Exhibit 4.1


 





 


SALE
AND SERVICING AGREEMENT


 


among


 


WORLD
OMNI AUTO RECEIVABLES TRUST 2017-B


Issuing
Entity,


 


WORLD
OMNI AUTO RECEIVABLES LLC,


Depositor,


 


and


 


WORLD
OMNI FINANCIAL CORP.,


Servicer


 


Series
2017-B


 


Dated
as of August 2, 2017





 


 




     


     


    

 


TABLE OF CONTENTS


 


	 	Page
	 	 
	ARTICLE I DEFINITIONS	1
	Section 1.01	Definitions	1
	 	 	 
	ARTICLE II CONVEYANCE OF RECEIVABLES	1
	Section 2.01	Conveyance of Receivables	1
	Section 2.02	Intention of Parties	2
	 	 	 
	ARTICLE III THE RECEIVABLES	3
	Section 3.01	Representations and Warranties of World Omni with Respect to each Receivable and the Pool
    of Receivables	3
	Section 3.02	Repurchase upon Breach; Dispute Resolution	7
	Section 3.03	Custody of Receivable Files	10
	Section 3.04	Duties of Servicer as Custodian	11
	Section 3.05	Instructions; Authority To Act	12
	Section 3.06	Custodian’s Indemnification	12
	Section 3.07	Effective Period and Termination	13
	 	 	 
	ARTICLE IV ADMINISTRATION AND SERVICING OF RECEIVABLES	13
	Section 4.01	Duties of Servicer	13
	Section 4.02	Collection and Allocation of Receivable Payments	14
	Section 4.03	Realization upon Receivables	14
	Section 4.04	Physical Damage Insurance	14
	Section 4.05	Maintenance of Security Interests in Financed Vehicles	15
	Section 4.06	Covenants of Servicer	15
	Section 4.07	Purchase of Receivables upon Breach	15
	Section 4.08	Servicing Fee	15
	Section 4.09	Servicer’s Certificate	16
	Section 4.10	Annual Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of Default	16
	Section 4.11	Annual Independent Certified Public Accountants’ Report	17
	Section 4.12	Access to Certain Documentation and Information Regarding Receivables	17
	Section 4.13	Servicer Expenses	17
	Section 4.14	Appointment of Subservicer	17
	Section 4.15	Communications Between Noteholders	17
	Section 4.16	Exchange Act Certifications	18
	 	 	 
	ARTICLE V TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND
    NOTEHOLDERS	18
	Section 5.01	Establishment of Trust Accounts	18
	Section 5.02	Collections	21
	Section 5.03	Application of Collections	21
	Section 5.04	[Reserved]	21


 




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	Section 5.05	Additional Deposits	21
	Section 5.06	Distributions	21
	Section 5.07	Reserve Account	23
	Section 5.08	Statements to Noteholders and Certificateholders	24
	Section 5.09	Net Deposits	25
	Section 5.10	Transfer of Certificates	25
	 	 	 
	ARTICLE VI THE DEPOSITOR	26
	Section 6.01	Representations of Depositor	26
	Section 6.02	Limited Liability Company Existence	27
	Section 6.03	Liability of Depositor; Indemnities	28
	Section 6.04	Merger or Consolidation of, or Assumption of Obligations of Depositor	29
	Section 6.05	Limitation on Liability of Depositor and Others	30
	Section 6.06	Depositor May Own Notes	30
	Section 6.07	Security Interest	30
	 	 	 
	ARTICLE VII THE SERVICER	30
	Section 7.01	Representations of Servicer	30
	Section 7.02	Indemnities of Servicer	32
	Section 7.03	Merger or Consolidation of, or Assumption of Obligations of, Servicer	32
	Section 7.04	Limitation on Liability of Servicer and Others	33
	Section 7.05	World Omni Not To Resign as Servicer	33
	 	 	 
	ARTICLE VIII DEFAULT	34
	Section 8.01	Servicer Default	34
	Section 8.02	Appointment of Successor	35
	Section 8.03	Notification to Noteholders and Certificateholders	36
	Section 8.04	Waiver of Past Defaults	36
	Section 8.05	Payment of Servicing Fees	36
	 	 	 
	ARTICLE IX TERMINATION	36
	Section 9.01	Optional Purchase of All Receivables	36
	 	 	 
	ARTICLE X MISCELLANEOUS	37
	Section 10.01	Amendment	37
	Section 10.02	Protection of Title to Trust	38
	Section 10.03	Notices	40
	Section 10.04	Assignment by the Depositor or the Servicer	40
	Section 10.05	Limitations on Rights of Others	41
	Section 10.06	Severability	41
	Section 10.07	Separate Counterparts	41
	Section 10.08	Headings	41
	Section 10.09	Governing Law	41
	Section 10.10	Assignment by Issuing Entity	41
	Section 10.11	Nonpetition Covenants	41


 




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	Section 10.12	Limitation of Liability of Owner Trustee and Indenture Trustee	42
	Section 10.13	Regulation AB	43
	Section 10.14	Notices to the Rating Agencies	43


 


	SCHEDULE A	Schedule of Receivables
	SCHEDULE B	Location of Receivable Files
	EXHIBIT A	Form of Distribution Statement to Noteholders
	EXHIBIT B	Form of Servicer’s Certificate
	EXHIBIT C	Form of SSA Assignment
	APPENDIX A	Definitions and Rules of Construction
	APPENDIX B	Additional Representations and Warranties


 




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SALE AND SERVICING AGREEMENT


 


This SALE AND SERVICING
AGREEMENT is dated as of August 2, 2017, among WORLD OMNI AUTO RECEIVABLES TRUST 2017-B, a Delaware statutory trust (the “Issuing
Entity”), WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company (the “Depositor”),
as depositor, and WORLD OMNI FINANCIAL CORP., a Florida corporation (“World Omni” or the “Servicer”).


 


WHEREAS, World Omni
has sold the Receivables to the Depositor pursuant to the Receivables Purchase Agreement;


 


WHEREAS, World Omni
Auto Receivables LLC, as depositor, desires to sell the Receivables to the Issuing Entity and the Issuing Entity desires to purchase
such receivables; and


 


WHEREAS, the Servicer
is willing to service, to make representations and warranties and to make certain repurchase representations with respect to such
Receivables;


 


NOW, THEREFORE, in consideration
of the premises and the mutual covenants herein contained, the parties hereto agree as follows:


 


ARTICLE I


DEFINITIONS


 


Section 1.01         Definitions.
Certain capitalized terms used in the above recitals and in this Agreement are defined in and shall have the respective meanings
assigned them in Part I of Appendix A to this Agreement. All references herein to “the Agreement”
or “this Agreement” are to this Sale and Servicing Agreement 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, and
all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless
otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this
Agreement.


 


ARTICLE II


CONVEYANCE OF RECEIVABLES


 


Section 2.01         Conveyance
of Receivables. In consideration of the Issuing Entity’s delivery to or upon the order of the Depositor of the Notes
and the Certificates, on the Closing Date the Depositor does hereby sell, transfer, assign, set over and otherwise convey to the
Issuing Entity, without recourse (subject to the obligations of the Depositor set forth herein), pursuant to an assignment in
the form attached hereto as Exhibit C (the “SSA Assignment”) all right, title and interest of the Depositor,
whether now or hereafter acquired, and wherever located, in and to the following:


 




     


     


    

 


(a)          the
Receivables identified in the Schedule of Receivables to the SSA Assignment delivered to the Issuing Entity (all of which are
identified in World Omni’s computer files by a code indicating the Receivables are owned by the Trust 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 Depositor 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
such Financed Vehicles or Obligors;


 


(d)          any
Financed Vehicle that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer
or the Trust;


 


(e)          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;


 


(g)          all
“accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as
such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing;
and


 


(h)          the
proceeds of any and all of the foregoing; provided, however, that the foregoing items (a) through (h)
shall not include the Notes and Certificates.


 


Section 2.02         Intention
of Parties. It is the intention of the Depositor and the Issuing Entity that the assignment and transfer contemplated herein
constitute (and shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of
the Receivables and the other property of the Depositor specified in Section 2.01 hereof, conveying good title thereto
free and clear of any liens and encumbrances, from the Depositor to the Issuing Entity. However, in the event that such conveyance
is deemed to be a pledge to secure a loan (in spite of the express intent of the parties hereto that this conveyance constitutes,
and shall be construed and treated for all purposes, other than for tax purposes, as a true and complete sale), the Depositor
hereby grants to the Issuing Entity, for the benefit of the Noteholders, a first priority perfected security interest in all of
the Depositor’s right, title and interest in, to and under the Receivables and the other property of the Depositor specified
in Section 2.01 hereof whether now existing or hereafter created and all proceeds of the foregoing to secure the loan deemed
to be made in connection with such pledge and, in such event, this Agreement shall constitute a security agreement under applicable
law.


 




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ARTICLE III


THE RECEIVABLES


 


Section 3.01        Representations
and Warranties of World Omni with Respect to each Receivable and the Pool of Receivables.


 


(a)          Representations
and Warranties With Respect to each Receivable. On the Closing Date, World Omni, which sold the Receivables specified in the
SSA Assignment on such date, hereby represents and warrants to the other parties hereto, with respect to such Receivables as of
the Cutoff Date:


 


(i)          Characteristics
of Receivables. Each Receivable (1) (A) was originated in the United States of America by a Dealer for the retail sale of
a Financed Vehicle in the ordinary course of such Dealer’s business, was fully and properly executed or electronically authenticated
by the parties thereto, and was purchased by World Omni from such Dealer under an existing dealer agreement, (B) was originated
by World Omni, or (C) was originated by an independent third party and acquired by World Omni, (2) contains customary and enforceable
provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the
benefits of the security, and (3) provides for level monthly payments (provided, that the payment in the first or last
month in the life of the Receivable may vary from the level monthly payments and that certain of the Receivables did not require
a payment to be made for up to six months from the date of execution of the contract) that fully amortize the Amount Financed
by maturity and yield interest at the Annual Percentage Rate.


 


(ii)         Compliance
with Law. To the best of World Omni’s knowledge, each Receivable and the sale of the Financed Vehicle complied at the
time it was originated or made and, at the execution of this Agreement, complies in all material respects with all requirements
of applicable federal, state and local laws and regulations thereunder, including usury laws, the federal Truth-in-Lending Act,
the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade Commission
Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’s Regulations B and Z, and State adaptations
of the National Consumer Act and of the Uniform Consumer Credit Code, and other consumer credit laws and equal credit opportunity
and disclosure laws.


 


(iii)        Binding
Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation in writing of the Obligor,
enforceable by the holder thereof in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’
rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit
at law or in equity).


 




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(iv)        No
Government Obligor. No Receivable is due from the United States of America or any State or from any agency, department or
instrumentality of the United States of America or any State.


 


(v)         Security
Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured
by a validly perfected first priority security interest in the related Financed Vehicle in favor of World Omni as secured party
or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security
interest in the Financed Vehicle in favor of the Depositor as secured party and is assignable by World Omni to the Depositor,
by the Depositor to the Issuing Entity and by the Issuing Entity to the Indenture Trustee.


 


(vi)        Receivables
in Force. No Receivable has been satisfied, subordinated or rescinded, nor has any Financed Vehicle been released from the
Lien granted by the related Receivable in whole or in part.


 


(vii)       No
Amendments. The Servicer’s computer system does not reflect that any Receivable has been amended such that the amount
of the Obligor’s scheduled payments has been increased.


 


(viii)      No
Waiver. No provision of a Receivable has been waived, other than a discretionary waiver of a late payment charge or any other
fees that may be collected in the ordinary course of servicing a Receivable or in connection with any extension which is reflected
in the Servicer’s computer system.


 


(ix)         No
Defenses. The Servicer’s computer system does not reflect that any right of rescission, setoff, counterclaim or defense
has been asserted or threatened with respect to any Receivable.


 


(x)          No
Liens. The Servicer’s computer system does not reflect that any liens or claims have been filed for work, labor or materials
relating to a Financed Vehicle that are liens prior or equal to the security interest in the Financed Vehicle granted by any Receivable.


 


(xi)         No
Default. No Receivable has a Scheduled Payment for which more than $40 is more than 30 days overdue as of the Cutoff Date,
and, except as permitted in this paragraph, the Servicer’s computer system does not reflect that any default, breach, violation
or event permitting acceleration under the terms of any Receivable has occurred nor that a continuing condition that with notice
or the lapse of time would constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable
has arisen; and World Omni has not waived and, except as permitted hereby, shall not waive any of the foregoing.


 


(xii)        Insurance.
Under the terms of each Receivable, the related Obligor is required to maintain physical damage insurance covering the Financed
Vehicle and to have World Omni named as the loss payee.


 




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(xiii)       Title.
No Receivable has been sold, transferred, assigned or pledged (x) by World Omni to any Person other than the Depositor or (y)
by the Depositor to any Person other than the Issuing Entity.


 


(xiv)      Lawful
Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer
and assignment of such Receivable under this Agreement or the Indenture is unlawful, void or voidable.


 


(xv)       One
Authoritative Copy or Original. There is only one “authoritative copy” of any Receivable constituting “electronic
chattel paper” as defined in the UCC. There is only one executed original of any Receivable constituting “tangible
chattel paper” as defined in the UCC.


 


(xvi)      Maturity
of Receivables. Each Receivable has a final maturity date not later than October 28, 2023.


 


(xvii)     Scheduled
Payments. As of the Cutoff Date, each Receivable had a first scheduled due date on or prior to the end of the third month
immediately following the Cutoff Date.


 


(xviii)    Outstanding
Principal Balance. Each Receivable has an outstanding principal balance of at least $500.


 


(xix)       No
Bankruptcies. No Obligor on any Receivable was noted in the Servicer’s computer system as having filed for bankruptcy.


 


(xx)        No
Repossessions. No Receivable was secured by a Financed Vehicle that had been repossessed without reinstatement of the related
contract.


 


(xxi)       Chattel
Paper. Each Receivable constitutes “electronic chattel paper” or “tangible chattel paper” as defined
in the UCC.


 


(xxii)      Prepayment.
Each Receivable provides that a prepayment by the related Obligor will fully pay the principal balance and accrued interest through
the date of prepayment based on such Receivable’s Annual Percentage Rate.


 


(b)          Representations
and Warranties With Respect to the Pool of Receivables. On the Closing Date, World Omni, which sold the Receivables specified
in the SSA Assignment on such date, hereby makes the representations and warranties set forth in Appendix B hereto, and
hereby represents and warrants to the other parties hereto, with respect to such pool of Receivables as of the Cutoff Date:


 


(i)          Schedule
of Receivables. The information set forth in the Schedule of Receivables is true and correct in all material respects as of
the close of business on the Cutoff Date, and no selection procedures believed by World Omni to be adverse to the Noteholders
were utilized in selecting the Receivables. The computer tape or other listing regarding the Receivables made available to the
Issuing Entity and its assigns (which computer tape or other listing is required to be delivered as specified herein) is true
and correct in all material respects.


 




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(ii)         Title.
Immediately prior to the transfer and assignment contemplated in the Receivables Purchase Agreement, World Omni had good and marketable
title to the Receivables free and clear of all Liens, encumbrances, security interests and rights of others and, immediately upon
the transfer thereof, the Depositor shall have good and marketable title to the Receivables, free and clear of all Liens, encumbrances,
security interests and rights of others; and the transfer has been perfected under the UCC (to the extent a security interest
in such property may be perfected by filing under the applicable UCC) except, in each case, for liens and encumbrances that will
be released concurrent with the transfer of Receivables pursuant to the Receivables Purchase Agreement. Immediately prior to the
transfer and assignment herein contemplated, the Depositor had good and marketable title to the property conveyed to the Issuing
Entity pursuant to Section 2.01 or 2.03 of this Agreement, as applicable, free and clear of all Liens, encumbrances, security
interests and rights of others and, immediately upon the transfer thereof, the Issuing Entity shall have good and marketable title
to the Receivables, free and clear of all Liens, encumbrances, security interests and rights of others; and the transfer has been
perfected under the UCC (to the extent a security interest in such property may be perfected by filing under the applicable UCC).


 


(iii)        All
Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Issuing Entity a first perfected
ownership interest in the Receivables, and to give the Indenture Trustee a first perfected security interest therein, shall have
been made.


 


(iv)        Location
of Receivable Files. The Receivable Files are, and will be, kept at the locations listed in Schedule B or at such other
office or location as shall be specified to the Issuing Entity and the Indenture Trustee by written notice prior to any change
in location together with the Opinion of Counsel required by Section 10.02(j).


 


(v)         Computer
Records. World Omni and the Depositor will cause their accounting and computer records to be marked to indicate the sale and
assignment of the Receivables from World Omni to the Depositor and from the Depositor to the Trust.


 


(vi)        Computer
Code. Each of the Receivables is identified on World Omni’s computer files by a code indicating the Receivables are
owned by the Trust and pledged to the Indenture Trustee. The Receivables are the only Contracts listed on the Schedule of Receivables,
are the only Contracts identified on World Omni’s computer files by such code, and are not identified on World Omni’s
computer files by any other code.


 




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Section 3.02        Repurchase
upon Breach; Dispute Resolution.


 


(a)          Investigation
of Breach. If World Omni (i) has knowledge of a breach of a representation or warranty made in Section 3.01(a), (ii)
receives notice from the Depositor, the Issuing Entity, the Owner Trustee or the Indenture Trustee of a breach of a representation
or warranty made in Section 3.01(a), (iii) receives a Repurchase Request from the Owner Trustee or the Indenture Trustee
for a Receivable or (iv) receives a Review Report that indicates a Test Fail for a Receivable, then, in each case, World Omni
will investigate the Receivable to confirm the breach and determine if the breach has a material adverse effect on the Receivable.
None of the Servicer, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer or the
Administrator will have an obligation to investigate whether a breach of any representation or warranty has occurred or whether
any Receivable is required to be repurchased under Section 3.02(b). The Depositor, the Servicer or the Trust, as the case
may be, shall inform the other parties to this Agreement and the Indenture Trustee promptly, in writing, upon the discovery of
any breach of World Omni’s representations and warranties made pursuant to Section 3.01(a).


 


(b)          Repurchase.
Unless any such breach shall have been cured by the last day of the second Collection Period following the discovery thereof or
receipt of notice thereof by World Omni as described in Section 3.02(a), World Omni shall be obligated to repurchase any
Receivable materially and adversely affected by any such breach as of such last day (or, at World Omni’s option, the last
day of the first Collection Period following the discovery) and World Omni shall deliver a revised Schedule of Receivables to
the Depositor and the Trust which shall reflect the repurchase of such Receivables). In consideration of the repurchase of any
such Receivable, World Omni shall remit the Purchase Amount, in the manner specified in Section 5.05. Upon such repurchase,
the Issuing Entity will, without further action, be deemed to have sold and assigned to World Omni all of the Issuing Entity’s
right, title and interest in the Receivable repurchased by World Omni under this Section 3.02(b) and all security and documents
relating to the Receivable. The sale will not require any action by the Issuing Entity and will be without recourse, representation
or warranty by the Issuing Entity except the representation that the Issuing Entity owns the Receivable free and clear of any
Lien, other than a Lien pursuant to the Basic Documents. On the sale, the Servicer will mark its receivables systems to indicate
that the receivable is no longer a Receivable and may take any action necessary or advisable to evidence the sale of the receivable,
free from any Lien of the Issuing Entity or the Indenture Trustee. Subject to the provisions of Section 6.03, the sole
remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect
to a breach of representations and warranties pursuant to Section 3.01(a) and the agreement contained in this Section shall
be to require World Omni to repurchase Receivables pursuant to this Section, subject to the conditions contained herein.


 




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(c)          Dispute
Resolution.


 


(i)          Referral
to Dispute Resolution. If the Issuing Entity, the Owner Trustee, the Indenture Trustee, a Noteholder or a Note Owner (the
“Requesting Party”) requests that World Omni repurchase a Receivable due to an alleged breach of a representation
and warranty in Section 3.01(a) (which repurchase request shall provide sufficient detail so as to allow World Omni to
reasonably investigate the alleged breach of the representations and warranties in Section 3.01(a); provided that with
respect to a repurchase request from a Noteholder or a Note Owner, such repurchase request shall initially be provided to the
Indenture Trustee) (each, a “Repurchase Request”), and the Repurchase Request has not been resolved, the alleged
breach has not otherwise been cured or the related Receivable has not otherwise been repurchased, paid-off or otherwise satisfied,
within 180 days of the receipt of notice of the Repurchase Request by World Omni, the Requesting Party may refer the matter, in
its discretion, to either mediation (including non-binding arbitration) or binding third-party arbitration by filing in accordance
with ADR Rules and providing a notice to World Omni. The Requesting Party must start the mediation (including non-binding arbitration)
or arbitration proceeding according to the ADR Rules of the ADR Organization within 90 days after the end of the 180-day period.
World Omni agrees to participate in the dispute resolution method selected by the Requesting Party. However, if the Receivable
subject to a Repurchase Request was part of a Review and the Review Report states no Test Fails for the Receivable, the Repurchase
Request for the Receivable will be deemed to have been resolved.


 


(ii)         Mediation.
If the Requesting Party selects mediation for dispute resolution:


 


(A)        The
mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with the
procedures for mediation stated in this Section 3.02(c), the procedures in this Section 3.02(c) will control.


 


(B)         A
single mediator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules.
The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.


 


(C)         The
mediation will start within 15 days after the selection of the mediator and conclude within 30 days after the start of the mediation.


 


(D)        
Expenses of the mediation will be allocated among the parties as mutually agreed by them as part of the mediation.


 


(E)          If
the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Repurchase Request to arbitration
under this Section 3.02(c) or may seek adjudication of the Repurchase Request in court.


 


(iii)         Binding
Arbitration. If the Requesting Party selects arbitration for dispute resolution:


 


(A)         The
arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with
the procedures for arbitration stated in this Section 3.02(c), the procedures in this Section 3.02(c) will control.


 




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(B)         A
single arbitrator will be selected by the ADR Organization from a list of neutrals maintained by it according to the ADR Rules.
The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent
and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration.
Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference
of bias or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. The arbitrator
may be removed by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for
conflict.


 


(C)         The
arbitrator will have the authority to schedule, hear and determine any motions, including dispositive and discovery motions, according
to New York law, and will do so at the motion of any party. Discovery will be completed within 30 days of selection of the arbitrator
and will be limited for each party to two witness depositions not to exceed five hours, two interrogatories, one document request
and one request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional
discovery is reasonable and necessary. Briefs will be limited to no more than ten pages each, and will be limited to initial statements
of the case, motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than 60 days after selection
of the arbitrator and will proceed for no more than six consecutive Business Days with equal time allocated to each party for
the presentation of evidence and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing
of good cause or due to unavoidable delays.


 


(D)         The
arbitrator will make its final determination no later than 90 days after its selection. The arbitrator will resolve the dispute
according to the terms of this Agreement and the other Basic Documents, and may not modify or change this Agreement or the other
Basic Documents in any way or award remedies not consistent with the Basic Documents. The arbitrator will not have the power to
award punitive damages or consequential damages in any arbitration conducted by it. In its final determination, the arbitrator
will determine and award the expenses of the arbitration (including filing fees, the fees of the arbitrator, expense of any record
or transcript of the arbitration and administrative fees) to the parties in its reasonable discretion. The determination of the
arbitrator will be in writing and counterpart copies will be promptly delivered to the parties. The determination will be final
and non-appealable, except for actions to confirm or vacate the determination permitted under federal or State law, and may be
entered and enforced in any court of competent jurisdiction over the parties and the matter.


 




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(E)         By
selecting binding arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by
jury.


 


(F)         The
Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights is
found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.


 


(iv)        Additional
Conditions. For each mediation or arbitration:


 


(A)        Any
mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location
selected by World Omni. Any party or witness may participate by teleconference or video conference.


 


(B)         World
Omni and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary
restraining order, preliminary injunction or attachment order, if such relief is available by law.


 


(C)         Under
no circumstances will the Owner Trustee or the Indenture Trustee, respectively, in its individual capacity be liable for any costs,
expenses or liabilities that could be allocated to the Requesting Party in any mediation or arbitration.


 


(v)         World
Omni will not be required to produce personally identifiable customer information for purposes of any mediation or arbitration.
The existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration proceedings,
the nature and amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding
will be confidential, privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding.
The parties will keep this information confidential and will not disclose or discuss it with any third party (other than a party’s
attorneys, experts, accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding
under this Section 3.02(c)), except as required by law, regulatory requirement or court order. If a party to a mediation
or arbitration proceeding receives a subpoena or other request for information from a third party (other than a governmental regulatory
body) for confidential information of the other party to the mediation or arbitration proceeding, the recipient will promptly
notify the other party and will provide the other party with the opportunity to object to the production of its confidential information.


 


Section 3.03         Custody
of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuing
Entity hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of the
Issuing Entity and the Indenture Trustee as custodian of the following documents or instruments which are hereby or will hereby
be constructively delivered to the Indenture Trustee, as pledgee of the Issuing Entity, as of the Closing Date with respect to
each Receivable:


 




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(a)          in
the case of each Receivable constituting “tangible chattel paper”, the fully executed original Contract of such Receivable
or, in the case of each Receivable constituting “electronic chattel paper”, the “authoritative copy” (as
such term is used in Section 9-105 of the UCC) of the electronic Contract of such Receivable;


 


(b)          the
credit application fully executed by the Obligor or such other information as the Servicer may keep on file in accordance with
its customary servicing procedures;


 


(c)          the
original certificate of title or such documents that the Servicer or the Depositor shall keep on file, in accordance with its
customary procedures, evidencing the security interest of World Omni in the Financed Vehicle; and


 


(d)          any
and all other documents that the Servicer or the Depositor shall keep on file, in accordance with its customary procedures, relating
to a Receivable, an Obligor or a Financed Vehicle;


 


provided, that
the Servicer may appoint one or more agents to act as subcustodians of certain items in the Receivables Files so long as the Servicer
remains primarily responsible for their safekeeping, provided, further, that the Servicer shall not transmit or
transfer the authoritative copy of a Receivable that is in the form of electronic chattel paper to another person.


 


Section 3.04        Duties
of Servicer as Custodian.


 


(a)          Safekeeping.
The Servicer shall hold the Receivable Files as custodian for the benefit of the Issuing Entity and maintain such accurate and
complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuing Entity to comply
with this Agreement. In performing its duties as custodian the Servicer shall act with reasonable care, using that degree of skill
and attention that the Servicer exercises with respect to the receivable files relating to all comparable automotive receivables
that the Servicer services for itself. The Servicer covenants and agrees that it shall hold the Receivable Files in such a manner
as to prevent any other Person from obtaining “control” of any “electronic chattel paper” included therein
(as such terms are used in section 9-105 of the UCC). The Servicer shall promptly report to the Issuing Entity and the Indenture
Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein
provided and shall promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial
review or any periodic review by the Issuing Entity or the Indenture Trustee of the Receivable Files.


 


(b)          Maintenance
of and Access to Records. The Servicer shall maintain each Receivable File at one of its offices, or at such other location,
in each case as specified in Schedule B or at such other office or location of the Servicer or a third party agent retained
by the Servicer as shall be specified to the Issuing Entity and the Indenture Trustee by written notice prior to any change in
location together with the Opinion of Counsel required by Section 10.02(j).


 




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The Servicer shall provide
to the Indenture Trustee and, following the receipt of a Review Notice, the Asset Representation Reviewer, access to any and all
documentation regarding the Receivables in such cases where the Indenture Trustee is required in connection with the enforcement
of the rights of the Noteholders, or by applicable statutes or regulations to review such documentation or the Asset Representations
Reviewer is obligated to conduct a Review, as applicable, such access being afforded without charge but only (a) upon reasonable
request, (b) during normal business hours, (c) subject to the Servicer’s normal security and confidentiality procedures
and (d) at offices designated by the Servicer. Nothing in this Section 3.04(b) shall derogate from the obligation of the
Servicer, the Indenture Trustee or the Asset Representation Reviewer to observe any applicable law prohibiting disclosure of information
regarding the Obligors and the failure of the Servicer to provide access as provided in this Section 3.04(b) as a result
of such obligation shall not constitute a breach of this Section 3.04(b).


 


(c)          Release
of Documents. Upon instruction from the Indenture Trustee, the Servicer shall release any Receivable File to the Indenture
Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may be, at such place or places
as the Indenture Trustee may designate, as soon as practicable.


 


Section 3.05        Instructions;
Authority To Act. The Servicer shall be deemed to have received proper instructions with respect to the Receivable Files upon
its receipt of written instructions signed by a Trust Officer of the Indenture Trustee.


 


Section 3.06        Custodian’s
Indemnification. The Servicer as custodian shall indemnify the Trust, the Owner Trustee, and the Indenture Trustee and each
of their respective officers, directors, employees and agents for any and all liabilities, obligations, losses, compensatory damages,
payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against the Trust, the Owner
Trustee, or the Indenture Trustee or any of their respective officers, directors, employees and agents as the result of any improper
act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable Files, including,
but not limited to, the cost of defending any claim or bringing any claim to enforce such indemnification or other obligations
of the Servicer; provided, however, that the Servicer shall not be liable to the Owner Trustee for any portion of
any such amount resulting from the willful misfeasance, bad faith or negligence of the Owner Trustee, and the Servicer shall not
be liable to the Indenture Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence
of the Indenture Trustee.


 




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Section 3.07         Effective
Period and Termination. The Servicer’s appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section. If World Omni shall resign as Servicer in accordance
with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall have been terminated under
Section 8.01, the appointment of such Servicer as custodian may be terminated by the Indenture Trustee or by the Holders
of the Controlling Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities or, with the
consent of Holders of the Controlling Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities,
by the Owner Trustee, in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations of
the Servicer under Section 8.01. As soon as practicable after any termination of such appointment, the Servicer shall deliver
the Receivable Files to the Indenture Trustee or the Indenture Trustee’s agent at such place or places as the Indenture
Trustee may reasonably designate; provided, however, that with respect to “authoritative copies” of the Receivables
constituting “electronic chattel paper,” (a) if the Servicer’s appointment as custodian has been terminated
in connection with the resignation or termination of the Servicer as servicer, the custodian shall transfer such “authoritative
copies” to the successor Servicer or (b) otherwise, unless otherwise instructed by the Indenture Trustee, such “authoritative
copies” shall be transferred to the Indenture Trustee or the Indenture Trustee’s designee. In each case, if necessary,
an authorized representative of World Omni shall use commercially reasonable efforts to convert an authoritative copy into tangible
form by permanently removing such electronic authoritative copy from World Omni’s electronic vaulting system and causing
a contract in tangible form to be printed as the tangible authoritative copy that constitutes original tangible chattel paper
for purposes of the UCC, and shall deliver such tangible authoritative copy to the successor Servicer or to the Indenture Trustee
or the Indenture Trustee’s designee at the place or places as the Indenture Trustee may reasonably designate.


 


ARTICLE IV


ADMINISTRATION AND
SERVICING OF RECEIVABLES


 


Section 4.01         Duties
of Servicer. The Servicer, for the benefit of the Issuing Entity (to the extent provided herein), shall manage, service, administer
and receive collections on the Receivables (other than Purchased Receivables) with reasonable care, using that degree of skill
and attention that the Servicer exercises with respect to all comparable automotive receivables that it services for itself or
others. The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of Obligors
on such Receivables, investigating delinquencies, sending invoices to Obligors, reporting tax information to Obligors, accounting
for collections, paying the fee of the Administrator out of its own funds pursuant to Section 1.03 of the Administration
Agreement and furnishing a Servicer’s Certificate to the Indenture Trustee. Subject to the provisions of Section 4.02,
the Servicer shall follow its customary standards, policies and procedures in performing its duties as Servicer. Without limiting
the generality of the foregoing, the Servicer is authorized and empowered to execute and deliver, on behalf of itself, the Issuing
Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders or any of them, any and all instruments
of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to
such Receivables or to the Financed Vehicles securing such Receivables. If the Servicer shall commence a legal proceeding to enforce
a Receivable, the Issuing Entity (in the case of a Receivable other than a Purchased Receivable) shall thereupon be deemed to
have automatically assigned, solely for the purpose of collection, such Receivable to the Servicer. If in any enforcement suit
or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a real
party in interest or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the Servicer’s expense and
direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Owner Trustee, the Indenture
Trustee, the Certificateholders or the Noteholders. The Owner Trustee shall upon the written request of the Servicer furnish the
Servicer with any powers of attorney and other documents, in forms provided to it, reasonably necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties hereunder.


 




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Section 4.02         Collection
and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures
as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer shall
allocate collections as set forth in Section 5.03. The Servicer may grant extensions (although not more than six for the
life of any Receivable (excluding the Servicer’s Payment Extension Program)), rebates or adjustments on a Receivable, which
shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with
a limited number of accommodations for Obligors of occasional requests in accordance with the Servicer’s customary servicing
procedures) or change the method under which scheduled payments of interest are computed on such Receivable (other than with respect
to the Servicer’s Payment Extension Program); provided, however, that if the Servicer extends the date for
final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable
from the Issuing Entity in accordance with the terms of Section 4.07. The Servicer shall not retain any fees in connection
with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of
receipt (including receipt of proper instructions regarding where to allocate such payment). The Servicer may in its discretion
waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer
shall not agree to any alteration of the interest rate or the originally scheduled payments on any Receivable, other than as provided
herein or as required by law.


 


Section 4.03         Realization
upon Receivables. On behalf of the Issuing Entity, the Servicer shall use commercially reasonable efforts, consistent with
its customary servicing procedures, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable
as to which the Servicer shall have determined eventual payment in full is unlikely. The Servicer shall follow such customary
and usual practices and procedures as it shall deem necessary or advisable in its servicing of automotive receivables, which may
include selling the Financed Vehicle at public or private sale. The Servicer is hereby authorized to exercise its discretion,
consistent with its customary servicing procedures and the terms of this Agreement, in servicing Defaulted Receivables so as to
maximize the realization of those Defaulted Receivables, including the discretion to choose to sell or not to sell any of the
Defaulted Receivables. The Servicer shall not be liable for any such exercise of its discretion made in good faith.


 


Section 4.04         Physical
Damage Insurance. To the extent applicable, the Servicer shall not take any action that would result in noncoverage under
such physical damage insurance policy which, but for the actions of the Servicer, would have been covered thereunder. Any amounts
collected by the Servicer under any physical damage insurance policy shall be deposited in the Collection Account pursuant to
Section 5.02. The parties hereto acknowledge that the Servicer shall not force place any insurance coverage.


 




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Section 4.05         Maintenance
of Security Interests in Financed Vehicles. The Servicer shall, in accordance with its customary servicing procedures, take
such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed
Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf
of the Issuing Entity and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason.


 


Section 4.06         Covenants
of Servicer. The Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted
by such Receivable in whole or in part except in the event of (i) payment by the Obligor (a) in full or (b) in part with a remaining
total payment shortage amount which, according to the Servicer’s customary procedures, does not exceed the amount of total
payment shortage that would permit the Servicer to release the related Financed Vehicle from the security interest or (ii) repossession,
nor shall the Servicer impair the rights of the Issuing Entity, the Indenture Trustee, the Certificateholders or the Noteholders
in such Receivable.


 


Section 4.07         Purchase
of Receivables upon Breach. The Servicer or the Trust shall inform the other party and the Indenture Trustee and the Depositor
promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01.
Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice
(or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any
Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule
of Receivables to the Depositor and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the
purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner
specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuing Entity, the Owner Trustee, the
Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05,
4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. None of the Servicer,
the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer, the Seller, the Depositor or
the Administrator will have an obligation to investigate whether a breach or other event has occurred that would require the purchase
of any Receivable under this Section 4.07 or whether any Receivables is required to be purchased under this Section
4.07.


 


Section 4.08         Servicing
Fee. The Servicing Fee for a Payment Date shall equal the product of (a) one-twelfth, (b) the Servicing Fee Rate and (c) the
aggregate Principal Balance of the Receivables as of the first day of the related Collection Period; provided, however,
that the Servicing Fee on the initial Payment Date shall be prorated to compensate for the length of the initial Collection Period
being longer than one month and will be equal to $1,096,275.79. The Servicer shall also be entitled to all Supplemental Servicing
Fees collected (from whatever source) on the Receivables, the amount of any Servicing Fee due but not distributed to the Servicer
on a prior Payment Date (including any amounts previously deferred by the Servicer as provided in this Section 4.08)
plus any reimbursement pursuant to the last paragraph of Section 7.02. The Servicer may, as long as it believes that sufficient
collections will be available from interest collections on one or more future Payment Dates to pay the Servicing Fee, by notice
to the Indenture Trustee on or before a Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the
related Collection Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related
Collection Period will be deemed to equal zero.


 




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Section 4.09        Servicer’s
Certificate. On or prior to the close of business on each Payment Determination Date, the Servicer shall deliver a Servicer’s
Certificate pursuant to Section 5.08. Receivables to be purchased by the Servicer or to be repurchased by World Omni or
the Depositor shall be identified by the Servicer by account number with respect to such Receivable (as specified in the Schedule
of Receivables).


 


Section 4.10        Annual
Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of Default.


 


(a)          To
the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors, if any,
to deliver) to the Owner Trustee and the Indenture Trustee on or before the date that is 90 days after the end of each calendar
year, commencing with the calendar year ended December 31, 2017, an Officer’s Certificate as required under Item 1123 of
Regulation AB, dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Servicer during
the preceding calendar year (or such shorter period as shall have elapsed since the Closing Date) and of its performance under
this Agreement has been made under such officer’s supervision and (ii) to the best of such officer’s knowledge, based
on such review, the Servicer has fulfilled all its obligations under this Agreement in all material respects throughout such reporting
period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known
to such officer and the nature and status thereof. The Servicer shall send a copy of such certificate and the report referred
to in Section 4.11 to the Rating Agencies. A copy of such certificate and the report referred to in Section 4.11
may be obtained by any Certificateholder or Noteholder by a request in writing to the Indenture Trustee addressed to the Corporate
Trust Office. Upon the request of the Owner Trustee, the Indenture Trustee will promptly furnish the Owner Trustee a list of Noteholders
as of the date specified by the Owner Trustee.


 


(b)          The
Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the end of
each calendar year, commencing with the calendar year ended December 31, 2017, a report, dated as of December 31 (or other applicable
date) of the preceding year, regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately
preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as described
in Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Deliveries pursuant to this Section 4.10(b)
may be delivered by electronic mail.


 


(c)          The
Servicer shall deliver to the Owner Trustee, the Indenture Trustee and the Rating Agencies, promptly after having obtained knowledge
thereof, but in no event later than five (5) Business Days thereafter, unless such default shall have been cured prior to such
date, written notice in an Officer’s Certificate of any event which with the giving of notice or lapse of time, or both,
would become a Servicer Default under Section 8.01(a) or (b).


 




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Section 4.11         Annual
Independent Certified Public Accountants’ Report. The Servicer shall cause a firm of independent certified public accountants,
who may also render other services to the Servicer or to its Affiliates, to deliver to the Servicer (who shall promptly provide
the assessment described in this Section 4.11(a) to the Rating Agencies), the Indenture Trustee and the Owner Trustee and,
on or before the date that is 90 days after the end of the Servicer’s fiscal year, commencing with the fiscal year ended
December 31, 2017, a report, dated as of December 31 of the preceding fiscal year, addressed to the board of directors of the
Servicer, providing its assessment of compliance with the Servicing Criteria during the preceding fiscal year, including disclosure
of any material instance of non-compliance, as described in Rule 13a-18 or Rule 15d-18 under the Exchange Act and Item 1122(b)
of Regulation AB. Such attestation shall be in accordance with Rule 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities
Act and the Exchange Act. Deliveries pursuant to this Section 4.11(a) may be delivered by electronic mail.


 


Section 4.12         Access
to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to the Certificateholders and Noteholders
access to the Receivable Files in such cases where the Certificateholders or Noteholders shall be required by applicable statutes
or regulations to review such documentation. Access shall be afforded without charge, but only upon reasonable request and during
the normal business hours at the offices of the Servicer. Nothing in this Section shall affect the obligation of the Servicer
to observe any applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer to
provide access to information as a result of such obligation shall not constitute a breach of this Section.


 


Section 4.13         Servicer
Expenses. The Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including
fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions
and reports to Certificateholders and Noteholders.


 


Section 4.14         Appointment
of Subservicer. The Servicer may at any time appoint a subservicer to perform all or any portion of its obligations as Servicer
hereunder; provided, however, that the Servicer shall remain obligated and be liable to the Issuing Entity,
the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders for the servicing and administering of the
Receivables in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment
of such subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and
administering the Receivables. The fees and expenses of the subservicer shall be as agreed between the Servicer and its subservicer
from time to time, and none of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders
shall have any responsibility therefor. The Servicer shall give the Indenture Trustee written notice of any subservicer appointed
hereunder,


 


Section 4.15         Communications
Between Noteholders. The Servicer will comply with its obligations under Section 7.02(e) of the Indenture to include in the
Form 10-D filed by the Issuing Entity with the Commission for the Collection Period the information described in such Section.
The Servicer will bear any costs associated with including any such communication in such Form 10-D.


 




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Section 4.16        Exchange
Act Certifications. To the extent permitted by Exchange Act Rules, the Servicer shall prepare, execute, file and deliver on
behalf of the Issuing Entity any certification or other instrument as required by Exchange Act Rules 13a-14 and 15d-14.


 


ARTICLE V


TRUST ACCOUNTS;
DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS


 


Section 5.01        Establishment
of Trust Accounts.


 


(a)          (i)
The Servicer, for the benefit of the Noteholders and the Certificateholders, shall cause to be established and maintained with
and in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.


 


(ii)         The
Servicer, for the benefit of the Noteholders, shall cause to be established and maintained with and in the name of the Indenture
Trustee an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Noteholders.


 


(iii)        The
Servicer, for the benefit of the Noteholders and the Certificateholders, shall cause to be established and maintained with and
in the name of the Indenture Trustee an Eligible Deposit Account (the “Reserve Account”), bearing a designation
clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.


 


(b)          Funds
on deposit in the Collection Account, the Note Distribution Account and the Reserve Account (collectively the “Trust
Accounts”) shall be invested by the Indenture Trustee in Eligible Investments selected by the Servicer. In absence of
written direction from the Servicer, such funds shall be invested in Eligible Investments specified in clause (i) of the
definition thereof. All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Noteholders and
the Certificateholders, as applicable; provided, that on each Payment Determination Date all interest and other
Investment Earnings on funds on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed
to constitute a portion of Available Funds for the related Payment Date. Other than as permitted by the Rating Agencies, funds
on deposit in the Collection Account, the Reserve Account and the Note Distribution Account shall be invested in Eligible Investments
that will mature (A) not later than the Business Day immediately preceding the next Payment Date or (B) on or before 10:00 a.m.
on such next Payment Date if such investment is held in the corporate trust department of the institution with which the Collection
Account, the Reserve Account and the Note Distribution Account, as applicable, is then maintained and is invested either (i) in
a time deposit of the Indenture Trustee rated at least A-1 by S&P Global Ratings and F1 by Fitch (such account being maintained
within the corporate trust department of the Indenture Trustee), (ii) in the Indenture Trustee’s common trust fund so long
as such fund is rated in the highest applicable rating category by S&P Global Ratings and Fitch or (iii) in Eligible Investments
specified in clauses (g) or (i) of the definition thereof; and provided that Eligible Investments shall be available
for redemption and use by the Indenture Trustee on the relevant Payment Date. In no event shall the Indenture Trustee be held
liable for investment losses in Eligible Investments pursuant to this Section 5.01, except in its capacity as obligor thereunder.
Except as otherwise provided hereunder or agreed in writing among the parties hereto, the Servicer shall retain the authority
to institute, participate and join in any plan of reorganization, readjustment, merger or consolidation with respect to the issuer
of any Eligible Investments held hereunder, and, in general, to exercise each and every other power or right with respect to each
such asset or investment as individuals generally have and enjoy with respect to their own assets and investment, including power
to vote upon any securities.


 




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(c)          (i)
The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts
and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be part
of the Trust Estate. The Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit
of the Noteholders and the Certificateholders, as the case may be. If, at any time, any of the Trust Accounts ceases to be an
Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer
period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible
Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. The Indenture Trustee or the other
Person holding the Trust Accounts as provided in this Section 5.01(c)(i) shall be the “Securities Intermediary.”
If the Securities Intermediary shall be a Person other than the Indenture Trustee, the Servicer shall obtain the express agreement
of such Person to the obligations of the Securities Intermediary set forth in this Section 5.01.


 


(ii)         With
respect to the Trust Account Property, the Securities Intermediary agrees, by its acceptance hereof, that:


 


(A)         The
Trust Accounts are accounts to which Financial Assets will be credited.


 


(B)         All
securities or other property underlying any Financial Assets credited to the Trust Accounts shall be registered in the name of
the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained
in the name of the Securities Intermediary and in no case will any Financial Asset credited to any of the Trust Accounts be registered
in the name of the Trust, the Servicer or the Depositor, payable to the order of the Trust, the Servicer or the Depositor or specially
indorsed to the Owner Trustee, the Servicer or the Depositor except to the extent the foregoing have been specially indorsed to
the Securities Intermediary or in blank.


 


(C)         All
property delivered to the Securities Intermediary pursuant to this Agreement will be promptly credited to the appropriate Trust
Account.


 


(D)         Each
item of property (whether investment property, Financial Asset, security, instrument or cash) credited to a Trust Account shall
be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC.


 




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(E)         If
at any time the Securities Intermediary shall receive any order from the Indenture Trustee directing transfer or redemption of
any Financial Asset relating to the Trust Accounts, the Securities Intermediary shall comply with such entitlement order without
further consent by the Trust, the Servicer, the Depositor or any other Person.


 


(F)         The
Trust Accounts shall be governed by the laws of the State of New York, regardless of any provision in any other agreement. For
purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Trust Accounts (as
well as the securities entitlements (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall be governed by the
laws of the State of New York.


 


(G)         The
Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with
any other person relating to the Trust Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to
comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other person and the Securities
Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Trust,
the Depositor, the Servicer or the Indenture Trustee purporting to limit or condition the obligation of the Securities Intermediary
to comply with entitlement orders as set forth in Section 5.01(c)(ii)(E) hereof.


 


(H)         Except
for the claims and interest of the Indenture Trustee and of the Trust in the Trust Accounts, the Securities Intermediary knows
of no claim to, or interest in, the Trust Accounts or in any Financial Asset credited thereto. If any other person asserts any
lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process)
against the Trust Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture
Trustee, the Servicer and the Trust thereof.


 


(I)         The
Securities Intermediary will promptly send copies of all statements, confirmations and other correspondence concerning the Trust
Accounts and/or any Trust Account Property simultaneously to each of the Servicer and the Indenture Trustee.


 


(iii)        The
Servicer shall have the power, revocable by the Indenture Trustee or by the Owner Trustee with the consent of the Indenture Trustee,
to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer
or the Owner Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to carry out its duties
under the Indenture.


 




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Section 5.02         Collections.
The Servicer shall remit to the Collection Account (and post such amounts to its records) within two Business Days of receipt
and identification of payment (including receipt of proper instructions regarding where to allocate such payment) all payments
by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables) and all Recoveries, both as
collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) World Omni remains the Servicer, (ii)
no Servicer Default shall have occurred and be continuing and (iii) the Rating Agency Condition is met, the Servicer shall remit
such collections with respect to the preceding calendar month to the Collection Account on the Payment Determination Date immediately
preceding the related Payment Date. For purposes of this Article V the phrase “payments by or on behalf of Obligors”
shall mean payments made with respect to the Receivables by Persons other than the Servicer or the Depositor.


 


Section 5.03         Application
of Collections. With respect to each Receivable (other than a Purchased Receivable), payments by or on behalf of the Obligor
shall be applied to interest and principal in accordance with the Simple Interest Method.


 


Section 5.04         [Reserved].


 


Section 5.05         Additional
Deposits. The Servicer and the Depositor shall deposit or cause to be deposited in the Collection Account the aggregate Purchase
Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section 9.01.
The Servicer will deposit the aggregate Purchase Amount with respect to Purchased Receivables when such obligations are due. All
such deposits shall be made on the Payment Determination Date for the related Collection Period.


 


Section 5.06         Distributions.


 


(i)          On
or prior to the close of business on each Payment Determination Date, the Servicer shall calculate (A) all amounts required to
be deposited in the Note Distribution Account, and (B) all amounts required to be distributed to the Certificateholders.


 


(ii)         Except
as otherwise provided in clause (iii) below, on each Payment Date, the Servicer shall instruct the Indenture Trustee (based
on the information contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant
to Section 4.09) to make the following deposits and distributions in the following order of priority, in each case, to
the extent of Available Funds, if any, remaining after application thereof pursuant to prior clauses:


 


(A)         to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement and not previously paid by the Servicer, up to a maximum of $150,000 per year;


 


(B)         to
the Note Distribution Account, the Class A Noteholders’ Interest Distributable Amount;


 




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(C)         to
the Note Distribution Account, the Noteholders’ First Priority Principal Distributable Amount;


 


(D)         to
the Note Distribution Account, the Class B Noteholders’ Interest Distributable Amount;


 


(E)         to
the Note Distribution Account, the Noteholders’ Second Priority Principal Distributable Amount;


 


(F)         to
the Reserve Account, the amount necessary to reinstate the balance in the Reserve Account up to the Required Reserve Amount;


 


(G)         to
the Note Distribution Account, an amount equal to the Noteholders’ Principal Distributable Amount minus any amounts allocated
to the Note Distribution Account pursuant to clauses (C) and (E) above;


 


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


 


(I)         to
the Certificateholders, any remaining amounts; provided the Indenture Trustee has not received written instruction from
the Certificateholders of 100% percentage interest in the Certificates to redeposit all or a portion of such Available Funds due
such Certificateholders into the Collection Account.


 


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


 


(iii)        In
the event Notes are declared to be due and payable following the occurrence of an Event of Default under the Indenture, Available
Funds will be distributed in the following order or priority:


 


(A)         to
the Owner Trustee, the Indenture Trustee and the Asset Representations Reviewer, all fees, expenses and indemnities due to each
such party in accordance with the terms of the Basic Documents and not previously paid by the Servicer or the Administrator, as
applicable, on a pro rata basis based on amounts due and payable to each party;


 


(B)         to
the Holders of the Class A Notes, the aggregate accrued and unpaid interest on each Class of the Class A Notes;


 




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(C)         if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under Section 5.01(a)(i)
or (ii) of the Indenture, to the Holders of the Class A-1 Notes, the aggregate Outstanding Amount of such Notes, and
then to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, the aggregate Outstanding Amount
of such Notes;


 


(D)         to
the Holders of the Class B Notes, the accrued and unpaid interest on the Class B Notes;


 


(E)         if
the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture other
than as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, to the Holders
of the Class A-1 Notes, the aggregate Outstanding Amount of such Notes, and then to the Holders of the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes, pro rata, the aggregate Outstanding Amount of such Notes;


 


(F)         to
the Holders of the Class B Notes, the Outstanding Amount of the Class B Notes; and


 


(G)         to
the Certificateholders, any remaining amounts.


 


Section 5.07        Reserve
Account.


 


(a)          On
the Closing Date, the Indenture Trustee will deposit, on behalf of the Depositor, the Reserve Account Initial Deposit into the
Reserve Account.


 


(b)          If
the amount on deposit in the Reserve Account on any Payment Date (after giving effect to all deposits thereto or withdrawals therefrom
on such Payment Date) is greater than the Required Reserve Amount for such Payment Date, the Servicer shall instruct the Indenture
Trustee to withdraw such amount from the Reserve Account and apply it as Available Funds for such Payment Date.


 


(c)          In
the event that the Total Available Funds for a Payment Date are not sufficient to make the full amount of the payments and deposits
required pursuant to Sections 5.06(ii)(A), (B), (C), (D) and (E) on such Payment Date, the
Servicer shall instruct the Indenture Trustee to withdraw from the Reserve Account on such Payment Date an amount equal to such
shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities set forth in Section
5.06(ii). In addition, amounts will be withdrawn from the Reserve Account as provided in Section 8.02(c) and (d)
of the Indenture.


 


(d)          Subject
to Section 9.01, amounts will continue to be applied pursuant to Section 5.06 following payment in full of the Outstanding
Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding Amount
of the Notes and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Noteholders,
any amount remaining on deposit in the Reserve Account shall be distributed to the Certificateholders.


 




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Section 5.08        Statements
to Noteholders and Certificateholders. On or prior to the close of business on each Payment Determination Date, the Servicer
shall provide to the Indenture Trustee (with a copy to the Rating Agencies) for the Indenture Trustee to post on its internet
website pursuant to Section 6.06 of the Indenture, a statement substantially in the form of Exhibit B, setting forth
at least the following information as to the Notes, to the extent applicable:


 


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


 


(b)          the
amount of such distribution allocable to interest allocable to each Class of Notes;


 


(c)          the
Outstanding Amount of each Class of Notes and the Note Pool Factor for each such Class as of the close of business on the last
day of the preceding Collection Period;


 


(d)          the
amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period, the amount of any unpaid Servicing
Fee and the change in such amount from the prior Payment Date;


 


(e)          the
balance of the Reserve Account on such Payment Determination Date before and after giving effect to deposits and withdrawals to
be made on the immediate following Payment Date, if any;


 


(f)       
   the amount, if any, distributed to Noteholders and Certificateholders from amounts on deposit in the Reserve
Account or from other forms of credit enhancement;


 


(g)          the
Pool Balance as of the close of business on the last day of the related Collection Period, before and after giving effect to payments
allocated to principal reported under clause (a) above;


 


(h)          the
Class A Noteholders’ Interest Carryover Shortfall;


 


(i)          the
Class B Noteholders’ Interest Carryover Shortfall;


 


(j)          the
number of Receivables purchased by, and the aggregate Purchase Amount paid by, World Omni or the Servicer with respect to the
related Collection Period;


 


(k)          delinquency
information relating to the Receivables which has a payment of more than $40 that is more than 30, 60, 90 or 120 days delinquent;


 


(l)          the
aggregate amount of Receivables which have become Defaulted Receivables during the preceding Collection Period;


 


(m)         the
amount, if any, distributed to the Certificateholders;


 


(n)          the
Noteholders’ First Priority Principal Distributable Amount;


 


(o)          the
Noteholders’ Second Priority Principal Distributable Amount;


 




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(p)          the
Noteholders’ Principal Distributable Amount;


 


(q)          the
Overcollateralization Target Amount for the immediately following Payment Date;


 


(r)           the
number and dollar amount of Receivables at the beginning and end of the applicable Collection Period, and the weighted average
coupon and weighted average remaining term of the Receivables held by the Trust;


 


(s)          delinquency
and loss information for the applicable Collection Period and any material changes in determining or defining delinquencies, charge-offs
and uncollectible accounts;


 


(t)           material
breaches of pool asset representations and warranties or transaction covenants;


 


(u)          any
material modifications, extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the
distribution period or that, cumulatively, have become material over time;


 


(v)          the
Yield Supplement Overcollateralization Amount for the related Payment Date;


 


(w)         a
material change in World Omni or the Depositor’s retained interest in the Notes or Certificates; and


 


(x)          the
Interest Rate for each Class of Notes for the next Payment Date, including One-Month LIBOR.


 


Each amount set forth on the Payment Date
statement under clauses (a), (b), (h) and (i) above shall be expressed as a dollar amount per $1,000
of original principal amount of a Note. Deliveries pursuant to this Section 5.08 may be delivered by electronic mail.


 


Section 5.09         Net
Deposits. As an administrative convenience, the Servicer will be permitted to make the deposit of collections on the Receivables
and Purchase Amounts for or with respect to the Collection Period net of distributions (including without limitation the Servicing
Fee) to be made to the Servicer with respect to the Collection Period. The Servicer, however, will account to the Owner Trustee,
the Indenture Trustee, the Noteholders and the Certificateholders as if all deposits, distributions and transfers were made individually.


 


Section 5.10         Transfer
of Certificates. In the event any Certificateholder shall wish to transfer such Certificate, the Depositor shall provide to
such Certificateholder and any prospective transferee designated by such Certificateholder information regarding the Certificates
and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act, pursuant to the exemption
from registration provided by Rule 144A.


 




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ARTICLE VI


THE DEPOSITOR


 


Section 6.01        Representations
of Depositor. The Depositor makes the following representations on which the Issuing Entity is deemed to have relied in acquiring
the Receivables. The representations speak as of the Closing Date, and shall survive the sale of the Receivables to the Issuing
Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture.


 


(a)          Organization
and Good Standing. The Depositor is duly organized and validly existing as a limited liability company in good standing under
the laws of the State of Delaware, with the requisite power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the requisite
power, authority and legal right to acquire and own the Receivables.


 


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


 


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


 


(d)          Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Depositor enforceable against the Depositor
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general,
and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).


 


(e)          No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do
not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse
of time) a default under, the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate
any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture,
agreement or other instrument to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition
of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than
pursuant to this Agreement and the Basic Documents); or, (iv) to the best of the Depositor’s knowledge, violate any order,
rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Depositor or its properties except, in the case of clauses
(ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material
adverse effect on the Depositor’s earnings, business affairs or business prospects.


 




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


 


(g)          All
Consents. All authorizations, licenses, consents, orders or approvals of, or registrations or declarations with, any court,
regulatory body, administrative agency or other government instrumentality required to be obtained, effected or given by the Depositor
in connection with the execution and delivery by the Depositor of this Agreement or any of the Basic Documents to which it is
a party and the performance by the Depositor of the transactions contemplated by this Agreement or any of the Basic Documents
to which it is a party, have been duly obtained, effected or given and are in full force and effect, except where failure to obtain
the same would not have a material adverse effect upon the rights of the Trust, the Noteholders or the Certificateholders.


 


Section 6.02        Limited
Liability Company Existence.


 


(a)          During
the term of this Agreement, the Depositor will keep in full force and effect its existence, rights and franchises as a limited
liability company under the laws of the jurisdiction of its formation 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 Agreement,
the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement
and the transactions contemplated hereby. In addition, all transactions and dealings between the Depositor and its Affiliates
will be conducted on an arm’s-length basis.


 


(b)          During
the term of this Agreement, the Depositor shall observe the applicable legal requirements for the recognition of the Depositor
as a legal entity separate and apart from its affiliates, including the following:


 


(i)          the
Depositor shall maintain limited liability company records and books of account separate from those of its affiliates;


 


(ii)         except
as otherwise provided in this Agreement, the Depositor shall not commingle its assets and funds with those of its affiliates;


 




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(iii)        the
Depositor shall hold such appropriate meetings of its Board of Directors as are necessary to authorize all the Depositor’s
limited liability company actions required by law to be authorized by the Board of Directors, shall keep minutes of such meetings
and observe all other customary limited liability company formalities (and any successor Depositor not a limited liability company
shall observe similar procedures in accordance with its governing documents and applicable law); and


 


(iv)        the
Depositor shall at all times hold itself out to the public under the Depositor’s own name as a legal entity separate and
distinct from its affiliates.


 


Section 6.03        Liability
of Depositor; Indemnities. The Depositor shall be liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Depositor under this Agreement:


 


(a)          The
Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee and the Servicer
and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee and the Indenture Trustee from
and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein
and in the Basic Documents, including any sales, gross receipts, general corporation, tangible personal property, privilege or
license taxes (but, in the case of the Issuing Entity, not including any taxes asserted with respect to, and as of the date of,
the sale of the Receivables to the Issuing Entity or the issuance and original sale of the Certificates and the Notes, or asserted
with respect to ownership of the Receivables, or federal or other income taxes arising out of distributions on the Certificates
or the Notes) and costs and expenses in defending against the same.


 


(b)          The
Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders
and the Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee and the
Indenture Trustee from and against any loss, liability or reasonable and documented expense incurred by reason of the Depositor’s
willful misfeasance, bad faith or negligence (except for errors in judgment) in the performance of its duties under this Agreement,
or by reason of reckless disregard of its obligations and duties under this Agreement.


 


(c)          The
Depositor shall indemnify, defend and hold harmless the Owner Trustee and the Indenture Trustee and their respective officers,
directors, employees and agents from and against all reasonable and documented cost and expense, and all other losses, claims,
damages and liabilities arising out of or incurred in connection with the acceptance or performance of the trusts and duties herein
and in the Trust Agreement, in the case of the Owner Trustee, and in the Indenture, in the case of the Indenture Trustee, except
to the extent that such cost, expense, loss, claim, damage or liability: (i) in the case of the Owner Trustee, shall be due to
the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee or, in the case of the Indenture
Trustee, shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Indenture Trustee
or (ii) in the case of the Owner Trustee, shall arise from the breach by the Owner Trustee of any of its representations or warranties
set forth in Section 7.03 of the Trust Agreement.


 




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(d)          The
Depositor shall pay any and all taxes levied or assessed upon all or any part of the Owner Trust Estate.


 


Indemnification under
this Section shall survive the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination or assignment
of this Agreement and the Trust Agreement and shall include reasonable and documented fees and expenses of counsel and expenses
of litigation (including without limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including
any action, claim, or suit brought) by an indemnified party of any indemnification or other obligation of the Depositor). If the
Depositor shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments
are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Depositor,
without interest.


 


Notwithstanding anything
to the contrary contained in this Agreement or any other document, the obligations of the Depositor under this Section 6.03
and Section 7.5 of the Depositor’s Limited Liability Company Agreement are solely the company obligations of
the Depositor and shall be payable by it (x) solely from funds distributed to it in its capacity as Certificateholder available
pursuant to, and in accordance with, the payment priorities set forth in Section 5.06 of this Agreement and (z) only to
the extent that it receives additional funds designated for such purposes or to the extent it has additional funds available (other
than funds described in preceding clause (x)). In addition, no amount owing by the Depositor hereunder or under Section
7.5 of its Limited Liability Company Agreement in excess of the liabilities that it is required to pay in accordance with
the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against
it. No recourse shall be had for the payment of any amount owing hereunder or under Section 7.5 of the Depositor’s
Limited Liability Company Agreement or any other obligation of, or claim against, the Depositor, arising out of or based upon
this Section 6.03 or under Section 7.5 of its Limited Liability Company Agreement against any employee, officer,
agent, directed or authorized person of the Depositor; provided, however, that the foregoing shall not relieve any
such person or entity of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them.


 


Section 6.04         Merger
or Consolidation of, or Assumption of Obligations of Depositor. Any Person (a) into which the Depositor may be merged or consolidated,
(b) which may result from any merger or consolidation to which the Depositor shall be a party or (c) which may succeed to the
properties and assets of the Depositor substantially as a whole, which person in any of the foregoing cases executes an agreement
of assumption to perform every obligation of the Depositor under this Agreement, shall be the successor to the Depositor hereunder
without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however,
that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.01(a)
or (b) shall have been breached and no Servicer Default in respect of the Depositor under Section 8.01(b) or
(c) shall have occurred and be continuing, and no event that, after notice or lapse of time, or both, would become a Servicer
Default in respect of the Depositor under Section 8.01(b) or (c) shall have occurred and be continuing, (ii) the
Depositor shall have delivered to the Owner Trustee and the Indenture Trustee an Officers’ Certificate stating that such
consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent,
if any, provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency Condition
shall have been satisfied with respect to such transaction and (iv) the Depositor shall have delivered to the Owner Trustee and
the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements
and continuation statements and amendments thereto have been filed that are necessary fully to preserve and protect the interest
of the Owner Trustee and Indenture Trustee, respectively, in the Receivables and reciting the details of such filings, or (B)
stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interests. Notwithstanding
anything herein to the contrary, (a) the execution of the foregoing agreement of assumption and compliance with clauses (i),
(ii), (iii) and (iv) above shall be conditions to the consummation of the transactions referred to in clause
(a), (b) or (c) above and (b) the Depositor may transfer its rights under this Agreement in accordance with
Section 4.15 hereof.


 




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Section 6.05        Limitation
on Liability of Depositor and Others. The Depositor and any director, officer, employee or agent of the Depositor may rely
in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor shall not be under any obligation to appear in, prosecute or defend any
legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any
expense or liability.


 


Section 6.06        Depositor
May Own Notes. The Depositor and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee
of Notes with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as expressly provided
herein or in any Basic Document.


 


Section 6.07        Security
Interest. During the term of this Agreement, the Depositor will not take any action to assign the security interest in any
Financed Vehicle other than pursuant to the Basic Documents.


 


ARTICLE VII


THE SERVICER


 


Section 7.01        Representations
of Servicer. The Servicer makes the following representations on which the Issuing Entity is deemed to have relied in acquiring
the Receivables. The representations speak as of the Closing Date, and shall survive the sale of the Receivables from time to
time to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture.


 


(a)          Organization
and Good Standing. The Servicer is duly organized and validly existing as a corporation in good standing under the laws of
the state of its incorporation, with the corporate power and authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the corporate
power, authority and legal right to acquire, own, sell and service the Receivables and to hold the Receivable Files as custodian.


 




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(b)          Due
Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing, and has obtained all
necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of
its business (including the servicing of the Receivables as required by this Agreement) shall require such qualifications, except
where the failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on
the Servicer’s earnings, business affairs or business prospects.


 


(c)          Power
and Authority. The Servicer has the corporate power and authority to execute and deliver this Agreement and to carry out its
terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary
corporate action.


 


(d)          Binding
Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer enforceable against the Servicer
in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general,
and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).


 


(e)          No
Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do
not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse
of time) a default under, the articles of incorporation or bylaws of the Servicer; (ii) breach, conflict with or violate any of
the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement
or other instrument to which the Servicer is a party or by which it is bound; (iii) result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant
to this Agreement and the Basic Documents); or, (iv) to the best of the Servicer’s knowledge, violate any order, rule or
regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Servicer or its properties except, in the case of clauses (ii),
(iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse
effect on the Servicer’s earnings, business affairs or business prospects.


 


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


 




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(g)          Approvals.
All approvals, licenses, authorizations, consents, orders or other actions of any person, corporation or other organization, or
of any court, governmental agency or body or official, required in connection with the execution and delivery of this Agreement
have been or will be taken or obtained on or prior to the Closing Date, except where failure to obtain the same would not have
a material adverse effect upon the rights of the Depositor, the Trust, the Noteholders or the Certificateholders.


 


Section 7.02         Indemnities
of Servicer. The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken
by the Servicer under this Agreement:


 


(a)          The
Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders,
the Certificateholders and the Depositor and any of the officers, directors, employees and agents of the Issuing Entity, the Owner
Trustee and the Indenture Trustee from and against any and all reasonable and documented costs and expenses, and all other losses,
damages, claims and liabilities arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate
thereof of a Financed Vehicle.


 


(b)          The
Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor,
the Certificateholders and the Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the
Owner Trustee and the Indenture Trustee from and against any and all costs, expenses, losses, claims, damages and liabilities
to the extent that such cost, expense, loss, claim, damage or liability arose out of, or was imposed upon any such Person through,
the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Servicer in the performance of its duties
under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement.


 


For purposes of this
Section, in the event of the termination of the rights and obligations of World Omni (or any successor thereto pursuant to Section
7.03) as Servicer pursuant to Section 8.01, or a resignation by such Servicer pursuant to this Agreement, such Servicer
shall be deemed to be the Servicer pending appointment of a successor Servicer (other than the Indenture Trustee) pursuant to
Section 8.02.


 


Indemnification under
this Section shall survive the resignation or removal of the Owner Trustee or the Indenture Trustee or the termination or assignment
of this Agreement and the Trust Agreement and shall include reasonable fees and expenses of counsel and expenses of litigation
(including without limitation any legal fees, costs and expenses incurred in connection with any enforcement (including any action,
claim, or suit brought) by an indemnified party of any indemnification or other obligation of the Servicer). If the Servicer shall
have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter
collects any of such amounts from others, such Person shall promptly repay such amounts to the Servicer, without interest.


 


Section 7.03         Merger
or Consolidation of, or Assumption of Obligations of, Servicer. The Servicer shall not consolidate with or merge into any
other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless:


 




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(a)          the
entity formed by such consolidation or into which the Servicer is merged or the Person which acquires by conveyance or transfer
the properties and assets of the Servicer substantially as an entirety shall be an entity organized and existing under the laws
of the United States of America or the District of Columbia and, if the Servicer is not the surviving entity, such entity shall
assume, without the execution or filing of any paper or further act on the part of any of the parties hereto, the performance
of every covenant and obligation of the Servicer hereunder; and


 


(b)          the
Servicer has delivered to the Owner Trustee and the Indenture Trustee and Officer’s Certificate and an Opinion of Counsel
each stating that such consolidation, merger, conveyance or transfer will comply with this Section 7.03 and that all conditions
precedent herein provided for relating to such transaction have been complied with.


 


The Servicer shall provide
notice of any merger, consolidation or succession pursuant to this Section 7.03 to the Rating Agencies, the Owner Trustee,
the Depositor and the Indenture Trustee.


 


Section 7.04         Limitation
on Liability of Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer
shall be under any liability to the Issuing Entity, the Noteholders or the Certificateholders, except as provided under this Agreement,
for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided,
however, that this provision shall not protect the Servicer or any such person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless
disregard of obligations and duties under this Agreement. The Servicer and any director, officer, employee or agent of the Servicer
may rely in good faith on any document of any kind prima facie properly executed and submitted by any Person respecting any matters
arising under this Agreement.


 


Except as provided in
this Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its duties to service the Receivables in accordance with this Agreement and that in its opinion may involve it
in any expense or liability; provided, however, that the Servicer may undertake any reasonable action that
it may deem necessary or desirable in respect of this Agreement and the Basic Documents and the rights and duties of the parties
to this Agreement and the Basic Documents and the interests of the Certificateholders under this Agreement and the Noteholders
under the Indenture.


 


Section 7.05         World
Omni Not To Resign as Servicer. Subject to the provisions of Section 7.03, World Omni shall not resign from the obligations
and duties hereby imposed on it as Servicer under this Agreement except upon a determination that the performance of its duties
under this Agreement shall no longer be permissible under applicable law and cannot be cured. Notice of any such determination
permitting the resignation of World Omni shall be communicated to the Owner Trustee and the Indenture Trustee at the earliest
practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time)
and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee and the Indenture
Trustee concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee
or a successor Servicer shall have assumed the responsibilities and obligations of World Omni in accordance with Section 8.02.


 




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ARTICLE VIII


DEFAULT


 


Section 8.01        Servicer
Default. Any one of the following events shall constitute a default by the Servicer (a “Servicer Default”):


 


(a)          any
failure by the Servicer to deliver to the Indenture Trustee for deposit in any of the Trust Accounts or distribution to the Certificateholders
any required payment or to direct the Indenture Trustee to make any required distributions therefrom, which failure continues
unremedied for a period of five Business Days after written notice of such failure is received by the Servicer from the Owner
Trustee or the Indenture Trustee or after discovery of such failure by an officer of the Servicer; or


 


(b)          failure
by the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor, as the case may be, duly to observe or to
perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case may be) set forth
in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights of Certificateholders
or Noteholders and (ii) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given (A) to the Servicer or the Depositor (as the case may be) by the Owner Trustee
or the Indenture Trustee or (B) to the Servicer or the Depositor (as the case may be), and to the Owner Trustee and the Indenture
Trustee by the Holders of the Notes evidencing at least a majority of the Outstanding Amount of the Controlling Securities and
the Holders (as defined in the Trust Agreement) of Certificates evidencing at least a majority of the percentage interest of the
Certificates; or


 


(c)          the
occurrence of an Insolvency Event with respect to the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor.


 


Notwithstanding the
foregoing, a delay in or failure of performance referred to under clause (a) above for a period of ten Business Days or
referred to under clause (b) for a period of 90 Business Days, shall not constitute a Servicer Default if such delay or
failure could not be prevented by the exercise of reasonable diligence by the Servicer and was caused by an act of God or other
similar occurrence. Upon the occurrence of any such event, the Servicer shall not be relieved from using its best efforts to perform
its obligations in a timely manner in accordance with the terms of this Agreement and the Servicer shall provide the Indenture
Trustee, 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.


 




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So long as the Servicer
Default shall not have been remedied or stayed by the application of the above paragraph, either the Indenture Trustee or the
Holders of the Notes evidencing at least a majority of the Outstanding Amount of the Controlling Securities, by notice then given
in writing to the Servicer (and to the Indenture Trustee and the Owner Trustee if given by the Noteholders) may terminate all
the rights and obligations (other than the obligations set forth in Section 7.02 hereof) of the Servicer under this Agreement.
On or after the receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement,
whether with respect to the Notes, the Certificates or the Receivables or otherwise, shall, without further action, pass to and
be vested in the Indenture Trustee or such successor Servicer as may be appointed under Section 8.02; and, without limitation,
the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the benefit of the
predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all
other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer
and endorsement of the Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate with the successor
Servicer, the Indenture Trustee and the Owner Trustee in effecting the termination of the responsibilities and rights of the predecessor
Servicer under this Agreement, including the transfer to the successor Servicer for administration by it of all cash amounts that
shall at the time be held by the predecessor Servicer for deposit, or shall thereafter be received by it with respect to any Receivable.
Further, in such event, the Servicer shall use commercially reasonable efforts to effect the orderly and efficient transfer of
the servicing of the Receivables to the successor Servicer, and as promptly as practicable, the Servicer shall provide to the
successor Servicer a current computer tape containing all information from the Receivables Files required for the proper servicing
of the Receivables, together with the documentation containing any and all information necessary for the use of the tape. All
reasonable and documented costs and expenses (including attorneys’ fees) incurred in connection with transferring the Receivable
Files to the successor Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this section shall
be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. Upon receipt of
notice of the occurrence of a Servicer Default, the Owner Trustee shall give notice thereof to the Depositor who promptly shall
provide such notice to the Rating Agencies.


 


Section 8.02        Appointment
of Successor.


 


(a)          Upon
the Servicer’s receipt of notice of termination pursuant to Section 8.01 or the Servicer’s resignation in accordance
with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this Agreement,
in the case of termination, only until the date specified in such termination notice or, if no such date is specified in a notice
of termination, until receipt of such notice and, in the case of resignation, until the later of (i) the date 45 days from the
delivery to the Owner Trustee and the Indenture Trustee of written notice of such resignation (or written confirmation of such
notice) in accordance with the terms of this Agreement and (ii) the date upon which the predecessor Servicer shall become unable
to act as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel. In the event of the Servicer’s
termination hereunder, the Indenture Trustee shall appoint a successor Servicer, and the successor Servicer shall accept its appointment
by a written assumption in form acceptable to the Owner Trustee and the Indenture Trustee. In the event that a successor Servicer
has not been appointed at the time when the predecessor Servicer has ceased to act as Servicer in accordance with this Section,
the Indenture Trustee without further action shall automatically be appointed the successor Servicer and the Indenture Trustee
shall be entitled to the Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be legally unable
so to act, appoint or petition a court of competent jurisdiction to appoint any established institution, having a net worth of
not less than $100,000,000 and whose regular business shall include the servicing of automotive receivables, as the successor
to the Servicer under this Agreement.


 




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(b)          Upon
appointment, the successor Servicer (including the Indenture Trustee acting as successor Servicer) shall be the successor in all
respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the predecessor Servicer and shall be entitled to the Servicing Fee and all the rights granted to the
predecessor Servicer by the terms and provisions of this Agreement. Notwithstanding anything to the contrary contained herein
or in the Basic Documents, if the Indenture Trustee shall act as Successor Servicer, it shall not, in any event have obligations
(i) with respect to the repurchase of the Receivables, (ii) to pay any fees, expenses and other amounts owing to the Administrator,
or (iii) to pay any indemnities owed by the Servicer to another party under the Basic Documents (other than those resulting from
the actions or inactions of the Indenture Trustee as successor Servicer).


 


(c)          The
successor Servicer may not resign unless it is prohibited from serving as such by law.


 


Section 8.03        Notification
to Noteholders and Certificateholders. Upon any termination of, or appointment of a successor to, the Servicer pursuant to
this Article VIII, the Indenture Trustee shall give prompt written notice thereof to Noteholders, the Certificateholders
and the Depositor who promptly shall provide such notice to the Rating Agencies.


 


Section 8.04        Waiver
of Past Defaults. The Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Securities
may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its obligations hereunder
and its consequences, except a default in making any required deposits to or payments from any of the Trust Accounts or to the
Certificateholders in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist,
and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other default or impair any right consequent thereto.


 


Section 8.05         Payment
of Servicing Fees. If the Servicer shall change, the predecessor Servicer shall be entitled to receive any accrued and unpaid
Servicing Fees through the date of such Successor Servicer’s acceptance hereunder in accordance with Section 4.08.


 


ARTICLE IX


TERMINATION


 


Section 9.01        Optional
Purchase of All Receivables.


 


(a)          On
the Payment Date immediately following (and on each Payment Date thereafter) the last day of any Collection Period as of which
the then outstanding aggregate Principal Balance of the Receivables is 10% or less of the Aggregate Starting Principal Balance,
the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts. To exercise such option,
the Servicer shall deposit pursuant to Section 5.05 in the Collection Account an amount equal to the aggregate Purchase
Amount for the Receivables (including Defaulted Receivables), and shall succeed to all interests in and to the Trust. Notwithstanding
the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection
Account pursuant to the preceding sentence is greater than or equal to the sum of the Outstanding Amount of the Notes, all accrued
but unpaid interest (including any overdue interest and premium) thereon and all amounts owing by the Issuing Entity to the Asset
Representations Reviewer.


 




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(b)          As
described in Article IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Servicer to
the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof.


 


(c)          Following
the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the Certificateholders
will succeed to the rights of the Noteholders hereunder other than Section 5.07(b) and the Owner Trustee will succeed to
the rights of, but not the obligations of, the Indenture Trustee pursuant to this Agreement.


 


ARTICLE X


MISCELLANEOUS


 


Section 10.01       Amendment.


 


(a)          This
Agreement may be amended by the Depositor, the Servicer and the Issuing Entity, with the consent of the Indenture Trustee, but
without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided
that such amendments require: (i) satisfaction of the Rating Agency Condition or (ii) an Officer’s Certificate of the
Servicer delivered to the Issuing Entity, the Owner Trustee and the Indenture Trustee stating that the amendment will not materially
and adversely affect the interest of any Noteholder or Certificateholder.


 


(b)          This
Agreement may also be amended from time to time by the Depositor, the Servicer and the Issuing Entity, with the consent of the
Indenture Trustee, the consent of Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling
Securities (unless (i) the interests of the Noteholders are not affected materially and adversely, as evidenced by an Officer’s
Certificate of the Servicer to that effect delivered to the Indenture Trustee by the Depositor or (ii) satisfaction of the Rating
Agency Condition) and the consent of the Holders (as defined in the Trust Agreement) of Certificates evidencing at least a majority
of the percentage interest of the Certificates (unless (i) the interests of the Certificateholders are not affected materially
and adversely and (ii) an Officer’s Certificate of the Servicer to that effect is delivered to the Owner Trustee by the
Depositor) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such
amendment shall (a) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal
amount thereof, (b) change the provisions of this Sale and Servicing Agreement 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 (c) reduce the consent
percentages in this sentence, without the consent of the Holders of all outstanding Notes and the Holders (as defined in the Trust
Agreement) of all the outstanding Certificates affected thereby.


 




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(c)          Promptly
after the execution of any such amendment or consent, the Servicer shall furnish written notification of the substance of such
amendment or consent to each Certificateholder, the Indenture Trustee, the Owner Trustee and each of the Rating Agencies.


 


(d)          It
shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.


 


(e)          Prior
to the execution of any amendment to this Agreement, the Owner Trustee, on behalf of the Issuing Entity, and the Indenture Trustee
shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent thereto have been satisfied, and the Opinion of Counsel
referred to in Section 10.02(h)(A). The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter
into any such amendment which affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties
or immunities under this Agreement or otherwise.


 


Section 10.02       Protection
of Title to Trust.


 


(a)          The
Depositor shall file such financing statements and cause to be filed such continuation statements, all in such manner and in such
places as may be required by law fully to preserve, maintain and protect the interest of the Issuing Entity and of the Indenture
Trustee in the Receivables and in the proceeds thereof. The Depositor hereby authorizes the filing of such financing statements
and hereby ratifies any such financing statements filed prior to the date hereof. The Depositor shall deliver (or cause to be
delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing.


 


(b)          Neither
the Depositor nor the Servicer shall change its name, identity or corporate structure in any manner that could reasonably be expected
to make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading
within the meaning of Section 9-506 of the UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least
five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing
statements or continuation statements.


 


(c)          Each
of the Depositor and the Servicer shall have an obligation to give the Owner Trustee and the Indenture Trustee at least 60 days’
prior written notice of any relocation of its principal executive office or a change in its jurisdiction of organization if, as
a result of such relocation or change in its jurisdiction of organization, the applicable provisions of the UCC would require
the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and
shall promptly file any such amendment or new financing statement. The Servicer shall at all times maintain each office from which
it shall service Receivables, and its principal executive office, within the United States of America.


 




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(d)          The
Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the
nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts
from time to time deposited in the Collection Account in respect of such Receivable.


 


(e)          The
Servicer shall maintain its computer systems so that, within five (5) Business Days from and after the time of sale under this
Agreement of the Receivables, the Servicer’s master computer records (including any backup archives) that refer to a Receivable
shall indicate clearly that such Receivable has been sold to the Issuing Entity.


 


(f)          If
at any time the Depositor or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest
in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective
purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that,
if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Issuing Entity and has been pledged to the Indenture Trustee.


 


(g)          Upon
request, the Servicer shall furnish to the Owner Trustee or to the Indenture Trustee, within five Business Days, a list of all
Receivables (by contract number and name of Obligor) then held as part of the Trust.


 


(h)          The
Servicer shall deliver to the Owner Trustee and the Indenture Trustee:


 


(A)         promptly
after the execution and delivery of this Agreement, an Opinion of Counsel stating that, in the opinion of such counsel, either
(1) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the
interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior
Opinions of Counsel in which such details are given, or (2) no such action shall be necessary to preserve and protect such interest
other than any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such
interest; and


 


(B)         on
or before March 31, in each calendar year, beginning in 2018, an Opinion of Counsel, dated as of a date during such 90-day period,
stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed
that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting
the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action shall
be necessary to preserve and protect such interest other than any action necessary (as of the date of such opinion) to be taken
in the following year to preserve and protect such interest.


 




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Each Opinion of Counsel
referred to in clause (A)(2) or (B)(2) above shall specify any action necessary (as of the date of such opinion)
to be taken in the following year to preserve and protect such interest.


 


(i)          The
Depositor shall, to the extent required by applicable law, cause the Notes to be registered with the Commission pursuant to Section
12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections.


 


(j)          The
Servicer shall deliver to the Owner Trustee and the Indenture Trustee, prior to any change in the location of the Receivable Files,
an Opinion of Counsel stating that, in the opinion of such counsel, either (i) all financing statements and continuation statements
have been filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables,
and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no
such action shall be necessary to preserve and protect such interest.


 


Section 10.03       Notices.
All demands, deliveries, notices, communications and instructions upon or to the Depositor, the Servicer, the Owner Trustee, the
Indenture Trustee or the Rating Agencies under this Agreement shall be by facsimile, in writing, personally delivered or mailed
by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt or by electronic mail (if
designated by such party to the other parties) (a) 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, (b) in the case of the Servicer, World
Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer,
(c) in the case of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Telecopy: (302) 575-2006, Email: Tracy.M.McLamb@wellsfargo.com,
(d) in the case of the Indenture Trustee, at its Corporate Trust Office, Telecopy: (866) 807-8670, Email: christopher.nuxoll@usbank.com,
and (e) in the case of the Rating Agencies, to the Depositor who promptly shall post such notice to the website maintained by
the Depositor for notifications to nationally recognized statistical rating organizations; or, as to each of the foregoing, at
such other address or electronic mail address as shall be designated by written notice to the other parties; provided,
that, so long as World Omni is the Servicer, the Servicer’s obligation to deliver or provide any demand, delivery,
notice, communication or instruction (including the Servicer’s Certificate) to any Person other than a Noteholder shall
be satisfied by the Servicer 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 Servicer shall designate by written notice to the other parties.


 


Section 10.04       Assignment
by the Depositor or the Servicer. Notwithstanding anything to the contrary contained herein, except as provided in the remainder
of this Section, as provided in Sections 6.04 and 7.03 herein and as provided in the provisions of this Agreement
concerning the resignation of the Servicer, this Agreement may not be assigned by the Depositor or the Servicer.


 




    40


     


    

 


Section 10.05       Limitations
on Rights of Others. The provisions of this Agreement are solely for the benefit of the Depositor, the Servicer, the Issuing
Entity, the Owner Trustee, the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether
express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner
Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.


 


Section 10.06       Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.


 


Section 10.07       Separate
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.


 


Section 10.08       Headings.
The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.


 


Section 10.09       Governing
Law. This Agreement 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.


 


Section 10.10       Assignment
by Issuing Entity. Each of World Omni and the Depositor hereby acknowledges and consents to any mortgage, pledge, assignment
and grant of a security interest by the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders of all right, title and interest of the Issuing Entity in, to and under the Receivables and/or the assignment of any
or all of the Issuing Entity’s rights and obligations hereunder to the Indenture Trustee.


 


Section 10.11       Nonpetition
Covenants.


 


(a)          Notwithstanding
any prior termination of this Agreement, the Servicer and the Depositor shall not, prior to the date which is one year and one
day after the termination of this Agreement with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause
the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case
against the Issuing Entity under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or any substantial part of their property,
or ordering the winding up or liquidation of the affairs of the Issuing Entity.


 




    41


     


    

 


(b)          Notwithstanding
any prior termination of this Agreement, the Servicer, solely in its capacity as a creditor of the Depositor, shall not, prior
to the date which is one year and one day after the termination of this Agreement with respect to the Depositor, acquiesce, petition
or otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary
case against the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Depositor.


 


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


 


Section 10.12       Limitation
of Liability of Owner Trustee and Indenture Trustee.


 


(a)          It
is expressly understood and agreed by the parties hereto that (i) this Agreement 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, (ii) 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, (iii) 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, (iv) the Trustee Bank has made
no investigation into the accuracy or completeness of any representations or warranties made by the Issuing Entity in this Agreement,
and (v) under no circumstances shall the Trustee Bank be personally liable for the payment of any indebtedness or expenses of
the Issuing Entity under this Agreement or any other related documents.


 


(b)          Notwithstanding
anything contained herein to the contrary, this Agreement has been accepted by U.S. Bank National Association, not in its individual
capacity but solely as Indenture Trustee and in no event shall U.S. Bank National Association have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of the certificates, notices
or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity.
For all purposes of this Agreement, the Indenture Trustee shall be entitled to all rights, privileges, benefits, protections,
immunities, and indemnities provided to it under the Indenture.


 




    42


     


    

 


Section 10.13       Regulation
AB. The Depositor and the Servicer acknowledge and agree that the purpose of this Section 10.13 is to facilitate compliance
by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor shall
not exercise its right to request delivery of information or other performance under these provisions other than in good faith,
or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission
under the Securities Act and the Exchange Act. The Servicer acknowledges that interpretations of the requirements of Regulation
AB 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 the Servicer agrees to comply with all reasonable
requests made by the Depositor in good faith for delivery of information and shall deliver (and shall cause each of its Reporting
Subcontractors to deliver) to the Depositor all information and certifications reasonably required by the Depositor to comply
with its Exchange Act reporting obligations, including with respect to any of its predecessors or successors. The obligations
of a Servicer to provide such information shall survive the removal or termination of a Servicer as Servicer hereunder.


 


Section 10.14       Notices
to the Rating Agencies. If World Omni is no longer the Servicer, the successor Servicer shall provide any required Rating
Agency notices under this Agreement to the Depositor, who promptly shall provide such notices to the Rating Agencies.


 




    43


     


    

 


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


 


	 	WORLD OMNI AUTO RECEIVABLES TRUST 2017-B
	 	 
	 	by:  Wells Fargo Delaware Trust Company, N.A.,
	 	not in its individual capacity
	 	but solely as Owner Trustee,
	 	 	 
	 	By:	/s/ Rosemary Kennard
	 	Name:	Rosemary Kennard
	 	Title:	Vice President
	 	 	 
	 	WORLD OMNI AUTO RECEIVABLES LLC,
	 	as Depositor
	 	 	 
	 	By:	/s/ Bryan Romano
	 	Name:	Bryan Romano
	 	Title:	Assistant Treasurer
	 	 	 	 
	 	WORLD OMNI FINANCIAL CORP., as Servicer,

    and, with respect to Sections 3.01 and 3.02, individually
	 	 	 
	 	By:	/s/ Bryan Romano
	 	Name:	Bryan Romano
	 	Title:	Assistant Treasurer


 




     


     


    

 


Acknowledged and agreed to as of the day


and year first above written:


 


U.S. BANK NATIONAL ASSOCIATION


not in its individual capacity but solely
as


Indenture Trustee


 


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


 




     


     


    

 


SCHEDULE A


 


Schedule of Receivables


  


Documents on file at:


 


Kirkland & Ellis LLP


300 North LaSalle Street


Chicago, Illinois 60654


 




    Sch. A


     


    

 


SCHEDULE B


 


Location of Receivable Files


  


World Omni Financial Corp.


6150 Omni Park Drive


Mobile, Alabama 36609


 


RecordMax LLC


2051 West I-65 Service Rd. N.


Mobile, AL 36618


 


HP Enterprise Services LLC


5400 Legacy Dr


Plano, TX 75024


 


RouteOne LLC


31500 Northwestern Hwy Ste 200


Farmington Hills, MI 48334


 




    Sch. B


     


    

 


EXHIBIT A


 


Form of Distribution Statement to Noteholders



 


World Omni Financial Corp.


 


World Omni Auto Receivables Trust 2017-B Payment Date Statement
to Noteholders


 


Total Available Funds


 


	Class A-1 Notes:	($_______ per $1,000 original principal amount)
	Class A-2a Notes:	($_______ per $1,000 original principal amount)
	Class A-2b Notes:	($_______ per $1,000 original principal amount)
	Class A-3 Notes:	($_______ per $1,000 original principal amount)
	Class A-4 Notes:	($_______ per $1,000 original principal amount)  
	Class B Notes:  	($_______ per $1,000 original principal amount)


 


Outstanding Amount


Class A-1 Notes


Class A-2a Notes


Class A-2b Notes


Class A-3 Notes


Class A-4 Notes


Class B Notes


 


Note Pool Factor


Class A-1 Notes


Class A-2a Notes


Class A-2b Notes


Class A-3 Notes


Class A-4 Notes


Class B Notes


 


Servicing Fee 


Servicing Fee Per $1,000 Note


 


Reserve Account Balance


 




    Ex. A


     


    

 


EXHIBIT B


 


Form of Servicer’s Certificate


 


World Omni Financial Corp.


World Omni Auto Receivables Trust 2017-B Monthly Servicer’s
Certificate


	 

        World Omni Auto Receivables Trust 2017-B
	 	 	 
	Monthly Servicer Certificate	 	 	 
	mm/dd/yyyy	 	 	 
	 	 	 	 
	Dates
    Covered	 	 	 
	Collections Period	 	 	 
	Interest Accrual Period	 	 	 
	30/360 Days	 	 	 
	Actual/360 Days	 	 	 
	Distribution Date	 	 	 
	 	 	 	 
	Collateral
    Pool Balance Data	$
    Amount	#
    of Accounts	 
	Pool Balance at mm/dd/yy	 	 	 
	Yield Supplement Overcollateralization
    Amount at mm/dd/yy	 	 	 
	Receivables Balance at mm/dd/yy	 	 	 
	Principal Payments	 	 	 
	Defaulted Receivables	 	 	 
	Repurchased Accounts	 	 	 
	Yield Supplement Overcollateralization
    Amount at mm/dd/yy	 	 	 
	Pool Balance at mm/dd/yy	 	 	 
	 	 	 	 
	Pool
    Statistics	$
    Amount	#
    of Accounts	  
	Pool Factor	 	 	 
	Prepayment ABS Speed	 	 	 
	Aggregate Starting Principal Balance	 	 	 
	Pre-Funding Contracts added mm/dd/yy	 	 	 
	 	 	 	 
	Delinquent Receivables:	 	 	 
	Past Due 31-60 days	 	 	 
	Past Due 61-90 days	 	 	 
	Past Due 91-120 days	 	 	 
	Past Due 121 + days	 	 	 
	 Total     	 	 	 


 




    Ex. B-1


     


    

 


	Total 31+ Delinquent as %
    Ending Pool Balance	 	 	 
	Total 61+ Delinquent as % Ending Pool
    Balance	 	 	 
	Delinquency Trigger Occurred	 	[Yes/No]	 
	 	 	 	 
	Recoveries	 	 	 
	 	 	 	 
	Aggregate Net Losses/(Gains) - mm/yyyy	 	 	 
	Ratio of Net Loss to the Receivables Balance

        as of beginning of Collection period (Annualized)
	 	 	 
	Current Net Loss Ratio	 	 	 
	Prior Period Net Loss Ratio	 	 	 
	Second Prior Period Net Loss Ratio	 	 	 
	Third Prior Period Net Loss Ratio	 	 	 
	Four Month Average	 	 	 
	 	 	 	 
	Cumulative Net Loss as a % of Aggregate
    Starting Principal Balance	 	 	 
	 	 	 	 
	Overcollateralization Target Amount	 	 	 
	Actual Overcollateralization	 	 	 
	Weighted Average APR	 	 	 
	Weighted Average APR, Yield Adjusted	 	 	 
	Weighted Average Remaining Term	 	 	 
	 	 	 	 
	Flow
    of Funds	$
    Amount	 	 
	 	 	 	 
	Collections	 	 	 
	Investment Earnings on Cash Accounts	 	 	 
	Servicing Fee	 	 	 
	Transfer to Collection Account	 	 	 
	Available Funds	 	 	 
	 	 	 	 
	Distributions of Available Funds	 	 	 
	(1)  Asset
    Representation Reviewer Amounts (up to $150,000 per year)	 	 	 
	(2)  Class
    A Interest	 	 	 
	(3)  Noteholders’
    First Priority Principal Distributable Amount	 	 	 
	(4)  Class
    B Interest	 	 	 
	(5)  Noteholders’
    Second Priority Principal Distributable Amount	 	 	 


 




    Ex. B-2


     


    

 


	(6)  Required
    Reserve Amount	 	 	 
	(7) Noteholders’
    Principal Distributable Amount	 	 	 
	(8)  Asset
    Representation Reviewer Amounts (in excess of 1)	 	 	 
	(9)  Distribution
    to Certificateholders	 	 	 
	 	 	 	 
	Total Distributions of Available Funds	 	 	 
	 	 	 	 
	Servicing Fee	 	 	 
	Unpaid Servicing Fee	 	 	 
	Change in amount of Unpaid Servicing Fee
    from the prior period	 	 	 
	 	 	 	 
	

                                                                                Note
                                         Balances & Note Factors
	$
    Amount	 	 
	 	 	 	 
	Original Class A	 	 	 
	Original Class B	 	 	 
	 	 	 	 
	Total Class A & B	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Principal Paid	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-1	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Principal Paid	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Note Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-2a	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Principal Paid	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Note Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-2b	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Principal Paid	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Note Factor @ mm/dd/yy	 	 	 


 




    Ex. B-3


     


    

 


	Class A-3	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Principal Paid	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Note Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-4	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Principal Paid	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Note Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class B	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Principal Paid	 	 	 
	Note Balance @ mm/dd/yy	 	 	 
	Note Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Interest
    & Principal Payments	$
    Amount	 	 
	 	 	 	 
	Total Interest Paid	 	 	 
	Total Principal Paid	 	 	 
	Total Paid	 	 	 
	 	 	 	 
	Class A-1	 	 	 
	Coupon	 	 	 
	Interest Paid	 	 	 
	Principal Paid	 	 	 
	Total Paid to A-1 Holders	 	 	 
	 	 	 	 
	Class A-2a	 	 	 
	Coupon	 	 	 
	Interest Paid	 	 	 
	Principal Paid	 	 	 
	Total Paid to Class A-2a Holders	 	 	 


 




    Ex. B-4


     


    

 


	Class A-2b	 	 	 
	Coupon	 	 	 
	Interest Paid	 	 	 
	Principal Paid	 	 	 
	Total Paid to Class A-2b Holders	 	 	 
	 	 	 	 
	Class A-3	 	 	 
	Coupon	 	 	 
	Interest Paid	 	 	 
	Principal Paid	 	 	 
	Total Paid to A-3 Holders	 	 	 
	 	 	 	 
	Class A-4	 	 	 
	Coupon	 	 	 
	Interest Paid	 	 	 
	Principal Paid	 	 	 
	Total Paid to A-4 Holders	 	 	 
	 	 	 	 
	Class B	 	 	 
	Coupon	 	 	 
	Interest Paid	 	 	 
	Principal Paid	 	 	 
	Total Paid to B Holders	 	 	 
	 	 	 	 
	Distribution
    per $1,000 of Notes	Total	 	 
	 	 	 	 
	Total Interest Distribution Amount	 	 	 
	Total Interest Carryover Shortfall	 	 	 
	Total Principal Distribution Amount	 	 	 
	Total Distribution Amount	 	 	 
	 	 	 	 
	A-1 Interest Distribution Amount	 	 	 
	A-1 Interest Carryover Shortfall	 	 	 
	A-1 Principal Distribution Amount	 	 	 
	Total A-1 Distribution Amount	 	 	 
	 	 	 	 
	A-2a Interest Distribution Amount	 	 	 
	A-2a Interest Carryover Shortfall	 	 	 
	A-2a Principal Distribution Amount	 	 	 
	Total A-2a Distribution Amount	 	 	 


 




    Ex. B-5


     


    

 


	A-2b Interest Distribution
    Amount	 	 	 
	A-2b Interest Carryover Shortfall	 	 	 
	A-2b Principal Distribution Amount	 	 	 
	Total A-2b Distribution Amount	 	 	 
	 	 	 	 
	A-3 Interest Distribution Amount	 	 	 
	A-3 Interest Carryover Shortfall	 	 	 
	A-3 Principal Distribution Amount	 	 	 
	Total A-3 Distribution Amount	 	 	 
	 	 	 	 
	A-4 Interest Distribution Amount	 	 	 
	A-4 Interest Carryover Shortfall	 	 	 
	A-4 Principal Distribution Amount	 	 	 
	Total A-4 Distribution Amount	 	 	 
	 	 	 	 
	B Interest Distribution Amount	 	 	 
	B Interest Carryover Shortfall	 	 	 
	B Principal Distribution Amount	 	 	 
	Total B Distribution Amount	 	 	 
	 	 	 	 
	 	 	 	 
	Noteholders’ First Priority Principal
    Distributable Amount	 	 	 
	Noteholders’ Second Priority Principal
    Distributable Amount	 	 	 
	Noteholders’ Principal Distributable
    Amount	 	 	 


 




    Ex. B-6


     


    

 


	Account
    Balances	$
    Amount	 	 
	 	 	 	 
	Reserve Account	 	 	 
	Balance as of  mm/dd/yy	 	 	 
	Investment Earnings	 	 	 
	Investment Earnings paid	 	 	 
	Deposit (Withdrawal)	 	 	 
	Balance as of  mm/dd/yy	 	 	 
	Change	 	 	 
	 	 	 	 
	Required Reserve Amount	 	 	 


 




    Ex. B-7


     


    

 


EXHIBIT
C


 


Form of SSA Assignment


 


As of August 2, 2017,
for value received, in accordance with the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing
Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”),
World Omni Auto Receivables Trust 2017-B (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation,
(the “Servicer”), as acknowledged and accepted by U.S. Bank National Association, as Indenture Trustee, the
Depositor does hereby sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right,
title and interest of the Depositor in, to and under (a) the Receivables identified on the Schedule of Receivables attached hereto
having an aggregate Starting Principal Balance of $704,748,719.14 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 Depositor 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 such Financed Vehicles or Obligors;
(d) any Financed Vehicle that shall have secured an Receivable and shall have been acquired by or on behalf of the Depositor,
the Servicer or the Trust; (e) 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; (g) all “accounts,” “chattel paper,” “general intangibles”
and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting
or relating to the foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that
the foregoing items (a) through (h) shall not include the Notes and Certificates.


 


The foregoing sale
does not constitute and is not intended to result in any assumption by the Issuing Entity of any obligation of the undersigned
to the Obligors, Dealers, insurers or any other Person in connection with the Receivables, the agreements with Dealers, any insurance
policies or any agreement or instrument relating to any of them.


 


This SSA Assignment
is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Sale
and Servicing Agreement and is to be governed by the Sale and Servicing Agreement.


 


Capitalized terms
used herein and not otherwise defined shall have the meaning assigned to them in the Sale and Servicing Agreement.


 


*  *  *  *  *


 




    Ex. C-1


     


    

 


IN WITNESS WHEREOF,
the undersigned has caused this SSA Assignment to be duly executed as of the day and year first above written.


 


	 	WORLD OMNI AUTO RECEIVABLES LLC
	 	 
	 	By:	 
	 	Name:  
	 	Title:


 




    Ex. C-2


     


    





 


APPENDIX A


 


PART I - DEFINITIONS


 


All terms used in this Appendix shall have
the defined meanings set forth in this Part I when used in the Basic Documents, unless otherwise defined therein.


 


“Accredited
Investor” has the meaning assigned in Section 2.04(e) of the Indenture.


 


“Act of the
Noteholders” has the meaning specified in Section 11.03(a) of the Indenture.


 


“Administration
Agreement” means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity,
the Depositor and the Indenture Trustee, as amended from time to time.


 


“Administrator”
means World Omni, or any successor Administrator under the Administration Agreement.


 


“ADR Organization”
means The American Arbitration Association or, if The
American Arbitration Association no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as
applicable, of the dispute, another nationally recognized mediation or arbitration organization selected by World Omni.


 


“ADR Rules”
means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable,
of commercial disputes in effect at the time of the mediation or arbitration.


 


“Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.


 


“Aggregate
Starting Principal Balance” means as of any date of determination, the aggregate of the Starting Principal Balances of the
Receivables as of the Cutoff Date, which is equal to the Initial Aggregate Starting Principal Balance.


 


“Amount Financed”
means, with respect to a Receivable, the amount advanced under the Receivable toward the purchase price of the Financed Vehicle,
warranty or insurance premium and any related costs.


 


“Annual Percentage
Rate” or “APR” of a Receivable means the annual rate of finance charges stated in the related Contract.


 


“Asset Representations
Review Agreement” shall mean the Asset Representations Review Agreement, dated as of the Closing Date, among World Omni,
as servicer, the Issuing Entity and the Asset Representations Reviewer, as amended from time to time.


 




    App. A-1


     


    

 


“Asset Representations
Reviewer” means Clayton Fixed Income Services LLC, as asset representations reviewer under the Asset Representations
Review Agreement, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.


 


“Assignment”
shall mean any RPA Assignment or SSA Assignment.


 


“Authorized
Officer” means, with respect to the Owner Trustee, any officer of the Owner Trustee or other Person who is authorized
to act for the Owner Trustee in matters relating to the Issuing Entity (including any agent of the Owner Trustee acting under a
power of attorney) and, with respect to the Issuing Entity, any Authorized Officer of the Owner Trustee or, so long as the Administration
Agreement is in effect, the president, any vice president, treasurer, assistant treasurer, secretary or assistant secretary of
the Administrator who is authorized to act for the Administrator in matters relating to the Issuing Entity and to be acted upon
by the Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered
by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time
thereafter).


 


“Available
Funds” means, with respect to any Payment Date, (1) the sum of the following amounts, without duplication, with respect
to the Receivables in respect of the Collection Period preceding such Payment Date: (a) all collections on Receivables, (b) all
Recoveries, (c) the Purchase Amount of each Receivable that became a Purchased Receivable as of the last day of the related Collection
Period, (d) partial prepayments relating to refunds of warranty or insurance financed by the respective Obligor thereon as part
of the original contract and only to the extent not included under clause (a) above, (e) amounts on deposit in the Reserve
Account after giving effect to all other deposits and withdrawals thereto or therefrom on the Payment Date relating to such Collection
Period in excess of the Required Reserve Amount, (f) Investment Earnings for the related Payment Date, (g) any Collection Account
Redeposits for the related Payment Date, (h) all amounts received from the Indenture Trustee pursuant to Section 5.04 of
the Indenture minus (2) the Servicing Fee and other amounts payable to the Servicer pursuant to Section 4.08 of the
Sale and Servicing Agreement for the related Payment Date (unless the Servicer elects to defer part or all of such fee); provided,
however, that in calculating Available Funds all payments and proceeds of any Purchased Receivables the Purchased
Amount of which has been included in Available Funds in a prior Collection Period shall be excluded. Available Funds for each Payment
Date will not include, and the amount of Available Funds will not be reduced by, the amount of any Supplemental Servicing Fees.


 


“Basic Documents”
means the Indenture, the Certificate of Trust, the Trust Agreement, the Sale and Servicing Agreement, the Receivables Purchase
Agreement, the Administration Agreement, the Note Depository Agreement, the Asset Representations Review Agreement and other documents
and certificates delivered in connection therewith.


 


“Book-Entry
Notes” means a beneficial interest in the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and, to
the extent no longer Definitive Notes, Class B Notes, ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.11 of the Indenture.


 




    App. A-2


     


    

 


“Business
Day” means any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions or trust companies
in the State of Florida, the State of New York, the State of Delaware, the states in which the servicing offices of the Servicer
are located or the states in which the Corporate Trust Offices are located are required or authorized by law, regulation or executive
order to be closed.


 


“Certificate
of Trust” shall mean the Certificate of Trust in the form of Exhibit B to the Trust Agreement filed for the
Trust pursuant to Section 3810(a) of the Delaware Statutory Trust Act.


 


“Certificateholder”
shall mean a Person in whose name a Trust Certificate is registered in the Certificate Register.


 


“Certificate
Register” and “Certificate Registrar” shall mean the register mentioned in and the registrar appointed
pursuant to Section 3.04 of the Trust Agreement.


 


“Certificates”
means the Trust Certificates issued by the Issuing Entity pursuant to the Trust Agreement in form and substance attached as Exhibit
A thereto.


 


“Class”
means any one of the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes, the Class A-4 Notes or the
Class B Notes.


 


“Class A Noteholders’
Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class A Noteholders’ Interest
Distributable Amount for the preceding Payment Date, over the amount in respect of interest that was actually paid on the Class
A Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to holders of the Class A Notes
on the preceding Payment Date, to the extent permitted by law, at the respective interest rates borne by each Class of the Class
A Notes for the related Interest Accrual Period.


 


“Class A Noteholders’
Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class A Noteholders’ Monthly
Interest Distributable Amount for such Payment Date and the Class A Noteholders’ Interest Carryover Shortfall for such Payment
Date.


 


“Class A Noteholders’
Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest
Accrual Period on each Class of Class A Notes at the respective interest rate for such Class on the Outstanding Amount of the Notes
of such Class on the immediately preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after
giving effect to all payments of principal to the Noteholders of such Class on or prior to such preceding Payment Date. For all
purposes of this Agreement and the Basic Documents, interest with respect to the Class A-2a Notes, the Class A-3 Notes and the
Class A-4 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest due on these
Classes of notes on each Payment Date will be the product of:


 


		·	the Outstanding Principal Balance of the related Class of Notes;



 


		·	the related Interest Rate; and



 




    App. A-3


     


    

 


		·	30 (or, in the case of the initial Payment Date, 43) divided by 360.



 


Interest with respect
to the Class A-1 Notes and the Class A-2b Notes shall be computed on the basis of the actual number of days in the related Interest
Accrual Period and a 360-day year. The interest due on these Classes of notes on each Payment Date will be the product of:


 


		·	the Outstanding Principal Balance of the related Class of Notes;



 


		·	the related Interest Rate; and



 


		·	the actual number of days since the previous Payment Date (or, in the case of the initial Payment
Date, since the Closing Date) divided by 360.



 


“Class A Notes”
means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.


 


“Class A-1
Final Scheduled Payment Date” means the August 15, 2018 Payment Date.


 


“Class A-1
Interest Rate” means 1.28000% per annum computed on the basis of the actual number of days elapsed and on a 360 day year.


 


“Class A-1
Noteholder” means the Person in whose name a Class A-1 Note is registered in the Note Register.


 


“Class A-1
Notes” means the Class A-1 1.28000% Asset-Backed Notes, substantially in the form of Exhibit A-1 to
the Indenture.


 


“Class A-2
Final Scheduled Payment Date” means the February 16, 2021 Payment Date.


 


“Class A-2
Noteholder” means the Person in whose name a Class A-2 Note is registered in the Note Register.


 


“Class A-2
Notes” means the Class A-2a Notes and the Class A-2b Notes.


 


“Class A-2a
Interest Rate” means 1.61% per annum computed on the basis of a 360 day year of twelve 30 day months.


 


“Class A-2a
Noteholder” means the Person in whose name a Class A-2a Note is registered in the Note Register.


 


“Class A-2a
Notes” means the Class A-2a 1.61% Asset-Backed Notes, substantially in the form of Exhibit A-2a to the Indenture.


 


“Class A-2b
Interest Rate” means with respect to any Payment Date, One-Month LIBOR for the related Payment Date plus 0.10% per annum
computed on the basis of the actual number of days elapsed and on a 360 day year; provided, that for any Interest Accrual Period
for which the sum of One-Month LIBOR plus 0.10% is less than 0.00%, the Class A-2b Interest Rate shall be deemed to be 0.00%


 




    App. A-4


     


    

 


“Class A-2b
Noteholder” means the Person in whose name a Class A-2b Note is registered in the Note Register.


 


“Class A-2b
Notes” means the Class A-2b Floating Rate Asset-Backed Notes, substantially in the form of Exhibit A-2b to the Indenture.


 


“Class A-3
Final Scheduled Payment Date” means the February 15, 2023 Payment Date.


 


“Class A-3
Interest Rate” means 1.95% per annum computed on the basis of a 360 day year of twelve 30 day months.


 


“Class A-3
Noteholder” means the Person in whose name a Class A-3 Note is registered in the Note Register.


 


“Class A-3
Notes” means the Class A-3 1.95% Asset-Backed Notes, substantially in the form of Exhibit A-3 to the
Indenture.


 


“Class A-4
Final Scheduled Payment Date” means the October 16, 2023 Payment Date.


 


“Class A-4
Interest Rate” means 2.25% per annum computed on the basis of a 360 day year of twelve 30 day months.


 


“Class A-4
Noteholder” means the Person in whose name a Class A-4 Note is registered in the Note Register.


 


“Class A-4
Notes” means the Class A-4 2.25% Asset-Backed Notes, substantially in the form of Exhibit A-4 to the
Indenture.


 


“Class B Final
Scheduled Payment Date” means the May 15, 2024 Payment Date.


 


“Class B Interest
Rate” means 2.37% per annum computed on the basis of a 360 day year of twelve 30 day months.


 


“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note Register.


 


“Class B Noteholders’
Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class B Noteholders’ Interest
Distributable Amount for the preceding Payment Date, over the amount in respect of interest that was actually paid on the Class
B Notes on such preceding Payment Date, plus interest on the amount of interest due but not paid to holders of the Class B Notes
on the preceding Payment Date, to the extent permitted by law, at the interest rate borne by the Class B Notes for the related
Interest Accrual Period.


 


“Class B Noteholders’
Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class B Noteholders’ Monthly
Interest Distributable Amount for such Payment Date and the Class B Noteholders’ Interest Carryover Shortfall for such Payment
Date.


 




    App. A-5


     


    

 


“Class B Noteholders’
Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest
Accrual Period on the Class B Notes at the interest rate for such Class on the Outstanding Amount of the Notes of such Class on
the immediately preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect
to all payments of principal to the Noteholders of such Class on or prior to such preceding Payment Date. For all purposes of this
Agreement and the Basic Documents, interest with respect to all Class B Notes shall be computed on the basis of a 360-day year
consisting of twelve 30-day months. The interest due on these Classes of notes on each Payment Date will be the product of:


 


		·	the Outstanding Principal Balance of the Class B Notes;



 


		·	the Class B Interest Rate; and



 


		·	30 (or, in the case of the initial Payment Date, 43) divided by 360.



 


“Class B Notes”
means the Class B 2.37% Asset-Backed Notes substantially in the form of Exhibit B to the Indenture.


 


“Clearing
Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act.


 


“Clearing
Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time
a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.


 


“Closing Date”
shall mean August 2, 2017.


 


“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.


 


“Collateral”
has the meaning specified in the Granting Clause of the Indenture.


 


“Collection
Account” means the account designated as such, established and maintained pursuant to Section 5.01(a)(i) of the
Sale and Servicing Agreement.


 


“Collection
Account Redeposits” means, with respect to any Payment Date, amounts that would have been distributed to the Certificateholders
on the prior Payment Date but for the direction of the Certificateholders causing such amounts to remain on deposit in the Collection
Account.


 


“Collection
Period” means, with respect to any Payment Date, the period from and including the first day of the calendar month immediately
preceding the calendar month in which such Payment Date occurs (or with respect to the initial Payment Date, from but excluding
the Cutoff Date) to and including the last day of the calendar month immediately preceding the calendar month in which such Payment
Date occurs. Any amount stated as of the last day of a Collection Period shall give effect to the following applications as determined
as of the close of business on such last day: (1) all applications of collections and (2) all distributions to be made on the related
Payment Date.


 




    App. A-6


     


    

 


“Collections”
shall mean all amounts collected by the Servicer (from whatever source) on or with respect to the Receivables.


 


“Commission”
means the U.S. Securities and Exchange Commission.


 


“Contract”
means a motor vehicle retail installment sale contract.


 


“Controlling
Securities” means (i) the Class A Notes so long as the Class A Notes are outstanding and (ii) after the Class A Notes
are no longer outstanding, the Class B Notes so long as the Class B Notes are outstanding.


 


“Corporate
Trust Office” means:


 


(a)       with
respect to the Indenture Trustee, (i) solely for purposes of transfer, exchange or surrender of the Notes, 111 East Fillmore Avenue,
EP-MN-WS2N, St. Paul, Minnesota 55107, Attention: Bondholder Services, and (ii) the principal office of the Indenture Trustee at
which at any particular time the Indenture shall be administered, which office at the date of execution of the Indenture is located
at U.S. Bank National Association, 190 South LaSalle Street, 7th floor, Chicago, Illinois 60603, Attention: Corporate Trust Services,
WOART 2017-B, Telecopy: (866) 807-8670, or at such other address or electronic mail address as the Indenture Trustee may designate
from time to time by notice to the Noteholders and the Issuing Entity, or the principal corporate trust office of any successor
Indenture Trustee at the address or electronic mail address designated by such successor Indenture Trustee by notice to the Noteholders
and the Issuing Entity; and


 


(b)       with
respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at Wells Fargo Delaware Trust Company, N.A.,
919 N. Market Street, Suite 1600, 7th Floor, Wilmington, Delaware 19801, Attention: Corporate Trust Services, Fax: (302)
575-2006; or at such other address or electronic mail address as the Owner Trustee may designate by notice to the Certificateholders
and the Depositor, or the principal corporate trust office of any successor Owner Trustee at the address or electronic mail address
designated by such successor Owner Trustee by notice to the Certificateholders and the Depositor.


 


“Credit Risk
Retention Rules” means risk retention regulations in 17 C.F.R. Part 246 as such regulation may be amended from time to
time and subject to such clarification and interpretation as have been provided by the Commission in an adopting release or by
the staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.


 


“Cutoff Date”
means the close of business on July 4, 2017.


 


“Dealer”
means the dealer who sold a Financed Vehicle and who originated and assigned the related Receivable to World Omni under an existing
agreement between such dealer and World Omni.


 




    App. A-7


     


    

 


“Default”
means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.


 


“Defaulted
Receivable” means a Receivable as to which (a) more than $40 of a scheduled payment is 120 or more days past due in accordance
with its terms, (b) the Servicer has either repossessed and liquidated the related Financed Vehicle or repossessed and held the
related Financed Vehicle in its repossession inventory for 45 days, whichever occurs first, or (c) the Servicer has, in accordance
with its customary servicing procedures, determined that eventual payment in full is unlikely and has charged off the remaining
Principal Balance. The Principal Balance of any Receivable that becomes a Defaulted Receivable will be deemed to be zero as of
the date it becomes a Defaulted Receivable.


 


“Definitive
Notes” has the meaning specified in Section 2.11 of the Indenture.


 


“Delinquency
Percentage” means, for each Payment Date and the related Collection Period, the ratio (expressed as a percentage) of
(i) the aggregate Principal Balance of all Delinquent Receivables held by the Issuing Entity that are more than 60 days delinquent
as of the last day of calendar month immediately preceding such Payment Date to (ii) the aggregate Principal Balance of the Receivables
as of the last day of the related Collection Period after giving effect to all payments of principal received from obligors and
Purchase Amounts to be remitted by the Servicer or the Depositor, as the case may be, and after reduction to zero of the aggregate
outstanding Principal Balance of any Receivable that became a Defaulted Receivable during the related Collection Period.


 


“Delinquency
Trigger” means 4.70%.


 


“Delinquent
Receivable” means a Receivable as to which more than $40 of a scheduled payment is past due, including a Receivable with
a bankrupt Obligor but excluding a Defaulted Receivable.


 


“Delivery”
when used with respect to Trust Account Property means:


 


(a)       with
respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute
“instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer
thereof to the Indenture Trustee or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian
endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, and, with respect
to a certificated security (as defined in Section 8-102 of the UCC) transfer thereof (i) by delivery of such certificated security
endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank to a financial
intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and
records identifying such certificated securities as belonging to the Indenture Trustee or its nominee or custodian and the sending
by such financial intermediary of a confirmation of the purchase of such certificated security by the Indenture Trustee or its
nominee or custodian, or (ii) by delivery thereof to a “clearing corporation” (as defined in Section 8-102(3) of the
UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account
of the transferor and increasing the appropriate securities account of a financial intermediary by the amount of such certificated
security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the
financial intermediary, the maintenance of such certificated securities by such clearing corporation or a “custodian bank”
(as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s exclusive control,
the sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian
of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated
securities as belonging to the Indenture Trustee or its nominee or custodian (all of the foregoing, “Physical Property”),
and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee or
custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of
ownership of any such Trust Account Property (as defined herein) to the Indenture Trustee or its nominee or custodian, consistent
with changes in applicable law or regulations or the interpretation thereof;


 




    App. A-8


     


    

 


(b)       with
respect to any securities issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage
Association that are book-entry securities held through the Federal Reserve System pursuant to Federal book-entry regulations,
the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9
of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal
Reserve Bank by a financial intermediary which is also a “depository” pursuant to applicable Federal regulations and
issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the
Indenture Trustee or its nominee or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such book-entry
securities; the identification by the Federal Reserve Bank of such book-entry securities on its record being credited to the financial
intermediary’s Participant’s securities account; the making by such financial intermediary of entries in its books
and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations
as being credited to the Indenture Trustee’s securities account or custodian’s securities account and indicating that
such custodian holds such Trust Account Property solely as agent for the Indenture Trustee or its nominee or custodian; and such
additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust
Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable law or regulations
or the interpretation thereof; and


 


(c)       with
respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not governed
by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the
sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of
such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated
certificates as belonging to the Indenture Trustee or its nominee or custodian.


 




    App. A-9


     


    

 


“Depositor”
means World Omni Auto Receivables LLC in its capacity as Depositor under certain of the Basic Documents.


 


“Eligible
Deposit Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account
with the corporate trust department of a depository institution organized under the laws of the United States of America or any
one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers
and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall
have a credit rating of BBB or better by S&P Global Ratings and of each Rating Agency (if rated by Fitch) in one of its generic
rating categories that signifies investment grade.


 


“Eligible
Institution” means


 


(a) the corporate trust
department of the Indenture Trustee or


 


(b) a depository institution
or trust company organized under the laws of the United States of America or any one of the states thereof, or the District of
Columbia (or any domestic branch of a foreign bank), which at all times (i) has either (A) a long-term unsecured debt rating of
A or better by Fitch, AA or better by S&P Global Ratings, or such other rating that is acceptable to each Rating Agency or
(B) a certificate of deposit rating of F1 by Fitch, A-1+ by S&P Global Ratings, or such other rating that is acceptable to
each Rating Agency and (ii) whose deposits are insured by the FDIC.


 


“Eligible
Investments” shall mean any of the following in each case with a required maturity date as set forth in Section 5.01(b)
of the Sale and Servicing Agreement:


 


(a)       (i)
direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the United States
or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United
States (other than the Government National Mortgage Association), and (ii) direct obligations of, or obligations fully guaranteed
by, Fannie Mae or any State then rated with the highest available credit rating of Fitch (if rated by Fitch) and S&P Global
Ratings, or such obligations, which obligations are, at the time of investment, otherwise acceptable to each Rating Agency for
securities having a rating at least equivalent to the rating of the Notes;


 


(b)       money
market deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances, or federal funds,
in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold by or offered
by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee
or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State thereof which
has a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are insured by
the FDIC to the full extent legally permitted;


 




    App. A-10


     


    

 


(c)       repurchase
obligations held by the Indenture Trustee with respect to (i) any security described in clause (a) above or (e) below, or (ii)
any other security issued or guaranteed by any agency or instrumentality of the United States, in either case entered into with
a federal agency or depository institution or trust company (including the Indenture Trustee) acting as principal, whose obligations
having the same maturity as that of the repurchase agreement would be Eligible Investments under clause (b) above; provided,
however, that repurchase obligations entered into with any particular depository institution or trust company (including
the Indenture Trustee or Owner Trustee) will not be Eligible Investments to the extent that the aggregate principal amount of such
repurchase obligations with such depository institution or trust company held by the Indenture Trustee on behalf of the Trust shall
exceed 10% of either the Pool Balance or the aggregate unpaid balance or face amount, as the case may be, of all Eligible Investments
held by the Indenture Trustee on behalf of the Trust;


 


(d)       securities
bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or any State
so long as at the time of such investment or contractual commitment providing for such investment, either the long-term, unsecured
debt of such corporation has the highest available credit rating from Fitch and S&P Global Ratings, or the Rating Agency Condition
has been satisfied, or commercial paper or other short-term debt having the Required Rating; provided, however, that
any such commercial paper or other short-term debt may have a remaining term to maturity of no longer than 30 days after the date
of such investment or contractual commitment providing for such investment, and that the securities issued by any particular corporation
will not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount or face
amount, as the case may be, of securities issued by such corporation and held by the Indenture Trustee on behalf of the Trust to
exceed 10% of either the Pool Balance or the aggregate unpaid principal balance or face amount, as the case may be, of all Eligible
Investments held by the Indenture Trustee on behalf of the Trust;


 


(e)       interest
in any open-end or closed-end management type investment company or investment trust (i) registered under the Investment Company
Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to agreements
to repurchase such obligations, which agreements, with respect to principal and interest, are at least 100% collateralized by such
obligations marked to market on a daily basis and the investment company or investment trust shall take delivery of such obligations
either directly or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable
to each Rating Agency (for which the Rating Agency Condition has been satisfied) as collateral for securities having ratings equivalent
to the ratings of the Notes;


 


(f)    
   guaranteed reinvestment agreements issued by any bank, insurance company or other corporation for which the
Rating Agency Condition has been satisfied;


 




    App. A-11


     


    

 


(g)       investments
in Eligible Investments maintained in “sweep accounts,” short-term asset management accounts and the like utilized
for the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any
other depository institution or trust company organized under the laws of the United States or any state that is a member of the
FDIC, the short-term debt of which has the highest available credit rating of Fitch and S&P Global Ratings;


 


(h)       guaranteed
investment contracts entered into with any financial institution having a final maturity of not more than one month from the date
of acquisition, the short-term debt securities of which institution have the Required Rating;


 


(i)       funds
classified as money market funds; provided, however, that the fund shall be rated with the highest available
credit rating of Fitch (if rated by Fitch or, if not rated by Fitch, an equivalent rating by a nationally recognized statistical
rating organization other than S&P and Fitch) and S&P Global Ratings, and redemptions shall be permitted on a daily or
next business day basis;


 


(j)       auction
rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will be limited
to those issuers having the AAA credit rating of Fitch and S&P Global Ratings; and


 


(k)       such
other investments for which the Rating Agency Condition has been satisfied.


 


Notwithstanding anything
to the contrary contained in the foregoing definition:


 


(a)       no
Eligible Investment may be repurchased at a premium;


 


(b)       any
of the foregoing which constitutes a certificated security shall not be considered an Eligible Investment unless:


 


(i)       in
the case of a certificated security that is in bearer form, (A) the Indenture Trustee acquires physical possession of such certificated
security, or (B) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of
the Indenture Trustee; and


 


(ii)       in
the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of such
certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on
behalf of the Indenture Trustee, or (3) a securities intermediary acting on behalf of the Indenture Trustee acquires possession
of such certificated security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1)
such certificated security is endorsed to the Indenture Trustee or in blank by an effective endorsement, or (2) such certificated
security is registered in the name of the Indenture Trustee;


 




    App. A-12


     


    

 


(c)       any
of the foregoing that constitutes an uncertificated security shall not be considered an Eligible Investment unless (A) the Indenture
Trustee is registered by the issuer as the owner thereof, (B) a person, other than a securities intermediary, becomes the registered
owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees
that it will comply with the instructions originated by the Indenture Trustee without further consent by any registered owner of
such uncertificated security;


 


(d)       any
of the foregoing that constitutes a security entitlement shall not be considered an Eligible Investment unless (A) the Indenture
Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the entitlement orders
originated by the Indenture Trustee without further consent by the entitlement holder;


 


(e)       any
of the foregoing shall not constitute an Eligible Investment unless the Indenture Trustee (A) has given value, and (B) does not
have notice of an adverse claim; and


 


(f)       for
the purposes of funds held in the Collection Account only, investments which would otherwise qualify as Eligible Investments but
for the fact that such investments are rated A-1 by S&P Global Ratings shall be Eligible Investments, so long as the aggregate
amount of such investments does not exceed 10% of the Outstanding Amount of the Notes.


 


“ERISA”
shall have the meaning assigned thereto in Section 3.04 of the Trust Agreement.


 


“Event of
Default” has the meaning specified in Section 5.01 of the Indenture.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


“Executive
Officer” means, with respect to any company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, any Executive Vice President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer of such
company; and with respect to any partnership, any general partner thereof.


 


“Expenses”
shall have the meaning assigned to such term in Section 8.02 of the Trust Agreement.


 


“FATCA”
means Sections 1471 through 1474 of the Code.


 


“FATCA Withholding
Tax” means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise
imposed pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements (including any intergovernmental agreements)
thereunder or official interpretations thereof.


 


“FDIC”
means the Federal Deposit Insurance Corporation.


 


“Final Prospectus”
shall mean the prospectus dated July 25, 2017, relating to
the Notes.


 




    App. A-13


     


    

 


“Final Scheduled
Maturity Date” means in the case of a Receivable, May 15, 2024.


 


“Final Scheduled
Payment Date” means (i) with respect to the Class A-1 Notes, the Class A-1 Final Scheduled Payment Date, (ii) with respect
to the Class A-2 Notes, the Class A-2 Final Scheduled Payment Date, (iii) with respect to the Class A-3 Notes, the Class A-3 Final
Scheduled Payment Date, (iv) with respect to the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date, and (v) with respect
to the Class B Notes, the Class B Final Scheduled Payment Date.


 


“Financed
Vehicle” means an automobile or light-duty truck, together with all accessions thereto, securing an Obligor’s indebtedness
under the respective Receivable.


 


“Financial
Asset” has the meaning given such term in Revised Article 8. As used herein, the Financial Asset “related to”
a security entitlement is the Financial Asset in which the entitlement holder (as defined in the New York UCC) holding such Security
Entitlement has the rights and property interest specified in the New York UCC.


 


“Fitch”
means Fitch Ratings, Inc. or its successor.


 


“Grant”
means mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and
a security interest in and a right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the
Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of
the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for
principal and interest payments in respect of the Collateral and all other monies payable thereunder, to give and receive notices
and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the
name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled
to do or receive thereunder or with respect thereto.


 


“Holder”
or “Noteholder” means the Person in whose name a Note is registered on the Note Register.


 


“Indemnified
Parties” shall have the meaning assigned to such term in Section 8.02 of the Trust Agreement.


 


“Indenture”
shall mean the Indenture, dated as of the Closing Date, between the Trust and the Indenture Trustee, as the same may be amended
and supplemented from time to time.


 


“Indenture
Trustee” means U.S. Bank National Association, not in its individual capacity but solely as Indenture Trustee under the
Indenture, or any successor Indenture Trustee under the Indenture.


 


“Independent”
means, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuing Entity, any
other obligor on the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (b) does not have any direct
financial interest or any material indirect financial interest in the Issuing Entity, any such other obligor, the Depositor or
any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuing Entity, any such other obligor, the
Depositor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director
or person performing similar functions.


 




    App. A-14


     


    

 


“Independent
Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described
in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture, made by an Independent
appraiser or other expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of reasonable
care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in the Indenture
and that the signer is Independent within the meaning thereof.


 


“Initial Aggregate
Starting Principal Balance” means $704,748,719.14.


 


“Initial Trust
Agreement” shall have the meaning assigned to such term in Section 2.12 of the Trust Agreement.


 


“Insolvency
Event” means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction
in the premises in respect of such Person or any substantial part of its property 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 for such Person or for any substantial part of its property, or ordering the
winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period
of 60 consecutive days; or (b) the commencement by such Person 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 such Person to the entry of an order for relief in
an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property,
or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to
pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.


 


“Interest
Accrual Period” means, with respect to any Payment Date, (i) for the Class A-1 Notes and the Class A-2b Notes, the period
from and including the previous Payment Date (or, in the case of the initial Payment Date, the Closing Date) to, but excluding,
the current Payment Date and (ii) for the Class A-2a Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the
period from and including the 15th day of the preceding calendar month (or, in the case of the initial Payment Date, the Closing
Date) to, but excluding, the 15th day of the current calendar month.


 


“Interest
Rate” means the Class A-1 Interest Rate, the Class A-2a Interest Rate, the Class A-2b Interest Rate, the Class A-3
Interest Rate, the Class A-4 Interest Rate or the Class B Interest Rate, as applicable.


 




    App. A-15


     


    

 


“Investment
Earnings” means, with respect to any Payment Date, the investment earnings (net of losses and investment expenses) on
amounts on deposit in the Trust Accounts to be deposited into the Collection Account on such Payment Date pursuant to Section
5.01(b) of the Sale and Servicing Agreement.


 


“Investment
Letter” has the meaning assigned in Section 2.04(a) of the Indenture.


 


“Issuing Entity”
means World Omni Auto Receivables Trust 2017-B until a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes.


 


“Issuing Entity
Order” or “Issuing Entity Request” means a written order or request signed in the name of the Issuing
Entity by any one of its Authorized Officers and delivered to the Indenture Trustee.


 


“LIBOR Determination
Date” means, for any Payment Date, the date that is two London Business Days prior to the Payment Date immediately preceding
such Payment Date or, in the case of the initial Payment Date, two London Business Days prior to the Closing Date.


 


“London Business
Day” means any day on which dealing in deposits in United States Dollars are transacted in the London bank market.


 


“Lien”
means a security interest, lien, charge, pledge, equity or encumbrance of any kind, other than tax liens, mechanics’ liens
and any liens that attach to the respective Receivable by operation of law as a result of any act or omission by the related Obligor.


 


“Note Depository
Agreement” means the letter of representations, dated as of the Closing Date, between the Issuing Entity and The Depository
Trust Company, as the initial Clearing Agency.


 


“Note Distribution
Account” means the account designated as such, established and maintained pursuant to Section 5.01(a)(ii) of the
Sale and Servicing Agreement.


 


“Note Owner”
means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books
of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency
Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).


 


“Note Pool
Factor” means, with respect to each Class of Notes as of the close of business on the last day of a Collection Period,
a seven-digit decimal figure equal to the Outstanding Amount of such Class of Notes (after giving effect to any reductions thereof
to be made on the immediately following Payment Date) divided by the original Outstanding Amount of such Class of Notes. The Note
Pool Factor will be 1.0000000 as of the Closing Date; thereafter, the Note Pool Factor will decline to reflect reductions in the
Outstanding Amount of such Class of Notes.


 


“Note Register”
and “Note Registrar” have the respective meanings specified in Section 2.05 of the Indenture.


 




    App. A-16


     


    

 


“Noteholder
FATCA Information” means, with respect to any Noteholder or Note Owner, information sufficient to eliminate the imposition
of, or determine the amount of, U.S. withholding tax under FATCA.


 


“Noteholder
Tax Identification Information” means, with respect to any Noteholder or Note Owner, properly completed and signed tax
certifications (generally, in the case of U.S. Federal Income Tax, IRS Form W-9 (or applicable successor form) in the case of a
person that is a “United States Person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS
Form W-8 (or applicable successor form) in the case of a person that is not a “United States Person” within the meaning
of Section 7701(a)(30) of the Code).


 


“Noteholders”
shall mean the holders of the Notes.


 


“Noteholders’
First Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the excess,
if any, of (a) the Outstanding Amount of the Class A Notes as of the day immediately preceding such Payment Date over (b) the Pool
Balance for that Payment Date.


 


“Noteholders’
Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class A Noteholders’ Interest
Distributable Amount for such Payment Date and the Class B Noteholders’ Interest Distributable Amount for such Payment Date.


 


“Noteholders’
Principal Distributable Amount” means, with respect to any Payment Date, the excess, if any, of (a) the sum of the Outstanding
Amount of the Notes as of the day immediately preceding that Payment Date over (b) the Pool Balance for that Payment Date minus
the Overcollateralization Target Amount for that Payment Date, provided that on the Final Scheduled Payment Date of any
Class of Notes, the Noteholders’ Principal Distributable Amount shall not be less than the amount necessary to reduce the
aggregate Principal Balance of such Class of Notes to zero.


 


“Noteholders’
Second Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the excess,
if any, of (a) the Outstanding Amount of the Notes as of the day immediately preceding such Payment Date over (b) the Pool Balance
for that Payment Date less (c) any amounts allocated to the Noteholders’ First Priority Principal Distributable Amount.


 


“Notes”
means Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes.


 


“Obligor”
on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable.


 


“Officer’s
Certificate” means in the case of the Issuing Entity, a certificate signed by any Authorized Officer of the Issuing Entity,
under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of
the Indenture, and delivered to the Indenture Trustee (unless otherwise specified, any reference in the Indenture to an Officer’s
Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuing Entity), and in the case of World
Omni, the Depositor or the Servicer, a certificate signed by the president, a vice president, a treasurer, assistant treasurer,
secretary or assistant secretary of World Omni, the Depositor or the Servicer, as appropriate.


 




    App. A-17


     


    

 


“One-Month
LIBOR” means, for any Payment Date, the rate per annum of deposits in United States dollars having a one month maturity
that appears on Bloomberg Screen US0001M Index Page (or the successor page or screen as may replace that page or screen or that
service) at approximately 11:00 a.m., London time on the related LIBOR Determination Date. Notwithstanding the foregoing, in the
event that no rate for one-month United States dollar deposits appears on Bloomberg Screen US0001M Index Page (or the successor
page or screen as may replace that page or screen or that service) on the applicable LIBOR Determination Date, then One-Month LIBOR
shall be the arithmetic mean (rounded upwards to the nearest one-sixteenth of 1%) of the rates at which one-month United States
dollar deposits are offered to prime banks in the London interbank market by four major banks in that market selected by the Servicer
as of the LIBOR Determination Date and time specified above. If fewer than two quotations are provided by such banks, then One-Month
LIBOR shall be the arithmetic mean (rounded upwards as above) of the rates at which one-month loans in United States dollars are
offered to leading European banks by three major banks in New York City selected by the Servicer as of 11:00 a.m. New York City
time on the applicable LIBOR Determination Date. If no such quotation can be obtained, One-Month LIBOR for such Payment Date will
be One-Month LIBOR that was determined with respect to the prior Payment Date.


 


“Opinion of
Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture,
be an employee of or counsel to the Issuing Entity and who shall be satisfactory to the addressees of such opinion, and which opinion
or opinions if addressed to the Indenture Trustee, shall comply with any applicable requirements of Section 11.01 of
the Indenture and shall be in form and substance satisfactory to the Indenture Trustee.


 


“Outstanding”
means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except:


 


(a)       Notes
theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;


 


(b)       Notes
or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee
or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed,
notice of such redemption has been duly given or waived pursuant to this Indenture or provision for such notice or waiver has been
made which is satisfactory to the Indenture Trustee); and


 


(c)       Notes
in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Indenture Trustee is presented that any such Notes are held by a protected purchaser;


 




    App. A-18


     


    

 


provided, that
in determining whether the Holders of the requisite Outstanding Amount of the Controlling Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuing Entity, any
other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not
to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee has
actual knowledge are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding
if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of
the foregoing Persons.


 


“Outstanding
Amount” means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding at the date
of determination.


 


“Overcollateralization
Target Amount” means, with respect to any Payment Date, an amount equal to 4.50% of the aggregate Principal Balance
of the Receivables as of the end of the related Collection Period less the Yield Supplement
Overcollateralization Amount of those Receivables as of the last day of the related Collection Period, but not less than
the result of 1.00% of the Aggregate Starting Principal Balance of the Receivables minus the Yield
Supplement Overcollateralization Amount as of the Cutoff Date.


 


“Owner Trust
Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust
pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts
and all other property of the Trust from time to time, including any rights of the Trust pursuant to the Sale and Servicing Agreement
and the Administration Agreement.


 


“Owner Trustee”
shall mean Wells Fargo Delaware Trust Company, N.A., not in its individual capacity but solely as owner trustee under the Trust
Agreement, and any successor Owner Trustee thereunder.


 


“Paying Agent”
means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11
of the Indenture and is authorized by the Issuing Entity to make payments to and distributions from the Collection Account and
the Note Distribution Account, including payments of principal of or interest on the Notes on behalf of the Issuing Entity.


 


“Payment Date”
means, with respect to each Collection Period, the fifteenth day of the following month or, if such day is not a Business Day,
the immediately following Business Day. The initial Payment Date will be September 15, 2017.


 


“Payment Determination
Date” means, with respect to any Payment Date, one (1) Business Day immediately preceding such Payment Date.


 


“Payment Extension
Program” means a program where one month’s payment is deferred in return for the payment of an amount calculated
generally at the APR of the contract for the month in which such payment is deferred (unless such amount is waived by the Servicer
in accordance with the Servicer’s customary servicing procedures).


 




    App. A-19


     


    

 


“Percentage
Interest” shall mean, with respect to each Trust Certificate, the percentage beneficial interest in the Trust represented
by such Trust Certificate.


 


“Person”
means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company,
trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.


 


“Physical
Property” has the meaning assigned to such term in the definition of “Delivery” above.


 


“Plan”
shall have the meaning assigned to such term in Section 3.04 of the Trust Agreement.


 


“Pool Balance”
means, as of any Payment Date, the aggregate Principal Balance of the Receivables as of the last day of the related Collection
Period less the Yield Supplement Overcollateralization Amount as of such day of
the related Collection Period after giving effect to all payments of principal received from obligors and Purchase Amounts to
be remitted by the Servicer or the Depositor, as the case may be, and after reduction to zero of the aggregate outstanding Principal
Balance of any Receivable that became a Defaulted Receivable during the related Collection Period.


 


“Predecessor
Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as
that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.06
of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated,
lost, destroyed or stolen Note.


 


“Principal
Balance” of a Receivable, as of the close of business on the last day of a Collection Period, means the Amount Financed
minus the sum of (i) the portion of all payments made by or on behalf of the related Obligor on or prior to such day and allocable
to principal using the Simple Interest Method; (ii) refunds of any warranty or insurance financed on the original Contract; and
(iii) any payment of the Purchase Amount with respect to the Receivable allocable to principal.


 


“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.


 


“Purchase
Amount” means, with respect to a Receivable, the amount, as of the close of business on the last day of the Collection
Period as of which that Receivable is purchased, required to prepay in full that Receivable under the terms thereof including accrued
and unpaid interest to such last day.


 


“Purchase
Date” has the meaning assigned to such term in Section 2.01 of the Receivables Purchase Agreement.


 


“Purchase
Price” has the meaning assigned to such term in Section 2.02 of the Receivables Purchase Agreement.


 




    App. A-20


     


    

 


“Purchased
Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer
pursuant to Section 4.07 or by World Omni pursuant to Section 3.02(b) of the Sale and Servicing Agreement.


 


“Rating Agencies”
means, for so long as such organization is rating a Class of Notes, Fitch and S&P Global Ratings or, if none of such organizations
or successors is any longer in existence, a nationally recognized statistical rating organization or other comparable Person designated
by the Depositor, notice of which designation shall be given to the Indenture Trustee, the Owner Trustee and the Servicer.


 


“Rating Agency
Condition” means, with respect to any action, that each Rating Agency then rating a Class of Notes shall have received
5 Business Days’ (or such shorter period as shall be acceptable to each Rating Agency) prior written notice and shall not
have notified the Depositor that such action will result in a downgrade of the then current rating on any Notes.


 


“Receivable”
means any Contract listed on the Schedule of Receivables attached to an Assignment (which Schedule may be in the form of microfiche),
as such Schedule may be amended from time to time.


 


“Receivable
Files” means the documents specified in Section 3.03 of the Sale and Servicing Agreement.


 


“Receivables
Purchase Agreement” shall mean the Receivables Purchase Agreement, dated as of the Closing Date, between World Omni,
as depositor and World Omni Auto Receivables LLC, as purchaser, as amended from time to time.


 


“Record Date”
means, with respect to a Payment Date or Redemption Date, and (i) any Book-Entry Notes, the close of business on the Business Day
immediately preceding such Payment Date or Redemption Date or (ii) any Definitive Notes, the Payment Date in the preceding month.


 


“Recoveries”
means, with respect to any Defaulted Receivable and any Collection Period, monies collected in respect thereof, from whatever source,
net of any expenses of the Servicer in connection with such Receivable for which the Servicer has not been previously reimbursed
and any amounts required by law to be remitted to the Obligor.


 


“Redemption
Date” means, in the case of a redemption of the Notes pursuant to Section 10.01 of the Indenture, the Payment
Date specified by the Depositor or the Issuing Entity pursuant to Section 10.01 of the Indenture.


 


“Redemption
Price” means, in connection with a redemption of the Notes pursuant to Section 10.01 of the Indenture, with
respect to any Note, an amount equal to the unpaid principal amount of such Note plus accrued and unpaid interest thereon to but
excluding the Redemption Date.


 


“Registered
Holder” means the Person in whose name a Note is registered on the Note Register on the applicable Record Date.


 




    App. A-21


     


    

 


“Regulation
AB” means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125,
as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission
in the adopting releases (Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January
7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57, 184 (September
24, 2014)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.


 


“Reporting
Officer” means, with respect to the Owner Trustee, any officer, employee or other person within the Corporate Trust Office
of the Owner Trustee having direct responsibility for the administration of the Trust Agreement.


 


“Reporting
Subcontractor” shall mean with respect to any Person, any Subcontractor for such Person that is “participating
in the servicing function” within the meaning of Item 1122 of Regulation AB. References to a Reporting Subcontractor shall
refer only to the Subcontractor of such Person and shall not refer to Subcontractors generally.


 


“Repurchase
Event” shall have the meaning specified in Section 6.02 of the Receivables Purchase Agreement.


 


“Repurchase
Request” has the meaning specified in Section 3.02(c)(i) of the Sale and Servicing Agreement.


 


“Repurchase
Rules and Regulations” shall have the meaning specified in Section 6.14 of the Indenture.


 


“Requesting
Party” has the meaning specified in Section 3.02(c)(i) of the Sale and Servicing Agreement.


 


“Required
Rate” means (i) with respect to the Cutoff Date and any Payment Date on or prior to the date on which the Outstanding
Amount of the Class A-2 Notes is paid in full, 5.05% per annum, and (ii) with respect to any Payment Date after the date on which
the Outstanding Amount of the Class A-2 Notes is paid in full, 4.70%, or, in each case, such other rate as shall be approved by
the Rating Agencies.


 


“Required
Rating” means a rating on commercial paper or other short term unsecured debt obligations of F1 by Fitch so long as Fitch
is a Rating Agency and A-1+ by S&P Global Ratings so long as S&P Global Ratings is a Rating Agency; and any requirement
that deposits or debt obligations have the “Required Rating” shall mean that such deposits or debt obligations have
the foregoing required ratings from Fitch and S&P Global Ratings.


 


“Required
Reserve Amount” means, with respect to any Payment Date, the lesser of (a) 0.25% of the difference of the Aggregate
Starting Principal Balance less the Yield Supplement Overcollateralization Amount as
of the Cutoff Date of all Receivables transferred to the Trust and (b) the Outstanding Amount of the Notes.


 


“Reserve Account”
means the account designated as such, established and maintained pursuant to Section 5.01(a)(iii) and Section 5.07
of the Sale and Servicing Agreement.


 




    App. A-22


     


    

 


“Reserve
Account Initial Deposit” means cash or Eligible Investments having a value of $1,664,191.04.


 


“Responsible
Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee, including any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer
or any other officer, employee or other person of the Indenture Trustee customarily performing functions similar to those performed
by any of the above designated officers and, with respect to each, having direct responsibility for the administration of the Indenture
and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.


 


“Retained
Notes” means [RESERVED].


 


“Review”
means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Delinquent
Receivables that have been Delinquent Receivables for 60 days or more as of the last day of the preceding Collection Period to
determine whether such Delinquent Receivables satisfy the representations and warranties set forth in Section 3.01(a) of the Sale
and Servicing Agreement, each as of the date as specified in Section 3.01(a) of the Sale and Servicing Agreement..


 


“Review Notice”
means the notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity and the Servicer pursuant
to Section 7.05(c) of the Indenture notifying the Asset Representations Reviewer that the Noteholders have requested a Review.


 


“Review Receivable”
has the meaning designated in Section 1.01 of the Asset Representations Review Agreement.


 


“Review Report”
has the meaning designated in Section 3.04 of the Asset Representations Review Agreement.


 


“RPA Assignment”
has the meaning designated in Section 2.01 of the Receivables Purchase Agreement.


 


“Sale and
Servicing Agreement” means the Sale and Servicing Agreement, dated as of the Closing Date, among the Issuing Entity,
the Depositor and World Omni, as Servicer, as amended from time to time.


 


“Schedule
of Receivables” shall mean the schedule attached to the RPA Assignment or the SSA Assignment specifying the Receivables
being transferred, as such Schedule may be amended from time to time.


 


“Secretary
of State” shall mean the Secretary of State of the State of Delaware.


 


“Securities
Act” means the Securities Act of 1933, as amended.


 




    App. A-23


     


    

 


“Securitization
Transaction” means any transaction effected after the Closing Date involving an issuance of notes pursuant to the Indenture,
whether publicly offered or privately placed, rated or unrated.


 


“Servicer”
means World Omni, in its capacity as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder.


 


“Servicer
Default” means an event specified in Section 8.01 of the Sale and Servicing Agreement.


 


“Servicer’s
Certificate” means a certificate of the Servicer delivered pursuant to Section 4.09 of the Sale and Servicing
Agreement.


 


“Servicing
Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
amended from time to time.


 


“Servicing
Fee” means the fee payable to the Servicer for services rendered during each Collection Period, determined pursuant to
Section 4.08 of the Sale and Servicing Agreement.


 


“Servicing
Fee Rate” means 1% per annum.


 


“Similar Law”
has the meaning assigned to such term in Section 3.04 of the Trust Agreement.


 


“Simple Interest
Method” means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion
of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal
balance multiplied by the period of time elapsed since the preceding payment of interest was made and the remainder of such payment
is allocable to principal.


 


“Simple Interest
Receivable” means any Receivable under which the portion of a payment allocable to interest and the portion allocable
to principal is determined in accordance with the Simple Interest Method.


 


“Sponsor”
means World Omni Financial Corp., a Florida corporation, or its successors.


 


“SSA
Assignment” has the meaning assigned in Section 2.01 of
the Sale and Servicing Agreement.


 


“S&P Global
Ratings” means S&P Global Ratings, a division of S&P Global, or its successor.


 


“Starting
Principal Balance” means with respect to a Receivable, the aggregate principal
amount advanced under such Receivable toward the purchase price of the Financed Vehicle or Financed Vehicles, including insurance
premiums, service and warranty contracts, federal excise and sales taxes and other items customarily financed as part of a Receivable
and related costs, less payments received from the Obligor prior to the Cutoff Date with respect to such Receivable allocable
to principal.


 




    App. A-24


     


    

 


“State”
means any one of the 50 States of the United States of America or the District of Columbia.


 


“Statutory
Trust Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801
et seq., as the same may be amended from time to time.


 


“Subcontractor”
shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Receivables but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to the Receivables under the direction or authority of the Servicer
or the Indenture Trustee.


 


“Successor
Servicer” has the meaning specified in Section 3.07(e) of the Indenture.


 


“Supplemental
Servicing Fees” means late fees, any prepayment charges, phone pay fees and other administrative fees or similar charges
allowed by applicable law with respect to the Receivables collected from Obligors during the related Collection Period.


 


“Test Fail”
has the meaning assigned in Section 3.03(a) of the Asset Representations Review Agreement.


 


“Transferor
Certificate” has the meaning assigned in Section 2.04(a) of the Indenture.


 


“Treasury
Regulations” shall mean regulations, including proposed or temporary Regulations, promulgated under the Code. References
herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations
or other successor Treasury Regulations.


 


“Trust”
means World Omni Auto Receivables Trust 2017-B, a Delaware statutory trust.


 


“Trust Account
Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether
in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), including the
Reserve Account, and all proceeds of the foregoing.


 


“Trust Accounts”
has the meaning assigned thereto in Section 5.01 of the Sale and Servicing Agreement.


 


“Trust Agreement”
means the Trust Agreement, dated as of the Closing Date, between the Depositor and
the Owner Trustee, as the same may be amended and supplemented from time to time; such agreement being the amended and restated
Trust Agreement contemplated by the Initial Trust Agreement.


 


“Trust Certificate”
shall mean a certificate evidencing the beneficial interest of a Person in the trust established by the Trust Agreement and substantially
in the form attached as Exhibit A to such Trust Agreement.


 




    App. A-25


     


    

 


“Trust Estate”
means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest
of this Indenture for the benefit of the Noteholders (including, without limitation, all property and interests Granted to the
Indenture Trustee), including all proceeds thereof.


 


“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939 as in force as of the Closing Date, unless otherwise
specifically provided.


 


“Trust Officer”
means, in the case of the Indenture Trustee, any Officer within the Corporate Trust Office of the Indenture Trustee, including
any vice president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer
of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject and, with respect to the Owner Trustee, any officer within the Corporate Trust Office
of the Owner Trustee with direct responsibility for the administration of the Trust Agreement and the Basic Documents on behalf
of the Owner Trustee.


 


“Trustee Bank”
means Wells Fargo Delaware Trust Company, N.A., in its individual capacity, each bank appointed as successor Owner Trustee under
the Trust Agreement in its individual capacity and each bank appointed as co-trustee under and to the extent provided in the Trust
Agreement in its individual capacity.


 


“UCC”
means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended
from time to time.


 


“U.S. Person”
means:


 


(a) a citizen or resident
of the United States for U.S. federal income tax purposes;


 


(b) an entity treated
as a corporation or partnership for U.S. federal income tax purposes, except to the extent provided in applicable U.S. Department
of Treasury regulations, created or organized in or under the laws of the United States, any state or the District of Columbia,
including an entity treated as a corporation or partnership for U.S. federal income tax purposes;


 


(c) an estate the income
of which is subject to U.S. federal income taxation regardless of its source;


 


(d) an entity treated
as a trust for U.S. federal income tax purposes if a court within the United States is able to exercise primary supervision over
the administration of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of
such trust; or


 


(e) to the extent provided
in applicable U.S. Department of Treasury regulations, certain trusts in existence on August 20, 1996, which are eligible to elect
to be treated as U.S. Persons.


 


“WOAR”
means World Omni Auto Receivables LLC, a Delaware limited liability company, or its successors.


 




    App. A-26


     


    

 


“World Omni”
means World Omni Financial Corp., a Florida corporation, or its successors.


 


“Yield Supplement
Overcollateralization Amount” means, with respect to any calendar month and the related Payment Date, or with respect
to the Cutoff Date, the aggregate amount by which the Principal Balance as of the last day of such calendar month or the Cutoff
Date of each of the related Receivables with an APR as stated in the related Contract of less than the Required Rate, other than
a Defaulted Receivable, exceeds the present value, calculated by using a discount rate equal to the Required Rate, of each scheduled
payment of each such Receivables assuming such scheduled payment is made on the last day of each month and each month has 30 days.


 




    App. A-27


     


    

 


APPENDIX A


 


PART II - RULES OF CONSTRUCTION


 


(A)       Accounting
Terms. As used in this Appendix or the Basic Documents, accounting terms which are not defined, and accounting terms partly
defined, herein or therein shall have the respective meanings given to them under generally accepted accounting principles. To
the extent that the definitions of accounting terms in this Appendix or the Basic Documents are inconsistent with the meanings
of such terms under generally accepted accounting principles, the definitions contained in this Appendix or the Basic Documents
will control.


 


(B)       “Hereof,”
etc.: The words “hereof,” “herein” and “hereunder” and words of similar import when used
in this Appendix or any Basic Document will refer to this Appendix or such Basic Document as a whole and not to any particular
provision of this Appendix or such Basic Document; and Section, Schedule and Exhibit references contained in this Appendix or any
Basic Document are references to Sections, Schedules and Exhibits in or to this Appendix or such Basic Document unless otherwise
specified. The word “or” is not exclusive.


 


(C)       Use
of “related” as used in this Appendix and the Basic Documents, with respect to any Payment Date, the “related
Payment Determination Date,” the “related Collection Period,” and the “related Record Date” will
mean the Payment Determination Date, the Collection Period, and the Record Date, respectively, immediately preceding such Payment
Date. With respect to any Purchase Date, the “related Cutoff Date” will mean the Cutoff Date established for the closing
of the purchase of Receivables on that Purchase Date.


 


(D)       Use
of “outstanding” etc. Whenever the term “outstanding Notes,” “outstanding principal amount”
and words of similar import are used in this Appendix or any Basic Document for purposes of determining whether the Noteholders
of the requisite outstanding principal amount of the Notes have given any request, demand, authorization, direction, notice, consent
or waiver hereunder or under any Basic Document, Notes owned by the Issuing Entity, any other obligor upon the Notes, the Depositor
or any Affiliate of any of the foregoing Persons (it being understood that the Owner Trustee in its individual capacity
shall not be considered an Affiliate of any of the foregoing) shall be disregarded and deemed not to be outstanding, except that,
in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned
that have been pledged in good faith may be regarded as “outstanding” if the pledgee establishes to the satisfaction
of the Indenture Trustee the pledgor’s right so to act with respect to such Notes and that the pledgee is not the Issuing
Entity, any other obligor upon the Notes, the Depositor or any Affiliate of
any of the foregoing Persons.


 


(E)       Number
and Gender. Each defined term used in this Appendix or the Basic Documents has a comparable meaning when used in its plural
or singular form. Each gender-specific term used in this Appendix or the Basic Documents has a comparable meaning whether used
in a masculine, feminine or gender-neutral form.


 




    App. A-28


     


    

 


(F)       Including.
Whenever the term “including” (whether or not that term is followed by the phrase “but not limited to”
or “without limitation” or words of similar effect) is used in this Appendix or the Basic Documents in connection with
a listing of items within a particular classification, that listing will be interpreted to be illustrative only and will not be
interpreted as a limitation on, or exclusive listing of, the items within that classification.


 


(G)       UCC
References. References to sections or provisions of Article 9 of the UCC in any of the Basic Documents shall be deemed to be
automatically updated to reflect the successor, replacement or functionally equivalent sections or provisions of Revised Article
9, Secured Transactions (2000) at any time in any jurisdiction which has made such revised article effective.


 




    App. A-29


     


    

 






APPENDIX
B


 


Additional Representations and
Warranties


 


		1.	This Agreement, the Receivables Purchase
                                         Agreement and the Indenture create a valid and continuing security interest (as defined
                                         in the applicable UCC) in the Receivables in favor of the Indenture Trustee, which security
                                         interest is prior to all other Liens, and is enforceable as such as against creditors
                                         of and purchasers from World Omni, the Depositor and the Trust, respectively.



 


		2.	World Omni has taken all steps necessary
                                         to perfect its security interest against each Obligor in the property securing the Receivables.



 


		3.	The Receivables constitute “tangible
                                         chattel paper” or “electronic chattel paper” within the meaning of
                                         the applicable UCC.



 


		4.	World Omni owns and has good and marketable
                                         title to the Receivables and will transfer the Receivables free and clear of any Lien,
                                         claim or encumbrance of any Person.



 


		5.	World Omni has caused or will have caused,
                                         within ten days, the filing of all appropriate financing statements in the proper filing
                                         office in the appropriate jurisdictions under applicable law in order to perfect the
                                         security interest in the Receivables granted to the Depositor under the Receivables Purchase
                                         Agreement, to the Issuing Entity hereunder and to the Indenture Trustee under the Indenture.



 


		6.	With respect to Receivables that constitute
                                         tangible chattel paper, all original executed copies of each Contract that constitute
                                         or evidence the Receivable have been delivered to the Servicer for the benefit of the
                                         Depositor, the Issuing Entity and the Indenture Trustee.



 


		7.	With respect to Receivables that constitute
                                         electronic chattel paper, only one authoritative copy of each Contract that constitutes
                                         or evidences the Receivable exists. Each such authoritative copy (a) is unique, identifiable,
                                         and unalterable (other than with the participation of the Depositor, the Issuing Entity
                                         and the Indenture Trustee pursuant to the Basic Documents in the case of an addition
                                         or change of an identified assignee and other than a revision that is readily identifiable
                                         as an authorized or unauthorized revision), and (b) has been communicated to and is maintained
                                         by the Servicer or a third party provider acting on behalf of the Servicer. The authoritative
                                         copy of the related Contract identifies only World Omni Financial Corp. as the assignee
                                         thereof. Each copy of the authoritative copy of the related Contract and any copy of
                                         a copy are readily identifiable as copies that are not the authoritative copy. Each Receivable
                                         has been established in a manner such that (a) all copies or revisions that add or change
                                         an identified assignee of the authoritative copy of each Contract that constitutes or
                                         evidences the Receivable must be made with the participation of the Depositor, the Issuing
                                         Entity and the Indenture Trustee pursuant to the Basic Documents, and (b) all revisions
                                         of the authoritative copy of each contract that constitute or evidence the Receivable
                                         must be readily identifiable as an authorized or unauthorized revision. The Servicer
                                         is maintaining the authoritative copy of each Contract that constitutes or evidences
                                         the Receivables solely on behalf and for the benefit of the Depositor, the Issuing Entity
                                         and the Indenture Trustee under the Basic Documents.



 




    App. B


     


    

 


		8.	Other than (a) any security interests
                                         which have been released prior to or in connection with the execution of the Basic Documents
                                         and (b) the security interests granted to the Depositor, the Issuing Entity, and the
                                         Indenture Trustee pursuant to the Basic Documents, none of World Omni, the Depositor
                                         or the Issuing Entity has pledged, assigned, sold, granted a security interest in, or
                                         otherwise conveyed any of the Receivables. None of World Omni, the Depositor or the Issuing
                                         Entity has authorized the filing of, and is not aware of, any financing statements against
                                         World Omni, the Depositor or the Issuing Entity that include a description of collateral
                                         covering the Receivables other than any financing statement relating to the security
                                         interests granted to the Depositor, the Issuing Entity, and the Indenture Trustee under
                                         the Basic Documents or a financing statement that has been terminated with respect to
                                         the Receivables. None of World Omni, the Depositor or the Issuing Entity is aware of
                                         any judgment or tax lien filings against World Omni, the Depositor or the Issuing Entity.



 


		9.	None of the Seller, the Depositor or
                                         the Issuing Entity or any vaulting agent thereof has communicated an authoritative copy
                                         of any Contract that constitutes or evidences the Receivables to any Person other than
                                         the Servicer.



 


		10.	World Omni, as Servicer (in its capacity
                                         as custodian), has in its possession all original copies of the Contracts that constitute
                                         or evidence the Receivables. The Receivables Files that constitute or evidence the Receivables
                                         do not have any marks or notations indicating that they have been pledged, assigned or
                                         otherwise conveyed to any Person other than the Depositor, the Issuing Entity or the
                                         Indenture Trustee. All financing statements filed or to be filed against World Omni,
                                         the Depositor or the Issuing Entity in favor of the Depositor, the Issuing Entity or
                                         the Indenture Trustee, respectively, in connection herewith describing the Receivables
                                         contain a statement to the following effect: “A purchase of or security interest
                                         in any collateral described in this financing statement will violate the rights of the
                                         Noteholders.”



 




    App. B-2