Document:

EXHIBIT 4.3

 

 

 

TRUST AGREEMENT

 

between

 

WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,

 

and

 

[    ],

as Owner Trustee

 

Dated [    ], 20[    ]

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I Definitions	1
	Section 1.01	Capitalized Terms	1
	 	 	 
	ARTICLE II Organization	1
	Section 2.01	Name	1
	Section 2.02	Office	1
	Section 2.03	Purposes and Powers	1
	Section 2.04	Appointment of Owner Trustee	2
	Section 2.05	Initial Capital Contribution of Owner Trust Estate	2
	Section 2.06	Declaration of Trust	3
	Section 2.07	Liability of the Depositor and the Certificateholders	3
	Section 2.08	Title to Trust Property	4
	Section 2.09	Situs of Trust	4
	Section 2.10	Representations and Warranties of the Depositor	4
	Section 2.11	Financing Statements	5
	Section 2.12	Amended and Restated Trust Agreement	5
	 	 	 
	ARTICLE III Trust Certificates and
    Transfer of Interests	5
	Section 3.01	[Reserved]	5
	Section 3.02	The Trust Certificates	6
	Section 3.03	Authentication of Trust Certificates	6
	Section 3.04	Registration of Transfer and Exchange of Trust Certificates	6
	Section 3.05	Mutilated, Destroyed, Lost or Stolen Trust Certificates	9
	Section 3.06	Persons Deemed Owners	9
	Section 3.07	Access to List of Certificateholders’ Names and Addresses	9
	Section 3.08	Maintenance of Office or Agency	10
	Section 3.09	Appointment of Paying Agent	10
	Section 3.10	Representations of Certificateholders	10
	Section 3.11	Code Section 385 Restrictions	11
	 	 	 
	ARTICLE IV Actions by Owner Trustee	12
	Section 4.01	Prior Notice to Certificateholders with Respect to Certain Matters	12
	Section 4.02	Action by Certificateholders with Respect to Certain Matters	12
	Section 4.03	Action by Certificateholders with Respect to Bankruptcy	13
	Section 4.04	Restrictions on Certificateholders’ Power	13
	Section 4.05	Majority Control	13
	 	 	 
	ARTICLE V Application of Trust Funds;
    Certain Duties	13
	Section 5.01	[Reserved]	13
	Section 5.02	Application of Trust Funds	14
	Section 5.03	Method of Payment	14
	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	15

 

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	Section 5.06	Signature on Returns	16
	 	 	 
	ARTICLE VI Authority and Duties
    of Owner Trustee	16
	Section 6.01	General Authority	16
	Section 6.02	General Duties	16
	Section 6.03	Action Upon Instruction	17
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	18
	Section 6.05	No Action Except Under Specified Documents or Instructions	18
	Section 6.06	Restrictions	18
	Section 6.07	Execution of Notes	18
	Section 6.08	Doing Business in Other Jurisdictions	18
	 	 	 
	ARTICLE VII Concerning the Owner
    Trustee	19
	Section 7.01	Acceptance of Trusts and Duties	19
	Section 7.02	Furnishing of Documents	21
	Section 7.03	Representations and Warranties of the Owner Trustee	21
	Section 7.04	[Reserved]	22
	Section 7.05	Reliance; Advice of Counsel	22
	Section 7.06	Not Acting in Individual Capacity	23
	Section 7.07	Owner Trustee Not Liable for Trust Certificates or Receivables	23
	Section 7.08	Owner Trustee May Own Trust Certificates and Notes	23
	Section 7.09	Legal Proceedings	23
	Section 7.10	Communications Regarding Demands to Repurchase Receivables	24
	 	 	 
	ARTICLE VIII Compensation of Owner
    Trustee	25
	Section 8.01	Owner Trustee’s Fees and Expenses	25
	Section 8.02	Indemnification	25
	Section 8.03	Payments to the Owner Trustee	26
	 	 	 
	ARTICLE IX Termination of Trust
    Agreement	26
	Section 9.01	Termination of Trust Agreement	26
	 	 	 
	ARTICLE X Successor Owner Trustees
    and Additional Owner Trustees	27
	Section 10.01	Eligibility Requirements for Owner Trustee	27
	Section 10.02	Resignation or Removal of Owner Trustee	27
	Section 10.03	Successor Owner Trustee	28
	Section 10.04	Merger or Consolidation of the Owner Trustee	29
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	29
	 	 	 
	ARTICLE XI Miscellaneous	30
	Section 11.01	Supplements and Amendments	30
	Section 11.02	No Legal Title to Owner Trust Estate in Certificateholders	32
	Section 11.03	Limitations on Rights of Others	32
	Section 11.04	Notices	32
	Section 11.05	Severability	33
	Section 11.06	Separate Counterparts	33
	Section 11.07	Successors and Assigns	33
	Section 11.08	Covenants of the Depositor	33
	Section 11.09	No Petition	34

 

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	Section 11.10	No Recourse	34
	Section 11.11	Headings	34
	Section 11.12	GOVERNING LAW	34
	Section 11.13	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	35
	 	 	 
	ARTICLE XII COMPLIANCE WITH REGULATION
    AB	36
	Section 12.01	Intent of the Parties; Reasonableness	36
	Section 12.02	Information to Be Provided by the Owner Trustee	36

 

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

 

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TRUST AGREEMENT

 

This TRUST AGREEMENT is dated
[    ], 20[    ], between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and [    ],
a [    ], 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, dated as of the date hereof (the “Sale and Servicing Agreement”, among
the Trust, as issuing entity, [World Omni [Select] Auto [Receivables] Grantor Trust 20[    ]-[    ], as grantor trust,] the Depositor,
and World Omni Financial Corp., as servicer. 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 [Receivables] Trust 20[    ]-[    ]” in which
name the Owner Trustee[, and, solely to the extent provided in the Administration Agreement, the Administrator,] 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 [Receivables] Trust 20[    ]-[    ] (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, and is hereby authorized and empowered without further trust action:

 

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

 

    

     

    

 

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

 

(iii)       [to transfer or contribute Receivables and other related assets acquired from the Depositor to the Grantor Trust;]

 

(iv)       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;

 

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

 

(vi)       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;

 

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

 

(viii)     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. [Notwithstanding anything to the contrary in this
Agreement or in any other document, neither the Trust nor the Owner Trustee (nor any agent of either person) shall be authorized or empowered
to acquire any other investments, reinvest any proceeds of the Trust or engage in activities other than the foregoing, and, in particular
neither the Trust nor the Owner Trustee (nor any agent of either person) shall be authorized or empowered to do anything that would cause
the Trust to fail to qualify as a grantor trust for U.S. federal income tax purposes.]

 

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.

 

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Section 2.06       
Declaration of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject
to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the
Basic Documents. It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act
and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust
within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for 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 Trust will be treated, for U.S. federal income tax purposes, as a grantor trust and it is neither the purpose nor the
intent of the parties hereto to create a partnership, joint venture or association taxable as a corporation].
The Depositor and the Owner Trustee (and any future Certificateholder by the purchase of a 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. [In furtherance of the foregoing, (i) the purpose of the Trust shall be to protect and conserve the assets of the Trust, and the Trust
shall not at any time engage in or carry on any kind of business or any kind of commercial or investment activity other than as expressly
permitted by this Agreement and (ii) the Trust and Owner Trustee (and any agent of either person) shall take, or refrain from taking,
all such action as is necessary to maintain the status of the Trust as a grantor trust. Notwithstanding anything to the contrary in this
Agreement or otherwise, neither the Trust nor the Owner Trustee (nor any agent of either person) shall (1) acquire any assets or dispose
of any portion of the Trust other than pursuant to the specific provisions of this Agreement, (2) vary the investment of the Trust within
the meaning of Treasury Regulation Section 301.7701-4(c) or (3) substitute new investments or reinvest so as to enable the Trust to take
advantage of variations in the market to improve the investment of the Trust Certificateholder.] Effective as of the date hereof,
the Owner Trustee, shall have all rights, powers and duties set forth herein and, to the extent not inconsistent herewith, in the Statutory
Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to the date hereof with
respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama or any
other similar qualification or license in any other state or jurisdiction, if applicable, is hereby ratified.

 

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

 

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(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; provided that in no event shall title to, or any ownership interest in, any part of the Owner Trust Estate be vested in the name
of the Owner Trustee without the express prior written consent of the Owner Trustee (which may be withheld or conditioned by the Owner
Trustee for any reason in good faith). Any such trustee shall take such part of the Owner Trust Estate subject to the security interest
of the Indenture Trustee therein established under the Indenture. Any such trustee’s acceptance of its appointment shall constitute
acknowledgment of such security interest and shall constitute a Grant to the Indenture Trustee of a security interest in all property
held by such trustee. The Administrator, on behalf of any such trustee, shall prepare and file all such financing statements naming the
Trust as debtor that are necessary or advisable to perfect, make effective or continue the lien and security interest of the Indenture
Trustee.

 

Section 2.09       
Situs of Trust. The Trust will be located in the State of Delaware and administered in the State of [    ]. All bank accounts
maintained by the Owner Trustee on behalf of the Trust shall be located in the States of Delaware or [    ]. 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 [    ], and payments will be made by the Trust only from Delaware or [    ]. 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.

 

(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.

 

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(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 and 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.

 

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 [    ], 20[    ],
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].

 

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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. [
] shall be the initial Certificate Registrar.

 

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

 

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No transfer of a Trust Certificate
shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of paragraph 3 to the Investment
Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and 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.

 

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.

 

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

 

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

 

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

 

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

 

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

 

    8

     

    

 

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.

 

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.

 

    9

     

    

 

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.

 

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.

 

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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

 

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

 

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

 

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Section 4.03      
Action by Certificateholders with Respect to Bankruptcy. To the fullest extent permitted by applicable law, the Owner Trustee
shall not have any power to, and shall not, (i) institute proceedings to have the Trust declared or adjudicated bankrupt or insolvent,
(ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a petition or consent to a petition
seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (iv) consent
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial
portion of the assets of the Trust, (v) make any assignment for the benefit of the Trust’s creditors, (vi) cause the Trust to admit
in writing its inability to pay its debts generally as they become due, or (vii) take any action, or cause the Trust to take any action,
in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”). So long as the Indenture remains
in effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or
direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust; provided that nothing contained herein shall prevent
the Owner Trustee from filing a proof of claim in any such proceeding.

 

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.

 

ARTICLE
V

 

Application of Trust Funds; Certain Duties

 

Section 5.01       
[Reserved].

 

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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)([T]) or (iii)([R]), 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)([T]) or (iii)([R]), 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)([T]) 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 [    ]. Assistance in using the website can be obtained by calling the Paying Agent’s customer service desk at [    ].
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 Certificateholder that is not a U.S. Person), the Owner Trustee (or the Paying Agent on its behalf) may in its sole discretion
withhold such amounts in accordance with this Section 5.03. If a Certificateholder wishes to apply for a refund of any such withholding
tax, the Owner Trustee shall reasonably cooperate with such Certificateholder in making such claim so long as such Certificateholder
agrees to reimburse the Owner Trustee for any out-of-pocket expenses incurred.

 

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

 

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Section 5.05        Accounting
and Reports to the Certificateholders, the Internal Revenue Service and Others. The Administrator shall deliver to each
Certificateholder, as may be required by the Code and applicable Treasury Regulations, or as may be requested by such
Certificateholder, such information, reports or statements as may be necessary to enable each Certificateholder to prepare its
federal and state income tax returns.  [The Trust will be treated, for U.S. federal income tax purposes, as a grantor trust and it is neither the purpose nor the intent of the
parties hereto to create a partnership, joint venture or association taxable as a corporation. Each such Certificateholder (and any future
Certificateholder by the purchase of a Trust Certificate will be deemed to have agreed) agrees to take no action inconsistent with such
tax treatment][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 responsible for monitoring or supervising or performing the duties and obligations of the Administrator nor
shall the Owner Trustee 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.

 

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

 

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

 

Section 6.06      
Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust
set forth in Section 2.03 or (b) that, to the actual knowledge of 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, or for any Trust representation, warranty, covenant or obligation under the Basic
Documents;

 

(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, 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, civil or military disturbances, 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 or computer (software and hardware)
services provided to the Owner Trustee by third parties;

 

(i)                
In no event shall the Owner Trustee be personally liable (i) for special, consequential, indirect or punitive damages or losses
(including, without limitation, lost profits), (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;

 

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(l)               
The Owner Trustee shall not be deemed to have knowledge or notice of any event or information (including without limitation any
Default, Event of Default or breach of representation or warranty under any Basic Document), 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 [    ]’s other roles in the transaction; and

 

(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 [ ] duly formed and validly existing under the laws of [ ]. 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.

 

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

 

(d)              
It has the power and authority to execute and deliver this Agreement; and 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.

 

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(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.

 

Section 7.06       
Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created,
[ ] 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: [    ], Attention: [    ], and (b) in the case of the Depositor, to World Omni
Auto Receivables LLC, 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: [    ], Attention: [    ], 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 [    ] (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 [initial] Closing Date shall be subject to any limitations separately agreed upon before
the date hereof between the Depositor (or any Affiliate thereof) and the Owner Trustee. The provisions of this Section 8.01 shall
survive the resignation or removal of the Owner Trustee and the termination of this Agreement.

 

Section 8.02       Indemnification.
Pursuant to the Administration Agreement, the Administrator shall be liable as primary obligor for, and shall indemnify the Owner
Trustee and its officers, directors, stockholders, employees, successors, assigns, agents and servants (collectively, the
 “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, costs, damages, taxes,
claims, actions, mediations, arbitrations 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[, the Interest Rate Swaps] and Article V [and the termination of the Grantor Trust], and
the Administrator shall wind up the affairs of the Trust in the manner contemplated by Section 3808 of the Statutory Trust Act. 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.

 

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(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.

 

(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.

 

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

 

Section 10.04   
Merger or Consolidation of the Owner Trustee. Any corporation or other entity into which the Owner Trustee may be merged
or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation
to which the Owner Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate
trust business of the Owner Trustee, shall be the successor to and assume all obligations of the Owner Trustee, without the execution
or filing of any assignment or other instrument or any further act on the part of such other entity or any of the parties hereto, anything
herein to the contrary notwithstanding; provided, that such corporation or other entity shall be eligible pursuant
to Section 10.01 and, provided, further, that the Owner Trustee shall provide notice of
such merger, conversion or consolidation to the Depositor (and, if such Owner Trustee shall be a public company, no later than at such
time as the Owner Trustee is required to make such information public), 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;

 

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

 

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

 

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

 

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.

 

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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.

 

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.

 

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

 

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

 

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

 

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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.

 

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

 

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

 

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

 

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

 

In the event that a Certificateholder
(other than the Depositor) is deemed, under applicable law by any court or other authority of competent jurisdiction, to have an interest
in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust (“other assets”),
the parties to this Agreement and the Certificateholders acknowledge and agree that: (i) such 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.

 

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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 Anti-Money Laundering 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 Anti-Money Laundering 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.

 

    35

     

    

 

ARTICLE
XII

 

COMPLIANCE WITH REGULATION AB

 

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

 

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

 

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

 

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

 

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

 

    36

     

    

 

 

(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)  
          [the grantor trust;]

 

(v)
              any servicer;

 

(vi)            any trustee;

 

(vii)           any originator;

 

(viii)         
any significant obligor;

 

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

 

(x)              any asset
representations reviewer; and

 

(xi)             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.

 

*   *   *   *   *   *

 

    	 	37	 

     

    

  

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

 

	 	WORLD OMNI AUTO RECEIVABLES LLC,
	 	as Depositor
	 	 
	 	By:	 
	 		Name:
	 		Title:
	 	 
	 	[    ], not in its individual capacity, but solely as Owner Trustee,
	 	 
	 	By:	 
	 		Name:
	 		Title:

  

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

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	 	 

     

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

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

 

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

 

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

 

    	 	Ex. A-1	 

     

    

 

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

 

No transfer
of this Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of paragraph
3 to the Investment Letter attached to the trust agreement as Exhibit D from such Person to the effect that such Person is not
AND 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][AS OTHER THAN A
 “GRANTOR TRUST” WITHIN THE MEANING OF THE CODE] 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 [RECEIVABLES] TRUST 20[    ]-[    ]

TRUST CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT ________________
is the registered owner of ___% nonassessable, fully-paid, fractional undivided beneficial interest in World Omni [Select] Auto [Receivables]
Trust 20[    ]-[    ] (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.

 

	[    ], not in its individual capacity but solely as Owner Trustee	 	[    ], not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	OR	By: [    ], as Authenticating Agent
	 	 	 
	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

  

    	 	Ex. A-4	 

     

    

 

The Trust was created pursuant
to a Trust Agreement dated [    ], 20[    ]
(as amended and restated on [    ], 20[    ], and as may be amended, restated or supplemented from time to time, the “Trust Agreement”),
between the Depositor and [    ], 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 [    ], 20[    ]
(as amended and supplemented from time to time, the “Sale and Servicing Agreement”), among the Trust, the Depositor
and World Omni Financial Corp., as servicer (the “Servicer”), as applicable.

 

This Certificate is one of
the duly authorized Certificates designated as “Trust Certificates” (herein called the “Trust Certificates”).
Also issued under an Indenture, dated as of [    ], 20[    ] (the “Indenture”), between the Trust and [    ],
as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”). This Trust Certificate
is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Certificateholder
of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound. The property of the
Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks transferred to the Trust on the
Closing Date (the “[Initial] Receivables”) [and those retail installment contracts transferred to the Trust on Subsequent
Transfer Dates during the [Funding Period][Revolving Period] (the “Subsequent Receivables” and, together with the
Initial Receivables, the “Receivables”)], all monies received after the [applicable] Cutoff Date; any proceeds with
respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown or “guaranteed
auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have secured a Receivable
and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale
and Servicing Agreement, including the right of the Depositor to cause World Omni to purchase Receivables under certain circumstances;
the Trust Accounts; [the Interest Rate Swaps;] [the Interest Rate Caps;] 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 [15]th 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 [    ],
20[    ], to the Person in whose name this Trust Certificate is registered at the close
of business on the Business Day immediately preceding such Payment Date (the “Record Date”), such Certificateholder’s
fractional undivided interest in the amount to be distributed to Certificateholders on such Payment Date. No distributions will be made
on any Certificate on any Payment Date until the full amount of interest and principal payable on the Notes on such Payment Date has
been paid in full and the Reserve Account has been replenished to its required amount, if necessary.

 

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

  

    	 	Ex. A-5	 

     

    

 

It is the intention of the
Depositor, the Servicer and the Certificateholders that, solely for 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][the Trust will be treated, for U.S. federal income tax purposes, as a grantor trust and it is neither the purpose nor the
intent of the parties hereto to create a partnership, joint venture or association taxable as a corporation]. Neither the Servicer nor the Depositor or any
Certificateholder will take any action to the contrary.

 

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

 

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

 

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

 

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

 

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

 

    	 	Ex. A-6	 

     

    

 

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

  

	 	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]
	 	 	 
		By:	[    ], 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 [    ].

 

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

 

    	 	Ex. A-8	 

     

    

 

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

 

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

 

    	 	Ex. A-9	 

     

    

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR

 

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

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

 

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

 

Dated:

 

			*/
			
	 	 
		Signature Guaranteed:
			*/

   

 

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

  

    	 	Ex. A-10	 

     

    

 

EXHIBIT B

 

CERTIFICATE OF TRUST OF

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ]

 

THIS Certificate of Trust
of WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[    ]-[    ] (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 [Receivables] Trust 20[    ]-[    ].

 

2.             Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware are [    ],[    ].

 

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.

 

		[    ], 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

 

[    ]

[    ]

 

		Re:	World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ] 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

 

[    ]

 

[    ]

 

Ladies and Gentlemen:

 

In connection with our proposed
purchase of Trust Certificates (the “Certificates”) of World Omni [Select] Auto [Receivables] Trust 20[    ]-[    ]
(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. EEXHIBIT 4.4 

 

 

[AMENDED AND RESTATED] GRANTOR TRUST AGREEMENT

 

between

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[
]-[ ],

as Grantor,

 

and

 

[    ],

as Grantor Trust Trustee

 

Dated [    ], 20[    ]

 

 

    

    

    

 

This [AMENDED AND RESTATED]
GRANTOR TRUST AGREEMENT1, dated as
of [               ], 20[   ] (this “Agreement”),
is between WORLD OMNI [SELECT] Auto [Receivables] Trust 20[ ]-[ ], a Delaware statutory
trust, as grantor (the “Grantor”), and [                              ],
a [                              ],
as grantor trust trustee and not in its individual capacity (the “Grantor Trust Trustee”).

 

[WHEREAS, the Grantor and the
Grantor Trust Trustee previously entered into a certain Trust Agreement, dated [               ], 20[   ]
[(the “Initial Grantor Trust Agreement”)], that contemplated this Trust Agreement; and

 

WHEREAS, the Grantor and the
Grantor Trust Trustee desire hereby to amend and restate the [Initial Grantor Trust Agreement] in its entirety.]

 

NOW, THEREFORE, the Grantor
and the Grantor Trust Trustee hereby agree and the Sponsor acknowledges and agrees as follows:

 

Article
I 

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.1           
Definitions. Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not
otherwise defined herein are defined in Part I of Appendix A to the Sale and Servicing Agreement, dated as of the
date hereof (the “Sale and Servicing Agreement”), among the Grantor, as issuing entity, [the Grantor Trust,] World
Omni Auto Receivables LLC, as depositor, and World Omni Financial Corp., as servicer. All references herein to “the Agreement”
or “this Agreement” are to this Agreement as it may be amended, supplemented or modified from time to time, the exhibits
and schedules hereto and the capitalized terms used herein, which are defined in Part I of such Appendix A, and all references
herein to articles, sections and subsections are to articles, Sections or subsections of this Agreement unless otherwise specified. The
rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement.

 

Article
II 

ORGANIZATION

 

Section 2.1            Name.
The Grantor Trust continued hereby shall be known as World Omni [Select] Auto [Receivables] Grantor Trust 20[ ]-[ ], in which name the
Grantor Trust Trustee and, solely to the extent provided in the Administration Agreement, the Administrator may conduct the business
of the Grantor Trust. [The Grantor Trust shall obtain and maintain qualification to transact business in the State of Alabama. For the
purpose of qualifying to transaction business in the State of Alabama, the Trust may adopt the fictitious name of “World Omni [Select]
Auto [Receivables] Grantor Trust 20[ ]-[ ] (Inc.)” and may conduct business of the Trust in the State of Alabama under such fictitious
name.] The Grantor Trust Trustee may make and execute contracts and other instruments on behalf of the Grantor Trust and sue and be sued
on behalf of the Grantor Trust. The Grantor Trust Trustee has filed the Grantor Trust Certificate of Trust on behalf of the Grantor Trust
pursuant to Section 3810(a) of the Statutory Trust Act.

 

 

1 Note To be utilized
if underlying grantor trust is included in an issuance.

 

    

    

    

 

Section 2.2           
Office. The office of the Grantor Trust shall be in care of the Grantor Trust Trustee at the Corporate Trust Office or at such
other address in Delaware as the Grantor Trust Trustee may designate by written notice to the Grantor Trust Certificateholder and the
Grantor.

 

Section 2.3           
Purposes and Powers. The purpose of the Grantor Trust is to engage in the following activities, and the Grantor Trust shall
have the power and authority, and is hereby authorized and empowered without further trust action:

 

(a)          
[to acquire the Receivables from the Grantor and to manage and hold the Receivables and the related Contracts;

 

(b)          
to issue the Grantor Trust Certificate pursuant to this Agreement;

 

(c)          
to assign, grant, transfer, pledge, mortgage and convey the Grantor Trust Collateral pursuant to the terms of the Indenture (including
the filing of financing statements in connection therewith) and to hold, manage and distribute to the Grantor Trust Certificateholder,
pursuant to the terms of this Agreement, the Sale and Servicing Agreement and the Indenture, any portion of the Grantor Trust Collateral
released from the lien of, and remitted to the Grantor Trust pursuant to, the Indenture;

 

(d)         
to enter into and perform its obligations and exercise its rights under the Basic Documents to which it is to be a party and any
additional agreement, document, letter or undertaking executed in connection with the Basic Documents or the transactions described therein
to which it is a party;

 

(e)          
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; and

 

(f)          
subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation
of the Grantor Trust Collateral and the making of distributions to the Grantor Trust Certificateholder.]

 

The Grantor Trust is hereby
authorized to engage in the foregoing activities. The Grantor 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 other Basic Documents. Notwithstanding anything
to the contrary in this Agreement or in any other document, neither the Grantor Trust nor the Grantor Trust Trustee (nor any agent of
either person) shall be authorized or empowered to acquire any other investments, reinvest any proceeds of the Grantor Trust or engage
in activities other than the foregoing, and, in particular neither the Trust nor the Grantor Trust Trustee (nor any agent of either person)
shall be authorized or empowered to do anything that would cause the Grantor Trust to fail to qualify as a grantor trust for U.S. federal
income tax purposes.

 

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Section 2.4          
Appointment of Grantor Trust Trustee. The Grantor hereby appoints the Grantor Trust Trustee as trustee of the Grantor Trust effective
as of the date hereof, to have all the rights, powers and duties set forth herein and in the Statutory Trust Act.

 

Section 2.5           
Initial Capital Contribution of Grantor Trust Collateral. In accordance with Section 3802(a) of the Statutory Trust Act,
the Grantor has not made, and is not required to make, a contribution to the Grantor Trust; provided that the Grantor may make a contribution
to the Grantor Trust at its discretion. [The Grantor Trust Trustee hereby declares that it will hold any such contribution, which shall
constitute the initial Grantor Trust Collateral.] The Grantor shall pay organizational expenses of the Grantor Trust as they may arise
or shall, upon the request of the Grantor Trust Trustee, promptly reimburse the Grantor Trust Trustee for any such expenses paid by the
Grantor Trust Trustee.

 

Section 2.6          
Declaration of Trust. The Grantor Trust Trustee hereby declares that it shall hold the Grantor Trust Collateral in the name
of the Grantor Trust and not in the Grantor Trust Trustee’s name for the Grantor Trust, except as required by and in accordance
with [Section 2.8], in trust upon and subject to the conditions set forth herein for the use and benefit of the Grantor Trust Certificateholder,
subject to the obligations of the Grantor Trust under the Basic Documents. It is the intention of the parties hereto that the Grantor
Trust constitute a statutory trust under the Statutory Trust Act, that this Agreement constitute the governing instrument of such statutory
trust and that the Grantor Trust Certificate represents the entire undivided beneficial interest therein. The rights of the Grantor Trust
Certificateholder shall be determined as set forth herein and in the Statutory Trust Act and the relationship between the parties hereto
created by this Agreement shall not constitute indebtedness for any purpose. Effective as of the date hereof, the Grantor Trust Trustee
shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of
the Grantor Trust. Any action taken on behalf of the Grantor Trust prior to the date hereof with respect to the filing of financing statements,
the Certificate of Trust, a qualification to do business in the State of Alabama or any other similar qualification or license in any
other state or jurisdiction, if applicable, is hereby ratified.

 

Section 2.7          
Liability of the Grantor Trust Certificateholder. Grantor Trust Certificateholder shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for profit organized under the General Corporation Law of the State
of Delaware.

 

Section 2.8            Title
to Trust Property. Legal title to all of the Grantor Trust Collateral shall be vested at all times in the Grantor Trust as a
separate legal entity except where applicable law in any jurisdiction requires title to any part of the Grantor Trust Collateral to
be vested in a trustee or trustees, in which case title shall be deemed to be transferred to and vested in the Grantor Trust
Trustee, a co-trustee or a separate trustee, as the case may be; provided that in no event shall title to, or any ownership interest
in, any part of the Grantor Trust Collateral be vested in the name of the Grantor Trust Trustee without the express prior written
consent of the Grantor Trust Trustee (which may be withheld or conditioned by the Grantor Trust Trustee for any reason in good
faith). Any such trustee shall take such part of the Grantor Trust Collateral subject to the security interest of the Indenture
Trustee therein established under the Indenture. Any such trustee’s acceptance of its appointment shall constitute
acknowledgment of such security interest and shall constitute a Grant to the Indenture Trustee of a security interest in all
property held by such trustee. The Administrator, on behalf of any such trustee, shall prepare and file all such financing
statements naming the Grantor Trust as debtor that are necessary or advisable to perfect, make effective or continue the lien and
security interest of the Indenture Trustee.

 

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Section 2.9           
Situs of Trust. The Trust shall be located and administered in the States of Delaware [or New York]. All bank accounts maintained
by the Grantor Trust Trustee on behalf of the Grantor Trust shall be located in the State of Delaware [or the State of New York]. The
Grantor Trust shall not have any employees in any State other than the State of Delaware; provided, however, that nothing herein shall
restrict or prohibit the Grantor Trust Trustee from having employees within or without the State of Delaware. Payments shall be received
by the Grantor Trust only in the State of Delaware [or the State of New York], and payments shall be made by the Grantor Trust only from
the State of Delaware [or the State of New York]. The only office of the Grantor Trust shall be the Corporate Trust Office of the Grantor
Trust Trustee in the State of Delaware.

 

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

 

(a)          
The Grantor has been duly organized and is validly existing as a statutory trust 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 presently owned and such business
is presently conducted.

 

(b)          
The Grantor is duly qualified to do business as a foreign entity 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 requires 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 Grantor’s earnings, business affairs or business prospects.

 

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

 

(d)           The
consummation of the transactions contemplated by this Agreement and any other Basic Document to which the Grantor is a party, 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 Trust Agreement or the Certificate of Trust; (ii) breach,
conflict with or violate any of the material terms or provisions of, or constitute (with our without the lapse of time) a Default
under, any indenture, agreement or other instrument to which the Grantor is a party or by which it is bound; (iii) result in
the creation or imposition of any Lien upon any of the Grantor’s properties pursuant to the terms of any such indenture,
agreement or other instrument, other than pursuant to the Basic Documents, or (iv) to the best of the Grantor’s
knowledge, violate any law, order, rule or regulation applicable to the Grantor of any court or of any federal or state body,
administrative agency or other governmental instrumentality having jurisdiction over the Grantor 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 Grantor’s earnings, business affairs or business prospects.

 

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(e)          
To the Grantor’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 Grantor 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 Grantor Trust Certificate
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 Grantor of its obligations under,
or the validity or enforceability of, this Agreement or any of the other Basic Documents or (iv) involving the Grantor and which might
materially and adversely affect the U.S. federal, state and local and income and franchise tax characterization or attributes of the Grantor
Trust or the Grantor Trust Certificate.

 

Section 2.11         
Tax Treatment. The Grantor and Grantor Trust Trustee, by entering into this Agreement, express their intention that the
Grantor Trust will be treated, for U.S. federal income tax purposes, as a grantor trust and it is neither the purpose nor the intent of
the parties hereto to create a partnership, joint venture or association taxable as a corporation. If the Grantor is not the sole owner
of the Grantor Trust Certificate, through sale of the Grantor Trust Certificate or otherwise, the Grantor and the Grantor Trust Trustee,
by entering into this Agreement, and the Grantor Trust Certificateholder, by acquiring the Grantor Trust Certificate or interest therein,
(i) express their intention that the Grantor Trust Certificate will, for U.S. federal income tax purposes, qualify as an interest in a
grantor trust and (ii) unless otherwise required by the appropriate taxing authorities, agree to treat the Grantor Trust Certificate as
an interest in an entity as described in clause (i) of this Section 2.11 for U.S. federal income tax purposes. The parties agree
that, unless otherwise required by appropriate tax authorities, the Grantor Trust shall file or cause to be filed annual or other necessary
returns, reports and other forms consistent with such characterization of the Grantor Trust for such tax purposes. In furtherance of the
foregoing, (i) the purpose of the Grantor Trust shall be to protect and conserve the assets of the Grantor Trust, and the Grantor Trust
shall not at any time engage in or carry on any kind of business or any kind of commercial or investment activity other than as expressly
permitted by this Agreement and (ii) the Grantor Trust and Grantor Trust Trustee (and any agent of either person) shall take, or refrain
from taking, all such action as is necessary to maintain the status of the Grantor Trust as a grantor trust. Notwithstanding anything
to the contrary in this Agreement or otherwise, neither the Grantor Trust nor the Grantor Trust Trustee (nor any agent of either person)
shall (1) acquire any assets or dispose of any portion of the Grantor Trust other than pursuant to the specific provisions of this
Agreement, (2) vary the investment of the Grantor Trust within the meaning of Treasury Regulation Section 301.7701-4(c) or (3) substitute
new investments or reinvest so as to enable the Trust to take advantage of variations in the market to improve the investment of the Grantor
Trust Certificateholder. The Grantor Trust Trustee shall not have any authority to manage, control, use, sell, dispose of or otherwise
deal with any part of the Grantor Trust property except (i) as required by the express terms of this Agreement in accordance with the
powers granted to or the authority conferred upon the Grantor Trust Trustee pursuant to this Agreement, (ii) in accordance with the Basic
Documents or (iii) in accordance with any document or instruction delivered to the Grantor Trust Trustee pursuant to Section 6.4.

 

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Section 2.12         
Rights under Basic Documents. Each of the parties hereto acknowledges and agrees that the Grantor Trust Certificateholder shall,
on behalf of the Grantor Trust, be entitled to enforce or exercise any rights, remedies or powers of the Grantor Trust under the Basic
Documents, any amendments or other modifications thereto, and any documents, certificates, agreements or other documents contemplated
thereby, including, without limitation, rights and powers in connection with any approvals, consents, waivers, instructions, directions
and establishment and administration of bank accounts on behalf of the Grantor Trust with respect to any matters under any such Basic
Document.

 

Article
III 

THE CERTIFICATES

 

Section 3.1           
Initial Grantor Trust Certificate Ownership. Since the formation of the Grantor Trust, the Grantor has been the sole beneficiary
of the Grantor Trust and on the [Initial] Closing Date, the Grantor shall be designated as the initial Grantor Trust Certificateholder.

 

Section 3.2            
Form of the Grantor Trust Certificate.

 

(a)          
The Grantor Trust Certificate, upon original issuance, shall be issued in the form of Exhibit A hereto.

 

(b)          
The Grantor Trust Certificate shall be issued without any principal balance or notional amount.

 

(c)          
[Reserved].

 

(d)          
[Reserved].

 

(e)          
The Grantor Trust Certificate shall represent the entire undivided beneficial interest in the Grantor Trust. The Grantor Trust
Certificate shall be executed on behalf of the Grantor Trust by manual or facsimile signature of a Responsible Officer of the Grantor
Trust Trustee. A Grantor Trust Certificate 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 Grantor Trust, shall be duly issued, fully paid and non-assessable beneficial
interests in the Grantor Trust, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the
authentication and delivery of the Grantor Trust Certificate or did not hold such offices at the date of authentication and delivery of
the Grantor Trust Certificate.

 

(f)          
The Grantor Trust Certificate 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 the Grantor Trust Certificate, as evidenced by their
execution of the Grantor Trust Certificate. The Grantor Trust Certificate shall be issued in fully-registered form.

 

(g)           The
terms of the Grantor Trust Certificate set forth in Exhibit A shall form part of this Agreement. The Holder of the Grantor
Trust Certificate, by its acceptance of the entire undivided beneficial interest in the Grantor Trust Certificate, shall be deemed
to have made the representations and agreements set forth in Exhibit A. Each transferee of the Grantor Trust Certificate
shall deliver an investment letter in the form attached hereto as Exhibit B to the Grantor Trust Trustee and the Grantor.

 

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Section 3.3           
Execution, Authentication and Delivery. Concurrently with the contribution of the [Initial] Receivables and related Contracts
to the Grantor Trust pursuant to the [Receivables Contribution Agreement], the Grantor Trust Trustee shall cause the Grantor Trust Certificate
representing the entire undivided beneficial interest in the Grantor Trust to be executed on behalf of the Grantor Trust, authenticated
and delivered to or upon the written order of the Grantor, signed by an Authorized Officer without further statutory trust action by the
Grantor. Such Grantor Trust Certificate shall be issued to [and held by] the Grantor or an Affiliate of the Grantor, as the initial Holder
of the Grantor Trust Certificate [and held by the Indenture Trustee]. The Grantor Trust Certificate shall not entitle its holder to any
benefit under this Agreement, or shall be valid for any purpose, unless there shall appear on the Grantor Trust Certificate the certificate
of authentication substantially in the form set forth in Exhibit A, executed by the Grantor Trust Trustee or the Grantor Trust
Trustee’s authenticating agent, by manual signature. Such authentication shall constitute conclusive evidence that the Grantor Trust
Certificate has been duly authenticated and delivered hereunder. The Grantor Trust Certificate shall be dated the date of its authentication.

 

Section 3.4            
Registration of the Grantor Trust Certificate; Registration of Transfer and Exchange of the Grantor Trust Certificate.

 

(a)           
The Grantor hereby appoints [                              ]
as initial Grantor Trust Certificate Registrar, and in such capacity, or any successor certificate registrar thereof (such entity, the
 “Grantor Trust Certificate Registrar”), as an agent for the Grantor Trust, shall keep or cause to be kept, at the office
or agency maintained pursuant to Section 3.8, a register (such register, the “Grantor Trust Certificate Register”),
in which, subject to such reasonable regulations as it may prescribe, the Grantor Trust Certificate Registrar shall provide for the registration
of the Grantor Trust Certificate and of transfers and exchanges of the Grantor Trust Certificate as provided herein. Upon any resignation
of a Grantor Trust Certificate Registrar, the Grantor shall promptly appoint a successor or, if it elects not to make such an appointment,
any court of competent jurisdiction may appoint a successor Grantor Trust Certificate Registrar. The entries in the Grantor Trust Certificate
Register shall be conclusive absent manifest error, and the Grantor Trust, the Grantor Trust Trustee, the Grantor Trust Certificate Registrar
and the Paying Agent shall treat the Person whose name is recorded in the Grantor Trust Certificate Register pursuant to the terms hereof
as the Grantor Trust Certificateholder hereunder for all purposes of this Agreement. This Section 3.4 shall be construed so that
the Grantor Trust Certificate under this Agreement is at all times maintained in “registered form” within the meaning of Section
5f.103-1(c) of the United States Treasury Regulations. The Grantor Trust Certificate Registrar shall record all distributions made to
the Grantor Trust Certificateholder with respect to the Grantor Trust’s assets.

 

(b)           Upon
surrender for registration of transfer of the Grantor Trust Certificate at the office or agency maintained pursuant to Section
3.8 and upon compliance with the provisions of this Agreement relating to such transfer, the Grantor Trust Trustee shall execute
on behalf of the Grantor Trust, authenticate and deliver (or shall cause its authenticating agent to authenticate and deliver), in
the name of the designated transferee or transferees, a new Grantor Trust Certificate dated the date of authentication by the
Grantor Trust Trustee or any authenticating agent.

 

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(c)          
[Reserved].

 

(d)          
The Grantor 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 Grantor Trust Trustee and the Grantor Trust Certificate Registrar duly executed by
the Grantor Trust Certificateholder or his attorney duly authorized in writing and such other documents and instruments as may be required
by Section 3.4(b). The Grantor Trust Certificate surrendered for registration of transfer or exchange shall be canceled and subsequently
destroyed or otherwise disposed of by the Grantor Trust Trustee or Grantor Trust Certificate Registrar in accordance with its customary
practice.

 

(e)          
The Grantor Trust Trustee or the Grantor Trust Certificate Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed and any other expenses of the Grantor Trust Trustee or the Grantor Trust Certificate Registrar
in connection with any transfer or exchange of the Grantor Trust Certificate.

 

(f)           
The Grantor Trust Certificate may not be acquired or held by or for the account of a Benefit Plan Investor other than an “insurance
company general account,” as defined in Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”), whose underlying
assets include less than 25% “plan assets” subject to ERISA, who is not and is not an affiliate of a person that has discretionary
authority or control with respect to such assets or provides investment advice for a fee (direct or indirect) with respect to the assets
of the Trust, and for which the purchase and holding of Grantor Trust Certificate is eligible and satisfies all conditions for relief
under PTCE 95-60. The Grantor Trust Certificate also may not be acquired or held by or for the account of any other plan that is subject
to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”) (including non-U.S.
or governmental plans) if such acquisition and holding would result in a violation of any Similar Law.

 

(g)           Each
Certificateholder that is a United States person (as defined in Section 7701(a)(30) of the Code) shall deliver to the Grantor Trust
Trustee, the Grantor Trust Certificate Registrar and Paying Agent on or prior to the date such person becomes a Certificateholder
under this Agreement (and from time to time thereafter upon the reasonable request of the Grantor Trust Trustee, the Grantor Trust
Certificate Registrar or Paying Agent), executed originals of Internal Revenue Service Form W-9 (or applicable successor form)
certifying that such Certificateholder is exempt from U.S. federal backup withholding tax. If the Grantor Trust Certificateholder
that would be subject to U.S. federal withholding tax imposed by FATCA were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), then the Grantor Trust
Certificateholder shall deliver to the Administrator or any person designated by the Grantor (individually or collectively as the
context may require, the “FATCA Administrator”) at the time or times prescribed by law and at such time or times
reasonably requested by the FATCA Administrator such documentation prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the FATCA Administrator to comply with FATCA
and to determine that the Grantor Trust Certificateholder has complied with such person’s obligations under FATCA or to
determine the amount to deduct and withhold from such payment to such person.

 

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(h)          
No transfer of a Grantor Trust Certificate shall be permitted if such transfer is effected through an established securities market
or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code and any regulation thereunder.

 

(i)           
Each prospective transferee of the Grantor Trust Certificate understands that the Grantor Trust Certificate is being offered only
in a transaction not involving any public offering in the United States within the meaning of the Securities Act, the Grantor Trust Certificate
has not been and will not be registered under the Securities Act, and, if in the future the transferee decides to offer, resell, pledge
or otherwise transfer the Grantor Trust Certificate, the Grantor Trust Certificate may only be offered, resold, pledged or otherwise transferred
in accordance with this Agreement and the applicable legend on such Grantor Trust Certificate set forth below.

 

(j)           
Each transferee of the Grantor Trust Certificate understands that an investment in the Grantor Trust Certificate involves certain
risks, including the risk of loss of all or a substantial part of its investment under certain circumstances. Each transferee acknowledges
that it has had access to such financial and other information concerning the Grantor Trust and the Grantor Trust Certificate as it deemed
necessary or appropriate in order to make an informed investment decision with respect to its purchase of the Grantor Trust Certificate.
Each transferee acknowledges that it has such knowledge and experience in financial and business matters that the transferee is capable
of evaluating the merits and risks of its investment in the Grantor Trust Certificate, and the transferee and any accounts for which it
is acting are each able to bear the economic risk of the holder’s or of its investment.

 

(k)          
No transferee of a Grantor Trust Certificate will offer, transfer, pledge, sell or otherwise dispose of the Grantor Trust Certificate
or any interest in the Grantor Trust Certificate to any Person in any manner, or solicit any offer to buy, transfer or otherwise dispose
of the Grantor Trust Certificate or any interest in the Grantor Trust Certificate from any Person in any manner, or make any general solicitation
by means of general advertising or in any other manner, or take any other action that would constitute a distribution of the Grantor Trust
Certificate under the Securities Act or that would render the disposition of the Grantor Trust Certificate a violation of Section 5 of
the Securities Act or any other applicable securities laws or require registration pursuant thereto, and will not authorize any Person
to act on its behalf, in such manner with respect to the Grantor Trust Certificate.

 

(l)           
In connection with the transfer of the Grantor Trust Certificate, the Grantor Trust shall determine in its sole discretion that
the transfer complies with the requirements of Section 3.4(g) and 3.4(h) of this Agreement.

 

(m)         
Each prospective transferee of the Grantor Trust Certificate shall acknowledge that the Grantor Trust, the Grantor Trust Trustee,
Grantor Trust Certificate Registrar, any initial purchaser or placement agent and others will rely upon the truth and accuracy of the
acknowledgements, representations, warranties and agreements in this Section 3.4 and agree that if any of the acknowledgements,
representations, warranties or agreements made by it in connection with its purchase of the Grantor Trust Certificate are no longer accurate,
the transferee will promptly notify the Grantor Trust, the Grantor Trust Trustee and any initial purchaser or placement agent.

 

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(n)          
The Grantor Trust Certificateholder and each transferee of a Grantor Trust Certificate acknowledges that the Grantor Trust Certificate
will bear a legend substantially in the form of the legend appearing in the form of Grantor Trust Certificate attached hereto as Exhibit
A.

 

(o)          
Any transferee agrees that any purported transfer of the Grantor Trust Certificate that is not made in accordance with the restrictions
set forth herein will be null and void from the beginning and will not be given effect for any purpose thereunder.

 

(p)         
Any prospective transferee of the Grantor Trust Certificate acknowledges and represents that it is acquiring the Grantor Trust
Certificate in whole and not in part and that it is not the Grantor Trust Trustee.

 

Section 3.5            
Mutilated, Destroyed, Lost or Stolen Grantor Trust Certificate.

 

(a)          
If (i) a mutilated Grantor Trust Certificate is surrendered to the Grantor Trust Certificate Registrar, or the Grantor Trust Certificate
Registrar receives evidence to its satisfaction of the destruction, loss or theft of the Grantor Trust Certificate, and (ii) there is
delivered to the Grantor Trust Certificate Registrar, the Grantor Trust Trustee and the Grantor Trust such security or indemnity as may
be required by them to hold each of them harmless, then, in the absence of actual knowledge of a Responsible Officer of the Grantor Trust
Certificate Registrar or the Grantor Trust Trustee that the Grantor Trust Certificate has been acquired by a protected purchaser, the
Grantor Trust Trustee shall execute on behalf of the Grantor Trust, and the Grantor Trust Trustee shall authenticate and deliver (or shall
cause its authenticating agent to authenticate and deliver), in exchange for or in lieu of the mutilated, destroyed, lost or stolen Grantor
Trust Certificate, a replacement Grantor Trust Certificate; provided, however, that the destroyed, lost or stolen Grantor
Trust Certificate, but not a mutilated Grantor Trust Certificate, shall have become or within seven (7) days shall be payable, then, instead
of issuing a replacement Grantor Trust Certificate, Paying Agent may make distributions to the registered Holder of such destroyed, lost
or stolen Grantor Trust Certificate when so payable.

 

(b)          
If, after the delivery of a replacement Grantor Trust Certificate or payment in respect of a destroyed, lost or stolen Grantor
Trust Certificate pursuant to Section 3.5(a), a protected purchaser of the original Grantor Trust Certificate in lieu of which
such replacement Grantor Trust Certificate was issued presents for payment or distribution such original Grantor Trust Certificate, the
Grantor Trust Certificate Registrar shall be entitled to recover such replacement Grantor Trust Certificate (and any distributions or
payments made with respect thereto) or such payment or distribution from the Person to whom it was delivered or any Person taking such
replacement Grantor Trust Certificate from such Person to whom such replacement Grantor Trust Certificate 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 Grantor Trust Certificate Registrar in connection therewith.

 

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(c)          
 In connection with the issuance of a replacement Grantor Trust Certificate under this Section 3.5, the Grantor Trust Trustee
and the Grantor Trust Certificate Registrar may require the payment by the Holder of the Grantor Trust Certificate 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 Grantor Trust Trustee and the Grantor Trust Certificate Registrar) connected therewith.

 

(d)         
A duplicate Grantor Trust Certificate issued pursuant to this Section 3.5 in replacement of a mutilated, destroyed, lost
or stolen Grantor Trust Certificate shall constitute an original beneficial interest in the Grantor Trust, whether or not the mutilated,
destroyed, lost or stolen Grantor Trust Certificate shall be found at any time or be enforced by anyone, and shall be entitled to all
the benefits of this Agreement.

 

(e)          
The provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of a mutilated, destroyed, lost or stolen Grantor Trust Certificate.

 

Section 3.6           
The Grantor Trust Certificateholder. Subject to the provisions of Section 3.4, prior to due presentation of the Grantor
Trust Certificate for registration of transfer, the Grantor Trust Trustee or the Grantor Trust Certificate Registrar and any Paying Agent
may treat the Person in whose name the Grantor Trust Certificate is registered in the Grantor Trust Certificate Register as the Grantor
Trust Certificateholder of such Grantor Trust Certificate for the purpose of receiving distributions pursuant to Article V and
for all other purposes whatsoever, and neither the Grantor Trust Trustee nor the Grantor Trust Certificate Registrar and the Paying Agent
shall be affected by any notice to the contrary.

 

Section 3.7           
Access to Grantor Trust Certificateholder’s Name and Address. The Grantor Trust Certificate Registrar shall furnish
or cause to be furnished to the Paying Agent and the Grantor, within fifteen (15) days after receipt by the Grantor Trust Certificate
Registrar of a written request therefor from the Paying Agent or the Grantor in writing, the name and address of the Grantor Trust Certificateholder
as of the most recent Record Date. The Holder, by receiving and holding the Grantor Trust Certificate, shall be deemed to have agreed
not to hold any of the Paying Agent, the Grantor, the Grantor Trust Certificate Registrar or the Grantor Trust Trustee accountable by
reason of the disclosure of its name and address, regardless of the source from which such information was derived.

 

Section 3.8           Maintenance
of Corporate Trust Office and Records. The Grantor Trust Trustee shall maintain an office or offices or agency or agencies where
notices and demands to or upon the Grantor Trust Trustee in respect of the Grantor Trust Certificate and the Basic Documents may be
served. The Grantor Trust Trustee initially designates its [Corporate Trust Office][office located at
[                  ]], as its principal
office for such purposes. The Grantor Trust Trustee shall give prompt written notice to the Grantor, the Paying Agent and the
Grantor Trust Certificateholder of any change in the location of the Grantor Trust Trustee or any such office or agency. The Grantor
Trust Trustee shall maintain (or cause to be maintained) copies of all documents, instructions, notices and any other writings (in
hard copy or electronic form), delivered to the Grantor Trust Trustee by any Person with respect to the Grantor Trust. The
Certificate Registrar shall maintain an office or offices or agency or agencies where 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 Grantor
Trust Certificate and the Basic Documents may be served.  The Certificate Registrar initially designates its [Corporate Trust
Office][office located at
[                  ]], as its principal
office for such purposes.  The Certificate Registrar shall give prompt written notice to the Grantor, the Paying Agent, the
Grantor Trust Trustee and the Grantor Trust Certificateholder of any change in the location of the Certificate Register or any such
office or agency.

 

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Section 3.9            Appointment
of Paying Agent. The Paying Agent shall initially be the [Grantor Trust Trustee][Indenture Trustee], and any co-paying agent chosen
by the Grantor Trust Trustee. The [Grantor Trust Trustee][Indenture Trustee] shall be permitted to resign as Paying Agent upon thirty
(30) days’ written notice to the Administrator. If the [Grantor Trust Trustee][Indenture Trustee] shall no longer be the Paying
Agent, the [Grantor Trust Trustee][Indenture Trustee], upon receipt of written direction from the Administrator shall appoint a successor
to act as Paying Agent (which shall be a bank, insurance company or trust company). The Administrator shall cause such successor Paying
Agent or any additional Paying Agent appointed by the Administrator to execute and deliver to the Grantor Trust Trustee an instrument
in which such successor Paying Agent or additional Paying Agent shall agree with the Grantor Trust Trustee that as Paying Agent, such
successor Paying Agent or additional Paying Agent shall hold all sums, if any, held by it for payment to the Grantor Trust Certificateholder
in trust for the benefit of the Grantor Trust Certificateholder entitled thereto until such sums shall be paid to the Grantor Trust Certificateholder.
The Paying Agent shall return all unclaimed funds to the Grantor Trust Trustee and upon removal of a Paying Agent such Paying Agent shall
also return all funds in its possession to the Grantor Trust Trustee. Each of the protections, exculpations, limitations on liability,
immunities and rights of the Grantor Trust Trustee, including without limitation pursuant to the provisions of Sections 6.3, 6.6,
6.7 and 6.9 shall apply to the Grantor Trust Trustee also in its role as Paying Agent or Grantor Trust Certificate Registrar
for so long as the Grantor Trust Trustee shall act as Paying Agent or Grantor Trust Certificate Registrar and, to the extent applicable,
to any other paying agent, Grantor Trust Certificate Registrar or authenticating agent appointed hereunder. Any reference in this Agreement
to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

 

Section 3.10         
Grantor as Grantor Trust Certificateholder. The Grantor in its individual or any other capacity may become the owner or
pledgee of the Grantor Trust Certificate and may otherwise deal with the Grantor Trust Trustee and the Grantor Trust Certificate Registrar
or any of such party’s respective Affiliates as if it were not the Grantor.

 

Section 3.11         
Rule 144A Information. The Grantor shall, during any period in which a purchaser of the Grantor Trust Certificate holds
such Grantor Trust Certificate and in which the Grantor is not subject to Sections 13 or 15(d) of the Exchange Act, make available, upon
request, to the Holder of the Grantor Trust Certificate in connection with any sale thereof and any prospective purchaser of the Grantor
Trust Certificate from such Holder, the information specified in Rule 144A(d)(4) under the Act.

 

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Article
IV

ACTIONS BY GRANTOR TRUST TRUSTEE

 

Section 4.1           
Prior Notice to Grantor Trust Certificateholder with Respect to Certain Matters. The Grantor Trust Trustee shall not take
action with respect to the following matters, unless (i) the Grantor Trust Trustee shall have notified the Grantor Trust Certificateholder
in writing (with a copy to the Grantor) of the proposed action at least ten (10) days (or such shorter period as is acceptable to the
Grantor Trust Certificateholder) before the taking of such action, and (ii) the Grantor Trust Certificateholder shall not have notified
the Grantor Trust Trustee in writing prior to the 10th day (or such shorter period acceptable to the Grantor Trust Certificateholder)
after such notice is given that the Grantor Trust Certificateholder has withheld consent or provided alternative direction:

 

(a)          
the initiation of any material claim or lawsuit by the Grantor Trust (other than an action by the Indenture Trustee or an action
to collect on a Receivable) and the compromise of any material action, proceeding, investigation, claim or lawsuit brought by or against
the Grantor Trust (other than an action by the Indenture Trustee or an action to collect on a Receivable);

 

(b)         
except as may be required under the Statutory Trust Act, the election by the Trust to file an amendment to the Grantor Trust Certificate
of the Grantor Trust filed with the Delaware Secretary of State;

 

(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 materially adversely affects the interests of the Grantor Trust Certificateholder;

 

(e)         
the amendment, change or modification of the Administration Agreement, Servicing Agreement, the [Receivables Contribution Agreement],
the Indenture or any other Basic Document to which the Grantor Trust is a party, except to cure any ambiguity or to add, amend or supplement
any provision in a manner that would not materially adversely affect the interests of the Grantor Trust Certificateholder; or

 

(f)           
the appointment pursuant to the Indenture or the Administration Agreement, as applicable, of a successor Note Registrar, Paying
Agent for the Notes or Indenture Trustee or, pursuant to this Agreement, of a successor Grantor Trust Certificate Registrar, or the consent
to the assignment by the Note Registrar, Paying Agent for the Notes, Indenture Trustee or Grantor Trust Certificate Registrar of its obligations
under the Indenture, the Administration Agreement or this Agreement, as applicable.

 

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(g)           [Without
first obtaining an Opinion of Counsel to the effect that such action will not, for U.S. federal income tax purposes, cause the
Grantor Trust to be taxable as other than a “grantor trust” for U.S. federal income tax purposes, the Grantor Trust
shall not, and neither the Grantor Trust nor anyone acting on behalf of the Grantor Trust shall have the power or authority to,
cause the Grantor Trust to:

 

(i)             
exchange any portion of the Grantor Trust Collateral for other property following the date hereof (other than as set forth
in the Basic Documents, clause (ii) below or cash to be distributed in accordance with Article V or Article IX);

 

(ii)             
acquire any other property with, or otherwise reinvest, any distributions, income or proceeds received with respect to the
Grantor Trust’s investments, including any proceeds from the sale of any such investment, other than Eligible Investments maturing
before the Business Day immediately prior to the Payment Date related to the then current Collection Period;

 

(iii)           
accept any contributions of cash or property following the date hereof, except pursuant to the Basic Documents or as unanimously
directed by or consented to in writing by the Grantor Trust Certificateholder;

 

(iv)           
agree to receive, or negotiate for, any financing with which to acquire any investments;

 

(v)           
exercise any rights or otherwise take any action under or with respect to any Receivable, other than its entry into the
related Basic Documents, the exercise of its rights and the performance of its obligations thereunder, and the performance of such ministerial
functions with respect to the Receivables as may be expressly contemplated thereunder; or

 

(vi)           
otherwise acquire or agree to acquire, by contribution, purchase, exchange, borrowing, or otherwise, any cash or property
following the date hereof, other than any proceeds (including proceeds of Receivables permitted to be sold by, or purchased or repurchased
from, the Grantor Trust for cash as permitted under the Basic Documents) received with respect to the existing Grantor Trust Collateral
(which may only be invested in accordance with clause (ii) above) as of the date hereof.

 

(vii)          
Section 4.1(g) is intended to ensure that neither the Grantor Trust nor anyone acting on behalf of the Grantor Trust has
the power to vary the Grantor Trust’s investments within the meaning of Treasury Regulations § 301.7701 4(c) and shall be interpreted
and applied consistently with such intent.]

 

Section 4.2           
Action by Grantor Trust Certificateholder with Respect to Certain Matters. The Grantor Trust Trustee shall not have the
power, except upon the written direction of the Grantor Trust Certificateholder, to remove the Servicer under the Sale and Servicing Agreement
pursuant to Article V thereof or, except as expressly provided in the Basic Documents, sell the Receivables and related Contracts
or any interest therein prior to the termination of the Indenture. The Grantor Trust Trustee shall take the actions referred to in the
preceding sentence only upon written instruction signed by the Grantor Trust Certificateholder.

 

Section 4.3            Action
by Grantor Trust Certificateholder with Respect to Bankruptcy. To the fullest extent permitted by applicable law, the Grantor
Trust Trustee shall not have any power to, and shall not, (i) institute proceedings to have the Grantor Trust declared or
adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Grantor
Trust, (iii) file a petition or consent to a petition seeking reorganization or relief on behalf of the Grantor 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 Grantor Trust or a substantial portion of the assets of the Grantor Trust,
(v) make any assignment for the benefit of the Grantor Trust’s creditors, (vi) cause the Grantor Trust to admit in writing its
inability to pay its debts generally as they become due, or (vii) take any action, or cause the Grantor 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, the Grantor Trust Certificateholder shall not have the power to take, and shall not take, any Bankruptcy Action with
respect to the Trust or direct the Grantor Trust Trustee to take any Bankruptcy Action with respect to the Grantor Trust; provided
that nothing contained herein shall prevent the Grantor Trust Trustee from filing a proof of claim in any such proceeding.

 

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Section 4.4           
Restrictions on Grantor Trust Certificateholder’s Power. The Grantor Trust Certificateholder shall not direct the
Grantor Trust Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the
Grantor Trust or the Grantor Trust Trustee under this Agreement, including Section 2.3, or any of the other Basic Documents, nor
shall the Grantor Trust Trustee be obligated to follow any such direction, if given. The Grantor Trust Certificateholder shall not and
shall not direct the Grantor Trust Trustee to take action that would violate the provisions of Section 6.1 and, if given, the Grantor
Trust Trustee shall not be obligated to follow any such direction.

 

Article
V 

CERTAIN DUTIES

 

Section 5.1           
Accounting and Reports to the Grantor Trust Certificateholder, the Internal Revenue Service and Others; Distributions.

 

(a)           The
Grantor Trust Trustee shall maintain (or cause to be maintained) the books of the Grantor Trust on a calendar year basis on the
accrual method of accounting, deliver to the Grantor Trust Certificateholder, as may be required by the Code and applicable Treasury
Regulations or otherwise, such information in the possession or control of the Grantor Trust Trustee as may be required to enable
the Grantor Trust Certificateholder to prepare its federal income tax return, file such tax returns relating to the Grantor Trust
and make such elections as may from time to time be required or appropriate under any applicable State or federal statute or rule or
regulation thereunder so as to maintain the Grantor Trust’s characterization as an entity described in Section 2.11 for
U.S. federal income tax purposes, cause such tax returns to be signed in the manner required by law and collect or cause to be
collected any withholding tax as described in and in accordance with Section 5.3 with respect to income or distributions to
the Grantor Trust Certificateholder. The Grantor Trust Trustee shall annually cause to be sent to the Grantor Trust
Certificateholder a separate statement setting forth the Grantor Trust Certificateholder’s share of items of income, gain,
loss, deduction or credit and will instruct the Grantor Trust Certificateholder to report such items on its federal income tax
return. The Administrator shall prepare or cause to be prepared the returns and information required by Treasury Regulations Section
1.671-5, as well as any other applicable provisions of law, to be provided and filed, as applicable, in the manner prescribed
therein.

 

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(b)          
On or before the [Initial] Closing Date, the Administrator shall cause the Collection Account to be established pursuant to [Section
8.02] of the Indenture. All distributions with respect to the Grantor Trust Certificate shall be made to the Collection Account.

 

Section 5.2           
Tax Returns; Other Tax Matters. The Administrator shall prepare and the Grantor Trust Trustee shall sign on behalf of the
Grantor Trust any and all applicable tax returns of the Grantor Trust, unless applicable law requires the Grantor Trust Certificateholder
to sign such documents, in which case the Grantor Trust Certificateholder hereby agrees to sign such document and to cooperate fully with
the reasonable requests of the Grantor Trust Trustee with respect thereto.

 

Section 5.3            
Withholding Tax

 

If any withholding tax
is imposed on the Grantor Trust’s payment (or allocations of income) to the Grantor Trust Certificateholder, such tax shall
reduce the amount otherwise distributable to the Grantor Trust Certificateholder; provided that the Paying Agent shall not have an
obligation to withhold any such amount if and for so long as the Grantor is the sole Grantor Trust Certificateholder. The Paying
Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Grantor Trust Certificateholders
sufficient funds for the payment of any tax that is legally payable by the Trust (but such authorization shall not prevent the
Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law,
pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Grantor Trust
Certificateholder shall be treated as cash distributed to the Grantor Trust Certificateholder at the time it is withheld by the
Grantor Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a Grantor Trust Certificateholder that is not a U.S. Person), the Grantor Trust Trustee or the Paying
Agent, upon notification from the Grantor Trust Trustee that the appropriate tax forms have not been received by the Grantor Trust
Trustee, may withhold such amounts in accordance with this Section. If the Grantor Trust Certificateholder wishes to apply for a
refund of any such withholding tax, the Paying Agent shall reasonably cooperate with such the Grantor Trust Certificateholder in
making such claim so long as the Grantor Trust Certificateholder agrees to reimburse the Paying Agent for any out-of-pocket expenses
incurred.

 

Article
VI 

THE GRANTOR TRUST TRUSTEE

 

Section 6.1            
Duties of Grantor Trust Trustee.

 

(a)           The
Grantor Trust Trustee undertakes to perform such duties, and only such duties, as are specifically set forth in this Agreement and
the other Basic Documents, including the administration of the Grantor Trust in the interest of the Grantor Trust Certificateholder,
subject to the [Basic] Documents and in accordance with the provisions of this Agreement. No implied covenants, obligations or
duties (including fiduciary duties) or liabilities otherwise existing at law or in equity with respect to the Grantor Trust, shall
be read into this Agreement. The Grantor Trust Trustee shall have no duty or obligation to perform the duties and obligations of the
Grantor Trust and shall act only at the written direction of the Grantor Trust Certificateholder and, to the extent expressly
provided herein, the Administrator or the Grantor with respect to the duties of the Grantor Trust.

 

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(b)         
Notwithstanding the foregoing, the Grantor Trust Trustee shall be deemed to have discharged its duties and responsibilities hereunder
and under the other Basic Documents to the extent the Administrator has agreed in the Administration Agreement to perform any act or to
discharge any duty of the Grantor Trust or the Grantor Trust Trustee hereunder or under any other Basic Document, and the Grantor Trust
Trustee shall not be responsible for monitoring or supervising or performing the duties and obligations of the Administrator and shall
not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.

 

(c)          
In the absence of bad faith on its part, the Grantor Trust Trustee may conclusively rely upon certificates or opinions furnished
to the Grantor Trust Trustee and conforming to the requirements of this Agreement in determining the truth of the statements and the correctness
of the opinions contained therein; provided, however, that the Grantor Trust Trustee shall have examined such certificates
or opinions so as to determine compliance of the same with the requirements of this Agreement.

 

(d)          
The Grantor Trust Trustee may not be relieved from liability for its own negligence or willful misconduct, except that:

 

(i)             
this Section 6.1(d) shall not limit the effect of Section 6.1(a) or 6.1(b);

 

(ii)            
the Grantor Trust Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the
Grantor Trust Trustee; and

 

(iii)           
the Grantor Trust Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 4.1, Section 4.2 or Section 4.4.

 

(e)          
Monies received by the Grantor Trust Trustee hereunder need not be segregated in any manner except to the extent required by law
and may be deposited under such general conditions as may be prescribed by law. Such funds shall be held (i) in a non-interest bearing
trust account and (ii) uninvested and the Grantor Trust Trustee shall not be liable for any interest thereon.

 

(f)            The
Grantor Trust Trustee shall have no responsibility to record this Agreement or any other Basic Document, to prepare or file any
financing or continuation statement or amendment in any public office at any time or otherwise to perfect or maintain the perfection
of any ownership or security interest or lien or to prepare or file any qualification to do business, or tax filings, securities law
filings or other filings or reports or to monitor or cause the Grantor Trust to comply with Regulation RR, to the extent Regulation
RR is applicable to the Grantor Trust. The Grantor Trust Trustee nevertheless agrees that it will promptly take all action as may be necessary to discharge any liens on any
part of the Grantor Trust Collateral that result from actions by, or claims against, the Grantor Trust Trustee that are not related to
the ownership or the administration of the Grantor Trust Collateral.

 

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(g)           The
Grantor Trust Trustee shall not take any action that (i) is inconsistent with the purposes of the Grantor Trust set forth in Section
2.3 or (ii) would, to the actual knowledge of a Responsible Officer of the Grantor Trust Trustee, cause the Grantor Trust to
fail to qualify as a grantor trust for U.S. federal income tax purposes. The Grantor Trust Certificateholder shall not direct the
Grantor Trust Trustee to take any action or themselves take any action that would violate the provisions of this Section
6.1.

 

Section 6.2           
Rights of Grantor Trust Trustee. The Grantor Trust Trustee is authorized and directed to execute and deliver the Basic Documents,
each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Grantor Trust or the
Grantor Trust Trustee is to be a party and any additional agreement, document, letter or undertaking to be entered into in connection
with the Basic Documents or the transactions described therein to which the Grantor Trust or the Grantor Trust Trustee is to be a party,
each as presented to the Grantor Trust Trustee by the Grantor or its counsel and in such form as the Grantor shall approve as evidenced
conclusively by the Grantor Trust Trustee’s execution thereof. The Grantor Trust Trustee is authorized to execute such additional
documents and amendments to the Basic Documents as it shall be directed in writing by the Administrator, the Servicer or the Grantor.
In addition to the foregoing, the Grantor Trust Trustee is authorized, but shall not be obligated, to take all actions required of the
Grantor Trust pursuant to the Basic Documents. The Grantor Trust Trustee is further authorized from time to time to take such action as
the Grantor, the Grantor Trust Certificateholder or the Administrator recommends and directs in writing with respect to the Basic Documents.

 

Section 6.3          Acceptance
of Trusts and Duties. Except as otherwise provided in this Article VI, in accepting the trusts hereby created,
[                              ]
acts solely as Grantor Trust Trustee hereunder and not in its individual capacity and all Persons having any claim against the
Grantor Trust Trustee by reason of the transactions contemplated by this Agreement or any other Basic Document shall look only to
the Grantor Trust Collateral for payment or satisfaction thereof. The Grantor Trust 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 Grantor Trust
Trustee also agrees to disburse all monies actually received by it constituting part of the Grantor Trust Collateral upon the terms
of the Basic Documents. The Grantor Trust Trustee shall not be liable or accountable hereunder or under any other Basic Document
under any circumstances, except (i) for its own negligence or willful misconduct (including where such willful negligence or willful
misconduct results in non-compliance with any covenant or agreement of the Grantor Trust Trustee herein), (ii) for its failure to
discharge liens on the Grantor Trust Collateral that result from actions by or claims against it that are unrelated to the ownership
or administration of the Grantor Trust Collateral, (iii) the inaccuracy of any representation or warranty contained in Section
6.6 and expressly made by the Grantor Trust 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 Grantor Trust Trustee in connection with 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
Grantor Trust Trustee shall at no 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 Grantor Trust
Collateral or its ability to generate the payments to be distributed to Grantor Trust Certificateholder under this Agreement or to
Noteholders under the Indenture, including: 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 Grantor 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 sub-servicer taken in the name of the Grantor Trust Trustee;

 

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(b)          
the Grantor Trust 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 Grantor, the Administrator or the Grantor Trust Certificateholder;

 

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

 

(d)          
under no circumstances shall the Grantor Trust Trustee be liable for indebtedness evidenced by or arising under any of the Basic
Documents, including the principal of and interest on the Notes, or for any Grantor Trust representation, warranty, covenant or obligation
under the Basic Documents;

 

(e)          
the Grantor Trust Trustee shall not be responsible for or in respect of and makes no representation as to the accuracy, validity
or sufficiency of any provision of this Agreement other than as explicitly set forth herein or for the due execution hereof by the Grantor
or for the form, character, genuineness, sufficiency, value or validity of any of the Grantor Trust Collateral or for, or in respect of,
the validity or sufficiency of the Notes, the Grantor Trust Certificate (other than the certificate of authentication on the Grantor Trust
Certificate), the other Basic Documents, any Receivables or any related documents, and the Grantor Trust Trustee shall in no event assume
or incur any liability, duty or obligation to any Noteholder or to the Grantor Trust Certificateholder or any other person, other than
as expressly provided for herein and in the other Basic Documents;

 

(f)            the
Grantor Trust Trustee shall not be liable for the Default or misconduct of the Administrator, the Indenture Trustee, the Grantor or
the Servicer under any of the Basic Documents or otherwise, nor shall the Grantor Trust Trustee be liable for any delay in the
performance or failure to perform its duties if such failure is a result of another party failing to perform their responsibilities.
The Grantor Trust Trustee shall have no obligation or liability to perform the obligations of the Grantor 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, the Grantor under this Agreement or the Servicer under the Sale and Servicing Agreement and the Grantor
Trust Trustee may assume performance by the Administrator, the Grantor, the Indenture Trustee and the Servicer absent written notice
to or actual knowledge of a Responsible Officer of the Grantor Trust Trustee to the contrary;

 

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(g)          
the Grantor Trust Trustee shall be under no 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 other Basic
Document, at the request, order or direction of any of the Grantor Trust Certificateholder or the Administrator, unless the Grantor Trust
Certificateholder or the Administrator has offered to the Grantor Trust Trustee reasonable security or indemnity satisfactory to it against
the costs, expenses and liabilities that may be incurred by the Grantor Trust Trustee therein or thereby. The right of the Grantor Trust
Trustee to perform any discretionary act enumerated in this Agreement or in any other Basic Document shall not be construed as a duty,
and the Grantor Trust Trustee shall not be answerable for other than its negligence or willful misconduct in the performance of any such
act;

 

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

 

(i)           
to the fullest extent permitted by law and notwithstanding anything in this Agreement to the contrary, the Grantor Trust Trustee
shall not be personally liable for (x) special, consequential, indirect or punitive damages, however styled, including lost profits, (y)
the acts or omissions of any nominee, correspondent, clearing agency or securities depository through which it holds the Trust’s
securities or assets or (z) for the acts or omissions of brokers or dealers;

 

(j)           
the Grantor Trust Trustee shall not be liable or responsible for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, any force majeure event, including but not limited to strikes, work stoppages, accidents,
acts of war or terrorism, civil or military disturbances, interruptions, nuclear or natural catastrophes, epidemics or pandemics or similar
events, or acts of God, power outages, loss or malfunctions of utilities, communications or computer (software and hardware) services,
or other circumstances beyond its control; it being understood that the Grantor Trust Trustee shall use commercially reasonable efforts
which are consistent with accepted practices in the banking industry to resume performance as soon as reasonably practicable under the
circumstances;

 

(k)           the
Grantor Trust Trustee shall not be deemed to have knowledge or notice of any event or information, (including without limitation any
Default, Event of Default or breach of representation or warranty under any Basic Document), or be required to act upon any event or
information (including the sending of any notice), unless a Responsible Officer shall have actual knowledge of such event or
information or written notice of such event or information is received by a Responsible Officer and such notice references the event or information. Absent written
notice in accordance with this section, the Grantor Trust Trustee may conclusively assume that
no such event has occurred. The Grantor Trust 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 Grantor Trust Trustee’s responsibility and liability hereunder,
whenever reference is made in this 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 Grantor Trust Trustee has received notice as described in this section. Knowledge of
the Grantor Trust Trustee shall not be attributed or imputed to [    ]’s other roles in the
transaction;

 

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(l)            notwithstanding
anything contained herein or in any of the Basic Documents to the contrary, the Grantor Trust Trustee shall not be required to take
any action in any jurisdiction other than in the State of Delaware if the taking of such action will (i) require the consent or
approval or authorization or order of or the giving of notice to, or the registration with, licensing by or taking of any action in
respect of, any state or other governmental authority or agency of any jurisdiction other than the State of Delaware; (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 the State of Delaware becoming payable by the Grantor Trust Trustee or (iii) subject the Grantor Trust
Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts
unrelated to the consummation of the transactions by the Grantor Trust Trustee contemplated hereby. The Grantor Trust Trustee shall
be entitled to obtain advice of counsel (the reasonable fees and expenses of which shall be reimbursable by the Grantor Trust
pursuant to the Basic Documents) to determine whether any action required to be taken pursuant to this Agreement results in the
consequences described in clauses (i), (ii) and (iii) of the preceding sentence. In the event that said counsel advises the Grantor
Trust Trustee that such action will result in such consequences, the Grantor Trust Trustee may, or if instructed to do so by the
Administrator, shall appoint an additional trustee pursuant to Section 6.12 to proceed with such action;

 

(m)         
the Grantor Trust Trustee shall not be required to provide, on its own behalf, any surety bond or other kind of security in connection
with the execution of any of its trusts or powers under this Agreement or any other Basic Document or the performance of its duties hereunder;

 

(n)          
each of the parties hereto hereby agrees and, as evidenced by its acceptance of any benefits hereunder, the Grantor Trust Certificateholder
agrees that the Grantor Trust Trustee in any capacity (x) has not provided and will not provide in the future, any advice, counsel or
opinion regarding the tax, regulatory, financial, investment, securities law or insurance implications and consequences of the formation,
funding and ongoing administration of the Trust, including income, gift and estate tax issues, insurable interest issues, risk retention
issues, doing business or other licensing matters and the initial and ongoing selection and monitoring of financing arrangements, (y)
has not made any investigation as to the accuracy of any representations, warranties or other obligations of the Grantor Trust under the
Basic Documents and shall have no liability in connection therewith and (z) the Grantor Trust Trustee has not prepared or verified, and
shall not be responsible or liable for, any information, disclosure or other statement in any disclosure or offering document or in any
other document issued or delivered in connection with the issuance, sale or transfer of the Certificates or the Notes. The Grantor Trust Trustee has no duties to the Grantor, the Grantor Trust
Certificateholder, the Grantor Trust or any other parties with respect to the matters in (x) above;

 

(o)          
it shall not be the Grantor Trust Trustee’s duty and responsibility, to cause the Grantor Trust to respond to, defend, participate
in or otherwise act in connection with any regulatory, administrative, governmental, investigative or other proceeding or inquiry relating
in any way to the Trust, its assets or the conduct of its business;

 

(p)          
the Grantor Trust Trustee shall not have any obligation or duty to supervise or monitor the performance of any other Person and
shall have no liability for the failure of any other Person to perform its obligations or duties under the Basic Documents or otherwise;

 

(q)          
neither the Grantor nor the Administrator shall, without the written consent of the Grantor Trust Trustee, knowingly take or cause
the Grantor Trust to take any action which in any way adversely affects or could reasonably be expected to adversely affect the Grantor
Trust Trustee or any of its rights, duties or protections under this Agreement; and

 

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(r)            
the parties hereto and the Grantor Trust Certificateholder acknowledge that in accordance with the requirements of Applicable
Anti-Money Laundering Law, the Grantor Trust Trustee, the Paying Agent and Grantor Trust 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 Grantor Trust Trustee, the Paying Agent or the
Grantor Trust Certificate Registrar. Each party hereto and the Grantor Trust Certificateholder by its acceptance of the Grantor
Trust Certificate agrees that it shall provide the Grantor Trust Trustee, the Paying Agent and the Grantor Trust Certificate
Registrar with such information as may be reasonably available to such party as the Grantor Trust Trustee, the Paying Agent and the
Grantor Trust Certificate Registrar may reasonably request that will help the Grantor Trust Trustee, the Paying Agent and the
Grantor Trust 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 Anti-Money Laundering Law, the Grantor Trust Trustee, Paying Agent and Grantor Trust 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
Grantor Trust Trustee, Paying Agent or Grantor Trust Certificate Registrar to perform their respective obligations hereunder, which,
at the sole option of such party, may result in the Grantor Trust Trustee’s, Paying Agent’s or Grantor Trust 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. [The parties hereto agree that solely for purposes of the
Applicable Anti-Money Laundering Law, (a) the Grantor is and shall be deemed to be the sole beneficial owner of the Trust, and (b)
the Grantor is and shall deemed to be the party with the power and authority to control the Trust.]

 

Section 6.4            
Action upon Instruction by Certificateholders.

 

(a)          
Subject to Section 4.4, the Grantor Trust Certificateholder may by written instruction direct the Grantor Trust Trustee
in the management of the Grantor Trust. Such direction may be exercised at any time by written instruction of the Grantor Trust Certificateholder
pursuant to Section 4.5.

 

(b)          
Notwithstanding the foregoing, the Grantor Trust Trustee shall not be required to take or refrain from taking any action hereunder
or under any other Basic Document if the Grantor Trust 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 Grantor Trust Trustee or is contrary to the terms hereof or of any
other Basic Document or is otherwise contrary to law.

 

(c)           Whenever
the Grantor Trust Trustee is unable to decide between alternative courses of action permitted or required by the terms of this
Agreement or any other Basic Document, or is unsure as to the application, intent, interpretation or meaning of any provision of
this Agreement or the other Basic Documents, the Grantor Trust Trustee shall promptly give notice (in such form as shall be
appropriate under the circumstances) to the Grantor Trust Certificateholder requesting instruction as to the course of action to be
adopted, and, to the extent the Grantor Trust Trustee acts in good faith in accordance with any such instruction received, the
Grantor Trust Trustee shall not be liable on account of such action to any Person. If the Grantor Trust Trustee shall not have
received appropriate instructions within [ten (10)][Business Days][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 which is consistent, in its view, with this Agreement or the other Basic Documents, and as it
shall deem to be in the best interests of the Grantor Trust Certificateholder, and the Grantor Trust Trustee shall have no liability
to any Person for any such action or inaction.

 

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Section 6.5            Furnishing of Documents. The Grantor Trust Trustee shall furnish to the Grantor Trust Certificateholder, 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 Grantor Trust Trustee under the Basic Documents. The Grantor Trust Trustee (i) shall have no responsibility
for the accuracy of any information provided to the Grantor Trust Certificateholders or any other Person that has been obtained from,
or provided to the Grantor Trust 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 6.6          
Representations and Warranties of Grantor Trust Trustee. The Grantor Trust Trustee hereby represents and warrants to the
Grantor, for the benefit of the Grantor Trust Certificateholder, that:

 

(a)          
It is a [ ] duly formed and validly existing under the laws of [ ]. It has all requisite corporate power and authority to execute,
deliver and perform its obligations under this Agreement. It has satisfied the eligibility requirements set forth in Section 6.13.

 

(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 Grantor Trust 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 Grantor Trust Collateral resulting from actions by or claims against the Grantor Trust Trustee which are
unrelated to this Agreement or the other Basic Documents.

 

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

 

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(e)          
 This Agreement constitutes the legal, valid, and binding obligation of the Grantor Trust 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 6.7            
Reliance; Advice of Counsel.

 

(a)          
The Grantor Trust 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 Grantor Trust Trustee may conclusively rely on the
truth of the statements made and the correctness of opinions rendered and need not investigate any fact or matter stated in any such document,
including verifying the correctness of any numbers or calculations. The Grantor Trust 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 the determination of which is not specifically
prescribed herein, the Grantor Trust 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 the relevant
party, as to such fact or matter, and such certificate shall constitute full protection to the Grantor Trust Trustee for any action taken
or omitted to be taken by it in good faith in reliance thereon. The Grantor Trust 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 other Basic Documents, the Grantor Trust Trustee (i) may act directly or through its agents, attorneys, custodians or nominees
pursuant to agreements entered into with any of them, and the Grantor Trust Trustee shall not be liable for the conduct or misconduct
of such agents, attorneys, custodians or nominees if such agents, attorneys, custodians or nominees shall have been selected by the Grantor
Trust Trustee with reasonable care ; and (ii) may consult with counsel, accountants and other skilled professionals to be selected with
reasonable care and employed by it. The Grantor Trust 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 other Basic Document.

 

Section 6.8            Grantor Trust Trustee May Own Notes. [                          ]
or any successor Grantor Trust Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may deal with
the Grantor, the Indenture Trustee, the Administrator and the Servicer in transactions in the same manner as it would have if it were
not the Grantor Trust Trustee.

 

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Section 6.9            
Compensation and Indemnity.

 

(a)          
 The Grantor Trust Trustee shall receive as compensation for its services during the term of this Agreement, such fees as have
been separately agreed upon in writing before the date hereof by the Grantor Trust Trustee, and the Grantor Trust 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, custodians, nominees, representatives,
experts and external counsel as the Grantor Trust 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 Grantor Trust
Trustee in connection with the [initial] Closing Date shall be subject to any limitations separately agreed upon before the date hereof
between the Grantor (or any Affiliate thereof) and the Grantor Trust Trustee. The provisions of this Section 6.9 shall survive
the resignation and removal of the Grantor Trust Trustee and the termination of this Agreement.

 

(b)          
Pursuant to the Administration Agreement, the Administrator shall be liable as primary obligor for, and shall indemnify the Grantor
Trust 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, mediations,
arbitrations 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 Grantor Trust 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 Grantor Trust Collateral, the administration of the Grantor Trust Collateral 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) or (iii) of the [fourth] sentence of Section 6.3.
The indemnities contained in this Section shall survive the resignation or removal of the Grantor Trust 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 Grantor Trust Trustee’s choice of legal counsel shall be subject to the approval of the Administrator, which approval shall
not be unreasonably withheld or delayed.

 

The indemnities contained
in this Section 6.9 shall survive the resignation or removal of the Grantor Trust Trustee or the termination of this Agreement.
To the extent that the Grantor Trust or the Administrator fails to pay any amounts due and owing to the Grantor Trust Trustee pursuant
to this Section 6.9, such amounts shall be payable pursuant to the Indenture and the Sale and Servicing Agreement. Any amounts
paid to the Grantor Trust Trustee pursuant to this Article VI shall be deemed not to be a part of the Grantor Trust Collateral
immediately after such payment.

 

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Section 6.10          
Replacement of Grantor Trust Trustee.

 

(a)           Subject
to paragraph (c) of this Section, the Grantor Trust Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Grantor, the Administrator and the Grantor Trust Certificateholder. Upon receiving such
notice of resignation, the Administrator shall promptly appoint a successor Grantor Trust Trustee as set forth in Section
6.10(b). No such resignation shall become effective, prior to the time set forth in Section 6.10(c). If no
successor Grantor Trust Trustee shall have been appointed pursuant to Section 6.10(b) and have accepted such appointment
within thirty (30) days after the giving of such notice, the Grantor Trust Trustee giving such notice may petition (at the expense
of the Grantor Trust (including without limitation reasonable and documented attorneys’ fees, costs and expenses)) any court
of competent jurisdiction for the appointment of a successor Grantor Trust Trustee. The Grantor or the Administrator shall remove
the Grantor Trust Trustee if:

 

(i)              
the Grantor Trust Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall
fail to resign after written request therefor by the Administrator;

 

(ii)              
the Grantor Trust Trustee shall be adjudged bankrupt or insolvent;

 

(iii)             a
receiver of the Grantor Trust Trustee or of its property shall be appointed, or any public officer shall take charge or control of the
Grantor Trust Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or

 

(iv)            
the Grantor Trust Trustee shall otherwise be legally unable to act.

 

(b)          
If the Grantor Trust Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of Grantor
Trust Trustee for any reason, the Administrator shall promptly appoint a successor Grantor Trust Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Grantor Trust Trustee and one copy to the successor Grantor Trust Trustee,
and shall pay all fees, expenses and indemnities owed to the outgoing Grantor Trust Trustee and one copy to the Grantor, together with
the basis for removal.

 

(c)          
Any resignation or removal of the Grantor Trust Trustee and appointment of a successor Grantor Trust Trustee pursuant to any of
the provisions of this Section 6.10 shall not become effective, until a written acceptance of appointment is executed and delivered
by the successor Grantor Trust Trustee to the outgoing Grantor Trust Trustee, the Grantor, the Administrator and the Grantor Trust Certificateholder
and all fees, expenses and indemnities due to the outgoing Grantor Trust Trustee are paid. Costs associated with the resignation of the
Grantor Trust Trustee and the appointment of a successor Grantor Trust Trustee will be borne by the Grantor and paid by the Administrator.
Any successor Grantor Trust Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such capacity in accordance
with Section 6.13 and, following compliance with the preceding sentence, 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 Grantor Trust Trustee. The
Administrator shall provide notice of such resignation or removal of the Grantor Trust Trustee to each of the Rating Agencies.

 

(d)           The
predecessor Grantor Trust Trustee shall upon payment of its fees, expenses and indemnity deliver to the successor Grantor Trust
Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor Grantor Trust
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 Grantor Trust Trustee all such rights, powers, duties and obligations.

 

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(e)          
Upon acceptance of appointment by a successor Grantor Trust Trustee pursuant to this Section 6.10, the Administrator shall
provide notice of the successor of such Grantor Trust Trustee to the Grantor Trust Certificateholder, the Indenture Trustee, the Noteholders
and the Rating Agencies. Any successor Grantor Trust Trustee appointed hereunder shall 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. Notwithstanding any other provision herein, no
successor Grantor Trust Trustee shall accept appointment as provided in this Section unless at the time of such appointment such successor
Grantor Trust Trustee shall be eligible pursuant to Section 6.13.

 

Section 6.11         
Merger or Consolidation of Grantor Trust Trustee. Any Person into which the Grantor Trust Trustee may be merged or converted
or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Grantor Trust
Trustee shall be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Grantor Trust Trustee,
shall be the successor and assume all of the obligations of the Grantor Trust Trustee hereunder, provided such Person shall be eligible
pursuant to Section 6.13, and 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; provided, further, that the Grantor Trust Trustee shall provide prior written notice
of such merger, conversion or consolidation to the Grantor (and, if such Grantor Trust Trustee shall be a public company, no later than
at such time as the Grantor Trust Trustee is required to make such information public), who promptly shall notify the Rating Agencies.
In connection therewith, the Grantor Trust Trustee shall file an amendment to the Certificate of Trust if required by the Statutory Trust
Act.

 

Section 6.12          
Appointment of Co-Trustee or Separate Trustee.

 

(a)           Notwithstanding any other provisions of this Agreement, at any time, for the purpose of (i) meeting any legal requirement of any
jurisdiction in which any part of the Grantor Trust Collateral or any Financed Vehicle may at the time be located, (ii) facilitating enforcement
actions and (iii) mitigating conflicts of interest, the Grantor Trust Certificateholder, the Administrator and the Grantor Trust 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 the Grantor Trust Trustee to act as co-trustee, jointly with the Grantor Trust Trustee, or as separate trustee or trustees, of all
or any part of the Grantor Trust Collateral, and to vest in such Person (in the name of the Grantor Trust and not in such Person’s
name for the Grantor Trust, except to the extent otherwise required by, and in accordance with, Section 2.8), in such capacity,
such title to the Grantor Trust Collateral, or any part thereof, and, subject to the other provisions of this Section 6.12, such
powers, duties, obligations, rights and trusts as the Administrator and the Grantor Trust Trustee may consider necessary or desirable.
If neither the Administrator nor the Grantor Trust Certificateholder shall have joined in such appointment within fifteen (15) days after
the receipt by it of a request so to do, the Grantor Trust 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 trustee pursuant to Section
6.13 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 6.10.

 

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(b)          
 Each 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 Grantor Trust Trustee shall be conferred upon and
exercised or performed by the Grantor Trust 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 Grantor Trust Trustee and is not authorized to act separately without the Grantor Trust 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 Grantor Trust 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 Grantor Trust Collateral 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 Grantor Trust Trustee;

 

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

 

(iii)              the Grantor Trust Certificateholder, Administrator and the Grantor Trust 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.

 

(c)          
Any notice, request or other writing given to the Grantor Trust 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 Grantor Trust
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 Grantor Trust Trustee. Each
such instrument shall be filed with the Grantor Trust Trustee and a copy thereof given to the Administrator.

 

(d)          
Any separate trustee or co-trustee may at any time appoint the Grantor Trust 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 Grantor Trust Trustee, to the extent permitted by law, without the appointment
of a new or successor co-trustee or separate trustee.

 

Section 6.13          Eligibility Requirements for Grantor Trust Trustee. The Grantor Trust Trustee shall at all times: (a) be a corporation
or other entity satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be authorized to exercise corporate trust
powers; (c) have (or have a parent which has) a combined capital and surplus of at least $[50,000,000] and be subject to supervision
or examination by federal or State authorities; and (d) have (or have a parent which has) a long-term unsecured debt 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
corporation 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 6.13, 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. If at any time the Grantor
Trust Trustee shall cease to be eligible in accordance with the provisions of this Section 6.13, the Grantor Trust Trustee shall
resign immediately in the manner and with the effect specified in Section 6.10.

 

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Section 6.14         
Electronic Communications. The Grantor Trust Trustee is hereby authorized, and agrees to accept and act upon notice, instructions
and directions including funds transfer instructions (“Instructions”) given pursuant to this Agreement and the other
Basic Documents delivered using Electronic Means by persons reasonably believed by the Grantor Trust Trustee to be authorized to give
such Instructions; provided, that, the Grantor Trust 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
Grantor) or Grantor, as applicable, elects to give the Grantor Trust Trustee Instructions using Electronic Means, absent bad faith,
negligence or willful misconduct on its part, the Grantor Trust Trustee’s understanding of such Instructions shall be deemed controlling.
The Grantor Trust Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Grantor Trust
Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with
a subsequent written instruction; provided, that the Grantor Trust 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 Grantor Trust Trustee, including without limitation the risk of the Grantor
Trust Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties and (ii) to notify the Grantor
Trust 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 Grantor Trust Trustee, or another
method or system specified by the Grantor Trust Trustee as available for use in connection with its services hereunder or permitted under
the Basic Documents.

 

Article
VII 

TERMINATION OF TRUST AGREEMENT

 

Section 7.1            
Termination of Grantor Trust Agreement.

 

(a)           The
Grantor Trust shall be dissolved immediately prior to the final distribution by the Paying Agent of all monies or other property or
proceeds of the Grantor Trust Collateral in accordance with the terms of the Indenture, [the Interest Rate Swaps,] the Sale
Servicing Agreement (including the exercise by the Servicer of its option to purchase the Receivables pursuant to Section 9.01 of
the Sale and Servicing Agreement) and Article V, and the Administrator shall wind up the affairs of the Grantor Trust in the
manner contemplated by Section 3808 of the Statutory Trust Act. The bankruptcy, liquidation, dissolution, death or incapacity of the
Grantor Trust Certificateholder shall not (x) operate to terminate this Agreement or the Grantor Trust, (y) entitle the Grantor
Trust 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 Grantor Trust or the Grantor Trust Collateral or (z) otherwise affect
the rights, obligations and liabilities of the parties hereto.

 

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(b)           Except
as provided in Section 7.1(a) above, neither the Grantor nor the Grantor Trust Certificateholder shall be entitled to revoke or
terminate the Grantor Trust or this Agreement.

 

(c)           Notice of any dissolution of the Grantor Trust, specifying the Payment Date upon which the Grantor Trust Certificateholder shall
surrender its Grantor Trust Certificate to the Paying Agent for payment of the final distribution and cancellation, shall be given by
the Paying Agent by letter to Grantor Trust Certificateholder transmitted within five (5) Business Days of receipt actual of notice of
Optional Purchase from the Servicer given pursuant to Section 9.01 of the Sale and Servicing Agreement, in either case, stating: (i) the
Payment Date upon or with respect to which final payment of the Grantor Trust Certificate shall be made upon presentation and surrender
of the Grantor Trust Certificate 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, payments being made only upon presentation
and surrender of the Grantor Trust Certificate at the office of the Paying Agent therein specified. The Paying Agent shall give such notice
to the Grantor Trust Trustee and the Grantor Trust Certificate Registrar (if other than the Indenture Trustee) at the time such notice
is given to Grantor Trust Certificateholder. Upon presentation and surrender of the Grantor Trust Certificate, the Paying Agent shall
cause to be distributed to Grantor Trust Certificateholder amounts distributable on such Payment Date.

 

(d)           If the Grantor Trust Certificateholder will not surrender its Grantor Trust Certificate for cancellation within six (6) months
after the date specified in the written notice referred to in Section 7.1(c), the Paying Agent shall give a second written notice
to the Grantor Trust Certificateholder to surrender its Grantor Trust Certificate for cancellation and receive the final distribution
with respect thereto. If within one (1) year after the second notice the Grantor Trust Certificate shall not have been surrendered for
cancellation, the Grantor Trust Trustee or Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps,
to contact the Grantor Trust Certificateholder concerning surrender of their Grantor Trust Certificate, and the cost thereof shall be
paid out of the funds and other assets that shall remain subject to this Agreement. Subject to applicable laws with respect to escheat
of funds, any funds remaining in the Grantor Trust after exhaustion of such remedies in the preceding sentence shall be deemed property
of the last Grantor Trust Certificateholder of record and distributed by the Paying Agent to the last Grantor Trust Certificateholder
of record, and none of the Grantor Trust Trustee, the Grantor Trust Certificate Registrar or the Paying Agent shall have no further liability
to the Grantor Trust Certificateholder with respect thereto.

 

(e)           Upon
receipt of direction from the [Administrator] that the Grantor Trust has been wound up in accordance with Section 3808 of the
Statutory Trust Act and this Section 7.1, the Grantor Trust Trustee shall, at the expense of the Administrator, cause the
Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Act. Thereupon, this Agreement (other than as provided herein) and the
Grantor Trust shall terminate and be of no further force or effect.

 

    30

     

    

 

Article
VIII 

AMENDMENTS

 

Section 8.1            
Amendments Without Consent of Noteholders. This Agreement may be amended by the Grantor and the Grantor Trust 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 Grantor delivered to the Grantor
Trust, the Grantor Trust Trustee and the Indenture Trustee stating that the amendment will not materially and adversely affect the interest
of any Noteholder or Certificateholder.

 

Section 8.2            
Amendments With Consent of Noteholders and Grantor Trust Certificateholder.

 

(a)           This Agreement may be amended from time to time by the Grantor and the Grantor Trust 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 Grantor to that effect delivered to the Indenture Trustee
and the Grantor Trust Trustee by the Grantor 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 Grantor to that effect is delivered to the Grantor Trust
Trustee by the Grantor), 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.

 

(b)           Promptly after the execution of any such amendment, the Grantor shall furnish a copy of such amendment to each Rating Agency, [the
Grantor Trust Trustee,] the Owner Trustee and the Indenture Trustee.

 

Section 8.3             Form
of Amendments.

 

(a)           It
shall not be necessary for the consent of Grantor Trust Certificateholder the Noteholders or the Grantor Trust Trustee pursuant to Section
8.2 to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall
approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof
shall be subject to such reasonable requirements as the Grantor Trust Trustee may prescribe, including the establishment of record
dates pursuant to the Note Depository Agreement. The [Indenture Trustee] as Paying Agent and [Grantor Trust Certificate Registrar]
may, but shall not be obligated to, enter into any such amendment which adversely affects the Paying Agent’s or the Grantor
Trust Certificate Registrar’s own rights, duties, benefits, protections, privileges, indemnities or immunities under this
Agreement.

 

    31

     

    

 

(b)           Promptly after the execution of any amendment to the Certificate of Trust, the Grantor Trust Trustee, at the expense of the Grantor
Trust to the extent such amendments do not relate to a change in name or address of Grantor Trust Trustee, shall cause the filing of such
amendment with the Secretary of State.

 

(c)           Prior to the execution of any amendment to this Agreement, the Certificate of Trust or any amendment to any other agreement to
which the Grantor Trust is a party, the Grantor Trust Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this Agreement or, as applicable such other agreement, and
an Officer’s Certificate of the Administrator stating that all conditions precedent to the execution and delivery thereof by the
Grantor Trust or the Grantor Trust Trustee, as the case may be, of such amendment have been satisfied. The Grantor Trust Trustee may,
but shall not be obligated to, enter into any such amendment that affects the Grantor Trust Trustee’s own rights, privileges, indemnities,
duties or obligations under this Agreement or otherwise.

 

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

 

(e)           [Notwithstanding anything to the contrary herein, in connection with any amendment pursuant to this Section 8.3, an Opinion of
Counsel shall be delivered to the Grantor and the Grantor Trust Trustee to the effect that such amendment would not cause the Trust to
fail to qualify as a grantor trust for U.S. federal income tax purposes.]

 

Article
IX 

MISCELLANEOUS

 

Section 9.1          
No Legal Title to Grantor Trust Collateral. The Grantor Trust Certificateholder shall not have legal title to any part of
the Grantor Trust Collateral. The Grantor Trust Certificateholder shall be entitled to receive distributions with respect to their undivided
beneficial ownership interest therein only in accordance with Articles V and VII. No transfer, by operation of law or otherwise,
of any right, title, or interest of the Grantor Trust Certificateholder to and in their undivided beneficial ownership interest in the
Grantor Trust Collateral 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 Grantor Trust Collateral.

 

    32

     

    

 

Section 9.2           
Limitations on Rights of Others. Except for Section 2.7, the provisions of this Agreement are solely for the benefit of
the Grantor Trust Trustee, the Grantor, the Grantor Trust Certificateholder, 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 2.7 hereof), whether
express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Grantor Trust
Collateral 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 9.3           
Derivative Actions. Any provision contained herein to the contrary notwithstanding, the right of the Grantor Trust Certificateholder
to bring a derivative action in the right of the Grantor Trust is hereby made expressly subject to the Grantor Trust Certificateholder
satisfying all requirements set forth in the Statutory Trust Act.

 

Section 9.4          
Notices. All demands, notices and communications upon or to the Grantor, the Servicer, the Administrator, the Indenture
Trustee, the Grantor Trust Trustee or the Rating Agencies under this Agreement shall be delivered as specified in the Indenture and the
Sale and Servicing Agreement.

 

Section 9.5           
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 9.6           
Counterparts. This Agreement may be executed by the parties hereto in separate counterparts (including by way
of electronic or facsimile transmission), each of which when so executed and delivered shall be an original, but all such counterparts
shall together constitute 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 Grantor Trust Certificates or other securities presented to
the Certificate Registrar or any transfer agent must contain original documents with manually executed signatures. The Grantor Trust
Trustee shall not be liable for, and shall be indemnified and held harmless pursuant to Section 6.9 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 Grantor Trust Trustee pursuant to this Agreement or
the related documents, including the risk of the Grantor Trust Trustee acting on any unauthorized instructions and the risk of interception
and misuse by third parties.

 

    33

     

    

 

Section 9.7           
Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of,
the Grantor, the Administrator, the Grantor Trust Trustee and the Grantor Trust Certificateholder and their respective successors and
permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Grantor
Trust Certificateholder shall bind the successors and assigns of the Grantor Trust Certificateholder.

 

Section 9.8           
No Petition. To the fullest extent permitted by applicable law, the Grantor Trust Trustee, by entering into this Agreement,
the Grantor Trust Certificateholder, by accepting the Grantor Trust Certificate, and the Indenture Trustee and each Noteholder and Certificateholder,
by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against the Grantor or
the Grantor Trust, or join in any institution against the Grantor or the Grantor 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 Grantor Trust Certificate, the Notes, the Trust Certificates, this Agreement or
any of the Basic Documents; provided that nothing contained herein shall prevent the Grantor Trust
Trustee from filing a proof of claim in any such proceeding.

 

Section 9.9            No
Recourse. The Grantor Trust Certificateholder by accepting a Grantor Trust Certificate acknowledges that such Person’s
Grantor Trust Certificate represents the entire undivided beneficial interest in the Grantor Trust only and does not represent
interests in or obligations of the Grantor, the Servicer, the Administrator, the Grantor Trust Trustee, the Indenture Trustee or any
Affiliate thereof and no recourse, either directly or indirectly, may be had against such parties or their assets, except as may be
expressly set forth or contemplated in this Agreement, the Grantor Trust Certificate or the other Basic Documents. Except as
expressly provided in the Basic Documents to which such parties are a party, none of the Grantor, the Servicer or the Grantor Trust
Trustee in their respective individual capacities, 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 distribution
of any amount with respect to the Grantor Trust Certificate or the Trust’s performance of, or omission to perform, any
obligations or indemnifications contained in the Grantor Trust Certificate, this Agreement or the other Basic Documents, it being
expressly understood that the Grantor Trust Certificateholder obligations have been made solely by the Grantor Trust. Each Grantor
Trust Certificateholder by the acceptance of a Grantor Trust Certificate agrees that except as expressly provided in the Basic
Documents, in the event of nonpayment of any amounts with respect to the Grantor Trust Certificate, it shall have no claim against
any of the foregoing Persons for any deficiency, loss or claim therefrom. In the event that any of the foregoing covenants of the
Grantor Trust Certificateholder is prohibited by, or declared illegal or otherwise unenforceable against any the Grantor Trust
Certificateholder under applicable law by any court or other authority of competent jurisdiction, and, as a result, the Grantor
Trust Certificateholder is deemed to have an interest in any assets of the Grantor or any Affiliate of the Grantor other than the
beneficial interest in the Grantor Trust (“other assets”), the Grantor Trust Certificateholder acknowledges and
agrees that (i) such Grantor Trust Certificateholder’s Grantor Trust Certificate represents an undivided beneficial interest
in the assets of the Grantor Trust and the Grantor Trust Collateral only, (ii) its claim against any such 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.

 

    34

     

    

 

Section 9.10          
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 9.11          
Governing Law; Waiver of Jury Trial. (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, 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 Grantor Trust Trustee hereunder as
set forth or referenced in this Agreement. Section 3540 of Title 12 of the Delaware Code shall not apply to the Grantor Trust.

 

(b)           THE PARTIES HERETO AND THE GRANTOR TRUST CERTIFICATEHOLDER HEREBY IRREVOCABLY WAIVE, 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 GRANTOR TRUST CERTIFICATE
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY AND UNCONDITIONALLY CONSENT TO SUBMIT TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS
OF THE STATE OF DELAWARE FOR SUCH PURPOSES.

 

Section 9.12        
[Effect of Amendment and Restatement. It is the intent of the parties hereto that this Agreement shall, as of [               ], 20[   ],
replace in its entirety the Initial Grantor Trust Agreement; provided, however, that with respect to the period of time from [               ], 20[   ]
through [               ], 20[   ], the
rights and obligations of the parties shall be governed by the Initial Grantor Trust Agreement; and provided further, that the amendment
and restatement of the Initial Grantor Trust Agreement shall not affect any of the grants, conveyances or transfers contemplated by the
Initial Grantor Trust Agreement to have occurred prior to the date hereof.]

 

    35

     

    

 

Section 9.13          
Information to be Provided by the Grantor Trust Trustee.

 

(a)          
 The Grantor and the Grantor Trust Trustee acknowledge and agree that the purpose of this Section 9.13 is to facilitate
compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor
shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith,
or for purposes other than 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 Grantor Trust 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 Grantor Trust 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 Grantor Trust Trustee or to the Grantor Trust 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 Grantor Trust Trustee contemplated by Section 6.11 hereof). The obligations
of the Grantor Trust Trustee to provide such information shall survive the removal or resignation of the Grantor Trust Trustee hereunder.

 

(b)           The Grantor Trust 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 Grantor Trust Trustee as is requested for the purpose of compliance with Item 1117
of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Grantor Trust Trustee of any changes to
such information, provide to the Depositor, in writing, updated information necessary for compliance with Item 1117 of Regulation AB.

 

(c)           The Grantor Trust 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 Grantor Trust
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 Grantor Trust Trustee of any changes to such information, provide to the Depositor,
in writing, updated information. Such information shall include, at a minimum:

 

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

 

(ii)           
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;

 

(iii)          
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:

 

(A)            
the sponsor;

 

(B)             
any depositor;

 

    36

     

    

 

(C)             
 the issuing entity;

 

(D)             
[the grantor trust;]

 

(E)              
any servicer;

 

(F)              
any trustee;

 

(G)             
any originator;

 

(H)             
any significant obligor;

 

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

 

(J)               
any asset representations reviewer; and

 

(K)             
any other material transaction party.

 

(b)  
         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.

 

(d)           The
Grantor Trust Trustee shall provide the Grantor with notification, as soon as practicable and in any event within five (5) Business
Days, of all demands delivered to a Responsible Officer of the Grantor Trust Trustee for the repurchase of any Receivable pursuant
to any Basic Document. Subject to this Section 9.13, the Grantor Trust Trustee shall have no obligation to take any other
action with respect to any demand. In no event shall the Grantor Trust Trustee have (i) any responsibility or liability in
connection with any filing to be made by a securitizer under the Exchange Act or Regulation AB or (ii) any duty or obligation to
undertake any investigation or inquiry related to repurchase or substitution activity or otherwise to assume any additional duties
or responsibilities except as expressly set forth in this Section 9.13.

 

Section 9.14          Owner
Trustee. It is expressly understood and agreed by the parties to this Agreement that (i) this Agreement is executed and
delivered by
[                              ],
not in its individual capacity but solely as Owner Trustee on behalf of the Grantor pursuant to the [Amended and Restated] Trust
Agreement dated
[               ], 20[   ], between
the Owner Trustee and World Omni Auto Receivables LLC, as depositor, as amended, modified, or restated from time to time (the
 “Trust Agreement”) in the exercise of the powers and authority conferred upon and vested in it, (ii) each of the
representations, undertakings and agreements herein made by the Grantor in this Agreement is made and intended not as the personal
representation or undertaking or agreement of [Owner Trustee] but is made and intended for purposes of binding only the Grantor,
(iii) nothing herein contained shall be construed as creating any liability on the part of [Owner Trustee], individually or
personally, to perform any covenant or obligation under this Agreement, either express or implied, contain herein, all such
liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto,
(iv) under no circumstances shall [Owner Trustee] be personally liable for the payment of any indebtedness or expenses of the
Grantor or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the
Grantor under this Agreement and any other agreement related hereto, (v) [Owner Trustee] has not verified and has conducted no
investigation with respect to the accuracy or completeness of any representation, warranty or covenant of the Grantor and (vi)
[Owner Trustee] shall be entitled to all of the protections, exculpations, limitations on liability, immunities and rights
(including resignation rights) hereunder as are extended to the Owner Trustee under the Trust Agreement (and all such provisions
shall be deemed incorporated herein by reference).

 

* * * * *

 

    37

     

    

 

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

 

	 	[                              ],
	 	as Grantor Trust Trustee and [Grantor Trust Certificate Registrar] [and Paying Agent]
	 	 
	 	By:	                  
	 	Name:
	 	Title:
	 	 
	 	WORLD OMNI [SELECT] AUTO [RECEIVABLES] TRUST 20[   ]-[    ],
	 	as Grantor
	 	 
	 	[                              ], not in its individual capacity, but solely as Owner Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

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

 

	By:	 	 
	Name:	 
	Title:]	 

 

     

     

    

 

 

EXHIBIT A

 

FORM OF CERTIFICATE

 

	NO. 1	 100% PERCENTAGE INTEREST

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES 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 (OR INTEREST
THEREIN) THE HOLDER OF THIS CERTIFICATE (OR SUCH INTEREST) IF, OTHER THAN THE GRANTOR OR ANY AFFILIATE OF THE GRANTOR, IS DEEMED TO REPRESENT
TO THE GRANTOR, THE GRANTOR TRUST CERTIFICATE REGISTRAR, AND THE GRANTOR TRUST TRUSTEE THAT IT IS A “QUALIFIED INSTITUTIONAL BUYER”
AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THIS CERTIFICATE (OR INTEREST THEREIN) 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).

 

THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY
NOT BE ACQUIRED OR HELD BY OR FOR THE ACCOUNT OF (1) AN “EMPLOYEE BENEFIT PLAN,” AS DEFINED IN SECTION 3(3) OF THE
UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE
PROVISIONS OF TITLE I OF ERISA, (2) A “PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), OR (3) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF INVESTMENT BY AN EMPLOYEE BENEFIT PLAN OR PLAN IN SUCH ENTITY OR ACCOUNT OTHER THAN AN “INSURANCE COMPANY GENERAL
ACCOUNT,” AS DEFINED IN PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 (“PTCE 95-60”), WHOSE UNDERLYING
ASSETS INCLUDE LESS THAN 25% “PLAN ASSETS” SUBJECT TO ERISA, WHO IS NOT AND IS NOT AN AFFILIATE OF A PERSON THAT HAS
DISCRETIONARY AUTHORITY OR CONTROL WITH RESPECT TO THE ASSETS OF THE GRANTOR TRUST OR PROVIDES INVESTMENT ADVICE FOR A FEE (DIRECT
OR INDIRECT) WITH RESPECT TO THE ASSETS OF THE GRANTOR TRUST, AND FOR WHICH THE PURCHASE AND HOLDING OF THE CERTIFICATE IS ELIGIBLE
AND SATISFIES ALL CONDITIONS FOR RELIEF UNDER PTCE 95-60. This CERTIFICATE (or
an interest therein) also may not be acquired or held by or for the account of anY other plan that is subject to any law that is
substantially similar to Title I of ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) (including, without limitation,
FOREIGN or governmental plans) if such acquisition would result in a violation of any SIMILAR law. THE HOLDER OF THIS
CERTIFICATE, BY ACCEPTING THIS CERTIFICATE, WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT IS NOT SUBJECT TO THE FOREGOING
LIMITATIONS AND, IF REQUESTED TO DO SO BY THE GRANTOR, SUCH PERSON SHALL EXECUTE AND DELIVER TO THE GRANTOR TRUST TRUSTEE AND THE
GRANTOR TRUST CERTIFICATE REGISTRAR AN INVESTMENT LETTER TO SUCH EFFECT IN THE FORM SPECIFIED IN THE GRANTOR TRUST AGREEMENT.

 

    Ex. A-1

     

    

 

IT IS THE INTENT OF THE GRANTOR, THE GRANTOR TRUST
TRUSTEE AND THE GRANTOR TRUST CERTIFICATEHOLDER THAT, FOR U.S. FEDERAL INCOME TAX PURPOSES, THE GRANTOR TRUST SHALL BE TREATED AS A GRANTOR
TRUST. EXCEPT AS OTHERWISE REQUIRED BY APPROPRIATE TAXING AUTHORITIES, THE GRANTOR AND THE GRANTOR TRUST CERTIFICATEHOLDER BY ACCEPTANCE
OF THE CERTIFICATE AGREE TO TREAT, AND TO TAKE NO ACTION INCONSISTENT WITH THE TREATMENT OF, THE CERTIFICATE FOR SUCH TAX PURPOSES AS
INTERESTS IN SUCH AN ENTITY AS DESCRIBED IN THE PREVIOUS SENTENCE.

 

THE GRANTOR
TRUST Certificateholder acknowledges and represents that IF IT OWNS ANY NOTES ISSUED BY THE
GRANTOR, it is not a member of an “expanded group” (within the meaning of the regulations issued under Section 385 of
the Code) that includes a domestic corporation (as determined for U.S. federal income tax purposes) if such domestic corporation,
directly or indirectly (through one or more entities that are treated for U.S. federal income tax purposes as partnerships,
disregarded entities, or grantor trusts), owns 80% or more of the capital or profits of the GRANTOR Trust.

 

THE GRANTOR
TRUST Certificateholder, if it is acting as a nominee or in a similar capacity, represents and
agrees that no beneficial owner for which it is acting as a nominee owns less than the minimum denomination for THE Certificate.

 

THE GRANTOR
TRUST Certificateholder represents and agrees that it will not take any action that could cause, and will not omit to take any action,
which omission could cause, the GRANTOR Trust to become taxable as a corporation for U.S. federal income tax purposes.

 

THE GRANTOR
TRUST Certificateholder agrees that any purported transfer of THE Certificate or any beneficial interest in THE Certificate that is not
made in accordance with the restrictions set forth IN THE GRANTOR TRUST AGREEMENT will be null and void from the beginning and will not
be given effect for any purpose thereunder.

 

THE GRANTOR TRUST CERTIFICATEHOLDER BY ITS
ACCEPTANCE OF THE CERTIFICATE (OR AN INTEREST THEREIN) COVENANTS AND AGREES THAT SUCH GRANTOR TRUST CERTIFICATEHOLDER SHALL NOT (NOR
SHALL IT JOIN WITH OR SOLICIT ANOTHER PERSON TO), PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE
GRANTOR TRUST AND OF EACH OTHER TRUST HERETOFORE FORMED BY THE GRANTOR, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE GRANTOR
OR THE GRANTOR TRUST TO INVOKE IN ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE
GRANTOR OR THE GRANTOR TRUST 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 GRANTOR OR THE GRANTOR TRUST OR
ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE GRANTOR OR THE GRANTOR TRUST
UNDER A FEDERAL OR STATE BANKRUPTCY OR INSOLVENCY PROCEEDING.

 

    Ex. A-2

     

    

 

THE GRANTOR TRUST CERTIFICATEHOLDER BY
ACCEPTING THE CERTIFICATE (OR INTEREST THEREIN) ACKNOWLEDGES THAT SUCH PERSON’S CERTIFICATE (OR INTEREST THEREIN) REPRESENTS
BENEFICIAL INTERESTS IN THE GRANTOR TRUST ONLY AND DOES NOT REPRESENT INTERESTS IN OR OBLIGATIONS OF THE GRANTOR, THE SERVICER, THE
ADMINISTRATOR, THE GRANTOR TRUST TRUSTEE, THE GRANTOR TRUST CERTIFICATE REGISTRAR, THE INDENTURE TRUSTEE OR ANY AFFILIATE THEREOF
AND NO RECOURSE, EITHER DIRECTLY OR INDIRECTLY, MAY BE HAD AGAINST SUCH PARTIES OR THEIR ASSETS, EXCEPT AS MAY BE EXPRESSLY SET
FORTH OR CONTEMPLATED IN THE GRANTOR TRUST AGREEMENT, THE CERTIFICATE OR THE OTHER BASIC DOCUMENTS. EXCEPT AS EXPRESSLY PROVIDED IN
THE BASIC DOCUMENTS, NONE OF THE GRANTOR, THE SERVICER, THE GRANTOR TRUST CERTIFICATE REGISTRAR OR THE GRNTOR TRUST TRUSTEE IN THEIR
RESPECTIVE INDIVIDUAL CAPACITIES, 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 DISTRIBUTION OF ANY AMOUNT
WITH RESPECT TO THIS CERTIFICATE OR THE GRANTOR TRUST’S PERFORMANCE OF, OR OMISSION TO PERFORM, ANY OBLIGATIONS OR
INDEMNIFICATIONS CONTAINED IN THIS GRANTOR TRUST CERTIFICATE, THE GRANTOR TRUST AGREEMENT OR THE OTHER BASIC DOCUMENTS, IT BEING
EXPRESSLY UNDERSTOOD THAT THE GRANTOR TRUST CERTIFICATEHOLDER OBLIGATIONS HAVE BEEN MADE SOLELY BY THE GRANTOR TRUST. THE GRANTOR
TRUST CERTIFICATEHOLDER BY THE ACCEPTANCE OF THE CERTIFICATE (OR BENEFICIAL INTEREST THEREIN) AGREES THAT EXCEPT AS EXPRESSLY
PROVIDED IN THE BASIC DOCUMENTS, IN THE EVENT OF NONPAYMENT OF ANY AMOUNTS WITH RESPECT TO THE GRANTOR TRUST CERTIFICATE, IT SHALL
HAVE NO CLAIM AGAINST ANY OF THE FOREGOING PERSONS FOR ANY DEFICIENCY, LOSS OR CLAIM THEREFROM. IN THE EVENT THAT ANY OF THE
FOREGOING COVENANTS OF THE GRANTOR TRUST CERTIFICATEHOLDER IS PROHIBITED BY, OR DECLARED ILLEGAL OR OTHERWISE UNENFORCEABLE AGAINST
ANY SUCH GRANTOR TRUST CERTIFICATEHOLDER UNDER APPLICABLE LAW BY ANY COURT OR OTHER AUTHORITY OF COMPETENT JURISDICTION, AND, AS A
RESULT, THE GRANTOR TRUST CERTIFICATEHOLDER IS DEEMED TO HAVE AN INTEREST IN ANY ASSETS OF THE GRANTOR OR ANY AFFILIATE OF THE
GRANTOR OTHER THAN THE GRANTOR TRUST, THE GRANTOR TRUST CERTIFICATEHOLDER AGREES THAT (I) ITS CLAIM AGAINST ANY SUCH 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, INCLUDING TO THE PAYMENT IN FULL OF ALL AMOUNTS OWING TO SUCH ENTITLED PERSONS, AND (II) THE COVENANT
SET FORTH IN THE PRECEDING CLAUSE (I) CONSTITUTES A “SUBORDINATION AGREEMENT” WITHIN THE MEANING OF, AND SUBJECT TO,
SECTION 510(A) OF THE BANKRUPTCY CODE.

 

    Ex. A-3

     

    

 

WORLD OMNI [SELECT] AUTO [RECEIVABLES] GRANTOR
TRUST 20[ ]-[ ]

 

ASSET BACKED CERTIFICATE

 

evidencing a fractional undivided Percentage Interest
in the Grantor Trust, as defined below, the property of which includes a pool of retail instalment contracts and direct purchase money
loans secured by new or used automobiles and light trucks and sold to the Grantor Trust by World Omni [Select] Auto [Receivables] Trust
20[ ]-[ ].

 

(This Certificate does not represent an interest
in or obligation of World Omni [Select] Auto [Receivables] Trust 20[ ]-[ ] or any of its respective affiliates, except to the extent described
in the Basic Documents.)

 

THIS CERTIFIES THAT WORLD OMNI [SELECT] AUTO [RECEIVABLES]
TRUST 20[ ]-[ ] is the registered owner of a nonassessable, fully-paid fractional undivided Percentage Interest in World Omni [Select]
Auto [Receivables] Grantor Trust 20[ ]-[ ] (the “Grantor Trust”) formed by World Omni [Select] Auto [Receivables] Trust
20[ ]-[ ], a Delaware statutory trust (the “Grantor”).

 

The Grantor Trust was created pursuant to a trust
agreement, dated as of [               ], 20[   ],
among the Grantor, and [                              ],
as grantor trust trustee (the “Grantor Trust Trustee”), as amended and restated as of [               ], 20[   ]
(as so amended and restated, the “Grantor Trust Agreement”), between the Grantor and the Grantor Trust Trustee, as
grantor trust trustee [and paying agent], 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 or incorporated by reference in the
Grantor Trust Agreement.

 

This certificate is a duly authorized issue of
the certificate of the Grantor Trust (herein called the “Certificate”). This Certificate is issued under and is subject
to the terms, provisions and conditions of the Grantor Trust Agreement, the terms of which are incorporated herein by reference and made
a part hereof, to which Grantor Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents and by which
such holder is bound.

 

Under the Grantor Trust Agreement, there may be
distributed to the Person in whose name this Certificate is registered monies pursuant to Articles V and VII of the Grantor Trust Agreement.

 

The distributions in respect of this Certificate
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.

 

    Ex. A-4

     

    

 

All payments made by the Grantor Trust with respect
to this Certificate shall be applied in respect of this Certificate.

 

No transfer of this Certificate shall be permitted
if such transfer is effected through an established securities market or secondary market (or the substantial equivalent thereof) within
the meaning of Section 7704 of the Code and any regulation thereunder.

 

It is the intent of the Grantor, the Grantor Trust
Trustee and the Grantor Trust Certificateholder that, for U.S. federal income tax purposes, the Grantor Trust shall be treated as a grantor
trust. Except as otherwise required by appropriate taxing authorities, the Grantor and the Grantor Trust Certificateholder by acceptance
of this Certificate agree to treat, and to take no action inconsistent with the treatment of, this Certificate for such tax purposes as
interests in such a entity as described in the previous sentence.

 

The Grantor Trust Certificateholder by its acceptance
of this Certificate covenants and agrees that such Grantor Trust Certificateholder shall not (nor shall it join with or solicit another
person to), prior to the date which is one year and one day after the termination of the Grantor Trust and of each other trust heretofore
formed by the Grantor, acquiesce, petition or otherwise invoke or cause the Grantor or the Grantor Trust to invoke in any court or governmental
authority for the purpose of commencing or sustaining a case against the Grantor or the Grantor Trust 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 Grantor or the Grantor Trust or any substantial part of its property, or ordering the winding up or liquidation of the
affairs of the Grantor or the Grantor Trust under a federal or State bankruptcy or insolvency proceeding.

 

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

 

Reference is hereby made to the further provisions
of this 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 Grantor Trust Trustee by manual signature, this Certificate shall not entitle
the holder hereof to any benefit under the Grantor Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

 

THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF OR OF ANY
OTHER JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

    Ex. A-5

     

    

 

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

 

 

 

	Dated:
    [               ], 20[   ]	WORLD OMNI [SELECT]
    AUTO [RECEIVABLES] GRANTOR TRUST 20[ ]-[ ]
	 	 
	 	By: [                              ],
    not in its individual capacity but solely as Grantor Trust Trustee
	 	 
	 	By:	             
	 	Name:
	 	Title:

 

GRANTOR TRUST TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	[                              ], not in its individual capacity but solely as Grantor Trust Trustee	 
	 	 
	 	 
	By:	                 	 
	Name:	 
	Title:	 

 

    Ex. A-6

     

    

 

REVERSE OF CERTIFICATE

 

This Certificate does not represent an obligation
of, or an interest in, World Omni Financial Corp., World Omni Auto Receivables LLC, the Grantor, the Servicer, the Indenture Trustee,
the Grantor Trust Trustee or any affiliates of any of them and no recourse may be had against such parties or their assets, except as
may be expressly set forth or contemplated herein or in the Grantor Trust Agreement or the other Basic Documents. In addition, this 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 other Basic Documents.
A copy of each of the other Basic Documents may be examined during normal business hours at the principal office of the Grantor, and at
such other places, if any, designated by the Grantor, by any Grantor Trust Certificateholder upon written request. In the event of any
conflict between the terms of this Certificate and the terms of the other Basic Documents, the terms of the other Basic Documents shall
govern.

 

As provided in the Grantor Trust Agreement and
subject to certain limitations therein set forth, the transfer of this Certificate is registerable in the Grantor Trust Certificate Register
upon surrender of this Certificate for registration of transfer at the offices or agencies of the Grantor Trust Certificate Registrar
maintained by the Grantor Trust Trustee, accompanied by a written instrument of transfer in form satisfactory to the Grantor Trust Trustee
and the Grantor Trust Certificate Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing,
and thereupon a new Certificate evidencing the same aggregate Percentage Interest in the Grantor Trust will be issued to the designated
transferee. The initial Grantor Trust Certificate Registrar appointed under the Grantor Trust Agreement is [                              ].

 

As provided in the Grantor Trust Agreement and
subject to certain limitations therein set forth, this Certificate is exchangeable for a new Certificate in the same aggregate Percentage
Interest and nominal principal balance requested by the Holder surrendering the same. No service charge shall be made for any such registration
of transfer or exchange, but the Grantor Trust Trustee or the Grantor Trust Certificate Registrar may require payment of a sum sufficient
to cover any tax or governmental charge payable in connection therewith.

 

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

 

The obligations and responsibilities created by
the Grantor Trust Agreement and the Grantor Trust created thereby shall terminate in accordance with Article VII of the Grantor
Trust Agreement.

 

    Ex. A-7

     

    

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY

NUMBER OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

_______________________________________________________________________________________________

 

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

_______________________________________________________________________________________________

 

the within Certificate (Asset Backed Certificate
No. issued by World Omni [Select] Auto [Receivables] Grantor Trust 20[ ]-[ ]), and all rights thereunder, hereby irrevocably constituting
and appointing

 

__________________________________________________________________
attorney to transfer said Certificate on the books of the Grantor Trust Certificate Registrar, 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 upon the face of the within Certificate in every particular, without alteration,
enlargement or any change whatsoever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial
bank or trust company.

 

    Ex. A-8

     

    

 

EXHIBIT B

 

FORM OF INVESTMENT LETTER

 

World Omni [Select] Auto [Receivables] Grantor Trust
20[ ]-[ ]

[250 Jim Moran Boulevard

Deerfield Beach, Florida 33442]

 

[                              ],

as Grantor Trust Trustee of World Omni [Select] Auto
[Receivables] Grantor Trust 20[ ]-[ ]

[                  ]

 

[                              ]

as Paying Agent

[                  ]

 

Ladies and Gentlemen:

 

In connection with our purchase
of record or beneficial ownership of the No. [    ] Asset Backed Certificate (the “Certificate”) of World Omni [Select]
Auto [Receivables] Grantor Trust 20[ ]-[ ] (the “Trust”), the undersigned purchaser, record owner or beneficial owner
hereby acknowledges, represents and warrants that such purchaser, record owner or beneficial owner:

 

(1)       is
not, and has not acquired the Certificate by or for the account of, (a) (i) an “employee benefit plan,” as defined
in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to the
provisions of Title I of ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code of 1986,
as amended (the “Code”), or (iii) any entity or account whose underlying assets include plan assets by reason of investment
by an employee benefit plan or plan in such entity or account other than an “insurance company general account,” as defined
in Prohibited Transaction Class Exemption 95-60 (“PTCE 95-60”), whose underlying assets include less than 25% “plan
assets” subject to ERISA, who is not and is not an affiliate of a person that has discretionary authority or control with respect
to the assets of the Trust or provides investment advice for a fee (direct or indirect) with respect to the assets of the Trust, and for
which the purchase and holding of Certificates is eligible and satisfies all conditions for relief under PTCE 95-60, or (b) any other
plan that is subject to any law that is substantially similar to Title I of ERISA or Section 4975 of the Code (“Similar Law”)
(including, without limitation, non-U.S. or governmental plans) if such acquisition would result in a violation of any Similar Law;

 

(2)       did
not acquire such Certificate through an established securities market or secondary market (or the substantial equivalent thereof) within
the meaning of Section 7704 of the Code and any regulation thereunder; and

 

(3)       acknowledges
that you and others will rely on our acknowledgments, representations and warranties made in connection with our purchase of record
or beneficial ownership of the Certificate and agrees to notify you promptly in writing if any of our representations or warranties
herein cease to be accurate and complete.

 

    Ex. B-1

     

    

 

	 	 
	 	Name of Certificate Owner
	 	 
	 	By:	 
	 	 
	 	Name:	 
	 	Title:	 
	 	Date:	 

 

    Ex. B-2

     

    

 

EXHIBIT C

 

CERTIFICATE OF TRUST OF

WORLD OMNI [SELECT] AUTO [RECEIVABLES] GRANTOR TRUST 20[    ]-[    ]

 

THIS Certificate of Trust
of WORLD OMNI [SELECT] AUTO [RECEIVABLES] GRANTOR TRUST 20[    ]-[    ] (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”).

 

Name. The name of the
statutory trust formed hereby is World Omni [Select] Auto [Receivables] Grantor Trust 20[    ]-[    ].

 

Delaware Trustee. The
name and business address of the trustee of the Trust in the State of Delaware are [    ],[    ].

 

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

 

* * * * *

 

    Ex. C-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.

 

	 	[    ],
    not in its individual capacity but solely as Trustee
	 	 
	 	 
	 	By:	             
	 	 	Name:
	 	 	Title:

 

    Ex. C-2

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