Document:

Lease Agreement

EXHIBIT 10.42

	
62043 LS7A.doc

LJF/MGS/SHA

DEV103

September 23, 2004

LEASE

THIS AGREEMENT, made this 23rd day of September, 2004, between HAR-WAL ASSOCIATES, INC. and WR-I ASSOCIATES, LTD. ("Lessor") having offices at 570 Delaware Avenue, Buffalo, New York 14202, party of the first part and INVISA, INC. ("Lessee") a Nevada corporation, having offices at 4400 Independence Court, Sarasota, Florida 34234, party of the second part.

WITNESSETH:

That the Lessor hereby lets to the Lessee and the Lessee hereby hires from the Lessor the following premises:

approximately 5,000 square feet of space ("Demised Premises") located at Airport Business Center, 6935 15th Street East, Sarasota, Florida 34243 ("Development") for a term of five (5) years to commence on the date Lessor delivers the Demised Premises to Lessee “built-out” in accordance with the provisions of paragraph 45 hereof and in compliance with Exhibit A attached hereto and Lessee’s floor plan attached hereto as Exhibit B (“Lessee’s Floor Plan”) (the "Commencement Date"). Lessor agrees to deliver the Demised Premises no later than the Delivery Date (as such term is defined in paragraph 45 hereof). Within a reasonable time thereafter, Lessor and Lessee shall enter into a supplemental agreement prepared by Lessor which affirms the date that the Demised Premises were made available and the date upon which the original term of said Lease shall expire.

LESSEE COVENANTS TO PAY RENT AS FOLLOWS:

an annual rental of $46,802.00 for the first year of the term of this Lease payable in equal monthly installments of $3,900.17;

an annual rental of $48,206.06 for the second year of the term of this Lease payable in equal monthly installments of $4,017.17 each; 

an annual rental of $49,652.00 for the third year of the term of this Lease payable in equal monthly installments of $4,137.67 each;

an annual rental of $51,141.56 for the fourth year of the term of this Lease payable in equal monthly installments of $4,261.80 each; and

an annual rental of $52,675.81 for the fifth year of the term of this Lease payable in equal monthly installments of $4,389.65 each;

in advance on the first day of each month without offset or deduction to Lessor, in its name, at Braden River Post Office, P.O. Box 21199, Bradenton, Florida 34204-1199, or to such other address or payee as Lessor may designate in writing. In the event that the Commencement Date is other than on the first of the month, then the rental for the balance of the month shall be pro-rated accordingly and the full term of the Lease shall commence on the first day of the following month.

Lessee shall be required to pay any applicable taxes levied against rental payments or other payments required to be made hereunder.

Lessee agrees to pay all rents and other charges under the terms of this Lease when they are due and payable. Any rents remaining unpaid ten (10) days after the due date or any other charges remaining unpaid ten (10) days after receipt of invoice shall be subject to a late charge equal to a one and a half percent (1.5%) monthly late charge (or the maximum amount permitted by law, if less).

EVERY COVENANT OF THIS LEASE SHALL BE DEEMED A CONDITION THEREOF WHICH SHALL INCLUDE:

	 
	 	1	 
	

	 

COVENANT TO PAY RENT

1.  The Lessee shall pay the above specified rent at the times and place hereinbefore mentioned.

USE

2.  Lessee covenants and agrees to use the Demised Premises for the following purpose only: office/warehouse and assembly facility.

 

SIGNS, BUILDING ALTERATIONS AND CHANGES

3.  The Lessee shall not use the Demised Premises for any other purpose than as above stated, nor erect or display any signs on the Demised Premises, nor make any alterations, additions or improvements to or upon the Demised Premises without the prior written consent of the Lessor, which consent shall not be unreasonably withheld, delayed or conditioned nor make or permit any defacement, injury or waste in, to or about the Demised Premises. Lessor reserves the right to enlarge or diminish store sizes (other than the Demised Premises) and to construct additional buildings on the site of which the Demised Premises are a part. Notwithstanding the foregoing, Lessor agrees that any such construction shall not (i) materially affect Lessee’s use of the Demised Premises, (ii) materially limit Lessee’s access to the Demised Premises or (iii) materially reduce the number of parking spaces available to Lessee. Notwithstanding anything contained in this paragraph 3 to the contrary, Lessee shall have the right without the consent of Lessor to make non-structural alterations to the Demised Premises.

SUBLETTING AND ASSIGNMENT

4.   A. Lessee shall not assign or otherwise transfer this Lease or any of its rights hereunder, mortgage or otherwise encumber this Lease or any of its rights hereunder, sublet the Demised Premises or any part thereof, or permit the use of the Demised Premises or any part thereof by parties other than Lessee without Lessor’s consent. Consent by the Lessor to any assignment or sublease shall not be deemed consent to further or additional assignments and sublettings, nor shall any consent release Lessee (or its guarantor, if any) from liability for performance of all terms and conditions of this Lease. In each case prior written consent of the Lessor must be obtained, which consent shall not be unreasonably withheld, delayed or conditioned. Concurrently with any request for Lessor's consent pursuant to this paragraph 4 Lessee shall pay to Lessor the sum of $100.00 for Lessor's review and processing of such request, and Lessor shall not be obligated to review such request prior to its receipt of the foregoing fee.

    B. In the event of any assignment or subletting, even with the consent of Lessor, then at Lessor's option, either: (i) rent shall be the rent stated in this Lease, including any increases which may occur from time to time under this Lease, plus the periodic payments payable by any assignee or subtenant under its agreement with Lessee in excess of that provided for in this Lease; or (ii) Lessee shall pay Lessor, in addition to all payments otherwise required under this Lease, the amount of any lump sum payment payable by any assignee or subtenant under its agreement with Lessee in excess of that provided for in this Lease.

    C. This paragraph is intentionally omitted.

    D. If Lessee is a partnership, a transfer of any interest of a general partner, a withdrawal of any general partner from the partnership, or the dissolution of the partnership shall be deemed to be an assignment of this Lease. If Lessee is a corporation, unless Lessee is a public corporation, whose stock is regularly traded on a national stock exchange, or is regularly traded in the over-the-counter market and quoted on NASDAQ, any dissolution or merger of Lessee or sale or other transfer of a percentage of capital stock of Lessee which results in a change of controlling persons, or the sale or other transfer of substantially all of the assets of Lessee, shall be deemed to be an assignment of this Lease.

	 
	 	2	 
	

	 

SUBORDINATION OF MORTGAGES

5.  This Lease shall be subject and subordinate to the lien of any mortgage or mortgages or deed or deeds of trust, which at any time may be placed upon the Lessor's interest in the Demised Premises. Lessee shall execute, upon the request of Lessor, such documents as required by Lessor’s lender to evidence such subordination and other matters required by Lessor’s lender.

EXAMINATION OF PREMISES

6.  The Lessor shall at all reasonable times and upon reasonable prior notice have access to the Demised Premises for the purposes of examining the same, making repairs required to be made by Lessor, or for the purpose of showing the Demised Premises to prospective purchasers; and for a period of at least three (3) months prior to the expiration of the Lease or any renewal thereof, shall have the right to post a sign on the front of Demised Premises offering the same "To Let" or "For Sale", which said sign the Lessee shall permit to remain without molestation. During the last three (3) months of the term of this Lease, Lessor shall at all reasonable times and upon reasonable prior notice have access to the Demised Premises for the purpose of showing the Demised Premises to prospective lessees.

LAW AND RULE COMPLIANCE

7.  Lessee agrees to observe and comply with all laws, ordinances, rules and regulations of the Federal, State, County, Municipal authorities and regulations of the Board of Fire Underwriters applicable to the Demised Premises and to the use of the Demised Premises.

INCREASE IN INSURANCE RISK

8.  In the event that Lessee's manner of use of the Demised Premises increases the total insurance premium on the premises of which the Demised Premises are a part, Lessee shall pay said increase in insurance premium as additional rental. Lessee agrees not to do or permit anything to be done in said Demised Premises or keep anything therein, which will increase the rate of fire insurance premiums on the improvements or any part thereof, or on property kept therein or which will obstruct or interfere with the rights of other tenants or conflict with the regulations of any pertinent authority or public or quasi-public department or with any insurance policy upon said improvements or any part thereof. In the event of any increase in insurance premiums resulting from Lessee's violation of the foregoing, or from any act or omission on the part of Lessee, Lessee agrees to pay said increase in insurance premiums on the premises of which the Demised Premises are a part. Lessee shall, in any event, hold the Lessor harmless from the effect of any said violation, act or omission. In any action or proceedings wherein the Lessor and Lessee are parties, a schedule or "make up" of rate for the building on the Demised Premises, purporting to have been issued by the Fire Insurance Exchange in the state in which the Demised Premises is located, or other body making fire insurance rates for the Demised Premises, shall be prima-facie evidence of the facts therein stated and of the several items and charges included in the fire insurance rate then applicable to the Demised Premises.

UTILITIES AND SERVICES

9.  The utilities and services including, without limitation, electricity, water, gas, telephone and sewer service, furnished to the Demised Premises shall be provided and paid for by the Lessee, commencing on the Commencement Date. Lessee shall not discontinue utility service to the Demised Premises at any time during the term of this Lease. If a sprinkler system is on the Demised Premises, Lessee will promptly pay water charges for such system related to the Demised Premises regardless of basis on which municipality or water authority charges for such service. The Lessor shall not be liable for any interruption or delay in any of the above services for any reason. In the event Lessee fails to have the utility companies set up the accounts in its name on the Commencement Date, then Lessee shall pay Lessor for the utilities consumed at the Demised Premises. Lessee shall at all times operate the HVAC system and all utilities serving the Demised Premises in a manner consistent with similar space in similar buildings so as to prevent any damage to the Demised Premises or the systems serving the Demised Premises.

	 
	 	3	 
	

	 

TERMINATION ON DEFAULT AND RIGHTS OF LESSOR

10.  A.In the event that Lessee shall violate any condition, covenant or agreement contained in this Lease, or any part thereof, then Lessor shall have the right at Lessor's election to terminate this Lease on first giving to Lessee ten (10) days' notice to cure such default, if such default is the failure to pay past due rent, or thirty (30) days' notice if such default is the breach or non-observance of any other covenant or condition, provided, however, that if the nature of Lessee's default is such that it cannot be cured solely by payment of money and more than thirty (30) days may be reasonably required for such cure, then Lessee shall not be deemed to be in default if Lessee shall commence such cure within said thirty (30) day period and shall thereafter diligently prosecute such to completion; such election shall be served by registered or certified mail or by overnight driver service which provides written receipts in a postpaid envelope addressed to Lessee at the address first above given. The above mentioned term shall cease upon the expiration of said ten (10) or thirty (30) days, as the case may be, in the same manner and to the same effect as if that were the expiration of the original term of this Lease; it being further understood and agreed that such election shall be solely in the discretion of Lessor, and, if exercised, shall be conclusive upon Lessee.

    

    B.  Notwithstanding the foregoing provision, it is agreed that if Lessee or its guarantor (if any) shall be adjudicated a bankrupt, or a receiver is appointed for the business and property of Lessee or its guarantor (if any), or if Lessee or its guarantor (if any) shall make an assignment for the benefit of creditors, then at the option of Lessor, this Lease may be canceled upon written notice by Lessor to Lessee, but Lessor shall not be required to give the notice as required in Subparagraph 'A.'

 

    C.  If the Lessee shall be deemed in default of any one or all of the events contained in subparagraphs A and B above beyond the applicable notice and cure periods, the Lessor may:

 

(1) This paragraph is intentionally omitted.

(2) at its option, at once, without notice to Lessee or to any other person, terminate this Lease;

(3) upon the termination of this Lease either at the option of the Lessor as aforesaid, or at the expiration by lapse of time of the term hereof, the Lessee will at once surrender possession of the Demised Premises to the Lessor and remove all effects therefrom and if such possession be not immediately surrendered, the Lessor shall forthwith re-enter the Demised Premises and repossess itself thereof as in its former estate and remove all persons and effects therefrom, using such force as may be necessary, without being deemed guilty of any trespass or forcible entry;

(4) if the Lessee shall not remove all effects from the Demised Premises as above provided, Lessor may, at its option, remove any or all of said effects in any manner that Lessor shall choose and store the same without liability for loss thereof, and Lessee will pay the Lessor, on demand, any and all expenses incurred in such removal and also storage on said effects for any length of time during which the same shall be in Lessor's possession or in storage;

(5) relet the Demised Premises or any part or parts thereof either in the name of Lessor or Lessee for a term or terms which may at Lessor's option extend beyond the balance of the term of this Lease, and Lessee shall pay Lessor any deficiency between the rent hereby reserved and covenanted to be paid in such reletting (but only until the date the term of this Lease was scheduled to expire), including, but not limited to, reasonable attorneys' fees, brokers' fees and expenses of remodeling and putting the Demised Premises in good order and preparing the same for re-rental. Such deficiency shall be paid in monthly installments, upon statements rendered by Lessor to Lessee. For the purpose of determining the deficiency in rent, the rent reserved shall be deemed to be the guaranteed minimum monthly rental herein provided for, plus any additional charges otherwise due pursuant to this Lease. Any suit brought to collect the amount of the deficiency for any one or more months shall not preclude any subsequent suit or suits to collect the deficiency for any subsequent months;

	 
	 	4	 
	

	 

(6) collect from Lessee any other actual loss or damage (excluding consequential damages Lessor shall sustain caused directly by Lessee’s breach of this Lease; 

(7) in the event of a breach or threatened breach by Lessee of any of the covenants or provisions of this Lease, Lessor shall have the right to enjoin any such breach or threatened breach;

(8) declare the entire rental for the balance of the term, including the guaranteed minimum monthly rental herein provided for, discounted at the then current prime rate published in The Wall Street Journal, immediately due and payable at once;

(9) cure such default by Lessee at Lessee's expense, and upon completion of such cure by Lessor Lessee shall, upon demand and as additional rent, reimburse Lessor for all costs in connection therewith or

(10) take any enforcement action allowed by the laws of the State of Florida, either at common law or pursuant to statute.

 

    D.  Lessee hereby expressly waives any and all rights of redemption, granted by or under any provisions of Law. No receipt of monies by the Lessor from the Lessee, after the termination in any way of this Lease or after giving of any notice, shall reinstate, continue or extend the term of this Lease, or affect any notice given to the Lessee prior to the receipt of such money, it being agreed that after the service of notice or the commencement of a suit, or after final judgment for possession of the Demised Premises, the Lessor may receive and collect any rent due, and the payment of said rent shall not waive or affect said notice, said suit or said judgment. Lessee agrees that in the event Lessor commences summary proceedings or litigation in connection with this Lease that Lessee shall not interpose any non-compulsory counterclaim in any such proceeding.

 

    E.  Any and all rights and remedies which Lessor may have under this Lease and any rider hereto attached and made a part hereof and at law or in equity shall be cumulative and shall not be deemed inconsistent with each other, and any two or more or all of such rights and remedies may be exercised at the same time. In the event of default by Lessee, Lessor shall have the option to terminate, without additional notice, any lease agreement between Lessor or any of its affiliates and Lessee.

HOLDING OVER

11.  In the event that Lessee shall remain in the Demised Premises after the expiration of the term of this Lease without having executed a new written Lease with Lessor, such holding over shall not constitute a renewal or extension of this Lease. Lessor may, at its option, elect to treat Lessee as one who has not removed at the end of his term, and thereupon be entitled to all the remedies against Lessee provided by law in that situation, or Lessor may elect, at its option, to construe such holding over as a tenancy from month to month, subject to all the terms and conditions of this Lease except as to duration and rental which Lessor and Lessee agree shall increase to one and one-half (1 1⁄2) the amount of the rental last in effect.

CONDITION OF PREMISES

12.  Lessee has examined the Demised Premises and accepts them in their present condition except as otherwise expressly provided herein and without any representations on the part of Lessor or its agents as to the present or future condition as the reasonable use thereof will permit.

	 
	 	5	 
	

	 

MECHANIC'S LIEN

13.  Lessee has no authority or power to cause or permit any lien or encumbrance of any kind whatsoever, whether created by act of Lessee, operation of law, or otherwise, to attach to or be placed upon Lessor's title or interest in the Development or Demised Premises, and any and all liens and encumbrances created by Lessee shall attach to Lessee's interest only. In order to comply with the provisions of Section 713.10, Florida Statutes, it is specifically provided that neither Lessee nor anyone claiming by, through or under Lessee, including, but not limited to, contractors, subcontractors, materialmen, mechanics and laborers, shall have any right to file or place any mechanics’ or materialmen’s liens of any kind whatsoever upon the Demised Premises, the shopping center or improvements thereon, and any such liens are hereby specifically prohibited. All parties with whom Lessee may deal are put on notice that Lessee has no power to subject Lessor’s interest to any mechanics’ or materialmen’s lien of any kind or character, and all such persons so dealing with Lessee must look solely to the credit of Lessee, and not to Lessor’s interest or assets. In the event that any such lien is filed against the premises as a result of alterations, additions or improvements made by or on behalf of Lessee, Lessor, at its option, after ten (10) days' notice to Lessee, may pay or bond off the said lien without inquiring into the validity thereof, and Lessee shall forthwith reimburse Lessor the total expense incurred by Lessor (including but not limited to reasonable attorney fees) in procuring the discharge or bonding the said lien, as additional rent hereunder.

EMINENT DOMAIN

14.  If the property or any part thereof wherein the Demised Premises are located shall be taken by public or quasi-public authority under any power of eminent domain or condemnation, this Lease, at the option of Lessor shall forthwith terminate. Lessee in no event shall have any claim or interest in or to any award of damages for such taking.

ACCELERATION

15.  This paragraph is intentionally omitted.

DESTRUCTION OF PROPERTY

16.  In the event of the destruction of the Demised Premises or the building containing the Demised Premises by fire, explosion, the elements or otherwise, during the term hereby created or previous thereto, or such partial destruction thereof as to render the Demised Premises wholly untenantable or unfit for occupancy, then the Lessor shall have a period of forty-five (45) days from the date of such destruction or partial destruction of the Demised Premises to determine, at its election whether the Demised Premises should be rebuilt, and Lessor thereafter shall have a period of one hundred twenty (120) days from the date of commencement of substantial repairs or reconstruction of the Demised Premises to rebuild the Demised Premises to the same condition as upon initial delivery thereof to Lessee. Notwithstanding the foregoing, the term hereby created, at the option of the Lessor, shall cease and become null and void from the date of such damage or destruction; and if such option is exercised the Lessee shall immediately surrender Demised Premises and all Lessee's interest therein to Lessor and shall pay rent only to the time of such surrender. However, should the Demised Premises be rendered untenantable and unfit for occupancy but yet be repairable, at the Lessor's election the Lessor shall repair the same with reasonable promptness, and in that case the rent accrued and accruing shall not cease and determine. Lessee shall immediately notify Lessor in case of fire or other damage to the premises. No claim shall be made by the Lessee in any case for compensation or damages by reason of interruption of its business through any such destruction and damage to the Demised Premises or arising from the necessity of repairing any portion of the entire premises of which the Demised Premises are a part. Notwithstanding anything contained in this paragraph 16 to the contrary, in the event of a casualty rendering the Demised Premises wholly untenantable or unfit for occupancy or partially untenantable to the extent that at least fifty percent (50%) or more of the Demised Premises is unfit occupancy then, Lessee shall have the option to terminate this Lease upon thirty (30) days prior written notice to Lessor given within fifteen (15) days of such casualty.

	 
	 	6	 
	

	 

BUILDING RULES

17.  The rules and regulations of Lessor regarding the Demised Premises affixed to this Lease, if any, as well as those reasonable rules and regulations which shall hereafter apply to the premises of which the Demised Premises forms a part, shall be observed by Lessee and by Lessee's guests, invitees, licensees, employees, agents and customers. Display, sales or storage on the sidewalks is prohibited. Lessee and its employees shall park their cars only in the areas reasonably designated by Lessor.

GLASS

18.  Lessee agrees to replace at Lessee's expense any and all glass and molding which may become broken or in need of repair in and on the Demised Premises.

LIABILITY

19.  The Lessee further covenants and agrees with the Lessor that during the term of this Lease and for such other times as the Lessee shall hold or have access to the Demised Premises, that, (a) except to the extent due to the negligence or willful misconduct of Lessor the Lessor and its affiliates shall not be liable to the Lessee or to any other person (i) for any claim, injury, loss or damage to any person or property on or about the Demised Premises or the sidewalks adjacent thereto, or (ii) for any legal or administrative proceedings relating to Lessee in which Lessor is made a party without Lessor’s default and (b) except to the extent due to the negligence or willful misconduct of Lessor the Lessee will save the Lessor and its affiliates, ground lessor(s), and mortgagee(s), if any, harmless and indemnified from and against such claim, injury, loss or damage (including defense costs). Lessee agrees to provide liability insurance with $2,000,000.00 combined single limits for bodily injury and property damage, and “all risk” insurance equal to replacement value on all of Lessee’s furnishings, fixtures and equipment. Insurance policies will be written in the name of the Lessee and with Lessor, its ground lessor(s) and mortgagee(s), if any, named as additional insureds, and Lessee shall provide Lessor with certificates evidencing such policies upon execution of this Lease and shall thereafter provide Lessor with appropriate evidence of such coverage's upon each anniversary date of the policy. 

CARE OF PREMISES

20.  Lessee further agrees as follows: (a) to pay all utility charges promptly, (b) to make all repairs and replacements required pursuant to this Lease in a workmanlike manner, (c) to keep the Demised Premises and platform, loading dock or service areas used by Lessee in good, healthful and clean condition, (d) to take reasonable measures to prevent the Demised Premises from being destroyed or damaged by fire, the elements or otherwise, (e) to cause the sidewalks adjacent to Demised Premises to be kept free of rubbish and equipment and personalty, (f) this sentence is intentionally omitted, (g) not to overload the floors, (h) not to paint on the exterior of Demised Premises, and (i) after notice by Lessor advising Lessee of such condition(s) not to use the Demised Premises in a manner which creates a nuisance or which disturbs any other tenants or occupants of neighboring property.

21.  This paragraph is intentionally omitted.

REDEMPTION

22.  The Lessee expressly waives, forfeits, surrenders and releases the Lessor from the operation of any provision of law now in force or which may be hereafter enacted, giving the Lessee the right under any conditions after default, to the redemption and repossession of the Demised Premises or any part thereof.

	 
	 	7	 
	

	 

 

COMMON AREA MAINTENANCE

23.  This paragraph is intentionally omitted.

DEVELOPMENT CONTINGENCY

 

24.  This paragraph is intentionally omitted.

ILLEGAL ENTRY

25.  Lessee shall be responsible for damage to the Demised Premises as a result of illegal entry therein or trespass thereupon.

26.  This paragraph is intentionally omitted.

27.  This paragraph is intentionally omitted.

FINANCIAL DATA

28.  This paragraph is intentionally omitted.

LESSOR'S RIGHT OF RECAPTURE

29.  This paragraph is intentionally omitted.

TAXES

30.  This paragraph is intentionally omitted.

 

COVENANT AGAINST WITHHOLDING OF RENTAL

31.  Notwithstanding any other provisions contained in this Lease or any extensions, modifications or renewals thereof, it is understood and agreed that in the event of default in performance of any agreement, condition, or other provisions to be performed by the Lessor, or if for any other reason Lessee might be entitled to any reimbursement from Lessor, in no event shall Lessee deduct or withhold any such amount from rental payments due Lessor pursuant to the rental provision of this Lease.

MONTHLY RENTAL STATEMENTS

32.  The Lessor shall not be required to send to Lessee monthly statements for rentals due or to become due under the terms and conditions of this Lease. 

BUILDING MAINTENANCE

33.  Lessor shall repair and maintain the foundation, roof and exterior walls of the building containing the Demised Premises and the Demised Premises. Lessee shall at all times keep the remainder of the Demised Premises in first class condition, subject to normal wear and tear including but not limited to plumbing, service lines (limited to those lines inside the Demised Premises only), heating, ventilating and air conditioning systems, lighting fixtures and equipment and shall repair or replace such fixtures or equipment when the same become inoperative and at the end of the term, shall quit and surrender such Demised Premises in such condition, ordinary wear and tear excepted and in a broom clean condition.

LIGHTING FIXTURES

34.  Lessee shall replace and pay for all electric bulbs, lamps, fluorescent tubes, ballasts and starters as they become inoperative.

	 
	 	8	 
	

	 

ALTERATIONS TO DEMISED PREMISES

35.  In the event that any governmental authority directs any modification or alteration to the Demised Premises as the result of Lessee's manner of use of the Demised Premises which is contrary to the use provisions contained herein, Lessee shall pay for the cost of such modification or alteration.

SERVICE CONTRACT

36.  If the Demised Premises includes a heating and/or air conditioning unit Lessee shall keep such heating and/or air conditioning units in good condition, subject to normal wear and tear.

CONTINUED RENTAL OBLIGATION

37.  If, for any reason, Lessee discontinues the use of the Demised Premises for the purposes rented or any purpose, Lessee shall still remain liable for the performance of the terms of this Lease and the payment of the rental thereunder.

INVALIDITY OF PARTICULAR PROVISION

38.  If any term or provision of this Lease or the application thereof to any party or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or the application of such term or provision to parties or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Lease shall be valid and enforceable to the fullest extent permitted by law.

39.  This paragraph is intentionally omitted.

WATER DAMAGE

40.  Except to the extent caused by Lessor’s negligence or willful misconduct (provided Lessor has had prior written notice and a reasonable opportunity to cure), Lessor shall have no responsibility for any loss sustained by Lessee as the result of damage to Lessee's merchandise and equipment caused by flood waters or any other water damage.

CARPETING

41.  Lessee may not, without the consent of the Lessor, fasten rubber-backed carpeting to the floor of the Demised Premises with adhesives of any kind.

RETURNED CHECKS

42.  For a check sent in full or partial payment of any amounts owed pursuant to this Lease, or any rider thereto or modification thereof, which is not honored because of insufficient funds, uncollected funds or any other reason, there will be assessed a charge of $50.00 and in the event a check is dishonored two (2) times in any one (1) calendar year, Lessor may at its election, demand that all subsequent payments shall be made by cash, bank draft, certified check or money order.

OUTSIDE PREMISES

43.  Lessee agrees that there shall be no outdoor storage or sales.

INCREASE IN TAXES

44.  This paragraph is intentionally omitted.

	 
	 	9	 
	

	 

LESSOR’S WORK

45.  A. Lessor shall perform the work set forth on Exhibit A and Exhibit A-1 attached hereto and made a part hereof pursuant to Lessor's standard specifications, Lessee’s Floor Plan and pursuant to the building code requirements relating to such work)(“Lessor’s Work”). Notwithstanding anything contained in this Lease to the contrary, in the event Lessor is unable to complete its work because of the failure of Lessee to provide or to approve plans, then Lessor's delivery of the Demised Premises shall be deemed to occur upon written notice to Lessee, and commencement of the Lease term shall be based upon the date of such notice as if Lessor had actually completed all its work upon such date. Lessee agrees to reimburse Lessor the sum of $30,809.90 representing Lessor’s cost for the additional work set forth on Exhibit A-1 as follows: (i) $15,000.00 upon execution of this Lease, (ii) $15,000.00 upon turn over of possession of the Demised Premises to Lessee, and (iii) $809.90 upon completion by Lessor of the Punch list as set forth in subparagraph 45D. In the event Lessee fails to reimburse Lessor such amount, Lessor shall have all Lessor’s remedies for monthly payment of rent as provided in this Lease.

    B. The Demised Premises shall be completed and prepared for Lessee’s occupancy in the manner, and subject to the terms, conditions and covenants, set forth in Exhibits A and B. The Demised Premises shall be deemed ready for occupancy on the earliest date on which Lessor’s Work has been substantially completed and the final “sign-off” from the applicable municipal authority approving construction of the Demised Premises has been obtained and it shall be so deemed notwithstanding the fact that minor or insubstantial details of construction, mechanical adjustment, or decoration remain to be performed, the noncompletion of which does not, except in a de minimus manner, interfere with Lessee’s use of the Demised Premises. Lessor agrees to provide Lessee with a copy of the final “sign-off” from the applicable municipal authority approving construction of the Demised Premises and to obtain and provide to Lessee the certificate of occupancy promptly after issuance by the applicable municipal authority, it being understood that the lack of the issuance of a certificate of occupancy shall not affect the Commencement Date of this Lease. Lessor shall give Lessee a preliminary notice, estimating when the Demised Premises will be ready for occupancy, on a date which shall be at least ten (10) days prior to the estimated date set forth in such preliminary notice. Any variance between the date so estimated and the date such condition is met shall be of no consequence. Notwithstanding anything above to contrary, Lessor agrees to use its reasonable efforts to deliver the Demised Premises substantially completed to Lessee no later than December 1, 2004 (“Delivery Date”). In the event Lessor is unable to deliver the Demised Premises on the Delivery Date, Lessee shall be entitled to a rent abatement commencing on the Commencement Date equal to $100.00 per day until the Demised Premises are delivered to Lessee for occupancy in the condition set forth in this Lease. Notwithstanding the foregoing, if the Demised Premises are not delivered to Lessee in the condition set forth in this Lease by December 31, 2004, Lessee shall be entitled to cancel this Lease upon written notice to Lessee with such notice to be given prior to January 10, 2005.

 

    C. Lessor shall grant Lessee access to the Demised Premises for a period of one (1) week prior to the Commencement Date for the sole purpose of permitting Lessee to decorate and install its furniture, fixtures and equipment (“FF&E”). All such work shall be at Lessee’s sole cost and expense. Lessor shall advise Lessee of the date that Lessee may have access to the Demised Premises for such purpose by written or oral notice. Lessee acknowledges and agrees that Lessor may be performing Lessor’s Work or portions hereof simultaneously with Lessee’s installation of its FF&E in the Demised Premises, and that Lessee shall use its best efforts to coordinate with Lessor any such installation of FF&E in the Demised Premises so as to avoid interfering in any material respect with the performance and completion of Lessor’s Work. Notwithstanding anything contained in this paragraph to the contrary, delays in completion of Lessor’s Work caused by the acts or omissions of Lessee in connection with the installation of the FF&E shall not delay the Commencement Date of this Lease. Any work to be performed by Lessee other than as is necessary to 0equip, decorate and furnish the Demised Premises, shall be at Lessee’s sole cost and expense and Lessee shall not commence any work until (i) two (2) sets of plans and specifications are submitted and reasonably approved by Lessor in writing and (ii) Lessee’s furnishes Lessor with a copy of its building permit authorizing such work. Upon completion, Lessee shall furnish Lessor with a copy of the certificate of occupancy from the municipality.

	 
	 	10	 
	

	 

    D. If and when Lessee shall take possession of the Demised Premises (other than for the limited purposes set forth in Paragraph 45(C)), it shall be conclusively presumed that the same were in satisfactory condition (except for latent defects) as of the date of such taking of possession, unless within sixty (60) days after the Commencement Date Lessee shall give Lessor notice specifying the respects in which the Demised Premises were not in satisfactory condition (the “Punch-List”). Lessor shall use reasonable efforts to complete the Punch-List items within thirty (30) days of such notice, subject to delays caused by Lessee or matters outside the reasonable control of Lessor. Notwithstanding the foregoing, Lessee may notify Lessor within one (1) year after the Commencement Date specifying any unsatisfactory condition related to the Demised Premises’ HVAC equipment.

 

E. Lessee may install a sample overhead door on the rear of the Demised Premises and on the expiration or sooner termination of this Lease Lessee shall remove such overhead door and repair any damage to the Demised Premises in a commercially reasonable manner.

SIGNAGE

46.  Lessee shall erect a sign on the exterior (front) of the Demised Premises which shall consist of individual letters pursuant to Lessor’s reasonable specifications. Lessee shall repair, clean or otherwise maintain such signage as may be reasonably required by Lessor, and upon Lessee’s failure to so comply Lessor may repair or clean such signage at Lessee’s expense and upon demand Lessee shall reimburse Lessor such costs as additional rent hereunder. The location, design and material used for said sign are subject to the written reasonable consent of Lessor, such consent to be obtained prior to the installation. Upon the termination of this Lease, Lessee shall cause such sign letters to be removed by a competent sign company and shall immediately pay to Lessor the reasonable cost of repairing any damage to the exterior of the building.

SECURITY

47.  Upon signing this Lease, Lessee shall deposit with Lessor $4,389.65 as security for Lessee's payment of rent and performance of its other obligations under this Lease. If Lessee defaults in its payment of rent, additional rent or performance of its other obligations under this Lease, Lessor may apply all or part of the security to such default. If Lessor so applies any portion of the security, Lessee will restore the security to its original amount within ten (10) days after written demand from Lessor. If Lessee pays the rent and performs all of its other obligations under this Lease, Lessor will return the unused portion of the security after the end of the term. The security will not be a limitation on Lessor's damages or other rights under this Lease or an advance payment of the rent. Lessor may deliver the security to a purchaser of the premises and be discharged from further liability with respect to it. Lessor will not be required to keep the security separate from its general funds and Lessee will not be entitled to interest thereon.

COLLECTION COSTS

48.  All costs charged to or incurred by Lessor in the enforcement of its rights under this Lease or in the collection of any amounts owed pursuant to this Lease (whether incurred out of court, at trial, on appeal or in bankruptcy proceedings), including reasonable attorney's fees and court costs, shall be paid by Lessee; and, at the option of Lessor, shall be deemed to be additional rent hereunder and shall be due from Lessee to Lessor on the first day of the following month.

TELEPHONE LINES

49.  Lessee shall be responsible for the installation and maintenance of any telephone lines which service the Demised Premises. All telephone lines shall be installed in a good, workmanlike manner at Lessee's cost and expense.

	 
	 	11	 
	

	 

50.  This paragraph is intentionally omitted.

HAZARDOUS SUBSTANCES

51.  A. Lessee shall not conduct any activities with respect to the Demised Premises or the Development which result in the generation, storage or release of any toxic, hazardous or similar substances (as those terms may be defined from time to time in any federal, state or local law, rule or regulation). Lessee shall bear all liability for any claim, injury, loss or damage to any person or the environment as a result of any such toxic, hazardous or similar substances and Lessee will save Lessor harmless and indemnify Lessor against any such loss, claim, injury or damage.

 

    B. This paragraph is intentionally omitted.

 

    C. Environmental Cleanup. At the end of the Lease term, including any renewal or extension thereof, Lessee will provide Lessor with any environmental clearance which may be required by any governmental authority having jurisdiction. If any such governmental environmental clearance is required, until such time as the Demised Premises are delivered to the Lessor by the Lessee with such required governmental environmental clearance, Lessee will pay to Lessor the monthly rental based upon the then current rental amount, and will notify Lessor at least thirty (30) days prior to obtaining such required governmental environmental clearance.

 

    D. Prior to the Commencement Date, and thereafter upon the reasonable request of Lessor, Lessee agrees to deliver to Lessor a written statement detailing all processes, functions, procedures and other methods of operation used at the Demised Premises, a description of all hazardous materials to be stored at the Demised Premises and any changes, modifications or amendments thereto.

 

    E. Lessee further agrees to properly and accurately label and segregate all hazardous materials stored at the Demised Premises, as required by law. At all times during the term hereof, and upon the termination of the term hereof, Lessee shall comply with all applicable environmental protection laws, rules or requirements, and shall promptly cure all violations thereof arising from its non-compliance, including but not limited to the preparation, delivery and/or filing with the applicable governmental authorities and with the Lessor, of all forms, certificates, notices, documents, plans and other writings, and the furnishing of such other information as may be required or requested by the Lessor, its mortgagee or any applicable governmental authority in connection with the sale, lease, transfer, mortgaging or other disposition of the building and/or lands. It is specifically acknowledged and agreed that the provisions of this paragraph shall survive the termination of this Lease, regardless of the reason or cause thereof.

 

    F. Lessee shall, at its sole cost and expense, remediate, remove, correct and/or abate any spillage, discharge or release of any petroleum or hazardous substances, in, on or under the Demised Premises caused specifically by Lessee during the term of this Lease. In the event remediation, removal, correction or abatement is required, Lessee shall deliver to Lessor a letter or certification from a third party with relevant jurisdiction or authority (which shall include, but not be limited to, a governmental or regulatory authority) that (i) all remediation, removal, correction or abatement has been completed in accordance with all requisite laws, rules, policies or regulations, and (ii) the site is closed with no further action required by said third party.

    G. Lessor hereby represents that there are no hazardous or similar substances in the Demised Premises that are not in accordance with applicable environmental laws and regulations.

	 
	 	12	 
	

	 

PERSONAL PROPERTY

52.  Lessee assumes all risk of damage to or destruction, loss or pilferage of fixtures, personal property or any improvements Lessee has made within the Demised Premises or any loss suffered by Lessee's business resulting from any cause whatsoever and except for Lessor’s negligence or willful misconduct, shall save and hold Lessor harmless from all claims resulting therefrom. Upon expiration or sooner termination of this Lease all fixtures, lighting and HVAC installed by Lessee shall be deemed abandoned and become the property of Lessor.

ESTOPPEL CERTIFICATES

53.  Within ten (10) days after Lessor's written request therefor, Lessee shall deliver to Lessor or to any prospective purchaser or mortgagee of the Demised Premises a written statement certifying (if such is the case) that this Lease is in full force and effect and has not been assigned, modified, supplemented or amended; that all covenants, conditions and agreements on the part of Lessor hereunder have been performed; and that there are no defenses or offsets to the enforcement of this Lease by Lessor, or stating those claimed by Lessee.

DEFINITION AND LIABILITY OF LESSOR

54.  The term "Lessor" as used in this Lease means only the owner for the time being of the building in which the Demised Premises are located or the owner of a leasehold interest in the building and/or the land thereunder so that in the event of sale of the building or an assignment of this Lease, or a demise of the building and/or land, Lessor shall be and hereby is entirely freed and relieved of all obligations of Lessor hereunder and it shall be deemed without further agreement between the parties and such purchaser(s), assignee(s) or lessee(s) that the purchaser, assignee or lessee has assumed and agreed to observe and perform all obligations of Lessor hereunder. It is specifically understood and agreed that there shall be no personal liability of Lessor in respect to any of the covenants, conditions or provisions of this Lease. In the event of a breach or default by Lessor of any of its obligations under this Lease, Lessee shall look solely to the equity of Lessor in the Development for the satisfaction of Lessee's remedies.

PEST CONTROL

55.  Lessee shall enter forthwith into a contract, subject to the Lessor's approval, for quarterly pest control services at the Demised Premises. Lessee shall pay for and keep said contract in force during the Lease term and any renewal or extension thereof and will supply Lessor with a copy of said contract.

RADON NOTICE

56.  Radon gas is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from the county public health unit in which the Development is located.

MEMORANDUM OR NOTICE OF LEASE

57.  Upon request by either party, Lessor and Lessee agree to execute a Memorandum or Notice of Lease in recordable form pursuant to applicable state law. Upon the expiration or earlier termination of this Lease, the party who shall have recorded such Memorandum or Notice of Lease shall promptly execute any necessary instrument and remove the Memorandum or Notice of Lease from the public records, and upon failure to do so, the other party is hereby appointed attorney-in-fact to execute any such instrument in the recording party's name, place and stead.

	 
	 	13	 
	

	 

CAPTIONS AND DEFINITIONS

58.  Marginal captions of this Lease are solely for convenience of reference and shall not in any way limit or amplify the terms and provisions thereof. The necessary grammatical changes which shall be required to make the provisions of this Lease apply, (a) in the plural sense if there shall be more than one Lessor, and (b) to any Lessor which shall be either a corporation, an association, a partnership or individual, male or female, shall in all instances be assumed as though in each case fully expressed. Unless otherwise provided, upon the termination of this Lease under any of the paragraphs hereof, the parties hereto shall be relieved of any further liability hereunder except as to acts, omissions or defaults occurring prior to such termination.

WAIVER OF COVENANT OR CONDITION

59.  The failure of Lessor to insist upon strict performance of any of the covenants or conditions of this Lease or to exercise any option herein conferred in any one or more instances shall not be construed as a waiver or relinquishment for the future of any such covenants, conditions or options, but the same be and remain in full force and effect.

GOVERNING LAW

60.  Lessor and Lessee agree that this Lease shall be governed by the laws of the state in which the Demised Premises are located. Lessor and Lessee hereby waive any right either may have to a jury trial in connection with any claim, counterclaim, or other dispute arising out of or in connection with this Lease.

NEGOTIATION AND EXECUTION

61.  The furnishing of this Lease to the Lessee by the Lessor shall not be considered an offer to lease, even though completed in every respect, until and unless the document has been executed by the appropriate officers of Lessor. No deposit of proposed rent or security deposit and no correspondence or other communication respecting this Lease shall create any obligation to go forward with this Lease until the Lease document is fully completed and executed by both the Lessor and Lessee.

MISCELLANEOUS

62.  A. Lessee and Lessor each warrant and represent that the party signing this Lease on behalf of each has authority to enter into this Lease and to bind Lessee and Lessor; respectively, to the terms, covenants and conditions contained herein. Each party shall deliver to the other, upon request, all documents reasonably requested by the other evidencing such authority, including a copy of all corporate resolutions, consents or minutes reflecting the authority of persons to enter into agreements on behalf of such party.

    B. Relationship of the Parties. Nothing herein contained shall be deemed or construed as creating the relationship of principal and agent or of partnership or joint venture between Lessor and Lessee.

    C. Additional Rent. All taxes, charges, costs and expenses which the Lessee is required to pay hereunder, together with all interest and penalties which may accrue thereon in the event of Lessee’s failure to pay such amounts, and all damages, costs and expenses which the Lessor may incur by reason of default by the Lessee or failure on the Lessee’s part to comply with the terms of this Lease, shall be deemed to be additional rent, and in the event of nonpayment by the Lessee, the Lessor shall have all rights and remedies with respect thereto as the Lessor has for the non-payment of base rent referenced in this Lease. Lessee agrees that its failure to object, require documentation or otherwise challenge the validity of any invoice within thirty (30) days from Lessee’s receipt shall render said statement final, binding and due.

    D. Prohibited Use. Notwithstanding any provisions herein to the contrary, Lessee shall not operate or display any pornographic material or operate a business that is unsuitable for children to visit and patronize.

	 
	 	14	 
	

	 

    E. Force Majeure. Lessor shall be excused for the period of any delay in the performance of any obligations hereunder when prevented from doing so by cause beyond Lessor’s control, which shall include without limitation all labor disputes, civil commotion, war, war-like operations, invasion, rebellion, hostilities, military or usurped power, sabotage, governmental regulation or controls, fire or other casualty, inability to obtain any material, services or through acts of God.

EARLY TERMINATION

63.   Provided Lessee is not in default under any of the terms and conditions of this lease, Lessee may (i) upon four (4) months prior written notice to Lessor and upon payment to Lessor of the unamortized cost of Lessor’s Work, elect to terminate this Lease by giving such four (4) months written notice between the twenty-fourth (24th) month and the thirtieth (30th) month of the Lease term and, (iii) upon three (3) months prior written notice to Lessor and upon payment to Lessor of the unamortized cost of Lessor’s Work, elect to terminate this Lease by giving such three (3) months written notice between the thirty-first (31st) month and the thirty-sixth (36th) month of the Lease term and (iv) upon two (2) months prior written notice to Lessor and upon payment to Lessor of the unamortized cost of Lessor’s Work elect to terminate this Lease by giving such two (2) months written notice between the forty-second (42nd) month and the forty-eighth (48th) month of the Lease term. In the event Lessee makes any such election, Lessee shall pay to Lessor all rents and other sums due through the effective date of termination and Lessee shall pay to Lessor the unamortized balance of the sum of $87,165.00 (based upon such sum amortized without interest over the initial five (5) year term of the Lease) which represents that portion of Lessor’s Work as set forth on Exhibit A which is in addition to Lessor’s standard Vanilla Box..

THIS INSTRUMENT SHALL MERGE ALL UNDERTAKINGS, REPRESENTATIONS, UNDERSTANDINGS AND AGREEMENTS WHETHER ORAL OR WRITTEN, BETWEEN THE PARTIES HERETO WITH RESPECT TO THE DEMISED PREMISES AND THE PROVISIONS OF THIS LEASE AND SHALL CONSTITUTE THE ENTIRE LEASE UNLESS OTHERWISE HEREAFTER MODIFIED BY BOTH PARTIES IN WRITING. NEITHER PARTY HAS MADE ANY REPRESENTATIONS OR PROMISES EXCEPT AS HEREIN CONTAINED, AND NO MODIFICATION OF ANY PROVISION HEREOF SHALL BE VALID UNLESS IN WRITING AND SIGNED BY THE PARTIES HERETO.

	
initial here 
	
H.L.
	
to indicate you have read,

	
understand and agree with the foregoing. 

	 
Please initial:     H.L.

	 	15	 
	

	
62043 LS7A.doc

LJF/MGS/SHA

DEV103

September 23, 2004

IN WITNESS WHEREOF, the Parties have hereunto set their hands and seals, the corporate parties by their proper officers thereunto duly authorized, as of the day and year first above written.

	
 

Date:  September 23, 2004    

 

Witness:  /s/ illegible 

 

Witness:  Juanic Mullet    

 

 

Date:  September 23, 2004    

 

Witness:  /s/ illegible    

Witness:  Juanic Mullet    
	
LESSOR

 

HAR-WAL ASSOCIATES, INC. 

 

 

By: /s/ David H. Baldauf            

  David H. Baldauf, Vice President

 

 

 

WR-I ASSOCIATES, LTD

BY: WMR-I INC., GENERAL PARTNER 

 

By: /s/ Wayne M. Ruben            

  Wayne M. Ruben, President

	 	
LESSEE

	 	 
	 	
Invisa, Inc.

 

	
 

Date:   September 23, 2004    
	
By:  /s/ Herbert M. Lustig            

 

	
 

Witness:  /s/ illegible    
	
 

Its:    President & CEO                

	 	 
	
Witness:  /s/ Carl A. Parks    
	
Tax ID#:______________________________

	 	 

NOTE: EACH SIGNATURE IS TO BE WITNESSED BY TWO (2) INDIVIDUALS.

	 
Please initial:     H.L.

	 	16	 
	

	
62043 LS7A.doc

LJF/MGS/SHA

DEV103

September 23, 2004

EXHIBIT A

LESSOR’S WORK

PROP/UNIT #: 3303/A019

	1.  	Provide perimeter and interior partition walls for 3,372 square feet of office including 8 offices, a conference room and a break room, with metal studs and 5/8” drywall to code pursuant to mutually acceptable floor plan. All walls taped, sanded and painted.

	2.  	Supply and install ceiling (2’x4’ acoustic panels) with lighting (2’x4’ recessed fluorescent fixtures) throughout office.

If requested by Lessee, Lessor shall install upgraded lighting fixtures. Lessee shall pay for the differential between Lessor’s standard lighting fixtures and the upgraded lighting fixtures.

	3.  	Provide 2 restrooms pursuant to code.

All hardware and fixtures to be selected by Lessee.

	4.  	Provide doors and hardware selected by Lessee pursuant to mutually acceptable floor plan.

	5.  	Provide commercial carpet or VCT selected by Lessee throughout office area.

	6.  	Provide HVAC to code in office area

	7.  	Provide electric to code.

	 
Please initial:     H.L.

	 	17	 
	

	
62043 LS7A.doc

LJF/MGS/SHA

DEV103

September 23, 2004

EXHIBIT A-1

LESSOR’S WORK

PROP/UNIT #: 3303/A019

 

	1.  	Glass vision panels in 6 offices and conference rooms.

	2.  	Glass opening in Lab and Assembly Room (3’x6’).

	3.  	Glass on front corners.

	4.  	Hard ceiling in Lab and Assembly Room.

	5.  	Shelving in coat closet.

	6.  	Upgraded metal halide lighting in warehouse.

	7.  	Upgraded carpet throughout office area.

	8.  	Epoxy floor paint in Lab, Assembly Room and remainder of warehouse area.

	9.  	Ceiling soffit from 10’ to 9’ in front office area.

	10.  	Sound proofing.

	11.  	Lighting for complete coverage and increased coverage in Lab and Assembly Room.

	12.  	500 square foot loft with load bearing capacity and stairs.

	13.  	D rings and pulls for phone and data.

 

	
Please initial:     H.L.

	 	18Sale and Servicing Agreement

 Exhibit 4.1 
 Execution Copy 
  

  
 SALE AND SERVICING AGREEMENT 
  

among 
  
 WORLD OMNI AUTO RECEIVABLES TRUST 2005-A 
 Issuer, 
  
 WORLD OMNI AUTO RECEIVABLES LLC, 
 Seller, 
  
 and 
  
 WORLD OMNI FINANCIAL CORP., 
 Servicer 
  
 Series 2005-A 
  
 Dated as of February 1, 2005 
  

  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I DEFINITIONS
	  	1
	 Section 1.01
	  	Definitions	  	1
		
	 ARTICLE II CONVEYANCE OF RECEIVABLES
	  	1
	 Section 2.01
	  	Conveyance of Initial Receivables	  	1
	 Section 2.02
	  	Intention of Parties	  	2
	 Section 2.03
	  	Conveyance of Subsequent Receivables	  	2
		
	 ARTICLE III THE RECEIVABLES
	  	5
	 Section 3.01
	  	Representations and Warranties of World Omni with Respect to the Receivables	  	5
	 Section 3.02
	  	Repurchase upon Breach	  	9
	 Section 3.03
	  	Custody of Receivable Files	  	9
	 Section 3.04
	  	Duties of Servicer as Custodian	  	10
	 Section 3.05
	  	Instructions; Authority To Act	  	10
	 Section 3.06
	  	Custodian’s Indemnification	  	10
	 Section 3.07
	  	Effective Period and Termination	  	11
		
	 ARTICLE IV ADMINISTRATION AND SERVICING OF RECEIVABLES
	  	11
	 Section 4.01
	  	Duties of Servicer	  	11
	 Section 4.02
	  	Collection and Allocation of Receivable Payments	  	12
	 Section 4.03
	  	Realization upon Receivables	  	12
	 Section 4.04
	  	Physical Damage Insurance	  	12
	 Section 4.05
	  	Maintenance of Security Interests in Financed Vehicles	  	12
	 Section 4.06
	  	Covenants of Servicer	  	13
	 Section 4.07
	  	Purchase of Receivables upon Breach	  	13
	 Section 4.08
	  	Servicing Fee	  	13
	 Section 4.09
	  	Servicer’s Certificate	  	13
	 Section 4.10
	  	Annual Statement as to Compliance; Notice of Default	  	14
	 Section 4.11
	  	Annual Independent Certified Public Accountants’ Report	  	14
	 Section 4.12
	  	Access to Certain Documentation and Information Regarding Receivables	  	14
	 Section 4.13
	  	Servicer Expenses	  	14
	 Section 4.14
	  	Appointment of Subservicer	  	15
	 Section 4.15
	  	Annual Transfer	  	15
	 Section 4.16
	  	Exchange Act Certifications	  	15
		
	 ARTICLE V TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS
	  	15
	 Section 5.01
	  	Establishment of Trust Accounts	  	15
	 Section 5.02
	  	Collections	  	19

  

					
	 Section 5.03
	  	Application of Collections	  	20
	 Section 5.04
	  	Advances	  	20
	 Section 5.05
	  	Additional Deposits	  	20
	 Section 5.06
	  	Distributions	  	20
	 Section 5.07
	  	Reserve Account	  	22
	 Section 5.08
	  	Statements to Noteholders and Certificateholders	  	22
	 Section 5.09
	  	Net Deposits	  	24
	 Section 5.10
	  	Transfer of Certificates	  	24
		
	 ARTICLE VI THE SELLER
	  	24
	 Section 6.01
	  	Representations of Seller	  	24
	 Section 6.02
	  	Corporate Existence	  	26
	 Section 6.03
	  	Liability of Seller; Indemnities	  	27
	 Section 6.04
	  	Merger or Consolidation of, or Assumption of Obligations of Seller	  	28
	 Section 6.05
	  	Limitation on Liability of Seller and Others	  	28
	 Section 6.06
	  	Seller May Own Notes	  	29
	 Section 6.07
	  	Security Interest	  	29
		
	 ARTICLE VII THE SERVICER
	  	29
	 Section 7.01
	  	Representations of Servicer	  	29
	 Section 7.02
	  	Indemnities of Servicer	  	30
	 Section 7.03
	  	Merger or Consolidation of, or Assumption of Obligations of, Servicer	  	31
	 Section 7.04
	  	Limitation on Liability of Servicer and Others	  	31
	 Section 7.05
	  	World Omni Not To Resign as Servicer	  	32
		
	 ARTICLE VIII DEFAULT
	  	32
	 Section 8.01
	  	Servicer Default	  	32
	 Section 8.02
	  	Appointment of Successor	  	34
	 Section 8.03
	  	Notification to Noteholders and Certificateholders	  	34
	 Section 8.04
	  	Waiver of Past Defaults	  	34
	 Section 8.05
	  	Payment of Servicing Fees; Repayment of Advances	  	35
		
	 ARTICLE IX TERMINATION
	  	35
	 Section 9.01
	  	Optional Purchase of All Receivables	  	35
		
	 ARTICLE X MISCELLANEOUS
	  	35
	 Section 10.01
	  	Amendment	  	35
	 Section 10.02
	  	Protection of Title to Trust	  	36
	 Section 10.03
	  	Notices	  	38
	 Section 10.04
	  	Assignment by the Seller or the Servicer	  	38
	 Section 10.05
	  	Limitations on Rights of Others	  	39
	 Section 10.06
	  	Severability	  	39
	 Section 10.07
	  	Separate Counterparts	  	39
	 Section 10.08
	  	Headings	  	39
	 Section 10.09
	  	Governing Law	  	39

  

 iii 

					
	 Section 10.10
	  	Assignment by Issuer	  	39
	 Section 10.11
	  	Nonpetition Covenants	  	39
	 Section 10.12
	  	Limitation of Liability of Owner Trustee and Indenture Trustee	  	40

  

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

  

 iv 

 SALE AND SERVICING AGREEMENT 
  
 This SALE AND SERVICING AGREEMENT is dated as of February 1, 2005, among WORLD OMNI AUTO RECEIVABLES TRUST 2005-A, a
Delaware statutory trust, WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as seller and WORLD OMNI FINANCIAL CORP., a Florida corporation. 
  
 WHEREAS, World Omni Financial Corp. has sold the Initial Receivables, and has agreed to sell Subsequent Receivables, to
World Omni Auto Receivables LLC pursuant to the Receivables Purchase Agreement; 
  
 WHEREAS, World Omni Auto Receivables LLC, as seller, desires to sell the Initial Receivables and Subsequent Receivables to the Issuer and the Issuer desires to purchase such receivables; and 
  
 WHEREAS, the Servicer is willing to service, to make representations and
warranties and to make certain repurchase representations with respect to such Receivables; 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 
  

ARTICLE I 
 DEFINITIONS

  
 Section 1.01 Definitions. Certain capitalized terms
used in the above recitals and in this Agreement are defined in and shall have the respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to “the Agreement” or “this
Agreement” are to this Sale and Servicing Agreement as it may be amended, supplemented (whether by Subsequent Transfer SSA Assignment or otherwise) or modified from time to time, the exhibits hereto and the capitalized terms used herein
which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles, Sections or subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of
such Appendix A shall be applicable to this Agreement. 
  
 ARTICLE II 
 CONVEYANCE OF RECEIVABLES 
  
 Section 2.01 Conveyance of Initial Receivables. In consideration of the Issuer’s delivery to or upon the order
of the Seller of the Notes and the Certificates, on the Closing Date the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Issuer, without recourse (subject to the obligations of the Seller set forth herein), pursuant
to an assignment in the form attached hereto as Exhibit C (the “Initial SSA Assignment”) all right, title and interest of the Seller whether now or hereafter acquired, and wherever located, in and to the following:

  
 (a) the Initial Receivables identified on the
Schedule of Receivables to the Initial SSA Assignment delivered to the Issuer (all of which are identified in World Omni’s computer files by a code indicating the Initial Receivables are owned by the Trust and pledged to 

  

	 	 
the Indenture Trustee) and all monies received thereon and in respect thereof after the Initial Cutoff Date; 

  
 (b) the security interests in, and the liens on, the
Financed Vehicles granted by Obligors in connection with the Initial Receivables and any other interest of the Seller in such Financed Vehicles; 
  
 (c) any proceeds with respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies
covering such Financed Vehicles or Obligors; 
  
 (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have been acquired by or on behalf of the Seller, the Servicer or the Trust; 
  
 (e) all right, title and interest in all funds on deposit in, and “financial assets” (as such term
is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts from time to time, including the Reserve Account Initial Deposit, the Negative Carry Account Initial Deposit and the Pre-Funding Account
Initial Deposit and in all investments and proceeds thereof (including all income thereon); 
  
 (f) all right, title and interest of World Omni Auto Receivables LLC under the Receivables Purchase Agreement; 
  
 (g) all “accounts,” “chattel paper,”
“general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and 
  
 (h) the proceeds of any and all of the foregoing; provided,
however, that the foregoing items (a) through (h) shall not include the Notes and Certificates. 
  
 Section 2.02 Intention of Parties. It is the intention of the Seller and the Issuer that the assignment and transfer contemplated herein constitute
(and shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of the Initial Receivables and the other property of the Seller specified in Section 2.01 hereof, conveying good title thereto
free and clear of any liens and encumbrances, from the Seller to the Issuer. However, in the event that such conveyance is deemed to be a pledge to secure a loan (in spite of the express intent of the parties hereto that this conveyance constitutes,
and shall be construed and treated for all purposes, other than for tax purposes, as a true and complete sale), the Seller hereby grants to the Issuer, for the benefit of the Noteholders, a first priority perfected security interest in all of the
Seller’s right, title and interest in, to and under the Initial Receivables and the other property of the Seller specified in Section 2.01 hereof whether now existing or hereafter created and all proceeds of the foregoing to secure the
loan deemed to be made in connection with such pledge and, in such event, this Agreement shall constitute a security agreement under applicable law. 
  
 Section 2.03 Conveyance of Subsequent Receivables. 
  
 (a) Subject to satisfaction of the conditions set forth in Section 2.03(b) below, in consideration of the Issuer’s delivery on
the related Subsequent Transfer Date to or upon the 

  

 2 

 
order of the Seller of the amount described in Section 5.01(d) to be delivered to the Seller, the Seller does hereby agree to sell, transfer, assign,
set over and otherwise convey to the Issuer, without recourse (except as provided in Section 3.02, pursuant to an assignment in substantially the form of Exhibit D (a “Subsequent Transfer SSA Assignment”), all right,
title and interest of the Seller in, to and under: 
  

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

  

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

  

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

  

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

 

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

  

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

  

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

  

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

 
 It is the intention of the Seller and the Issuer that the assignment and transfer
contemplated by this Section 2.03 constitute (and shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of such Subsequent Receivables and the other property of the Seller specified in
Section 2.03(a) hereof, conveying good title thereto free and clear of any liens and encumbrances, from the Seller to the Issuer. However, in the event that such conveyance is deemed to be a pledge to secure a loan (in spite of the express
intent of the parties 

  

 3 

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

	 	(i)	the Funding Period shall not have terminated; 

  

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

  

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

  

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

  

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

  

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

  

	 	(vii)	 the Receivables in the Trust (after giving effect to the conveyance of the Subsequent Receivables to the Trust on such Subsequent Transfer Date) shall meet the
following criteria: (A) the weighted average Annual Percentage Rate of the Receivables in the Trust shall not be less than 6.65%, (B) not less than 73.5% of the Aggregate Starting Principal Balance of the Receivables shall represent financings of
new Financed Vehicles, (C) not less than 9% of the Aggregate Starting Principal Balance of the Receivables shall consist of receivables originated or acquired by 

  

 4 

	 	 
World Omni under a program in which World Omni or an independent third party finances the purchase of a vehicle that was previously leased by World Omni, its
affiliates or such independent third party, (D) no Subsequent Receivable shall have a remaining term in excess of 72 months, (E) the weighted average original term to maturity of the Receivables in the Trust shall not be greater than 62.5 months,
(F) not less than 86.25% of Aggregate Starting Principal Balance of the Receivables shall represent financings of Toyota vehicles, (G) the weighted average FICO score of the Receivables in the Trust shall not be less than 727 and (H) such other
criteria as may be required by the Rating Agencies; 

  

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

  

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

  

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

  
 (c) The Seller covenants to transfer to the Issuer pursuant to Section 2.03(a) before the termination of the Funding Period, Subsequent Receivables with an aggregate Starting Principal Balance equal to the
amount of the Pre-Funding Account Initial Deposit to the extent such Receivables were transferred to the Seller under the Receivables Purchase Agreement. 
  
 ARTICLE III 
 THE RECEIVABLES

  
 Section 3.01 Representations and Warranties of World
Omni with Respect to the Receivables. On the Closing Date and each Subsequent Transfer Date, World Omni, which sold the Receivables specified in the related SSA Assignment on such date, hereby makes the representations and warranties set forth
in Appendix B hereto and hereby represents and warrants to the other parties hereto and to the Noteholders, with respect to such Receivables as of the applicable Cutoff Date: 
  
 (a) Characteristics of Receivables. Each Receivable (1) (A) was originated in the United States of
America by a Dealer for the retail sale of a Financed Vehicle in the ordinary course of such Dealer’s business, was fully and properly executed by the parties thereto, was purchased by World Omni from such Dealer under an existing dealer
agreement, (B) was originated by World Omni, or (C) was originated by an independent third party and acquired by World Omni, (2) contains customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for
realization against the collateral of the benefits of the security, and (3) provides for level monthly payments (provided, that the payment in the first 

  

 5 

 
or last month in the life of the Receivable may be minimally different from the level payments and that certain of the Receivables did not require a payment
to be made for up to six months from the date of execution of the contract) that fully amortize the Amount Financed by maturity and yield interest at the Annual Percentage Rate. 
  
 (b) Schedule of Receivables. The information set forth in the Schedule of Receivables is true and
correct in all material respects as of the close of business on the applicable Cutoff Date, and no selection procedures believed by World Omni to be adverse to the Noteholders were utilized in selecting the Receivables. The computer tape or other
listing regarding the Receivables made available to the Issuer and its assigns (which computer tape or other listing is required to be delivered as specified herein) is true and correct in all material respects. 
  
 (c) Compliance with Law. To the best of World
Omni’s knowledge, each Receivable, the sale of the Financed Vehicle and the sale of any related insurance policies thereon financed by the Receivables complied at the time it was originated or made and, at the execution of this Agreement,
complies in all material respects with all requirements of applicable federal, state and local laws and regulations thereunder, including usury laws, the federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act,
the Fair Debt Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal Reserve Board’s Regulations B and Z, and State adaptations of the National Consumer Act and of the Uniform Consumer Credit
Code, and other consumer credit laws and equal credit opportunity and disclosure laws. 
  
 (d) Binding Obligation. Each Receivable represents the genuine, legal, valid and binding payment obligation in writing of the
Obligor, enforceable by the holder thereof in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws, now or hereafter in effect, affecting the
enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
  
 (e) No Government Obligor. None of the Receivables are due from the United States of America or any
State or from any agency, department or instrumentality of the United States of America or any State. 
  
 (f) Security Interest in Financed Vehicle. Immediately prior to the sale, assignment and transfer thereof, each Receivable shall be
secured by a validly perfected first priority security interest in the Financed Vehicle in favor of World Omni as secured party or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first
priority security interest in the Financed Vehicle in favor of the Seller as secured party and is assignable by World Omni to the Seller, by the Seller to the Issuer and by the Issuer to the Indenture Trustee. 
  
 (g) Receivables in Force. No Receivable has been
satisfied, subordinated or rescinded, nor has any Financed Vehicle been released from the lien granted by the related Receivable in whole or in part. 
  

 6 

 (h) No Amendments. No Receivable has been amended such that the amount of the
Obligor’s scheduled payments has been increased. 
  
 (i) No Waiver. No provision of a Receivable has been waived, other than a discretionary waiver of a late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable or in connection with
any extension which is reflected in the Servicer’s computer system. 
  
 (j) No Defenses. No right of rescission, setoff, counterclaim or defense has been asserted or, to World Omni’s knowledge, threatened with respect to any Receivable. 
  
 (k) No Liens. To the best of World Omni’s
knowledge, no liens or claims have been filed for work, labor or materials relating to a Financed Vehicle that are liens prior to, or equal to or coordinate with, the security interest in the Financed Vehicle granted by any Receivable. 

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

  

 7 

 
assigned or pledged by the Seller to any Person other than the Issuer. Immediately prior to the transfer and assignment herein contemplated, the Seller had
good and marketable title to each Receivable free and clear of all Liens, encumbrances, security interests and rights of others and, immediately upon the transfer thereof, the Issuer shall have good and marketable title to each Receivable, free and
clear of all Liens, encumbrances, security interests and rights of others; and the transfer has been perfected under the UCC. 
  
 (o) Lawful Assignment. No Receivable has been originated in, or is subject to the laws of, any jurisdiction under which the sale,
transfer and assignment of such Receivable under this Agreement or the Indenture is unlawful, void or voidable. 
  
 (p) All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Issuer a first perfected
ownership interest in the Receivables, and to give the Indenture Trustee a first perfected security interest therein, shall have been made. 
  
 (q) One Original. There is only one executed original of each Receivable. 
  
 (r) Maturity of Receivables. In the case of Initial
Receivables, each such Receivable has a final maturity date not later than February 1, 2011. In the case of Subsequent Receivables, each such Receivable has a final maturity date not later than April 30, 2011. 
  
 (s) Scheduled Payments. As of the Initial Cutoff
Date, each Receivable being purchased on the Closing Date had a first scheduled due date on or prior to the end of the third month immediately following such Initial Cutoff Date. As of the applicable Subsequent Cutoff Date, each Subsequent
Receivable being purchased during the Funding Period had or will have a first scheduled due date on or prior to the end of the third month immediately following the applicable Subsequent Cutoff Date. 
  
 (t) Location of Receivable Files. The Receivable
Files are kept at the location listed in Schedule B. 
  
 (u) Outstanding Principal Balance. Each Receivable has an outstanding principal balance of at least $500. 
  
 (v) No Bankruptcies. No Obligor on any Receivable was noted in the Servicer’s computer system as having filed for bankruptcy.

  
 (w) No Repossessions. No Receivable
was secured by a Financed Vehicle that had been repossessed without reinstatement of the related contract. 
  
 (x) Chattel Paper. Each Receivable constitutes “tangible chattel paper” as defined in the UCC. 
  
 (y) Computer Records. World Omni and the Seller will
cause their accounting and computer records to be marked to indicate the sale and assignment of the Receivables from World Omni to the Seller and from the Seller to the Trust. 
  

 8 

 (z) Code. Each of the Receivables is identified on World Omni’s computer
files by a code indicating the Receivables are owned by the Trust and pledged to the Indenture Trustee. The Receivables are the only Contracts listed on the Schedule of Receivables, are the only Contracts identified on World Omni’s computer
files by such code, and are not identified on World Omni’s computer files by any other code. 
  
 Section 3.02 Repurchase upon Breach. The Seller, the Servicer or the Owner Trustee (on behalf of the Trust), as the case may be, shall inform the
other parties to this Agreement and the Indenture Trustee promptly, in writing, upon the discovery of any breach of World Omni’s representations and warranties made pursuant to Section 3.01. Unless any such breach shall have been cured
by the last day of the second Collection Period following the discovery thereof by the Owner Trustee or receipt by the Owner Trustee of written notice from the Seller or the Servicer of such breach, World Omni shall be obligated to repurchase any
Receivable materially and adversely affected by any such breach as of such last day (or, at World Omni’s option, the last day of the first Collection Period following the discovery) and World Omni shall deliver a revised Schedule of Receivables
to the Seller and the Trust which shall reflect the repurchase of such Receivables). In consideration of the repurchase of any such Receivable, World Omni shall remit the Purchase Amount, in the manner specified in Section 5.05. Subject to
the provisions of Section 6.03, the sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the Certificateholders with respect to a breach of representations and warranties pursuant to Section 3.01 and
the agreement contained in this Section shall be to require World Omni to repurchase Receivables pursuant to this Section, subject to the conditions contained herein. 
  
 Section 3.03 Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce
administrative costs, the Issuer hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of the Issuer and the Indenture Trustee as custodian of the following documents or instruments which
are hereby or will hereby be constructively delivered to the Indenture Trustee, as pledgee of the Issuer, as of the Closing Date with respect to each Initial Receivable and as of the Subsequent Transfer Date with respect to each Subsequent
Receivable: 
  
 (a) the fully executed original
Contract of such Receivable; 
  
 (b) the credit
application fully executed by the Obligor or such other information as the Servicer may keep on file in accordance with its customary servicing procedures; 
  
 (c) the original certificate of title or such documents that the Servicer or the Seller shall keep on file, in accordance with its
customary procedures, evidencing the security interest of World Omni in the Financed Vehicle; and 
  
 (d) any and all other documents that the Servicer or the Seller shall keep on file, in accordance with its customary procedures, relating
to a Receivable, an Obligor or a Financed Vehicle. 
  

 9 

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

  

 10 

 
any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Indenture Trustee. 
  
 Section 3.07 Effective Period and Termination. The Servicer’s
appointment as custodian shall become effective as of the Initial Cutoff Date and shall continue in full force and effect until terminated pursuant to this Section. If World Omni shall resign as Servicer in accordance with the provisions of this
Agreement or if all of the rights and obligations of any Servicer shall have been terminated under Section 8.01, the appointment of such Servicer as custodian may be terminated by the Indenture Trustee or by the Holders of the Controlling
Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities or, with the consent of Holders of the Controlling Securities evidencing not less than 25% of the Outstanding Amount of the Controlling Securities, by
the Owner Trustee, in the same manner as the Indenture Trustee or such Holders may terminate the rights and obligations of the Servicer under Section 8.01. As soon as practicable after any termination of such appointment, the Servicer shall
deliver the Receivable Files to the Indenture Trustee or the Indenture Trustee’s agent at such place or places as the Indenture Trustee may reasonably designate. 
  
 ARTICLE IV 
 ADMINISTRATION AND SERVICING OF RECEIVABLES 
  
 Section 4.01 Duties of Servicer. The Servicer, for the benefit of the Issuer (to the extent provided herein), shall manage, service, administer and receive collections on the Receivables (other than Purchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer exercises with respect to all comparable automotive receivables that it services for itself or others. The Servicer’s duties shall include collection and posting of all
payments, making Advances, responding to inquiries of Obligors on such Receivables, investigating delinquencies, sending payment coupons to Obligors, reporting tax information to Obligors, accounting for collections, paying the fee of the
Administrator out of its own funds pursuant to Section 1.03 of the Administration Agreement and furnishing a Servicer’s Certificate to the Indenture Trustee. Subject to the provisions of Section 4.02, the Servicer shall follow its
customary standards, policies and procedures in performing its duties as Servicer. Without limiting the generality of the foregoing, the Servicer is authorized and empowered to execute and deliver, on behalf of itself, the Issuer, the Owner Trustee,
the Indenture Trustee, the Certificateholders and the Noteholders or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to such
Receivables or to the Financed Vehicles securing such Receivables. If the Servicer shall commence a legal proceeding to enforce a Receivable, the Issuer (in the case of a Receivable other than a Purchased Receivable) shall thereupon be deemed to
have automatically assigned, solely for the purpose of collection, such Receivable to the Servicer. If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a Receivable on the ground that it shall not be a
real party in interest or a holder entitled to enforce such Receivable, the Owner Trustee shall, at the Servicer’s expense and direction, take steps to enforce such Receivable, including bringing suit in its name or the name of the Owner
Trustee, the Indenture Trustee, the Certificateholders or the Noteholders. The Owner Trustee shall upon the written request of the Servicer furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to
enable the Servicer to carry out its servicing and administrative duties hereunder. 
  

 11 

 Section 4.02 Collection and Allocation of Receivable Payments. The Servicer shall make reasonable
efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive receivables that
it services for itself or others. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions (although not more than six for the life of any Receivable (excluding the Servicer’s Payment
Extension Program)), rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of
occasional requests in accordance with the Servicer’s customary servicing procedures) or change the method under which scheduled payments of interest are computed on such Receivable (other than with respect to the Servicer’s Payment
Extension Program); provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable from the Issuer in accordance with
the terms of Section 4.07. The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt. The Servicer may in its
discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate or the originally scheduled payments on any
Receivable, other than as provided herein or as required by law. 
  
 Section 4.03 Realization upon Receivables. On behalf of the Issuer, the Servicer shall use commercially reasonable efforts, consistent with its customary servicing procedures, to repossess or otherwise convert the ownership of the
Financed Vehicle securing any Receivable as to which the Servicer shall have determined eventual payment in full is unlikely. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable in its
servicing of automotive receivables, which may include selling the Financed Vehicle at public or private sale. The Servicer is hereby authorized to exercise its discretion, consistent with its customary servicing procedures and the terms of this
Agreement, in servicing Defaulted Receivables so as to maximize the realization of those Defaulted Receivables, including the discretion to choose to sell or not to sell any of the Defaulted Receivables. The Servicer shall not be liable for any such
exercise of its discretion made in good faith. 
  
 Section 4.04
Physical Damage Insurance. To the extent applicable, the Servicer shall not take any action that would result in noncoverage under such physical damage insurance policy which, but for the actions of the Servicer, would have been covered
thereunder. Any amounts collected by the Servicer under any physical damage insurance policy shall be deposited in the Collection Account pursuant to Section 5.02. The parties hereto acknowledge that the Servicer shall not force place any
insurance coverage. 
  
 Section 4.05 Maintenance of Security
Interests in Financed Vehicles. The Servicer shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed
Vehicle. The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuer and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason.

  

 12 

 Section 4.06 Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing
any Receivable from the security interest granted by such Receivable in whole or in part except in the event of (i) payment by the Obligor (a) in full or (b) in part with a remaining total payment shortage amount which, according to the
Servicer’s customary procedures, does not exceed the amount of total payment shortage that would permit the Servicer to release the related Financed Vehicle from the security interest or (ii) repossession, nor shall the Servicer impair the
rights of the Issuer, the Indenture Trustee, the Certificateholders or the Noteholders in such Receivable. 
  
 Section 4.07 Purchase of Receivables upon Breach. The Servicer or the Owner Trustee, on behalf of the Trust, shall inform the other party and the
Indenture Trustee and the Seller promptly, in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach shall have been cured by the last day of the second Collection Period
following such discovery or written notice (or, at the Servicer’s election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely affected by such breach as of such last day
and the Servicer shall deliver a revised Schedule of Receivables to the Seller and the Trust, which shall reflect the repurchase of such Receivables. In consideration of the purchase of any such Receivable pursuant to the preceding sentence, the
Servicer shall remit the Purchase Amount in the manner specified in Section 5.05. Subject to Section 7.02, the sole remedy of the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect
to a breach pursuant to Section 4.02, 4.05, 4.06 or 7.01 shall be to require the Servicer to purchase Receivables pursuant to this Section. The Owner Trustee shall have no duty to conduct any affirmative investigation as
to the occurrence of any condition requiring the repurchase of any Receivable pursuant to this Section. 
  
 Section 4.08 Servicing Fee. The Servicing Fee for a Payment Date shall equal the product of (a) one-twelfth (or, in the case of the first Payment
Date, one-twentieth), (b) the Servicing Fee Rate and (c) the Pool Balance as of the first day of the related Collection Period. The Servicer shall also be entitled to all reimbursements for Advances as set forth in Section 5.04, late fees,
any prepayment charges, and other administrative fees or similar charges allowed by applicable law with respect to the Receivables, collected (from whatever source) on the Receivables, plus any reimbursement pursuant to the last paragraph of
Section 7.02. The Servicer may, as long as it believes that sufficient collections will be available from interest collections on one or more future Payment Dates to pay the Servicing Fee, by notice to the Indenture Trustee on or before a
Payment Date, elect to defer all or a portion of the Servicing Fee with respect to the related Collection Period, without interest. If the Servicer defers all of the Servicing Fee, the Servicing Fee for such related Collection Period will be deemed
to equal zero. 
  
 Section 4.09 Servicer’s
Certificate. Not later than 11:00 A.M. (New York time) on each Payment Determination Date, the Servicer shall deliver a Servicer’s Certificate pursuant to Section 5.08. Receivables to be purchased by the Servicer or to be repurchased
by World Omni or the Seller shall be identified by the Servicer by account number with respect to such Receivable (as specified in the Schedule of Receivables). 
  

 13 

 Section 4.10 Annual Statement as to Compliance; Notice of Default. 
  
 (a) The Servicer shall deliver to the Owner Trustee and the
Indenture Trustee, on or before April 30 of each year beginning April 30, 2006, an Officers’ Certificate, dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Servicer during the preceding 12-month
period (or such shorter period as shall have elapsed since the Closing Date) and of its performance under this Agreement has been made under such officers’ supervision and (ii) to the best of such officers’ knowledge, based on such review,
the Servicer has fulfilled all its obligations under this Agreement throughout such year or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officers and the nature and status
thereof. The Indenture Trustee shall send a copy of such certificate and the report referred to in Section 4.11 to the Rating Agencies. A copy of such certificate and the report referred to in Section 4.11 may be obtained by any
Certificateholder or Noteholder by a request in writing to the Owner Trustee addressed to the Corporate Trust Office. Upon the telephone request of the Owner Trustee, the Indenture Trustee will promptly furnish the Owner Trustee a list of
Noteholders as of the date specified by the Owner Trustee. 
  
 (b) The Servicer shall deliver to the Owner Trustee, the Indenture Trustee and the Rating Agencies, promptly after having obtained knowledge thereof, but in no event later than five (5) Business Days thereafter,
written notice in an Officers’ Certificate of any event which with the giving of notice or lapse of time, or both, would become a Servicer Default under Section 8.01(a) or (b). 
  
 Section 4.11 Annual Independent Certified Public Accountants’
Report. Within 120 days after December 31 of each year, beginning in 2006, the Servicer shall deliver to the Owner Trustee and the Indenture Trustee a report, prepared by the independent accountants of the Servicer, stating that such independent
accountants have audited the annual financial statements of the Servicer in accordance with auditing standards generally accepted in the United States and nothing came to such independent accountants’ attention that caused them to believe that
the Servicer was not in compliance with the provisions of this Agreement, except for (a) such exceptions as such firm shall believe to be immaterial, and (b) such other exceptions as shall be set forth in such statement. 
  
 Section 4.12 Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to the Certificateholders and Noteholders access to the Receivable Files in such cases where the Certificateholders or Noteholders shall be required by applicable statutes or regulations to review such
documentation. Access shall be afforded without charge, but only upon reasonable request and during the normal business hours at the offices of the Servicer. Nothing in this Section shall affect the obligation of the Servicer to observe any
applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer to provide access to information as a result of such obligation shall not constitute a breach of this Section. 
  
 Section 4.13 Servicer Expenses. The Servicer shall be required to pay
all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to
Certificateholders and Noteholders. 
  

 14 

 Section 4.14 Appointment of Subservicer. The Servicer may at any time appoint a subservicer to
perform all or any portion of its obligations as Servicer hereunder; provided, however, that the Rating Agency Condition shall have been satisfied in connection therewith; and provided, further, that the Servicer shall remain obligated and be liable
to the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders for the servicing and administering of the Receivables in accordance with the provisions hereof without diminution of such obligation and liability
by virtue of the appointment of such subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Receivables. The fees and expenses of the subservicer shall be as agreed
between the Servicer and its subservicer from time to time, and none of the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders shall have any responsibility therefor. The Servicer shall give the Indenture
Trustee written notice of any subservicer appointed hereunder, 
  
 Section 4.15 Annual Transfer. The State of Florida imposes a value-based intangibles tax on January 1 of each year on certain intangibles owned, managed or controlled by Florida domiciliaries or intangibles having a business situs in
Florida. On the last business day of each year, in an effort to minimize the impact of this intangibles tax, the Seller may transfer 99% of its right, title and interest in, to and under the Certificates owned by it as of such day, together with all
of its duties, rights and obligations under this Agreement and the Administration Agreement to a special-purpose entity that is a wholly-owned subsidiary of World Omni (the “Transferee”), located and managed outside the State of
Florida (such transfer, the “Annual Transfer”). In connection with such Annual Transfer, World Omni shall transfer all of its rights, obligations and duties under this Agreement and the Administration Agreement to the Transferee.
The Trust will continue to maintain its first priority perfected security interest in the Receivables. Only 99% of the Seller’s interest in the Receivables evidenced by the Certificates and its duties, rights and obligations under this
Agreement and the Administration Agreement, together with World Omni’s management and control authority and obligations, will be transferred to the Transferee, to be held in escrow and returned to the Seller and World Omni, respectively, on the
first business day of the following year. World Omni shall indemnify the Trust with respect to any liability for this intangibles tax. World Omni will not conduct any servicing activities during the period of the Annual Transfer. 
  
 Section 4.16 Exchange Act Certifications. To the extent permitted by
Exchange Act Rules, the Servicer shall prepare, execute, file and deliver on behalf of the Issuer any certification or other instrument as required by Exchange Act Rules 13a-14 and 15d-14. 
  
 ARTICLE V 
 TRUST ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO CERTIFICATEHOLDERS 
 AND
NOTEHOLDERS 
  
 Section 5.01 Establishment of Trust
Accounts. 
  
 (a) (i) The Servicer, for the
benefit of the Noteholders and the Certificateholders, shall cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Collection Account”), bearing a designation 

  

 15 

 
clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. 
  
 (ii) The Servicer, for the benefit of the Noteholders, shall
cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Note Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held
for the benefit of the Noteholders. 
  
 (iii) The
Servicer, for the benefit of the Noteholders and the Certificateholders, shall cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Reserve Account”), bearing a
designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders. 
  
 (iv) The Servicer, for the benefit of the Noteholders, shall cause to be established and maintained with and in the name of the Indenture
Trustee an Eligible Deposit Account (the “Pre-Funding Account”), bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders. 
  
 (v) The Servicer, for the benefit of the Noteholders, shall
cause to be established and maintained with and in the name of the Indenture Trustee an Eligible Deposit Account (the “Negative Carry Account”), bearing a designation clearly indicating that the funds deposited therein are held for
the benefit of the Noteholders. 
  
 (b) Funds on
deposit in the Collection Account, the Note Distribution Account, the Reserve Account, the Pre-Funding Account and the Negative Carry Account (collectively the “Trust Accounts”) shall be invested by the Indenture Trustee in Eligible
Investments selected by the Servicer. In absence of written direction from the Servicer, such funds shall be invested in Eligible Investments specified in clause (i) of the definition thereof. All such Eligible Investments shall be held by the
Indenture Trustee for the benefit of the Noteholders and the Certificateholders or the Noteholders, as applicable; provided, that on each Payment Determination Date all interest and other Investment Earnings on funds on deposit in the Trust Accounts
shall be deposited into the Collection Account and shall be deemed to constitute a portion of Available Funds for the related Payment Date. Other than as permitted by the Rating Agencies, funds on deposit in the Collection Account, the Reserve
Account, the Note Distribution Account, the Pre-Funding Account and the Negative Carry Account shall be invested in Eligible Investments that will mature (A) not later than the Business Day immediately preceding the next Payment Date or (B) on or
before 10:00 a.m. on such next Payment Date if such investment is held in the corporate trust department of the institution with which the Collection Account, the Reserve Account, the Note Distribution Account, the Pre-Funding Account and the
Negative Carry Account, as applicable, is then maintained and is invested either (i) in a time deposit of the Indenture Trustee rated at least A-1 by Standard & Poor’s and Prime-1 by Moody’s (such account being maintained within the
corporate trust department of the Indenture Trustee), (ii) in the Indenture Trustee’s common trust fund so long as such fund is rated in the highest applicable rating category by Standard & Poor’s and Moody’s or (iii) in Eligible
Investments specified in clauses (g) or (i) of the definition thereof; and provided that Eligible Investments shall be available for redemption and use by the Indenture 

  

 16 

 
Trustee on the relevant Payment Date. In no event shall the Indenture Trustee be held liable for investment losses in Eligible Investments pursuant to this
Section 5.01, except in its capacity as obligor thereunder. 
  
 (c) (i) The Indenture Trustee shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all income thereon) and all such funds,
investments, proceeds and income shall be part of the Trust Estate. The Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the Noteholders or the Noteholders and the Certificateholders, as the
case may be. If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer on its behalf) shall within 10 Business Days (or such longer period, not to exceed 30 calendar days, as to which
each Rating Agency may consent) establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account. The Indenture Trustee or the other Person holding the Trust Accounts as
provided in this Section 5.01(c)(i) shall be the “Securities Intermediary.” If the Securities Intermediary shall be a Person other than the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to
the obligations of the Securities Intermediary set forth in this Section 5.01. 
  
 (ii) With respect to the Trust Account Property, the Securities Intermediary agrees, by its acceptance hereof, that: 
  
 (A) The Trust Accounts are accounts to which Financial
Assets will be credited. 
  
 (B) All securities
or other property underlying any Financial Assets credited to the Trust Accounts shall be registered in the name of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained
in the name of the Securities Intermediary and in no case will any Financial Asset credited to any of the Trust Accounts be registered in the name of the Trust, the Servicer or the Seller, payable to the order of the Trust, the Servicer or the
Seller or specially indorsed to the Owner Trustee, the Servicer or the Seller except to the extent the foregoing have been specially indorsed to the Securities Intermediary or in blank. 
  
 (C) All property delivered to the Securities Intermediary pursuant to this Agreement will be promptly
credited to the appropriate Trust Account. 
  
 (D) Each item of property (whether investment property, Financial Asset, security, instrument of cash) credited to a Trust Account shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York
UCC. 
  
 (E) If at any time the Securities
Intermediary shall receive any order from the Indenture Trustee directing transfer or redemption of any Financial Asset relating to the Trust Accounts, the Securities Intermediary shall comply with such 

  

 17 

 
entitlement order without further consent by the Trust, the Servicer, the Seller or any other Person. 
  
 (F) The Trust Accounts shall be governed by the laws of the
State of New York, regardless of any provision in any other agreement. For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Trust Accounts (as well as the securities entitlements (as defined
in Section 8-102(a)(17) of the UCC) related thereto) shall be governed by the laws of the State of New York. 
  
 (G) The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with
any other person relating to the Trust Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other person and the
Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement with the Trust, the Seller, the Servicer or the Indenture Trustee purporting to limit or condition the obligation of the
Securities Intermediary to comply with entitlement orders as set forth in Section 5.01(c)(ii)(E) hereof. 
  
 (H) Except for the claims and interest of the Indenture Trustee and of the Trust in the Trust Accounts, the Securities Intermediary knows
of no claim to, or interest in, the Trust Accounts or in any Financial Asset credited thereto. If any other person asserts any lien, encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar
process) against the Trust Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee, the Servicer and the Trust thereof. 
  
 (I) The Securities Intermediary will promptly send copies of all statements, confirmations and other
correspondence concerning the Trust Accounts and/or any Trust Account Property simultaneously to each of the Servicer and the Indenture Trustee. 
  
 (iii) The Servicer shall have the power, revocable by the Indenture Trustee or by the Owner Trustee with the consent of the Indenture
Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Servicer or the Owner Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to
carry out its duties under the Indenture. 
  
 (d)
Pre-Funding Account. On the Closing Date, the Seller shall deposit in the Pre-Funding Account $202,869,424.36 (the “Initial Pre-Funded Amount”) from the net proceeds of the sale of the Notes. On each Subsequent Transfer Date,
the Servicer shall instruct the Indenture Trustee to withdraw from the Pre-Funding Account an amount equal to (i) the aggregate Starting Principal Balance of the Subsequent Receivables transferred to the Trust on 

  

 18 

 
such Subsequent Transfer Date less the Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and distribute such amount
to or upon the order of the Seller upon satisfaction of the conditions set forth in Section 2.03(b) with respect to such transfer, and (ii) the Reserve Account Subsequent Transfer Deposit with respect to such Subsequent Transfer Date and, on
behalf of the Seller, deposit such amount in the Reserve Account. 
  
 If the Pre-Funded Amount has not been reduced to zero on the Payment Date immediately following the calendar month in which the Funding Period ends, the Servicer shall instruct the Indenture Trustee to transfer from
the Pre-Funding Account on such Payment Date any amount then remaining in the Pre-Funding Account to the Note Distribution Account for distribution in accordance with Section 8.02(g) of the Indenture. 
  
 (e) Negative Carry Account. On the Closing Date, the
Seller shall deposit in the Negative Carry Account $1,339,489.98 (the “Negative Carry Account Initial Deposit”) from the net proceeds of the sale of the Notes. 
  
 On each Payment Date during the Funding Period, the Servicer will instruct the Indenture Trustee to withdraw
from the Negative Carry Account (i) an amount equal to the Negative Carry Amount and deposit it into the Collection Account for application as Total Available Funds for such Payment Date, and (ii) the excess, if any, of the amount on deposit in the
Negative Carry Account over the Required Negative Carry Account Balance (after withdrawal of the Negative Carry Amount for such Payment Date) and deposit it into the Collection Account for application as Available Funds for such Payment Date. In
addition, on the Payment Date immediately following the last day of the Funding Period, the Servicer will instruct the Indenture Trustee to withdraw from the Negative Carry Account the amount remaining on deposit in the Negative Carry Account and
deposit it into the Collection Account for application as Available Funds for such Payment Date. 
  
 Section 5.02 Collections. The Servicer shall remit to the Collection Account within two Business Days of receipt of payment (including proper
instructions where to allocate such payment) all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables) and all Liquidation Proceeds, both as collected during the Collection Period.
Notwithstanding the foregoing, for so long as (i) World Omni remains the Servicer (other than in connection with the annual transfer), (ii) no Servicer Default shall have occurred and be continuing, (iii) the Rating Agency Condition is met and (iv)
World Omni either (a) maintains a short-term debt rating of at least A-1 by Standard & Poor’s and Prime-1 by Moody’s (b) arranges for and maintains a letter of credit or other form of enhancement for the Servicer’s obligations to
make deposits of collections on the Receivables in the Collection Account that is acceptable in form and substance to each Rating Agency or (c) otherwise satisfies the Rating Agency Condition, the Servicer shall remit such collections with respect
to the preceding calendar month to the Collection Account on the Payment Determination Date immediately preceding the related Payment Date. For purposes of this Article V the phrase “payments by or on behalf of Obligors” shall mean
payments made with respect to the Receivables by Persons other than the Servicer or the Seller. 
  

 19 

 Section 5.03 Application of Collections. With respect to each Receivable (other than a Purchased
Receivable), payments by or on behalf of the Obligor shall be applied to interest and principal in accordance with the Simple Interest Method. 
  
 Section 5.04 Advances. On each Payment Date, the Servicer shall deposit into the Collection Account an amount (such amount, an
“Advance”), if positive, equal to (1) the Total Required Advances with respect to such Payment Date minus (2) the Outstanding Advance immediately following the preceding Payment Date. On each Payment Date, the Servicer shall be
reimbursed for Outstanding Advances in an amount, if positive, equal to (1) the Outstanding Advances immediately following the preceding Payment Date minus (2) the Total Required Advances with respect to such Payment Date. The Servicer shall not
make any advance in respect of principal on the Receivables. 
  
 Section 5.05 Additional Deposits. The Servicer and the Seller shall deposit or cause to be deposited in the Collection Account the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein
all amounts to be paid under Section 9.01. The Servicer will deposit the aggregate Purchase Amount with respect to Purchased Receivables when such obligations are due. The Servicer shall, if necessary, deposit all Advances required to be made
pursuant to Section 5.04 in the Collection Account on each Payment Date. All such other deposits shall be made on the Payment Determination Date for the related Collection Period. 
  
 Section 5.06 Distributions. (i) On or before each Payment Determination Date, the Servicer shall calculate (A) all
amounts required to be deposited in the Note Distribution Account, (B) all amounts required to be distributed to the Certificateholders and (C) all amounts required to be transferred from the Pre-Funding Account and the Negative Carry Account.

  
 (ii) Except as otherwise provided in clauses
(iii) or (iv) below, on each Payment Date, the Servicer shall instruct the Indenture Trustee (based on the information contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09)
to make the following deposits and distributions to the extent of Total Available Funds in the following order of priority: 
  
 (A) to the Note Distribution Account, from Total Available Funds, the Class A Noteholders’ Interest Distributable Amount;

  
 (B) to the Note Distribution Account, from
Total Available Funds remaining after the application of clause (A) above, if any, the Noteholders’ First Priority Principal Distributable Amount; 
  
 (C) to the Note Distribution Account, from Total Available Funds remaining after the application of clauses (A) and (B) above, if any,
the Class B Noteholders’ Interest Distributable Amount; 
  
 (D) to the Note Distribution Account, from Total Available Funds remaining after the application of clauses (A) through (C) above, if any, the Noteholders’ Second Priority Principal Distributable Amount;

  

 20 

 (E) to the Reserve Account, from Total Available Funds remaining after the application
of clauses (A) through (D) above the amount, if any, necessary to reinstate the balance in the Reserve Account up to the Required Reserve Amount; 
  
 (F) to the Note Distribution Account, from Total Available Funds remaining after the application of clauses (A) through (E) above, if
any, an amount equal to the Noteholders’ Principal Distributable Amount minus any amounts allocated to the Note Distribution Account pursuant to clauses (B) and (D) above; and 
  
 (G) to the Certificateholders, the portion, if any, of Total Available Funds remaining after the
application of clauses (A) through (F) above; provided the Indenture Trustee has not received written instruction from the Certificateholders of 100% percentage interest in the Certificates to redeposit all or a portion of such Total Available Funds
due such Certificateholders into the Collection Account. 
  
 The Holders of 100%
Percentage Interest of the Certificates will have the right, but not the obligation, in their sole discretion, to instruct the Indenture Trustee in writing to retain in the Collection Account all or a portion of distributions otherwise payable to
them pursuant to (G) above. If the Certificateholders make this election, these amounts will be treated as collections during the then current Collection Period and the Certificateholders will have no claim to such amounts (unless distributed on a
subsequent Payment Date pursuant to (G) above). 
  
 (iii) In the event the Notes are declared to be due and payable following the occurrence of an Event of Default pursuant to Section 5.01(i) and (ii) of the Indenture, the Servicer shall instruct the Indenture Trustee (based on
the information contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09) to make the following deposits and distributions to the extent of Total Available Funds, in the
following order of priority: (A) to the Note Distribution Account, from Total Available Funds, an amount equal to the aggregate accrued and unpaid interest on each Class of Class A Notes; (B) to the Note Distribution Account, from the Total
Available Funds remaining after the application of clause (A) above, if any, an amount equal to the aggregate Outstanding Amount of each class of Class A Notes; (C) to the Note Distribution Account, from Total Available Funds remaining after the
application of clauses (A) and (B) above, if any, an amount equal to the accrued and unpaid interest on the Class B Notes; (D) to the Note Distribution Account, from Total Available Funds remaining after the application of clauses (A), (B) and (C)
above, if any, an amount equal to the Outstanding Amount of the Class B Notes; and (E) to the Certificateholders, the portion, if any, of the Total Available Funds remaining after application of clauses (A), (B), (C) and (D), above. 
  
 (iv) In the event the Notes are declared to be due and
payable following the occurrence of an Event of Default pursuant to Section 5.01(iii), (iv) or (v) of the Indenture, the Servicer shall instruct the Indenture Trustee (based on the information 

  

 21 

 
contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09) to make the following
deposits and distributions to the extent of Total Available Funds, in the following order of priority: (A) to the Note Distribution Account, from Total Available Funds, an amount equal to the aggregate accrued and unpaid interest on each Class of
Class A Notes; (B) to the Note Distribution Account, from Total Available Funds remaining after the application of clause (A) above, if any, an amount equal to the accrued and unpaid interest on the Class B Notes; (C) to the Note Distribution
Account, from the Total Available Funds remaining after the application of clauses (A) and (B) above, if any, an amount equal to the aggregate Outstanding Amount of each class of Class A Notes; (D) to the Note Distribution Account, from Total
Available Funds remaining after the application of clauses (A), (B) and (C) above, if any, an amount equal to the Outstanding Amount of the Class B Notes; and (E) to the Certificateholders, the portion, if any, of the Total Available Funds remaining
after application of clauses (A), (B), (C) and (D), above. 
  
 Section 5.07 Reserve Account. 
  
 (a) On the Closing Date, the Indenture Trustee will deposit, on behalf of the Seller, the Reserve Account Initial Deposit into the Reserve Account. 
  
 (b) If the amount on deposit in the Reserve Account on any Payment Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Payment Date) is greater than the Required Reserve Amount for such Payment Date, the Servicer shall instruct the Indenture Trustee to withdraw such amount from the Reserve Account and apply it as Total Available Funds for such
Payment Date. 
  
 (c) In the event that the Total
Available Funds for a Payment Date are not sufficient to make the full amount of the deposits into the Note Distribution Account required pursuant to Sections 5.06(ii)(A), (B), (C) and (D) on such Payment Date, the
Servicer shall instruct the Indenture Trustee to withdraw from the Reserve Account on such Payment Date an amount equal to such shortfall, to the extent of funds available therein (provided, however, that such withdrawal shall not
reduce the balance in the Reserve Account to an amount below the Yield Supplement Amount), and deposit such amount into the Note Distribution Account; provided that such amount shall be applied according to the priorities set forth in Section
5.06(ii). In addition, amounts will be withdrawn from the Reserve Account as provided in Section 8.02(c) and (d) of the Indenture. 
  
 (d) Subject to Section 9.01, amounts will continue to be applied pursuant to Section 5.06 following payment in full of the
Outstanding Amount of the Notes until the Pool Balance is reduced to zero. Following the payment in full of the aggregate Outstanding Amount of the Notes and of all other amounts owing or to be distributed hereunder or under the Indenture or the
Trust Agreement to Noteholders, any amount remaining on deposit in the Reserve Account shall be distributed to the Certificateholders. 
  
 Section 5.08 Statements to Noteholders and Certificateholders. On each Payment Determination Date, the Servicer shall provide to the Indenture
Trustee (with a copy to the 

  

 22 

 
Rating Agencies) for the Indenture Trustee to forward to The Depository Trust Company (which shall supply such statement to Noteholders in accordance with
its procedures), a statement substantially in the form of Exhibit B, setting forth at least the following information as to the Notes, to the extent applicable: 
  
 (a) the amount of such distribution allocable to principal allocable to each Class of Notes; 
  
 (b) the amount of such distribution allocable to interest
allocable to each Class of Notes; 
  
 (c) the
Outstanding Amount of each Class of Notes and the Note Pool Factor for each such Class as of the close of business on the last day of the preceding Collection Period; 
  
 (d) the amount of the Servicing Fee paid to the Servicer with respect to the related Collection Period, the
amount of any unpaid Servicing Fee and the change in such amount from the prior Payment Date; 
  
 (e) the balance of the Reserve Account on such Payment Determination Date after giving effect to deposits and withdrawals to be made on
the immediate following Payment Date, if any; 
  
 (f) the Pool Balance as of the close of business on the last day of the related Collection Period, after giving effect to payments allocated to principal reported under clause (a) above; 
  
 (g) the Class A Noteholders’ Interest Carryover
Shortfall; 
  
 (h) the Class B Noteholders’
Interest Carryover Shortfall; 
  
 (i) the number
of Receivables purchased by, and the aggregate Purchase Amount paid by, World Omni or the Servicer with respect to the related Collection Period; 
  
 (j) delinquency information relating to the Receivables which are more than 30, 60 or 90 days delinquent; 
  
 (k) the aggregate amount of Receivables which have become
Defaulted Receivables during the preceding Collection Period; 
  
 (l) the amount, if any, distributed to the Certificateholders; 
  
 (m) the Noteholders’ First Priority Principal Distributable Amount; 
  
 (n) the Noteholders’ Second Priority Principal Distributable Amount; 
  
 (o) the Noteholders’ Principal Distributable Amount;

  
 (p) the Overcollateralization Target Amount
for the immediately following Payment Date; 
  

 23 

 (q) the Negative Carry Amount and the balance, if any, of the Negative Carry Account on
such date, after giving effect to deposits and withdrawals to be made on the immediately following Payment Date, if any; 
  
 (r) for Payment Dates during the Funding Period, the Starting Principal Balance for all Subsequent Receivables transferred to the Trust
since the preceding Payment Date, the remaining Pre-Funded Amount and the Investment Earnings on amounts on deposit in the Pre-Funding Account, if any, for the related Payment Period; 
  
 (s) for the Payment Date immediately following the calendar month in which the Funding Period ends, the
amount of any remaining Pre-Funded Amount that has not been used to fund the purchase of Subsequent Receivables; 
  
 (t) the Net Loss Ratio; and 
  
 (u) the Average Net Loss Ratio 
  
 Each amount set forth on the Payment Date statement under clauses (a), (b), (g) and (h) above shall be expressed as a dollar amount per $1,000 of original principal
amount of a Note. 
  
 Section 5.09 Net Deposits. As an
administrative convenience, the Servicer will be permitted to make the deposit of collections on the Receivables, Advances and Purchase Amounts for or with respect to the Collection Period net of distributions (including without limitation the
Servicing Fee) to be made to the Servicer with respect to the Collection Period. The Servicer, however, will account to the Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholders as if all deposits, distributions and
transfers were made individually. 
  
 Section 5.10 Transfer of
Certificates. In the event any Holder of a Certificate shall wish to transfer such Certificate, the Seller shall provide to such Holder and any prospective transferee designated by such Holder information regarding the Certificates and the
Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act of 1933, as amended,
pursuant to the exemption from registration provided by Rule 144A. 
  
 ARTICLE VI 
 THE SELLER 
  
 Section 6.01 Representations of Seller. The Seller makes the following representations on which the Issuer is deemed to have relied in acquiring
the Receivables. The representations speak as of the Closing Date and each Subsequent Transfer Date, and shall survive the sale of the Receivables to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 

 
 (a) Organization and Good Standing. The Seller is
duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the requisite power and authority to own its properties and to conduct its business as such 

  

 24 

 
properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the requisite power, authority and legal
right to acquire and own the Receivables. 
  
 (b)
Due Qualification. The Seller 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 Seller’s earnings, business
affairs or business prospects. 
  
 (c) Power
and Authority. The Seller has the requisite power and authority to execute and deliver this Agreement and to carry out its terms; the Seller has full power and authority to sell and assign the property to be sold and assigned to and deposited
with the Issuer, and the Seller shall have duly authorized such sale and assignment to the Issuer by all necessary action; and the execution, delivery and performance of this Agreement has been duly authorized by the Seller by all necessary action.

  
 (d) Binding Obligation. This Agreement
constitutes a legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws, now or hereafter in effect, affecting the enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity).

  
 (e) No Violation. The consummation of
the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under,
the limited liability company agreement or bylaws of the Seller; (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 Seller is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than
pursuant to this Agreement and the Basic Documents); or, (iv) to the best of the Seller’s knowledge, violate any order, rule or regulation applicable to the Seller of any court or of any federal or state regulatory body, administrative agency
or other governmental instrumentality having jurisdiction over the Seller 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 Seller’s earnings, business affairs or business prospects. 
  
 (f) No Proceedings. To the Seller’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 Seller or its properties: (i) asserting the invalidity of this Agreement, the Indenture or any of the other Basic Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance of the
Notes or the Certificates or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and
adversely affect the performance by the Seller of its obligations 

  

 25 

 
under, or the validity or enforceability of, this Agreement, the Indenture, any of the other Basic Documents, the Notes or the Certificates or (iv) which
could reasonably be expected to adversely affect the federal or state income tax attributes of the Notes or the Certificates. 
  
 (g) All Consents. All authorizations, licenses, consents, orders or approvals of, or registrations or declarations with, any court,
regulatory body, administrative agency or other government instrumentality required to be obtained, effected or given by the Seller in connection with the execution and delivery by the Seller of this Agreement or any of the Basic Documents to which
it is a party and the performance by the Seller of the transactions contemplated by this Agreement or any of the Basic Documents to which it is a party, have been duly obtained, effected or given and are in full force and effect, except where
failure to obtain the same would not have a material adverse effect upon the rights of the Trust, the Noteholders or the Certificateholders. 
  
 Section 6.02 Corporate Existence. 
  
 (a) During the term of this Agreement, the Seller will keep in full force and effect its existence, rights and franchises as a limited
liability company under the laws of the jurisdiction of its formation and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability
of this Agreement, the Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the transactions contemplated hereby. In addition, all transactions and dealings between the
Seller and its Affiliates will be conducted on an arm’s-length basis. 
  
 (b) During the term of this Agreement, the Seller shall observe the applicable legal requirements for the recognition of the Seller as a legal entity separate and apart from its affiliates, including the following:

  
 (i) the Seller shall maintain corporate
records and books of account separate from those of its affiliates; 
  
 (ii) Except as otherwise provided in this Agreement, the Seller shall not commingle its assets and funds with those of its affiliates; 
  
 (iii) the Seller shall hold such appropriate meetings of its Board of Directors as are necessary to
authorize all the Seller’s corporate actions required by law to be authorized by the Board of Directors, shall keep minutes of such meetings and observe all other customary corporate formalities (and any successor Seller not a limited liability
company shall observe similar procedures in accordance with its governing documents and applicable law); and 
  
 (iv) the Seller shall at all times hold itself out to the public under the Seller’s own name as a legal entity separate and distinct
from its affiliates. 
  

 26 

 Section 6.03 Liability of Seller; Indemnities. The Seller shall be liable in accordance herewith
only to the extent of the obligations specifically undertaken by the Seller under this Agreement: 
  
 (a) The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee and the Servicer and any of
the officers, directors, employees and agents of the Issuer, the Owner Trustee and the Indenture Trustee from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein and in
the Basic Documents, including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, and as of the date of, the sale
of the Receivables to the Issuer or the issuance and original sale of the Certificates and the Notes, or asserted with respect to ownership of the Receivables, or federal or other income taxes arising out of distributions on the Certificates or the
Notes) and costs and expenses in defending against the same. 
  
 (b) The Seller shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders and any of the officers, directors, employees and agents of the
Issuer, the Owner Trustee, and the Indenture Trustee from and against any loss, liability or reasonable and documented expense incurred by reason of the Seller’s willful misfeasance, bad faith or negligence (except for errors in judgment) in
the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement. 
  
 (c) The Seller shall indemnify, defend and hold harmless the Owner Trustee and the Indenture Trustee and their respective officers,
directors, employees and agents from and against all reasonable and documented cost and expense, and all other losses, claims, damages and liabilities arising out of or incurred in connection with the acceptance or performance of the trusts and
duties herein and in the Trust Agreement, in the case of the Owner Trustee, and in the Indenture, in the case of the Indenture Trustee, except to the extent that such cost, expense, loss, claim, damage or liability: (i) in the case of the Owner
Trustee, shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Owner Trustee or, in the case of the Indenture Trustee, shall be due to the willful misfeasance, bad faith or negligence (except for
errors in judgment) of the Indenture Trustee or (ii) in the case of the Owner Trustee, shall arise from the breach by the Owner Trustee of any of its representations or warranties set forth in Section 7.03 of the Trust Agreement. 

 
 (d) The Seller shall pay any and all taxes levied or
assessed upon all or any part of the Owner Trust Estate. 
  
 Indemnification under this Section shall survive the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination of this Agreement and shall include reasonable and documented fees and
expenses of counsel and expenses of litigation. If the Seller shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others,
such Person shall promptly repay such amounts to the Seller, without interest. 
  
 Notwithstanding anything to the contrary contained in this Agreement or any other document, the obligations of the Seller under this
Section 6.03 and Section 7.5 of the Seller’s Limited Liability Company Agreement are solely the corporate obligations of the Seller and shall be payable by it (x) solely from funds distributed to it in its capacity as 

  

 27 

 
Certificateholder available pursuant to, and in accordance with, the payment priorities set forth in Section 5.06 of this Agreement and (z) only to
the extent that it receives additional funds designated for such purposes or to the extent it has additional funds available (other than funds described in preceding clause (x)). In addition, no amount owing by the Seller hereunder or under
Section 7.5 of its Limited Liability Company Agreement in excess of the liabilities that it is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5) of the
Bankruptcy Code) against it. No recourse shall be had for the payment of any amount owing hereunder or under Section 7.5 of the Seller’s Limited Liability Company Agreement or any other obligation of, or claim against, the Seller,
arising out of or based upon this Section 6.03 or under Section 7.5 of its Limited Liability Company Agreement against any employee, officer, agent, directed or authorized person of the Seller; provided, however, that the foregoing
shall not relieve any such person or entity of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them. 
  
 Section 6.04 Merger or Consolidation of, or Assumption of Obligations of Seller. Any Person (a) into which the Seller may be merged or
consolidated, (b) which may result from any merger or consolidation to which the Seller shall be a party or (c) which may succeed to the properties and assets of the Seller substantially as a whole, which person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Seller under this Agreement, shall be the successor to the Seller hereunder without the execution or filing of any document or any further act by any of the parties to this
Agreement; provided, however, that (i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.01 shall have been breached and no Servicer Default in respect of the Seller under Section
8.01(b) or (c) shall have occurred and be continuing, and no event that, after notice or lapse of time, or both, would become a Servicer Default in respect of the Seller under Section 8.01(b) or (c) shall have occurred and
be continuing, (ii) the Seller shall have delivered to the Owner Trustee and the Indenture Trustee an Officers’ Certificate stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that
all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Seller shall have
delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been filed that are necessary
fully to preserve and protect the interest of the Owner Trustee and Indenture Trustee, respectively, in the Receivables and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary
to preserve and protect such interests. Notwithstanding anything herein to the contrary, (a) the execution of the foregoing agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv) above shall be conditions to the consummation
of the transactions referred to in clause (a), (b) or (c) above and (b) the Seller may transfer its rights under this Agreement in accordance with Section 4.15 hereof. 
  
 Section 6.05 Limitation on Liability of Seller and Others. The Seller and any director, officer, employee or agent of
the Seller may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder. The Seller shall not be under any obligation to appear in,

  

 28 

 
prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any
expense or liability. 
  
 Section 6.06 Seller May Own
Notes. The Seller and any Affiliate thereof may in its individual or any other capacity become the owner or pledgee of Notes with the same rights as it would have if it were not the Seller or an Affiliate thereof, except as expressly provided
herein or in any Basic Document. 
  
 Section 6.07 Security
Interest. During the term of this Agreement, the Seller will not take any action to assign the security interest in any Financed Vehicle other than pursuant to the Basic Documents. 
  
 ARTICLE VII 
 THE SERVICER 
  
 Section 7.01 Representations
of Servicer. The Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Receivables. The representations speak as of the Closing Date, and shall survive the sale of the Receivables from time to
time to the Issuer and the pledge thereof to the Indenture Trustee pursuant to the Indenture. 
  
 (a) Organization and Good Standing. The Servicer is duly organized and validly existing as a corporation in good standing under the
laws of the state of its incorporation, with the corporate power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has,
the corporate power, authority and legal right to acquire, own, sell and service the Receivables and to hold the Receivable Files as custodian. 
  
 (b) Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing, and has obtained
all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its business (including the servicing of the Receivables as required by this Agreement) shall require such
qualifications, except where the failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on the Servicer’s earnings, business affairs or business prospects. 
  
 (c) Power and Authority. The Servicer has the
corporate power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary corporate action. 
  
 (d) Binding Obligation. This Agreement constitutes a
legal, valid and binding obligation of the Servicer enforceable against the Servicer in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws,
now or hereafter in effect, affecting the enforcement of creditors’ rights in general, and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 
  

 29 

 (e) No Violation. The consummation of the transactions contemplated by this
Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles of incorporation or bylaws
of the Servicer; (ii) breach, conflict with or violate any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement or other instrument to which the Servicer is a party
or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to this Agreement and the Basic Documents);
or, (iv) to the best of the Servicer’s knowledge, violate any order, rule or regulation applicable to the Servicer of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Servicer or its properties except, in the case of clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts, liens or violations that would not have a material adverse effect on the Servicer’s earnings, business
affairs or business prospects. 
  
 (f) No
Proceedings. To the Servicer’s best knowledge, there are no proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the
Servicer or its properties: (i) asserting the invalidity of this Agreement, the Indenture, any of the other Basic Documents, the Notes or the Certificates, (ii) seeking to prevent the issuance of the Notes or the Certificates or the consummation of
any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to materially and adversely affect the performance by the Servicer
of its obligations under, or the validity or enforceability of, this Agreement, the Indenture, any of the other Basic Documents, the Notes or the Certificates or (iv) relating to the Servicer and which could reasonably be expected to adversely
affect the federal or state income tax attributes of the Notes or the Certificates. 
  
 (g) Approvals. All approvals, licenses, authorizations, consents, orders or other actions of any person, corporation or other
organization, or of any court, governmental agency or body or official, required in connection with the execution and delivery of this Agreement have been or will be taken or obtained on or prior to the Closing Date, except where failure to obtain
the same would not have a material adverse effect upon the rights of the Seller, the Trust, the Noteholders or the Certificateholders. 
  
 Section 7.02 Indemnities of Servicer. The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement: 
  
 (a) The Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders and the Seller and any of the officers, directors, employees and agents of the Issuer,
the Owner Trustee and the Indenture Trustee from and against any and all reasonable and documented costs and expenses, and all other losses, damages, claims and liabilities arising out of or resulting from the use, ownership or operation by the
Servicer or any Affiliate thereof of a Financed Vehicle. 
  

 30 

 (b) The Servicer shall indemnify, defend and hold harmless the Issuer, the Owner Trustee,
the Indenture Trustee, the Seller, the Certificateholders and the Noteholders and any of the officers, directors, employees and agents of the Issuer, the Owner Trustee and the Indenture Trustee from and against any and all costs, expenses, losses,
claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, or was imposed upon any such Person through, the willful misfeasance, bad faith or negligence (except for errors in judgment) of
the Servicer in the performance of its duties under this Agreement or by reason of reckless disregard of its obligations and duties under this Agreement. 
  
 For purposes of this Section, in the event of the termination of the rights and obligations of World Omni (or any successor thereto
pursuant to Section 7.03) as Servicer pursuant to Section 8.01, or a resignation by such Servicer pursuant to this Agreement, such Servicer shall be deemed to be the Servicer pending appointment of a successor Servicer (other than the
Indenture Trustee) pursuant to Section 8.02. 
  
 Indemnification under this Section shall survive the resignation or removal of the Owner Trustee or the Indenture Trustee or the termination of this Agreement and shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such
amounts to the Servicer, without interest. 
  
 Section 7.03
Merger or Consolidation of, or Assumption of Obligations of, Servicer. The Servicer shall not consolidate with or merge into any other corporation or convey or transfer its properties and assets substantially as an entirety to any Person,
unless: 
  
 (a) the corporation formed by such
consolidation or into which the Servicer is merged or the Person which acquires by conveyance or transfer the properties and assets of the Servicer substantially as an entirety shall be a corporation organized and existing under the laws of the
United State of America or the District of Columbia and, if the Servicer is not the surviving entity, such corporation shall assume, without the execution or filing of any paper or further act on the part of any of the parties hereto, the
performance of every covenant and obligation of the Servicer hereunder; and 
  
 (b) the Servicer has delivered to the Owner Trustee and the Indenture Trustee and Officer’s Certificate and an Opinion of Counsel each stating that such consolidation, merger, conveyance or transfer will comply
with this Section 7.03 and that all conditions precedent herein provided for relating to such transaction have been complied with. 
  
 The Servicer shall provide notice of any merger, consolidation or succession pursuant to this Section 7.03 to the Rating Agencies,
the Owner Trustee and the Indenture Trustee. 
  
 Section 7.04
Limitation on Liability of Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents of the Servicer shall be under any liability to the Issuer, the Noteholders or the Certificateholders, except as
provided under this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or 

  

 31 

 
for errors in judgment; provided, however, that this provision shall not protect the Servicer or any such person against any liability that would otherwise
be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement. The Servicer and any director, officer, employee or agent of the
Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted by any person respecting any matters arising under this Agreement. 
  
 Except as provided in this Agreement, the Servicer shall not be under any obligation to appear in, prosecute
or defend any legal action that shall not be incidental to its duties to service the Receivables in accordance with this Agreement and that in its opinion may involve it in any expense or liability; provided, however, that the Servicer may undertake
any reasonable action that it may deem necessary or desirable in respect of this Agreement and the Basic Documents and the rights and duties of the parties to this Agreement and the Basic Documents and the interests of the Certificateholders under
this Agreement and the Noteholders under the Indenture. 
  
 Section 7.05 World Omni Not To Resign as Servicer. Subject to the provisions of Section 7.03, World Omni shall not resign from the obligations and duties hereby imposed on it as Servicer under this Agreement except upon a
determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law and cannot be cured. Notice of any such determination permitting the resignation of World Omni shall be communicated to the
Owner Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of
Counsel to such effect delivered to the Owner Trustee and the Indenture Trustee concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Trustee or a successor Servicer shall have assumed the
responsibilities and obligations of World Omni in accordance with Section 8.02. 
  
 ARTICLE VIII 
 DEFAULT 
  
 Section 8.01 Servicer Default. Any one of the following events shall constitute a default by the Servicer (a
“Servicer Default”): 
  
 (a) any
failure by the Servicer to deliver to the Indenture Trustee for deposit in any of the Trust Accounts or distribution to the Certificateholders any required payment or to direct the Indenture Trustee to make any required distributions therefrom,
which failure continues unremedied for a period of five Business Days after written notice of such failure is received by the Servicer from the Owner Trustee or the Indenture Trustee or after discovery of such failure by an officer of the Servicer;
or 
  
 (b) failure by the Servicer or, if the
Servicer is an affiliate of the Seller, the Seller, as the case may be, duly to observe or to perform in any material respect any other covenants or agreements of the Servicer or the Seller (as the case may be) set forth in this Agreement or any
other Basic Document, which failure shall (i) materially and adversely affect 

  

 32 

 
the rights of Certificateholders or Noteholders and (ii) continue unremedied for a period of 60 days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given (A) to the Servicer or the Seller (as the case may be) by the Owner Trustee or the Indenture Trustee or (B) to the Servicer or the Seller (as the case may be), and to the Owner Trustee and the
Indenture Trustee by the Holders of the Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities and the Holders (as defined in the Trust Agreement) of Certificates evidencing not less than 50% of the percentage
interest of the Certificates; or 
  
 (c) the
occurrence of an Insolvency Event with respect to the Servicer or, if the Servicer is an affiliate of the Seller, the Seller. 
  
 Notwithstanding the foregoing, a delay in or failure of performance referred to under clause (a) above for a period of ten Business Days
or referred to under clause (b) for a period of 90 Business Days, shall not constitute a Servicer Default if such delay or failure could not be prevented by the exercise of reasonable diligence by the Servicer and was caused by an act of God or
other similar occurrence. Upon the occurrence of any such event, the Servicer shall not be relieved from using its best efforts to perform its obligations in a timely manner in accordance with the terms of this Agreement and the Servicer shall
provide the Indenture Trustee, the Owner Trustee, the Noteholders and the Certificateholders prompt notice of such failure or delay by it, together with a description of its efforts to so perform its obligations. 
  
 So long as the Servicer Default shall not have been remedied
or stayed by the application of the above paragraph, either the Indenture Trustee or the Holders of the Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities, by notice then given in writing to the Servicer (and
to the Indenture Trustee and the Owner Trustee if given by the Noteholders) may terminate all the rights and obligations (other than the obligations set forth in Section 7.02 hereof) of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice, all authority and power of the Servicer under this Agreement, whether with respect to the Notes, the Certificates or the Receivables or otherwise, shall, without further action, pass to and be vested
in the Indenture Trustee or such successor Servicer as may be appointed under Section 8.02; and, without limitation, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the benefit of
the predecessor Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and related documents, or otherwise. The predecessor Servicer shall cooperate with the successor Servicer, the Indenture Trustee and the Owner Trustee in effecting the termination of the
responsibilities and rights of the predecessor Servicer under this Agreement, including the transfer to the successor Servicer for administration by it of all cash amounts that shall at the time be held by the predecessor Servicer for deposit, or
shall thereafter be received by it with respect to any Receivable. Further, in such event, the Servicer shall use commercially reasonable efforts to effect the orderly and efficient transfer of the servicing of the Receivables to the successor
Servicer, and as promptly as practicable, the Servicer shall provide to the successor Servicer a current computer tape containing all information from the Receivables Files required for the proper servicing of the Receivables, together with the
documentation containing any and all information necessary for the use of the tape. All reasonable and documented costs 

  

 33 

 
and expenses (including attorneys’ fees) incurred in connection with transferring the Receivable Files to the successor Servicer and amending this
Agreement to reflect such succession as Servicer pursuant to this section shall be paid by the predecessor Servicer upon presentation of reasonable documentation of such costs and expenses. Upon receipt of notice of the occurrence of a Servicer
Default, the Owner Trustee shall give notice thereof to the Rating Agencies. 
  
 Section 8.02 Appointment of Successor. 
  
 (a) Upon the Servicer’s receipt of notice of termination pursuant to Section 8.01 or the Servicer’s resignation in accordance with the terms of this Agreement, the predecessor Servicer shall continue
to perform its functions as Servicer under this Agreement, in the case of termination, only until the date specified in such termination notice or, if no such date is specified in a notice of termination, until receipt of such notice and, in the
case of resignation, until the later of (i) the date 45 days from the delivery to the Owner Trustee and the Indenture Trustee of written notice of such resignation (or written confirmation of such notice) in accordance with the terms of this
Agreement and (ii) the date upon which the predecessor Servicer shall become unable to act as Servicer, as specified in the notice of resignation and accompanying Opinion of Counsel. In the event of the Servicer’s termination hereunder, the
Indenture Trustee shall appoint a successor Servicer, and the successor Servicer shall accept its appointment by a written assumption in form acceptable to the Owner Trustee and the Indenture Trustee. In the event that a successor Servicer has not
been appointed at the time when the predecessor Servicer has ceased to act as Servicer in accordance with this Section, the Indenture Trustee without further action shall automatically be appointed the successor Servicer and the Indenture Trustee
shall be entitled to the Servicing Fee. Notwithstanding the above, the Indenture Trustee shall, if it shall be legally unable so to act, appoint or petition a court of competent jurisdiction to appoint any established institution, having a net worth
of not less than $100,000,000 and whose regular business shall include the servicing of automotive receivables, as the successor to the Servicer under this Agreement. 
  
 (b) Upon appointment, the successor Servicer (including the Indenture Trustee acting as successor Servicer)
shall be the successor in all respects to the predecessor Servicer and shall be subject to all the responsibilities, duties and liabilities arising thereafter relating thereto placed on the predecessor Servicer and shall be entitled to the Servicing
Fee and all the rights granted to the predecessor Servicer by the terms and provisions of this Agreement. 
  
 (c) The successor Servicer may not resign unless it is prohibited from serving as such by law. 
  
 Section 8.03 Notification to Noteholders and Certificateholders. Upon
any termination of, or appointment of a successor to, the Servicer pursuant to this Article VIII, the Owner Trustee shall give prompt written notice thereof to Certificateholders, and the Indenture Trustee shall give prompt written notice
thereof to Noteholders and the Rating Agencies. 
  
 Section 8.04
Waiver of Past Defaults. The Holders of Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its
obligations hereunder and its consequences, except a default in making any required deposits to or payments from any of 

  

 34 

 
the Trust Accounts or to the Certificateholders in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist,
and any Servicer Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereto. 
  
 Section 8.05 Payment of Servicing Fees; Repayment of Advances. If the
Servicer shall change, the predecessor Servicer shall be entitled to (i) receive any accrued and unpaid Servicing Fees through the date of such Successor Servicer’s acceptance hereunder in accordance with Section 4.08 and (ii)
reimbursement for Outstanding Advances pursuant to Section 5.08 with respect to all Advances made by the predecessor Servicer. 
  
 ARTICLE IX 
 TERMINATION

  
 Section 9.01 Optional Purchase of All Receivables.

  
 (a) On the Payment Date immediately following
(and on each Payment Date thereafter) the last day of any Collection Period as of which the then outstanding Pool Balance is 10% or less of the Aggregate Starting Principal Balance, the Servicer shall have the option to purchase the Owner Trust
Estate, other than the Trust Accounts. To exercise such option, the Servicer shall deposit pursuant to Section 5.05 in the Collection Account an amount equal to the aggregate Purchase Amount for the Receivables (including Defaulted
Receivables), and shall succeed to all interests in and to the Trust. Notwithstanding the foregoing, the Servicer shall not be permitted to exercise such option unless the amount to be deposited in the Collection Account pursuant to the preceding
sentence is greater than or equal to the sum of the Outstanding Amount of the Notes and all accrued but unpaid interest (including any overdue interest and premium) thereon. 
  
 (b) As described in Article IX of the Trust Agreement, notice of any termination of the Trust shall
be given by the Servicer to the Owner Trustee and the Indenture Trustee as soon as practicable after the Servicer has received notice thereof. 
  
 (c) Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder other than Section 5.07(b) and the Owner Trustee will succeed to the rights of, and assume the obligations of, the Indenture Trustee pursuant to this Agreement.

  
 ARTICLE X 
 MISCELLANEOUS 
  
 Section 10.01 Amendment. This Agreement may be amended by the Seller, the Servicer and the Issuer, with the consent of the Indenture Trustee, but
without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided that such amendments require: (i) satisfaction of the Rating Agency Condition and (ii) an officer’s certificate
of the Servicer 

  

 35 

 
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
Seller, the Servicer and the Issuer, with the consent of the Indenture Trustee, the consent of the Holders of the Notes evidencing not less than 50% of the Outstanding Amount of the Controlling Securities and the consent of the Holders (as defined
in the Trust Agreement) of Certificates evidencing not less than 50% of the percentage interest of the Certificates for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on
Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders or (b) reduce the consent percentages in this sentence, without the consent of the Holders of all the outstanding Notes and
the Holders (as defined in the Trust Agreement) of all the outstanding Certificates affected thereby. 
  
 Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification provided by the
Servicer, of the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and each of the Rating Agencies. 
  
 It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular form of
any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. 
  
 Prior to the execution of any amendment to this Agreement, the Owner Trustee, on behalf of the Issuer, and the Indenture Trustee shall be
entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 10.02(h)(A). The Owner Trustee and the
Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

  
 Section 10.02 Protection of Title to Trust. 

 
 (a) The Seller shall file such financing statements and
cause to be filed such continuation statements, all in such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Issuer and of the Indenture Trustee in the Receivables and in the proceeds
thereof. The Seller hereby authorizes the filing of such financing statements and hereby ratifies any such financing statements filed prior to the date hereof. The Seller shall deliver (or cause to be delivered) to the Owner Trustee and the
Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
  
 (b) Neither the Seller nor the Servicer shall change its name, identity or corporate structure in any manner that could reasonably be
expected to make any financing 

  

 36 

 
statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of Section 9-506 of the UCC, unless
it shall have given the Owner Trustee and the Indenture Trustee at least five days’ prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation statements.

  
 (c) Each of the Seller and the Servicer shall
have an obligation to give the Owner Trustee and the Indenture Trustee at least 60 days’ prior written notice of any relocation of its principal executive office or a change in its jurisdiction of organization if, as a result of such relocation
or change in its jurisdiction of organization, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file any
such amendment or new financing statement. The Servicer shall at all times maintain each office from which it shall service Receivables, and its principal executive office, within the United States of America. 
  
 (d) The Servicer shall maintain accounts and records as to
each Receivable accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation
between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
  
 (e) The Servicer shall maintain its computer systems so that, within five (5) Business Days from and after
the time of sale under this Agreement of the Receivables, the Servicer’s master computer records (including any backup archives) that refer to a Receivable shall indicate clearly that such Receivable has been sold to the Issuer. 
  
 (f) If at any time the Seller or the Servicer shall propose
to sell, grant a security interest in, or otherwise transfer any interest in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser, lender or other transferee computer
tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuer and has been pledged
to the Indenture Trustee. 
  
 (g) Upon request,
the Servicer shall furnish to the Owner Trustee or to the Indenture Trustee, within five Business Days, a list of all Receivables (by contract number and name of Obligor) then held as part of the Trust. 
  
 (h) The Servicer shall deliver to the Owner Trustee and the
Indenture Trustee: 
  
 (A) promptly after the
execution and delivery of this Agreement, an Opinion of Counsel stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the
interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to 

  

 37 

 
prior Opinions of Counsel in which such details are given, or (2) no such action shall be necessary to preserve and protect such interest; and 
  
 (B) on or before March 31, in each calendar year, beginning
in 2006, an Opinion of Counsel, dated as of a date during such 90-day period, stating that, in the opinion of such counsel, either (1) all financing statements and continuation statements have been filed that are necessary fully to preserve and
protect the interest of the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (2) no such action shall be necessary to preserve
and protect such interest. 
  
 Each Opinion of
Counsel referred to in clause (A) or (B) above shall specify any action necessary (as of the date of such opinion) to be taken in the following year to preserve and protect such interest. 
  
 (i) The Seller shall, to the extent required by applicable
law, cause the Notes to be registered with the Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections. 
  
 (j) The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, prior to any change in the
location of the Receivable Files, an Opinion of Counsel stating that, in the opinion of such counsel, either (i) all financing statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of
the Trust and the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (ii) no such action shall be necessary to preserve and protect such
interest. 
  
 Section 10.03 Notices. All demands, notices,
communications and instructions upon or to the Seller, the Servicer, the Owner Trustee, the Indenture Trustee or the Rating Agencies under this Agreement shall be by facsimile or in writing, personally delivered or mailed by certified mail, return
receipt requested, and shall be deemed to have been duly given upon receipt (a) in the case of the Seller, to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, (954) 429-2200, Attention: Patrick C. Ossenbeck,
(b) in the case of the Servicer, World Omni Financial Corp., 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, (954) 429-2200, Attention: Patrick C. Ossenbeck, (c) in the case of the Issuer or the Owner Trustee, at its Corporate Trust Office,
(d) in the case of the Indenture Trustee, at its Corporate Trust Office, (e) in the case of Moody’s, to Moody’s Investors Service, ABS Monitoring Department, 99 Church Street, New York, New York 10007, and (f) in the case of Standard &
Poor’s, to Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York 10041, Attention of Asset Backed Surveillance Department; or, as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties. 
  
 Section 10.04 Assignment by the Seller or the Servicer. Notwithstanding anything to the contrary contained herein, except as provided in the remainder of this Section, as provided in 

  

 38 

 
Sections 6.04 and 7.03 herein and as provided in the provisions of this Agreement concerning the resignation of the Servicer, this Agreement
may not be assigned by the Seller or the Servicer. 
  
 Section
10.05 Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Seller, the Servicer, the Issuer, the Owner Trustee, the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in
this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions
contained herein. 
  
 Section 10.06 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 Section 10.07 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 Section 10.08 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
  
 Section 10.09
Governing Law. This Agreement shall be construed in accordance with the laws of the State of New York, without regard to any otherwise applicable conflict of law provisions, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws. 
  
 Section
10.10 Assignment by Issuer. Each of World Omni and the Seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the
benefit of the Noteholders of all right, title and interest of the Issuer in, to and under the Receivables and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee. 
  
 Section 10.11 Nonpetition Covenants. 
  
 (a) Notwithstanding any prior termination of this Agreement,
the Servicer and the Seller shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court
or government authority for the purpose of commencing or sustaining a case against the Issuer under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or any substantial part of their property, or ordering the winding up or liquidation of the affairs of the Issuer. 
  
 (b) Notwithstanding any prior termination of this Agreement, the Servicer, solely in its capacity as a creditor of the Seller, shall not,
prior to the date which is one year and 

  

 39 

 
one day after the termination of this Agreement with respect to the Seller, acquiesce, petition or otherwise invoke the process of any court or government
authority for the purpose of commencing or sustaining an involuntary case against the Seller under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller. 
  
 Section 10.12 Limitation of Liability of Owner Trustee and Indenture Trustee. 
  
 (a) Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by
Chase Manhattan Bank USA, National Association not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall Chase Manhattan Bank USA, National Association in its individual capacity or, except as
expressly provided in the Trust Agreement, as beneficial owner of the Issuer have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or
agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or
obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
  
 (b) Notwithstanding anything contained herein to the
contrary, this Agreement has been accepted by Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee and in no event shall Deutsche Bank Trust Company Americas have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer. 

 

 40 

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

			
	WORLD OMNI AUTO RECEIVABLES TRUST 2005-A
	
	by: CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION
not in its individual capacity but solely as Owner Trustee,
		
	By:	 	/s/    JOHN J. CASHIN        
	 Name:
	 	John J. Cashin
	 Title:
	 	Vice President

  

			
	WORLD OMNI AUTO RECEIVABLES LLC,
Seller
		
	By:	 	/s/    ALAN KIRSCHENBAUM        
	 Name:
	 	Alan Kirschenbaum
	 Title:
	 	Assistant Treasurer

  

			
	WORLD OMNI FINANCIAL CORP.
		
	By:	 	/s/    ALAN KIRSCHENBAUM        
	 Name:
	 	Alan Kirschenbaum
	 Title:
	 	Assistant Treasurer

  

			
	Acknowledged and accepted as of the day and year first above written:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
not in its individual capacity but solely as Indenture Trustee
		
	By:	 	/s/    PETER T. BECKER        
	 Name:
	 	Peter T. Becker
	 Title:
	 	Vice President

  
 Sale and Servicing
Agreement 
  

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

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

 EXHIBIT A 
  
 Form of Distribution Statement to Noteholders 
  
 World Omni Financial Corp. 
  
 World Omni Auto Receivables Trust 2005-A Payment Date Statement to Noteholders 
  
 Total Available Funds 
  

			
	 Class A-1 Notes:
	  	 ($                 per $1,000 original principal
amount)

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

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

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

	 Class B Notes:
	  	 ($                 per $1,000 original principal
amount)

	
	 Outstanding Amount

	 Class A-1 Notes
	  	 
	 Class A-2 Notes
	  	 
	 Class A-3 Notes
	  	 
	 Class A-4 Notes
	  	 
	 Class B Notes
	  	 
		
	 Note Pool Factor
	  	 
	 Class A-1 Notes
	  	 
	 Class A-2 Notes
	  	 
	 Class A-3 Notes
	  	 
	 Class A-4 Notes
	  	 
	 Class B Notes
	  	 
		
	 Servicing Fee
	  	 
	 Servicing Fee Per $1,000 Note

	
	 Reserve Account Balance

  

 A-1 

 EXHIBIT B 
  
 Form of Servicer’s Certificate 
  
 World Omni Financial Corp. 
 World Omni Auto Receivables Trust 2005-A Monthly
Servicer’s Certificate 
  

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

	 	  	Beginning
Balance

	  	Ending
Balance

	  	Change

	  	Interest/
Factor

	  	Interest
Servicing
Shortfall

	 Initial Pool
	  	 	  	 	  	 	  	 	  	 
	 Principal Paydown
	  	 	  	 	  	 	  	 	  	 
	 Reserve
	  	 	  	 	  	 	  	 	  	 
	 Notes
	  	 	  	 	  	 	  	 	  	 
	 Class A-1
	  	 	  	 	  	 	  	 	  	 

  

 B-1 

											
	 Class A-2
	 	 	 	 	 	 
	 Class A-3
	 	 	 	 	 	 
	 Class A-4
	 	 	 	 	 	 
	 Class B
	 	 	 	 	 	 
	 	 	 Total
 Principal

	 	 Principal
 Shortfall

	 	 	  	 	  	 
	 Notes
	 	 	 	 	 	 	  	 	  	 
	 Class A-1
	 	 	 	 	 	 	  	 	  	 
	 Class A-2
	 	 	 	 	 	 	  	 	  	 
	 Class A-3
	 	 	 	 	 	 	  	 	  	 
	 Class A-4
	 	 	 	 	 	 	  	 	  	 
	 Class B
	 	 	 	 	 	 	  	 	  	 
	 Total
	 	 	 	 	 	 	  	 	  	 
	Miscellaneous
	
	 Amounts released to the Certificateholders

	 Required Reserve Amount (stating the Yield Supplement Amount separately)

	 Servicing Fee to Servicer

	 Collection Account Redeposits

	 Overcollaterlization Target Amount

	 Negative Carry Amount

	 Aggregate Starting Principal

	 Balance of Subsequent Receivables

	 Pre-Funded Amount

	 Net Loss Ratio

	 Average Net Loss Ratio

	
	Allocation of Funds
	
	 Sources Principal Distribution

	 Amount Interest Distribution

	 Amount Redemption/Prepay Amount

	 Total Sources

  

 B-2 

 EXHIBIT C 
  
 Form of Initial SSA Assignment 
  
 For value received, in accordance with the Sale and Servicing Agreement, dated as of February 1, 2005 (the “Sale and Servicing
Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Seller”), World Omni Auto Receivables Trust 2005-A (the “Issuer”) and World Omni Financial Corp., a Florida
corporation, (the “Servicer”), the Seller does hereby sell, assign, transfer and otherwise convey unto the Issuer, without recourse, all right, title and interest of the Seller in, to and under (a) the Initial Receivables
identified on the Schedule of Receivables attached hereto having an aggregate Starting Principal Balance of $             and all monies received thereon and in respect thereof after
the Initial Cutoff Date; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection with the Initial Receivables and any other interest of the Seller in such Financed Vehicles; (c) any proceeds with
respect to the Initial Receivables from claims on any physical damage, credit life or disability insurance policies covering such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an Initial Receivable and shall have
been acquired by or on behalf of the Seller, the Servicer or the Trust; (e) all right, title and interest in all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in
effect) credited to, the Trust Accounts from time to time, including the Reserve Account Initial Deposit, the Negative Carry Account Initial Deposit and the Pre-Funding Account Initial Deposit and in all investments and proceeds thereof (including
all income thereon); (f) all right, title and interest of World Omni Auto Receivables LLC under the Receivables Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles” and “promissory
notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing items (a)
through (h) shall not include the Notes and Certificates. 
  
 The
foregoing sale does not constitute and is not intended to result in any assumption by the Issuer of any obligation of the undersigned to the Obligors, Dealers, insurers or any other Person in connection with the Initial Receivables, the agreements
with Dealers, any insurance policies or any agreement or instrument relating to any of them. 
  
 This Initial SSA Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Sale and Servicing Agreement and is to be governed by the Sale
and Servicing Agreement. 
  
 Capitalized terms used herein and not
otherwise defined shall have the meaning assigned to them in the Sale and Servicing Agreement. 
  
 * * * * * 
  

 C-1 

 IN WITNESS WHEREOF, the undersigned has caused this Initial SSA Assignment to be duly executed as of
February 1, 2005. 
  

			
	 WORLD OMNI AUTO RECEIVABLES LLC

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 C-2 

 EXHIBIT D 
  
 Form of Subsequent Transfer SSA Assignment 
  
 For value received, in accordance with the Sale and Servicing Agreement, dated as of February 1, 2005 (the “Sale and Servicing
Agreement”), among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Seller”), World Omni Auto Receivables Trust 2005-A (the “Issuer”) and World Omni Financial Corp., a Florida
corporation, (the “Servicer”), the Seller does hereby sell, assign, transfer and otherwise convey unto the Issuer, without recourse, all right, title and interest of the Seller in, to and under (a) the Subsequent Receivables
identified on the Schedule of Receivables attached hereto having an aggregate Starting Principal Balance of $             and all monies received thereon and in respect thereof after
the close of business on             , 200    ; (b) the security interests in, and the liens on, the Financed Vehicles granted by Obligors in connection
with such Subsequent Receivables and any other interest of the Seller in such Financed Vehicles; (c) any proceeds with respect to the Subsequent Receivables from claims on any physical damage, credit life or disability insurance policies covering
such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured such Subsequent Receivable and shall have been acquired by or on behalf of the Seller, the Servicer or the Trust; (e) all right, title and interest in all funds on
deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts from time to time, including the Reserve Account, the Negative Carry Account and the
Pre-Funding Account and in all investments and proceeds thereof (including all income thereon); (f) all right, title and interest of World Omni Auto Receivables LLC under the Receivables Purchase Agreement; (g) all “accounts,”
“chattel paper,” “general intangibles” and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting or relating to the foregoing; and (h) the proceeds of
any and all of the foregoing; provided, however, that the foregoing items (a) through (h) shall not include the Notes and Certificates. 
  
 The foregoing sale does not constitute and is not intended to result in any assumption by the Issuer of any obligation of the undersigned to the Obligors,
Dealers, insurers or any other Person in connection with such Subsequent Receivables, the agreements with Dealers, any insurance policies or any agreement or instrument relating to any of them. 
  
 This Subsequent SSA Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned contained in the Sale and Servicing Agreement and is to be governed by the Sale and Servicing Agreement. 
  
 Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Sale and Servicing
Agreement. 
  
 * * * * * 
  

 D-1 

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

			
	 WORLD OMNI AUTO RECEIVABLES LLC

		
	 By:
	 	 
	 Name:
	 	 
	 Title:
	 	 

  

 D-2 

 APPENDIX B 
  
 Additional Representations and Warranties 
  

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

  

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

  

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

  

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

  

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

  

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

  

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00077-of-00352.parquet"}]]