Document:

EXHIBIT 4.2

 

 

 

INDENTURE

 

 

between

 

 

WORLD OMNI SELECT AUTO TRUST 2021-A,

as Issuing Entity

 

 

and

 

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

 

 

Dated as of September 22, 2021

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	ARTICLE I
	 	 	 
	Definitions and Incorporation by Reference
	 	 	 
	Section 1.01	Definitions	2
	Section 1.02	Incorporation by Reference of Trust Indenture Act	2
	 	 	 
	ARTICLE II
	 	 	 
	The Notes
	 	 	 
	Section 2.01	Form	3
	Section 2.02	Execution, Authentication and Delivery	3
	Section 2.03	Temporary Notes	4
	Section 2.04	Transfer Restrictions on Notes	4
	Section 2.05	Registration; Registration of Transfer and Exchange	7
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	9
	Section 2.07	Persons Deemed Owner	9
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	10
	Section 2.09	Cancellation	11
	Section 2.10	Release of Collateral	11
	Section 2.11	Book-Entry Notes	12
	Section 2.12	Notices to Clearing Agency	12
	Section 2.13	Definitive Notes	13
	Section 2.14	Tax Treatment	13
	Section 2.15	CUSIP Numbers	14
	 	 	 
	ARTICLE III
	 	 	 
	Covenants
	 	 	 
	Section 3.01	Payment of Principal and Interest	14
	Section 3.02	Maintenance of Office or Agency	14
	Section 3.03	Money for Payments to Be Held in Trust	15
	Section 3.04	Existence	16
	Section 3.05	Protection of Trust Estate	16
	Section 3.06	Opinions as to Trust Estate	17
	Section 3.07	Performance of Obligations; Servicing of Receivables	17
	Section 3.08	Negative Covenants	20
	Section 3.09	Annual Statement as to Compliance	20
	Section 3.10	Issuing Entity May Consolidate, etc., Only on Certain Terms	21
	Section 3.11	Successor or Transferee	22

 

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	Section 3.12	No Other Business	22
	Section 3.13	No Borrowing	23
	Section 3.14	Servicer’s Obligations	23
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	23
	Section 3.16	Capital Expenditures	23
	Section 3.17	Removal of Administrator	23
	Section 3.18	Restricted Payments	23
	Section 3.19	Notice of Events of Default	23
	Section 3.20	Further Instruments and Acts	23
	 	 	 
	ARTICLE IV
	 	 	 
	Satisfaction and Discharge
	 	 	 
	Section 4.01	Satisfaction and Discharge of Indenture	24
	Section 4.02	Application of Trust Money	25
	Section 4.03	Repayment of Monies Held by Paying Agent	25
	 	 	 
	ARTICLE V
	 	 	 
	Remedies
	 	 	 
	Section 5.01	Events of Default	25
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	27
	Section 5.04	Remedies; Priorities	29
	Section 5.05	Optional Preservation of the Receivables	31
	Section 5.06	Limitation of Suits	32
	Section 5.07	Unconditional Rights of Noteholders to Receive Principal and Interest	31
	Section 5.08	Restoration of Rights and Remedies	32
	Section 5.09	Rights and Remedies Cumulative	32
	Section 5.10	Delay or Omission Not a Waiver	32
	Section 5.11	Control by Noteholders	32
	Section 5.12	Waiver of Past Defaults	33
	Section 5.13	Undertaking for Costs	33
	Section 5.14	Waiver of Stay or Extension Laws	33
	Section 5.15	Action on Notes	34
	Section 5.16	Performance and Enforcement of Certain Obligations	34
	 	 	 
	ARTICLE VI
	 	 	 
	The Indenture Trustee
	 	 	 
	Section 6.01	Duties of Indenture Trustee	35
	Section 6.02	Rights of Indenture Trustee	36

 

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	Section 6.03	Individual Rights of Indenture Trustee	39
	Section 6.04	Indenture Trustee’s Disclaimer	39
	Section 6.05	Notice of Defaults	40
	Section 6.06	Reports by Indenture Trustee	40
	Section 6.07	Compensation and Indemnity	40
	Section 6.08	Replacement of Indenture Trustee	41
	Section 6.09	Successor Indenture Trustee by Merger	42
	Section 6.10	Appointment of Co-Indenture Trustee or Separate Indenture Trustee	42
	Section 6.11	Eligibility; Disqualification	43
	Section 6.12	Preferential Collection of Claims Against Issuing Entity	44
	Section 6.13	Representations and Warranties of the Indenture Trustee	44
	Section 6.14	Communications Regarding Demands to Repurchase Receivables	45
	 	 	 
	ARTICLE VII
	 	 	 
	Noteholders’ Lists and Reports
	 	 	 
	Section 7.01	Issuing Entity to Furnish Indenture Trustee Names and Addresses of Noteholders	45
	Section 7.02	Preservation of Information; Communications to Noteholders; Noteholder Communications with Indenture Trustee; Communications between Noteholders	46
	Section 7.03	Reports by Issuing Entity	47
	Section 7.04	Reports by Indenture Trustee	48
	Section 7.05	Noteholder Demand for Asset Representations Review	48
	 	 	 
	ARTICLE VIII
	 	 	 
	Accounts, Disbursements and Releases
	 	 	 
	Section 8.01	Collection of Money	49
	Section 8.02	Trust Accounts	50
	Section 8.03	[RESERVED]	52
	Section 8.04	General Provisions Regarding Accounts	52
	Section 8.05	Release of Trust Estate	53
	Section 8.06	Opinion of Counsel	53
	 	 	 
	ARTICLE IX
	 	 	 
	Supplemental Indentures
	 	 	 
	Section 9.01	Supplemental Indentures Without Consent of Noteholders	53
	Section 9.02	Supplemental Indentures with Consent of Noteholders	55
	Section 9.03	Execution of Supplemental Indentures	57
	Section 9.04	Effect of Supplemental Indenture	57
	Section 9.05	Conformity with Trust Indenture Act	57

 

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	Section 9.06	Reference in Notes to Supplemental Indentures	57
	 	 	 
	ARTICLE X
	 	 	 
	Redemption of Notes
	 	 	 
	Section 10.01	Redemption	57
	Section 10.02	Form of Redemption Notice	58
	Section 10.03	Notes Payable on Redemption Date	58
	 	 	 
	ARTICLE XI
	 	 	 
	Miscellaneous
	 	 	 
	Section 11.01	Compliance Certificates and Opinions, etc.	59
	Section 11.02	Form of Documents Delivered to Indenture Trustee	60
	Section 11.03	Acts of Noteholders	61
	Section 11.04	Notices, etc., to Indenture Trustee, Issuing Entity and Rating Agencies	62
	Section 11.05	Notices to Noteholders; Waiver	63
	Section 11.06	Alternate Payment and Notice Provisions	63
	Section 11.07	Conflict with Trust Indenture Act	64
	Section 11.08	Effect of Headings and Table of Contents	64
	Section 11.09	Successors and Assigns	64
	Section 11.10	Severability	64
	Section 11.11	Benefits of Indenture	64
	Section 11.12	Legal Holidays	64
	Section 11.13	GOVERNING LAW; JURISDICTION	64
	Section 11.14	Counterparts; Electronic Signatures	65
	Section 11.15	Recording of Indenture	65
	Section 11.16	Trust Obligation	65
	Section 11.17	No Petition	66
	Section 11.18	Inspection	66
	Section 11.19	Waiver of Jury Trial	67
	 	 	 
	ARTICLE XII
	 	 	 
	COMPLIANCE WITH REGULATION AB
	 	 	 
	Section 12.01	Intent of the Parties; Reasonableness	67
	Section 12.02	Additional Representations and Warranties of the Indenture Trustee	67
	Section 12.03	Information to Be Provided by the Indenture Trustee	68
	Section 12.04	Regulation AB Reports by Indenture Trustee

         
	69

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

 

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THIS INDENTURE dated as of September 22,
2021 (as it may be amended and supplemented from time to time, this “Indenture”) is between WORLD OMNI SELECT AUTO
TRUST 2021-A, a Delaware statutory trust (the “Issuing Entity”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national
banking association, as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1 0.09567%
Asset-Backed Notes (the “Class A-1 Notes”), Class A-2 0.29% Asset-Backed Notes (the “Class A-2
Notes”), Class A-3 0.53% Asset-Backed Notes (the “Class A-3 Notes”), Class B 0.85% Asset-Backed
Notes (the “Class B Notes”), Class C 1.09% Asset-Backed Notes (the “Class C Notes”),
Class D 1.44% Asset-Backed Notes (the “Class D Notes”) and Class E Asset-Backed Notes (the “Class E
Notes” and, together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes,
the Class C Notes and the Class D Notes, the “Notes”):

 

GRANTING CLAUSE

 

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

 

    

     

    

 

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

 

The Indenture Trustee, as Indenture
Trustee on behalf of the Holders of the Notes, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the
provisions of this Indenture and agrees to perform its duties required in this Indenture in accordance with the provisions of this Indenture.

 

ARTICLE I

 

Definitions
and Incorporation by Reference

 

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

 

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

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

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

 

ARTICLE II

 

The
Notes

 

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

 

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

 

Each Note shall be dated the
date of its authentication. The terms of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit B,
Exhibit C, Exhibit D and Exhibit E 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 receipt of an Issuing Entity Order authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount
of $181,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $366,000,000, Class A-3 Notes for original
issue in an aggregate principal amount of $270,050,000, Class B Notes for original issue in an aggregate principal amount of $61,020,000,
Class C Notes for original issue in an aggregate principal amount of $61,020,000, Class D Notes for original issue in an aggregate
principal amount of $47,750,000 and Class E Notes for original issue in an aggregate principal amount of $21,220,000. The aggregate
principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes, Class D
Notes and Class E Notes outstanding at any time may not exceed such respective amounts except as provided in Section 2.06.

 

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Each Note shall be dated the
date of its authentication. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes
and Class D Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples of $1,000, and
the Class E Notes shall be issuable in the minimum denominations of $250,000 and integral multiples of $1,000; provided, that
the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04.

 

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

 

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

 

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

 

Section 2.04     Transfer
Restrictions on Notes.

 

(a) As
of the date of this Indenture, the Retained Notes have not been registered under the Securities Act and will not be listed on any exchange.
Unless and until such Notes have been sold pursuant to a transaction registered under the Securities Act, no transfer of such a Note
shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and any applicable
state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. Except
in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate thereof, in the event that
a transfer is to be made in reliance upon an exemption from the Securities Act and state securities laws, in order to assure compliance
with the Securities Act and such laws, the Noteholder desiring to effect such transfer and such Noteholder’s prospective transferee
shall each certify to the Issuing Entity, the Indenture Trustee and WOAR in writing the facts surrounding the transfer in substantially
the forms set forth in Exhibit H (the “Transferor Certificate”) and Exhibit I (the “Investment
Letter”). Except in a transfer pursuant to Rule 144A or a transfer to the Depositor or by the Depositor to an Affiliate
thereof, there shall also be delivered to the Issuing Entity and the Indenture Trustee an Opinion of Counsel that such transfer may be
made pursuant to an exemption from the Securities Act, which Opinion of Counsel shall not be an expense of the Trust, the Owner Trustee
or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of WOAR or World Omni. WOAR shall
provide to any Noteholder and any prospective transferee designated by any such Noteholder information regarding the Retained Notes and
the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for
transfer of any such Retained Notes without registration thereof under the Securities Act pursuant to the registration exemption provided
by Rule 144A. Each Noteholder desiring to effect such a transfer shall, and does hereby agree to, indemnify the Issuing Entity,
the Owner Trustee, the Indenture Trustee, WOAR and World Omni (in any capacity) against any liability that may result if the transfer
is not so exempt or is not made in accordance with federal and state securities laws.

 

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(b) (i) Sale,
pledge or transfer of a Retained Note may not be made to a Plan, each purchaser, transferee and owner of a beneficial interest in a Retained
Note will be deemed to represent that it is not a Plan; (ii) sale, pledge or transfer of a Retained Note may only be made to a Person
who is a “United States person” (within the meaning of Section 7701(a)(30) of the Internal Revenue Code of 1986, as
amended (the “Code”)); and (iii) no sale, pledge, or transfer of a Retained Note shall be made (x) to any
one person in an amount less than $2,000,000 (or such other amount as the Depositor may determine in order to prevent the Issuing Entity
from being treated as a “publicly traded partnership” under Section 7704 of the Code), or (y) to a Special Pass-Through
Entity, in each case under this clause (iii), unless (A) an Opinion of Counsel satisfactory to the Indenture Trustee and the Depositor
that such sale, pledge, or transfer shall not cause the Issuing Entity to be treated as an association (or publicly traded partnership),
in either case, taxable as a corporation for U.S. federal income tax purposes shall have been delivered to the Indenture Trustee and
the Depositor and (B) the Depositor shall have provided prior written approval; provided, however, that the restrictions
in Section 2.04(b)(i) (as such restriction relates to a Retained Note other than a Class E Note) and Sections
2.04(b)(ii) and (iii) above shall not continue to apply to such Retained Notes (covered by the opinion described
in this clause) in the event counsel satisfactory to the Indenture Trustee and the Depositor has rendered an Opinion of Counsel, with
respect to the sale, pledge or transfer by the Depositor or an Affiliate thereof, to the effect that the Retained Notes to be sold, pledged,
or transferred will be characterized as indebtedness for U.S. federal income tax purposes (a “Debt Opinion”). Any
transferee, other than the Depositor or an Affiliate thereof, acquiring a Retained Note or an interest therein shall be deemed to have
made the representations set forth in Section 2.14 (as if Section 2.14(a) applied to the Retained Notes). Any attempted
sale, pledge or other transfer in contravention of this Section 2.04(b) will be void ab initio and the purported transferor
will continue to be treated as the owner of the Retained Note.

 

For the
purposes of this Section 2.04(b), “Special Pass-Through Entity” means a grantor trust, S corporation, or partnership
(as determined, in each case, for U.S. federal income tax purposes) where more than 50% of the value of any beneficial owner’s
interest in such pass through entity is attributable to the pass-through entity’s interest in the Retained Note.

 

(c) [Reserved].

 

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(d) By
acquiring a Note (other than a Class E Note), each initial purchaser, transferee and owner of a beneficial interest in such Note
will be deemed to represent that either (1) it is not acquiring such Note with the assets of any Plan or (2) the acquisition
and holding of such Note will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code or a violation of Similar Law. Each Note (other than a Class E Note) will bear a legend reflecting such deemed representation.
By acquiring a Class E Note, each initial purchaser, transferee and owner of a beneficial interest in such Class E Note will
be deemed to represent that it is not acquiring such Class E Note with the assets of any Plan. Notwithstanding any provision herein,
a Retained Note (other than a Class E Note) may be acquired with the assets of any Plan only if such Retained Note is the subject
of a Debt Opinion.

 

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

 

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

 

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(ii)            it
is a “qualified institutional buyer” as defined under Rule 144A under the Securities Act and is acquiring such Notes
for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are “qualified
institutional buyers”). It is familiar with Rule 144A under the Securities Act and is aware that the seller of such Notes
and other parties intend to rely on the foregoing representations, warranties and acknowledgements and the exemption from the registration
requirements of the Securities Act provided by Rule 144A;

 

(iii)           [Reserved];

 

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

 

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

 

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

 

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

 

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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.

 

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, the Indenture
Trustee 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.

 

The
Indenture Trustee (in any capacity) shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

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Neither
the Indenture Trustee (in any capacity) nor any agent of the Indenture Trustee shall have any responsibility for any actions taken or
not taken by DTC.

 

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

 

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

 

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.

 

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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 B Notes, the Class C Notes and the
Class D 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 B Interest Rate, the Class C Interest Rate and
the Class D 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) and (d), as applicable, subject to Section 3.01. The
Class E Notes will not bear an Interest Rate, and will not accrue interest during any Interest Accrual Period, and therefore,
no interest will be payable with respect to such Notes. Interest on the Class A-2 Notes, the Class A-3 Notes, the
Class B Notes, the Class C Notes and the Class D 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 applicable 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. However, if any Class A-1 Notes remain outstanding
after the September 2022 Payment Date, (a)(i) any accrued and unpaid interest on the Class A-1 Notes for the Interest Accrual
Period with respect to the Special Payment Date (including, without limitation, the amount of any Class A Noteholders’ Interest
Distributable Amount due and payable to the Holders of the Class A-1 Notes on the Special Payment Date), and (ii) any outstanding
principal of the Class A-1 Notes, will in each case be due and payable to the Holders of the Class A-1 Notes on the Special Payment Date, and (b) a special
Record Date of October 13, 2022 will apply for the Class A-1 Notes and the Special Payment Date. Any such amounts described
in clause (a) in the immediately preceding sentence will be
payable from Available Funds for the regularly scheduled October 2022 Payment Date.
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 or wire transfer to such Person’s address or designated account as it appears on the Note Register on
such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.13, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.)
or WOAR or any of its Affiliates, payment will be made by wire transfer in immediately available funds to the account designated by
such person or nominee and except for the final installment of principal payable with respect to such Note on a Payment Date or on
the applicable Final Scheduled Payment Date for such Class (and except for the Redemption Price for any Note called for
redemption pursuant to Section 10.01) which shall be payable as provided below. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.03.

 

(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.

 

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

 

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

 

Section 2.09     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.
The Indenture Trustee shall issue a certificate of destruction to the Issuing Entity for all cancelled Notes that have been disposed
of.

 

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 of the Issuing
Entity, an Opinion of Counsel and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) or
an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 2.13     Definitive
Notes. Any Retained Notes, upon original issuance, will be in the form of Definitive Notes, but, at the request of all of the holders
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, Owners
of the Book-Entry Notes representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Controlling
Securities advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of such Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee
of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing
Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing
Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture
Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

 

Section 2.14     Tax
Treatment.

 

(a) The
Issuing Entity has entered into this Indenture, and the Notes will be issued, with the intention that, for U.S. federal, state and local
income and franchise tax purposes, the Notes (other than any Retained Notes) will be characterized as indebtedness. The Issuing Entity,
by entering into this Indenture, agrees to treat the Notes (other than Notes owned by an entity whose separate existence from the Issuing
Entity is disregarded for U.S. federal income tax purposes) for U.S. federal, state and local income and franchise tax purposes, as indebtedness.
Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance of an interest in the applicable Book-Entry Note
or Definitive Note, other than, in either case (and with respect solely to Notes owned by it), a Noteholder or Note Owner that is an
entity whose separate existence from the Issuing Entity is disregarded for U.S. federal income tax purposes, agrees to treat the Notes
for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

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

  

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

 

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

 

ARTICLE III

 

Covenants

 

Section 3.01     Payment
of Principal and Interest. The Issuing Entity will duly and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with Section 8.02(c),
the Issuing Entity will cause to be distributed all amounts on deposit in the Note Distribution Account and allocated for distribution
to the Noteholders on a Payment Date pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes,
to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for
the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class B Notes, to the
Class B Noteholders, (v) for the benefit of the Class C Notes, to the Class C Noteholders, (vi) for the benefit
of the Class D Notes, to the Class D Noteholders and (vii) for the benefit of the Class E Notes, to the Class E
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 an office or agency where Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. Such
office or agency will initially be at 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.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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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.

 

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;

 

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(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

 

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

 

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

 

Section 3.06     Opinions
as to Trust Estate.

 

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

 

(b) On
or before April 30, in each calendar year, beginning in 2022, 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.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.09     Annual
Statement as to Compliance. The Issuing Entity will deliver to the Indenture Trustee within 120 days after the end of each fiscal
year of the Issuing Entity (commencing with the fiscal year 2021), an Officer’s Certificate stating, as to the Authorized Officer
signing such Officer’s Certificate, that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a) Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), World Omni
Select Auto Trust 2021-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 Select Auto Trust 2021-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 Closing
Date, the Issuing Entity shall not fund the purchase of any new Contracts.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE IV

 

Satisfaction
and Discharge

 

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

 

(A) either:

 

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

 

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

 

(I) have
become due and payable, or

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V

 

Remedies

 

Section 5.01     Events
of Default.

 

(a)            “Event
of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and,
subject to Sections 5.01(a)(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 of the Controlling Securities when the same becomes due and payable, and such default shall
continue for a period of five Business Days; or

 

(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 Redemption Date; or

 

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(iii)     material
default in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant
or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant hereto
or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and
such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty
was incorrect shall not have been eliminated or otherwise cured, for a period of 90 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, (i) if any delay in or failure of performance referred to in clauses (a)(i) above shall have been
caused by Force Majeure, the five Business Day grace period referred to in such clause (a)(i) shall be extended for an
additional 30 days, (ii)  if any delay in or failure of performance referred to under clause (a)(ii) above shall
have been caused by Force Majeure, such failure or delay referred to in such clause (a)(ii) shall not constitute an
Event of Default for an additional 30 days and (iii) if any delay in or failure of performance referred to in clause
(a)(iii) shall have been caused by Force Majeure, the 90 day grace period referred to in such clause
(a)(iii) shall be extended for an additional 30 days. Upon the occurrence of any such event, each of the Issuing Entity and
the Indenture Trustee, as applicable, shall not be relieved from using its best efforts to perform its obligations in a timely
manner in accordance with the terms of this Indenture and the Issuing Entity or the Indenture Trustee, as applicable, shall provide
the Indenture Trustee (if such delay or failure is a result of a delay or failure by the Issuing Entity), the Owner Trustee, the
Noteholders and the Certificateholders prompt notice of such failure or delay by it, together with a description of its efforts to
so perform its obligations.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(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;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.04     Remedies;
Priorities.

 

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

 

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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(a)(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 deposit such money or property
to the Collection Account as Collections to be applied pursuant to Article V of the Sale and Servicing
Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Subject to Section 5.06(v),
in the event the Indenture Trustee shall receive, in connection with Sections 5.06(ii) and (iii), conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Amount
of the Controlling Securities, the Indenture Trustee shall act at the direction of the group of Holders of Notes representing the greater
Outstanding Amount of Controlling Securities. If the Indenture Trustee receives, in connection with this Section 5.06, conflicting
or inconsistent requests and indemnity from two or more groups of Holders of Notes representing an equal Outstanding Amount of the Controlling
Securities, the Indenture Trustee shall notify the applicable Holders of Notes and request a joint direction regarding 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 at least a majority of the Outstanding Amount of the Controlling Securities shall have the right to
direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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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, at the direction of the Holders of a majority of the Outstanding Amount of the
Controlling Securities, shall request to compel or secure the performance and observance by the Depositor or the Servicer, as
applicable, of each of their obligations to the Issuing Entity under or in connection with the Sale and Servicing Agreement or by
the Depositor or the Servicer, as applicable, of each of their obligations under or in connection with the Receivables Purchase
Agreement, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuing Entity under or in
connection with the Sale and Servicing Agreement to the extent and in the manner directed by the Indenture Trustee, at the direction
of the Holders of a majority of the Outstanding Amount of the Controlling Securities, including the transmission of notices of
default under the Sale and Servicing Agreement on the part of the Depositor or the Servicer thereunder and the institution of legal
or administrative actions or proceedings to compel or secure performance by the Depositor or the Servicer of each of their
obligations under the Sale and Servicing Agreement.

 

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

 

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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 or any other document against the Indenture Trustee; and

 

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

 

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

 

(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 from a majority of the Outstanding Amount of the Controlling Securities in accordance with the terms of this Indenture.

 

(d) Every
provision of this Indenture that in any way relates to the Indenture Trustee is subject to this Article VI.

 

(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 Article VI and to the provisions of the TIA.

 

(i) 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 or to monitor the
status of any lien or the performance of the Collateral, (ii) to see to any insurance or (iii) to see to the payment or
discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to,
assessed or levied against, any part of the Collateral.

 

(j) The
Indenture Trustee shall not be charged with knowledge of any Default, Event of Default or breach of representation or warranty, or
be required to act thereon, unless either (1) a Responsible Officer shall have actual knowledge of such Default, Event of
Default or breach of representation or warranty or (2) written notice of such Default, Event of Default or breach of
representation or warranty shall have been given to such Indenture Trustee in accordance with the provisions of this Indenture.
Except as expressly set forth in the Basic Documents, the Indenture Trustee shall have no obligation to take any action to determine
whether any such default or event has occurred. For the avoidance of doubt, receipt by the Indenture Trustee of a Review Report
shall not constitute actual knowledge of any breach of representation or warranty.

 

Section 6.02     Rights
of Indenture Trustee.

 

(a) The
Indenture Trustee, in the absence of bad faith, may conclusively rely on, and need not investigate any fact or matter stated in, any
document (including any such document delivered in electronic format) reasonably believed by it to be genuine and to have been
signed or presented by the proper person. Except as expressly stated herein or in the other Basic Documents, the Indenture Trustee
need not investigate or re-calculate, evaluate, certify, verify or independently determine the accuracy of any information, report,
certificate, statement, representation or warranty or any fact or matter stated in any such document and may conclusively rely as to
the truth of the statements and the accuracy of the information therein.

 

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

 

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

 

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

 

(e) The
Indenture Trustee may consult with counsel, accountants, and experts of its own selection, and the advice or opinion of counsel,
accountants, or experts with respect to legal, accounting, or matters relating to this Indenture and the Notes or any related
document 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, accountant, or expert.

 

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

 

(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 judgment against such cost, expense or liability as a condition to taking any such action. In no event shall the
Indenture Trustee have any responsibility to monitor World Omni’s compliance with or be charged with knowledge of the
requirements of Regulation RR or the Credit Risk Retention Rules, the Securitisation Rules or the Securitisation Regulations,
nor shall it be liable to any Noteholder, Certificateholder, or any party whatsoever for violation of such rules or
requirements or such similar provisions now or hereafter in effect.

 

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(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 and in each document to which it is a party.

 

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

 

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

 

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

 

(m) In
order to comply with Applicable Law, the Indenture Trustee is required to obtain, verify and record certain information relating to
individuals and entities which maintain a business relationship with the Indenture Trustee. Accordingly, each of the parties agrees
to provide to the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as
may be reasonably available for such party in order to enable the Indenture Trustee to comply with such Applicable Law.

 

(n) Each
Holder, by its acceptance of a Note hereunder, represents that it has, independently and without reliance upon the Indenture Trustee
or any other Person, and based on such documents and information as it has deemed appropriate, made its own investment decision in
respect of the Notes. Each Holder also represents that it will, independently and without reliance upon the Indenture Trustee or any
other Person, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
decisions in taking or not taking action under this Indenture or any other document and in connection with the Notes. Except for
notices, reports and other documents expressly required to be furnished to the Holders by the Indenture Trustee hereunder, the
Indenture Trustee shall not have any duty or responsibility to provide any Holder with any other information concerning the Issuing
Entity, the Servicer or any other parties to any related documents which may come into the possession of the Indenture Trustee or
any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

 

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(o) The
Indenture Trustee may, from time to time, reasonably request that the Issuing Entity, the Administrator, the Servicer and any other
applicable party deliver a certificate (upon which the Indenture Trustee may conclusively rely) setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or any related
document together with a specimen signature of such authorized officers and the Indenture Trustee shall be entitled to conclusively
rely on the then current certificate until receipt of a superseding certificate.

 

(p) The
Indenture Trustee shall not be required to take any action it is directed to take under this Indenture if the Indenture Trustee
reasonably determines in good faith that the action so directed would involve the Indenture Trustee in personal liability, would
violate the rights of the non-directing Noteholders, or is contrary to applicable law or inconsistent with this Indenture or other
Basic Documents.

 

(q) The
Indenture Trustee shall not be liable for any action or inaction of the Issuing Entity, Servicer, Depositor, or any other party (or
agent thereof) to this Indenture or any related document and may assume compliance by such parties with their obligations under this
Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall have actual knowledge or received
written notice to the contrary at the Corporate Trust Office of the Indenture Trustee.

 

(r) Knowledge
of the Indenture Trustee shall not be attributed or imputed to Wilmington Trust, National Association’s other roles in the
transaction and knowledge of any Paying Agent, Note Registrar, Securities Intermediary, Certificate Registrar shall not be
attributed or imputed to each other or to the Indenture Trustee (in either case, other than those where the roles are performed by
the same group or division within Wilmington Trust, National Association or otherwise share the same Responsible Officers), or any
affiliate, line of business, or other division of Wilmington Trust, National Association (and vice versa).

 

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 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.

 

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

 

Section 6.06     Reports
by Indenture Trustee. The Indenture Trustee shall make available to each Noteholder such information as may be required to enable
such holder to prepare its federal and state income tax returns. On or before each Payment Date, the Indenture Trustee will post
a copy of the statement or statements provided to the Indenture Trustee by the Servicer pursuant to Section 5.08 of the Sale
and Servicing Agreement with respect to the applicable Payment Date on its internet website promptly following its receipt thereof, for
the benefit of the Noteholders. The Indenture Trustee’s internet website shall initially be located at www.wilmingtontrustconnect.com.
Assistance in using the website can be obtained by calling the Indenture Trustee’s bondholder services group at 866-829-1928. The
Indenture Trustee may change the way the statements and information are posted or distributed in order to make such distribution more
convenient and/or accessible for such Noteholders, and the Indenture Trustee shall provide on the website timely and adequate notification
to all parties regarding any such change.

 

Section 6.07     Compensation
and Indemnity. The Issuing Entity shall, or shall cause the Administrator to, pursuant to the Administration Agreement, pay to the
Indenture Trustee from time to time reasonable compensation for its services as agreed in writing. 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 in connection with
the administration of this Indenture and performance of its duties hereunder, including costs of collection, in addition to the compensation
for its services. Such expenses shall include the reasonable and documented compensation and expenses, disbursements and advances of
the Indenture Trustee’s agents, counsel, accountants and experts; provided, that, reimbursement for expenses and
disbursements of any legal counsel to the Indenture Trustee, in connection with the closing of the transactions described in the Basic
Documents, shall be subject to any limitations separately agreed upon before the Closing Date between the Administrator and the Indenture
Trustee. The Issuing Entity shall, or shall cause the Administrator to, pursuant to the Administration Agreement, indemnify the Indenture
Trustee against any and all loss, liability, claim, damage or expense (including reasonable and documented legal fees and expenses and
including, without limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including any action,
claim or suit brought) by the Indenture Trustee of any indemnification or other obligation of the Issuing Entity or the Administrator)
incurred by it in connection with the administration of this Indenture and the performance of its duties hereunder. The Indenture Trustee
shall notify the Issuing Entity and the Administrator promptly of any claim of which the Indenture Trustee has received written notice
for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuing Entity and the Administrator shall not relieve
the Issuing Entity or the Administrator of its obligations hereunder. The Issuing Entity shall, or shall cause the Administrator to,
defend any such claim, and the Indenture Trustee may have separate counsel and the Issuing Entity shall, or shall cause the Administrator
to, pay the fees and expenses of such counsel. Neither the Issuing Entity nor the Administrator need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct,
negligence or bad faith.

 

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

 

Section 6.08     Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. The
Indenture Trustee may resign at any time with thirty days’ prior written notice by so notifying the Issuing Entity. The Indenture
Trustee shall resign following the occurrence of an Event of Default if required by Section 310 of the TIA. The Holders of
at least a majority of the Outstanding Amount of the Controlling Securities may remove the Indenture Trustee by providing 30 days’
prior written notice to 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 as such under the Basic Documents or if acting would result in a violation of
applicable law (including, without limitation, ERISA).

 

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

 

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

 

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

 

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

 

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

 

Section 6.09     Successor
Indenture Trustee by Merger. If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee; provided, that such corporation or banking association
shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Depositor (who shall
promptly provide such notice to the Rating Agencies) written notice of any such transaction (no later than at such time the Indenture
Trustee is required to make such information public).

 

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 Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders,
such title to the Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to
Noteholders of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.11     Eligibility;
Disqualification. The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a). The Indenture Trustee
shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition,
and the time deposits of the Indenture Trustee shall be rated at least A-1 by S&P Global Ratings and F1 or A by Fitch. The Indenture
Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9);
provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures
under which other securities of the Issuing Entity are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are
met. Notwithstanding any other provision herein or any other Basic Document to the contrary, the Indenture Trustee shall be disqualified,
at any time, if acting as such under the Basic Documents would result in a violation of applicable law (including, without limitation,
ERISA).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 6.14     Communications
Regarding Demands to Repurchase Receivables. The Indenture Trustee shall provide prompt notice to World Omni and the Depositor of
all demands received by a Responsible Officer of the Indenture Trustee for the repurchase or replacement of any Receivable for breach
of the representations and warranties concerning such Receivable. The Indenture Trustee shall, upon written request and at the sole cost
and expense of either World Omni or the Depositor, provide (x) notification to World Omni and the Depositor with respect to any
actions taken by the Indenture Trustee or determinations made by the Indenture Trustee, in each case with respect to any such demand
communicated to the Indenture Trustee in respect of any Receivables, and (y) any other records or information related to such demand
reasonably requested by World Omni or the Depositor, as applicable, that is in the Indenture Trustee’s possession and reasonably
accessible to it, such notifications to be provided by the Indenture Trustee as soon as practicable and in any event within five (5) Business
Days of such request or such other time frame as may be mutually agreed to by the Indenture Trustee and World Omni or the Depositor,
as applicable. Such notices shall be provided to World Omni and the Depositor at 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442,
Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address or by such other means of communication as may be specified
by World Omni or the Depositor to the Indenture Trustee from time to time. The Indenture Trustee and the Issuing Entity acknowledge and
agree that the purpose of this Section 6.14 is to facilitate compliance by World Omni and the Depositor with Rule 15Ga-1
under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and
Regulations”). The Indenture Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and
Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by World
Omni and the Depositor in good faith for delivery of information accessible by the Indenture Trustee under these provisions on the basis
of evolving interpretations of the Repurchase Rules and Regulations. The Indenture Trustee shall cooperate fully with World Omni
and the Depositor to deliver any and all records and any other information reasonably available to it and necessary in the good faith
determination of World Omni and the Depositor to permit them to comply with the provisions of Repurchase Rules and Regulations.
In no event shall the Indenture Trustee have any responsibility or liability in connection with any filing required to be made by a securitizer
under the Exchange Act or Regulation AB, and except as required by the express terms of the other Basic Documents, nor shall the Indenture
Trustee have any duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any
additional duties or responsibilities in respect of this Indenture.

 

ARTICLE VII

 

Noteholders’
Lists and Reports

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.03     Reports
by Issuing Entity.

 

(a) The
Issuing Entity shall:

 

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

 

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

 

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

 

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

 

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

 

Section 7.04     Reports
by Indenture Trustee. If required by TIA § 313(a), within 60 days after each February 1, beginning with
February 1, 2022, the Indenture Trustee shall make available to each Noteholder as required by TIA § 313(c) a
brief report dated as of such date that complies with TIA § 313(a). The Indenture Trustee also shall comply with TIA
 § 313(b). As required by TIA § 313(d), a copy of each report at the time of its transmission to Noteholders
shall be filed by the Indenture Trustee with the Commission and each stock exchange, if any, on which the Notes are listed. The
Issuing Entity shall notify the Indenture Trustee if and when the Notes are listed on any stock exchange or delisted
therefrom.

 

Section 7.05     Noteholder
Demand for Asset Representations Review.

 

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

 

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

 

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

 

(d) The
Indenture Trustee shall cooperate with the Asset Representations Reviewer in the event a Review is commenced pursuant to this Section 7.05 and
shall provide the Asset Representations Reviewer with any documents or other information in its possession and requested by the
Asset Representations Reviewer in connection with the Review. The Indenture Trustee shall have no obligation to obtain missing
information from any other party or source; provided, however, that the Indenture Trustee shall promptly forward any
requests for information not available to it to the Servicer and the Depositor.

 

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

 

ARTICLE VIII

 

Accounts,
Disbursements and Releases

 

Section 8.01     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.

 

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Section 8.02     Trust
Accounts.

 

(a) On
or prior to the Closing Date, for the benefit of the Noteholders and the Certificateholders, as applicable, the Issuing Entity shall
cause the Servicer to establish and maintain with the Indenture Trustee and in the name of the Issuing Entity, bearing a designation
clearly indicating that funds deposited therein are held for the benefit of the Noteholders and the Certificateholders, as
applicable, the Trust Accounts as provided in Section 5.01 of the Sale and Servicing Agreement.

 

(b) On
or before each Payment Date, in accordance with the instructions of the Servicer, based on the information contained in the
Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 of the Sale
and Servicing Agreement, the Indenture Trustee shall make all withdrawals and deposits to the Collection Account, Note Distribution
Account and Reserve Account and shall make all distributions to Certificateholders in accordance with Sections 5.06 and 5.07
of the Sale and Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

(v)     to
the Holders of the Class A Notes, the Class B Notes, the Class C Notes, the Class D Notes and the Class E 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, Class B
Notes, Class C Notes, the Class D Notes and the Class E Notes in the following order of priority:

 

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(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 B Notes until they are paid in full; then

 

(E) to
the Class C Notes until they are paid in full; then

 

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

 

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

 

If any Class A-1 Notes
remain outstanding after the September 2022 Payment Date, any accrued and unpaid interest on, and any outstanding principal of,
the Class A-1 Notes will be due on the and payable on the Special Payment Date, and a special Record Date of October 13, 2022
will apply for the Class A-1 Notes and the Special Payment Date. Such Amounts will be payable to the Holders of the Class A-1
Notes from Available Funds for the regularly scheduled October 2022 Payment Date. 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, in accordance with the instructions
of the Servicer, based on the information contained in the Servicer’s Certificate delivered on the related Payment Determination
Date pursuant to Section 4.09 of the Sale and Servicing Agreement, the Indenture Trustee shall apply funds from the Reserve
Account to repay the Outstanding Amount of such Class or Classes 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, 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
and the Class A-3 Notes, pro rata, until paid in full; (iii) to the Holders of the Class B Notes, all amounts
allocated to such Holders in respect of interest on the Class B Notes; (iv) to the Holders of the Class B Notes, all
amounts allocated to such Holders in respect of principal on the Class B Notes, until paid in full; (v) to the Holders of
the Class C Notes, all amounts allocated to such Holders in respect of interest on the Class C Notes; (vi) to the
Holders of the Class C Notes, all amounts allocated to such Holders in respect of principal on the Class C Notes, until
paid in full; (vii) to the Holders of the Class D Notes, all amounts allocated to such Holders in respect of interest on
the Class D Notes; (viii) to the Holders of the Class D Notes, all amounts allocated to such Holders in respect of
principal on the Class D Notes, until paid in full; and (ix) to the Holders of the Class E Notes, all amounts
allocated to such Holders in respect of principal on the Class E Notes, until paid in full. If the Outstanding Amount of any
Class of Notes remains greater than zero after application of clauses (i), (ii), (iii), (iv), (v),
(vi), (vii), (viii), and (ix) 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.

 

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Section 8.03     [RESERVED].

 

Section 8.04     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 (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing
Entity (or Servicer on its behalf), and reinvested by the Indenture Trustee subject to the provisions of Section 5.01(b) of
the Sale and Servicing Agreement. All income or other gain from investments of monies deposited in the Trust Accounts shall be
deposited by the Indenture Trustee in the Collection Account, and any loss resulting from such investments shall be charged to such
account. The Issuing Entity will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held
in any Trust Account unless the security interest Granted and perfected in such account will continue to be perfected in such
investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any
direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuing Entity
shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. The Indenture
Trustee will make available to the Servicer monthly cash transaction statements which include detail for all investment transactions
effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on its behalf).  Such
statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided only upon
request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture
Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable
broker. Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

 

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

 

(c) If
(i) the Issuing Entity (or the Servicer on its behalf) shall have failed to give investment directions for any funds on deposit
in the Trust Accounts to the Indenture Trustee by such time as may be agreed by the Issuing Entity and Indenture Trustee on any
Business Day, (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes
shall not have been declared due and payable pursuant to Section 5.02 or (iii) 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 one or more Eligible Investments as specified in the
most recent investment directions received from the Issuing Entity (or the Servicer on its behalf), or in the absence thereof, or
unavailability of such specified investments, such funds shall remain uninvested.

 

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Section 8.05     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 8.05(b) only upon receipt of an Issuing
Entity Request accompanied by an Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and (if required by the
TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable
requirements of Section 11.01.

 

Section 8.06     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 8.05(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also
require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the
legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the
taking of such action have been complied with and such action will not materially and adversely impair the security for the Notes or
the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however, that such Opinion
of Counsel shall not be required to express an opinion as to the fair value of the Trust Estate. Counsel rendering any such opinion may
rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

 

ARTICLE IX

 

Supplemental
Indentures

 

Section 9.01     Supplemental
Indentures Without Consent of Noteholders.

 

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

 

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(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;

 

(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;

 

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

 

(ix)     to
further prevent or help avoid the application to the Notes of the Treasury Regulations (or other interpretive guidance) issued under
Section 385 of the Code.

 

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

 

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

 

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

 

Section 9.02     Supplemental
Indentures with Consent of Noteholders.

 

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

 

(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 shall be entitled to receive and conclusively rely upon an Officer’s Certificate certifying as to whether or
not any Notes would be affected by any supplemental indenture and any such determination shall be conclusive upon the Holders of all
Notes, whether theretofore or thereafter authenticated and delivered hereunder. The Indenture Trustee shall not be liable for any
such determination made in good faith.

 

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

 

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

 

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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 and that all conditions precedent under
this Indenture for the execution of the supplemental indenture have been complied with. The Indenture Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities
under this Indenture or otherwise.

 

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

 

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

 

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

 

ARTICLE X

 

Redemption
of Notes

 

Section 10.01     Redemption.
The outstanding Notes are subject to redemption in whole, but not in part, at the direction of the Servicer pursuant to Section 9.01(a) of
the Sale and Servicing Agreement, on any Payment Date on which the Servicer exercises its option
to purchase the Owner Trust Estate pursuant to said Section 9.01(a), for a purchase price equal to the Redemption Price;
provided that the Issuing Entity has available funds sufficient to pay the Redemption Price. The Servicer or the Issuing Entity
shall furnish the Rating Agencies notice of such redemption. If the outstanding Notes are to be redeemed pursuant to this Section, the
Servicer or the Issuing Entity shall furnish notice of such election to the Indenture Trustee not later than the earlier of (a) 14
days prior to the applicable Redemption Date and (b) the close of business on the first business day of the month in which the Redemption
Date occurs, and the Issuing Entity shall deposit by 10:00 A.M. New York City time on the Redemption Date with the Indenture
Trustee in the Note Distribution Account the Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be due and
payable on the Redemption Date upon the furnishing of a notice complying with Section 10.02 to each Holder of the Notes.

 

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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, by facsimile mailed or transmitted, by e-mail transmission or by transmission to the Clearing Agency 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, facsimile number or e-mail address 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.

 

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ARTICLE XI

 

Miscellaneous

 

Section 11.01           Compliance
Certificates and Opinions, etc.

 

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

 

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

 

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

 

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

 

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

 

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

 

(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.

 

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

 

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

 

(v) Notwithstanding Section 2.10
or any other provision of this Section, the Issuing Entity may, without compliance with the requirements of the other provisions of
this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as and to the extent
permitted or required by the Basic Documents and (B) make cash payments out of the Note Distribution Account as and to the
extent permitted or required by the Basic Documents, so long as the Issuing Entity shall deliver to the Indenture Trustee every six
months, commencing March 15, 2022 (except that if the 15th of any such month is not a Business Day, delivery shall be required
by the immediately following Business Day), 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.

 

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

 

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

 

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

 

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.

 

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

 

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

 

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

 

(ii)          the
Issuing Entity by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Issuing Entity addressed to: World Omni Select Auto Trust 2021-A, in care of the Owner Trustee at
its Corporate Trust Office, or at any other address previously furnished in writing to the Indenture Trustee by the Issuing Entity or
the Administrator. The Issuing Entity shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee.

 

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

 

In addition to the foregoing,
the Indenture Trustee agrees to accept and act upon notice, instructions or directions pursuant to this Indenture sent by e-mail, facsimile
transmission or other similar electronic methods. If a party elects to give the Indenture Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method), the Indenture Trustee’s understanding of such instructions shall be determined in
accordance with Section 6.01(b)(ii). The Indenture Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Indenture Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction; provided, that the Indenture Trustee will not be relieved
from liability for its own bad faith, negligence or willful misconduct. Except as provided above in this paragraph, the party providing
electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Indenture Trustee, including without limitation the risk of the Indenture Trustee acting on unauthorized instructions, and the
risk of interception and misuse by third parties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 11.13     GOVERNING
LAW; JURISDICTION. 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. THE PARTIES HERETO, EACH NOTEHOLDER BY ITS ACCEPTANCE OF A NOTE, AND EACH NOTE OWNER BY ITS ACCEPTANCE
OF AN INTEREST IN THE APPLICABLE BOOK-ENTRY NOTE OR DEFINITIVE NOTE, HEREBY UNCONDITIONALLY AND IRREVOCABLY SUBMIT TO THE NONEXCLUSIVE
GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF
NEW YORK AND THE APPELLATE COURTS OF ANY THEREOF FOR PURPOSES OF ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

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Section 11.14     Counterparts;
Electronic Signatures. 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. Each of the parties agree that this
Indenture and any other documents to be delivered in connection herewith may be electronically signed, that any digital or electronic
signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other digital signature provider)
appearing on this Indenture or such other documents are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Indenture and such other documents
may be made by facsimile, email or other electronic transmission; provided, however, that (i) any documentation with respect to
transfer of the Notes or other securities presented to the Indenture Trustee or any transfer agent must contain original documents with
manually executed signatures and (ii) upon the request of the Indenture Trustee, any electronic signature delivered pursuant to
this Section 11.14 shall be followed with a manually executed, original counterpart within a reasonable period of time following
such request, to the extent such manually executed, original counterpart shall be required by applicable law or a regulatory body having
supervisory authority over the Indenture Trustee. The Indenture Trustee shall not be liable for, and shall be indemnified and held harmless
pursuant to Section 6.07 of this Indenture against any loss, liability or expense arising out of the use of electronic or
digital signatures and electronic methods of submission with respect to this Agreement, the Basic Documents and any documents or notices
delivered to the Indenture Trustee pursuant to this Agreement or the related documents, including the risk of the Indenture Trustee acting
on any unauthorized instructions and the risk of interception and misuse by third parties.

 

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

 

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

 

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

 

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

 

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.

 

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Section 11.19     Waiver
of Jury Trial. EACH OF THE ISSUING ENTITY AND THE INDENTURE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR
THE TRANSACTION CONTEMPLATED HEREBY.

 

ARTICLE XII

 

COMPLIANCE
WITH REGULATION AB

 

Section 12.01     Intent
of the Parties; Reasonableness. The Depositor and the Indenture Trustee acknowledge and agree that the purpose of this Article XII
is to facilitate compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.
The Depositor shall not exercise its right to request delivery of information or other performance under these provisions other than
in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Securities Exchange Act and the
rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required
under the Securities Act). The Indenture Trustee agrees to cooperate in good faith with any reasonable request by the Depositor for information
regarding the Indenture Trustee which is required in order to enable the Depositor to comply with the provisions of Items 1109(a), 1109(b),
1117, 1119 and 1122 of Regulation AB as it relates to the Indenture Trustee or to the Indenture Trustee’s obligations under this
Indenture or any indenture supplement.

 

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

 

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

 

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

 

(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;

 

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(v)      any
trustee;

 

(vi)     any
originator;

 

(vii)     any
significant obligor;

 

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

 

 (ix)     any asset representations reviewer; and

 

(x)       any
other material transaction party.

 

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

 

Section 12.04     Regulation
AB Reports by Indenture Trustee. For so long as the Issuing Entity is required to report under the Exchange Act, the Indenture Trustee
will, on or before March 1 of each year, beginning March 1, 2022:

 

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

 

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

 

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

 

    70

     

    

 

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

 

	 	WORLD OMNI SELECT AUTO TRUST 2021-A,

 

		By:	BNY MELLON TRUST OF DELAWARE,

not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	/s/ Kristine K. Gullo
	 	Name:	Kristine K. Gullo
	 	Title:	Vice President
	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Indenture Trustee
	 	 
	 	By:	/s/ Julia Linian
	 	Name:	Julia Linian
	 	Title:	Vice President

 

    

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

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

 

    Sch. A

     

    

 

EXHIBIT A-1

 

[FORM OF CLASS A-1 NOTE]

 

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

 

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

 

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

 

ISIN No.: ______

 

CINS No.: ....................

 

WORLD OMNI SELECT AUTO TRUST 2021-A

 

CLASS A-1 0.09567% ASSET-BACKED NOTES

 

WORLD OMNI SELECT AUTO
TRUST 2021-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
 “Issuing Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $_____ and the denominator of which is $181,000,000 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 September 22, 2021 (the “Indenture”), between the Issuing Entity and Wilmington
Trust, National Association, as Indenture Trustee (the “Indenture Trustee”); provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the earlier of October 14, 2022 (the “Class A-1 Final Scheduled Payment Date”) and the Redemption Date, if any, pursuant to Section 10.01
of the Indenture. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

 

    Ex. A-1-1

     

    

 

 

BY
ACQUIRING A CLASS A-1 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO
REPRESENT THAT EITHER (1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY
PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED
IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975
OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT
OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL
PLAN, NON U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE,
LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(2) ITS ACQUISITION AND HOLDING OF THE CLASS A-1 NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

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

 

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

 

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

 

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

 

    Ex. A-1-2

     

    

 

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

 

	Date:                          	 	WORLD OMNI SELECT AUTO TRUST 2021-A
	 	 	 
	 	 	By: BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:                          	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. A-1-3

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class A-1 0.09567% 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 B Notes, the Class C Notes, the Class D Notes and the Class E
Notes (collectively, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture and subject to the subordination provisions set forth therein.

 

Principal of the Class A-1
Notes will be payable on each Payment Date and, if the Class A-1 Notes have not been paid in full prior to the Class A-1 Final
Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The
initial Payment Date will be October 15, 2021.

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer 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 mailed or wire transfers shall be made
to the Person entitled thereto to the address or designated account 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 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 Wilmington, Delaware.

 

    Ex. A-1-4

     

    

 

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

 

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

 

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

 

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

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

    Ex. A-1-5

     

    

 

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

 

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

 

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

 

    Ex. A-1-6

     

    

 

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

 

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

 

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

 

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

 

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

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust, National Association,
in its individual capacity, BNY Mellon Trust of 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.

 

    Ex. A-1-7

     

    

 

ASSIGNMENT

 

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

 

	 	 

 

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

 

	 	 
	(name and address of assignee)	 

 

 and appoints ______________________________________________________________, attorney, transfer said Note
on the books kept for registration thereof, with full power of substitution in the premises.

 

	Dated:	 	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	*	 

 

 

 

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

 

    Ex. A-1-8

     

    

 

EXHIBIT A-2

 

[FORM OF CLASS A-2 NOTE]

 

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

 

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

 

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

 

WORLD OMNI SELECT AUTO TRUST 2021-A

 

CLASS A-2 0.29% ASSET-BACKED NOTES

 

WORLD OMNI SELECT AUTO TRUST
2021-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $______ and the denominator of which is $366,000,000 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 September 22,
2021 (the “Indenture”), between the Issuing Entity and Wilmington Trust, National Association, as Indenture Trustee
(the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the February 2025 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 payment of principal of the Class A-2
Notes shall be made until the Class A-1 Notes have been paid in full. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

    Ex. A-2-1

     

    

 

BY
ACQUIRING A CLASS A-2 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO
REPRESENT THAT EITHER (1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS
OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN”
DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO
SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE
MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)
OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS
SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE
CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-2 NOTES (OR ANY INTEREST THEREIN) WILL NOT
GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW.

 

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

 

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

 

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

 

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

 

    Ex. A-2-2

     

    

 

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

 

	Date:                         	 	WORLD OMNI SELECT AUTO TRUST 2021-A
	 	 	 
	 	 	By:
    BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:                    	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. A-2-3

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class A-2 0.29% 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 B Notes, the Class C Notes, the Class D Notes and the Class E
Notes (collectively, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture and subject to the subordination provisions therein.

 

Principal of the Class A-2
Notes will be payable on each Payment Date and, if the Class A-2 Notes have not been paid in full prior to the Class A-2 Final
Scheduled Payment Date, on the Class A-2 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The
initial Payment Date will be October 15, 2021.

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer 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 mailed or wire transfers shall be made
to the Person entitled thereto to the address or designated account 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 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 Wilmington, Delaware.

 

    Ex. A-2-4

     

    

 

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

 

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

 

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

 

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

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

    Ex. A-2-5

     

    

 

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

 

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

 

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

 

    Ex. A-2-6

     

    

 

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

 

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

 

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

 

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

 

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

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust, National Association,
in its individual capacity, BNY Mellon Trust of 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.

 

    Ex. A-2-7

     

    

 

ASSIGNMENT

 

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

 

	 	 

 

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

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:	 	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 		 

 

 

 

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

 

    Ex. A-2-8

     

    

 

EXHIBIT A-3

 

[FORM OF CLASS A-3 NOTE]

 

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

 

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

 

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

 

WORLD OMNI SELECT AUTO TRUST 2021-A

 

CLASS A-3 0.53% ASSET-BACKED NOTES

 

WORLD OMNI SELECT AUTO TRUST
2021-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $270,050,000 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 September 22,
2021 (the “Indenture”), between the Issuing Entity and Wilmington Trust, National Association, as Indenture Trustee
(the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the March 2027 Payment Date (the “Class A-3 Final Scheduled Payment Date”)
and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class A-3
Notes shall be made until the Class A-1 and Class A-2 Notes have been paid in full. Capitalized terms used but not defined
herein are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable
herein.

 

    Ex. A-3-1

     

    

 

BY
ACQUIRING A CLASS A-3 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO
REPRESENT THAT EITHER (1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS
OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN”
DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO
SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE
MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)
OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS
SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE
CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-3 NOTES (OR ANY INTEREST THEREIN) WILL NOT
GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW.

 

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

 

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

 

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

 

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

 

    Ex. A-3-2

     

    

 

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

 

	Date:                         	 	WORLD OMNI SELECT AUTO
TRUST 2021-A
	 	 	 
	 	 	By:
    bny
mellon trust of delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:                    	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. A-3-3

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class A-3 0.53% 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 B Notes, the Class C Notes, the Class D Notes and the Class E
Notes (collectively, the “Notes”) are and will be equally and ratably secured by the collateral pledged as security
therefor as provided in the Indenture and subject to the subordination provisions therein.

 

Principal of the Class A-3
Notes will be payable on each Payment Date and, if the Class A-3 Notes have not been paid in full prior to the Class A-3 Final
Scheduled Payment Date, on the Class A-3 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The
initial Payment Date will be October 15, 2021.

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer 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 mailed or wire transfers shall be made
to the Person entitled thereto to the address or designated account 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 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 Wilmington, Delaware.

 

    Ex. A-3-4

     

    

 

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

 

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

 

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

 

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

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

    Ex. A-3-5

     

    

 

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

 

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

 

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

 

    Ex. A-3-6

     

    

 

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

 

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

 

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

 

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

 

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

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust, National Association,
in its individual capacity, BNY Mellon Trust of 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.

 

    Ex. A-3-7

     

    

 

ASSIGNMENT

 

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

 

	 	 

 

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

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:	 	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	*	 

 

 

 

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

 

    Ex. A-3-8

     

    

 

EXHIBIT B

 

[FORM OF CLASS B NOTE]

 

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

 

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

 

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

 

WORLD OMNI SELECT AUTO TRUST 2021-A

 

CLASS B 0.85% ASSET-BACKED NOTES

 

WORLD OMNI SELECT AUTO TRUST
2021-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $______ and the denominator of which is $61,020,000 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 September 22,
2021 (the “Indenture”), between the Issuing Entity and Wilmington Trust, National Association, as Indenture Trustee
(the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the August 2027 Payment Date (the “Class B Final Scheduled Payment Date”)
and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class B
Notes shall be made until the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes have been paid in full. Capitalized
terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.

 

    Ex. B-1

     

    

 

BY
ACQUIRING A CLASS B NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT
THAT EITHER (1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON
THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN” DESCRIBED IN
SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975
OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT
OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL
PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE,
LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) OR
(2) ITS ACQUISITION AND HOLDING OF THE CLASS B NOTES (OR ANY INTEREST THEREIN) WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR LAW.

 

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

 

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

 

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

 

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

 

    Ex. B-2

     

    

 

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

 

	Date:                         	 	WORLD OMNI SELECT AUTO
TRUST 2021-A
	 	 	 
	 	 	By:
    bny
mellon trust of delaware, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:                    	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. B-3

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class B 0.85% Asset-Backed Notes (herein called the “Class B
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes. The Class B Notes are subject to all terms of the Indenture.

 

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

 

Principal of the Class B
Notes will be payable on each Payment Date and, if the Class B Notes have not been paid in full prior to the Class B Final Scheduled
Payment Date, on the Class B Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be October 15, 2021.

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer 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 mailed or wire transfers shall be made
to the Person entitled thereto to the address or designated account 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 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 Wilmington, Delaware.

 

    Ex. B-4

     

    

 

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

 

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

 

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

 

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

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

    Ex. B-5

     

    

 

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

 

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

 

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

 

    Ex. B-6

     

    

 

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

 

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

 

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

 

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

 

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

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust, National Association,
in its individual capacity, BNY Mellon Trust of 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.

 

    Ex. B-7

     

    

 

 

ASSIGNMENT

 

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

 

	 	 

 

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

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:	 	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	*	 

 

 

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

 

    Ex. B-8

     

    

 

EXHIBIT C

 

[FORM OF CLASS C NOTE]

 

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

 

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

 

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

 

WORLD OMNI SELECT AUTO TRUST 2021-A

 

CLASS C 1.09% ASSET-BACKED NOTES

 

WORLD OMNI SELECT AUTO TRUST
2021-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $61,020,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class C Notes pursuant to Section 3.01 of the Indenture dated as of September 22,
2021 (the “Indenture”), between the Issuing Entity and Wilmington Trust, National Association, as Indenture Trustee
(the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the November 2027 Payment Date (the “Class C 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 C
Notes shall be made until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and the Class B Notes have been paid
in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as
to construction that shall be applicable herein.

 

    Ex. C-1

     

    

 

BY
ACQUIRING A CLASS C NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT
THAT EITHER (1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES
WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A
 “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS”
(WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42)
OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT
THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS C NOTES (OR ANY INTEREST THEREIN) WILL
NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF
SIMILAR LAW.

 

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

 

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

 

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

 

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

 

    Ex. C-2

     

    

 

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

 

	Date:                         	 	WORLD OMNI SELECT AUTO TRUST 2021-A
	 	 	 
	 	 	By:
    BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:                    	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. C-3

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class C 1.09% Asset-Backed Notes (herein called the “Class C
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 C 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 B Notes, the Class C Notes, the Class D Notes and the Class E
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 C
Notes will be payable on each Payment Date and, if the Class C Notes have not been paid in full prior to the Class C Final Scheduled
Payment Date, on the Class C Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be October 15, 2021.

 

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

 

    Ex. C-4

     

    

 

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

 

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

 

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

 

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

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

    Ex. C-5

     

    

 

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

 

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

 

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

 

    Ex. C-6

     

    

 

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

 

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

 

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

 

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

 

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

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust, National Association,
in its individual capacity, BNY Mellon Trust of 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.

 

    Ex. C-7

     

    

 

ASSIGNMENT

 

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

 

	 	 

 

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

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:	 	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	*	 

 

 

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

 

    Ex. C-8

     

    

 

EXHIBIT D

 

[FORM OF CLASS D NOTE]

 

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

 

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

 

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

 

WORLD OMNI SELECT AUTO TRUST 2021-A

 

CLASS D 1.44% ASSET-BACKED NOTES

 

WORLD OMNI SELECT AUTO TRUST
2021-A, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $47,750,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class D Notes pursuant to Section 3.01 of the Indenture dated as of September 22,
2021 (the “Indenture”), between the Issuing Entity and Wilmington Trust, National Association, as Indenture Trustee
(the “Indenture Trustee”); provided, however, that the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the November 2027 Payment Date (the “Class D 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 D
Notes shall be made until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes and Class C Notes
have been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

 

    Ex. D-1 

     

    

 

BY
ACQUIRING A CLASS D NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT
THAT EITHER (1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES
WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF
THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A
 “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS”
(WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42)
OF ERISA) OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT
THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS D NOTES (OR ANY INTEREST THEREIN) WILL
NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF
SIMILAR LAW.

 

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

 

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

 

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

 

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

 

    Ex. D-2 

     

    

 

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

 

	Date:                         	 	WORLD OMNI SELECT AUTO TRUST 2021-A
	 	 	 
	 	 	By:
    BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:                    	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. D-3 

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class D 1.44% Asset-Backed Notes (herein called the “Class D
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 D 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 B Notes, the Class C Notes, the Class D Notes and the Class E
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 D
Notes will be payable on each Payment Date and, if the Class D Notes have not been paid in full prior to the Class D Final Scheduled
Payment Date, on the Class D Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be October 15, 2021.

 

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

 

    Ex. D-4 

     

    

 

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

 

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

 

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

 

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

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

    Ex. D-5 

     

    

 

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

 

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

 

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

 

    Ex. D-6 

     

    

 

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

 

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

 

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

 

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

 

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

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust, National Association,
in its individual capacity, BNY Mellon Trust of 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.

 

    Ex. D-7 

     

    

 

ASSIGNMENT

 

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

 

	 	 

 

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

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:	 	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	*	 

 

 

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

 

    Ex. D-8 

     

    

 

EXHIBIT E

 

[FORM OF CLASS E 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 THE DEPOSITOR, (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 ISSUING ENTITY, THE INDENTURE TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING
SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR. EXCEPT
IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR (iii) ABOVE, THE INDENTURE TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF
COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE ISSUING ENTITY, THE OWNER TRUSTEE, THE INDENTURE TRUSTEE, THE DEPOSITOR OR WORLD OMNI
FINANCIAL CORP.) SATISFACTORY TO THE DEPOSITOR AND THE INDENTURE TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT.

 

UNLESS COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE
SHALL HAVE RENDERED AN OPINION TO THE EFFECT THAT THE CLASS E NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL BE CHARACTERIZED AS
INDEBTEDNESS FOR U.S. FEDERAL INCOME TAX PURPOSES, (1) A SALE, PLEDGE, OR TRANSFER OF THIS CLASS E NOTE MAY ONLY BE MADE
TO ANY PERSON WHO IS A UNITED STATES PERSON (WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”)); AND (2) NO SALE, PLEDGE, OR TRANSFER OF THE CLASS E NOTES SHALL BE MADE (I) TO ANY ONE PERSON
IN AN AMOUNT LESS THAN $2,000,000 (OR SUCH OTHER AMOUNT AS THE DEPOSITOR MAY DETERMINE IN ORDER TO PREVENT THE ISSUING ENTITY FROM
BEING TREATED AS A “PUBLICLY TRADED PARTNERSHIP” UNDER SECTION 7704 OF THE CODE) OR (II) TO A GRANTOR TRUST, S CORPORATION,
OR PARTNERSHIP WHERE MORE THAN 50% OF THE VALUE OF A BENEFICIAL OWNER’S INTEREST IN SUCH PASS-THROUGH ENTITY IS ATTRIBUTABLE TO
THE PASS-THROUGH ENTITY’S INTEREST IN THE CLASS E NOTE, IN EACH CASE, UNLESS (A) AN OPINION OF COUNSEL SATISFACTORY
TO THE INDENTURE TRUSTEE AND THE DEPOSITOR THAT SUCH SALE, PLEDGE, OR TRANSFER SHALL NOT CAUSE THE ISSUING ENTITY TO BE TREATED AS AN
ASSOCIATION (OR PUBLICLY TRADED PARTNERSHIP) TAXABLE AS A CORPORATION FOR U.S. FEDERAL INCOME TAX PURPOSES SHALL HAVE BEEN DELIVERED TO
THE INDENTURE TRUSTEE AND THE DEPOSITOR AND (B) THE DEPOSITOR SHALL HAVE PROVIDED PRIOR WRITTEN APPROVAL; PROVIDED, HOWEVER, THAT
THE RESTRICTIONS IN THIS PARAGRAPH SHALL NOT CONTINUE TO APPLY TO THE CLASS E NOTES (COVERED BY THE OPINION DESCRIBED IN THIS PARAGRAPH)
IN THE EVENT COUNSEL SATISFACTORY TO THE INDENTURE TRUSTEE AND THE DEPOSITOR HAS RENDERED AN OPINION, WITH RESPECT TO THE SALE, PLEDGE
OR TRANSFER BY THE DEPOSITOR OR AN AFFILIATE THEREOF, TO THE EFFECT THAT THE CLASS E NOTES TO BE SOLD, PLEDGED, OR TRANSFERRED WILL
BE CHARACTERIZED AS INDEBTEDNESS FOR U.S. FEDERAL INCOME TAX PURPOSES. ANY ATTEMPTED SALE, PLEDGE OR OTHER TRANSFER IN CONTRAVENTION OF
THIS PARAGRAPH WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CLASS E NOTES.

 

    Ex. E-1

     

    

 

 

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

 

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

 

WORLD OMNI SELECT AUTO TRUST 2021-A

 

CLASS E ASSET-BACKED NOTES

 

WORLD OMNI SELECT AUTO TRUST
2021-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 ___________ DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $________ and the denominator of which is $21,220,000 by (ii) the aggregate amount, if any, payable from the
Note Distribution Account in respect of principal on the Class E Notes pursuant to Section 3.01 of the Indenture dated
as of September 22, 2021 (the “Indenture”), between the Issuing Entity and Wilmington Trust, National Association,
as Indenture Trustee (the “Indenture Trustee”); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the December 2028 Payment Date (the “Class E 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 E Notes shall be made until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B
Notes, Class C Notes and Class D Notes have been paid in full. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

    Ex. E-2

     

    

 

BY
ACQUIRING A CLASS E NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO REPRESENT
THAT IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS OF ANY PERSON THAT IS OR WILL BE
(I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN SECTION 4975(e)(1) OF
THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO SECTION 4975 OF THE CODE, (III) ANY
ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF THE DEPARTMENT OF LABOR REGULATION
LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OR (IV) ANY U.S. GOVERNMENTAL PLAN, NON-U.S.
PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S.
LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE.

 

The principal of this Note is
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 to the unpaid principal of this Note.

 

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

 

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

 

    Ex. E-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:                         	 	WORLD OMNI SELECT AUTO TRUST 2021-A
	 	 	 
	 	 	By:
    BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:                    	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee
	 	 	 
	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

    Ex. E-4

     

    

 

This Note is one of a duly authorized
issue of Notes of the Issuing Entity, designated as its Class E Asset-Backed Notes (herein called the “Class E 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 E
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 B Notes, the Class C Notes, the Class D Notes and the Class E
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 E
Notes will be payable on each Payment Date and, if the Class E Notes have not been paid in full prior to the Class E Final Scheduled
Payment Date, on the Class E Final Scheduled Payment Date, in an amount described on the face hereof. “Payment Date”
means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day. The initial Payment
Date will be October 15, 2021.

 

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

 

This Note will not bear interest
and will not receive payments in respect thereof. Payments of the installment of principal, if any, to the extent not in full payment
of this Note, shall be made by check or wire transfer 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.), 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 nominee, or World Omni Auto Receivables LLC or any of its Affiliates. Such checks mailed or wire transfers shall be made to the
Person entitled thereto to the address or designated account 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 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 Wilmington, Delaware.

 

    Ex. E-5

     

    

 

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

 

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

 

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

 

The Issuing Entity has entered
into the Indenture and this Note is issued with the intention that, for U.S. federal, state and local income and franchise tax purposes,
the Notes will be characterized as indebtedness. Each Noteholder, by its acceptance of a Note, and each Note Owner, by its acceptance
of an interest in the applicable Book-Entry Note or Definitive Note, other than, in either case (and with respect solely to Notes owned
by it), a Noteholder or Note Owner that is an entity whose separate existence from the Issuing Entity is disregarded for U.S. federal
income tax purposes, agrees to treat the Notes for U.S. federal, state and local income and franchise tax purposes, as indebtedness.

 

    Ex. E-6

     

    

 

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

 

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

 

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

 

    Ex. E-7

     

    

 

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

 

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

 

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

 

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

 

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

 

Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of Wilmington Trust, National Association,
in its individual capacity, BNY Mellon Trust of 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.

 

    Ex. E-8

     

    

 

ASSIGNMENT

 

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

 

	 	 

 

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

 

	 	 
	(name and address of assignee)	 

 

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

 

	Dated:	 	 	*

 

	 	Signature Guaranteed:	 
	 	 	 
	 	*	 

 

 

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

 

    Ex. E-9

     

    

 

EXHIBIT F

 

SERVICING CRITERIA FOR INDENTURE TRUSTEE’S
ASSESSMENT OF COMPLIANCE

 

The assessment of compliance to be delivered by
the Indenture Trustee shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:

 

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

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

 

    Ex. F-1

     

    

 

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

 

    Ex. F-2

     

    

 

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

 

    Ex. F-3

     

    

 

EXHIBIT G

 

FORM OF INDENTURE TRUSTEE’S ANNUAL
CERTIFICATION

 

RE:     WORLD
OMNI SELECT AUTO TRUST 2021-A

 

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

 

		1.	It has reviewed the report on assessment of the Indenture Trustee’s compliance provided in accordance
with Rules 13a-18 and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item
1122 of Regulation AB (the “Servicing Assessment”), and the registered public accounting firm’s attestation report
provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation
Report”) that were delivered by the Indenture Trustee to the Depositor pursuant to the Indenture, dated as of September 22,
2021, by and between the Indenture Trustee and World Omni Select Auto Trust 2021-A (collectively, the “Indenture Trustee Information”);

 

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

 

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

 

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

 

	 	WILMINGTON
TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity but solely as Indenture Trustee

 

		By:	 

		Name:	 
	 	Title:	 
	Date:	 	 	 	 

 

    Ex. G-1

     

    

 

EXHIBIT H

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

Wilmington Trust, National Association

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni
Select Auto Trust 2021-A

c/o BNY Mellon Trust of Delaware

301 Bellevue Avenue

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOSAT 2021-A

 

		Re:	World Omni Select Auto Trust 2021-A Class [ ] Notes

 

Ladies and Gentlemen:

 

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

 

    Ex. H-1

     

    

 

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

 

    Ex. H-2

     

    

 

EXHIBIT I

 

FORM OF INVESTMENT LETTER

 

Wilmington Trust, National Association

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni
Select Auto Trust 2021-A

c/o  BNY Mellon Trust of Delaware

301 Bellevue Avenue

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOSAT 2021-A

 

Ladies and Gentlemen:

 

In connection with our proposed
purchase of Class ___ Notes (the “Class ___ Notes”) of World Omni Select Auto Trust 2021-A (the “Issuing
Entity”), we confirm that:

 

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

 

    Ex. I-1

     

    

 

2.          [CHECK
ONE]

 

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

 

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

 

3.            [Insert
for the Class A Notes, Class B Notes, Class C Notes and Class D Notes: Either (i) we are not and will not be
and are not acting on behalf of or acquiring the Class ___ Notes with the assets of any person that is or will be (A) an “employee
benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)
that is subject to Title I of ERISA, (B) a “plan” described in Section 4975(e)(1) of the Code that is
subject to Section 4975 of the Code, (C) an entity or account whose underlying assets include “plan assets”
(within the meaning of the U.S. Department of Labor regulation located at 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA)
or (D) any U.S. governmental plan, non-U.S. plan, church plan or any other employee benefit plan, account or arrangement that
is subject to any U.S. federal, state, local, non-U.S. or other law that is substantially similar to Title I of ERISA or Section 4975
of the Code (“Similar Law”) (each, a “Plan”) or (ii) our acquisition and holding of the Class ___
Notes (or any interest therein) will not give rise to a nonexempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code or a violation of Similar Law. We hereby acknowledge that no transfer of any Class ___ Note shall be permitted to be
made to any transferee unless either (i) such transferee is not acquiring the Class ___ Note with the assets of any Plan or
(ii) the acquisition and holding of such Class ___ Note will not give rise to a nonexempt prohibited transaction under Section 406
of ERISA or Section 4975 of the Code or a violation of Similar Law.]

 

    Ex. I-2

     

    

 

[Insert for the Class E
Notes: We are not and will not be and are not acting on behalf of or acquiring the Class E Notes with the assets of any person that
is or will be (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan” described
in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code, (iii) an entity or account whose
underlying assets include “plan assets” (within the meaning of the U.S. Department of Labor regulation located at 29 C.F.R.
2510.3-101, as modified by Section 3(42) of ERISA) or (iv) any U.S. governmental plan, non-U.S. plan, church plan or any
other employee benefit plan, account or arrangement that is subject to any U.S. federal, state, local, non-U.S. or other law that is substantially
similar to Title I of 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 ___ Notes to be transferred
will be characterized as indebtedness for U.S. federal income tax purposes, we represent (i) that we are a United States person (within
the meaning of Section 7701(a)(30) of the Code) and (ii) that we are not acquiring the Class ___ Notes with the assets
of any Plan; and we acknowledge that unless the Indenture Trustee shall have received such an opinion, no transfer of any Class ___
Note shall be permitted to be made to any person who is not a United States person or who acquires such Class ____ Notes with the
assets of any Plan and any such purported transfer in violation of these restrictions shall be null and void.

 

5.            Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion either (i) to the effect that the Class ___ Notes
to be transferred will be characterized as indebtedness for U.S. federal income tax purposes, or if such opinion is not rendered, (ii) to
the effect that the transfer of the Class ___ Notes will not cause the Issuing Entity to be treated as an association (or publicly
traded partnership), in either case, taxable as a corporation for U.S. federal income tax purposes and the Depositor shall have provided
prior written approval, we understand that no sale, pledge, or transfer of the Class ___ Note shall be made to any one person in
an amount less than $2,000,000 (or such other amount as the Depositor may determine in order to prevent the Issuing Entity from being
treated as a “publicly traded partnership” under Section 7704 of the Code).

 

    Ex. I-3

     

    

 

6.            Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion either (i) to the effect that the Class ___ Notes
to be transferred will be characterized as indebtedness for U.S. federal income tax purposes, or if such opinion is not rendered, (ii) to
the effect that the transfer of the Class ___ Notes will not cause the Issuing Entity to be treated as an association (or publicly
traded partnership), in either case, taxable as a corporation for U.S. federal income tax purposes and the Depositor shall have provided
prior written approval, we represent that we are not a grantor trust, S corporation, or partnership (as determined, in each case, for
U.S. federal income tax purposes) (“Pass-through Entity”) where more than 50% of the value of any beneficial owner’s
interest in such Pass-through Entity is attributable to the Pass-through Entity’s interest in the Class ___ Notes and any such
purported transfer in violation of this restriction shall be null and void.

 

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

 

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

 

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

 

    Ex. I-4EXHIBIT 4.3

 

 

TRUST AGREEMENT

 

between

 

WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,

 

and

 

BNY Mellon
Trust of delaware,

as Owner Trustee

 

Dated as of September 22, 2021

 

 

     

     

    

  

TABLE OF CONTENTS

 

Page

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

 

     

     

    

 

	Section 5.06	Signature on Returns	15
	 	 	 
	ARTICLE VI Authority and Duties of Owner Trustee	15
	Section 6.01	General Authority	15
	Section 6.02	General Duties	15
	Section 6.03	Action Upon Instruction	16
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	16
	Section 6.05	No Action Except Under Specified Documents or Instructions	17
	Section 6.06	Restrictions	17
	Section 6.07	Execution of Notes	17
	Section 6.08	Doing Business in Other Jurisdictions	17
	 	 	 
	ARTICLE VII Concerning the Owner Trustee	18
	Section 7.01	Acceptance of Trusts and Duties	18
	Section 7.02	Furnishing of Documents	20
	Section 7.03	Representations and Warranties of the Owner Trustee	20
	Section 7.04	[Reserved]	21
	Section 7.05	Reliance; Advice of Counsel	21
	Section 7.06	Not Acting in Individual Capacity	22
	Section 7.07	Owner Trustee Not Liable for Trust Certificates or Receivables	22
	Section 7.08	Owner Trustee May Own Trust Certificates and Notes	22
	Section 7.09	Legal Proceedings	22
	Section 7.10	Communications Regarding Demands to Repurchase Receivables	23
	Section 7.11	Electronic Communications	23
	 	 	 
	ARTICLE VIII Compensation of Owner Trustee	24
	Section 8.01	Owner Trustee’s Fees and Expenses	24
	Section 8.02	Indemnification	24
	Section 8.03	Payments to the Owner Trustee	25
	 	 	 
	ARTICLE IX Termination of Trust Agreement	25
	Section 9.01	Termination of Trust Agreement	25
	 	 	 
	ARTICLE X Successor Owner Trustees and Additional Owner Trustees	26
	Section 10.01	Eligibility Requirements for Owner Trustee	26
	Section 10.02	Resignation or Removal of Owner Trustee	26
	Section 10.03	Successor Owner Trustee	27
	Section 10.04	Merger or Consolidation of the Owner Trustee	28
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	28
	 	 	 
	ARTICLE XI Miscellaneous	29
	Section 11.01	Supplements and Amendments	29
	Section 11.02	No Legal Title to Owner Trust Estate in Certificateholders	30
	Section 11.03	Limitations on Rights of Others	31
	Section 11.04	Notices	31
	Section 11.05	Severability	31
	Section 11.06	Separate Counterparts; Electronic Signatures	31
	Section 11.07	Successors and Assigns	32

 

     

     

    

 

	Section 11.08	Covenants of the Depositor	32
	Section 11.09	No Petition	32
	Section 11.10	No Recourse	33
	Section 11.11	Headings	33
	Section 11.12	GOVERNING LAW	33
	Section 11.13	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	34
	 	 	 
	ARTICLE XII COMPLIANCE WITH REGULATION AB	34
	Section 12.01	Intent of the Parties; Reasonableness	34
	Section 12.02	Information to Be Provided by the Owner Trustee	35

 

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

 

     

     

    

 

TRUST AGREEMENT

 

This TRUST AGREEMENT is dated
September 22, 2021, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and BNY
Mellon Trust of delaware, a Delaware banking corporation, as owner trustee.

 

ARTICLE I

 

Definitions

 

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

 

ARTICLE II

 

Organization

 

Section 2.01     Name.
The Trust shall be known as “World Omni Select Auto Trust 2021-A” in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust shall obtain
and maintain qualification to transact business in the State of Alabama. For the purpose of qualifying to transact business in the State
of Alabama, the Trust may adopt the fictitious name of “World Omni Select Auto Trust 2021-A (Inc.)” and may conduct the business
of the Trust in the State of Alabama under such fictitious name.

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     2

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 2.12     Amended
and Restated Trust Agreement. This Trust Agreement is the amended and restated trust agreement contemplated by the Trust Agreement
dated as of August 13, 2021, between the Depositor and the Owner Trustee (the “Initial Trust Agreement”). This
Trust Agreement amends and restates in its entirety the Initial Trust Agreement.

 

ARTICLE III

 

Trust
Certificates and Transfer of Interests

 

Section 3.01     [Reserved].

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

 

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

 

ARTICLE IV

 

Actions
by Owner Trustee

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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ARTICLE V

 

Application
of Trust Funds; Certain Duties

 

Section 5.01     [Reserved].

 

Section 5.02     Application
of Trust Funds.

 

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

 

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

 

(b)            On
each Payment Date, the Paying Agent shall post a copy of the statement or statements provided to the Indenture Trustee by the Servicer
pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date on its internet website promptly
following its receipt thereof, for the benefit of the Certificateholder. The Paying Agent’s internet website shall initially be
located at www.wilmingtontrustconnect.com. Assistance in using the website can be obtained by calling the Paying Agent’s bondholder
services group at 866-829-1928. The Paying Agent may, but shall not be obligated to, change the way the statements and information are
posted or distributed in order to make such distribution more convenient and/or accessible for such Certificateholders, and the Paying
Agent shall provide on the website timely and adequate notification to all parties regarding any such change.

 

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

 

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

 

Section 5.05     Accounting
and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator shall deliver to each
Certificateholder, as may be required by the Code and applicable Treasury Regulations, or as may be requested by such
Certificateholder, such information, reports or statements as may be necessary to enable each Certificateholder to prepare its
federal and state income tax returns.  Consistent with the Trust’s characterization for U.S. federal income tax purposes
as a disregarded entity so long as the Depositor or any other Person is the sole Certificateholder, no U.S. federal income tax
return shall be filed on behalf of the Trust unless either (i) the Owner Trustee shall be provided with an Opinion of Counsel
that, based on a change in applicable law occurring after the date hereof, or as a result of a transfer permitted by Section 3.04,
the Code requires such a filing or (ii) the Internal Revenue Service shall determine that the Trust is required to file such a
return.  In the event that there shall be two or more beneficial owners of the Trust, the Administrator shall inform the
Indenture Trustee in writing of such event, (x) the Administrator shall prepare or shall cause to be prepared U.S. federal and,
if applicable, state or local partnership tax returns, with all such necessary information provided to it, required to be filed by
the Trust and shall remit such returns to the Depositor (or if the Depositor no longer owns any Trust Certificates, the
Certificateholder designated for such purpose by the Depositor to the Owner Trustee in writing (provided that if no such
designation is made, such returns shall be remitted to the Certificateholder that holds the Trust Certificate representing the
 “eligible horizontal residual interest” (as such term is defined in the Credit Risk Retention Rules))) at least
(5) days before such returns are due to be filed, and (y) capital accounts shall be maintained by the Administrator for
each Certificateholder in accordance with the Treasury Regulations under Section 704(b) of the Code reflecting each such
Certificateholder’s share of the income, gains, deductions, and losses of the Trust and/or guaranteed payments made by the
Trust and contributions to, and distributions from, the Trust.  The Administrator shall prepare any such return with all
elections the Administrator deems appropriate, except that no election shall be made to treat the Trust as an association taxable as
a corporation.  The Depositor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver
such returns after signature to the Administrator and such returns shall be filed by the Administrator with the appropriate tax
authorities.  In the event that a “partnership representative” within the meaning of the “Partnership Tax
Audit Rules” (Sections 6221 through 6241 of the Code, together with any guidance issued thereunder or successor provisions and
any similar provision of state or local tax laws) is required to be appointed with respect to the Trust, the Depositor or its
designee is hereby designated as partnership representative or, if the Depositor is not a Certificateholder, the Certificateholder
selected by a majority of the Certificateholders (by Percentage Interest) shall be designated as partnership representative; provided
that if no such selection is made, the Certificateholder that holds the Certificate representing the “eligible horizontal
residual interest” (as such term is defined in the Credit Risk Retention Rules) shall be designated as the partnership
representative.  The partnership representative shall have the power to appoint the “designated individual” as set
forth under the Partnership Tax Audit Rules, and the designated individual shall have the same responsibilities and powers as the
partnership representative, as set forth below; provided, however, for the avoidance of doubt, that the partnership
representative shall not appoint the Owner Trustee (as such or in its individual capacity) or any of its officers, directors,
employees, agents or affiliated individuals. If the Trust is classified as a partnership for U.S. federal income tax purposes, the
partnership representative shall represent the Trust in connection with all examinations of the Trust’s affairs by tax
authorities, including resulting judicial and administrative proceedings. The Trust will make the election described in
Section 6226 of the Code. If the Trust is obligated to pay any amount to a governmental agency or body or to any other Person
(or otherwise makes a payment) because of a Certificateholder’s status or otherwise specifically attributable to a
Certificateholder (including any taxes arising under the Partnership Tax Audit Rules), then such Certificateholder shall, at the
Trust’s sole election, either (i) pay the entire amount (including any interest, penalties and expenses associated with
such payment) the Trust is obligated to pay because of such Certificateholder’s status or attributable to such
Certificateholder to the Trust at least five days prior to the due date for such payment by the Trust, or (ii) promptly
reimburse the Trust in full for the entire amount any and all such amounts paid by or on behalf of the Trust (including any
interest, penalties and expenses associated with such payment).

 

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Section 5.06     Signature
on Returns.

 

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

 

ARTICLE VI

 

Authority
and Duties of Owner Trustee

 

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

 

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

 

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Section 6.03     Action
Upon Instruction.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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ARTICLE VII

 

Concerning
the Owner Trustee

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(h)            The
Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including without limitation
strikes, work stoppages, lockouts, riots, acts of war or terrorism, government order or regulation, epidemics or pandemics or similar
events, government-mandated closures, insurrection, revolution, nuclear or natural disasters, catastrophes, acts of nature or acts of
God and interruptions, loss or malfunctions of utilities or communications services;

 

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

 

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

 

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

 

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

 

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

 

(n)            The
Owner Trustee shall not have any responsibility on behalf of the Issuing Entity to make any determination with respect to, or monitor
or enforce the satisfaction of, any risk retention or other regulatory requirement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.04     [Reserved].

 

Section 7.05     Reliance;
Advice of Counsel.

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 7.10     Communications
Regarding Demands to Repurchase Receivables. The Owner Trustee shall provide notice to World Omni and the Depositor, as soon as practicable
and in any event within five Business Days, of all demands communicated to a Reporting Officer of the Owner Trustee for the repurchase
or replacement of any Receivable for breach of the representations and warranties concerning such Receivable. Such notices shall be provided
to World Omni and the Depositor at: (a) in the case of World Omni, World Omni Financial Corp., 250 Jim Moran Boulevard, Deerfield
Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, and (b) in the case of the Depositor, to World Omni Auto Receivables
LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address
or by such other means of communication as may be specified by World Omni or the Depositor to the Owner Trustee from time to time. The
Owner Trustee acknowledges and agrees that the purpose of this Section 7.10 is to facilitate compliance by World Omni and the Depositor
with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase
Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and
Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to cooperate in good faith at the sole cost and expense
of World Omni or the Depositor with any reasonable request made by World Omni or the Depositor for information which is required in order
to enable World Omni or the Depositor to comply with the Repurchase Rules and Regulations. The Owner Trustee’s reporting is
limited to information delivered to a Reporting Officer of the Owner Trustee that it has received or acquired solely in its capacity
as Owner Trustee and not in any other capacity. The Owner Trustee is not a securitizer (as defined in the Repurchase Rules and Regulations)
and in no event will BNY Mellon Trust of Delaware, (individually or as Owner Trustee) have any responsibility or liability in connection
with (i) the compliance by any Person who is a securitizer (as defined in Rule 15Ga-1) in connection with the Issuing Entity,
or any other Person under the Repurchase Rules and Regulations or (ii) any filing required to be made by a securitizer under
the Repurchase Rules and Regulations in connection with the information provided pursuant to this Section 7.10. Other than
any express duties or responsibilities as Owner Trustee under this Agreement, the Owner Trustee has no duty or obligation to undertake
any investigation or inquiry related to demands for the repurchase or replacement of any Receivable or otherwise to assume any additional
duties or responsibilities in respect of any transaction contemplated in this Agreement, and no such additional obligations or duties
are implied in this Agreement. The Owner Trustee will not have any duty to conduct, and has not conducted, any affirmative investigation
as to the occurrence of any conditions requiring the repurchase or replacement of any Receivable.

 

Section 7.11     Electronic
Communications. The Owner Trustee is hereby authorized, and agrees to accept and act upon notice, instructions and directions including
funds transfer instructions (“Instructions”) given pursuant to this Trust Agreement and the other Basic Documents
delivered using Electronic Means by persons reasonably believed by the Owner Trustee to be authorized to give such Instructions; provided,
that, the Owner Trustee reserves the right to reject or decline to follow any such Instructions it reasonably believes to be unauthorized
or originating from an unauthorized or compromised source. If the Administrator (on behalf of the Issuing Entity) or Depositor, as applicable,
elects to give the Owner Trustee Instructions using Electronic Means, absent bad faith, negligence or willful misconduct on its part,
the Owner Trustee’s understanding of such Instructions shall be deemed controlling. The Owner Trustee shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Owner Trustee’s reliance upon and compliance with such Instructions
notwithstanding such directions conflict or are inconsistent with a subsequent written instruction; provided, that the
Owner Trustee will not be relieved from liability for its own bad faith, negligence or willful misconduct. The applicable party providing
electronic Instructions agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the
Owner Trustee, including without limitation the risk of the Owner Trustee acting on unauthorized Instructions, and the risk of interception
and misuse by third parties and (ii) to notify the Owner Trustee promptly upon learning of any compromise or unauthorized Instructions.
 “Electronic Means” shall mean the following communications methods: e-mail, facsimile transmission, intralinks, other
similar electronic methods, secure electronic transmission containing applicable authorization codes, passwords and/or authentication
keys issued by the Owner Trustee, or another method or system specified by the Owner Trustee as available for use in connection with
its services hereunder or permitted under the Basic Documents.

 

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ARTICLE VIII

 

Compensation
of Owner Trustee

 

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

 

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

 

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

 

ARTICLE IX

 

Termination
of Trust Agreement

 

Section 9.01     Termination
of Trust Agreement.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE X

 

Successor
Owner Trustees and Additional Owner Trustees

 

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

 

Section 10.02     Resignation
or Removal of Owner Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE XI

 

Miscellaneous

 

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

 

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

 

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

 

It shall not be necessary for the consent of Certificateholders, Noteholders
or the Indenture Trustee pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall
be sufficient if such consent shall approve the substance thereof. The Indenture Trustee as Paying Agent and Certificate Registrar may,
but shall not be obligated to, enter into any such amendment which adversely affects the Paying Agent’s or the Certificate Registrar’s
own rights, duties, benefits, protections, privileges, indemnities or immunities under this Agreement. The manner of obtaining such consents
(and any other consents of Certificateholders provided for in this Agreement or in any other Basic Document) and of evidencing the authorization
of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Administrator may prescribe.

 

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

 

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

 

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

 

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

 

Section 11.04     Notices.

 

(a)            Unless
otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt
by the intended recipient or on the next Business Day after delivery if delivered by a recognized overnight courier or upon receipt of
written confirmation of receipt of facsimile, if delivered by facsimile (except that notice to the Owner Trustee shall be deemed given
only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office, if to the Depositor,
addressed to World Omni Auto Receivables LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, telephone: (954) 429-2200, facsimile:
(954) 429-2685, Attention: Treasurer; or, as to each party, at such other address or electronic mail address as shall be designated by
such party in a written notice to each other party.

 

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

 

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

 

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

 

Section 11.06     Separate
Counterparts; Electronic Signatures. This Agreement may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.
Each of the parties agree that this Agreement and any other documents to be delivered in connection herewith may be electronically signed,
that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or any other
digital signature provider) appearing on this Agreement or such other documents are the same as handwritten signatures for the purposes
of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this Agreement
and such other documents may be made by facsimile, email or other electronic transmission; provided, however, that any documentation
with respect to transfer of the Certificates or other securities presented to the Certificate Registrar, Indenture Trustee or any
transfer agent must contain original documents with manually executed signatures. The Owner Trustee shall not be liable for, and shall
be indemnified and held harmless pursuant to Section 8.02 of this Agreement against any loss, liability or expense arising out of
the use of electronic or digital signatures and electronic methods of submission with respect to this Agreement, the Basic Documents
and any documents or notices delivered to the Owner Trustee pursuant to this Agreement or the related documents, including the risk of
the Owner Trustee acting on any unauthorized instructions and the risk of interception and misuse by third parties.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    33 

     

    

 

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

 

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

 

Section 11.13     Compliance
with Applicable Anti-Terrorism and Anti-Money Laundering Regulations. The parties hereto and each Certificateholder acknowledge that
in accordance with the requirements of Applicable Law, the Owner Trustee, the Paying Agent and Certificate Registrar, in order to help
fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each Person
or legal entity that establishes a relationship or opens an account with the Owner Trustee, the Paying Agent or the Certificate Registrar.
Each party hereto and each Certificateholder by its acceptance of a Trust Certificate agrees that it shall provide the Owner Trustee,
the Paying Agent and the Certificate Registrar with such information as may be reasonably available to such party as the Owner Trustee,
the Paying Agent and the Certificate Registrar may reasonably request that will help the Owner Trustee, the Paying Agent and the Certificate
Registrar to identify and verify each party’s identity, including without limitation each party’s name, physical address,
tax identification number, organizational documents, certificates of good standing, licenses to do business or other pertinent identifying
information (including beneficial owners of such entities). To the fullest extent permitted by such Applicable Law, the Owner Trustee,
Paying Agent and Certificate Registrar, in the absence of bad faith on the part of such party, may conclusively rely on, and shall be
fully protected and indemnified in relying on, any such information received. Failure to provide such information may result in an inability
of the Owner Trustee, Paying Agent or Certificate Registrar to perform their respective obligations hereunder, which, at sole option
of such party, may result in the Owner Trustee’s, Paying Agent’s or Certificate Registrar’s resignation, subject in
all respects to the resignation and removal provisions and terms herein and any other provision applicable to such party under the other
Basic Documents.

 

ARTICLE XII

 

COMPLIANCE
WITH REGULATION AB

 

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

 

    34 

     

    

 

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

 

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

 

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

 

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

 

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

 

(i)            the
sponsor;

 

(ii)           any
depositor;

 

(iii)          the
issuing entity;

 

(iv)         any
servicer;

 

(v)          any
trustee;

 

    35 

     

    

 

(vi)         any
originator;

 

(vii)        any
significant obligor;

 

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

 

(ix)          any
asset representations reviewer; and

 

(x)           any
other material transaction party.

 

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.

 

* * * * * *

 

    36 

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC, as Depositor
	 	 
	 	By:	/s/ Ronald J. Virtue
	 	 	Name: Ronald J. Virtue
	 	 	Title: Assistant Treasurer

 

	 	BNY Mellon Trust of delaware, not in its individual capacity, but solely as Owner Trustee,
	 	 
	 	By:	/s/ Kristine K. Gullo
	 	 	Name: Kristine K. Gullo
	 	 	Title: Vice President

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION acknowledges and accepts, as of the date first above written, its appointment as Paying Agent and
Certificate Registrar in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable
to the Indenture Trustee, Paying Agent and Certificate Registrar.

 

	By:	/s/ Julia Linian	 
	Name:	Julia Linian	 
	Title:	Vice President	 

 

     

     

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

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

 

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

 

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

 

    Ex. A-1 

     

    

 

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

 

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

 

    Ex. A-2 

     

    

 

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

 

    Ex. A-3 

     

    

 

NO.:

 

WORLD OMNI SELECT AUTO TRUST 2021-A TRUST CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT ________________
is the registered owner of ___% nonassessable, fully-paid, fractional undivided beneficial interest in World Omni Select Auto Trust 2021-A
(the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”).

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	BNY Mellon Trust of delaware,

  not in its individual capacity but solely as Owner Trustee	 	BNY Mellon Trust of delaware, 

not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	OR	By: WILMINGTON TRUST,
    

National ASsociation, as Authenticating Agent
	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

 

The Trust was created pursuant
to a Trust Agreement dated August 13, 2021 (as amended and restated on September 22, 2021, and as may be amended, restated
or supplemented from time to time, the “Trust Agreement”), between the Depositor and BNY Mellon Trust of Delaware,
as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below.
To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement
or the Sale and Servicing Agreement, dated as of September 22, 2021 (as amended and supplemented from time to time, the “Sale
and Servicing Agreement”), among the Trust, the Depositor and World Omni Financial Corp., as servicer (the “Servicer”),
as applicable.

 

    Ex. A-4 

     

    

 

This Certificate is one of
the duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”).
Also issued under an Indenture, dated as of September 22, 2021 (the “Indenture”), between the Trust and Wilmington
Trust, National Association, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder
is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks
transferred to the Trust on the Closing Date (the “Receivables”), all monies received after the Cutoff Date; any proceeds
with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown or “guaranteed
auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have secured a Receivable
and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale
and Servicing Agreement, including the right of the Depositor to cause World Omni to purchase Receivables under certain circumstances;
the Trust Accounts; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing
(but excluding the Notes and Trust Certificates). The rights of the Certificateholders are subordinated to the rights of the Noteholders,
as and to the extent set forth in the Sale and Servicing Agreement and the Indenture.

 

Under the Trust Agreement,
there will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately following
Business Day (each, a “Payment Date”), commencing on October 15, 2021, to the Person in whose name this Trust
Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the “Record
Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed to Certificateholders
on such Payment Date. No distributions will be made on any Certificate on any Payment Date until the full amount of interest and principal
payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been replenished to its required amount,
if necessary.

 

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

 

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

 

    Ex. A-5 

     

    

 

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

 

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

 

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

 

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

 

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

 

    Ex. A-6 

     

    

 

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

 

	 	WORLD OMNI SELECT AUTO TRUST 2021-A
	 	 
	 	By:	BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Owner Trustee
	 	 
	Dated:		 		By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. A-7 

     

    

 

[REVERSE OF TRUST CERTIFICATE]

 

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

 

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

 

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

 

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

 

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

 

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

 

    Ex. A-8 

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED the undersigned
hereby sells, assigns and transfers unto PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

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

 

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

 

	Dated:	 
	 	*/
	 	 
	 	Signature Guaranteed:
	 	*/

 

 

 

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

 

    Ex. A-9 

     

    

 

EXHIBIT B

 

CERTIFICATE OF TRUST OF

WORLD OMNI SELECT AUTO TRUST 2021-A

 

THIS Certificate of Trust
of WORLD OMNI SELECT AUTO TRUST 2021-A (the “Trust”), is being duly executed and filed by the undersigned, not in
its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. §
3801 et seq.) (the “Act”).

 

1.           Name.
The name of the statutory trust formed hereby is World Omni Select Auto Trust 2021-A.

 

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

 

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

 

* * * * *

 

    Ex. B-1 

     

    

 

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

 

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

 

    Ex. B-2 

     

    

 

EXHIBIT C

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

BNY Mellon Trust of Delaware

as Owner Trustee of World Omni Select Auto Trust 2021-A

301 Bellevue Parkway

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOSAT 2021-A

 

Wilmington Trust, National Association, as Certificate Registrar and
Paying Agent

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

 

		Re:	World Omni Select Auto Trust 2021-A

                                            Trust Certificates

 

Ladies and Gentlemen:

 

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

 

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

 

    Ex. C 

     

    

 

EXHIBIT D

 

FORM OF INVESTMENT LETTER

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

BNY Mellon Trust of Delaware

as Owner Trustee of World Omni Select Auto Trust 2021-A

301 Bellevue Parkway

3rd Floor

Wilmington, DE 19809

Attention: Corporate Trust Services, WOSAT 2021-A

 

Wilmington Trust, National Association, as Certificate Registrar and
Paying Agent

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

 

Ladies and Gentlemen:

 

In connection with our proposed
purchase of Trust Certificates (the “Certificates”) of World Omni Select Auto Trust 2021-A (the “Issuing
Entity”), we confirm that:

 

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

 

    Ex. D-1 

     

    

 

2.           [CHECK
ONE]

 

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

 

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

 

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

 

    Ex. D-2 

     

    

 

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

 

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

 

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

 

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

 

    Ex. D-3 

     

    

 

EXHIBIT E

 

FORM OF RECEIVABLES

 

Documents on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    Ex. E

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