the Servicer is authorized to execute and, on the request of the Issuer or the Administrator, will prepare, execute and file, on behalf of the Issuer, any Securities and Exchange Commission filings required to be filed by the Issuer under Section 7.3 of the Indenture.

Section 3.8.           Review of Servicer's Records. The Servicer will maintain records and documents relating to its performance under this Supplement and the Servicing Agreement according to its customary business practices. On reasonable request not more than once during any year, the Servicer will give the Issuer, the Depositor, the Administrator, the Owner Trustee and the Indenture Trustee (or their representatives) access to the records and documents to conduct a review of the Servicer's performance under this Supplement and the Servicing Agreement. Any access or review will be conducted at the Servicer's offices during its normal business hours at a time reasonably convenient to the Servicer and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Servicer's confidentiality and privacy policies.

Section 3.9.           Servicer's Authorized and Responsible Persons. On or before the Closing Date, the Servicer will notify the Indenture Trustee and the Owner Trustee of each Person who (a) is authorized to give instructions and directions to the Indenture Trustee and the Owner Trustee on behalf of the Servicer and (b) is a Responsible Person for the Servicer. The Servicer may change such Persons by notifying the Indenture Trustee and the Owner Trustee.

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Section 3.10.         Servicer's Fees.

(a)            Reference Pool Servicing Fee. As compensation for performing its obligations under the Servicing Agreement and this Supplement relating to the 20__-__ Reference Pool, the Servicer will be paid the Reference Pool Servicing Fee.

(i)       The "Reference Pool Servicing Fee" will, for a Payment Date, be an amount equal to the sum of (A) the product of: (1) one-twelfth of 1.00%; times (2) the Pool Balance as of the last day of the related Collection Period (or the Cutoff Date for the first Payment Date), plus (B) the portion of the Reference Pool Servicing Fee for the prior Payment Date, if any, that was not paid on that Payment Date.

(ii)       The Reference Pool Servicing Fee will be payable solely from, and the right of the Servicer to receive the Reference Pool Servicing Fee will be limited in recourse to, the 20__-__ Collections and other amounts applied to the payment of that fee under the Exchange Note Supplement.

(b)            Lease Administration Amounts. As additional compensation for performing its obligations under the Servicing Agreement and this Supplement and as reimbursement for costs and expenses incurred in performing its obligations, the Servicer will be entitled to retain for its own account Lease Administration Amounts (or to withdraw and retain Lease Administration Amounts that nevertheless have been deposited in the Exchange Note Collection Account). Lease Administration Amounts are the property of the Servicer.

(c)            Administration Fee. As compensation for the performance of its obligations under the Servicing Agreement and this Supplement relating to the servicing of the 20__-__ Exchange Note, the Servicer will be entitled to the Administration Fee, payable according to the Exchange Note Supplement.

Section 3.11.         Servicer's Expenses. If Ford Credit is the Servicer, it may retain for its own account 20__-__ Collections to the extent of reimbursable amounts under Section 3.8 of the Servicing Agreement for the 20__-__ Reference Pool.

ARTICLE IV
ACCOUNTS, COLLECTIONS AND APPLICATION OF FUNDS

Section 4.1.           Bank Accounts

(a)            Establishment of Bank Accounts. On or before the Exchange Note Issuance Date, the Servicer will establish the following segregated trust accounts at a Qualified Institution (initially the corporate trust department of ________________), each in the name "____________________, as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 20__-__", to be designated as follows:

(i)       "Exchange Note Collection Account" with account number ______;

(ii)      "Collection Account" with account number ______; and

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(iii)     "Reserve Account" with account number ______.

(b)            Control of the Bank Accounts. Each of the Bank Accounts will be under the control of the Indenture Trustee so long as the Bank Accounts remain subject to the Lien of the Indenture, except that the Servicer may make deposits to and direct the Indenture Trustee to make deposits to or withdrawals from the Bank Accounts according to the Transaction Documents. The Servicer may direct the Indenture Trustee to withdraw from the Exchange Note Collection Account and pay to the Servicer or as directed by the Servicer amounts that are not Exchange Note Available Funds for a Collection Period or that were deposited in the Exchange Note Collection Account in error. After the Notes are paid in full and the Bank Accounts are released from the Lien of the Indenture, the Exchange Note Collection Account will be under the control of the Collateral Agent, the Collection Account will be under the control of the Servicer and the Reserve Account will be under the control of the Depositor. Following the payment in full of the 20__-__ Exchange Note, the Exchange Note Collection Account will be under the control of the Borrowers.

(c)            Benefit of Accounts; Deposits and Withdrawals. The Bank Accounts and all cash, money, securities, investments, financial assets and other property deposited in or credited to them will be maintained by the Indenture Trustee (i) until the payment in full of the Notes and the release of the Bank Accounts from the Lien under the Indenture, as secured party for the benefit of the Secured Parties, (ii) then, until the payment in full of the 20__-__ Exchange Note, as agent of the Collateral Agent and (iii) then, as agent of the Borrowers. All deposits to and withdrawals from the Bank Accounts will be made according to the Transaction Documents.

(d)            Maintenance of Accounts. If an institution maintaining the Bank Accounts ceases to be a Qualified Institution, the Servicer will, with the Indenture Trustee's assistance as necessary, move the Bank Accounts to a Qualified Institution within 30 days.

(e)            Compliance. Each Bank Account will be subject to the Account Control Agreement or the Titling Company Account Control Agreement. The Servicer will ensure that the Account Control Agreement and the Titling Company Account Control Agreement require the Qualified Institution maintaining the Bank Accounts to comply with "entitlement orders" (as defined in Section 8-102 of the UCC) from the Indenture Trustee without further consent of the Issuer, if the Notes are Outstanding, or the Borrowers, if the 20__-__ Exchange Note is Outstanding, and to act as a "securities intermediary" according to the UCC.

Section 4.2.           Investment of Funds in Bank Accounts.

(a)            Permitted Investments. If no Default, Event of Default or Exchange Note Default has occurred and is continuing, the Servicer may instruct the Indenture Trustee to invest any funds in the Bank Accounts in Permitted Investments and, if investment instructions are received, the Indenture Trustee will direct the Qualified Institution maintaining the Bank Accounts to invest the funds in the Bank Accounts in those Permitted Investments. The investment instructions from the Servicer may be in the form of a standing instruction. If (i) the Servicer fails to give investment instructions for any funds in a Bank Account to the Indenture Trustee by 11:00 a.m. New York time (or other time as may be agreed by the Indenture Trustee) on the Business Day before a Payment Date or (ii) the Qualified Institution receives notice from the Indenture Trustee that a Default, Event of Default or Exchange Note Default has occurred and is continuing for the Notes

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or the 20__-__ Exchange Note, the Qualified Institution will invest and reinvest funds in the Bank Accounts according to the last investment instructions received, if any. If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received. The Servicer may direct the Indenture Trustee to consent, vote, waive or take any other action, or not to take any action, on any matters available to the holder of the Permitted Investments.

(b)            Maturity of Investments. Any Permitted Investments of funds in the Bank Accounts (or any reinvestments of the Permitted Investments) for a Collection Period must mature, if applicable, and be available no later than the Business Day before the related Payment Date. However, funds in the Reserve Account may be invested in Permitted Investments that will not mature or be available before the related Payment Date if the Rating Agency Condition has been satisfied for the investment. Any Permitted Investments with a maturity date will be held to their maturity, except that such Permitted Investments may be sold or disposed of before their maturity (i) if they relate to funds in the Reserve Account required to satisfy the Reserve Account Draw Amount on a Payment Date or (ii) in connection with the sale or liquidation of the Leases and Leased Vehicles following an Exchange Note Default under Section 6.6(a) of the Credit and Security Agreement.

(c)            No Liability for Investments. None of the Depositor, the Servicer, the Indenture Trustee or the Qualified Institution maintaining any Bank Account will be liable for the selection of Permitted Investments or for investment losses incurred on Permitted Investments (other than in the capacity as obligor, if applicable).

(d)            Continuation of Liens in Investments. The Servicer will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in the Bank Account unless the security interest Granted and perfected in the account in favor of the Indenture Trustee will continue to be perfected in the investment or the proceeds of the sale without further action by any Person.

(e)            Investment Earnings. The Servicer will receive investment earnings (net of losses and investment expenses) on funds in the Bank Accounts as additional compensation for the servicing of the Leases and Leased Vehicles. The Servicer will direct the Indenture Trustee to withdraw the investment earnings and distribute them to the Servicer on each Payment Date.

Section 4.3.           Deposits and Payments.

(a)            Exchange Note Issuance Date Deposit. On the Exchange Note Issuance Date, the Servicer will deposit in the Exchange Note Collection Account an amount equal to the sum of (i) the Cutoff Date Payahead Amount and (ii) all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases during the period from the Cutoff Date to two Business Days before the Exchange Note Issuance Date.

(b)            Deposit of Collections.

(i)       If the Servicer's short term unsecured debt is not rated at least the Monthly Deposit Required Ratings or a Reference Pool Servicer Termination Event for the 20__-__

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Reference Pool occurs, the Servicer will deposit in the Exchange Note Collection Account all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases within two Business Days after application.

(ii)      If the Servicer is Ford Credit and Ford Credit's short term unsecured debt is rated at least ["F1" by Fitch, "P-1" by Moody's and "A-1" by Standard & Poor's] (the "Monthly Deposit Required Ratings"), Ford Credit may deposit all Active Lease Proceeds, Terminating Lease Proceeds and Closed Lease Proceeds (excluding Recoveries) received and applied on the Leases in the Exchange Note Collection Account on the Business Day before each Payment Date or, with satisfaction of the Rating Agency Condition, on each Payment Date.

(iii)     The Servicer may deposit in the Exchange Note Collection Account all Administrative Reallocation Amounts, [Active Lease Advances,] Payment Extension Fees and Recoveries received and applied in a Collection Period on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on the related Payment Date.

(c)            Reconciliation of Deposits. If Ford Credit is the Servicer and for any Payment Date, the sum of (i) 20__-__ Collections for the Collection Period, plus (ii) Administrative Reallocation Amounts for the Payment Date, exceeds the amounts deposited under Section 4.3(b) for the Collection Period, Ford Credit will deposit an amount equal to the excess into the Collection Account on the Business Day before the Payment Date or, with satisfaction of the Rating Agency Condition, on the Payment Date. If, for any Payment Date, the amounts deposited under Section 4.3(b) for the Collection Period exceed the sum of (i) 20__-__ Collections for the Collection Period, plus (ii) Administrative Reallocation Amounts for the Payment Date, the Indenture Trustee will pay to Ford Credit an amount equal to the excess within two Business Days of Ford Credit's direction, but no later than the Payment Date. If requested by the Indenture Trustee, Ford Credit will provide reasonable supporting details for its calculation of the amounts to be deposited or paid under this Section 4.3(c).

(d)            Net Deposits. Ford Credit may make the deposits and payments required by Section 4.3(b) net of Reference Pool Servicing Fees to be paid to Ford Credit for the Collection Period[, Advance Reimbursement Amounts the Servicer is permitted to retain under Section 4.4(b)] and amounts the Servicer is permitted to retain or be reimbursed for under Section 3.10. The Servicer will account for all deposits and payments in the Monthly Investor Report as if the amounts were deposited and/or paid separately.

(e)            No Segregation. Pending deposit in the Exchange Note Collection Account, the Servicer is not required to segregate 20__-__ Collections or Payaheads from its own funds.

Section 4.4.         [Advances].

(a)            [Advances by Servicer. The Servicer may, at its option, make an advance for each Active Lease other than an Advance Payment Plan Lease and each Collection Period if the Base Payment exceeds the sum of (i) Active Lease Proceeds (which may be positive or negative) plus

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(ii) the Payahead Draw, by depositing the amount of the excess (equal to the Active Lease Advance) in the Exchange Note Collection Account on the Business Day before the related Payment Date or, with satisfaction of the Rating Agency Condition, on that Payment Date. However, the Servicer will only make Active Lease Advances on a Lease if the Servicer, in its sole discretion, determines that the advances will be recoverable from subsequent 20__-__ Collections (whether relating to the Lease and Leased Vehicle or another Lease or Leased Vehicle) under Section 4.3(b).

(b)            Reimbursement for Outstanding Advances. During each Collection Period, the Servicer will be reimbursed for any outstanding Advance Balance on a Lease for the prior Collection Period (or, for the first Collection Period, as of the Cutoff Date) by retaining the following amounts (the "Advance Reimbursement Amount") in the following order of priority:

(i)       first, if the Lease is an Active Lease in the Collection Period, an amount equal to the lesser of (A) the sum of (1) Active Lease Proceeds, plus (2) the Administrative Reallocation Amount, if any, minus (3) the Base Payment, in each case for the Lease and the Collection Period and (B) the Advance Balance;

(ii)      second, if the Lease is a Terminating Lease or a Closed Lease in the Collection Period, an amount equal to the lesser of (A) the sum of (1) the Terminating Lease Proceeds, plus (2) the Closed Lease Proceeds, plus (3) the Administrative Reallocation Amount, if any, in each case for the Lease and the Collection Period and (B) the Advance Balance; and

(iii)     third, on and after the Collection Period that includes the Closed Date for the Lease, an amount equal to the lesser of (A) the sum of Active Lease Proceeds, Terminating Lease Proceeds, Closed Lease Proceeds and Administrative Reallocation Amounts (in each case not relating to the Lease) for the Collection Period and (B) the excess, if any, of (1) the Advance Balance over (2) the amount retained by the Servicer under Section 4.3(b)(ii) for the current Collection Period.

(c)            Direction for Reimbursement. The Servicer may direct the Indenture Trustee, if the Notes are Outstanding, and then, the Collateral Agent, to withdraw from the Exchange Note Collection Account and pay to the Servicer any amounts the Servicer is entitled to retain under this Section 4.4(c) if those amounts have been deposited in the Exchange Note Collection Account.]

Section 4.5.           [Payment of Advances]. [If a successor Servicer is appointed under the Servicing Agreement, the predecessor Servicer will be entitled to be reimbursed for the Advance Balances outstanding on the date of resignation or termination of the predecessor Servicer. Advance Reimbursement Amount for a Lease will be applied (a) first, to the Advance Balances outstanding on the date of resignation or termination of the predecessor Servicer and (b) second, to any remaining Advance Balances.]

Section 4.6.           Reserve Account Draw Amount. At least two Business Days before each Payment Date, the Servicer will calculate the Reserve Account Draw Amount for the Payment Date and will direct the Indenture Trustee to withdraw the amount, if any, from the Reserve Account and deposit it in the Exchange Note Collection Account.

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Section 4.7.           Direction to Indenture Trustee for Distributions. At least two Business Days before a Payment Date, the Servicer will direct the Indenture Trustee (based on the most recent Monthly Investor Report) to make the withdrawals, deposits, distributions and payments required to be made on the Payment Date under Section 5.1 of the Exchange Note Supplement, Section 8.2 of the Indenture and Section 4.3(c) of this Agreement.

ARTICLE V
SERVICER

Section 5.1.           Servicer's Representations and Warranties. The Servicer has made the representations and warranties in Section 6.1 of the Servicing Agreement, which representations and warranties (i) the Lender, the Titling Companies and the Collateral Agent have relied on, and the Depositor and the Issuer will rely on in acquiring the 20__-__ Exchange Note, and (ii) are remade as of the Exchange Note Issuance Date and will survive the sale and assignment of the 20__-__ Exchange Note by Ford Credit to the Depositor under the Exchange Note Purchase Agreement and by the Depositor to the Issuer under the Exchange Note Sale Agreement and the pledge of the 20__-__ Exchange Note by the Issuer to the Indenture Trustee under the Indenture.

Section 5.2.           Indemnities of Servicer.

(a)            Indemnification under Servicing Agreement. In addition to the Indemnified Persons listed in Section 6.3(a) of the Servicing Agreement, the Servicer will also indemnify the Issuer, the Owner Trustee and the Indenture Trustee as "Indemnified Persons" under that Section.

(b)            Indemnification for Servicing. The Servicer will indemnify each Titling Company, each Holding Company, the Administrative Agent, the Collateral Agent, the Lender, the Issuer, the Owner Trustee, the Indenture Trustee, the 20__-__ Exchange Noteholder and their officers, directors, employees and agents (each, an "Indemnified Person") for all fees, expenses, losses, damages and liabilities resulting from the Servicer's (including in its capacity as Custodian) willful misconduct, bad faith or negligence in performing its obligations under the Transaction Documents (including the fees and expenses of defending themselves against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Servicer's indemnification obligations).

(c)            Proceedings. If an Indemnified Person receives notice of a proceeding against it, the Indemnified Person will, if a claim will be made against the Servicer under this Section 5.2, promptly notify the Servicer of the proceeding. The Servicer may participate in and assume the defense and settlement of a proceeding at its expense. If the Servicer notifies the Indemnified Person of its intention to assume the defense of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Servicer assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Servicer will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Servicer and the Indemnified Person. If there is a conflict, the Servicer will pay the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a proceeding may be made without the approval of the Servicer and the Indemnified Person, which approval will not be unreasonably withheld.

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(d)            Survival of Obligations. The Servicer's obligations under this Section 5.2, for the period it was the Servicer, will survive the Servicer's resignation or termination, the termination of this Supplement, the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of the Issuer.

(e)            Repayment. If the Servicer makes a payment to an Indemnified Person under this Section 5.2 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Servicer.

Section 5.3.           Reference Pool Servicer Termination Events. The Reference Pool Servicer Termination Events applicable to the 20__-__ Reference Pool are as stated in Section 7.3(a) of the Servicing Agreement. [There are no additional Reference Pool Servicer Termination Events for the 20__-__ Reference Pool.]

Section 5.4.           Servicer May Own Exchange Note and Notes. The Servicer and any Affiliate of the Servicer may, in its individual or other capacity, become the owner or pledgee of the 20__-__ Exchange Note and the Notes with the same rights as it would have if it were not the Servicer or an Affiliate of the Servicer, except as otherwise stated in any Transaction Document.

ARTICLE VI
TERMINATION

Section 6.1.           Clean-Up Call.

(a)            Servicer Option. If the aggregate Note Balance on any Payment Date (after giving effect to any principal payments to be made on the Notes on such Payment Date) is equal to or less than [5]% of the initial aggregate Note Balance, the Servicer will have the option to purchase the 20__-__ Exchange Note in whole but not in part on such Payment Date. The Servicer may exercise its option to purchase the 20__-__ Exchange Note by (i) notifying the Collateral Agent, the Borrowers, the Owner Trustee, the Administrative Agent, the Indenture Trustee and the Rating Agencies at least ten days before the related Payment Date (which Payment Date will be the Exchange Note Purchase Date) and (ii) depositing in the Exchange Note Collection Account an amount equal to the Exchange Note Purchase Price on the Business Day before the Exchange Note Purchase Date (or, with satisfaction of the Rating Agency Condition, on the Exchange Note Purchase Date). However, the Servicer may not exercise its option to purchase the 20__-__ Exchange Note unless the sum of (i) the Exchange Note Purchase Price and (ii) the amount in the Exchange Note Collection Account for the related Collection Period, is greater than or equal to the sum of (A) the Note Redemption Price for the Notes and (B) all other amounts payable by the Issuer under the Transaction Documents.

(b)            Cancellation and Reallocation. If the Servicer and the Lender under the Credit and Security Agreement are the same entity, on purchase of the 20__-__ Exchange Note by the Servicer under Section 6.1(a), the Servicer may, on notice to the Borrowers, the Lender, the Collateral Agent and the Administrative Agent, direct that the 20__-__ Exchange Note be cancelled by the Lender and the Leases and related Leased Vehicles be reallocated to the Revolving Facility Pool by the Collateral Agent.

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Section 6.2.           Termination of Servicing Supplement. This Supplement will terminate when the Servicing Agreement terminates, and may also be terminated by the Servicer or the Titling Companies at any time after the payment in full or cancellation of the 20__-__ Exchange Note.

ARTICLE VII
OTHER AGREEMENTS

Section 7.1.           No Petition. Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 7.1 will survive the termination of this Supplement.

Section 7.2.           Conflict with Servicing Agreement. If there is a conflict between this Supplement and the Servicing Agreement, this Supplement will govern for the 20__-__ Reference Pool only.

ARTICLE VIII
MISCELLANEOUS

Section 8.1.           Amendments. This Supplement may be amended according to Section 9.1 of the Servicing Agreement [(including to clarify an ambiguity, correct an error or correct or supplement any term of this Supplement that may be defective or inconsistent with the terms of any prospectus or offering memorandum related to the Notes)]. Promptly on the execution of an amendment to this Supplement or the Servicing Agreement, (a) the Servicer will deliver a copy of the amendment to the Issuer, the Indenture Trustee, the Administrator and the Rating Agencies and (b) the Indenture Trustee will notify each Noteholder of the substance of the amendment.

Section 8.2.           Benefit of Agreement; Third-Party Beneficiaries. The Servicing Agreement and this Supplement are for the benefit of and will be binding on the parties and their permitted successors and assigns. The 20__-__ Exchange Noteholder, the Owner Trustee and the Indenture Trustee for the benefit of the Secured Parties will be third-party beneficiaries of this Supplement and may enforce this Supplement against the Servicer. No other Person will have any right or obligation under this Supplement.

Section 8.3.           GOVERNING LAW. THIS SUPPLEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 8.4.           Severability. If a part of this Supplement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Supplement and will in no way affect the validity, legality or enforceability of the remaining Supplement.

Section 8.5.           Headings. The headings in this Supplement are included for convenience and will not affect the meaning or interpretation of this Supplement.

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Section 8.6.           Counterparts. This Supplement may be executed in multiple counterparts. Each counterpart will be an original and the counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD MOTOR CREDIT COMPANY LLC,
	as Servicer for the Collateral Specified Interests and the 20__-__ Reference Pool and as Lender
By:
	Name:
	Title:
CAB EAST LLC,
	acting for its series of limited liability company interests designated as the "Collateral Specified Interest," as a Titling Company
By:
	Name:
	Title:
CAB WEST LLC,
	acting for its series of limited liability company interests designated as the "Collateral Specified Interest," as a Titling Company
By:
	Name:
	Title:
HTD LEASING LLC,
	as Collateral Agent
By:
	Name:
	Title:

[Signature Page to Servicing Supplement]

Exhibit A

Form of Monthly Investor Report

Ford Credit Auto Lease Trust 20__-_
Monthly Investor Report

Payment Date
Collection Period
Transaction Month

Additional information about the structure, cashflows, defined terms and parties for this transaction can be found in the prospectus, available on the SEC website (http://www.sec.gov) under the registration number 333-______ and at [https://www.ford.com/finance/investor-center/asset-backed-securitization].

I. SUMMARY

	Initial Balance	Beginning of Period Balance	End of Period Balance	End of Period Factor
20__-_ Reference Pool Balance
Total Note Balance
Total Overcollateralization
20__-_ Exchange Note Balance
20__-_ Exchange Note Overcollateralization

Overcollateralization	Beginning of Period	End of Period
20__-_ Reference Pool Balance as a % of Total Note Balance
20__-_ Reference Pool Balance as a % of 20__-_ Exchange Note Balance

	Note Interest Rate	Initial Balance	Beginning of Period Balance	End of Period Balance	End of Period Factor
Class A-1 Notes
Class A-2[a] Notes
[Class A-2b Notes]
Class A-3 Notes
Class A-4 Notes
Class B Notes
Class C Notes
[Class D Notes]
Total

	Principal Payments		Interest Payments		Total Payments
	Actual	per  $1000 Face	Actual	per $1000 Face	Actual	per $1000 Face
Class A-1 Notes
Class A-2[a] Notes
[Class A-2b Notes]
Class A-3 Notes
Class A-4 Notes
Class B Notes
Class C Notes
[Class D Notes]
Total

EA-1

II. POOL INFORMATION

	Lease Balance	Securitization Value	Residual Portion of Securitization Value
20__-_ Reference Pool
Beginning of Period
Change
End of Period
Residual Portion of Securitization Value as % of Securitization Value at end of period

	At Cutoff Date	Terminations in Prior Periods	Beginning of Period	Terminations in Current Period	End of Period
Number of Leases
Weighted Average Remaining Term to Maturity in Months				Beginning of Period	End of Period

Delinquent Leases	Number of Leases	Securitization Value	% of End of Period Reference Pool Balance
31 – 60 Days Delinquent
61 – 90 Days Delinquent
91 –120 Days Delinquent
Over 120 Days Delinquent
Total Delinquent Leases
Delinquency Trigger (61+ Delinquent Leases):
Transaction Month	Trigger
1 – 12:	___%
13+:	___%
61+ Delinquent Leases Balance to EOP Reference Pool Balance:
Delinquency Trigger Occurred:	[Y/N]
Payment Extensions Granted in the Current Collection Period	Number of Leases	Securitization Value
1 Month Extensions
2 Month Extensions
3 Month Extensions
Total Extensions
Prepayment Speed	Current Period	Cumulative

III. EXCHANGE NOTE COLLECTIONS AND DISTRIBUTIONS

Collections

Base Monthly Payments (Rent)

plus:  Payoffs

plus:  Other (including extension fees, excess charges, etc.)

minus:  Payaheads

plus:  Payahead Draws

plus:  Advances

minus:  Advance Reimbursement Amounts

plus: Administrative Reallocation Amounts

plus:   Net Sale Proceeds

plus:  Recoveries

Total Collections

Reserve Account Draw Amount

Total Collections Plus
Reserve Account Draw Amounts

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Exchange Note Distributions

	Amount Due	Amount Paid	Remaining Available Funds	Shortfall
Ref Pool Servicing Fee and Adv Reimbursement
20-__-_ Exchange Note Interest Payment
Shortfall Payment (to cover Notes)
Reserve Account Deposit
20-__-_ Exchange Note Principal Payment
Shared Amounts
Excess Exchange Note Amounts
Total

IV. AVAILABLE FUNDS AND DISTRIBUTIONS

Available Funds

20-__-_ Exchange Note Interest Payment

20-__-_ Exchange Note Principal Payment

Shortfall Payment (to cover Notes)

Excess Exchange Note Amounts

Total

ABS Note Distributions	Amount Due	Amount Paid	Remaining Available Funds	Shortfall
Trustee Fees and Expenses
Administration Fee
Class A-1 Interest
Class A-2[a] Interest
[Class A-2b Interest]
Class A-3 Interest
Class A-4 Interest
Total Class A Interest
First Priority Principal Payment
Class B Interest
Second Priority Principal Payment
Class C Interest
[Third Priority Principal Payment]
[Class D Interest]
Specified Reserve Deposit
Regular Principal Payment
Additional Trustee Fee and Expenses
Remaining Funds to Holder of Residual Interest
Total

V. RECONCILIATION OF ADVANCES AND PAYAHEADS

Advances

Beginning of Period Advance Balance

plus: Additional Advances

minus: Advance of Reimbursement Amounts

End of Period Advance Balance

Payaheads

Beginning of Period Payahead Balance

plus: Additional Payaheads

minus: Payahead Draws

End of Period Payahead Balance

VI. RESERVE ACCOUNT

Beginning of Period Reserve Account Balance

minus: Reserve Account Draw

plus:  Reserve Deposit from Exchange Note Distributions

plus: Reserve Deposit from Note Distributions

End of Period Reserve Account Balance

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Memo:  Required Reserve Amount

VII. OVERCOLLATERALIZATION INFORMATION

Targeted Overcollateralization Amount

Actual Overcollateralization Amount (EOP Pool Balance – EOP Note Balance)

VIII. LEASE TERMINATIONS

	Number of Leases		Securitization Value
	Current Period	Cumulative	Current Period	Cumulative
Retained Vehicles
Early Terminations
Standard Terminations
Total Retained
Returned Vehicles
Early Terminations
Standard Terminations
Total Returned
Charged Off /Repossessed Vehicles
Removals by Servicer and Other
Total Terminations

Memo: 1)  Removals of Leases Terminated in Prior Periods	Current Period	Cumulative
2)  Number of Leases Scheduled to Terminate
Return Rate (Returned/Total Terminations)
Early Termination Rate (Early Terminations /Total Terminations)
Note:  An Early Termination is a lease that terminates more than three months prior to the month in which it is scheduled to terminate.

IX. GAIN (LOSS) CALCULATIONS

	Number of Leases		Gain (Loss)
	Current Period	Cumulative	Current Period	Cumulative
Gain (Loss) on Retained Vehicles
Customer Payments
plus: Payahead draws
minus: Unreimbursed Advances
minus: Securitization Value of Retained Vehicles
Total
Gain (Loss) Per Retained Vehicle
Gain (Loss) on Returned Vehicles
Customer Payments
plus: Net Sale Proceeds
plus: Payahead Draws
minus: Unreimbursed Advances
minus: Securitization Value of Returned Vehicles
Total
Gain (Loss) Per Returned Vehicle
Credit Gain (Loss) Charged Off/Repo Vehicles
Credit Gain (Loss) Per Charged Off/Repo Vehicle
Recoveries
Total Gain (Loss)- - Net of Recoveries
Average Gain (Loss) on all Retained, Returned, and Repossessed Vehicles Removals by Servicer and Other Note: There is no Gain or Loss on Removals
Memo: Residual Gain (Loss) on Returned Vehicles
Net Sale Proceeds
plus: Excess Wear and Use and Excess Mileage Assessed

EA-4

minus: Residual Portion of Securitization Value
Total
Residual Gain (Loss) Per Returned Vehicle
Prior and Current Collection Periods Average Gain (Loss):	Percent
Ratio of Total Gain (Loss) to the Average Pool Balance (annualized)
Third Prior Collection Period
Second Prior Collection Period
Prior Collection Period
Current Collection Period
Four Month Average (Current and Prior Three Collection Periods)
Ratio of Cumulative Total Gain (Loss) for all Collection Periods to Initial Pool Balance

X. CREDIT RISK RETENTION INFORMATION

[There were no material changes in the Depositor's retained interest in the transaction.]

[The fair value of the Notes and the Residual Interest on the Closing Date is summarized below:

	Fair Value (Mils.)		Fair Value (%)
Class A notes		$		%
Class B notes		$		%
Class C notes		$		%
[Class D Notes		$		%]
Residual Interest		$		%
Total		$		%

The Depositor must retain a Residual Interest with a fair value of at least 5% of the aggregate value of the Notes and Residual Interest, or $[insert dollar amount equal to 5% of the aggregate value of the Notes and Residual Interest], according to Regulation RR.]

[Description of material differences, if any, in methodology or key inputs and assumptions.]

[The Depositor must retain at least 5% of the initial Note Balance of each Class of Notes and of the Residual Interest or, as of the Closing Date, $____of the Class A Notes, $_____ of the Class B Notes, $_____ of the Class C Notes[, $_____ of the Class D Notes] and $ ____ of the Residual Interest, according to Regulation RR.]

[Describe any material change in the Depositor's retained interest for the transaction.]

[XI. FLOATING RATE BENCHMARK: BENCHMARK TRANSITION

Benchmark Transition Event:

Benchmark Replacement Date:

Unadjusted Benchmark Replacement:

Benchmark Replacement Adjustment:

Benchmark Replacement Conforming Changes:]

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[XI]/[XII]. REPURCHASE DEMAND ACTIVITY (RULE 15Ga-1)

(1)  Reallocation Activity

[No activity to report]

Name of Issuing Entity

Check if Registered

Name of Originator

Total Assets in ABS by Originator

Assets That Were Subject of Demand

Assets That Were Reallocated or Replaced

Assets Pending Reallocation or Replacement (within cure period)

Demand in Dispute

Demand Withdrawn

Demand Rejected

(#)

($)

(% of pool balance)

(#)

($)

(% of pool balance)

(#)

($)

(% of pool balance)

(#)

($)

(% of pool balance)

(#)

($)

(% of pool balance)

(#)

($)

(% of pool balance)

(#)

($)

(% of pool balance)

Retail Auto Leases: Ford Credit Auto Lease Trust 20__-__ CIK#

Ford Motor Credit Company LLC

(2)  Most Recent Form ABS-15G for repurchase demand activity

Filed by: Ford Motor Credit Company LLC

CIK#: 0000038009

Date: February __, 20__

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SERVICER CERTIFICATION

This report is accurate in all material respects.

Ford Motor Credit Company LLC

/s/                     ____________________   
[Assistant Treasurer]

EA-7

EX-10.7

EXHIBIT 10.7

ADMINISTRATION AGREEMENT

between

FORD CREDIT AUTO LEASE TRUST 20__-__,
as Issuer,

and

FORD MOTOR CREDIT COMPANY LLC,
as Administrator

Dated as of __________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II ADMINISTRATION OF ISSUER		1
Section 2.1.	Engagement of Administrator	1
Section 2.2.	Administrator's Rights and Obligations	1
Section 2.3.	Limits on Administrator's Rights and Obligations	2
Section 2.4.	Power of Attorney	3
Section 2.5.	Access to Issuer Records	3
Section 2.6.	Review of Administrator's Records	3
Section 2.7.	Updating List of Responsible Persons	3
Section 2.8.	Administrator's Fees and Expenses	3
ARTICLE III ADMINISTRATOR		3
Section 3.1.	Administrator's Representations and Warranties	3
Section 3.2.	Liability of Administrator	4
Section 3.3.	Indemnities	5
Section 3.4.	Resignation and Removal of Administrator	6
Section 3.5.	Successor Administrator	7
Section 3.6.	Merger, Consolidation, Succession or Assignment	7
ARTICLE IV OTHER AGREEMENTS		7
Section 4.1.	Independence of Administrator; No Joint Venture	7
Section 4.2.	Transactions with Affiliates; Other Transactions	8
Section 4.3.	Ford Credit in Other Capacities	8
Section 4.4.	No Petition	8
Section 4.5.	Limitation of Liability of Owner Trustee and Indenture Trustee	8
Section 4.6.	Termination	8
ARTICLE V MISCELLANEOUS		9
Section 5.1.	Amendments	9
Section 5.2.	Assignment; Benefit of Agreement; Third-Party Beneficiary	9
Section 5.3.	Notices	9
Section 5.4.	GOVERNING LAW	10
Section 5.5.	Submission to Jurisdiction	10
Section 5.6.	WAIVER OF JURY TRIAL	10
Section 5.7.	No Waiver; Remedies	10
Section 5.8.	Severability	10
Section 5.9.	Headings	10
Section 5.10.	Counterparts	10

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ADMINISTRATION AGREEMENT, dated as of __________, 20__ (this "Agreement"), between FORD CREDIT AUTO LEASE TRUST 20__-__, a Delaware statutory trust, as Issuer, and FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Administrator.

BACKGROUND

Ford Credit is the sponsor of a securitization transaction in which the Issuer was formed under the Trust Agreement and will issue the Notes under the Indenture.

The Issuer and the Owner Trustee have obligations under the Transaction Documents and intend that Ford Credit administer the activities of the Issuer and perform certain obligations of the Issuer and the Owner Trustee under the Transaction Documents.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.     Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this Agreement.

ARTICLE II
ADMINISTRATION OF ISSUER

Section 2.1.     Engagement of Administrator. The Issuer and the Owner Trustee engage the Administrator to perform the obligations of the Issuer and the Owner Trustee under the Transaction Documents as described in this Agreement, and the Administrator accepts the engagement.

Section 2.2.     Administrator's Rights and Obligations.

(a)            Rights and Obligations under Transaction Documents. The Administrator will perform the obligations of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) and take all action that the Issuer is required to take under the Transaction Documents, except for the Issuer's obligations to make payments on the Notes. In addition, the Administrator will perform the obligations of, and may exercise any rights given to, the Administrator in the Transaction Documents as if it were a party to the Transaction Documents in its capacity as Administrator.

(b)            Consulting and Monitoring. The Administrator will consult with the Owner Trustee about performing the Issuer's obligations under the Transaction Documents. The Administrator will monitor the Issuer's performance and will advise the Owner Trustee when action is necessary to perform the Issuer's obligations under the Transaction Documents and to comply with the Transaction Documents.

(c)            Preparing and Executing Documents. The Administrator will prepare, or cause to be prepared, all documents that the Issuer is required to prepare, file or deliver under the Transaction Documents. The Administrator will cause the documents to be executed by the Issuer or may execute the documents as Administrator on behalf of the Issuer. On execution of the documents by the Issuer or by the Administrator on behalf of the Issuer, the Administrator will file or deliver the documents as required by the Transaction Documents.

(d)            Notices to Rating Agencies. If Ford Credit is the Administrator, the Administrator will prepare and give all notices to the Rating Agencies required to be given by the Issuer or the Administrator under the Transaction Documents, including notice of an Event of Default under Section 3.15 of the Indenture and a Reference Pool Servicer Termination Event under Section 3.6(c) of the Indenture. If Ford Credit is no longer the Administrator, the Administrator will prepare and provide any Rating Agency notices to the Sponsor and will direct the Sponsor to give them to the Rating Agencies.

(e)            Payment of Fees and Expenses. The Administrator may, on behalf of the Issuer, pay fees and expenses of the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer under the Transaction Documents.

Section 2.3.     Limits on Administrator's Rights and Obligations.

(a)            Non-Ministerial Matters. The Administrator will not take any action relating to a matter that, in its reasonable judgment, is a non-ministerial matter unless, at least 30 days before taking the action, the Administrator has notified the Issuer of the proposed action and the Issuer has not directed the Administrator not to take the action and/or provided an alternative direction before the 30th day after receipt of the notice. For purposes of this Agreement, "non-ministerial matters" includes:

(i)       starting or pursuing any proceeding by the Issuer and the settlement of any proceeding brought by or against the Issuer; and

(ii)       appointing or engaging a successor Indenture Trustee under the Indenture or consenting to the assignment by the Indenture Trustee of its obligations under the Indenture.

(b)            Prohibited Actions. The Administrator will not be obligated to, and will not (i) make any payments to the Noteholders under the Transaction Documents, (ii) sell the Collateral under Section 5.6 of the Indenture or (iii) take any other action that the Owner Trustee or the Indenture Trustee directs the Administrator not to take on its behalf or that would result in a breach by the Issuer under a Transaction Document.

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(c)            Obligations to be Performed by Owner Trustee. The Administrator will have no responsibility or obligation to perform the obligations of the Owner Trustee relating to reallocation demands under Section 5.13 of the Trust Agreement or relating to Regulation AB disclosure under Section 6.7 of the Trust Agreement.

Section 2.4.     Power of Attorney. The Issuer appoints the Administrator as the Issuer's attorney-in-fact, with full power of substitution to exercise all rights of the Issuer under the Transaction Documents. This power of attorney, and all authority given, under this Section 2.4 is revocable and is given solely to facilitate the performance of the Administrator's obligations under this Agreement and may only be used by the Administrator consistent with this Agreement. On request of the Administrator, the Issuer will furnish the Administrator with written powers of attorney and other documents to enable the Administrator to perform its obligations under this Agreement.

Section 2.5.     Access to Issuer Records. On reasonable request, the Issuer will provide the Administrator with access, during normal business hours, to the Issuer's records and documents, but only to the extent required by the Administrator to perform its obligations under this Agreement. Any access will be subject to the Issuer's confidentiality and privacy policies.

Section 2.6.     Review of Administrator's Records. The Administrator will maintain records and documents relating to its performance under this Agreement according to its customary business practices. On reasonable request not more than once during any year, the Administrator will give the Issuer, the Depositor, the Owner Trustee and the Indenture Trustee (or their representatives) access to the records and documents to conduct a review of the Administrator's performance under this Agreement. Any access or review will be conducted at the Administrator's offices during its normal business hours at a time reasonably convenient to the Administrator and in a manner that will minimize disruption to its business operations. Any access or review will be subject to the Administrator's confidentiality and privacy policies.

Section 2.7.     Updating List of Responsible Persons. On or before the Closing Date, the Administrator will notify the Owner Trustee, the Delaware Trustee, the Indenture Trustee, the Titling Companies, the Servicer, the Holding Companies and the Depositor of each Person who is a Responsible Person for the Administrator. The Administrator may change such Persons by notifying the Owner Trustee, the Delaware Trustee, the Indenture Trustee, the Titling Companies, the Servicer, the Holding Companies and the Depositor.

Section 2.8.     Administrator's Fees and Expenses. The Depositor will pay the Administrator as compensation for performing its obligations under this Agreement a fee separately agreed to by the Depositor and the Administrator. The Administrator will be responsible for its costs and expenses in performing its obligations under this Agreement.

ARTICLE III
ADMINISTRATOR

Section 3.1.     Administrator's Representations and Warranties. The Administrator represents and warrants to the Issuer, the Owner Trustee and the Indenture Trustee as of the Closing Date:

3

(a)            Organization and Qualification. The Administrator is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware. The Administrator is qualified as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Administrator's ability to perform its obligations under this Agreement.

(b)            Power, Authority and Enforceability. The Administrator has the power and authority to execute, deliver and perform its obligations under this Agreement. The Administrator has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Administrator, enforceable against the Administrator, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)            No Conflicts and No Violation. The completion of the transactions under this Agreement, and the performance of its obligations under this Agreement, will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Administrator is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Administrator's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the Administrator's certificate of formation or limited liability company agreement or (iv) violate a law or, to the Administrator's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Administrator or its properties that applies to the Administrator, which, in each case, would reasonably be expected to have a material adverse effect on the Administrator's ability to perform its obligations under this Agreement.

(d)            No Proceedings. To the Administrator's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Administrator or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions under this Agreement or (iii) seeking a determination or ruling that would reasonably be expected to have a material adverse effect on the Administrator's ability to perform its obligations under, or the validity or enforceability of, this Agreement.

Section 3.2.     Liability of Administrator.

(a)            Liability for Specific Obligations. The Administrator will be liable only for its specific obligations under this Agreement. All other liability is expressly waived and released as a condition of, and consideration for, the execution of this Agreement by the Administrator. The Administrator will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement.

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(b)            No Liability of Others. The Administrator's obligations under this Agreement are corporate obligations. No Person will have recourse, directly or indirectly, against any member, manager, officer, director, employee or agent of the Administrator for the Administrator's obligations under this Agreement.

(c)            Legal Proceedings. The Administrator is not required to start, pursue or participate in any legal proceeding that is not incidental to its obligations under this Agreement and that in its opinion may result in liability or cause it to pay or risk funds or incur financial liability. The Administrator may in its sole discretion start or pursue any legal proceeding to protect the interests of the Noteholders or the Depositor under the Transaction Documents. The Administrator will be responsible for the fees and expenses of legal counsel and any liability resulting from the legal proceeding.

(d)            Force Majeure. The Administrator will not be responsible or liable for any failure or delay in performing its obligations under this Agreement caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, acts of war, terrorism, civil or military disturbances, fire, flood, earthquakes, storms, hurricanes or other natural disasters or failures of mechanical, electronic or communication systems, pandemics or epidemics. The Administrator will use commercially reasonable efforts to resume performance as soon as practicable in the circumstances.

(e)            Reliance by Administrator. The Administrator may rely in good faith on the advice of counsel or on any document believed to be genuine and to have been executed by the proper party for any matters under this Agreement.

Section 3.3.     Indemnities.

(a)            Indemnification. The Administrator will indemnify the Indenture Trustee (in each of its capacities under the Transaction Documents, including as a "securities intermediary" and a "bank" under the Account Control Agreement and the Titling Company Account Control Agreement), the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer and their respective officers, directors, employees and agents (each, an "Indemnified Person"), for all fees, expenses, losses, damages and liabilities resulting from the Indenture Trustee, the Owner Trustee, the Delaware Trustee and the Asset Representations Reviewer entering into the Transaction Documents to which it is a party and the exercise of their respective rights or performance of their respective obligations under the Transaction Documents (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the Administrator's indemnification obligations), but excluding any fee, expense, loss, damage or liability resulting from its willful misconduct, bad faith or negligence (other than errors in judgment) or breach of their respective representations or warranties in the Transaction Documents.

(b)            Proceedings. If an Indemnified Person receives notice of a proceeding against it, the Indemnified Person will, if a claim is to be made against the Administrator under Section 3.3(a), promptly notify the Administrator of the proceeding. The Administrator may participate in and assume the defense and settlement of a proceeding at its expense. If the Administrator

5

notifies the Indemnified Person of its intention to assume the defense of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Administrator assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Administrator and the Indemnified Person. If there is a conflict, the Administrator will pay the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a proceeding may be made without the approval of the Administrator and the Indemnified Person, which approval will not be unreasonably withheld.

(c)            Survival of Obligations. The Administrator's obligations under this Section 3.3 will survive the resignation or removal of the Indenture Trustee, the Owner Trustee, the Delaware Trustee or the Asset Representations Reviewer and the termination of this Agreement.

(d)            Repayment. If the Administrator makes a payment to an Indemnified Person under this Section 3.3 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Administrator.

Section 3.4.     Resignation and Removal of Administrator.

(a)            No Resignation. Except as stated in Section 3.4(b), the Administrator will not resign as Administrator unless it determines it is legally unable to perform its obligations under this Agreement. The Administrator will notify the Issuer and the Owner Trustee of its resignation and deliver an Opinion of Counsel supporting its determination.

(b)            Mandatory Resignation. On the appointment or engagement of a successor Servicer under the Servicing Agreement (other than the Indenture Trustee), the Administrator will immediately resign and the successor Servicer will automatically become the successor Administrator.

(c)            Removal. If any of the following events occurs and is continuing, the Owner Trustee, with the consent of the Noteholders of a majority of the Note Balance of the Controlling Class (or if no Notes are Outstanding, with the consent of the holder of the Residual Interest), may remove the Administrator and terminate its rights and obligations under this Agreement by notifying the Administrator:

(i)            the Administrator fails to perform in any material respect its obligations under this Agreement, which failure continues for 90 days after the Administrator receives notice of the failure from the Owner Trustee, the Indenture Trustee or the Noteholders of at least 25% of the Note Balance of the Controlling Class; or

(ii)            an Insolvency Event of the Administrator occurs.

(d)            Notice of Resignation or Removal. The Issuer will notify the Depositor and the Indenture Trustee of any resignation or removal of the Administrator.

6

(e)            Continue to Perform. No resignation or removal of the Administrator will be effective, and the Administrator will continue to perform its obligations under this Agreement, until a successor Administrator has accepted its engagement according to Section 3.5(b).

Section 3.5.     Successor Administrator.

(a)            Engagement of Successor Administrator. Following the resignation or removal of the Administrator, the Issuer, at the direction of the Noteholders of a majority of the Note Balance of the Controlling Class (or if no Notes are Outstanding, at the direction of the holder of the Residual Interest), will engage a successor Administrator. No additional Noteholder direction is required if the successor Administrator is the successor Servicer (other than the Indenture Trustee). If the Issuer does not receive Noteholder direction within a reasonable period of time, the Issuer may engage a successor Administrator.

(b)            Effectiveness of Resignation of Removal. No resignation or removal of the Administrator will be effective until (i) the successor Administrator has executed and delivered to the Issuer an agreement accepting its engagement and agreeing to perform the obligations of the Administrator under this Agreement or a new administration agreement on substantially the same terms as this Agreement, in a form acceptable to the Issuer, and (ii) the Rating Agency Condition is satisfied.

(c)            Notice of Successor Administrator. The Issuer will notify the Depositor and the Indenture Trustee of the engagement of a successor Administrator.

(d)            Transition to Successor Administrator. If the Administrator resigns or is removed, the Administrator will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Administrator's obligations to the successor Administrator.

Section 3.6.     Merger, Consolidation, Succession or Assignment. Any Person (a) into which the Administrator is merged or consolidated, (b) resulting from a merger or consolidation to which the Administrator is a party, (c) succeeding to the Administrator's business or (d) that is an Affiliate of the Administrator to whom the Administrator has assigned this Agreement, will be the successor to the Administrator under this Agreement. Such Person will execute and deliver to the Issuer, the Owner Trustee and the Indenture Trustee an agreement to assume the Administrator's obligations under this Agreement (unless the assumption happens by operation of law).

ARTICLE IV
OTHER AGREEMENTS

Section 4.1.     Independence of Administrator; No Joint Venture. The Administrator will be an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee for the manner in which it performs its obligations under this Agreement. Except as expressly authorized by the Transaction Documents, the Administrator will have no authority to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer or the Owner Trustee. This Agreement will not make the Administrator and the Issuer or

7

the Owner Trustee members of a partnership, joint venture or other entity or impose any liability as such on any of them.

Section 4.2.     Transactions with Affiliates; Other Transactions. In performing its obligations under this Agreement, the Administrator may enter into transactions or deal with any of its Affiliates. This Agreement will not prevent the Administrator or its Affiliates from engaging in other businesses or from acting in a similar capacity as an administrator for any other Person even though that Person may engage in activities similar to those of the Issuer.

Section 4.3.     Ford Credit in Other Capacities. This Agreement will not affect or limit any right or obligation Ford Credit may have in any other capacity.

Section 4.4.     No Petition. Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 4.4 will survive termination of this Agreement.

Section 4.5.     Limitation of Liability of Owner Trustee and Indenture Trustee.

(a)            Owner Trustee. This Agreement has been executed on behalf of the Issuer by _____________________ not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer, and in no event will _____________________ in its individual capacity or a holder of a beneficial interest in the Issuer be liable for the Issuer's obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement. Neither the Issuer nor the Owner Trustee will have any liability for any act or failure to act of the Administrator, including any action taken under a power of attorney given under this Agreement.

(b)            Indenture Trustee. In performing its obligations under this Agreement, the Indenture Trustee is subject to, and entitled to the benefits of, the Indenture. The Indenture Trustee will not have any liability for any act or failure to act of the Administrator.

Section 4.6.     Termination. This Agreement will terminate when the Issuer is terminated under the Trust Agreement.

8

ARTICLE V
MISCELLANEOUS

Section 5.1.     Amendments.

(a)            Amendments. The parties may amend this Agreement:

(i)             to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement [or any prospectus or offering memorandum related to the Notes] or to provide for, or facilitate the acceptance of this Agreement by, a successor Administrator, in each case, without the consent of the Noteholders or any other Person;

(ii)            to add, change or eliminate terms of this Agreement, in each case without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer's Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

(iii)           to add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 5.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

(b)            Notice of Amendments. The Administrator will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

Section 5.2.     Assignment; Benefit of Agreement; Third-Party Beneficiary.

(a)            Assignment. Except as stated in Section 3.6, this Agreement may not be assigned by the Administrator without the consent of the Issuer, the Indenture Trustee and the Owner Trustee and satisfaction of the Rating Agency Condition.

(b)            Benefit of Agreement; Third-Party Beneficiary. This Agreement is for the benefit of and will be binding on the parties to this Agreement and their permitted successors and assigns. The Owner Trustee will be a third-party beneficiary of this Agreement and may enforce this Agreement against the Administrator. No other Person will have any right or obligation under this Agreement.

Section 5.3.     Notices.

(a)            Notices to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)            for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

9

(ii)           for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)          for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)          for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)            Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other party.

Section 5.4.     GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 5.5.     Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

Section 5.6.     WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

Section 5.7.     No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 5.8.     Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 5.9.     Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 5.10.  Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

10

EXECUTED BY:

FORD CREDIT AUTO LEASE TRUST 20__-__,
as Issuer
By:		,
	not in its individual capacity but solely as Owner Trustee
By:
	Name:
	Title:
FORD MOTOR CREDIT COMPANY LLC,
as Administrator
By:
	Name:
	Title:

AGREED AND ACCEPTED BY:

FORD CREDIT AUTO LEASE TWO LLC,
as Depositor

By:
	Name:
	Title:
		,
	not in its individual capacity but solely as Indenture Trustee
By:
	Name:
	Title:

[Signature Page to Administration Agreement]

EX-10.8

EXHIBIT 10.8

ACCOUNT CONTROL AGREEMENT

among

FORD CREDIT AUTO LEASE TRUST 20__-__,
as Grantor

_____________________,
as Secured Party

and

_____________________,
as Financial Institution

Dated as of __________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II ESTABLISHMENT OF COLLATERAL ACCOUNT		1
Section 2.1.	Description of Account	1
Section 2.2.	Account Changes	1
Section 2.3.	Account Types	2
Section 2.4.	Securities Accounts	2
ARTICLE III SECURED PARTY CONTROL		2
Section 3.1.	Control of Collateral Account	2
Section 3.2.	Investment Instructions	2
Section 3.3.	Conflicting Orders or Instructions	2
ARTICLE IV SUBORDINATION OF LIEN; WAIVER OF SET-OFF		3
Section 4.1.	Subordination	3
Section 4.2.	Set-off and Recoupment	3
ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS		3
Section 5.1.	Financial Institution's Representations and Warranties	3
Section 5.2.	Financial Institution's Covenants	3
ARTICLE VI OTHER AGREEMENTS		4
Section 6.1.	Location of Financial Institution	4
Section 6.2.	Reliance by Financial Institution	4
Section 6.3.	Termination and Replacement of Financial Institution	4
Section 6.4.	No Petition	4
Section 6.5.	Limitation of Liability	5
Section 6.6.	Conflict With Other Agreement	5
Section 6.7.	Termination	5
ARTICLE VII MISCELLANEOUS		5
Section 7.1.	Amendment	5
Section 7.2.	Benefit of Agreement	6
Section 7.3.	Notices	6
Section 7.4.	GOVERNING LAW	6
Section 7.5.	Submission to Jurisdiction	6
Section 7.6.	WAIVER OF JURY TRIAL	7
Section 7.7.	No Waiver; Remedies	7
Section 7.8.	Severability	7
Section 7.9.	Headings	7
Section 7.10.	Counterparts	7

i

ACCOUNT CONTROL AGREEMENT, dated as of __________, 20__ (this "Agreement"), among FORD CREDIT AUTO LEASE TRUST 20__-__, a Delaware statutory trust, as grantor (the "Grantor"), ______________, a ______________, not in its individual capacity but solely as Indenture Trustee for the benefit of the Noteholders (in this capacity, the "Secured Party"), and _____________, a ____________, in its capacity as both a "securities intermediary" as defined in Section 8-102 of the UCC and a "bank" as defined in Section 9-102 of the UCC (in these capacities, the "Financial Institution").

BACKGROUND

The Grantor is engaging in a securitization transaction in which it will issue the Notes under an Indenture and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders.

The parties are entering into this Agreement to perfect the security interest in the bank accounts.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.        Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this Agreement. References to the "UCC" mean the Uniform Commercial Code as in effect in the State of New York.

ARTICLE II
ESTABLISHMENT OF COLLATERAL ACCOUNT

Section 2.1.        Description of Account. The Financial Institution has established the following account (the "Collateral Account"):

"Collection Account – _______________ as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 20__-__" with account number ________.

Section 2.2.        Account Changes. Neither the Financial Institution nor the Grantor will change the name or account number of the Collateral Account without the consent of the Secured Party. The Financial Institution will promptly notify the Servicer of any changes. This Agreement will apply to each successor account to the Collateral Account, which will also be a Collateral Account.

Section 2.3.        Account Types. The Financial Institution agrees that the Collateral Account is, and will be maintained as, either a "securities account" (as defined in Section 8-501 of the UCC) or a "deposit account" (as defined in Section 9-102(a)(29) of the UCC).

Section 2.4.        Securities Accounts. If the Collateral Account is a securities account, the Financial Institution agrees that:

(a)          Financial Assets. It will promptly credit each item of property (whether cash, investment property, security, instrument or other financial asset) delivered to the Financial Institution under the Indenture to the Collateral Account and treat each item of property as a "financial asset" (within the meaning of Section 8-102(a)(9) of the UCC); and

(b)         Registration and Indorsement. It will ensure that all financial assets (other than cash) credited to the Collateral Account are registered in the name of the Financial Institution, indorsed to the Financial Institution or in blank or credited to another securities account maintained in the name of the Financial Institution and that no financial asset credited to the Collateral Account is registered in the name of the Grantor, payable to the order of the Grantor or specially indorsed to the Grantor unless it has been indorsed to the Financial Institution or in blank.

ARTICLE III
SECURED PARTY CONTROL

Section 3.1.        Control of Collateral Account. To establish "control" of the Collateral Account by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to the Collateral Account (a "Secured Party Order") without the need for consent by the Grantor or any other Person.

Section 3.2.        Investment Instructions. If (a) the Financial Institution has not received a Secured Party Order for the investment of funds in the Collateral Account by 11:00 a.m. New York time (or another time agreed to by the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Indenture Trustee that a Default or Event of Default has occurred and is continuing, the Financial Institution will invest and reinvest funds in the Collateral Account according to the last investment instruction received, if any. If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received.

Section 3.3.        Conflicting Orders or Instructions. If the Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantor or any other Person, the Financial Institution will follow the orders or instructions of the Secured Party and not the Grantor or such other Person.

2

ARTICLE IV
SUBORDINATION OF LIEN; WAIVER OF SET-OFF

Section 4.1.        Subordination. If the Financial Institution has, or later obtains, a security interest in the Collateral Account (or any portion of a Collateral Account), the Financial Institution agrees that the security interest will be subordinate to the security interest of the Secured Party.

Section 4.2.        Set-off and Recoupment. The cash, investment property, security, instrument or other financial assets credited to the Collateral Account will not be subject to deduction, set-off, recoupment, banker's lien, or other right in favor of a Person other than the Secured Party. However, the Financial Institution may set off (a) the customary fees and expenses for the routine maintenance and operation of the Collateral Account due to the Financial Institution, (b) the face amount of checks credited to the Collateral Account but subsequently returned unpaid due to uncollected or insufficient funds and (c) advances made to settle an investment of funds in the Collateral Account.

ARTICLE V
REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 5.1.        Financial Institution's Representations and Warranties. The Financial Institution represents and warrants to the Grantor and the Secured Party as follows:

(a)       Enforceability. This Agreement is the legal, valid and binding obligation of the Financial Institution.

(b)        No Agreements with Grantor. There are no agreements between the Financial Institution and the Grantor relating to the Collateral Account other than this Agreement, the Indenture and the other Transaction Documents.

(c)        No Other Agreements. The Financial Institution has not entered into an agreement relating to the Collateral Account in which it has agreed to comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the UCC) or "instructions" (within the meaning of Section 9-104 of the UCC) of any Person other than the Secured Party.

(d)        No Limitations. The Financial Institution has not entered into an agreement limiting or conditioning the Financial Institution's obligation to comply with any Secured Party Order.

(e)        No Liens. Except for the claims and interests of the Secured Party and the Grantor, the Financial Institution does not know of a lien on, or claim to, or interest in, the Collateral Account or in the cash or other financial assets credited to the Collateral Account.

Section 5.2.        Financial Institution's Covenants.

(a)        Statements, Confirmations and Other Correspondence. The Financial Institution will promptly deliver copies of statements, confirmations and correspondence about the

3

Collateral Account and the cash or other financial assets credited to the Collateral Account to the Grantor and the Secured Party.

(b)        Notice of Claim. If a Person asserts a lien, encumbrance or claim against the Collateral Account (or in the cash or other financial assets credited to the Collateral Account), the Financial Institution will promptly notify the Secured Party.

(c)        Negative Covenants. Until the termination of this Agreement, the Financial Institution will not enter into (i) an agreement relating to the Collateral Account in which it agrees to comply with entitlement orders or instructions of any Person other than the Secured Party or (ii) an agreement limiting or conditioning the Financial Institution's obligation to comply with Secured Party Orders.

ARTICLE VI
OTHER AGREEMENTS

Section 6.1.        Location of Financial Institution. For purposes of the UCC, New York will be the location of (i) the bank for purposes of Sections 9-301, 9-304 and 9-305 of the UCC and (ii) the securities intermediary for purposes of Sections 9-301 and 9-305 and Section 8-110 of the UCC.

Section 6.2.        Reliance by Financial Institution. The Financial Institution is not obligated to investigate or inquire whether the Secured Party may deliver a Secured Party Order. The Financial Institution may rely on communications (including Secured Party Orders) believed by it in good faith to be genuine and given by the proper party.

Section 6.3.        Termination and Replacement of Financial Institution. The Financial Institution may terminate its rights and obligations under this Agreement if the Secured Party resigns or is removed as Indenture Trustee under the Indenture. The Grantor may terminate the rights and obligations of the Financial Institution if the Financial Institution ceases to be a Qualified Institution. No termination of the Financial Institution will be effective until a new Collateral Account is established with, and the cash and other financial assets credited to the Collateral Account are transferred to, another securities intermediary who has agreed to accept the obligations of the Financial Institution under this Agreement or a similar agreement.

Section 6.4.        No Petition. Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.4 will survive the termination of this Agreement.

4

Section 6.5.        Limitation of Liability.

(a)        Financial Institution. The Financial Institution will not be liable under this Agreement, except for (i) its own willful misconduct, bad faith or negligence or (ii) breach of its representations and warranties in this Agreement. The Financial Institution will not be liable for special, indirect or consequential losses or damages (including lost profit), even if the Financial Institution has been advised of the likelihood of the loss or damage and regardless of the form of action.

(b)        Secured Party. In performing its obligations under this Agreement, the Secured Party is subject to, and entitled to the benefits of, the terms of the Indenture that apply to the Indenture Trustee.

(c)        Owner Trustee. This Agreement has been signed on behalf of the Grantor by _____________________, not in its individual capacity, but solely in its capacity as Owner Trustee of the Grantor. In no event will _____________________ in its individual capacity or a beneficial owner of the Grantor be liable for the Grantor's obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee is subject to, and entitled to the benefits of, the Trust Agreement.

Section 6.6.        Conflict With Other Agreement. If there is a conflict between this Agreement and any other agreement relating to the Collateral Account, this Agreement will govern.

Section 6.7.        Termination. This Agreement will terminate on the date the security interests of the Secured Party in the Collateral Account is terminated under the Indenture and the Secured Party has notified the Financial Institution of the termination of the security interest. The termination of this Agreement will not terminate the Collateral Account or change the obligations of the Financial Institution to the Grantor relating to the Collateral Account.

ARTICLE VII
MISCELLANEOUS

Section 7.1.        Amendment.

(a)        Amendments. The parties may amend this Agreement:

(i)            to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement [or any prospectus or offering memorandum related to the Notes], in each case without the consent of the Noteholders or any other Person;

(ii)           to add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer's Certificate to the Grantor, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

5

(iii)          to add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

(b)        Notice of Amendments. The Administrator will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

Section 7.2.        Benefit of Agreement. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. No other Person will have any right or obligation under this Agreement.

Section 7.3.        Notices.

(a)        Notices to Parties. Notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)            for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)           for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)         for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)         for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)       Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other parties.

Section 7.4.        GOVERNING LAW. THIS AGREEMENT AND THE COLLATERAL ACCOUNT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 7.5.        Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

6

Section 7.6.        WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

Section 7.7.        No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 7.8.        Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 7.9.        Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 7.10.      Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

7

EXECUTED BY:

FORD CREDIT AUTO LEASE TRUST 20__-__, as Grantor
By:	_____________________, not in its individual capacity but solely as Owner Trustee of Ford Credit Auto Lease Trust 20__-__

By:
	Name:
	Title:

	,
not in its individual capacity but solely as Indenture Trustee for the benefit of the Noteholders, as Secured Party

By:
	Name:
	Title:

	,
as Financial Institution

By:
	Name:
	Title:

[Signature Page to Account Control Agreement]

EX-10.9

EXHIBIT 10.9

TITLING COMPANY
ACCOUNT CONTROL AGREEMENT

among

CAB EAST LLC and

CAB WEST LLC,

as Grantors

______________________________,
as Secured Party

and

______________________________,
as Financial Institution

Dated as of __________, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND DEFINITIONS		1
Section 1.1.	Usage and Definitions	1
ARTICLE II ESTABLISHMENT OF COLLATERAL ACCOUNTS		1
Section 2.1.	Description of Accounts	1
Section 2.2.	Account Changes	2
Section 2.3.	Account Types	2
Section 2.4.	Securities Accounts	2
ARTICLE III SECURED PARTY CONTROL		2
Section 3.1.	Control of Collateral Accounts	2
Section 3.2.	Investment Instructions	2
Section 3.3.	Conflicting Orders or Instructions	2
ARTICLE IV SUBORDINATION OF LIEN; WAIVER OF SET-OFF		3
Section 4.1.	Subordination	3
Section 4.2.	Set-off and Recoupment	3
ARTICLE V REPRESENTATIONS, WARRANTIES AND COVENANTS		3
Section 5.1.	Financial Institution's Representations and Warranties	3
Section 5.2.	Financial Institution's Covenants	4
ARTICLE VI OTHER AGREEMENTS		4
Section 6.1.	Location of Financial Institution	4
Section 6.2.	Reliance by Financial Institution	4
Section 6.3.	Termination and Replacement of Financial Institution	4
Section 6.4.	No Petition	4
Section 6.5.	Limitation of Liability	5
Section 6.6.	Conflict With Other Agreement	5
Section 6.7.	Termination	5
ARTICLE VII MISCELLANEOUS		5
Section 7.1.	Amendment	5
Section 7.2.	Benefit of Agreement	6
Section 7.3.	Notices	6
Section 7.4.	GOVERNING LAW	6
Section 7.5.	Submission to Jurisdiction	6
Section 7.6.	WAIVER OF JURY TRIAL	6
Section 7.7.	No Waiver; Remedies	6
Section 7.8.	Severability	7
Section 7.9.	Headings	7
Section 7.10.	Counterparts	7

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TITLING COMPANY ACCOUNT CONTROL AGREEMENT, dated as of __________, 20__ (this "Agreement"), among CAB EAST LLC, a Delaware limited liability company, and CAB WEST LLC, a Delaware limited liability company, each as a grantor (together, the "Grantors"), _______________________, a ____________________, not in its individual capacity but solely as Indenture Trustee for the benefit of the Noteholders (in this capacity, the "Secured Party"), and _________________________, a ____________________, in its capacity as both a "securities intermediary" as defined in Section 8-102 of the UCC and a "bank" as defined in Section 9-102 of the UCC (in these capacities, the "Financial Institution").

BACKGROUND

The Grantors are the borrowers under an Exchange Note that is part of a securitization transaction in which the Issuer will issue the Notes under an Indenture and the Secured Party will hold funds in bank accounts for the benefit of the Noteholders.

The parties are entering into this Agreement to perfect the security interest in the bank accounts.

The parties agree as follows:

ARTICLE I
USAGE AND DEFINITIONS

Section 1.1.          Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this Agreement. References to the "UCC" mean the Uniform Commercial Code as in effect in the State of New York.

ARTICLE II
ESTABLISHMENT OF COLLATERAL ACCOUNTS

Section 2.1.          Description of Accounts. The Financial Institution has established the following accounts (each, a "Collateral Account"):

"Exchange Note Collection Account – _____________________ as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 20__-__" with account number _______; and

"Reserve Account – _____________________ as Indenture Trustee, as secured party for Ford Credit Auto Lease Trust 20__-__" with account number _______.

Section 2.2.          Account Changes. Neither the Financial Institution nor the Grantors will change the name or account number of a Collateral Account without the consent of the Secured Party. The Financial Institution will promptly notify the Servicer of any changes. This Agreement will apply to each successor account to a Collateral Account, which will also be a Collateral Account.

Section 2.3.          Account Types. The Financial Institution agrees that each Collateral Account is, and will be maintained as, either a "securities account" (as defined in Section 8-501 of the UCC) or a "deposit account" (as defined in Section 9-102(a)(29) of the UCC).

Section 2.4.          Securities Accounts. If a Collateral Account is a securities account, the Financial Institution agrees that:

(a)            Financial Assets. It will promptly credit each item of property (whether cash, investment property, security, instrument or other financial asset) delivered to the Financial Institution under the Indenture to the Collateral Account and treat each item of property as a "financial asset" (within the meaning of Section 8-102(a)(9) of the UCC); and

(b)            Registration and Indorsement. It will ensure that all financial assets (other than cash) credited to the Collateral Account are registered in the name of the Financial Institution, indorsed to the Financial Institution or in blank or credited to another securities account maintained in the name of the Financial Institution and that no financial asset credited to the Collateral Account is registered in the name of a Grantor, payable to the order of a Grantor or specially indorsed to a Grantor unless it has been indorsed to the Financial Institution or in blank.

ARTICLE III
SECURED PARTY CONTROL

Section 3.1.          Control of Collateral Accounts. To establish "control" of the Collateral Accounts by the Secured Party under Sections 9-104 and 9-106 of the UCC, the Financial Institution agrees to comply with any order or instruction from the Secured Party directing the deposit, withdrawal, transfer or redemption of the cash or other financial assets credited to a Collateral Account (a "Secured Party Order") without the need for consent by the Grantor or any other Person.

Section 3.2.          Investment Instructions. If (a) the Financial Institution has not received a Secured Party Order for the investment of funds in a Collateral Account by 11:00 a.m. New York time (or another time agreed to by the Financial Institution) on the Business Day before a Payment Date or (b) the Financial Institution receives notice from the Indenture Trustee that a Default or Event of Default has occurred and is continuing, the Financial Institution will invest and reinvest funds in the Collateral Account according to the last investment instruction received, if any. If no prior investment instructions have been received or if the instructed investments are no longer available or permitted, the Indenture Trustee will notify the Servicer and request new investment instructions, and the funds will remain uninvested until new investment instructions are received.

Section 3.3.          Conflicting Orders or Instructions. If the Financial Institution receives conflicting orders or instructions from the Secured Party and the Grantors or any other Person,

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the Financial Institution will follow the orders or instructions of the Secured Party and not the Grantors or such other Person.

ARTICLE IV
SUBORDINATION OF LIEN; WAIVER OF SET-OFF

Section 4.1.          Subordination. If the Financial Institution has, or later obtains, a security interest in a Collateral Account (or any portion of a Collateral Account), the Financial Institution agrees that the security interest will be subordinate to the security interest of the Secured Party.

Section 4.2.          Set-off and Recoupment. The cash, investment property, security, instrument or other financial assets credited to a Collateral Account will not be subject to deduction, set-off, recoupment, banker's lien, or other right in favor of a Person other than the Secured Party. However, the Financial Institution may set off (a) the customary fees and expenses for the routine maintenance and operation of the Collateral Account due to the Financial Institution, (b) the face amount of checks credited to the Collateral Account but subsequently returned unpaid due to uncollected or insufficient funds and (c) advances made to settle an investment of funds in the Collateral Account.

ARTICLE V
REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 5.1.          Financial Institution's Representations and Warranties. The Financial Institution represents and warrants to the Grantors and the Secured Party as follows:

(a)            Enforceability. This Agreement is the legal, valid and binding obligation of the Financial Institution.

(b)            No Agreements with Grantors. There are no agreements between the Financial Institution and the Grantors relating to a Collateral Account other than this Agreement, the Indenture and the other Transaction Documents.

(c)            No Other Agreements. The Financial Institution has not entered into an agreement relating to a Collateral Account in which it has agreed to comply with "entitlement orders" (as defined in Section 8-102(a)(8) of the UCC) or "instructions" (within the meaning of Section 9-104 of the UCC) of any Person other than the Secured Party.

(d)            No Limitations. The Financial Institution has not entered into an agreement limiting or conditioning the Financial Institution's obligation to comply with any Secured Party Order.

(e)            No Liens. Except for the claims and interests of the Secured Party and the Grantors, the Financial Institution does not know of a lien on, or claim to, or interest in, a Collateral Account or in the cash or other financial assets credited to a Collateral Account.

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Section 5.2.          Financial Institution's Covenants.

(a)            Statements, Confirmations and Other Correspondence. The Financial Institution will promptly deliver copies of statements, confirmations and correspondence about the Collateral Accounts and the cash or other financial assets credited to a Collateral Account to the Grantors and the Secured Party.

(b)            Notice of Claim. If a Person asserts a lien, encumbrance or claim against a Collateral Account (or in the cash or other financial assets credited to a Collateral Account), the Financial Institution will promptly notify the Secured Party.

(c)            Negative Covenants. Until the termination of this Agreement, the Financial Institution will not enter into (i) an agreement relating to a Collateral Account in which it agrees to comply with entitlement orders or instructions of any Person other than the Secured Party or (ii) an agreement limiting or conditioning the Financial Institution's obligation to comply with Secured Party Orders.

ARTICLE VI
OTHER AGREEMENTS

Section 6.1.          Location of Financial Institution.  For purposes of the UCC, New York will be the location of (i) the bank for purposes of Sections 9-301, 9-304 and 9-305 of the UCC and (ii) the securities intermediary for purposes of Sections 9-301 and 9-305 and Section 8-110 of the UCC.

Section 6.2.          Reliance by Financial Institution. The Financial Institution is not obligated to investigate or inquire whether the Secured Party may deliver a Secured Party Order. The Financial Institution may rely on communications (including Secured Party Orders) believed by it in good faith to be genuine and given by the proper party.

Section 6.3.          Termination and Replacement of Financial Institution. The Financial Institution may terminate its rights and obligations under this Agreement if the Secured Party resigns or is removed as Indenture Trustee under the Indenture. The Grantors may terminate the rights and obligations of the Financial Institution if the Financial Institution ceases to be a Qualified Institution. No termination of the Financial Institution will be effective until new Collateral Accounts are established with, and the cash and other financial assets credited to the Collateral Accounts are transferred to, another securities intermediary who has agreed to accept the obligations of the Financial Institution under this Agreement or a similar agreement.

Section 6.4.          No Petition. Each party agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.4 will survive the termination of this Agreement.

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Section 6.5.          Limitation of Liability.

(a)            Financial Institution. The Financial Institution will not be liable under this Agreement, except for (i) its own willful misconduct, bad faith or negligence or (ii) breach of its representations and warranties in this Agreement. The Financial Institution will not be liable for special, indirect or consequential losses or damages (including lost profit), even if the Financial Institution has been advised of the likelihood of the loss or damage and regardless of the form of action.

(b)            Secured Party. In performing its obligations under this Agreement, the Secured Party is subject to, and entitled to the benefits of, the terms of the Indenture that apply to the Indenture Trustee.

Section 6.6.          Conflict With Other Agreement. If there is a conflict between this Agreement and any other agreement relating to a Collateral Account, this Agreement will govern.

Section 6.7.          Termination. This Agreement will terminate on the date the security interests of the Secured Party in each Collateral Account are terminated under the Indenture and the Secured Party has notified the Financial Institution of the termination of the security interest. The termination of this Agreement will not terminate a Collateral Account or change the obligations of the Financial Institution to the Grantors relating to a Collateral Account.

ARTICLE VII
MISCELLANEOUS

Section 7.1.          Amendment.

(a)            Amendments. The parties may amend this Agreement:

(i)            to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement [or any prospectus or offering memorandum related to the Notes], in each case without the consent of the Noteholders or any other Person;

(ii)           to add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer's Certificate to the Grantor, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

(iii)          to add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

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(b)            Notice of Amendments. The Administrator will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

Section 7.2.          Benefit of Agreement. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. No other Person will have any right or obligation under this Agreement.

Section 7.3.          Notices.

(a)            Notices to Parties. Notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)            for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)           for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)          for an email, when receipt is confirmed by telephone or reply email from the recipient; and

(iv)          for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)            Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other parties.

Section 7.4.          GOVERNING LAW. THIS AGREEMENT AND EACH COLLATERAL ACCOUNT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 7.5.          Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding was brought in an inconvenient forum.

Section 7.6.          WAIVER OF JURY TRIAL. EACH PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN LEGAL PROCEEDINGS RELATING TO THIS AGREEMENT.

Section 7.7.          No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a

6

power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 7.8.          Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 7.9.          Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 7.10.       Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

CAB EAST LLC,
	as a Grantor
By:
	Name:
	Title:
CAB WEST LLC,
	as a Grantor
By:
	Name:
	Title:
		,
	not in its individual capacity but solely as Indenture Trustee for the benefit of the Noteholders, as Secured Party
By:
	Name:
	Title:
		,
	as Financial Institution
By:
	Name:
	Title:

[Signature Page to Titling Company Account Control Agreement]

EX-10.10

EXHIBIT 10.10

ASSET REPRESENTATIONS REVIEW AGREEMENT

among

FORD CREDIT AUTO LEASE TRUST 20__-__,
as Issuer

FORD MOTOR CREDIT COMPANY LLC,
as Servicer

and

___________________,
as Asset Representations Reviewer

Dated as of ______, 20__

TABLE OF CONTENTS

ARTICLE I USAGE AND Definitions		1
Section 1.1.	Usage and Definitions	1
Section 1.2.	Additional Definitions	1
Section 1.3.	Review Materials and Test Definitions	2
ARTICLE II Engagement of ASSET REPRESENTATIONS REVIEWER		2
Section 2.1.	Engagement; Acceptance	2
Section 2.2.	Confirmation of Status	2
ARTICLE III Asset Representations Review PROCESS		3
Section 3.1.	Review Notices	3
Section 3.2.	Identification of Review Leases	3
Section 3.3.	Review Materials	3
Section 3.4.	Performance of Reviews	3
Section 3.5.	Review Reports	4
Section 3.6.	Review Representatives	5
Section 3.7.	Dispute Resolution	5
Section 3.8.	Limitations on Review Obligations	5
ARTICLE IV Asset Representations Reviewer		6
Section 4.1.	Representations and Warranties	6
Section 4.2.	Covenants	7
Section 4.3.	Fees and Expenses	7
Section 4.4.	Limitation on Liability	8
Section 4.5.	Indemnification by Asset Representations Reviewer	8
Section 4.6.	Indemnification of Asset Representations Reviewer	9
Section 4.7.	Review of Asset Representations Reviewer's Records	9
Section 4.8.	Delegation of Obligations	10
Section 4.9.	Confidential Information	10
Section 4.10.	Personally Identifiable Information	11
ARTICLE V RESIGNATION AND REMOVAL; SUCCESSOR ASSET REPRESENTATIONS REVIEWER		13
Section 5.1.	Eligibility Requirements for Asset Representations Reviewer	13
Section 5.2.	Resignation and Removal of Asset Representations Reviewer	13
Section 5.3.	Successor Asset Representations Reviewer	14
Section 5.4.	Merger, Consolidation or Succession	14
ARTICLE VI OTHER AGREEMENTS		15
Section 6.1.	Independence of Asset Representations Reviewer	15
Section 6.2.	No Petition	15
Section 6.3.	Limitation of Liability of Owner Trustee	15
Section 6.4.	Termination of Agreement	15
ARTICLE VII Miscellaneous Provisions		15
Section 7.1.	Amendments	15
Section 7.2.	Assignment; Benefit of Agreement; Third Party Beneficiaries	16
Section 7.3.	Notices	16
Section 7.4.	GOVERNING LAW	17
Section 7.5.	Submission to Jurisdiction	17
Section 7.6.	WAIVER OF JURY TRIAL	17

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Section 7.7.	No Waiver; Remedies	17
Section 7.8.	Severability	17
Section 7.9.	Headings	17
Section 7.10.	Counterparts	17

Schedule A – Review Materials

Schedule B – Representations and Warranties and Tests

ASSET REPRESENTATIONS REVIEW AGREEMENT, dated as of ______, 20__ (this "Agreement"), among FORD CREDIT AUTO LEASE TRUST 20__-__, a Delaware statutory trust, as Issuer, FORD MOTOR CREDIT COMPANY LLC, a Delaware limited liability company, as Servicer, and ___________________, a ___________________, as Asset Representations Reviewer.

BACKGROUND

In the normal course of its business, the Titling Companies purchase leases and leased cars, light trucks and utility vehicles from motor vehicle dealers.

In connection with a securitization transaction sponsored by Ford Credit, the Titling Companies issued a 20__-__ Exchange Note to Ford Credit that is secured by a 20__-__ Reference Pool of Leases and Leased Vehicles. Ford Credit sold the 20__-__ Exchange Note to the Depositor, who sold it to the Issuer.

The Issuer has granted a security interest in the 20__-__ Exchange Note to the Indenture Trustee, for the benefit of the Secured Parties, as security for the Notes issued by the Issuer under the Indenture.

The Issuer has determined to engage the Asset Representations Reviewer to perform reviews of certain Leases for compliance with the representations and warranties made by Ford Credit and the Depositor about the Leases in the 20__-__ Reference Pool.

The parties agree as follows.

ARTICLE I
USAGE AND Definitions

Section 1.1.        Usage and Definitions. Capitalized terms used but not defined in this Agreement are defined in Appendix 1 to the 20__-__ Exchange Note Supplement, dated as of __________, 20__ (the "Exchange Note Supplement"), to the Fourth Amended and Restated Credit and Security Agreement, dated as of July 22, 2005, as amended and restated as of June 4, 2021 (the "Credit and Security Agreement"), among the CAB East LLC and CAB West LLC, as Borrowers, U.S. Bank National Association, as Administrative Agent, HTD Leasing LLC, as Collateral Agent, and Ford Motor Credit Company LLC, as Lender and Servicer, or in Appendix A to the Credit and Security Agreement. Appendix 1 and Appendix A also contain usage rules that apply to this Agreement. Appendix 1 and Appendix A are incorporated by reference into this Agreement.

Section 1.2.        Additional Definitions. The following terms have the meanings given below:

"Confidential Information" has the meaning stated in Section 4.9(b).

"Contract" has the meaning stated in Schedule A.

"Information Recipient" has the meaning stated in Section 4.9(a).

"Indemnified Parties" has the meaning stated in Section 4.6(a).

"Issuer PII" has the meaning stated in Section 4.10(a).

"Personally Identifiable Information" or "PII" has the meaning stated in Section 4.10(a).

"Review" means the performance by the Asset Representations Reviewer of the testing procedures for each Test and each Review Lease according to Section 3.4.

"Review Fee" has the meaning stated in Section 4.3(b).

"Review Materials" means, for a Review and a Review Lease, the documents and other materials listed in Schedule A, as applicable.

"Review Report" means, for a Review, the report of the Asset Representations Reviewer as described in Section 3.5.

"Test" has the meaning stated in Section 3.4(a).

"Test Complete" has the meaning stated in Section 3.4(c).

"Test Fail" has the meaning stated in Section 3.4(a).

"Test Pass" has the meaning stated in Section 3.4(a).

Section 1.3.        Review Materials and Test Definitions. Capitalized terms or terms or phrases in quotation marks used in the Tests, if not defined in Appendix 1 to the Exchange Note Supplement, Appendix A to the Credit and Security Agreement or in this Agreement, including Schedule A to this Agreement, refer to sections, titles or terms in the Contract or other Review Materials.

ARTICLE II
Engagement of ASSET REPRESENTATIONS REVIEWER

Section 2.1.        Engagement; Acceptance. The Issuer engages __________ to act as the Asset Representations Reviewer for the Issuer. __________ accepts the engagement and agrees to perform the obligations of the Asset Representations Reviewer on the terms in this Agreement.

Section 2.2.        Confirmation of Status. The parties confirm that the Asset Representations Reviewer is not responsible for (a) reviewing the Leases for compliance with the representations and warranties under the Transaction Documents, except as described in this Agreement, or (b) determining whether noncompliance with the representations or warranties constitutes a breach of the Transaction Documents.

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ARTICLE III
Asset Representations Review PROCESS

Section 3.1.        Review Notices. On receipt of a Review Notice from the Indenture Trustee according to Section 7.2 of the Indenture, the Asset Representations Reviewer will start a Review. The Asset Representations Reviewer will not be obligated to start a Review until a Review Notice is received.

Section 3.2.        Identification of Review Leases. Within ten Business Days after receipt of a Review Notice, the Servicer will deliver to the Asset Representations Reviewer and the Indenture Trustee a list of the Review Leases.

Section 3.3.        Review Materials.

(a)          Access to Review Materials. The Servicer will give the Asset Representations Reviewer access to the Review Materials for all of the Review Leases within 60 days after receipt of the Review Notice in one or more of the following ways: (i) by providing access to the Servicer's receivables systems, either remotely or at an office of the Servicer, (ii) by electronic posting to a password-protected website to which the Asset Representations Reviewer has access, (iii) by providing originals or photocopies at an office of the Servicer where the Lease Files are located or (iv) in another manner agreed by the Servicer and the Asset Representations Reviewer. The Servicer may redact or remove Personally Identifiable Information from the Review Materials without changing the meaning or usefulness of the Review Materials for the Review.

(b)          Missing or Insufficient Review Materials. The Asset Representations Reviewer will review the Review Materials to determine if any Review Materials are missing or insufficient for the Asset Representations Reviewer to perform any Test. If the Asset Representations Reviewer determines any missing or insufficient Review Materials, the Asset Representations Reviewer will notify the Servicer promptly, and in any event no less than 20 days before completing the Review. The Servicer will have 15 days to give the Asset Representations Reviewer access to the missing Review Materials or other documents or information to correct the insufficiency. If the missing Review Materials or other documents have not been provided by the Servicer within 15 days, the related Review Receivable will have a Test Fail for the Test or Tests that require use of the missing or insufficient Review Materials. If the Contract for any Review Receivable is not provided or is illegible, the Asset Representations Reviewer will be unable to perform any Tests and the related Review Lease will have an overall Test Fail for all Tests. In either of these cases, the Test or Tests will be considered completed and the Review Report will report a Test Fail for the related Review Lease or applicable representation or warranty and the reason for the Test Fail.

Section 3.4.        Performance of Reviews.

(a)          Test Procedures. For a Review, the Asset Representations Reviewer will perform for each Review Lease the procedures listed under "Tests" in Schedule B for each representation and warranty (each, a "Test"), using the Review Materials necessary to perform the procedures as stated in the Test. For each Test and Review Lease, the Asset Representations Reviewer will

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determine if the Test has been satisfied (a "Test Pass") or if the Test has not been satisfied (a "Test Fail"). If a Test or part of a Test cannot be performed for a Review Lease because the Test circumstances do not apply to the Review Lease, the Test will be considered to be satisfied and will be reported as a Test Pass.

(b)          Review Period. The Asset Representations Reviewer will complete the Review of all of the Review Leases within 60 days after receiving access to the Review Materials under Section 3.3(a). However, if missing or additional Review Materials are provided to the Asset Representations Reviewer under Section 3.3(b), the Review period will be extended for an additional 30 days.

(c)          Completion of Review for Certain Review Leases. Following the delivery of the list of the Review Leases and before the delivery of the Review Report by the Asset Representations Reviewer, the Servicer may notify the Asset Representations Reviewer if a Review Lease is paid in full by the Lessee or reallocated from the 20__-__ Reference Pool by the Sponsor, the Depositor or the Servicer according to the Transaction Documents. If such a notice is received, the Asset Representations Reviewer will immediately terminate all Tests of such Lease and the Review of the Lease will be considered complete (a "Test Complete"). In this case, the Asset Representations Reviewer will report a Test Complete for the Lease on the Review Report and the related reason.

(d)          Previously Reviewed Lease; Duplicative Tests. If a Review Lease was included in a prior Review, the Asset Representations Reviewer will not perform any Tests on it, but will report the results of the previous Tests in the Review Report for the current Review and note that the results relate to a prior Review. If the same Test is required for more than one representation or warranty listed on Schedule B, the Asset Representations Reviewer will only perform the Test once for each Review Lease but will report the results of the Test for each applicable representation and warranty on the Review Report.

(e)          Termination of Review. If a Review is in process and the Notes will be paid in full on the next Payment Date, the Servicer will notify the Asset Representations Reviewer and the Indenture Trustee no less than ten days before that Payment Date. On receipt of notice, the Asset Representations Reviewer will terminate the Review immediately and will not be obligated to deliver a Review Report.

Section 3.5.        Review Reports. Within five days after the end of the Review period under Section 3.4(b), the Asset Representations Reviewer will deliver to the Sponsor, the Depositor, the Issuer, the Servicer and the Indenture Trustee a Review Report indicating for each Review Lease whether there was a Test Pass or a Test Fail for each Test, or whether the Review Lease was an overall Test Fail (for a missing or illegible Contract) or a Test Complete. For each Test Fail, overall Test Fail or Test Complete, the Review Report will indicate the related reason. The Review Report will contain a summary of the Review results to be included in the Issuer's Form 10-D report for the Collection Period in which the Review Report is received. The Asset Representations Reviewer will ensure that the Review Report does not contain any Issuer PII. On reasonable request of the Servicer, the Asset Representations Reviewer will provide additional detail on the Test results.

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Section 3.6.        Review Representatives.

(a)          Servicer Representative. The Servicer will designate one or more representatives who will be available to assist the Asset Representations Reviewer in performing the Review, including responding to requests and answering questions from the Asset Representations Reviewer about the Review Materials or Tests, access to Review Materials on the Servicer's originations, receivables or other systems, obtaining missing or insufficient Review Materials and/or providing clarification of any Review Materials or Tests.

(b)          Asset Representations Reviewer Representative. The Asset Representations Reviewer will designate one or more representatives who will be available to the Issuer and the Servicer during the performance of a Review.

(c)          Questions About Review. The Asset Representations Reviewer will make appropriate personnel available to respond in writing to written questions or requests for clarification of any Review Report from the Indenture Trustee or the Servicer until the earlier of (i) the payment in full of the Notes and (ii) one year after the delivery of the Review Report. The Asset Representations Reviewer will not be obligated to respond to questions or requests for clarification from a Noteholder or any other Person and will direct such Persons to submit written questions or requests to the Indenture Trustee.

Section 3.7.        Dispute Resolution. If a Lease that was Reviewed by the Asset Representations Reviewer is the subject of a dispute resolution proceeding under Section 3.4 of the Exchange Note Sale Agreement, the Asset Representations Reviewer will participate in the dispute resolution proceeding on request of a party to the proceeding. The reasonable expenses of the Asset Representations Reviewer for its participation in any dispute resolution proceeding will be considered expenses of the requesting party for the dispute resolution and will be paid by a party to the dispute resolution as determined by the mediator or arbitrator for the dispute resolution according to Section 3.4 of the Exchange Note Sale Agreement. However, if such expenses are not paid by a party to the dispute resolution within [90] days after the end of the proceeding, the expenses will be paid by the Issuer according to Section 4.3(d).

Section 3.8.        Limitations on Review Obligations.

(a)          Review Process Limitations. The Asset Representations Reviewer is not obligated to:

(i)            determine whether a Delinquency Trigger has occurred or whether the required percentage of the Noteholders has voted to direct a Review under the Indenture, and may rely on the information in any Review Notice delivered by the Indenture Trustee;

(ii)           determine which Leases are subject to a Review, and may rely on the lists of Review Leases provided by the Servicer;

(iii)          obtain or confirm the validity of the Review Materials, and may rely on the accuracy and completeness of the Review Materials and will have no liability for any errors in the Review Materials;

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(iv)          obtain missing or insufficient Review Materials from any party or any other source; or

(v)           take any action or cause any other party to take any action under any of the Transaction Documents or otherwise to enforce any remedies against any Person for breaches of representations or warranties about the Review Leases.

(b)          Testing Procedure Limitations. The Asset Representations Reviewer will only be required to perform the testing procedures listed under "Tests" in Schedule A, and will not be obligated to perform additional procedures on any Review Lease or to provide any information other than a Review Report. However, the Asset Representations Reviewer may provide additional information in a Review Report about any Review Lease that it determines in good faith to be material to the Review.

ARTICLE IV
Asset Representations Reviewer

Section 4.1.        Representations and Warranties . The Asset Representations Reviewer represents and warrants to the Issuer as of the Closing Date:

(a)          Organization and Qualification. The Asset Representations Reviewer is duly organized and validly existing as a ____________ in good standing under the laws of ____________. The Asset Representations Reviewer is qualified as a foreign ___________ in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its properties or the conduct of its activities requires the qualification, license or approval, unless the failure to obtain the qualifications, licenses or approvals would not reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under this Agreement.

(b)          Power, Authority and Enforceability. The Asset Representations Reviewer has the power and authority to execute, deliver and perform its obligations under this Agreement. The Asset Representations Reviewer has authorized the execution, delivery and performance of this Agreement. This Agreement is the legal, valid and binding obligation of the Asset Representations Reviewer enforceable against the Asset Representations Reviewer, except as may be limited by insolvency, bankruptcy, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles.

(c)          No Conflicts and No Violation. The completion of the transactions contemplated by this Agreement and the performance of the Asset Representations Reviewer's obligations under this Agreement will not (i) conflict with, or be a breach or default under, any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document under which the Asset Representations Reviewer is a debtor or guarantor, (ii) result in the creation or imposition of a Lien on the Asset Representations Reviewer's properties or assets under the terms of any indenture, mortgage, deed of trust, loan agreement, guarantee or similar document, (iii) violate the organizational documents of the Asset Representations Reviewer or (iv) violate a law or, to the Asset Representations Reviewer's knowledge, an order, rule or regulation of a federal or State court, regulatory body, administrative agency or other governmental instrumentality having

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jurisdiction over the Asset Representations Reviewer or its properties that applies to the Asset Representations Reviewer, which, in each case, would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under this Agreement.

(d)          No Proceedings. To the Asset Representations Reviewer's knowledge, there are no proceedings or investigations pending or threatened in writing before a federal or State court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Asset Representations Reviewer or its properties (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the completion of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Asset Representations Reviewer's ability to perform its obligations under, or the validity or enforceability of, this Agreement.

(e)          Eligibility. The Asset Representations Reviewer meets the eligibility requirements in Section 5.1.

Section 4.2.        Covenants. The Asset Representations Reviewer covenants and agrees that:

(a)          Eligibility. It will notify the Issuer and the Servicer promptly if it no longer meets the eligibility requirements in Section 5.1.

(b)          Review Systems; Personnel. It will maintain business process management and/or other systems necessary to ensure that it can perform each Test and, on execution of this Agreement, will load each Test into these systems. The Asset Representations Reviewer will ensure that these systems allow for each Review Lease and the related Review Materials to be individually tracked and stored as contemplated by this Agreement. The Asset Representations Reviewer will maintain adequate staff that is properly trained to conduct Reviews as required by this Agreement.

(c)          Maintenance of Review Materials. It will maintain copies of any Review Materials, Review Reports and other documents relating to a Review, including internal correspondence and work papers, for a period of two years after the termination of this Agreement.

Section 4.3.        Fees and Expenses.

(a)          Annual Fee. The Issuer will, or will cause the Administrator to, pay the Asset Representations Reviewer as compensation for acting as the Asset Representations Reviewer under this Agreement an annual fee separately agreed to by the Issuer and the Asset Representations Reviewer. The annual fee will be paid as agreed by the Issuer and the Asset Representations Reviewer until this Agreement is terminated.

(b)          Review Fee. Following the completion of a Review and the delivery to the Indenture Trustee of the Review Report, or the termination of a Review according to Section 3.4(e), and the delivery to the Servicer of a detailed invoice, the Asset Representations Reviewer will be entitled to a fee of [up to] $_____ for each Review Lease for which the Review was

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started (the "Review Fee"). However, no Review Fee will be paid for any Review Lease which was included in a prior Review or for which no Tests were completed before the Asset Representations Reviewer received notice of termination of the Review according to Section 3.4(e) or due to missing or insufficient Review Materials under Section 3.3(b). If a detailed invoice is submitted on or before the first day of a month, the Review Fee will be paid by the Issuer starting on or before the Payment Date in that month. However, if the Review is terminated according to Section 3.4(e), the Asset Representations Reviewer must submit its invoice for the Review Fee for the terminated Review no later than five Business Days before the final Payment Date to be reimbursed no later than the final Payment Date.

(c)          Reimbursement of Travel Expenses. If the Servicer provides access to the Review Materials at one of its properties, the Issuer will reimburse the Asset Representations Reviewer for its reasonable travel expenses incurred in connection with the Review on receipt of a detailed invoice.

(d)          Dispute Resolution Expenses. If the Asset Representations Reviewer participates in a dispute resolution proceeding under Section 3.7 and its reasonable expenses for participating in the proceeding are not paid by a party to the dispute resolution within [90] days after the end of the proceeding, the Issuer will reimburse the Asset Representations Reviewer for such expenses on receipt of a detailed invoice.

(e)          Payments by Issuer. All amounts payable by the Issuer under this Section 4.3 will be payable according to the priority of payments in Section 8.2 of the Indenture.

Section 4.4.        Limitation on Liability. The Asset Representations Reviewer will not be liable to any Person for any action taken, or not taken, in good faith under this Agreement or for errors in judgment. However, the Asset Representations Reviewer will be liable for its willful misconduct, bad faith or negligence in performing its obligations under this Agreement. In no event will the Asset Representations Reviewer be liable for special, punitive, indirect or consequential losses or damages (including lost profit), even if the Asset Representations Reviewer has been advised of the likelihood of the loss or damage and regardless of the form of action.

Section 4.5.        Indemnification by Asset Representations Reviewer. The Asset Representations Reviewer will indemnify each of the Issuer, the Depositor, the Servicer, the Owner Trustee, the Delaware Trustee and the Indenture Trustee and their respective directors, officers, employees and agents for all fees, expenses, losses, damages and liabilities (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by that Person to enforce the indemnification obligations of the Asset Representations Reviewer) resulting from (a) the willful misconduct, bad faith or negligence of the Asset Representations Reviewer in performing its obligations under this Agreement or (b) the Asset Representations Reviewer's breach of any of its representations or warranties in this Agreement. The Asset Representations Reviewer's obligations under this Section 4.5 will survive the termination of this Agreement, the termination of the Issuer and the resignation or removal of the Asset Representations Reviewer.

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Section 4.6.        Indemnification of Asset Representations Reviewer.

(a)          Indemnification. The Issuer will, or will cause the Administrator to, indemnify the Asset Representations Reviewer and its officers, directors, employees and agents (each, an "Indemnified Person"), for all fees, expenses, losses, damages and liabilities resulting from the performance of its obligations under this Agreement (including the fees and expenses of defending itself against any loss, damage or liability and any fees and expenses incurred in connection with any proceedings brought by the Indemnified Person to enforce the indemnification obligations of the Issuer and the Administrator), but excluding any fee, expense, loss, damage or liability resulting from (i) the Asset Representations Reviewer's willful misconduct, bad faith or negligence or (ii) the Asset Representations Reviewer's breach of any of its representations or warranties in this Agreement.

(b)          Proceedings. If an Indemnified Person receives notice of a proceeding against it, the Indemnified Person will, if a claim is to be made under Section 4.6(a), promptly notify the Issuer and the Administrator of the proceeding. The Issuer or the Administrator may participate in and assume the defense and settlement of a proceeding at its expense. If the Issuer or the Administrator notifies the Indemnified Person of its intention to assume the defense of the proceeding with counsel reasonably satisfactory to the Indemnified Person, and so long as the Issuer or the Administrator assumes the defense of the proceeding in a manner reasonably satisfactory to the Indemnified Person, the Issuer and the Administrator will not be liable for fees and expenses of counsel to the Indemnified Person unless there is a conflict between the interests of the Issuer or the Administrator, as applicable, and an Indemnified Person. If there is a conflict, the Issuer or the Administrator will pay for the reasonable fees and expenses of separate counsel to the Indemnified Person. No settlement of a proceeding may be made without the approval of the Issuer and the Administrator and the Indemnified Person, which approval will not be unreasonably withheld.

(c)          Survival of Obligations. The obligations of the Issuer and the Administrator under this Section 4.6 will survive the resignation or removal of the Asset Representations Reviewer and the termination of this Agreement.

(d)          Repayment. If the Issuer or the Administrator makes a payment to an Indemnified Person under this Section 4.6 and the Indemnified Person later collects from others any amounts for which the payment was made, the Indemnified Person will promptly repay those amounts to the Issuer or the Administrator, as applicable.

Section 4.7.        Review of Asset Representations Reviewer's Records. The Asset Representations Reviewer agrees that, with reasonable advance notice not more than once during any year, it will permit authorized representatives of the Issuer, the Servicer or the Administrator, during the Asset Representations Reviewer's normal business hours, to have access to and review the facilities, processes, books of account, records, reports and other documents and materials of the Asset Representations Reviewer relating to (a) the performance of the Asset Representations Reviewer's obligations under this Agreement, (b) payments of fees and expenses of the Asset Representations Reviewer for its performance and (c) a claim made by the Asset Representations Reviewer under this Agreement. In addition, the Asset Representations Reviewer will permit the Issuer's, the Servicer's or the Administrator's

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representatives to make copies and extracts of any of those documents and to discuss them with the Asset Representations Reviewer's officers and employees. Any access and review will be subject to the Asset Representations Reviewer's confidentiality and privacy policies. The Asset Representations Reviewer will maintain all relevant books, records, reports and other documents and materials for a period of at least two years after the termination of its obligations under this Agreement.

Section 4.8.        Delegation of Obligations. The Asset Representations Reviewer may not delegate or subcontract its obligations under this Agreement to any Person without the consent of the Issuer and the Servicer.

Section 4.9.        Confidential Information.

(a)          Treatment. The Asset Representations Reviewer agrees to hold and treat Confidential Information given to it under this Agreement in confidence and under the terms and conditions of this Section 4.9, and will implement and maintain safeguards to further assure the confidentiality of the Confidential Information. The Confidential Information will not, without the consent of the Issuer and the Servicer, be disclosed or used by the Asset Representations Reviewer, or its officers, directors, employees, agents, representatives or affiliates, including legal counsel (each, an "Information Recipient") other than for the purposes of performing Reviews of Review Leases or performing its obligations under this Agreement. The Asset Representations Reviewer agrees that it will not, and will cause its Affiliates to not (i) purchase or sell securities issued by Ford Credit or its Affiliates or special purpose entities on the basis of Confidential Information or (ii) use the Confidential Information for the preparation of research reports, newsletters or other publications or similar communications.

(b)          Definition. "Confidential Information" means oral, written and electronic materials (regardless of its source or form of communication) furnished before, on or after the date of this Agreement to the Asset Representations Reviewer for the purposes contemplated by this Agreement, including:

  (i)          lists of Review Leases and any related Review Materials;

 (ii)          origination and servicing guidelines, policies and procedures, and form contracts; and

(iii)          notes, analyses, compilations, studies or other documents or records prepared by the Servicer, which contain information supplied by or on behalf of the Servicer or its representatives.

However, Confidential Information will not include information that (A) is or becomes generally available to the public other than as a result of disclosure by an Information Recipient, (B) was available to, or becomes available to, an Information Recipient on a non-confidential basis from a Person or entity other than the Issuer or the Servicer before its disclosure to the Information Recipient who, to the knowledge of the Information Recipient is not bound by a confidentiality agreement with the Issuer or the Servicer and is not prohibited from transmitting the information to the Information Recipient, (C) is independently developed by an Information Recipient without the use of the Confidential Information, as shown by the Information Recipient's files

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and records or other evidence in its possession or (D) the Issuer or the Servicer gives permission to the Information Recipient to release.

(c)          Protection. The Asset Representations Reviewer will take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of Confidential Information, including those measures that it takes to protect its own confidential information and not less than a reasonable standard of care. The Asset Representations Reviewer acknowledges that Personally Identifiable Information is also subject to the additional requirements in Section 4.10.

(d)          Disclosure. If the Asset Representations Reviewer is required by applicable law, regulation, rule or order issued by an administrative, governmental, regulatory or judicial authority to disclose part of the Confidential Information, it may disclose the Confidential Information. However, before a required disclosure, the Asset Representations Reviewer, if permitted by applicable law, regulation, rule or order, will use its reasonable efforts to notify the Issuer and the Servicer of the requirement and will cooperate, at the Servicer's expense, in the Issuer's and the Servicer's pursuit of a proper protective order or other relief for the disclosure of the Confidential Information. If the Issuer or the Servicer is unable to obtain a protective order or other proper remedy by the date that the information is required to be disclosed, the Asset Representations Reviewer will disclose only that part of the Confidential Information that it is advised by its legal counsel it is legally required to disclose.

(e)          Responsibility for Information Recipients. The Asset Representations Reviewer will be responsible for a breach of this Section 4.9 by its Information Recipients.

(f)          Violation. The Asset Representations Reviewer agrees that a violation of this Agreement may cause irreparable injury to the Issuer and the Servicer and the Issuer and the Servicer may seek injunctive relief in addition to legal remedies. If an action is initiated by the Issuer or the Servicer to enforce this Section 4.9, the prevailing party will be reimbursed for its fees and expenses, including reasonable attorney's fees, incurred for the enforcement.

Section 4.10.     Personally Identifiable Information.

(a)          Definitions. "Personally Identifiable Information" or "PII" means information in any format about an identifiable individual, including, name, address, phone number, e-mail address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual and any information that when used separately or in combination with other information could identify an individual. "Issuer PII" means PII furnished by the Issuer, the Servicer or their Affiliates to the Asset Representations Reviewer and PII developed or otherwise collected or acquired by the Asset Representations Reviewer in performing its obligations under this Agreement.

(b)          Use of Issuer PII. The Issuer does not grant the Asset Representations Reviewer any rights to Issuer PII except as provided in this Agreement. The Asset Representations Reviewer will use Issuer PII only to perform its obligations under this Agreement or as specifically directed in writing by the Issuer and will only reproduce Issuer PII to the extent necessary for these purposes. The Asset Representations Reviewer must comply with all laws applicable to PII, Issuer PII and the Asset Representations Reviewer's business, including any

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legally required codes of conduct, including those relating to privacy, security and data protection. The Asset Representations Reviewer will protect and secure Issuer PII. The Asset Representations Reviewer will implement privacy or data protection policies and procedures that comply with applicable law and this Agreement. The Asset Representations Reviewer will implement and maintain reasonable and appropriate practices, procedures and systems, including administrative, technical and physical safeguards to (i) protect the security, confidentiality and integrity of Issuer PII, (ii) ensure against anticipated threats or hazards to the security or integrity of Issuer PII, (iii) protect against unauthorized access to or use of Issuer PII and (iv) otherwise comply with its obligations under this Agreement. These safeguards will include a written data security plan, employee training, information access controls, restricted disclosures, systems protections (including intrusion protection, data storage protection and data transmission protection) and physical security measures.

(c)          Additional Limitations. In addition to the use and protection requirements described in Section 4.10(b), the Asset Representations Reviewer's disclosure of Issuer PII is also subject to the following requirements:

(i)            The Asset Representations Reviewer will not disclose Issuer PII to its personnel or allow its personnel access to Issuer PII except (A) for the Asset Representations Reviewer personnel who require Issuer PII to perform a Review, (B) with the consent of the Issuer or (C) as required by applicable law. When permitted, the disclosure of or access to Issuer PII will be limited to the specific information necessary for the individual to complete the assigned task. The Asset Representations Reviewer will inform personnel with access to Issuer PII of the confidentiality requirements in this Agreement and train its personnel with access to Issuer PII on the proper use and protection of Issuer PII.

(ii)           The Asset Representations Reviewer will not sell, disclose, provide or exchange Issuer PII with or to any third party without the consent of the Issuer.

(d)          Notice of Breach. The Asset Representations Reviewer will notify the Issuer promptly in the event of an actual or reasonably suspected security breach, unauthorized access, misappropriation or other compromise of the security, confidentiality or integrity of Issuer PII and, where applicable, immediately take action to prevent any further breach.

(e)          Return or Disposal of Issuer PII. Except where return or disposal is prohibited by applicable law, promptly on the earlier of the completion of the Review or the request of the Issuer, all Issuer PII in any medium in the Asset Representations Reviewer's possession or under its control will be (i) destroyed in a manner that prevents its recovery or restoration or (ii) if so directed by the Issuer, returned to the Issuer without the Asset Representations Reviewer retaining any actual or recoverable copies, in both cases, without charge to the Issuer. Where the Asset Representations Reviewer retains Issuer PII, the Asset Representations Reviewer will limit the Asset Representations Reviewer's further use or disclosure of Issuer PII to that required by applicable law.

(f)           Compliance; Modification. The Asset Representations Reviewer will cooperate with and provide information to the Issuer regarding the Asset Representations Reviewer's

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compliance with this Section 4.10. The Asset Representations Reviewer and the Issuer agree to modify this Section 4.10 as necessary for either party to comply with applicable law.

(g)           Audit of Asset Representations Reviewer. The Asset Representations Reviewer will permit the Issuer and its authorized representatives to audit the Asset Representations Reviewer's compliance with this Section 4.10 during the Asset Representations Reviewer's normal business hours on reasonable advance notice to the Asset Representations Reviewer, and not more than once during any year unless circumstances necessitate additional audits. The Issuer agrees to make reasonable efforts to schedule any audit described in this Section 4.10 with the inspections described in Section 4.7. The Asset Representations Reviewer will also permit the Issuer during normal business hours on reasonable advance notice to audit any service providers used by the Asset Representations Reviewer to fulfill the Asset Representations Reviewer's obligations under this Agreement.

(h)           Affiliates and Third Parties. If the Asset Representations Reviewer processes the PII of the Issuer's Affiliates or a third party when performing a Review, and if such Affiliate or third party is identified to the Asset Representations Reviewer, such Affiliate or third party is an intended third-party beneficiary of this Section 4.10, and this Agreement is intended to benefit the Affiliate or third party. The Affiliate or third party may enforce the PII related terms of this Section 4.10 against the Asset Representations Reviewer as if each were a signatory to this Agreement.

ARTICLE V
RESIGNATION AND REMOVAL;
SUCCESSOR ASSET REPRESENTATIONS REVIEWER

Section 5.1.        Eligibility Requirements for Asset Representations Reviewer. The Asset Representations Reviewer must be a Person who (a) is not Affiliated with the Sponsor, the Depositor, the Servicer, the Indenture Trustee, the Owner Trustee, the Delaware Trustee or any of their Affiliates and (b) was not, and is not Affiliated with a Person that was, engaged by the Sponsor or any Underwriter to perform any due diligence on the Leases prior to the Closing Date.

Section 5.2.        Resignation and Removal of Asset Representations Reviewer.

(a)          No Resignation. The Asset Representations Reviewer will not resign as Asset Representations Reviewer unless it determines it is legally unable to perform its obligations under this Agreement and there is no reasonable action that it could take to make the performance of its obligations under this Agreement permitted under applicable law. The Asset Representations Reviewer will notify the Issuer and the Servicer of its resignation as soon as practicable after it determines it is required to resign and stating the resignation date, including an Opinion of Counsel supporting its determination.

(b)          Removal. If any of the following events occur, the Issuer may remove the Asset Representations Reviewer and terminate its rights and obligations under this Agreement by notifying the Asset Representations Reviewer:

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(i)            the Asset Representations Reviewer no longer meets the eligibility requirements in Section 5.1;

(ii)           the Asset Representations Reviewer breaches of any of its representations, warranties, covenants or obligations in this Agreement; or

(iii)          an Insolvency Event of the Asset Representations Reviewer occurs.

(c)          Notice of Resignation or Removal. The Issuer will notify the Servicer, the Owner Trustee and the Indenture Trustee of any resignation or removal of the Asset Representations Reviewer.

(d)          Continue to Perform After Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective, and the Asset Representations Reviewer will continue to perform its obligations under this Agreement, until a successor Asset Representations Reviewer has accepted its engagement according to Section 5.3(b).

Section 5.3.        Successor Asset Representations Reviewer .

(a)          Engagement of Successor Asset Representations Reviewer. Following the resignation or removal of the Asset Representations Reviewer, the Issuer will engage a successor Asset Representations Reviewer who meets the eligibility requirements of Section 5.1.

(b)          Effectiveness of Resignation or Removal. No resignation or removal of the Asset Representations Reviewer will be effective until the successor Asset Representations Reviewer has executed and delivered to the Issuer and the Servicer an agreement accepting its engagement and agreeing to perform the obligations of the Asset Representations Reviewer under this Agreement or entered into a new agreement with the Issuer on substantially the same terms as this Agreement.

(c)          Transition and Expenses. If the Asset Representations Reviewer resigns or is removed, the Asset Representations Reviewer will cooperate with the Issuer and take all actions reasonably requested to assist the Issuer in making an orderly transition of the Asset Representations Reviewer's rights and obligations under this Agreement to the successor Asset Representations Reviewer. The Asset Representations Reviewer will pay the reasonable expenses of transitioning the Asset Representations Reviewer's obligations under this Agreement and preparing the successor Asset Representations Reviewer to take on the obligations on receipt of an invoice in reasonable detail from the Issuer or the successor Asset Representations Reviewer.

Section 5.4.        Merger, Consolidation or Succession. Any Person (a) into which the Asset Representations Reviewer is merged or consolidated, (b) resulting from any merger or consolidation to which the Asset Representations Reviewer is a party or (c) succeeding to the Asset Representations Reviewer's business, if that Person meets the eligibility requirements in Section 5.1, will be the successor to the Asset Representations Reviewer under this Agreement. Such Person will execute and deliver to the Issuer and the Servicer an agreement to assume the Asset Representations Reviewer's obligations under this Agreement (unless the assumption happens by operation of law).

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ARTICLE VI
OTHER AGREEMENTS

Section 6.1.        Independence of Asset Representations Reviewer. The Asset Representations Reviewer will be an independent contractor and will not be subject to the supervision of the Issuer or the Owner Trustee for the manner in which it accomplishes the performance of its obligations under this Agreement. Unless authorized by the Issuer or the Owner Trustee, respectively, the Asset Representations Reviewer will have no authority to act for or represent the Issuer or the Owner Trustee and will not be considered an agent of the Issuer or the Owner Trustee. Nothing in this Agreement will make the Asset Representations Reviewer and either of the Issuer or the Owner Trustee members of any partnership, joint venture or other separate entity or impose any liability as such on any of them.

Section 6.2.        No Petition. Each of the parties agrees that, before the date that is one year and one day (or, if longer, any applicable preference period) after payment in full of (a) all Secured Obligations, including all Exchange Notes, and any other Securities, (b) all securities issued by the Depositor or by a trust for which the Depositor was a depositor or (c) the Notes, it will not start or pursue against, or join any other Person in starting or pursuing against, (i) either Titling Company or either Holding Company, (ii) the Depositor or (iii) the Issuer, respectively, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other proceedings under any bankruptcy or similar law. This Section 6.2 will survive the termination of this Agreement.

Section 6.3.        Limitation of Liability of Owner Trustee . This Agreement has been signed on behalf of the Issuer by _________________ not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer. In no event will _____________________ in its individual capacity or a beneficial owner of the Issuer be liable for the Issuer's obligations under this Agreement. For all purposes under this Agreement, the Owner Trustee will be subject to, and entitled to the benefits of, the Trust Agreement.

Section 6.4.        Termination of Agreement. This Agreement will terminate on the earlier of (a) the payment in full of all outstanding Notes and the satisfaction and discharge of the Indenture and (b) the date the Issuer is terminated under the Trust Agreement.

ARTICLE VII
Miscellaneous Provisions

Section 7.1.        Amendments.

(a)           Amendments. The parties may amend this Agreement:

(i)            to clarify an ambiguity, correct an error or correct or supplement any term of this Agreement that may be defective or inconsistent with the other terms of this Agreement [or any prospectus or offering memorandum related to the Notes] or to provide for, or facilitate the acceptance of this Agreement by, a successor Asset Representations Reviewer, in each case, without the consent of the Noteholders or any other Person;

15

(ii)           to add, change or eliminate terms of this Agreement, in each case, without the consent of the Noteholders or any other Person, if the Administrator delivers an Officer's Certificate to the Issuer, the Owner Trustee and the Indenture Trustee stating that the amendment will not have a material adverse effect on the Noteholders; or

(iii)          to add, change or eliminate terms of this Agreement for which an Officer's Certificate is not or cannot be delivered under Section 7.1(a)(ii), with the consent of the Noteholders of a majority of the Note Balance of each Class of Notes Outstanding (with each affected Class voting separately, except that all Noteholders of Class A Notes will vote together as a single class).

(b)          Indenture Trustee Consent. No amendment to this Agreement that could have a material adverse effect on the rights or responsibilities of the Indenture Trustee will be effective without the consent of the Indenture Trustee.

(c)          Notice of Amendments. The Administrator will notify the Rating Agencies in advance of any amendment. Promptly after the execution of an amendment, the Administrator will deliver a copy of the amendment to the Rating Agencies.

Section 7.2.        Assignment; Benefit of Agreement; Third Party Beneficiaries.

(a)          Assignment. Except as stated in Section 5.4, this Agreement may not be assigned by the Asset Representations Reviewer without the consent of the Issuer and the Servicer.

(b)          Benefit of Agreement; Third-Party Beneficiaries. This Agreement is for the benefit of and will be binding on the parties and their permitted successors and assigns. The Owner Trustee and the Indenture Trustee, for the benefit of the Noteholders, will be third-party beneficiaries of this Agreement and may enforce this Agreement against the Asset Representations Reviewer and the Servicer. No other Person will have any right or obligation under this Agreement.

Section 7.3.        Notices.

(a)          Notices to Parties. All notices, requests, directions, consents, waivers or other communications to or from the parties must be in writing and will be considered received by the recipient:

(i)            for overnight mail, on delivery or, for registered first class mail, postage prepaid, three days after deposit in the mail properly addressed to the recipient;

(ii)           for a fax, when receipt is confirmed by telephone, reply email or reply fax from the recipient;

(iii)          for an email, when receipt is confirmed by telephone or reply email from the recipient; and

16

(iv)          for an electronic posting to a password-protected website to which the recipient has access, on delivery of an email (without the requirement of confirmation of receipt) stating that the electronic posting has been made.

(b)          Notice Addresses. A notice, request, direction, consent, waiver or other communication must be addressed to the recipient at its address stated in Schedule A to the Indenture, which address the party may change by notifying the other parties.

Section 7.4.       GOVERNING LAW. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK.

Section 7.5.        Submission to Jurisdiction. Each party submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State Court sitting in New York, New York for legal proceedings relating to this Agreement. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or in the future have to the venue of a proceeding brought in such a court and any claim that the proceeding has been brought in an inconvenient forum.

Section 7.6.        WAIVER OF JURY TRIAL. Each party irrevocably waives, to the fullest extent permitted by law, THE right to trial by jury in legal proceedingS relating to this agreement.

Section 7.7.        No Waiver; Remedies. No party's failure or delay in exercising a power, right or remedy under this Agreement will operate as a waiver. No single or partial exercise of a power, right or remedy will preclude any other or further exercise of the power, right or remedy or the exercise of any other power, right or remedy. The powers, rights and remedies under this Agreement are in addition to any powers, rights and remedies under law.

Section 7.8.        Severability. If a part of this Agreement is held invalid, illegal or unenforceable, then it will be deemed severable from the remaining Agreement and will not affect the validity, legality or enforceability of the remaining Agreement.

Section 7.9.        Headings. The headings in this Agreement are included for convenience and will not affect the meaning or interpretation of this Agreement.

Section 7.10.     Counterparts. This Agreement may be executed in multiple counterparts. Each counterpart will be an original and all counterparts will together be one document.

[Remainder of Page Left Blank]

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EXECUTED BY:

FORD CREDIT AUTO LEASE TRUST 20__-__,

as Issuer

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

By:
	Name:
	Title:

FORD MOTOR CREDIT COMPANY LLC,

as Servicer

By:
	Name:
	Title:

___________________,

as Asset Representations Reviewer

By:
	Name:
	Title:

[Signature Page to Asset Representations Review Agreement]

Schedule A

Review Materials

1. A copy of the Lease File that includes the following documents, if applicable:

(a) The motor vehicle lease agreement or similar document as amended that evidences the Lease.

(b) The following documents related to the Lease (collectively, the "Amendments"):

(i) Any correction notices to the Lease prior to the Cutoff Date, and

(ii) Any modification agreements completed by the parties to the Lease prior to the Cutoff Date;

(c) The certificate of title, motor vehicle lien statement, application for title, application for registration for motor vehicle, certificate of origin or manufacturer statement of origin for a vehicle, or other evidence (including eAtlas reporting for electronic titling states) showing the security interest in the Leased Vehicle (collectively, the "Title Documents");

(d) Proof of insurance;

(e) Any ancillary documents for credit insurance, service contracts or other products and services (collectively, the "Ancillary Documents");

(f) Military orders; and

(g) State specific documents related to the Lease.

2. Copies of applicable Ford Credit procedures, as of the date of the Lease, including:

(a) Ford Credit's procedure listing approved lease forms as of the date of the Lease (the "List of Approved Contract Forms");

(b) Ford Credit's procedure listing acceptable name variations of Ford Credit, Lincoln Automotive Financial Services, CAB East LLC, CAB West LLC, CABT and HTD Leasing LLC (the "List of Acceptable Name Variations"); and

(c) Ford Credit's procedure listing approved providers and form numbers for credit insurance, service contracts and other products and services (the "List of Approved Products").

SA-1

3. A copy of the Red Carpet Lease Assignment with the Dealer that originated the Lease (the "Dealer Assignment").

4. Applicable screen prints from Ford Credit's receivables systems.

SA-2

Schedule B

Representations and Warranties and Tests

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)	Tests
Section 3.3(a) – Origination of Leases.  The Lease was originated by a Dealer in the United States and has a garaging location in an Eligible State.  The Lease was originated by a Dealer for the retail lease of a Leased Vehicle in the ordinary course of the Dealer's business.  The Lease was signed by the parties to the Lease.  The Lease was purchased by a Titling Company qualified to hold the Lease and the related Leased Vehicle and was validly assigned by the Dealer to that Titling Company.	Test 3.3(a) – 1: Dealer Address Observe the address of the Dealer on the Lease and confirm it is in the United States. Test 3.3(a) – 2: Garaging Location Observe the Lease account in Ford Credit's receivables systems and confirm the state in the garaging address on the date of the Lease corresponds to the correct Titling Company as stated in the applicable Ford Credit procedure. Test 3.3(a) – 3: Lease Signed Observe the Lease and confirm signatures are present for the Dealer and the Lessee. Test 3.3(a) – 4: Lease Form Observe the form number and revision date on the Lease and confirm they are on the List of Approved Contract Forms. Test 3.3(a) – 5: Qualified Titling Company Observe the Lease and confirm the Titling Company identified as the Holder is qualified to do business in the state of the Dealer's address. Test 3.3(a) – 6: Valid Assignment Observe the Lease and confirm the Dealer's signature is present to assign the lease to a Titling Company. Test 3.3(a) – 7: Dealer Confirmation Observe the Dealer name on the Lease and confirm it matches the Dealer name on the Dealer Assignment.
Section 3.3(b) – New Vehicle.  The Leased Vehicle was a new car, light truck or utility vehicle according to the Underwriting Procedures at the beginning of the related Lease.	Test 3.3(b) – 1: New Vehicle Observe the Lease account in Ford Credit's receivables systems and confirm that the Leased Vehicle is identified as "new" or "demo."
Section 3.3(c) – Monthly Payments.  The Lease (if not an Advance Payment Plan Lease) provides for monthly payments in U.S. dollars in an amount equal to the sum of (i) a level scheduled payment that provides a fixed internal rate of return and amortizes the Adjusted Capitalized Cost stated in the Lease to the Contract Residual Value of the related Leased Vehicle over the term of the Lease, plus (ii) other fees and taxes on the Lease.	Test 3.3(c) – 1: Monthly Payments Observe the Lease and confirm it reflects monthly payments. Test 3.3(c) – 2: U.S. Dollars Observe the Lease and confirm it is payable in U.S. dollars. Test 3.3(c) – 3: Level Monthly Payments Observe the Lease and confirm it reflects a level scheduled payment. Test 3.3(c) – 4: Rate of Return Observe the Lease and confirm the sum of "Depreciation and other Amortized Amounts" and "Rent Charge" divided by "Lease Payments" equals "Base Payment." Test 3.3(c) – 5: Amortization Observe the Lease and confirm "Adjusted Capitalized Cost" minus the product of "Lease Payments" multiplied by "Base Payment" minus "Rent Charge" equals "Residual Value."

SB-1

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)	Tests
	Test 3.3(c) – 6: Total Payment Observe the Lease and confirm "Base Payment" plus other fees and taxes equals "Total Payment."
Section 3.3(d) – Certificate of Title.  The Leased Vehicle was titled, or the Servicer has started procedures that will result in the Leased Vehicle being titled in a manner acceptable to the relevant governmental authority.	Test 3.3(d) – 1: Garaging Location Observe the Lease account in Ford Credit's receivables systems and confirm the state in the garaging address on the date of the Lease matches the state on the Title Documents. Observe the Title Documents and confirm they reflect the Titling Company as stated in the applicable Ford Credit procedure, using a name included in the List of Acceptable Name Variations, as the Owner. Test 3.3(d) – 2: Title Verification Observe the Holder on the Lease and confirm it matches the Owner on the Title Documents. Observe the vehicle identification number on the Lease and confirm it matches the vehicle identification number on the Title Documents.
Section 3.3(e) – No Government Lessee.  The Lease is not an obligation of the United States or a State or local government or any agency, department, instrumentality or political subdivision of the United States or a State or local government.	Test 3.3(e) – 1: No Government Lessee Observe the Lease and confirm the Leased Vehicle is leased for personal use or, if not, confirm the Lessee is not a government Lessee. If the name of the Lessee contains a word indicating it may be a government Lessee, use online sources to confirm the Lessee is a commercial business and not a government Lessee.
Section 3.3(f) – No Commercial Lessee.  The Lease is not a commercial lease contract, master lease contract or fleet vehicle lease contract, but the Lease may have been entered by a business entity and the Leased Vehicle may be used for commercial purposes.	Test 3.3(f) – 1: Lease Form Observe the form number and revision date on the Lease and confirm they are on the List of Approved Contract Forms.
Section 3.3(g) – Insurance.  The Lease requires the Lessee to have physical damage insurance covering the Leased Vehicle.	Test 3.3(g) – 1: Insurance Observe the Lease and confirm it contains an agreement from the Lessee to insure against loss of or risk to the Leased Vehicle.
Section 3.3(h) – Compliance with Underwriting Procedures.  The Lease was underwritten according to the Underwriting Procedures in effect at the time in all material respects.	Test 3.3(h) – 1: Lease Form Observe the form number and revision date on the Lease and confirm they are on the List of Approved Contract Forms. Test 3.3(h) – 2: Leased Vehicle Description Observe the Lease and confirm the description of the Leased Vehicle, including the vehicle identification number, year, make and model, new, used or demo, matches the vehicle information for the Lease account in Ford Credit's receivables systems. Observe each Ancillary Document, if any, and confirm any information describing the Leased Vehicle matches the corresponding information on the Lease. Test 3.3(h) – 3: Fees and Additional Products Observe the fees, if any, included in the "Amounts Due At Lease Signing or Delivery" section of the Lease and confirm they do not exceed the limits

SB-2

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)	Tests
	stated in the applicable Ford Credit procedure. Observe the Lease and confirm the amount the acquisition fee is the amount required by Ford Credit procedure and, if it is an advance payment lease, confirm the acquisition fee is listed in the "Amounts Due At Lease Signing or Delivery" section. Observe the amount for each additional product, if any, included in the "Itemization of Gross Capitalized Cost" section of the Lease and confirm each amount does not exceed the advance cap amount stated in the applicable Ford Credit procedure. Test 3.3(h) – 4: Lease Signed Observe the Lease and confirm signatures are present for the Dealer and the Lessee. Test 3.3(h) – 5: Insurance Observe the insurance section of the Lease and confirm the minimum limits meet the requirements as stated in the applicable Ford Credit procedure. Confirm the Lease File contains proof of insurance as stated in the applicable Ford Credit procedure. Test 3.3(h) – 6: Dealer Confirmation Observe the Lease and confirm that the Dealer name matches the Dealer name on the Red Carpet Lease Assignment. Test 3.3(h) – 7: Additional Document Requirements Observe the Lease account in Ford Credit's receivables systems and confirm that no additional document requirements are indicated for origination or, if so, confirm all required documents are in the Lease File. Test 3.3(h) – 8: Notice to Co-Signer Observe the Lease and confirm the "Vehicle Use" is personal and if so, confirm if a "Notice to Cosigner" document is required by the applicable Ford Credit procedure and if so, confirm a signed and dated "Notice to Cosigner" document is in the Lease File. Test 3.3(h) – 9: Odometer Disclosure Statement Observe the Odometer Disclosure Statement and confirm it is completed and signed as stated in the applicable Ford Credit procedure. Test 3.3(h) – 10: Finance Company and Holder Observe the Lease and confirm the "Finance Company" and "Holder" section is completed as stated in the applicable Ford Credit procedure.
Section 3.3(i) – Valid Assignment. The Lease was originated in, and is subject to the laws of, a jurisdiction which permits the sale and assignment of the Lease and the related Leased Vehicle to the Titling Company. The terms of the Lease do not limit the right of the owner of the Lease to sell the Lease.	Test 3.3(i) – 1: Lease Form Observe the form number and revision date on the Contract and confirm they are on the List of Approved Contract Forms.
Section 3.3(j) – Compliance with Law. At the time it was originated, the Lease complied in all material respects with all	Test 3.3(j) – 1: Lease Form Observe the form number and revision date on the Lease and confirm they are on the List of Approved Contract Forms.

SB-3

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)

Tests

requirements of law in effect at the time.

Test 3.3(j) – 2: Legibility of Lease Observe the Lease and confirm all printed sections are legible and aligned on the correct line. Test 3.3(j) – 3: Additional Product Provider and Form Observe the provider name, form number and revision date on each Ancillary Document, if any, and confirm they are on the List of Approved Products. Test 3.3(j) – 4: Lease Signed Observe the Lease and confirm signatures are present for the Dealer and the Lessee. Test 3.3(j) – 5: Total of Payments Observe the "Total of Payments" on the Lease. Calculate the "Total of Payments" using the "Amount Due at Lease Signing or Delivery" plus "The total of Your monthly payment is" minus "Your first monthly payment of" and confirm it matches "Total of Payments." Test 3.3(j) – 6: Payment Schedule Observe the scheduled due date on the Lease and confirm it follows the payment due date requirements in the applicable Ford Credit procedure. Test 3.3(j) – 7: Tax Disclosure Observe the Lease and confirm the tax on capitalized cost reduction, if any, is disclosed as required by Ford Credit procedure. Test 3.3(j) – 8: Gross Capitalized Cost Observe the "Gross capitalized cost" in the "Your payment is determined as shown below" section of the Lease and confirm that it equals the "Total Gross Capitalized Cost" in the "Itemization of Gross Capitalized Cost" section. Test 3.3(j) – 9: Adjusted Capitalized Cost Observe the "Your payment is determined as shown below" section of the Lease and confirm that "Gross capitalized cost" minus "Capitalized cost reduction" equals "Adjusted capitalized cost." Test 3.3(j) – 10: Term Observe the "Payments" box on the Lease and confirm it matches the "Lease payments" in the "Your payment is determined as shown below" section. Test 3.3(j) – 11: Total Miles Allowed Observe the "Excess Wear and Use" section of the Lease and confirm the price per mile and the mileage lines are completed according to applicable Ford Credit procedure. Test 3.3(j) – 12: Warranty Disclosure Observe the "Warranty" disclosure box on the Lease and confirm it has been completed according to applicable Ford Credit procedure. Test 3.3(j) – 13: Official Fees and Taxes Disclosure Observe the "Official Fees and Taxes" disclosure box on the Lease and confirm it has been competed according to applicable Ford Credit procedure. Test 3.3(j) – 14: Equal Credit Opportunity Act - Origination Observe the Lease account in Ford Credit's receivables systems and confirm any comments at origination do not conflict with the prohibited practices described in the applicable Ford Credit procedure.

SB-4

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)

Tests

Test 3.3(j) – 15: State Disclosures; Contract Complete Observe the Lease and confirm all lines on the Lease are completed or properly left blank. Test 3.3(j) – 16: State-Specific Underwriting Requirements Observe the state in the address of the Dealer on the Lease. If the state is listed below, perform the tests for the specific state. California Observe the Lease and confirm that it indicates it was negotiated primarily in English or, if it indicates one of the other languages, confirm a completed translation of the Lease in that language is in the Lease File. Florida Confirm a signed "Customer-Dealer Registration Agreement" or a document identifying that the Dealer used the actual registration amount is in the Lease file.  Illinois Illinois-1-Sales Tax Form  Confirm a completed sales tax form is in the Lease File. Illinois-2-Translation  Confirm there is no translation acknowledgment form in the Lease File or, if so, confirm the form is completed and signed. Kansas  Observe the Lease and confirm that no credit insurance was purchased or, if so, confirm the "Credit Insurance Premium Refund Notice" is in the Lease File and the date of the form is within ten days of the Lease purchase date. New Jersey  Observe the Lease and confirm the date the Lessee signed the Lease is at least one business day after the date of the Lease or, if the dates are the same, confirm a waiver signed by the Lessee is in the Lease File. New York  Confirm there is no translation acknowledgment form in the Lease File or, if so, confirm the form is completed and signed. Ohio  Observe the Lease and confirm that no credit insurance was purchased or, if so, confirm a completed and signed "Notice of Optional Credit Insurance" is in the Lease File.

SB-5

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)	Tests
Section 3.3(k) – Binding Obligation.  The Lease is on a form contract that includes rights and remedies allowing the holder to enforce the obligation and realize on the Leased Vehicle and represents the legal, valid and binding payment obligation of the Lessee, enforceable in all material respects by the holder of the Lease, except as may be limited by bankruptcy, insolvency, reorganization or other similar laws relating to the enforcement of creditors' rights or by general equitable principles and consumer financial protection laws.	Test 3.3(k) – 1: Lease Form Observe the form number and revision date on the Contract and confirm they are on the List of Approved Contract Forms.
Section 3.3(l) – Security Interest in Leased Vehicle.  The Collateral Agent has, or the Servicer has started procedures that will result in the Collateral Agent having, a perfected, first-priority security interest in the Leased Vehicle, which security interest was validly created.	Test 3.3(l) – 1: Security Interest in Lease Vehicle Observe the Title Documents and confirm they show HTD Leasing LLC, using a name included in the List of Acceptable Name Variations, as the first lienholder. Observe the vehicle identification number on the Lease and confirm it matches the vehicle identification number on the Title Documents.
Section 3.3(m) – Good Title to Lease and Leased Vehicle.  The applicable Titling Company has good title, or the Servicer has started procedures that will result in good title, to the Lease and Leased Vehicle, free and clear of Liens other than Permitted Liens.	Test 3.3(m) – 1: Garaging Location Observe the Lease account in Ford Credit's receivables systems and confirm the state in the garaging address on the date of the Lease matches the state on the Title Documents. Observe the Title Documents and confirm they reflect the Titling Company as stated in the applicable Ford Credit procedure, using a name included in the List of Acceptable Name Variations, as the Owner. Test 3.3(m) – 2: Valid Assignment Observe the Lease and confirm the Dealer signature is present to assign the lease to the applicable Titling Company.
Section 3.3(n) – Chattel Paper.  The Lease is either "tangible chattel paper" or "electronic chattel paper" within the meaning of the applicable UCC and there is only one original authenticated copy of the Lease.	Test 3.3(n) – 1: Lease Signed Observe the Lease and confirm signatures are present for the Dealer and Lessee. Test 3.3(n) – 2: Lease Form Observe the form number and revision date on the Lease and confirm they are on the List of Approved Contract Forms. Test 3.3(n) – 3: One Original Observe the Lease and confirm it is an electronic contract or, if not, confirm it states "original" above the ply description line.

SB-6

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)	Tests
Section 3.3(o) – Servicing.  The Lease was serviced in compliance with law and the Servicing Procedures in all material respects from the time it was originated to the Cutoff Date.	Test 3.3(o) – 1: Credit Bureau Reporting Observe the Lease account in Ford Credit's receivables systems and confirm the number of days, if any, the Lease account was past due for each month preceding the Cutoff Date matches the information reported to the credit bureaus for the Lease account. Test 3.3(o) – 2: Lessee Complaints Observe the Lease account in Ford Credit's receivables systems and confirm that "Complaints/Feedback" is not indicated for the Lease account as of the Cutoff Date or, if so, confirm that the documentation indicated in Ford Credit's receivables systems related to the complaint follows the applicable Ford Credit procedures. Test 3.3(o) – 3: Equal Credit Opportunity Act - Servicing Observe the customer service notes, if any, for the Lease account in Ford Credit's receivables systems and confirm any comments do not conflict with the prohibited practices described in the applicable Ford Credit procedure. Test 3.3(o) – 4: Servicemembers Civil Relief Act Observe the Lease account in Ford Credit's receivables systems and confirm that Servicemembers Civil Relief Act is not indicated for the Lease account as of the Cutoff Date or, if so and if military orders are in the Lease File, confirm the lease factor for the Lease account indicated in Ford Credit's receivables systems is less than or equal to [4.25]%.
Section 3.3(p) – No Bankruptcy.  As of the Cutoff Date, the Sponsor's receivables systems do not indicate that the Lessee on the Lease is a debtor in a bankruptcy proceeding.	Test 3.3(p) – 1: No Bankruptcy Observe the Lease account in Ford Credit's receivables systems as of the Cutoff Date and confirm the "Bankrupt" field is blank.
Section 3.3(q) – Leases in Force.  As of the Cutoff Date, neither the Sponsor's receivables systems nor the Lease File indicate that the Lease (i) was a Terminating Lease or a Closed Lease or (ii) was satisfied, subordinated, rescinded, cancelled or terminated.	Test 3.3(q) – 1: Terminating Lease or Closed Lease Observe the Lease account in Ford Credit's receivables systems and confirm it was not a Terminating Lease or a Closed Lease. Test 3.3(q) – 2: Leases in Force Observe the Lease account in Ford Credit's receivables systems and confirm it was an active account on the Cutoff Date.
Section 3.3(r) – No Amendments or Modifications.  No material term of the Lease has been affirmatively amended or modified (other than the assessment of a security deposit or a Payment Extension Fee or the payment of any other amount that would be a Lease Administration Amount, or a default relating to failure by the related Lessee to pay any such amount), except amendments and modifications indicated in the Sponsor's receivables systems or in the Lease File.	Test 3.3(r) – 1: No Amendments Observe the Lease account in Ford Credit's receivables systems and confirm a "Substitution Agreement" and/or "Transfer of Lease" account message is not indicated or, if so, confirm a substitution agreement and/or transfer agreement is in the Lease File.

SB-7

Representation and Warranty (Section references are to the Exchange Note Purchase Agreement)	Tests
Section 3.3(s) – No Extensions.  As of the Cutoff Date, the Lease was not amended to extend the due date for any payment, other than Payment Extensions totaling no more than three months, as recorded in the Sponsor's receivables systems and in the Lease File.	Test 3.3(s) – 1: No Extensions Observe the Lease account in Ford Credit's receivables systems and confirm the Lease was not extended more than three months as of the Cutoff Date.
Section 3.3(t) – No Defenses.  There is no right of rescission, setoff, counterclaim or defense asserted or threatened against the Lease indicated in the Sponsor's receivables systems or in the Lease File.	Test 3.3(t) – 1: No Defenses Observe the Lease account in Ford Credit's receivables systems and confirm there are no "Litigation Pending," "Attorney Representation" and/or "Second Lien" account messages or, if so, confirm the account message(s) were not present as of the Cutoff Date.
Section 3.3(u) – No Payment Default.  Except for a payment that is not more than 30 days Delinquent as of the Cutoff Date, no payment default exists on the Lease.	Test 3.3(u) – 1: No Payment Default Observe the Lease account in Ford Credit's receivables systems and confirm the Lease was not more than 30 days Delinquent as of the Cutoff Date.
Section 3.3(v) – Maturity of Leases.  The Lease has a Scheduled Lease End Date of not greater than [48] months from the date of the Lease.	Test 3.3(v) – 1: Maturity of Leases Observe the "Lease Term in Months" on the Lease and confirm it is not greater than [48].

SB-8

EX-24.1

EXHIBIT 24.1

POWER OF ATTORNEY FOR REGISTRATION STATEMENT OF
FORD CREDIT AUTO LEASE TWO LLC
COVERING ASSET BACKED SECURITIES

EACH OF THE UNDERSIGNED PERSONS appoints each of Corey MacGillivray, Johanna Kaipainen and Rob Mossel as his or her attorney and agent to do any and all acts and things and execute in his or her name (whether on behalf of FORD CREDIT AUTO LEASE TWO LLC, or as an officer or Manager of FORD CREDIT AUTO LEASE TWO LLC) on all documents the attorney and agent determines is necessary or advisable to enable FORD CREDIT AUTO LEASE TWO LLC to comply with the Securities Act of 1933, as amended, and any requirements of the U.S. Securities and Exchange Commission, in connection with a Registration Statement and any and all amendments (including post-effective amendments) to the Registration Statement, including the power and authority to sign his or her name to that Registration Statement and to any amendments to the Registration Statement or any of the exhibits or schedules or the Prospectus to be filed with the U.S. Securities and Exchange Commission, and to file the same with the U.S. Securities and Exchange Commission. Each of the undersigned ratifies and confirms all actions of the attorneys and agents taken under this power of attorney. Each attorney and agent will have, and may exercise, all the powers given by this power of attorney.

EXECUTED on June 8, 2022.

/s/ Ryan Hershberger	/s/ Shawn Ryan
Ryan Hershberger	Shawn Ryan
/s/ Carrie Yee	/s/ Brian Schaaf
Carrie Yee	Brian Schaaf

Ford Credit Auto Lease Two LLC
c/o Ford Motor Credit Company LLC
One American Road
Dearborn, Michigan 48126

I, Corey MacGillivray, am the Secretary of Ford Credit Auto Lease Two LLC (the "Company") and do certify that the attached resolutions were duly adopted by unanimous written consent of the board of managers of the Company on September 25, 2007, and those resolutions have not been amended, rescinded or otherwise modified.

EXECUTED on June 8, 2022.

/s/ Corey MacGillivray,

Corey MacGillivray,
Secretary

Robert G. Mossel, as an Assistant Secretary of the Company, certifies that Corey MacGillivray is the duly elected and qualified Secretary of the Company and that the signature above is his signature.

EXECUTED on June 8, 2022.

/s/ Robert G. Mossel

Robert G. Mossel
Assistant Secretary

* * *

Lease Financing Transactions

RESOLVED, That the Company is authorized to acquire, own, hold, sell, assign, service, pledge and otherwise deal with certificates representing an interest in, or notes secured by, motor vehicle leases (including all right, title and interest in them) relating to new or used motor vehicles, from time to time originated or purchased by Ford Credit or its subsidiaries, and other rights to and proceeds of the foregoing (collectively, the "Certificates"), in connection with any securitization, other structured financing or whole loan transaction (each, a "Lease Financing Transaction").

Issuance and Sale of Asset Backed Securities

RESOLVED, That, in connection with any Lease Financing Transaction, the Company is authorized to issue and sell, through one or more direct or indirect special purpose trusts ("Trusts"), notes, certificates or other securities in one or more classes or series ("Asset Backed Securities") collateralized or backed by or representing an interest in, directly or indirectly, the Certificates, in one or more private or public offerings (each, an "Offering") in the United States or any foreign country.

* * *

Registration of Asset Backed Securities

RESOLVED, That, in connection with any public Offerings of Asset Backed Securities in the United States required to be registered with the Securities and Exchange Commission (the "Commission") pursuant to the Securities Act of 1933, as amended, the Company, on behalf of the related Trusts, is authorized to register with the Commission Asset Backed Securities in any principal amount and prepare and file with the Commission one or more registration statements covering such Asset Backed Securities, together with related prospectuses, exhibits and other documents that may be required with respect to the registration and offering of such Asset Backed Securities, and any amendments and supplements to the foregoing documents (collectively, the "Public Documents").

* * *

RESOLVED, That each manager and Authorized Officer of the Company is authorized to sign in his or her own behalf or in the name and on behalf of the Company any Public Documents or Foreign Public Documents, with such changes and in such forms as such managers and Authorized Officers may deem necessary, appropriate or desirable, as conclusively evidenced by his or her execution of the Public Documents or Foreign Public Documents, and that each Authorized Officer of the Company is authorized to cause any such Public Document or Foreign Public Documents to be filed with the Commission or the appropriate governing body or agency.

* * *

Appointment of Attorneys-In-Fact

RESOLVED, That each manager and Authorized Officer who may be required to sign any Public Documents, Foreign Public Documents or State Documents is authorized to execute a power of attorney appointing Susan J. Thomas, Marion B. Harris, David M. Brandi and any other person designated by such manager or Authorized Officer, individually and not jointly, as attorneys-in-fact with the power and authority to do and perform, in the name and on behalf of such manager or Authorized Officer who had executed such a power of attorney, every act that any such attorneys may deem necessary, appropriate or desirable to be done in connection with such Public Documents, Foreign Public Documents or State Documents as such manager or Authorized Officer might or could do in person, including to sign his or her name in the capacity of attorney on any such documents and file the same with the Commission or the appropriate governing body or agency in a foreign jurisdiction or the appropriate State authorities.

RESOLVED, That if a prescribed form of resolutions of the Board of Managers is required (i) for an application or other instrument filed for the purpose of any registration, qualification, permit, license or exemption in any State or (ii) for registration or qualification of Asset Backed Securities with the Commission or any governing body or agency of any foreign country, each such resolution will be deemed adopted; and that the Secretary or Assistant Secretary of the Company is authorized to certify that such resolutions were duly adopted by the Board of Managers by this written consent.

* * *

EX-24.2

EXHIBIT 24.2

POWER OF ATTORNEY FOR REGISTRATION STATEMENT OF
CAB EAST LLC
COVERING ASSET BACKED SECURITIES

EACH OF THE UNDERSIGNED PERSONS appoints each of Corey MacGillivray, Johanna Kaipainen and Rob Mossel as his or her attorney and agent to do any and all acts and things and execute in his or her name (whether on behalf of CAB EAST LLC, or as an officer or Manager of CAB EAST LLC) on all documents the attorney and agent determines is necessary or advisable to enable CAB EAST LLC to comply with the Securities Act of 1933, as amended, and any requirements of the U.S. Securities and Exchange Commission, in connection with a Registration Statement and any and all amendments (including post-effective amendments) to the Registration Statement, including the power and authority to sign his or her name to that Registration Statement and to any amendments to the Registration Statement or any of the exhibits or schedules or the Prospectus to be filed with the U.S. Securities and Exchange Commission, and to file the same with the U.S. Securities and Exchange Commission. Each of the undersigned ratifies and confirms all actions of the attorneys and agents taken under this power of attorney. Each attorney and agent will have, and may exercise, all the powers given by this power of attorney.

EXECUTED on June 8, 2022.

/s/ Ryan Hershberger	/s/ Shawn Ryan
Ryan Hershberger	Shawn Ryan
/s/ Carrie Yee	/s/ Brian Schaaf
Carrie Yee	Brian Schaaf

CAB East LLC
c/o Ford Motor Credit Company LLC
One American Road
Dearborn, Michigan 48126

I, Corey MacGillivray, am the Secretary of CAB East LLC (the "Company") and do certify that the attached resolutions were duly adopted by unanimous written consent of the board of managers of the Company on November 1, 2004, and those resolutions have not been amended, rescinded or otherwise modified.

EXECUTED as of June 8, 2022.

/s/ Corey Macgillivray

Corey MacGillivray
Secretary

Robert G. Mossel, as an Assistant Secretary of the Company, certifies that Corey Macgillivray is the duly elected and qualified Secretary of the Company and that the signature above is his signature.

EXECUTED as of June 8, 2022.

/s/ Robert G. Mossel

Robert G. Mossel
Assistant Secretary

* * *

Future Lease Securitizations

* * *

NOW, THEREFORE, BE IT RESOLVED, that the Board deems it advisable and in the best interests of the Company that the Company may enter into or otherwise become a party to any Future Transaction.

RESOLVED FURTHER, that, in connection with any Future Transaction, the Company be and is authorized to enter into one or more agreements, documents and instruments necessary or advisable with respect to such Future Transaction.

RESOLVED FURTHER, that the Authorized Officers be, and each of them is, individually authorized and directed to take or cause to be taken any and all actions necessary or appropriate in connection with the foregoing, including to negotiate, execute and deliver, in the name of and on behalf of the Company, such documents, certificates, agreements and instruments in such form as any Authorized Officer may approve consistent with the foregoing, with such changes or modifications as may be approved by an Authorized Officer as necessary or advisable, such Authorized Officer's approval to be conclusively evidenced by his or her execution and delivery of such documents, certificates, agreements and instruments.

* * *

EX-24.3

EXHIBIT 24.3

POWER OF ATTORNEY FOR REGISTRATION STATEMENT OF
CAB WEST LLC
COVERING ASSET BACKED SECURITIES

EACH OF THE UNDERSIGNED PERSONS appoints each of Corey MacGillivray, Johanna Kaipainen and Rob Mossel as his or her attorney and agent to do any and all acts and things and execute in his or her name (whether on behalf of CAB WEST LLC, or as an officer or Manager of CAB WEST LLC) on all documents the attorney and agent determines is necessary or advisable to enable CAB WEST LLC to comply with the Securities Act of 1933, as amended, and any requirements of the U.S. Securities and Exchange Commission, in connection with a Registration Statement and any and all amendments (including post-effective amendments) to the Registration Statement, including the power and authority to sign his or her name to that Registration Statement and to any amendments to the Registration Statement or any of the exhibits or schedules or the Prospectus to be filed with the U.S. Securities and Exchange Commission, and to file the same with the U.S. Securities and Exchange Commission. Each of the undersigned ratifies and confirms all actions of the attorneys and agents taken under this power of attorney. Each attorney and agent will have, and may exercise, all the powers given by this power of attorney.

EXECUTED on June 8, 2022.

/s/ Ryan Hershberger	/s/ Shawn Ryan
Ryan Hershberger	Shawn Ryan
/s/ Carrie Yee	/s/ Brian Schaaf
Carrie Yee	Brian Schaaf

CAB West LLC
c/o Ford Motor Credit Company LLC
One American Road
Dearborn, Michigan 48126

I, Corey MacGillivray, am the Secretary of CAB West LLC (the "Company") and do certify that the attached resolutions were duly adopted by unanimous written consent of the board of managers of the Company on November 1, 2004, and those resolutions have not been amended, rescinded or otherwise modified.

EXECUTED as of June 8, 2022.

/s/ Corey Macgillivray
Corey MacGillivray
Secretary

Robert G. Mossel, as an Assistant Secretary of the Company, certifies that Corey Macgillivray is the duly elected and qualified Secretary of the Company and that the signature above is his signature.

EXECUTED as of June 8, 2022.

/s/ Robert G. Mossel
Robert G. Mossel
Assistant Secretary

* * *

Future Lease Securitizations

* * *

NOW, THEREFORE, BE IT RESOLVED, that the Board deems it advisable and in the best interests of the Company that the Company may enter into or otherwise become a party to any Future Transaction.

RESOLVED FURTHER, that, in connection with any Future Transaction, the Company be and is authorized to enter into one or more agreements, documents and instruments necessary or advisable with respect to such Future Transaction.

RESOLVED FURTHER, that the Authorized Officers be, and each of them is, individually authorized and directed to take or cause to be taken any and all actions necessary or appropriate in connection with the foregoing, including to negotiate, execute and deliver, in the name of and on behalf of the Company, such documents, certificates, agreements and instruments in such form as any Authorized Officer may approve consistent with the foregoing, with such changes or modifications as may be approved by an Authorized Officer as necessary or advisable, such Authorized Officer's approval to be conclusively evidenced by his or her execution and delivery of such documents, certificates, agreements and instruments.

* * *

EX-36.1

 

Exhibit 36.1

 

Certification

 

I, [identify certifying individual], certify as of [the date of final prospectus under 17 CFR §230.424] that:

 

1.            I have reviewed the prospectus relating to the Class A-1[a], [Class A-1b,] Class A-2[a], [Class A-2b,] Class A-3[, Class B[,]/[and] Class C] [and Class D] Notes of Ford Credit Auto Lease Trust 20__-__ (the "securities") and am familiar with, in all material respects, the following: The characteristics of the securitized assets underlying the offering (the "securitized assets"), the structure of the securitization, and all material underlying transaction agreements as described in the prospectus;

 

2.            Based on my knowledge, the prospectus does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading;

 

3.            Based on my knowledge, the prospectus and other information included in the registration statement of which it is a part fairly present, in all material respects, the characteristics of the securitized assets, the structure of the securitization and the risks of ownership of the securities, including the risks relating to the securitized assets that would affect the cash flows available to service payments or distributions on the securities in accordance with their terms; and

 

4.            Based on my knowledge, taking into account all material aspects of the characteristics of the securitized assets, the structure of the securitization, and the related risks as described in the prospectus, there is a reasonable basis to conclude that the securitization is structured to produce, but is not guaranteed by this certification to produce, expected cash flows at times and in amounts to service scheduled payments of interest and the ultimate repayment of principal on the securities (or other scheduled or required distributions on the securities, however denominated) in accordance with their terms as described in the prospectus.

 

The foregoing certifications are given subject to any and all defenses available to me under the federal securities laws, including any and all defenses available to an executive officer that signed the registration statement of which the prospectus referred to in this certification is part.

 

Date: ___________, 20__.

 

	[Name]       President and Assistant Treasurer (chief executive officer) of Ford Credit Auto Lease Two LLC

 

 

 

EX-FILING FEES

Exhibit 107

Calculation of Filing Fee Tables

SF-3

(Form Type)

Ford Credit Auto Lease Two LLC
CAB East LLC
CAB West LLC

(Exact Name of Co-Registrants as Specified in their Charters)

Table 1: Newly Registered Securities and Carry Forward Securities

	Security Type	Security Class Title	Fee Calculation or Carry Forward Rule(1)	Amount Registered	Proposed Maximum Offering Price Per Unit	Maximum Aggregate Offering Price	Fee Rate	Amount of Registration Fee	Carry Forward Form Type	Carry Forward File Number	Carry Forward Initial Effective Date	Filing Fee Previously Paid In Connection With Unsold Securities to be Carried Forward
Newly Registered Securities
Fees to be Paid	Asset-Backed Securities	(2)	(2)	(2)	(2)	(2)	(2)	(2)
	Exchange Note(3)	(4)	(4)	(4)	(4)	(4)	(4)	(4)
Fees Previously Paid
Carry Forward Securities
Carry Forward Securities
	Total Offering Amount					(2)		(2)
	Total Fees Previously Paid
	Total Fee Offsets
	Net Fees Due							(2)

⁽¹⁾ Calculated in accordance with Rule 457(s) of the Securities Act of 1933.

⁽²⁾ An unspecified additional amount of securities of each identified class is being registered as may from time to time be offered at unspecified prices. The depositor is deferring payment of all of the registration fees for such additional securities in accordance with Rules 456(c) and 457(s) of the Securities Act of 1933.

⁽³⁾ Each exchange note ("Exchange Note") issued by CAB East LLC and CAB West LLC will be backed by a reference pool of leases and leased vehicles owned by CAB East LLC and CAB West LLC. Each Exchange Note will be sold to Ford Credit Auto Lease Two LLC and sold by Ford Credit Auto Lease Two LLC to one of the Trusts, the issuer of the Asset Backed Securities. The Exchange Notes are not being offered to investors under this Registration Statement.

⁽⁴⁾ Not applicable.