Exhibit 4.3


 





EXECUTION VERSION







 




 






 


TRUST AGREEMENT


 


between


 


WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,


 


and


 


BNY
Mellon Trust of Delaware,

as Owner Trustee


 


Dated October 29, 2014

 


 



 




    	 



    	 



    

  


TABLE OF CONTENTS


 


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


 




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	ARTICLE
    VI Authority and Duties of Owner Trustee	13
	Section 6.01	General Authority	13
	Section 6.02	General Duties	14
	Section 6.03	Action upon Instruction	14
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	15
	Section 6.05	No Action Except Under Specified Documents or Instructions	15
	Section 6.06	Restrictions	15
	Section 6.07	Execution of Notes	15
	Section 6.08	Doing Business in Other Jurisdictions	15
	 	 	 
	ARTICLE
    VII Concerning the Owner Trustee	16
	Section 7.01	Acceptance of Trusts and Duties	16
	Section 7.02	Furnishing of Documents	18
	Section 7.03	Representations and Warranties of the Owner Trustee	18
	Section 7.04	[Reserved]	18
	Section 7.05	Reliance; Advice of Counsel	19
	Section 7.06	Not Acting in Individual Capacity	19
	Section 7.07	Owner Trustee Not Liable for Trust Certificates or Receivables	19
	Section 7.08	Owner Trustee May Own Trust Certificates and Notes	20
	Section 7.09	Legal Proceedings	20
	Section 7.10	Communications Regarding Demands to Repurchase Receivables	20
	 	 	 
	ARTICLE
    VIII Compensation of Owner Trustee	21
	Section 8.01	Owner Trustee’s Fees and Expenses	21
	Section 8.02	Indemnification	21
	Section 8.03	Payments to the Owner Trustee	21
	 	 	 
	ARTICLE
    IX Termination of Trust Agreement	22
	Section 9.01	Termination of Trust Agreement	22
	 	 	 
	ARTICLE
    X Successor Owner Trustees and Additional Owner Trustees	23
	Section 10.01	Eligibility Requirements for Owner Trustee	23
	Section 10.02	Resignation or Removal of Owner Trustee	23
	Section 10.03	Successor Owner Trustee	24
	Section 10.04	Merger or Consolidation of the Owner Trustee	24
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	25
	 	 	 
	ARTICLE
    XI Miscellaneous	26
	Section 11.01	Supplements and Amendments	26
	Section 11.02	No Legal Title to Owner Trust Estate in Certificateholders	27
	Section 11.03	Limitations on Rights of Others	27
	Section 11.04	Notices	27
	Section 11.05	Severability	28
	Section 11.06	Separate Counterparts	28
	Section 11.07	Successors and Assigns	28
	Section 11.08	Covenants of the Depositor	28
	Section 11.09	No Petition	29
	Section 11.10	No Recourse	29


 




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	Section 11.11	Headings	29
	Section 11.12	GOVERNING LAW	30
	Section 11.13	Compliance with Applicable Anti-Terrorism and Anti Money Laundering Regulations	30
	 	 	 
	ARTICLE
    XII COMPLIANCE WITH REGULATION AB	31
	Section 12.01	Intent of the Parties; Reasonableness	31
	Section 12.02	Information to Be Provided by the Owner Trustee	31


 


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


 




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TRUST AGREEMENT


 


This TRUST AGREEMENT
is dated October 29, 2014, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and BNY
Mellon Trust of Delaware, a Delaware banking corporation, as owner trustee.


 


ARTICLE
I


 


Definitions


 


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


 


ARTICLE
II


 


Organization


 


Section 2.01         Name.   The
Trust shall be known as “World Omni Auto Receivables Trust 2014-B” in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust
shall obtain and maintain qualification to transact business in the State of Alabama. For the purpose of qualifying to transact
business in the State of Alabama, the Trust may adopt the fictitious name of “World Omni Auto Receivables Trust 2014-B (Inc.)”
and may conduct the business of the Trust in the State of Alabama under such fictitious name.


 


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


 


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


 


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


 


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


 




    	 



    	 



    

 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


Section 2.05         Initial
Capital Contribution of Owner Trust Estate.   The Depositor hereby sells, assigns, transfers, conveys and sets
over to the Owner Trustee, the sum of $1 previously delivered. The Owner Trustee hereby acknowledges receipt in trust from the
Depositor, as of the date hereof, of the foregoing contribution, which shall constitute the initial Owner Trust Estate. Notwithstanding
Section 8.01 hereof, the Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request
of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.


 




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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 




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


 


Section 2.12         Amended
and Restated Trust Agreement.   This Trust Agreement is the amended and restated trust agreement contemplated
by the Trust Agreement dated as of September 18, 2014, between the Depositor and the Owner Trustee (the “Initial
Trust Agreement”). This Trust Agreement amends and restates in its entirety the Initial Trust Agreement.


 


ARTICLE
III



Trust Certificates and Transfer of Interests


 


Section 3.01         [Reserved].


 


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


 


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


 


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


 




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


 


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


 




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No transfer of a Trust
Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of paragraph
3 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and is not
acting on behalf of (i) an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”), (ii) a plan subject to Section 4975 of the Code, (iii) any entity whose
underlying assets include plan assets by reason of a plan’s investment in the entity or (iv) any plan that is subject to
any federal, state or local law that is, to a material extent, similar to the foregoing provisions of ERISA or Section 4975 of
the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion of counsel satisfactory to the
Owner Trustee, the Certificate Registrar and the Depositor to the effect that the purchase and holding of such Trust Certificate
by such Person (i) will not result in the assets of the Issuing Entity being deemed to be “plan assets” subject to
the prohibited transactions provisions of ERISA, Section 4975 of the Code or Similar Law and will not subject the Owner Trustee,
the Indenture Trustee, the Certificate Registrar, the Servicer or the Depositor to any obligation in addition to those undertaken
in the Basic Documents and (ii) will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code
or Similar Law. The preparation and delivery of the certificate and opinions referred to above with respect to a proposed transfer
shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni
(in any capacity) or the Depositor. Any attempted or purported transfer in violation of these transfer restrictions will be null
and void and will vest no rights in any purported transferee.


 


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


 


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


 


Upon surrender for registration
of transfer of any Trust Certificate at the office or agency maintained pursuant to Section 3.08, the Owner Trustee
shall execute, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Trust Certificates in authorized denominations of a like aggregate amount dated the
date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Trust Certificates
may be exchanged for other Trust Certificates of authorized denominations of a like aggregate amount upon surrender of the Trust
Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08. No Certificate (other than
the Certificates issued to and held by the Depositor or its Affiliates) may be subdivided upon transfer or exchange in a manner
such that any resulting Certificate(s) or beneficial ownership of a Certificate held through a party considered a nominee for U.S.
federal income tax purposes represent(s) less than a 2.00% fractional undivided interest in the Trust (or such other amount as
the Depositor may determine in order to prevent the Trust from being treated as a “publicly traded partnership” under
Section 7704 of the Code, but in no event less than a 1.00% fractional undivided interest in the Trust).


 




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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 




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ARTICLE
IV


 





Actions by Owner Trustee


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


Section 4.05         Majority
Control.  Except as expressly provided herein, any action that may be taken by the Certificateholders under this
Agreement may be taken by the Certificateholders of Trust Certificates evidencing in the aggregate not less than a 50% Percentage
Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement
shall be effective if signed by Certificateholders of Trust Certificates evidencing in the aggregate not less than a 50% Percentage
Interest at the time of the delivery of such notice.


 


ARTICLE
V



Application of Trust Funds; Certain Duties


 


Section 5.01         [Reserved].


 


Section 5.02         Application
of Trust Funds.


 


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


 


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


 




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


 


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


 


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


 




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Section 5.05         Accounting
and Reports to the Certificateholders, the Internal Revenue Service and Others.   The Administrator shall deliver
to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, or as may be requested by such Certificateholder,
such information, reports or statements as may be necessary to enable each Certificateholder to prepare its federal and state income
tax returns. Consistent with the Trust’s characterization for tax purposes as a disregarded entity so long as the Depositor
or any other Person is the sole Certificateholder, no federal income tax return shall be filed on behalf of the Trust unless either
(i) the Owner Trustee shall be provided with an Opinion of Counsel that, based on a change in applicable law occurring after the
date hereof, or as a result of a transfer permitted by Section 3.04, the Code requires such a filing or (ii) the Internal
Revenue Service shall determine that the Trust is required to file such a return. In the event that there shall be two or more
beneficial owners of the Trust, the Administrator shall inform the Indenture Trustee in writing of such event, (x) the Administrator
shall prepare or shall cause to be prepared federal and, if applicable, state or local partnership tax returns, with all such necessary
information provided to it, required to be filed by the Trust and shall remit such returns to the Depositor (or if the Depositor
no longer owns any Certificates, the Certificateholder designated for such purpose by the Depositor to the Owner Trustee in writing)
at least (5) days before such returns are due to be filed, and (y) capital accounts shall be maintained by the Administrator for
each Certificateholder in accordance with the Treasury Regulations under Section 704(b) of the Code reflecting each such Certificateholder’s
share of the income, gains, deductions, and losses of the Trust and/or guaranteed payments made by the Trust and contributions
to, and distributions from, the Trust. The Administrator shall prepare any such return with all elections the Administrator deems
appropriate, except that no election shall be made to treat the Trust as an association taxable as a corporation. The Depositor
(or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature to
the Administrator and such returns shall be filed by the Administrator with the appropriate tax authorities. In the event
that a “tax matters partner” (within the meaning of Code Section 6231(a)(7)) is required to be appointed with respect
to the Trust, the Depositor or its designee is hereby designated as tax matters partner or, if the Depositor is not a Certificateholder,
the Certificateholder selected by a majority of the Certificateholders (by Percentage Interest) shall be designated as tax matters
partner. In no event shall the Certificateholder or the Depositor (or such designee Certificateholder, as applicable) be liable
for any liabilities, costs or expenses of the Trust or the Noteholders arising out of the application of any tax law, including
federal, state, foreign or local income or excise taxes or any other tax imposed on or measured by income (or any interest, penalty
or addition with respect thereto or arising from a failure to comply therewith) except for any such liability, cost or expense
attributable to any negligent act or omission by the Owner Trustee or the Depositor (or such designee Certificateholder, as applicable),
as the case may be, in breach of its obligations under this Agreement.


 


Section 5.06         Signature
on Returns.


 


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


 


ARTICLE
VI



Authority and Duties of Owner Trustee


 


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


 




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


 


Section 6.03         Action
upon Instruction.


 


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


 


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


 


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


 


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


 




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


 


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


 


Section 6.06         Restrictions.   The
Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03
or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation
for federal income tax purposes. The Certificateholders shall not direct the Owner Trustee to take action that would violate the
provisions of this Section 6.06.


 


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


 


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


 




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ARTICLE
VII



Concerning the Owner Trustee


 


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


 


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


 


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


 


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


 


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


 




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


 


(f)          The
Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Depositor, the Indenture Trustee or the
Servicer under any of the Basic Documents or otherwise, and the Owner Trustee shall not have any obligation or liability to perform
the obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by the Administrator
under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer or the Depositor under the Sale and
Servicing Agreement;


 


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


 


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


 


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


 


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


 


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


 




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Section 7.02         Furnishing
of Documents.    The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Owner Trustee under the Basic Documents. The Owner Trustee shall have no responsibility for the accuracy
of any information provided to the Certificateholders or any other Person that has been obtained from, or provided to the Owner
Trustee.


 


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


 


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


 


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


 


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


 


(d)          It
has the power and authority to execute and deliver this Agreement and, on behalf of the Trust, the other Basic Documents to which
the Trust is a party and to carry out their respective terms; and the execution, delivery, and performance of this Agreement by
it and the other Basic Documents to which the Trust is a party have been duly authorized by all necessary corporate action.


 


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


 


Section 7.04         [Reserved].   


 




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Section 7.05         Reliance;
Advice of Counsel.    (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper (whether
in its original or facsimile form) believed by it to be genuine and believed by it to be signed by the proper party or parties.
The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect.
As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for
all purposes hereof rely on a certificate, signed by its president or any vice president or by the treasurer or other Authorized
Officers, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action
taken or omitted to be taken by it in good faith in reliance thereon.


 


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


 


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


 


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


 




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


 


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


 


Section 7.10         Communications
Regarding Demands to Repurchase Receivables.    The Owner Trustee shall provide notice to World Omni and the
Depositor, as soon as practicable and in any event within five Business Days, of all demands communicated to a Reporting Officer
of the Owner Trustee for the repurchase or replacement of any Receivable for breach of the representations and warranties concerning
such Receivable. Such notices shall be provided to World Omni and the Depositor at: (a) in the case of World Omni, World Omni Financial
Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, and (b) in the
case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954)
429-2685, Attention: Treasurer, or at such other address or by such other means of communication as may be specified by World Omni
or the Depositor to the Owner Trustee from time to time. The Owner Trustee acknowledges and agrees that the purpose of this Section
7.10 is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1 under the Exchange Act, as amended, and Items
1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”). The Owner Trustee acknowledges that
interpretations of the requirements of the Repurchase Rules and Regulations may change over time, whether due to interpretive guidance
provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel,
or otherwise, and agrees to cooperate in good faith at the sole cost and expense of World Omni or the Depositor with any reasonable
request made by World Omni or the Depositor for information which is required in order to enable World Omni or the Depositor to
comply with the Repurchase Rules and Regulations. The Owner Trustee’s reporting is limited to information delivered to a
Reporting Officer of the Owner Trustee that it has received or acquired solely in its capacity as Owner Trustee and not in any
other capacity. The Owner Trustee is not a securitizer (as defined in the Repurchase Rules and Regulations) and in no event will
BNY Mellon Trust of Delaware (individually or as Owner Trustee) have any responsibility or liability in connection with (i) the
compliance by any person who is a securitizer (as defined in Rule 15Ga-1) in connection with the Issuing Entity, or any other person
under the Repurchase Rules and Regulations or (ii) any filing required to be made by a securitizer under the Repurchase Rules and
Regulations in connection with the information provided pursuant to this Section 7.10. Other than any express duties or responsibilities
as Owner Trustee under this Agreement, the Owner Trustee has no duty or obligation to undertake any investigation or inquiry related
to demands for the repurchase or replacement of any Receivable or otherwise to assume any additional duties or responsibilities
in respect of any transaction contemplated in this Agreement, and no such additional obligations or duties are implied in this
Agreement. The Owner Trustee will not have any duty to conduct, and has not conducted, any affirmative investigation as to the
occurrence of any conditions requiring the repurchase or replacement of any Receivable.


 




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ARTICLE
VIII


 



Compensation of Owner Trustee


 


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


 


Section 8.02         Indemnification.   
Pursuant to the Administration Agreement, the Administrator shall be liable as primary obligor for, and shall indemnify the Owner
Trustee and its officers, directors, stockholders, employees, successors, assigns, agents and servants (collectively, the “Indemnified
Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits,
and any and all reasonable and documented costs, expenses and disbursements (including reasonable and documented legal fees and
expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on,
incurred by or asserted against any Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents,
the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of any Indemnified Party hereunder,
except only that the Administrator shall not be liable for or required to indemnify an Indemnified Party from and against Expenses
arising or resulting from any of the matters described in clauses (i), (ii), (iii) or (iv) of the third sentence of Section 7.01.
The indemnities contained in this Section shall survive the resignation or removal of the Owner Trustee or the termination of this
Agreement. In any event of any claim, action or proceeding for which indemnity is sought pursuant to this Section, the Owner Trustee’s
choice of legal counsel shall be subject to the approval of the Administrator, which approval shall not be unreasonably withheld
or delayed.


 


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


 




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ARTICLE
IX


 




Termination of Trust Agreement


 


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


 


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


 


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


 


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


 




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


 


ARTICLE
X



Successor Owner Trustees and Additional Owner Trustees


 


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


 


Section 10.02         Resignation
or Removal of Owner Trustee.    (a) Subject to paragraph (c) of this Section, the Owner Trustee may at any time
resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such
notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If
no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice
of resignation, the resigning Owner Trustee, as applicable, may petition (at the expense of the Depositor) any court of competent
jurisdiction for the appointment of a successor Owner Trustee.


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 




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


 


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


 


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


 


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


 


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


 


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


 




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


 


ARTICLE
XI



Miscellaneous


 


Section 11.01         Supplements
and Amendments.    This Agreement may be amended by the Depositor and the Owner Trustee, without the consent
of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provision in this Agreement
or for the purpose of adding any provision to or changing in any manner or eliminating any of the provisions in this Agreement
or of modifying in any manner the rights of the Noteholders or the Certificateholders. Such amendments require: (i) satisfaction
of the Rating Agency Condition and (ii) an Officer’s Certificate of the Depositor stating that the amendment will not materially
and adversely affect the interest of any Noteholder or Certificateholder.


 


This Agreement may also
be amended from time to time by the Depositor and the Owner Trustee, with the consent of holders of at least 50% of the Outstanding
Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and adversely, (ii)
an Officer’s Certificate of the Depositor to that effect is delivered to the Indenture Trustee and the Owner Trustee by the
Depositor and (iii) satisfaction of the Rating Agency Condition) and the consent of the Certificateholders evidencing not less
than a 50% Percentage Interest of the Trust Certificates (unless (i) the interests of the Certificateholders are not affected materially
and adversely and (ii) an Officer’s Certificate of the Depositor to that effect is delivered to the Owner Trustee by the
Depositor), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however,
that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections
of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders
or (b) reduce the aforesaid percentage of the Outstanding Amount of the Controlling Securities and the Percentage Interest
in the Trust Certificates required to consent to any such amendment, without the consent of the holders of all the Outstanding
Notes and Certificates affected thereby.


 


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


 


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


 




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


 


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


 


Notwithstanding any other
provision of this Agreement, if the consent of the Swap Counterparty, if any, is required pursuant to the Swap Counterparty Rights
Agreement to amend this Agreement, any such purported amendment shall be null and void ab initio unless the Swap Counterparty,
if any, consents in writing to such amendment.


 


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


 


Section 11.03         Limitations
on Rights of Others.    Except for Section 2.07, the provisions of this Agreement are solely for
the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator, the Servicer and, to the extent expressly
provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07
hereof), whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim
in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.


 


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


 




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


 


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


 


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


 


Section 11.06         Separate
Counterparts.    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 11.07         Successors
and Assigns.    All covenants and agreements contained herein shall be binding upon, and inure to the benefit
of, each of the Depositor and its permitted assignees, the Owner Trustee and its successors, and each Certificateholder and its
successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or
action by a Certificateholder shall bind the successors and assigns of such Certificateholder.


 


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


 




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


 


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


 


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


 


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


 




    	29



    	 



    

 


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


 


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


 


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


 


Section 11.13         Compliance
with Applicable Anti-Terrorism and Anti Money Laundering Regulations.    In order to comply with laws, rules
and regulations applicable to banking institutions, including those relating to the funding of terrorist activities and money laundering,
the Owner Trustee may be required to obtain, verify and record certain information relating to individuals and entities which maintain
a business relationship with the Owner Trustee. Accordingly each of the parties to this transaction agrees to provide to the Owner
Trustee upon its request from time to time such indentifying information and documentation as may be available for such party in
order to enable the Owner Trustee to comply with applicable law.


 




    	30



    	 



    

 


ARTICLE
XII



COMPLIANCE WITH REGULATION AB


 


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


 


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


 


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


 


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


 


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


 


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


 


(i)          the
sponsor;


 


(ii)         any
depositor;


 


(iii)        the
issuing entity;


 


(iv)        any
servicer;


 


(v)         any
trustee;


 


(vi)        any
originator;


 




    	31



    	 



    

 


(vii)       any
significant obligor;


 


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


 


(ix)         any
other material transaction party.


 


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


 


*    *    *    *    *    *


 




    	32



    	 



    

 


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


 


	 	WORLD OMNI AUTO RECEIVABLES LLC, as Depositor
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	BNY Mellon Trust of Delaware, not in its individual capacity, but solely as Owner Trustee,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


U.S.
Bank National Association acknowledges and accepts, as of the date first above written, its appointment as Paying Agent
and Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement
applicable to the Paying Agent and Certificate Registrar.


 


	By:	 	 
	Name:	 	 
	Title:	 	 


 




    	 



    	 



    

 


EXHIBIT A


 


FORM OF TRUST CERTIFICATE


 


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


 


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


 


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


 




    	Ex. A-1



    	 



    

 


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


  


No
transfer of this Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the
form of paragraph 3 to the Investment Letter attached to the trust agreement as Exhibit D from such Person to the effect
that such Person is not and is not acting on behalf of (i) an employee benefit plan subject to Title I of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), (ii) a plan subject to Section 4975 of the internal
revenue Code of 1986, as amended (the “Code”), (iii) any entity whose underlying assets include plan assets
by reason of a plan’s investment in the entity or (iv) any plan that is subject to any federal, state or local law that is,
to a material extent, similar to the foregoing provisions of ERISA or Section 4975 of the Code (“Similar Law”)
(each, a “Plan”) or (B) an opinion of counsel satisfactory to the Owner Trustee, the Certificate Registrar and
the Depositor to the effect that the purchase and holding of this Certificate by such Person (i) will not result in the assets
of the Issuing Entity being deemed to be “plan assets” subject to the prohibited transactions provisions of ERISA,
Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Certificate Registrar,
the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents and (ii) will not constitute
or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. The preparation and delivery of the
certificate and opinions referred to above with respect to a proposed transfer shall not be an expense of the Issuing Entity, the
Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or
purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee.


 




    	Ex. A-2



    	 



    

 


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


 




    	Ex. A-3



    	 



    

 


NO.:


 


WORLD OMNI AUTO RECEIVABLES TRUST 2014-B

TRUST CERTIFICATE


 


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


 


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


 


THIS CERTIFIES THAT ________________
is the registered owner of ___% nonassessable, fully-paid, fractional undivided beneficial interest in World Omni Auto Receivables
Trust 2014-B (the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company
(the “Depositor”).


 


OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


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


 


	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Owner Trustee	 	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	OR	 	 
	 	 	 	By: U.S. Bank National Association, as Authenticating Agent
	 	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:
	 	 	 	 	 


 




    	Ex. A-4



    	 



    

 


The Trust was created
pursuant to a Trust Agreement dated September 18, 2014 (as amended and restated on October 29, 2014, and as may be amended,
restated or supplemented from time to time, the “Trust Agreement”), between the Depositor and BNY
Mellon Trust of Delaware, as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in the Trust Agreement or the Sale and Servicing Agreement, dated as of October 29, 2014 (as amended
and supplemented from time to time, the “Sale and Servicing Agreement”), among the Trust, the Depositor and
World Omni Financial Corp., as servicer (the “Servicer”), as applicable.


 


This Certificate is one
of the duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”).
Also issued under an Indenture, dated as of October 29, 2014 (the “Indenture”), between the Trust and U.S.
Bank National Association, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder
is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks
transferred to the Trust on the Closing Date (the “Initial Receivables”) and those retail installment contracts
transferred to the Trust on Subsequent Transfer Dates during the Funding Period, if any, (the “Subsequent Receivables”
and, together with the Initial Receivables, the “Receivables”), all monies received after the applicable Cutoff
Date; any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical
breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed
Vehicle that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the
Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World
Omni to purchase Receivables under certain circumstances; the Trust Accounts; the Interest Rate Swaps, if any; and certain other
rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and
Trust Certificates). The rights of the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent
set forth in the Sale and Servicing Agreement and the Indenture.


 


Under the Trust Agreement,
there will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately
following Business Day (each, a “Payment Date”), commencing on November 17, 2014, to the Person in whose name
this Trust Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the
“Record Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed
to Certificateholders on such Payment Date. No distributions will be made on any Certificate on any Payment Date until the full
amount of interest and principal payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been
replenished to its required amount, if necessary.


 


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


 




    	Ex. A-5



    	 



    

 


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


 


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


 


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


 


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


 


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


 


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


 




    	Ex. A-6



    	 



    

 


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


 


	 	 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2014-B
	 	 	 	 	 
	 	 	 	By:	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 	 	 	 
	Dated:	 	 	 	By:	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 


 




    	Ex. A-7



    	 



    

 


[REVERSE OF TRUST CERTIFICATE]


 


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


 


The Trust Agreement permits,
with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor
and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Certificateholders of not less than a 50% Percentage Interest in the Trust Certificates and holders of not less
than 50% of the Outstanding Amount of the Controlling Securities. Any such consent by the Certificateholder of this Trust Certificate
shall be conclusive and binding on such Certificateholder and on all future Certificateholders of this Trust Certificate and of
any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent is made upon this Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of the Certificateholders of any of the Trust Certificates.


 


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


 


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


 




    	Ex. A-8



    	 



    

 


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


 


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


 




    	Ex. A-9



    	 



    

 


ASSIGNMENT


 


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


 


PLEASE INSERT SOCIAL SECURITY OR


 


OTHER IDENTIFYING NUMBER OF ASSIGNEE


	 
	 


 


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


 


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


 


	Dated:	 		 
	 	 	 	*/
	 	 	 	 
	 	 	Signature Guaranteed:	 
	 	 	 	 
	 	 	*/	 
	 	 	 	 
	 	 	 	 


 


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


 




    	Ex. A-10



    	 



    

 


EXHIBIT B


 


CERTIFICATE OF TRUST OF

WORLD OMNI AUTO RECEIVABLES TRUST 2014-B


 


THIS Certificate of
Trust of WORLD OMNI AUTO RECEIVABLES TRUST 2014-B (the “Trust”), is being duly executed and filed by the undersigned,
not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
C. § 3801 et seq.) (the “Act”).


1.          Name.
The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2014-B.


2.          Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware are BNY Mellon Trust of Delaware,
100 White Clay Center, Suite 102, Newark, Delaware 19711.


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


 


*  *  *  *  *


 




    	Ex. B-1



    	 



    

 


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


 


	 	BNY Mellon Trust of Delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 




    	Ex. B-2



    	 



    

 


EXHIBIT C


 


FORM OF TRANSFEROR CERTIFICATE


 


[DATE]


 


World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442


 


BNY Mellon Trust of Delaware

301 Bellevue Parkway, 3rd Floor

Wilmington, Delaware 19809

Attention: Corporate Trust Administration - WOART 2014-B


 


with a copy to:


 


BNY Mellon


Structured Finance - Asset Backed Securities


101 Barclay Street, 7W


New York, NY 10286


Attention: Jackie Kuhn - WOART 2014-B


 


U.S. Bank National Association


190 South LaSalle Street, 7th floor


Chicago, Illinois 60603


Attention: Corporate Trust Services, WOART 2014-B


 


		Re:	World Omni Auto Receivables Trust 2014-B

Trust Certificates



 


Ladies and Gentlemen:


 


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


 


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


 




    	Ex. C



    	 



    

 


EXHIBIT D


 


FORM OF INVESTMENT LETTER


 


World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442


 


BNY Mellon Trust of Delaware

301 Bellevue Parkway, 3rd Floor

Wilmington, Delaware 19809

Attention: Corporate Trust Administration - WOART 2014-B


 


with a copy to:


 


BNY Mellon


Structured Finance - Asset Backed Securities


101 Barclay Street, 7W


New York, NY 10286


Attention: Jackie Kuhn - WOART 2014-B


 


U.S. Bank National Association


190 South LaSalle Street, 7th floor


Chicago, Illinois 60603


Attention: Corporate Trust Services, WOART 2014-B


 


Ladies and Gentlemen:


 


In connection with our
proposed purchase of Trust Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2014-B (the
“Issuing Entity”), we confirm that:


 


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


 




    	Ex. D-1



    	 



    

 


2.            [CHECK
ONE]


 


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


 


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


  


3.          We
are not and are not acting on behalf of (i) an employee benefit plan subject to Title I of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”), (ii) a plan subject to Section 4975 of the Internal Revenue
Code of 1986, as amended (the “Code”), (iii) any entity whose underlying assets include plan assets by reason
of a plan’s investment in the entity or (iv) any plan that is subject to any federal, state or local law that is, to a material
extent, similar to the foregoing provisions of ERISA or the Code (“Similar Law”). We hereby acknowledge that
no transfer of any Certificate shall be permitted to be made to any person unless the Trustee has received (i) a certificate from
such transferee to the effect of the preceding sentence or (ii) an opinion of counsel satisfactory to the Owner Trustee, the Certificate
Registrar and the Depositor to the effect that the purchase and holding of any such Certificate by such person (A) will not result
in the assets of the Issuing Entity being deemed to be “plan assets” and subject to the prohibited transaction provisions
of ERISA, Section 4975 of the Code or Similar Law and will not subject the Certificate Registrar, the Owner Trustee, the Indenture
Trustee, the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents with respect to
the Certificates and (B) will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar
Law.


 




    	Ex. D-2



    	 



    

 


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


 


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


 


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


 


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


 


	 	Date:	 


 




    	Ex. D-3



    	 



    

 


EXHIBIT E


 


FORM OF RECEIVABLES


 


Documents on file at:



Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654


 




    	Ex. E