Document:

Exhibit 4.3

 

 

 

TRUST AGREEMENT

 

between

 

WORLD OMNI AUTO RECEIVABLES LLC,

as Depositor,

 

and

 

WELLS FARGO DELAWARE TRUST COMPANY, N.A.,

as Owner Trustee

 

Dated February 7, 2018

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	 	 
	ARTICLE I
    Definitions	1
	Section 1.01	Capitalized Terms	1
	 	 	 
	ARTICLE II
    Organization	1
	Section 2.01	Name	1
	Section 2.02	Office	1
	Section 2.03	Purposes and Powers	1
	Section 2.04	Appointment of Owner Trustee	2
	Section 2.05	Initial Capital Contribution of Owner Trust Estate	2
	Section 2.06	Declaration of Trust	3
	Section 2.07	Liability of the Depositor and the Certificateholders	3
	Section 2.08	Title to Trust Property	3
	Section 2.09	Situs of Trust	3
	Section 2.10	Representations and Warranties of the Depositor	4
	Section 2.11	Financing Statements	5
	Section 2.12	Amended and Restated Trust Agreement	5
	 	 	 
	ARTICLE III
    Trust Certificates and Transfer of Interests	5
	Section 3.01	[Reserved]	5
	Section 3.02	The Trust Certificates	5
	Section 3.03	Authentication of Trust Certificates	5
	Section 3.04	Registration of Transfer and Exchange of Trust Certificates	6
	Section 3.05	Mutilated, Destroyed, Lost or Stolen Trust Certificates	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	13
	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

 

    	i

     

    

 

 

	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	16
	Section 6.04	No Duties Except as Specified in this Agreement or in Instructions	17
	Section 6.05	No Action Except Under Specified Documents or Instructions	17
	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	18
	Section 7.01	Acceptance of Trusts and Duties	18
	Section 7.02	Furnishing of Documents	21
	Section 7.03	Representations and Warranties of the Owner Trustee	21
	Section 7.04	[Reserved]	21
	Section 7.05	Reliance; Advice of Counsel	22
	Section 7.06	Not Acting in Individual Capacity	22
	Section 7.07	Owner Trustee Not Liable for Trust Certificates or Receivables	22
	Section 7.08	Owner Trustee May Own Trust Certificates and Notes	23
	Section 7.09	Legal Proceedings	23
	Section 7.10	Communications Regarding Demands to Repurchase Receivables	23
	 	 	 
	ARTICLE VIII
    Compensation of Owner Trustee	24
	Section 8.01	Owner Trustee’s Fees and Expenses	24
	Section 8.02	Indemnification	24
	Section 8.03	Payments to the Owner Trustee	25
	 	 	 
	ARTICLE IX
    Termination of Trust Agreement	25
	Section 9.01	Termination of Trust Agreement	25
	 	 	 
	ARTICLE X
    Successor Owner Trustees and Additional Owner Trustees	26
	Section 10.01	Eligibility Requirements for Owner Trustee	26
	Section 10.02	Resignation or Removal of Owner Trustee	26
	Section 10.03	Successor Owner Trustee	27
	Section 10.04	Merger or Consolidation of the Owner Trustee	28
	Section 10.05	Appointment of Co-Trustee or Separate Trustee	28
	 	 	 
	ARTICLE XI
    Miscellaneous	29
	Section 11.01	Supplements and Amendments	29
	Section 11.02	No Legal Title to Owner Trust Estate in Certificateholders	30
	Section 11.03	Limitations on Rights of Others	31
	Section 11.04	Notices	31
	Section 11.05	Severability	31
	Section 11.06	Separate Counterparts	31
	Section 11.07	Successors and Assigns	31
	Section 11.08	Covenants of the Depositor	32
	Section 11.09	No Petition	32

 

    	ii

     

    

 

 

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

 

	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

 

    	iii

     

    

 

TRUST AGREEMENT

 

This TRUST AGREEMENT
is dated February 7, 2018, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and WELLS
FARGO DELAWARE TRUST COMPANY, N.A., a national banking association, as owner trustee.

 

ARTICLE
I

 

DEFINITIONS

 

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

 

ARTICLE
II

 

ORGANIZATION

 

Section 2.01        Name. The Trust
shall be known as “World Omni Auto Receivables Trust 2018-A” in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. The Trust
shall obtain and maintain qualification to transact business in the State of Alabama. For the purpose of qualifying to transact
business in the State of Alabama, the Trust may adopt the fictitious name of “World Omni Auto Receivables Trust 2018-A (Inc.)”
and may conduct the business of the Trust in the State of Alabama under such fictitious name.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	2

     

    

 

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

 

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

 

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

 

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

 

Section 2.09        Situs of Trust.
The Trust will be located and administered in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf
of the Trust shall be located in the States of Delaware or Minnesota. 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 Minnesota,
and payments will be made by the Trust only from Delaware or Minnesota. The only office of the Trust shall be the principal corporate
trust office of the Owner Trustee located at its Corporate Trust Office.

 

    	3

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	4

     

    

 

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 November 28,
2017, between the Depositor and the Owner Trustee (the “Initial Trust Agreement”). This Trust Agreement amends
and restates in its entirety the Initial Trust Agreement.

 

ARTICLE
III

 

TRUST
CERTIFICATES AND TRANSFER OF INTERESTS

 

Section 3.01        [Reserved].

 

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

 

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

 

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

 

    	5

     

    

 

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

 

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

 

    	6

     

    

 

No transfer of a Trust
Certificate shall be made to any Person unless the Certificate Registrar has received (A) a certificate in the form of paragraph
3 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and is not
acting on behalf of (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”) that is subject to Title I of ERISA, (ii) a “plan”
described in Section 4975(e)(1) of the Code subject to Section 4975 of the Code, (iii) any entity whose underlying assets
include plan assets by reason of a plan’s investment in the entity or (iv) any plan that is subject to any federal, state
or local law that is substantially similar to the foregoing provisions of ERISA or Section 4975 of the Code (“Similar
Law”) (each, a “Plan”) or (B) an opinion of counsel satisfactory to the Owner Trustee, the Certificate
Registrar and the Depositor to the effect that the purchase and holding of such Trust Certificate by such Person (i) will not result
in the assets of the Issuing Entity being deemed to be “plan assets” subject to the prohibited transactions provisions
of ERISA, Section 4975 of the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Certificate
Registrar, the Servicer or the Depositor to any obligation in addition to those undertaken in the Basic Documents and (ii) will
not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. The preparation and
delivery of the certificate and opinions referred to above with respect to a proposed transfer shall not be an expense of the Issuing
Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any
attempted or purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any
purported transferee.

 

None of the Issuing Entity,
the sponsor, the Depositor, the Servicer, the Owner Trustee and the Certificate Registrar or any of their respective affiliates
or employees (collectively, the “Transaction Parties”) will act as a fiduciary to any Plan with respect to the
decision to acquire or hold a Trust Certificate and is not undertaking to provide impartial investment advice, or to give advice
in a fiduciary capacity, with respect to such decision. The decision to acquire and hold a Trust Certificate must be made by each
prospective Plan acquirer on an arm’s length basis. In addition, each Plan acquiring Trust Certificates that is subject to
Title I of ERISA or Section 4975 of the Code must generally be represented by a fiduciary independent of the Transaction Parties
(which may not be an IRA owner or spouse of the IRA owner, in the case of an investor that is an IRA, or a participant of a Plan
acting in such capacity) that (i) is capable of evaluating investment risks independently, both in general and with regard to the
prospective investment in the Trust Certificates, (ii) has exercised independent judgment in evaluating whether to invest the assets
of such Plan in the Trust Certificates and (iii) is a bank, an insurance carrier, a registered investment adviser, a registered
broker-dealer or an independent fiduciary with at least $50 million of assets under management or control. No transfer of a Trust
Certificate shall be made to any Person that is a Plan subject to Title I of ERISA or Section 4975 of the Code unless the Depositor,
the Owner Trustee and the Certificate Registrar have received a certificate in the form of paragraph 4 to the Investment Letter
attached hereto as Exhibit D from such Plan to the foregoing effect.

 

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

 

    	7

     

    

 

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.

 

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.

 

    	8

     

    

 

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 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.

 

    	10

     

    

 

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 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 federal income tax purposes) or the Trust to be treated as an association or a publicly traded partnership taxable
as a corporation, (A) a Section 385 Certificateholder cannot acquire a 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 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 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.

 

For the purposes of this
section, “Section 385 Certificateholder” means a holder of a Certificate (or interest therein), including such person
who would become a Section 385 Certificateholder upon the transfer of a Certificate (or interest therein) to such person, that
is (1) an entity (foreign or domestic) that is treated as a corporation for United States federal income tax purposes, (2) an entity
(foreign or domestic) that (i) is treated as a partnership for United States 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 United States 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.”

 

    	11

     

    

 

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.

 

    	12

     

    

 

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

 

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

 

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

 

ARTICLE
V

 

APPLICATION
OF TRUST FUNDS; CERTAIN DUTIES

 

Section 5.01        [Reserved].

 

Section 5.02        Application of Trust Funds.

 

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

 

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

 

    	13

     

    

 

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

 

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

 

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

 

    	14

     

    

 

Section 5.05        Accounting and Reports to the Certificateholders, the Internal
Revenue Service and Others. The Administrator shall deliver to each Certificateholder,
as may be required by the Code and applicable Treasury Regulations, or as may be requested by such Certificateholder, such information,
reports or statements as may be necessary to enable each Certificateholder to prepare its federal and state income tax returns. 
Consistent with the Trust’s characterization for tax purposes as a disregarded entity so long as the Depositor or any other
Person is the sole Certificateholder, no federal income tax return shall be filed on behalf of the Trust unless either (i) the
Owner Trustee shall be provided with an Opinion of Counsel that, based on a change in applicable law occurring after the date
hereof, or as a result of a transfer permitted by Section 3.04, the Code requires such a filing or (ii) the Internal Revenue
Service shall determine that the Trust is required to file such a return.  In the event that there shall be two or more beneficial
owners of the Trust, the Administrator shall inform the Indenture Trustee in writing of such event, (x) the Administrator shall
prepare or shall cause to be prepared federal and, if applicable, state or local partnership tax returns, with all such necessary
information provided to it, required to be filed by the Trust and shall remit such returns to the Depositor (or if the Depositor
no longer owns any Certificates, the Certificateholder designated for such purpose by the Depositor to the Owner Trustee in writing
(provided that if no such designation is made, such returns shall be remitted to the Certificateholder that holds the 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 “tax matters partner” (within the meaning of Code Section 6231(a)(7)) is required to be appointed
with respect to the Trust, the Depositor or its designee is hereby designated as tax matters partner or, if the Depositor is not
a Certificateholder, the Certificateholder selected by a majority of the Certificateholders (by Percentage Interest) shall be
designated as tax matters partner; 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 tax matters partner.  If the Trust is classified as a partnership for federal income tax purposes
(i) for any taxable period beginning before December 31, 2017 (or for state and local tax purposes, later taxable periods if relevant),
the “tax matters partner” shall represent the Trust in connection with all examinations of the Trust’s affairs
by tax authorities, including resulting judicial and administrative proceedings, and (ii) for any taxable period beginning after
December 31, 2017, the “tax matters partner” shall be designated as the “partnership representative” within
the meaning of Section 6223 of the Code (as amended by P.L. 114-74, the Bipartisan Budget Act of 2015) and the Trust will, to
the extent practicable, make the election described in Section 6226 of the Code (as amended by P.L. 114-74, the Bipartisan Budget
Act of 2015). 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 P.L. 114-74, the Bipartisan Budget Act of 2015, and changes to the Code relating thereto), 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).

 

    	15

     

    

 

Section 5.06        Signature on Returns.

 

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

 

ARTICLE
VI

 

AUTHORITY AND DUTIES OF OWNER TRUSTEE

 

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

 

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

 

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.

 

    	16

     

    

 

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

 

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

 

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

 

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.

 

    	17

     

    

 

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
taxable as a corporation for 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 Section 6.06.

 

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

 

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

 

ARTICLE
VII

 

CONCERNING
THE OWNER TRUSTEE

 

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

 

    	18

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	19

     

    

 

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

 

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

 

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

 

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

 

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

 

    	20

     

    

 

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 national banking association duly formed and validly existing under the laws of the United States. It has all requisite corporate
power and authority to execute, deliver and perform its obligations under this Agreement.

 

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

 

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

 

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

 

    	21

     

    

 

Section 7.05        Reliance; Advice of Counsel.
(a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request,
consent, order, certificate, report, opinion, bond, or other document or paper (whether in its original or facsimile form) believed
by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may accept a certified copy
of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution
has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination
of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate (the costs
of which shall be paid by the party requesting such action), signed by the president or any vice president or by the treasurer
or other authorized officers of an appropriate Person, as to such fact or matter, and such certificate shall constitute full protection
to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. The Owner Trustee need
not investigate or re-calculate, evaluate, verify or independently determine the accuracy of any report, certificate, information,
statement, representation or warranty or any fact or matter stated in any such document and may conclusively rely thereon as to
the truth of the statements and the correctness of the opinions expressed therein.

 

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

 

Section 7.06        Not Acting in Individual Capacity.
Except as provided in this Article VII, in accepting the trusts hereby created, Wells Fargo Delaware Trust Company,
N.A., 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.

 

    	22

     

    

 

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

 

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

 

Section 7.10        Communications Regarding Demands to Repurchase Receivables.
The Owner Trustee shall provide notice to World Omni and the Depositor, as soon as practicable and in any event within five Business
Days, of all demands communicated to a Reporting Officer of the Owner Trustee for the repurchase or replacement of any Receivable
for breach of the representations and warranties concerning such Receivable. Such notices shall be provided to World Omni and
the Depositor at: (a) in the case of World Omni, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida
33442, Telecopy: (954) 429-2685, Attention: Treasurer, and (b) in the case of the Depositor, to World Omni Auto Receivables LLC,
190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, or at such other address
or by such other means of communication as may be specified by World Omni or the Depositor to the Owner Trustee from time to time.
The Owner Trustee acknowledges and agrees that the purpose of this Section 7.10 is to facilitate compliance by World Omni and
the Depositor with Rule 15Ga-1 under the Exchange Act, as amended, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase
Rules and Regulations”). The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules
and Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus
among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to cooperate in good faith
at the sole cost and expense of World Omni or the Depositor with any reasonable request made by World Omni or the Depositor for
information which is required in order to enable World Omni or the Depositor to comply with the Repurchase Rules and Regulations.
The Owner Trustee’s reporting is limited to information delivered to a Reporting Officer of the Owner Trustee that it has
received or acquired solely in its capacity as Owner Trustee and not in any other capacity. The Owner Trustee is not a securitizer
(as defined in the Repurchase Rules and Regulations) and in no event will Wells Fargo Delaware Trust Company, N.A., (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.

 

    	23

     

    

 

ARTICLE
VIII

 

COMPENSATION
OF OWNER TRUSTEE

 

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

 

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

 

    	24

     

    

 

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

 

ARTICLE
IX

 

TERMINATION
OF TRUST AGREEMENT

 

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

 

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

 

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

 

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

 

    	25

     

    

 

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

 

ARTICLE
X

 

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

 

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

 

Section 10.02      Resignation or Removal of Owner Trustee.
(a) Subject to paragraph (c) of this Section, the Owner Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered
to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee, as applicable,
may petition (at the expense of the Depositor (including without limitation reasonable and documented attorneys’ fees, costs
and expenses)) any court of competent jurisdiction for the appointment of a successor Owner Trustee.

 

    	26

     

    

 

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

 

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

 

    	27

     

    

 

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

 

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

 

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

 

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

 

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

 

    	28

     

    

 

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

 

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

 

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

 

ARTICLE
XI

 

MISCELLANEOUS

 

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

 

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

 

    	29

     

    

 

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

 

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

 

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

 

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

 

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

 

    	30

     

    

 

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

 

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

 

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

 

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

 

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

 

Section 11.06      Separate Counterparts. This
Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be
an original, but all such counterparts shall together constitute but one and the same instrument.

 

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

 

    	31

     

    

 

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

 

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

 

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

 

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

 

    	32

     

    

 

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.

 

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 Customer Identification Program (CIP) requirements under the USA PATRIOT Act and its implementing
regulations, the Owner Trustee and the Paying Agent, 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 or the Paying Agent. Each party hereto and each Certificateholder by its acceptance
of a Trust Certificate agrees that it shall provide the Owner Trustee and the Paying Agent with such information as may be available
for such party as the Owner Trustee and the Paying Agent may request that will help the Owner Trustee and the Paying Agent 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.

 

    	33

     

    

 

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;

 

    	34

     

    

 

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

 

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

 

(i)          the
sponsor;

 

(ii)         any
depositor;

 

(iii)        the
issuing entity;

 

(iv)        any
servicer;

 

(v)         any
trustee;

 

(vi)        any
originator;

 

(vii)       any
significant obligor;

 

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

 

(ix)         any
asset representations reviewer; and

 

(x)          any
other material transaction party.

 

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

 

* * * * * *

    	35

     

    

 

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:
	 	 
	 	WELLS FARGO DELAWARE TRUST COMPANY, N.A, not in its individual capacity, but solely as Owner Trustee,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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

 

	By:	 	 
	Name:	 
	Title:	 

 

     

     

    

 

EXHIBIT A

 

FORM OF TRUST CERTIFICATE

 

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

 

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

 

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

 

    	Ex. A-1

     

    

 

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

 

NO TRANSFER OF THIS CERTIFICATE SHALL BE
MADE TO ANY PERSON UNLESS THE CERTIFICATE REGISTRAR HAS RECEIVED (A) A CERTIFICATE IN THE FORM OF PARAGRAPH 3 TO THE INVESTMENT
LETTER ATTACHED TO THE TRUST AGREEMENT AS EXHIBIT D FROM SUCH PERSON TO THE EFFECT THAT SUCH PERSON IS NOT AND IS NOT ACTING
ON BEHALF OF (I) AN “EMPLOYEE BENEFIT PLAN” 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, (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 WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY
OR (IV) ANY PLAN THAT IS SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW THAT IS SUBSTANTIALLY SIMILAR TO THE FOREGOING PROVISIONS OF
ERISA OR SECTION 4975 OF THE CODE (“SIMILAR LAW”) (EACH, A “PLAN”) OR (B) AN OPINION OF COUNSEL
SATISFACTORY TO THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR AND THE DEPOSITOR TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THIS
CERTIFICATE BY SUCH PERSON (I) WILL NOT RESULT IN THE ASSETS OF THE ISSUING ENTITY BEING DEEMED TO BE “PLAN ASSETS”
SUBJECT TO THE PROHIBITED TRANSACTIONS PROVISIONS OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW AND WILL NOT SUBJECT THE OWNER
TRUSTEE, THE INDENTURE TRUSTEE, THE CERTIFICATE REGISTRAR, THE SERVICER OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO THOSE
UNDERTAKEN IN THE BASIC DOCUMENTS AND (II) WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION UNDER ERISA, SECTION 4975
OF THE CODE OR SIMILAR LAW. IN ADDITION, NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE TO ANY PERSON THAT IS A PLAN SUBJECT TO
TITLE I OF ERISA OR SECTION 4975 OF THE CODE UNLESS THE CERTIFICATE REGISTRAR HAS RECEIVED A CERTIFICATE IN THE FORM OF PARAGRAPH
4 TO THE INVESTMENT LETTER ATTACHED TO THE TRUST AGREEMENT AS EXHIBIT D THAT THE PERSON SATISFIES CERTAIN OTHER REQUIREMENTS.
THE PREPARATION AND DELIVERY OF THE CERTIFICATE AND OPINIONS REFERRED TO ABOVE WITH RESPECT TO A PROPOSED TRANSFER SHALL NOT BE
AN EXPENSE OF THE ISSUING ENTITY, THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR, THE INDENTURE TRUSTEE, WORLD OMNI (IN ANY CAPACITY)
OR THE DEPOSITOR. ANY ATTEMPTED OR PURPORTED TRANSFER IN VIOLATION OF THESE TRANSFER RESTRICTIONS WILL BE NULL AND VOID AND WILL
VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE.

 

    	Ex. A-2

     

    

 

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

 

    	Ex. A-3

     

    

 

NO.:

 

WORLD OMNI AUTO RECEIVABLES TRUST 2018-A

TRUST CERTIFICATE

 

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

 

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

 

THIS CERTIFIES THAT ________________
is the registered owner of ___% nonassessable, fully-paid, fractional undivided beneficial interest in World Omni Auto Receivables
Trust 2018-A (the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company
(the “Depositor”).

 

OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	WELLS FARGO DELAWARE TRUST COMPANY, N.A.,

not in its individual capacity but solely as Owner Trustee	 	WELLS FARGO DELAWARE TRUST COMPANY, N.A., not in its individual capacity but solely as Owner Trustee
	 	OR	 
	 	 	By: U.S. BANK NATIONAL ASSOCIATION, as Authenticating Agent
	 	 	 	 	 
	By:	 	 	By:	 
	 	Name:	 	 	Name:
	 	Title:	 	 	Title:

 

    	Ex. A-4

     

    

 

The Trust was created
pursuant to a Trust Agreement dated November 28, 2017 (as amended and restated on February 7, 2018, and as may be amended, restated
or supplemented from time to time, the “Trust Agreement”), between the Depositor and Wells Fargo Delaware Trust
Company, N.A., 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 February 7, 2018 (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 February 7, 2018 (the “Indenture”), between the Trust and U.S. Bank
National Association, as indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”).
This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder
is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles and light-duty trucks
transferred to the Trust on the Closing Date (the “Receivables”), all monies received after the Cutoff Date;
any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical breakdown
or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle
that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer, or the Trust;
the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni
to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and
Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights of
the Certificateholders are subordinated to the rights of the Noteholders, as and to the extent set forth in the Sale and Servicing
Agreement and the Indenture.

 

Under the Trust Agreement,
there will be distributed on the 15th of each month of each year or, if such day is not a Business Day, the immediately
following Business Day (each, a “Payment Date”), commencing on March 15, 2018, to the Person in whose name this
Trust Certificate is registered at the close of business on the Business Day immediately preceding such Payment Date (the “Record
Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed to Certificateholders
on such Payment Date. No distributions will be made on any Certificate on any Payment Date until the full amount of interest and
principal payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been replenished to its required
amount, if necessary.

 

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

 

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

 

    	Ex. A-5

     

    

 

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

 

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

 

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

 

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

 

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

 

    	Ex. A-6

     

    

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES TRUST 2018-A
	 	 	 
	 	By:	WELLS FARGO DELAWARE TRUST COMPANY, N.A., 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 U.S. Bank National Association.

 

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

 

    	Ex. A-8

     

    

 

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

 

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

 

    	Ex. A-9

     

    

 

ASSIGNMENT

 

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

 

PLEASE INSERT SOCIAL SECURITY OR

 

OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

 

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

 

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

Dated:

	 	*/
	 	 
	 	Signature Guaranteed:
	 	 
	 	*/	 

 

 

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

 

    	Ex. A-10

     

    

 

EXHIBIT B

 

CERTIFICATE OF TRUST OF

WORLD OMNI AUTO RECEIVABLES TRUST 2018-A

 

THIS Certificate of
Trust of WORLD OMNI AUTO RECEIVABLES TRUST 2018-A (the “Trust”), is being duly executed and filed by the undersigned,
not in its individual capacity but solely as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del.
C. § 3801 et seq.) (the “Act”).

 

1.          Name.
The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2018-A.

 

2.          Delaware
Trustee. The name and business address of the trustee of the Trust in the State of Delaware are Wells Fargo Delaware Trust
Company, N.A., 919 N. Market Street, Suite 1600, Wilmington, Delaware 19801.

 

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.

 

	 	WELLS FARGO DELAWARE TRUST COMPANY, N.A., not in its individual capacity but solely as Owner Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	Ex. B-2

     

    

 

EXHIBIT C

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

Wells Fargo Delaware Trust Company, N.A.

as Owner Trustee of World Omni Auto Receivables Trust 2018-A

919 N. Market St.

Suite 1600, 7th Floor

Wilmington, Delaware 19801

Attn: Corporate Trust Services

 

U.S. Bank National Association

190 South LaSalle Street, 7th floor

Chicago, Illinois 60603

Attention: Corporate Trust Services, WOART 2018-A

 

		Re:	World Omni Auto Receivables Trust 2018-A

Trust Certificates

 

Ladies and Gentlemen:

 

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

 

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

 

    	Ex. C

     

    

 

EXHIBIT D

 

FORM OF INVESTMENT LETTER

 

World Omni Auto Receivables LLC

190 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

Wells Fargo Delaware Trust Company, N.A.

as Owner Trustee of World Omni Auto Receivables Trust 2018-A

919 N. Market St.

Suite 1600, 7th Floor

Wilmington, Delaware 19801

Attn: Corporate Trust Services

U.S. Bank National Association

190 South LaSalle Street, 7th floor

Chicago, Illinois 60603

Attention: Corporate Trust Services, WOART 2018-A

 

Ladies and Gentlemen:

 

In connection with our
proposed purchase of Trust Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2018-A (the
“Issuing Entity”), we confirm that:

 

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

 

    	Ex. D-1

     

    

 

2.            [CHECK
ONE]

 

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

 

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

 

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

 

    	Ex. D-2

     

    

 

4.             If
we are a Plan, (a) our decision to purchase and hold of any the Certificates has been made on arms’ length basis by a duly
authorized fiduciary (each, a “Plan Fiduciary”) who is independent of the Issuing Entity, the sponsor, the Certificate
Registrar, the Owner Trustee, the Servicer or the Depositor and their affiliates and employees, which Plan Fiduciary (A) is a fiduciary
under ERISA or the Code, or both, with respect to our decision to acquire and hold such Certificates, (B) is not an IRA owner or
spouse of the IRA owner (in the case of an IRA) or a participant in a Plan acting in such capacity, (C) is capable of evaluating
investment risks independently, both in general and with regard to our prospective investment in such Certificates, (D) has exercised
independent judgment in evaluating whether to invest the assets of the Plan in such Certificates, and (E) is either (i) a bank
as defined in Section 202 of the Investment Advisers Act of 1940, as amended (the “Advisers Act”), or similar
institution that is regulated and supervised and subject to periodic examination by a U.S. state or U.S. federal agency, (ii) an
insurance carrier which is qualified under the laws of more than one U.S. state to perform the services of managing, acquiring
or disposing of assets of a plan, (iii) an investment adviser registered under the Advisers Act, or, if not registered an as investment
adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered as an investment adviser
under the laws of the U.S. state in which it maintains its principal office and place of business, (iv) a broker-dealer registered
under the U.S. Securities Exchange Act of 1934, as amended, or (v) holds, or has under its management or control, total assets
of at least U.S. $50 million; provided, however, that we shall not be deemed to make the representation in this section to the
extent that the regulations under Section 3(21) of ERISA issued by the U.S. Department of Labor on April 8, 2016 are rescinded
or otherwise are not implemented in their current form. We hereby acknowledge that no transfer of any Certificate shall be permitted
to be made to any person that is a Plan unless the Trustee has received a certificate from such transferee to the effect of the
preceding sentence.

 

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

 

6.            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.

 

    	Ex. D-3

     

    

 

7.            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-4

     

    

 

EXHIBIT E

 

FORM OF RECEIVABLES

 

Documents on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    	Ex. EExhibit 10.1

 

Execution Version

 

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

 

This FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT, dated as of February 1, 2018 (this “Amendment”), is entered into by Laureate Education, Inc., a public benefit corporation formed under the laws of the State of Delaware (the “Borrower”), Citibank, N.A., as Administrative Agent and Collateral Agent, the other parties hereto and certain financial institutions listed on the signature pages hereto.

 

RECITALS

 

WHEREAS, reference is hereby made to the Second Amended and Restated Credit Agreement, dated as of April 26, 2017, by and among the Borrower, the lending institutions party thereto from time to time and Citibank, N.A., as Administrative Agent and Collateral Agent (the “Credit Agreement” and, as amended hereby, the “Amended Credit Agreement”); capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement;

 

WHEREAS, pursuant to the Credit Agreement, the Lenders party thereto have extended, and have agreed to extend, credit to the Borrower;

 

WHEREAS, on the date hereof, and immediately prior to the effectiveness of this Amendment on the Effective Date, (a) there are no unfunded Classes or Series of Term Loans under the Credit Agreement and (b) the Series 2024 Term Loans are the only Class and Series of Term Loans outstanding and unpaid under the Credit Agreement (the “Existing Term Loans”; and the Lenders holding the Existing Term Loans are referred to herein as the “Existing Term Lenders”);

 

WHEREAS, upon the effectiveness of this Amendment on the Effective Date, the Series 2024 Term Loans will continue to be the only Class or Series of Term Loans under the Amended Credit Agreement;

 

WHEREAS, the Borrower, the Administrative Agent and the Lenders party hereto desire to amend the Credit Agreement as set forth herein and to reduce the Applicable ABR Margin and Applicable LIBOR Margin applicable to the Existing Term Loans, subject to the satisfaction of certain conditions precedent to effectiveness referred to in Section 4 hereof;

 

WHEREAS, Citigroup Global Markets Inc. is the lead arranger of this Amendment (in such capacity, the “Lead Arranger”);

 

WHEREAS, pursuant to Section 14.1 of the Credit Agreement, the reduction of the Applicable ABR Margin and the Applicable LIBOR Margin require the consent of all of the Existing Term Lenders affected thereby;

 

WHEREAS, certain of the Existing Term Lenders (each a “Continuing Term Lender” and, collectively, the “Continuing Term Lenders”) agree to this Amendment upon the terms and subject to the conditions set forth in this Amendment;

 

 

WHEREAS, certain of the Existing Term Lenders (each a “Non-Consenting Term Lender” and, collectively, the “Non-Consenting Term Lenders”) have failed to consent to this Amendment;

 

WHEREAS, pursuant to Section 14.7(b) of the Credit Agreement, subject to the consent of the Required Lenders to this Amendment, the Borrower has elected to replace the Non-Consenting Term Lenders with the New Term Lenders, which replacement shall be evidenced by this Amendment;

 

WHEREAS, certain new lenders (“New Term Lenders,” which term shall also include Continuing Term Lenders, to the extent that they may accept assignments of all or part of Existing Term Loans from Non-Consenting Term Lenders in amounts greater than the outstanding principal amounts of their Existing Term Loans) have agreed to accept assignments of Existing Term Loans from Non-Consenting Term Lenders and to pay to the Administrative Agent for distribution to the respective Non-Consenting Term Lenders an amount equal to the principal amount of the Existing Term Loan assigned to the respective New Term Lenders (as allocated by the Borrower and the Lead Arranger, not exceeding any commitment offered by such New Term Lender), plus the accrued and unpaid interest thereon;

 

WHEREAS, each  Continuing Term Lender has agreed to enter into the Lender Addendum in the form attached as Exhibit A-1 hereto (each an “Continuing Term Lender Addendum”)and the New Term Lenders have agreed to enter into a Lender Addendum in the form attached hereto as Exhibit A-2 hereto (each a “New Term Lender Addendum” and together with the Continuing Term Lender Addendums, each a “Lender Addendum” and, collectively, the “Lender Addendums”), which signed Lender Addendums when executed and delivered shall constitute their respective signature pages to this Amendment; and

 

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

 

SECTION 1.  Amendment of Term Loans.

 

(a)                                 Each Continuing Term Lender that executes and delivers a Continuing Term Lender Addendum (i) consents to the terms of this Amendment and (ii) agrees, effective upon the Effective Date, to all provisions of the Amended Credit Agreement, and shall continue to be a party to the Amended Credit Agreement, as a Lender (and as a Series 2024 Term Lender).

 

(b)                                 Each New Term Lender that executes and delivers a New Term Lender Addendum (i) consents to the terms of this Amendment, (ii) agrees, effective upon the Effective Date, to all provisions of the Amended Credit Agreement, and to be a party to the Amended Credit Agreement, as a Lender (and as a Series 2024 Term Lender), and (iii) accepts an assignment of Existing Term Loans from Non-Consenting Term Lenders to the extent determined by the Borrower and the Lead Arranger (not exceeding any commitment offered by such New Term Lender), which assignment shall be deemed to be effective and completed on the Effective Date.

 

2

 

(c)                                  On the Effective Date, each New Term Lender will provide to the Administrative Agent, in the manner arranged by the Lead Arranger, the Administrative Agent and the New Term Lenders, an amount equal to the principal amount (not exceeding any commitment offered by such New Term Lender) of the Existing Term Loans held by the Non-Consenting Term Lenders allocated to it by the Borrower and the Lead Arranger (not exceeding any commitment offered by such New Term Lender) and notified to it on or prior to the Effective Date, plus the accrued and unpaid interest thereon.

 

SECTION 2.  Amendments to the Credit Agreement. On the Effective Date, the following amendments shall be made to the Credit Agreement:

 

(a)  The definition of “Applicable ABR Margin” shall be amended to (x) delete the column headed “Applicable ABR Margin for Series 2024 Term Loans” and (y) replace the text “with respect to each ABR Loan that is a Series 2024 Term Loan,” with “with respect to each ABR Loan that is a Series 2024 Term Loan, 2.50%, and with respect to each ABR Loan that is a”.

 

(b)  Clause (i) of the definition of “Applicable Amount” shall be amended to replace the text “greater than” with “less than or equal to”.

 

(c)  The definition of “Applicable LIBOR Margin” shall be amended to (x) delete the column headed “Applicable LIBOR Margin for Series 2024 Term Loans” and (y) replace the text “with respect to each LIBOR Loan that is a Series 2024 Term Loan or” with “with respect to each LIBOR Loan that is a Series 2024 Term Loan, 3.50%, or with respect to each LIBOR Loan that is”.

 

(d)  Section 5.1(b) of the Credit Agreement is hereby deleted in its entirety and replaced with the following:

 

“In the event that, on or prior to August 1, 2018, the Borrower makes any prepayment of any of the Series 2024 Term Loans in connection with a Repricing Transaction with respect to the Series 2024 Term Loans (other than the prepayment of any of the Series 2024 Term Loans with proceeds of any Indebtedness permitted pursuant to Section 10.1(aa)), the Borrower shall pay to the Administrative Agent, for the ratable account of each of the applicable Series 2024 Term Lenders, a payment equal to 1% of the aggregate amount of the applicable Series 2024 Term Loans so repaid or repriced.”

 

SECTION 3.  Representations and Warranties.  To induce the other parties hereto to enter into this Amendment, the Borrower represents and warrants to each of the Lenders party hereto and the Administrative Agent that, as of the date hereof:

 

(a)  After giving effect to this Amendment, the representations and warranties set forth in Section 8 of the Amended Credit Agreement are true and correct in all material respects on and as of the date hereof to the same extent as if made on and as of the date hereof, except to the extent such representations and warranties specifically relate to an earlier date, in which case such representations

 

3

 

and warranties shall have been true and correct in all material respects on and as of such earlier date; provided that to the extent any such representation and warranty is already qualified by materiality or Material Adverse Effect, such representation and warranty shall be true and correct in all respects.

 

(b)  The Borrower has the requisite power and authority to execute and deliver this Amendment and to perform its obligations under this Amendment.  The execution and delivery of this Amendment and the performance by the Borrower of this Amendment has been duly approved by all necessary organizational action of the Borrower. The execution and delivery of this Amendment and the performance of the Amended Credit Agreement by the Borrower does not and will not (i) require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority, where the failure to obtain such registration, consent or approval or give such notice, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect or (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of the Borrower (other than Liens created under the Credit Documents) pursuant to, the terms of any Contractual Requirement;

 

(c)  This Amendment has been duly executed and delivered by the Borrower and this Amendment is the legally valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability;

 

(d)  No Default or Event of Default has occurred and is continuing; and

 

(e)  There has been no Material Adverse Effect since September 30, 2017.

 

SECTION 4.  Amendment Effectiveness.  The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent set forth in this Section 4 (the date on which such conditions are satisfied (or waived by the Administrative Agent) is referred to herein as the “Effective Date”):

 

(a)                                 the Administrative Agent (or its counsel) shall have received from (i) the Borrower and (ii) the Continuing Term Lenders and New Term Lenders a duly executed and delivered counterpart of this Amendment signed by each such party and the Continuing Term Lenders that have executed and delivered counterparts of this Amendment constitute Required Lenders;

 

(b)                                 the Lead Arranger will have received at least 2 days prior to the Effective Date all documentation and other information (to the extent such documentation and other information has been requested, and the Borrower has been afforded, a reasonable amount of time prior to such date) required by bank

 

4

 

regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including, without limitation, the Patriot Act;

 

(c)                                  the Borrower shall have paid all fees or other amounts previously agreed in writing to be received on the Effective Date by the Lead Arranger or any other arranger;

 

(d)                                 the Borrower shall have delivered a certificate of a responsible officer as to the matters set forth in Sections 3(a), (d) and (e);

 

(e)                                  no Default or Event of Default under the Credit Agreement exist, as of the Effective Date; and

 

(f)                                   the Administrative Agent shall have received all amounts due and payable, solely with respect to reasonable fees, charges and disbursements of counsel, to the Administrative Agent and the Lead Arranger on or prior to the Effective Date pursuant to the Credit Agreement, required to be reimbursed or paid by the Borrower hereunder with respect to this Amendment for which invoices have been provided prior to the Effective Date.

 

SECTION 5.  Confirmation of Assignment and Acceptance.  Each Existing Term Lender has been asked to consent to and join in this Amendment. With respect to each Non-Consenting Term Lender, the Borrower hereby exercises its right under Section 14.7(b) to replace such Non-Consenting Lender by requiring such Non-Consenting Term Lender to assign its Loans and its Commitments to one or more assignees reasonably acceptable to the Administrative Agent. Each New Term Lender hereby agrees (a) to accept an assignment of the Existing Term Loans and the related Commitments from the Non-Consenting Term Lenders in amounts of (i) in the case of a New Term Lender that is a Continuing Term Lender, an amount equal to the principal amount of the Series 2024 Term Loans allocated to such New Term Lender by the Borrower and the Lead Arranger (not exceeding any commitment offered by such New Term Lender) (the principal amount of the Series 2024 Term Loans allocated by the Borrower and the Lead Arrangers to each New Term Lender, the “Series 2024 Term Loan Allocation Amount”) minus the outstanding principal amount of the Existing Term Loans held by such New Term Lender immediately prior to the Effective Date and (ii) in the case of each other New Term Lender, such new Term Lender’s Series 2024 Term Loan Allocation Amount and (b) to pay to the Administrative Agent for distribution to the Non-Consenting Lenders an amount equal to the principal amount of the Existing Term Loan assigned to the respective New Term Lenders (as allocated by the Borrower and the Lead Arranger, not exceeding any commitment offered by such New Term Lender), plus the interest accrued and unpaid interest thereon.  The Administrative Agent confirms that such Existing Term Lenders and New Term Lenders are assignees reasonably acceptable to the Administrative Agent, and that this Amendment constitutes an Assignment and Acceptance with respect to the assignment of the Existing Term Loans and the related Commitments of the Non-Consenting Term Lenders to the New Term Lenders, which assignments shall be effective and complete on the Effective Date to the same extent as an Assignment and Acceptance delivered pursuant to Section 14.6 when (x) all Obligations (other than principal and interest) of the Borrowers owing to such Non-Consenting

 

5

 

Term Lenders have been paid in full to such Non-Consenting Term Lenders and (y) the Non-Consenting Term Lenders shall have been paid an amount equal to the principal amount of the Obligations of the Borrowers to such Non-Consenting Term Lenders plus the amount of the accrued and unpaid interest thereon.  The Administrative Agent and the Borrower further confirm that on the date hereof, and immediately prior to the effectiveness of this Amendment on the Effective Date, no Obligations (other than principal and interest) within the scope of clause (x) of the preceding sentence are owed to the Non-Consenting Term Lenders (other than contingent liabilities and similar obligations under Sections 2.10, 2.11, 3.5, 5.4 and 14.5 of the Credit Agreement for which a claim has not been made or received, and for which the Non-Consenting Term Lender shall continue to be entitled pursuant to Section 14.6 of the Credit Agreement). The Administrative Agent waives the processing and recordation fees under Section 14.6(b)(ii)(c) of the Credit Agreement with respect to the foregoing assignment of the Existing Term Loans.

 

SECTION 6.  No Breakage Costs.  Notwithstanding anything to the contrary, each Continuing Term Lender and each New Lender agrees to waive its rights to compensation for any amounts owing under Section 2.10 or Section 2.11 of the Credit Agreement, if applicable.

 

SECTION 7.  Effect of Amendment.  Except as expressly provided in this Amendment, nothing herein shall be deemed to entitle any Credit Party to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Credit Document in similar or different circumstances.  This Amendment shall constitute a “Credit Document”.  This Amendment shall not be considered a novation.  For the avoidance of doubt, the Interest Period (and the LIBO Rate thereunder) with respect to the Term Loans as in effect immediately prior to the Effective Date are not amended or altered hereby and shall be the Interest Period (and the LIBO Rate thereunder) as in effect immediately after the Effective Date.

 

SECTION 8.  Counterparts.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be as effective as delivery of a manually executed counterpart hereof.

 

SECTION 9.  Applicable Law.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 10.  Submission to Jurisdiction; WAIVER OF JURY TRIAL.     Section 14.13 of the Amended Credit Agreement is hereby incorporated by reference herein. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR ANY OTHER CREDIT DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

6

 

SECTION 11.  Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

[Remainder of page intentionally left blank]

 

7

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the date and year first above written.

 

 

	
 
    	
LAUREATE   EDUCATION, INC.,   as Borrower
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Eilif Serck-Hanssen
    
	
 
    	
Name:
    	
Eilif   Serck-Hanssen
    
	
 
    	
Title:
    	
Chief   Executive Officer
    

 

[Signature Page to First Amendment]

 

 

	
 
    	
CITIBANK,   N.A.,
    
	
 
    	
as   Administrative Agent and Collateral Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Caesar W. Wyszomirski
    
	
 
    	
Name:
    	
Caesar   W. Wyszomirski
    
	
 
    	
Title:
    	
Director
    

 

[Signature Page to First Amendment]

 

 

Executed Lender Addendums on file with Simpson Thacher & Bartlett LLP

 

 

EXHIBIT A-1

 

CONTINUING TERM LENDER ADDENDUM TO THE

 

FIRST AMENDMENT

 

REFERRED TO BELOW

 

This Lender Addendum (this “Lender Addendum”) is referred to in, and is a signature page to, the First Amendment  (the “First Amendment”) to the Second Amended and Restated Credit Agreement dated as of April 26, 2017 (as amended, modified or supplemented prior to the date hereof, the “Credit Agreement”; the Credit Agreement as amended by the Amendment, the “Amended Credit Agreement”), by and among Laureate Education, Inc., (the “Borrower”), the lending institutions from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), and Citibank, N.A., as Administrative Agent and Collateral Agent.  Capitalized terms used but not defined in this Lender Addendum have the meanings assigned to such terms in the First Amendment or the Amended Credit Agreement, as applicable.

 

By executing this Lender Addendum as a Continuing Term Lender, the undersigned institution hereby (A) consents to the terms of the First Amendment and (B) on the terms and subject to the conditions set forth in the First Amendment and the Amended Credit Agreement, agrees, upon the Effective Date, to all of the provisions of the Amended Credit Agreement, and shall continue to be a party to the Amended Credit Agreement, as a Lender (and as a Series 2024 Term Lender).

 

THIS LENDER ADDENDUM SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  Delivery of an executed signature page hereof by facsimile or electronic mail transmission shall be effective as delivery of a manually executed counterpart hereof.

 

	
Name   of Institution:
    	
 
    

 

	
Executing   as an Continuing Term Lender(1):
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
For   any institution requiring a second signature line:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

(1)    In no event shall any Term Loan Lender be able to continue more than their Existing Term Loans outstanding immediately prior to the Effective Date.

 

 

EXHIBIT A-2

 

LENDER ADDENDUM (NEW) TO THE

 

FIRST AMENDMENT

 

REFERRED TO BELOW

 

This Lender Addendum (this “Lender Addendum”) is referred to in, and is a signature page to, the First Amendment to Second Amended and Restated Credit Agreement (the “First Amendment”) relating to the Second Amended and Restated Credit Agreement dated as of April 26, 2017, (as amended, modified or supplemented prior to the date hereof, the “Credit Agreement”; the Credit Agreement as amended by the First Amendment, the “Amended Credit Agreement”), by and among Laureate Education, Inc., (the “Borrower”), the lending institutions from time to time parties thereto (each a “Lender” and, collectively, the “Lenders”), and Citibank, N.A., as Administrative Agent and Collateral Agent.  Capitalized terms used but not defined in this Lender Addendum have the meanings assigned to such terms in the First Amendment or the Amended Credit Agreement, as applicable.

 

By executing this Lender Addendum as a New Term Lender, the undersigned institution hereby (A) consents to the terms of the First Amendment, (B) agrees to all of the provisions of the Amended Credit Agreement and to be a party to the Amended Credit Agreement as a Lender (and as a Series 2024 Term Lender), (C) accepts an assignment of the Existing Term Loans from Non-Consenting Term Lenders to the extent determined by the Borrower and the Lead Arrange and (D) on the terms and subject to the conditions set forth in the First Amendment agrees to pay, as consideration for such assignment, an amount equal to the principal amount of the Existing Term Loans held by the Non-Consenting Lenders allocated to it by the Borrower and the Lead Arranger, plus accrued and unpaid interest thereon.

 

THIS LENDER ADDENDUM SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  Delivery of an executed signature page hereof by facsimile or electronic mail transmission shall be effective as delivery of a manually executed counterpart hereof.

 

	
Name   of Institution:
    	
 
    

 

	
Executing   as an New Term Lender:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
For   any institution requiring a second signature line:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00278-of-00352.parquet"}]]