Exhibit 4.3


 


 


 


TRUST AGREEMENT


 


between


 


WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,


 


and


 


BNY
MELLON TRUST OF DELAWARE,

as Owner Trustee


 


Dated as of June 24, 2020


 


 


 









    


     


    

 


TABLE OF CONTENTS


 


Page


 




	ARTICLE I Definitions	1
	Section 1.01	Capitalized Terms	1
	 	 	 
	ARTICLE II Organization	1
	Section 2.01	Name	1
	Section 2.02	Office	1
	Section 2.03	Purposes and Powers	1
	Section 2.04	Appointment of Owner Trustee	2
	Section 2.05	Initial Capital Contribution of Owner Trust Estate	2
	Section 2.06	Declaration of Trust	3
	Section 2.07	Liability of the Depositor and the Certificateholders	3
	Section 2.08	Title to Trust Property	3
	Section 2.09	Situs of Trust	3
	Section 2.10	Representations and Warranties of the Depositor	4
	Section 2.11	Financing Statements	5
	Section 2.12	Amended and Restated Trust Agreement	5
	 	 	 
	ARTICLE III Trust Certificates
    and Transfer of Interests	5
	Section 3.01	[Reserved]	5
	Section 3.02	The Trust Certificates	5
	Section 3.03	Authentication of Trust Certificates	5
	Section 3.04	Registration of Transfer and Exchange of Trust Certificates	6
	Section 3.05	Mutilated, Destroyed, Lost or Stolen Trust Certificates	8
	Section 3.06	Persons Deemed Owners	9
	Section 3.07	Access to List of Certificateholders’ Names and Addresses	9
	Section 3.08	Maintenance of Office or Agency	9
	Section 3.09	Appointment of Paying Agent	9
	Section 3.10	Representations of Certificateholders	10
	Section 3.11	Code Section 385 Restrictions	10
	 	 	 
	ARTICLE IV Actions by Owner
    Trustee	11
	Section 4.01	Prior Notice to Certificateholders with Respect to Certain Matters	11
	Section 4.02	Action by Certificateholders with Respect to Certain Matters	12
	Section 4.03	Action by Certificateholders with Respect to Bankruptcy	12
	Section 4.04	Restrictions on Certificateholders’ Power	12
	Section 4.05	Majority Control	12
	 	 	 
	ARTICLE V Application of Trust
    Funds; Certain Duties	13
	Section 5.01	[Reserved]	13
	Section 5.02	Application of Trust Funds	13
	Section 5.03	Method of Payment	13
	Section 5.04	No Segregation of Monies; No Interest	14
	Section 5.05	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	14
	Section 5.06	Signature on Returns	15



 






    


     


    

 


			
	ARTICLE VI Authority and Duties
    of Owner Trustee	15
	Section 6.01	General Authority	15
	Section 6.02	General Duties	15
	Section 6.03	Action Upon Instruction	16
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	17
	Section 6.05	No Action Except Under Specified Documents or Instructions	17
	Section 6.06	Restrictions	17
	Section 6.07	Execution of Notes	17
	Section 6.08	Doing Business in Other Jurisdictions	17
	 	 	 
	ARTICLE VII Concerning the
    Owner Trustee	18
	Section 7.01	Acceptance of Trusts and Duties	18
	Section 7.02	Furnishing of Documents	20
	Section 7.03	Representations and Warranties of the Owner Trustee	20
	Section 7.04	[Reserved]	21
	Section 7.05	Reliance; Advice of Counsel	21
	Section 7.06	Not Acting in Individual Capacity	21
	Section 7.07	Owner Trustee Not Liable for Trust Certificates or Receivables	22
	Section 7.08	Owner Trustee May Own Trust Certificates and Notes	22
	Section 7.09	Legal Proceedings	22
	Section 7.10	Communications Regarding Demands to Repurchase Receivables	23
	 	 	 
	ARTICLE VIII Compensation of
    Owner Trustee	23
	Section 8.01	Owner Trustee’s Fees and Expenses	23
	Section 8.02	Indemnification	24
	Section 8.03	Payments to the Owner Trustee	24
	 	 	 
	ARTICLE IX Termination of Trust
    Agreement	24
	Section 9.01	Termination of Trust Agreement	24
	 	 	 
	ARTICLE X Successor
    Owner Trustees and Additional Owner Trustees	25
	Section 10.01	Eligibility Requirements for Owner Trustee	25
	Section 10.02	Resignation or Removal of Owner Trustee	26
	Section 10.03	Successor Owner Trustee	26
	Section 10.04	Merger or Consolidation of the Owner Trustee	27
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	27
	 	 	 
	ARTICLE XI Miscellaneous	29
	Section 11.01	Supplements and Amendments	29
	Section 11.02	No Legal Title to Owner Trust Estate in Certificateholders	30
	Section 11.03	Limitations on Rights of Others	30
	Section 11.04	Notices	30
	Section 11.05	Severability	31
	Section 11.06	Separate Counterparts; Electronic Signatures	31
	Section 11.07	Successors and Assigns	31
	Section 11.08	Covenants of the Depositor	31
	Section 11.09	No Petition	31






	Section 11.10	No Recourse	32
	Section 11.11	Headings	32
	Section 11.12	GOVERNING LAW	32
	Section 11.13	Compliance with Applicable Anti-Terrorism and Anti Money Laundering Regulations	33



 






    


     


    

 


	ARTICLE XII COMPLIANCE WITH
    REGULATION AB	33
	Section 12.01	Intent of the Parties; Reasonableness	33
	Section 12.02	Information to Be Provided by the Owner Trustee	34



 

	EXHIBIT A	 Form of Trust Certificate
	EXHIBIT B	Form of Certificate of Trust
	EXHIBIT C	Form of Transferor Certificate
	EXHIBIT D	Form of Investment Letter
	EXHIBIT E	Form of Receivables




  






    


     


    

 


TRUST AGREEMENT


 


This TRUST AGREEMENT
is dated June 24, 2020, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and BNY
MELLON TRUST OF DELAWARE, a Delaware banking corporation, as owner trustee.


 


ARTICLE
I


 


Definitions


 


Section
1.01        Capitalized
Terms. Certain capitalized terms used in this Agreement shall have the respective meanings assigned to them in Part I
of Appendix A to the Sale and Servicing Agreement of even date herewith. All references herein to “the Agreement”
or “this Agreement” are to this Trust Agreement as it may be amended and supplemented from time to time, the
Exhibits hereto and the capitalized terms used herein which are defined in such Appendix A, and all references herein to
Articles, Sections and subsections are to Articles, Sections and subsections of this Agreement unless otherwise specified. The
rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement.


 


ARTICLE
II


 


Organization


 


Section
2.01        Name.
The Trust shall be known as “World Omni Auto Receivables Trust 2020-B” in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust
shall obtain and maintain qualification to transact business in the State of Alabama. For the purpose of qualifying to transact
business in the State of Alabama, the Trust may adopt the fictitious name of “World Omni Auto Receivables Trust 2020-B (Inc.)”
and may conduct the business of the Trust in the State of Alabama under such fictitious name.


 


Section
2.02        Office.
The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner
Trustee may designate by written notice to the Certificateholders and the Depositor.


 


Section
2.03        Purposes
and Powers. (a) The purpose of the Trust is to engage in the following activities and the Trust shall have the power and authority:


 


(i)        
to issue and cause to be authenticated the Notes pursuant to the Indenture and the Trust Certificates pursuant to
this Agreement and to transfer the Notes and the Trust Certificates to the Depositor;


 


(ii)       
with the proceeds of the sale of the Notes, to purchase the Receivables, to make deposits into and withdrawals from
the Reserve Account and to pay the organizational, start-up and transactional expenses of the Trust;


 


(iii)        to
assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate pursuant to the Indenture (including the filing
of financing statements in connection therewith) and to hold, manage and distribute to the Certificateholders pursuant to the
terms of the Sale and Servicing Agreement any portion of the Owner Trust Estate released from the Lien of, and remitted to
the Trust pursuant to, the Indenture;


 






    


     


    

 


(iv)       
to enter into and perform its obligations under the Basic Documents to which it is to be a party;


 


(v)        
to engage in those activities, including entering into agreements, that are necessary, suitable or convenient to
accomplish the foregoing or are incidental thereto or connected therewith, including entering into interest rate swaps and caps
and other derivative instruments;


 


(vi)        
to give the Issuing Entity Order to the Indenture Trustee to authenticate and deliver the Notes; and


 


(vii)      
subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection
with conservation of the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders.


 


The Trust is hereby authorized
to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or
other than as required or authorized by the terms of this Agreement or the Basic Documents.


 


Section
2.04        Appointment
of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof,
to have all the rights, powers and duties set forth herein and under the Statutory Trust Act.


 


Section
2.05        Initial
Capital Contribution of Owner Trust Estate. In accordance with Section 3802(a) of the Statutory Trust Act, the Depositor has
not made, and is not required to make, a contribution to the Trust; provided that the Depositor may make a contribution to the
Trust at its discretion. The Owner Trustee hereby declares that it will hold any such contribution, which shall constitute the
initial Owner Trust Estate. Notwithstanding Section 8.01 hereof, the Depositor shall pay organizational expenses of the
Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses
paid by the Owner Trustee.


 






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Section
2.06        Declaration
of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under
the Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the
Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not
intended to be a business trust within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention
of the parties hereto that, solely for U.S. federal, state and local income and franchise tax purposes, on and after the
Closing Date, (a) so long as the Trust has only one Certificateholder, the Trust shall be disregarded as an entity separate
from such Certificateholder and (b) at such time as the Trust has more than one Certificateholder, the Trust will be treated
as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners
of the partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and
any future Certificateholder by the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee
agree to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association
taxable as a corporation under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless otherwise required
by appropriate tax authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual
or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax
purposes. Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and,
to the extent not inconsistent herewith, in the Statutory Trust Act with respect to accomplishing the purposes of the Trust.
Any action taken on behalf of the Trust prior to the date hereof with respect to the filing of financing statements, the
Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license in
any other state or jurisdiction, if applicable, is hereby ratified.


 


Section
2.07        Liability
of the Depositor and the Certificateholders. (a) The Depositor shall be liable directly to and will indemnify any injured party
for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent not paid out of the Owner
Trust Estate) to the extent that the Depositor would be liable if the Trust was a partnership under the Delaware Revised Uniform
Limited Partnership Act in which the Depositor was a general partner; provided, however, that the Depositor
shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor in the Trust Certificates, or
by a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in
connection with the obligations described in the preceding sentence for which the Depositor shall not be liable) shall be deemed
third party beneficiaries of this Section 2.07.


 


(b)       No
Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability
or obligation of the Trust.


 


Section
2.08        Title
to Trust Property. Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee
or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as
the case may be.


 


Section
2.09        Situs
of Trust. The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee
on behalf of the Trust shall be located in the States of Delaware or New York. The Trust shall not have any employees in any state
other than Delaware; provided, however, that nothing herein shall restrict or prohibit the Owner Trustee
from having employees within or outside of the State of Delaware. Payments will be received by the Trust only in Delaware or New
York, and payments will be made by the Trust only from Delaware or New York. The only office of the Trust shall be the principal
corporate trust office of the Owner Trustee located at its Corporate Trust Office.


 






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Section
2.10        Representations
and Warranties of the Depositor.  The Depositor hereby represents and warrants to the Owner Trustee that:


 


(a)              
 The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws
of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently
owned and such business is presently conducted.


 


(b)              
The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained
all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct
of its business shall require such qualifications, except where the failure to be so qualified or to have obtained such licenses
or approvals would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects.


 


(c)              
The Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor
has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor
has duly authorized such sale and assignment and deposit to the Trust by all necessary action; and the execution, delivery and
performance of this Agreement have been duly authorized by the Depositor by all necessary action.


 


(d)              
The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not
(i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of
time) a Default under, the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate
any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a Default under, any indenture,
agreement or other instrument to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition
of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant
to the Basic Documents); or (iv) violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties, except, in the case of clauses (ii), (iii)
and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the
Depositor’s earnings, business affairs or business prospects.


 


(e)              
To the Depositor’s best knowledge, there are no proceedings or investigations pending or threatened before
any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor
or its properties: (i) asserting the invalidity of this Agreement or any of the other Basic Documents, (ii) seeking to prevent
the issuance of the Trust Certificates or the consummation of any of the transactions contemplated by this Agreement or any of
the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely
affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any of
the other Basic Documents or (iv) involving the Depositor and which might materially and adversely affect the U.S. federal, state
and local income and franchise tax attributes of the Trust Certificates.


 






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Section
2.11        Financing
Statements. The Trust hereby authorizes the filing of financing statements in connection with the grant of a security interest
to the Indenture Trustee pursuant to the granting clause of the Indenture. In addition, the Trust hereby ratifies any such financing
statements filed prior to the date hereof.


 


Section
2.12        Amended
and Restated Trust Agreement. This Trust Agreement is the amended and restated trust agreement contemplated by the Trust Agreement
dated as of April 28, 2020, between the Depositor and the Owner Trustee (the “Initial Trust Agreement”). This
Trust Agreement amends and restates in its entirety the Initial Trust Agreement.


 


ARTICLE
III


 


Trust Certificates and Transfer of Interests


 


Section
3.01        [Reserved].


 


Section
3.02        The
Trust Certificates. The Trust Certificates shall represent in the aggregate a 100% Percentage Interest in the Trust. On the
date hereof, the Depositor or its designee shall be the sole Certificateholder of each of the Trust Certificates and each of the
Trust Certificates shall be registered, upon initial issuance, in the name of the Depositor or its designee. The Trust Certificates
shall be executed on behalf of the Trust by manual or facsimile signature of an Authorized Officer of the Owner Trustee. Trust
Certificates bearing the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been
affixed, authorized to sign on behalf of the Owner Trustee, shall be validly issued and entitled to the benefit of this Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery
of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates.


 


A transferee of a Trust
Certificate shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder
hereunder upon such transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant
to Section 3.04.


 


Section
3.03        Authentication
of Trust Certificates. On the Closing Date, the Owner Trustee shall cause the Trust Certificates to be executed on behalf of
the Trust, authenticated and delivered to or upon the written order of the Depositor signed by the Depositor’s president,
any vice president, secretary, treasurer or any assistant treasurer, without further company action by the Depositor. No Trust
Certificate shall entitle a Certificateholder to any benefit under this Agreement or be valid for any purpose unless there shall
appear on such Trust Certificate a certificate of authentication substantially in the form set forth in Exhibit A,
executed by the Owner Trustee or the Certificate Registrar, as its authenticating agent, by manual signature; such authentication
shall constitute conclusive evidence that such Trust Certificate shall have been duly authenticated and delivered hereunder. All
Trust Certificates shall be dated the date of their authentication.


 






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Section
3.04        Registration
of Transfer and Exchange of Trust Certificates. The certificate registrar (the “Certificate
Registrar”) shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08,
a certificate register (the “Certificate Register”) in which, subject to such reasonable regulations as it
may prescribe, the Certificate Registrar shall provide for the registration of Trust Certificates and of transfers and
exchanges of Trust Certificates as herein provided. U.S. Bank National Association, shall be the initial Certificate
Registrar.


 


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


 






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No transfer of a
Trust Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of
paragraph 3 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is
not and will not be and is not acting on behalf of or acquiring the notes with the assets of any person that is or will be
(i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan” described
in Section 4975(e)(1) of the Internal Revenue Code of 1986 as amended (the “Code”) subject to
Section 4975 of the Code, (iii) any entity or account whose underlying assets include “plan assets”
(within the meaning of the U.S. Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as modified by
Section 3(42) of ERISA (the “Plan Asset Regulation”)) or (iv) any U.S. governmental plan, non-U.S. plan,
church plan or any other employee benefit plan, account or arrangement that is subject to any U.S. federal, state, local or
non-U.S. law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”)
(each, a “Plan”) or (B) an opinion of counsel satisfactory to the Owner Trustee, the Certificate Registrar
and the Depositor to the effect that the purchase and holding of such Trust Certificate by such Person (i) will not result in
the assets of the Issuing Entity being deemed to be “plan assets” (within meaning of the Plan Asset Regulation)
or subject to Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the
Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents and (ii) will not give
rise to a nonexempt prohibited transaction under ERISA or Section 4975 of the Code or a violation of Similar Law. The
preparation and delivery of the certificate and opinions referred to above with respect to a proposed transfer shall not be
an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any
capacity) or the Depositor. Any attempted or purported transfer in violation of these transfer restrictions will be null and
void and will vest no rights in any purported transferee.


 


No transfer of a Trust
Certificate shall be made to any Person unless the Depositor, the Owner Trustee and the Certificate Registrar has received (A)
a certificate in the form of paragraph 4 to the Investment Letter attached hereto as Exhibit D from such Person to the effect
that such Person is a United States person within the meaning of Section 7701(a)(30) of the Code and (B) the Depositor, the Certificate
Registrar, the Owner Trustee and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent
from the Depositor and the Trust) that such action shall not cause the Trust to be treated as an association (or publicly traded
partnership), in either case, taxable as a corporation for U.S. federal income tax purposes and such transferee or assignee shall
agree to take positions for tax purposes consistent with the tax positions set forth in Section 2.06 of this Agreement as
agreed to be taken by the Certificateholder.


 


The Certificate Registrar
shall cause each Certificate to contain a legend stating that transfer of the Certificates is subject to certain restrictions and
referring prospective purchasers of the Certificates to the terms of this Agreement with respect to such restrictions.


 


Upon surrender for registration
of transfer of any Trust Certificate at the office or agency maintained pursuant to Section 3.08, the Owner Trustee
shall execute, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate amount dated the
date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Trust Certificates
may be exchanged for other Trust Certificates of authorized denominations of a like aggregate amount upon surrender of the Trust
Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08. No Certificate (other than
the Certificates issued to and held by the Depositor or its Affiliates) may be subdivided upon transfer or exchange in a manner
such that any resulting Certificate(s) or beneficial ownership of a Certificate held through a party considered a nominee for U.S.
federal income tax purposes represent(s) less than a 20.00% fractional undivided interest in the Trust (or such other amount as
the Depositor may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under
Section 7704 of the Code, but in no event less than a 10.00% fractional undivided interest in the Trust).


 






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Every Trust
Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of
transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or
such Certificateholder’s attorney duly authorized in writing. Each Trust Certificate surrendered for registration of
transfer or exchange shall be cancelled and subsequently disposed of by the Owner Trustee in accordance with its customary
practice.


 


No service charge shall
be made for any registration of transfer or exchange of Trust Certificates, but the Owner Trustee or the Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer
or exchange of Trust Certificates.


 


The preceding provisions
of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not register transfers or
exchanges of, Trust Certificates for a period of 15 days preceding the due date for any payment with respect to the Trust
Certificates.


 


No transfer of a Trust
Certificate or any interest therein shall be made unless the Certificateholder shall have first surrendered such Trust Certificate
to the Certificate Registrar for registration of transfer, or if such Trust Certificate shall have been mutilated, destroyed, lost
or stolen, the Certificateholder must first comply with Section 3.05 hereof.


 


During the period described
in 17 CFR Part 246.12(f)(1), no Certificateholder may sell, transfer, finance, assign, participate, pledge or otherwise dispose
of any Certificate until the expiration of such period; provided, that, during such period, such Certificateholder may sell, transfer,
finance, assign, participate, pledge or otherwise dispose of any Certificate to World Omni or any “majority-owned affiliate”
(as such term is defined in 17 CFR Part 246.2) of World Omni in accordance with the restrictions contained in 17 CFR Part 246.12.
Any purported transfer of a Certificate not in accordance with this paragraph of Section 3.04 shall be null and void and shall
not be given effect for any purpose whatsoever. In no event shall the Owner Trustee or the Certificate Registrar have any responsibility
to monitor compliance with or be charged with knowledge of the Credit Risk Retention Rules, nor shall either of them be liable
to any investor, Noteholder, party or any other Person whatsoever for violation of such rules or requirements or such similar provisions
now or hereafter in effect.


 


Section
3.05        Mutilated,
Destroyed, Lost or Stolen Trust Certificates. If (a) any mutilated Trust Certificate shall be surrendered to the Certificate
Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity
as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate has been acquired
by a protected purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like
tenor and denomination. In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the
Certificate Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed
in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of
ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found
at any time.


 






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Section
3.06        Persons
Deemed Owners. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any Paying Agent may treat the Person in whose name any Trust Certificate is registered in the Certificate Register
as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for
all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent shall be bound by
any notice to the contrary.


 


Section
3.07        Access
to List of Certificateholders’ Names and Addresses. The Certificate Registrar shall furnish or cause to be furnished
to the Owner Trustee, the Servicer and the Depositor, within 15 days after receipt by the Certificate Registrar of a written
request therefor from the Owner Trustee, the Servicer or the Depositor, a list, in such form as the Owner Trustee, the Servicer
or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date.
If three or more Certificateholders or one or more Certificateholders of Trust Certificates evidencing not less than a 25% Percentage
Interest of the Certificates apply in writing to the Certificate Registrar, and such application states that the applicants desire
to communicate with other Certificateholders with respect to their rights under this Agreement or under the Trust Certificates
and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate
Registrar shall, within five Business Days after the receipt of such application, afford such applicants access during normal business
hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Trust Certificate, shall be
deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of
the disclosure of its name and address, regardless of the source from which such information was derived.


 


Section
3.08        Maintenance
of Office or Agency. The Owner Trustee shall maintain an office or offices or agency or agencies where notices and demands
to or upon the Owner Trustee in respect of the Basic Documents may be served, and the Certificate Registrar shall maintain an office
or offices or agency or agencies where Trust Certificates may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Certificate Registrar in respect of the Trust Certificates and Basic Documents may be served.
The Owner Trustee initially designates its Corporate Trust Office as its office for such purposes and the Indenture Trustee, as
Certificate Registrar, initially designates its Corporate Trust Office as its office for such purposes. Each of the Owner Trustee
and the Certificate Registrar shall give prompt written notice to the Depositor and to the Certificateholders of any change in
the location of any such office or agency.


 


Section
3.09        Appointment
of Paying Agent. The Paying Agent shall make distributions to Certificateholders pursuant to Section 5.02.
Any Paying Agent shall have the revocable power to withdraw funds from the Collection Account for the purpose of making the
distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee
determines in its sole discretion that the Paying Agent shall have failed to perform its obligations under this Agreement in
any material respect. The Indenture Trustee will be the initial Paying Agent. In the event that the Indenture Trustee shall
no longer be the Paying Agent, the Depositor shall appoint a successor to act as Paying Agent (which shall be a bank or trust
company). The Depositor shall cause such successor Paying Agent or any additional Paying Agent appointed by the Depositor to
execute and deliver to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall
agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all
sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the
Owner Trustee and upon removal of a Paying Agent such Paying Agent shall also return all funds in its possession to the Owner
Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires
otherwise.


 






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Section
3.10        Representations
of Certificateholders. Each Certificateholder, by its acceptance of a Trust Certificate issued hereunder, represents that it
has, independently and without reliance on the Owner Trustee or any other Person, and based on such documents and information as
it has deemed appropriate, made its own investment decision in respect of the Trust Certificate. Each Certificateholder also represents
that it will, independently and without reliance on the Owner Trustee or any other Person, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under this Trust Agreement
and in connection with its Trust Certificate. Except for notices, reports and other documents expressly required to be furnished
to the Certificateholders by the Owner Trustee hereunder, the Owner Trustee shall not have any duty or responsibility to provide
any Certificateholder with any other information concerning the transactions contemplated hereby, the Trust, the Depositor or any
other parties hereto or to any related documents which may come into the possession of the Owner Trustee or any of its officers,
directors, employees, agents, representatives or attorneys-in-fact.


 


Section
3.11        Code
Section 385 Restrictions. Unless the Trust has received an Opinion of Counsel that the restriction on the proposed
acquisition of the Certificate (or interest therein) described by this paragraph is no longer necessary to conclude that any
such acquisition (and subsequent resale of the applicable Notes described below) will not cause the Treasury Regulations
under Section 385 of the Code to apply to the applicable Notes described below in a manner that could cause an adverse effect
on the Trust (including for the applicable Notes to be treated as equity for U.S. federal income tax purposes) or the Trust
to be treated as an association (or publicly traded partnership), in either case, taxable as a corporation, (A) a Section 385
Certificateholder cannot acquire a Certificate (or interest therein) if (i) a member of any “expanded group” (as
defined in Treasury Regulation Section 1.385-1(c)(4)) that includes the Section 385 Certificateholder owns any Notes (other
than Retained Notes) or (ii) a Section 385 Controlled Partnership of such expanded group owns any Notes (other than Retained
Notes) and (B) a Section 385 Certificateholder cannot hold the Certificate (or interest therein) if (i) a member of any
 “expanded group” (as defined in Treasury Regulation Section 1.385-1(c)(4)) that includes the Section 385
Certificateholder acquires any Notes (other than Retained Notes) from the Trust, any Affiliate, or through the marketplace or
(ii) a Section 385 Controlled Partnership of such expanded group acquires any Notes (other than Retained Notes) from the
Trust, any Affiliate, or through the marketplace. The preceding sentence shall not apply if the holder or potential holder of
the applicable Notes is (y) a U.S. corporate member of the same U.S. corporate affiliated group (as defined in Section 1504
of the Code) filing a consolidated federal income tax return that includes each of any applicable related Section 385
Certificateholders (including in the case of a partnership, the relevant “expanded group partner” (as defined in
Treasury Regulation Section 1.385-3(g)(12))) or (z) a partnership all the partners of which are either such U.S. corporate
members as described in clause (y) or partnerships all of the partners of which are such U.S. corporate members as described
in clause (y). If a Certificateholder fails to comply with the requirements of this paragraph, the Administrator is
authorized, in the Administrator’s discretion, to compel such Certificateholder to sell its Certificate (or interest
therein) to a Person whose acquisition or holding thereof does not result in a failure to comply with this paragraph. In no
event shall the Owner Trustee or Certificate Registrar be held liable for any Default or nonperformance by the Administrator,
and neither the Owner Trustee nor the Certificate Registrar shall have any responsibility to monitor compliance with or be
charged with knowledge of the foregoing restrictions, nor shall either of them be liable to any investor, Noteholder, party
or any other Person whatsoever for violation of such restrictions.


 






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For the purposes of this
section, “Section 385 Certificateholder” means a holder of a Certificate (or interest therein), including such Person
who would become a Section 385 Certificateholder upon the transfer of a Certificate (or interest therein) to such Person, that
is (1) an entity (foreign or domestic) that is treated as a corporation for U.S. federal income tax purposes, (2) an entity (foreign
or domestic) that (i) is treated as a partnership for U.S. federal income tax purposes and 80 percent or more of its ownership
interests are controlled, directly or indirectly, by an “expanded group,” within the meaning of Treasury Regulation
Section 1.385-1(c)(4) and (ii) has an expanded group partner (as defined in Treasury Regulation Section 1.385-3(g)(12)) that is
an entity (foreign or domestic) that is treated as a corporation for U.S. federal income tax purposes or (3) a disregarded entity
or grantor trust of an entity described in clause (1) or (2). For purposes of this section, “Section 385 Controlled Partnership”
has the meaning set forth in Treasury Regulation Section 1.385-1(c)(1) for a “controlled partnership.”


 


ARTICLE
IV


 


Actions by Owner Trustee


 


Section
4.01        Prior
Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall
not take action unless, at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders
in writing of the proposed action and the Certificateholders shall not have notified the Owner Trustee in writing prior to the
30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction:


 


(a)              
the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection
of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to
the aforementioned claims or lawsuits for collection of the Receivables);


 


(b)              
the election by the Trust to file an amendment to the Certificate of Trust, a conformed copy of which is attached
hereto as Exhibit B (unless such amendment is required to be filed under the Statutory Trust Act);


 


(c)              
the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is
required;


 






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(d)              
 the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder
is not required and such amendment would materially adversely affect the interests of the Certificateholders; or


 


(e)              
the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or
supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders.


 


Section
4.02        Action
by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written
direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8
thereof, (b) appoint a successor Administrator under the Administration Agreement pursuant to Section 8 thereof,
(c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.01 thereof, (d) except
as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture or (e) appoint, pursuant
to the Indenture, a successor Note Registrar, Paying Agent or Indenture Trustee or, pursuant to this Agreement, a successor Certificate
Registrar, or consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its
obligations under the Indenture or this Agreement, as applicable. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Certificateholders.


 


Section
4.03        Action
by Certificateholders with Respect to Bankruptcy. To the fullest extent permitted by applicable law, the Owner Trustee shall
not have any power to, and shall not, (i) institute proceedings to have the Trust declared or adjudicated bankrupt or insolvent,
(ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition or consent to
a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy,
(iv) consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust
or a substantial portion of the assets of the Trust, (v) make any assignment for the benefit of the Trust’s creditors, (vi)
cause the Trust to admit in writing its inability to pay its debts generally as they become due, or (vii) take any action, or cause
the Trust to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”).
So long as the Indenture remains in effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy
Action with respect to the Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust.


 


Section
4.04        Restrictions
on Certificateholders’ Power. The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking
any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement
or any of the Basic Documents or would be contrary to Section 2.03 or contrary to applicable law, nor shall the Owner
Trustee be obligated to follow any such direction, if given.


 


Section
4.05        Majority
Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement
may be taken by the Certificateholders of Trust Certificates evidencing in the aggregate at least a majority Percentage
Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this
Agreement shall be effective if signed by Certificateholders of Trust Certificates evidencing in the aggregate at least a
majority Percentage Interest at the time of the delivery of such notice.


 






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ARTICLE
V


 


Application of Trust Funds; Certain Duties


 


Section
5.01        [Reserved].


 


Section
5.02        Application
of Trust Funds.


 


(a)              
On each Payment Date, subject to this Section 5.02(a), the Paying Agent shall distribute to Certificateholders,
on a pro rata basis, amounts pursuant to Sections 5.06(ii)(K) or (iii)(H), or Section 5.07(d) of the Sale
and Servicing Agreement with respect to such Payment Date.


 


The Certificateholders
of 100% Percentage Interest of the Certificates will have the right, but not the obligation, in their sole discretion, to instruct
the Indenture Trustee in writing on or prior to the close of business on the related Payment Determination Date to retain in the
Collection Account all or a portion of distributions otherwise payable to them pursuant to Section 5.06(ii)(K) or (iii)(H),
or Section 5.07(d) of the Sale and Servicing Agreement. If the Certificateholders make this election, these amounts will
be treated as collections during the then-current Collection Period and the Certificateholders will have no claim to such amounts
(unless distributed on a subsequent Payment Date pursuant to Section 5.06(ii)(K) of the Sale and Servicing Agreement).


 


(b)              
On each Payment Date, the Paying Agent shall post a copy of the statement or statements provided to the Indenture
Trustee by the Servicer pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date
on its internet website promptly following its receipt thereof, for the benefit of the Certificateholder. The Paying Agent’s
internet website shall initially be located at https://pivot.usbank.com. Assistance in using the website can be obtained by calling
the Paying Agent’s customer service desk at (800) 934-6802. The Paying Agent may change the way the statements and information
are posted or distributed in order to make such distribution more convenient and/or accessible for such Certificateholders, and
the Paying Agent shall provide on the website timely and adequate notification to all parties regarding any such change.


 


Section
5.03        Method
of Payment. Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment
Date shall be made to each Certificateholder of record on the preceding Record Date either (x) by wire transfer, in
immediately available funds, to the account of such Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions no
later than the Record Date prior to such Payment Date, or (y) if such Certificateholder does not qualify under clause
(x), by check mailed to such Certificateholder at the address of such holder appearing in the Certificate Register. If there
is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee (or the Paying Agent on its behalf) may in its sole discretion withhold such amounts in
accordance with this Section 5.03. If a Certificateholder wishes to apply for a refund of any such withholding tax,
the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such
Certificateholder agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred.


 






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Section
5.04        No
Segregation of Monies; No Interest. Subject to Section 5.02, monies received by the Owner Trustee hereunder need not
be segregated in any manner except to the extent required by law or the Sale and Servicing Agreement and may be deposited under
such general conditions as may be prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. The Owner
Trustee may establish accounts and receive, maintain and disburse funds in accordance with the terms hereof and the Basic Documents.


 


Section
5.05        Accounting
and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator shall deliver to each
Certificateholder, as may be required by the Code and applicable Treasury Regulations, or as may be requested by such
Certificateholder, such information, reports or statements as may be necessary to enable each Certificateholder to prepare
its federal and state income tax returns.  Consistent with the Trust’s characterization for U.S. federal income
tax purposes as a disregarded entity so long as the Depositor or any other Person is the sole Certificateholder, no U.S.
federal income tax return shall be filed on behalf of the Trust unless either (i) the Owner Trustee shall be provided with an
Opinion of Counsel that, based on a change in applicable law occurring after the date hereof, or as a result of a transfer
permitted by Section 3.04, the Code requires such a filing or (ii) the Internal Revenue Service shall determine that
the Trust is required to file such a return.  In the event that there shall be two or more beneficial owners of the
Trust, the Administrator shall inform the Indenture Trustee in writing of such event, (x) the Administrator shall prepare or
shall cause to be prepared U.S. federal and, if applicable, state or local partnership tax returns, with all such necessary
information provided to it, required to be filed by the Trust and shall remit such returns to the Depositor (or if the
Depositor no longer owns any Certificates, the Certificateholder designated for such purpose by the Depositor to the Owner
Trustee in writing (provided that if no such designation is made, such returns shall be remitted to the
Certificateholder that holds the Certificate representing the “eligible horizontal residual interest” (as such
term is defined in the Credit Risk Retention Rules))) at least (5) days before such returns are due to be filed, and (y)
capital accounts shall be maintained by the Administrator for each Certificateholder in accordance with the Treasury
Regulations under Section 704(b) of the Code reflecting each such Certificateholder’s share of the income, gains,
deductions, and losses of the Trust and/or guaranteed payments made by the Trust and contributions to, and distributions
from, the Trust.  The Administrator shall prepare any such return with all elections the Administrator deems
appropriate, except that no election shall be made to treat the Trust as an association taxable as a corporation.  The
Depositor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after
signature to the Administrator and such returns shall be filed by the Administrator with the appropriate tax authorities.
  In the event that a “tax matters partner” (within the meaning of Code Section 6231(a)(7) prior to the
effectiveness of P.L. 114-74, the Bipartisan Budget Act of 2015) is required to be appointed with respect to the Trust, the
Depositor or its designee is hereby designated as tax matters partner or, if the Depositor is not a Certificateholder, the
Certificateholder selected by a majority of the Certificateholders (by Percentage Interest) shall be designated as tax
matters partner; provided that if no such selection is made, the Certificateholder that holds the Certificate
representing the “eligible horizontal residual interest” (as such term is defined in the Credit Risk Retention
Rules) shall be designated as the tax matters partner.  If the Trust is classified as a partnership for U.S. federal
income tax purposes (i) for any taxable period beginning before December 31, 2017 (or for state and local tax purposes, later
taxable periods if relevant), the “tax matters partner” shall represent the Trust in connection with all
examinations of the Trust’s affairs by tax authorities, including resulting judicial and administrative proceedings,
and (ii) for any taxable period beginning after December 31, 2017, the “tax matters partner” shall be designated
as the “partnership representative” within the meaning of Section 6223 of the Code and the Trust will make the
election described in Section 6226 of the Code. If the Trust is obligated to pay any amount to a governmental agency or body
or to any other Person (or otherwise makes a payment) because of a Certificateholder’s status or otherwise specifically
attributable to a Certificateholder (including any taxes arising under P.L. 114-74, the Bipartisan Budget Act of 2015, and
changes to the Code relating thereto), then such Certificateholder shall, at the Trust’s sole election, either (i) pay
the entire amount (including any interest, penalties and expenses associated with such payment) the Trust is obligated to pay
because of such Certificateholder’s status or attributable to such Certificateholder to the Trust at least five days
prior to the due date for such payment by the Trust, or (ii) promptly reimburse the Trust in full for the entire amount any
and all such amounts paid by or on behalf of the Trust (including any interest, penalties and expenses associated with such
payment).


 






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Section
5.06        Signature
on Returns.


 


The Depositor (or, if
the Depositor no longer owns any of the Certificates, the Certificateholder designated for such purpose pursuant to Section
5.05) or the Administrator (if permitted by law) shall sign the tax returns of the Trust on behalf of the Trust, unless applicable
law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner Trustee, as required
by applicable law.


 


ARTICLE
VI


 


Authority and Duties of Owner Trustee


 


Section
6.01        General
Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to
be a party, the Notes and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to
which the Trust is to be a party and, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the
presentation of such documents for execution to the Owner Trustee by the Depositor or its counsel. In addition to the foregoing,
the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents.
The Owner Trustee is further authorized from time to time, but shall not be obligated, to take such action as the Administrator
directs in writing with respect to the Basic Documents.


 


Section
6.02        General
Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities
pursuant to the terms of this Agreement and to administer the Trust in the interest of the Certificateholders, subject to the
Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee
shall be deemed to have discharged its duties and responsibilities hereunder to the extent the Administrator has agreed in
the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or the Trust hereunder or under
any Basic Document, and the Owner Trustee shall not be held liable for the Default or failure of the Administrator to carry
out its obligations under the Administration Agreement.


 






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Section
6.03        Action
Upon Instruction.


 


(a)              
Subject to Article IV and in accordance with the terms of the Basic Documents, the Certificateholders
may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any time
by written instruction of the Certificateholders pursuant to Article IV.


 


(b)              
The Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee
shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the
part of the Owner Trustee or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.


 


(c)              
Whenever the Owner Trustee is unable to decide between alternative courses of action permitted or required by the
terms of this Agreement or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Certificateholders requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received, the
Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate
instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice
or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not
inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person
for such action or inaction.


 


(d)              
In the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic
Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable
provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as
to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee
may give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders requesting instruction
and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received,
the Owner Trustee shall not be liable, on account of such action or inaction, to any Person. If the Owner Trustee shall not have
received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from
taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no liability
to any Person for such action or inaction.


 






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Section
6.04        No
Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation
to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust
Estate, or to otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or
written instruction received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations
shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner Trustee shall have no
responsibility for filing any financing or continuation statement in any public office at any time or to otherwise perfect or
maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any filing, including
any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic Document. The Owner
Trustee nevertheless agrees that it will promptly take all action as may be necessary to discharge any liens on any part of
the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the
ownership or the administration of the Owner Trust Estate.


 


Section
6.05        No
Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority
conferred upon the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents or (iii) in
accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.03.


 


Section
6.06        Restrictions.
The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03
or (b) that, to the actual knowledge of a Trust Officer of the Owner Trustee, would result in the Trust’s becoming an
association (or publicly traded partnership), in either case, taxable as a corporation for U.S. federal income tax purposes or
(c) is not in accordance with applicable law. Neither the Administrator nor Certificateholders shall direct the Owner Trustee to
take action that would violate the provisions of this Article VI.


 


Section
6.07        Execution
of Notes. The Owner Trustee is hereby authorized and directed on behalf of the Trust to execute the Notes pursuant to the Indenture.


 


Section
6.08        Doing
Business in Other Jurisdictions. Notwithstanding anything contained herein or in any other Basic Document to the contrary,
the Owner Trustee shall not be required to take any action in any jurisdiction other than any state in which it is qualified to
do business (any such state, a “State of Qualification”) if the taking of such action may (i) require the consent,
approval, authorization or order of, or the giving of notice to, or the registration with, or the taking of any other action in
respect of, any state or other governmental authority or agency of any jurisdiction other than a State of Qualification; (ii) result
in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence
on the date hereof, other than a State of Qualification, becoming payable by the Owner Trustee; or (iii) subject the Owner Trustee
to personal jurisdiction in any jurisdiction other than a State of Qualification for causes of action arising from acts unrelated
to the consummation of the transactions by the Owner Trustee, as the case may be, contemplated hereby or in any other Basic Document.
In the event that the Owner Trustee does not take any action because such action may result in the consequences described in the
preceding sentence, it will appoint an additional trustee pursuant to Section 10.05 to proceed with such action.


 






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ARTICLE
VII


 


Concerning
the Owner Trustee


 


Section
7.01        Acceptance
of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect
to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received
by it constituting part of the Owner Trust Estate upon the terms of this Agreement. The Owner Trustee shall not be answerable or
accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct or negligence
(including where such willful misconduct or negligence results in non-compliance with any covenant or agreement of the Owner Trustee
herein), (ii) for liabilities arising from the failure by the Owner Trustee to perform obligations expressly undertaken by it in
the last sentence of Section 6.04 hereof, (iii) in the case of the inaccuracy of any representation or warranty contained
in Section 7.03 expressly made by the Owner Trustee or (iv) for U.S. federal or state taxes, fees or other charges,
based on or measured by any fees, commissions or compensation received by the Owner Trustee in connection with any of the transactions
contemplated by this Agreement or any of the Basic Documents. In particular, but not by way of limitation (and subject to the exceptions
set forth in the preceding sentence):


 


(a)              
The Owner Trustee shall not be liable for any error of judgment made by a Trust Officer of the Owner Trustee;


 


(b)              
The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance
with the instructions of the Administrator or any Certificateholder (provided that the instructions have been given by the requisite
Percentage Interest of the Certificates pursuant to this Agreement or one of the Basic Documents, as applicable);


 


(c)              
No provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise
incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner
Trustee shall have determined that repayment of such funds or indemnity reasonably satisfactory to the Owner Trustee against such
risk or liability is not reasonably assured or provided to it;


 


(d)              
Under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the
Basic Documents, including the principal of and interest on the Notes;


 


(e)              
The Owner Trustee shall not be responsible for or in respect of the accuracy, validity or sufficiency of this Agreement
or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of the
Owner Trust Estate, or for or in respect of the accuracy, validity or sufficiency of the Basic Documents, the Trust Certificates
or any other document supplied to the Owner Trustee other than the certificate of authentication on the Trust Certificates, and
the Owner Trustee shall not in any event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder,
the Depositor or any other Person other than as expressly provided for herein;


 






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(f)               
 The Owner Trustee shall not be liable for the Default or misconduct of the Administrator, the Depositor, the Indenture
Trustee or the Servicer under any of the Basic Documents or otherwise, the Owner Trustee shall not have any obligation or liability
to perform the obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by the Administrator
under the Administration Agreement, the Indenture Trustee under the Indenture, or the Servicer or the Depositor under the Sale
and Servicing Agreement and the Owner Trustee may assume performance by the Administrator, the Depositor, the Indenture Trustee
and the Servicer absent written notice to or actual knowledge of a Trust Officer of the Owner Trustee to the contrary;


 


(g)              
The Owner Trustee shall not be under any obligation to exercise any of the rights or powers vested in it by this
Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or in relation to this Agreement
or any Basic Document, at the request, order or direction of any of the Certificateholders or the Administrator, unless such Certificateholders
or the Administrator have offered to the Owner Trustee reasonable security or indemnity satisfactory to the Owner Trustee against
the costs, expenses and liabilities that may be incurred by it therein or thereby. The right of the Owner Trustee to perform any
discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner Trustee
shall not be answerable for other than its negligence or willful misconduct in the performance of any such act;


 


(h)              
The Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including
without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes
or acts of God and interruptions, loss or malfunctions of utilities or communications services;


 


(i)                
In no event shall the Owner Trustee be personally liable (i) for special, consequential, indirect or punitive damages
or losses, (ii) for the acts or omissions of its nominees, correspondents, clearing agencies or securities depositories or (iii)
for the acts or omissions of brokers or dealers;


 


(j)                
Notwithstanding anything to the contrary herein or any Basic Document, the Owner Trustee shall not be required to
execute, deliver or certify on behalf of the Trust or any other Person, any filings, certificates, affidavits or other instruments
required under the Sarbanes-Oxley Act of 2002;


 


(k)              
The Owner Trustee has not provided and will not provide in the future, any advice, counsel or opinion regarding the
tax, financial or investment implications and consequences of the formation, funding and ongoing administration of the Issuing
Entity. The Owner Trustee has no duties to the Depositor, any Certificateholder, the Issuing Entity or any other parties with respect
to these matters;


 






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(l)                 The
Owner Trustee shall not be deemed to have knowledge or notice of any event or information, including any Default or Event of
Default, or be required to act upon any event or information (including the sending of any notice), unless a Trust Officer
shall have actual knowledge of such event or information or written notice of such event or information is received by a
Trust Officer and such notice references the event or information. Absent written notice in accordance with this section, the
Owner Trustee may conclusively assume that no such event has occurred. The Owner Trustee shall have no obligation to inquire
into, or investigate as to, the occurrence of any such event (including any Default or Event of Default). For purposes of
determining the Owner Trustee’s responsibility and liability hereunder, whenever reference is made in this Trust
Agreement to any event (including, but not limited to, a Default or an Event of Default), such reference shall be construed
to refer only to such event of which the Owner Trustee has received notice as described in this section. Knowledge of the
Owner Trustee shall not be attributed or imputed to BNY Mellon Trust of Delaware’s other roles in the transaction;


  


(m)            
In no event shall the Owner Trustee have any responsibility to monitor World Omni’s compliance with or be charged
with knowledge of the Credit Risk Retention Rules, nor shall it be liable to any Noteholder, Certificateholder, or any party whatsoever
for violation of such rules or requirements or such similar provisions now or hereafter in effect; and


 


(n)              
The Owner Trustee shall not have any responsibility on behalf of the Issuing Entity to make any determination with
respect to, a Benchmark Transition Event, any substitute or alternative Benchmark, or have any involvement in connection with the
cessation or replacement of a Benchmark including providing, obtaining or calculating any index, alternative rate, Benchmark or
adjustment factors, including any day-count fraction.


 


Section
7.02        Furnishing
of Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished
to the Owner Trustee under the Basic Documents. The Owner Trustee (i) shall have no responsibility for the accuracy of any information
provided to the Certificateholders or any other Person that has been obtained from, or provided to the Owner Trustee, (ii) shall
not be required to investigate or reconfirm the accuracy of any such information and (iii) shall not be liable in any matter whatsoever
for any errors, inaccuracies or incorrect information resulting from the use of such information.


 


Section
7.03        Representations
and Warranties of the Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of
the Certificateholders, that:


 


(a)              
It is a Delaware banking corporation duly formed and validly existing under the laws of the State of Delaware. It
has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.


 


(b)              
It has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and
this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement
on its behalf.


 


(c)               Neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will (i) contravene any federal or Delaware law, governmental
rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, (ii)
constitute any default under its charter documents or bylaws, (iii) constitute any default under any indenture, mortgage,
contract, agreement or instrument to which it is a party or by which any of its properties may be bound or (iv) result in the
creation or imposition of any lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims
against the Owner Trustee which are unrelated to this Agreement or the other Basic Documents.


 






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(d)              
It has the power and authority to execute and deliver this Agreement; and the execution, delivery, and performance
of this Agreement by it has been duly authorized by all necessary corporate action.


 


(e)              
This Agreement constitutes the legal, valid, and binding obligation of the Owner Trustee, enforceable in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting
the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such enforceability
shall be considered in a proceeding in equity or at law.


 


Section
7.04        [Reserved].


 


Section
7.05        Reliance;
Advice of Counsel. (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice,
resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper (whether in its original or
facsimile form) believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee
may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive
evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact
or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof
rely on a certificate (the costs of which shall be paid by the party requesting such action), signed by the president or any vice
president or by the treasurer or other authorized officers of an appropriate Person, as to such fact or matter, and such certificate
shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance
thereon. The Owner Trustee need not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any
report, certificate, information, statement, representation or warranty or any fact or matter stated in any such document and may
conclusively rely thereon as to the truth of the statements and the correctness of the opinions expressed therein.


 


(b)              
In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under
this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant
to agreements entered into with it, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys
if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with
counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall
not be liable for anything done, suffered or omitted in good faith which it believes to be authorized or within its rights or powers,
in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not to its knowledge contrary
to this Agreement or any Basic Document.


 


Section
7.06        Not
Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby
created, BNY Mellon Trust of Delaware, acts solely as Owner Trustee hereunder and not in its individual capacity, and all
Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction thereof.


 






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Section
7.07        Owner
Trustee Not Liable for Trust Certificates or Receivables. The Owner Trustee makes no representations as to the validity or
sufficiency of this Agreement, of any Basic Document or of the Trust Certificates (other than the signature and countersignature
of the Owner Trustee on the Trust Certificates) or the Notes, or of any Receivable or related documents. The Owner Trustee shall
not at any time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable,
or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of
any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to generate
the payments to be distributed to Certificateholders under this Agreement or the Noteholders under the Indenture, including, without
limitation: the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon;
the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable
to the Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable;
the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related
document or the accuracy of any such warranty or representation, or any action of the Administrator, the Indenture Trustee or the
Servicer or any subservicer taken in the name of the Owner Trustee.


 


Section
7.08        Owner
Trustee May Own Trust Certificates and Notes. The Owner Trustee in its individual or any other capacity may become the owner
or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer
in banking transactions with the same rights as it would have if it were not Owner Trustee.


 


Section
7.09        Legal
Proceedings. As required by Regulation AB, the Owner Trustee will promptly as practicable notify the Servicer, the Depositor
and the Issuing Entity of the commencement or, if applicable, the termination of any and all legal proceedings of which any property
of the Owner Trustee is the subject, and any such proceedings known to be contemplated by governmental authorities, in each case,
that is material to the Holders of any Notes. In addition, the Owner Trustee will furnish to the Servicer, the Depositor and the
Issuing Entity, in writing, the necessary disclosure describing such proceedings required to be disclosed under Item 1117 of Regulation
AB, for inclusion in reports filed pursuant to the Exchange Act.


 






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Section
7.10        Communications
Regarding Demands to Repurchase Receivables. The Owner Trustee shall provide notice to World Omni and the Depositor, as
soon as practicable and in any event within five Business Days, of all demands communicated to a Reporting Officer of the
Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations and warranties concerning
such Receivable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case of World Omni, World Omni
Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, and
(b) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida
33442, Telecopy: (954) 429-2685, Attention:


 


Treasurer, or at such other address or by such other means of communication as
may be specified by World Omni or the Depositor to the Owner Trustee from time to time. The Owner Trustee acknowledges and
agrees that the purpose of this Section 7.10 is to facilitate compliance by World Omni and the Depositor with Rule
15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and
Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and
Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus
among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to cooperate in good
faith at the sole cost and expense of World Omni or the Depositor with any reasonable request made by World Omni or the
Depositor for information which is required in order to enable World Omni or the Depositor to comply with the Repurchase
Rules and Regulations. The Owner Trustee’s reporting is limited to information delivered to a Reporting Officer of the
Owner Trustee that it has received or acquired solely in its capacity as Owner Trustee and not in any other capacity. The
Owner Trustee is not a securitizer (as defined in the Repurchase Rules and Regulations) and in no event will BNY Mellon Trust
of Delaware, (individually or as Owner Trustee) have any responsibility or liability in connection with (i) the compliance by
any Person who is a securitizer (as defined in Rule 15Ga-1) in connection with the Issuing Entity, or any other Person under
the Repurchase Rules and Regulations or (ii) any filing required to be made by a securitizer under the Repurchase Rules and
Regulations in connection with the information provided pursuant to this Section 7.10. Other than any express duties
or responsibilities as Owner Trustee under this Agreement, the Owner Trustee has no duty or obligation to undertake any
investigation or inquiry related to demands for the repurchase or replacement of any Receivable or otherwise to assume any
additional duties or responsibilities in respect of any transaction contemplated in this Agreement, and no such additional
obligations or duties are implied in this Agreement. The Owner Trustee will not have any duty to conduct, and has not
conducted, any affirmative investigation as to the occurrence of any conditions requiring the repurchase or replacement of
any Receivable.


 


ARTICLE
VIII


 


Compensation of Owner Trustee


 


Section
8.01        Owner
Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder during the
term of this Agreement such fees as have been separately agreed upon in writing before the date hereof between the
Administrator and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Administrator pursuant
to the Administration Agreement for its other reasonable and documented expenses hereunder, including the reasonable and
documented compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee
may employ in connection with the exercise and performance of its rights and its duties hereunder; provided, that
reimbursement for expenses and disbursements of any legal counsel to the Owner Trustee in connection with the Closing Date
shall be subject to any limitations separately agreed upon before the date hereof between the Depositor (or any Affiliate
thereof) and the Owner Trustee. The provisions of this Section 8.01 shall survive the resignation or removal of the
Owner Trustee and the termination of this Agreement.


 






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Section
8.02        Indemnification.
Pursuant to the Administration Agreement, the Administrator shall be liable as primary obligor for, and shall indemnify the Owner
Trustee and its officers, directors, stockholders, employees, successors, assigns, agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations, losses, costs, damages, taxes, claims, actions and
suits, and any and all reasonable and documented costs, expenses and disbursements (including reasonable and documented legal fees
and expenses and including, without limitation, any legal fees, costs and expenses incurred in connection with any enforcement
(including any action, claim or suit brought) by the Owner Trustee or any other Indemnified Party of any indemnification or other
obligation of the Administrator) of any kind and nature whatsoever (collectively, “Expenses”) which may at any
time be imposed on, incurred by or asserted against any Indemnified Party in any way relating to or arising out of this Agreement,
the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of any Indemnified
Party hereunder, except only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from
and against Expenses arising or resulting from any of the matters described in clauses (i), (ii), (iii) or (iv) of the third sentence
of Section 7.01. The indemnities contained in this Section shall survive the resignation or removal of the Owner Trustee
or the termination or assignment of this Agreement. In any event of any claim, action or proceeding for which indemnity is sought
pursuant to this Section, the Owner Trustee’s choice of legal counsel shall be subject to the approval of the Administrator,
which approval shall not be unreasonably withheld or delayed.


 


Section
8.03        Payments
to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to
be a part of the Owner Trust Estate simultaneously with such payment.


 


ARTICLE
IX


 


Termination of Trust Agreement


 


Section
9.01        Termination
of Trust Agreement. (a) The Trust shall be dissolved immediately prior to the final distribution by the Owner Trustee or Paying
Agent of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the
Sale and Servicing Agreement and Article V. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder
shall not (x) operate to terminate this Agreement or the Trust or (y) entitle such Certificateholder’s legal representatives
or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part
of the Trust or Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.


 


(b)              
Except as provided in Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled
to revoke or terminate the Trust.


 


(c)               Notice
of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Paying Agent
by letter to Certificateholders mailed within five Business Days of receipt of actual notice of such termination from the
Servicer given pursuant to Section 9.01(b) of the Sale and Servicing Agreement, stating (i) the Payment Date
upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the
Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and
(iii) that the Record Date otherwise applicable to such Payment Date is not applicable, and, as a result, payments will
be made only upon presentation and surrender of the Trust Certificates by Certificateholders at the office of the Paying
Agent therein specified. The Paying Agent shall give such notice to the Certificate Registrar (if other than the Indenture
Trustee) and the Owner Trustee at the time such notice is given to Certificateholders. Upon presentation and surrender of the
Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such
Payment Date pursuant to Section 5.02.


 






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In the event that all
of the Certificateholders shall not surrender their Trust Certificates for cancellation within six months after the date specified
in the above-mentioned written notice, the Paying Agent shall give a second written notice to the remaining Certificateholders
to surrender their Trust Certificates for cancellation and receive the final distribution with respect thereto. If within one year
after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee or Paying
Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders
concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement. Any funds remaining in the Owner Trust Estate after exhaustion of such remedies shall be distributed
by the Paying Agent to the Depositor subject to applicable escheat laws.


 


(d)              
Upon the winding up of the Trust and receipt of written instruction from and at the expense of the Administrator,
the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation (as provided to
it) with the Secretary of State of the State of Delaware in accordance with the provisions of Section 3810 of the Statutory
Trust Act and thereupon the Trust and this Trust Agreement (other than Article VIII) shall terminate and be of no further
force or effect.


 


ARTICLE
X


 


Successor Owner Trustees and Additional Owner Trustees


 


Section
10.01    Eligibility
Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation or other entity satisfying the
provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or
state authorities and having (or having a parent which has) a long-term rating in any generic rating category which signifies
investment grade by each Rating Agency or a rating otherwise acceptable to each Rating Agency. If such entity shall publish
reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining
authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign
promptly in the manner and with the effect specified in Section 10.02.


 






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Section
10.02    Resignation
or Removal of Owner Trustee. (a) Subject to paragraph (c) of this Section, the Owner Trustee may at any time resign and be
discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of
resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor
Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Owner Trustee, as applicable, may petition (at the expense of the Depositor (including without limitation reasonable
and documented attorneys’ fees, costs and expenses)) any court of competent jurisdiction for the appointment of a successor
Owner Trustee.


 


(b)              
Subject to paragraph (c) of this Section, if at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.01 and shall fail to resign after written request therefor by the Administrator,
or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of
the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner Trustee
or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove
the Owner Trustee. If the Administrator or the Depositor shall remove the Owner Trustee under the authority of the immediately
preceding sentences, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee,
and shall pay all fees owed to the outgoing Owner Trustee and one copy to the Depositor, together with the basis for removal.


 


(c)              
Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to
Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Administrator shall provide
notice of such resignation or removal of the Owner Trustee to each Rating Agency.


 


Section
10.03    Successor Owner
Trustee. Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver
to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and thereupon
the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any
further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment
of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement,
and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers,
duties and obligations.


  



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No successor Owner Trustee
shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be
eligible pursuant to Section 10.01.


 


Upon written acceptance
of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all Certificateholders,
the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 Business
Days after acceptance of such appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to
be mailed at the expense of the Administrator.


 


Any successor Owner Trustee
appointed hereunder shall promptly file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware
as required by the Statutory Trust Act.


 


Section
10.04    Merger or Consolidation
of the Owner Trustee. Any corporation or other entity into which the Owner Trustee may be merged or converted or with which
it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the
Owner Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor to and assume all obligations of the Owner Trustee, without the execution
or filing of any assignment or other instrument or any further act on the part of such other entity or any of the parties hereto,
anything herein to the contrary notwithstanding; provided, that such corporation or other entity shall be
eligible pursuant to Section 10.01 and, provided, further, that the Owner Trustee
shall mail notice of such merger, conversion or consolidation to the Depositor, who shall promptly deliver such notice to each
Rating Agency.


 


Section
10.05    Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of
(i) meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may
at the time be located, (ii) facilitating enforcement actions and (iii) mitigating conflicts of interest, the Administrator and
the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or as separate trustee or
separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the
Trust or any part thereof and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts
as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such
appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to
make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility
as a successor Owner Trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 10.03.


 






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


 


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


 


(b)              
No trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee
under this Agreement; and


 


(c)              
The Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate
trustee or co-trustee without notice to any Rating Agency or any other Person.


 


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


 


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


 






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ARTICLE
XI


 


Miscellaneous


 


Section
11.01    Supplements
and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, without the consent of any of the
Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provision in this Agreement
(including to further prevent or help avoid the application to the Certificates of the Treasury Regulations (or other
interpretive guidance) issued under Section 385 of the Code) or for the purpose of adding any provision to or changing in any
manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or
the Certificateholders. Such amendments require: (i) satisfaction of the Rating Agency Condition or (ii) an Officer’s
Certificate of the Depositor delivered to the Issuing Entity, the Owner Trustee and the Indenture Trustee stating that the
amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder.


 


This Agreement may also
be amended from time to time by the Depositor and the Owner Trustee, with the consent of holders of at least a majority of the
Outstanding Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and adversely,
as evidenced by an Officer’s Certificate of the Depositor to that effect delivered to the Indenture Trustee and the Owner
Trustee by the Depositor or (ii) satisfaction of the Rating Agency Condition) and the consent of the Certificateholders evidencing
at least a majority Percentage Interest of the Trust Certificates (unless (i) the interests of the Certificateholders are not affected
materially and adversely and (ii) an Officer’s Certificate of the Depositor to that effect is delivered to the Owner Trustee
by the Depositor), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however,
that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections
of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders
or (b) reduce the aforesaid percentage of the Outstanding Amount of the Controlling Securities and the Percentage Interest
in the Trust Certificates required to consent to any such amendment, without the consent of the holders of all the Outstanding
Notes and Certificates affected thereby.


 


Promptly after the execution
of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent
to the Administrator and the Administrator shall furnish such notice to each Certificateholder, the Indenture Trustee and each
Rating Agency.


 


It shall not be necessary
for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The
manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any other
Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Administrator may prescribe.


 


Promptly after the execution
of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of
State of the State of Delaware.


 


In connection with
the execution of any amendment to this Agreement or any amendment to any other agreement to which the Issuing Entity is a
party, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel to the effect that
such amendment is authorized or permitted by this Agreement or, as applicable such other agreement, and that all conditions
precedent to the execution and delivery thereof by the Issuing Entity or the Owner Trustee, as the case may be, have been
satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment that affects the Owner
Trustee’s own rights, duties or immunities under this Agreement or otherwise.


 






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Section
11.02    No Legal Title
to Owner Trust Estate in Certificateholders. The Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein
only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any right, title
or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this
Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part
of the Owner Trust Estate.


 


Section
11.03    Limitations
on Rights of Others. Except for Section 2.07, the provisions of this Agreement are solely for the benefit of the
Owner Trustee, the Depositor, the Certificateholders, the Administrator, the Servicer and, to the extent expressly provided herein,
the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07 hereof), whether
express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust
Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. For all purposes of
this Agreement, the rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without
limitation, its rights to be indemnified, under the Indenture, are extended to, and shall be enforceable by, the Indenture Trustee
in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder.


 


Section
11.04    Notices.
(a) Unless otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed
given upon receipt by the intended recipient or on the next Business Day after delivery if delivered by a recognized overnight
courier or upon receipt of written confirmation of receipt of facsimile, if delivered by facsimile (except that notice to the Owner
Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate
Trust Office, if to the Depositor, addressed to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida
33442, telephone: (954) 429-2200, facsimile: (954) 429-2685, Attention: Treasurer; or, as to each party, at such other address
or electronic mail address as shall be designated by such party in a written notice to each other party.


 


(b)              
Any notice required or permitted to be given to a Certificateholder shall be given by first-class mail, postage prepaid,
at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed
in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.


 


(c)              
The Depositor’s obligation to deliver or provide any demand, delivery, notice, communication or instruction
to any Person other than a Noteholder shall be satisfied by the Depositor making such demand, delivery, notice, communication or
instruction available at https://via.intralinks.com/, or such other website or distribution service or provider as the Depositor
shall designate by written notice to the other parties.


 






     30


     


    

 


Section
11.05    Severability. Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


Section
11.06    Separate Counterparts;
Electronic Signatures. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.
Each of the parties agree that this Agreement and any other documents to be delivered in connection herewith may be electronically
signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign
or any other digital signature provider) appearing on this Agreement or such other documents are the same as handwritten signatures
for the purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed
copy of, this Agreement and such other documents may be made by facsimile, email or other electronic transmission; provided,
however, that any documentation with respect to transfer of the Certificates or other securities presented to the Indenture
Trustee or any transfer agent must contain original documents with manually executed signatures.


 


Section
11.07    Successors and
Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor
and its permitted assignees, the Owner Trustee and its successors, and each Certificateholder and its successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by a Certificateholder
shall bind the successors and assigns of such Certificateholder.


 


Section
11.08    Covenants of
the Depositor. In the event that any Certificateholder commences any litigation with claims in excess of $1,000,000 to which
the Depositor is a party which in the judgment of counsel to the Depositor who may be an employee of the Depositor, shall be reasonably
likely to result in a material judgment against the Depositor that the Depositor will not be able to satisfy, during the period
beginning nine months following the commencement of such litigation and continuing until such litigation is dismissed or otherwise
terminated (and, if such litigation has resulted in a final judgment against the Depositor, such judgment has been satisfied),
the Depositor shall not pay any dividend to World Omni, or make any distribution to World Omni, or repay the principal amount of
any indebtedness of the Depositor held by World Omni, unless (i) after giving effect to such dividend, distribution or repayment,
the Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation that are reasonably
likely to equal the amount of the judgment, if any, against the Depositor or (ii) the Rating Agency Condition shall have been
satisfied with respect to any such dividend, distribution or repayment. The Depositor will not at any time institute against the
Trust any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations
relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.


 


Section
11.09    No
Petition. To the fullest extent permitted by applicable law, the Owner Trustee, by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits
of this Agreement, hereby covenant and agree that they will not at any time institute against the Depositor or the Trust, or
join in any institution against the Depositor or the Trust of, any involuntary bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Trust Certificates, the Notes, this Agreement or any of the Basic
Documents.


 






     31


     


    

 


Section
11.10    No Recourse.
Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust Certificates represent
beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator,
the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents to which
such parties are a party.


 


In the event that a Certificateholder
(other than the Depositor) is deemed, under applicable law by any court or other authority of competent jurisdiction, to have an
interest in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust (“other
assets”), the parties to this Agreement and the Certificateholders acknowledge and agree that: (i) such Certificateholder’s
Certificate represents an undivided beneficial interest in the assets of the Trust and the Trust Estate only, (ii) any such Certificateholder’s
claim against any other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons
to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment
in full of all amounts owing to such entitled Persons, and (iii) the covenant set forth in the preceding clause (ii) constitutes
a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code.


 


Section
11.11    Headings.
The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.


 


Section
11.12    GOVERNING
LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS; provided, however, that there shall not be applicable to the parties
hereunder or this Agreement any provision of the laws (common or statutory) of the State of Delaware pertaining to trusts
that relate to or regulate, in a manner inconsistent with the terms hereof, (a) the filing with any court or governmental
body or agency of trustee accounts or schedules of trustee fees and charges, (b) affirmative requirements to post bonds for
trustees, officers, agents or employees of a trust, (c) the necessity for obtaining court or other governmental approval
concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees,
officers, agents or employees of a trust, (e) the allocation of receipts and expenditures to income or principal, (f)
restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating
to the titling, storage or other manner of holding or investing trust assets or (g) the establishment of fiduciary or other
standards of responsibility or limitations on the acts or powers of trustees that are inconsistent with the limitations or
authorities and powers of the Owner Trustee hereunder as set forth or referenced in this Agreement. Section 3540 of Title 12
of the Delaware Code shall not apply to the Trust.


 






     32


     


    

 


To the fullest extent
permitted by applicable law, each of the parties to this agreement and each Certificateholder by its acceptance thereof, hereby
irrevocably and unconditionally consents to submit to the nonexclusive jurisdiction of the courts of the State of Delaware for
purposes of any action or proceeding arising out of or in connection with this Agreement, the Certificates or the transactions
contemplated hereby or thereby.


 


EACH OF THE PARTIES HERETO,
AND EACH CERTIFICATEHOLDER BY ITS ACCEPTANCE THEREOF, IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE CERTIFICATES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY.


 


Section
11.13    Compliance with
Applicable Anti-Terrorism and Anti Money Laundering Regulations. The parties hereto and each Certificateholder acknowledge
that in accordance with the Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations,
the Owner Trustee and the Paying Agent, in order to help fight the funding of terrorism and money laundering, are required to obtain,
verify, and record information that identifies each Person or legal entity that establishes a relationship or opens an account
with the Owner Trustee or the Paying Agent. Each party hereto and each Certificateholder by its acceptance of a Trust Certificate
agrees that it shall provide the Owner Trustee and the Paying Agent with such information as may be available for such party as
the Owner Trustee and the Paying Agent may request that will help the Owner Trustee and the Paying Agent to identify and verify
each party’s identity, including without limitation each party’s name, physical address, tax identification number,
organizational documents, certificates of good standing, licenses to do business or other pertinent identifying information.


 


ARTICLE
XII


 


COMPLIANCE WITH REGULATION AB


 


Section
12.01    Intent of
the Parties; Reasonableness. The Depositor and the Owner Trustee acknowledge and agree that the purpose of this Article
XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and
regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other
performance under these provisions other than in good faith, or for purposes other than the Depositor’s compliance with
the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a
private offering of disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate
in good faith with the Depositor and shall deliver (and cause each of its Reporting Subcontractors, if any, to deliver) to
the Depositor any information reasonably requested by the Depositor regarding the Owner Trustee which is required in order to
enable the Depositor to comply with the provisions of Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB or any of its
other Exchange Act reporting obligations as it relates to the Owner Trustee or to the Owner Trustee’s obligations under
this Agreement (including with respect to any of its successors or predecessors; provided, however, that this
parenthetical shall apply only to the successors or predecessors of the Owner Trustee contemplated by Section 10.04
hereof). The obligations of the Owner Trustee to provide such information shall survive the removal or resignation of the
Owner Trustee hereunder.


 






     33


     


    

 


Section
12.02    Information
to Be Provided by the Owner Trustee. The Owner Trustee shall (i) on or before the fifth Business Day following a written
request of the Depositor, provide to the Depositor, in writing, such information regarding the Owner Trustee as is requested for
the purpose of compliance with Item 1117 of Regulation AB, and (ii) pursuant to Section 7.09 hereof as promptly
as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor,
in writing, updated information necessary for compliance with Item 1117 of Regulation AB.


 


The Owner Trustee shall
(i) on or before the fifth Business Day following a written request of the Depositor in connection with the preparation of
any required quarterly or annual report, provide to the Depositor such information regarding the Owner Trustee as is requested
for the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB, and (ii) as promptly as practicable following
notice to or discovery by the Owner Trustee of any changes to such information, provide to the Depositor, in writing, updated information.
Such information shall include, at a minimum:


 


(a)              
the Owner Trustee’s name and form of organization;


 


(b)              
a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed
securities transactions involving receivables of the same type as the Receivables;


 


(c)              
a description of any affiliation between the Owner Trustee and any of the following parties to a Securitization Transaction,
as such parties are identified to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction:


 


(i)                
the sponsor;


 


(ii)               
any depositor;


 


(iii)               the
issuing entity;


 


(iv)              
any servicer;


 


(v)               
any trustee;


 


(vi)         
      any originator;


 


(vii)             
any significant obligor;


 


(viii)            
any enhancement or support provider, including any swap or cap counterparty;


 


(ix)            
   any asset representations reviewer; and


 


(x)                
any other material transaction party.


 






     34


     


    

 


In connection with the above-listed parties,
a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction
or understanding that is entered into outside the ordinary course of business or is on terms other than would be obtained in an
arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently
exists or that existed during the past two years and that is material to an investor’s understanding of the asset-backed
securities.


 


* * * * * *


  






     35


     


    

 


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


	 	 
	 	WORLD OMNI AUTO RECEIVABLES
    LLC,
	 	as Depositor
	 	 
	 	By:	             /s/  Ronald J. Virtue
	 	 	Name:  Ronald J. Virtue
	 	 	Title:    Assistant Treasurer
	 	 
	 	bny
    mellon trust of delaware, not in its individual capacity, but solely as Owner Trustee,
	 	 
	 	By:	            /s/ Kristine K. Gullo
	 	 	Name: Kristine K. Gullo
	 	 	Title:   Vice President
	 	 




  


u.s.
bank national association, in its capacity as Indenture Trustee, acknowledges and accepts, as of the date first above written,
its appointment as Paying Agent and Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound
by the terms of this Agreement applicable to the Paying Agent and Certificate Registrar.


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




 






    


     


    

 


EXHIBIT A


 


FORM OF TRUST CERTIFICATE


 


THIS CERTIFICATE IS SUBORDINATED TO THE
NOTES, AS AND TO THE EXTENT SET FORTH IN THE SALE AND SERVICING AGREEMENT.


 


THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), OR UNDER THE SECURITIES OR BLUE SKY
LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS CERTIFICATE THE HOLDER HEREOF
IS DEEMED TO REPRESENT TO THE DEPOSITOR AND THE OWNER TRUSTEE (i) THAT IT IS AN “ACCREDITED INVESTOR” AS DEFINED
IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE 1933 ACT (AN “ACCREDITED INVESTOR”) AND THAT
IT IS ACQUIRING THIS CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS
(WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY) FOR INVESTMENT AND NOT
WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, THE PUBLIC DISTRIBUTION HEREOF, (ii) THAT IT IS A “QUALIFIED
INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE 1933 ACT (A “QUALIFIED INSTITUTIONAL BUYER”) AND IS ACQUIRING
SUCH CERTIFICATE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO
ARE QUALIFIED INSTITUTIONAL BUYERS) OR (iii) THAT IT IS AN INVESTOR THAT IS OTHERWISE PERMITTED TO ACQUIRE THIS CERTIFICATE UNDER
THE TRUST AGREEMENT.


 


NO SALE, PLEDGE OR OTHER TRANSFER OF
THIS CERTIFICATE MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE
DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE,
SUBSTANTIALLY IN THE FORM SPECIFIED IN THE TRUST AGREEMENT, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS
OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED
INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY), (iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE
FOR RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE
PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT
(AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL
BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE,
PLEDGE OR OTHER TRANSFER IS OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, IN
WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE
OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND
SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR
(iii) ABOVE, THE OWNER TRUSTEE, THE DEPOSITOR AND THE CERTIFICATE REGISTRAR SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH
SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE OWNER TRUSTEE) SATISFACTORY TO THE
DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.


 






    Ex. A-1


     


    

 


EACH SECURITYHOLDER, BY ITS ACCEPTANCE
OF THIS SECURITY, COVENANTS AND AGREES THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER
THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE DEPOSITOR TO INVOKE THE
PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE TRUST
OR THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW, OR APPOINTING A RECEIVER, LIQUIDATOR,
ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS
PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE TRUST OR THE DEPOSITOR.


 






    Ex. A-2


     


    

 


No
transfer of this Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in
the form of paragraph 3 to the Investment Letter attached to the trust agreement as Exhibit D from such Person to the
effect that such Person is not AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS
OF ANY PERSON THAT IS OR WILL BE (i) an “employee benefit plan” as
defined in section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) that
is subject to Title I of, (ii) a “plan” described in section 4975(E)(1) of the internal revenue Code of
1986, as amended (the “Code”) that is subject to Section 4975 of the code, (iii) any entity OR
ACCOUNT whose underlying assets include “plan assets” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR
REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA (THE “PLAN ASSET
REGULATION”) or (iv) any U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN,
CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT that is
subject to any u.S. federal, state, local OR nON-u.s. law that is substantially similar to tITLE i of ERISA or Section 4975
of the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion of counsel satisfactory
to the Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding of this
Certificate by such Person (i) will not result in the assets of the Issuing Entity being deemed to be “plan
assets” (WITHIN THE MEANING OF THE PLAN ASSET REGULATION) OR SUBJECT TO SIMILAR LAW and
will not subject the Owner Trustee, the Indenture Trustee, the Certificate Registrar, the Servicer or the Depositor to any
obligation in addition to those undertaken in the Basic Documents and (ii) will not GIVE RISE TO a NONEXEMPT prohibited
transaction under ERISA OR Section 4975 of the Code or A VIOLATION OF Similar Law. The preparation and delivery of the
certificate and opinions referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity,
the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any
attempted or purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in
any purported transferee.


 


THIS CERTIFICATE WILL NOT BE REGISTERED
FOR TRANSFER UNLESS THE CERTIFICATE REGISTRAR RECEIVES (A) A CERTIFICATION FROM THE TRANSFEREE OF SUCH CERTIFICATE TO THE EFFECT
THAT SUCH TRANSFEREE IS A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE AND (B) THE OWNER TRUSTEE,
THE CERTIFICATE REGISTRAR, THE DEPOSITOR AND THE INDENTURE TRUSTEE SHALL HAVE RECEIVED AN OPINION OF COUNSEL (WHICH COUNSEL IS
INDEPENDENT FROM THE DEPOSITOR AND THE TRUST) THAT SUCH ACTION SHALL NOT CAUSE THE TRUST TO BE TREATED AS AN ASSOCIATION (OR PUBLICLY
TRADED PARTNERSHIP), IN EITHER CASE, TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES AND SUCH TRANSFEREE OR ASSIGNEE
SHALL AGREE TO TAKE POSITIONS FOR TAX PURPOSES CONSISTENT WITH THE TAX POSITIONS SET FORTH IN SECTION 2.06 OF THE TRUST
AGREEMENT AS AGREED TO BE TAKEN BY THE CERTIFICATEHOLDER.


 






    Ex. A-3


     


    

 


NO.:


 


WORLD OMNI AUTO RECEIVABLES TRUST 2020-B
TRUST CERTIFICATE


 


evidencing a fractional undivided beneficial
interest in the Trust, as defined below, the property which consists of retail installment sale contracts for new and used automobiles
and light-duty trucks (transferred to the Trust on the Closing Date (the “Receivables”), all monies received
on or after the Cutoff Date; any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability,
theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors;
any Financed Vehicle that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer,
or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause
World Omni to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement
and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates).


 


THIS TRUST CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF WORLD OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE AFFILIATES.


 


THIS CERTIFIES THAT ________________
is the registered owner of ___% nonassessable, fully-paid, fractional undivided beneficial interest in World Omni Auto Receivables
Trust 2020-B (the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company
(the “Depositor”).


 


OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


This is one of the Trust Certificates referred
to in the within-mentioned Trust Agreement.


 


	bny
    mellon trust of delaware,not in its individual capacity but solely as Owner Trustee	 	bny mellon trust of
        delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	OR	 
	 	 	By: u.s. bank national
        association, as Authenticating Agent
	 	 	 
	By:	              	 	By:	               
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:



 


The Trust was
created pursuant to a Trust Agreement dated April 28, 2020 (as amended and restated on June 24, 2020, and as may be amended,
restated or supplemented from time to time, the “Trust Agreement”), between the Depositor and BNY Mellon
Trust of Delaware, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Trust Agreement or the Sale and Servicing Agreement, dated as of June 24, 2020 (as
amended and supplemented from time to time, the “Sale and Servicing Agreement”), among the Trust, the
Depositor and World Omni Financial Corp., as servicer (the “Servicer”), as applicable.


 






    Ex. A-4


     


    

 


This Certificate is one
of the duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”).
Also issued under an Indenture, dated as of June 24, 2020 (the “Indenture”), between the Trust and U.S. Bank
National Association, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder
is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks
transferred to the Trust on the Closing Date (the “Receivables”), all monies received after the Cutoff Date;
any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown
or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle
that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust;
the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni
to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and
Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights of
the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent set forth in the Sale and Servicing
Agreement and the Indenture.


 


Under the Trust Agreement,
there will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately
following Business Day (each, a “Payment Date”), commencing on July 15, 2020, to the Person in whose name this
Trust Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the “Record
Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed to Certificateholders
on such Payment Date. No distributions will be made on any Certificate on any Payment Date until the full amount of interest and
principal payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been replenished to its required
amount, if necessary.


 


The Certificateholder
of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate
are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture.


 


It is the intention of
the Depositor, the Servicer and the Certificateholders that, solely for U.S. federal, state and local income and franchise tax
purposes, (a) so long as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at
such time as the Trust has more than one Certificateholder, the Trust will be treated as a partnership. Neither the Servicer nor
the Depositor or any Certificateholder will take any action to the contrary.


 






    Ex. A-5


     


    

 


Each Certificateholder,
by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against
the Depositor, or join in any institution against the Depositor of, any involuntary bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Trust Certificates, the Notes, the Trust Agreement or any of the Basic Documents.


 


Distributions on this
Trust Certificate will be made as provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder
without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided
in the Trust Agreement and notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice
by the Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Trust
Certificate at the office or agency maintained for that purpose by the Owner Trustee.


 


Reference is hereby made
to the further provisions of this Trust Certificate set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.


 


Unless the certificate
of authentication hereon shall have been executed by an Authorized Officer of the Owner Trustee, by manual signature, this Trust
Certificate shall not entitle the Certificateholder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement
or be valid for any purpose.


 


THIS TRUST CERTIFICATE
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.


 






    Ex. A-6


     


    

 


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


  


	 	WORLD OMNI AUTO RECEIVABLES TRUST 2020-B
	 	 	 
		By:   	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 
	Dated: _________________	 	By:	            
	 	 	Name:
	 	 	Title:



  






    Ex. A-7


     


    

 


[REVERSE OF TRUST CERTIFICATE]


 


The Trust Certificates
do not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, or any affiliates of any
of them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or
in the Trust Agreement or the Basic Documents. In addition, this Trust Certificate is not guaranteed by any governmental agency
or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and
certain other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy of each of the
Sale and Servicing Agreement and the Trust Agreement may be examined by any Certificateholder upon written request during normal
business hours at the principal office of the Depositor and at such other places, if any, designated by the Depositor.


 


The Trust Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor
and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Certificateholders of at least a majority Percentage Interest in the Trust Certificates and holders of at least
a majority of the Outstanding Amount of the Controlling Securities. Any such consent by the Certificateholder of this Trust Certificate
shall be conclusive and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of
any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of the Certificateholders of any of the Trust Certificates.


 


As provided in the Trust
Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the Certificate
Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar
maintained by the Indenture Trustee, accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee
and the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized
in writing, and thereupon one or more new Trust Certificates of authorized denominations evidencing the same aggregate interest
in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement
is U.S. Bank National Association.


 


Except as provided in
the Trust Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust Agreement and
subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized
denominations evidencing the same aggregate denomination, as requested by the Certificateholder surrendering the same. No service
charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.


 


The Owner Trustee, the
Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent
shall be affected by any notice to the contrary.


 






    Ex. A-8


     


    

 


The obligations and responsibilities
created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to Certificateholders of all amounts
required to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property
held as part of the Owner Trust Estate. The Servicer may at its option purchase the Owner Trust Estate at a price specified in
the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement
of the Notes and the Trust Certificates; however, such right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is 10% or less of the Aggregate Starting Principal Balance of all Receivables transferred to
the Trust.


 



    Ex. A-9


     


    





  


ASSIGNMENT


 


FOR VALUE RECEIVED the
undersigned hereby sells, assigns and transfers unto


 


PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE


 


 





 


(Please print or type name and address,
including postal zip code, of assignee)


 


the within Trust Certificate, and all
rights thereunder, and hereby irrevocably constitutes and appoints ________________________, attorney, to transfer said
Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.


 


Dated:


 


		      	*/
	 	 
	 	Signature Guaranteed:
	 	 	*/	







  





 






*/ NOTICE: The signature to this
assignment must correspond with the name as it appears upon the face of the within Trust Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange
or a commercial bank or trust company.


  






    Ex. A-10


     


    

 


EXHIBIT B


 


CERTIFICATE OF TRUST OF

WORLD OMNI AUTO RECEIVABLES TRUST 2020-B


 


THIS Certificate of
Trust of WORLD OMNI AUTO RECEIVABLES TRUST 2020-B (the “Trust”), is being duly executed and filed by the undersigned,
not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
C. § 3801 et seq.) (the “Act”).


 


1.                 
Name. The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2020-B.


 


2.                 
Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware are BNY Mellon
Trust of Delaware, 301 Bellevue Parkway, 3rd Floor, Wilmington, DE 19809.


 


3.                 
Effective Date. This Certificate of Trust shall be effective upon filing.


 


* * * * *


 






    Ex. B-1


     


    

 


IN WITNESS WHEREOF, the
undersigned, being the sole trustee of the Trust, has executed this Certificate of Trust in accordance with Section 3811(a) of
the Act.


  


		BNY MELLON TRUST OF DELAWARE, not in its individual
capacity but solely as Owner Trustee
	 	 
	 	By:	           
	 	 	Name:
	 	 	Title:



 






    Ex. B-2


     


    

 


EXHIBIT C


 


FORM OF TRANSFEROR CERTIFICATE


 


[DATE]


 


World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442


 


BNY Mellon Trust of Delaware


as Owner Trustee of World Omni Auto Receivables Trust 2020-B


301 Bellevue Parkway


3rd Floor


Wilmington, DE 19809


Attention: Corporate Trust Services, WOART 2020-B




U.S. Bank National Association, as Certificate Registrar and Paying Agent


190 South LaSalle Street


7th Floor


Chicago, IL 60603


 


		Re:	World Omni Auto Receivables Trust 2020-B

Trust Certificates



 


Ladies and Gentlemen:


 


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


 


		Very truly yours,
	 	 
	 	[NAME OF TRANSFEROR]
	 	 
	 	By:	 
	 	 	Authorized Officer
	 	 






 






    Ex. C


     


    

 


EXHIBIT D


 


FORM OF INVESTMENT LETTER


 


World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442




BNY Mellon Trust of Delaware


as Owner Trustee of World Omni Auto Receivables Trust 2020-B


301 Bellevue Parkway


3rd Floor


Wilmington, DE 19809


Attention: Corporate Trust Services, WOART 2020-B




U.S. Bank National Association, as Certificate Registrar and Paying Agent


190 South LaSalle Street


7th Floor


Chicago, IL 60603


 


Ladies and Gentlemen:


 


In connection with our
proposed purchase of Trust Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2020-B (the
 “Issuing Entity”), we confirm that:


 


1.       We
understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “1933
Act”), and may not be sold except as permitted in the following sentence. We understand and agree, on our own
behalf and on behalf of any accounts for which we are acting as hereinafter stated, (x) that such Certificates are being
offered only in a transaction not involving any public offering within the meaning of the 1933 Act and (y) that such
Certificates may be resold, pledged or transferred only (i) to the Depositor, (ii) to an “accredited
investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an “Accredited
Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others
(which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that executes a
certificate substantially in the form hereof, (iii) so long as such Certificate is eligible for resale pursuant to Rule
144A under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe after due inquiry is a
 “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of
others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”) to
whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale,
pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the 1933 Act, in which
case the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner
Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form and substance
satisfactory to the Owner Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (iii)
above, the Owner Trustee shall require that a written opinion of counsel (which will not be at the expense of the Depositor,
any affiliate of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee be delivered to the
Depositor and the Owner Trustee to the effect that such transfer will not violate the 1933 Act, and will be effected in
accordance with any applicable securities laws of each state of the United States. We will notify any purchaser of the
Certificates from us of the above resale restrictions, if then applicable. We further understand that in connection with any
transfer of the Certificates by us that the Depositor and the Owner Trustee may request, and if so requested we will furnish,
such certificates and other information as they may reasonably require to confirm that any such transfer complies with the
foregoing restrictions.


 






    Ex. D-1


     


    

 


2.              [CHECK ONE]


 


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



 


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



 


3.       We
are not and will not be and are not acting on behalf of or acquiring the notes with the assets of any person that is or will
be (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan”
described in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”) that is
subject to Section 4975 of the Code, (iii) any entity or account whose underlying assets include “plan
assets” (within the meaning of the U.S. Department of Labor regulation located at 29 C.F.R. Section 2510.3-101, as
modified by Section 3(42) of ERISA (the “Plan Asset Regulation”)) or (iv) any U.S. governmental plan,
non-U.S. plan, church plan or any other employee benefit plan, account or arrangement that is subject to any U.S. federal,
state, local or non-U.S. law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar
Law”) (each of clause (i) through (iv), a “Plan”). We hereby acknowledge that no transfer of any
Certificate shall be permitted to be made to any person unless the Owner Trustee has received (i) a certificate from such
transferee to the effect of the preceding sentence or (ii) an opinion of counsel satisfactory to the Owner Trustee, the
Certificate Registrar and the Depositor to the effect that the purchase and holding of any such Certificate by such person
(A) will not result in the assets of the Issuing Entity being deemed to be “plan assets” (within the meaning of
the Plan Asset Regulation) or subject to Similar Law and will not subject the Certificate Registrar, the Owner Trustee, the
Indenture Trustee, the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents
with respect to the Certificates and (B) will not give rise to a nonexempt prohibited transaction under ERISA or Section 4975
of the Code or a violation of Similar Law.


 






    Ex. D-2


     


    

 


4.       We
are a United States person (within the meaning of Section 7701(a)(30) of the Code), and acknowledge that unless the Owner Trustee
and the Indenture Trustee shall have received an opinion of counsel (which counsel is independent from the Depositor and the Trust)
that such action shall not cause the Trust to be treated as an association (or publicly traded partnership), in either case, taxable
as a corporation for U.S. federal income tax purposes, no purchase of any Certificate shall be permitted to be made to any person
who is not a United States person and any such purported purchase or transfer in violation of these restrictions shall be null
and void.


 


5.       We
understand that the Depositor, the Trust and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations
and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us
by our purchase of the Certificates, for our own account or for one or more accounts as to each of which we exercise sole investment
discretion, are no longer accurate, we shall promptly notify the Depositor.


 


6.       You
are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.


 





	 	Very truly yours,
	 	 
	 	[NAME OF PURCHASER]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	Date:	    



  






    Ex. D-3


     


    

  


EXHIBIT E


 


FORM OF RECEIVABLES


 


Documents on file at:



Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654


 






    Ex. E