Exhibit 4.2


 


 


INDENTURE


 


between


 


WORLD OMNI AUTO RECEIVABLES TRUST 2018-A,

as Issuing Entity


 


and


 


U.S.
Bank National Association

as Indenture Trustee


 


Dated as of February 7, 2018


 


 




     


     


    

 


TABLE OF CONTENTS


 


	 	 	Page
	 	 	 
	ARTICLE I
	 
	Definitions and Incorporation by Reference
	 	 	 
	Section 1.01	Definitions	2
	Section 1.02	Incorporation by Reference of Trust Indenture Act	2
	 	 	 
	ARTICLE II
	 
	The Notes
	 	 	 
	Section 2.01	Form	3
	Section 2.02	Execution, Authentication and Delivery	3
	Section 2.03	Temporary Notes	4
	Section 2.04	Transfer Restrictions on Notes	4
	Section 2.05	Registration; Registration of Transfer and Exchange	8
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	9
	Section 2.07	Persons Deemed Owner	10
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	10
	Section 2.09	Cancellation	11
	Section 2.10	Release of Collateral	12
	Section 2.11	Book-Entry Notes	12
	Section 2.12	Notices to Clearing Agency	13
	Section 2.13	Definitive Notes	13
	Section 2.14	Tax Treatment	13
	Section 2.15	CUSIP Numbers	14
	 	 	 
	ARTICLE III
	 
	Covenants
	 	 	 
	Section 3.01	Payment of Principal and Interest	14
	Section 3.02	Maintenance of Office or Agency	14
	Section 3.03	Money for Payments to Be Held in Trust	15
	Section 3.04	Existence	16
	Section 3.05	Protection of Trust Estate	16
	Section 3.06	Opinions as to Trust Estate	17
	Section 3.07	Performance of Obligations; Servicing of Receivables	18
	Section 3.08	Negative Covenants	20
	Section 3.09	Annual Statement as to Compliance	20
	Section 3.10	Issuing Entity May Consolidate, etc., Only on Certain Terms	21
	Section 3.11	Successor or Transferee	22


 




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	Section 3.12	No Other Business	23
	Section 3.13	No Borrowing	23
	Section 3.14	Servicer’s Obligations	23
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	23
	Section 3.16	Capital Expenditures	23
	Section 3.17	Removal of Administrator	23
	Section 3.18	Restricted Payments	23
	Section 3.19	Notice of Events of Default	23
	Section 3.20	Further Instruments and Acts	24
	 	 	 
	ARTICLE IV
	 
	Satisfaction and Discharge
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	24
	Section 4.02	Application of Trust Money	25
	Section 4.03	Repayment of Monies Held by Paying Agent	25
	 	 	 
	ARTICLE V
	 
	Remedies
	 	 	 
	Section 5.01	Events of Default	25
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	28
	Section 5.04	Remedies; Priorities	30
	Section 5.05	Optional Preservation of the Receivables	31
	Section 5.06	Limitation of Suits	31
	Section 5.07	Unconditional Rights of Noteholders to Receive Principal and Interest	32
	Section 5.08	Restoration of Rights and Remedies	32
	Section 5.09	Rights and Remedies Cumulative	32
	Section 5.10	Delay or Omission Not a Waiver	32
	Section 5.11	Control by Noteholders	33
	Section 5.12	Waiver of Past Defaults	33
	Section 5.13	Undertaking for Costs	34
	Section 5.14	Waiver of Stay or Extension Laws	34
	Section 5.15	Action on Notes	34
	Section 5.16	Performance and Enforcement of Certain Obligations	34
	 	 	 
	ARTICLE VI
	 
	The Indenture Trustee
	 	 	 
	Section 6.01	Duties of Indenture Trustee	35
	Section 6.02	Rights of Indenture Trustee	37


 




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	Section 6.03	Individual Rights of Indenture Trustee	38
	Section 6.04	Indenture Trustee’s Disclaimer	39
	Section 6.05	Notice of Defaults	39
	Section 6.06	Reports by Indenture Trustee	39
	Section 6.07	Compensation and Indemnity	39
	Section 6.08	Replacement of Indenture Trustee	40
	Section 6.09	Successor Indenture Trustee by Merger	41
	Section 6.10	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	41
	Section 6.11	Eligibility; Disqualification	43
	Section 6.12	Preferential Collection of Claims Against Issuing Entity	43
	Section 6.13	Representations and Warranties of the Indenture Trustee	43
	Section 6.14	Communications Regarding Demands to Repurchase Receivables	44
	 	 	 
	ARTICLE VII
	 
	Noteholders’ Lists and Reports
	 	 	 
	Section 7.01	Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders	44
	Section 7.02	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications between Noteholders	45
	Section 7.03	Reports by Issuing Entity	46
	Section 7.04	Reports by Indenture Trustee	47
	Section 7.05	Noteholder Demand for Asset Representations Review	47
	 	 	 
	ARTICLE VIII
	 
	Accounts, Disbursements and Releases
	 	 	 
	Section 8.01	Collection of Money	48
	Section 8.02	Trust Accounts	49
	Section 8.03	General Provisions Regarding Accounts	50
	Section 8.04	Release of Trust Estate	51
	Section 8.05	Opinion of Counsel	52
	 	 	 
	ARTICLE IX
	 
	Supplemental Indentures
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	52
	Section 9.02	Supplemental Indentures with Consent of Noteholders	53
	Section 9.03	Execution of Supplemental Indentures	55
	Section 9.04	Effect of Supplemental Indenture	55
	Section 9.05	Conformity with Trust Indenture Act	55
	Section 9.06	Reference in Notes to Supplemental Indentures	56


 




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	ARTICLE X
	 
	Redemption of Notes
	 	 	 
	Section 10.01	Redemption	56
	Section 10.02	Form of Redemption Notice	56
	Section 10.03	Notes Payable on Redemption Date	57
	 	 	 
	ARTICLE XI
	 
	Miscellaneous
	 	 	 
	Section 11.01	Compliance Certificates and Opinions, etc.	57
	Section 11.02	Form of Documents Delivered to Indenture Trustee	59
	Section 11.03	Acts of Noteholders	60
	Section 11.04	Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies	60
	Section 11.05	Notices to Noteholders; Waiver	61
	Section 11.06	Alternate Payment and Notice Provisions	62
	Section 11.07	Conflict with Trust Indenture Act	62
	Section 11.08	Effect of Headings and Table of Contents	62
	Section 11.09	Successors and Assigns	62
	Section 11.10	Severability	62
	Section 11.11	Benefits of Indenture	62
	Section 11.12	Legal Holidays	62
	Section 11.13	GOVERNING LAW	62
	Section 11.14	Counterparts	63
	Section 11.15	Recording of Indenture	63
	Section 11.16	Trust Obligation	63
	Section 11.17	No Petition	64
	Section 11.18	Inspection	64
	Section 11.19	Waiver of Jury Trial	64
	 	 	 
	ARTICLE XII
	 
	COMPLIANCE WITH REGULATION AB
	 	 	 
	Section 12.01	Intent of the Parties; Reasonableness	64
	Section 12.02	Additional Representations and Warranties of the Indenture Trustee	65
	Section 12.03	Information to Be Provided by the Indenture Trustee	65
	Section 12.04	Regulation AB Reports by Indenture Trustee	66


 




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	SCHEDULE A	–	Schedule of Receivables
	 	 	 
	EXHIBIT A-1	–	Form of Class A-1 Note
	EXHIBIT A-2	–	Form of Class A-2 Note
	EXHIBIT A-3	–	Form of Class A-3 Note
	EXHIBIT A-4	–	Form of Class A-4 Note
	EXHIBIT B	–	Form of Class B Note
	EXHIBIT C	–	Servicing Criteria for Indenture Trustee’s Assessment of Compliance
	EXHIBIT D	–	Form of Indenture Trustee’s Annual Certification
	EXHIBIT E	–	Form of Transferor Certificate
	EXHIBIT F	–	Form of Investment Letter


 




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THIS INDENTURE dated
as of February 7, 2018 (as it may be amended and supplemented from time to time, this “Indenture”) is between
WORLD OMNI AUTO RECEIVABLES TRUST 2018-A, a Delaware statutory trust (the “Issuing Entity”), and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as trustee and not in its individual capacity (the “Indenture Trustee”).


 


Each party agrees as
follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1
1.75000% Asset-Backed Notes (the “Class A-1 Notes”), Class A-2 2.19% Asset-Backed Notes (the “Class
A-2 Notes”), Class A-3 2.50% Asset-Backed Notes (the “Class A-3 Notes”), Class A-4 2.73%
Asset-Backed Notes (the “Class A-4 Notes”) and Class B 2.89% Asset-Backed Notes (the “Class B
Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class
A-4 Notes, the “Notes”):


 


GRANTING CLAUSE


 


The Issuing Entity hereby
Grants to the Indenture Trustee at the Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuing Entity’s right, title and interest, whether now or hereafter acquired, and wherever located, in and to (a) the
Receivables identified on the SSA Assignment (all of which are identified in World Omni’s computer files by a code indicating
that such Receivables are owned by the Issuing Entity and pledged to the Indenture Trustee) and all monies received thereon and
in respect thereof after the Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by
Obligors in connection with the Receivables and any other interest of the Issuing Entity in such Financed Vehicles; (c) any
proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering
Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured a Receivable and that shall have been acquired
by or on behalf of the Depositor, the Servicer or the Issuing Entity; (e) all right, title and interest in all funds on deposit
in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect)
credited to, the Trust Accounts, including the Reserve Account, from time to time, including the Reserve Account Initial Deposit,
and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement, including
the RPA Assignment, and the Sale and Servicing Agreement, including the SSA Assignment (including the Issuing Entity’s right
to cause World Omni, the Servicer or the Depositor to repurchase Receivables from the Issuing Entity under certain circumstances
described therein); (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory
notes” (as such terms are defined in the UCC) constituting or relating to the foregoing; and (h) all proceeds of any and
all of the foregoing and all present and future claims, demands, causes of action and choses in action in respect of any or all
of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds of the conversion thereof, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments,
general intangibles and other property which at any time constitute all or part of or are included in the proceeds of any of the
foregoing; provided, however, that the foregoing items (a) through (i) shall not include the Notes and Trust Certificates
(collectively, the “Collateral”).


 




     


     


    

 


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


 


The Indenture Trustee,
as Indenture Trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the end that the
interests of the Holders of the Notes may be adequately and effectively protected.


 


ARTICLE
I



Definitions and Incorporation by Reference


 


Section 1.01  Definitions.
Certain capitalized terms used in this Indenture shall have the respective meanings assigned to them in Part I of Appendix
A to the Sale and Servicing Agreement of even date herewith among the Issuing Entity, World Omni Auto Receivables LLC and World
Omni. All references herein to “the Indenture” or “this Indenture” are to this Indenture
as it may be amended, supplemented or modified from time to time, the exhibits hereto and the capitalized terms used herein which
are defined in such Appendix A. All references herein to Articles, Sections, subsections and exhibits are to Articles, Sections,
subsections and exhibits contained in or attached to this Indenture unless otherwise specified. All terms defined in this Indenture
shall have the defined meanings when used in any certificate, notice, Note or other document made or delivered pursuant hereto
unless otherwise defined therein. The rules of construction set forth in Part II of such Appendix A shall be applicable
to this Indenture.


 


Section 1.02  Incorporation
by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings:


 


“indenture securities”
means the Notes.


 


“indenture security
holder” means a Noteholder.


 


“indenture to
be qualified” means this Indenture.


 


“indenture trustee”
or “institutional trustee” means the Indenture Trustee.


 


“obligor”
on the indenture securities means the Issuing Entity and any other obligor on the indenture securities.


 




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All other TIA terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the
meaning assigned to them by such definitions.


 


ARTICLE
II



The Notes


 


Section 2.01  Form.
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case
together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A-1,
Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B to this Indenture, respectively, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently
herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the
text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.


 


The definitive Notes
shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.


 


Each Note shall be dated
the date of its authentication. The terms of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3,
Exhibit A-4 and Exhibit B are part of the terms of this Indenture.


 


Section 2.02Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized Officers.
The signature of any such Authorized Officer on the Notes may be manual or facsimile.


 


Notes bearing the manual
or facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity,
notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery
of such Notes or did not hold such offices at the date of such Notes.


 


The Indenture Trustee
shall upon receipt of an Issuing Entity Order authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $208,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $340,000,000, Class A-3
Notes for original issue in an aggregate principal amount of $340,000,000, Class A-4 Notes for original issue in an aggregate
principal amount of $83,100,000 and Class B Notes for original issue in an aggregate principal amount of $30,580,000. The aggregate
principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes outstanding at any
time may not exceed such respective amounts except as provided in Section 2.06.


 




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Each Note shall be dated
the date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and in integral
multiples thereof; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions
set forth in Section 2.04.


 


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


 


Section 2.03  Temporary
Notes. Pending the preparation of definitive Notes, the Issuing Entity may execute, and upon receipt of an Issuing Entity Order
the Indenture Trustee shall authenticate and deliver, temporary Notes that are printed, lithographed, typewritten, mimeographed
or otherwise produced, of the tenor of the definitive Notes in lieu of which they are issued and with such variations not inconsistent
with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.


 


If temporary Notes are
issued, the Issuing Entity shall cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuing Entity to be maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for
cancellation of any one or more temporary Notes, the Issuing Entity shall execute, and the Indenture Trustee shall authenticate
and deliver in exchange therefor, a like principal amount of definitive Notes of authorized denominations. Until so exchanged,
the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as definitive Notes.


 


Section 2.04  Transfer
Restrictions on Notes.


 


(a)   As
of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any
exchange. Unless and until such Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer
of such a Note shall be made unless such transfer is made pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such
state securities laws. Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate
thereof, in the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state securities
laws, in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such transfer and
such Noteholder’s prospective transferee shall each certify to the Issuing Entity, the Indenture Trustee and WOAR in writing
the facts surrounding the transfer in substantially the forms set forth in Exhibit E (the “Transferor Certificate”)
and Exhibit F (the “Investment Letter”). Except in a transfer pursuant to Rule 144A or a transfer to
the Depositor or by the Depositor to an Affiliate thereof, there shall also be delivered to the Issuing Entity and the Indenture
Trustee an Opinion of Counsel that such transfer may be made pursuant to an exemption from the Securities Act, which Opinion of
Counsel shall not be an expense of the Trust, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom
such opinion is to be obtained) or of WOAR or World Omni. WOAR shall provide to any Noteholder and any prospective transferee designated
by any such Noteholder information regarding the Retained Notes 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 Retained Notes without registration
thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Noteholder desiring to effect
such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the Indenture Trustee, WOAR 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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(b)   (i)
Sale, pledge or transfer of a Retained Note may only be made to a Person who is a United States Person (within the meaning of Section
7701(a)(30) of the Internal Revenue Code) and is not acquiring such Retained Notes with the assets of any Plan that is subject
to Title I of ERISA or Section 4975 of the Code; and (ii) no sale, pledge, or transfer of a Retained Note shall be made (x) to
any one person in an amount less than $2,000,000 (or such other amount as the Depositor may determine in order to prevent the Issuing
Entity from being treated as a “publicly traded partnership” under Section 7704 of the Code) or (y) to a Special Pass-Through
Entity, in each case under this clause (ii), unless (A) an Opinion of Counsel satisfactory to the Indenture Trustee and the Depositor
that such sale, pledge, or transfer shall not cause the Issuing Entity to be treated as an association (or publicly traded partnership)
taxable as a corporation for federal income tax purposes shall have been delivered to the Indenture Trustee and the Depositor and
(B) the Depositor shall have provided prior written approval; provided, however, that the restrictions in Section
2.04(b)(i) and (ii) above shall not continue to apply to such Retained Notes (covered by the opinion described in this
clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an Opinion of Counsel, with respect
to the sale, pledge or transfer by the Depositor or an Affiliate thereof, to the effect that the Retained Notes to be sold, pledged,
or transferred will be characterized as indebtedness for federal income tax purposes. Any transferee, other than the Depositor
or an Affiliate thereof, acquiring a Retained Note or an interest therein shall be deemed to have made the representations set
forth in Section 2.14 (as if Section 2.14(a) applied to the Retained Notes). Any attempted sale, pledge or other transfer
in contravention of this Section 2.4(b) will be void ab initio and the purported transferor will continue to be treated
as the owner of the Retained Note.


 


For the purposes of this
Section 2.4(b), “Special Pass-Through Entity” means a grantor trust, S corporation, or partnership (as determined,
in each case, for Federal income tax purposes) where more than 50% of the value of any beneficial owner’s interest in such
pass through entity is attributable to the pass-through entity’s interest in the Retained Note.


 


(c)   [Reserved].


 




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(d)       By
acquiring a Note other than any Retained Note to which the restrictions of Section 2.04(b) of this Indenture apply, each initial
purchaser, transferee and owner of a beneficial interest in such Note will be deemed to represent that either (1) it is not acquiring
the Notes with the assets of any Plan or (2) the acquisition and holding of such Notes will not give rise to a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or Similar Law. Each Note other than any Retained Note will
bear a legend reflecting such deemed representation. By acquiring a Retained Note to which the restrictions of Section 2.04(b)
of this Indenture apply, each initial purchaser, transferee and owner of a beneficial interest in such Retained Note will be deemed
to represent that either (1) it is not acquiring such Retained Note with the assets of any Plan that is subject to Title I of ERISA
or Section 4975 of the Code or (2) it is acquiring such Retained Note with the assets of a Plan that is not subject to Title I
of ERISA or Section 4975 of the Code and the acquisition and holding of such Retained Note will not give rise to a nonexempt prohibited
transaction under Similar Law.


 


(e)       By
acquiring a Note other than any Retained Note to which the restrictions of Section 2.04(b) of this Indenture apply, each initial
purchaser, transferee and owner of a beneficial interest in such Note that is a Plan subject to Title I of ERISA or Section 4975
of the Code will be deemed to represent that (1) the decision to acquire and hold such Note has been made on arms’ length
basis by a duly authorized fiduciary (each, a “Plan Fiduciary”) who is independent of the Issuing Entity, the
sponsor, the Depositor or any of their respective affiliates or employees, and, in the case of a transferee, the initial purchasers
and their affiliates and employees, which Plan Fiduciary (A) is a fiduciary under ERISA or the Code, or both, with respect to the
decision to acquire and hold such Note, (B) is not an IRA owner or spouse of the IRA owner (in the case of an IRA) or a participant
in a Plan acting in such capacity, (C) is capable of evaluating investment risks independently, both in general and with regard
to the prospective investment in such Note, (D) has exercised independent judgment in evaluating whether to invest the assets of
the Plan in such Note, and (E) is either (i) a bank as defined in Section 202 of the Investment Advisers Act of 1940, as amended
(the “Advisers Act”), or similar institution that is regulated and supervised and subject to periodic examination
by a U.S. state or U.S. federal agency, (ii) an insurance carrier which is qualified under the laws of more than one U.S. state
to perform the services of managing, acquiring or disposing of assets of a plan, (iii) an investment adviser registered under the
Advisers Act, or, if not registered an as investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A
of the Advisers Act, is registered as an investment adviser under the laws of the U.S. state in which it maintains its principal
office and place of business, (iv) a broker-dealer registered under the Exchange Act, or (v) holds, or has under its management
or control, total assets of at least U.S. $50 million; provided, however, that a Plan shall not be deemed to make the representation
in this Section 2.04(e) of the Indenture to the extent that the regulations under Section 3(21) of ERISA issued by the U.S. Department
of Labor on April 8, 2016 are rescinded or otherwise are not implemented in their current form.


 


(f)       By
directly or indirectly acquiring a Retained Note in a transaction pursuant to Rule 144A, each initial purchaser, transferee and
owner of a beneficial interest will be deemed to represent, warrant and agree as follows:


 




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(i)       it
understands that such Notes have not been registered under the Securities Act, and may not be sold except as permitted in the following
sentence. It understands and agrees, on its own behalf and on behalf of any accounts for which it is acting as hereinafter stated,
(x) that such Notes are being offered only in a transaction not involving any public offering within the meaning of the Securities
Act and (y) that such Notes 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 Securities 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 of
the Investment Letter, (iii) so long as such Note is eligible for resale pursuant to Rule 144A under the Securities Act, to a person
whom it reasonably believes 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 Securities
Act, in which case the Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify
to the Indenture Trustee and the Depositor in writing the facts surrounding such transfer, which certification shall be in form
and substance satisfactory to the Indenture Trustee and the Depositor. Except in the case of a transfer described in clauses
(i) or (iii) above, the Indenture Trustee shall require that a written Opinion of Counsel (which will not be at the
expense of the Depositor, any Affiliate of the Depositor or the Indenture Trustee), satisfactory to the Indenture Trustee and the
Depositor, be delivered to the Indenture Trustee and the Depositor to the effect that such transfer will not violate the Securities
Act, and will be effected in accordance with any applicable securities laws of each state of the United States. It will notify
any purchaser of such Notes from it of the above resale restrictions, if then applicable. It further understands that in connection
with any transfer of such Notes by it that the Indenture Trustee and the Depositor may request, and if so requested it will furnish,
such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing
restrictions;


 


(ii)        it
is a “qualified institutional buyer” as defined under Rule 144A under the Securities Act and is acquiring such Notes
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”). It is familiar with Rule 144A under the Securities Act and is aware that the seller of such Notes
and other parties intend to rely on the foregoing representations, warranties and acknowledgements and the exemption from the registration
requirements of the Securities Act provided by Rule 144A;


 


(iii)       [Reserved];


 


(iv)       it
understands that Issuing Entity, the Indenture Trustee, the Depositor and others will rely upon the truth and accuracy of the foregoing
acknowledgments, representations and agreements, and it agrees that if any of the acknowledgments, representations and warranties
deemed to have been made by it by its purchase of such Notes, for its own account or for one or more accounts as to each of which
it exercises sole investment discretion, are no longer accurate, it shall promptly notify the Depositor; and


 




    	 	7	 



     


    

 


(v)       Issuing
Entity, the Indenture Trustee and the Depositor are entitled to rely upon the foregoing representations, warranties and acknowledgements
and are irrevocably authorized to produce the foregoing representations, warranties and acknowledgments or a copy hereof to any
interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.


 


Section 2.05Registration;
Registration of Transfer and Exchange. The Issuing Entity shall cause a note registrar (the “Note Registrar”)
to keep a register (the “Note Register”) in which the Note Registrar shall provide for the registration of Notes
and the registration of transfers of Notes. The Indenture Trustee initially shall be the Note Registrar for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly
appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.


 


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


 


Upon surrender for registration
of transfer of any Note at the office or agency of the Issuing Entity to be maintained as provided in Section 3.02,
if the requirements of Section 8-401 of the UCC are met the Issuing Entity shall execute, and the Indenture Trustee shall authenticate
and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more
new Notes of the same Class in any authorized denominations, of a like aggregate principal amount.


 


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


 


All Notes issued upon
any registration of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.


 




    	 	8	 



     


    

 


Every Note presented
or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements
of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.


 


No service charge shall
be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or the Note Registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.06 not involving any transfer.


 


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


 


Section 2.06  Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee or Note Registrar,
or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there
is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity and the Indenture
Trustee harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note
has been acquired by a protected purchaser, and provided that the requirements of Sections 8-405 and 8-406 of the UCC are met,
the Issuing Entity shall execute, and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided, however,
that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due
and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may pay such destroyed,
lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such
replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected
purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing
Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it
was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee
of such Person, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor
to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith.


 


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


 




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


 


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


 


Section 2.07  Persons
Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee
and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the
day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuing Entity, the Indenture
Trustee or any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the contrary.


 


Section 2.08  Payment
of Principal and Interest; Defaulted Interest.


 


(a)   The
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes shall accrue interest
during the related Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3
Interest Rate, the Class A-4 Interest Rate and the Class B Interest Rate, respectively, and such interest shall be payable on each
Payment Date in accordance with the priorities set forth in Section 8.02(c), (d) and (e), as applicable, subject
to Section 3.01. Interest on the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes will
be calculated on the basis of a 360-day year consisting of twelve 30-day months. Interest on the Class A-1 Notes will be calculated
on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. The Issuing Entity will pay
interest on each Class of Notes at the related Interest Rate on each Payment Date on the principal amount of the related Class
of Notes outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment
Date), subject to certain limitations contained in the last sentence of Section 3.01. Any installment of interest or
principal payable on a Note that is punctually paid or duly provided for by the Issuing Entity on the applicable Payment Date shall
be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed
first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that,
unless Definitive Notes have been issued pursuant to Section 2.13, with respect to Notes registered on the Record Date
in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.) or WOAR or any of its Affiliates,
payment will be made by wire transfer in immediately available funds to the account designated by such person or nominee and except
for the final installment of principal payable with respect to such Note on a Payment Date or on the applicable Final Scheduled
Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01)
which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance
with Section 3.03.


 




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(b)     Prior
to the occurrence of an Event of Default and a declaration in accordance with Section 5.02 that the Notes have become immediately
due and payable, the Outstanding Amount of each Class of Notes shall be payable in full on the Final Scheduled Payment Date for
such Class and, to the extent of funds available therefor, in installments on the Payment Dates (if any) preceding the Final Scheduled
Payment Date for such Class, in the amounts and in accordance with the priorities set forth in Section 8.02(c), subject
to Section 3.01.


 


(c)     Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on
which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of the Notes representing
at least a majority of the Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable
in the manner provided in Section 5.02. In such case, principal shall be paid in accordance with the priorities set
forth in Section 8.02(d) or Section 8.02(e), as the case may be. The Indenture Trustee shall notify the Person in
whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuing Entity
expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted
by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation
and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment.
Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02.


 


(d)     If
the Issuing Entity defaults in a payment of interest on the Notes, the Issuing Entity shall pay defaulted interest (plus interest
on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuing Entity may pay
such defaulted interest to the persons who are Noteholders on a subsequent special record date, which date shall be at least five
Business Days prior to the payment date. The Issuing Entity shall fix or cause to be fixed any such special record date and payment
date, and, at least 15 days before any such special record date, the Issuing Entity shall mail to each Noteholder a notice that
states the special record date, the payment date and the amount of defaulted interest to be paid.


 


Section 2.09Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than
the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing
Entity may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder
which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by
the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section,
except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance
with its standard retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity
Order that they be returned to it; provided, that such Issuing Entity Order is timely and the Notes have not been previously
disposed of by the Indenture Trustee.


  




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Section 2.10Release
of Collateral. Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release
property from the lien of this Indenture only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate
of the Issuing Entity, an Opinion of Counsel and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1)
or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent
Certificates.


 


Section 2.11Book-Entry
Notes. The Notes, upon original issuance, will be issued in the form of typewritten, printed, lithographed or engraved or produced
by any combination of these methods (with or without steel engraved borders) Notes representing the Book-Entry Notes, to be delivered
to (or held by the Indenture Trustee on behalf of) The Depository Trust Company, the initial Clearing Agency, by, or on behalf
of, the Issuing Entity. The Book-Entry Notes shall be registered initially on the Note Register in the name of Cede &
Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a definitive Note representing such Note Owner’s
interest in such Note, except as provided in Section 2.13. Unless and until definitive, fully registered Notes (the
“Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.13:


 


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


 


(ii)      the
Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the
sole holder of the Notes, and shall have no obligation to the Note Owners, except as stated in Section 7.05;


 


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


 


(iv)     the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and
agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository
Agreement. Unless and until Definitive Notes are issued pursuant to Section 2.13, the initial Clearing Agency will
make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest
on the Notes to such Clearing Agency Participants; and


 


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


 




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Section 2.12  Notices
to Clearing Agency. Whenever a notice or other communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.13, the Indenture Trustee shall
give all such notices and communications specified herein to be given to Holders of the Notes to the Clearing Agency, and shall
have no obligation to such Note Owners; provided, that, the Indenture Trustee’s obligation to provide or forward
any notice or other communication to the Noteholders may be met by the Indenture Trustee posting a copy of such information on
its internet website described in Section 6.06 promptly following its receipt thereof.


 


Section 2.13  Definitive
Notes. If (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing
or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Administrator is unable to locate
a qualified successor, (ii) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate
the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicer Default,
Owners of the Book-Entry Notes representing beneficial interests aggregating at least a majority of the Outstanding Amount of the
Controlling Securities advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of such Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture
Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon
surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied
by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes
in accordance with the instructions of the Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying
on, such instructions. Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive
Notes as Noteholders.


 


Section 2.14  Tax
Treatment.


 


(a)     The
Issuing Entity has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes including
federal, state and local income, single business and franchise tax purposes, the Notes (other than any Retained Notes) will qualify
as indebtedness secured by the Trust Estate. The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance
of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat the Notes (other
than Notes held by any entity whose separate existence from the Issuing Entity is disregarded for federal income tax purposes,
but only so long as such Notes are held by such entity) for all purposes including federal, state and local income, single business
and franchise tax purposes as indebtedness.


 


(b)     Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
to provide to the Person from whom it receives payments on the Notes (including the Paying Agent) the Noteholder Tax Identification
Information and, upon request, to the extent FATCA Withholding Tax is applicable, the Noteholder FATCA Information.


 




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(c)     Each
Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees
that the Indenture Trustee has the right to withhold any amounts of interest (properly withholdable under law and without any corresponding
gross-up) payable to a Noteholder or holder of an interest in a Note that fails to comply with the requirements of Section 2.14(b).


 


Section 2.15 CUSIP
Numbers. The Issuing Entity in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so,
the Indenture Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Noteholders; provided
that any such notice may state that no representation is made as to the correctness of such “CUSIP” numbers either
as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification
numbers printed on the Notes and any such redemption shall not be affected by any defect in or omission of such numbers. The Depositor
will promptly notify the Indenture Trustee in writing of any change in the “CUSIP” numbers.


 


ARTICLE
III



Covenants


 


Section 3.01 Payment
of Principal and Interest. The Issuing Entity will duly and punctually pay the principal of and interest, if any, on the Notes
in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with
Section 8.02(c), the Issuing Entity will cause to be distributed all amounts on deposit in the Note Distribution Account
and allocated for distribution to the Noteholders on a Payment Date pursuant to the Sale and Servicing Agreement (i) for the
benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes,
to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the
benefit of the Class A-4 Notes, to the Class A-4 Noteholders and (v) for the benefit of the Class B Notes, to the Class
B Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal
shall be considered as having been paid by the Issuing Entity to such Noteholder for all purposes of this Indenture.


 


Section 3.02 Maintenance
of Office or Agency. The Issuing Entity will maintain in the City of St. Paul, Minnesota, an office or agency where Notes may
be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect
of the Notes and this Indenture may be served. Such office or agency will initially be at Corporate Trust Office of the Indenture
Trustee, and the Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes.
The Issuing Entity will give prompt written notice to the Indenture Trustee of any change in the location of any such office or
agency. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and
the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands.


 




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Section 3.03 Money
for Payments to Be Held in Trust. As provided in Section 8.02(a) and (b), all payments of amounts due and
payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account and the Note Distribution
Account pursuant to Section 8.02(c), (d), (e) and (g) shall be made on behalf of the Issuing Entity
by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution
Account for payments of Notes shall be paid over to the Issuing Entity except as provided in this Section.


 


On or before the Payment
Determination Date or the Business Day prior to the Redemption Date, as applicable, the Issuing Entity shall allocate or cause
to be allocated in the Note Distribution Account for distribution to the Noteholders an aggregate sum sufficient to pay the amounts
then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto, and (unless the
Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act.


 


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


 


(i)       hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as
herein provided;


 


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


 


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


 


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


 


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


 


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


 




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


 


Section 3.04 Existence.
The Issuing Entity will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State
of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other
State or of the United States of America, in which case the Issuing Entity will keep in full effect its existence, rights and franchises
under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the
Collateral and each other instrument or agreement included in the Trust Estate.


 


Section 3.05 Protection
of Trust Estate. The Issuing Entity will from time to time execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further assurance and other instruments, and also deliver
the Schedule of Receivables and the Sale and Servicing Agreement (including Schedule A thereto, as revised from time to
time) to the Indenture Trustee, and will take such other action necessary or advisable to:


 


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


 


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


 




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(iii)     enforce
any of the Collateral; or


 


(iv)     preserve
and defend title to the Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Trust Estate against the
claims of all persons and parties.


 


The Issuing Entity hereby
authorizes the Administrator and Indenture Trustee to file any financing statement, continuation statement or other instrument
required to be executed pursuant to this Section 3.05. The Issuing Entity hereby ratifies any such financing statements
filed prior to the date hereof; it being understood that such authorization shall not be deemed to be an obligation on the part
of the Administrator or the Indenture Trustee to make any such filing.


 


Section 3.06 Opinions
as to Trust Estate.


 


(a)      On
the Closing Date, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion
of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental
hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation
statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details
of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest
effective.


 


(b)     On
or before April 30, in each calendar year, beginning in 2019, the Issuing Entity shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect
to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security
interest created by this Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution
and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain
the lien and security interest of this Indenture until April 30 in the following calendar year.


 




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Section 3.07 Performance
of Obligations; Servicing of Receivables.


 


(a)   The
Issuing Entity will not take any action and will use its best efforts not to permit any action to be taken by others that would
release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included
in the Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Sale and
Servicing Agreement or such other instrument or agreement.


 


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


 


(c)   The
Issuing Entity will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic
Documents and in the instruments and agreements included in the Trust Estate, including but not limited to filing or causing to
be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale
and Servicing Agreement in accordance with and within the time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuing Entity shall not waive, amend, modify, supplement or terminate any Basic Document or any provision
thereof without the consent of the Indenture Trustee or the Holders of at least a majority of the Outstanding Amount of the Controlling
Securities.


 


(d)   If
the Issuing Entity shall have knowledge of the occurrence of a Servicer Default under the Sale and Servicing Agreement, the Issuing
Entity shall promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action,
if any, the Issuing Entity is taking with respect to such default. If a Servicer Default shall arise from the failure of the Servicer
to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuing
Entity shall take all reasonable steps available to it to remedy such failure.


 




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(e)   As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer’s rights and powers pursuant
to Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor servicer (the
“Successor Servicer”), and such Successor Servicer shall accept its appointment by a written assumption in a
form acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted its appointment
at the time when the Servicer ceases to act as Servicer, the Indenture Trustee without further action shall automatically be appointed
the Successor Servicer, subject to Section 8.02 of the Sale and Servicing Agreement. The Indenture Trustee may resign as the Servicer
by giving written notice of such resignation to the Issuing Entity and the Depositor and in such event will be released from such
duties and obligations, such release not to be effective until the date a new servicer enters into a servicing agreement with the
Issuing Entity as provided below. Upon delivery of any such notice to the Issuing Entity, the Indenture Trustee shall obtain a
new servicer as the Successor Servicer under the Sale and Servicing Agreement. Any Successor Servicer other than the Indenture
Trustee shall (i) be an established financial institution having a net worth of not less than $100,000,000 and whose regular
business includes the servicing of Contracts and (ii) enter into a servicing agreement with the Issuing Entity having substantially
the same provisions as the provisions of the Sale and Servicing Agreement applicable to the Servicer. If within 30 days after the
delivery of the notice referred to above, the Issuing Entity shall not have obtained such a new servicer, the Indenture Trustee
may appoint, or may petition a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any such appointment,
the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree, subject
to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of
the Sale and Servicing Agreement, the Issuing Entity shall enter into an agreement with such successor for the servicing of the
Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). Notwithstanding anything herein
or in the Sale and Servicing Agreement to the contrary, in no event shall the Indenture Trustee be liable for any Servicing Fee
or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any Successor Servicer
to act as Successor Servicer under the Basic Documents and the transactions set forth or provided for therein. If the Indenture
Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its individual
capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be
inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the Receivables. In case
the Indenture Trustee shall become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall
be entitled to appoint as Servicer any one of its Affiliates, provided that it shall be fully liable for the actions and omissions
of such Affiliate in such capacity as Successor Servicer.


 


(f)    Upon
any termination of the Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuing Entity shall
promptly notify the Indenture Trustee. As soon as a Successor Servicer is appointed, the Indenture Trustee shall notify the Issuing
Entity of such appointment, specifying in such notice the name and address of such Successor Servicer.


 


(g)   Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the
Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not, without the prior written consent of the Indenture
Trustee or the Holders of at least a majority of the Outstanding Amount of the Controlling Securities, amend, modify, waive, supplement,
terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of
any Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement) or the Trust Agreement, the Sale and
Servicing Agreement, the Receivables Purchase Agreement, the Administration Agreement (except as may be permitted thereby), or
waive timely performance or observance by the Servicer or the Depositor under the Sale and Servicing Agreement (except as may be
permitted thereby); and (ii) that any such amendment shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders or (B) reduce
the aforesaid percentage of the Controlling Securities that is required to consent to any such amendment, without the consent of
the Holders of all the Outstanding Notes. If any such amendment, modification, supplement or waiver shall be so consented to by
the Indenture Trustee or such Holders, the Issuing Entity agrees, promptly following a request by the Indenture Trustee to do so,
to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances.


 




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Section 3.08 Negative
Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not:


 


(i)       except
as expressly permitted by this Indenture, the Receivables Purchase Agreement or the Sale and Servicing Agreement, (A) dissolve
or liquidate in whole or in part or (B) sell, transfer, exchange or otherwise dispose of any of the properties or assets of the
Issuing Entity, including those included in the Trust Estate, in either case, unless directed to do so by the Indenture Trustee;


 


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


 


(iii)     (A) permit
the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security
interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise
upon or burden the Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’
liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result
of an action or omission of the related Obligor) or (C) permit the lien of this Indenture not to constitute a valid first
priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate.


 


Section 3.09 Annual
Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee within 120 days after the end of each
fiscal year of the Issuing Entity (commencing with the fiscal year 2018), an Officer’s Certificate stating, as to the Authorized
Officer signing such Officer’s Certificate, that:


 


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


 


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


 




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Section 3.10 Issuing
Entity May Consolidate, etc., Only on Certain Terms.


 


(a)    The
Issuing Entity shall not consolidate or merge with or into any other Person, unless:


 


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


 


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


 


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


 


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


 


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


 


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


 


(b)   The
Issuing Entity shall not convey or transfer any of its properties or assets, including those included in the Trust Estate, to any
Person, unless:


 


(i)       the
Person that acquires by conveyance or transfer the properties and assets of the Issuing Entity the conveyance or transfer of which
is hereby restricted (A) shall be a United States citizen or a Person organized and existing under the laws of the United
States of America or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the
Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest
on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity
to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all
right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless
otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuing Entity against
and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agrees
by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings
with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes;


 




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


 


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


 


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


 


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


 


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


 


Section 3.11  Successor
or Transferee. Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the
Person formed by or surviving such consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted
for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person
had been named as the Issuing Entity herein.


 


(a)    Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), World
Omni Auto Receivables Trust 2018-A will be released from every covenant and agreement of this Indenture to be observed or performed
on the part of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee
stating that World Omni Auto Receivables Trust 2018-A is to be so released.


 


 




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Section
3.12 No Other Business. The Issuing Entity shall not engage in any business other than financing, purchasing,
owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and
activities incidental thereto. After the Closing Date, the Issuing Entity shall not fund the purchase of any new
Contracts.


 


Section
3.13 No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness.


 


Section
3.14 Servicer’s Obligations. The Issuing Entity shall use all reasonable efforts to cause the Servicer to
comply with Sections 4.09, 4.10, 4.11 and 5.07(b) and Article IX of the Sale and
Servicing Agreement.


 


Section
3.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale and Servicing Agreement
or this Indenture, the Issuing Entity shall not make any loan or advance or credit to, or guarantee (directly or indirectly
or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of
so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the
obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.


 


Section
3.16 Capital Expenditures. The Issuing Entity shall not make any expenditure (by long-term or operating lease or
otherwise) for capital assets (either realty or personalty).


 


Section
3.17 Removal of Administrator. So long as any Notes are Outstanding, the Issuing Entity shall not remove the
Administrator without cause unless the Rating Agency Condition shall have been satisfied in connection with such removal.


 


Section
3.18 Restricted Payments. The Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make
any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to
the Owner Trustee or any owner of a beneficial interest in the Issuing Entity or otherwise with respect to any ownership or
equity interest or security in or of the Issuing Entity or to the Servicer (except as provided in the Basic Documents),
(ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or
(iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the
Issuing Entity may make, or cause to be made, (x) distributions as contemplated by, and to the extent funds are
available for such purpose under, the Sale and Servicing Agreement or the Trust Agreement and (y) payments to the
Indenture Trustee pursuant to Section 1.01(a)(ii) of the Administration Agreement. The Issuing Entity will not,
directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this
Indenture and the Basic Documents.


 


Section
3.19 Notice of Events of Default. The Issuing Entity shall give the Indenture Trustee and the Rating Agencies
prompt written notice of each Event of Default hereunder and each Servicer Default.


 




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


 


ARTICLE
IV



Satisfaction and Discharge


 


Section
4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to
the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed,
lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof and interest thereon,
(iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12, 3.13, 3.14 and 3.15,
(v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture
Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and
(vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture
Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes,
when:


 


(A)     either:


 


(1)       all
Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have
been replaced or paid as provided in Section 2.06 and (ii) Notes for whose payment money has theretofore been
deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to the Issuing Entity or discharged
from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or


 


(2)       all
Notes not theretofore delivered to the Indenture Trustee for cancellation:


 


(I)       have
become due and payable, or


 


(II)      are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of
redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity,


 


and the Issuing
Entity, in the case of (I) or (II) above, has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior
to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness
on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the applicable Final Scheduled Payment
Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may
be;


 




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(B)      the
Issuing Entity has paid or caused to be paid all other sums payable by the Issuing Entity hereunder; and


 


(C)      the
Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by
the TIA or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable
requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent
herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.


 


Section
4.02 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.01
hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the
particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all
sums due and to become due thereon for principal and interest; but such monies need not be segregated from other funds except
to the extent required herein or in the Sale and Servicing Agreement or required by law.


 


Section
4.03 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture
with respect to the Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of
this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be
held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all further
liability with respect to such monies.


 


ARTICLE
V



Remedies


 


Section
5.01 Events of Default.


 


(a)       “Event
of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default
and, subject to Sections 5.01(iv) and (v) whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):


 


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


 


 




    	 	25	 



     


    

 


(ii)       default
in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable (A) in
accordance with Sections 3.01 and 8.02(c) to the extent funds are available therefor and (B) on the related Final
Scheduled Payment Date; or


 


(iii)      material
default in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than
a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with),
or any representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered
pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall
have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation
or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 60 days after there shall have been
given, by registered or certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture
Trustee by the Holders of at least 25% of the Outstanding Amount of the Controlling Securities, a written notice specifying such
default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default
hereunder; or


 


(iv)      the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial
part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official
of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuing
Entity’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or


 


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


 




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(b)    The
Issuing Entity shall deliver to the Indenture Trustee, within five days after the occurrence thereof, written notice in the form
of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default
under clause (a)(iii), its status and what action the Issuing Entity is taking or proposes to take with respect thereto.


 


(c)    Notwithstanding
the foregoing, a delay in or failure of performance referred to under clauses (a)(i) and (ii) above for a period
of ten Business Days or referred to under clause (a)(iii) for a period of 90 Business Days, shall not constitute an Event
of Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the Issuing Entity or the
Indenture Trustee, as applicable, and was caused by an act of God or other similar occurrence. Upon the occurrence of any such
event, each of the Issuing Entity and the Indenture Trustee, as applicable, shall not be relieved from using its best efforts to
perform its obligations in a timely manner in accordance with the terms of this Indenture and the Issuing Entity or the Indenture
Trustee, as applicable, shall provide the Indenture Trustee (if such delay or failure is a result of a delay or failure by the
Issuing Entity), the Owner Trustee, the Noteholders and the Certificateholders prompt notice of such failure or delay by it, together
with a description of its efforts to so perform its obligations.


 


Section
5.02  Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing,
then and in every such case the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding
Amount of the Controlling Securities may declare all the Notes to be immediately due and payable, by a notice in writing to
the Issuing Entity (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal
amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.


 


At any time after such
declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained
by the Indenture Trustee as hereinafter in this Article V provided, the Holders of Notes representing at least a majority
of the Outstanding Amount of the Controlling Securities, by written notice to the Issuing Entity and the Indenture Trustee, may
rescind and annul such declaration and its consequences if:


 


(i)       the
Issuing Entity has paid or deposited with the Indenture Trustee a sum sufficient to pay:


 


(A)     all
payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if
the Event of Default giving rise to such acceleration had not occurred; and


 


(B)     all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances
of the Indenture Trustee and its agents and counsel; and


 




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(ii)      all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12.


 


No such rescission shall
affect any subsequent default or impair any right consequent thereto.


 


Section 5.03  Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee.


 


(a)    The
Issuing Entity covenants that if (i) an Event of Default specified in Section 5.01(i) has occurred and is continuing
or (ii) an Event of Default specified in Section 5.01(ii) has occurred and is continuing, the Issuing Entity will,
upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due and payable
on such Notes for principal and interest, with interest on the overdue principal and, to the extent payment at such rate of interest
shall be legally enforceable, on overdue installments of interest at the rate borne by the Notes and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.


 


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


 


(c)    If
an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.04,
proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee
may deem necessary to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Indenture Trustee by this Indenture or by law.


 


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


 




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


 


(ii)      unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a standby
trustee or Person performing similar functions in any such Proceedings;


 


(iii)     to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute all amounts received
with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and


 


(iv)     to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any Proceedings relative to the Issuing Entity, its creditors and its property;


 


and any trustee, receiver, liquidator,
custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to
the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders,
to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee,
each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred,
and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad
faith.


 


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


 


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


 




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


 


Section 5.04  Remedies;
Priorities.


 


(a)    If
an Event of Default shall have occurred and be continuing, the Indenture Trustee may, or at the direction of the holders of at
least a majority of the Controlling Securities shall, do one or more of the following (subject to Section 5.05):


 


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


 


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


 


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


 


(iv)     sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate
the Trust Estate following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii),
unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such sale
or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes
for principal and interest or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient
funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared
due and payable, and the Indenture Trustee obtains the consent of Holders of not less than 66 2/3% of the Outstanding Amount of
the Controlling Securities. In determining such sufficiency or insufficiency with respect to clauses (B) and (C),
the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm
of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.


 




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(b)    If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall deposit such money or property
to the Collection Account as Collections to be applied pursuant to Article V of the Sale and Servicing Agreement.


 


The Indenture Trustee
may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record
date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment
date and the amount to be paid.


 


Section 5.05  Optional
Preservation of the Receivables. If the Notes have been declared to be due and payable under Section 5.02 following
an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may,
but need not, elect to maintain possession of the Trust Estate. It is the desire of the parties hereto and the Noteholders that
there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee shall
take such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether
to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency
of the Trust Estate for such purpose.


 


Section 5.06  Limitation
of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, except in accordance with Section
3.02(c) of the Sale and Servicing Agreement, unless:


 


(i)       such
Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;


 


(ii)      the
Holders of not less than 25% of the Outstanding Amount of the Controlling Securities have made written request to the Indenture
Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;


 


(iii)     such
Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in complying with such request;


 


(iv)     the
Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings;
and


 


(v)     no
direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders
of at least a majority of the Outstanding Amount of the Controlling Securities.


 




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It is understood and
intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to
obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner herein
provided.


 


Subject to Section
5.06(v), in the event the Indenture Trustee shall receive, in connection with Sections 5.06(ii) and (iii), conflicting
or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the
Outstanding Amount of the Controlling Securities, the Indenture Trustee shall act at the direction of the group of Holders of Notes
representing the greater Outstanding Amount of Controlling Securities. If the Indenture Trustee receives, in connection with this
Section 5.06, conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes representing
an equal Outstanding Amount of the Controlling Securities, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture.


 


Section 5.07  Unconditional
Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if
any, on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of
redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.


 


Section 5.08  Restoration
of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to
the Indenture Trustee or to such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders
shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder,
and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding
had been instituted.


 


Section 5.09  Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.


 


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


 




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Section 5.11  Control
by Noteholders. The Holders of at least a majority of the Outstanding Amount of the Controlling Securities shall have the right
to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect
to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:


 


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


 


(ii)      subject
to the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Trust Estate
shall be by Holders of Notes representing not less than 100% of the Outstanding Amount of the Controlling Securities;


 


(iii)     if
the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Trust Estate
pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding
Amount of the Controlling Securities to sell or liquidate the Trust Estate shall be of no force and effect; and


 


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


 


Notwithstanding the rights of Noteholders
set forth in this Section, subject to Section 6.01, the Indenture Trustee need not take any action that it determines
might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action.


 


Section
5.12  Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as
provided in Section 5.02, the Holders of Notes of at least a majority of the Outstanding Amount of the
Controlling Securities may waive any past Default or Event of Default and its consequences except a Default (a) in
payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot
be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity,
the Indenture Trustee and the Holders of the Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.


 


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


 




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


 


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


 


Section 5.15  Action
on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be
affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien
of this Indenture nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any
judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion
of the Trust Estate or upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall
be applied in accordance with Section 5.04(b).


 


Section 5.16  Performance
and Enforcement of Certain Obligations.


 


(a)    Promptly
following a request from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity shall take
all such lawful action as the Indenture Trustee may, in its discretion, or, at the direction of the Holders of a majority of the
Outstanding Amount of the Controlling Securities, shall request to compel or secure the performance and observance by the Depositor
or the Servicer, as applicable, of each of their obligations to the Issuing Entity under or in connection with the Sale and Servicing
Agreement or by the Depositor or the Servicer, as applicable, of each of their obligations under or in connection with the Receivables
Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity
under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee,
in its discretion or at the direction of the Holders of a majority of the Outstanding Amount of the Controlling Securities, including
the transmission of notices of default under the Sale and Servicing Agreement on the part of the Depositor or the Servicer thereunder
and the institution of legal or administrative actions or proceedings to compel or secure performance by the Depositor or the Servicer
of each of their obligations under the Sale and Servicing Agreement.


 




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(b)    If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in
writing) of the Holders of 66 2/3% of the Outstanding Amount of the Controlling Securities shall, exercise all rights, remedies,
powers, privileges and claims of the Issuing Entity against the Depositor or the Servicer under or in connection with the Sale
and Servicing Agreement, or against the Depositor under or in connection with the Receivables Purchase Agreement, including the
right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer, of each of their
obligations to the Issuing Entity thereunder and to give any consent, request, notice, direction, approval, extension or waiver
under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuing
Entity to take such action shall be suspended.


 


ARTICLE
VI



The Indenture Trustee


 


Section 6.01  Duties
of Indenture Trustee.


 


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


 


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


 


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


 


(ii)      in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements
of this Indenture; however, in the case of certificates or opinions specifically required by any provision of this Indenture to
be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform
on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations
or other facts stated therein).


 


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


  




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(i)       this
paragraph does not limit the effect of paragraph (b) of this Section 6.01;


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


(i)     Subject
to the other provisions of this Indenture and the Basic Documents, the Indenture Trustee shall have no duty (i) to see to any recording,
filing, or depositing of this Indenture or any agreement referred to herein or any financing statement or continuation statement
evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording,
refiling or redepositing of any thereof, (ii) to see to any insurance or (iii) to see to the payment or discharge of any tax, assessment,
or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part
of the Collateral.


 


(j)     The
Indenture Trustee shall not be charged with knowledge of any Default, Event of Default or breach of representation or warranty
unless either (1) a Responsible Officer shall have actual knowledge of such Default, Event of Default or breach of representation
or warranty or (2) written notice of such Default, Event of Default or breach of representation or warranty shall have been given
to such Indenture Trustee in accordance with the provisions of this Indenture. For the avoidance of doubt, receipt by the Indenture
Trustee of a Review Report shall not constitute actual knowledge of any breach of representation or warranty.


 




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Section 6.02  Rights
of Indenture Trustee.


 


(a)     The
Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the
proper person.


 


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


 


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


 


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


 


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


 


(f)     The
Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to institute,
conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders
pursuant to this Indenture, unless such Noteholders shall have offered to the Indenture Trustee security or indemnity reasonably
satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it,
its agents and its counsel in compliance with such request or direction, except with respect to requests, demands or directions
relating to communications between Noteholders or Note Owners under Section 7.02(e) or an asset representations review demand under
Section 7.05, in which case any such costs, expenses, disbursements, advances and liabilities which might be incurred by the Indenture
Trustee, its agents and its counsel in compliance with such request or direction shall be subject to the Issuing Entity and Administrator’s
compensation and indemnification obligations pursuant to Section 6.07.


 




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(g)    The
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested
in writing to do so by the Holders of Notes representing at least 25% of the Controlling Securities; provided that if the payment
within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making
of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security
afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee
in its reasonable discretion against such cost, expense or liability as a condition to taking any such action. In no event shall
the Indenture 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.


 


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


 


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


 


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


 


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


 


(l)     In
no event shall the Indenture Trustee be liable for the failure to perform its duties hereunder if such failure is a direct or proximate
result of another party's failure to perform its obligations hereunder.


 


Section 6.03Individual
Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture
Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture
Trustee must comply with Sections 6.11 and 6.12.


 




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Section 6.04  Indenture
Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from
the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.


 


Section 6.05  Notice
of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default within 90 days after it occurs. Except in the case of
a Default in payment of principal of or interest on any Note (including payments pursuant to the mandatory redemption provisions
of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Noteholders.


 


Section 6.06  Reports
by Indenture Trustee. The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable
such holder to prepare its federal and state income tax returns. On or before each Payment Date, the Indenture Trustee will
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 the applicable Payment Date on its internet website promptly following its
receipt thereof, for the benefit of the Noteholders. The Indenture Trustee’s internet website shall initially be located
at “http://usbank.com/abs”. Assistance in using the website can be obtained by calling the Indenture Trustee’s
customer service desk at (800) 934-6802. The Indenture Trustee may change the way
the statements and information are posted or distributed in order to make such distribution more convenient and/or accessible for
such Noteholders, and the Indenture Trustee shall provide on the website timely and adequate notification to all parties regarding
any such change.


 


Section 6.07  Compensation
and Indemnity. The Issuing Entity shall, or shall cause the Administrator to, pursuant to the Administration Agreement, pay
to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Issuing Entity shall, or shall cause the
Administrator to, reimburse the Indenture Trustee for all reasonable and documented out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable
and documented compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants
and experts; provided, that, reimbursement for expenses and disbursements of any legal counsel to the Indenture Trustee
shall be subject to any limitations separately agreed upon before the date hereof between the Administrator and the Indenture Trustee.
The Issuing Entity shall, or shall cause the Administrator to, pursuant to the Administration Agreement, indemnify the Indenture
Trustee against any and all loss, liability, claim, damage or expense (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 Indenture Trustee of any indemnification or other obligation of the Issuing Entity or the
Administrator) incurred by it in connection with the administration of this trust and the performance of its duties hereunder.
The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim of which the Indenture Trustee
has received written notice for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and
the Administrator shall not relieve the Issuing Entity or the Administrator of its obligations hereunder. The Issuing Entity shall,
or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate counsel and the Issuing
Entity shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. Neither the Issuing Entity nor the
Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee
through the Indenture Trustee’s own willful misconduct, negligence or bad faith.


 




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The Issuing Entity’s
payment obligations to the Indenture Trustee pursuant to this Section shall survive the resignation or removal of the Indenture
Trustee and the discharge of this Indenture. When the Indenture Trustee incurs expenses after the occurrence of a Default specified
in Section 5.01(iv) or (v) with respect to the Issuing Entity, the expenses are intended to constitute expenses
of administration under Title 11 of the United States Code or any other applicable federal or state bankruptcy, insolvency
or similar law.


 


Section 6.08  Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee
shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08.
The Indenture Trustee may resign at any time with thirty days' prior written notice by so notifying the Issuing Entity. The Indenture
Trustee shall resign following the occurrence of an Event of Default if required by Section 3.10 of the TIA. The Indenture
Trustee shall bear all costs and expenses of locating and procuring the written acceptance by a qualified successor Indenture Trustee
within 90 days of such Event of Default. The Holders of at least a majority of the Outstanding Amount of the Controlling Securities
may remove the Indenture Trustee by so notifying the Indenture Trustee and the Depositor and may appoint a successor Indenture
Trustee. The Issuing Entity shall remove the Indenture Trustee if:


 


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



 


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



 


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



 


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



 


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


 


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


 




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If a successor Indenture
Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuing Entity or the Holders of at least a majority of the Outstanding Amount of the Controlling Securities may,
at the expense of the Issuing Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture
Trustee.


 


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


 


Notwithstanding the replacement
of the Indenture Trustee pursuant to this Section, the Issuing Entity’s and the Administrator’s obligations under Section 6.07
shall continue for the benefit of the retiring Indenture Trustee.


 


Section 6.09  Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee; provided, that such corporation or
banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide
the Depositor (who shall promptly provide such notice to the Rating Agencies) prior written notice of any such transaction.


 


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


 


Section 6.10  Appointment
of Co-Indenture Trustee or Separate Indenture Trustee.


 


(a)    Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which
any part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver
all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice
to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof.


 




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


 


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


 


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


 


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


 


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


 


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


 




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Section 6.11  Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report
of condition, and the time deposits of the Indenture Trustee shall be rated at least A-1 by S&P Global Ratings and F1 by Fitch.
The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence
of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1)
any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion
set forth in TIA § 310(b)(1) are met.


 


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


 


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


 


(a)    the
Indenture Trustee is a national banking association duly organized, validly existing under the laws of the jurisdiction of its
formation;


 


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


 


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


 


(d)    no
consent, license, approval or authorization of, or filing or registration with, any governmental authority, bureau or agency is
required to be obtained that has not been obtained by the Indenture Trustee in connection with the execution, delivery or performance
by the Indenture Trustee of the Basic Documents; and


 


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


 




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Section 6.14  Communications
Regarding Demands to Repurchase Receivables. The Indenture Trustee shall provide prompt notice to World Omni and the Depositor
of all demands received by a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable for
breach of the representations and warranties concerning such Receivable. The Indenture Trustee shall, upon written request and
at the sole cost and expense of either World Omni or the Depositor, provide (x) notification to World Omni and the Depositor with
respect to any actions taken by the Indenture Trustee or determinations made by the Indenture Trustee, in each case with respect
to any such demand communicated to the Indenture Trustee in respect of any Receivables, and (y) any other records or information
reasonably requested by World Omni or the Depositor, as applicable, that is in the Indenture Trustee’s possession and reasonably
accessible to it, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event within five
(5) Business Days of such request or such other time frame as may be mutually agreed to by the Indenture Trustee and World Omni
or the Depositor, as applicable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case of World Omni,
World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (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 Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity acknowledge
and agree that the purpose of this Section 6.14 is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1
under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”).
The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and Regulations may change
over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed
securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by World Omni and the Depositor
in good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase Rules
and Regulations. The Indenture Trustee shall cooperate fully with World Omni and the Depositor to deliver any and all records and
any other information necessary in the good faith determination of World Omni and the Depositor to permit them to comply with the
provisions of Repurchase Rules and Regulations. In no event shall the Indenture Trustee have any responsibility or liability in
connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB, nor shall the Indenture
Trustee have any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume
any additional duties or responsibilities in respect of the Indenture or the Sale and Servicing Agreement or the transactions contemplated
thereby, other than any express duties or obligations as Indenture Trustee under this Indenture.


 


ARTICLE
VII



Noteholders’ Lists and Reports


 


Section 7.01  Issuing
Entity to Furnish Indenture Trustee Names and Addresses of Noteholders. The Issuing Entity will furnish or cause to be furnished
to the Indenture Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three months
after the last Record Date, a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of
the Holders of Notes as of such Record Date, and (b) at such other times as the Indenture Trustee may request in writing,
within 30 days after receipt by the Issuing Entity of any such request, a list of similar form and content as of a date not more
than 10 days prior to the time such list is furnished; provided, however, that so long as the Indenture Trustee is
the Note Registrar, no such lists shall be required to be furnished.


 




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Section 7.02  Preservation
of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications between Noteholders.


 


(a)    The
Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of
Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names
and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished.


 


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


 


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


 


(d)    Noteholder
Communications with Indenture Trustee. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if
the Notes are represented by Book-Entry Notes) may communicate with the Indenture Trustee and give notices and make requests and
demands and give directions to the Indenture Trustee through the procedures of the Clearing Agency and by notice to the Indenture
Trustee. Any Note Owner must provide a written certification stating that the Note Owner is a beneficial owner of a Note, together
with supporting documentation such as a trade confirmation, an account statement, a letter from a broker or dealer verifying ownership
or another similar document evidencing ownership of a Note, upon which the Indenture Trustee may conclusively rely. The Indenture
Trustee will not be required to take action in response to requests, demands or directions of a Noteholder or a Note Owner, unless
such Noteholder or Note Owner shall have offered to the Indenture Trustee security or indemnity reasonably satisfactory to it against
the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel
in compliance with such request, demand or direction, except with respect to requests, demands or directions relating to communications
between Noteholders or Note Owners under Section 7.02(e) or an asset representations review demand under Section 7.05, in which
case any such costs, expenses, disbursements, advances and liabilities which might be incurred by the Indenture Trustee, its agents
and its counsel in compliance with such request or direction shall be subject to the Issuing Entity and Administrator’s compensation
and indemnification obligations pursuant to Section 6.07. The Indenture Trustee shall provide the Seller, the Servicer and the
Issuing Entity with notice, as soon as practicable and in any event within five (5) Business Days, of receipt of any requests by
any Noteholder or Note Owner to communicate with other Noteholders or Note Owners pursuant to Section 7.02(e) or any requests
to repurchase a Receivable as the result of a breach of a representation or warranty pursuant to the Sale and Servicing Agreement.


 






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(e)     Communications
between Noteholders. A Noteholder (if the Notes are represented by Definitive Notes) or a Note Owner (if the Notes are represented
by Book-Entry Notes) that seeks to communicate with other Noteholders or Note Owners, as applicable, about a possible exercise
of rights under this Indenture or the other Basic Documents may send a written request to the Administrator on behalf of the Issuing
Entity or the Servicer to include information regarding the communication in a Form 10-D to be filed by the Servicer, on behalf
of the Issuing Entity, with the Commission. Each request must include (i) the name of the requesting Noteholder (in the case of
any Definitive Note) or Note Owner (in the case of any Book-Entry Note), (ii) the method by which other Noteholders and Note Owners
may contact the requesting Noteholder or Note Owner and (iii) in the case of a Note Owner, a certification from that Person that
it is a Note Owner, together with at least one form of documentation evidencing its ownership of a Note, which may be a trade confirmation,
account statement, letter from a broker or dealer or similar document. A Noteholder or Note Owner that delivers a request under
this Section 7.02(e) will be deemed to have certified to the Issuing Entity and the Servicer that its request to communicate
with other Noteholders or Note Owners relates solely to a possible exercise of rights under this Indenture or the other Basic Documents,
and will not be used for other purposes. The Issuing Entity will promptly deliver any such request to the Servicer. On receipt
of such a request, the Servicer will include in the Form 10-D filed by the Issuing Entity with the Commission for the Collection
Period in which the request was received (A) a statement that the Issuing Entity has received a request from a Noteholder or Note
Owner, as applicable, that is interested in communicating with other Noteholders or Note Owners about a possible exercise of rights
under this Indenture or the other Basic Documents, (B) the name of the requesting Noteholder or Note Owner, (C) the date the request
was received and (D) a description of the method by which the other Noteholders or Note Owners may contact the requesting Noteholder
or Note Owner. The Servicer will bear any costs associated with including any such communication in the Form 10-D and each Noteholder
or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, shall be required
to agree that such requesting Noteholder or Note Owner will pay any costs associated with communicating with other Noteholders
or Note Owners, and none of the Seller, the Asset Representations Reviewer, the Servicer, the Depositor, the Issuing Entity, the
Administrator, the Indenture Trustee or the Owner Trustee will be responsible for such costs (for the avoidance of doubt, this
sentence shall not limit the Issuing Entity or Administrator’s obligations to the Indenture Trustee pursuant to Sections
6.02(f) or 7.02(d)).


 


Section 7.03  Reports
by Issuing Entity.


 


(a)    The
Issuing Entity shall:


 


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


 


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


 






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


 


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


 


(b)    Unless
the Issuing Entity otherwise determines, the fiscal year of the Issuing Entity shall end on December 31 of each year.


 


Section 7.04Reports
by Indenture Trustee(a). If required by TIA § 313(a), within 60 days after each February 1, beginning with February
1, 2019, the Indenture Trustee shall make available to each Noteholder as required by TIA § 313(c) a brief report dated
as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA § 313(b).
A copy of each report at the time of its transmission to Noteholders shall be filed by the Indenture Trustee with the Commission
and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when
the Notes are listed on any stock exchange or delisted therefrom.


 


Section 7.05  Noteholder
Demand for Asset Representations Review.


 


(a)     If
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger, a Noteholder (if the Notes are represented by
Definitive Notes) or a Note Owner (if the Notes are represented by Book-Entry Notes) may make a demand on the Indenture Trustee
to cause a vote of the Noteholders or Note Owners, as applicable, about whether to direct the Asset Representations Reviewer to
conduct a Review of the Review Receivables under the Asset Representations Review Agreement. In the case of a Note Owner, each
demand and vote must be accompanied by a certification from that Person that it is a Note Owner, together with at least one form
of documentation evidencing its ownership of a Note, which may include a trade confirmation, account statement, letter from a broker
or dealer or similar document, upon which the Indenture Trustee may conclusively rely. If Noteholders and Note Owners that collectively
hold Notes evidencing at least 5% of the aggregate Outstanding Amount of the Notes as of the date of filing the Form 10-D that
disclosed that the Delinquency Percentage for the related Payment Date exceeds the Delinquency Trigger demand a vote within 90
days of the filing of such Form 10-D, the Indenture Trustee will promptly request a vote of the Noteholders and Note Owners as
described in Section 7.05(b) below; provided, that for the purpose of determining the holders of the Notes Outstanding,
any Notes held by World Omni or any of its Affiliates shall not be included in such calculation.


 






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(b)    Upon
the direction of the requisite Noteholders or Note Owners set forth in Section 7.05(a), the Indenture Trustee shall conduct
a vote of all Noteholders in accordance with the Indenture Trustee’s standard vote solicitation process (if the Notes are
represented by Definitive Notes) and shall cause a vote to be conducted in accordance with applicable Depository Trust Company
procedures of all Note Owners (if the Notes are represented by Book-Entry Notes). The Indenture Trustee shall provide to the Servicer,
to the extent available from the Depository Trust Company, if applicable, the voting instructions and procedures applicable to
the Noteholders and Note Owners to be included in the Form 10-D filed by the Issuing Entity with the Commission. Such Form 10-D
will also include a statement that sufficient Noteholders and Note Owners are requesting a full Noteholder vote to commence a Review
and will describe the applicable voting deadline. Each Noteholder and Note Owner that elects to vote shall vote on the issue of
whether or not the Asset Representations Reviewer should be directed to conduct a Review. The vote will remain open until the 150th
day after the filing of the Form 10-D reporting that the Delinquency Percentage for the related Payment Date exceeds the Delinquency
Trigger.


 


(c)    If
Noteholders holding at least 5% of the aggregate Outstanding Amount of the Notes participate in such vote, and Noteholders representing
a majority of the Outstanding Amount of such Notes vote for a Review, the Indenture Trustee will promptly send a Review Notice
to the Asset Representations Reviewer, the Issuing Entity and the Servicer notifying the Asset Representations Reviewer that the
Noteholders have requested the Review.


 


(d)    The
Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this Section
7.05 and shall provide the Asset Representations Reviewer with any documents or other information in its possession and requested
by the Asset Representations Reviewer in connection with the Review. The Indenture Trustee shall have no obligation to obtain missing
information from any other party or source.


 


(e)    For
the avoidance of doubt, the Indenture Trustee shall not be required to (i) give notice to Noteholders that or determine whether
the Delinquency Percentage for any Payment Date exceeds the Delinquency Trigger or (ii) determine which assets are subject to Review
by the Asset Representations Reviewer.


 


ARTICLE
VIII



Accounts, Disbursements and Releases


 


Section 8.01Collection
of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such
money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee
may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.


 






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Section 8.02  Trust
Accounts.


 


(a)    On
or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish and maintain with and in the name of the
Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Trust Accounts as provided in Section 5.01
of the Sale and Servicing Agreement.


 


(b)    On
or before each Payment Date, the Indenture Trustee shall make all withdrawals and deposits to the Collection Account, Note Distribution
Account and Reserve Account and shall make all distributions to Certificateholders in accordance with Sections 5.06
and 5.07 of the Sale and Servicing Agreement.


 


(c)    Except
as otherwise provided in paragraphs (d), and (e) below, on each Payment Date and Redemption Date, the Indenture Trustee
shall distribute all amounts on deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution
Account pursuant to Section 5.01(d) of the Sale and Servicing Agreement, and allocated pursuant to Section 5.06 of
the Sale and Servicing Agreement to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for
principal and interest (including any premium) in the following amounts:


 


(i)       to
the Holders of Class A Notes, all amounts allocated to such Holders in respect of interest on the Class A Notes pro rata based
upon the aggregate amount of accrued and unpaid interest due and payable to the Holders of such Notes;


 


(ii)      to
the Holders of the Class B Notes, all amounts allocated to such Holders in respect of interest on the Class B Notes;


 


(iii)     to
the Holders of the Class A Notes and the Class B Notes, all amounts allocated to such Holders in respect of principal on the Notes
will be paid to the Holders of the Class A Notes and Class B Notes in the following order of priority:


 


(A)      to
the Class A-1 Notes until they are paid in full; then


 


(B)       to
the Class A-2 Notes until they are paid in full; then


 


(C)       to
the Class A-3 Notes until they are paid in full; then


 


(D)       to
the Class A-4 Notes until they are paid in full; and then


 


(E)       to
the Class B Notes until they are paid in full.


 






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In addition, on the Final
Scheduled Payment Date for any Class of Notes, if the Outstanding Amount of any Class of Notes remains greater than zero, the Indenture
Trustee shall apply funds from the Reserve Account to repay the Outstanding Amount of such Class of Notes in full.


 


(d)    In
the event the Notes are declared to be due and payable following the occurrence of an Event of Default pursuant to Section 5.01(i)
or (ii), the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account and allocated pursuant
to Section 5.06 of the Sale and Servicing Agreement to Noteholders in the following order of priority: (i) to the Holders
of the Class A Notes, all amounts allocated to such Holders in respect of interest on the Class A Notes pro rata based upon the
aggregate amount of accrued and unpaid interest due and payable to the Holders of such Notes; (ii) to the Holders of the Class
A Notes, all amounts allocated to such Holders in respect of principal on the Class A Notes, first to the Holders of the Class
A-1 Notes until the Outstanding Amount of the Class A-1 Notes is reduced to zero, then to the Holders of the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes, pro rata based upon the Outstanding Amount due and payable to the Holders of such Notes;
(iii) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of interest on the Class B Notes; and
(iv) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of principal on the Class B Notes. If
the Outstanding Amount of any Class of Notes remains greater than zero after application of clauses (i), (ii), (iii)
and (iv) above, the Indenture Trustee shall apply funds from the Reserve Account in the same order of priority as described
above to repay the Outstanding Amount of such Class of Notes in full.


 


(e)    In
the event the Notes are declared to be due and payable following the occurrence of an Event of Default other than pursuant to Sections
5.01(i) or (ii), the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account and
allocated pursuant to Section 5.06 of the Sale and Servicing Agreement to Noteholders in the following order of priority:
(i) to the Holders of the Class A Notes, all amounts allocated to such Holders in respect of interest on the Class A Notes pro
rata based upon the aggregate amount of accrued and unpaid interest due and payable to the Holders of such Notes; (ii) to the Holders
of the Class B Notes, all amounts allocated to such Holders in respect of interest on the Class B Notes; (iii) to the Holders of
the Class A Notes, all amounts allocated to such Holders in respect of principal on the Class A Notes, first to the Holders of
the Class A-1 Notes until the Outstanding Amount of the Class A-1 Notes is reduced to zero, then to the Holders of the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata based upon the Outstanding Amount due and payable to the Holders of
such Notes; and (iv) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of principal on the
Class B Notes.


 


Section 8.03  General
Provisions Regarding Accounts.


 


(a)    So
long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts
shall be invested in Eligible Investments and reinvested by the Indenture Trustee subject to the provisions of Section 5.01(b)
of the Sale and Servicing Agreement. All income or other gain from investments of monies deposited in the Trust Accounts shall
be deposited by the Indenture Trustee in the Collection Account, and any loss resulting from such investments shall be charged
to such account. The Issuing Entity will not direct the Indenture Trustee to make any investment of any funds or to sell any investment
held in any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction
to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver
to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. The Issuing Entity further
understands that trade confirmations for securities transactions effected by the Indenture Trustee will be available upon request
and at no additional cost and other trade confirmations may be obtained from the applicable broker.


 






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(b)    Subject
to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any
of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the
Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial
capacity as principal obligor and not as trustee, in accordance with their terms.


 


(c)    If
(i) the Issuing Entity (or the Servicer) shall have failed to give investment directions for any funds on deposit in the Trust
Accounts to the Indenture Trustee by such time as may be agreed by the Issuing Entity and Indenture Trustee on any Business Day,
(ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not
have been declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall have been declared due
and payable following an Event of Default but amounts collected or receivable from the Trust Estate are being applied in accordance
with Section 5.05 as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in Eligible Investments (as defined in the Sale and Servicing Agreement)
specified in clause (i) of the definition thereof.


 


Section 8.04  Release
of Trust Estate.


 


(a)    Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required
by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the
Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions
of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent
or see to the application of any monies.


 


(b)    The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07
have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release
to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuing
Entity Request accompanied by an Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and (if required by the
TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements
of Section 11.01.


 






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Section 8.05 Opinion
of Counsel. The Indenture Trustee shall receive at least seven days’ notice when requested by the Issuing Entity to take
any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee
shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security
for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however,
that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering
any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument
delivered to the Indenture Trustee in connection with any such action.


 


ARTICLE
IX



Supplemental Indentures


 


Section 9.01  Supplemental
Indentures Without Consent of Noteholders.


 


(a)    Without
the consent of the Holders of any Notes but with prior notice to the Rating Agencies, the Issuing Entity and the Indenture Trustee,
when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in
form satisfactory to the Indenture Trustee, for any of the following purposes:


 


(i)       to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey
and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject
to the lien of this Indenture additional property;


 


(ii)      to
evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuing Entity, and the
assumption by any such successor of the covenants of the Issuing Entity herein and in the Notes contained;


 


(iii)     to
add to the covenants of the Issuing Entity, for the benefit of the Holders of the Notes, or to surrender any right or power herein
conferred upon the Issuing Entity;


 


(iv)     to
convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;


 


(v)      to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with
any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions
arising under this Indenture or in any supplemental indenture; provided, that such action, as evidenced by an Officer’s
Certificate of the Servicer, shall not adversely affect the interests of the Holders of the Notes;


 






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(vi)     to
evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add
to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder
by more than one trustee, pursuant to the requirements of Article VI;


 


(vii)    to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions
as may be expressly required by the TIA; or


 


(viii)   to
correct any manifest error with the terms of this Indenture as compared to the terms set forth in the Final Prospectus.


 


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


 


(b)    The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, may, also without the consent of any of the
Holders of the Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided that such amendments require: (i) satisfaction of the Rating Agency
Condition or (ii) an Officer’s Certificate of the Servicer stating that the amendment will not materially and adversely affect
the interest of any Noteholder.


 


(c)     Notwithstanding
anything in this Indenture to the contrary, no supplemental indenture shall be effective without the prior written consent of the
Asset Representations Reviewer if the supplemental indenture would adversely modify the amount or timing of distributions to be
made to the Asset Representations Reviewer under this Indenture. The Indenture Trustee shall have no responsibility for determining
whether any supplemental indenture would adversely modify the amount or timing of distributions to be made to the Asset Representations
Reviewer under this Indenture.


 


Section 9.02  Supplemental
Indentures with Consent of Noteholders.


 


(a)    The
Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order, also may, with prior notice to the Rating
Agencies and with the consent of the Holders of at least a majority of the Outstanding Amount of the Controlling Securities, by
Act of such Holders delivered to the Issuing Entity and the Indenture Trustee, enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby:


 






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(i)       change
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest
Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application
of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change
any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right
to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor,
as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof
(or, in the case of redemption, on or after the Redemption Date);


 


(ii)      reduce
the percentage of the Outstanding Amount of the Controlling Securities, the consent of the Holders of which is required for any
such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;


 


(iii)     modify
or alter the provisions of the proviso to the definition of the term “Outstanding”;


 


(iv)    reduce
the percentage of the Outstanding Amount of the Controlling Securities required to direct the Indenture Trustee to direct the Issuing
Entity to sell or liquidate the Trust Estate pursuant to Section 5.04;


 


(v)      modify
any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions
of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note
affected thereby;


 


(vi)     modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation)
or to affect the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained
herein;


 


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


 






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(viii)  except
as provided in Section 5.04(a)(iv), liquidate the Receivables when the proceeds of such sale would be insufficient
to fully pay the Notes.


 


(b)    The
Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any supplemental indenture and
any such determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered
hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith.


 


(c)    It
shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance thereof.


 


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


 


Section 9.03  Execution
of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted
by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall
be provided with and, subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all
conditions precedent under this Indenture for the execution of the supplemental indenture have been complied with. The Indenture
Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee’s
own rights, duties, liabilities or immunities under this Indenture or otherwise.


 


Section 9.04  Effect
of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and
the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture
Trustee, the Issuing Entity and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder subject
in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall
be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.


 


Section 9.05  Conformity
with Trust Indenture Act. Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified
under the Trust Indenture Act.


 






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Section 9.06  Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture
Trustee as to any matter provided for in such supplemental indenture. If the Issuing Entity or the Indenture Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture
may be prepared and executed by the Issuing Entity and authenticated and delivered by the Indenture Trustee in exchange for Outstanding
Notes.


 


ARTICLE
X



Redemption of Notes


 


Section 10.01  Redemption.
The outstanding Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01(a)
of the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option to purchase the Owner Trust
Estate pursuant to said Section 9.01(a), for a purchase price equal to the Redemption Price; provided that the
Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer or the Issuing Entity shall furnish the
Rating Agencies notice of such redemption. If the outstanding Notes are to be redeemed pursuant to this Section, the Servicer or
the Issuing Entity shall furnish notice of such election to the Indenture Trustee not later than the close of business on the first
business day of the month in which the Redemption Date occurs and the Issuing Entity shall deposit by 10:00 A.M. New York
City time on the Redemption Date with the Indenture Trustee in the Note Distribution Account the Redemption Price of the Notes
to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the furnishing of a notice complying
with Section 10.02 to each Holder of the Notes.


 


Section 10.02  Form
of Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class
mail, postage prepaid, or by facsimile mailed or transmitted not later than 10 days prior to the applicable Redemption Date to
each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s
address or facsimile number appearing in the Note Register.


 


All notices of redemption
shall state:


 


(a)    the
Redemption Date;


 


(b)    the
Redemption Price;


 


(c)    the
place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuing
Entity to be maintained as provided in Section 3.02); and


 


(d)    applicable
“CUSIP” numbers.


 






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Notice of redemption
of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice
of redemption, or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any
other Note.


 


Section 10.03  Notes
Payable on Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required
by Section 10.02, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuing Entity
shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the
date to which accrued interest is calculated for purposes of calculating the Redemption Price.


 


ARTICLE
XI



Miscellaneous


 


Section 11.01  Compliance
Certificates and Opinions, etc. 


 


(a)     Upon
any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture,
the Issuing Entity shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required
by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this
Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically
required by any provision of this Indenture, no additional certificate or opinion need be furnished.


 


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


 


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


 


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


 


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


 


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


 






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(b) (i)        Prior to the deposit
of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any
property or securities subject to the lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed in
Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying
or stating the opinion of the person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuing
Entity of the Collateral or other property or securities to be so deposited.


 


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


 


(iii)       Whenever
any property or securities are to be released from the lien of this Indenture, the Issuing Entity shall also furnish to the Indenture
Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair
value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of
such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.


 


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


 


(v)       Notwithstanding
Section 2.10 or any other provision of this Section, the Issuing Entity may, without compliance with the requirements
of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles
as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Note Distribution
Account as and to the extent permitted or required by the Basic Documents, so long as the Issuing Entity shall deliver to the Indenture
Trustee every six months, commencing July 15, 2018, an Officer’s Certificate of the Issuing Entity stating that all the dispositions
of Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months were in the ordinary
course of the Issuing Entity’s business and that the proceeds thereof were applied in accordance with the Basic Documents.


 






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Section 11.02  Form
of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered
by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of,
only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or
give an opinion as to such matters in one or several documents.


 


Any certificate or opinion
of an Authorized Officer of the Issuing Entity may be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which such officer’s certificate or opinion is based are erroneous.
Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Issuing Entity or
the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the
Depositor, the Issuing Entity or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know,
that the certificate or opinion or representations with respect to such matters are erroneous.


 


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


 


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


 






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Section 11.03  Acts
of Noteholders.


 


(a)    Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders
in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective
when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuing
Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to
as the “Act of the Noteholders” signing such instrument or instruments. Proof of execution of any such instrument
or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section.


 


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


 


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


 


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


 


Section 11.04  Notices,
etc., to Indenture Trustee, Issuing Entity and Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request,
demand, authorization, direction, notice, consent, waiver or act of Noteholders is to be made upon, given or furnished to or filed
with:


 


(i)       the
Indenture Trustee by any Noteholder or by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing (which may be made via e-mail transmission, pdf, facsimile or overnight delivery) to or with the Indenture
Trustee at its Corporate Trust Office, or


 


(ii)      the
Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and
mailed first-class, postage prepaid to the Issuing Entity addressed to: World Omni Auto Receivables Trust 2018-A, in care of the
Owner Trustee at its Corporate Trust Office, or at any other address previously furnished in writing to the Indenture Trustee by
the Issuing Entity or the Administrator. The Issuing Entity shall promptly transmit any notice received by it from the Noteholders
to the Indenture Trustee.


 






    	 	60	 



     


    

 


Notices required to be
given to the Rating Agencies shall be given to the Depositor, which shall promptly post such notice to the website maintained by
the Depositor for notifications to nationally recognized statistical rating organizations.


 


The Issuing Entity’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 Issuing Entity 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 Issuing Entity shall designate by written notice to the other
parties.


 


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


 


Section 11.05  Notices
to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be sufficiently
given (unless otherwise herein expressly provided) if by electronic transmission in writing and mailed, first-class, postage prepaid
to each Noteholder affected by such event, at such Holder’s address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders
is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall
affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided
shall conclusively be presumed to have been duly given.


 


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


 


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


 


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


 


If the Indenture Trustee
receives a Repurchase Request from a Noteholder or Note Owner and World Omni does not repurchase the Receivable related to such
Repurchase Request within 180 days of the receipt of such Repurchase Request, the Indenture Trustee shall, at the direction of
the Administrator, deliver a notice to the related Noteholder or Note Owner indicating that the repurchase request is unresolved.


 






    	 	61	 



     


    

 


Section 11.06  Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing
Entity may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee
or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices.
The Issuing Entity will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments
to be made and notices to be given in accordance with such agreements.


 


Section 11.07  Conflict
with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required
to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.


 


The provisions of TIA
§§ 310 through 317 that impose duties on any person (including the provisions automatically deemed included herein
unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.


 


Section 11.08  Effect
of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof.


 


Section 11.09  Successors
and Assigns. All covenants and agreements in this Indenture and the Notes by the Issuing Entity shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees
and agents.


 


Section 11.10  Severability.
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 


Section 11.11  Benefits
of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders and any other party secured hereunder, and any other Person with an
ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.
The Asset Representations Reviewer shall be a third-party beneficiary to this Indenture, but only to the extent that it has any
rights specified herein.


 


Section 11.12  Legal
Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business
Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from
and after any such nominal date.


 


Section 11.13  GOVERNING
LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, 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.


 






    	 	62	 



     


    

 


Section 11.14  Counterparts.
This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.


 


Section 11.15  Recording
of Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be
effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel to the effect that such recording is necessary
either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any right or remedy
granted to the Indenture Trustee under this Indenture.


 


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


 


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


 


In the event that a Noteholder
(other than WOAR) is deemed, under applicable law by any court or other authority of competent jurisdiction, to have an interest
in any assets of WOAR or any Affiliate of WOAR other than the beneficial interest in Trust (“other assets”), the parties
to this Indenture and the Noteholders acknowledge and agree that: (i) such Noteholder’s Note represents a claim of the Noteholder
against the assets of the Trust and the Trust Estate only, (ii) any such Noteholder’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.


 






    	 	63	 



     


    

 


Section 11.17  No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant
and agree that they will not at any time institute against the Depositor or the Issuing Entity, or join in any institution against
the Depositor or the Issuing Entity 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 Notes, this Indenture or any of the Basic Documents.


 


Section 11.18   Inspection.
The Issuing Entity agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during
the Issuing Entity’s normal business hours, to examine all the books of account, records, reports and other papers of the
Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and
Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent disclosure
may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that
the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder.


 





Section 11.19   Waiver
of Jury Trial. EACH OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE HEREBY 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 INDENTURE, THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.


 


ARTICLE
XII



COMPLIANCE WITH REGULATION AB






 


Section 12.01  Intent
of the Parties; Reasonableness. The Depositor and the Indenture 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 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 Securities
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 Indenture Trustee agrees to cooperate in good faith with any reasonable
request by the Depositor for information regarding the Indenture Trustee which is required in order to enable the Depositor to
comply with the provisions of Items 1109(a), 1109(b), 1117, 1119 and 1122 of Regulation AB as it relates to the Indenture Trustee
or to the Indenture Trustee’s obligations under this Indenture or any indenture supplement.


 






    	 	64	 



     


    

 


Section 12.02   Additional
Representations and Warranties of the Indenture Trustee. The Indenture Trustee shall be deemed to represent to the Depositor,
as of the date on which information is provided to The Depository Trust Company under Section 6.06 that, except as disclosed
in writing to the Depositor prior to such date to the best of its knowledge, but without independent investigation: (i) neither
the execution, delivery and performance by the Indenture Trustee of this Indenture or any indenture supplement, the performance
by the Indenture Trustee of its obligations under this Indenture or any indenture supplement nor the consummation of any of the
transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement,
note or bond purchase agreement, long-term lease, license or other agreement or instrument to which the Indenture Trustee is a
party or by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to
perform its obligations under this Indenture or any indenture supplement, or of any judgment or order applicable to the Indenture
Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in any court or before any governmental
authority, agency or arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect
on the right, power and authority of the Indenture Trustee to enter into this Indenture or any indenture supplement or to perform
its obligations under this Indenture or any indenture supplement.


 


Section 12.03   Information
to Be Provided by the Indenture Trustee. For so long as the Issuing Entity is required to report under the Exchange Act, the
Indenture Trustee shall (i) on or before the fifth Business Day of each month, provide to the Depositor, in writing, such
information regarding the Indenture Trustee as is requested by the Depositor (if any) for the purpose of compliance with Item
1117 of Regulation AB; provided, however, that the Indenture Trustee shall not be required to provide such information
in the event that there has been no change to the information previously provided by the Indenture Trustee to the Depositor, and
(ii) as promptly as practicable following notice to or discovery by a Responsible Officer of the Indenture Trustee of any
changes to such information, provide to the Depositor, in writing, such updated information.


 


For so long as the Issuing
Entity is required to report under the Exchange Act, the Indenture Trustee shall (i) on or before the fifth Business Day of each
January, April, July and October, provide to the Depositor such information regarding the Indenture Trustee as is requested for
the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB; provided, however, that the Indenture
Trustee shall not be required to provide such information in the event that there has been no change to the information previously
provided by the Indenture Trustee to the Depositor, and (ii) as promptly as practicable following notice to or discovery by the
Indenture Trustee of any changes to such information, provide to the Depositor, in writing, updated information necessary for compliance
with Item 1117 of Regulation AB. Such information shall include, at a minimum:


 






    	 	65	 



     


    

 


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


 


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


 


(c)    a
description of any affiliation between the Indenture Trustee and any of the following parties to a Securitization Transaction,
as such parties are identified to the Indenture 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 counterparty;



 


		(ix)	any asset representations reviewer; and



 


		(x)	any other material transaction party.



 


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.


 


Section 12.04   Regulation
AB Reports by Indenture Trustee. For so long as the Issuing Entity is required to report under the Exchange Act, the Indenture
Trustee will, on or before March 1 of each year, beginning March 1, 2019:


 


(i)       deliver
to the Depositor a report regarding the Indenture Trustee’s assessment of compliance with the Servicing Criteria specified
in Exhibit C during the immediately preceding calendar year, including disclosure of any material instance of non-compliance
identified by the Indenture Trustee (provided, that to the extent the Indenture Trustee identifies any material instance
of non-compliance, the Indenture Trustee shall disclose (whether in such report or separately) to the Depositor whether such material
instance of non-compliance relates to the Receivables or the Notes and whether and to what extent the Indenture Trustee has instituted
steps to remediate such material instance of non-compliance), as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the
Exchange Act and Item 1122 of Regulation AB. Such report shall be signed by an authorized officer of the Indenture Trustee, and
shall address each of the Servicing Criteria specified in Exhibit C or such criteria as mutually agreed upon by the Depositor
and the Indenture Trustee.


 






    	 	66	 



     


    

 


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


 


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


 




    	 	67	 



     


    

 


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


 


	 	WORLD OMNI AUTO RECEIVABLES TRUST 2018-A,
	 	 	 
	 	By:	Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	U.S. Bank National Association, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 


 




     


     


    

 


SCHEDULE A


 


Schedule of Receivables


 


Provided to the Indenture
Trustee and Owner Trustee on the Closing Date


 




    	 	Sch. A	 



     


    

 


EXHIBIT A-1



[FORM OF CLASS A-1 NOTE]


 


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


 


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


 


	REGISTERED	$____________
	 	 
	No.: ___	CUSIP No.:  ______
	 	 
	 	ISIN No.:  ______
	 	 
	 	CINS No.: ....................


 


WORLD OMNI AUTO RECEIVABLES TRUST 2018-A



CLASS A-1 1.75000% ASSET-BACKED NOTES


 


WORLD OMNI AUTO RECEIVABLES
TRUST 2018-A a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator
of which is $_____ and the denominator of which is $208,000,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-1 Notes pursuant to Section 3.01 of the Indenture
dated as of February 7, 2018 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association,
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the February 15, 2019 Payment Date (the “Class A-1
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Capitalized
terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.


 






    	 	Ex. A-1-1	 



     


    

 


BY ACQUIRING A CLASS
A-1 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (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 WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF A PLAN’S INVESTMENT
IN THE ENTITY OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED
TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) (A) THE ACQUISITION AND HOLDING
OF THE CLASS A-1 NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR SIMILAR LAW AND (B) CERTAIN OTHER REQUIREMENTS, AS SET FORTH IN SECTION 2.04(e) OF THE INDENTURE, ARE SATISFIED, IF APPLICABLE.


 


The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which
interest has been paid (in the case of the initial Payment Date, from the Closing Date) to but excluding such current Payment Date.
Interest will be computed on the basis of the actual number of days in the Interest Accrual Period divided by 360. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof.


 


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


 


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


 


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


 




    	 	Ex. A-1-2	 



     


    

 


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


 


	Date: ________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2018-A
	 	 	 
	By:	 	Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:


 


INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION


 


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


 


	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	 	By:  	 
	 	 	Name:
	 	 	Title:


 




    	 	Ex. A-1-3	 



     


    

 


This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-1 1.75000% Asset-Backed Notes (herein called
the “Class A-1 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all terms of the Indenture.


 


The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject
to the subordination provisions set forth therein.


 


Principal of the Class A-1
Notes will be payable on each Payment Date and, if the Class A-1 Notes have not been paid in full prior to the Class A-1
Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be March 15, 2018.


 


As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class A-1 Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing not less than at least a majority
of the Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner
provided in Section 5.02 of the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata
to the Class A-1 Noteholders entitled thereto.


 


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


 






    	 	Ex. A-1-4	 



     


    

 


The Issuing Entity shall
pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful.


 


As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.


 


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


 


Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni
or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.


 






    	 	Ex. A-1-5	 



     


    

 


The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.


 


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


 


Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may
be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none
of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.


 


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


 






    	 	Ex. A-1-6	 



     


    

 


The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.


 


The Issuing Entity is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture.


 


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


 


This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


 


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


 


Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents, none of U.S. Bank National Association in its individual
capacity, Wells Fargo Delaware Trust Company, N.A., in its individual capacity, any owner of a beneficial interest in the Issuing
Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall
be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event
of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Note.


 




    	 	Ex. A-1-7	 



     


    

 


ASSIGNMENT


 


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

_________________________________________________


 


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

_________________________________________________


(name and address of assignee)


 


the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.


 


		Dated:_____________________       	  _____________________________________*



 


Signature Guaranteed:



_____________________________________*


 


 





 



 


*
       NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.


 




    	 	Ex. A-1-8	 



     


    

 


EXHIBIT A-2



[FORM OF CLASS A-2 NOTE]


 


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


 


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


 


	REGISTERED	$________
	 	 
	No.: ___	CUSIP No.: _____
	 	 
	 	ISIN No.: _____
	 	 
	 	CINS No.: ...................


 


WORLD OMNI AUTO RECEIVABLES TRUST 2018-A



CLASS A-2 2.19% ASSET-BACKED NOTES


 


WORLD OMNI AUTO RECEIVABLES
TRUST 2018-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $______ and the denominator of which is $340,000,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to Section 3.01 of
the Indenture dated as of February 7, 2018 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the May 17, 2021 Payment Date (the “Class A-2
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class A-2 Notes shall be made until the Class A-1 Notes have been paid in full. Capitalized
terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.


 






    	 	Ex. A-2-1	 



     


    

 


BY ACQUIRING A CLASS
A-2 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (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 WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY
OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT ISSUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) (A) THE ACQUISITION AND HOLDING OF THE CLASS
A-2 NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR SIMILAR
LAW, AND (B) CERTAIN OTHER REQUIREMENTS, AS SET FORTH IN SECTION 2.04(e) OF THE INDENTURE, ARE SATISFIED. IF APPLICABLE.


 


The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.


 


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


 


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


 


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


 




    	 	Ex. A-2-2	 



     


    

 


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


 


	Date:  _________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2018-A
	 	 	 	 
	 	 	By:	Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:


 


INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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


 


	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	 	By:  	 
	 	 	Name:
	 	 	Title:


 




    	 	Ex. A-2-3	 



     


    

 


This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-2 2.19% Asset-Backed Notes (herein called
the “Class A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the Indenture.


 


The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject
to the subordination provisions therein.


 


Principal of the Class A-2
Notes will be payable on each Payment Date and, if the Class A-2 Notes have not been paid in full prior to the Class A-2
Final Scheduled Payment Date, on the Class A-2 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be March 15, 2018.


 


As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class A-2 Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class
A-2 Noteholders entitled thereto.


 


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


 






    	 	Ex. A-2-4	 



     


    

 


The Issuing Entity shall
pay interest on overdue installments of interest at the Class A-2 Interest Rate to the extent lawful.


 


As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.


 


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


 


Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni
or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.


 






    	 	Ex. A-2-5	 



     


    

 


The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.


 


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


 


Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may
be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none
of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.


 


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


 






    	 	Ex. A-2-6	 



     


    

 


The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.


 


The Issuing Entity is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture.


 


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


 


This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


 


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


 


Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents, none of U.S. Bank National Association in its individual
capacity, Wells Fargo Delaware Trust Company, N.A., in its individual capacity, any owner of a beneficial interest in the Issuing
Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall
be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event
of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Note.


 




    	 	Ex. A-2-7	 



     


    

 


ASSIGNMENT


 


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



_________________________________________________


 


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



_________________________________________________

(name and address of assignee)


 


the within Note and all rights thereunder,
and hereby irrevocably constitutes and appoints______________________________________________________________, attorney, transfer
said Note on the books kept for registration thereof, with full power of substitution in the premises.


 


		Dated:_____________________	_____________________________________*



 


Signature Guaranteed:



_____________________________________


 


 


 



 


*
       NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.


 




    	 	Ex. A-2-8	 



     


    

 


EXHIBIT A-3


 


[FORM OF CLASS A-3 NOTE]


 


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


 


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


 


	REGISTERED	$__________
	 	 
	No.: ____	CUSIP No.:  _____
	 	 
	 	ISIN No.:  _____
	 	 
	 	CINS No.: ....................


 


WORLD OMNI AUTO RECEIVABLES TRUST 2018-A



CLASS A-3 2.50% ASSET-BACKED NOTES


 


WORLD OMNI AUTO RECEIVABLES
TRUST 2018-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $________ and the denominator of which is $340,000,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to Section 3.01 of
the Indenture dated as of February 7, 2018 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the April 17, 2023 Payment Date (the “Class A-3
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class A-3 Notes shall be made until the Class A-1 and Class A-2 Notes have been
paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.


 






    	 	Ex. A-3-1	 



     


    

 


BY ACQUIRING A CLASS
A-3 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (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 INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION
4975 OF THE CODE, (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY
OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) (A) THE ACQUISITION AND HOLDING OF THE CLASS
A-3 NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR SIMILAR
LAW, AND (B) CERTAIN OTHER REQUIREMENTS, AS SET FORTH IN SECTION 2.04(e) OF THE INDENTURE, ARE SATISFIED, IF APPLICABLE.


 


The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.


 


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


 


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


 


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


 




    	 	Ex. A-3-2	 



     


    

 


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


 


	Date:  _________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2018-A
	 	 	 
	 	 	By:  Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:



 


	INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	 	 	 
	This is one of the Notes designated above and referred to in the within-mentioned Indenture.
	 	 	 
	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	 	By:  	 
	 	 	Name:
	 	 	Title:


 




    	 	Ex. A-3-3	 



     


    

 


This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-3 2.50% Asset-Backed Notes (herein called
the “Class A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all terms of the Indenture.


 


The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject
to the subordination provisions therein.


 


Principal of the Class A-3
Notes will be payable on each Payment Date and, if the Class A-3 Notes have not been paid in full prior to the Class A-3
Final Scheduled Payment Date, on the Class A-3 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be March 15, 2018.


 


As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class A-3 Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the
Class A-3 Noteholders entitled thereto.


 


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


 






    	 	Ex. A-3-4	 



     


    

 


The Issuing Entity shall
pay interest on overdue installments of interest at the Class A-3 Interest Rate to the extent lawful.


 


As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.


 


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


 


Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni
or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.


 






    	 	Ex. A-3-5	 



     


    

 


The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.


 


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


 


Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may
be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none
of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.


 


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


 






    	 	Ex. A-3-6	 



     


    

 


The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.


 


The Issuing Entity is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture.


 


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


 


This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


 


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


 


Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents, none of U.S. Bank National Association in its individual
capacity, Wells Fargo Delaware Trust Company, N.A., in its individual capacity, any owner of a beneficial interest in the Issuing
Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall
be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event
of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Note.


 




    	 	Ex. A-3-7	 



     


    

 


ASSIGNMENT


 


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



_________________________________________________


 


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



_________________________________________________

(name and address of assignee)


 


the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.


 


		Dated:_____________________	_____________________________________*



 


Signature Guaranteed:



_____________________________________*


 





 



 


*
       NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.


 




    	 	Ex. A-3-8	 



     


    

 


EXHIBIT A-4



[FORM OF CLASS A-4 NOTE]


 


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


 


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


 


	REGISTERED	$__________
	 	 
	No.: ____	CUSIP No.: _____
	 	 
	 	ISIN No.:  _____
	 	 
	 	CINS No.: ....................


 


WORLD OMNI AUTO RECEIVABLES TRUST 2018-A



CLASS A-4 2.73% ASSET-BACKED NOTES


 


WORLD OMNI AUTO RECEIVABLES
TRUST 2018-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction
the numerator of which is $______ and the denominator of which is $83,100,000 by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class A-4 Notes pursuant to Section 3.01 of
the Indenture dated as of February 7, 2018 (the “Indenture”), between the Issuing Entity and U.S. Bank National
Association, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of the February 15, 2024 Payment Date (the “Class A-4
Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class A-4 Notes shall be made until the Class A-1 Notes, Class A-2 Notes and Class A-3
Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.


 






    	 	Ex. A-4-1	 



     


    

 


BY ACQUIRING A CLASS
A-4 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (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 WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY
OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) (A) THE ACQUISITION AND HOLDING OF THE CLASS
A-4 NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR SIMILAR
LAW AND (B) CERTAIN OTHER REQUIREMENTS, AS SET FORTH IN SECTION 2.04(e) OF THE INDENTURE, ARE SATISFIED, IF APPLICABLE.


 


The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.


 


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


 


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


 


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


 




    	 	Ex. A-4-2	 



     


    

 


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


 


	Date:  _________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2018-A
	 	 	 
	 	 	By:  Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:


 


INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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


 


	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	 	By:  	 
	 	 	Name:
	 	 	Title:


 




    	 	Ex. A-4-3	 



     


    

 


This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class A-4 2.73% Asset-Backed Notes (herein called
the “Class A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the
Indenture Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all terms of the Indenture.


 


The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject
to the subordination provisions therein.


 


Principal of the Class A-4
Notes will be payable on each Payment Date and, if the Class A-4 Notes have not been paid in full prior to the Class A-4
Final Scheduled Payment Date, on the Class A-4 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be March 15, 2018.


 


As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class A-4 Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the
Class A-4 Noteholders entitled thereto.


 


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


 






    	 	Ex. A-4-4	 



     


    

 


The Issuing Entity shall
pay interest on overdue installments of interest at the Class A-4 Interest Rate to the extent lawful.


 


As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.


 


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


 


Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni
or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.


 






    	 	Ex. A-4-5	 



     


    

 


The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.


 


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


 


Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may
be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none
of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.


 


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


 






    	 	Ex. A-4-6	 



     


    

 


The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.


 


The Issuing Entity is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture.


 


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


 


This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


 


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


 


Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents, none of U.S. Bank National Association in its individual
capacity, Wells Fargo Delaware Trust Company, N.A., in its individual capacity, any owner of a beneficial interest in the Issuing
Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall
be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event
of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Note.


 




    	 	Ex. A-4-7	 



     


    

 


ASSIGNMENT


 


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



_________________________________________________


 


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



_________________________________________________

(name and address of assignee)


 


the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.


 


		Dated:_____________________	_____________________________________*



 


Signature Guaranteed:



_____________________________________*


 





 



 


*
       NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.


 




    	 	Ex. A-4-8	 



     


    

 


EXHIBIT B



[FORM OF CLASS B NOTE]


 


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


 


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


 


	REGISTERED	$________
	 	 
	No.: ___	CUSIP No.:  _____
	 	 
	 	ISIN No.:  _____
	 	 
	 	CINS No.: ....................


 


WORLD OMNI AUTO RECEIVABLES TRUST 2018-A



CLASS B 2.89% ASSET-BACKED NOTES


 


WORLD OMNI AUTO RECEIVABLES
TRUST 2018-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to ________, or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator
of which is $________ and the denominator of which is $30,580,000 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class B Notes pursuant to Section 3.01 of the Indenture dated
as of February 7, 2018 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association, as
Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the April 15, 2025 Payment Date (the “Class B Final
Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally,
no payments of principal of the Class B Notes shall be made until the Class A-1 Notes, Class A-2 Notes, Class A-3
Notes and Class A-4 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be applicable herein.


 






    	 	Ex. B-1	 



     


    

 


BY ACQUIRING A CLASS
B NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT THAT EITHER
(1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (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 WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY
OR (iv) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE PROHIBITED TRANSACTION
PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR (2) (A) THE ACQUISITION AND HOLDING OF THE CLASS
B NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR SIMILAR
LAW, AND (B) CERTAIN OTHER REQUIREMENTS, AS SET FORTH IN SECTION 2.04(e) OF THE INDENTURE, ARE SATISFIED, IF APPLICABLE.


 


The Issuing Entity will
pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01
of the Indenture. Interest on this Note will accrue for each Payment Date from and including the 15th day of the preceding calendar
month (or, for the initial interest accrual period, from and including the Closing Date) to but excluding the 15th day of the current
calendar month. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof.


 


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


 


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


 


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


 




    	 	Ex. B-2	 



     


    

 


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


 


	Date:  _________________	 	WORLD OMNI AUTO RECEIVABLES TRUST 2018-A
	 	 	 
	 	 	By:  Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as Owner Trustee
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:


 


INDENTURE TRUSTEE’S CERTIFICATE OF
AUTHENTICATION


 


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


 


	Date:  _________________	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 	 
	 	 	By:  	 
	 	 	Name:
	 	 	Title:


 




    	 	Ex. B-3	 



     


    

 


This Note is one of a
duly authorized issue of Notes of the Issuing Entity, designated as its Class B 2.89% Asset-Backed Notes (herein called the
“Class B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture
Trustee and the Holders of the Notes. The Class B Notes are subject to all terms of the Indenture.


 


The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the “Notes”)
are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject
to the subordination provisions therein.


 


Principal of the Class B
Notes will be payable on each Payment Date and, if the Class B Notes have not been paid in full prior to the Class B Final
Scheduled Payment Date, on the Class B Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business
Day. The initial Payment Date will be March 15, 2018.


 


As described above, the
entire unpaid principal amount of this Note shall be due and payable on the Class B Final Scheduled Payment Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the
Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Class B
Noteholders entitled thereto.


 


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


 






    	 	Ex. B-4	 



     


    

 


The Issuing Entity shall
pay interest on overdue installments of interest at the Class B Interest Rate to the extent lawful.


 


As provided in the Indenture
and subject to certain limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity
pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture
Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed
by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership
or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the
same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for
any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any
tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.


 


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


 


Each Noteholder or Note
Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni
or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of, any involuntary bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.


 






    	 	Ex. B-5	 



     


    

 


The Issuing Entity has
entered into the Indenture and this Note is issued with the intention that, for federal, state and local income, single business
and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than the
Depositor and any Affiliate of the Depositor that is not treated as a separate entity from the Depositor for federal income tax
purposes), by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the
Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity.


 


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


 


Prior to the due presentment
for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may
be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none
of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary.


 


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


 






    	 	Ex. B-6	 



     


    

 


The term “Issuing
Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture.


 


The Issuing Entity is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture.


 


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


 


This Note and the Indenture
shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws.


 


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


 


Anything herein to the
contrary notwithstanding, except as expressly provided in the Basic Documents, none of U.S. Bank National Association in its individual
capacity, Wells Fargo Delaware Trust Company, N.A., in its individual capacity, any owner of a beneficial interest in the Issuing
Entity, or any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall
be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in the Indenture. The Holder
of this Note by its acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event
of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuing Entity for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Note.


 




    	 	Ex. B-7	 



     


    

 


ASSIGNMENT


 


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



_________________________________________________


 


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



_________________________________________________

(name and address of assignee)


 


the within Note and all rights
thereunder, and hereby irrevocably constitutes and appoints ______________________________________________________________,
attorney, transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.


 


		Dated:_____________________	_____________________________________*



 


Signature Guaranteed:



_____________________________________*


 





 



 


*
       NOTICE: The signature to this assignment must correspond with the name of the registered
owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.
Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in STAMP or such other “signature guarantee program” as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.


 




    	 	Ex. B-8	 



     


    

 


EXHIBIT C


 


SERVICING CRITERIA FOR INDENTURE TRUSTEE’S
ASSESSMENT OF COMPLIANCE


 


	Reference	Servicing Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	 
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	 
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the credit card accounts or accounts are maintained.	 
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	 
	1122(d)(1)(v)	
        Aggregation of information, as applicable,
        is mathematically accurate and the

        information conveyed accurately reflects
        the information.
	 
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Indenture Trustee
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	 
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Indenture Trustee
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.  For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Indenture Trustee
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	 
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts.  These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items.  These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	 


 




    	 	Ex. C-1	 



     


    

 


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


 




    	 	Ex. C-2	 



     


    

 


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



 



    	 	Ex. C-3	 



     


    

 


EXHIBIT D


 

FORM OF INDENTURE TRUSTEE’S ANNUAL CERTIFICATION


 


RE:WORLD OMNI AUTO RECEIVABLES TRUST
2018-A


 


U.S. Bank National
Association not in its individual capacity but solely as indenture trustee (the “Indenture Trustee”), certifies
to World Omni Auto Receivables LLC (the “Depositor”), and its officers, with the knowledge and intent that they
will rely upon this certification, that:


 


		1.	It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in
accordance with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and Item 1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s
attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation
AB (the “Attestation Report”) that were delivered by the Indenture Trustee to the Depositor pursuant to the
Indenture, dated as of February 7, 2018, by and between the Indenture Trustee and World Omni Auto Receivables Trust 2018-A (collectively,
the “Indenture Trustee Information”);



 


		2.	To the best of its knowledge, the Servicing Assessment, taken as a whole, does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the
circumstances under which such statements were made, not misleading with respect to the period of time covered by the Indenture
Trustee Information;



 


		3.	To the best of its knowledge, all of the Indenture Trustee Information required to be provided
by the Indenture Trustee under the Agreement has been provided to the Depositor; and



 


		4.	To the best of its knowledge, except as disclosed in the Servicing Assessment or the Attestation
Report, the Indenture Trustee has fulfilled its obligations under the Agreement in all material respects.



 


	 	U.S. Bank National Association,
	 	not in its individual capacity but solely as
	 	Indenture Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


Date: _________________________


 




    	 	Ex. D	 



     


    

 


EXHIBIT E


 


FORM OF TRANSFEROR CERTIFICATE


 


[DATE]


 


U.S. Bank National Association


111 East Fillmore Avenue


EP-MN-WS2N


St. Paul, MN 55107


Attention: Bondholder Services, WOART 2018-A


 


World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442


 


World Omni Auto Receivables Trust 2018-A

c/o Wells Fargo Delaware Trust Company, N.A.


as Owner Trustee of World Omni Auto Receivables
Trust 2018-A


919 N. Market Street


Suite 1600, 7th Floor


Wilmington, DE 19801


Attention: Corporate Trust Services


 


		Re:	World Omni Auto Receivables Trust 2018-A Class [ ] Notes



 


Ladies and Gentlemen:


 


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


 




    	 	Ex. E-1	 



     


    

 


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


 




    	 	Ex. E-2	 



     


    

 


EXHIBIT F


 


FORM OF INVESTMENT LETTER


 


U.S. Bank National Association


190 South LaSalle Street, 7th floor


Chicago, Illinois 60603


Attention: Corporate Trust Services, WOART
2018-A




World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442


 


World Omni Auto Receivables Trust 2018-A

c/o Wells Fargo Delaware Trust Company, N.A.


as Owner Trustee of World Omni Auto Receivables
Trust 2018-A


919 N. Market Street


Suite 1600, 7th Floor


Wilmington, Delaware 19801


Attention: Corporate Trust Services


 


Ladies and Gentlemen:


 


In connection with our
proposed purchase of Class ___ Notes (the “Class ___ Notes”) of World Omni Auto Receivables Trust 2018-A (the
“Issuing Entity”), we confirm that:


 


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



 


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



 


3.       If
counsel satisfactory to the Indenture Trustee has rendered an opinion to the effect that the Class __ Notes to be transferred will
be characterized as indebtedness for United States federal income tax purposes, either (i) we are not acquiring the Class ___ Notes
with the assets of any (A) “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) that is subject to Title I of ERISA, (B) “plan” described
in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, (C) entity whose underlying assets include
plan assets by reason of a plan’s investment in the entity or (D) plan that is subject to any federal, state or local
law that is substantially similar to the prohibited transaction provisions of ERISA or Section 4975 of the Code (“Similar
Law”) (each, a “Plan”) or (ii) (a) our acquisition and holding of the Class ___ Notes will not give
rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or Similar Law, and (b) certain
other requirements, as set forth in Section 2.04(e) of the Indenture, are satisfied, if applicable. We hereby acknowledge that
no transfer of any Class ___ Note shall be permitted to be made to any transferee unless either (i) such transferee is not acquiring
the Class ___ Note with the assets of any Plan or (ii) (a) the acquisition and holding of such Class ___ Note will not constitute
or result in a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or Similar Law, and (b)
certain other requirements, as set forth in Section 2.04(e) of the Indenture, are satisfied, if applicable.


 






    	 	Ex. F-2	 



     


    

 


4.       Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion to the effect that the Class ___ Notes to be transferred
will be characterized as indebtedness for United States federal income tax purposes, we represent (i) that we are a United States
Person (within the meaning of Section 7701(a)(30) of the Internal Revenue Code) and (ii) either (A) that we are not acquiring the
Class ___ Notes with the assets of any Plan that is subject to Title I of ERISA or Section 4975 of the Code (“Plan Assets”)
or (B) we are acquiring the Class __ Notes with the assets of a Plan that is not subject to Title I of ERISA or Section 4975 of
the Code and the acquisition and holding of such Class __ Note will not give rise to a nonexempt prohibited transaction under Similar
Law; and we acknowledge that unless the Indenture Trustee shall have received such an opinion, no transfer of any Class ___ Note
shall be permitted to be made to any person who is not a United States Person or who acquires such Class ____ Notes with Plan Assets
and any such purported transfer in violation of these restrictions shall be null and void.


 


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


 


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.


 






    	 	Ex. F-3	 



     


    

 


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


 




    	 	Ex. F-4