Document:

Sale and Servicing Agreement

 Exhibit 4.1 
 EXECUTION COPY 
  

 SALE AND SERVICING AGREEMENT 
 among 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A 
 Issuing Entity, 
 WORLD OMNI AUTO RECEIVABLES LLC, 
 Depositor, 
 and 
 WORLD OMNI FINANCIAL CORP., 
 Servicer 
 Series 2006-A 
 Dated as of
March 1, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE I DEFINITIONS
	  	1
	 Section 1.01
	  	 Definitions
	  	1
		
	 ARTICLE II CONVEYANCE OF RECEIVABLES
	  	1
	 Section 2.01
	  	 Conveyance of Initial Receivables
	  	1
	 Section 2.02
	  	 Intention of Parties
	  	2
	 Section 2.03
	  	 Conveyance of Subsequent Receivables
	  	3
		
	 ARTICLE III THE RECEIVABLES
	  	5
	 Section 3.01
	  	 Representations and Warranties of World Omni with Respect to the Receivables
	  	5
	 Section 3.02
	  	 Repurchase upon Breach
	  	9
	 Section 3.03
	  	 Custody of Receivable Files
	  	9
	 Section 3.04
	  	 Duties of Servicer as Custodian
	  	10
	 Section 3.05
	  	 Instructions; Authority To Act
	  	10
	 Section 3.06
	  	 Custodian’s Indemnification
	  	10
	 Section 3.07
	  	 Effective Period and Termination
	  	11
		
	 ARTICLE IV ADMINISTRATION AND SERVICING OF RECEIVABLES
	  	11
	 Section 4.01
	  	 Duties of Servicer
	  	11
	 Section 4.02
	  	 Collection and Allocation of Receivable Payments
	  	12
	 Section 4.03
	  	 Realization upon Receivables
	  	12
	 Section 4.04
	  	 Physical Damage Insurance
	  	12
	 Section 4.05
	  	 Maintenance of Security Interests in Financed Vehicles
	  	13
	 Section 4.06
	  	 Covenants of Servicer
	  	13
	 Section 4.07
	  	 Purchase of Receivables upon Breach
	  	13
	 Section 4.08
	  	 Servicing Fee
	  	13
	 Section 4.09
	  	 Servicer’s Certificate
	  	14
	 Section 4.10
	  	 Annual Statement as to Compliance; Notice of Default
	  	14
	 Section 4.11
	  	 Annual Independent Certified Public Accountants’ Report
	  	15
	 Section 4.12
	  	 Access to Certain Documentation and Information Regarding Receivables
	  	15
	 Section 4.13
	  	 Servicer Expenses
	  	15
	 Section 4.14
	  	 Appointment of Subservicer
	  	15
	 Section 4.15
	  	 Annual Transfer
	  	16
	 Section 4.16
	  	 Exchange Act Certifications
	  	16
		
	 ARTICLE V TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS
	  	16
	 Section 5.01
	  	 Establishment of Trust Accounts
	  	16
	 Section 5.02
	  	 Collections
	  	20

					
	 Section 5.03
	  	 Application of Collections
	  	20
	 Section 5.04
	  	 Advances
	  	20
	 Section 5.05
	  	 Additional Deposits
	  	20
	 Section 5.06
	  	 Distributions
	  	21
	 Section 5.07
	  	 Reserve Account
	  	23
	 Section 5.08
	  	 Statements to Noteholders and Certificateholders
	  	23
	 Section 5.09
	  	 Net Deposits
	  	25
	 Section 5.10
	  	 Transfer of Certificates
	  	25
		
	 ARTICLE VI THE DEPOSITOR
	  	25
	 Section 6.01
	  	 Representations of Depositor
	  	25
	 Section 6.02
	  	 Corporate Existence
	  	27
	 Section 6.03
	  	 Liability of Depositor; Indemnities
	  	28
	 Section 6.04
	  	 Merger or Consolidation of, or Assumption of Obligations of Depositor
	  	29
	 Section 6.05
	  	 Limitation on Liability of Depositor and Others
	  	30
	 Section 6.06
	  	 Depositor May Own Notes
	  	30
	 Section 6.07
	  	 Security Interest
	  	30
		
	 ARTICLE VII THE SERVICER
	  	30
	 Section 7.01
	  	 Representations of Servicer
	  	30
	 Section 7.02
	  	 Indemnities of Servicer
	  	31
	 Section 7.03
	  	 Merger or Consolidation of, or Assumption of Obligations of, Servicer
	  	32
	 Section 7.04
	  	 Limitation on Liability of Servicer and Others
	  	33
	 Section 7.05
	  	 World Omni Not To Resign as Servicer
	  	33
		
	 ARTICLE VIII DEFAULT
	  	33
	 Section 8.01
	  	 Servicer Default
	  	33
	 Section 8.02
	  	 Appointment of Successor
	  	35
	 Section 8.03
	  	 Notification to Noteholders and Certificateholders
	  	36
	 Section 8.04
	  	 Waiver of Past Defaults
	  	36
	 Section 8.05
	  	 Payment of Servicing Fees; Repayment of Advances
	  	36
		
	 ARTICLE IX TERMINATION
	  	36
	 Section 9.01
	  	 Optional Purchase of All Receivables
	  	36
		
	 ARTICLE X MISCELLANEOUS
	  	37
	 Section 10.01
	  	 Amendment
	  	37
	 Section 10.02
	  	 Protection of Title to Trust
	  	38
	 Section 10.03
	  	 Notices
	  	39
	 Section 10.04
	  	 Assignment by the Depositor or the Servicer
	  	40
	 Section 10.05
	  	 Limitations on Rights of Others
	  	40
	 Section 10.06
	  	 Severability
	  	40
	 Section 10.07
	  	 Separate Counterparts
	  	40
	 Section 10.08
	  	 Headings
	  	40
	 Section 10.09
	  	 Governing Law
	  	40

  

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	 Section 10.10
	  	 Assignment by Issuing Entity
	  	40
	 Section 10.11
	  	 Nonpetition Covenants
	  	41
	 Section 10.12
	  	 Limitation of Liability of Owner Trustee and Indenture Trustee
	  	41
	 Section 10.13
	  	 Regulation AB
	  	42

  

			
	SCHEDULE A	  	Schedule of Receivables
	SCHEDULE B	  	Location of Receivable Files
	EXHIBIT A	  	Form of Distribution Statement to Noteholders
	EXHIBIT B	  	Form of Servicers Certificate
	EXHIBIT C	  	Initial SSA Assignment
	EXHIBIT D	  	Subsequent Transfer SSA Assignment
	APPENDIX A	  	Definitions and Rules of Construction
	APPENDIX B	  	Additional Representations and Warranties

  

 iii 

 SALE AND SERVICING AGREEMENT 
 This SALE AND SERVICING AGREEMENT is dated as of March 1, 2006, among WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, a Delaware statutory trust, WORLD
OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor and WORLD OMNI FINANCIAL CORP., a Florida corporation. 
 WHEREAS, World Omni Financial Corp. has sold the Initial Receivables, and has agreed to sell Subsequent Receivables, to World Omni Auto Receivables LLC pursuant to the Receivables Purchase Agreement; 
 WHEREAS, World Omni Auto Receivables LLC, as depositor, desires to sell the Initial Receivables and Subsequent Receivables to the Issuing Entity and the
Issuing Entity desires to purchase such receivables; and 
 WHEREAS, the Servicer is willing to service, to make representations and
warranties and to make certain repurchase representations with respect to such Receivables; 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01
Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in and shall have the respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to
“the Agreement” or “this Agreement” are to this Sale and Servicing Agreement as it may be amended, supplemented (whether by Subsequent Transfer SSA Assignment or otherwise) or modified from time to time, the
exhibits hereto and the capitalized terms used herein which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless otherwise specified.
The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 
 ARTICLE II

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

 
Omni’s computer files by a code indicating the Initial Receivables are owned by the Trust and pledged to the Indenture Trustee) and all monies received
thereon and in respect thereof after the Initial Cutoff Date; 
 (b) the security interests in, and the liens on, the Financed Vehicles
granted by Obligors in connection with the Initial Receivables and any other interest of the Depositor in such Financed Vehicles; 
 (c) any
proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; 
 (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the
Trust; 
 (e) all right, title and interest in all funds on deposit in, and “financial assets” (as such term is defined in the
Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts from time to time, including the Reserve Account Initial Deposit, the Negative Carry Account Initial Deposit and the Pre-Funding Account Initial Deposit and in
all investments and proceeds thereof (including all income thereon); 
 (f) all right, title and interest of World Omni Auto Receivables LLC
under the Receivables Purchase Agreement; 
 (g) all “accounts,” “chattel paper,” “general intangibles” and
“promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and 
 (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates. 
 Section 2.02 Intention of Parties. It is the intention of the Depositor and the Issuing Entity that the assignment and transfer contemplated
herein constitute (and shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of the Initial Receivables and the other property of the Depositor specified in Section 2.01 hereof,
conveying good title thereto free and clear of any liens and encumbrances, from the Depositor to the Issuing Entity. However, in the event that such conveyance is deemed to be a pledge to secure a loan (in spite of the express intent of the parties
hereto that this conveyance constitutes, and shall be construed and treated for all purposes, other than for tax purposes, as a true and complete sale), the Depositor hereby grants to the Issuing Entity, for the benefit of the Noteholders, a first
priority perfected security interest in all of the Depositor’s right, title and interest in, to and under the Initial Receivables and the other property of the Depositor specified in Section 2.01 hereof whether now existing or
hereafter created and all proceeds of the foregoing to secure the loan deemed to be made in connection with such pledge and, in such event, this Agreement shall constitute a security agreement under applicable law. 
  

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 Section 2.03 Conveyance of Subsequent Receivables. 
 (a) Subject to satisfaction of the conditions set forth in Section 2.03(b) below, in consideration of the Issuing Entity’s delivery on
the related Subsequent Transfer Date to or upon the order of the Depositor of the amount described in Section 5.01(d) to be delivered to the Depositor, the Depositor does hereby agree to sell, transfer, assign, set over and otherwise
convey to the Issuing Entity, without recourse (except as provided in Section 3.02, pursuant to an assignment in substantially the form of Exhibit D (a “Subsequent Transfer SSA Assignment”), all right, title and
interest of the Depositor in, to and under: 
  

	 	(i)	the Subsequent Receivables identified in the Subsequent Transfer SSA Assignment (all of which are identified in World Omni’s computer files by a code indicating such Subsequent
Receivables are owned by the Trust and pledged to the Indenture Trustee) and all monies received thereon and in respect thereof after the related Subsequent Cutoff Date; 

  

	 	(ii)	the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Subsequent Receivables and any other interest of the Depositor in the
Financed Vehicles; 

  

	 	(iii)	any proceeds with respect to the Subsequent Receivables from claims on any physical damage, credit life or disability insurance policies covering the Financed Vehicles or Obligors;

  

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

  

	 	(v)	all right, title and interest in all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect)
credited to, the Trust Accounts from time to time, including the Reserve Account, the Negative Carry Account and the Pre-Funding Account and in all investments and proceeds thereof (including all income thereon); 

  

	 	(vi)	all right, title and interest of World Omni Auto Receivables LLC under the Receivables Purchase Agreement; 

  

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

  

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

 It is the intention of the Depositor and the Issuing Entity that the assignment and transfer contemplated by this Section 2.03
constitute (and shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of such Subsequent Receivables and the other property of the Depositor specified in Section 2.03(a) hereof,
conveying good title thereto 

  

 3 

 
free and clear of any liens and encumbrances, from the Depositor to the Issuing Entity. However, in the event that such conveyance is deemed to be a pledge
to secure a loan (in spite of the express intent of the parties hereto that this conveyance constitutes, and shall be construed and treated for all purposes, as a true and complete sale), the Depositor hereby grants to the Issuing Entity, for the
benefit of the Noteholders, a first priority perfected security interest in all of the Depositor’s right, title and interest in, to and under the Subsequent Receivables and the other property of the Depositor specified in
Section 2.03(a) hereof whether now existing or hereafter created and all proceeds of the foregoing to secure the loan deemed to be made in connection with such pledge and, in such event, this Agreement shall constitute a security
agreement under applicable law. 
 (b) The Depositor shall transfer to the Issuing Entity Subsequent Receivables and the other property and
rights related thereto described in Section 2.03(a) above only upon the satisfaction of each of the following conditions precedent on or prior to the related Subsequent Transfer Date: 
  

	 	(i)	the Funding Period shall not have terminated; 

  

	 	(ii)	each of the representations and warranties made by the Depositor pursuant to Section 3.01 with respect to such Subsequent Receivables shall be true and correct as of the
related Subsequent Transfer Date with the same effect as if then made, and the Depositor shall have performed all obligations to be performed by it hereunder on or prior to such Subsequent Transfer Date; 

  

	 	(iii)	the Depositor shall have delivered to the Owner Trustee and the Indenture Trustee a duly executed Subsequent Transfer SSA Assignment, including the Schedule of Receivables (which
schedule shall be deemed to supplement the existing Schedule of Receivables in effect at such time); 

  

	 	(iv)	the applicable Reserve Account Subsequent Transfer Deposit for such Subsequent Transfer Date shall have been deposited in the Reserve Account pursuant to
Section 5.01(d); 

  

	 	(v)	the Depositor shall, at its own expense, on or prior to each Subsequent Transfer Date indicate in its computer files that the Subsequent Receivables conveyed on such date have been
sold to the Issuing Entity pursuant to this Agreement and the related Subsequent Transfer SSA Assignment; 

  

	 	(vi)	the Depositor shall have taken any action required to maintain the first priority perfected ownership interest of the Issuing Entity in the Owner Trust Estate and the first priority
perfected security interest of the Indenture Trustee in the Collateral; 

  

	 	(vii)	 the Receivables in the Trust (after giving effect to the conveyance of the Subsequent Receivables to the Trust on such Subsequent Transfer Date) shall meet the
following criteria: (A) the weighted average Annual 

  

 4 

	 	 
Percentage Rate of the Receivables in the Trust shall not be less than 8.47%, (B) not less than 71.5% of the Aggregate Starting Principal Balance of the
Receivables shall represent financings of new Financed Vehicles, (C) no Subsequent Receivable shall have a remaining term in excess of 72 months, (D) the weighted average original term to maturity of the Receivables in the Trust shall not
be greater than 65.25 months, (E) not less than 87.25% of Aggregate Starting Principal Balance of the Receivables shall represent financings of Toyota vehicles, (F) the weighted average FICO score of the Receivables in the Trust shall not
be less than 712 and (G) such other criteria as may be required by the Rating Agencies; 

  

	 	(viii)	the Depositor shall have delivered to the Indenture Trustee and the Owner Trustee an Officers’ Certificate confirming the satisfaction of the conditions specified in this
Section 2.03(b); 

  

	 	(ix)	the Depositor shall have delivered to the Trust, the Indenture Trustee and the Rating Agencies an Opinion of Counsel with respect to the transfer of such Subsequent Receivables
substantially in the form of the Opinion of Counsel delivered to the Rating Agencies on the Closing Date; and 

  

	 	(x)	the Depositor shall have delivered to the Owner Trustee and the Indenture Trustee an accountants’ letter as required pursuant to Section 6.06 of the Receivables
Purchase Agreement relating to the Subsequent Receivables. 

 (c) The Depositor covenants to transfer to the Issuing Entity
pursuant to Section 2.03(a) before the termination of the Funding Period, Subsequent Receivables with an aggregate Starting Principal Balance equal to the amount of the Pre-Funding Account Initial Deposit to the extent such Receivables were
transferred to the Depositor under the Receivables Purchase Agreement. 
 ARTICLE III 
 THE RECEIVABLES 
 Section 3.01
Representations and Warranties of World Omni with Respect to the Receivables. On the Closing Date and each Subsequent Transfer Date, World Omni, which sold the Receivables specified in the related SSA Assignment on such date, hereby makes the
representations and warranties set forth in Appendix B hereto and hereby represents and warrants to the other parties hereto and to the Noteholders, with respect to such Receivables as of the applicable Cutoff Date: 
 (a) Characteristics of Receivables. Each Receivable (1) (A) was originated in the United States of America by a Dealer for the retail
sale of a Financed Vehicle in the ordinary course of such Dealer’s business, was fully and properly executed by the parties thereto, was purchased by World Omni from such Dealer under an existing dealer agreement, (B) was originated by
World Omni, or (C) was originated by an independent third party and acquired by World Omni, (2) contains customary and enforceable provisions such that the rights and 

  

 5 

 
remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and (3) provides for level monthly
payments (provided, that the payment in the first or last month in the life of the Receivable may be minimally different from the level payments and that certain of the Receivables did not require a payment to be made for up to six months from the
date of execution of the contract) that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate. 
 (b) Schedule of Receivables. The information set forth in the Schedule of Receivables is true and correct in all material respects as of the close of business on the applicable Cutoff Date, and no selection procedures believed by
World Omni to be adverse to the Noteholders were utilized in selecting the Receivables. The computer tape or other listing regarding the Receivables made available to the Issuing Entity and its assigns (which computer tape or other listing is
required to be delivered as specified herein) is true and correct in all material respects. 
 (c) Compliance with Law. To the best of
World Omni’s knowledge, each Receivable, the sale of the Financed Vehicle and the sale of any related insurance policies thereon financed by the Receivables complied at the time it was originated or made and, at the execution of this Agreement,
complies in all material respects with all requirements of applicable federal, state and local laws and regulations thereunder, including usury laws, the federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act,
the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations B and Z, and State adaptations of the National Consumer Act and of the Uniform Consumer Credit
Code, and other consumer credit laws and equal credit opportunity and disclosure laws. 
 (d) Binding Obligation. Each Receivable
represents the genuine, legal, valid and binding payment obligation in writing of the Obligor, enforceable by the holder thereof in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a
suit at law or in equity). 
 (e) No Government Obligor. None of the Receivables are due from the United States of America or any
State or from any agency, department or instrumentality of the United States of America or any State. 
 (f) Security Interest in Financed
Vehicle. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be secured by a validly perfected first priority security interest in the Financed Vehicle in favor of World Omni as secured party or all necessary
and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest in the Financed Vehicle in favor of the Depositor as secured party and is assignable by World Omni to the Depositor, by the
Depositor to the Issuing Entity and by the Issuing Entity to the Indenture Trustee. 
  

 6 

 (g) Receivables in Force. No Receivable has been satisfied, subordinated or rescinded, nor has any
Financed Vehicle been released from the lien granted by the related Receivable in whole or in part. 
 (h) No Amendments. No
Receivable has been amended such that the amount of the Obligor’s scheduled payments has been increased. 
 (i) No Waiver. No
provision of a Receivable has been waived, other than a discretionary waiver of a late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable or in connection with any extension which is reflected in
the Servicer’s computer system. 
 (j) No Defenses. No right of rescission, setoff, counterclaim or defense has been asserted or,
to World Omni’s knowledge, threatened with respect to any Receivable. 
 (k) No Liens. To the best of World Omni’s
knowledge, no liens or claims have been filed for work, labor or materials relating to a Financed Vehicle that are liens prior to, or equal to or coordinate with, the security interest in the Financed Vehicle granted by any Receivable. 

(l) No Default. No Receivable has a payment that is more than 30 days overdue as of the applicable Cutoff Date, and, except as permitted in
this paragraph, to the best of World Omni’s knowledge, no default, breach, violation or event permitting acceleration under the terms of any Receivable has occurred and no continuing condition that with notice or the lapse of time would
constitute a default, breach, violation or event permitting acceleration under the terms of any Receivable has arisen; and World Omni has not waived and, except as permitted hereby, shall not waive any of the foregoing. 
 (m) Insurance. World Omni, in accordance with its customary servicing procedures, has determined that, at the origination of the Receivable, the
Obligor had obtained physical damage insurance covering the Financed Vehicle. Under the terms of the Receivable the Obligor is required to maintain physical damage insurance covering the Financed Vehicle and having World Omni named as the loss
payee. 
 (n) Title. It is the intention of World Omni that the transfer and assignment contemplated in the Receivables Purchase
Agreement constitute a sale of the Receivables from World Omni to World Omni Auto Receivables LLC and that the beneficial interest in and title to the Receivables not be part of the debtor’s estate in the event of the filing of a bankruptcy
petition by or against World Omni under any bankruptcy law. No Receivable has been sold, transferred, assigned or pledged by World Omni to any Person other than the Depositor. Immediately prior to the transfer and assignment contemplated in the
Receivables Purchase Agreement, World Omni had good and marketable title to each Receivable free and clear of all Liens, encumbrances, security interests and rights of others and, immediately upon the transfer thereof, the Depositor shall have good
and marketable title to each Receivable, free and clear of all Liens, encumbrances, security interests and rights of others; and the transfer has been perfected under the UCC except, in each case, for liens and encumbrances that will be released
concurrent with the transfer of Receivables pursuant to the Receivables Purchase Agreement. It 

  

 7 

 
is the intention of the Depositor that the transfer and assignment herein contemplated constitute a sale of the Receivables from the Depositor to the Issuing
Entity and that the beneficial interest in and title to the Receivables not be part of the debtor’s estate in the event of the filing of a bankruptcy petition by or against the Depositor under any bankruptcy law. No Receivable has been sold,
transferred, assigned or pledged by the Depositor to any Person other than the Issuing Entity. Immediately prior to the transfer and assignment herein contemplated, the Depositor had good and marketable title to each Receivable free and clear of all
Liens, encumbrances, security interests and rights of others and, immediately upon the transfer thereof, the Issuing Entity shall have good and marketable title to each Receivable, free and clear of all Liens, encumbrances, security interests and
rights of others; and the transfer has been perfected under the UCC. 
 (o) Lawful Assignment. No Receivable has been originated in,
or is subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Receivable under this Agreement or the Indenture is unlawful, void or voidable. 
 (p) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Issuing Entity a first perfected ownership
interest in the Receivables, and to give the Indenture Trustee a first perfected security interest therein, shall have been made. 
 (q)
One Original. There is only one executed original of each Receivable. 
 (r) Maturity of Receivables. In the case of Initial
Receivables, each such Receivable has a final maturity date not later than February 3, 2012. In the case of Subsequent Receivables, each such Receivable has a final maturity date not later than November 30, 2012. 
 (s) Scheduled Payments. As of the Initial Cutoff Date, each Receivable being purchased on the Closing Date had a first scheduled due date on or
prior to the end of the third month immediately following such Initial Cutoff Date. As of the applicable Subsequent Cutoff Date, each Subsequent Receivable being purchased during the Funding Period had or will have a first scheduled due date on or
prior to the end of the third month immediately following the applicable Subsequent Cutoff Date. 
 (t) Location of Receivable Files.
The Receivable Files are kept at the locations listed in Schedule B. 
 (u) Outstanding Principal Balance. Each Receivable has an
outstanding principal balance of at least $500. 
 (v) No Bankruptcies. No Obligor on any Receivable was noted in the Servicer’s
computer system as having filed for bankruptcy. 
 (w) No Repossessions. No Receivable was secured by a Financed Vehicle that had been
repossessed without reinstatement of the related contract. 
 (x) Chattel Paper. Each Receivable constitutes “tangible chattel
paper” as defined in the UCC. 
  

 8 

 (y) Computer Records. World Omni and the Depositor will cause their accounting and computer
records to be marked to indicate the sale and assignment of the Receivables from World Omni to the Depositor and from the Depositor to the Trust. 
 (z) Code. Each of the Receivables is identified on World Omni’s computer files by a code indicating the Receivables are owned by the Trust and pledged to the Indenture Trustee. The Receivables are the only Contracts listed on
the Schedule of Receivables, are the only Contracts identified on World Omni’s computer files by such code, and are not identified on World Omni’s computer files by any other code. 
 Section 3.02 Repurchase upon Breach. The Depositor, the Servicer or the Owner Trustee (on behalf of the Trust), as the case may be, shall inform
the other parties to this Agreement and the Indenture Trustee promptly, in writing, upon the discovery of any breach of World Omni’s representations and warranties made pursuant to Section 3.01. Unless any such breach shall have
been cured by the last day of the second Collection Period following the discovery thereof by the Owner Trustee or receipt by the Owner Trustee of written notice from the Depositor or the Servicer of such breach, World Omni shall be obligated to
repurchase any Receivable materially and adversely affected by any such breach as of such last day (or, at World Omni’s option, the last day of the first Collection Period following the discovery) and World Omni shall deliver a revised Schedule
of Receivables to the Depositor and the Trust which shall reflect the repurchase of such Receivables). In consideration of the repurchase of any such Receivable, World Omni shall remit the Purchase Amount, in the manner specified in
Section 5.05. Subject to the provisions of Section 6.03, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach of representations
and warranties pursuant to Section 3.01 and the agreement contained in this Section shall be to require World Omni to repurchase Receivables pursuant to this Section, subject to the conditions contained herein. 
 Section 3.03 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs, the Issuing
Entity hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of the Issuing Entity and the Indenture Trustee as custodian of the following documents or instruments which are hereby or will
hereby be constructively delivered to the Indenture Trustee, as pledgee of the Issuing Entity, as of the Closing Date with respect to each Initial Receivable and as of the Subsequent Transfer Date with respect to each Subsequent Receivable:

 (a) the fully executed original Contract of such Receivable; 
 (b) the credit application fully executed by the Obligor or such other information as the Servicer may keep on file in accordance with its customary servicing procedures; 
 (c) the original certificate of title or such documents that the Servicer or the Depositor shall keep on file, in accordance with its customary
procedures, evidencing the security interest of World Omni in the Financed Vehicle; and 
  

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 (d) any and all other documents that the Servicer or the Depositor shall keep on file, in accordance with
its customary procedures, relating to a Receivable, an Obligor or a Financed Vehicle. 
 Section 3.04 Duties of Servicer as Custodian.

 (a) Safekeeping. The Servicer shall hold the Receivable Files as custodian for the benefit of the Issuing Entity and maintain such
accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuing Entity to comply with this Agreement. In performing its duties as custodian the Servicer shall act with reasonable care,
using that degree of skill and attention that the Servicer exercises with respect to the receivable files relating to all comparable automotive receivables that the Servicer services for itself. The Servicer shall promptly report to the Issuing
Entity and the Indenture Trustee any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and shall promptly take appropriate action to remedy any such failure. Nothing herein
shall be deemed to require an initial review or any periodic review by the Issuing Entity or the Indenture Trustee of the Receivable Files. 
 (b) Maintenance of and Access to Records. The Servicer shall maintain each Receivable File at one of its offices, or at such other location, in each case as specified in Schedule B or at such other office or location as shall be
specified to the Issuing Entity and the Indenture Trustee by written notice prior to any change in location together with the Opinion of Counsel required by Section 10.02(j). 
 The Servicer shall provide to the Indenture Trustee access to any and all documentation regarding the Receivables in such cases where the Indenture
Trustee is required in connection with the enforcement of the rights of the Noteholders, or by applicable statutes or regulations to review such documentation, such access being afforded without charge but only (a) upon reasonable request,
(b) during normal business hours, (c) subject to the Servicer’s normal security and confidentiality procedures and (d) at offices designated by the Servicer. Nothing in this Section 3.04(b) shall derogate from the
obligation of the Servicer or the Indenture Trustee to observe any applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer to provide access as provided in this Section 3.04(b) as a
result of such obligation shall not constitute a breach of this Section 3.04(b). 
 (c) Release of Documents. Upon
instruction from the Indenture Trustee, the Servicer shall release any Receivable File to the Indenture Trustee, the Indenture Trustee’s agent or the Indenture Trustee’s designee, as the case may be, at such place or places as the
Indenture Trustee may designate, as soon as practicable. 
 Section 3.05 Instructions; Authority To Act. The Servicer shall be deemed
to have received proper instructions with respect to the Receivable Files upon its receipt of written instructions signed by a Trust Officer of the Indenture Trustee. 
 Section 3.06 Custodian’s Indemnification. The Servicer as custodian shall indemnify the Trust, the Owner Trustee, and the Indenture Trustee and each of their respective officers, directors, employees and
agents for any and all liabilities, obligations, losses, compensatory 
  

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damages, payments, costs or expenses of any kind whatsoever that may be imposed on, incurred by or asserted against the Trust, the Owner Trustee, or the
Indenture Trustee or any of their respective officers, directors, employees and agents as the result of any improper act or omission in any way relating to the maintenance and custody by the Servicer as custodian of the Receivable Files; provided,
however, that the Servicer shall not be liable to the Owner Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Owner Trustee, and the Servicer shall not be liable to the Indenture
Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Indenture Trustee. 
 Section 3.07 Effective Period and Termination. The Servicer’s appointment as custodian shall become effective as of the Initial Cutoff Date and shall continue in full force and effect until terminated pursuant to this Section.
If World Omni shall resign as Servicer in accordance with the provisions of this Agreement or if all of the rights and obligations of any Servicer shall have been terminated under Section 8.01, the appointment of such Servicer as
custodian may be terminated by the Indenture Trustee or by the Holders of the Controlling Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities or, with the consent of Holders of the Controlling Securities
evidencing not less than 25% of the Outstanding Amount of the Controlling Securities, by the Owner Trustee, in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations of the Servicer under
Section 8.01. As soon as practicable after any termination of such appointment, the Servicer shall deliver the Receivable Files to the Indenture Trustee or the Indenture Trustee’s agent at such place or places as the Indenture
Trustee may reasonably designate. 
 ARTICLE IV 
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
 Section 4.01 Duties of Servicer. The Servicer,
for the benefit of the Issuing Entity (to the extent provided herein), shall manage, service, administer and receive collections on the Receivables (other than Purchased Receivables) with reasonable care, using that degree of skill and attention
that the Servicer exercises with respect to all comparable automotive receivables that it services for itself or others. The Servicer’s duties shall include collection and posting of all payments, making Advances, responding to inquiries of
Obligors on such Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting tax information to Obligors, accounting for collections, paying the fee of the Administrator out of its own funds pursuant to
Section 1.03 of the Administration Agreement and furnishing a Servicer’s Certificate to the Indenture Trustee. Subject to the provisions of Section 4.02, the Servicer shall follow its customary standards, policies and
procedures in performing its duties as Servicer. Without limiting the generality of the foregoing, the Servicer is authorized and empowered to execute and deliver, on behalf of itself, the Issuing Entity, the Owner Trustee, the Indenture Trustee,
the Certificateholders and the Noteholders or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to such Receivables or to the Financed
Vehicles securing such Receivables. If the Servicer shall commence a legal proceeding to enforce a Receivable, the Issuing Entity (in the case of a Receivable other than a Purchased Receivable) shall thereupon be deemed to have automatically
assigned, solely for the purpose of collection, such Receivable to the Servicer. If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a 
  

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Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the
Servicer’s expense and direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders. The Owner Trustee shall upon the
written request of the Servicer furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder. 
 Section 4.02 Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer
shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions (although not more than six for the life of any Receivable (excluding the Servicer’s Payment Extension Program)), rebates or adjustments on a
Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests in accordance with the
Servicer’s customary servicing procedures) or change the method under which scheduled payments of interest are computed on such Receivable (other than with respect to the Servicer’s Payment Extension Program); provided, however, that if
the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable from the Issuing Entity in accordance with the terms of Section 4.07.
The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt. The Servicer may in its discretion waive any late payment
charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate or the originally scheduled payments on any Receivable, other than as provided
herein or as required by law. 
 Section 4.03 Realization upon Receivables. On behalf of the Issuing Entity, the Servicer shall use
commercially reasonable efforts, consistent with its customary servicing procedures, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable as to which the Servicer shall have determined eventual payment in
full is unlikely. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its servicing of automotive receivables, which may include selling the Financed Vehicle at public or private
sale. The Servicer is hereby authorized to exercise its discretion, consistent with its customary servicing procedures and the terms of this Agreement, in servicing Defaulted Receivables so as to maximize the realization of those Defaulted
Receivables, including the discretion to choose to sell or not to sell any of the Defaulted Receivables. The Servicer shall not be liable for any such exercise of its discretion made in good faith. 
 Section 4.04 Physical Damage Insurance. To the extent applicable, the Servicer shall not take any action that would result in noncoverage under
such physical damage insurance policy which, but for the actions of the Servicer, would have been covered thereunder. Any amounts collected by the Servicer under any physical damage insurance policy shall be deposited in the Collection Account
pursuant to Section 5.02. The parties hereto acknowledge that the Servicer shall not force place any insurance coverage. 
  

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 Section 4.05 Maintenance of Security Interests in Financed Vehicles. The Servicer shall, in
accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Servicer is hereby authorized to take such steps as
are necessary to re-perfect such security interest on behalf of the Issuing Entity and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason. 
 Section 4.06 Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted
by such Receivable in whole or in part except in the event of (i) payment by the Obligor (a) in full or (b) in part with a remaining total payment shortage amount which, according to the Servicer’s customary procedures, does not
exceed the amount of total payment shortage that would permit the Servicer to release the related Financed Vehicle from the security interest or (ii) repossession, nor shall the Servicer impair the rights of the Issuing Entity, the Indenture
Trustee, the Certificateholders or the Noteholders in such Receivable. 
 Section 4.07 Purchase of Receivables upon Breach. The
Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the Indenture Trustee and the Depositor promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or
7.01. Unless the breach shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the
Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day and the Servicer shall deliver a revised Schedule of Receivables to the Depositor and the Trust, which shall reflect the repurchase of such
Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole
remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer
to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section. 
 Section 4.08 Servicing Fee. The Servicing Fee for a Payment Date shall equal the product of (a) one-twelfth, (b) the Servicing Fee Rate
and (c) the Pool Balance as of the first day of the related Collection Period; provided, however, that the Servicing Fee on the initial Payment Date shall be pro rated to compensate for the length of the initial Collection
Period exceeding one month and will be equal to $788,301.74. The Servicer shall also be entitled to all reimbursements for Advances as set forth in Section 5.04, late fees, any prepayment charges, and other administrative fees or similar
charges allowed by applicable law with respect to the Receivables, collected (from whatever source) on the Receivables, plus any reimbursement pursuant to the last paragraph of Section 7.02. The Servicer may, as long as it believes that
sufficient collections will be available from interest collections on one or more future Payment Dates to pay the Servicing Fee, by notice to the Indenture Trustee on or before a Payment Date, 
  

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elect to defer all or a portion of the Servicing Fee with respect to the related Collection Period, without interest. If the Servicer defers all of the
Servicing Fee, the Servicing Fee for such related Collection Period will be deemed to equal zero. 
 Section 4.09 Servicer’s
Certificate. Not later than 11:00 A.M. (New York time) on each Payment Determination Date, the Servicer shall deliver a Servicer’s Certificate pursuant to Section 5.08. Receivables to be purchased by the Servicer or to be
repurchased by World Omni or the Depositor shall be identified by the Servicer by account number with respect to such Receivable (as specified in the Schedule of Receivables). 
 Section 4.10 Annual Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of Default. 
 (a) To the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors, if any, to delivery) to the
Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the end of each calendar year, commencing with the calendar year ended December 31, 2006, an Officers’ Certificate as required under Item 1123 of
Regulation AB, dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Servicer during the preceding calendar year (or such shorter period as shall have elapsed since the Closing Date) and of its
performance under this Agreement has been made under such officers’ supervision and (ii) to the best of such officers’ knowledge, based on such review, the Servicer has fulfilled all its obligations under this Agreement in all
material respects throughout such reporting period, or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such officers and the nature and status thereof. The Indenture Trustee
shall send a copy of such certificate and the report referred to in Section 4.11 to the Rating Agencies. A copy of such certificate and the report referred to in Section 4.11 may be obtained by any Certificateholder or
Noteholder by a request in writing to the Owner Trustee addressed to the Corporate Trust Office. Upon the telephone request of the Owner Trustee, the Indenture Trustee will promptly furnish the Owner Trustee a list of Noteholders as of the date
specified by the Owner Trustee. 
 (b) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the date that
is 90 days after the end of each calendar year, commencing with the calendar year ended December 31, 2006, a report, dated as of December 31 (or other applicable date) of the preceding year, regarding the Servicer’s assessment of
compliance with the Servicing Criteria during the immediately preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as required under Rule 13a-18 and 15d-18 of the Exchange Act and
Item 1122 of Regulation AB. 
 (c) If the Issuing Entity is not required to file periodic reports under the Exchange Act or any other
law, the reports referred to in this section may be delivered on or before the date that is 120 days after the end of each calendar year, commencing with the calendar year ended December 31, 2007. 
 (d) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee and the Rating Agencies, promptly after having obtained knowledge thereof, but
in no event later than five (5) Business Days thereafter, written notice in an Officers’ Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Default under Section 8.01(a)
or (b). 
  

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 Section 4.11 Annual Independent Certified Public Accountants’ Report. 
 (a) The Servicer shall cause a firm of independent certified public accountants, who may also render other services to the Servicer or to its Affiliates,
to deliver to the Rating Agencies, the Indenture Trustee and the Owner Trustee, on or before the date that is 90 days after the end of the Servicer’s fiscal year, commencing with the fiscal year ended December 31, 2006, a report, dated as
of December 31 of the preceding fiscal year, addressed to the board of directors of the Servicer, providing its assessment of compliance with the Servicing Criteria during the preceding fiscal year, including disclosure of any material instance
of non-compliance, as required by Rule 13a-18 or Rule 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB. Such attestation shall be in accordance with Rule 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the
Exchange Act. 
 (b) If the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, the reports
referred to in this section may be delivered on or before the date that is 120 days after the end of each calendar year, commencing with the calendar year ended December 31, 2007. 
 Section 4.12 Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to the Certificateholders and
Noteholders access to the Receivable Files in such cases where the Certificateholders or Noteholders shall be required by applicable statutes or regulations to review such documentation. Access shall be afforded without charge, but only upon
reasonable request and during the normal business hours at the offices of the Servicer. Nothing in this Section shall affect the obligation of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Obligors
and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section. 
 Section 4.13 Servicer Expenses. The Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Servicer
and expenses incurred in connection with distributions and reports to Certificateholders and Noteholders. 
 Section 4.14 Appointment of
Subservicer. The Servicer may at any time appoint a subservicer to perform all or any portion of its obligations as Servicer hereunder; provided, however, that the Rating Agency Condition shall have been satisfied in connection therewith; and
provided, further, that the Servicer shall remain obligated and be liable to the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders for the servicing and administering of the Receivables in
accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and
administering the Receivables. The fees and expenses of the subservicer shall be as agreed between the Servicer and its subservicer from time to time, and none of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders
or the Noteholders shall have any responsibility therefor. The Servicer shall give the Indenture Trustee written notice of any subservicer appointed hereunder, 
  

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 Section 4.15 Annual Transfer. The State of Florida imposes a value-based intangibles tax on
January 1 of each year on certain intangibles owned, managed or controlled by Florida domiciliaries or intangibles having a business situs in Florida. On the last business day of each year, in an effort to minimize the impact of this
intangibles tax, the Depositor may transfer 99% of its right, title and interest in, to and under the Certificates owned by it as of such day, together with all of its duties, rights and obligations under this Agreement and the Administration
Agreement to a special-purpose entity that is a wholly-owned subsidiary of World Omni (the “Transferee”), located and managed outside the State of Florida (such transfer, the “Annual Transfer”). In connection with
such Annual Transfer, World Omni shall transfer all of its rights, obligations and duties under this Agreement and the Administration Agreement to the Transferee. The Trust will continue to maintain its first priority perfected security interest in
the Receivables. Only 99% of the Depositor’s interest in the Receivables evidenced by the Certificates and its duties, rights and obligations under this Agreement and the Administration Agreement, together with World Omni’s management and
control authority and obligations, will be transferred to the Transferee, to be held in escrow and returned to the Depositor and World Omni, respectively, on the first business day of the following year. World Omni shall indemnify the Trust with
respect to any liability for this intangibles tax. World Omni will not conduct any servicing activities during the period of the Annual Transfer. 
 Section 4.16 Exchange Act Certifications. To the extent permitted by Exchange Act Rules, the Servicer shall prepare, execute, file and deliver on behalf of the Issuing Entity any certification or other instrument as required by
Exchange Act Rules 13a-14 and 15d-14. 
 ARTICLE V 
 TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS 
 Section 5.01
Establishment of Trust Accounts. 
 (a) (i) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall cause to
be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit
of the Noteholders and the Certificateholders. 
 (ii) The Servicer, for the benefit of the Noteholders, shall cause to be
established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the
benefit of the Noteholders. 
 (iii) The Servicer, for the benefit of the Noteholders and the Certificateholders, shall cause
to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Reserve Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit
of the Noteholders and the Certificateholders. 
  

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

 (v) The Servicer, for the benefit of the Noteholders, shall cause to be established and maintained with and in the name of
the Indenture Trustee an Eligible Deposit Account (the “Negative Carry Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. 
 (b) Funds on deposit in the Collection Account, the Note Distribution Account, the Reserve Account, the Pre-Funding Account and the Negative Carry
Account (collectively the “Trust Accounts”) shall be invested by the Indenture Trustee in Eligible Investments selected by the Servicer. In absence of written direction from the Servicer, such funds shall be invested in Eligible
Investments specified in clause (i) of the definition thereof. All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Noteholders and the Certificateholders or the Noteholders, as applicable; provided, that
on each Payment Determination Date all interest and other Investment Earnings on funds on deposit in the Trust Accounts shall be deposited into the Collection Account and shall be deemed to constitute a portion of Available Funds for the related
Payment Date. Other than as permitted by the Rating Agencies, funds on deposit in the Collection Account, the Reserve Account, the Note Distribution Account, the Pre-Funding Account and the Negative Carry Account shall be invested in Eligible
Investments that will mature (A) not later than the Business Day immediately preceding the next Payment Date or (B) on or before 10:00 a.m. on such next Payment Date if such investment is held in the corporate trust department of the
institution with which the Collection Account, the Reserve Account, the Note Distribution Account, the Pre-Funding Account and the Negative Carry Account, as applicable, is then maintained and is invested either (i) in a time deposit of the
Indenture Trustee rated at least A-1 by Standard & Poor’s and Prime-1 by Moody’s (such account being maintained within the corporate trust department of the Indenture Trustee), (ii) in the Indenture Trustee’s common
trust fund so long as such fund is rated in the highest applicable rating category by Standard & Poor’s and Moody’s or (iii) in Eligible Investments specified in clauses (g) or (i) of the definition thereof; and
provided that Eligible Investments shall be available for redemption and use by the Indenture Trustee on the relevant Payment Date. In no event shall the Indenture Trustee be held liable for investment losses in Eligible Investments pursuant to this
Section 5.01, except in its capacity as obligor thereunder. 
 (c) (i) The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be part of the Trust Estate. The Trust Accounts shall be
under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders or the Noteholders and the Certificateholders, as the case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account,
the Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days (or 

  

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such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account
and shall transfer any cash and/or any investments to such new Trust Account. The Indenture Trustee or the other Person holding the Trust Accounts as provided in this Section 5.01(c)(i) shall be the “Securities
Intermediary.” If the Securities Intermediary shall be a Person other than the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to the obligations of the Securities Intermediary set forth in this
Section 5.01. 
 (ii) With respect to the Trust Account Property, the Securities Intermediary agrees, by its
acceptance hereof, that: 
 (A) The Trust Accounts are accounts to which Financial Assets will be credited. 
 (B) All securities or other property underlying any Financial Assets credited to the Trust Accounts shall be registered in the name of the
Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained in the name of the Securities Intermediary and in no case will any Financial Asset credited to any of the Trust
Accounts be registered in the name of the Trust, the Servicer or the Depositor, payable to the order of the Trust, the Servicer or the Depositor or specially indorsed to the Owner Trustee, the Servicer or the Depositor except to the extent the
foregoing have been specially indorsed to the Securities Intermediary or in blank. 
 (C) All property delivered to the
Securities Intermediary pursuant to this Agreement will be promptly credited to the appropriate Trust Account. 
 (D) Each
item of property (whether investment property, Financial Asset, security, instrument of cash) credited to a Trust Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC.

 (E) If at any time the Securities Intermediary shall receive any order from the Indenture Trustee directing transfer or
redemption of any Financial Asset relating to the Trust Accounts, the Securities Intermediary shall comply with such entitlement order without further consent by the Trust, the Servicer, the Depositor or any other Person. 
 (F) The Trust Accounts shall be governed by the laws of the State of New York, regardless of any provision in any other agreement. For
purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Trust Accounts (as well as the securities entitlements (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall be
governed by the laws of the State of New York. 
 (G) The Securities Intermediary has not entered into, and until the
termination of this Agreement will not enter into, any agreement with any other person relating to the Trust Accounts and/or any Financial Assets credited thereto 

  

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pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other person and the
Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Trust, the Depositor, the Servicer or the Indenture Trustee purporting to limit or condition the obligation of the
Securities Intermediary to comply with entitlement orders as set forth in Section 5.01(c)(ii)(E) hereof. 
 (H)
Except for the claims and interest of the Indenture Trustee and of the Trust in the Trust Accounts, the Securities Intermediary knows of no claim to, or interest in, the Trust Accounts or in any Financial Asset credited thereto. If any other person
asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against the Trust Accounts or in any Financial Asset carried therein, the Securities Intermediary will
promptly notify the Indenture Trustee, the Servicer and the Trust thereof. 
 (I) The Securities Intermediary will promptly
send copies of all statements, confirmations and other correspondence concerning the Trust Accounts and/or any Trust Account Property simultaneously to each of the Servicer and the Indenture Trustee. 
 (iii) The Servicer shall have the power, revocable by the Indenture Trustee or by the Owner Trustee with the consent of the Indenture
Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer or the Owner Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to
carry out its duties under the Indenture. 
 (d) Pre-Funding Account. On the Closing Date, the Depositor shall deposit in the
Pre-Funding Account $241,399,144.87 (the “Initial Pre-Funded Amount”) from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date, the Servicer shall instruct the Indenture Trustee to withdraw from the
Pre-Funding Account an amount equal to (i) the aggregate Starting Principal Balance of the Subsequent Receivables transferred to the Trust on such Subsequent Transfer Date less the Reserve Account Subsequent Transfer Deposit with respect to
such Subsequent Transfer Date and distribute such amount to or upon the order of the Depositor upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer, and (ii) the Reserve Account Subsequent
Transfer Deposit with respect to such Subsequent Transfer Date and, on behalf of the Depositor, deposit such amount in the Reserve Account. 
 If the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Funding Period ends, the Servicer shall instruct the Indenture Trustee to transfer from the Pre-Funding Account
on such Payment Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with Section 8.02(g) of the Indenture. 
  

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 (e) Negative Carry Account. On the Closing Date, the Depositor shall deposit in the Negative Carry
Account $2,242,210.30 (the “Negative Carry Account Initial Deposit”) from the net proceeds of the sale of the Notes. 
 On
each Payment Date during the Funding Period, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Collection Account for
application as Total Available Funds for such Payment Date, and (ii) the excess, if any, of the amount on deposit in the Negative Carry Account over the Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for
such Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date. In addition, on the Payment Date following the calendar month in which the last day of the Funding Period occurs, the Servicer
will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account (after giving effect to all withdrawals from the Negative Carry Account on that Payment Date) and deposit
it into the Collection Account for application as Available Funds for such Payment Date. 
 Section 5.02 Collections. The Servicer
shall remit to the Collection Account within two Business Days of receipt of payment (including proper instructions where to allocate such payment) all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased
Receivables) and all Liquidation Proceeds, both as collected during the Collection Period. Notwithstanding the foregoing, for so long as (i) World Omni remains the Servicer (other than in connection with the annual transfer), (ii) no
Servicer Default shall have occurred and be continuing and (iii) the Rating Agency Condition is met, the Servicer shall remit such collections with respect to the preceding calendar month to the Collection Account on the Payment Determination
Date immediately preceding the related Payment Date. For purposes of this Article V the phrase “payments by or on behalf of Obligors” shall mean payments made with respect to the Receivables by Persons other than the Servicer or the
Depositor. 
 Section 5.03 Application of Collections. With respect to each Receivable (other than a Purchased Receivable), payments
by or on behalf of the Obligor shall be applied to interest and principal in accordance with the Simple Interest Method. 
 Section 5.04
Advances. On each Payment Date, the Servicer shall deposit into the Collection Account an amount (such amount, an “Advance”), if positive, equal to (1) the Total Required Advances with respect to such Payment Date minus
(2) the Outstanding Advance immediately following the preceding Payment Date. On each Payment Date, the Servicer shall be reimbursed for Outstanding Advances in an amount, if positive, equal to (1) the Outstanding Advances immediately
following the preceding Payment Date minus (2) the Total Required Advances with respect to such Payment Date. The Servicer shall not make any advance in respect of principal on the Receivables. 
 Section 5.05 Additional Deposits. The Servicer and the Depositor shall deposit or cause to be deposited in the Collection Account the aggregate
Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section 9.01. The Servicer will deposit the aggregate Purchase Amount with respect to Purchased Receivables when
such obligations are due. The Servicer shall, if necessary, deposit 

  

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all Advances required to be made pursuant to Section 5.04 in the Collection Account on each Payment Date. All such other deposits shall be made
on the Payment Determination Date for the related Collection Period. 
 Section 5.06 Distributions. 
 (i) On or before each Payment Determination Date, the Servicer shall calculate (A) all amounts required to be deposited in the Note
Distribution Account, (B) all amounts required to be distributed to the Certificateholders and (C) all amounts required to be transferred from the Pre-Funding Account and the Negative Carry Account. 
 (ii) Except as otherwise provided in clause (iii) below, on each Payment Date, the Servicer shall instruct the Indenture Trustee
(based on the information contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09) to make the following deposits and distributions to the extent of Total Available Funds
in the following order of priority: 
 (A) [Reserved]; 
 (B) to the Note Distribution Account, from Total Available Funds, the Class A Noteholders’ Interest Distributable Amount;

 (C) to the Note Distribution Account, from Total Available Funds remaining after the application of clause (B) above,
if any, the Noteholders’ First Priority Principal Distributable Amount; 
 (D) to the Note Distribution Account, from
Total Available Funds remaining after the application of clauses (B) through (C) above, if any, the Class B Noteholders’ Interest Distributable Amount; 
 (E) to the Note Distribution Account, from Total Available Funds remaining after the application of clauses (B) through
(D) above, if any, the Noteholders’ Second Priority Principal Distributable Amount; 
 (F) to the Reserve Account,
from Total Available Funds remaining after the application of clauses (B) through (E) above the amount, if any, necessary to reinstate the balance in the Reserve Account up to the Required Reserve Amount; 
 (G) to the Note Distribution Account, from Total Available Funds remaining after the application of clauses (B) through
(F) above, if any, an amount equal to the Noteholders’ Principal Distributable Amount minus any amounts allocated to the Note Distribution Account pursuant to clauses (C) and (E) above; 
 (H) [Reserved]; and 
  

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 (I) to the Certificateholders, the portion, if any, of Total Available Funds remaining
after the application of clauses (B) through (G) above; provided the Indenture Trustee has not received written instruction from the Certificateholders of 100% percentage interest in the Certificates to redeposit all or a portion of such
Total Available Funds due such Certificateholders into the Collection Account. 
 The Holders of 100% Percentage Interest of the Certificates will have the
right, but not the obligation, in their sole discretion, to instruct the Indenture Trustee in writing to retain in the Collection Account all or a portion of distributions otherwise payable to them pursuant to (I) above. If the
Certificateholders make this election, these amounts will be treated as collections during the then current Collection Period and the Certificateholders will have no claim to such amounts (unless distributed on a subsequent Payment Date pursuant to
(I) above). 
 (iii) In the event Notes are declared to be due and payable following the occurrence of an Event of
Default under the Indenture, Available Funds will be distributed in the following order or priority: 
 (A) [Reserved];

 (B) to the Holders of the Class A Notes the aggregate accrued and unpaid interest on each class of the Class A
Notes; 
 (C) if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the
Indenture as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, to the Holders of the Class A Notes, the aggregate Outstanding Amount of each Class of the Class A Notes; 

(D) to the Holders of the Class B Notes, the accrued and unpaid interest on the Class B Notes; 
 (E) if the Notes have been declared to be due and payable as a result of occurrence of an Event of Default under the Indenture other than
as a result of default in payment of any interest on or principal of any Note in accordance with the Indenture, to the Holders of the Class A Notes, the aggregate Outstanding Amount of each Class of the Class A Notes; 
 (F) to the Holders of the Class B Notes, the Outstanding Amount of the Class B Notes; 
 (G) [Reserved]; and 
 (H) to the Certificateholders, the remaining balance, if any. 
 (iv) [Reserved]. 
  

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 Section 5.07 Reserve Account. 
 (a) On the Closing Date, the Indenture Trustee will deposit, on behalf of the Depositor, the Reserve Account Initial Deposit into the Reserve Account.

 (b) If the amount on deposit in the Reserve Account on any Payment Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Payment Date) is greater than the Required Reserve Amount for such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw such amount from the Reserve Account and apply it as Total Available Funds for such
Payment Date. 
 (c) In the event that the Total Available Funds for a Payment Date are not sufficient to make the full amount of the
payments and deposits required pursuant to Sections 5.06(ii)(A), (B), (C), (D) and (E) on such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw from the Reserve Account on such
Payment Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities set forth in Section 5.06(ii). In addition, amounts will be withdrawn from the Reserve
Account as provided in Section 8.02(c) and (d) of the Indenture. 
 (d) Subject to Section 9.01, amounts
will continue to be applied pursuant to Section 5.06 following payment in full of the Outstanding Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding Amount of the
Notes and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Noteholders, any amount remaining on deposit in the Reserve Account shall be distributed to the Certificateholders. 
 Section 5.08 Statements to Noteholders and Certificateholders. On each Payment Determination Date, the Servicer shall provide to the Indenture
Trustee (with a copy to the Rating Agencies) for the Indenture Trustee to forward to The Depository Trust Company (which shall supply such statement to Noteholders in accordance with its procedures), a statement substantially in the form of
Exhibit B, setting forth at least the following information as to the Notes, to the extent applicable: 
 (a) the amount of such
distribution allocable to principal allocable to each Class of Notes; 
 (b) the amount of such distribution allocable to interest allocable
to each Class of Notes; 
 (c) the Outstanding Amount of each Class of Notes and the Note Pool Factor for each such Class as of the close of
business on the last day of the preceding Collection Period; 
 (d) the amount of the Servicing Fee paid to the Servicer with respect to the
related Collection Period, the amount of any unpaid Servicing Fee and the change in such amount from the prior Payment Date; 
 (e) the
balance of the Reserve Account on such Payment Determination Date after giving effect to deposits and withdrawals to be made on the immediate following Payment Date, if any; 
  

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 (f) the amount, if any, distributed to Noteholders and Certificateholders from amounts on deposit in the
Reserve Account or from other forms of credit enhancement; 
 (g) the Pool Balance as of the close of business on the last day of the related
Collection Period, after giving effect to payments allocated to principal reported under clause (a) above; 
 (h) the Class A
Noteholders’ Interest Carryover Shortfall; 
 (i) the Class B Noteholders’ Interest Carryover Shortfall; 
 (j) the number of Receivables purchased by, and the aggregate Purchase Amount paid by, World Omni or the Servicer with respect to the related Collection
Period; 
 (k) delinquency information relating to the Receivables which are more than 30, 60 or 90 days delinquent; 
 (l) the aggregate amount of Receivables which have become Defaulted Receivables during the preceding Collection Period; 
 (m) the amount, if any, distributed to the Certificateholders and the balance of the Certificates after giving effect to all distributions reported under
this clause (m); 
 (n) the Noteholders’ First Priority Principal Distributable Amount; 
 (o) the Noteholders’ Second Priority Principal Distributable Amount; 
 (p) the Noteholders’ Principal Distributable Amount; 
 (q) the Overcollateralization Target Amount for
the immediately following Payment Date; 
 (r) the Negative Carry Amount and the balance, if any, of the Negative Carry Account on such date,
after giving effect to deposits and withdrawals to be made on the immediately following Payment Date, if any; 
 (s) for Payment Dates during
the Funding Period, the Starting Principal Balance for all Subsequent Receivables transferred to the Trust since the preceding Payment Date, the remaining Pre-Funded Amount and the Investment Earnings on amounts on deposit in the Pre-Funding
Account, if any, for the related Payment Period; 
 (t) for the Payment Date immediately following the calendar month in which the Funding
Period ends, the amount of any remaining Pre-Funded Amount that has not been used to fund the purchase of Subsequent Receivables; 
 (u) the
amount of outstanding Advances on such date; 
  

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 (v) the number and dollar amount of Receivables at the beginning and end of the applicable Collection
Period, and the weighted average coupon and weighted average remaining term of the Receivables held by the Trust; 
 (w) delinquency and loss
information for the applicable Collection Period and any material changes in determining or defining delinquencies, charge-offs and uncollectible accounts; 
 (x) material breaches of pool asset representations and warranties or transaction covenants; and 
 (y) any
material modifications, extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the distribution period or that, cumulatively, have become material over time. 
 Each amount set forth on the Payment Date statement under clauses (a), (b), (h) and (i) above shall be expressed as a dollar amount per $1,000 of original
principal amount of a Note. 
 Section 5.09 Net Deposits. As an administrative convenience, the Servicer will be permitted to make the
deposit of collections on the Receivables, Advances and Purchase Amounts for or with respect to the Collection Period net of distributions (including without limitation the Servicing Fee) to be made to the Servicer with respect to the Collection
Period. The Servicer, however, will account to the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as if all deposits, distributions and transfers were made individually. 
 Section 5.10 Transfer of Certificates. In the event any Holder of a Certificate shall wish to transfer such Certificate, the Depositor shall
provide to such Holder and any prospective transferee designated by such Holder 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 of 1933, as amended, pursuant to the exemption from registration provided by Rule 144A. 
 ARTICLE VI 
 THE DEPOSITOR 
 Section 6.01 Representations of Depositor. The Depositor makes the following representations on which the Issuing Entity is deemed to have relied
in acquiring the Receivables. The representations speak as of the Closing Date and each Subsequent Transfer Date, and shall survive the sale of the Receivables to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the
Indenture. 
 (a) Organization and Good Standing. The Depositor is duly organized and validly existing as a limited liability company
in good standing under the laws of the State of Delaware, with the requisite power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all
relevant times, and has, the requisite power, authority and legal right to acquire and own the Receivables. 
  

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 (b) Due Qualification. The Depositor is duly qualified to do business as a foreign limited
liability company in good standing, and has obtained all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications, except where the
failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 
 (c) Power and Authority. The Depositor has the requisite power and authority to execute and deliver this Agreement and to carry out its terms; the
Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Issuing Entity, and the Depositor shall have duly authorized such sale and assignment to the Issuing Entity by all necessary
action; and the execution, delivery and performance of this Agreement has been duly authorized by the Depositor by all necessary action. 
 (d) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Depositor enforceable against the Depositor in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity
(whether considered in a suit at law or in equity). 
 (e) No Violation. The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the limited liability company
agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to
which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to this
Agreement and the Basic Documents); or, (iv) to the best of the Depositor’s knowledge, violate any order, rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over the Depositor or its properties except, in the case of clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse
effect on the Depositor’s earnings, business affairs or business prospects. 
 (f) No Proceedings. To the Depositor’s best
knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting
the invalidity of this Agreement, the Indenture or any of the other Basic Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions
contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by 

  

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the Depositor of its obligations under, or the validity or enforceability of, this Agreement, the Indenture, any of the other Basic Documents, the Notes or
the Certificates or (iv) which could reasonably be expected to adversely affect the federal or state income tax attributes of the Notes or the Certificates. 
 (g) All Consents. All authorizations, licenses, consents, orders or approvals of, or registrations or declarations with, any court, regulatory body, administrative agency or other government instrumentality
required to be obtained, effected or given by the Depositor in connection with the execution and delivery by the Depositor of this Agreement or any of the Basic Documents to which it is a party and the performance by the Depositor of the
transactions contemplated by this Agreement or any of the Basic Documents to which it is a party, have been duly obtained, effected or given and are in full force and effect, except where failure to obtain the same would not have a material adverse
effect upon the rights of the Trust, the Noteholders or the Certificateholders. 
 Section 6.02 Corporate Existence. 
 (a) During the term of this Agreement, the Depositor will keep in full force and effect its existence, rights and franchises as a limited liability
company under the laws of the jurisdiction of its formation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this
Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby. In addition, all transactions and dealings between the Depositor
and its Affiliates will be conducted on an arm’s-length basis. 
 (b) During the term of this Agreement, the Depositor shall observe the
applicable legal requirements for the recognition of the Depositor as a legal entity separate and apart from its affiliates, including the following: 
 (i) the Depositor shall maintain corporate records and books of account separate from those of its affiliates; 
 (ii) Except as otherwise provided in this Agreement, the Depositor shall not commingle its assets and funds with those of its affiliates; 
 (iii) the Depositor shall hold such appropriate meetings of its Board of Directors as are necessary to authorize all the Depositor’s
corporate actions required by law to be authorized by the Board of Directors, shall keep minutes of such meetings and observe all other customary corporate formalities (and any successor Depositor not a limited liability company shall observe
similar procedures in accordance with its governing documents and applicable law); and 
 (iv) the Depositor shall at all
times hold itself out to the public under the Depositor’s own name as a legal entity separate and distinct from its affiliates. 
  

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 Section 6.03 Liability of Depositor; Indemnities. The Depositor shall be liable in accordance
herewith only to the extent of the obligations specifically undertaken by the Depositor under this Agreement: 
 (a) The Depositor shall
indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee and the Servicer and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee and the Indenture Trustee from and
against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein and in the Basic Documents, including any sales, gross receipts, general corporation, tangible personal property,
privilege or license taxes (but, in the case of the Issuing Entity, not including any taxes asserted with respect to, and as of the date of, the sale of the Receivables to the Issuing Entity or the issuance and original sale of the Certificates and
the Notes, or asserted with respect to ownership of the Receivables, or federal or other income taxes arising out of distributions on the Certificates or the Notes) and costs and expenses in defending against the same. 
 (b) The Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders and the
Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee, and the Indenture Trustee from and against any loss, liability or reasonable and documented expense incurred by reason of the
Depositor’s willful misfeasance, bad faith or negligence (except for errors in judgment) in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement. 

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

(d) The Depositor shall pay any and all taxes levied or assessed upon all or any part of the Owner Trust Estate. 
 Indemnification under this Section shall survive the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of this
Agreement and shall include reasonable and documented fees and expenses of counsel and expenses of litigation. If the Depositor shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are
made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Depositor, without interest. 
  

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 Notwithstanding anything to the contrary contained in this Agreement or any other document, the
obligations of the Depositor under this Section 6.03 and Section 7.5 of the Depositor’s Limited Liability Company Agreement are solely the company obligations of the Depositor and shall be payable by it (x) solely
from funds distributed to it in its capacity as Certificateholder available pursuant to, and in accordance with, the payment priorities set forth in Section 5.06 of this Agreement and (z) only to the extent that it receives
additional funds designated for such purposes or to the extent it has additional funds available (other than funds described in preceding clause (x)). In addition, no amount owing by the Depositor hereunder or under Section 7.5 of its
Limited Liability Company Agreement in excess of the liabilities that it is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the Bankruptcy Code) against it.
No recourse shall be had for the payment of any amount owing hereunder or under Section 7.5 of the Depositor’s Limited Liability Company Agreement or any other obligation of, or claim against, the Depositor, arising out of or based
upon this Section 6.03 or under Section 7.5 of its Limited Liability Company Agreement against any employee, officer, agent, directed or authorized person of the Depositor; provided, however, that the foregoing shall not
relieve any such person or entity of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them. 
 Section 6.04 Merger or Consolidation of, or Assumption of Obligations of Depositor. Any Person (a) into which the Depositor may be merged or consolidated, (b) which may result from any merger or consolidation to which the
Depositor shall be a party or (c) which may succeed to the properties and assets of the Depositor substantially as a whole, which person in any of the foregoing cases executes an agreement of assumption to perform every obligation of the
Depositor under this Agreement, shall be the successor to the Depositor hereunder without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that (i) immediately after giving
effect to such transaction, no representation or warranty made pursuant to Section 3.01 shall have been breached and no Servicer Default in respect of the Depositor under Section 8.01(b) or (c) shall have occurred
and be continuing, and no event that, after notice or lapse of time, or both, would become a Servicer Default in respect of the Depositor under Section 8.01(b) or (c) shall have occurred and be continuing, (ii) the
Depositor shall have delivered to the Owner Trustee and the Indenture Trustee an Officers’ Certificate stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Depositor shall have
delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been filed that are
necessary fully to preserve and protect the interest of the Owner Trustee and Indenture Trustee, respectively, in the Receivables and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action
shall be necessary to preserve and protect such interests. Notwithstanding anything herein to the contrary, (a) the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall
be conditions to the consummation of the transactions referred to in clause (a), (b) or (c) above and (b) the Depositor may transfer its rights under this Agreement in accordance with Section 4.15 hereof. 
  

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 Section 6.05 Limitation on Liability of Depositor and Others. The Depositor and any director,
officer, employee or agent of the Depositor may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Depositor shall not
be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability. 
 Section 6.06 Depositor May Own Notes. The Depositor and any Affiliate thereof may in its individual or any other capacity become the owner or
pledgee of Notes with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as expressly provided herein or in any Basic Document. 
 Section 6.07 Security Interest. During the term of this Agreement, the Depositor will not take any action to assign the security interest in any Financed Vehicle other than pursuant to the Basic Documents.

 ARTICLE VII 
 THE
SERVICER 
 Section 7.01 Representations of Servicer. The Servicer makes the following representations on which the Issuing Entity
is deemed to have relied in acquiring the Receivables. The representations speak as of the Closing Date, and shall survive the sale of the Receivables from time to time to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant
to the Indenture. 
 (a) Organization and Good Standing. The Servicer is duly organized and validly existing as a corporation in good
standing under the laws of the state of its incorporation, with the corporate power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all
relevant times, and has, the corporate power, authority and legal right to acquire, own, sell and service the Receivables and to hold the Receivable Files as custodian. 
 (b) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing, and has obtained all necessary material licenses and approvals, in all jurisdictions in which the
ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) shall require such qualifications, except where the failure to be so qualified or to have obtained such licenses
or approvals would not have a material adverse effect on the Servicer’s earnings, business affairs or business prospects. 
 (c)
Power and Authority. The Servicer has the corporate power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer
by all necessary corporate action. 
 (d) Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the
Servicer enforceable against the Servicer in accordance with its terms, except as 

  

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such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect,
affecting the enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
 (e) No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not
(i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws of the Servicer; (ii) breach, conflict with or
violate any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Servicer is a party or by which it is bound; (iii) result in
the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to this Agreement and the Basic Documents); or, (iv) to the best of the
Servicer’s knowledge, violate any order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or
its properties except, in the case of clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the Servicer’s earnings, business affairs or business
prospects. 
 (f) No Proceedings. To the Servicer’s best knowledge, there are no proceedings or investigations pending or
threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Servicer or its properties: (i) asserting the invalidity of this Agreement, the Indenture, any of the other
Basic Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic
Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement, the
Indenture, any of the other Basic Documents, the Notes or the Certificates or (iv) relating to the Servicer and which could reasonably be expected to adversely affect the federal or state income tax attributes of the Notes or the Certificates.

 (g) Approvals. All approvals, licenses, authorizations, consents, orders or other actions of any person, corporation or other
organization, or of any court, governmental agency or body or official, required in connection with the execution and delivery of this Agreement have been or will be taken or obtained on or prior to the Closing Date, except where failure to obtain
the same would not have a material adverse effect upon the rights of the Depositor, the Trust, the Noteholders or the Certificateholders. 
 Section 7.02 Indemnities of Servicer. The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement: 
 (a) The Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders, the
Certificateholders and the Depositor and any of the officers, directors, employees and agents of the Issuing Entity, the 

  

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Owner Trustee and the Indenture Trustee from and against any and all reasonable and documented costs and expenses, and all other losses, damages, claims and
liabilities arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of a Financed Vehicle. 
 (b) The Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor, the Certificateholders and the Noteholders and any of the officers, directors, employees and agents of
the Issuing Entity, the Owner Trustee and the Indenture Trustee from and against any and all costs, expenses, losses, claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, or was
imposed upon any such Person through, the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and
duties under this Agreement. 
 For purposes of this Section, in the event of the termination of the rights and obligations of World Omni (or
any successor thereto pursuant to Section 7.03) as Servicer pursuant to Section 8.01, or a resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be the Servicer pending appointment of a
successor Servicer (other than the Indenture Trustee) pursuant to Section 8.02. 
 Indemnification under this Section shall
survive the resignation or removal of the Owner Trustee or the Indenture Trustee or the termination of this Agreement and shall include reasonable fees and expenses of counsel and expenses of litigation. If the Servicer shall have made any indemnity
payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Servicer, without interest. 
 Section 7.03 Merger or Consolidation of, or Assumption of Obligations of, Servicer. The Servicer shall not consolidate with or merge into any
other corporation or convey or transfer its properties and assets substantially as an entirety to any Person, unless: 
 (a) the corporation
formed by such consolidation or into which the Servicer is merged or the Person which acquires by conveyance or transfer the properties and assets of the Servicer substantially as an entirety shall be a corporation organized and existing under the
laws of the United State of America or the District of Columbia and, if the Servicer is not the surviving entity, such corporation shall assume, without the execution or filing of any paper or further act on the part of any of the parties hereto,
the performance of every covenant and obligation of the Servicer hereunder; and 
 (b) the Servicer has delivered to the Owner Trustee and
the Indenture Trustee and Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer will comply with this Section 7.03 and that all conditions precedent herein provided for
relating to such transaction have been complied with. 
  

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 The Servicer shall provide notice of any merger, consolidation or succession pursuant to this
Section 7.03 to the Rating Agencies, the Owner Trustee, the Depositor and the Indenture Trustee. 
 Section 7.04 Limitation on
Liability of Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer shall be under any liability to the Issuing Entity, the Noteholders or the Certificateholders, except as provided
under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person against any
liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement. The Servicer and any director,
officer, employee or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any person respecting any matters arising under this Agreement. 
 Except as provided in this Agreement, the Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be
incidental to its duties to service the Receivables in accordance with this Agreement and that in its opinion may involve it in any expense or liability; provided, however, that the Servicer may undertake any reasonable action that it may deem
necessary or desirable in respect of this Agreement and the Basic Documents and the rights and duties of the parties to this Agreement and the Basic Documents and the interests of the Certificateholders under this Agreement and the Noteholders under
the Indenture. 
 Section 7.05 World Omni Not To Resign as Servicer. Subject to the provisions of Section 7.03, World Omni
shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon a determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law and cannot
be cured. Notice of any such determination permitting the resignation of World Omni shall be communicated to the Owner Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, shall be
confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee and the Indenture Trustee concurrently with or promptly after such notice. No
such resignation shall become effective until the Indenture Trustee or a successor Servicer shall have assumed the responsibilities and obligations of World Omni in accordance with Section 8.02. 
 ARTICLE VIII 
 DEFAULT

 Section 8.01 Servicer Default. Any one of the following events shall constitute a default by the Servicer (a “Servicer
Default”): 
 (a) any failure by the Servicer to deliver to the Indenture Trustee for deposit in any of the Trust Accounts or
distribution to the Certificateholders any required payment or to direct the Indenture Trustee to make any required distributions therefrom, which failure 

  

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continues unremedied for a period of five Business Days after written notice of such failure is received by the Servicer from the Owner Trustee or the
Indenture Trustee or after discovery of such failure by an officer of the Servicer; or 
 (b) failure by the Servicer or, if the Servicer is
an affiliate of the Depositor, the Depositor, as the case may be, duly to observe or to perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case may be) set forth in this Agreement or any other
Basic Document, which failure shall (i) materially and adversely affect the rights of Certificateholders or Noteholders and (ii) continue unremedied for a period of 60 days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given (A) to the Servicer or the Depositor (as the case may be) by the Owner Trustee or the Indenture Trustee or (B) to the Servicer or the Depositor (as the case may be), and to the Owner Trustee
and the Indenture Trustee by the Holders of the Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities and the Holders (as defined in the Trust Agreement) of Certificates evidencing not less than 50% of the
percentage interest of the Certificates; or 
 (c) the occurrence of an Insolvency Event with respect to the Servicer or, if the Servicer is
an affiliate of the Depositor, the Depositor. 
 Notwithstanding the foregoing, a delay in or failure of performance referred to under clause
(a) above for a period of ten Business Days or referred to under clause (b) for a period of 90 Business Days, shall not constitute a Servicer Default if such delay or failure could not be prevented by the exercise of reasonable diligence
by the Servicer and was caused by an act of God or other similar occurrence. Upon the occurrence of any such event, the Servicer shall not be relieved from using its best efforts to perform its obligations in a timely manner in accordance with the
terms of this Agreement and the Servicer shall provide the Indenture Trustee, the Owner Trustee, the Noteholders and the Certificateholders prompt notice of such failure or delay by it, together with a description of its efforts to so perform its
obligations. 
 So long as the Servicer Default shall not have been remedied or stayed by the application of the above paragraph, either the
Indenture Trustee or the Holders of the Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities, by notice then given in writing to the Servicer (and to the Indenture Trustee and the Owner Trustee if given by the
Noteholders) may terminate all the rights and obligations (other than the obligations set forth in Section 7.02 hereof) of the Servicer under this Agreement. On or after the receipt by the Servicer of such written notice, all authority
and power of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Receivables or otherwise, shall, without further action, pass to and be vested in the Indenture Trustee or such successor Servicer as may be
appointed under Section 8.02; and, without limitation, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the benefit of the predecessor Servicer, as attorney-in-fact or otherwise,
any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement of the Receivables and
related documents, or otherwise. The predecessor Servicer shall cooperate with the successor Servicer, the Indenture Trustee and the Owner Trustee in effecting the termination of the responsibilities and rights of the predecessor Servicer under this
Agreement, including the 

  

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transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or
shall thereafter be received by it with respect to any Receivable. Further, in such event, the Servicer shall use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Receivables to the successor
Servicer, and as promptly as practicable, the Servicer shall provide to the successor Servicer a current computer tape containing all information from the Receivables Files required for the proper servicing of the Receivables, together with the
documentation containing any and all information necessary for the use of the tape. All reasonable and documented costs and expenses (including attorneys’ fees) incurred in connection with transferring the Receivable Files to the successor
Servicer and amending this Agreement to reflect such succession as Servicer pursuant to this section shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. Upon receipt of notice of the
occurrence of a Servicer Default, the Owner Trustee shall give notice thereof to the Rating Agencies. 
 Section 8.02 Appointment of
Successor. 
 (a) Upon the Servicer’s receipt of notice of termination pursuant to Section 8.01 or the Servicer’s
resignation in accordance with the terms of this Agreement, the predecessor Servicer shall continue to perform its functions as Servicer under this Agreement, in the case of termination, only until the date specified in such termination notice or,
if no such date is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of (i) the date 45 days from the delivery to the Owner Trustee and the Indenture Trustee of written notice of
such resignation (or written confirmation of such notice) in accordance with the terms of this Agreement and (ii) the date upon which the predecessor Servicer shall become unable to act as Servicer, as specified in the notice of resignation and
accompanying Opinion of Counsel. In the event of the Servicer’s termination hereunder, the Indenture Trustee shall appoint a successor Servicer, and the successor Servicer shall accept its appointment by a written assumption in form acceptable
to the Owner Trustee and the Indenture Trustee. In the event that a successor Servicer has not been appointed at the time when the predecessor Servicer has ceased to act as Servicer in accordance with this Section, the Indenture Trustee without
further action shall automatically be appointed the successor Servicer and the Indenture Trustee shall be entitled to the Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be legally unable so to act, appoint or
petition a court of competent jurisdiction to appoint any established institution, having a net worth of not less than $100,000,000 and whose regular business shall include the servicing of automotive receivables, as the successor to the Servicer
under this Agreement. 
 (b) Upon appointment, the successor Servicer (including the Indenture Trustee acting as successor Servicer) shall be
the successor in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Servicer and shall be entitled to the Servicing Fee and
all the rights granted to the predecessor Servicer by the terms and provisions of this Agreement. 
 (c) The successor Servicer may not
resign unless it is prohibited from serving as such by law. 
  

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 Section 8.03 Notification to Noteholders and Certificateholders. Upon any termination of, or
appointment of a successor to, the Servicer pursuant to this Article VIII, the Owner Trustee shall give prompt written notice thereof to Certificateholders, and the Indenture Trustee shall give prompt written notice thereof to Noteholders and
the Rating Agencies. 
 Section 8.04 Waiver of Past Defaults. The Holders of Notes evidencing not less than 50% of the Outstanding
Amount of the Controlling Securities may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its obligations hereunder and its consequences, except a default in making any required deposits to or
payments from any of the Trust Accounts or to the Certificateholders in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default arising therefrom shall be deemed to have
been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
 Section 8.05 Payment of Servicing Fees; Repayment of Advances. If the Servicer shall change, the predecessor Servicer shall be entitled to (i) receive any accrued and unpaid Servicing Fees through the date
of such Successor Servicer’s acceptance hereunder in accordance with Section 4.08 and (ii) reimbursement for Outstanding Advances pursuant to Section 5.08 with respect to all Advances made by the predecessor
Servicer. 
 ARTICLE IX 
 TERMINATION 
 Section 9.01 Optional Purchase of All Receivables. 
 (a) On the Payment Date immediately following (and on each Payment Date thereafter) the last day of any Collection Period as of which the then outstanding
Pool Balance is 10% or less of the Aggregate Starting Principal Balance, the Servicer shall have the option to purchase the Owner Trust Estate, other than the Trust Accounts. To exercise such option, the Servicer shall deposit pursuant to
Section 5.05 in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Defaulted Receivables), and shall succeed to all interests in and to the Trust. Notwithstanding the foregoing, the
Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection Account pursuant to the preceding sentence is greater than or equal to the sum of the Outstanding Amount of the Notes and all accrued but
unpaid interest (including any overdue interest and premium) thereon. 
 (b) As described in Article IX of the Trust Agreement, notice
of any termination of the Trust shall be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. 
 (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder other than Section 5.07(b) and the Owner Trustee will succeed to the rights of, and assume the obligations of, the Indenture Trustee pursuant to this Agreement.

  

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 ARTICLE X 
 MISCELLANEOUS 
 Section 10.01 Amendment. 
 (a) This Agreement may be amended by the Depositor, the Servicer and the Issuing Entity, with the consent of the Indenture Trustee, but without the
consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided that such amendments require: (i) satisfaction of the Rating Agency Condition and (ii) an officer’s
certificate of the Servicer stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder. 
 (b) This Agreement may also be amended from time to time by the Depositor, the Servicer and the Issuing Entity, with the consent of the Indenture Trustee, the consent of the Holders of the Notes evidencing not less
than 50% of the Outstanding Amount of the Controlling Securities and the consent of the Holders (as defined in the Trust Agreement) of Certificates evidencing not less than 50% of the percentage interest of the Certificates 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 consent percentages in this sentence, without the consent of the Holders of all the outstanding Notes and the Holders (as defined in the Trust Agreement) of all the outstanding Certificates affected thereby. 
 (c) Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification provided by the Servicer, of the
substance of such amendment or consent to each Certificateholder, the Indenture Trustee and each of the Rating Agencies. 
 (d) It shall not
be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

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

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 Section 10.02 Protection of Title to Trust. 
 (a) The Depositor shall file such financing statements and cause to be filed such continuation statements, all in such manner and in such places as may be
required by law fully to preserve, maintain and protect the interest of the Issuing Entity and of the Indenture Trustee in the Receivables and in the proceeds thereof. The Depositor hereby authorizes the filing of such financing statements and
hereby ratifies any such financing statements filed prior to the date hereof. The Depositor shall deliver (or cause to be delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as
provided above, as soon as available following such filing. 
 (b) Neither the Depositor nor the Servicer shall change its name, identity or
corporate structure in any manner that could reasonably be expected to make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of Section 9-506 of the UCC,
unless it shall have given the Owner Trustee and the Indenture Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation
statements. 
 (c) Each of the Depositor and the Servicer shall have an obligation to give the Owner Trustee and the Indenture Trustee at
least 60 days’ prior written notice of any relocation of its principal executive office or a change in its jurisdiction of organization if, as a result of such relocation or change in its jurisdiction of organization, the applicable provisions
of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any such amendment or new financing statement. The Servicer shall at all times
maintain each office from which it shall service Receivables, and its principal executive office, within the United States of America. 
 (d)
The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments
owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
 (e) The Servicer shall maintain its computer systems so that, within five (5) Business Days from and after the time of sale under this Agreement of
the Receivables, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly that such Receivable has been sold to the Issuing Entity. 
 (f) If at any time the Depositor or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they
shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuing Entity and has been pledged to the Indenture Trustee. 
  

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 (g) Upon request, the Servicer shall furnish to the Owner Trustee or to the Indenture Trustee, within
five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust. 
 (h) The Servicer
shall deliver to the Owner Trustee and the Indenture Trustee: 
 (A) promptly after the execution and delivery of this
Agreement, an Opinion of Counsel stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of the Trust and the
Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action shall be necessary to preserve and protect such interest; and

 (B) on or before March 31, in each calendar year, beginning in 2007, an Opinion of Counsel, dated as of a date during
such 90-day period, stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture
Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action shall be necessary to preserve and protect such interest. 
 Each Opinion of Counsel referred to in clause (A) or (B) above shall specify any action necessary (as of the date of such opinion) to be taken
in the following year to preserve and protect such interest. 
 (i) The Depositor shall, to the extent required by applicable law, cause the
Notes to be registered with the Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections. 
 (j) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, prior to any change in the location of the Receivable Files, an Opinion of Counsel stating that, in the opinion of such counsel, either
(i) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or (ii) no such action shall be necessary to preserve and protect such interest. 
 Section 10.03 Notices. All demands, notices, communications and instructions upon or to the Depositor, the Servicer, the Owner Trustee, the Indenture Trustee or the Rating Agencies under this Agreement shall be
by facsimile or in writing, personally delivered or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of the Depositor, to World Omni Auto Receivables LLC, 190 Jim Moran
Boulevard, Deerfield Beach, Florida 33442, (954) 429-2685, Attention: Patrick C. Ossenbeck, (b) in the case of the Servicer, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, (954) 429-2685,
Attention: Patrick C. Ossenbeck, (c) in the 
  

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case of the Issuing Entity or the Owner Trustee, at its Corporate Trust Office, (d) in the case of the Indenture Trustee, at its Corporate Trust Office,
(e) in the case of Moody’s, to Moody’s Investors Service, ABS Monitoring Department, 99 Church Street, New York, New York 10007, and (f) in the case of Standard & Poor’s, to Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041, Attention of Asset Backed Surveillance Department; or, as to each of the foregoing, at such other address as shall be designated by written notice to
the other parties. 
 Section 10.04 Assignment by the Depositor or the Servicer. Notwithstanding anything to the contrary contained
herein, except as provided in the remainder of this Section, as provided in Sections 6.04 and 7.03 herein and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement may not be
assigned by the Depositor or the Servicer. 
 Section 10.05 Limitations on Rights of Others. The provisions of this Agreement are
solely for the benefit of the Depositor, the Servicer, the Issuing Entity, the Owner Trustee, the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to
any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
 Section 10.06 Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 Section 10.07 Separate Counterparts. This Agreement may be executed by the parties hereto
in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 10.08 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
 Section 10.09 Governing Law. This Agreement shall be construed in accordance with the
laws of the State of New York, without regard to any otherwise applicable conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in accordance with such laws. 
 Section 10.10 Assignment by Issuing Entity. Each of World Omni and the Depositor hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all right, title and interest of the Issuing Entity in, to and under the Receivables and/or
the assignment of any or all of the Issuing Entity’s rights and obligations hereunder to the Indenture Trustee. 
  

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 Section 10.11 Nonpetition Covenants. 
 (a) Notwithstanding any prior termination of this Agreement, the Servicer and the Depositor shall not, prior to the date which is one year and one day
after the termination of this Agreement with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or cause the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a
case against the Issuing Entity under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuing Entity or any substantial
part of their property, or ordering the winding up or liquidation of the affairs of the Issuing Entity. 
 (b) Notwithstanding any prior
termination of this Agreement, the Servicer, solely in its capacity as a creditor of the Depositor, shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Depositor, acquiesce, petition
or otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary case against the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor. 
 (c) In the event that any Person (other than the Depositor) is deemed, under applicable law by any court or other authority of competent jurisdiction, to
have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust (“other assets”), the parties to this Agreement acknowledge and agree that: (i) such Person’s claim
is against the assets of the Trust and the Trust Estate only, (ii) such Person’s claim against any other assets shall be, and hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other
assets have been expressly granted (“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (iii) the covenant set forth in the preceding clause (ii) constitutes a
“subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 Section 10.12
Limitation of Liability of Owner Trustee and Indenture Trustee. 
 (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Deutsche Bank Trust Company Delaware, not in its individual capacity but solely in its capacity as Owner Trustee of the Issuing Entity, and in no event shall Deutsche Bank Trust Company Delaware in its individual
capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee of the Issuing Entity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of
the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or
in the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement. 
 (b) Notwithstanding anything contained herein to the contrary, this Agreement has been accepted by The Bank of New York, not in
its individual capacity but solely as Indenture Trustee and in no event shall The Bank of New York have any liability for the 

  

 41 

 
representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity. 
 Section 10.13
Regulation AB. The Depositor and the Servicer acknowledge and agree that the purpose of this Section 10.13 is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the
Commission. The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the
rules and regulations of the Commission under the Securities Act and the Exchange Act. The Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the
Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and the Servicer agrees to comply with all reasonable requests made by the Depositor in good faith for delivery of
information and shall deliver (and shall cause each of its Reporting Subcontractors to deliver) to the Depositor all information and certifications reasonably required by the Depositor to comply with its Exchange Act reporting obligations, including
with respect to any of its predecessors or successors. The obligations of a Servicer to provide such information shall survive the removal or termination of a Servicer as Servicer hereunder. 
  

 42 

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

			
	WORLD OMNI AUTO RECEIVABLES
	 TRUST 2006-A
  
 by: DEUTSCHE BANK TRUST COMPANY DELAWARE,
 not in its individual capacity but
solely as Owner Trustee,

		
	By:	 	 /s/ Elizabeth B. Ferry

	Name:	 	Elizabeth B. Ferry
	Title:	 	Assistant Vice President
	
	 WORLD OMNI AUTO RECEIVABLES LLC,
 as
Depositor

		
	By:	 	 /s/ Cheryl Scully

	Name:	 	Cheryl Scully
	Title:	 	Assistant Treasurer
	
	 WORLD OMNI FINANCIAL CORP.,
 as
Servicer

		
	By:	 	 /s/ Cheryl Scully

	Name:	 	Cheryl Scully
	Title:	 	Assistant Treasurer

 Acknowledged and accepted as of the day 
 and year first above written: 
 THE BANK OF NEW YORK, 
 not in its individual capacity but solely as 
 Indenture Trustee 
  

			
	By:	 	 /s/ Amanda Froede

	Name:	 	Amanda Froede
	Title:	 	Assistant Treasurer

 Sale and Servicing Agreement 

 SCHEDULE A 
 Schedule of Receivables 
 Bank Pool Elig. Cat. Elig. St. Type Account Number APR Orig. Term Rem. Term Sched
Rem. Term Mthly. Pmt. Inv. Bal. Dealer Res. 
 [Delivered to the Owner Trustee and Indenture Trustee at Closing] 

 SCHEDULE B 
 Location of Receivable Files 
 World Omni Financial Corp. 
 6150 Omni Park Drive 
 Mobile, Alabama 36609

 and 
 Space Savers Document
Storage 
 2051 West I-65 Service Rd. N. 
 Mobile, AL 36618 

 EXHIBIT A  
 Form of Distribution Statement to Noteholders 
 World Omni Financial Corp. 
 World Omni Auto Receivables Trust 2006-A Payment Date Statement to Noteholders 
 Total Available Funds 
  

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

 Outstanding Amount 
 Class A-1 Notes 
 Class A-2 Notes 
 Class A-3 Notes 
 Class A-4 Notes 
 Class B
Notes 
 Note Pool Factor 
 Class A-1 Notes 
 Class A-2 Notes 
 Class A-3 Notes 
 Class A-4 Notes 
 Class B Notes 
 Servicing Fee 
 Servicing Fee Per $1,000 Note 
 Reserve Account Balance 
  

 A-1 

 EXHIBIT B  
 Form of Servicer’s Certificate 
 World Omni Financial Corp. 
 World Omni Auto Receivables Trust 2006-A Monthly Servicer’s Certificate 
  

					
	 Period Payment Date Dates Covered
	  	From & Incl.	  	To & Incl.
	Collections	  		  	
	Accrual	  		  	
	 30/360 Days
	  		  	
	 Actual/360 Days
	  		  	
			
	 Receivables Balances
	  	Beginning	  	Ending
	Pool Balance	  		  	
	Simple Interest	  		  	
	Aggregate Starting Principal Balance	  		  	
			
	Noteholders’ First Priority Principal Distributable Amount	  		  	
	Noteholders’ Second Priority Principal Distributable Amount	  		  	
	Noteholders’ Principal Distributable Amount	  	
			
	 Collections - Simple Interest Contracts
	  		  	
	 + Investment Earnings
	  		  	
			
	 Total Available Funds
	  	 	  	 

  

											
	 	  	Account Activity
	 Loss & Delinquency
	  	 Beginning
 Balance
	  	 Ending
 Balance
	  	Change	  	 Interest/
 Factor
	  	 Interest
 Servicing
 Shortfall

	 Initial Pool
	  		  		  		  		  	
	 Principal Paydown
	  		  		  		  		  	
	 Reserve
	  		  		  		  		  	
	 Notes
	  		  		  		  		  	
	 Class A-1
	  		  		  		  		  	
	 Class A-2
	  		  		  		  		  	
	 Class A-3
	  		  		  		  		  	
	 Class A-4
	  		  		  		  		  	
	 Class B
	  		  		  		  		  	

  

 B-1 

					
	 	  	Total
Principal	  	Principal
Shortfall
	 Notes
	  		  	
	 Class A-1
	  		  	
	 Class A-2
	  		  	
	 Class A-3
	  		  	
	 Class A-4
	  		  	
	 Class B
	  		  	
	 Total
	  		  	

  

	
	 Miscellaneous

	 Amounts released to the Certificateholders
 Balance of Certificates (after amounts released to the Certificateholders)

	 Required Reserve Amount

	 Servicing Fee to Servicer

	 Collection Account Redeposits

	 Overcollaterlization Target Amount

	 Negative Carry Amount

	 Aggregate Starting Principal

	 Balance of Subsequent Receivables

	 Pre-Funded Amount

	 Amount distributed to Noteholders and Certificateholders from Reserve Account
 Outstanding Advances Pool Composition Data:

	 Weighted Average Coupon

	 Weighted Average Remaining Term

	 Delinquency and Loss Information

	
	 Allocation of Funds

	 Sources Principal Distribution

	 Amount Interest Distribution

	 Amount Redemption/Prepay Amount

	 Total Sources

  

 B-2 

 EXHIBIT C 
 Form of Initial SSA Assignment 
 For value received, in accordance with the Sale and Servicing
Agreement, dated as of March 1, 2006 (the “Sale and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”), World Omni Auto Receivables Trust 2006-A
(the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation, (the “Servicer”), as acknowledged and accepted by The Bank of New York, as Indenture Trustee, the Depositor does hereby sell, assign,
transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and interest of the Depositor in, to and under (a) the Initial Receivables identified on the Schedule of Receivables attached hereto having an
aggregate Starting Principal Balance of $709,471,562.20 and all monies received thereon and in respect thereof after the Initial Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in
connection with the Initial Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies
covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all right, title and interest
in all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts from time to time, including the Reserve Account Initial Deposit,
the Negative Carry Account Initial Deposit and the Pre-Funding Account Initial Deposit and in all investments and proceeds thereof (including all income thereon); (f) all right, title and interest of World Omni Auto Receivables LLC under the
Receivables Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect)
constituting or relating to the foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the Issuing Entity of any obligation of the undersigned to the
Obligors, Dealers, insurers or any other Person in connection with the Initial Receivables, the agreements with Dealers, any insurance policies or any agreement or instrument relating to any of them. 
 This Initial SSA Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the
Sale and Servicing Agreement and is to be governed by the Sale and Servicing Agreement. 
 Capitalized terms used herein and not otherwise
defined shall have the meaning assigned to them in the Sale and Servicing Agreement. 
 *    *    *    *    * 
  

 C-1 

 IN WITNESS WHEREOF, the undersigned has caused this Initial SSA Assignment to be duly executed as of
March 1, 2006. 
  

			
	WORLD OMNI AUTO RECEIVABLES LLC
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 C-2 

 EXHIBIT D 
 Form of Subsequent Transfer SSA Assignment 
 For value received, in accordance with the Sale and
Servicing Agreement, dated as of March 1, 2006 (the “Sale and Servicing Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”), World Omni Auto Receivables
Trust 2006-A (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation, (the “Servicer”), as acknowledged and accepted by The Bank of New York, as Indenture Trustee, the Depositor does hereby
sell, assign, transfer and otherwise convey unto the Issuing Entity, without recourse, all right, title and interest of the Depositor in, to and under (a) the Subsequent Receivables identified on the Schedule of Receivables attached
hereto having an aggregate Starting Principal Balance of $             and all monies received thereon and in respect thereof after the close of business on
                     , 200  ; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors
in connection with such Subsequent Receivables and any other interest of the Depositor in such Financed Vehicles; (c) any proceeds with respect to the Subsequent Receivables from claims on any physical damage, credit life or disability
insurance policies covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured such Subsequent Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer or the Trust; (e) all
right, title and interest in all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts from time to time, including the Reserve
Account, the Negative Carry Account and the Pre-Funding Account and in all investments and proceeds thereof (including all income thereon); (f) all right, title and interest of World Omni Auto Receivables LLC under the Receivables Purchase
Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or
relating to the foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the Issuing Entity of any obligation of the undersigned to the
Obligors, Dealers, insurers or any other Person in connection with such Subsequent Receivables, the agreements with Dealers, any insurance policies or any agreement or instrument relating to any of them. 
 This Subsequent SSA Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in
the Sale and Servicing Agreement and is to be governed by the Sale and Servicing Agreement. 
 Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the Sale and Servicing Agreement. 
 *    *    *    *    * 
  

 D-1 

 IN WITNESS WHEREOF, the undersigned has caused this Subsequent Transfer SSA Assignment to be duly
executed as of                         , 200  . 
  

			
	 WORLD OMNI AUTO RECEIVABLES LLC

		
	 By:
	 	
	 Name:
	 	
	 Title:
	 	

  

 D-2 

 EXECUTION COPY 
 APPENDIX A 
 PART I - DEFINITIONS 
 All terms used in this Appendix shall have the defined meanings set forth in this Part I when used in the Basic Documents, unless otherwise defined therein. 
 “Act” has the meaning specified in Section 11.03(a) of the Indenture. 
 “Administration Agreement” means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing
Entity, the Depositor and the Indenture Trustee, as amended from time to time. 
 “Administrator” means World Omni Financial
Corp., a Florida corporation, or any successor Administrator under the Administration Agreement. 
 “Advance” means, with
respect to any Payment Date, the amount of interest, if any, determined as of the close of business on the last day of the related Collection Period, which the Servicer is required to advance on Receivables more than 30 days past due determined as
set forth in Section 5.04. 
 “Affiliate” means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Aggregate Starting Principal Balance” means as of any date of determination, the aggregate of the Starting Principal Balances of the
Initial Receivables as of the Initial Cutoff Date, which is $709,471,562.20, plus the aggregate of the Starting Principal Balances, as of each of the related Subsequent Cutoff Dates, for all Subsequent Receivables sold to the Issuing Entity on or
prior to such date of determination. 
 “Amount Financed” means, with respect to a Receivable, the amount advanced under the
Receivable toward the purchase price of the Financed Vehicle, warranty or insurance premium and any related costs. 
 “Annual
Percentage Rate” or “APR” of a Receivable means the annual rate of finance charges stated in the related Contract. 
 “Assignment” shall mean any RPA Assignment or SSA Assignment. 
 “Authorized Officer” means, with
respect to the Issuing Entity, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuing Entity and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the
Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) or, so long as the Administration Agreement is in effect, the president, any 

 
vice president, treasurer, assistant treasurer, secretary or assistant secretary of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuing Entity and to be acted upon by the Administrator pursuant to the Administration Agreement and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the Closing
Date (as such list may be modified or supplemented from time to time thereafter). 
 “Available Funds” means, with respect
to any Payment Date, (1) the sum of the following amounts, without duplication, with respect to the Receivables in respect of the Collection Period preceding such Payment Date: (a) all collections on Receivables, (b) Advances,
(c) all Liquidation Proceeds attributable to the Receivables that became Liquidated Receivables during such Collection Period in accordance with the Servicer’s customary servicing procedures and all Recoveries, (d) the Purchase Amount
of each Receivable that became a Purchased Receivable as of the last day of the related Collection Period, (e) partial prepayments relating to refunds of warranty or insurance financed by the respective Obligor thereon as part of the original
contract and only to the extent not included under clause (a) above, (f) amounts on deposit in the Reserve Account after giving effect to all other deposits and withdrawals thereto or therefrom on the Payment Date relating to such
Collection Period in excess of the Required Reserve Amount, (g) amounts on deposit in the Negative Carry Account after giving effect to all other deposits and withdrawals thereto and therefrom on the Payment Date relating to such Collection
Period in excess of the Required Negative Carry Account Balance, (h) Investment Earnings for the related Payment Date, (i) any Collection Account Redeposits for the related Payment Date and (j) all amounts received from the Indenture
Trustee pursuant to Section 5.04 of the Indenture minus (2) the Servicing Fee (unless the Servicer elects to defer part or all of such fee), reimbursements for Advances and other amounts payable to the Servicer pursuant to
Section 4.08 hereof for the related Payment Date; provided, however, that in calculating Available Funds all payments and proceeds (including Liquidation Proceeds) of any Purchased Receivables the Purchased Amount of which has been
included in Available Funds in a prior Collection Period shall be excluded. 
 “Available Purchase Amount” means as of any
Subsequent Transfer Date, the excess, if any, of $950,870,707.07 over the Aggregate Starting Principal Balance on (and before giving effect to any transfers of Receivables on) such Subsequent Transfer Date. 
 “Basic Documents” means the Indenture, the Certificate of Trust, the Trust Agreement, the Sale and Servicing Agreement, the Receivables
Purchase Agreement, the Administration Agreement, the Note Depository Agreement and other documents and certificates delivered in connection therewith. 
 “Benefit Plan” shall have the meaning assigned to such term in Section 3.04 of the Trust Agreement. 
 “Book-Entry Notes” means a beneficial interest in the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, ownership and transfers of which shall be made through
book entries by a Clearing Agency as described in Section 2.11 of the Indenture. 
 “Business Day” means any day
other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions or trust companies in the State of Florida, the State of New York, the State of Delaware, the states in which the servicing offices of the Servicer are
located or the state in which the Corporate Trust Office is located are required or authorized by law, regulation or executive order to be closed. 
  

 2 

 “Certificate of Trust” shall mean the Certificate of Trust in the form of Exhibit B
to the Trust Agreement filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute. 
 “Certificateholder” shall mean a Person in whose name a Trust Certificate is registered in the Certificate Register. 
 “Certificate Register” and “Certificate Registrar” shall mean the register mentioned in and the registrar appointed pursuant to Section 3.04 of the Trust Agreement. 
 “Certificates” means the Trust Certificates issued by the Issuing Entity pursuant to the Trust Agreement in form and substance attached
as Exhibit A thereto. 
 “Class” means any one of the classes of Notes. 
 “Class A Noteholders’ Interest Carryover Shortfall” means, with respect to any Payment Date, the excess of the Class A
Noteholders’ Interest Distributable Amount for the preceding Payment Date, over the amount in respect of interest that was actually paid on the Class A Notes on such preceding Payment Date, plus interest on the amount of interest due but
not paid to holders of the Class A Notes on the preceding Payment Date, to the extent permitted by law, at the respective interest rates borne by each Class of the Class A Notes for the related Interest Accrual Period. 
 “Class A Noteholders’ Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class A
Noteholders’ Monthly Interest Distributable Amount for such Payment Date and the Class A Noteholders’ Interest Carryover Shortfall for such Payment Date. 
 “Class A Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest Accrual Period on each class of Class A Notes
at the respective interest rate for such Class on the Outstanding Amount of the Notes of such Class on the immediately preceding Payment Date (or, in the case of the first Payment Date, on the Closing Date), after giving effect to all payments of
principal to the Noteholders of such Class on or prior to such preceding Payment Date. For all purposes of this Agreement and the Basic Documents, interest with respect to all Classes of Class A Notes (other than the Class A-1 Notes) shall be
computed on the basis of a 360-day year consisting of twelve 30-day months. Interest with respect to the Class A-1 Notes shall be computed on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year.
Notwithstanding the foregoing, interest due on the first Payment Date will be $1,242,314.97 for the Class A-1 Notes, $1,333,200.00 for the Class A-2 Notes, $2,026,823.33 for the Class A-3 Notes and $965,201.11 for the Class A-4
Notes. 
 “Class A Notes” means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

 “Class A-1 Final Scheduled Payment Date” means the March 2007 Payment Date. 
  

 3 

 “Class A-1 Interest Rate” means 4.85490% per annum computed on the basis of
the actual number of days elapsed and on a 360 day year. 
 “Class A-1 Noteholder” means the Person in whose name a
Class A-1 Note is registered in the Note Register. 
 “Class A-1 Notes” means the Class A-1 4.85490%
Asset-Backed Notes, substantially in the form of Exhibit A-1 to the Indenture. 
 “Class A-2 Final Scheduled Payment
Date” means the October 2008 Payment Date. 
 “Class A-2 Interest Rate” means 5.05% per annum computed on
the basis of a 360 day year of twelve 30 day months. 
 “Class A-2 Noteholder” means the Person in whose name a
Class A-2 Note is registered in the Note Register. 
 “Class A-2 Notes” means the Class A-2 5.05%
Asset-Backed Notes, substantially in the form of Exhibit A-2 to the Indenture. 
 “Class A-3 Final Scheduled Payment
Date” means the October 2010 Payment Date. 
 “Class A-3 Interest Rate” means 5.01% per annum computed on
the basis of a 360 day year of twelve 30 day months. 
 “Class A-3 Noteholder” means the Person in whose name a
Class A-3 Note is registered in the Note Register. 
 “Class A-3 Notes” means the Class A-3 5.01%
Asset-Backed Notes, substantially in the form of Exhibit A-3 to the Indenture. 
 “Class A-4 Final Scheduled Payment
Date” means the October 2011 Payment Date. 
 “Class A-4 Interest Rate” means 5.03% per annum computed on
the basis of a 360 day year of twelve 30 day months. 
 “Class A-4 Noteholder” means the Person in whose name a
Class A-4 Note is registered in the Note Register. 
 “Class A-4 Notes” means the Class A-4 5.03%
Asset-Backed Notes, substantially in the form of Exhibit A-4 to the Indenture. 
 “Class B Final Scheduled Payment
Date” means the December 2012 Payment Date. 
 “Class B Interest Rate” means 5.18% per annum computed on the
basis of a 360 day year of twelve 30 day months. 
 “Class B Noteholder” means the Person in whose name a Class B Note is
registered in the Note Register. 
  

 4 

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

 “Class B Noteholders’ Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class B
Noteholders’ Monthly Interest Distributable Amount for such Payment Date and the Class B Noteholders’ Interest Carryover Shortfall for such Payment Date. 
 “Class B Noteholders’ Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest Accrual Period on the Class B Notes at the interest
rate for such Class on the Outstanding Amount of the Notes of such Class on the immediately preceding Payment Date (or, in the case of the first Payment Date, on the Closing Date), after giving effect to all payments of principal to the Noteholders
of such Class on or prior to such preceding Payment Date. For all purposes of this Agreement and the Basic Documents, interest with respect to all Class B Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.
Notwithstanding the foregoing, interest due on the first Payment Date will be $261,867.42 for the Class B Notes. 
 “Class B
Notes” means the Class B 5.18% Asset-Backed Notes substantially in the form of Exhibit B to the Indenture. 
 “Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. 
 “Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of
securities deposited with the Clearing Agency. 
 “Closing Date” shall mean March 1, 2006. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 “Collateral” has the meaning specified in the Granting Clause of the Indenture. 
 “Collection Account” means the account designated as such, established and maintained pursuant to Section 5.01(a)(i) of the
Sale and Servicing Agreement. 
 “Collection Account Redeposits” means, with respect to any Payment Date, amounts that would
have been distributed to the Certificateholders on the prior Payment Date but for the direction of the Certificateholders causing such amounts to remain on deposit in the Collection Account. 
  

 5 

 “Collection Period” means, with respect to any Payment Date, the period from and
including the first day of the calendar month immediately preceding the calendar month in which such Payment Date occurs (or with respect to the first Payment Date, from but excluding the Initial Cutoff Date) to and including the last day of the
calendar month immediately preceding the calendar month in which such Payment Date occurs. Any amount stated as of the last day of a Collection Period shall give effect to the following applications as determined as of the close of business on such
last day: (1) all applications of collections and (2) all distributions to be made on the related Payment Date. 
 “Collections” shall mean all amounts collected by the Servicer (from whatever source) on or with respect to the Receivables. 
 “Commission” means the U.S. Securities and Exchange Commission. 
 “Contract” means a motor vehicle retail installment sale contract. 
 “Controlling Securities”
means the Class A Notes so long as the Class A Notes are outstanding, and after the Class A Notes are no longer outstanding, the Class B Notes so long as the Class B Notes are outstanding. 
 “Corporate Trust Office” means with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any
particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at The Bank of New York, 101 Barclay Street, Floor 8 West, New York, New York 10286, Telephone:
(212) 815-8325, Telecopy: (212) 815-2493, or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders and the Issuing Entity, or the principal corporate trust office of any successor
Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Issuing Entity, and with respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at c/o Deutsche Bank
Trust Company Delaware, 1011 Centre Road, Suite 200, Wilmington, Delaware, 19805, with a copy to Deutsche Bank National Trust Company, MS: 01-0105, 25 Deforest Avenue, Summit, New Jersey, 07901, or at such other address as the Owner Trustee may
designate by notice to the Certificateholders and the Depositor, or the principal corporate trust office of any successor Owner Trustee at the address designated by such successor Owner Trustee by notice to the Certificateholders and the Depositor.

 “Cutoff Date” means with respect to an Initial Receivable, the Initial Cutoff Date, and with respect to a Subsequent
Receivable, the related Subsequent Cutoff Date. 
 “Dealer” means the dealer who sold a Financed Vehicle and who
originated and assigned the related Receivable to World Omni under an existing agreement between such dealer and World Omni. 
 “Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default. 
 “Defaulted Receivable” means a Receivable as to which (a) all or any part of a monthly payment is 120 or more days past due and the Servicer has not repossessed the related Financed 

  

 6 

 
Vehicle or (b) the Servicer has, in accordance with its customary servicing procedures, determined that eventual payment in full is unlikely and has
either repossessed and liquidated the related Financed Vehicle or repossessed and held the related Financed Vehicle in its repossession inventory for 45 days, whichever occurs first. The Principal Balance of any Receivable that becomes a Defaulted
Receivable will be deemed to be zero as of the date it becomes a Defaulted Receivable. 
 “Definitive Notes” has the meaning
specified in Section 2.11 of the Indenture, which shall initially include the Class B Notes. 
 “Delivery” when
used with respect to Trust Account Property means: 
 (a) with respect to bankers’ acceptances, commercial paper,
negotiable certificates of deposit and other obligations that constitute “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof to the Indenture Trustee or its
nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, and, with respect to a certificated
security (as defined in Section 8-102 of the UCC) transfer thereof (i) by delivery of such certificated security endorsed to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank to a
financial intermediary (as defined in Section 8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to the Indenture Trustee or its nominee or
custodian and the sending by such financial intermediary of a confirmation of the purchase of such certificated security by the Indenture Trustee or its nominee or custodian, or (ii) by delivery thereof to a “clearing corporation” (as
defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of a
financial intermediary by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole and exclusive account of the financial intermediary, the maintenance of such certificated
securities by such clearing corporation or a “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s exclusive control, the sending of a confirmation by the
financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated securities as belonging to
the Indenture Trustee or its nominee or custodian (all of the foregoing, “Physical Property”), and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee or
custodian; and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Trust Account Property (as defined herein) to the Indenture Trustee or its nominee or custodian,
consistent with changes in applicable law or regulations or the interpretation thereof; 
 (b) with respect to any securities
issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that 

  

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are book-entry securities held through the Federal Reserve System pursuant to Federal book-entry regulations, the following procedures, all in accordance
with applicable law, including applicable Federal regulations and Articles 8 and 9 of the UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank by a financial
intermediary which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial intermediary of a deposit advice or other written confirmation of such book-entry registration to the Indenture Trustee or
its nominee or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such book-entry securities; the identification by the Federal Reserve Bank of such book-entry securities on its record being credited to the financial
intermediary’s Participant’s securities account; the making by such financial intermediary of entries in its books and records identifying such book-entry security held through the Federal Reserve System pursuant to Federal book-entry
regulations as being credited to the Indenture Trustee’s securities account or custodian’s securities account and indicating that such custodian holds such Trust Account Property solely as agent for the Indenture Trustee or its nominee or
custodian; and such additional or alternative procedures as may hereafter become appropriate to effect complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian, consistent with changes in
applicable law or regulations or the interpretation thereof; and 
 (c) with respect to any item of Trust Account Property
that is an uncertificated security under Article 8 of the UCC and that is not governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the sending of a confirmation by
the financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of such uncertificated security, the making by such financial intermediary of entries on its books and records identifying such uncertificated
certificates as belonging to the Indenture Trustee or its nominee or custodian. 
 “Depositor” means World Omni Auto
Receivables LLC in its capacity as Depositor under the certain of the Basic Documents. 
 “Eligible Deposit Account” means
either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the
states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution shall
have a credit rating from each Rating Agency in one of its generic rating categories that signifies investment grade. 
 “Eligible
Institution” means (a) the corporate trust department of the Indenture Trustee or (b) a depository institution or trust company organized under the laws of the United States of America or any one of the states thereof, or the
District of Columbia (or any domestic branch of a foreign bank), which at all times (i) has either (A) a long-term unsecured debt rating of Aa2 or better by Moody’s, AA or better by Standard & Poor’s, or such other
rating that is acceptable to each Rating Agency, as evidenced by a letter from such Rating Agency to the Indenture Trustee 

  

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or (B) a certificate of deposit rating of Prime-1 by Moody’s, A-1+ by Standard & Poor’s, or such other rating that is acceptable to
each Rating Agency, as evidenced by a letter from such Rating Agency to the Indenture Trustee and (ii) whose deposits are insured by the FDIC. 
 “Eligible Investments” shall mean any of the following in each case with a required maturity date as set forth in Section 5.01(b) of the Sale and Servicing Agreement: 
 (a) (i) direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the United
States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States (other than the Government National Mortgage Association), and (ii) direct obligations of, or
obligations fully guaranteed by, Fannie Mae or any State then rated with the highest available credit rating of Moody’s and Standard & Poor’s, or such obligations, which obligations are, at the time of investment, otherwise
acceptable to each Rating Agency for securities having a rating at least equivalent to the rating of the Notes; 
 (b)
certificates of deposit, demand or time deposits of, bankers’ acceptances issued by, or federal funds sold by any depository institution or trust company (including the Indenture Trustee or the Owner Trustee or their successors) incorporated
under the laws of the United States or any State and subject to supervision and examination by federal and/or State banking authorities and the deposits of which are fully insured by the FDIC; so long as at the time of such investment or contractual
commitment providing for such investment either such depository institution or trust company has the Required Rating or the Rating Agency Condition has been satisfied; 
 (c) repurchase obligations held by the Indenture Trustee that are acceptable to the Indenture Trustee with respect to (i) any
security described in clause (a) above or (e) below, or (ii) any other security issued or guaranteed by any agency or instrumentality of the United States, in either case entered into with a federal agency or depository institution or
trust company (including the Indenture Trustee) acting as principal, whose obligations having the same maturity as that of the repurchase agreement would be Eligible Investments under clause (b) above; provided, however, that repurchase
obligations entered into with any particular depository institution or trust company (including the Indenture Trustee or Owner Trustee) will not be Eligible Investments to the extent that the aggregate principal amount of such repurchase obligations
with such depository institution or trust company held by the Indenture Trustee on behalf of the Trust shall exceed 10% of either the Pool Balance or the aggregate unpaid balance or face amount, as the case may be, of all Eligible Investments held
by the Indenture Trustee on behalf of the Trust; 
 (d) securities bearing interest or sold at a discount issued by any
corporation incorporated under the laws of the United States or any State so long as at the time of such investment or contractual commitment providing for such investment, either the long-term, unsecured debt of such corporation has the highest
available credit rating from Moody’s and Standard & Poor’s, or the Rating Agency Condition has been satisfied, or commercial paper or other short-term debt having the Required Rating; provided, however, that any such
commercial paper or other short-term debt may have a remaining 

  

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term to maturity of no longer than 30 days after the date of such investment or contractual commitment providing for such investment, and that the securities
issued by any particular corporation will not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount or face amount, as the case may be, of securities issued by such corporation and held by the
Indenture Trustee on behalf of the Trust to exceed 10% of either the Pool Balance or the aggregate unpaid principal balance or face amount, as the case may be, of all Eligible Investments held by the Indenture Trustee on behalf of the Trust;

 (e) interest in any open-end or closed-end management type investment company or investment trust (i) registered under
the Investment Company Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to agreements to repurchase such obligations, which agreements, with respect to principal and interest,
are at least 100% collateralized by such obligations marked to market on a daily basis and the investment company or investment trust shall take delivery of such obligations either directly or through an independent custodian designated in
accordance with the Investment Company Act and (ii) acceptable to each Rating Agency (as approved in writing by each Rating Agency) as collateral for securities having ratings equivalent to the ratings of the Notes; 
 (f) guaranteed reinvestment agreements issued by any bank, insurance company or other corporation for which the Rating Agency Condition
has been satisfied; 
 (g) investments in Eligible Investments maintained in “sweep accounts,” short-term asset
management accounts and the like utilized for the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or any other depository institution or trust company organized under the laws of the
United States or any state that is a member of the FDIC, the short-term debt of which has the highest available credit rating of Moody’s and Standard & Poor’s; 
 (h) guaranteed investment contracts entered into with any financial institution having a final maturity of not more than one month from
the date of acquisition, the short-term debt securities of which institution have the Required Rating; 
 (i) funds classified
as money market funds; provided, however, that the fund shall be rated with the highest available credit rating of Moody’s and Standard & Poor’s, and redemptions shall be permitted on a daily or next business day basis;

 (j) auction rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will
be limited to those issuers having the AAA credit rating of Moody’s and Standard & Poor’s; and 
 (k) such
other investments for which the Rating Agency Condition has been satisfied. 
 Notwithstanding anything to the contrary contained in the
foregoing definition: 
 (a) no Eligible Investment may be repurchased at a premium; 
  

 10 

 (b) any of the foregoing which constitutes a certificated security shall not be
considered an Eligible Investment unless: 
 (i) in the case of a certificated security that is in bearer form, (A) the
Indenture Trustee acquires physical possession of such certificated security, or (B) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of the Indenture Trustee; and 
 (ii) in the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of such
certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of the Indenture Trustee, or (3) a securities intermediary acting on behalf of the Indenture Trustee
acquires possession of such certificated security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1) such certificated security is endorsed to the Indenture Trustee or in blank by an effective
endorsement, or (2) such certificated security is registered in the name of the Indenture Trustee; 
 (c) any of the
foregoing that constitutes an uncertificated security shall not be considered an Eligible Investment unless (A) the Indenture Trustee is registered by the issuer as the owner thereof, (B) a person, other than a securities intermediary,
becomes the registered owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees that it will comply with the instructions originated by the Indenture Trustee without
further consent by any registered owner of such uncertificated security; 
 (d) any of the foregoing that constitutes a
security entitlement shall not be considered an Eligible Investment unless (A) the Indenture Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the entitlement orders originated by
the Indenture Trustee without further consent by the entitlement holder; 
 (e) any of the foregoing shall not constitute an
Eligible Investment unless the Indenture Trustee (A) has given value, and (B) does not have notice of an adverse claim; and 
 (f) for the purposes of funds held in the Collection Account only, investments which would otherwise qualify as Eligible Investments but for the fact that such investments are rated A-1 by Standard &
Poor’s shall be Eligible Investments, so long as the aggregate amount of such investments does not exceed 10% of the Outstanding Amount of the Notes. 
 “ERISA” shall have the meaning assigned thereto in Section 3.04 of the Trust Agreement. 
 “Event of Default” has the meaning specified in Section 5.01 of the Indenture. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  

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 “Executive Officer” means, with respect to any company, the Chief Executive Officer,
Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer of such company; and with respect to any partnership, any general partner
thereof. 
 “Expenses” shall have the meaning assigned to such term in Section 8.02 of the Trust Agreement.

 “FDIC” means the Federal Deposit Insurance Corporation. 
 “Final Prospectus” shall mean the prospectus dated February 21, 2006, as supplemented by the prospectus supplement dated
February 22, 2006, relating to the Notes. 
 “Final Scheduled Maturity Date” means in the case of an Initial
Receivable, February 3, 2012 or, in the case of a Subsequent Receivable, November 30, 2012. 
 “Final Scheduled Payment
Date” with respect to a Class of Notes, the Payment Date in the month set forth below opposite such Class of Notes: 
  

			
	Class A-1 Notes:	  	March 2007
	Class A-2 Notes:	  	October 2008
	Class A-3 Notes:	  	October 2010
	Class A-4 Notes:	  	October 2011
	Class B Notes:	  	December 2012

 “Financed Vehicle” means an automobile or light-duty truck, together with all
accessions thereto, securing an Obligor’s indebtedness under the respective Receivable. 
 “Financial Asset” has the
meaning given such term in Revised Article 8. As used herein, the Financial Asset “related to” a security entitlement is the Financial Asset in which the entitlement holder (as defined in the New York UCC) holding such Security Entitlement
has the rights and property interest specified in the New York UCC. 
 “Funding Percentage” means with respect to any
Payment Date, the percentage derived from the fraction the numerator of which is the Pre-Funded Amount and the denominator of which is the sum of the aggregate Principal Balance of Receivables transferred to the Trust and the Pre-Funded Amount, in
each case, as of the last day of the related Collection Period. 
 “Funding Period” means the period beginning on and
including the Closing Date and ending on the first to occur of (a) the date on which the amount on deposit in the Pre-Funding Account (after giving effect to any transfers therefrom in connection with the transfer of Subsequent Receivables to
the Issuing Entity on such Payment Date) is not greater than $100,000, (b) the date on which an Event of Default or a Servicer Default occurs, (c) the date on which an Insolvency Event occurs with respect to WOAR or World Omni or
(d) the last Business Day of May 2006. 
 “Grant” means mortgage, pledge, bargain, warrant, alienate, remise, release,
convey, assign, transfer, create, and grant a lien upon and a security interest in and a right of set-off 

  

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against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any other agreement or instrument shall include all rights,
powers and options (but none of the obligations) of the granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all
other monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto. 
 “Holder” or “Noteholder” means the Person in whose name a Note is registered on the Note Register. 
 “Indemnified Parties” shall have the meaning assigned to such term in Section 8.02 of the Trust Agreement. 
 “Indenture” shall mean the Indenture, dated as of the Closing Date, between the Trust and the Indenture Trustee, as the same may be amended and supplemented from time to time. 
 “Indenture Trustee” means The Bank of New York, not in its individual capacity but solely as Indenture Trustee under the Indenture, or
any successor Indenture Trustee under the Indenture. 
 “Independent” means, when used with respect to any specified Person,
that the Person (a) is in fact independent of the Issuing Entity, any other obligor on the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect
financial interest in the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of
the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions. 
 “Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01
of the Indenture, made by an Independent appraiser or other expert appointed by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read
the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof. 
 “Initial
Aggregate Starting Principal Balance” means $709,471,562.20. 
 “Initial Cutoff Date” means February 21, 2006.

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

  

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 “Initial SSA Assignment” has the meaning assigned in Section 2.01 of the
Sale and Servicing Agreement. 
 “Initial Receivables” means the Receivables transferred to the Trust on the Closing Date as
set forth on the Schedule of Receivables attached to the Initial SSA Assignment. 
 “Initial Trust Agreement” shall have the
meaning assigned to such term in Section 2.12 of the Trust Agreement. 
 “Insolvency Event” means, with respect
to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the
winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable federal
or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of
creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing. 
 “Interest Accrual Period” means, with respect to any Payment Date, the period from and including the previous Payment Date (or, in the
case of the first Payment Date, the Closing Date) to, but excluding, the current Payment Date. For the purposes of calculating interest, the Interest Accrual Period will be deemed to contain, with respect to the Class A-1 Notes, the actual
number of days in such period and, with respect to each class of Notes other than the Class A-1 Notes, 30 days, provided that the first Interest Accrual Period with respect to each class of Notes other than the Class A-1 Notes shall be
deemed to contain 44 days. 
 “Interest Rate” means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the
Class A-3 Interest Rate, the Class A-4 Interest Rate or the Class B Interest Rate. 
 “Investment Earnings” means,
with respect to any Payment Date, the investment earnings (net of losses and investment expenses) on amounts on deposit in the Trust Accounts to be deposited into the Collection Account on such Payment Date pursuant to Section 5.01(b) of
the Sale and Servicing Agreement. 
 “Issuing Entity” means World Omni Auto Receivables Trust 2006-A until a successor
replaces it and, thereafter, means the successor and, for purposes of any provision contained in the Indenture and required by the TIA, each other obligor on the Notes. 
 “Issuing Entity Order” or “Issuing Entity Request” means a written order or request signed in the name of the Issuing Entity by any one of its Authorized Officers and delivered to the
Indenture Trustee. 
  

 14 

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

“Liquidation Proceeds” means, with respect to any Liquidated Receivable, the monies collected in respect thereof, from whatever
source on a Liquidated Receivable during the Collection Period in which such Receivable became a Liquidated Receivable, net of the sum of any amounts expended by the Servicer in connection with such liquidation and any amounts required by law to be
remitted to the Obligor on such Liquidated Receivable. 
 “Maximum Negative Carry Amount” means with respect to the Closing
Date and any Payment Date, the product of (i) the excess of (a) the weighted average of the Interest Rates on the Notes, as of such date over (b) 1.75% multiplied by (ii) the amount on deposit in the Pre-Funding Account on such
date multiplied by (iii) the fraction equal to the aggregate principal balance of the Notes over the aggregate principal balance of the Receivables plus the amounts on deposit in the Pre-Funding Account multiplied by (iv) the fraction of a
year represented by the number of days from such date until, but excluding, the Payment Date immediately following the calendar month in which the last day of the Funding Period occurs (calculated on the basis of a 360-day year of twelve 30-day
months). 
 “Moody’s” means Moody’s Investors Service, or its successor. 
 “Negative Carry Account” means the account designated as such, established and maintained pursuant to Section 5.01 of the
Sale and Servicing Agreement. 
 “Negative Carry Account Initial Deposit” means cash or Eligible Investments having a value
of $2,242,210.30. 
 “Negative Carry Amount” means with respect to any Payment Date, the excess (if any) of
(i) the product of (a) the sum of the aggregate of the Class A Noteholders’ Interest Distributable Amount and the Class B Noteholders’ Interest Distributable Amount for such Payment Date multiplied by (b) the Funding
Percentage for such Payment Date over (ii) the Investment Earnings on amounts in the Pre-Funding Account during the related Collection Period. 
 “Non-Recoverable Advance Receivable” means a Receivable for which the Servicer has determined on or prior to the related Payment Date that an Advance thereon would not be recoverable or that prior Advances thereon are not
recoverable. 
 “Note Depository Agreement” means the agreement, dated as of the Closing Date, among the Issuing Entity, the
Indenture Trustee and The Depository Trust Company, as the initial Clearing Agency, relating to the Class A–1 Notes, the Class A–2 Notes, the Class A–3 Notes and the Class A–4 Notes. 
 “Note Distribution Account” means the account designated as such, established and maintained pursuant to Section 5.01 of the
Sale and Servicing Agreement. 
  

 15 

 “Note Owner” means, with respect to a Book-Entry Note, the Person who is the beneficial
owner of such Book-Entry Note, as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency). 
 “Note Pool Factor” means, with respect to each Class of Notes as of
the close of business on the last day of a Collection Period, a seven-digit decimal figure equal to the Outstanding Amount of such Class of Notes (after giving effect to any reductions thereof to be made on the immediately following Payment Date)
divided by the original Outstanding Amount of such Class of Notes. The Note Pool Factor will be 1.0000000 as of the Closing Date; thereafter, the Note Pool Factor will decline to reflect reductions in the Outstanding Amount of such Class of Notes.

 “Note Register” and “Note Registrar” have the respective meanings specified in Section 2.05
of the Indenture. 
 “Noteholders” shall mean the holders of the Notes. 
 “Noteholders’ Distributable Amount” means, with respect to any Payment Date, the sum of the Noteholders’ Interest
Distributable Amount and the Noteholders’ Principal Distributable Amount for such Payment Date. 
 “Noteholders’ First
Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Outstanding Amount of the Class A Notes as of the day immediately preceding such Payment Date over
(b) the Pool Balance for that Payment Date. 
 “Noteholders’ Interest Distributable Amount” means, with respect to
any Payment Date, the sum of the Class A Noteholders’ Interest Distributable Amount for such Payment Date and the Class B Noteholders’ Interest Distributable Amount for such Payment Date. 
 “Noteholders’ Principal Distributable Amount” means, with respect to any Payment Date, the excess, if any, of (a) the sum of
the Outstanding Amount of the Notes as of the day immediately preceding that Payment Date over (b) the Pool Balance for that Payment Date minus the Overcollateralization Target Amount for that Payment Date, provided that on the Final Scheduled
Payment Date of any Class of Notes, the Noteholders’ Principal Distributable Amount shall not be less than the amount necessary to reduce the aggregate Principal Balance of such Class of Notes to zero. 
 “Noteholders’ Second Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the
excess, if any, of (a) the aggregate outstanding principal balance of the Notes as of the day immediately preceding such Payment Date over (b) the Pool Balance for that Payment Date less (c) any amounts allocated to the
Noteholders’ First Priority Principal Distributable Amount. 
 “Notes” means Class A-1 Notes, Class A-2
Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes. 
  

 16 

 “Obligor” on a Receivable means the purchaser or co-purchasers of the Financed Vehicle
and any other Person who owes payments under the Receivable. 
 “Officer’s Certificate” means in the case of the
Issuing Entity, a certificate signed by any Authorized Officer of the Issuing Entity, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture, and delivered to the
Indenture Trustee (unless otherwise specified, any reference in the Indenture to an Officer’s Certificate shall be to an Officer’s Certificate of any Authorized Officer of the Issuing Entity), and in the case of World Omni, the Depositor
or the Servicer, a certificate signed by the president, a vice president, a treasurer, assistant treasurer, secretary or assistant secretary of World Omni, the Depositor or the Servicer, as appropriate. 
 “Opinion of Counsel” means one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture, be
an employee of or counsel to the Issuing Entity and who shall be satisfactory to the addressees of such opinion, and which opinion or opinions if addressed to the Indenture Trustee, shall comply with any applicable requirements of
Section 11.01 of the Indenture and shall be in form and substance satisfactory to the Indenture Trustee. 
 “Outstanding” means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture except: 
 (a) Notes theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation; 
 (b) Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given or waived pursuant to this Indenture or provision for such
notice or waiver has been made which is satisfactory to the Indenture Trustee); and 
 (c) Notes in exchange for or in lieu of
which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser; 
 provided, that in determining whether the Holders of the requisite Outstanding Amount of the Controlling Securities have given any request,
demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible
Officer of the Indenture Trustee has actual knowledge are so owned shall be so disregarded. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee
the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons. 
  

 17 

 “Outstanding Advances” means all Advances by the Servicer minus all reimbursements of
Advances to the Servicer pursuant to Section 4.08 and Section 5.04 of the Sale and Servicing Agreement. 
 “Outstanding Amount” means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding at the date of determination. 
 “Overcollateralization Target Amount” means, with respect to any Payment Date, an amount equal to 2.00% of the aggregate
Principal Balance of the Receivables as of the last day of the related Collection Period, but not less than 1.00% of the Aggregate Starting Principal Balance of all Receivables transferred to the Trust as of such date. 
 “Owner Trust Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust
pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust
pursuant to the Sale and Servicing Agreement and the Administration Agreement. 
 “Owner Trustee” shall mean Deutsche Bank
Trust Company Delaware, not in its individual capacity but solely as owner trustee under the Trust Agreement, and any successor Owner Trustee thereunder. 
 “Paying Agent” means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized
by the Issuing Entity to make payments to and distributions from the Collection Account and the Note Distribution Account, including payments of principal of or interest on the Notes on behalf of the Issuing Entity. 
 “Payment Date” means, with respect to each Collection Period, the fifteenth day of the following month or, if such day is not a Business
Day, the immediately following Business Day. The first Payment Date will be April 17, 2006. 
 “Payment Determination
Date” means, with respect to any Payment Date, the Business Day immediately preceding such Payment Date. 
 “Payment
Extension Program” means a program where one month’s payment of principal is deferred in return for the payment of an extension fee calculated generally at the APR of the contract for the month in which such payment is deferred.

 “Percentage Interest” shall mean, with respect to each Trust Certificate, the percentage interest in the Trust
represented by such Trust Certificate. 
 “Person” means any individual, corporation, limited liability company, estate,
partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof. 
  

 18 

 “Physical Property” has the meaning assigned to such term in the definition of
“Delivery” above. 
 “Pool Balance” means, as of any Payment Date, the aggregate Principal Balance of the
Receivables as of the last day of the related Collection Period after giving effect to all payments of principal received from obligors and Purchase Amounts to be remitted by the Servicer or the Depositor, as the case may be, plus amounts, if any,
on deposit in the Pre-Funding Account as of the last day of the related Collection Period (after giving effect to any withdrawals therefrom on such date in connection with the purchase of Subsequent Receivables), for such Collection Period, and
after reduction to zero of the aggregate outstanding Principal Balance of any Receivable that became a Defaulted Receivable during the related Collection Period. 
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this
definition, any Note authenticated and delivered under Section 2.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

 “Pre-Funded Amount” means with respect to any Payment Date, the amount on deposit in the Pre-Funding Account. 

“Pre-Funding Account” means the account designated as such, established and maintained pursuant to Section 5.01 of the
Sale and Servicing Agreement. 
 “Pre-Funding Account Initial Deposit” means Cash or Eligible Investments having a value of
$241,399,144.87. 
 “Principal Balance” of a Receivable, as of the close of business on the last day of a Collection Period,
means the Amount Financed minus the sum of (i) the portion of all payments made by or on behalf of the related Obligor on or prior to such day and allocable to principal using the Simple Interest Method; (ii) refunds of any warranty or
insurance financed on the original Contract; and (iii) any payment of the Purchase Amount with respect to the Receivable allocable to principal. 
 “Principal Distribution Amount” means, with respect to any Payment Date, the sum of the following amounts, without duplication, with respect to the Receivables with respect to the related Collection
Period: (a) that portion of all collections on Receivables allocable to principal, (b) the principal amount of Receivables that became Defaulted Receivables during such Collection Period, (c) to the extent attributable to principal,
the Purchase Amount of each Receivable that became a Purchased Receivable during such Collection Period, and (d) partial prepayments received by the Servicer relating to refunds of any warranty or insurance, but only if such amounts were
financed by the respective Obligors thereon as of the date of the original contract and only to the extent not included under clause (a) above; provided, however, that in calculating the Principal Distribution Amount all payments on and
proceeds (including Liquidation Proceeds) of any Purchased Receivables the Purchase Amount of which has been included in the Principal Distribution Amount in a prior Collection Period will be excluded. 
  

 19 

 “Proceeding” means any suit in equity, action at law or other judicial or administrative
proceeding. 
 “Purchase Amount” means the amount, as of the close of business on the last day of a Collection Period,
required to prepay in full a Receivable under the terms thereof including accrued and unpaid interest and interest to such last day. 
 “Purchase Date” has the meaning assigned to such term in Section 2.01 of the Receivables Purchase Agreement. 
 “Purchased Receivable” means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Section 4.07 or by World Omni pursuant to
Section 3.02 of the Sale and Servicing Agreement. 
 “Rating Agencies” means Moody’s and
Standard & Poor’s or, if none of such organizations or successors is any longer in existence, a nationally recognized statistical rating organization or other comparable Person designated by the Depositor, notice of which designation
shall be given to the Indenture Trustee, the Owner Trustee and the Servicer. 
 “Rating Agency Condition” means, with
respect to any action, that each Rating Agency (other than Moody’s) shall have given its written approval that the contemplated action will not result in a reduction or withdrawal of the rating of the then current rating of the Notes and, with
respect to Moody’s, prior written notice to Moody’s and Moody’s shall not have notified the Depositor that such action will result in a downgrade of the then current rating on any Notes. 
 “Receivable” means any Contract listed on the Schedule of Receivables attached to an Assignment (which Schedule may be in the form of
microfiche), as such Schedule may be amended from time to time. 
 “Receivable Files” means the documents specified in
Section 3.03 of the Sale and Servicing Agreement. 
 “Receivables Purchase Agreement” shall mean the Receivables
Purchase Agreement, dated as of the Closing Date, between World Omni, as depositor and World Omni Auto Receivables LLC, as purchaser, as amended from time to time. 
 “Record Date” means, with respect to a Payment Date or Redemption Date, the close of business on the Business Day immediately preceding such Payment Date or Redemption Date or, if Definitive Notes
have been issued pursuant to Section 2.13 of the Indenture, the Payment Date in the preceding month. 
 “Redemption
Date” means, in the case of a redemption of the Notes pursuant to Section 10.01 of the Indenture, the Payment Date specified by the Depositor or the Issuing Entity pursuant to Section 10.01 of the Indenture.

  

 20 

 “Redemption Price” means, in connection with a redemption of the Notes pursuant to
Section 10.01 of the Indenture, with respect to any Note, an amount equal to the unpaid principal amount of such Note plus accrued and unpaid interest thereon to but excluding the Redemption Date. 
 “Recoveries” means, with respect to any Receivable that becomes a Liquidated Receivable, monies collected in respect thereof, from
whatever source, during any Collection Period following the Collection Period in which such Receivable became a Liquidated Receivable, net of any expenses of the Servicer in connection with such Receivable for which the Servicer has not been
previously reimbursed and any amounts required by law to be remitted to the Obligor. 
 “Registered Holder” means the Person
in whose name a Note is registered on the Note Register on the applicable Record Date. 
 “Regulation AB” means Subpart
229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting
release (Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time. 
 “Reporting Subcontractor” shall mean with respect to any Person, any Subcontractor for such Person that is “participating in the
servicing function” within the meaning of Item 1122 of Regulation AB. References to a Reporting Subcontractor shall refer only to the Subcontractor of such Person and shall not refer to Subcontractors generally. 
 “Repurchase Event” shall have the meaning specified in Section 6.02 of the Receivables Purchase Agreement. 
 “Required Rating” means a rating on commercial paper or other short term unsecured debt obligations of Prime-1 by Moody’s so long
as Moody’s is a Rating Agency and A-1+ by Standard & Poor’s so long as Standard & Poor’s is a Rating Agency; and any requirement that deposits or debt obligations have the “Required Rating” shall mean that
such deposits or debt obligations have the foregoing required ratings from Moody’s and Standard & Poor’s. 
 “Required Reserve Amount” means, with respect to any Payment Date, the lesser of (a) 0.25% of the Aggregate Starting Principal Balance of all Receivables transferred to the Trust and (b) the Outstanding Amount of
the Notes. 
 “Required Negative Carry Account Balance” means as of any Payment Date, an amount equal to the lesser of
(a) the amount then on deposit in the Negative Carry Account and (b) the Maximum Negative Carry Amount as of such date. 
 “Reserve Account” means the account designated as such, established and maintained pursuant to Section 5.01 of the Sale and Servicing Agreement. 
  

 21 

 “Reserve Account Initial Deposit” means cash or Eligible Investments having a value of
$1,773,678.91, which is equal to 0.25% of the Initial Aggregate Starting Principal Balance as of the Initial Cutoff Date. 
 “Reserve Account Subsequent Transfer Deposit” means with respect to any Subsequent Transfer Date, cash or Eligible Investments in an amount equal to 0.25% of the aggregate Starting Principal Balance of the transferred
Subsequent Receivables, which shall be deposited into the Reserve Account on such Subsequent Transfer Date pursuant to Section 5.01(d) of the Sale and Servicing Agreement. 
 “Responsible Officer” means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture
Trustee, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated
officers and, with respect to each, having direct responsibility for the administration of the Indenture and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject. 
 “RPA Assignment” has the meaning designated in Section 2.01 of the
Receivables Purchase Agreement 
 “Sale and Servicing Agreement” means the Sale and Servicing Agreement, dated as of the
Closing Date, among the Issuing Entity, the Depositor and World Omni, as Servicer, as amended from time to time. 
 “Schedule of
Receivables” shall mean each schedule attached to an RPA Assignment or an SSA Assignment specifying the Receivables being transferred, as such Schedule may be amended from time to time. 
 “Secretary of State” shall mean the Secretary of State of the State of Delaware. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securitization Transaction” means any transaction effected after the Closing Date involving an issuance of notes pursuant to the
Indenture, whether publicly offered or privately placed, rated or unrated. 
 “Servicer” means World Omni, in its capacity
as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder. 
 “Servicer Default” means an
event specified in Section 8.01 of the Sale and Servicing Agreement. 
 “Servicer’s Certificate” means a
certificate of the Servicer delivered pursuant to Section 4.09 of the Sale and Servicing Agreement. 
 “Servicing
Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time. 
  

 22 

 “Servicing Fee” means the fee payable to the Servicer for services rendered during each
Collection Period, determined pursuant to Section 4.08 of the Sale and Servicing Agreement. 
 “Servicing Fee
Rate” means 1% per annum. 
 “Simple Interest Method” means the method of allocating a fixed level payment to
principal and interest, pursuant to which the portion of such payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance multiplied by the period of time elapsed since the
preceding payment of interest was made and the remainder of such payment is allocable to principal. 
 “Simple Interest
Receivable” means any Receivable under which the portion of a payment allocable to interest and the portion allocable to principal is determined in accordance with the Simple Interest Method. 
 “Sponsor” means World Omni Financial Corp., a Florida corporation, or its successors. 
 “SSA Assignment” means the Initial SSA Assignment and any Subsequent Transfer SSA Assignment. 
 “Standard & Poor’s” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or its
successor. 
 “State” means any one of the 50 States of the United States of America or the District of Columbia.

 “Statistical Receivables” means those Receivables with a cutoff date of January 19, 2006. 
 “Statutory Trust Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801
et seq., as the same may be amended from time to time. 
 “Starting Principal Balance” means with respect to a
Receivable, the aggregate principal amount advanced under such Receivable toward the purchase price of the Financed Vehicle or Financed Vehicles, including insurance premiums, service and warranty contracts, federal excise and sales taxes and other
items customarily financed as part of a Receivable and related costs, less payments received from the Obligor prior to the Cutoff Date with respect to such Receivable allocable to principal. 
 “Subcontractor” shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as
“servicing” is commonly understood by participants in the mortgage-backed securities market) of Receivables but performs one or more discrete functions identified in Item 1122(d) of Regulation AB with respect to the Receivables under
the direction or authority of the Servicer or the Indenture Trustee. 
 “Subsequent Cutoff Date” means with respect to any
Receivable transferred to the Trust after the Closing Date, the date specified by the Depositor in the month those Receivables are transferred to the Trust. 
  

 23 

 “Subsequent Receivables” means the Receivables transferred from the Depositor to the
Issuing Entity pursuant to Section 2.03 of the Sale and Servicing Agreement, which shall be listed on the schedules to the related Subsequent Transfer SSA Assignment. 
 “Subsequent Transfer Date” means any date during the Funding Period on which Subsequent Receivables are to be transferred to the Issuing
Entity and a related Subsequent Transfer SSA Assignment is executed and delivered to the Issuing Entity and the Indenture Trustee pursuant to Section 2.03 of the Sale and Servicing Agreement. 
 “Subsequent Transfer RPA Assignment” has the meaning designated in Section 2.01 of the Receivables Purchase Agreement.

 “Subsequent Transfer SSA Assignment” has the meaning assigned thereto in Section 2.03(a) of the Sale and
Servicing Agreement. 
 “Successor Servicer” has the meaning specified in Section 3.07(e) of the Indenture.

 “Total Available Funds” means with respect to any Payment Date, an amount equal to Available Funds and funds available
from the Negative Carry Account up to the Negative Carry Amount. 
 “Total Required Advances” means, with respect to any
Payment Date for each Receivable (other than a Non-Recoverable Advance Receivable) that is more than 30 days delinquent (determined as of the close of business on the last day of the related Collection Period), an amount equal to the product of
(A) one-twelfth, (B) the APR of such Receivable, (C) the Principal Balance of such Receivable and (D) the number of payments (minus one) that such Receivable is delinquent as of the last day of the related Collection Period.

 “Treasury Regulations” shall mean regulations, including proposed or temporary Regulations, promulgated under the Code.
References herein to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
 “Trust” means the World Omni Auto Receivables Trust 2006-A, a Delaware statutory trust. 
 “Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in
the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), including the Reserve Account, the Pre-Funding Account and the Negative Carry Account, and all proceeds of the foregoing. 
 “Trust Accounts” has the meaning assigned thereto in Section 5.01 of the Sale and Servicing Agreement. 
 “Trust Agreement” means the Trust Agreement, dated as of the Closing Date, between the Depositor and the Owner Trustee, as the same may
be amended and supplemented from time to time; such agreement being the Amended and Restated Trust Agreement contemplated by the Trust Agreement dated January 26, 2006 between the Depositor and the Owner Trustee. 
  

 24 

 “Trust Certificate” shall mean a certificate evidencing the beneficial interest of a
Person in the trust established by the Trust Agreement and substantially in the form attached as Exhibit A to such Trust Agreement. 
 “Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of this Indenture for the benefit of the Noteholders (including, without
limitation, all property and interests Granted to the Indenture Trustee), including all proceeds thereof. 
 “Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided. 
 “Trust Officer” means, in the case of the Indenture Trustee, any Officer within the Corporate Trust Office of the Indenture Trustee, including any Vice President, Assistant Vice President, Secretary,
Assistant Secretary or any other officer of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such
matter is referred because of such officer’s knowledge of and familiarity with the particular subject and, with respect to the Owner Trustee, any officer in the Corporate Trust Administration Department of the Owner Trustee with direct
responsibility for the administration of the Trust Agreement and the Basic Documents on behalf of the Owner Trustee. 
 “Trustee
Bank” means, Deutsche Bank Trust Company Delaware in its individual capacity, each bank appointed as successor Owner Trustee under the Trust Agreement in its individual capacity and each bank appointed as co-trustee under and to the extent
provided in the Trust Agreement in its individual capacity. 
 “UCC” means, unless the context otherwise requires, the
Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time. 
 “WOAR” means World Omni
Auto Receivables LLC, a Delaware limited liability company, or its successors. 
 “World Omni” means World Omni Financial
Corp., a Florida corporation, or its successors. 
  

 25 

 EXECUTION COPY 
 APPENDIX A 
 PART II - RULES OF CONSTRUCTION 
 (A) Accounting Terms. As used in this Appendix or the Basic Documents, accounting terms which are not defined, and accounting terms partly
defined, herein or therein shall have the respective meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in this Appendix or the Basic Documents are inconsistent with the
meanings of such terms under generally accepted accounting principles, the definitions contained in this Appendix or the Basic Documents will control. 
 (B) “Hereof,” etc.: The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Appendix or any Basic Document will refer to this Appendix
or such Basic Document as a whole and not to any particular provision of this Appendix or such Basic Document; and Section, Schedule and Exhibit references contained in this Appendix or any Basic Document are references to Sections, Schedules and
Exhibits in or to this Appendix or such Basic Document unless otherwise specified. The word “or” is not exclusive. 
 (C) Use of
“related” as used in this Appendix and the Basic Documents, with respect to any Payment Date, the “related Payment Determination Date,” the “related Payment Period,” and the “related Record Date” will mean
the Payment Determination Date, the Payment Period, and the Record Date, respectively, immediately preceding such Payment Date. With respect to any Purchase Date, the “related Cutoff Date” will mean the Cutoff Date established for the
closing of the purchase of Receivables on that Purchase Date. 
 (D) Use of “outstanding” etc. Whenever the term
“outstanding Notes,” “outstanding principal amount” and words of similar import are used in this Appendix or any Basic Document for purposes of determining whether the Noteholders of the requisite outstanding principal amount of
the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuing Entity, any other obligor upon the Notes, the Depositor or any Affiliate of any of
the foregoing Persons (it being understood that the Owner Trustee in its individual capacity shall not be considered an Affiliate of any of the foregoing) shall be disregarded and deemed not to be outstanding, except that, in determining whether the
Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been
pledged in good faith may be regarded as “outstanding” if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgor’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity,
any other obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons. 
 (E) Number and Gender.
Each defined term used in this Appendix or the Basic Documents has a comparable meaning when used in its plural or singular form. Each gender-specific term used in this Appendix or the Basic Documents has a comparable meaning whether used in a
masculine, feminine or gender-neutral form. 

 (F) Including. Whenever the term “including” (whether or not that term is followed by
the phrase “but not limited to” or “without limitation” or words of similar effect) is used in this Appendix or the Basic Documents in connection with a listing of items within a particular classification, that listing will be
interpreted to be illustrative only and will not be interpreted as a limitation on, or exclusive listing of, the items within that classification. 
 (G) UCC References. References to sections or provisions of Article 9 of the UCC in any of the Basic Documents shall be deemed to be automatically updated to reflect the successor, replacement or functionally equivalent sections or
provisions of Revised Article 9, Secured Transactions (2000) at any time in any jurisdiction which has made such revised article effective. 
 References to a Class of Notes. Unless otherwise specified, references to a class of Notes, includes all the tranches included in such class of Notes. 
  

 27 

 APPENDIX B 
 Additional Representations and Warranties 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

 Exhibit 4.2 
 EXECUTION COPY 
  

 INDENTURE 
 between 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, 
 as Issuing Entity 
 and 
 THE BANK OF NEW YORK, 
 as Indenture Trustee 
 Dated as of
March 1, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
		 	ARTICLE I	  	
			
		 	DEFINITIONS AND INCORPORATION BY REFERENCE	  	
			
	 Section 1.01
	 	 Definitions
	  	2
	 Section 1.02
	 	 Incorporation by Reference of Trust Indenture Act
	  	2
			
		 	ARTICLE II	  	
			
		 	THE NOTES	  	
			
	 Section 2.01
	 	 Form
	  	3
	 Section 2.02
	 	 Execution, Authentication and Delivery
	  	3
	 Section 2.03
	 	 Temporary Notes
	  	4
	 Section 2.04
	 	 Transfer Restrictions on Class B Notes
	  	4
	 Section 2.05
	 	 Registration; Registration of Transfer and Exchange
	  	6
	 Section 2.06
	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	7
	 Section 2.07
	 	 Persons Deemed Owner
	  	8
	 Section 2.08
	 	 Payment of Principal and Interest; Defaulted Interest
	  	8
	 Section 2.09
	 	 Cancellation
	  	10
	 Section 2.10
	 	 Release of Collateral
	  	10
	 Section 2.11
	 	 Book-Entry Notes
	  	10
	 Section 2.12
	 	 Notices to Clearing Agency
	  	11
	 Section 2.13
	 	 Definitive Notes
	  	11
	 Section 2.14
	 	 Tax Treatment
	  	11
	 Section 2.15
	 	 CUSIP Numbers
	  	12
			
		 	ARTICLE III	  	
			
		 	COVENANTS	  	
			
	 Section 3.01
	 	 Payment of Principal and Interest
	  	12
	 Section 3.02
	 	 Maintenance of Office or Agency
	  	12
	 Section 3.03
	 	 Money for Payments to Be Held in Trust
	  	12
	 Section 3.04
	 	 Existence
	  	14
	 Section 3.05
	 	 Protection of Trust Estate
	  	14
	 Section 3.06
	 	 Opinions as to Trust Estate
	  	15
	 Section 3.07
	 	 Performance of Obligations; Servicing of Receivables
	  	15
	 Section 3.08
	 	 Negative Covenants
	  	17
	 Section 3.09
	 	 Annual Statement as to Compliance
	  	18
	 Section 3.10
	 	 Issuing Entity May Consolidate, etc., Only on Certain Terms
	  	18

  

 -i- 

					
	 Section 3.11
	 	 Successor or Transferee
	  	20
	 Section 3.12
	 	 No Other Business
	  	20
	 Section 3.13
	 	 No Borrowing
	  	20
	 Section 3.14
	 	 Servicer’s Obligations
	  	20
	 Section 3.15
	 	 Guarantees, Loans, Advances and Other Liabilities
	  	21
	 Section 3.16
	 	 Capital Expenditures
	  	21
	 Section 3.17
	 	 Removal of Administrator
	  	21
	 Section 3.18
	 	 Restricted Payments
	  	21
	 Section 3.19
	 	 Notice of Events of Default
	  	21
	 Section 3.20
	 	 Further Instruments and Acts
	  	21
			
		 	ARTICLE IV	  	
			
		 	SATISFACTION AND DISCHARGE	  	
			
	 Section 4.01
	 	 Satisfaction and Discharge of Indenture
	  	21
	 Section 4.02
	 	 Application of Trust Money
	  	23
	 Section 4.03
	 	 Repayment of Monies Held by Paying Agent
	  	23
			
		 	ARTICLE V	  	
			
		 	REMEDIES	  	
			
	 Section 5.01
	 	 Events of Default
	  	23
	 Section 5.02
	 	 Acceleration of Maturity; Rescission and Annulment
	  	25
	 Section 5.03
	 	 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee
	  	25
	 Section 5.04
	 	 Remedies; Priorities
	  	27
	 Section 5.05
	 	 Optional Preservation of the Receivables
	  	28
	 Section 5.06
	 	 Limitation of Suits
	  	29
	 Section 5.07
	 	 Unconditional Rights of Noteholders to Receive Principal and Interest
	  	30
	 Section 5.08
	 	 Restoration of Rights and Remedies
	  	30
	 Section 5.09
	 	 Rights and Remedies Cumulative
	  	30
	 Section 5.10
	 	 Delay or Omission Not a Waiver
	  	30
	 Section 5.11
	 	 Control by Noteholders
	  	30
	 Section 5.12
	 	 Waiver of Past Defaults
	  	31
	 Section 5.13
	 	 Undertaking for Costs
	  	31
	 Section 5.14
	 	 Waiver of Stay or Extension Laws
	  	31
	 Section 5.15
	 	 Action on Notes
	  	32
	 Section 5.16
	 	 Performance and Enforcement of Certain Obligations
	  	32

  

 -ii- 

					
			
		 	ARTICLE VI	  	
			
		 	THE INDENTURE TRUSTEE	  	
			
	 Section 6.01
	 	 Duties of Indenture Trustee
	  	33
	 Section 6.02
	 	 Rights of Indenture Trustee
	  	34
	 Section 6.03
	 	 Individual Rights of Indenture Trustee
	  	35
	 Section 6.04
	 	 Indenture Trustee’s Disclaimer
	  	35
	 Section 6.05
	 	 Notice of Defaults
	  	36
	 Section 6.06
	 	 Reports by Indenture Trustee
	  	36
	 Section 6.07
	 	 Compensation and Indemnity
	  	37
	 Section 6.08
	 	 Replacement of Indenture Trustee
	  	38
	 Section 6.09
	 	 Successor Indenture Trustee by Merger
	  	39
	 Section 6.10
	 	 Appointment of Co-Indenture Trustee or Separate Indenture Trustee
	  	39
	 Section 6.11
	 	 Eligibility; Disqualification
	  	40
	 Section 6.12
	 	 Preferential Collection of Claims Against Issuing Entity
	  	40
	 Section 6.13
	 	 Representations and Warranties of the Indenture Trustee
	  	41
			
		 	ARTICLE VII	  	
			
		 	NOTEHOLDERS’ LISTS AND REPORTS	  	
			
	 Section 7.01
	 	 Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders
	  	41
	 Section 7.02
	 	 Preservation of Information; Communications to Noteholders
	  	42
	 Section 7.03
	 	 Reports by Issuing Entity
	  	42
	 Section 7.04
	 	 Reports by Indenture Trustee
	  	43
			
		 	ARTICLE VIII	  	
			
		 	ACCOUNTS, DISBURSEMENTS AND RELEASES	  	
			
	 Section 8.01
	 	 Collection of Money
	  	43
	 Section 8.02
	 	 Trust Accounts
	  	44
	 Section 8.03
	 	 General Provisions Regarding Accounts
	  	45
	 Section 8.04
	 	 Release of Trust Estate
	  	46
	 Section 8.05
	 	 Opinion of Counsel
	  	46
			
		 	ARTICLE IX	  	
			
		 	SUPPLEMENTAL INDENTURES	  	
			
	 Section 9.01
	 	 Supplemental Indentures Without Consent of Noteholders
	  	47
	 Section 9.02
	 	 Supplemental Indentures with Consent of Noteholders
	  	48
	 Section 9.03
	 	 Execution of Supplemental Indentures
	  	50
	 Section 9.04
	 	 Effect of Supplemental Indenture
	  	50
	 Section 9.05
	 	 Conformity with Trust Indenture Act
	  	50
	 Section 9.06
	 	 Reference in Notes to Supplemental Indentures
	  	50

  

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		 	ARTICLE X	  	
			
		 	REDEMPTION OF NOTES	  	
			
	 Section 10.01
	 	 Redemption
	  	50
	 Section 10.02
	 	 Form of Redemption Notice
	  	51
	 Section 10.03
	 	 Notes Payable on Redemption Date
	  	51
			
		 	ARTICLE XI	  	
			
		 	MISCELLANEOUS	  	
			
	 Section 11.01
	 	 Compliance Certificates and Opinions, etc.
	  	51
	 Section 11.02
	 	 Form of Documents Delivered to Indenture Trustee
	  	53
	 Section 11.03
	 	 Acts of Noteholders
	  	54
	 Section 11.04
	 	 Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies
	  	54
	 Section 11.05
	 	 Notices to Noteholders; Waiver
	  	55
	 Section 11.06
	 	 Alternate Payment and Notice Provisions
	  	56
	 Section 11.07
	 	 Conflict with Trust Indenture Act
	  	56
	 Section 11.08
	 	 Effect of Headings and Table of Contents
	  	56
	 Section 11.09
	 	 Successors and Assigns
	  	56
	 Section 11.10
	 	 Severability
	  	56
	 Section 11.11
	 	 Benefits of Indenture
	  	56
	 Section 11.12
	 	 Legal Holidays
	  	56
	 Section 11.13
	 	 GOVERNING LAW
	  	57
	 Section 11.14
	 	 Counterparts
	  	57
	 Section 11.15
	 	 Recording of Indenture
	  	57
	 Section 11.16
	 	 Trust Obligation
	  	57
	 Section 11.17
	 	 No Petition
	  	58
	 Section 11.18
	 	 Inspection
	  	58
	 Section 11.19
	 	 Waiver of Jury Trial
	  	59
			
		 	ARTICLE XII	  	
			
		 	COMPLIANCE WITH REGULATION AB	  	
			
	 Section 12.01
	 	 Intent of the Parties; Reasonableness
	  	58
	 Section 12.02
	 	 Additional Representations and Warranties of the Indenture Trustee
	  	59
	 Section 12.03
	 	 Information to Be Provided by the Indenture Trustee
	  	59

  

 -iv- 

					
	SCHEDULE A	 	–	 	Schedule of Receivables
			
	EXHIBIT A-1	 	–	 	Form of Class A-1 Note
	EXHIBIT A-2	 	–	 	Form of Class A-2 Note
	EXHIBIT A-3	 	–	 	Form of Class A-3 Note
	EXHIBIT A-4	 	–	 	Form of Class A-4 Note
	EXHIBIT B	 	–	 	Form of Class B Note
	EXHIBIT C	 		 	Form of Transferor Certificate
	EXHIBIT D	 		 	Form of Investment Letter

  

 -v- 

 THIS INDENTURE dated as of March 1, 2006 (as it may be amended and supplemented from time to time,
“Indenture”), between WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, a Delaware statutory trust (the “Issuing Entity”), and THE BANK OF NEW YORK, a New York banking corporation, as trustee and not in its individual
capacity (the “Indenture Trustee”). 
 Each party agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Issuing Entity’s Class A-1 4.85490% Asset-Backed Notes (the “Class A-1 Notes”), Class A-2 5.05% Asset-Backed Notes (the “Class A-2 Notes”),
Class A-3 5.01% Asset-Backed Notes (the “Class A-3 Notes”), Class A-4 5.03% Asset-Backed Notes (the “Class A-4 Notes”) and Class B 5.18% Asset-Backed Notes (the “Class B Notes”
and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the “Notes”): 
 GRANTING CLAUSE 
 The Issuing Entity hereby Grants to the Indenture Trustee at the Closing Date, as Indenture
Trustee for the benefit of the Holders of the Notes, all of the Issuing Entity’s right, title and interest, whether now or hereafter acquired, and wherever located, in and to (a) the Receivables identified on the Initial SSA Assignment
(all of which are identified in World Omni’s computer files by a code indicating that such Receivables are owned by the Issuing Entity and pledged to the Indenture Trustee) and Subsequent Receivables which will be acquired by the Issuing Entity
from time to time during the Funding Period pursuant to the Sales and Servicing Agreement which will be identified on the schedules to the Subsequent Transfer SSA Assignments with respect to such Subsequent Receivables and all monies received
thereon and in respect thereof after the applicable Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Receivables and any other interest of the Issuing Entity in such
Financed Vehicles; (c) any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured a
Receivable and that shall have been acquired by or on behalf of the Depositor, the Servicer or the Issuing Entity; (e) all right, title and interest in all funds on deposit in, and “financial assets” (as such term is defined in the
Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts from time to time, including the Reserve Account Initial Deposit and Reserve Account Subsequent Transfer Deposits, the Negative Carry Account Initial Deposit and
the Pre-Funding Account Initial Deposit, and in all investments and proceeds thereof (including all income thereon); (f) the Receivables Purchase Agreement, including the Initial RPA Assignment and any Subsequent RPA Assignment, and the Sale
and Servicing Agreement, including any Subsequent Transfers SSA Assignment (including the Issuing Entity’s right to cause World Omni, the Servicer or the Depositor to repurchase Receivables from the Issuing Entity under certain circumstances
described therein); (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory notes” (as such terms are defined in the UCC) constituting or relating to the foregoing; and (h) all
proceeds of any and all of the foregoing and all present and future claims, demands, causes of action and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in
respect of any or all of the foregoing, including all proceeds of the conversion thereof, voluntary 

 
or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks,
deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments, general intangibles and other property which at any time constitute all or part of or are
included in the proceeds of any of the foregoing; provided, however, that the foregoing items (a) through (i) shall not include the Notes and Trust Certificates (collectively, the “Collateral”). 
 The foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 
 The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to
perform its duties required in this Indenture to the end that the interests of the Holders of the Notes may be adequately and effectively protected. 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. Certain capitalized terms used in this Indenture shall have the respective meanings assigned them in Part I of
Appendix A to the Sale and Servicing Agreement of even date herewith between the Issuing Entity and World Omni Auto Receivables LLC. All references herein to “the Indenture” or “this Indenture” are to this
Indenture as it may be amended, supplemented or modified from time to time, the exhibits hereto and the capitalized terms used herein which are defined in such Appendix A. All references herein to Articles, Sections, subsections and exhibits
are to Articles, Sections, subsections and exhibits contained in or attached to this Indenture unless otherwise specified. All terms defined in this Indenture shall have the defined meanings when used in any certificate, notice, Note or other
document made or delivered pursuant hereto unless otherwise defined therein. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Indenture. 
 Section 1.02 Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the Securities and Exchange Commission. 
 “indenture securities” means the
Notes. 
 “indenture securitiy holder ”means a Noteholder 
 ”indenture to be qualified” means this Indenture. 
  

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 “indenture trustee” or “institutional trustee” means the Indenture
Trustee. 
 “obligor” on the indenture securities means the Issuing Entity and any other obligor on the indenture
securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined
by Commission rule have the meaning assigned to them by such definitions. 
 ARTICLE II 
 THE NOTES 

	

 Section 2.01 Form. The Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes, the Class A-4 Notes and the Class B Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially the form set forth in Exhibit A-1,
Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may
have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion
of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The
definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their
execution of such Notes. 
 Each Note shall be dated the date of its authentication. The terms of the Notes set forth in
Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4 and Exhibit B are part of the terms of this Indenture. 
 Section 2.02 Execution, Authentication and Delivery. The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized Officers. The signature of any such Authorized Officer on the Notes may
be manual or facsimile. 
 Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the
Issuing Entity shall bind the Issuing Entity, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

 The Indenture Trustee shall upon Issuing Entity Order authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $196,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $216,000,000, Class A-3 Notes for original issue in an aggregate principal amount of $331,000,000, Class A-4 Notes for original
issue in an aggregate principal amount of $157,000,000 and Class B Notes for original issue in an aggregate principal amount of $41,362,000. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.06. 
  

 -3- 

 Each Note shall be dated the date of its authentication. The Notes shall be issuable as registered Notes
in the minimum denomination of $1,000 and in integral multiples thereof. 
 No Note shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 
 Section 2.03 Temporary Notes. Pending the preparation of definitive Notes, the Issuing Entity may execute, and upon receipt of an Issuing Entity Order the Indenture Trustee shall authenticate and deliver,
temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the
officers executing such Notes may determine, as evidenced by their execution of such Notes. 
 If temporary Notes are issued, the Issuing
Entity shall cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of
the Issuing Entity to be maintained as provided in Section 3.02, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuing Entity shall execute, and the Indenture Trustee shall
authenticate and deliver in exchange therefor, a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as definitive
Notes. 
 Section 2.04 Transfer Restrictions on Notes. 
 (a) As of the date of this Indenture, the Class B Notes have not been registered under the Securities Act and will not be listed on any exchange. Unless
and until the Class B Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer of a Class B Note shall be made unless such transfer is made pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act
and state securities laws, in order to assure compliance with the Securities Act and such laws, the Noteholder desiring to effect such transfer and such Noteholder’s prospective transferee shall each certify to the Indenture Trustee and WOAR 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 Indenture Trustee an opinion of counsel that such transfer may be made pursuant 

  

 -4- 

 
to an exemption from the Securities Act and state securities laws, which opinion of counsel shall not be an expense of the Trust, the Owner Trustee or the
Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of WOAR or World Omni; 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. WOAR shall provide to any Noteholder and any prospective transferee designated by any such Noteholder information regarding the Class B Notes and the Receivables and such
other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Class B Notes without registration thereof under the Securities Act pursuant to the registration exemption provided
by Rule 144A. Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the Indenture Trustee, WOAR and World Omni (in any capacity) against any liability that may result if
the transfer is not so exempt or is not made in accordance with federal and state securities laws. 
 (b) Transfer of a Class B Note shall
not be made to any Person unless the Indenture Trustee 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 (i) an
employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in
Section 4975(e)(1) of the Code or (iii) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity (each, a “Benefit Plan”) or (B) an opinion of counsel satisfactory to
the Indenture Trustee and WOAR to the effect that the purchase and holding of such Class B Note will not constitute or result in the assets of the Issuing Entity being deemed to be “plan assets” subject to the prohibited transactions
provisions of ERISA or Section 4975 of the Code and will not subject the Owner Trustee, the Indenture Trustee or WOAR to any obligation in addition to those undertaken in the Basic Documents; provided, however, that the Indenture
Trustee will not require such certificate or opinion in the event that, as a result of a change of law or otherwise, counsel satisfactory to the Indenture Trustee has rendered an opinion to the effect that either (i) the Class B Note should be
treated as indebtedness without substantial equity features or (ii) the purchase and holding of a Class B Note by a Benefit Plan or a Person that is purchasing or holding such a Class B Note with the assets of a Benefit Plan will not constitute
or result in a prohibited transaction under ERISA or Section 4975 of the Code. The preparation and delivery of the certificate and opinions referred to above shall not be an expense of the Issuing Entity, the Owner Trustee, the Indenture
Trustee, World Omni (in any capacity) or WOAR. 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. 
 (c) Transfer of a Class B Note may only be made to a Person who is a United States Person (within the meaning of Section 7701(a)(30) of the Internal
Revenue Code) and who has delivered to the Indenture Trustee 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;
provided, however, that the Indenture Trustee will not require such certificate in the event that counsel satisfactory to the Indenture Trustee has rendered an opinion to the effect that the Class B Notes to be transferred will be
characterized as indebtedness for United States federal income tax purposes. 
  

 -5- 

 (d) By acquiring a Class A Note, each initial purchaser, transferee and owner of a beneficial
interest will be deemed to represent that either (1) it is not acquiring the notes with the assets of (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any entity whose underlying assets include plan assets by reason of a plan’s investment
in the entity or (2) the acquisition and holding of the Class A Notes will not give rise to a nonexempt prohibited transaction under Section 406(a) of ERISA or Section 4975 of the Code. Each Class A Note will bear a legend
reflecting such deemed representation. 
 Section 2.05 Registration; Registration of Transfer and Exchange. The Issuing Entity
shall cause to be kept a register (the “Note Register”) in which the Issuing Entity shall provide for the registration of Notes and the registration of transfers of Notes. The Indenture Trustee initially shall be the “Note
Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuing Entity shall promptly appoint a successor or, if it elects not to make such an appointment,
assume the duties of Note Registrar. 
 If a Person other than the Indenture Trustee is appointed by the Issuing Entity as Note Registrar,
the Issuing Entity will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses
of the Holders of the Notes and the principal amounts and number of such Notes. 
 Upon surrender for registration of transfer of any Note at
the office or agency of the Issuing Entity to be maintained as provided in Section 3.02, if the requirements of Section 8-401 of the UCC are met the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes of the same Class in any authorized denominations, of a like aggregate principal amount. 
 At the option of the Holder, Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401 of the UCC are met the Issuing Entity shall execute, and the Indenture
Trustee shall authenticate and the Noteholder shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 
 All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Notes surrendered upon such registration of transfer or exchange. 
  

 -6- 

 Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by,
or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. 
 No service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity or the Note Registrar may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.06 not involving any transfer. 
 The preceding provisions of this Section notwithstanding, the Issuing Entity shall not be required to make and the Note Registrar need not register
transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note. 
 Section 2.06 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee or Note Registrar, or the Indenture Trustee receives evidence to its satisfaction
of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuing Entity and the Indenture Trustee harmless, then, in the absence of
notice to the Issuing Entity, the Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of Sections 8-405 and 8-406 of the UCC are met, the Issuing Entity shall execute,
and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided, however, that if any such
destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may pay such destroyed,
lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a
bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment)
from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the
security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith. 
 Upon the issuance of any replacement Note under this Section, the Issuing Entity may require the payment by the Holder of such Note of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 
  

 -7- 

 Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost
or stolen Note shall constitute an original additional contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
 The provisions of this Section are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 Section 2.07 Persons Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee
and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest, if
any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any agent of the Issuing Entity or the Indenture Trustee shall be affected by notice to the
contrary. 
 Section 2.08 Payment of Principal and Interest; Defaulted Interest. 
 (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes shall accrue interest
during the related Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate and the Class B Interest Rate, respectively, and such interest shall
be payable on each Payment Date in accordance with the priorities set forth in Section 8.02(c), (d) and (e), as applicable, subject to Section 3.01. Interest on each Class of Notes (other than the Class A-1 Notes)
will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Interest on the Class A-1 Notes will be calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. The
Issuing Entity will pay interest on each Class of Notes at the related Interest Rate on each Payment Date on the principal amount of the related Class of Notes outstanding on the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01. Any installment of interest or principal payable on a Note that is punctually paid or duly provided for by the
Issuing Entity on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class postage prepaid to such Person’s address as it
appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.13, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.) or WOAR or any of its affiliates, payment will be made by wire transfer in immediately available funds to the account designated by such person or nominee and except for the final installment of
principal payable with respect to such Note on a Payment Date or on the applicable class Final Scheduled Payment Date (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01) which shall be
payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. 
  

 -8- 

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

 (c) Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on
the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of the Notes representing not less than 50% of the Outstanding Amount of the Controlling Securities have declared the Notes to be
immediately due and payable in the manner provided in Section 5.02. In such case, principal shall be paid in accordance with the priorities set forth in Section 8.02(d) or Section 8.02(e), as the case may be. The
Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the Issuing Entity expects that the final installment of principal of and interest on such
Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place
where such Note may be presented and surrendered for payment of such installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. 
 (d) If the Issuing Entity defaults in a payment of interest on the Notes, the Issuing Entity shall pay defaulted interest (plus interest on such
defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuing Entity may pay such defaulted interest to the persons who are Noteholders on a subsequent special record date, which date shall be at least
five Business Days prior to the payment date. The Issuing Entity shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuing Entity shall mail to each
Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 
  

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 Section 2.09 Cancellation. All Notes surrendered for payment, registration of transfer, exchange
or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity may at any time deliver to the Indenture Trustee
for cancellation any Notes previously authenticated and delivered hereunder which the Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be returned to it; provided, that such Issuing Entity Order is timely and the Notes have not been previously
disposed of by the Indenture Trustee. 
 Section 2.10 Release of Collateral. Subject to Section 11.01 and the terms of the
Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA §§ 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates. 
 Section 2.11 Book-Entry Notes. Except as provided in Section 2.13, the Notes, upon original issuance, will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to (or held by the Indenture Trustee on behalf of) The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuing Entity. The Book-Entry Notes shall be
registered initially on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a definitive Note representing such Note Owner’s interest in such Note, except as provided
in Section 2.13. Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.13: 
 (i) the provisions of this Section shall be in full force and effect; 
 (ii) the Note Registrar and the Indenture Trustee shall be entitled to deal with the Clearing Agency for all purposes of this Indenture
(including the payment of principal of and interest on the Notes and the giving of instructions or directions hereunder) as the sole holder of the Notes, and shall have no obligation to the Note Owners; 
 (iii) to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this
Section shall control; 
 (iv) the rights of Note Owners shall be exercised only through the Clearing Agency and shall be
limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement. Unless and until Definitive Notes are issued pursuant to
Section 2.13, the initial 

  

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Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest on the
Notes to such Clearing Agency Participants; and 
 (v) whenever this Indenture requires or permits actions to be taken based
upon instructions or directions of Holders of Notes evidencing a specified percentage of the Outstanding Amount of the Controlling Securities, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received
instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Controlling Securities and has delivered such instructions to the
Indenture Trustee. 
 Section 2.12 Notices to Clearing Agency. Whenever a notice or other communication to the Noteholders is required
under this Indenture, unless and until Definitive Notes shall have been issued to such Note Owners pursuant to Section 2.13, the Indenture Trustee shall give all such notices and communications specified herein to be given to Holders of
the Notes to the Clearing Agency, and shall have no obligation to such Note Owners. 
 Section 2.13 Definitive Notes. The Class B
Notes, upon original issuance, will be in the form of Definitive Notes, but, at the request of the holder thereof, may be exchanged for Book-Entry Notes. If (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency
is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Administrator is unable to locate a qualified successor, (ii) the Administrator at its option advises the Indenture Trustee in
writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default or a Servicer Default, Owners of the Book-Entry Notes representing beneficial interests aggregating at
least 50% of the Outstanding Amount of the Controlling Securities advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of such Note Owners, then the
Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee of the typewritten
Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the
issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as Noteholders. 
 Section 2.14
Tax Treatment. The Issuing Entity has entered into this Indenture, and the Notes will be issued, with the intention that, for all purposes including federal, state and local income and franchise tax purposes, the Notes will qualify as
indebtedness secured by the Trust Estate. The Issuing Entity, by entering into this Indenture, and each Noteholder, by its acceptance of a Note (and each Note Owner by its acceptance of an interest in the applicable Book-Entry Note), agree to treat
the Notes for all purposes including federal, state and local income and franchise tax purposes as indebtedness. 
  

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

 Section 3.01 Payment of Principal and Interest. The Issuing Entity will duly and punctually pay the principal of and interest,
if any, on the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with Section 8.02(c), the Issuing Entity will cause to be distributed all amounts on deposit
in the Note Distribution Account and allocated for distribution to the Noteholders on a Payment Date pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for
the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to the Class A-4
Noteholders and (v) for the benefit of the Class B Notes, to the Class B Noteholders. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid
by the Issuing Entity to such Noteholder for all purposes of this Indenture. 
 Section 3.02 Maintenance of Office or Agency. The
Issuing Entity will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuing Entity in respect
of the Notes and this Indenture may be served. Such office or agency will initially be the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby initially appoints the Indenture Trustee to serve as its agent for the
foregoing purposes. The Issuing Entity will give prompt written notice to the Indenture Trustee of any change in the location of any such office or agency. If at any time the Issuing Entity shall fail to maintain any such office or agency or shall
fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all such
surrenders, notices and demands. 
 Section 3.03 Money for Payments to Be Held in Trust. As provided in Section 8.02(a)
and (b), all payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Collection Account and the Note Distribution Account pursuant to Section 8.02(c), (d),
(e) and (g) shall be made on behalf of the Issuing Entity by the Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from the Collection Account and the Note Distribution Account for payments of Notes
shall be paid over to the Issuing Entity except as provided in this Section. 
  

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 On or before the Business Day preceding each Payment Date and Redemption Date, the Issuing Entity shall
allocate or cause to be allocated in the Note Distribution Account for distribution to the Noteholders an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons
entitled thereto, and (unless the Paying Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 
 The Issuing Entity will cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee (and if
the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 
 (i) hold all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as
herein provided and pay such sums to such Persons as herein provided; 
 (ii) give the Indenture Trustee notice of any default
by the Issuing Entity (or any other obligor upon the Notes) of which it has actual knowledge in the making of any payment required to be made with respect to the Notes; 
 (iii) at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the
Indenture Trustee all sums so held in trust by such Paying Agent; 
 (iv) immediately resign as a Paying Agent and forthwith
pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet the standards required to be met by a Paying Agent at the time of its appointment; and 
 (v) comply with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith. 
 The Issuing Entity
may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuing Entity Order direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent,
such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further
liability with respect to such money. 
  

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

 Section 3.04 Existence. The Issuing Entity will keep in full effect its existence, rights and franchises as a statutory trust under
the laws of the State of Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuing Entity will keep in full effect
its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Trust Estate. 
 Section
3.05 Protection of Trust Estate. The Issuing Entity will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other
instruments, and also deliver the Schedule of Receivables and the Sale and Servicing Agreement (including Schedule A thereto, as revised from time to time) to the Indenture Trustee, and will take such other action necessary or advisable to:

 (i) maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more
effectively the purposes hereof; 
 (ii) perfect, publish notice of or protect the validity of any Grant made or to be made by
this Indenture; 
 (iii) enforce any of the Collateral; or 
  

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 (iv) preserve and defend title to the Trust Estate and the rights of the Indenture
Trustee and the Noteholders in such Trust Estate against the claims of all persons and parties. 
 The Issuing Entity hereby designates the
Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section 3.05. The Issuing Entity hereby authorizes the filing of
such financing statements and ratifies any such financing statements filed prior to the date hereof. 
 Section 3.06 Opinions as to Trust
Estate. 
 (a) On the Closing Date, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that,
in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any
financing statements and continuation statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such
action is necessary to make such lien and security interest effective. 
 (b) On or before April 30, in each calendar year, beginning in
2007, the Issuing Entity shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this
Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be
required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year. 
 Section 3.07
Performance of Obligations; Servicing of Receivables. 
 (a) The Issuing Entity will not take any action and will use its best efforts
not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Sale and Servicing Agreement or such other instrument or
agreement. 
 (b) The Issuing Entity may contract with other Persons to assist it in performing its duties under this Indenture, and any
performance of such duties by a Person 

  

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identified to the Indenture Trustee in an Officer’s Certificate of the Issuing Entity shall be deemed to be action taken by the Issuing Entity.
Initially, the Issuing Entity has contracted with the Servicer and the Administrator to assist the Issuing Entity in performing its duties under this Indenture. 
 (c) The Issuing Entity will punctually perform and observe all of its obligations and agreements contained in this Indenture, the Basic Documents and in the instruments and agreements included in the Trust Estate,
including but not limited to filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time
periods provided for herein and therein. Except as otherwise expressly provided therein, the Issuing Entity shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Indenture
Trustee or the Holders of at least 50% of the Outstanding Amount of the Controlling Securities. 
 (d) If the Issuing Entity shall have
knowledge of the occurrence of a Servicer Default under the Sale and Servicing Agreement, the Issuing Entity shall promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the
Issuing Entity is taking with respect to such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement with respect to the Receivables, the Issuing
Entity shall take all reasonable steps available to it to remedy such failure. 
 (e) As promptly as possible after the giving of notice of
termination to the Servicer of the Servicer’s rights and powers pursuant to Section 8.01 of the Sale and Servicing Agreement, the Indenture Trustee shall appoint a successor servicer (the “Successor Servicer”), and
such Successor Servicer shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer has not been appointed and accepted its appointment at the time when the Servicer
ceases to act as Servicer, the Indenture Trustee without further action shall automatically be appointed the Successor Servicer. The Indenture Trustee may resign as the Servicer by giving written notice of such resignation to the Issuing Entity and
the Depositor and in such event will be released from such duties and obligations, such release not to be effective until the date a new servicer enters into a servicing agreement with the Issuing Entity as provided below. Upon delivery of any such
notice to the Issuing Entity, the Indenture Trustee shall obtain a new servicer as the Successor Servicer under the Sale and Servicing Agreement. Any Successor Servicer other than the Indenture Trustee shall (i) be an established financial
institution having a net worth of not less than $100,000,000 and whose regular business includes the servicing of Contracts and (ii) enter into a servicing agreement with the Issuing Entity having substantially the same provisions as the
provisions of the Sale and Servicing Agreement applicable to the Servicer. If within 30 days after the delivery of the notice referred to above, the Issuing Entity shall not have obtained such a new servicer, the Indenture Trustee may appoint, or
may petition a court of competent jurisdiction to appoint, a Successor Servicer. In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as it and such successor shall agree,
subject to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuing Entity shall enter into an agreement with such successor for the
servicing of the 

  

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Receivables (such agreement to be in form and substance satisfactory to the Indenture Trustee). Notwithstanding anything herein or in the Sale and Servicing
Agreement to the contrary, in no event shall the Indenture Trustee be liable for any Servicing Fee or for any differential in the amount of the Servicing Fee paid hereunder and the amount necessary to induce any Successor Servicer to act as
Successor Servicer under the Basic Documents and the transactions set forth or provided for therein. If the Indenture Trustee shall succeed to the Servicer’s duties as servicer of the Receivables as provided herein, it shall do so in its
individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as the successor to the Servicer and the servicing of the
Receivables. In case the Indenture Trustee shall become successor to the Servicer under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Servicer any one of its affiliates, provided that it shall be fully
liable for the actions and omissions of such affiliate in such capacity as Successor Servicer. 
 (f) Upon any termination of the
Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, the Issuing Entity shall promptly notify the Indenture Trustee. As soon as a Successor Servicer is appointed, the Indenture Trustee shall notify the Issuing Entity of
such appointment, specifying in such notice the name and address of such Successor Servicer. 
 (g) Without derogating from the absolute
nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuing Entity agrees (i) that it will not, without the prior written consent of the Indenture Trustee or the
Holders of at least 50% of the Outstanding Amount of the Controlling Securities, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any
Collateral (except to the extent otherwise provided in the Sale and Servicing Agreement) or the Basic Documents (except as may be permitted thereby), or waive timely performance or observance by the Servicer or the Depositor under the Sale and
Servicing Agreement (except as may be permitted thereby); and (ii) that any such amendment shall not (A) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for
the benefit of the Noteholders or (B) reduce the aforesaid percentage of the Controlling Securities that is required to consent to any such amendment, without the consent of the Holders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture Trustee or such Holders, the Issuing Entity agrees, promptly following a request by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own
expense, such agreements, instruments, consents and other documents as the Indenture Trustee may deem necessary or appropriate in the circumstances. 
 Section 3.08 Negative Covenants. So long as any Notes are Outstanding, the Issuing Entity shall not: 
 (i) except as expressly permitted by this Indenture, the Receivables Purchase Agreement or the Sale and Servicing Agreement, (A) dissolve or liquidate in whole or in part or (B) sell, transfer, exchange or
otherwise dispose of any of the properties or assets of the Issuing Entity, including those included in the Trust Estate, in either case, unless directed to do so by the Indenture Trustee; 
  

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 (ii) claim any credit on, or make any deduction from the principal or interest payable in
respect of, the Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any
part of the Trust Estate; or 
 (iii) (A) permit the validity or effectiveness of this Indenture to be impaired, or
permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly
permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Trust Estate or any part
thereof or any interest therein or the proceeds thereof (other than tax liens, mechanics’ liens and other liens that arise by operation of law, in each case on any of the Financed Vehicles and arising solely as a result of an action or omission
of the related Obligor) or (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax, mechanics’ or other lien) security interest in the Trust Estate. 
 Section 3.09 Annual Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee, within 120 days after the end of each
fiscal year of the Issuing Entity (commencing with the fiscal year 2007), an Officer’s Certificate stating, as to the Authorized Officer signing such Officer’s Certificate, that: 
 (i) a review of the activities of the Issuing Entity during such year and of its performance under this Indenture has been made under such
Authorized Officer’s supervision; and 
 (ii) to the best of such Authorized Officer’s knowledge, based on such
review, the Issuing Entity has complied with all conditions and covenants under this Indenture throughout such year or, if there has been a default in its compliance with any such condition or covenant, specifying each such default known to such
Authorized Officer and the nature and status thereof. 
 Section 3.10 Issuing Entity May Consolidate, etc., Only on Certain Terms.

 (a) The Issuing Entity shall not consolidate or merge with or into any other Person, unless: 
 (i) the Person (if other than the Issuing Entity) formed by or surviving such consolidation or merger shall be a Person organized and
existing under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and 

  

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punctual payment of the principal of and interest on all Notes and the performance or observance of every agreement and covenant of this Indenture and the
other Basic Documents on the part of the Issuing Entity to be performed or observed, all as provided herein; 
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction; 
 (iv) the Issuing
Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not have any material adverse tax consequence to the Issuing Entity, any Noteholder or any
Certificateholder; 
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture
shall have been taken; and 
 (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s
Certificate and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have
been complied with (including any filing required by the Exchange Act). 
 (b) The Issuing Entity shall not convey or transfer any of its
properties or assets, including those included in the Trust Estate, to any Person, unless: 
 (i) the Person that acquires by
conveyance or transfer the properties and assets of the Issuing Entity the conveyance or transfer of which is hereby restricted (A) shall be a United States citizen or a Person organized and existing under the laws of the United States of
America or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and punctual payment of the principal of and interest on
all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuing Entity to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture
that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Holders of the Notes, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold
harmless the Issuing Entity against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons,
then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes; 
  

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 (ii) immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing; 
 (iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction; 
 (iv) the Issuing Entity shall have received an Opinion of Counsel (and shall have delivered copies thereof to
the Indenture Trustee) to the effect that such transaction will not have any material adverse federal income tax consequence to the Issuing Entity, any Noteholder or any Certificateholder; 
 (v) any action that is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

 (vi) the Issuing Entity shall have delivered to the Indenture Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any
filing required by the Exchange Act). 
 Section 3.11 Successor or Transferee. 
 (a) Upon any consolidation or merger of the Issuing Entity in accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuing Entity) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuing Entity under this Indenture with the same effect as if such Person had been named as the
Issuing Entity herein. 
 (b) Upon a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to
Section 3.10(b), World Omni Auto Receivables Trust 2006-A will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuing Entity with respect to the Notes immediately upon the
delivery of written notice to the Indenture Trustee stating that World Omni Auto Receivables Trust 2006-A is to be so released. 
 Section
3.12 No Other Business. The Issuing Entity shall not engage in any business other than financing, purchasing, owning, selling and managing the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities
incidental thereto. After the end of the Funding Period, the Issuing Entity shall not fund the purchase of any new Contracts. 
 Section 3.13
No Borrowing. The Issuing Entity shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness. 
 Section 3.14 Servicer’s Obligations. The Issuing Entity shall use all reasonable efforts to cause the Servicer to comply with Sections 4.09, 4.10, 4.11 and 5.07(b) and
Article IX of the Sale and Servicing Agreement. 
  

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 Section 3.15 Guarantees, Loans, Advances and Other Liabilities. Except as contemplated by the Sale
and Servicing Agreement or this Indenture, the Issuing Entity shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently
to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person. 
 Section 3.16 Capital Expenditures. The Issuing Entity shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty). 
 Section 3.17 Removal of Administrator. So long as any Notes are Outstanding, the Issuing Entity shall not remove the Administrator without cause
unless the Rating Agency Condition shall have been satisfied in connection with such removal. 
 Section 3.18 Restricted Payments. The
Issuing Entity shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Owner Trustee or any owner of a
beneficial interest in the Issuing Entity or otherwise with respect to any ownership or equity interest or security in or of the Issuing Entity or to the Servicer (except as provided in the Basic Documents), (ii) redeem, purchase, retire or
otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuing Entity may make, or cause to be made,
(x) distributions as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement or the Trust Agreement and (y) payments to the Indenture Trustee pursuant to
Section 1.01(a)(ii) of the Administration Agreement. The Issuing Entity will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the Basic Documents.

 Section 3.19 Notice of Events of Default. The Issuing Entity shall give the Indenture Trustee and the Rating Agencies prompt written
notice of each Event of Default hereunder and each default on the part of the Servicer, World Omni or the Depositor of its obligations under the Sale and Servicing Agreement or the Receivables Purchase Agreement. 
 Section 3.20 Further Instruments and Acts. Upon request of the Indenture Trustee, the Issuing Entity will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 ARTICLE IV 
 SATISFACTION AND DISCHARGE 
 Section 4.01 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer 

  

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and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments of principal thereof
and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi) the rights of Noteholders as beneficiaries hereof with respect to the property so deposited with the
Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuing Entity, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes,
when: 
 (A) either: 
 (1) all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.06 and (ii) Notes
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuing Entity and thereafter repaid to the Issuing Entity or discharged from such trust, as provided in Section 3.03) have been
delivered to the Indenture Trustee for cancellation; or 
 (2) all Notes not theretofore delivered to the Indenture Trustee
for cancellation: 
 (I) have become due and payable, or 
 (II) are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of
redemption by the Indenture Trustee in the name, and at the expense, of the Issuing Entity, 
 and the Issuing Entity, in the case of
(I) or (II) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such
amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the applicable Final Scheduled
Payment Date or Redemption Date (if Notes shall have been called for redemption pursuant to Section 10.01), as the case may be; 
 (B) the Issuing Entity has paid or caused to be paid all other sums payable by the Issuing Entity hereunder; and 
 (C) the Issuing Entity has delivered to the Indenture Trustee an Officer’s Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of
certified 

  

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public accountants, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Section
4.02 Application of Trust Money. All monies deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee may determine, to the Holders of the particular Notes for the payment or redemption of which such monies have been deposited with the Indenture Trustee, of all sums due
and to become due thereon for principal and interest; but such monies need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law. 
 Section 4.03 Repayment of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the
Notes, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuing Entity, be paid to the Indenture Trustee to be held and applied
according to Section 3.03 and thereupon such Paying Agent shall be released from all further liability with respect to such monies. 
 ARTICLE V 
 REMEDIES 
 Section 5.01 Events of Default. 
 (a) “Event of Default,” wherever used herein, means
any one of the following events (whatever the reason for such Event of Default and, subject to Sections 5.01(iv) and (v) whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (i) default in
the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five Business Days; provided, however, that until the Outstanding Amount of the Class A Notes is reduced to zero, a
default in the payment of any interest on any Class B Note shall not by itself constitute an Event of Default hereunder; 
 (ii) default in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable (A) in accordance with Sections 3.01 and 8.02(c) to the extent funds are available
therefor and (B) on the related Final Scheduled Payment Date; or 
 (iii) material default in the observance or
performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant or agreement, a default in the observance or performance of which is 

  

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elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuing Entity made in this Indenture or in any certificate or
other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or
condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 60 days after there shall have been given, by registered or certified mail, to the Issuing Entity by
the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the Holders of at least 25% of the Outstanding Amount of the Controlling Securities, a written notice specifying such default or incorrect representation or warranty and
requiring it to be remedied and stating that such notice is a notice of Default hereunder; or 
 (iv) the filing of a decree
or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law
now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the
Issuing Entity’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 
 (v) the commencement by the Issuing Entity of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing Entity or for any
substantial part of the Trust Estate, or the making by the Issuing Entity of any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts as such debts become due, or the taking of any action
by the Issuing Entity in furtherance of any of the foregoing. 
 (b) The Issuing Entity shall deliver to the Indenture Trustee, within five
days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under clause (a)(iii), its status and what action
the Issuing Entity is taking or proposes to take with respect thereto. 
 (c) Notwithstanding the foregoing, a delay in or failure of
performance referred to under clauses (a)(i) and (ii) above for a period of ten Business Days or referred to under clause (a)(iii) for a period of 90 Business Days, shall not constitute a Servicer Default if such delay or failure could not be
prevented by the exercise of reasonable diligence by the Servicer and was caused by an act of God or other similar occurrence. Upon the occurrence of any such event, the Servicer shall not be relieved from using its best efforts to perform its

  

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obligations in a timely manner in accordance with the terms of this Indenture and the Servicer shall provide the Indenture Trustee, the Owner Trustee, the
Noteholders and the Certificateholders prompt notice of such failure or delay by it, together with a description of its efforts to so perform its obligations. 
 Section 5.02 Acceleration of Maturity; Rescission and Annulment. If an Event of Default should occur and be continuing, then and in every such case the Indenture Trustee or the Holders of Notes representing not
less than 50% of the Outstanding Amount of the Controlling Securities may declare all the Notes to be immediately due and payable, by a notice in writing to the Issuing Entity (and to the Indenture Trustee if given by Noteholders) and upon any such
declaration the unpaid principal amount of such Notes, together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable. 
 At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V provided, the Holders of Notes representing 50% of the Outstanding Amount of the Controlling Securities, by written notice to the Issuing Entity and the Indenture
Trustee, may rescind and annul such declaration and its consequences if: 
 (i) the Issuing Entity has paid or deposited with
the Indenture Trustee a sum sufficient to pay: 
 (A) all payments of principal of and interest on all Notes and all other
amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred; and 
 (B) all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and 
 (ii) all Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12. 
 No such rescission shall affect any subsequent default or impair any right
consequent thereto. 
 Section 5.03 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee. 
 (a) The Issuing Entity covenants that if (i) an Event of Default specified in Section 5.01(i) has occurred and is continuing or
(ii) an Event of Default specified in Section 5.01(ii) has occurred and is continuing, the Issuing Entity will, upon demand of the Indenture Trustee, pay to it, for the benefit of the Holders of the Notes, the whole amount then due
and payable on such Notes for principal and interest, with interest on the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, on overdue 

  

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installments of interest at the rate borne by the Notes and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses
of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 
 (b) In case the Issuing Entity shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuing Entity or other obligor upon such Notes and collect in the manner provided by law out of the property of the Issuing Entity or other
obligor upon such Notes, wherever situated, the monies adjudged or decreed to be payable. 
 (c) If an Event of Default occurs and is
continuing, the Indenture Trustee may, as more particularly provided in Section 5.04, in its discretion, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture
Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper
remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law. 
 (d) In case there shall be pending,
relative to the Issuing Entity or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, or liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuing Entity or its
property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuing Entity or other obligor upon the Notes, or to the creditors or property of the Issuing Entity or such other obligor, the
Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the
provisions of this Section, shall be entitled and empowered, by intervention in such Proceedings or otherwise: 
 (i) to file
and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee
(including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances
made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 
 (ii) unless prohibited by applicable law and regulations, to vote on behalf of the Holders of Notes in any election of a trustee, a
standby trustee or Person performing similar functions in any such Proceedings; 
  

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 (iii) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and 
 (iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of Notes allowed in any Proceedings relative to the
Issuing Entity, its creditors and its property; 
 and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is
hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts
as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the
Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith. 
 (e) Nothing herein contained shall
be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 
 (f) All rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders
of the Notes. 
 (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any
provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

 Section 5.04 Remedies; Priorities. 
 (a) If an Event of Default shall have occurred and be continuing, the Indenture Trustee may, or at the direction of the holders of at least 50% of the Controlling Securities shall, do one or more of the following
(subject to Section 5.05): 
  

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 (i) institute Proceedings in its own name and as trustee of an express trust for the
collection of all amounts then payable on the Notes or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuing Entity and any other obligor upon such Notes monies
adjudged due; 
 (ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with
respect to the Trust Estate; 
 (iii) exercise any remedies of a secured party under the UCC and take any other appropriate
action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of the Notes; and 
 (iv) sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii), unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto,
(B) the proceeds of such sale or liquidation distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and interest or (C) the Indenture Trustee determines that the
Trust Estate will not continue to provide sufficient funds for the payment of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture Trustee obtains the consent of
Holders of not less than 66 2/3% of the Outstanding Amount of the Controlling Securities. In determining such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 (b) If the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property in the
following order or priority: (i) to the Indenture Trustee for amounts due under Section 6.07 and to the Owner Trustee for amounts due under Section 8.02 of the Trust Agreement and (ii) to the Collection Account as
Collections to be applied pursuant to Article V of the Sale and Servicing Agreement. 
 The Indenture Trustee may fix a record date
and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuing Entity shall mail to each Noteholder and the Indenture Trustee a notice that states the record date, the payment date and
the amount to be paid. 
 Section 5.05 Optional Preservation of the Receivables. If the Notes have been declared to be due and payable
under Section 5.02 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to maintain possession of the Trust Estate. It is the desire
of the parties 

  

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hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest on the Notes, and the Indenture Trustee
shall take such desire into account when determining whether or not to maintain possession of the Trust Estate. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose. 
 Section 5.06 Limitation of Suits. No Holder of any Note shall have any right to institute any Proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (i) such Holder
has previously given written notice to the Indenture Trustee of a continuing Event of Default; 
 (ii) the Holders of not less
than 25% of the Outstanding Amount of the Controlling Securities have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder; 
 (iii) such Holder or Holders have offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in complying with such request; 
 (iv) the Indenture Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute such Proceedings; and 
 (v) no direction inconsistent with
such written request has been given to the Indenture Trustee during such 60-day period by the Holders of at least 50% of the Outstanding Amount of the Controlling Securities. 
 It is understood and intended that no one or more Holders of Notes shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes or to obtain or to seek to obtain priority or preference over any other Holders or to enforce any right under this Indenture, except in the manner
herein provided. 
 Subject to Section 5.06(v), in the event the Indenture Trustee shall receive, in connection with Sections
5.06(ii) and (iii), conflicting or inconsistent requests and indemnity from two or more groups of Holders of Notes, each representing less than 50% of the Outstanding Amount of the Controlling Securities, the Indenture Trustee shall act
at the direction of the group of Holders of Notes representing the greater Outstanding Amount of Controlling Securities. If the Indenture Trustee receives, in connection with this Section 5.06, conflicting or inconsistent requests and
indemnity from two or more groups of Holders of Notes representing an equal Outstanding Amount of the Controlling Securities, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture. 
  

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 Section 5.07 Unconditional Rights of Noteholders to Receive Principal and Interest.
Notwithstanding any other provisions in this Indenture, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note on or after the respective due dates
thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such
Holder. 
 Section 5.08 Restoration of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding
to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then and in every such case the Issuing
Entity, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted. 
 Section 5.09 Rights and Remedies Cumulative. No
right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 
 Section 5.10 Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence
therein. Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders,
as the case may be. 
 Section 5.11 Control by Noteholders. The Holders of 50% of the Outstanding Amount of the Controlling Securities
shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:

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

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 (iii) if the conditions set forth in Section 5.05 have been satisfied and the
Indenture Trustee elects to retain the Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of Notes representing less than 100% of the Outstanding Amount of the Controlling Securities to sell or liquidate
the Trust Estate shall be of no force and effect; and 
 (iv) the Indenture Trustee may take any other action deemed proper by
the Indenture Trustee that is not inconsistent with such direction. 
 Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 
 Section 5.12 Waiver of Past Defaults. Prior to the declaration of the acceleration of the maturity of the Notes as provided in
Section 5.02, the Holders of Notes of not less than 50% of the Outstanding Amount of the Controlling Securities may waive any past Default or Event of Default and its consequences except a Default (a) in payment of principal of or
interest on any of the Notes or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each Note. In the case of any such waiver, the Issuing Entity, the Indenture Trustee and
the Holders of the Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 
 Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
 Section 5.13 Undertaking for Costs. All parties to this Indenture agree, and each Holder of a Note by such Holder’s acceptance thereof shall
be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and reasonable expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture
Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Controlling Securities or (c) any suit instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption Date). 
 Section 5.14 Waiver of Stay or Extension Laws. The Issuing Entity covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever 

  

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enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuing Entity (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted. 
 Section 5.15 Action on Notes. The Indenture Trustee’s
right to seek and recover judgment on the Notes or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the Trust Estate or
upon any of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b). 
 Section 5.16 Performance and Enforcement of Certain Obligations. 
 (a) Promptly following a request
from the Indenture Trustee to do so and at the Administrator’s expense, the Issuing Entity shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by the Depositor or the
Servicer, as applicable, of each of their obligations to the Issuing Entity under or in connection with the Sale and Servicing Agreement or by the Depositor or the Servicer, as applicable, of each of their obligations under or in connection with the
Receivables Purchase Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in connection with the Sale and Servicing Agreement to the extent and in the manner directed by the
Indenture Trustee, including the transmission of notices of default under the Sale and Servicing Agreement on the part of the Depositor or the Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or
secure performance by the Depositor or the Servicer of each of their obligations under the Sale and Servicing Agreement. 
 (b) If an Event
of Default has occurred and is continuing, the Indenture Trustee may, and at the direction (which direction shall be in writing or by telephone (confirmed in writing promptly thereafter)) of the Holders of 66 2/3% of the Outstanding Amount of the
Controlling Securities shall, exercise all rights, remedies, powers, privileges and claims of the Issuing Entity against the Depositor or the Servicer under or in connection with the Sale and Servicing Agreement against the Depositor under or in
connection with the Receivables Purchase Agreement, including the right or power to take any action to compel or secure performance or observance by the Depositor or the Servicer, of each of their obligations to the Issuing Entity thereunder and to
give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement or the Receivables Purchase Agreement, as the case may be, and any right of the Issuing Entity to take such action shall be suspended.

  

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 ARTICLE VI 
 THE INDENTURE TRUSTEE 
 Section 6.01 Duties of Indenture Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and
use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the
Indenture Trustee; and 
 (ii) in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; however, in the case of certificates or opinions
specifically required by any provision of this Indenture to be furnished to it, the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this
Section 6.01; 
 (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11. 
 (d) Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b), (c) and (g) of
this Section. 
 (e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may
agree in writing with the Issuing Entity. 
  

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 (f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the
extent required by law or the terms of this Indenture or the Sale and Servicing Agreement. 
 (g) No provision of this Indenture shall
require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe
that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible
for the performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as the Indenture Trustee shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in
accordance with the terms of this Indenture. 
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of
or affording protection to the Indenture Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 (i) Subject to the other provisions of this Indenture and the Basic Documents, the Indenture Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any agreement referred to herein or any
financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any re-recording, refiling or redepositing of any thereof, (ii) to see to any
insurance or (iii) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral. 
 (j) The Indenture Trustee shall not be charged with knowledge of any Event of Default unless either (1) a Responsible Officer shall have actual
knowledge of such Event of Default or (2) written notice of such Event of Default shall have been given to such Indenture Trustee in accordance with the provisions of this Indenture. 
 Section 6.02 Rights of Indenture Trustee. 
 (a) The Indenture Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Indenture Trustee need not investigate any fact or matter stated in the document.

 (b) Before the Indenture Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel. The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 
 (c) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee
shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder. 
  

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 (d) The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers; provided, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith. 
 (e) The Indenture Trustee may consult with counsel of its own selection, and the advice or opinion of counsel with respect to legal matters relating to
this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 (f) The Indenture Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or to
institute, conduct or defend any litigation hereunder or in relation hereto or to honor the request or direction of any of the Noteholders pursuant to this Indenture unless such Noteholders shall have offered to the Indenture Trustee security or
indemnity reasonably satisfactory to it against the reasonable costs, expenses, disbursements, advances and liabilities which might be incurred by it, its agents and its counsel in compliance with such request or direction. 
 (g) The Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by the Holders of Notes representing at least 25% of the Controlling Securities; provided that if the
payment within a reasonable time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to the Indenture
Trustee by the security afforded to it by the terms of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee in its reasonable discretion against such cost, expense or liability as a condition to taking
any such action. 
 (h) The right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be
construed as a duty, and the Indenture Trustee shall not be answerable for other than its willful misconduct, negligence or bad faith in the performance of such act. 
 (i) The rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Indenture
Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 
 Section 6.03
Individual Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have
if it were not Indenture Trustee. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 
 Section 6.04 Indenture Trustee’s Disclaimer. The Indenture Trustee shall not be 
  

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responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing
Entity’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture
Trustee’s certificate of authentication. 
 Section 6.05 Notice of Defaults. If a Default occurs and is continuing and if it is
known to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each Noteholder notice of the Default within 90 days after it occurs. Except in the case of a Default in payment of principal of or interest on any Note
(including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the
interests of Noteholders. 
 Section 6.06 Reports by Indenture Trustee. 
 (a) The Indenture Trustee shall deliver to each Noteholder such information as may be required to enable such holder to prepare its federal and state
income tax returns (including, without limitation, Form 1099, which for the avoidance of doubt, will be filed with the Internal Revenue Service as may be required by the Internal Revenue Code or regulations thereunder). On each Payment Date, the
Indenture Trustee shall send to The Depository Trust Company to distribute in accordance with its procedures 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. 
 (b) If required of the Indenture Trustee by Regulation AB, the Indenture Trustee will deliver
to the Depositor, the Owner Trustee and the Servicer on or before March 1 of each year, beginning March 1, 2007, an officer’s certificate, dated as of December 31 of the preceding calendar year, signed by a Responsible Officer of
the Indenture Trustee to the effect that (i) a review of the Indenture Trustee’s activities during the immediately preceding calendar year (or, in the case of the first certificate, since the Closing Date) and of its performance under this
Indenture has been made under such Responsible Officer’s supervision and (ii) to such Responsible Officer’s knowledge, based on such review, the Indenture Trustee has fulfilled in all material respects all of its obligations under
this Indenture throughout such calendar year (or applicable portion of such calendar year), or, if there has been a failure to fulfill any such obligation in any material respect, specifically identifying each such failure known to such Responsible
Officer and the nature and status of such failure. If the Issuing Entity is not required to file periodic reports under the Exchange Act or otherwise required by law to file an officer’s certificate of the Indenture Trustee as to compliance,
such officer’s certificate may be delivered on or before April 1 of each calendar year. 
 (c) If required of the Indenture Trustee
under Regulation AB, the Indenture Trustee will: 
 (i) deliver to the Depositor, the Owner Trustee and the Servicer, a
report, dated as of December 31 of the preceding calendar year, on its assessment of compliance with the minimum servicing criteria regarding general 

  

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servicing, cash and collection administration, investor remittances and reporting and pool asset administration during the preceding calendar year, including
disclosure of any material instance of non-compliance identified by the Indenture Trustee, as required by Rule 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB under the Securities Act. 
 (ii) cause a firm of registered public accountants (the “Firm”) that is qualified and independent within the meaning of
Rule 2-01 of Regulation S-X under the Securities Act to deliver to the Depositor, Owner Trustee and the Servicer an attestation report that satisfies the requirements of Rule 13a-18 or Rule 15d-18 under the Exchange Act, as applicable, on the
assessment of compliance with servicing criteria with respect to the prior calendar year. Such attestation report will be addressed to the board of directors of the Servicer and to the Depositor and Owner Trustee. Such attestation report will be in
accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. The Firm may render other services to the Indenture Trustee, but the Firm must indicate in each attestation report that it is qualified and
independent within the meaning of Rule 2-01 of Regulation S-X under the Securities Act. 
 (d) The reports referred to in
Section 6.6(c) hereof will be delivered on or before March 1 of each year, beginning March 1, 2007 unless the Issuing Entity is not required to file periodic reports under the Exchange Act or any other law, in which case the
reports will be delivered on or before April 1 of each calendar year, beginning April 1, 2007. 
 Section 6.07 Compensation and
Indemnity. The Issuing Entity shall, or shall cause the Administrator to, pay to the Indenture Trustee from time to time reasonable compensation for its services. The Indenture Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuing Entity shall, or shall cause the Administrator to, reimburse the Indenture Trustee for all reasonable and documented out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses shall include the reasonable and documented compensation and expenses, disbursements and advances of the Indenture Trustee’s agents, counsel, accountants and experts.
The Issuing Entity shall, or shall cause the Administrator to, indemnify the Indenture Trustee against any and all loss, liability, claim, damage or expense (including attorneys’ fees) incurred by it in connection with the administration of
this trust and the performance of its duties hereunder. The Indenture Trustee shall notify the Issuing Entity and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing
Entity and the Administrator shall not relieve the Issuing Entity or the Administrator of its obligations hereunder. The Issuing Entity shall, or shall cause the Administrator to, defend any such claim, and the Indenture Trustee may have separate
counsel and the Issuing Entity shall, or shall cause the Administrator to, pay the fees and expenses of such counsel. Neither the Issuing Entity nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense
incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith. 
  

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

 Section 6.08 Replacement of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor
Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee may resign at any time by so notifying the Issuing Entity. The Indenture
Trustee shall resign following the occurrence of an Event of Default if required by Section 3.10 of the TIA. The Indenture Trustee shall bear all costs and expenses of locating and procuring the written acceptance by a qualified
successor Indenture Trustee within 90 days of such Event of Default. The Holders of at least 50% of the Outstanding Amount of the Controlling Securities may remove the Indenture Trustee by so notifying the Indenture Trustee and the Depositor and may
appoint a successor Indenture Trustee. The Issuing Entity shall remove the Indenture Trustee if: 
 (i) the Indenture Trustee
fails to comply with Section 6.11; 
 (ii) the Indenture Trustee is adjudged bankrupt or insolvent; 
 (iii) a receiver or other public officer takes charge of the Indenture Trustee or its property; or 
 (iv) the Indenture Trustee otherwise becomes incapable of acting. 
 If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee),
the Issuing Entity shall promptly appoint a successor Indenture Trustee and notify the Depositor of such appointment. 
 A successor
Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuing Entity. Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor
Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor Indenture Trustee. 
 If a successor Indenture Trustee does not take
office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuing Entity or the Holders of at least 50% of the Outstanding Amount of the Controlling Securities may, at the expense of the
Issuing Entity, petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. 
  

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 If the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any
court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee. 
 Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuing Entity’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture
Trustee. 
 Section 6.09 Successor Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into,
or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee;
provided, that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies and the Depositor prior written notice of any such
transaction. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall
succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee and deliver such
Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor
to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have. 
 Section 6.10 Appointment of Co-Indenture Trustee or Separate Indenture Trustee. 
 (a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any
part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate
trustees, of all or any part of the Trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under
Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and
exercised or performed by the Indenture Trustee and such separate trustee or 

  

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co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in
such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers,
duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture
Trustee; 
 (ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee
hereunder; and 
 (iii) the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or
co-trustee. 
 (c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each separate trustee and
co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee. 
 (d) Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full
power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed,
all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee. 
 Section 6.11 Eligibility; Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The
Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition, and the time deposits of the Indenture Trustee shall be rated at least A-1 by
Standard & Poor’s and Prime-1 by Moody’s. The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA
§ 310(b)(1) are met. 
 Section 6.12 Preferential Collection of Claims Against Issuing Entity. The Indenture Trustee shall
comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated. 
  

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 Section 6.13 Representations and Warranties of the Indenture Trustee. The Indenture Trustee hereby
makes the following representations and warranties on which the Issuing Entity and Noteholders shall rely: 
 (a) the Indenture Trustee is a
banking corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation; 
 (b) the
Indenture Trustee has full power, authority and legal right to execute, deliver, and perform this Indenture and shall have taken all necessary action to authorize the execution, delivery and performance by it of this Indenture; 
 (c) the execution, delivery and performance by the Indenture Trustee of this Indenture (i) shall not violate any provision of any law or regulation
governing the banking and trust powers of the Indenture Trustee or any order, writ, judgment or decree of any court, arbitrator, or governmental authority applicable to the Indenture Trustee or any of its assets, (ii) shall not violate any
provision of the corporate charter or by-laws of the Indenture Trustee and (iii) shall not violate any provision of, or constitute, with or without notice or lapse of time, a default under, or result in the creation or imposition of any lien on
any properties included in the Trust Estate pursuant to the provisions of any mortgage, indenture, contract, agreement or other undertaking to which it is a party, which violation, default or lien could reasonably be expected to have a materially
adverse effect on the Indenture Trustee’s performance or ability to perform its duties under this Indenture or on the transactions contemplated in this Indenture; 
 (d) the execution, delivery and performance by the Indenture Trustee of this Indenture shall not require the authorization, consent approval of, the giving of notice to, the filing or registration with, or the taking
of any other action in respect of, any governmental authority or agency regulating the banking and corporate trust activities of the Indenture Trustee; and 
 (e) this Indenture has been duly executed and delivered by the Indenture Trustee and constitutes the legal, valid and binding agreement of the Indenture Trustee, enforceable in accordance with its terms. 

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

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 Section 7.02 Preservation of Information; Communications to Noteholders. 
 (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of Notes contained in
the most recent list furnished to the Indenture Trustee as provided in Section 7.01 and the names and addresses of Holders of Notes received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy
any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished. 
 (b) Noteholders may
communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. 
 (c) The Issuing Entity, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c). 
 Section
7.03 Reports by Issuing Entity. 
 (a) The Issuing Entity shall: 
 (i) file with the Indenture Trustee, within 15 days after the Issuing Entity is required to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Issuing Entity may be required to file
with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 
 (ii) file with the Indenture Trustee and the
Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuing Entity with the conditions and covenants of this
Indenture as may be required from time to time by such rules and regulations; 
 (iii) supply to the Indenture Trustee (and
the Indenture Trustee shall transmit by mail to The Depository Trust Company, on behalf of the Noteholders as described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuing Entity
pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and regulations prescribed from time to time by the Commission; and 
 (iv) delivery of such reports, information and documents to the Indenture Trustee is for informational purposes only and the Indenture
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuing Entity’s compliance with any of its covenants hereunder (as
to which the Indenture Trustee is entitled to rely exclusively on Officers’ Certificates). 
 (b) Unless the Issuing Entity otherwise
determines, the fiscal year of the Issuing Entity shall end on December 31 of each year. 
  

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 Section 7.04 Reports by Indenture Trustee. If required by TIA § 313(a), within 60 days
after each February 1 beginning with February 1, 2007, the Indenture Trustee shall mail to each Noteholder as required by TIA § 313(c) a brief report dated as of such date that complies with TIA § 313(a). The Indenture
Trustee also shall comply with TIA § 313(b). 
 A copy of each report at the time of its mailing to Noteholders shall be filed by
the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange or delisted therefrom. 

ARTICLE VIII 
 ACCOUNTS,
DISBURSEMENTS AND RELEASES 
 Section 8.01 Collection of Money. Except as otherwise expressly provided herein, the Indenture
Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee
pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any
such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed thereafter as provided in Article V. 
 Section 8.02 Trust Accounts. 
 (a) On
or prior to the Closing Date, the Issuing Entity shall cause the Servicer to establish and maintain with and in the name of the Indenture Trustee, for the benefit of the Noteholders and the Certificateholders, the Trust Accounts as provided in
Section 5.01 of the Sale and Servicing Agreement. 
 (b) On or before each Payment Date, Available Funds and any withdrawals from
the Negative Carry Account up to the Negative Carry Amount with respect to the preceding Collection Period will be deposited in the Collection Account as provided in Sections 5.01(e) and 5.02 of the Sale and Servicing Agreement.
On or before each Payment Date, the Indenture Trustee shall make all withdrawals and deposits to the Collection Account, Note Distribution Account, Reserve Account, the Pre-Funding Account and the Negative Carry Account and shall make all
distributions to Certificateholders in accordance with Sections 5.06 and 5.07 of the Sale and Servicing Agreement. 
 (c)
Except as otherwise provided in paragraphs (d), and (e) below, on each Payment Date and Redemption Date, the Indenture Trustee shall distribute all amounts on 

  

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deposit in the Note Distribution Account, other than amounts deposited in the Note Distribution Account pursuant to Section 5.01(d) of the Sale
and Servicing Agreement, and allocated pursuant to Section 5.06 of the Sale and Servicing Agreement to Noteholders in respect of the Notes to the extent of amounts due and unpaid on the Notes for principal and interest (including any
premium) in the following amounts: 
 (i) to the Holders of Class A Notes, all amounts allocated to such Holders in
respect of interest on the Class A Notes pro rata based upon the aggregate amount of accrued and unpaid interest due and payable to the Holders of such Notes; 
 (ii) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of interest on the Class B Notes; 

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

  

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on the Class B Notes and (iv) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of principal on the Class B Notes.
If the Outstanding Amount of any Class of Notes remains greater than zero after application of clauses (i), (ii), (iii) and (iv) above, the Indenture Trustee shall apply funds from the Reserve Account in the
same order of priority as described above to repay the Outstanding Amount of such Class of Notes in full. 
 (e) In the event the Notes are
declared to be due and payable following the occurrence of an Event of Default pursuant to Sections 5.01(iii), (iv) or (v), the Indenture Trustee shall distribute all amounts on deposit in the Note Distribution Account and
allocated pursuant to Section 5.06 of the Sale and Servicing Agreement to Noteholders in the following order of priority: (i) to the Holders of the Class A Notes, all amounts allocated to such Holders in respect of interest on
the Class A Notes pro rata based upon the aggregate amount of accrued and unpaid interest due and payable to the Holders of such Notes; (ii) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of interest
on the Class B Notes; (iii) to the Holders of the Class A Notes, all amounts allocated to such Holders in respect of principal on the Class A Notes, first to the Holders of the Class A-1 Notes until the Outstanding Amount of the
Class A-1 Notes is reduced to zero, then to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata based upon the Outstanding Amount due and payable to the Holders of such Notes; and
(iv) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect of principal on the Class B Notes. 
 (f)
[Reserved] 
 (g) Subject to Sections 8.02(d) and 8.02(e), on the Payment Date immediately following the calendar month in
which the Funding Period ends, the Indenture Trustee shall apply any and all amounts deposited into the Note Distribution Account pursuant to Section 5.01(d) of the Sales and Servicing Agreement to the repayment of principal on the Notes
in accordance with the priorities set forth in Section 8.02(c), (d), or (e), as applicable. 
 Section 8.03
General Provisions Regarding Accounts. 
 (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee subject to the provisions of Section 5.01(b) of the Sale and Servicing Agreement. All income or other gain from
investments of monies deposited in the Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account, and any loss resulting from such investments shall be charged to such account. The Issuing Entity will not direct the
Indenture Trustee to make any investment of any funds or to sell any investment held in any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such investment or the proceeds of such
sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity shall deliver to the
Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 
 (b) Subject to Section 6.01(c),
the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on 

  

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any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments
issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 
 (c)
If (i) the Issuing Entity (or the Servicer) shall have failed to give investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by such time as may be agreed by the Issuing Entity and Indenture Trustee on any
Business Day or (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared due and payable pursuant to Section 5.02 or (iii) if such Notes shall
have been declared due and payable following an Event of Default but amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05 as if there had not been such a declaration, then the Indenture
Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in Eligible Investments (as defined in the Sale and Servicing Agreement) specified in clause (h) of the definition thereof. 
 Section 8.04 Release of Trust Estate. 
 (a) Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as
provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. 
 (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to
Section 6.07 have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the
Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate, an Opinion of
Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01. 
 Section 8.05 Opinion of Counsel. The Indenture Trustee shall receive at least seven days notice when requested by the Issuing Entity to take any
action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially
and adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to
the fair value of the Trust Estate. Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such
action. 
  

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 ARTICLE IX 
 SUPPLEMENTAL INDENTURES 
 Section 9.01 Supplemental Indentures Without Consent of Noteholders.

 (a) Without the consent of the Holders of any Notes but with prior notice to the Rating Agencies, the Issuing Entity and the Indenture
Trustee, when authorized by an Issuing Entity Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the
execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes: 
 (i) to correct or
amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to
subject to the lien of this Indenture additional property; 
 (ii) to evidence the succession, in compliance with the
applicable provisions hereof, of another person to the Issuing Entity, and the assumption by any such successor of the covenants of the Issuing Entity herein and in the Notes contained; 
 (iii) to add to the covenants of the Issuing Entity, for the benefit of the Holders of the Notes, or to surrender any right or power
herein conferred upon the Issuing Entity; 
 (iv) to convey, transfer, assign, mortgage or pledge any property to or with the
Indenture Trustee; 
 (v) to cure any ambiguity, to correct or supplement any provision herein or in any supplemental
indenture that may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided,
that such action, as evidenced by an Officer’s Certificate of the Servicer, shall not adversely affect the interests of the Holders of the Notes; 
 (vi) to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to
facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 
  

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 (vii) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 
 The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained. 
 (b) The Issuing Entity and the Indenture Trustee, when authorized by an Issuing Entity Order,
may, also without the consent of any of the Holders of the Notes, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided that such amendments require: (i) satisfaction of the Rating Agency Condition and (ii) an Officer’s Certificate of
the Servicer stating that the amendment will not materially and adversely affect the interest of any Noteholder. 
 Section 9.02
Supplemental Indentures with Consent of Noteholders. 
 (a) The Issuing Entity and the Indenture Trustee, when authorized by an Issuing
Entity Order, also may, with prior notice to the Rating Agencies and with the consent of the Holders of not less than 50% of the Outstanding Amount of the Controlling Securities, by Act of such Holders delivered to the Issuing Entity and the
Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of
the Holders of the Notes under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (i) change the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the
Interest Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the
Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of
funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 
 (ii) reduce the percentage of the Outstanding Amount of the Controlling Securities, the consent of the Holders of which is required for
any such supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

  

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 (iii) modify or alter the provisions of the proviso to the definition of the term
“Outstanding”; 
 (iv) reduce the percentage of the Outstanding Amount of the Controlling Securities required to
direct the Indenture Trustee to direct the Issuing Entity to sell or liquidate the Trust Estate pursuant to Section 5.04; 
 (v) modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the Basic Documents cannot be modified or waived
without the consent of the Holder of each Outstanding Note affected thereby; 
 (vi) modify any of the provisions of this
Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect the
rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein; 
 (vii) permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this
Indenture on any property at any time subject hereto or deprive the Holder of any Note of the security provided by the lien of this Indenture; or 
 (viii) except as provided in Section 5.04(a)(iv), liquidate the Receivables when the proceeds of such sale would be insufficient to fully pay the Notes. 
 (b) The Indenture Trustee may in its discretion determine whether or not any Notes would be affected by any supplemental indenture and any such
determination shall be conclusive upon the Holders of all Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any such determination made in good faith. 
 (c) It shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof. 
 (d) Promptly after the execution by the Issuing Entity and the
Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Holders of the Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of
such supplemental indenture. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
  

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 Section 9.03 Execution of Supplemental Indentures. In executing, or permitting the additional
trusts created by, any supplemental indenture permitted by this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be provided with and, subject to Sections 6.01 and
6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Indenture Trustee may, but shall not be obligated to, enter into
any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 
 Section 9.04 Effect of Supplemental Indenture. Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be modified and amended in
accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuing Entity and the Holders of
the Notes shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes. 
 Section 9.05 Conformity with Trust Indenture Act. Every amendment
of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act. 
 Section 9.06 Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of
any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture. If the
Issuing Entity or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuing Entity, to any such supplemental indenture may be prepared and executed by the Issuing Entity
and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 
 ARTICLE X 
 REDEMPTION OF NOTES 
 Section 10.01
Redemption. The outstanding Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01(a) of the Sale and Servicing Agreement, on any Payment Date on which the Servicer
exercises its option to purchase the Trust Estate pursuant to said Section 9.01(a), for a purchase price equal to the Redemption Price; provided that the Issuing Entity has available funds sufficient to pay the Redemption Price.
The Servicer or the Issuing Entity shall furnish the Rating Agencies notice of such redemption. If the outstanding Notes are to be redeemed pursuant to this Section, the Servicer or the Issuing Entity shall furnish notice of such election to the
Indenture Trustee not later than 20 days prior to the Redemption Date and the Issuing Entity shall deposit by 10:00 A.M. New York City time on the Redemption Date with the Indenture Trustee in the Note 

  

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Distribution Account the Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be due and payable on the Redemption Date upon the
furnishing of a notice complying with Section 10.02 to each Holder of the Notes. 
 Section 10.02 Form of Redemption
Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile mailed or transmitted not later than 10 days prior to the applicable Redemption Date to
each Holder of Notes, as of the close of business on the Record Date preceding the applicable Redemption Date, at such Holder’s address or facsimile number appearing in the Note Register. 
 All notices of redemption shall state: 
 (a)
the Redemption Date; 
 (b) the Redemption Price; 
 (c) the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuing Entity to be maintained as provided in Section 3.02); and

 (d) applicable “CUSIP” numbers. 
 Notice of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption, or any defect therein, to any Holder of any Note
shall not impair or affect the validity of the redemption of any other Note. 
 Section 10.03 Notes Payable on Redemption Date. The
Notes or portions thereof to be redeemed shall, following notice of redemption as required by Section 10.02, on the Redemption Date become due and payable at the Redemption Price and (unless the Issuing Entity shall default in the
payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 
 ARTICLE XI 
 MISCELLANEOUS

 Section 11.01 Compliance Certificates and Opinions, etc. 
 (a) Upon any application or request by the Issuing Entity to the Indenture Trustee to take any action under any provision of this Indenture, the Issuing
Entity shall furnish to the Indenture Trustee (i) an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the applicable
requirements of this Section, except 

  

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that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this
Indenture, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (1) a statement that each signatory of such
certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to
enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 
 (b)
(i) Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuing Entity shall, in
addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of the person signing such certificate as to the fair
value (within 90 days of such deposit) to the Issuing Entity of the Collateral or other property or securities to be so deposited. 
 (ii) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuing Entity
shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or
release since the commencement of the then-current fiscal year of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but
such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less than one percent of the
Outstanding Amount of the Notes. 
 (iii) Whenever any property or securities are to be released from the lien of this
Indenture, the Issuing Entity shall also furnish to the Indenture 

  

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Trustee an Officer’s Certificate certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof. 
 (iv) Whenever the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the
opinion of any signer thereof as to the matters described in clause (iii) above, the Issuing Entity shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities
and of all other property, other than property as contemplated by clause (v) below or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by
clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in
the related Officer’s Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Notes. 
 (v) Notwithstanding Section 2.10 or any other provision of this Section, the Issuing Entity may, without compliance with the requirements of the other provisions of this Section, (A) collect, liquidate, sell or otherwise
dispose of Receivables and Financed Vehicles as and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Note Distribution Account as and to the extent permitted or required by the Basic Documents, so
long as the Issuing Entity shall deliver to the Indenture Trustee every six months, commencing September 15, 2006, an Officer’s Certificate of the Issuing Entity stating that all the dispositions of Collateral described in clauses (A)
or (B) above that occurred during the preceding six calendar months were in the ordinary course of the Issuing Entity’s business and that the proceeds thereof were applied in accordance with the Basic Documents. 
 Section 11.02 Form of Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give
an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Authorized Officer of the Issuing Entity may be based, insofar as it relates to legal matters, upon a certificate or
opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such officer’s certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or 

  

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opinion of, or representations by, an officer or officers of the Servicer, the Depositor, the Issuing Entity or the Administrator, stating that the
information with respect to such factual matters is in the possession of the Servicer, the Depositor, the Issuing Entity or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or
opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuing Entity
shall deliver any document as a condition of the granting of such application, or as evidence of the Issuing Entity’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application
or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuing Entity to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in
Article VI. 
 Section 11.03 Acts of Noteholders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Noteholders
may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become
effective when such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuing Entity. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act of the Noteholders” signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture
and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or
in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuing Entity in reliance thereon, whether or not notation of such action is made upon such Note. 
  

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 Section 11.04 Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies. Any
request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or
act of Noteholders is to be made upon, given or furnished to or filed with: 
 (i) the Indenture Trustee by any Noteholder or
by the Issuing Entity shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at its Corporate Trust Office, or 
 (ii) the Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and
mailed first-class, postage prepaid to the Issuing Entity addressed to: World Omni Auto Receivables Trust 2006-A, in care of Deutsche Bank Trust Company Delaware, 1011 Centre Road, Suite 200, Wilmington, Delaware 19805, or at any other address
previously furnished in writing to the Indenture Trustee by the Issuing Entity or the Administrator. The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 
 Notices required to be given to the Rating Agencies by the Issuing Entity, the Indenture Trustee or the Owner Trustee shall be by facsimile or in
writing, personally delivered or mailed by certified mail, return receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street,
New York, New York 10007, and (ii) in the case of Standard & Poor’s, at the following address: Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street,
New York, New York 10041, Attention of Asset Backed Surveillance Department; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties. 
 Section 11.05 Notices to Noteholders; Waiver. Where this Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at such Holder’s address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular
Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such a waiver. 
 In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar
activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture
Trustee shall be deemed to be a sufficient giving of such notice. 
  

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 Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not
affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default or Event of Default. 
 Section 11.06 Alternate Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity may enter into any agreement with any Holder of a Note providing for a
method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity will furnish to the Indenture Trustee a copy
of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements. 
 Section 11.07 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control. 
 The provisions of TIA §§ 310 through 317 that impose duties on any person
(including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
 Section 11.08 Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof. 
 Section 11.09 Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuing Entity shall bind its successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind its successors, co-trustees and agents. 
 Section 11.10 Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 11.11 Benefits of
Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person
with an ownership interest in any part of the Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 Section 11.12 Legal Holidays. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but
may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 
  

 -56- 

 Section 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 11.14 Counterparts. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 11.15 Recording of
Indenture. If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuing Entity and at its expense accompanied by an Opinion of Counsel (which may be counsel to the
Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any
right or remedy granted to the Indenture Trustee under this Indenture. 
 Section 11.16 Trust Obligation. No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against
(i) the Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any owner of a beneficial interest in the Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Owner Trustee have no such obligations in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For all purposes of this Indenture, in
the performance of any duties or obligations of the Issuing Entity hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust
Agreement. 
 In the event that a Noteholder (other than WOAR) is deemed, under applicable law by any court or other authority of competent
jurisdiction, to have an interest in any assets of WOAR or any Affiliate of WOAR other than the beneficial interest in Trust (“other assets”), the parties to this Agreement and the Noteholders acknowledge and agree that: (i) such
Noteholder’s Note represents a claim of the Noteholder against the assets of the Trust and the Trust Estate only, (ii) any such Noteholder’s claim against any other assets shall be, and hereby is, subject and subordinate in all
respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full of all amounts owing to such entitled Persons, and (iii) the covenant set
forth in the preceding clause (ii) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
  

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 Section 11.17 No Petition. The Indenture Trustee, by entering into this Indenture, and each
Noteholder, by accepting a Note, hereby covenant and agree that they will not at any time institute against the Depositor or the Issuing Entity, or join in any institution against the Depositor or the Issuing Entity of, any involuntary bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the Basic
Documents. 
 Section 11.18 Inspection. The Issuing Entity agrees that, on reasonable prior notice, it will permit any representative
of the Indenture Trustee, during the Issuing Entity’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuing Entity, to make copies and extracts therefrom, to cause such books to be audited
by Independent certified public accountants, and to discuss the Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public accountants, all at such reasonable times and as
often as may be reasonably requested. The Indenture Trustee shall, and shall cause its representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable applications for
confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 
 Section 11.19 Waiver of Jury Trial. EACH OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 ARTICLE XII 
 COMPLIANCE WITH REGULATION AB 
 Section 12.01 Intent of the Parties; Reasonableness. The Depositor and the Indenture Trustee acknowledge and agree that the purpose of this
Article XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission. The Depositor shall not exercise its right to request delivery of information or other performance
under these provisions other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Securities Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a
private offering of disclosure comparable to that required under the Securities Act). The Indenture Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information regarding the Indenture Trustee which is
required in order to enable the Depositor to comply with the provisions of Items 1103(a)(1), 1109(a), 1109(b), 1117, 1118, 1119 and 1122 of Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under
this Indenture or any indenture supplement. 
  

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 Section 12.02 Additional Representations and Warranties of the Indenture Trustee. The
Indenture Trustee shall be deemed to represent to the Depositor, as of the date on which information is provided to the Depositor under Section 6.06 that, except as disclosed in writing to the Depositor prior to such date to the best of its
knowledge, but without independent investigation: (i) neither the execution, delivery and performance by the Indenture Trustee of this Indenture or any indenture supplement, the performance by the Indenture Trustee of its obligations under this
Indenture or any indenture supplement nor the consummation of any of the transactions by the Indenture Trustee contemplated thereby, is in violation of any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease,
license or other agreement or instrument to which the Indenture Trustee is a party or by which it is bound, which violation would have a material adverse effect on the Indenture Trustee’s ability to perform its obligations under this Indenture
or any indenture supplement, or of any judgment or order applicable to the Indenture Trustee; and (ii) there are no proceedings pending or threatened against the Indenture Trustee in any court or before any governmental authority, agency or
arbitration board or tribunal which, individually or in the aggregate, would have a material adverse effect on the right, power and authority of the Indenture Trustee to enter into this Indenture or any indenture supplement or to perform its
obligations under this Indenture or any indenture supplement. 
 Section 12.03 Information to Be Provided by the Indenture
Trustee. The Indenture Trustee shall (i) on or before the fifth Business Day of each month, provide to the Depositor, in writing, such information regarding the Indenture Trustee as is requested for the purpose of compliance with
Item 1117 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Indenture Trustee of any changes to such information, provide to the Depositor, in writing, updated information necessary for
compliance with Item 1117 of Regulation AB. 
 The Indenture Trustee shall (i) on or before the fifth Business Day of each January,
April, July and October, provide to the Depositor such information regarding the Indenture Trustee as is requested for the purpose of compliance with Items 1103(a)(1), 1109(a), 1109(b), 1118 and 1119 of Regulation AB, and (ii) as promptly as
practicable following notice to or discovery by the Indenture Trustee of any changes to such information, provide to the Depositor, in writing, updated information necessary for compliance with Item 1117 of Regulation AB. Such information shall
include, at a minimum: 
 (a) the Indenture Trustee’s name and form of organization; 
 (b) a description of the extent to which the Indenture Trustee has had prior experience serving as trustee for asset-backed securities transactions
involving receivables of the same type as the Receivables; 
  

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

	 	(i)	the sponsor; 

  

	 	(ii)	any depositor; 

  

	 	(iii)	the issuing entity; 

  

	 	(iv)	any servicer; 

  

	 	(v)	any trustee; 

  

	 	(vi)	any originator; 

  

	 	(vii)	any significant obligor; 

  

	 	(viii)	any enhancement or support provider; 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. 
  

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

					
	WORLD OMNI AUTO RECEIVABLES TRUST 2006-A,
		
	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee
			
		 	By:	 	 /s/ Elizabeth B. Ferry

		 	Name:	 	Elizabeth B. Ferry
		 	Title:	 	Assistant Vice President
	
	THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee,
		
	By:	 	 /s/ Amanda Froede

	Name:	 	Amanda Froede
	Title:	 	Assistant Treasurer

 SCHEDULE A 
 Schedule of Receivables 
 Provided to the Indenture Trustee and Owner Trustee at Closing

 EXHIBIT A-1 
 [FORM OF CLASS A-1 NOTE] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS
SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

											
						
	REGISTERED	 		 		 		  		  	$196,000,000
						
	No.:1	 		 		 		  	CUSIP No.:	  	98152D BW 0
						
		 		 		 		  	ISIN No.:	  	US98152DBW02
						
		 		 		 		  	CINS No.:	  	...................................

 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A 
 CLASS A-1 4.85490% ASSET-BACKED NOTES 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, a
statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ONE HUNDRED NINETY-SIX MILLION DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $196,000,000 and the denominator of which is $196,000,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-1 Notes pursuant to Section 3.01 of the Indenture dated as of March 1, 2006 (the “Indenture”), between
the Issuing Entity and The Bank of New York, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the March
2007 Payment Date (the “Class A-1 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that shall be applicable herein. 
  

 A-1-1 

 BY ACQUIRING A CLASS A NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST WILL
BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS
SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE CODE”), OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE. 
 The Issuing Entity will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last
sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid (in the case of the first Payment Date, from the Closing
Date) to but excluding such current Payment Date. Interest will be computed on the basis of the actual number of days in the Interest Accrual Period divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on
the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid
principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the
same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
  

 A-1-2 

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

							
	Date: March 1, 2006	 	WORLD OMNI AUTO RECEIVABLES TRUST 2006-A,
			
		 	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee,
				
		 		 	By:	 	 /s/ Elizabeth B. Ferry

		 		 		 	Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: March 1, 2006	 	THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee,
			
		 	By:	 	 /s/ Amanda Froede

		 		 	Authorized Signatory

  

 A-1-3 

 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A-1 4.85490% Asset-Backed Notes (herein called the “Class A-1 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to the subordination provisions set forth therein. 
 Principal of the Class A-1 Notes will be payable on each Payment Date and, if the Class A-1 Notes have not been paid in full prior to the
Class A-1 Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date” means the fifteenth day of each month or, if such day is not a Business Day,
the immediately following Business Day. The first Payment Date will be April 17, 2006. 
 As described above, the entire unpaid
principal amount of this Note shall be due and payable on the Class A-1 Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing not less than 50% of the Outstanding Amount of the Controlling Securities have declared the Notes to be immediately due and payable in the
manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Class A-1 Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by
such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Payment Date or, if
applicable, the Class A-1 Final Scheduled Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment
Date or the Class A-1 Final Scheduled Payment Date, as applicable, by notice mailed or transmitted by facsimile prior to such Payment Date or the 

  

 A-1-4 

 
Class A-1 Final Scheduled Payment Date, as applicable, and the amount then due and payable shall be payable only upon presentation and surrender of this
Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New York. 
 The Issuing Entity shall pay interest on overdue installments of interest at the Class A-1 Interest Rate to the extent lawful. 
 As provided in the Indenture and subject to the limitations set forth therein and on the face hereof, the transfer of this Note may be registered on the
Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to
the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar,
which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition
to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated
transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuing Entity or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee or the Indenture
Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting the benefits of the Indenture that such Noteholder or Note
Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents. 
  

 A-1-5 

 The Issuing Entity has entered into the Indenture and this Note is issued with the intention that, for
federal, state and local income and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income and franchise tax purposes as indebtedness of the Issuing Entity. 
 Prior to the due
presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the
contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders of all the Notes, to waive compliance by the
Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and
binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee
and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the
Indenture, subject to certain limitations therein set forth. 
 This Note and the Indenture shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which
is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
  

 A-1-6 

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

 A-1-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: 
                                       
                                        
         
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
                                       
                                        
         
                     (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        
                                        
                                        
                                , attorney, transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*

  

							
		 	Signature Guaranteed:	 		  	
		 	  
  
	 	*	  	

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

  

 A-1-8 

 EXHIBIT A-2 
 [FORM OF CLASS A-2 NOTE] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS
SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

							
	REGISTERED	 		 		  	$216,000,000
				
	No.: 1	 		 	CUSIP No.:	  	98152DBX 8
				
		 		 	ISIN No.:	  	US98152DBX84
				
		 		 	CINS No.:	  	..................

 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A 
 CLASS A-2 5.05% ASSET-BACKED NOTES 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of TWO HUNDRED
SIXTEEN MILLION DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $216,000,000 and the denominator of which is $216,000,000 by (ii) the aggregate amount,
if any, payable from the Note Distribution Account in respect of principal on the Class A-2 Notes pursuant to Section 3.01 of the Indenture dated as of March 1, 2006 (the “Indenture”), between the Issuing
Entity and The Bank of New York, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the October 2008
Payment Date (the “Class A-2 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class A-2 Notes shall be made
until the Class A-1 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein. 
  

 A-2-1 

 BY ACQUIRING A CLASS A NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST WILL
BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS
SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE CODE”), OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE. 
 The Issuing Entity will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last
sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid (in the case of the first Payment Date, from the Closing
Date) to but excluding such current Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
  

 A-2-2 

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

					
	Date: March 1, 2006	 	WORLD OMNI AUTO RECEIVABLES TRUST 2006-A,
			
		 	By:	 	 DEUTSCHE BANK TRUST COMPANY
 DELAWARE, not in its
individual
 capacity but solely as Owner Trustee,

			
		 	By:	 	 /s/ Elizabeth B. Ferry

		 		 	Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: March 1, 2006	 	 THE BANK OF NEW YORK, not in its
 individual capacity but solely as Indenture Trustee,

			
		 	By:	 	 /s/ Amanda Froede

		 		 	Authorized Signatory

  

 A-2-3 

 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A-2 5.05% Asset-Backed Notes (herein called the “Class A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to the subordination provisions therein. 
 Principal of the Class A-2 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date”
means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing April 17, 2006. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Class A-2 Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing not less than a majority of the Outstanding Amount of the Controlling
Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Class A-2 Noteholders
entitled thereto. 
 Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if
any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds
to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. 
  

 A-2-4 

 The Issuing Entity shall pay interest on overdue installments of interest at the Class A-2 Interest
Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on
the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.

 The Issuing Entity has entered into the Indenture and this Note is issued with the intention that, for federal, state and local income,
single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder, by acceptance 

  

 A-2-5 

 
of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuing Entity. 
 Prior to the due presentment for registration of transfer of
this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and
interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
  

 A-2-6 

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

 A-2-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: 
                                       
                                        
         
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
                                       
                                        
         
                     (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        
                                        
                                        
                                , attorney, transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*

  

							
		 	Signature Guaranteed:	 		  	
		 	  
  
	 	*	  	

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

  

 A-2-8 

 EXHIBIT A-3 
 [FORM OF CLASS A-3 NOTE] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS
SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

									
	REGISTERED	 		 		  		  	$331,000,000
					
	No.:1	 		 		  	CUSIP No.:	  	98152D BY 6
					
		 		 		  	ISIN No.:	  	US98152DBY67
					
		 		 		  	CINS No.:	  	..................

 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A 
 CLASS A-3 5.01% ASSET-BACKED NOTES 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, a
statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of THREE HUNDRED THIRTY-ONE MILLION DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $331,000,000 and the denominator of which is $331,000,000 by
(ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-3 Notes pursuant to Section 3.01 of the Indenture dated as of March 1, 2006 (the
“Indenture”), between the Issuing Entity and The Bank of New York, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the October 2010 Payment Date (the “Class A-3 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments
of principal of the Class A-3 Notes shall be made until the Class A-1 and Class A-2 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein. 
  

 A-3-1 

 BY ACQUIRING A CLASS A NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST WILL
BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS
SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE CODE”), OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE. 
 The Issuing Entity will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last
sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid (in the case of the first Payment Date, from the Closing
Date) to but excluding such current Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
  

 A-3-2 

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

							
	Date: March 1, 2006	 	WORLD OMNI AUTO RECEIVABLES TRUST 2006-A,
			
		 	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee,
				
		 		 	By:	 	 /s/ Elizabeth B. Ferry

		 		 		 	Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: March 1, 2006	 	THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee,
			
		 	By:	 	 /s/ Amanda Froede

		 		 	Authorized Signatory

  

 A-3-3 

 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A-3 5.01% Asset-Backed Notes (herein called the “Class A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to the subordination provisions therein. 
 Principal of the Class A-3 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date”
means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing April 17, 2006. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Class A-3 Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing not less than 50% of the Outstanding Amount of the Controlling Securities
have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-3 Notes shall be made pro rata to the Class A-3 Noteholders entitled
thereto. 
 Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. 
  

 A-3-4 

 The Issuing Entity shall pay interest on overdue installments of interest at the Class A-3 Interest
Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on
the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.

 The Issuing Entity has entered into the Indenture and this Note is issued with the intention that, for federal, state and local income,
single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder, by acceptance 

  

 A-3-5 

 
of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuing Entity. 
 Prior to the due presentment for registration of transfer of
this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and
interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
  

 A-3-6 

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

 A-3-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: 
                                       
                                        
         
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
                                       
                                        
         
                     (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        
                                        
                                        
                                , attorney, transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*

  

							
		 	Signature Guaranteed:	 		  	
		 	  
  
	 	*	  	

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

  

 A-3-8 

 EXHIBIT A-4 
 [FORM OF CLASS A-4 NOTE] 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), TO THE ISSUING ENTITY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS
SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

							
	REGISTERED	 		 		  	$157,000,000
				
	No.:1	 		 	CUSIP No.:	  	98152D BZ 3
				
		 		 	ISIN No.:	  	US98152DBZ33
				
		 		 	CINS No.:	  	...................

 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A 
 CLASS A-4 5.03% ASSET-BACKED NOTES 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, a
statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum
of ONE HUNDRED FIFTY-SEVEN MILLION DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is $157,000,000 and the denominator of which is $157,000,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class A-4 Notes pursuant to Section 3.01 of the Indenture dated as of March 1, 2006 (the “Indenture”), between
the Issuing Entity and The Bank of New York, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the earlier of the
October 2011 Payment Date (the “Class A-4 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class A-4 Notes
shall be made until the Class A-1, Class A-2 and Class A-3 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein. 
  

 A-4-1 

 BY ACQUIRING A CLASS A NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST WILL
BE DEEMED TO REPRESENT THAT EITHER (1) IT IS NOT ACQUIRING THE NOTES WITH THE ASSETS OF (i) AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS
SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (ii) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE CODE”), OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A
PLAN’S INVESTMENT IN THE ENTITY OR (2) THE ACQUISITION AND HOLDING OF THE CLASS A NOTES WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406(a) OF ERISA OR SECTION 4975 OF THE CODE. 
 The Issuing Entity will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the preceding Payment Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last
sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid (in the case of the first Payment Date, from the Closing
Date) to but excluding such current Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

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

 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
  

 A-4-2 

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

							
	Date: March 1, 2006	 	WORLD OMNI AUTO RECEIVABLES TRUST 2006-A,
			
		 	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee,
				
		 		 	By:	 	 /s/ Elizabeth B. Ferry

		 		 		 	Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: March 1, 2006	 	THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee,
			
		 	By:	 	 /s/ Amanda Froede

		 		 	Authorized Signatory

  

 A-4-3 

 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class A-4 5.03% Asset-Backed Notes (herein called the “Class A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes (collectively, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to the subordination provisions therein. 
 Principal of the Class A-4 Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date”
means the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing April 17, 2006. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Class A-4 Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing not less than 50% of the Outstanding Amount of the Controlling Securities
have declared the Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto. 
 Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to
the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record
Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. 
  

 A-4-4 

 The Issuing Entity shall pay interest on overdue installments of interest at the Class A-4 Interest
Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on
the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of,
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic Documents.

 The Issuing Entity has entered into the Indenture and this Note is issued with the intention that, for federal, state and local income,
single business and franchise tax purposes, the Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder, by acceptance 

  

 A-4-5 

 
of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuing Entity. 
 Prior to the due presentment for registration of transfer of
this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the
Indenture) is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Amount of the Controlling Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the consent of Holders of the Notes issued thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

 This Note and the Indenture shall be construed in accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and
interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
  

 A-4-6 

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

 A-4-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: 
                                       
                                        
         
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
                                       
                                        
         
                     (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        
                                        
                                        
                                , attorney, transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*

  

							
		 	Signature Guaranteed:	 		  	
		 	  
  
	 	*	  	

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

  

 A-4-8 

 EXHIBIT B 
 [FORM OF CLASS B NOTE] 
 THIS NOTE 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. NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR
OTHER TRANSFER IS MADE TO WOAR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A NOTE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE INDENTURE, 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 NOTE 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 INDENTURE TRUSTEE SHALL REQUIRE THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE
INDENTURE TRUSTEE AND WOAR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND WOAR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR
(iii) ABOVE, THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF WOAR, ANY AFFILIATE OF WOAR OR THE INDENTURE TRUSTEE) SATISFACTORY TO WOAR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH
TRANSFER WILL NOT VIOLATE THE 1933 ACT. 
 THIS CLASS B NOTE WILL NOT BE REGISTERED FOR TRANSFER UNLESS THE INDENTURE TRUSTEE RECEIVES EITHER (1) A
REPRESENTATION FROM THE TRANSFEREE OF SUCH CLASS B NOTE TO THE EFFECT THAT SUCH TRANSFEREE NEITHER IS NOR IS ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS, TO A 

  

 B-1 

 
MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A “PLAN”) AND IS NOT USING THE ASSETS OF A PLAN
SUBJECT TO ERISA, THE CODE OR SIMILAR LAW TO INVEST IN THE CLASS B NOTES OR (2) IF THE TRANSFEREE IS A PLAN, OR IS ACTING ON BEHALF OF A PLAN TO INVEST IN THIS CLASS B NOTE, OR IS USING THE ASSETS OF A PLAN TO INVEST IN THIS CLASS B NOTE, AN
OPINION OF COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE TO THE EFFECT THAT EITHER (I) THE CLASS B NOTE WOULD BE TREATED AS INDEBTEDNESS WITHOUT SUBSTANTIAL EQUITY FEATURES OR (II) SUCH TRANSFER WILL NOT RESULT IN THE ASSETS OF THE TRUST BEING
DEEMED TO BE “PLAN ASSETS” OR SUBJECT WORLD OMNI AUTO RECEIVABLES LLC, THE SERVICER, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE INDENTURE, TRUST AGREEMENT, THE SALE AND SERVICING
AGREEMENT AND THE ADMINISTRATION AGREEMENT, INCLUDING ANY LIABILITIES ASSESSED FOR “PROHIBITED TRANSACTIONS” UNDER ERISA, THE CODE OR SIMILAR LAW. ANY PURPORTED TRANSFER OF A CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY OF AN
OPINION OF COUNSEL REFERRED TO IN CLAUSE (2) ABOVE SHALL BE VOID AND OF NO EFFECT. 
 UNLESS COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE SHALL HAVE
RENDERED AN OPINION TO THE EFFECT THAT THE CLASS B NOTES TO BE TRANSFERRED WILL BE CHARACTERIZED AS INDEBTEDNESS FOR UNITED STATES FEDERAL INCOME TAX PURPOSES, NO TRANSFER OF THIS CLASS B NOTE MAY BE MADE TO ANY PERSON WHO IS NOT A UNITED STATES
PERSON (WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE) AND ANY SUCH PURPORTED TRANSFER SHALL BE NULL AND VOID. 
 THE PRINCIPAL OF
THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. 
  

			
	REGISTERED	 	$41,362,000
		
	 No.:1
	 	CUSIP No.: 98152D CA 7  
		
		 	ISIN No.: US98152DCA72
		
		 	CINS No.: ..................   

 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A 
 CLASS B 5.18% ASSET-BACKED NOTES 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-A, a
statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing Entity”), for value received, hereby promises to pay to World Omni Auto Receivables LLC, or registered assigns, the
principal sum of FORTY-ONE MILLION THREE HUNDRED SIXTY- 

  

 B-2 

 
TWO THOUSAND DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is
$41,362,000 and the denominator of which is $41,362,000 by (ii) the aggregate amount, if any, payable from the Note Distribution Account in respect of principal on the Class B Notes pursuant to Section 3.01 of the Indenture
dated as of March 1, 2006 (the “Indenture”), between the Issuing Entity and The Bank of New York, as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the earlier of the December 2012 Payment Date (the “Class B Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01 of the
Indenture. Generally, no payments of principal of the Class B Notes shall be made until the Class A-1, Class A-2, Class A-3 and Class A-4 Notes have been paid in full. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein. 
 The
Issuing Entity will pay interest on this Note at the rate per annum shown above on each Payment Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Payment
Date (after giving effect to all payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for each
Payment Date from and including the most recent Payment Date on which interest has been paid (in the case of the first Payment Date, from the Closing Date) to but excluding such current Payment Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuing Entity with
respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 
  

 B-3 

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

					
	Date: March 1, 2006	 	WORLD OMNI AUTO RECEIVABLES TRUST 2006-A,
			
		 	By:	 	DEUTSCHE BANK TRUST COMPANY DELAWARE, not in its individual capacity but solely as Owner Trustee,
			
		 	By:	 	 /s/ Elizabeth B. Ferry

		 		 	Authorized Signatory

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Notes designated above and referred to in the within-mentioned Indenture. 
  

					
	Date: March 1, 2006	 	THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee,
			
		 	By:	 	 /s/ Amanda Froede

		 		 	Authorized Signatory

 This Note is one of a duly authorized issue of Notes of the Issuing Entity, designated as its
Class B 5.18% Asset-Backed Notes (herein called the “Class B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the Notes. The Class B Notes are subject to all terms of the Indenture. 
 The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class A-4 Notes and the Class B Notes (collectively, the
“Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture and subject to the subordination provisions therein. 
 Principal of the Class B Notes will be payable on each Payment Date in an amount described on the face hereof. “Payment Date” means
the fifteenth day of each month, or, if any such date is not a Business Day, the next succeeding Business Day, commencing April 17, 2006. 
 As described above, the entire unpaid principal amount of this Note shall be due and payable on the Class B Final Scheduled Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable on the date on which an Event of Default shall have occurred and be continuing and the Indenture Trustee or the Holders of Notes representing not less than 50% of the Outstanding Amount of the Controlling Securities have declared the Notes
to be immediately due and payable in the manner provided in Section 5.02 of the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Class B Noteholders entitled thereto. 
 Payments of interest on this Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with
respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency or World Omni Auto Receivables LLC or any of its affiliates, payments will be made by wire transfer in immediately available funds to the account
designated by such person or nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note
on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted by
facsimile prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture
Trustee’s agent appointed for such purposes located in the City of New York. 
  

 B-4 

 The Issuing Entity shall pay interest on overdue installments of interest at the Class B Interest
Rate to the extent lawful. 
 As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note
may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuing Entity pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of
the Note Registrar, which requirements include membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any such registration of transfer or exchange. 
 Each Noteholder or Note Owner, by acceptance of a
Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuing Entity, the Owner Trustee or the Indenture Trustee on
the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuing Entity or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuing Entity, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee or the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will not at any time institute against the Depositor, World Omni or the Issuing Entity, or join in any institution against the Depositor, World Omni or the Issuing Entity of,
any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the Basic
Documents. 
 The Issuing Entity has entered into the Indenture and this Note is issued with the intention that, for federal, state and local
income, single business and franchise tax purposes, the 

  

 B-5 

 
Notes will qualify as indebtedness secured by the Trust Estate. Each Noteholder (other than World Omni Auto Receivables LLC and its affiliates), by
acceptance of a Note (and each Note Owner by acceptance of a beneficial interest in a Note), agrees to treat the Notes for federal, state and local income, single business and franchise tax purposes as indebtedness of the Issuing Entity. 

Prior to the due presentment for registration of transfer of this Note, the Issuing Entity, the Indenture Trustee and any agent of the Issuing Entity
or the Indenture Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuing Entity, the Indenture Trustee or any such agent shall be affected by notice to the contrary. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuing Entity and the rights of the Holders of the Notes under the Indenture at any time by the Issuing
Entity with the consent of the Holders of Notes representing a majority of the Outstanding Amount of all Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the
Outstanding Amount of the Controlling Securities, on behalf of the Holders of all the Notes, to waive compliance by the Issuing Entity with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any
such consent or waiver by the Holder of this Note (or any one or more Predecessor Notes) shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder. 
 The term “Issuing Entity” as used in this Note includes any successor
to the Issuing Entity under the Indenture. 
 The Issuing Entity is permitted by the Indenture, under certain circumstances, to merge or
consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 
 The Notes are issuable only in
registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 
 This Note and the
Indenture shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair
the obligation of the Issuing Entity, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency herein prescribed. 
  

 B-6 

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

 B-7 

 ASSIGNMENT 
 Social Security or taxpayer I.D. or other identifying number of assignee: 
                                       
                                        
         
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto: 
                                       
                                        
         
                     (name and address of assignee) 
 the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
                                        
                                        
                                        
                                , attorney, transfer said Note on the books kept for
registration thereof, with full power of substitution in the premises. 
  

									
	Dated:	 	  
	 		 	  
	 	*

  

							
		 	Signature Guaranteed:	 		  	
		 	  
  
	 	*	  	

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

 EXHIBIT C 
 FORM OF TRANSFEROR CERTIFICATE 
 [DATE] 
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 World Omni Auto Receivables LLC 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
 Re: World Omni Auto Receivables Trust 2006-A Class B Notes 
 Ladies and Gentlemen: 
 In connection with our disposition of
the above-referenced Class B Notes (the “Class B Notes”) we certify that (a) we understand that the Class B Notes have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being
transferred by us in a transaction that is exempt from the registration requirements of the Act and (b) we have not offered or sold any Class B Notes to, or solicited offers to buy any Class B Notes from, any person, or otherwise approached or
negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action which would result in, a violation of Section 5 of the Act. 
  

			
	 Very truly yours,
  
 [NAME OF TRANSFEROR]

		
	By:	 	  

		 	Authorized Officer

  

 C-1 

 EXHIBIT D 
 FORM OF INVESTMENT LETTER 
 The Bank of New York 
 101 Barclay Street 
 Floor 8 West 
 New York, New York 10286 
 World Omni Auto Receivables LLC 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
 Ladies and Gentlemen: 
 In connection with our proposed purchase of Class B Notes (the “Class B Notes”) of World
Omni Auto Receivables Trust 2006-A (the “Issuing Entity”), we confirm that: 
 1. We understand that the
Class B Notes have not been registered under the Securities Act of 1933, as amended (the “1933 Act”), and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of any
accounts for which we are acting as hereinafter stated, (x) that such Class B Notes are being offered only in a transaction not involving any public offering within the meaning of the 1933 Act and (y) that such Class B Notes may be resold,
pledged or transferred only (i) to World Omni Auto Receivables LLC (“WOAR”), (ii) to an “accredited investor” as defined in Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an
“Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless the holder is a bank acting in its fiduciary capacity) that
executes a certificate substantially in the form hereof, (iii) so long as such Class B Note is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule 144A”), to a person whom we reasonably believe after due inquiry is a
“qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”) to whom notice
is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt from the registration requirements of the 1933 Act, in which case the
Indenture Trustee shall require that both the prospective transferor and the prospective transferee certify to the Indenture Trustee and WOAR in writing the facts surrounding such transfer, which certification shall be in form and substance
satisfactory to the Indenture Trustee and WOAR. Except in the case of a transfer described in clauses (i) or (iii) above, the Indenture Trustee shall require that a written opinion of counsel (which will not be at the expense of WOAR, any
affiliate of WOAR or the Indenture Trustee), satisfactory to the Indenture Trustee and WOAR, be delivered to the Indenture Trustee and WOAR to the 

 
effect that such transfer will not violate the 1933 Act, and will be effected in accordance with any applicable securities laws of each state of the United
States. We will notify any purchaser of the Class B Notes from us of the above resale restrictions, if then applicable. We further understand that in connection with any transfer of the Class B Notes by us that the Indenture Trustee and WOAR may
request, and if so requested we will furnish, such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions. 
 2. [CHECK ONE] 
 (a) We are an
Accredited Investor acting for our own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited Investors unless we are a bank acting in its fiduciary capacity). We have such knowledge and
experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the Class B Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or their
investment for an indefinite period of time. We are acquiring the Class B Notes or investment and not with a view to, or for offer and sale in connection with, a public distribution. 
 (b) We are a “qualified institutional buyer” as defined under Rule 144A under the 1933 Act and are acquiring the Class B Notes for our own
account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified institutional buyers”). We are familiar with Rule 144A under the 1933 Act and are aware that the seller of the Class B
Notes and other parties intend to rely on the statements made herein and the exemption from the registration requirements of the 1933 Act provided by Rule 144A. 
 3. We are not (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) a governmental plan (as defined in Section 3(32) of ERISA) subject
to any federal, state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing provisions of ERISA or the Code or (iv) any entity whose underlying assets include plan assets by reason of a
plan’s investment in the entity (each, a “Benefit Plan”), and we hereby acknowledge that no transfer of any Class B Note shall be permitted to be made to any person unless the Indenture 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 Indenture Trustee to the effect that either (A) the Class B Notes will be treated as indebtedness without
substantial equity features or (B) the purchase and holding of any such Class B Note will not constitute or result in the assets of the Trust being deemed to be “plan assets” and subject to the prohibited transaction provisions of
ERISA or Section 4975 of the Code and will not subject the Owner Trustee, the Indenture Trustee, WOAR, or World Omni Financial Corp. to any obligation in addition to those undertaken in the 

  

 B-9 

 
Basic Documents with respect to the Class B Notes (provided, however, that we make no such representation and the Indenture Trustee will not require such
certificate or opinion in the event that, as a result of change of law or otherwise, counsel satisfactory to the Indenture Trustee has rendered an opinion to the effect that either (i) the Class B Note will be treated as indebtedness without
substantial equity features or (ii) the purchase and holding of any such Class B Note by a Benefit Plan or a Person that is purchasing or holding any such Class B Note with the assets of a Benefit Plan will not constitute or result in a
prohibited transaction under ERISA or Section 4975 of the Code). 
 4. Unless counsel satisfactory to the Indenture
Trustee shall have rendered an opinion to the effect that the Class B Notes to be transferred will be characterized as indebtedness for United States federal income tax purposes, we represent that we are a United States Person (within the meaning of
Section 7701(a)(30) of the Internal Revenue Code), and acknowledge that unless the Indenture Trustee shall have received such an opinion, no transfer of any Class B Note shall be permitted to be made to any person who is not a United States
Person and any such purported transfer in violation of these restrictions shall be null and void. 
 5. We understand that the
Indenture Trustee, WOAR and others will rely upon the truth and accuracy of the foregoing acknowledgments, representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us
by our purchase of the Class B Notes, for our own account or for one or more accounts as to each of which we exercise sole investment discretion, are no longer accurate, we shall promptly notify WOAR. 
 6. You are entitled to rely upon this letter and you are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby. 
  

			
	 Very truly yours,
  
 [NAME OF PURCHASER]

		
	 By:
  
	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	  

  

 B-10

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