Document:

EXHIBIT 4.1

 

 

 

SALE AND SERVICING
AGREEMENT

 

among

 

WORLD OMNI AUTO
RECEIVABLES TRUST 2021-D

Issuing Entity,

 

WORLD OMNI AUTO
RECEIVABLES LLC,

Depositor,

 

and

 

WORLD OMNI FINANCIAL
CORP.,

Servicer

 

Series 2021-D

 

Dated as of November
3, 2021

 

 

 

     

     

    

 

 

	TABLE OF CONTENTS	 

 

Page

 

	ARTICLE I DEFINITIONS	4
	Section 1.01	Definitions	4
	 	 	 
	ARTICLE II CONVEYANCE OF RECEIVABLES	5
	Section 2.01	Conveyance of Receivables	5
	Section 2.02	Intention of Parties	5
	 	 	 
	ARTICLE III THE RECEIVABLES	6
	Section 3.01	Representations and Warranties of World Omni with Respect
    to Each Receivable and the Pool of Receivables	6
	Section 3.02	Repurchase upon Breach; Dispute Resolution	10
	Section 3.03	Custody of Receivable Files	13
	Section 3.04	Duties of Servicer as Custodian	14
	Section 3.05	Instructions; Authority to Act	15
	Section 3.06	Custodian’s Indemnification	15
	Section 3.07	Effective Period and Termination	15
	 	 	 
	ARTICLE IV ADMINISTRATION AND SERVICING
    OF RECEIVABLES	16
	Section 4.01	Duties of Servicer	16
	Section 4.02	Collection and Allocation of Receivable Payments	16
	Section 4.03	Realization upon Receivables	17
	Section 4.04	Physical Damage Insurance	17
	Section 4.05	Maintenance of Security Interests in Financed Vehicles	17
	Section 4.06	Covenants of Servicer	17
	Section 4.07	Purchase of Receivables Upon Breach or Extension Beyond Final
    Scheduled Payment Date	18
	Section 4.08	Servicing Fee	18
	Section 4.09	Servicer’s Certificate	18
	Section 4.10	Annual Statement as to Compliance; Item 1122 Servicing Criteria
    Assessment; Notice of Default	19
	Section 4.11	Annual Independent Certified Public Accountants’ Report	19
	Section 4.12	Access to Certain Documentation and Information Regarding
    Receivables	20
	Section 4.13	Servicer Expenses	20
	Section 4.14	Appointment of Subservicer	20
	Section 4.15	Communications Between Noteholders	20
	Section 4.16	Exchange Act Certifications	20
	 	 	 
	ARTICLE V TRUST ACCOUNTS; DISTRIBUTIONS;
    STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS	21
	Section 5.01	Establishment of Trust Accounts	21
	Section 5.02	Collections	24
	Section 5.03	Application of Collections	24

 

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	Section 5.04	[Reserved]	24
	Section 5.05	Additional Deposits	24
	Section 5.06	Distributions	25
	Section 5.07	Reserve Account	27
	Section 5.08	Statements to Noteholders and Certificateholders	27
	Section 5.09	Net Deposits	29
	Section 5.10	Transfer of Certificates	29
	 	 	 
	ARTICLE VI THE DEPOSITOR	29
	Section 6.01	Representations of Depositor	29
	Section 6.02	Limited Liability Company Existence	31
	Section 6.03	Liability of Depositor; Indemnities	32
	Section 6.04	Merger or Consolidation of, or Assumption of Obligations of
    Depositor	33
	Section 6.05	Limitation on Liability of Depositor and Others	33
	Section 6.06	Depositor May Own Notes	34
	Section 6.07	Security Interest	34
	 	 	 
	ARTICLE VII THE SERVICER	34
	Section 7.01	Representations of Servicer	34
	Section 7.02	Indemnities of Servicer	35
	Section 7.03	Merger or Consolidation of, or Assumption of Obligations of,
    Servicer	36
	Section 7.04	Limitation on Liability of Servicer and Others	37
	Section 7.05	World Omni Not to Resign as Servicer	37
	 	 	 
	ARTICLE VIII DEFAULT	37
	Section 8.01	Servicer Default	37
	Section 8.02	Appointment of Successor	39
	Section 8.03	Notification to Noteholders and Certificateholders	39
	Section 8.04	Waiver of Past Defaults	40
	Section 8.05	Payment of Servicing Fees	40
	 	 	 
	ARTICLE IX TERMINATION	40
	Section 9.01	Optional Purchase of All Receivables	40
	 	 	 
	ARTICLE X MISCELLANEOUS	41
	Section 10.01	Amendment	41
	Section 10.02	Protection of Title to Trust	42
	Section 10.03	Notices	44
	Section 10.04	Assignment by the Depositor or the Servicer	44
	Section 10.05	Limitations on Rights of Others	44
	Section 10.06	Severability	44
	Section 10.07	Separate Counterparts; Electronic Signatures	45
	Section 10.08	Headings	45
	Section 10.09	Governing Law	45
	Section 10.10	Assignment by Issuing Entity	45

 

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	Section 10.11	Nonpetition Covenants	45
	Section 10.12	Limitation of Liability of Owner Trustee and Indenture Trustee	46
	Section 10.13	Regulation AB	47
	Section 10.14	Notices to the Rating Agencies	47

 

	SCHEDULE A	Schedule of Receivables
	SCHEDULE B	Location of Receivable Files
	EXHIBIT A	Form of Distribution Statement to Noteholders
	EXHIBIT B	Form of Servicer’s Certificate
	EXHIBIT C	Form of SSA Assignment
	APPENDIX A	Definitions and Rules of Construction
	APPENDIX B	Additional Representations and Warranties

 

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SALE AND SERVICING AGREEMENT

 

This SALE AND SERVICING AGREEMENT
is dated as of November 3, 2021, among WORLD OMNI AUTO RECEIVABLES TRUST 2021-D, a Delaware statutory trust (the “Issuing Entity”),
WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company (the “Depositor”), as depositor, and WORLD OMNI
FINANCIAL CORP., a Florida corporation (“World Omni” or the “Servicer”).

 

WHEREAS, World Omni has sold
the Receivables to the Depositor pursuant to the Receivables Purchase Agreement;

 

WHEREAS, World Omni Auto Receivables
LLC, as depositor, desires to sell the Receivables to the Issuing Entity and the Issuing Entity desires to purchase such receivables;
and

 

WHEREAS, the Servicer is willing
to service, to make representations and warranties and to make certain repurchase representations with respect to such Receivables;

 

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

 

ARTICLE I

DEFINITIONS 

 

Section 1.01       
Definitions. Certain capitalized terms used in the above recitals and in this Agreement are defined in and shall have the
respective meanings assigned them in Part I of Appendix A to this Agreement. All references herein to “the Agreement”
or “this Agreement” are to this Sale and Servicing Agreement as it may be amended, supplemented 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 Receivables. In consideration of the Issuing Entity’s delivery to or upon the order of the Depositor
of the Notes and the Certificates, on the Closing Date the Depositor does hereby sell, transfer, assign, set over and otherwise convey
to the Issuing Entity, without recourse (subject to the obligations of the Depositor set forth herein), pursuant to an assignment in the
form attached hereto as Exhibit C (the “SSA Assignment”) all right, title and interest of the Depositor, whether
now or hereafter acquired, and wherever located, in and to the following:

 

     

     

    

 

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

 

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

 

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

 

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

 

(e)  
all funds on deposit in, and “financial assets” (as such term is defined in the Uniform Commercial Code as from time
to time in effect) credited to, the Trust Accounts, including the Reserve Account, from time to time, including the Reserve Account Initial
Deposit, and in all investments and proceeds thereof (including all income thereon);

 

(f)   
the Receivables Purchase Agreement;

 

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

 

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

 

Section 2.02       
Intention of Parties. It is the intention of the Depositor and the Issuing Entity that the assignment and transfer contemplated
herein constitute (and shall be construed and treated for all purposes, other than for tax purposes, as) a true and complete sale of the
Receivables and the other property of the Depositor specified in Section 2.01 hereof, conveying good title thereto free and clear
of any liens and encumbrances, from the Depositor to the Issuing Entity. However, in the event that such conveyance is deemed to be a
pledge to secure a loan (in spite of the express intent of the parties hereto that this conveyance constitutes, and shall be construed
and treated for all purposes, other than for tax purposes, as a true and complete sale), the Depositor hereby grants to the Issuing Entity,
for the benefit of the Noteholders, a first priority perfected security interest in all of the Depositor’s right, title and interest
in, to and under the Receivables and the other property of the Depositor specified in Section 2.01 hereof whether now existing
or hereafter created and all proceeds of the foregoing to secure the loan deemed to be made in connection with such pledge and, in such
event, this Agreement shall constitute a security agreement under applicable law.

 

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ARTICLE III

THE RECEIVABLES

 

Section 3.01       
Representations and Warranties of World Omni with Respect to Each Receivable and the Pool of Receivables.

 

(a)  
Representations and Warranties with Respect to Each Receivable. On the Closing Date, World Omni, which sold the Receivables
specified in the SSA Assignment on such date, hereby represents and warrants to the other parties hereto, with respect to such Receivables
as of the Cutoff Date:

 

(i)               
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 or electronically
authenticated by the parties thereto, and 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 after the Cutoff Date (provided, that the payment in the first or
last month in the life of the Receivable may vary from the level monthly payments) that fully amortize the Amount Financed by maturity
and yield interest at the Annual Percentage Rate or Contract Rate, as applicable.

 

(ii)             
Compliance with Law. To the best of World Omni’s knowledge, each Receivable and the sale of the Financed Vehicle 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 Gramm
Leach Bliley Act, the Magnuson-Moss Warranty Act, the Consumer Financial Protection Bureau’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.

 

(iii)           
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).

 

(iv)            
No Government Obligor. No Receivable is 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.

 

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(v)              
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 related Financed Vehicle in favor of World Omni as secured party
or all necessary and appropriate actions have been commenced that would result in the valid perfection of a first priority security interest
in the Financed Vehicle in favor of the Depositor as secured party and is assignable by World Omni to the Depositor, by the Depositor
to the Issuing Entity and by the Issuing Entity to the Indenture Trustee.

 

(vi)            
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.

 

(vii)           
No Amendments. The Servicer’s computer system does not reflect that any Receivable has been amended such that the
amount of the Obligor’s scheduled payments has been increased.

 

(viii)          
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.

 

(ix)            
No Defenses. The Servicer’s computer system does not reflect that any right of rescission, setoff, counterclaim or
defense has been asserted or threatened with respect to any Receivable.

 

(x)             
No Liens. The Servicer’s computer system does not reflect that any liens or claims have been filed for work, labor
or materials relating to a Financed Vehicle that are liens prior or equal to the security interest in the Financed Vehicle granted by
any Receivable.

 

(xi)            
No Default. No Receivable has a Scheduled Payment for which more than $40 is more than 30 days past due as of the Cutoff
Date, and, except as permitted in this paragraph, the Servicer’s computer system does not reflect that any default, breach, violation
or event permitting acceleration under the terms of any Receivable has occurred and is continuing nor that a 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.

 

(xii)           
Insurance. Under the terms of each Receivable, the related Obligor is required to maintain physical damage insurance covering
the Financed Vehicle and to have World Omni named as the loss payee.

 

(xiii)          
Title. No Receivable has been sold, transferred, assigned or pledged (x) by World Omni to any Person other than the Depositor
or (y) by the Depositor to any Person other than the Issuing Entity.

 

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(xiv)          
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.

 

(xv)          
One Authoritative Copy or Original. There is only one “authoritative copy” of any Receivable constituting “electronic
chattel paper” as defined in the UCC. There is only one executed original of any Receivable constituting “tangible chattel
paper” as defined in the UCC.

 

(xvi)          
Maturity of Receivables. Each Receivable has a scheduled maturity date not later than November 15, 2027.

 

(xvii)         
Scheduled Payments. As of the Cutoff Date, each Receivable had
a first scheduled due date on or prior to the end of the third month immediately following the Cutoff Date.

 

(xviii)        
Outstanding Principal Balance. Each Receivable has an outstanding principal balance of at least $500.

 

(xix)            No
Bankruptcies. No Obligor on any Receivable was noted in the Servicer’s computer system as having filed for bankruptcy.

 

(xx)          
No Repossessions. No Receivable was secured by a Financed Vehicle that had been repossessed without reinstatement of the
related contract.

 

(xxi)         
Chattel Paper. Each Receivable constitutes “electronic chattel paper” or “tangible chattel paper”
as defined in the UCC.

 

(xxii)         Prepayment.
Each Receivable provides that a prepayment by the related Obligor will fully pay the principal balance and accrued interest through the
date of prepayment based on such Receivable’s Annual Percentage Rate or Contract Rate, as applicable.

 

(b)  
Representations and Warranties With Respect to the Pool of Receivables. On the Closing Date, World Omni, which sold the
Receivables specified in the 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, with respect to such pool of Receivables as of the Cutoff Date:

 

(i)                
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 Cutoff Date, and no selection procedures believed by World Omni to be adverse to the Noteholders were
utilized in selecting the Receivables. The computer tape or other listing regarding the Receivables made available to the Issuing Entity
and its assigns (which computer tape or other listing is required to be delivered as specified herein) is true and correct in all material
respects.

 

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(ii)             
Title. Immediately prior to the transfer and assignment contemplated in the Receivables Purchase Agreement, World Omni had
good and marketable title to the Receivables free and clear of all Liens, encumbrances, security interests and rights of others and, immediately
upon the transfer thereof, the Depositor shall have good and marketable title to the Receivables, free and clear of all Liens, encumbrances,
security interests and rights of others; and the transfer has been perfected under the UCC (to the extent a security interest in such
property may be perfected by filing under the applicable 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. Immediately prior to the transfer and assignment herein
contemplated, the Depositor had good and marketable title to the property conveyed to the Issuing Entity pursuant to Section 2.01
or 2.02 of this Agreement, as applicable, free and clear of all Liens, encumbrances, security interests and rights of others and,
immediately upon the transfer thereof, the Issuing Entity shall have good and marketable title to the Receivables, free and clear of all
Liens, encumbrances, security interests and rights of others; and the transfer has been perfected under the UCC (to the extent a security
interest in such property may be perfected by filing under the applicable UCC).

 

(iii)           
All Filings Made. All filings (including UCC filings) necessary in any jurisdiction to give the Issuing Entity a first perfected
ownership interest in the Receivables, and to give the Indenture Trustee a first perfected security interest therein, shall have been
made.

 

(iv)            
Location of Receivable Files. The Receivable Files are, and will be, kept at the locations listed in Schedule B or
at such other office or location as shall be specified to the Issuing Entity and the Indenture Trustee by written notice prior to any
change in location together with the Opinion of Counsel required by Section 10.02(j).

 

(v)              
Computer Records. World Omni and the Depositor will cause their accounting and computer records to be marked to indicate
the sale and assignment of the Receivables from World Omni to the Depositor and from the Depositor to the Trust.

 

(vi)            
Computer 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; Dispute Resolution.

 

(a)  
Investigation of Breach. If World Omni (i) has knowledge of a breach of a representation or warranty made in Section
3.01(a), (ii) receives notice from the Depositor, the Issuing Entity, the Owner Trustee or the Indenture Trustee of a breach of a
representation or warranty made in Section 3.01(a), (iii) receives a Repurchase Request from the Owner Trustee or the Indenture
Trustee for a Receivable or (iv) receives a Review Report that indicates a Test Fail for a Receivable, then, in each case, World Omni
will investigate the Receivable to confirm the breach and determine if the breach has a material adverse effect on the Receivable. None
of the Servicer, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations Reviewer or the Administrator
will have an obligation to investigate whether a breach of any representation or warranty has occurred or whether any Receivable is required
to be repurchased under Section 3.02(b). The Depositor, the Servicer or 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(a).

 

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(b)  
Repurchase. Unless any such breach shall have been cured by the last day of the second Collection Period following the discovery
thereof or receipt of notice thereof by World Omni as described in Section 3.02(a), World Omni shall be obligated to repurchase
any Receivable materially and adversely affected by any such breach as of such last day (or, at World Omni’s option, the last day
of the first Collection Period following the discovery) and World Omni shall deliver a revised Schedule of Receivables to the Depositor
and the Trust which shall reflect the repurchase of such Receivables. In consideration of the repurchase of any such Receivable, World
Omni shall remit the Purchase Amount, in the manner specified in Section 5.05. Upon such repurchase, the Issuing Entity will, without
further action, be deemed to have sold and assigned to World Omni all of the Issuing Entity’s right, title and interest in the Receivable
repurchased by World Omni under this Section 3.02(b) and all security and documents relating to the Receivable. The sale will not
require any action by the Issuing Entity and will be without recourse, representation or warranty by the Issuing Entity except the representation
that the Issuing Entity owns the Receivable free and clear of any Lien, other than a Lien pursuant to the Basic Documents. On the sale,
the Servicer will mark its receivables systems to indicate that the receivable is no longer a Receivable and may take any action necessary
or advisable to evidence the sale of the receivable, free from any Lien of the Issuing Entity or the Indenture Trustee. Subject to the
provisions of Section 6.03, the sole remedy of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders or
the Certificateholders with respect to a breach of representations and warranties pursuant to Section 3.01(a) 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.

 

(c)  
Dispute Resolution.

 

(i)                
Referral to Dispute Resolution. If the Issuing Entity, the Owner Trustee, the Indenture Trustee, a Noteholder or a Note
Owner (the “Requesting Party”) requests that World Omni repurchase a Receivable due to an alleged breach of a representation
and warranty in Section 3.01(a) (which repurchase request shall provide sufficient detail so as to allow World Omni to reasonably
investigate the alleged breach of the representations and warranties in Section 3.01(a); provided that with respect to a
repurchase request from a Noteholder or a Note Owner, such repurchase request shall initially be provided to the Indenture Trustee) (each,
a “Repurchase Request”), and the Repurchase Request has not been resolved, the alleged breach has not otherwise been
cured or the related Receivable has not otherwise been repurchased, paid-off or otherwise satisfied, within 180 days of the receipt of
notice of the Repurchase Request by World Omni, the Requesting Party may refer the matter, in its discretion, to either mediation (including
non-binding arbitration) or binding third-party arbitration by filing in accordance with ADR Rules and providing a notice to World Omni.
The Requesting Party must start the mediation (including non-binding arbitration) or arbitration proceeding according to the ADR Rules
of the ADR Organization within 90 days after the end of the 180-day period. World Omni agrees to participate in the dispute resolution
method selected by the Requesting Party. However, if the Receivable subject to a Repurchase Request was part of a Review and the Review
Report states no Test Fails for the Receivable, the Repurchase Request for the Receivable will be deemed to have been resolved.

 

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(ii)             
Mediation. If the Requesting Party selects mediation for dispute resolution:

 

(A)            
The mediation will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with
the procedures for mediation stated in this Section 3.02(c), the procedures in this Section 3.02(c) will control.

 

(B)             
A single mediator will be selected by the ADR Organization from a list of neutral mediators maintained by it according to the ADR
Rules. The mediator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and, if possible, consumer finance or asset-backed securitization matters.

 

(C)             
The mediation will start within 15 days after the selection of the mediator and conclude within 30 days after the start of the
mediation.

 

(D)            
 Expenses of the mediation will be allocated among the parties as mutually agreed by them as part of the mediation.

 

(E)             
If the parties fail to agree at the completion of the mediation, the Requesting Party may refer the Repurchase Request to binding
arbitration under this Section 3.02(c) or may seek adjudication of the Repurchase Request in court.

 

(iii)           
Binding Arbitration. If the Requesting Party selects arbitration for dispute resolution:

 

(A)            
The arbitration will be administered by the ADR Organization using its ADR Rules. However, if any ADR Rules are inconsistent with
the procedures for arbitration stated in this Section 3.02(c), the procedures in this Section 3.02(c) will control.

 

(B)             
A single arbitrator will be selected by the ADR Organization from a list of neutral mediators maintained by it according to the
ADR Rules. The arbitrator must be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and, if possible, consumer finance or asset-backed securitization matters. The arbitrator will be independent
and impartial and will comply with the Code of Ethics for Arbitrators in Commercial Disputes in effect at the time of the arbitration.
Before accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of bias
or conflict of interest or likely to preclude completion of the proceedings within the stated time schedule. The arbitrator may be removed
by the ADR Organization for cause consisting of actual bias, conflict of interest or other serious potential for conflict.

 

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(C)             
The arbitrator will have the authority to schedule, hear and determine any motions, including dispositive and discovery motions,
according to New York law, and will do so at the motion of any party. Discovery will be completed within 30 days of selection of the arbitrator
and will be limited for each party to two witness depositions not to exceed five hours, two interrogatories, one document request and
one request for admissions. However, the arbitrator may grant additional discovery on a showing of good cause that the additional discovery
is reasonable and necessary. Briefs will be limited to no more than ten pages each, and will be limited to initial statements of the case,
motions and a pre-hearing brief. The evidentiary hearing on the merits will start no later than 60 days after selection of the arbitrator
and will proceed for no more than six consecutive Business Days with equal time allocated to each party for the presentation of evidence
and cross examination. The arbitrator may allow additional time for discovery and hearings on a showing of good cause or due to unavoidable
delays.

 

(D)            
The arbitrator will make its final determination no later than 90 days after its selection. The arbitrator will resolve the dispute
according to the terms of this Agreement and the other Basic Documents, and may not modify or change this Agreement or the other Basic
Documents in any way or award remedies not consistent with the Basic Documents. The arbitrator will not have the power to award punitive
damages or consequential damages in any arbitration conducted by it. In its final determination, the arbitrator will determine and award
the expenses of the arbitration (including filing fees, the fees of the arbitrator, expense of any record or transcript of the arbitration
and administrative fees) to the parties in its reasonable discretion. The determination of the arbitrator will be in writing and counterpart
copies will be promptly delivered to the parties. The determination will be final and non-appealable, except for actions to confirm or
vacate the determination permitted under federal or State law, and may be entered and enforced in any court of competent jurisdiction
over the parties and the matter.

 

(E)             
By selecting binding arbitration, the Requesting Party is giving up the right to sue in court, including the right to a trial by
jury.

 

(F)             
The Requesting Party may not bring a putative or certificated class action to arbitration. If this waiver of class action rights
is found to be unenforceable for any reason, the Requesting Party agrees that it will bring its claims in a court of competent jurisdiction.

 

(iv)            
Additional Conditions. For each mediation or arbitration:

 

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(A)            
Any mediation or arbitration will be held in New York, New York at the offices of the mediator or arbitrator or at another location
selected by World Omni. Any party or witness may participate by teleconference or video conference.

 

(B)             
World Omni and the Requesting Party will have the right to seek provisional relief from a competent court of law, including a temporary
restraining order, preliminary injunction or attachment order, if such relief is available by law.

 

(C)             
Under no circumstances will the Owner Trustee or the Indenture Trustee, respectively, in its individual capacity be liable for
any costs, expenses or liabilities that could be allocated to the Requesting Party in any mediation or arbitration.

 

(v)              
World Omni will not be required to produce Personally Identifiable Information for purposes of any mediation or arbitration. The
existence and details of any unresolved Repurchase Request, any informal meetings, mediations or arbitration proceedings, the nature and
amount of any relief sought or granted, any offers or statements made and any discovery taken in the proceeding will be confidential,
privileged and inadmissible for any purpose in any other mediation, arbitration, litigation or other proceeding. The parties will keep
this information confidential and will not disclose or discuss it with any third party (other than a party’s attorneys, experts,
accountants and other advisors, as reasonably required in connection with the mediation or arbitration proceeding under this Section
3.02(c)), except as required by law, regulatory requirement or court order. If a party to a mediation or arbitration proceeding receives
a subpoena or other request for information from a third party (other than a governmental regulatory body) for confidential information
of the other party to the mediation or arbitration proceeding, the recipient will promptly notify the other party and will provide the
other party with the opportunity to object to the production of its confidential information.

 

Section 3.03       
Custody of Receivable Files. To assure uniform quality in servicing the Receivables and to reduce administrative costs,
the Issuing Entity hereby revocably appoints the Servicer, and the Servicer hereby accepts such appointment, to act for the benefit of
the Issuing Entity and the Indenture Trustee as custodian of the following documents or instruments which are hereby or will hereby be
constructively delivered to the Indenture Trustee, as pledgee of the Issuing Entity, as of the Closing Date with respect to each Receivable:

 

(a)  
in the case of each Receivable constituting “tangible chattel paper”, the fully executed original Contract of such
Receivable or, in the case of each Receivable constituting “electronic chattel paper”, the “authoritative copy”
(as such term is used in Section 9-105 of the UCC) of the electronic 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;

 

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(c)  
the original certificate of title or such documents that the Servicer or the Depositor shall keep on file, in accordance with its
customary procedures, evidencing the security interest of World Omni in the Financed Vehicle; and

 

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

 

provided, that the
Servicer may appoint one or more agents to act as subcustodians of certain items in the Receivables Files so long as the Servicer remains
primarily responsible for their safekeeping, provided, further, that the Servicer shall not transmit or transfer the authoritative
copy of a Receivable that is in the form of electronic chattel paper to another person.

Section 3.04       
Duties of Servicer as Custodian.

 

(a)  
Safekeeping. The Servicer shall hold the Receivable Files as custodian for the benefit of the Issuing Entity and maintain
such accurate and complete accounts, records and computer systems pertaining to each Receivable File as shall enable the Issuing Entity
to comply with this Agreement. In performing its duties as custodian the Servicer shall act with reasonable care, using that degree of
skill and attention that the Servicer exercises with respect to the receivable files relating to all comparable automotive receivables
that the Servicer services for itself or others. The Servicer covenants and agrees that it shall hold the Receivable Files in such a manner
as to prevent any other Person from obtaining “control” of any “electronic chattel paper” included therein (as
such terms are used in section 9-105 of the UCC). The Servicer shall promptly report to the Issuing Entity and the Indenture Trustee any
failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and shall
promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic
review by the Issuing Entity or the Indenture Trustee of the Receivable Files.

 

(b)  
Maintenance of and Access to Records. The Servicer shall maintain each Receivable File at one of its offices, or at such
other location, in each case as specified in Schedule B or at such other office or location of the Servicer or a third-party agent
retained by the Servicer as shall be specified to the Issuing Entity and the Indenture Trustee by written notice prior to any change in
location together with the Opinion of Counsel required by Section 10.02(j).

 

The Servicer shall provide to
the Indenture Trustee and, following the receipt of a Review Notice, the Asset Representation Reviewer, 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 or the Asset Representations Reviewer is obligated
to conduct a Review, as applicable, 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, the Indenture Trustee or the Asset
Representation Reviewer 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).

 

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(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, after receipt of such instruction.

 

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, including, but not
limited to, the cost of defending any claim or bringing any claim to enforce such indemnification or other obligations of the Servicer;
provided, however, that the Servicer shall not be liable to the Owner Trustee for any portion of any such amount resulting
from the willful misconduct, bad faith or negligence of the Owner Trustee, and the Servicer shall not be liable to the Indenture Trustee
for any portion of any such amount resulting from the willful misconduct, 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 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; provided,
however, that with respect to “authoritative copies” of the Receivables constituting “electronic chattel paper,”
(a) if the Servicer’s appointment as custodian has been terminated in connection with the resignation or termination of the Servicer
as servicer, the custodian shall transfer such “authoritative copies” to the successor Servicer or (b) otherwise, unless otherwise
instructed by the Indenture Trustee, such “authoritative copies” shall be transferred to the Indenture Trustee or the Indenture
Trustee’s designee. In each case, if necessary, an authorized representative of World Omni shall use commercially reasonable efforts
to convert an authoritative copy into tangible form by permanently removing such electronic authoritative copy from World Omni’s
electronic vaulting system and causing a contract in tangible form to be printed as the tangible authoritative copy that constitutes original
tangible chattel paper for purposes of the UCC, and shall deliver such tangible authoritative copy to the successor Servicer or to the
Indenture Trustee or the Indenture Trustee’s designee at the place or places as the Indenture Trustee may reasonably designate.

 

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ARTICLE IV

ADMINISTRATION AND SERVICING OF RECEIVABLES

 

Section 4.01       
Duties of Servicer. The Servicer, for the benefit of the Issuing Entity (to the extent provided herein), shall manage, service,
administer and receive collections on the Receivables (other than Purchased Receivables) with reasonable care, using that degree of skill
and attention that the Servicer exercises with respect to all comparable automotive receivables that it services for itself or others.
The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of Obligors on such Receivables,
investigating delinquencies, sending invoices to Obligors, reporting tax information to Obligors, accounting for collections, paying the
fee of the Administrator out of its own funds pursuant to Section 1.03 of the Administration Agreement and furnishing a Servicer’s
Certificate to the Indenture Trustee. Subject to the provisions of Section 4.02, the Servicer shall follow its customary standards,
policies and procedures in performing its duties as Servicer. Without limiting the generality of the foregoing, the Servicer is authorized
and empowered to execute and deliver, on behalf of itself, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders
and the Noteholders or any of them, any and all instruments of satisfaction or cancellation, or partial or full release or discharge,
and all other comparable instruments, with respect to such Receivables or to the Financed Vehicles securing such Receivables. If the Servicer
shall commence a legal proceeding to enforce a Receivable, the Issuing Entity (in the case of a Receivable other than a Purchased Receivable)
shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Receivable to the Servicer. If in
any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a 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 on behalf of the Issuing Entity,
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, in forms provided to it, reasonably necessary or
appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder.

 

Section 4.02       
Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called
for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures
as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer shall allocate
collections as set forth in Section 5.03. The Servicer may grant extensions, 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; provided, however, that if the Servicer
extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final
Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last
day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first
following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date
for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). 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 (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits
on a monthly basis as permitted under Section 5.02. 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.

 

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Section 4.03       
Realization upon Receivables. On behalf of the Issuing Entity, the Servicer shall use commercially reasonable efforts, consistent
with its customary servicing procedures, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Receivable
as to which the Servicer shall have determined eventual payment in full is unlikely. The Servicer shall follow such customary and usual
practices and procedures as it shall deem necessary or advisable in its servicing of automotive receivables, which may include selling
the Financed Vehicle at public or private sale. The Servicer is hereby authorized to exercise its discretion, consistent with its customary
servicing procedures and the terms of this Agreement, in servicing Defaulted Receivables so as to maximize the realization of those Defaulted
Receivables, including the discretion to choose to sell or not to sell any of the Defaulted Receivables. The Servicer shall not be liable
for any such exercise of its discretion made in good faith.

 

Section 4.04       
Physical Damage Insurance. To the extent applicable, the Servicer shall not take any action that would result in noncoverage
under such physical damage insurance policy which, but for the actions of the Servicer, would have been covered thereunder. Any amounts
collected by the Servicer under any physical damage insurance policy shall be deposited in the Collection Account pursuant to Section
5.02. The parties hereto acknowledge that the Servicer shall not force place any insurance coverage.

 

Section 4.05       
Maintenance of Security Interests in Financed Vehicles. The Servicer shall, in accordance with its customary servicing procedures,
take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle.
The Servicer is hereby authorized to take such steps as are necessary to re-perfect such security interest on behalf of the Issuing Entity
and the Indenture Trustee in the event of the relocation of a Financed Vehicle or for any other reason.

 

Section 4.06       
Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing any Receivable from the security interest
granted by such Receivable in whole or in part except in the event of (i) payment by the Obligor (a) in full or (b) in part with a remaining
total payment shortage amount which, according to the Servicer’s customary procedures, does not exceed the amount of total payment
shortage that would permit the Servicer to release the related Financed Vehicle from the security interest or (ii) repossession, nor shall
the Servicer impair the rights of the Issuing Entity, the Indenture Trustee, the Certificateholders or the Noteholders in such Receivable.

 

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Section 4.07       
Purchase of Receivables Upon Breach or Extension Beyond Final Scheduled Payment Date.

 

(a)  
The Servicer or the Trust shall inform the other party and a Responsible Officer of the Indenture Trustee and the Depositor promptly,
in writing, upon the discovery of any breach pursuant to Section 4.02, 4.05, 4.06 or 7.01. Unless the breach
shall have been cured by the last day of the second Collection Period following such discovery or written notice (or, at the Servicer’s
election, the last day of the first following Collection Period), the Servicer shall purchase any Receivable materially and adversely
affected by such breach as of such last day.

 

(b)  
In consideration of the purchase of any Receivable pursuant to Section 4.02 or Section 4.07(a), the Servicer shall
remit the Purchase Amount in the manner specified in Section 5.05, and the Servicer shall deliver a revised Schedule of Receivables
to the Depositor and the Trust, which shall reflect the repurchase of such Receivables. Subject to Section 7.02, the sole remedy
of the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders with respect to a breach pursuant
to Section 4.02, 4.05, 4.06 or 7.01 or the extension of a Receivable beyond the month immediately preceding
the month in which the Final Scheduled Payment Date for the Class C Notes occurs under Section 4.02 shall be to require the Servicer
to purchase such Receivables. None of the Servicer, the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Asset Representations
Reviewer, the Seller, the Depositor or the Administrator will have an obligation to investigate whether a breach, extension or other event
has occurred that would require the purchase of any Receivable under Section 4.02 or Section 4.07(a) or whether any Receivable
is required to be purchased under Section 4.02 or Section 4.07(a).

 

Section 4.08       
Servicing Fee. The Servicing Fee for a Payment Date shall equal the product of (a) one-twelfth, (b) the Servicing Fee Rate
and (c) the aggregate Principal Balance of the Receivables as of the first day of the related Collection Period; provided, however,
that the Servicing Fee on the initial Payment Date shall be prorated to compensate for the length of the initial Collection Period being
longer than one month. The Servicer shall also be entitled to all Supplemental Servicing Fees collected (from whatever source) on the
Receivables, the amount of any Servicing Fee due but not distributed to the Servicer on a prior Payment Date (including any amounts previously
deferred by the Servicer as provided in this Section 4.08) 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. On or prior to the close of business on each Payment Determination Date, the Servicer shall
deliver a Servicer’s Certificate pursuant to Section 5.08. Receivables to be purchased by the Servicer or to be repurchased
by World Omni or the Depositor shall be identified by the Servicer by asset number with respect to such Receivable (as specified in the
Schedule of Receivables).

 

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Section 4.10       
Annual Statement as to Compliance; Item 1122 Servicing Criteria Assessment; Notice of Default.

 

(a)  
To the extent required by Regulation AB, the Servicer shall deliver (and shall cause each of its Reporting Subcontractors, if any,
to deliver) to the Owner Trustee and the Indenture Trustee on or before the date that is 90 days after the end of each calendar year,
commencing with the calendar year ended December 31, 2021, an Officer’s Certificate as required under Item 1123 of Regulation AB,
dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Servicer during the preceding calendar
year (or such shorter period as shall have elapsed since the Closing Date) and of its performance under this Agreement has been made under
such officer’s supervision and (ii) to the best of such officer’s knowledge, based on such review, the Servicer has fulfilled
all its obligations under this Agreement in all material respects throughout such reporting period, or, if there has been a failure to
fulfill any such obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof.
The Servicer 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 Indenture Trustee addressed to the Corporate Trust Office. Upon the request of the Owner Trustee, the Indenture Trustee
will promptly furnish the Owner Trustee a list of Noteholders as of the date specified by the Owner Trustee.

 

(b)  
The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or before the date that is 90 days after the end
of each calendar year, commencing with the calendar year ended December 31, 2021, a report, dated as of December 31 (or other applicable
date) of the preceding year, regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately
preceding calendar year, including disclosure of any material instance of non-compliance identified by the Servicer, as described in Rule
13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB. Deliveries pursuant to this Section 4.10(b) may be delivered
by electronic mail.

 

(c)  
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, unless such default shall have been cured prior to such
date, written notice in an Officer’s 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. The Servicer shall cause a firm of independent certified
public accountants, who may also render other services to the Servicer or to its Affiliates, to deliver to the Servicer (who shall promptly
provide the assessment described in this Section 4.11 to the Rating Agencies), the Indenture Trustee and the Owner Trustee and,
on or before the date that is 90 days after the end of the Servicer’s fiscal year, commencing with the fiscal year ended December
31, 2021, a report, dated as of December 31 of the preceding fiscal year, addressed to the board of directors of the Servicer, providing
its assessment of compliance with the Servicing Criteria during the preceding fiscal year, including disclosure of any material instance
of non-compliance, as described in Rule 13a-18 or Rule 15d-18 under the Exchange Act and Item 1122(b) of Regulation AB. Such attestation
shall be in accordance with Rule 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act. Deliveries pursuant
to this Section 4.11 may be delivered by electronic mail.

 

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Section 4.12       
Access to Certain Documentation and Information Regarding Receivables. The Servicer shall provide to the Certificateholders
and Noteholders access to the Receivable Files in such cases where the Certificateholders or Noteholders shall be required by applicable
statutes or regulations to review such documentation. Access shall be afforded without charge, but only upon reasonable request and during
the normal business hours at the offices of the Servicer. Nothing in this Section shall affect the obligation of the Servicer to observe
any applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Servicer to provide access to information
as a result of such obligation shall not constitute a breach of this section.

 

Section 4.13       
Servicer Expenses. The Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions
and reports to Certificateholders and Noteholders.

 

Section 4.14       
Appointment of Subservicer. The Servicer may at any time appoint a subservicer to perform all or any portion of its obligations
as Servicer hereunder; provided, however, that the Servicer shall remain obligated and be liable to the Issuing Entity,
the Owner Trustee, the Indenture Trustee, the Certificateholders and the Noteholders for the servicing and administering of the Receivables
in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such subservicer
and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Receivables.
The fees and expenses of the subservicer shall be as agreed between the Servicer and its subservicer from time to time, and none of the
Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders shall have any responsibility therefor.
The Servicer shall give the Indenture Trustee written notice of any subservicer appointed hereunder.

 

Section 4.15       
Communications Between Noteholders. The Servicer will comply with its obligations under Section 7.02(e) of the Indenture
to include in the Form 10-D filed by the Issuing Entity with the Commission for the Collection Period the information described in such
Section. The Servicer will bear any costs associated with including any such communication in such Form 10-D.

 

Section 4.16       
Exchange Act Certifications. To the extent permitted by Exchange Act Rules, the Servicer shall prepare, execute, file and
deliver on behalf of the Issuing Entity any certification or other instrument as required by Exchange Act Rules 13a-14 and 15d-14.

 

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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
the Indenture Trustee and in the name of the Issuing Entity, an Eligible Deposit Account (the “Collection Account”),
bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Certificateholders.

 

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

 

(b)  
Funds on deposit in the Collection Account, the Note Distribution Account and the Reserve Account (collectively the “Trust
Accounts”) shall be invested by the Indenture Trustee in Eligible Investments, selected by the Servicer; provided, that,
funds on deposit in the Reserve Account shall be invested only in Eligible Investments meeting the requirements of §246.4(b)(2) of
Regulation RR, as determined solely by the Servicer. In the absence of written direction from the Servicer, such funds shall be invested
or remain uninvested, in accordance with Section 8.04 of the Indenture. All such Eligible Investments shall be held by the Indenture Trustee
for the benefit of the Noteholders, the Certificateholders and the Issuing Entity, 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 and the Note Distribution 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 and the Note Distribution 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 S&P Global Ratings and F1 or A by Fitch (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 S&P Global Ratings and Fitch or (iii) in Eligible Investments specified
in clauses (b), (g) or (i) of the definition thereof; and provided that all such Eligible Investments shall be held
to maturity (to the extent such Eligible Investment has an applicable maturity date) and be available for redemption and use by the Indenture
Trustee on or prior to the relevant Payment Date. Moreover, the Servicer shall not direct the Indenture Trustee to invest funds in the
Trust Accounts in any Eligible Investment that would not mature or be capable of being liquidated on or prior to 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. Except as otherwise provided hereunder or agreed in writing among the parties
hereto, the Servicer shall retain the authority to institute, participate and join in any plan of reorganization, readjustment, merger
or consolidation with respect to the issuer of any Eligible Investments held hereunder, and, in general, to exercise each and every other
power or right with respect to each such asset or investment as individuals generally have and enjoy with respect to their own assets
and investment, including power to vote upon any securities.

 

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(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 (other than the Reserve Account) shall be under the sole dominion and control of the Indenture Trustee for
the benefit of the Noteholders and the Certificateholders, as the case may be. The Reserve Account shall be under the sole dominion and
control of the Indenture Trustee in the name of and for the benefit of the Issuing Entity which such Reserve Account has been pledged
by the Issuing Entity to the Indenture Trustee for the benefit of the Noteholders. All of the Depositor’s right, title and interest
to the Reserve Account has been conveyed by the Depositor to the Issuing Entity pursuant to Section 2.01(e) hereof, including,
all funds on deposit from time to time, and all investments, proceeds and income thereof. The Depositor hereby grants to the Indenture
Trustee on the Closing Date, as Indenture Trustee for the benefit of the Noteholders, all of the Depositor’s right, title and interest
in, to and under, whether now owned or existing or hereafter acquired or arising, the Reserve Account and all proceeds thereof. If, at
any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Servicer (upon written notice from the Indenture Trustee
that such account no longer qualifies) 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 cause the Indenture Trustee to
transfer any cash and/or any investments to such new Trust Account. The Indenture Trustee or the other Person holding the Trust Accounts
as provided in this Section 5.01(c)(i) shall be the “Securities Intermediary.” If the Securities Intermediary
shall be a Person other than the Indenture Trustee, the Servicer shall obtain the express agreement of such Person to the obligations
of the Securities Intermediary set forth in this Section 5.01.

 

(ii)             
With respect to the Trust Account Property, the Securities Intermediary agrees, by its acceptance hereof, that:

 

(A)         
The Trust Accounts are accounts to which Financial Assets will be credited.

 

(B)          
All securities or other property underlying any Financial Assets credited to the Trust Accounts shall be registered in the name
of the Securities Intermediary, indorsed to the Securities Intermediary or in blank or credited to another securities account maintained
in the name of the Securities Intermediary and in no case will any Financial Asset credited to any of the Trust Accounts be registered
in the name of the Trust, the Servicer or the Depositor, payable to the order of the Trust, the Servicer or the Depositor or specially
indorsed to the Owner Trustee, the Servicer or the Depositor except to the extent the foregoing have been specially indorsed to the Securities
Intermediary or in blank.

 

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(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 or cash) credited to a Trust Account
shall be treated as a “financial asset” within the meaning of Section 8-102(a)(9) of the New York UCC.

 

(E)          
If at any time the Securities Intermediary shall receive any order from the Indenture Trustee directing transfer or redemption
of any Financial Asset relating to the Trust Accounts, the Securities Intermediary shall comply with such entitlement order without further
consent by the Trust, the Servicer, the Depositor or any other Person.

 

(F)          
The Trust Accounts shall be governed by the laws of the State of New York, regardless of any provision in any other agreement.
For purposes of the UCC, New York shall be deemed to be the Securities Intermediary’s jurisdiction and the Trust Accounts (as well
as the securities entitlements (as defined in Section 8-102(a)(17) of the UCC) related thereto) shall be governed by the laws of the State
of New York.

 

(G)         
The Securities Intermediary has not entered into, and until the termination of this Agreement will not enter into, any agreement
with any other person relating to the Trust Accounts and/or any Financial Assets credited thereto pursuant to which it has agreed to comply
with entitlement orders (as defined in Section 8-102(a)(8) of the New York UCC) of such other person and the Securities Intermediary has
not entered into, and until the termination of this Agreement will not enter into, any agreement with the Trust, the Depositor, the Servicer
or the Indenture Trustee purporting to limit or condition the obligation of the Securities Intermediary to comply with entitlement orders
as set forth in Section 5.01(c)(ii)(E) hereof.

 

(H)         
Except for the claims and interest of the Indenture Trustee and of the Trust in the Trust Accounts, the Securities Intermediary
knows of no claim to, or interest in, the Trust Accounts or in any Financial Asset credited thereto. If any other person asserts any lien,
encumbrance or adverse claim (including any writ, garnishment, judgment, warrant of attachment, execution or similar process) against
the Trust Accounts or in any Financial Asset carried therein, the Securities Intermediary will promptly notify the Indenture Trustee,
the Servicer and the Trust thereof.

 

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(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.

 

(J)        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.

 

Section 5.02       
Collections. The Servicer shall remit to the Collection Account (and post such amounts to its records) within two Business
Days of receipt and identification of payment (including receipt of proper instructions regarding 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 Recoveries, both as
collected during the Collection Period. Notwithstanding the foregoing, for so long as the Monthly Remittance Condition is satisfied, the
Servicer shall not be required to remit such collections on a daily basis, but may retain such collections without segregation and 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. In the event that the Servicer is remitting collections on a monthly basis and the Monthly Remittance
Condition shall no longer be satisfied, within 14 Business Days after such event (the Servicer shall be permitted to continue monthly
remittances during such 14-Business Day period), the Servicer shall resume remitting such collections to the Collection Account within
two Business Days after receipt and identification of payment (including proper instructions regarding where to allocate such payment),
unless the Servicer shall satisfy the Rating Agency Condition with respect to continuing monthly remittances. For purposes of this Article
V the phrase “payments by or on behalf of Obligors” shall mean payments made with respect to the Receivables by Persons other
than the Servicer or the Depositor.

 

Section 5.03       
Application of Collections. With respect to each Receivable (other than a Purchased Receivable), payments by or on behalf
of the Obligor shall be applied to interest and principal in accordance with the Simple Interest Method.

 

Section 5.04       
[Reserved].

 

Section 5.05       
Additional Deposits. The Servicer and the Depositor shall deposit or cause to be deposited in the Collection Account the
aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Section
9.01. The Servicer will deposit the aggregate Purchase Amount with respect to Purchased Receivables when such obligations are due.
All such deposits shall be made on the Payment Determination Date for the related Collection Period.

 

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Section 5.06       
Distributions.

 

(i)                
On or prior to the close of business on each Payment Determination Date, the Servicer shall calculate (A) all amounts required
to be deposited in the Note Distribution Account, and (B) all amounts required to be distributed to the Certificateholders.

 

(ii)             
Except as otherwise provided in clause (iii) below, on each Payment Date, the Servicer, based on the information contained
in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 hereof, shall
instruct the Indenture Trustee to make the following deposits and distributions in the following order of priority, in each case, to the
extent of Available Funds, if any, remaining after application thereof pursuant to prior clauses:

 

(A)         
to the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset
Representations Review Agreement and not previously paid by the Servicer, up to a maximum of $150,000 per calendar year;

 

(B)          
to the Note Distribution Account, the Class A Noteholders’ Interest Distributable Amount;

 

(C)          
to the Note Distribution Account, the Noteholders’ First Priority Principal Distributable Amount;

 

(D)         
to the Note Distribution Account, the Class B Noteholders’ Interest Distributable Amount;

 

(E)          
to the Note Distribution Account, the Noteholders’ Second Priority Principal Distributable Amount;

 

(F)          
to the Note Distribution Account, the Class C Noteholders’ Interest Distributable Amount;

 

(G)         
to the Note Distribution Account, the Noteholders’ Third Priority Principal Distributable Amount;

 

(H)         
to the Reserve Account, the amount necessary to reinstate the balance in the Reserve Account up to the Required Reserve Amount;

 

(I)        to
the Note Distribution Account, an amount equal to the Noteholders’ Principal Distributable Amount minus any amounts allocated to
the Note Distribution Account pursuant to clauses (C), (E) and (G) above;

 

(J)        to
the Asset Representations Reviewer, all fees, expenses and indemnities due to the Asset Representations Reviewer under the Asset Representations
Review Agreement but not paid pursuant to clause (A) above; and

 

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(K)         
to the Certificateholders, any remaining amounts; 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 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 on or
prior to the close of business on the related Payment Determination Date to retain in the Collection Account all or a portion of distributions
otherwise payable to them pursuant to clause (K) 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 clause (K) above).

 

(iii)           
In the event Notes are declared to be due and payable following the occurrence of an Event of Default under the Indenture, Available
Funds will be distributed in the following order of priority:

 

(A)       
to the Owner Trustee, the Indenture Trustee and the Asset Representations Reviewer, all fees, expenses and indemnities due to each
such party in accordance with the terms of the Basic Documents and not previously paid by the Servicer or the Administrator, as applicable,
on a pro rata basis based on amounts due and payable to each party;

 

(B)       
to the Holders of the Class A Notes, pro rata, the aggregate accrued and unpaid interest on each Class of the Class A Notes;

 

(C)       
to the Holders of the Class A-1 Notes, the aggregate Outstanding Amount of such Notes, and then to the Holders of the Class A-2
Notes, the Class A-3 Notes and the Class A-4 Notes, pro rata, the aggregate Outstanding Amount of such Notes;

 

(D)       
to the Holders of the Class B Notes, the accrued and unpaid interest on the Class B Notes;

 

(E)        
to the Holders of the Class B Notes, the aggregate Outstanding Amount of the Class B Notes;

 

(F)        
to the Holders of the Class C Notes, the accrued and unpaid interest on the Class C Notes;

 

(G)       
to the Holders of the Class C Notes, the aggregate Outstanding Amount of the Class C Notes; and

 

(H)         
to the Certificateholders, any remaining amounts.

 

Section 5.07       
Reserve Account.

 

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

 

(b)  
If the amount on deposit in the Reserve Account on any Payment Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Payment Date) is greater than the Required Reserve Amount for such Payment Date, the Servicer, based on the information
contained in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 hereof,
shall instruct the Indenture Trustee in writing to withdraw such amount from the Reserve Account and apply it as Available Funds for such
Payment Date; provided that, amounts withdrawn from the Reserve Account shall only be used in the manner permitted under §246.4(b)(3)
of Regulation RR, as determined solely by the Servicer.

 

(c)  
In the event that the Total Available Funds for a Payment Date are not sufficient to make the full amount of the payments and deposits
required pursuant to Sections 5.06(ii)(A), (B), (C), (D), (E), (F) and (G) on such Payment
Date, the Servicer, based on the information contained in the Servicer’s Certificate delivered on the related Payment Determination
Date pursuant to Section 4.09 hereof, shall instruct the Indenture Trustee to withdraw from the Reserve Account on such Payment
Date an amount equal to such shortfall, to the extent of funds available therein, and pay or deposit such amount according to the priorities
set forth in Section 5.06(ii). In addition, amounts will be withdrawn from the Reserve Account as provided in Section 8.02(c)
and (d) of the Indenture. Amounts withdrawn from the Reserve Account shall only be used in the manner permitted under §246.4(b)(3)
of Regulation RR, as determined solely by the Servicer.

 

(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,
and the final distribution to the Certificateholders, in accordance with the instructions of the Servicer (based on the information contained
in the Servicer’s Certificate delivered on the related Payment Determination Date pursuant to Section 4.09 hereof), the Indenture
Trustee shall distribute any remaining funds in the Reserve Account to the Depositor.

 

Section 5.08       
Statements to Noteholders and Certificateholders. On or prior to the close of business on each Payment Determination Date,
the Servicer shall provide to the Indenture Trustee (with a copy to the Rating Agencies) for the Indenture Trustee to post on its internet
website pursuant to Section 6.06 of the Indenture, the Servicer’s Certificate 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;

 

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(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 before and after giving effect to deposits and withdrawals
to be made on the immediate following Payment Date, if any;

 

(f)   
the amount, if any, distributed to Noteholders and Certificateholders from amounts on deposit in the Reserve Account or from other
forms of credit enhancement;

 

(g)  
the Pool Balance as of the close of business on the last day of the related Collection Period, before and after giving effect to
payments allocated to principal reported under clause (a) above;

 

(h)  
the Class A Noteholders’ Interest Carryover Shortfall;

 

(i)    
the Class B Noteholders’ Interest Carryover Shortfall;

 

(j)    
the Class C Noteholders’ Interest Carryover Shortfall;

 

(k)  
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;

 

(l)    
delinquency information relating to the Receivables which has a payment of more than $40 that is more than 30, 60, 90 or 120 days
delinquent;

 

(m) the aggregate amount of
Receivables which have become Defaulted Receivables during the preceding Collection Period;

 

(n)  
the amount, if any, distributed to the Certificateholders;

 

(o)  
the Noteholders’ First Priority Principal Distributable Amount;

 

(p)  
the Noteholders’ Second Priority Principal Distributable Amount;

 

(q)  
the Noteholders’ Third Priority Principal Distributable Amount;

 

(r)   
the Noteholders’ Principal Distributable Amount;

 

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

 

(t)    
the number and dollar amount of Receivables at the beginning and end of the applicable Collection Period, and the weighted average
Contract Rate and weighted average remaining term of the Receivables held by the Trust;

 

(u)  
delinquency and loss information for the applicable Collection Period and any material changes in determining or defining delinquencies,
charge-offs and uncollectible accounts;

 

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(v)  
material breaches of pool asset representations and warranties or transaction covenants;

 

(w) any material modifications,
extensions or waivers relating to the terms of or fees, penalties or payments on, pool assets during the distribution period or that,
cumulatively, have become material over time;

 

(x)  
the Yield Supplement Overcollateralization Amount for the related Payment Date;

 

(y)  
a material change in World Omni or the Depositor’s retained interest in the Notes or Certificates; and

 

(z)  
the Interest Rate for each Class of Notes for the next Payment Date.

 

Each amount set forth on the Servicer’s
Certificate under clauses (a), (b), (h), (i), (j), (o), (p), (q) and (r)
above shall be expressed as a dollar amount per $1,000 of original principal amount of a Note. Deliveries pursuant to this Section
5.08 may be delivered by electronic mail.

 

Section 5.09       
Net Deposits. As an administrative convenience, the Servicer will be permitted to make the deposit of collections on the
Receivables 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 Certificateholder shall wish to transfer such Certificate, the Depositor shall
provide to such Certificateholder and any prospective transferee designated by such Certificateholder information regarding the Certificates
and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set forth in Rule 144A(d)(4)
for transfer of any such Certificate without registration thereof under the Securities Act, pursuant to the exemption from registration
provided by Rule 144A.

 

ARTICLE VI

THE DEPOSITOR

 

Section 6.01       
Representations of Depositor. The Depositor makes the following representations on which the Issuing Entity is deemed to
have relied in acquiring the Receivables. The representations speak as of the Closing Date, and shall survive the sale of the Receivables
to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

 

(a)  
Organization and Good Standing. The Depositor is duly organized and validly existing as a limited liability company in good
standing under the laws of the State of Delaware, with the requisite power and authority to own its properties and to conduct its business
as such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the requisite
power, authority and legal right to acquire and own the Receivables.

 

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

 

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

 

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

 

(e)  
No Violation. The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof
do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of
time) a default under, the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of
the material terms or provisions of, or constitute (with or without notice or lapse of time) a default under, any indenture, agreement
or other instrument to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of any Lien
upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to this Agreement
and the Basic Documents); or, (iv) to the best of the Depositor’s knowledge, violate any order, rule or regulation applicable to
the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties except, in the case of clauses (ii), (iii) and (iv), for such breaches,
defaults, conflicts, liens or violations that would not have a material adverse effect on the Depositor’s earnings, business affairs
or business prospects.

 

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

 

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(g)  
All Consents. All authorizations, licenses, consents, orders or approvals of, or registrations or declarations with, any
court, regulatory body, administrative agency or other government instrumentality required to be obtained, effected or given by the Depositor
in connection with the execution and delivery by the Depositor of this Agreement or any of the Basic Documents to which it is a party
and the performance by the Depositor of the transactions contemplated by this Agreement or any of the Basic Documents to which it is a
party, have been duly obtained, effected or given and are in full force and effect, except where failure to obtain the same would not
have a material adverse effect upon the rights of the Trust, the Noteholders or the Certificateholders.

 

Section 6.02       
Limited Liability Company Existence.

 

(a)  
During the term of this Agreement, the Depositor will keep in full force and effect its existence, rights and franchises as a limited
liability company under the laws of the jurisdiction of its formation and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the
Basic Documents and each other instrument or agreement necessary or appropriate to the proper administration of this Agreement and the
transactions contemplated hereby. In addition, all transactions and dealings between the Depositor and its Affiliates will be conducted
on an arm’s-length basis.

 

(b)  
During the term of this Agreement, the Depositor shall observe the applicable legal requirements for the recognition of the Depositor
as a legal entity separate and apart from its affiliates, including the following:

 

(i)                
the Depositor shall maintain limited liability company records and books of account separate from those of its affiliates;

 

(ii)             
except as otherwise provided in this Agreement, the Depositor shall not commingle its assets and funds with those of its affiliates;

 

(iii)           
the Depositor shall hold such appropriate meetings of its Board of Directors as are necessary to authorize all the Depositor’s
limited liability company actions required by law to be authorized by the Board of Directors, shall keep minutes of such meetings and
observe all other customary limited liability company formalities (and any successor Depositor not a limited liability company shall observe
similar procedures in accordance with its governing documents and applicable law); and

 

(iv)            
the Depositor shall at all times hold itself out to the public under the Depositor’s own name as a legal entity separate
and distinct from its affiliates.

 

Section 6.03       
Liability of Depositor; Indemnities. The Depositor shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Depositor under this Agreement:

 

(a)  
The Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee and the Servicer
and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee and the Indenture Trustee from and against
any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein and in the Basic
Documents, including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the
case of the Issuing Entity, not including any taxes asserted with respect to, and as of the date of, the sale of the Receivables to the
Issuing Entity or the issuance and original sale of the Certificates and the Notes, or asserted with respect to ownership of the Receivables,
or federal or other income taxes arising out of distributions on the Certificates or the Notes) and costs and expenses in defending against
the same.

 

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(b)  
The Depositor shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Certificateholders
and the Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee and the Indenture
Trustee from and against any loss, liability or reasonable and documented expense incurred by reason of the Depositor’s willful
misconduct, bad faith or negligence (except for errors in judgment) in the performance of its duties under this Agreement, or by reason
of reckless disregard of its obligations and duties under this Agreement.

 

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

 

(d)  
The Depositor shall pay any and all taxes levied or assessed upon all or any part of the Owner Trust Estate.

 

Indemnification under this section
shall survive the resignation or removal of the Owner Trustee or the Indenture Trustee and the termination or assignment of this Agreement
and the Trust Agreement and shall include reasonable and documented fees and expenses of counsel and expenses of litigation (including
without limitation, any legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim, or suit
brought) by an indemnified party of any indemnification or other obligation of the Depositor). If the Depositor shall have made any indemnity
payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts
from others, such Person shall promptly repay such amounts to the Depositor, without interest.

 

Notwithstanding anything to
the contrary contained in this Agreement or any other document, the obligations of the Depositor under this Section 6.03 and Section
7.5 of the Depositor’s Limited Liability Company Agreement are solely the company obligations of the Depositor and shall be payable
by it (x) solely from funds distributed to it in its capacity as Certificateholder available pursuant to, and in accordance with, the
payment priorities set forth in Section 5.06 of this Agreement and (y) only to the extent that it receives additional funds designated
for such purposes or to the extent it has additional funds available (other than funds described in preceding clause (x)). In addition,
no amount owing by the Depositor hereunder or under Section 7.5 of its Limited Liability Company Agreement in excess of the liabilities
that it is required to pay in accordance with the preceding sentence shall constitute a “claim” (as defined in Section 101(5)
of the Bankruptcy Code) against it. No recourse shall be had for the payment of any amount owing hereunder or under Section 7.5 of the
Depositor’s Limited Liability Company Agreement or any other obligation of, or claim against, the Depositor, arising out of or based
upon this Section 6.03 or under Section 7.5 of its Limited Liability Company Agreement against any employee, officer, agent, directed
or authorized person of the Depositor; provided, however, that the foregoing shall not relieve any such person or entity
of any liability they might otherwise have as a result of fraudulent actions or omissions taken by them.

 

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Section 6.04       
Merger or Consolidation of, or Assumption of Obligations of Depositor. Any Person (a) into which the Depositor may be merged
or consolidated, (b) which may result from any merger or consolidation to which the Depositor shall be a party or (c) which may succeed
to the properties and assets of the Depositor substantially as a whole, which Person in any of the foregoing cases executes an agreement
of assumption to perform every obligation of the Depositor under this Agreement, shall be the successor to the Depositor hereunder without
the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that
(i) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.01(a) or (b)
shall have been breached and no Servicer Default in respect of the Depositor under Section 8.01(b) or (c) shall have occurred
and be continuing, and no event that, after notice or lapse of time, or both, would become a Servicer Default in respect of the Depositor
under Section 8.01(b) or (c) shall have occurred and be continuing, (ii) the Depositor shall have delivered to the Owner
Trustee and the Indenture Trustee an Officers’ Certificate stating that such consolidation, merger or succession and such agreement
of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction
have been complied with, (iii) the Rating Agency Condition shall have been satisfied with respect to such transaction and (iv) the Depositor
shall have delivered to the Owner Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such
counsel, all financing statements and continuation statements and amendments thereto have been filed that are necessary fully to preserve
and protect the interest of the Owner Trustee and Indenture Trustee, respectively, in the Receivables and reciting the details of such
filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interests.
Notwithstanding anything herein to the contrary, (a) the execution of the foregoing agreement of assumption and compliance with clauses
(i), (ii), (iii) and (iv) above shall be conditions to the consummation of the transactions referred to in clause
(a), (b) or (c) above and (b) the Depositor may transfer its rights under this Agreement in accordance with Section
10.04 hereof.

 

Section 6.05       
Limitation on Liability of Depositor and Others. The Depositor and any director, officer, employee or agent of the Depositor
may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person
respecting any matters arising hereunder. The Depositor shall not be under any obligation to appear in, prosecute or defend any legal
action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or
liability.

 

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Section 6.06       
Depositor May Own Notes. The Depositor and any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Notes with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as expressly
provided herein or in any Basic Document.

 

Section 6.07       
Security Interest. During the term of this Agreement, the Depositor will not take any action to assign the security interest
in any Financed Vehicle other than pursuant to the Basic Documents.

 

ARTICLE VII

THE SERVICER

 

Section 7.01       
Representations of Servicer. The Servicer makes the following representations on which the Issuing Entity is deemed to have
relied in acquiring the Receivables. The representations speak as of the Closing Date, and shall survive the sale of the Receivables from
time to time to the Issuing Entity and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

 

(a)  
Organization and Good Standing. The Servicer is duly organized and validly existing as a corporation in good standing under
the laws of the state of its incorporation, with the corporate power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is presently conducted, and had at all relevant times, and has, the corporate power,
authority and legal right to acquire, own, sell and service the Receivables and to hold the Receivable Files as custodian.

 

(b)  
Due Qualification. The Servicer is duly qualified to do business as a foreign corporation in good standing, and has obtained
all necessary material licenses and approvals, in all jurisdictions in which the ownership or lease of property or the conduct of its
business (including the servicing of the Receivables as required by this Agreement) shall require such qualifications, except where the
failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on the Servicer’s
earnings, business affairs or business prospects.

 

(c)  
Power and Authority. The Servicer has the corporate power and authority to execute and deliver this Agreement and to carry
out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Servicer by all necessary
corporate action.

 

(d)  
Binding Obligation. This Agreement constitutes a legal, valid and binding obligation of the Servicer enforceable against
the Servicer in accordance with its terms, except as 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).

 

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(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 U.S. federal or state income tax attributes of the Notes or the Certificates.

 

(g)  
Approvals. All approvals, licenses, authorizations, consents, orders or other actions of any person, corporation or other
organization, or of any court, governmental agency or body or official, required in connection with the execution and delivery of this
Agreement have been or will be taken or obtained on or prior to the Closing Date, except where failure to obtain the same would not have
a material adverse effect upon the rights of the Depositor, the Trust, the Noteholders or the Certificateholders.

 

Section 7.02       
Indemnities of Servicer. The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement:

 

(a)  
The Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Noteholders,
the Certificateholders and the Depositor and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee
and the Indenture Trustee from and against any and all reasonable and documented costs and expenses, and all other losses, damages, claims
and liabilities arising out of or resulting from the use, ownership or operation by the Servicer or any Affiliate thereof of a Financed
Vehicle.

 

(b)  
The Servicer shall indemnify, defend and hold harmless the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor,
the Certificateholders and the Noteholders and any of the officers, directors, employees and agents of the Issuing Entity, the Owner Trustee
and the Indenture Trustee from and against any and all costs, expenses, losses, claims, damages and liabilities to the extent that such
cost, expense, loss, claim, damage or liability arose out of, or was imposed upon any such Person through, the willful misconduct, 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.

 

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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 or assignment of this Agreement
and the Trust Agreement and shall include reasonable fees and expenses of counsel and expenses of litigation (including without limitation
any legal fees, costs and expenses incurred in connection with any enforcement (including any action, claim, or suit brought) by an indemnified
party of any indemnification or other obligation of the Servicer). 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 entity 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 an entity organized and existing under the laws of the
United States of America or the District of Columbia and, if the Servicer is not the surviving entity, such entity 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, the Depositor
and the Indenture Trustee.

 

Section 7.04       
Limitation on Liability of Servicer and Others. Neither the Servicer nor any of the directors, officers, employees or agents
of the Servicer shall be under any liability to the Issuing Entity, the Noteholders or the Certificateholders, except as provided under
this Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment;
provided, however, that this provision shall not protect the Servicer or any such person against any liability that
would otherwise be imposed by reason of willful misconduct, 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.

 

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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 Depositor, the Depositor, as the case may be, duly to observe
or to perform in any material respect any other covenants or agreements of the Servicer or the Depositor (as the case may be) set forth
in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights of Certificateholders
or Noteholders and (ii) continue unremedied for a period of 90 days after the date on which written notice of such failure, requiring
the same to be remedied, shall have been given (A) to the Servicer or the Depositor (as the case may be) by the Owner Trustee or the Indenture
Trustee or (B) to the Servicer or the Depositor (as the case may be), and to the Owner Trustee and the Indenture Trustee by the Holders
of the Notes evidencing at least a majority of the Outstanding Amount of the Controlling Securities and the Holders (as defined in the
Trust Agreement) of Certificates evidencing at least a majority of the percentage interest of the Certificates; or

 

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(c)  
the occurrence of an Insolvency Event with respect to the Servicer or, if the Servicer is an affiliate of the Depositor, the Depositor.

 

Notwithstanding the foregoing,
  (i) if any delay in or failure of performance referred to in clause (a) above shall have been caused by Force Majeure, the
five Business Day grace period referred to in such clause (a) shall be extended for an additional 60 days and (ii) if any delay
or failure of performance referred to in clause (b) above shall have been caused by Force Majeure, the 90 day grace period referred
to in such clause (b) shall be extended for an additional 60 days. 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 at least a majority 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 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 Depositor who promptly shall provide such notice to the Rating Agencies.

 

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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 unwilling or 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. The successor Servicer shall not be liable for any actions or inactions of the
predecessor Servicer. Notwithstanding anything to the contrary contained herein or in the Basic Documents, if the Indenture Trustee shall
act as Successor Servicer, it shall not, in any event have obligations (i) with respect to the repurchase of the Receivables, (ii) to
pay any fees, expenses and other amounts owing to the Administrator, or (iii) to pay any indemnities owed by the Servicer to another party
under the Basic Documents (other than those resulting from the actions or inactions of the Indenture Trustee as successor Servicer).

 

(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 Indenture Trustee shall give prompt written notice thereof to Noteholders, the Certificateholders
and the Depositor who promptly shall provide such notice to the Rating Agencies.

 

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Section 8.04       
Waiver of Past Defaults. The Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling
Securities may, on behalf of all Noteholders, waive in writing any default by the Servicer in the performance of its obligations hereunder
and its consequences, except a default in making any required deposits to or payments from any of the Trust Accounts or to the Certificateholders
in accordance with this Agreement. Upon any such waiver of a past default, such default shall cease to exist, and any Servicer Default
arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any subsequent
or other default or impair any right consequent thereto.

 

Section 8.05       
Payment of Servicing Fees. If the Servicer shall change, the predecessor Servicer shall be entitled to receive any accrued
and unpaid Servicing Fees through the date of such Successor Servicer’s acceptance hereunder in accordance with Section 4.08.

 

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 aggregate Principal Balance of the Receivables 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, all accrued but unpaid interest (including any overdue interest
and premium) thereon and all amounts owing by the Issuing Entity to the Asset Representations Reviewer.

 

(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, but not the obligations of, the Indenture Trustee pursuant to this Agreement.

 

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ARTICLE X

MISCELLANEOUS

 

Section 10.01   
Amendment.

 

(a)  
This Agreement may be amended by the Depositor, the Servicer and the Issuing Entity, with the consent of the Indenture Trustee,
but without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity or to correct or supplement any provisions
in this Agreement (including to further prevent or help avoid the application to the Notes or Certificates of the Treasury Regulations
(or other interpretive guidance) issued under Section 385 of the Code) 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 or (ii) an Officer’s Certificate of
the Servicer delivered to the Issuing Entity, the Owner Trustee and the Indenture Trustee stating that the amendment will not materially
and adversely affect the interest of any Noteholder or Certificateholder.

 

(b)  
This Agreement may also be amended from time to time by the Depositor, the Servicer and the Issuing Entity, with the consent of
the Indenture Trustee, the consent of Holders of Notes evidencing at least a majority of the Outstanding Amount of the Controlling Securities
(unless (i) the interests of the Noteholders are not affected materially and adversely, as evidenced by an Officer’s Certificate
of the Servicer to that effect delivered to the Indenture Trustee by the Depositor or (ii) satisfaction of the Rating Agency Condition)
and the consent of the Holders (as defined in the Trust Agreement) of Certificates evidencing at least a majority of the percentage interest
of the Certificates (unless (i) the interests of the Certificateholders are not affected materially and adversely and (ii) an Officer’s
Certificate of the Servicer to that effect is delivered to the Owner Trustee by the Depositor) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders
or the Certificateholders; provided, however, that no such amendment shall (a) change the date of payment of any installment
of principal of or interest on any Note, or reduce the principal amount thereof, (b) change the provisions of this Sale and Servicing
Agreement relating to the application of collections on, or the proceeds of the sale of, the Trust Estate to payment of principal of or
interest on the Notes or (c) reduce the consent percentages in this sentence, without the consent of the Holders of all outstanding Notes
and the Holders (as defined in the Trust Agreement) of all the outstanding Certificates affected thereby.

 

(c)  
Promptly after the execution of any such amendment or consent, the Servicer shall furnish written notification of the substance
of such amendment or consent to each Certificateholder, the Indenture Trustee, the Owner Trustee and each of the Rating Agencies.

 

(d)  
It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

 

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

 

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Section 10.02   
Protection of Title to Trust.

 

(a)  
The Depositor shall file such financing statements and cause to be filed such continuation statements, all in such manner and in
such places as may be required by law fully to preserve, maintain and protect the interest of the Issuing Entity and of the Indenture
Trustee, on behalf of the Holders, in the Receivables and in the proceeds thereof. The Depositor hereby authorizes the filing of such
financing statements and hereby ratifies any such financing statements filed prior to the date hereof. The Depositor shall deliver (or
cause to be delivered) to the Owner Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed
as provided above, as soon as available following such filing.

 

(b)  
Neither the Depositor nor the Servicer shall change its name, identity or corporate structure in any manner that could reasonably
be expected to make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading
within the meaning of Section 9-506 of the UCC, unless it shall have given the Owner Trustee and the Indenture Trustee at least five days’
prior written notice thereof and shall have promptly filed appropriate amendments to all previously filed financing statements or continuation
statements.

 

(c)  
Each of the Depositor and the Servicer shall have an obligation to give the Owner Trustee and the Indenture Trustee at least 60
days’ prior written notice of any relocation of its principal executive office or a change in its jurisdiction of organization if,
as a result of such relocation or change in its jurisdiction of organization, the applicable provisions of the UCC would require the filing
of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file
any such amendment or new financing statement. The Servicer shall at all times maintain each office from which it shall service Receivables,
and its principal executive office, within the United States of America.

 

(d)  
The Servicer shall maintain accounts and records as to each Receivable accurately and in sufficient detail to permit (i) the reader
thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of
each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Receivable and the amounts from time to time
deposited in the Collection Account in respect of such Receivable.

 

(e)  
The Servicer shall maintain its computer systems so that, within five (5) Business Days from and after the time of sale under this
Agreement of the Receivables, the Servicer’s master computer records (including any backup archives) that refer to a Receivable
shall indicate clearly that such Receivable has been sold to the Issuing Entity.

 

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(f)   
If at any time the Depositor or the Servicer shall propose to sell, grant a security interest in, or otherwise transfer any interest
in automotive receivables to any prospective purchaser, lender or other transferee, the Servicer shall give to such prospective purchaser,
lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer
in any manner whatsoever to any Receivable, shall indicate clearly that such Receivable has been sold and is owned by the Issuing Entity
and has been pledged to the Indenture Trustee.

 

(g)  
Upon request, the Servicer shall furnish to the Owner Trustee or to the Indenture Trustee, within five Business Days, a list of
all Receivables (by contract number and name of Obligor) then held as part of the Trust.

 

(h)  
The Servicer shall deliver to the Owner Trustee and the Indenture Trustee:

 

(A) promptly after
the execution and delivery of this Agreement, an Opinion of Counsel stating that, in the opinion of such counsel, either (1) all financing
statements and continuation statements have been filed that are necessary fully to preserve and protect the interest of the Trust and
the Indenture Trustee in the Receivables, and reciting the details of such filings or referring to prior Opinions of Counsel in which
such details are given, or (2) no such action shall be necessary to preserve and protect such interest other than any action necessary
(as of the date of such opinion) to be taken in the following year to preserve and protect such interest; and

 

(B) 
on or before March 31, in each calendar year, beginning in 2022, 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 other than any action necessary (as of the date of such opinion) to be taken in the following year
to preserve and protect such interest.

 

Each Opinion of Counsel referred
to in clause (A)(2) or (B)(2) above shall specify any action necessary (as of the date of such opinion) to be taken in the
following year to preserve and protect such interest.

 

(i)    
The Depositor shall, to the extent required by applicable law, cause the Notes to be registered with the Commission pursuant to
Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections.

 

(j)    
The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, prior to any change in the location of the Receivable
Files, an Opinion of Counsel stating that, in the opinion of such counsel, either (i) all financing statements and continuation statements
have been filed that are necessary fully to preserve and protect the interest of the Trust and the Indenture Trustee, on behalf of the
Holders, 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.

 

    43

     

    

 

Section 10.03   
Notices. All demands, deliveries, notices, communications and instructions upon or to the Depositor, the Servicer, the Owner
Trustee, the Indenture Trustee or the Rating Agencies under this Agreement shall be by facsimile, in writing, personally delivered or
mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt or by electronic mail (if
designated by such party to the other parties) (a) in the case of the Depositor, to World Omni Auto Receivables LLC, 250 Jim Moran Boulevard,
Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, (b) in the case of the Servicer, World Omni Financial
Corp., 250 Jim Moran Boulevard, Deerfield Beach, Florida 33442, Telecopy: (954) 429-2685, Attention: Treasurer, (c) in the case of the
Issuing Entity or the Owner Trustee, at its Corporate Trust Office, Email: jlinian@wilmingtontrust.com, (d) in the case of the Indenture
Trustee, at its Corporate Trust Office, Telecopy: (866) 807-8670, Email: christopher.nuxoll@usbank.com, and (e) in the case of the Rating
Agencies, to the Depositor who promptly shall post such notice to the website maintained by the Depositor for notifications to nationally
recognized statistical rating organizations; or, as to each of the foregoing, at such other address or electronic mail address as shall
be designated by written notice to the other parties; provided, that, so long as World Omni is the Servicer, the Servicer’s
obligation to deliver or provide any demand, delivery, notice, communication or instruction (including the Servicer’s Certificate)
to any Person other than a Noteholder shall be satisfied by the Servicer making such demand, delivery, notice, communication or instruction
available at https://via.intralinks.com/, or such other website or distribution service or provider as the Servicer shall designate by
written notice to the other parties.

 

 

Section 10.04   
Assignment by the Depositor or the Servicer. Notwithstanding anything to the contrary contained herein, except as provided
in the remainder of this Section, as provided in Sections 6.04 and 7.03 herein and as provided in the provisions of this
Agreement concerning the resignation of the Servicer, this Agreement may not be assigned by the Depositor or the Servicer.

 

Section 10.05   
Limitations on Rights of Others. The provisions of this Agreement are solely for the benefit of the Depositor, the Servicer,
the Issuing Entity, the Owner Trustee, the Certificateholders, the Indenture Trustee and the Noteholders, and nothing in this Agreement,
whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Owner
Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

 

Section 10.06   
Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

Section 10.07   
Separate Counterparts; Electronic Signatures. This Agreement may be executed by the parties hereto in separate counterparts,
each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the
same instrument. Each of the parties agree that this Agreement and any other documents to be delivered in connection herewith may be electronically
signed, that any digital or electronic signatures (including pdf, facsimile or electronically imaged signatures provided by DocuSign or
any other digital signature provider) appearing on this Agreement or such other documents are the same as handwritten signatures for the
purposes of validity, enforceability and admissibility, and that delivery of any such electronic signature to, or a signed copy of, this
Agreement and such other documents may be made by facsimile, email or other electronic transmission; provided, however, that upon the
request of the Indenture Trustee, any electronic signature delivered pursuant to this Section 10.07 shall be followed with a manually
executed, original counterpart within a reasonable period of time following such request, to the extent such manually executed, original
counterpart shall be required by applicable law or a regulatory body having supervisory authority over the Indenture Trustee. The Indenture
Trustee and Owner Trustee shall not be liable for, and shall be indemnified and held harmless under the applicable Basic Document against
any loss, liability or expense arising out of the use of electronic or digital signatures and electronic methods of submission with respect
to this Agreement, the Basic Documents and any documents or notices delivered to the Indenture Trustee or Owner Trustee pursuant to this
Agreement or the related documents, including the risk of the Indenture Trustee or Owner Trustee acting on any unauthorized instructions
and the risk of interception and misuse by third parties.

 

    44

     

    

 

Section 10.08   
Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define
or limit any of the terms or provisions hereof.

 

Section 10.09   
Governing Law. This Agreement shall be construed in accordance with the laws of the State of New York, without regard to
any otherwise applicable conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.

 

Section 10.10   
Assignment by Issuing Entity. Each of World Omni and the Depositor hereby acknowledges and consents to any mortgage, pledge,
assignment and grant of a security interest by the Issuing Entity to the Indenture Trustee pursuant to the Indenture for the benefit of
the Noteholders of all right, title and interest of the Issuing Entity in, to and under the Receivables and/or the assignment of any or
all of the Issuing Entity’s rights and obligations hereunder to the Indenture Trustee.

 

Section 10.11   
Nonpetition Covenants.

 

(a)  
Notwithstanding any prior termination of this Agreement, the Servicer and the Depositor shall not, prior to the date which is one
year and one day after the termination of this Agreement with respect to the Issuing Entity, acquiesce, petition or otherwise invoke or
cause the Issuing Entity to invoke the process of any court or government authority for the purpose of commencing or sustaining a case
against the Issuing Entity under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Issuing Entity or any substantial part of their property, or ordering
the winding up or liquidation of the affairs of the Issuing Entity.

 

(b)  
Notwithstanding any prior termination of this Agreement, the Servicer, solely in its capacity as a creditor of the Depositor, shall
not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Depositor, acquiesce,
petition or otherwise invoke the process of any court or government authority for the purpose of commencing or sustaining an involuntary
case against the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property, or ordering the winding
up or liquidation of the affairs of the Depositor.

 

    45

     

    

 

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

 

Section 10.12   
Limitation of Liability of Owner Trustee and Indenture Trustee.

 

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

 

(b)  
Notwithstanding anything contained herein to the contrary, this Agreement has been accepted by U.S. Bank National Association,
not in its individual capacity but solely as Indenture Trustee and in no event shall U.S. Bank National Association have any liability
for the representations, warranties, covenants, agreements or other obligations of the Issuing Entity hereunder or in any of the certificates,
notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuing Entity.
For all purposes of this Agreement, the Indenture Trustee shall be entitled to all rights, privileges, benefits, protections, immunities,
and indemnities provided to it under the Indenture.

 

    46

     

    

 

Section 10.13   
Regulation AB

 

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

 

Section 10.14   
Notices to the Rating Agencies

 

. If World Omni is no longer
the Servicer, the successor Servicer shall provide any required Rating Agency notices under this Agreement to the Depositor, who promptly
shall provide such notices to the Rating Agencies.

 

    47

     

    

 

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 2021-D
	 	 
	 	By: WILMINGTON TRUST, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Owner Trustee
	 	 
	 	By:	           
	 	Name:	 
	 	Title:	 
	 	 
	 	WORLD OMNI AUTO RECEIVABLES LLC,
	 	as Depositor
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	WORLD OMNI FINANCIAL CORP.,
    as Servicer, and, with respect to Sections 3.01 and 3.02, individually
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    48

     

    

 

	Acknowledged and agreed to as of the day and year first above written:	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee	 
	 	 
	By:	         	 
	Name:	 	 
	Title:	 	 

 

    49

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

 

Documents on file at:

 

Kirkland & Ellis LLP

300 North LaSalle Street

Chicago, IL 60654

 

    Sch. A

     

    

 

SCHEDULE B

Location of Receivable Files

 

World Omni Financial Corp.

6150 Omni Park Drive

Mobile, AL 36609

 

RecordMax LLC

2051 West I-65 Service Rd. N.

Mobile, AL 36618

 

HP Enterprise Services LLC

5400 Legacy Dr

Plano, TX 75024

 

RouteOne LLC

31500 Northwestern Hwy Ste 200

Farmington Hills, MI 48334

 

    Sch. B

     

    

 

EXHIBIT A

Form of Distribution Statement to Noteholders 

 

World Omni Financial Corp.

 

World Omni Auto Receivables Trust 2021-D 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 $1,000 original principal amount)
	Class C Notes:	 	($_______ 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

Class C Notes

Note Pool Factor

Class A-1 Notes

Class A-2 Notes

Class A-3 Notes

Class A-4 Notes

Class B Notes

Class C Notes

Servicing Fee

Servicing Fee Per $1,000 Note

Reserve Account Balance

 

    Ex. A

     

    

 

EXHIBIT B

Form of Servicer’s Certificate

 

World Omni Financial Corp.

World Omni Auto Receivables Trust 2021-D Monthly Servicer’s Certificate

 

	World
    Omni Auto Receivables Trust 2021-D	 	 	 	 	 
	Monthly
    Servicer Certificate	 	 	 	 	 
	mm/dd/yyyy	 	 	 	 	 
	 	 	 	 	 	 
	Dates
    Covered	 	 	 	 	 
	Collections
    Period	 	 	 	 	 
	Interest
    Accrual Period	 	 	 	 	 
	30/360
    Days	 	 	 	 	 
	Actual/360
    Days	 	 	 	 	 
	Distribution
    Date	 	 	 	 	 
	 	 	 	 	 	 
	Collateral
    Pool Balance Data	 	$
    Amount	 	#
    of Accounts	 
	Pool
    Balance at mm/dd/yy	 	 	 	 	 
	Yield
    Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 
	Receivables
    Balance at mm/dd/yy	 	 	 	 	 
	Principal
    Payments	 	 	 	 	 
	Defaulted
    Receivables	 	 	 	 	 
	Repurchased
    Accounts	 	 	 	 	 
	Yield
    Supplement Overcollateralization Amount at mm/dd/yy	 	 	 	 	 
	Pool
    Balance at mm/dd/yy	 	 	 	 	 
	 	 	 	 	 	 
	Pool
    Statistics	 	$
    Amount	 	#
    of Accounts	 
	Pool
    Factor	 	 	 	 	 
	Prepayment
    ABS Speed	 	 	 	 	 
	Aggregate
    Starting Principal Balance	 	 	 	 	 
	Pre-Funding
    Contracts added mm/dd/yy	 	 	 	 	 
	 	 	 	 	 	 
	Delinquent
    Receivables:	 	 	 	 	 
	Past
    Due 31-60 days	 	 	 	 	 
	Past
    Due 61-90 days	 	 	 	 	 
	Past
    Due 91-120 days	 	 	 	 	 
	Past
    Due 121 + days	 	 	 	 	 

 

    Ex. B-1

     

    

 

 

	Total     	 	 	 	 	 
	 	 	 	 	 	 
	Total
    31+ Delinquent as % Ending Pool Balance	 	 	 	 	 
	Total
    61+ Delinquent as % Ending Pool Balance	 	 	 	 	 
	Delinquency
    Trigger Occurred	 	 	 	[Yes/No]	 
	 	 	 	 	 	 
	Recoveries	 	 	 	 	 
	 	 	 	 	 	 
	Aggregate
    Net Losses/(Gains) - mm/yyyy	 	 	 	 	 
	Ratio of Net Loss to the Receivables Balance

    as of beginning of Collection period (Annualized)
	 	 	 	 	 
	Current
    Net Loss Ratio	 	 	 	 	 
	Prior
    Period Net Loss Ratio	 	 	 	 	 
	Second
    Prior Period Net Loss Ratio	 	 	 	 	 
	Third
    Prior Period Net Loss Ratio	 	 	 	 	 
	Four
    Month Average	 	 	 	 	 
	 	 	 	 	 	 
	Cumulative
    Net Loss as a % of Aggregate Starting Principal Balance	 	 	 	 	 
	 	 	 	 	 	 
	Overcollateralization
    Target Amount	 	 	 	 	 
	Actual
    Overcollateralization	 	 	 	 	 
	Weighted
    Average Contract Rate	 	 	 	 	 
	Weighted
    Average Contract Rate, Yield Adjusted	 	 	 	 	 
	Weighted
    Average Remaining Term 	 	 	 	 	 

 

	Flow
    of Funds	 	$
    Amount	 
	Collections	 	 	 
	Investment
    Earnings on Cash Accounts	 	 	 
	Servicing
    Fee	 	 	 
	Transfer
    to Collection Account	 	 	 
	Available
    Funds	 	 	 
	 	 	 	 
	Distributions
    of Available Funds	 	 	 
	    (1) Asset
    Representation Reviewer Amounts (up to $150,000 per calendar year)	 	 	 
	    (2) 
    Class A Interest	 	 	 
	    (3) 
    Noteholders’ First Priority Principal Distributable Amount	 	 	 
	    (4) 
    Class B Interest	 	 	 
	    (5) 
    Noteholders’ Second Priority Principal Distributable Amount	 	 	 

 

    Ex. B-2

     

    

 

	   (6) 
    Class C Interest	 	 	 
	   (7) 
    Noteholders’ Third Priority Principal Distributable Amount	 	 	 
	   (8) 
    Required Reserve Amount	 	 	 
	   (9) 
    Noteholders’ Principal Distributable Amount	 	 	 
	   (10) 
    Asset Representation Reviewer Amounts (in excess of 1)	 	 	 
	   (11)  Distribution
    to Certificateholders	 	 	 
	 	 	 	 
	Total
    Distributions of Available Funds	 	 	 
	 	 	 	 
	Servicing
    Fee	 	 	 
	Unpaid
    Servicing Fee	 	 	 
	Change
    in amount of Unpaid Servicing Fee from the prior period	 	 	 
	 	 	 	 
	Note
    Balances & Note Factors	 	$
    Amount	 
	Original
    Class A	 	 	 
	Original
    Class B	 	 	 
	Original
    Class C	 	 	 
	 	 	 	 
	Total
    Class A, B & C	 	 	 
	Note
    Balance @ mm/dd/yy 	 	 	 
	Principal
    Paid	 	 	 
	Note
    Balance @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-1	 	 	 
	Note
    Balance @ mm/dd/yy 	 	 	 
	Principal
    Paid	 	 	 
	Note
    Balance @ mm/dd/yy	 	 	 
	Note
    Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-2	 	 	 
	Note
    Balance @ mm/dd/yy 	 	 	 
	Principal
    Paid	 	 	 
	Note
    Balance @ mm/dd/yy	 	 	 
	Note
    Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-3	 	 	 
	Note
    Balance @ mm/dd/yy 	 	 	 
	Principal
    Paid	 	 	 

 

    Ex. B-3

     

    

 

	Note
    Balance @ mm/dd/yy	 	 	 
	Note
    Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class A-4	 	 	 
	Note
    Balance @ mm/dd/yy 	 	 	 
	Principal
    Paid	 	 	 
	Note
    Balance @ mm/dd/yy	 	 	 
	Note
    Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class B	 	 	 
	Note
    Balance @ mm/dd/yy 	 	 	 
	Principal
    Paid	 	 	 
	Note
    Balance @ mm/dd/yy	 	 	 
	Note
    Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Class C	 	 	 
	Note
    Balance @ mm/dd/yy 	 	 	 
	Principal
    Paid	 	 	 
	Note
    Balance @ mm/dd/yy	 	 	 
	Note
    Factor @ mm/dd/yy	 	 	 
	 	 	 	 
	Interest &
    Principal Payments	 	$
    Amount	 
	Total
    Interest Paid	 	 	 
	Total
    Principal Paid	 	 	 
	Total
    Paid	 	 	 
	 	 	 	 
	Class A-1	 	 	 
	Coupon	 	 	 
	Interest
    Paid	 	 	 
	Principal
    Paid	 	 	 
	Total
    Paid to A-1 Holders	 	 	 
	 	 	 	 
	Class A-2	 	 	 
	Coupon	 	 	 
	Interest
    Paid	 	 	 
	Principal
    Paid	 	 	 
	Total
    Paid to Class A-2 Holders	 	 	 

 

    Ex. B-4

     

    

 

	Class A-3	 	 	 
	Coupon	 	 	 
	Interest
    Paid	 	 	 
	Principal
    Paid	 	 	 
	Total
    Paid to A-3 Holders	 	 	 
	 	 	 	 
	Class A-4	 	 	 
	Coupon	 	 	 
	Interest
    Paid	 	 	 
	Principal
    Paid	 	 	 
	Total
    Paid to A-4 Holders	 	 	 
	 	 	 	 
	Class B	 	 	 
	Coupon	 	 	 
	Interest
    Paid	 	 	 
	Principal
    Paid	 	 	 
	Total
    Paid to B Holders	 	 	 
	 	 	 	 
	Class C	 	 	 
	Coupon	 	 	 
	Interest
    Paid	 	 	 
	Principal
    Paid	 	 	 
	Total
    Paid to C Holders	 	 	 
	 	 	 	 
	Distribution
    per $1,000 of Notes	 	 	 
	Total
    Interest Distribution Amount	 	 	 
	Total
    Interest Carryover Shortfall	 	 	 
	Total
    Principal Distribution Amount	 	 	 
	Total
    Distribution Amount	 	 	 
	 	 	Total	 
	A-1
    Interest Distribution Amount	 	 	 
	A-1
    Interest Carryover Shortfall	 	 	 
	A-1
    Principal Distribution Amount	 	 	 
	Total
    A-1 Distribution Amount	 	 	 
	 	 	 	 
	A-2
    Interest Distribution Amount	 	 	 

 

    Ex. B-5

     

    

 

	A-2
    Interest Carryover Shortfall	 	 	 
	A-2
    Principal Distribution Amount	 	 	 
	Total A-2 Distribution Amount

    
	 	 	 
	A-3
    Interest Distribution Amount	 	 	 
	A-3
    Interest Carryover Shortfall	 	 	 
	A-3
    Principal Distribution Amount	 	 	 
	Total
    A-3 Distribution Amount	 	 	 
	 	 	 	 
	A-4
    Interest Distribution Amount	 	 	 
	A-4
    Interest Carryover Shortfall	 	 	 
	A-4
    Principal Distribution Amount	 	 	 
	Total
    A-4 Distribution Amount	 	 	 
	 	 	 	 
	B
    Interest Distribution Amount	 	 	 
	B
    Interest Carryover Shortfall	 	 	 
	B
    Principal Distribution Amount	 	 	 
	Total
    B Distribution Amount	 	 	 
	 	 	 	 
	C
    Interest Distribution Amount	 	 	 
	C
    Interest Carryover Shortfall	 	 	 
	C
    Principal Distribution Amount	 	 	 
	Total
    C Distribution Amount	 	 	 
	 	 	 	 
	Noteholders’
    First Priority Principal Distributable Amount	 	 	 
	Noteholders’ Second Priority Principal Distributable Amount

    Noteholders’ Third Priority Principal Distributable Amount
	 	 	 
	Noteholders’
    Principal Distributable Amount	 	 	 
	 	 	 	 
	 	 	 	 
	Account
    Balances	 	$
    Amount	 
	Reserve
    Account	 	 	 
	Balance
    as of mm/dd/yy	 	 	 
	Investment
    Earnings	 	 	 
	Investment
    Earnings paid	 	 	 
	Deposit
    (Withdrawal)	 	 	 
	Balance
    as of mm/dd/yy	 	 	 
	Change	 	 	 
	Required
    Reserve Amount	 	 	 

 

    Ex. B-6

     

    

 

EXHIBIT
C

Form of SSA Assignment

 

As of November 3, 2021, for
value received, in accordance with the Sale and Servicing Agreement, dated as of the date hereof (the “Sale and Servicing Agreement”),
among World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”), World Omni Auto Receivables
Trust 2021-D (the “Issuing Entity”) and World Omni Financial Corp., a Florida corporation (the “Servicer”),
as acknowledged and accepted by U.S. Bank National Association, as Indenture Trustee, the Depositor does hereby sell, assign, transfer
and otherwise convey unto the Issuing Entity, without recourse, all right, title and interest of the Depositor in, to and under
(a) the Receivables identified on the Schedule of Receivables attached hereto having an Aggregate Starting Principal Balance of $1,183,996,579.97
and all monies received thereon and in respect thereof after the Cutoff Date; (b) the security interests in, and the liens on, the Financed
Vehicles granted by Obligors in connection with the Receivables and any other interest of the Depositor in such Financed Vehicles; (c)
any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability insurance policies covering
such Financed Vehicles or Obligors; (d) any Financed Vehicle that shall have secured an Receivable and shall have been acquired by or
on behalf of the Depositor, the Servicer or the Trust; (e) all funds on deposit in, and “financial assets” (as such term is
defined in the Uniform Commercial Code as from time to time in effect) credited to, the Trust Accounts, including the Reserve Account,
from time to time, including the Reserve Account Initial Deposit, and in all investments and proceeds thereof (including all income thereon);
(f) the Receivables Purchase Agreement; (g) all “accounts,” “chattel paper,” “general intangibles”
and “promissory notes” (as such terms are defined in the Uniform Commercial Code as from time to time in effect) constituting
or relating to the foregoing; and (h) the proceeds of any and all of the foregoing; provided, however, that the foregoing
items (a) through (h) shall not include the Notes and Certificates.

 

The foregoing sale does not
constitute and is not intended to result in any assumption by the Issuing Entity of any obligation of the undersigned to the Obligors,
Dealers, insurers or any other Person in connection with the Receivables, the agreements with Dealers, any insurance policies or any agreement
or instrument relating to any of them.

 

This 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.

 

* * * * *

 

    Ex. C-1

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this SSA Assignment to be duly executed as of the day and year first above written.

 

	 	WORLD OMNI AUTO RECEIVABLES LLC
	 	 
	 	By:	            
	 	Name:	 
	 	Title:	 

 

    Ex. C-2

     

    

 

APPENDIX A

PART I - DEFINITIONS

 

All terms used in this Appendix shall have the
defined meanings set forth in this Part I when used in the Basic Documents, unless otherwise defined therein.

 

“Accredited Investor”
has the meaning assigned in Section 2.04(e) of the Indenture.

 

“Act of the Noteholders”
has the meaning specified in Section 11.03(a) of the Indenture.

 

“Administration Agreement”
means the Administration Agreement, dated as of the Closing Date, among the Administrator, the Issuing Entity, the Depositor and the Indenture
Trustee, as amended from time to time.

 

“Administrator”
means World Omni, or any successor Administrator under the Administration Agreement.

 

“ADR Organization”
means The American Arbitration Association or, if The
American Arbitration Association no longer exists or if its ADR Rules would no longer permit mediation or arbitration, as applicable,
of the dispute, another nationally recognized mediation or arbitration organization selected by World Omni.

 

“ADR Rules”
means the relevant rules of the ADR Organization for mediation (including non-binding arbitration) or binding arbitration, as applicable,
of commercial disputes in effect at the time of the mediation or arbitration.

 

“Affiliate”
means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

“Aggregate
Starting Principal Balance” means as of any date of determination, the aggregate
of the Starting Principal Balances of the Receivables as of the Cutoff Date, which is equal to the Initial Aggregate Starting Principal
Balance.

 

“Amount Financed”
means, with respect to a Receivable, the amount advanced under the Receivable toward the purchase price of the Financed Vehicle, warranty
or insurance premium and any related costs.

 

“Annual Percentage
Rate” or “APR” means, with respect to a Receivable, the annual rate of finance charges stated in the related
Contract or then applicable to such Receivable.

 

    App. A-1

     

    

 

“Applicable Law”
means, laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating
to the funding of terrorist activities and money laundering, including the Customer Identification Program requirements established under
the USA PATRIOT ACT and the Financial Crimes Enforcement Network’s (FinCEN) customer due diligence requirements.

 

“Asset Representations
Review Agreement” shall mean the Asset Representations Review Agreement, dated as of the Closing Date, among World Omni, as
servicer, the Issuing Entity and the Asset Representations Reviewer, as amended from time to time.

 

“Asset Representations
Reviewer” means Clayton Fixed Income Services LLC, as asset representations reviewer under the Asset Representations Review
Agreement, or any successor Asset Representations Reviewer under the Asset Representations Review Agreement.

 

“Assignment”
shall mean any RPA Assignment or SSA Assignment.

 

“Authorized Officer”
means, with respect to the Owner Trustee, any officer of the Owner Trustee or other Person who is authorized to act for the Owner Trustee
in matters relating to the Issuing Entity (including any agent of the Owner Trustee acting under a power of attorney) and, with respect
to the Issuing Entity, any Authorized Officer of the Owner Trustee or, so long as the Administration Agreement is in effect, the president,
any vice president, treasurer, assistant treasurer, secretary or assistant secretary of the Administrator who is authorized to act for
the Administrator in matters relating to the Issuing Entity and to be acted upon by the Administrator pursuant to the Administration Agreement
and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the Closing Date (as
such list may be modified or supplemented from time to time thereafter).

 

“Available Funds”
means, with respect to any Payment Date, (1) the sum of the following amounts, without duplication, with respect to the Receivables in
respect of the Collection Period preceding such Payment Date: (a) all collections on Receivables, (b) all Recoveries, (c) the Purchase
Amount of each Receivable that became a Purchased Receivable as of the last day of the related Collection Period, (d) partial prepayments
relating to refunds of warranty or insurance financed by the respective Obligor thereon as part of the original contract and only to the
extent not included under clause (a) above, (e) Investment Earnings for such Payment Date, (f) any Collection Account Redeposits
for such Payment Date, (g) all amounts received from the Indenture Trustee pursuant to Section 5.04 of the Indenture minus
(2) the Servicing Fee and other amounts payable to the Servicer pursuant to Section 4.08 of the Sale and Servicing Agreement for
such Payment Date (unless the Servicer elects to defer part or all of such fee); provided, however, that in calculating
Available Funds all payments and proceeds of any Purchased Receivables the Purchase Amount of which has been included in Available Funds
in a prior Collection Period shall be excluded. Available Funds for each Payment Date will not include, and the amount of Available Funds
will not be reduced by, the amount of any Supplemental Servicing Fees. Amounts withdrawn from the Reserve Account may not be used to pay
the Servicing Fee or any other fees and expenses of the Servicer for so long as World Omni or an Affiliate of World Omni is the Servicer.

 

    App. A-2

     

    

 

“Basic Documents”
means the Indenture, the Certificate of Trust, the Trust Agreement, the Sale and Servicing Agreement, the Receivables Purchase Agreement,
the Administration Agreement, the Note Depository Agreement, the Asset Representations Review Agreement and other documents and certificates
delivered in connection therewith.

 

“Book-Entry Notes”
means, to the extent they are not Definitive Notes, a beneficial interest in the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class
A-4 Notes, Class B Notes and Class C Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as
described in Section 2.11 of the Indenture.

 

“Business Day”
means any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions or trust companies in the State of Florida,
the State of New York, the State of Delaware, the states in which the servicing offices of the Servicer are located or the states in which
the Corporate Trust Offices are located are required or authorized by law, regulation or executive order to be closed.

 

“Certificate of Trust”
shall mean the Certificate of Trust in the form of Exhibit B to the Trust Agreement filed for the Trust pursuant to Section 3810(a)
of the Delaware Statutory Trust Act.

 

“Certificateholder”
shall mean a Person in whose name a Trust Certificate is registered in the Certificate Register.

 

“Certificate Register”
and “Certificate Registrar” shall mean the register mentioned in and the registrar appointed pursuant to Section 3.04
of the Trust Agreement.

 

“Certificates”
means the Trust Certificates issued by the Issuing Entity pursuant to the Trust Agreement in form and substance attached as Exhibit
A thereto.

 

“Class”
means any one of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes or the Class C
Notes.

 

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

 

“Class A Noteholders’
Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class A Noteholders’ Monthly Interest
Distributable Amount for such Payment Date and the Class A Noteholders’ Interest Carryover Shortfall for such Payment Date.

 

“Class A Noteholders’
Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest Accrual
Period on each Class of Class A Notes at the respective interest rate for such Class on the Outstanding Amount of the Notes of such Class
on the immediately preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all
payments of principal to the Noteholders of such Class on or prior to such preceding Payment Date. For all purposes of this Agreement
and the Basic Documents, interest with respect to the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes shall be computed on
the basis of a 360-day year consisting of twelve 30-day months. The interest due on these Classes of notes on each Payment Date will be
the product of:

 

    App. A-3

     

    

 

		·	the Outstanding Principal Balance of the related Class of Notes;

 

		·	the related Interest Rate; and

 

		·	30 (or, in the case of the initial Payment Date, 42) divided by 360.

 

Interest with respect to the
Class A-1 Notes shall be computed on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year.
The interest due on the Class A-1 Notes on each Payment Date will be the product of:

 

		·	the Outstanding Principal Balance of the Class A-1 Notes;

 

		·	the Class A-1 Interest Rate; and

 

		·	the actual number of days from and including the previous Payment Date (or, in the case of the initial
Payment Date, since the Closing Date) to but excluding the current Payment Date divided by 360.

 

“Class A Notes”
means the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes.

 

“Class A-1 Final
Scheduled Payment Date” means the November 2022 Payment Date.

 

“Class A-1 Interest
Rate” means 0.11772% per annum computed on the basis of the actual number of days elapsed and on a 360 day year.

 

“Class A-1 Noteholder”
means the Person in whose name a Class A-1 Note is registered in the Note Register.

 

“Class A-1 Notes”
means the Class A-1 0.11772% Asset-Backed Notes, substantially in the form of Exhibit A-1 to the Indenture.

 

“Class A-2 Final
Scheduled Payment Date” means the December 2024 Payment Date.

 

“Class A-2 Interest
Rate” means 0.35% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

“Class A-2 Noteholder”
means the Person in whose name a Class A-2 Note is registered in the Note Register.

 

“Class A-2 Notes”
means the Class A-2 0.35% Asset-Backed Notes, substantially in the form of Exhibit A-2 to the Indenture.

 

    App. A-4

     

    

 

“Class A-3 Final
Scheduled Payment Date” means the October 2026 Payment Date.

 

“Class A-3 Interest
Rate” means 0.81% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

“Class A-3 Noteholder”
means the Person in whose name a Class A-3 Note is registered in the Note Register.

 

“Class A-3 Notes”
means the Class A-3 0.81% Asset-Backed Notes, substantially in the form of Exhibit A-3 to the Indenture.

 

“Class A-4 Final
Scheduled Payment Date” means the November 2027 Payment Date.

 

“Class A-4 Interest
Rate” means 1.10% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

“Class A-4 Noteholder”
means the Person in whose name a Class A-4 Note is registered in the Note Register.

 

“Class A-4 Notes”
means the Class A-4 1.10% Asset-Backed Notes, substantially in the form of Exhibit A-4 to the Indenture.

 

“Class B Final Scheduled
Payment Date” means the November 2027 Payment Date.

 

“Class B Interest
Rate” means 1.52% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

“Class B Noteholder”
means the Person in whose name a Class B Note is registered in the Note Register.

 

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

 

“Class B Noteholders’
Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class B Noteholders’ Monthly Interest
Distributable Amount for such Payment Date and the Class B Noteholders’ Interest Carryover Shortfall for such Payment Date.

 

“Class B Noteholders’
Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest Accrual
Period on the Class B Notes at the interest rate for such Class on the Outstanding Amount of the Notes of such Class on the immediately
preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Noteholders of such Class on or prior to such preceding Payment Date. For all purposes of this Agreement and the Basic Documents,
interest with respect to all Class B Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest
due on these Classes of notes on each Payment Date will be the product of:

 

    App. A-5

     

    

 

		·	the Outstanding Principal Balance of the Class B Notes;

 

		·	the Class B Interest Rate; and

 

		·	30 (or, in the case of the initial Payment Date, 42) divided by 360.

 

“Class B Notes”
means the Class B 1.52% Asset-Backed Notes substantially in the form of Exhibit B to the Indenture.

 

“Class C Final Scheduled
Payment Date” means the June 2028 Payment Date.

 

“Class C Interest
Rate” means 1.72% per annum computed on the basis of a 360 day year of twelve 30 day months.

 

“Class C Noteholder”
means the Person in whose name a Class C Note is registered in the Note Register.

 

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

 

“Class C Noteholders’
Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class C Noteholders’ Monthly Interest
Distributable Amount for such Payment Date and the Class C Noteholders’ Interest Carryover Shortfall for such Payment Date.

 

“Class C Noteholders’
Monthly Interest Distributable Amount” means, with respect to any Payment Date, interest accrued for the related Interest Accrual
Period on the Class C Notes at the interest rate for such Class on the Outstanding Amount of the Notes of such Class on the immediately
preceding Payment Date (or, in the case of the initial Payment Date, on the Closing Date), after giving effect to all payments of principal
to the Noteholders of such Class on or prior to such preceding Payment Date. For all purposes of this Agreement and the Basic Documents,
interest with respect to all Class C Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The interest
due on these Classes of notes on each Payment Date will be the product of:

 

		·	the Outstanding Principal Balance of the Class C Notes;

 

		·	the Class C Interest Rate; and

 

		·	30 (or, in the case of the initial Payment Date, 42) divided by 360.

 

    App. A-6

     

    

 

“Class C Notes”
means the Class C 1.72% Asset-Backed Notes substantially in the form of Exhibit C to the Indenture.

 

“Clearing Agency”
means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

 

“Clearing Agency
Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

 

“Closing Date”
shall mean November 3, 2021.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

 

“Code of Ethics for
Arbitrators in Commercial Disputes” means the The Code of Ethics for Arbitrators in Commercial Disputes of 1977, as revised
in 2003, and otherwise revised, modified, amended or supplemented from time to time.

 

“Collateral”
has the meaning specified in the Granting Clause of the Indenture.

 

“Collection Account”
means the account designated as such, established and maintained pursuant to Section 5.01(a)(i) of the Sale and Servicing Agreement.

 

“Collection Account
Redeposits” means, with respect to any Payment Date, amounts that would have been distributed to the Certificateholders on the
immediately preceding Payment Date but for the direction of the Certificateholders causing such amounts to remain on deposit in the Collection
Account.

 

“Collection Period”
means, with respect to any Payment Date, the period from and including the first day of the calendar month immediately preceding the calendar
month in which such Payment Date occurs (or with respect to the initial Payment Date, from but excluding the Cutoff Date) to and including
the last day of the calendar month immediately preceding the calendar month in which such Payment Date occurs. Any amount stated as of
the last day of a Collection Period shall give effect to the following applications as determined as of the close of business on such
last day: (1) all applications of collections and (2) all distributions to be made on the related Payment Date.

 

“Collections”
shall mean all amounts collected by the Servicer (from whatever source) on or with respect to the Receivables.

 

“Commission”
means the U.S. Securities and Exchange Commission.

 

“Contract”
means a motor vehicle retail installment sale contract.

 

“Contract Rate”
means, with respect to a Receivable, the rate of interest stated in the related Contract or then applicable to such Receivable.

 

    App. A-7

     

    

 

“Controlling Securities”
means (i) the Class A Notes so long as the Class A Notes are outstanding, (ii) after the Class A Notes are no longer outstanding, the
Class B Notes so long as the Class B Notes are outstanding and (iii) after the Class B Notes are no longer outstanding, the Class C Notes
so long as the Class C Notes are outstanding.

 

“Corporate Trust
Office” means:

 

(a)       with
respect to the Indenture Trustee, (i) solely for purposes of registration, transfer or exchange of the Notes, 111 East Fillmore Avenue,
EP-MN-WS2N, St. Paul, Minnesota 55107, Attention: Bondholder Services and (ii) for all other purposes, the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be administered which office at date of the execution of the
Indenture is located at 190 South LaSalle Street, 7th Floor, Chicago, IL 60603, Attention: Corporate Trust Services, WOART 2021-D, or
at such other address or electronic mail address as the Indenture Trustee may designate from time to time by notice to the Noteholders
and the Issuing Entity, or the principal corporate trust office of any successor Indenture Trustee at the address or electronic mail address
designated by such successor Indenture Trustee by notice to the Noteholders and the Issuing Entity; and

 

(b)       with
respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at Wilmington Trust, National Association, Rodney
Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention: Corporate Trust Administration, jlinian@wilmingtontrust.com,
or at such other address or electronic mail address as the Owner Trustee may designate by notice to the Certificateholders and the Depositor,
or the principal corporate trust office of any successor Owner Trustee at the address or electronic mail address designated by such successor
Owner Trustee by notice to the Certificateholders and the Depositor.

 

“Cutoff Date”
means the close of business on September 22, 2021.

 

“Dealer”
means the dealer who sold a Financed Vehicle and who originated and assigned the related Receivable to World Omni under an existing agreement
between such dealer and World Omni.

 

“Debt Opinion”
has the meaning specified in Section 2.04(b) of the Indenture.

 

“Default”
means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 

“Defaulted Receivable”
means a Receivable as to which (a) more than $40 of a scheduled payment is 120 or more days past due in accordance with its terms, (b)
the Servicer has either repossessed and liquidated the related Financed Vehicle or repossessed and held the related Financed Vehicle in
its repossession inventory for 45 days, whichever occurs first, or (c) the Servicer has, in accordance with its customary servicing procedures,
determined that eventual payment in full is unlikely and has charged off the remaining Principal Balance. The Principal Balance of any
Receivable that becomes a Defaulted Receivable will be deemed to be zero as of the date it becomes a Defaulted Receivable.

 

“Definitive Notes”
has the meaning specified in Section 2.11 of the Indenture.

 

    App. A-8

     

    

 

“Delinquency Percentage”
means, for each Payment Date and the related Collection Period, the ratio (expressed as a percentage) of (i) the aggregate Principal Balance
of all Delinquent Receivables held by the Issuing Entity that are more than 60 days delinquent to (ii) the aggregate Principal Balance
of the Receivables, in each case, as of the last day of the related Collection Period, after giving effect to all payments of principal
received from obligors and Purchase Amounts to be remitted by the Servicer or the Depositor, as the case may be, and after reduction to
zero of the aggregate outstanding Principal Balance of any Receivable that became a Defaulted Receivable during the related Collection
Period.

 

“Delinquency Trigger”
means 4.70%.

 

“Delinquent Receivable”
means a Receivable as to which more than $40 of a scheduled payment is past due, including a Receivable with a bankrupt Obligor but excluding
a Defaulted Receivable.

 

“Delivery”
when used with respect to Trust Account Property means:

 

(a)  
with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute
 “instruments” within the meaning of Section 9-102(a)(47) of the UCC and are susceptible of physical delivery, transfer thereof
to the Indenture Trustee or its nominee or custodian by physical delivery to the Indenture Trustee or its nominee or custodian endorsed
to, or registered in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank, and, with respect to a certificated
security (as defined in Section 8-102 of the UCC) transfer thereof (i) by delivery of such certificated security endorsed to, or registered
in the name of, the Indenture Trustee or its nominee or custodian or endorsed in blank to a financial intermediary (as defined in Section
8-313 of the UCC) and the making by such financial intermediary of entries on its books and records identifying such certificated securities
as belonging to the Indenture Trustee or its nominee or custodian and the sending by such financial intermediary of a confirmation of
the purchase of such certificated security by the Indenture Trustee or its nominee or custodian, or (ii) by delivery thereof to a “clearing
corporation” (as defined in Section 8-102(3) of the UCC) and the making by such clearing corporation of appropriate entries on its
books reducing the appropriate securities account of the transferor and increasing the appropriate securities account of a financial intermediary
by the amount of such certificated security, the identification by the clearing corporation of the certificated securities for the sole
and exclusive account of the financial intermediary, the maintenance of such certificated securities by such clearing corporation or a
 “custodian bank” (as defined in Section 8-102(4) of the UCC) or the nominee of either subject to the clearing corporation’s
exclusive control, the sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its nominee
or custodian of such securities and the making by such financial intermediary of entries on its books and records identifying such certificated
securities as belonging to the Indenture Trustee or its nominee or custodian (all of the foregoing, “Physical Property”),
and, in any event, any such Physical Property in registered form shall be in the name of the Indenture Trustee or its nominee or custodian;
and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any
such Trust Account Property (as defined herein) to the Indenture Trustee or its nominee or custodian, consistent with changes in applicable
law or regulations or the interpretation thereof;

 

    App. A-9

     

    

 

(b)  
with respect to any securities issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National
Mortgage Association that are book-entry securities held through the Federal Reserve System pursuant to Federal book-entry regulations,
the following procedures, all in accordance with applicable law, including applicable Federal regulations and Articles 8 and 9 of the
UCC: book-entry registration of such Trust Account Property to an appropriate book-entry account maintained with a Federal Reserve Bank
by a financial intermediary which is also a “depository” pursuant to applicable Federal regulations and issuance by such financial
intermediary of a deposit advice or other written confirmation of such book-entry registration to the Indenture Trustee or its nominee
or custodian of the purchase by the Indenture Trustee or its nominee or custodian of such book-entry securities; the identification by
the Federal Reserve Bank of such book-entry securities on its record being credited to the financial intermediary’s Participant’s
securities account; the making by such financial intermediary of entries in its books and records identifying such book-entry security
held through the Federal Reserve System pursuant to Federal book-entry regulations as being credited to the Indenture Trustee’s
securities account or custodian’s securities account and indicating that such custodian holds such Trust Account Property solely
as agent for the Indenture Trustee or its nominee or custodian; and such additional or alternative procedures as may hereafter become
appropriate to effect complete transfer of ownership of any such Trust Account Property to the Indenture Trustee or its nominee or custodian,
consistent with changes in applicable law or regulations or the interpretation thereof; and

 

(c)  
with respect to any item of Trust Account Property that is an uncertificated security under Article 8 of the UCC and that is not
governed by clause (b) above, registration on the books and records of the issuer thereof in the name of the financial intermediary, the
sending of a confirmation by the financial intermediary of the purchase by the Indenture Trustee or its nominee or custodian of such uncertificated
security, the making by such financial intermediary of entries on its books and records identifying such uncertificated certificates as
belonging to the Indenture Trustee or its nominee or custodian.

 

“Depositor”
means World Omni Auto Receivables LLC, a Delaware limited liability company, or its successors, in its capacity as Depositor under certain
of the Basic Documents.

 

“Eligible Deposit
Account” means either (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate
trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof
or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds
deposited in such account, so long as any of the securities of such depository institution shall have a credit rating of BBB or better
by S&P Global Ratings and of each Rating Agency in one of its generic rating categories that signifies investment grade, except if
rated by Fitch, the long-term unsecured debt of such depository institution shall have a credit rating of F1 or A. Any such trust account
may be maintained with the Owner Trustee, the Indenture Trustee or any of their respective Affiliates, if such accounts meet the requirements
described in clause (b) of the preceding sentence.

 

    App. A-10

     

    

 

“Eligible Institution”
means

 

(a) the corporate trust department
of the Indenture Trustee, or

 

(b) a depository institution
or trust company organized under the laws of the United States of America or any one of the states thereof, or the District of Columbia
(or any domestic branch of a foreign bank), which at all times (i) has either (A) a long-term unsecured debt rating of F1 or A or better
by Fitch, and AA or better by S&P Global Ratings, or such other rating that is acceptable to each Rating Agency or (B) a certificate
of deposit rating of F1 or A by Fitch, and A-1+ by S&P Global Ratings, or such other rating that is acceptable to each Rating Agency
and (ii) whose deposits are insured by the FDIC.

 

“Eligible Investments”
shall mean any of the following in each case with a required maturity date as set forth in Section 5.01(b) of the Sale and Servicing
Agreement:

 

(a)              
(i) direct obligations of, and obligations guaranteed as to full and timely payment of principal and interest by, the United States
or any agency or instrumentality of the United States the obligations of which are backed by the full faith and credit of the United States
(other than the Government National Mortgage Association), and (ii) direct obligations of, or obligations fully guaranteed by, Fannie
Mae or any State then rated with the highest available credit rating of Fitch (if rated by Fitch) and S&P Global Ratings, or such
obligations, which obligations are, at the time of investment, otherwise acceptable to each Rating Agency for securities having a rating
at least equivalent to the rating of the Notes;

 

(b)              
money market deposit accounts, deposit accounts, certificates of deposit, demand or time deposits, savings deposits, bankers acceptances,
or federal funds, in each case as defined in Regulation D of the Board of Governors of the Federal Reserve System and issued by or sold
by or offered by, any domestic office of any commercial bank or any depository institution or trust company (including the Indenture Trustee
or the Owner Trustee or their successors) incorporated or organized under the laws of the United States or any State thereof which has
a combined capital and surplus and undivided profits of not less than $250,000,000 and the deposits of which are insured by the FDIC to
the full extent legally permitted, so long as at the time of such investment or contractual commitment providing for such investment either
such depository institution or trust company is an Eligible Institution (or has a rating on commercial paper or other short term unsecured
debt obligations of F1 or A by Fitch so long as Fitch is a Rating Agency) or as to which the Rating Agency Condition is satisfied;

 

(c)              
repurchase obligations held by the Indenture Trustee with respect to (i) any security described in clause (a) above or (e) below,
or (ii) any other security issued or guaranteed by any agency or instrumentality of the United States, in either case entered into with
a federal agency or depository institution or trust company (including the Indenture Trustee) acting as principal, whose obligations having
the same maturity as that of the repurchase agreement would be Eligible Investments under clause (b) above; provided, however,
that repurchase obligations entered into with any particular depository institution or trust company (including the Indenture Trustee
or Owner Trustee) will not be Eligible Investments to the extent that the aggregate principal amount of such repurchase obligations with
such depository institution or trust company held by the Indenture Trustee on behalf of the Trust shall exceed 10% of either the Pool
Balance or the aggregate unpaid balance or face amount, as the case may be, of all Eligible Investments held by the Indenture Trustee
on behalf of the Trust;

 

    App. A-11

     

    

 

(d)              
securities bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States or
any State so long as at the time of such investment or contractual commitment providing for such investment, either the long-term, unsecured
debt of such corporation has the highest available credit rating from Fitch and S&P Global Ratings, or the Rating Agency Condition
has been satisfied, or commercial paper or other short-term debt having the Required Rating; provided, however, that any
such commercial paper or other short-term debt may have a remaining term to maturity of no longer than 30 days after the date of such
investment or contractual commitment providing for such investment, and that the securities issued by any particular corporation will
not be Eligible Investments to the extent that investment therein will cause the then outstanding principal amount or face amount, as
the case may be, of securities issued by such corporation and held by the Indenture Trustee on behalf of the Trust to exceed 10% of either
the Pool Balance or the aggregate unpaid principal balance or face amount, as the case may be, of all Eligible Investments held by the
Indenture Trustee on behalf of the Trust;

 

(e)              
interest in any open-end or closed-end management type investment company or investment trust (i) registered under the Investment
Company Act of 1940, as amended, the portfolio of which is limited to the obligations of, or guaranteed by, the United States and to agreements
to repurchase such obligations, which agreements, with respect to principal and interest, are at least 100% collateralized by such obligations
marked to market on a daily basis and the investment company or investment trust shall take delivery of such obligations either directly
or through an independent custodian designated in accordance with the Investment Company Act and (ii) acceptable to each Rating Agency
(for which the Rating Agency Condition has been satisfied) as collateral for securities having ratings equivalent to the ratings of the
Notes;

 

(f)               
guaranteed reinvestment agreements issued by any bank, insurance company or other corporation, so long as at the time of such investment
or contractual commitment providing for such investment either such bank, insurance company or other corporation is an Eligible Institution
(or has a rating on commercial paper or other short term unsecured debt obligations of F1 or A by Fitch so long as Fitch is a Rating Agency)
or as to which the Rating Agency Condition is satisfied;

 

(g)              
investments in Eligible Investments maintained in “sweep accounts,” short-term asset management accounts and the like
utilized for the investment, on an overnight basis, of residual balances in investment accounts maintained at the Indenture Trustee or
any other depository institution or trust company organized under the laws of the United States or any state that is a member of the FDIC,
the short-term debt of which has the highest available credit rating of Fitch and S&P Global Ratings;

 

    App. A-12

     

    

 

(h)              
guaranteed investment contracts entered into with any financial institution having a final maturity of not more than one month
from the date of acquisition, the short-term debt securities of which institution have the Required Rating;

 

(i)                
funds classified as money market funds; provided, however, that the fund shall be rated with the highest available
credit rating of Fitch (if rated by Fitch or, if not rated by Fitch, an equivalent rating by Moody’s Investors Service, Inc.) and
S&P Global Ratings, and redemptions shall be permitted on a daily or next business day basis;

 

(j)                
auction rate securities issued with a rate reset mechanism and a maximum term of 30 days; provided that investment will
be limited to those issuers having the AAA credit rating of Fitch and S&P Global Ratings;

 

(k)              
such other investments for which the Rating Agency Condition has been satisfied; and

 

(l)                
for the purposes of funds held in the Reserve Account only, in addition to the above requirements, such funds may only be invested
in Eligible Investments meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer.

 

Notwithstanding anything to
the contrary contained in the foregoing definition:

 

(a)              
no Eligible Investment may be repurchased at a premium;

 

(b)              
any of the foregoing which constitutes a certificated security shall not be considered an Eligible Investment unless:

 

(i)                
in the case of a certificated security that is in bearer form, (A) the Indenture Trustee acquires physical possession of such certificated
security, or (B) a person, other than a securities intermediary, acquires possession of such certificated security on behalf of the Indenture
Trustee; and

 

(ii)             
in the case of a certificated security that is in registered form (A)(1) the Indenture Trustee acquires physical possession of
such certificated security, (2) a person, other than a securities intermediary, acquires possession of such certificated security on behalf
of the Indenture Trustee, or (3) a securities intermediary acting on behalf of the Indenture Trustee acquires possession of such certificated
security and such certificated security has been specially endorsed to the Indenture Trustee, and (B) (1) such certificated security is
endorsed to the Indenture Trustee or in blank by an effective endorsement, or (2) such certificated security is registered in the name
of the Indenture Trustee;

 

(c)              
any of the foregoing that constitutes an uncertificated security shall not be considered an Eligible Investment unless (A) the
Indenture Trustee is registered by the issuer as the owner thereof, (B) a person, other than a securities intermediary, becomes the registered
owner of such uncertificated security on behalf of the Indenture Trustee, or (C) the issuer of such uncertificated security agrees that
it will comply with the instructions originated by the Indenture Trustee without further consent by any registered owner of such uncertificated
security;

 

    App. A-13

     

    

 

(d)              
any of the foregoing that constitutes a security entitlement shall not be considered an Eligible Investment unless (A) the Indenture
Trustee becomes the entitlement holder thereof, or (B) the securities intermediary has agreed to comply with the entitlement orders originated
by the Indenture Trustee without further consent by the entitlement holder;

 

(e)              
any of the foregoing shall not constitute an Eligible Investment unless the Indenture Trustee (A) has given value, and (B) does
not have notice of an adverse claim; and

 

(f)               
for the purposes of funds held in the Collection Account only, investments which would otherwise qualify as Eligible Investments
but for the fact that such investments are rated A-1 by S&P Global Ratings shall be Eligible Investments, so long as the aggregate
amount of such investments does not exceed 10% of the Outstanding Amount of the Notes.

 

“ERISA”
shall have the meaning assigned thereto in Section 3.04 of the Trust Agreement.

 

“Event of Default”
has the meaning specified in Section 5.01 of the Indenture.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Executive Officer”
means, with respect to any company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive
Vice President, Vice President, Secretary, Assistant Secretary, Treasurer or Assistant Treasurer of such company; and with respect to
any partnership, any general partner thereof.

 

“Expenses”
shall have the meaning assigned to such term in Section 8.02 of the Trust Agreement.

 

“FATCA”
means Sections 1471 through 1474 of the Code.

 

“FATCA Withholding
Tax” means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed
pursuant to Sections 1471 through 1474 of the Code and any regulations or agreements (including any intergovernmental agreements) thereunder
or official interpretations thereof.

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Final Prospectus”
shall mean the prospectus dated October 26, 2021, relating to the
Notes.

 

“Final Scheduled
Payment Date” means (i) with respect to the Class A-1 Notes, the Class A-1 Final Scheduled Payment Date, (ii) with respect to
the Class A-2 Notes, the Class A-2 Final Scheduled Payment Date, (iii) with respect to the Class A-3 Notes, the Class A-3 Final Scheduled
Payment Date, (iv) with respect to the Class A-4 Notes, the Class A-4 Final Scheduled Payment Date, (v) with respect to the Class B Notes,
the Class B Final Scheduled Payment Date and (vi) with respect to the Class C Notes, the Class C Final Scheduled Payment Date.

 

    App. A-14

     

    

 

“Financed Vehicle”
means an automobile or light-duty truck, together with all accessions thereto, securing an Obligor’s indebtedness under the respective
Receivable.

 

“Financial Asset”
has the meaning given such term in Revised Article 8. As used herein, the Financial Asset “related to” a security entitlement
is the Financial Asset in which the entitlement holder (as defined in the New York UCC) holding such Security Entitlement has the rights
and property interest specified in the New York UCC.

 

“Fitch”
means Fitch Ratings, Inc. or its successor.

 

“Force
Majeure” means any delay or failure in performance caused by acts beyond the Servicer’s, the Indenture Trustee’s
or the Issuing Entity’s, as applicable, control, including acts of God, terrorism, war, vandalism, sabotage, ransomware, accidents,
fires, floods, hurricanes, tornados, civil unrest, strikes, labor disputes, mechanical or electronic breakdown, shortages or delays in
obtaining suitable parts or equipment, material, labor, or transportation, acts of subcontractors, interruption of utility services,
acts of any unit of government or governmental agency, or any similar or dissimilar cause.

 

“Grant”
means mortgage, pledge, bargain, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security
interest in and a right of set-off against, deposit, set over and confirm pursuant to the Indenture. A Grant of the Collateral or of any
other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the granting party thereunder,
including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect
of the Collateral and all other monies payable thereunder, to give and receive notices and other communications, to make waivers or other
agreements, to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to
do and receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.

 

“Holder”
or “Noteholder” means the Person in whose name a Note is registered on the Note Register.

 

“Indemnified Parties”
shall have the meaning assigned to such term in Section 8.02 of the Trust Agreement.

 

“Indenture”
shall mean the Indenture, dated as of the Closing Date, between the Trust and the Indenture Trustee, as the same may be amended and supplemented
from time to time.

 

“Indenture Trustee”
means U.S. Bank National Association, not in its individual capacity but solely as Indenture Trustee under the Indenture, or any successor
Indenture Trustee under the Indenture.

 

    App. A-15

     

    

 

“Independent”
means, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuing Entity, any other
obligor on the Notes, the Depositor and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest
or any material indirect financial interest in the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any of the
foregoing Persons and (c) is not connected with the Issuing Entity, any such other obligor, the Depositor or any Affiliate of any
of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

 

“Independent Certificate”
means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01 of the Indenture, made by an Independent appraiser or other expert appointed
by an Issuing Entity Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall
state that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within
the meaning thereof.

 

“Initial Aggregate
Starting Principal Balance” means $1,183,996,579.97.

 

“Initial Trust Agreement”
shall have the meaning assigned to such term in Section 2.12 of the Trust Agreement.

 

“Insolvency Event”
means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises
in respect of such Person or any substantial part of its property in an involuntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s
affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by
such Person of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar law now or hereafter in
effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by
such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit
of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person
in furtherance of any of the foregoing.

 

“Interest Accrual
Period” means, with respect to any Payment Date, (i) for the Class A-1 Notes, the period from and including the previous Payment
Date (or, in the case of the initial Payment Date, the Closing Date) to, but excluding, the current Payment Date and (ii) for the Class
A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes, the period from and including the 15th day
of the preceding calendar month (or, in the case of the initial Payment Date, the Closing Date) to, but excluding, the 15th day of the
current calendar month.

 

“Interest Rate”
means the Class A-1 Interest Rate, the Class A-2 Interest Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate, the
Class B Interest Rate or the Class C Interest Rate, as applicable.

 

    App. A-16

     

    

 

“Investment Earnings”
means, with respect to any Payment Date, the investment earnings (net of losses and investment expenses) on amounts on deposit in the
Trust Accounts to be deposited into the Collection Account on such Payment Date pursuant to Section 5.01(b) of the Sale and Servicing
Agreement.

 

“Investment Letter”
has the meaning assigned in Section 2.04(a) of the Indenture.

 

“Issuing Entity”
means World Omni Auto Receivables Trust 2021-D until a successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained in the Indenture and required by the TIA, each other obligor on the Notes.

 

“Issuing Entity Order”
or “Issuing Entity Request” means a written order or request signed in the name of the Issuing Entity by any one of
its Authorized Officers and delivered to the Indenture Trustee.

 

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

 

“Monthly Remittance
Condition” means each of the following conditions has been satisfied: (i) World Omni is the Servicer, (ii) no Servicer Default
shall have occurred and is continuing, and (iii) (a) World Omni’s long-term unsecured debt obligations rating by S&P is BBB
or better and (b) World Omni’s unsecured debt obligations rating by any other Rating Agency is acceptable to such other Rating Agency.

 

“Note Depository
Agreement” means the letter of representations, dated as of the Closing Date, between the Issuing Entity and The Depository
Trust Company, as the initial Clearing Agency.

 

“Note Distribution
Account” means the account designated as such, established and maintained pursuant to Section 5.01(a)(ii) of the Sale
and Servicing Agreement.

 

“Note Owner”
means, with respect to a Book-Entry Note, the Person who is the beneficial owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant
or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

 

“Note Pool Factor”
means, with respect to each Class of Notes as of the close of business on the last day of a Collection Period, a seven-digit decimal figure
equal to the Outstanding Amount of such Class of Notes (after giving effect to any reductions thereof to be made on the immediately following
Payment Date) divided by the original Outstanding Amount of such Class of Notes. The Note Pool Factor will be 1.0000000 as of the Closing
Date; thereafter, the Note Pool Factor will decline to reflect reductions in the Outstanding Amount of such Class of Notes.

 

“Note Register”
and “Note Registrar” have the respective meanings specified in Section 2.05 of the Indenture.

 

    App. A-17

     

    

 

“Noteholder FATCA
Information” means, with respect to any Noteholder or Note Owner, information sufficient to eliminate the imposition of, or
determine the amount of, U.S. withholding tax under FATCA.

 

“Noteholder Tax Identification
Information” means, with respect to any Noteholder or Note Owner, properly completed and signed tax certifications (generally,
in the case of U.S. federal income tax, IRS Form W-9 (or applicable successor form) in the case of a person that is a “United States
person” within the meaning of Section 7701(a)(30) of the Code or the appropriate IRS Form W-8 (or applicable successor form) in
the case of a person that is not a “United States person” within the meaning of Section 7701(a)(30) of the Code).

 

“Noteholders”
shall mean the holders of the Notes.

 

“Noteholders’
First Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the excess, if any,
of (a) the Outstanding Amount of the Class A Notes as of the day immediately preceding such Payment Date over (b) the Pool Balance for
that Payment Date.

 

“Noteholders’
Interest Distributable Amount” means, with respect to any Payment Date, the sum of the Class A Noteholders’ Interest Distributable
Amount for such Payment Date, the Class B Noteholders’ Interest Distributable Amount for such Payment Date and the Class C Noteholders’
Interest Distributable Amount for such Payment Date.

 

“Noteholders’
Principal Distributable Amount” means, with respect to any Payment Date, the excess, if any, of (a) the sum of the Outstanding
Amount of the Notes as of the day immediately preceding that Payment Date over (b) the Pool Balance for that Payment Date minus the Overcollateralization
Target Amount for that Payment Date, provided that on the Final Scheduled Payment Date of any Class of Notes, the Noteholders’
Principal Distributable Amount shall not be less than the amount necessary to reduce the aggregate Principal Balance of such Class of
Notes to zero.

 

“Noteholders’
Second Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the excess, if any,
of (a) the Outstanding Amount of the Class A Notes and the Class B Notes as of the day immediately preceding such Payment Date over (b)
the Pool Balance for that Payment Date less (c) any amounts allocated to the Noteholders’ First Priority Principal Distributable
Amount.

 

“Noteholders’
Third Priority Principal Distributable Amount” means, with respect to any Payment Date, an amount equal to the excess, if any,
of (a) the Outstanding Amount of the Class A Notes, the Class B Notes and the Class C Notes as of the day immediately preceding such Payment
Date over (b) the Pool Balance for that Payment Date less (c) any amounts allocated to the sum of the Noteholders’ First Priority
Principal Distributable Amount and the Noteholders’ Second Priority Principal Distributable Amount.

 

“Notes”
means Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes and the Class C Notes.

 

    App. A-18

     

    

 

“Obligor”
on a Receivable means the purchaser or co-purchasers of the Financed Vehicle and any other Person who owes payments under the Receivable.

 

“Officer’s
Certificate” means in the case of the Issuing Entity, a certificate signed by any Authorized Officer of the Issuing Entity,
under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture,
and delivered to the Indenture Trustee (unless otherwise specified, any reference in the Indenture to an Officer’s Certificate shall
be to an Officer’s Certificate of any Authorized Officer of the Issuing Entity), and in the case of World Omni, the Depositor or
the Servicer, a certificate signed by the president, a vice president, a treasurer, assistant treasurer, secretary or assistant secretary
of World Omni, the Depositor or the Servicer, as appropriate.

 

“Opinion of Counsel”
means one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture, be an employee of or counsel
to the Issuing Entity and who shall be satisfactory to the addressees of such opinion, and which opinion or opinions if addressed to the
Indenture Trustee, shall comply with any applicable requirements of Section 11.01 of the Indenture and shall be in form and
substance satisfactory to the Indenture Trustee.

 

“Outstanding”
means, as of the date of determination, all Notes theretofore authenticated and delivered under the Indenture except:

 

(a)  
Notes theretofore cancelled by the Note Registrar or delivered to the Note Registrar for cancellation;

 

(b)  
Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent in trust for the Holders of such Notes (provided, however, that if such Notes are to be redeemed,
notice of such redemption has been duly given or waived pursuant to the Indenture or provision for such notice or waiver has been made
which is satisfactory to the Indenture Trustee); and

 

(c)  
Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to the Indenture unless proof
satisfactory to the Indenture Trustee is presented that any such Notes are held by a protected purchaser;

 

provided, that in determining
whether the Holders of the requisite Outstanding Amount of the Controlling Securities have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Basic Document, Notes owned by the Issuing Entity, any other obligor upon the Notes,
the Depositor or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee has actual knowledge are so owned shall be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other
obligor upon the Notes, the Depositor or any Affiliate of any of the foregoing Persons.

 

    App. A-19

     

    

 

“Outstanding Amount”
means the aggregate principal amount of all Notes, or Class of Notes, as applicable, Outstanding at the date of determination.

 

“Overcollateralization
Target Amount” means, with respect to any Payment Date, an amount equal to 1.15% of the aggregate Principal Balance of the
Receivables as of the end of the related Collection Period less the Yield Supplement Overcollateralization Amount of those Receivables
as of the last day of the related Collection Period, but not less than the result of 0.50% of the Aggregate Starting Principal Balance
of the Receivables minus the Yield Supplement Overcollateralization Amount as of the Closing Date.

 

“Owner Trust Estate”
shall mean all right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article II
of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust
from time to time, including any rights of the Trust pursuant to the Sale and Servicing Agreement and the Administration Agreement.

 

“Owner Trustee”
shall mean Wilmington Trust, National Association, not in its individual capacity but solely as owner trustee under the Trust Agreement,
and any successor Owner Trustee thereunder.

 

“Paying Agent”
means the Indenture Trustee or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11
of the Indenture and is authorized by the Issuing Entity to make payments to and distributions from the Collection Account and the Note
Distribution Account, including payments of principal of or interest on the Notes on behalf of the Issuing Entity.

 

“Payment Date”
means, with respect to each Collection Period, the fifteenth day of the following month or, if such day is not a Business Day, the immediately
following Business Day. The initial Payment Date will be December 15, 2021.

 

“Payment Determination
Date” means, with respect to any Payment Date, one (1) Business Day immediately preceding such Payment Date.

 

“Percentage Interest”
shall mean, with respect to each Trust Certificate, the percentage beneficial interest in the Trust represented by such Trust Certificate.

 

“Person”
means any individual, corporation, limited liability company, estate, partnership, joint venture, association, joint stock company, trust
(including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

 

“Personally Identifiable
Information” means information in any format about an identifiable individual, including name, address, phone number, e-mail
address, account number(s), identification number(s), any other actual or assigned attribute associated with or identifiable to an individual
and any information that when used separately or in combination with other information could identify an individual.

 

    App. A-20

     

    

 

“Physical Property”
has the meaning assigned to such term in the definition of “Delivery” above.

 

“Plan”
shall have the meaning assigned to such term in Section 3.04 of the Trust Agreement.

 

“Pool Balance”
means, as of any Payment Date, the aggregate Principal Balance of the Receivables as of the last day of the related Collection Period
less the Yield Supplement Overcollateralization Amount as of such day of the
related Collection Period after giving effect to all payments of principal received from obligors and Purchase Amounts to be remitted
by the Servicer or the Depositor, as the case may be, and after reduction to zero of the aggregate outstanding Principal Balance of any
Receivable that became a Defaulted Receivable during the related Collection Period.

 

“Predecessor Note”
means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such
particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.06 of the Indenture
in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or
stolen Note.

 

“Principal Balance”
of a Receivable, as of the close of business on the last day of a Collection Period, means the Amount Financed minus the sum of (i) the
portion of all payments made by or on behalf of the related Obligor on or prior to such day and allocable to principal using the Simple
Interest Method; (ii) refunds of any warranty or insurance financed on the original Contract; and (iii) any payment of the Purchase Amount
with respect to the Receivable allocable to principal.

 

“Proceeding”
means any suit in equity, action at law or other judicial or administrative proceeding.

 

“Purchase Amount”
means, with respect to a Receivable, the amount, as of the close of business on the last day of the Collection Period as of which that
Receivable is purchased, required to prepay in full that Receivable under the terms thereof including accrued and unpaid interest to such
last day.

 

“Purchase Date”
has the meaning assigned to such term in Section 2.01 of the Receivables Purchase Agreement.

 

“Purchase Price”
has the meaning assigned to such term in Section 2.02 of the Receivables Purchase Agreement.

 

“Purchased Receivable”
means a Receivable purchased as of the close of business on the last day of a Collection Period by the Servicer pursuant to Section
4.02 or Section 4.07 of the Sale and Servicing Agreement or by World Omni pursuant to Section 3.02(b) of the Sale and
Servicing Agreement.

 

“Rating Agencies”
means, for so long as such organization is rating a Class of Notes, Fitch and S&P Global Ratings or, if none of such organizations
or successors is any longer in existence, a nationally recognized statistical rating organization or other comparable Person designated
by the Depositor, notice of which designation shall be given to the Indenture Trustee, the Owner Trustee and the Servicer.

 

    App. A-21

     

    

 

“Rating Agency Condition”
means, with respect to any action, that each Rating Agency then rating a Class of Notes shall have received 5 Business Days’ (or
such shorter period as shall be acceptable to each Rating Agency) prior written notice and shall not have notified the Depositor that
such action will result in a downgrade of the then current rating on any Notes.

 

“Receivable”
means any Contract listed on the Schedule of Receivables attached to an Assignment (which Schedule may be in the form of microfiche),
as such Schedule may be amended from time to time.

 

“Receivable Files”
means the documents specified in Section 3.03 of the Sale and Servicing Agreement.

 

“Receivables Purchase
Agreement” shall mean the Receivables Purchase Agreement, dated as of the Closing Date, between World Omni, as depositor and
World Omni Auto Receivables LLC, as purchaser, as amended from time to time.

 

“Record Date”
means, with respect to a Payment Date or Redemption Date, and (i) any Book-Entry Notes, the close of business on the Business Day immediately
preceding such Payment Date or Redemption Date or (ii) any Definitive Notes, the Payment Date in the preceding month.

 

“Recoveries”
means, with respect to any Defaulted Receivable and any Collection Period, monies collected in respect thereof, from whatever source,
net of any expenses of the Servicer in connection with such Receivable for which the Servicer has not been previously reimbursed and any
amounts required by law to be remitted to the Obligor.

 

“Redemption Date”
means, in the case of a redemption of the Notes pursuant to Section 10.01 of the Indenture, the Payment Date specified by
the Depositor or the Issuing Entity pursuant to Section 10.01 of the Indenture.

 

“Redemption Price”
means, in connection with a redemption of the Notes pursuant to Section 10.01 of the Indenture, with respect to any Note,
an amount equal to the unpaid principal amount of such Note plus accrued and unpaid interest thereon to but excluding the Redemption Date.

 

“Registered Holder”
means the Person in whose name a Note is registered on the Note Register on the applicable Record Date.

 

“Regulation AB”
means Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended
from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases
(Asset-Backed Securities, Securities Act Release No. 33-8518. 70 Fed. Reg. 1,506, 1,531 (January 7, 2005) and Asset-Backed Securities
Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57, 184 (September 24, 2014)) or by the staff of the Commission,
or as may be provided by the Commission or its staff from time to time.

 

    App. A-22

     

    

 

“Regulation RR or
Credit Risk Retention Rules” means risk retention regulations in 17 C.F.R. Part 246 as such regulation may be amended from time
to time and subject to such clarification and interpretation as have been provided by the Commission in an adopting release or by the
staff of the Commission, or as may be provided in writing by the Commission or its staff from time to time.

 

“Reporting Officer”
means, with respect to the Owner Trustee, any officer, employee or other person within the Corporate Trust Office of the Owner Trustee
having direct responsibility for the administration of the Trust Agreement.

 

“Reporting Subcontractor”
shall mean with respect to any Person, any Subcontractor for such Person that is “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB. References to a Reporting Subcontractor shall refer only to the Subcontractor of such
Person and shall not refer to Subcontractors generally.

 

“Repurchase Event”
shall have the meaning specified in Section 6.02 of the Receivables Purchase Agreement.

 

“Repurchase Request”
has the meaning specified in Section 3.02(c)(i) of the Sale and Servicing Agreement.

 

“Repurchase Rules
and Regulations” shall have the meaning specified in Section 6.14 of the Indenture.

 

“Requesting Party”
has the meaning specified in Section 3.02(c)(i) of the Sale and Servicing Agreement.

 

“Required Rate”
means 4.40% per annum or such other percentage approved by the Rating Agencies hired by the Sponsor to rate the Notes.

 

“Required Rating”
means a rating on commercial paper or other short term unsecured debt obligations of F1 or A by Fitch so long as Fitch is a Rating Agency
and A-1+ by S&P Global Ratings so long as S&P Global Ratings is a Rating Agency; and any requirement that deposits or debt obligations
have the “Required Rating” shall mean that such deposits or debt obligations have the foregoing required ratings from Fitch
and S&P Global Ratings.

 

“Required Reserve
Amount” means, with respect to any Payment Date, 0.25% (or such other higher percentage as may be determined by the Depositor,
in its sole discretion, on or prior to the Closing Date) of the difference of the Aggregate Starting Principal Balance less the Yield
Supplement Overcollateralization Amount as of the Cutoff Date of all Receivables transferred to the Trust.

 

“Reserve Account”
means the account designated as such, established and maintained pursuant to Section 5.01(a)(iii) and Section 5.07 of the
Sale and Servicing Agreement.

 

“Reserve Account
Initial Deposit” means cash or Eligible Investments having a value of $2,877,704.48.

 

    App. A-23

     

    

 

“Responsible Officer”
means, with respect to the Indenture Trustee, any officer within the Corporate Trust Office of the Indenture Trustee, including any vice
president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer, employee or
other person of the Indenture Trustee customarily performing functions similar to those performed by any of the above designated officers
and, with respect to each, having direct responsibility for the administration of the Indenture and also, with respect to a particular
matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular
subject.

 

“Retained Notes”
means [RESERVED].

 

“Review”
means a review by the Asset Representations Reviewer as specified in the Asset Representations Review Agreement of all Delinquent Receivables
that have been Delinquent Receivables for 60 days or more as of the last day of the preceding Collection Period to determine whether such
Delinquent Receivables satisfy the representations and warranties set forth in Section 3.01(a) of the Sale and Servicing Agreement,
each as of the date as specified in Section 3.01(a) of the Sale and Servicing Agreement.

 

“Review Notice”
means the notice from the Indenture Trustee to the Asset Representations Reviewer, the Issuing Entity and the Servicer pursuant to Section
7.05(c) of the Indenture notifying the Asset Representations Reviewer that the Noteholders have requested a Review.

 

“Review Receivable”
has the meaning designated in Section 1.02 of the Asset Representations Review Agreement.

 

“Review Report”
has the meaning designated in Section 3.04 of the Asset Representations Review Agreement.

 

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

 

“Sale and Servicing
Agreement” means the Sale and Servicing Agreement, dated as of the Closing Date, among the Issuing Entity, the Depositor and
World Omni, as Servicer, as amended from time to time.

 

“Schedule of Receivables”
shall mean the schedule attached to the RPA Assignment or the SSA Assignment specifying the Receivables being transferred, as such Schedule
may be amended from time to time.

 

“Secretary of State”
shall mean the Secretary of State of the State of Delaware.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Securitization Transaction”
means any transaction effected after the Closing Date involving an issuance of notes pursuant to the Indenture, whether publicly offered
or privately placed, rated or unrated.

 

    App. A-24

     

    

 

“Servicer”
means World Omni, in its capacity as servicer under the Sale and Servicing Agreement, and any Successor Servicer thereunder.

 

“Servicer Default”
means an event specified in Section 8.01 of the Sale and Servicing Agreement.

 

“Servicer’s
Certificate” means a certificate of the Servicer delivered pursuant to Section 4.09 of the Sale and Servicing Agreement.

 

“Servicing Criteria”
means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time.

 

“Servicing Fee”
means the fee payable to the Servicer for services rendered during each Collection Period, determined pursuant to Section 4.08
of the Sale and Servicing Agreement.

 

“Servicing Fee Rate”
means 1.00% per annum.

 

“Similar Law”
has the meaning assigned to such term in Section 3.04 of the Trust Agreement.

 

“Simple Interest
Method” means the method of allocating a fixed level payment to principal and interest, pursuant to which the portion of such
payment that is allocated to interest is equal to the product of the fixed rate of interest multiplied by the unpaid principal balance
multiplied by the period of time elapsed since the preceding payment of interest was made and the remainder of such payment is allocable
to principal.

 

“Simple Interest
Receivable” means any Receivable under which the portion of a payment allocable to interest and the portion allocable to principal
is determined in accordance with the Simple Interest Method.

 

“Sponsor”
means World Omni Financial Corp., a Florida corporation, or its successors.

 

“SSA
Assignment” has the meaning assigned in Section 2.01 of the Sale and Servicing Agreement.

 

“S&P Global
Ratings” means S&P Global Ratings, a division of S&P Global, or its successor.

 

“Starting
Principal Balance” means with respect to a Receivable, the aggregate principal amount advanced under such Receivable
toward the purchase price of the Financed Vehicle or Financed Vehicles, including insurance premiums, service and warranty contracts,
federal excise and sales taxes and other items customarily financed as part of a Receivable and related costs, less payments received
from the Obligor prior to the Cutoff Date with respect to such Receivable allocable to principal.

 

“State”
means any one of the 50 States of the United States of America or the District of Columbia.

 

    App. A-25

     

    

 

“Statutory Trust
Act” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et
seq., as the same may be amended from time to time.

 

“Subcontractor”
shall mean any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is
commonly understood by participants in the mortgage-backed securities market) of Receivables but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to the Receivables under the direction or authority of the Servicer or the Indenture
Trustee.

 

“Successor Servicer”
has the meaning specified in Section 3.07(e) of the Indenture.

 

“Supplemental Servicing
Fees” means late fees, any prepayment charges and other administrative fees or similar charges allowed by applicable law with
respect to the Receivables collected from Obligors during the related Collection Period.

 

“Test Fail”
has the meaning assigned in Section 3.03(a) of the Asset Representations Review Agreement.

 

“Transferor Certificate”
has the meaning assigned in Section 2.04(a) of the Indenture.

 

“Treasury Regulations”
shall mean regulations, including proposed or temporary Regulations, promulgated under the Code. References herein to specific provisions
of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

 

“Trust”
means World Omni Auto Receivables Trust 2021-D, a Delaware statutory trust.

 

“Trust Account Property”
means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts,
Physical Property, book-entry securities, uncertificated securities or otherwise), including the Reserve Account, and all proceeds of
the foregoing.

 

“Trust Accounts”
has the meaning assigned thereto in Section 5.01 of the Sale and Servicing Agreement.

 

“Trust Agreement”
means the Trust Agreement, dated as of the Closing Date, between the Depositor
and the Owner Trustee, as the same may be amended and supplemented from time to time; such agreement being the amended and restated Trust
Agreement contemplated by the Initial Trust Agreement.

 

“Trust Certificate”
shall mean a certificate evidencing the beneficial interest of a Person in the trust established by the Trust Agreement and substantially
in the form attached as Exhibit A to such Trust Agreement.

 

“Trust Estate”
means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of
the Indenture for the benefit of the Noteholders (including, without limitation, all property and interests Granted to the Indenture Trustee),
including all proceeds thereof.

 

    App. A-26

     

    

 

“Trust Indenture
Act” or “TIA” means the Trust Indenture Act of 1939 as in force as of the Closing Date, unless otherwise
specifically provided.

 

“Trust Officer”
means, with respect to the Indenture Trustee, any Officer within the Corporate Trust Office of the Indenture Trustee, including any vice
president, assistant vice president, assistant secretary, senior associate, associate, trust officer or any other officer of the Indenture
Trustee customarily performing functions similar to those performed by any of the above designated officers and also, with respect to
a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with
the particular subject and, in each case, having direct responsibility for the administration of the Indenture and any other Basic Document
to which the Indenture Trustee is a party and, with respect to the Owner Trustee, any officer within the Corporate Trust Office of the
Owner Trustee with direct responsibility for the administration of the Trust Agreement and the Basic Documents on behalf of the Owner
Trustee.

 

“Trustee Bank”
means Wilmington Trust, National Association, in its individual capacity, each bank appointed as successor Owner Trustee under the Trust
Agreement in its individual capacity and each bank appointed as co-trustee under and to the extent provided in the Trust Agreement in
its individual capacity.

 

“UCC” means,
unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to
time.

 

“USA Patriot Act”
means, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001,
Title III of Pub. L. 107-56 (signed into law October 26, 2001) and its implementing regulations.

 

“U.S. Person”
means:

 

(a) a citizen or resident
of the United States for U.S. federal income tax purposes;

 

(b) an entity treated as a
corporation or partnership for U.S. federal income tax purposes, except to the extent provided in applicable U.S. Department of Treasury
regulations, created or organized in or under the laws of the United States, any state or the District of Columbia;

 

(c) an estate the income of
which is subject to U.S. federal income taxation regardless of its source;

 

(d) an entity treated as a
trust for U.S. federal income tax purposes if a court within the United States is able to exercise primary supervision over the administration
of such trust, and one or more such U.S. Persons have the authority to control all substantial decisions of such trust; or

 

(e) to the extent provided
in applicable U.S. Department of Treasury regulations, certain trusts in existence on August 20, 1996, which are eligible to elect, and
have so elected, to be treated as U.S. Persons.

 

“WOAR”
means World Omni Auto Receivables LLC, a Delaware limited liability company, or its successors.

 

    App. A-27

     

    

 

“World Omni”
means World Omni Financial Corp., a Florida corporation, or its successors.

 

“Yield Supplement
Overcollateralization Amount” means, with respect to any Collection Period and the related Payment Date, or with respect to
the Cutoff Date, the aggregate amount by which the Principal Balance as of the last day of such Collection Period or the Cutoff Date
of each of the related Receivables with a Contract Rate of less than the Required Rate, other than a Defaulted Receivable, exceeds the
present value, calculated by using a discount rate equal to the Required Rate, of each scheduled payment of each such Receivables assuming
such scheduled payment is made on the last day of each month and each month has 30 days.

 

    App. A-28

     

    

 

APPENDIX A

PART II - RULES OF CONSTRUCTION

 

(A)            
Accounting Terms. As used in this Appendix or the Basic Documents, accounting terms which are not defined, and accounting
terms partly defined, herein or therein shall have the respective meanings given to them under generally accepted accounting principles.
To the extent that the definitions of accounting terms in this Appendix or the Basic Documents are inconsistent with the meanings of such
terms under generally accepted accounting principles, the definitions contained in this Appendix or the Basic Documents will control.

 

(B)             
“Hereof,” etc.: The words “hereof,” “herein” and “hereunder” and words of
similar import when used in this Appendix or any Basic Document will refer to this Appendix or such Basic Document as a whole and not
to any particular provision of this Appendix or such Basic Document; and Section, Schedule and Exhibit references contained in this Appendix
or any Basic Document are references to Sections, Schedules and Exhibits in or to this Appendix or such Basic Document unless otherwise
specified. The word “or” is not exclusive.

 

(C)             
Use of “related” as used in this Appendix and the Basic Documents, with respect to any Payment Date, the “related
Payment Determination Date,” the “related Collection Period,” and the “related Record Date” will mean the
Payment Determination Date, the Collection Period, and the Record Date, respectively, immediately preceding such Payment Date. With respect
to any Purchase Date, the “related Cutoff Date” will mean the Cutoff Date established for the closing of the purchase of Receivables
on that Purchase Date.

 

(D)            
Use of “outstanding” etc. Whenever the term “outstanding Notes,” “outstanding principal amount”
and words of similar import are used in this Appendix or any Basic Document for purposes of determining whether the Noteholders of the
requisite outstanding principal amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver
hereunder or under any Basic Document, Notes owned by the Issuing Entity, any other obligor upon the Notes, the Depositor
or any Affiliate of any of the foregoing Persons (it being understood that the Owner Trustee in its individual capacity shall
not be considered an Affiliate of any of the foregoing) shall be disregarded and deemed not to be outstanding, except that, in determining
whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Notes that the Indenture Trustee knows to be so owned shall be so disregarded. Notes so owned that have been pledged
in good faith may be regarded as “outstanding” if the pledgee establishes to the satisfaction of the Indenture Trustee the
pledgor’s right so to act with respect to such Notes and that the pledgee is not the Issuing Entity, any other obligor upon the
Notes, the Depositor or any Affiliate of any of the foregoing Persons.

 

(E)             
Number and Gender. Each defined term used in this Appendix or the Basic Documents has a comparable meaning when used in
its plural or singular form. Each gender-specific term used in this Appendix or the Basic Documents has a comparable meaning whether used
in a masculine, feminine or gender-neutral form.

 

    App. A-29

     

    

 

(F)             
Including. Whenever the term “including” (whether or not that term is followed by the phrase “but not
limited to” or “without limitation” or words of similar effect) is used in this Appendix or the Basic Documents in connection
with a listing of items within a particular classification, that listing will be interpreted to be illustrative only and will not be interpreted
as a limitation on, or exclusive listing of, the items within that classification.

 

(G)            
UCC References. References to sections or provisions of Article 9 of the UCC in any of the Basic Documents shall be deemed
to be automatically updated to reflect the successor, replacement or functionally equivalent sections or provisions of Revised Article
9, Secured Transactions (2000) at any time in any jurisdiction which has made such revised article effective.

 

    App. A-30

     

    

 

APPENDIX B

 

Additional Representations and Warranties

 

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

 

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

 

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

 

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

 

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

 

		6.	With respect to Receivables that constitute tangible chattel paper, all original executed copies of each
Contract that constitute or evidence the Receivable have been delivered to the Servicer for the benefit of the Depositor, the Issuing
Entity and the Indenture Trustee.

 

		7.	With respect to Receivables that constitute electronic chattel paper, only one authoritative copy of each
Contract that constitutes or evidences the Receivable exists. Each such authoritative copy (a) is unique, identifiable, and unalterable
(other than with the participation of the Depositor, the Issuing Entity and the Indenture Trustee pursuant to the Basic Documents in the
case of an addition or change of an identified assignee and other than a revision that is readily identifiable as an authorized or unauthorized
revision), and (b) has been communicated to and is maintained by the Servicer or a third-party provider acting on behalf of the Servicer.
The authoritative copy of the related Contract identifies only World Omni Financial Corp. as the assignee thereof. Each copy of the authoritative
copy of the related Contract and any copy of a copy are readily identifiable as copies that are not the authoritative copy. Each Receivable
has been established in a manner such that (a) all copies or revisions that add or change an identified assignee of the authoritative
copy of each Contract that constitutes or evidences the Receivable must be made with the participation of the Depositor, the Issuing Entity
and the Indenture Trustee pursuant to the Basic Documents, and (b) all revisions of the authoritative copy of each contract that constitute
or evidence the Receivable must be readily identifiable as an authorized or unauthorized revision. The Servicer is maintaining the authoritative
copy of each Contract that constitutes or evidences the Receivables solely on behalf and for the benefit of the Depositor, the Issuing
Entity and the Indenture Trustee under the Basic Documents.

 

    App. B

     

    

 

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

 

		9.	None of the Seller, the Depositor or the Issuing Entity or any vaulting agent thereof has communicated
an authoritative copy of any Contract that constitutes or evidences the Receivables to any Person other than the Servicer.

 

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

 

    App. B-2Exhibit 4.2

 

 

 

INDENTURE

 

between

 

WORLD OMNI AUTO RECEIVABLES TRUST 2021-D,

as Issuing Entity

 

and

 

U.S.
Bank National Association,

as Indenture Trustee

 

Dated as of November 3, 2021

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

ARTICLE I

 

Definitions
and Incorporation by Reference

 

	Section 1.01	Definitions	 	2
	Section 1.02	Incorporation by Reference of Trust Indenture Act	 	2

 

ARTICLE II

 

The Notes

 

	Section 2.01	Form	 	3
	Section 2.02	Execution, Authentication and Delivery	 	3
	Section 2.03	Temporary Notes	 	4
	Section 2.04	Transfer Restrictions on Notes	 	4
	Section 2.05	Registration; Registration of Transfer and Exchange	 	7
	Section 2.06	Mutilated, Destroyed, Lost or Stolen Notes	 	9
	Section 2.07	Persons Deemed Owner	 	9
	Section 2.08	Payment of Principal and Interest; Defaulted Interest	 	10
	Section 2.09	Cancellation	 	11
	Section 2.10	Release of Collateral	 	11
	Section 2.11	Book-Entry Notes	 	11
	Section 2.12	Notices to Clearing Agency	 	12
	Section 2.13	Definitive Notes	 	13
	Section 2.14	Tax Treatment	 	13
	Section 2.15	CUSIP Numbers	 	13

 

ARTICLE III

 

Covenants

 

	Section 3.01	Payment of Principal and Interest	 	14
	Section 3.02	Maintenance of Office or Agency	 	14
	Section 3.03	Money for Payments to Be Held in Trust	 	14
	Section 3.04	Existence	 	16
	Section 3.05	Protection of Trust Estate	 	16
	Section 3.06	Opinions as to Trust Estate	 	17
	Section 3.07	Performance of Obligations; Servicing of Receivables	 	17
	Section 3.08	Negative Covenants	 	19
	Section 3.09	Annual Statement as to Compliance	 	20
	Section 3.10	Issuing Entity May Consolidate, etc., Only on Certain
    Terms	 	20
	Section 3.11	Successor or Transferee	 	22

 

    i

     

    

 

	Section 3.12	No Other Business	 	22
	Section 3.13	No Borrowing	 	22
	Section 3.14	Servicer’s Obligations	 	22
	Section 3.15	Guarantees, Loans, Advances and Other Liabilities	 	22
	Section 3.16	Capital Expenditures	 	22
	Section 3.17	Removal of Administrator	 	23
	Section 3.18	Restricted Payments	 	23
	Section 3.19	Notice of Events of Default	 	23
	Section 3.20	Further Instruments and Acts	 	23

 

ARTICLE IV

 

Satisfaction
and Discharge

 

	Section 4.01	Satisfaction and Discharge of Indenture	 	23
	Section 4.02	Application of Trust Money	 	24
	Section 4.03	Repayment of Monies Held by Paying Agent	 	25

 

ARTICLE V

 

Remedies

 

	Section 5.01	Events of Default	 	25
	Section 5.02	Acceleration of Maturity; Rescission and Annulment	 	26
	Section 5.03	Collection of Indebtedness and Suits for Enforcement by Indenture
    Trustee	 	27
	Section 5.04	Remedies; Priorities	 	29
	Section 5.05	Optional Preservation of the Receivables	 	30
	Section 5.06	Limitation of Suits	 	30
	Section 5.07	Unconditional Rights of Noteholders to Receive Principal and
    Interest	 	31
	Section 5.08	Restoration of Rights and Remedies	 	31
	Section 5.09	Rights and Remedies Cumulative	 	32
	Section 5.10	Delay or Omission Not a Waiver	 	32
	Section 5.11	Control by Noteholders	 	32
	Section 5.12	Waiver of Past Defaults	 	32
	Section 5.13	Undertaking for Costs	 	33
	Section 5.14	Waiver of Stay or Extension Laws	 	33
	Section 5.15	Action on Notes	 	33
	Section 5.16	Performance and Enforcement of Certain Obligations	 	34

 

ARTICLE VI

 

The Indenture
Trustee

 

	Section 6.01	Duties of Indenture Trustee	 	34
	Section 6.02	Rights of Indenture Trustee	 	36

 

    ii

     

    

 

	Section 6.03	Individual Rights of Indenture Trustee	 	39
	Section 6.04	Indenture Trustee’s Disclaimer	 	39
	Section 6.05	Notice of Defaults	 	39
	Section 6.06	Reports by Indenture Trustee	 	39
	Section 6.07	Compensation and Indemnity	 	40
	Section 6.08	Replacement of Indenture Trustee	 	41
	Section 6.09	Successor Indenture Trustee by Merger	 	42
	Section 6.10	Appointment of Co-Indenture Trustee or Separate Indenture
    Trustee	 	42
	Section 6.11	Eligibility; Disqualification	 	43
	Section 6.12	Preferential Collection of Claims Against Issuing Entity	 	43
	Section 6.13	Representations and Warranties of the Indenture Trustee	 	44
	Section 6.14	Communications Regarding Demands to Repurchase Receivables	 	45

 

ARTICLE VII

 

Noteholders’
Lists and Reports

 

	Section 7.01	Issuing Entity to Furnish Indenture Trustee Names
    and Addresses of Noteholders	 	45
	Section 7.02	Preservation of Information; Communications to Noteholders;
    Noteholder Communications with Indenture Trustee; Communications between Noteholders	 	45
	Section 7.03	Reports by Issuing Entity	 	47
	Section 7.04	Reports by Indenture Trustee	 	48
	Section 7.05	Noteholder Demand for Asset Representations Review	 	48

 

ARTICLE VIII

 

Accounts,
Disbursements and Releases

 

	Section 8.01	Collection of Money	 	49
	Section 8.02	Trust Accounts	 	50
	Section 8.03	[RESERVED].	 	51
	Section 8.04	General Provisions Regarding Accounts	 	52
	Section 8.05	Release of Trust Estate	 	53
	Section 8.06	Opinion of Counsel	 	53

 

ARTICLE IX

 

Supplemental
Indentures

 

	Section 9.01	Supplemental Indentures Without Consent of Noteholders	 	53
	Section 9.02	Supplemental Indentures with Consent of Noteholders	 	55
	Section 9.03	Execution of Supplemental Indentures	 	56
	Section 9.04	Effect of Supplemental Indenture	 	57
	Section 9.05	Conformity with Trust Indenture Act	 	57

 

    iii

     

    

 

	Section 9.06	Reference in Notes to Supplemental Indentures	 	57

 

ARTICLE X

 

Redemption
of Notes

 

	Section 10.01	Redemption	 	57
	Section 10.02	Form of Redemption Notice	 	58
	Section 10.03	Notes Payable on Redemption Date	 	58

 

ARTICLE XI

 

Miscellaneous

 

	Section 11.01	Compliance Certificates and Opinions, etc.	 	58
	Section 11.02	Form of Documents Delivered to Indenture Trustee	 	60
	Section 11.03	Acts of Noteholders	 	61
	Section 11.04	Notices, etc., to Indenture Trustee, Issuing Entity
    and Rating Agencies	 	61
	Section 11.05	Notices to Noteholders; Waiver	 	62
	Section 11.06	Alternate Payment and Notice Provisions	 	63
	Section 11.07	Conflict with Trust Indenture Act	 	63
	Section 11.08	Effect of Headings and Table of Contents	 	63
	Section 11.09	Successors and Assigns	 	64
	Section 11.10	Severability	 	64
	Section 11.11	Benefits of Indenture	 	64
	Section 11.12	Legal Holidays	 	64
	Section 11.13	GOVERNING LAW; JURISDICTION	 	64
	Section 11.14	Counterparts; Electronic Signatures	 	65
	Section 11.15	Recording of Indenture	 	65
	Section 11.16	Trust Obligation	 	65
	Section 11.17	No Petition	 	66
	Section 11.18	Inspection	 	66
	Section 11.19	Waiver of Jury Trial	 	66

 

ARTICLE XII

 

COMPLIANCE
WITH REGULATION AB

 

	Section 12.01	Intent of the Parties; Reasonableness	 	67
	Section 12.02	Additional Representations and Warranties of the Indenture
    Trustee	 	67
	Section 12.03	Information to Be Provided by the Indenture Trustee	 	67
	Section 12.04	Regulation AB Reports by Indenture Trustee	 	69

 

    iv

     

    

 

	SCHEDULE A	–	Schedule of Receivables

 

	EXHIBIT A-1	–	Form of Class A-1 Note 
	EXHIBIT A-2	–	Form of Class A-2 Note
	EXHIBIT A-3	–	Form of Class A-3 Note 
	EXHIBIT A-4	–	Form of Class A-4 Note 
	EXHIBIT B	–	Form of Class B Note 
	EXHIBIT C	–	Form of Class C Note
	EXHIBIT D	–	Servicing Criteria for Indenture Trustee’s Assessment
    of Compliance 
	EXHIBIT E	–	Form of Indenture Trustee’s Annual Certification 
	EXHIBIT F	–	Form of Transferor Certificate 
	EXHIBIT G	–	Form of Investment Letter

 

    v

     

    

 

THIS INDENTURE dated as of
November 3, 2021 (as it may be amended and supplemented from time to time, this “Indenture”) is between WORLD
OMNI AUTO RECEIVABLES TRUST 2021-D, a Delaware statutory trust (the “Issuing Entity”), and U.S. BANK NATIONAL ASSOCIATION,
a national banking association, as trustee and not in its individual capacity (the “Indenture Trustee”).

 

Each party agrees as follows
for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuing Entity’s Class A-1
0.11772% Asset-Backed Notes (the “Class A-1 Notes”), Class A-2 0.35% Asset-Backed Notes (the “Class A-2
Notes”), Class A-3 0.81% Asset-Backed Notes (the “Class A-3 Notes”), Class A-4 1.10% Asset-Backed
Notes (the “Class A-4 Notes”), Class B 1.52% Asset-Backed Notes (the “Class B Notes”)
and Class C 1.72% Asset-Backed Notes (the “Class C Notes” and, together with the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes, the “Notes”):

 

GRANTING CLAUSE

 

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

 

     

     

    

 

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

 

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

 

ARTICLE I

 

Definitions
and Incorporation by Reference

 

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

 

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

 

“indenture securities”
means the Notes.

 

“indenture security
holder” means a Noteholder.

 

“indenture to be qualified”
means this Indenture.

 

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

 

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

 

    2

     

    

 

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

 

ARTICLE II

 

The
Notes

 

Section 2.01     Form.
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the
Class C Notes, in each case together with the Indenture Trustee’s certificate of authentication, shall be in substantially
the form set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B
and Exhibit C to this Indenture, respectively, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their
execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

 

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

 

Each Note shall be dated the
date of its authentication. The terms of the Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3, Exhibit A-4,
Exhibit B and Exhibit C are part of the terms of this Indenture.

 

Section 2.02     Execution,
Authentication and Delivery. The Notes shall be executed on behalf of the Issuing Entity by any of its Authorized Officers. The signature
of any such Authorized Officer on the Notes may be manual or facsimile.

 

Notes bearing the manual or
facsimile signature of individuals who were at any time Authorized Officers of the Issuing Entity shall bind the Issuing Entity, notwithstanding
that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not
hold such offices at the date of such Notes.

 

The Indenture Trustee shall
upon receipt of an Issuing Entity Order authenticate and deliver Class A-1 Notes for original issue in an aggregate principal amount
of $200,000,000, Class A-2 Notes for original issue in an aggregate principal amount of $387,400,000, Class A-3 Notes for original
issue in an aggregate principal amount of $387,400,000, Class A-4 Notes for original issue in an aggregate principal amount of $121,600,000,
Class B Notes for original issue in an aggregate principal amount of $34,530,000 and Class C Notes for original issue in an
aggregate principal amount of $17,270,000. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes, Class A-3
Notes, Class A-4 Notes, Class B Notes and Class C Notes outstanding at any time may not exceed such respective amounts
except as provided in Section 2.06.

 

    3

     

    

 

Each Note shall be dated the
date of its authentication. The Notes shall be issuable as registered Notes in the minimum denomination of $1,000 and integral multiples
of $1,000; provided, that the minimum amounts of any Retained Notes shall be subject to the restrictions set forth in Section 2.04.

 

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

 

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

 

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

 

Section 2.04     Transfer
Restrictions on Notes.

 

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

 

    4

     

    

 

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

 

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

 

(c)         [Reserved].

 

    5

     

    

 

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

 

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

 

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

 

    6

     

    

 

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

 

(iii)         [Reserved];

 

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

 

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

 

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

 

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

 

Upon surrender for registration
of transfer of any Note at the office or agency of the Issuing Entity to be maintained as provided in Section 3.02, if the
requirements of Section 8-401 of the UCC are met the Issuing Entity shall execute, and the Indenture Trustee shall authenticate
and the Noteholder shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new
Notes of the same Class in any authorized denominations, of a like aggregate principal amount.

 

    7

     

    

 

At the option of the Holder,
Notes may be exchanged for other Notes of the same Class in any authorized denominations, of a like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange, if the requirements
of Section 8-401 of the UCC are met the Issuing Entity shall execute, and the Indenture Trustee shall authenticate and the Noteholder
shall obtain from the Indenture Trustee, the Notes which the Noteholder making the exchange is entitled to receive.

 

All Notes issued upon any registration
of transfer or exchange of Notes shall be the valid obligations of the Issuing Entity, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

 

Every Note presented or surrendered
for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory
to the Indenture Trustee duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing, with such signature
guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include
membership or participation in the Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature
guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Exchange Act.

 

No service charge shall be
made to a Holder for any registration of transfer or exchange of Notes, but the Issuing Entity, the Indenture Trustee or the Note Registrar
may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration
of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.06 not involving any transfer.

 

The preceding provisions of
this Section notwithstanding, the Issuing Entity shall not be required to make and the Note Registrar need not register transfers
or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect
to the Note.

 

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

 

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

 

    8

     

    

 

Section 2.06     Mutilated,
Destroyed, Lost or Stolen Notes. If (i) any mutilated Note is surrendered to the Indenture Trustee or Note Registrar, or the
Indenture Trustee or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there
is delivered to the Indenture Trustee and the Note Registrar such security or indemnity as may be required by them to hold the Issuing
Entity, the Indenture Trustee and the Note Registrar harmless, then, in the absence of notice to the Issuing Entity, the Note Registrar
or the Indenture Trustee that such Note has been acquired by a protected purchaser, and provided that the requirements of Sections 8-405
and 8-406 of the UCC are met, the Issuing Entity shall execute, and upon its request the Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note of the same Class; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within seven days shall
be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuing Entity may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a protected purchaser
of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuing Entity and
the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or
any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person,
except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuing Entity or the Indenture Trustee in connection therewith.

 

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

 

Every replacement Note issued
pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuing Entity, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly
issued hereunder.

 

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

 

Section 2.07     Persons
Deemed Owner. Prior to due presentment for registration of transfer of any Note, the Issuing Entity, the Indenture Trustee and any
agent of the Issuing Entity or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination)
as the owner of such Note for the purpose of receiving payments of principal of and interest, if any, on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and none of the Issuing Entity, the Indenture Trustee or any agent of the Issuing
Entity or the Indenture Trustee shall be affected by notice to the contrary.

 

    9

     

    

 

Section 2.08     Payment
of Principal and Interest; Defaulted Interest.

 

(a)         The
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C
Notes shall accrue interest during the related Interest Accrual Period at the Class A-1 Interest Rate, the Class A-2 Interest
Rate, the Class A-3 Interest Rate, the Class A-4 Interest Rate, the Class B Interest Rate and the Class C Interest
Rate, respectively, and such interest shall be payable on each Payment Date in accordance with the priorities set forth in Section 8.02(d) and
(e), as applicable, subject to Section 3.01. Interest on the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes, the Class B Notes and the Class C Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day
months. Interest on the Class A-1 Notes will be calculated on the basis of the actual number of days in the related Interest Accrual
Period and a 360-day year. The Issuing Entity will pay interest on each Class of Notes at the related Interest Rate on each Payment
Date on the principal amount of the related Class of Notes outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), subject to certain limitations contained in the last sentence of Section 3.01.
Any installment of interest or principal payable on a Note that is punctually paid or duly provided for by the Issuing Entity on the
applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record
Date by check or wire transfer to such Person’s address or designated account as it appears on the Note Register on such Record
Date, except that, unless Definitive Notes have been issued pursuant to Section 2.13, with respect to Notes registered on
the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.) or WOAR or any
of its Affiliates, payment will be made by wire transfer in immediately available funds to the account designated by such person or nominee
and except for the final installment of principal payable with respect to such Note on a Payment Date or on the applicable Final Scheduled
Payment Date for such Class (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01)
which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with
Section 3.03.

 

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

 

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

 

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

 

Section 2.09     Cancellation.
All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the
Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuing Entity
may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the
Issuing Entity may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention
or disposal policy as in effect at the time unless the Issuing Entity shall direct by an Issuing Entity Order that they be returned to
it; provided, that such Issuing Entity Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.
The Indenture Trustee shall issue a certificate of destruction to the Issuing Entity for all cancelled Notes that have been disposed
of.

 

Section 2.10     Release
of Collateral. Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture only upon receipt of an Issuing Entity Request accompanied by an Officer’s Certificate of the Issuing
Entity, an Opinion of Counsel and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) or
an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

 

Section 2.11     Book-Entry
Notes. Except as provided in Section 2.13, the Notes, upon original issuance, will be issued in the form of typewritten,
printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders) Notes representing
the Book-Entry Notes, to be delivered to (or held by the Indenture Trustee on behalf of) The Depository Trust Company, the initial Clearing
Agency, by, or on behalf of, the Issuing Entity. The Book-Entry Notes shall be registered initially on the Note Register in the name
of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a definitive Note representing such
Note Owner’s interest in such Note, except as provided in Section 2.13. Unless and until definitive, fully registered
Notes (the “Definitive Notes”) have been issued to such Note Owners pursuant to Section 2.13:

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 2.13     Definitive
Notes. Any Retained Notes, upon original issuance, will be in the form of Definitive Notes, but, at the request of all of the holders
thereof, may be exchanged for Book-Entry Notes. If (i) the Administrator advises the Indenture Trustee in writing that the Clearing
Agency is no longer willing or able to properly discharge its responsibilities with respect to the Book-Entry Notes and the Administrator
is unable to locate a qualified successor, (ii) the Administrator, at its option, advises the Indenture Trustee in writing that
it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default, Owners
of the Book-Entry Notes representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Controlling
Securities advise the Clearing Agency in writing that the continuation of a book-entry system through the Clearing Agency is no longer
in the best interests of such Note Owners, then the Clearing Agency shall notify all Note Owners and the Indenture Trustee of the occurrence
of any such event and of the availability of Definitive Notes to Note Owners requesting the same. Upon surrender to the Indenture Trustee
of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuing
Entity shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing
Agency. None of the Issuing Entity, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions
and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes, the Indenture
Trustee shall recognize the Holders of the Definitive Notes as Noteholders.

 

Section 2.14     Tax
Treatment.

 

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

 

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

 

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

 

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

 

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ARTICLE III

 

Covenants

 

Section 3.01     Payment
of Principal and Interest. The Issuing Entity will duly and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to and in accordance with Section 8.02(d),
the Issuing Entity will cause to be distributed all amounts on deposit in the Note Distribution Account and allocated for distribution
to the Noteholders on a Payment Date pursuant to the Sale and Servicing Agreement (i) for the benefit of the Class A-1 Notes,
to the Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for
the benefit of the Class A-3 Notes, to the Class A-3 Noteholders, (iv) for the benefit of the Class A-4 Notes, to
the Class A-4 Noteholders, (v) for the benefit of the Class B Notes, to the Class B Noteholders and (vi) for
the benefit of the Class C Notes, to the Class C Noteholders. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuing Entity to such Noteholder
for all purposes of this Indenture.

 

Section 3.02     Maintenance
of Office or Agency. The Issuing Entity will maintain an office or agency where Notes may be surrendered for registration of transfer
or exchange, and where notices and demands to or upon the Issuing Entity in respect of the Notes and this Indenture may be served. Such
office or agency will initially be at the Corporate Trust Office of the Indenture Trustee, and the Issuing Entity hereby initially appoints
the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuing Entity will give prompt written notice to the Indenture
Trustee of any change in the location of any such office or agency. If at any time the Issuing Entity shall fail to maintain any such
office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders, notices and demands may be
made or served at the Corporate Trust Office, and the Issuing Entity hereby appoints the Indenture Trustee as its agent to receive all
such surrenders, notices and demands.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

The Issuing Entity may at any
time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuing Entity Order
direct any Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture
Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by any Paying Agent to
the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

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

 

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Section 3.04     Existence.
The Issuing Entity will keep in full effect its existence, rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuing Entity hereunder is or becomes, organized under the laws of any other State or
of the United States of America, in which case the Issuing Entity will keep in full effect its existence, rights and franchises under
the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each
other instrument or agreement included in the Trust Estate.

 

Section 3.05     Protection
of Trust Estate. The Issuing Entity will from time to time execute and deliver all such supplements and amendments hereto and all
such financing statements, continuation statements, instruments of further assurance and other instruments, and also deliver the Schedule
of Receivables and the Sale and Servicing Agreement (including Schedule A thereto, as revised from time to time) to the Indenture
Trustee, and will take such other action necessary or advisable to:

 

(i)         maintain
or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;

 

(ii)         perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture;

 

(iii)         enforce
any of the Collateral; or

 

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

 

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

 

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Section 3.06     Opinions
as to Trust Estate.

 

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

 

(b)         On
or before April 30, in each calendar year, beginning in 2022, the Issuing Entity shall furnish to the Indenture Trustee an Opinion
of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution
and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created
by this Indenture and reciting the details of such action, or stating that in the opinion of such counsel no such action is necessary
to maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling
of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing
statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest
of this Indenture until April 30 in the following calendar year.

 

Section 3.07     Performance
of Obligations; Servicing of Receivables.

 

(a)         The
Issuing Entity will not take any action and will use its best efforts not to permit any action to be taken by others that would release
any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Trust
Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness
of, any such instrument or agreement, except as expressly provided in this Indenture, the Sale and Servicing Agreement or such other
instrument or agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(a)     Upon
a conveyance or transfer of all the assets and properties of the Issuing Entity pursuant to Section 3.10(b), World Omni Auto
Receivables Trust 2021-D will be released from every covenant and agreement of this Indenture to be observed or performed on the part
of the Issuing Entity with respect to the Notes immediately upon the delivery of written notice to the Indenture Trustee stating that
World Omni Auto Receivables Trust 2021-D is to be so released.

 

Section 3.12     No
Other Business. The Issuing Entity shall not engage in any business other than financing, purchasing, owning, selling and managing
the Receivables in the manner contemplated by this Indenture and the Basic Documents and activities incidental thereto. After the Closing
Date, the Issuing Entity shall not fund the purchase of any new Contracts.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IV

 

Satisfaction
and Discharge

 

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

 

(A)         either:

 

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

 

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

 

(I)         have
become due and payable, or

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V

 

Remedies

 

Section 5.01     Events
of Default.

 

(a)         “Event
of Default,” wherever used herein, means any one of the following events (whatever the reason for such Event of Default and,
subject to Sections 5.01(a)(iv) and (v)  whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body):

 

(i)         default
in the payment of any interest on any Note of the Controlling Securities when the same becomes due and payable, and such default shall
continue for a period of five Business Days; or

 

(ii)         default
in the payment of the principal of or any installment of the principal of any Note when the same becomes due and payable (A) in
accordance with Sections 3.01 and 8.02(d) to the extent funds are available therefor and (B) on the related Final
Scheduled Payment Date or Redemption Date; or

 

(iii)         material
default in the observance or performance of any covenant or agreement of the Issuing Entity made in this Indenture (other than a covenant
or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any
representation or warranty of the Issuing Entity made in this Indenture or in any certificate or other writing delivered pursuant hereto
or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and
such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty
was incorrect shall not have been eliminated or otherwise cured, for a period of 90 days after there shall have been given, by registered
or certified mail, to the Issuing Entity by the Indenture Trustee or to the Issuing Entity and the Indenture Trustee by the Holders of
at least 25% of the Outstanding Amount of the Controlling Securities, a written notice specifying such default or incorrect representation
or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; or

 

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(iv)         the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuing Entity or any substantial
part of the Trust Estate in an involuntary case under any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuing
Entity or for any substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuing Entity’s affairs,
and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

 

(v)         the
commencement by the Issuing Entity of a voluntary case under any applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by the Issuing Entity to the entry of an order for relief in an involuntary case under
any such law, or the consent by the Issuing Entity to the appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Issuing Entity or for any substantial part of the Trust Estate, or the making by the
Issuing Entity of any general assignment for the benefit of creditors, or the failure by the Issuing Entity generally to pay its debts
as such debts become due, or the taking of any action by the Issuing Entity in furtherance of any of the foregoing.

 

(b)         The
Issuing Entity shall deliver to the Indenture Trustee, within five days after the occurrence thereof, written notice in the form of an
Officer’s Certificate of any event which with the giving of notice and the lapse of time would become an Event of Default under
clause (a)(iii), its status and what action the Issuing Entity is taking or proposes to take with respect thereto.

 

(c)         Notwithstanding
the foregoing, (i) if any delay in or failure of performance referred to in clauses (a)(i) above shall have been caused
by Force Majeure, the five Business Day grace period referred to in such clause (a)(i) shall be extended for an additional
30 days, (ii)  if any delay in or failure of performance referred to under clause (a)(ii) above shall have been caused
by Force Majeure, such failure or delay referred to in such clause (a)(ii) shall not constitute an Event of Default for an
additional 30 days and (iii) if any delay in or failure of performance referred to in clause (a)(iii) shall have been
caused by Force Majeure, the 90 day grace period referred to in such clause (a)(iii) shall be extended for an additional
30 days. Upon the occurrence of any such event, each of the Issuing Entity and the Indenture Trustee, as applicable, shall not be relieved
from using its best efforts to perform its obligations in a timely manner in accordance with the terms of this Indenture and the Issuing
Entity or the Indenture Trustee, as applicable, shall provide the Indenture Trustee (if such delay or failure is a result of a delay
or failure by the Issuing Entity), the Owner Trustee, the Noteholders and the Certificateholders prompt notice of such failure or delay
by it, together with a description of its efforts to so perform its obligations.

 

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

 

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

 

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

 

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

 

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

 

(ii)         all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been
cured or waived as provided in Section 5.12.

 

No such rescission shall affect
any subsequent default or impair any right consequent thereto.

 

Section 5.03     Collection
of Indebtedness and Suits for Enforcement by Indenture Trustee.

 

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

 

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

 

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

 

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

 

(i)         to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file
such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim
for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and
counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor
Indenture Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.04     Remedies;
Priorities.

 

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

 

(i)         institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this
Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuing Entity
and any other obligor upon such Notes monies adjudged due;

 

(ii)         institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Trust Estate;

 

(iii)         exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of
the Indenture Trustee and the Holders of the Notes; and

 

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(iv)         sell
the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in
any manner permitted by law; provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Trust
Estate following an Event of Default, other than an Event of Default described in Section 5.01(a)(i) or (ii),
unless (A) the Holders of 100% of the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such sale or liquidation
distributable to the Noteholders are sufficient to discharge in full all amounts then due and unpaid upon such Notes for principal and
interest or (C) the Indenture Trustee determines that the Trust Estate will not continue to provide sufficient funds for the payment
of principal of and interest on the Notes as they would have become due if the Notes had not been declared due and payable, and the Indenture
Trustee obtains the consent of Holders of not less than 66 2/3% of the Outstanding Amount of the Controlling Securities. In determining
such sufficiency or insufficiency with respect to clauses (B) and (C), the Indenture Trustee may, but need not,
obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility
of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

 

(b)         If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall deposit such money or property
to the Collection Account as Collections to be applied pursuant to Article V of the Sale and Servicing Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Subject to Section 5.06(v),
in the event the Indenture Trustee shall receive, in connection with Sections 5.06(ii) and (iii), conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each representing less than a majority of the Outstanding Amount
of the Controlling Securities, the Indenture Trustee shall act at the direction of the group of Holders of Notes representing the greater
Outstanding Amount of Controlling Securities. If the Indenture Trustee receives, in connection with this Section 5.06, conflicting
or inconsistent requests and indemnity from two or more groups of Holders of Notes representing an equal Outstanding Amount of the Controlling
Securities, the Indenture Trustee shall notify the applicable Holders of Notes and request a joint direction regarding what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.

 

Section 5.07     Unconditional
Rights of Noteholders to Receive Principal and Interest. Notwithstanding any other provisions in this Indenture, the Holder of any
Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such
Note on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after
the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the
consent of such Holder.

 

Section 5.08     Restoration
of Rights and Remedies. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under
this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuing Entity, the Indenture Trustee and the Noteholders shall, subject
to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

 

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Section 5.09     Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Noteholders is intended
to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section 5.10     Delay
or Omission Not a Waiver. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event
of Default or an acquiescence therein. Every right and remedy given by this Article V or by law to the Indenture Trustee
or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be.

 

Section 5.11     Control
by Noteholders. The Holders of at least a majority of the Outstanding Amount of the Controlling Securities shall have the right to
direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the
Notes or exercising any trust or power conferred on the Indenture Trustee; provided that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 5.15     Action
on Notes. The Indenture Trustee’s right to seek and recover judgment on the Notes or under this Indenture shall not be affected
by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture
nor any rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture
Trustee against the Issuing Entity or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any
of the assets of the Issuing Entity. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

 

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Section 5.16     Performance
and Enforcement of Certain Obligations.

 

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

 

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

 

ARTICLE VI

 

The
Indenture Trustee

 

Section 6.01     Duties
of Indenture Trustee.

 

(a)         If
an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture
and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the
conduct of such person’s own affairs.

 

(b)         Except
during the continuance of an Event of Default:

 

(i)         the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture or any other document against the Indenture Trustee; and

 

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

 

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

 

(i)         this
paragraph does not limit the effect of paragraph (b) of this Section 6.01;

 

(ii)         the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that
the Indenture Trustee was negligent in ascertaining the pertinent facts; and

 

(iii)         the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received from a majority of the Outstanding Amount of the Controlling Securities in accordance with the terms of this Indenture.

 

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

 

(e)         The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with
the Issuing Entity.

 

(f)         Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this
Indenture or the Sale and Servicing Agreement.

 

(g)         No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds
to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, and none
of the provisions contained in this Indenture shall in any event require the Indenture Trustee to perform, or be responsible for the
performance of, any of the obligations of the Servicer under this Indenture except during such time, if any, as the Indenture Trustee
shall be the successor to, and be vested with the rights, duties, powers and privileges of the Servicer in accordance with the terms
of this Indenture.

 

(h)         Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall
be subject to the provisions of this Article VI and to the provisions of the TIA.

 

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(i)         The
Indenture Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any agreement referred
to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such
recording or filing or depositing or to any re-recording, refiling or redepositing of any thereof or to monitor the status of any lien
or the performance of the Collateral, (ii) to see to any insurance or (iii) to see to the payment or discharge of any tax,
assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any
part of the Collateral.

 

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

 

Section 6.02     Rights
of Indenture Trustee.

 

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

 

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

 

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

 

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

 

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(e)         The
Indenture Trustee may consult with counsel, accountants, and experts of its own selection, and the advice or opinion of counsel, accountants,
or experts with respect to legal, accounting, or matters relating to this Indenture and the Notes or any related document shall be full
and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel, accountant, or expert.

 

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

 

(g)         The
Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing
to do so by the Holders of Notes representing at least 25% of the Controlling Securities; provided that if the payment within a reasonable
time to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is,
in the opinion of the Indenture Trustee, not reasonably assured to the Indenture Trustee by the security afforded to it by the terms
of this Indenture, the Indenture Trustee may require indemnity satisfactory to the Indenture Trustee in its reasonable judgment against
such cost, expense or liability as a condition to taking any such action. In no event shall the Indenture Trustee have any responsibility
to monitor World Omni’s compliance with or be charged with knowledge of the requirements of Regulation RR or the Credit Risk Retention
Rules, nor shall it be liable to any Noteholder, Certificateholder, or any party whatsoever for violation of such rules or requirements
or such similar provisions now or hereafter in effect.

 

(h)         The
right of the Indenture Trustee to perform any discretionary act enumerated in this Indenture shall not be construed as a duty, and the
Indenture Trustee shall not be answerable for other than its willful misconduct, negligence or bad faith in the performance of such act.

 

(i)         The
rights, privileges, protections, immunities and benefits given to the Indenture Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Indenture Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder and in each document to which it is a party.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 6.03     Individual
Rights of Indenture Trustee. The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuing Entity or its Affiliates with the same rights it would have if it were not Indenture Trustee.
Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must
comply with Sections 6.11 and 6.12.

 

Section 6.04     Indenture
Trustee’s Disclaimer. The Indenture Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Issuing Entity’s use of the proceeds from the Notes,
and it shall not be responsible for any statement of the Issuing Entity in the Indenture or in any document issued in connection with
the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

 

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

 

Section 6.06     Reports
by Indenture Trustee. The Indenture Trustee shall make available to each Noteholder such information as may be required to enable
such holder to prepare its federal and state income tax returns. On or before each Payment Date, the Indenture Trustee will post
a copy of the statement or statements provided to the Indenture Trustee by the Servicer pursuant to Section 5.08 of the Sale
and Servicing Agreement with respect to the applicable Payment Date on its internet website promptly following its receipt thereof, for
the benefit of the Noteholders. The Indenture Trustee’s internet website shall initially be located at https://pivot.usbank.com.
Assistance in using the website can be obtained by calling the Indenture Trustee’s bondholder services group at (800) 934-6802.
The Indenture Trustee may change the way the statements and information are posted or distributed in order to make such distribution
more convenient and/or accessible for such Noteholders, and the Indenture Trustee shall provide on the website timely and adequate notification
to all parties regarding any such change.

 

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

 

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

 

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Section 6.08     Replacement
of Indenture Trustee. No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08. The
Indenture Trustee may resign at any time with thirty days’ prior written notice by so notifying the Issuing Entity. The Indenture
Trustee shall resign following the occurrence of an Event of Default if required by Section 310 of the TIA. The Holders of
at least a majority of the Outstanding Amount of the Controlling Securities may remove the Indenture Trustee by providing 30 days’
prior written notice to the Indenture Trustee and the Depositor and may appoint a successor Indenture Trustee. The Issuing Entity shall
remove the Indenture Trustee if:

 

(i)         the
Indenture Trustee fails to comply with Section 6.11;

 

(ii)         the
Indenture Trustee is adjudged bankrupt or insolvent;

 

(iii)         a
receiver or other public officer takes charge of the Indenture Trustee or its property; or

 

(iv)         the
Indenture Trustee otherwise becomes incapable of acting as such under the Basic Documents or if acting would result in a violation of
applicable law (including, without limitation, ERISA).

 

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

 

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

 

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

 

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

 

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

 

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

 

In case at the time such successor
or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any
of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee and deliver such Notes so authenticated; and in case at that time any of the Notes shall not
have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder
or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it
is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

 

Section 6.10     Appointment
of Co-Indenture Trustee or Separate Indenture Trustee.

 

(a)         Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any
part of the Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments
to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of
the Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Noteholders, such title to the Trust
Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts
as the Indenture Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the
terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee
or separate trustee shall be required under Section 6.08 hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VII

 

Noteholders’
Lists and Reports

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Section 7.03     Reports
by Issuing Entity.

 

(a)         The
Issuing Entity shall:

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 7.05     Noteholder
Demand for Asset Representations Review.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE VIII

 

Accounts,
Disbursements and Releases

 

Section 8.01     Collection
of Money. Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive
and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property
payable to or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received
by it as provided in this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of
any payment or performance under any agreement or instrument that is part of the Trust Estate, the Indenture Trustee may take such action
as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings. Any
such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

 

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Section 8.02     Trust
Accounts.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(iv)         to
the Holders of the Class A Notes, the Class B Notes and the Class C Notes, all amounts allocated to such Holders in respect
of principal on the Notes will be paid to the Holders of the Class A Notes, Class B Notes and Class C Notes in the following
order of priority:

 

(A)         to
the Class A-1 Notes until they are paid in full; then

 

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(B)         to
the Class A-2 Notes until they are paid in full; then

 

(C)         to
the Class A-3 Notes until they are paid in full; then

 

(D)         to
the Class A-4 Notes until they are paid in full; then

 

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

 

(F)         to
the Class C Notes until they are paid in full.

 

In addition, on the Final Scheduled
Payment Date for any Class of Notes, if the Outstanding Amount of any Class of Notes remains greater than zero, in accordance
with the instructions of the Servicer, based on the information contained in the Servicer’s Certificate delivered on the related
Payment Determination Date pursuant to Section 4.09 of the Sale and Servicing Agreement, the Indenture Trustee shall apply
funds from the Reserve Account to repay the Outstanding Amount of such Class of Notes in full.

 

(e)         In
the event the Notes are declared to be due and payable following the occurrence of an Event of Default, the Indenture Trustee shall distribute
all amounts on deposit in the Note Distribution Account and allocated pursuant to Section 5.06 of the Sale and Servicing
Agreement to Noteholders in the following order of priority: (i) to the Holders of the Class A Notes, all amounts allocated
to such Holders in respect of interest on the Class A Notes pro rata based upon the aggregate amount of accrued and unpaid interest
due and payable to the Holders of such Notes; (ii) to the Holders of the Class A Notes, all amounts allocated to such Holders
in respect of principal on the Class A Notes, first to the Holders of the Class A-1 Notes until the Outstanding Amount of the
Class A-1 Notes is reduced to zero, then to the Holders of the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes, pro rata, until paid in full; (iii) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect
of interest on the Class B Notes; (iv) to the Holders of the Class B Notes, all amounts allocated to such Holders in respect
of principal on the Class B Notes, until paid in full; (v) to the Holders of the Class C Notes, all amounts allocated
to such Holders in respect of interest on the Class C Notes; and (vi) to the Holders of the Class C Notes, all amounts
allocated to such Holders in respect of principal on the Class C Notes, until paid in full. If the Outstanding Amount of any Class of
Notes remains greater than zero after application of clauses (i), (ii), (iii), (iv), (v) and
(vi) above, the Indenture Trustee shall apply funds from the Reserve Account in the same order of priority as described above
to repay the Outstanding Amount of such Class of Notes in full.

 

Section 8.03     [RESERVED].

 

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Section 8.04     General
Provisions Regarding Accounts.

 

(a)         So
long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall
be invested in Eligible Investments (as defined in the Sale and Servicing Agreement), as determined solely by the Issuing Entity (or
Servicer on its behalf), and reinvested by the Indenture Trustee subject to the provisions of Section 5.01(b) of the
Sale and Servicing Agreement; provided, that, such funds in the Reserve Account shall be invested in Eligible Investments
meeting the requirements of §246.4(b)(2) of Regulation RR, as determined solely by the Servicer. All income or other gain from
investments of monies deposited in the Trust Accounts shall be deposited by the Indenture Trustee in the Collection Account, and any
loss resulting from such investments shall be charged to such account. The Issuing Entity will not direct the Indenture Trustee to make
any investment of any funds or to sell any investment held in any Trust Account unless the security interest Granted and perfected in
such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action
by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the
Indenture Trustee, the Issuing Entity shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee,
to such effect. The Indenture Trustee will make available to the Servicer monthly cash transaction statements which include detail for
all investment transactions effected by the Indenture Trustee hereunder or brokers selected by the Issuing Entity (or the Servicer on
its behalf). Such statements will be delivered via the Indenture Trustee’s online service and paper statements will be provided
only upon request. The Issuing Entity further understands that trade confirmations for securities transactions effected by the Indenture
Trustee will be available upon request and at no additional cost and other trade confirmations may be obtained from the applicable broker.
Eligible Investments may be purchased by or through an Affiliate of the Indenture Trustee.

  

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

 

(c)         If
(i) the Issuing Entity (or the Servicer on its behalf) shall have failed to give investment directions for any funds on deposit
in the Trust Accounts to the Indenture Trustee by such time as may be agreed by the Issuing Entity and Indenture Trustee on any Business
Day, (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not
have been declared due and payable pursuant to Section 5.02 or (iii) such Notes shall have been declared due and payable
following an Event of Default but amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.05
as if there had not been such a declaration, then the Indenture Trustee shall, in the case of clauses (ii) and (iii) above,
to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Eligible Investments as specified in
clause (i) of the definition thereof; provided, that, such funds on deposit in the Reserve Account shall be invested
only in Eligible Investments specified in such clause (i) that meet the requirements of §246.4(b)(2) of Regulation RR,
as determined solely by the Servicer, and the Indenture Trustee shall have no obligation to invest or reinvest any funds in the Reserve
Account absent written instruction from the Servicer, or in the case of clause (i) above, invest such funds in accordance with the
most recent investment directions received from the Issuing Entity (or the Servicer on its behalf), or in the absence thereof, or unavailability
of such specified investments, such funds shall remain uninvested.

 

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Section 8.05     Release
of Trust Estate.

 

(a)         Subject
to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s
interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying
upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies.

 

(b)         The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07
have been paid, release any remaining portion of the Trust Estate that secured the Notes from the lien of this Indenture and release
to the Issuing Entity or any other Person entitled thereto any funds then on deposit in the Trust Accounts; provided, that,
any amounts on deposit in the Reserve Account shall only be distributable to the Depositor following the final distribution to the Certificateholders.
The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.05(b) only upon
receipt of an Issuing Entity Request accompanied by an Officer’s Certificate of the Issuing Entity, an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable
requirements of Section 11.01.

 

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

 

ARTICLE IX

 

Supplemental
Indentures

 

Section 9.01     Supplemental
Indentures Without Consent of Noteholders.

 

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

 

(i)         to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and
confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the
lien of this Indenture additional property;

 

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(ii)         to
evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuing Entity, and the assumption
by any such successor of the covenants of the Issuing Entity herein and in the Notes contained;

 

(iii)         to
add to the covenants of the Issuing Entity, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuing Entity;

 

(iv)         to
convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

 

(v)         to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture that may be inconsistent with any
other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising
under this Indenture or in any supplemental indenture; provided, that such action, as evidenced by an Officer’s Certificate
of the Servicer, shall not adversely affect the interests of the Holders of the Notes;

 

(vi)         to
evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or
change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more
than one trustee, pursuant to the requirements of Article VI;

 

(vii)         to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this
Indenture under the TIA or under any similar federal statute hereafter enacted and to add to this Indenture such other provisions as
may be expressly required by the TIA;

 

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

 

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

 

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

 

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

 

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

 

Section 9.02     Supplemental
Indentures with Consent of Noteholders.

 

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

 

(i)         change
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the Interest
Rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections
on, or the proceeds of the sale of, the Trust Estate to payment of principal of or interest on the Notes, or change any place of payment
where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement
of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the
payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after
the Redemption Date);

 

(ii)         reduce
the percentage of the Outstanding Amount of the Controlling Securities, the consent of the Holders of which is required for any such
supplemental indenture, or the consent of the Holders of which is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

 

(iii)         modify
or alter the provisions of the proviso to the definition of the term “Outstanding”;

 

(iv)         reduce
the percentage of the Outstanding Amount of the Controlling Securities required to direct the Indenture Trustee to direct the Issuing
Entity to sell or liquidate the Trust Estate pursuant to Section 5.04;

 

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(v)         modify
any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions
of this Indenture or the Basic Documents cannot be modified or waived without the consent of the Holder of each Outstanding Note affected
thereby;

 

(vi)         modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal
due on any Note on any Payment Date (including the calculation of any of the individual components of such calculation) or to affect
the rights of the Holders of Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein;

 

(vii)         permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Trust Estate
or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto
or deprive the Holder of any Note of the security provided by the lien of this Indenture; or

 

(viii)         except
as provided in Section 5.04(a)(iv), liquidate the Receivables when the proceeds of such sale would be insufficient to fully
pay the Notes.

 

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

 

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

 

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

 

Section 9.03     Execution
of Supplemental Indentures. In executing, or permitting the additional trusts created by, any supplemental indenture permitted by
this Article IX or the modification thereby of the trusts created by this Indenture, the Indenture Trustee shall be provided
with and, subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent under
this Indenture for the execution of the supplemental indenture have been complied with. The Indenture Trustee may, but shall not be obligated
to, enter into any such supplemental indenture that affects the Indenture Trustee’s own rights, duties, liabilities or immunities
under this Indenture or otherwise.

 

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

 

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

 

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

 

ARTICLE X

 

Redemption
of Notes

 

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

 

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Section 10.02     Form of
Redemption Notice. Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, by facsimile mailed or transmitted, by e-mail transmission or by transmission to the Clearing Agency not later than
10 days prior to the applicable Redemption Date to each Holder of Notes, as of the close of business on the Record Date preceding the
applicable Redemption Date, at such Holder’s address, facsimile number or e-mail address appearing in the Note Register.

 

All notices of redemption shall
state:

 

(a)         the
Redemption Date;

 

(b)         the
Redemption Price;

 

(c)         the
place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuing
Entity to be maintained as provided in Section 3.02); and

 

(d)         applicable
 “CUSIP” numbers.

 

Notice of redemption of the
Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuing Entity. Failure to give notice of redemption,
or any defect therein, to any Holder of any Note shall not impair or affect the validity of the redemption of any other Note.

 

Section 10.03     Notes
Payable on Redemption Date. The Notes or portions thereof to be redeemed shall, following notice of redemption as required by Section 10.02,
on the Redemption Date become due and payable at the Redemption Price and (unless the Issuing Entity shall default in the payment of
the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated
for purposes of calculating the Redemption Price.

 

ARTICLE XI

 

Miscellaneous

 

Section 11.01     Compliance
Certificates and Opinions, etc.

 

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

 

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

 

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

 

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

 

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

 

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

 

(b)          (i)     Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release
of any property or securities subject to the lien of this Indenture, the Issuing Entity shall, in addition to any obligation imposed
in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officer’s Certificate
certifying or stating the opinion of the person signing such certificate as to the fair value (within 90 days of such deposit) to the
Issuing Entity of the Collateral or other property or securities to be so deposited.

 

(ii)         Whenever
the Issuing Entity is required to furnish to the Indenture Trustee an Officer’s Certificate certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuing Entity shall also deliver to the Indenture
Trustee an Independent Certificate as to the same matters, if the fair value to the Issuing Entity of the securities to be so deposited
and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year
of the Issuing Entity, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is
10% or more of the Outstanding Amount of the Notes, but such a certificate need not be furnished with respect to any securities so deposited,
if the fair value thereof to the Issuing Entity as set forth in the related Officer’s Certificate is less than $25,000 or less
than one percent of the Outstanding Amount of the Notes.

 

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

 

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

 

(v)         Notwithstanding
Section 2.10 or any other provision of this Section, the Issuing Entity may, without compliance with the requirements of
the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Receivables and Financed Vehicles as
and to the extent permitted or required by the Basic Documents and (B) make cash payments out of the Note Distribution Account as
and to the extent permitted or required by the Basic Documents, so long as the Issuing Entity shall deliver to the Indenture Trustee
every six months, commencing May 15, 2022 (except that if the 15th of any such month is not a Business Day, delivery shall be required
by the immediately following Business Day), an Officer’s Certificate of the Issuing Entity stating that all the dispositions of
Collateral described in clauses (A) or (B) above that occurred during the preceding six calendar months were in the ordinary
course of the Issuing Entity’s business and that the proceeds thereof were applied in accordance with the Basic Documents.

 

Section 11.02     Form of
Documents Delivered to Indenture Trustee. In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person,
or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some
matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters
in one or several documents.

 

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

 

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

 

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

 

Section 11.03     Acts
of Noteholders.

 

(a)         Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in
person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when
such instrument or instruments are delivered to the Indenture Trustee and, where it is hereby expressly required, to the Issuing Entity.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act
of the Noteholders” signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of
the Indenture Trustee and the Issuing Entity, if made in the manner provided in this Section.

 

(b)         The
fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

 

(c)         The
ownership of Notes shall be proved by the Note Register.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 11.06     Alternate
Payment and Notice Provisions. Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuing Entity
may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying
Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuing Entity
will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices
to be given in accordance with such agreements.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 11.13     GOVERNING
LAW; JURISDICTION. THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY
OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS. THE PARTIES HERETO, EACH NOTEHOLDER BY ITS ACCEPTANCE OF A NOTE, AND EACH NOTE OWNER BY ITS ACCEPTANCE
OF AN INTEREST IN THE APPLICABLE BOOK-ENTRY NOTE OR DEFINITIVE NOTE, HEREBY UNCONDITIONALLY AND IRREVOCABLY SUBMIT TO THE NONEXCLUSIVE
GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF
NEW YORK AND THE APPELLATE COURTS OF ANY THEREOF FOR PURPOSES OF ANY ACTION OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 

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

 

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

 

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

 

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

 

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

 

Section 11.17     No
Petition. The Indenture Trustee, by entering into this Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they will not at any time institute against the Depositor or the Issuing Entity, or join in any institution against the Depositor
or the Issuing Entity of, any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings
under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture
or any of the Basic Documents.

 

Section 11.18     Inspection.
The Issuing Entity agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuing
Entity’s normal business hours, to examine all the books of account, records, reports and other papers of the Issuing Entity, to
make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the
Issuing Entity’s affairs, finances and accounts with the Issuing Entity’s officers, employees and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall, and shall cause its
representatives to, hold in confidence all such information except to the extent disclosure may be required by law (and all reasonable
applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine
that such disclosure is consistent with its obligations hereunder.

 

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

 

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ARTICLE XII

 

COMPLIANCE
WITH REGULATION AB

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(i)	the
                                            sponsor;

 

		(ii)	any
                                            depositor;

 

		(iii)	the
                                            issuing entity;

 

		(iv)	any
                                            servicer;

 

		(v)	any
                                            trustee;

 

		(vi)	any
                                            originator;

 

		(vii)	any
                                            significant obligor;

 

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

 

		(ix)	any
                                            asset representations reviewer; and

 

		(x)	any
                                            other material transaction party.

 

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

 

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

 

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

 

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

 

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

 

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

 

	 	WORLD OMNI AUTO RECEIVABLES TRUST 2021-D,
	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Owner Trustee
	 	 
	 	By:	
	 	Name:
	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but
    solely as Indenture Trustee
	 	 
	 	By:	
	 	Name:
	 	Title:

 

    

     

    

 

SCHEDULE A

 

Schedule of Receivables

 

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

 

     Sch. A

     

    

 

EXHIBIT A-1

 

[FORM OF CLASS A-1 NOTE]

 

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

 

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

 

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

  

WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

CLASS A-1 0.11772% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2021-D, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $_____ and the denominator of which is $200,000,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class A-1 Notes pursuant to Section 3.01 of the Indenture dated as of November 3,
2021 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the November 2022 Payment Date (the “Class A-1 Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

     Ex. A-1-1

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-1-2

     

    

 

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

 

 

	Date:	 	 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

	 	 	 	 	By: WILMINGTON TRUST, NATIONAL
    ASSOCIATION, 

    not in its individual capacity but solely as Owner Trustee
	 	 	 	 	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

 

	Date:		 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	 	 	not in its individual capacity but solely as Indenture Trustee

 

	 	 		By:	          
	 	 		Name:	
	 	 		Title:	

 

     Ex. A-1-3

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class A-1 0.11772% Asset-Backed Notes (herein called the “Class A-1
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes. The Class A-1 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided
in the Indenture and subject to the subordination provisions set forth therein.

 

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

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks mailed or wire transfers
shall be made to the Person entitled thereto to the address or designated account of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of St. Paul, Minnesota.

 

     Ex. A-1-4

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-1-5

     

    

 

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

 

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

 

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

 

     Ex. A-1-6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-1-7

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying
    number of assignee:
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby
    sells, assigns and transfers unto:
	 	 
	(name and address of assignee)	 

 

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

 

 

	Dated:		          	         *

 

	 	Signature Guaranteed:	 
	 
	 	_____________________________________*	 

 

 

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

 

     Ex. A-1-8

     

    

 

EXHIBIT A-2

 

[FORM OF CLASS A-2 NOTE]

 

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

 

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

 

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

  

WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

CLASS A-2 0.35% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2021-D, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $______ and the denominator of which is $387,400,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class A-2 Notes pursuant to Section 3.01 of the Indenture dated as of November 3,
2021 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the December 2024 Payment Date (the “Class A-2 Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payment of principal of the Class A-2 Notes
shall be made until the Class A-1 Notes have been paid in full. Capitalized terms used but not defined herein are defined in Article I
of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

     Ex. A-2-1

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-2-2

     

    

 

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

 

	Date:	 	 	 	WORLD OMNI AUTO
    RECEIVABLES TRUST 2021-D

 

	 	 	 	 	WILMINGTON TRUST, NATIONAL
    ASSOCIATION,

    not in its individual capacity but solely as Owner Trustee
	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:		 	 	By: U.S. Bank  National
    Association,
	 	 	 	 	not in its individual capacity but solely as Indenture Trustee

 

		 	 	By:	          
		 	 	Name:	
		 	 	Title:	

 

     Ex. A-2-3

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class A-2 0.35% Asset-Backed Notes (herein called the “Class A-2
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes. The Class A-2 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided
in the Indenture and subject to the subordination provisions therein.

 

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

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks mailed or wire transfers
shall be made to the Person entitled thereto to the address or designated account of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of St. Paul, Minnesota.

 

     Ex. A-2-4

     

    

 

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

 

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

 

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

 

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

 

     Ex. A-2-5

     

    

 

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

 

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

 

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

 

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

 

     Ex. A-2-6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-2-7

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying
    number of assignee:
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby
    sells, assigns and transfers unto:
	 	 
	(name and address of assignee)	 

 

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

 

	Dated:		          	         *

 

	 	Signature Guaranteed:	 
	 
	 	_____________________________________	 

 

 

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

 

     Ex. A-2-8

     

    

 

EXHIBIT A-3

 

[FORM OF CLASS A-3 NOTE]

 

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

 

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

 

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

 

WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

CLASS A-3 0.81% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2021-D, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $387,400,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class A-3 Notes pursuant to Section 3.01 of the Indenture dated as of November 3,
2021 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the October 2026 Payment Date (the “Class A-3 Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class A-3 Notes
shall be made until the Class A-1 and Class A-2 Notes have been paid in full. Capitalized terms used but not defined herein
are defined in Article I of the Indenture, which also contains rules as to construction that shall be applicable herein.

 

     Ex. A-3-1

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-3-2

     

    

 

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

 

 

	Date:		 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2021-D
	 	 	 	 	 

	 	 	 	 	By: WILMINGTON
    TRUST, NATIONAL ASSOCIATION,

    not in its individual capacity but solely as Owner Trustee
	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:		 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	 	 	not in its individual capacity but solely as Indenture Trustee

 

		 	 	By:	          
		 	 	Name:	
		 	 	Title:	

 

     Ex. A-3-3

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class A-3 0.81% Asset-Backed Notes (herein called the “Class A-3
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes. The Class A-3 Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided
in the Indenture and subject to the subordination provisions therein.

 

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

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks mailed or wire transfers
shall be made to the Person entitled thereto to the address or designated account of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of St. Paul, Minnesota.

 

     Ex. A-3-4

     

    

 

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

 

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

 

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

 

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

 

     Ex. A-3-5

     

    

 

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

 

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

 

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

 

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

 

     Ex. A-3-6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-3-7

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying
    number of assignee:
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby
    sells, assigns and transfers unto:
	 	 
	(name and address of assignee)	 

 

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

 

	Dated:		          	         *

 

	 	Signature Guaranteed:	 
	 
	 	_____________________________________*	 

 

 

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

 

     Ex. A-3-8

     

    

 

EXHIBIT A-4

 

[FORM OF CLASS A-4 NOTE]

 

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

 

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

 

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

 

WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

CLASS A-4 1.10% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2021-D, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $______ and the denominator of which is $121,600,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class A-4 Notes pursuant to Section 3.01 of the Indenture dated as of November 3,
2021 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the November 2027 Payment Date (the “Class A-4 Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class A-4 Notes
shall be made until the Class A-1 Notes, Class A-2 Notes and Class A-3 Notes have been paid in full. Capitalized terms
used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.

 

     Ex. A-4-1

     

    

 

BY
ACQUIRING A CLASS A-4 NOTE, EACH INITIAL PURCHASER, TRANSFEREE AND OWNER OF A BENEFICIAL INTEREST IN SUCH NOTE WILL BE DEEMED TO
REPRESENT THAT EITHER (1) IT IS NOT AND WILL NOT BE AND IS NOT ACTING ON BEHALF OF OR ACQUIRING THE NOTES WITH THE ASSETS
OF ANY PERSON THAT IS OR WILL BE (i) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”) THAT IS SUBJECT TO TITLE I OF ERISA, (ii) A “PLAN”
DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) THAT IS SUBJECT TO
SECTION 4975 OF THE CODE, (iii) ANY ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE
MEANING OF THE DEPARTMENT OF LABOR REGULATION LOCATED AT 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)
OR (iv) ANY U.S. GOVERNMENTAL PLAN, NON-U.S. PLAN, CHURCH PLAN OR ANY OTHER EMPLOYEE BENEFIT PLAN, ACCOUNT OR ARRANGEMENT THAT IS
SUBJECT TO ANY U.S. FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE
CODE (“SIMILAR LAW”) OR (2) ITS ACQUISITION AND HOLDING OF THE CLASS A-4 NOTES (OR ANY INTEREST THEREIN) WILL NOT
GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION OF SIMILAR
LAW.

 

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

 

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

 

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

 

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

 

     Ex. A-4-2

     

    

 

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

 

	Date:		 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2021-D
	 	 	 	 	 

	 	 	 	 	By: WILMINGTON
    TRUST, NATIONAL ASSOCIATION,

    not in its individual capacity but solely as Owner Trustee
	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:		 	 	U.S. BANK NATIONAL ASSOCIATION,
	 	 	 	 	not in its individual capacity but solely as Indenture Trustee

 

		 	 	By:	          
		 	 	Name:	
		 	 	Title:	

 

     Ex. A-4-3

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class A-4 1.10% Asset-Backed Notes (herein called the “Class A-4
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes. The Class A-4 Notes are subject to all terms of the Indenture.

  

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided
in the Indenture and subject to the subordination provisions therein.

 

Principal of the Class A-4
Notes will be payable on each Payment Date and, if the Class A-4 Notes have not been paid in full prior to the Class A-4 Final
Scheduled Payment Date, on the Class A-4 Final Scheduled Payment Date, in an amount described on the face hereof. “Payment
Date” means the fifteenth day of each month or, if such day is not a Business Day, the immediately following Business Day.
The initial Payment Date will be December 15, 2021.

 

As described above, the entire
unpaid principal amount of this Note shall be due and payable on the Class A-4 Final Scheduled Payment Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes representing at least a majority of the Outstanding Amount
of the Controlling Securities have declared the Notes to be immediately due and payable in the manner provided in Section 5.02
of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Class A-4 Noteholders entitled
thereto.

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks mailed or wire transfers
shall be made to the Person entitled thereto to the address or designated account of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of St. Paul, Minnesota.

 

     Ex. A-4-4

     

    

 

The Issuing Entity shall pay
interest on overdue installments of interest at the Class A-4 Interest Rate to the extent lawful.

 

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

 

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

 

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

 

     Ex. A-4-5

     

    

 

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

 

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

 

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

 

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

 

     Ex. A-4-6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     Ex. A-4-7

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying
    number of assignee:
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby
    sells, assigns and transfers unto:
	 	 
	(name and address of assignee)	 

 

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

 

	Dated:		          	         *

 

	 	Signature Guaranteed:	 
	 
	 	_____________________________________*	 

 

 

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

 

     Ex. A-4-8

     

    

 

EXHIBIT B

 

[FORM OF CLASS B NOTE]

 

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

 

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

 

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

 

WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

CLASS B 1.52% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2021-D, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $34,530,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class B Notes pursuant to Section 3.01 of the Indenture dated as of November 3,
2021 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the November 2027 Payment Date (the “Class B Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class B Notes shall
be made until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes have been paid in full. Capitalized
terms used but not defined herein are defined in Article I of the Indenture, which also contains rules as to construction
that shall be applicable herein.

 

     Ex. B-1

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. B-2

     

    

 

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

 

	Date:		 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

	 	 	 	 	 	 
	 	 	 	 	By: WILMINGTON
    TRUST, NATIONAL ASSOCIATION, 

    not in its individual capacity but solely as Owner Trustee
	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:		 	 	U.S. Bank  National
    Association,
	 	 	 	 	not in its individual capacity but solely as Indenture Trustee

 

		 	 	By:	          
		 	 	Name:	
		 	 	Title:	

 

     Ex. B-3

     

    

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class B 1.52% Asset-Backed Notes (herein called the “Class B
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes. The Class B Notes are subject to all terms of the Indenture.

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided
in the Indenture and subject to the subordination provisions therein.

 

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

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks mailed or wire transfers
shall be made to the Person entitled thereto to the address or designated account of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of St. Paul, Minnesota.

 

     Ex. B-4

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. B-5

     

    

 

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

 

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

 

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

 

     Ex. B-6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     Ex. B-7

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying
    number of assignee:
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby
    sells, assigns and transfers unto:
	 	 
	(name and address of assignee)	 

 

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

 

	Dated:		          	         *

 

	 	Signature Guaranteed:	 
	 
	 	_____________________________________*	 

 

 

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

 

     Ex. B-8

     

    

 

EXHIBIT C

 

[FORM OF CLASS C NOTE]

 

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

 

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

 

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

 

WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

CLASS C 1.72% ASSET-BACKED NOTES

 

WORLD OMNI AUTO RECEIVABLES
TRUST 2021-D, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuing
Entity”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ___________
DOLLARS payable on each Payment Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which
is $________ and the denominator of which is $17,270,000 by (ii) the aggregate amount, if any, payable from the Note Distribution
Account in respect of principal on the Class C Notes pursuant to Section 3.01 of the Indenture dated as of November 3,
2021 (the “Indenture”), between the Issuing Entity and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”); provided, however, that the entire unpaid principal amount of this Note shall be due and payable on
the earlier of the June 2028 Payment Date (the “Class C Final Scheduled Payment Date”) and the Redemption
Date, if any, pursuant to Section 10.01 of the Indenture. Generally, no payments of principal of the Class C Notes shall
be made until the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes have
been paid in full. Capitalized terms used but not defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

 

     Ex. C-1

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. C-2

     

    

 

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

 

	Date:		 	 	WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

	 	 	 	 	 	 
	 	 	 	 	By: WILMINGTON
    TRUST, NATIONAL ASSOCIATION, 

    not in its individual capacity but solely as Owner Trustee
	 	 
	 	 	 	 	By:	 
	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	Date:		 	 	U.S. Bank  National
    Association,
	 	 	 	 	not in its individual capacity but solely as Indenture Trustee

 

		 	 	By:	          
		 	 	Name:	
		 	 	Title:	

 

This Note is one of a duly
authorized issue of Notes of the Issuing Entity, designated as its Class C 1.72% Asset-Backed Notes (herein called the “Class C
Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights and obligations thereunder of the Issuing Entity, the Indenture Trustee and the Holders of the
Notes. The Class C Notes are subject to all terms of the Indenture.

 

     Ex. C-3

     

    

 

The Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class B Notes and the Class C Notes (collectively,
the “Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided
in the Indenture and subject to the subordination provisions therein.

 

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

 

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

 

Payments of interest on this
Note due and payable on each Payment Date, together with the installment of principal, if any, to the extent not in full payment of this
Note, shall be made by check or wire transfer to the Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payments will
be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks mailed or wire transfers
shall be made to the Person entitled thereto to the address or designated account of such Person as it appears on the Note Register as
of the applicable Record Date without requiring that this Note be submitted for notation of payment. Any reduction in the principal amount
of this Note (or any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuing Entity, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed or transmitted
prior to such Payment Date, and the amount then due and payable shall be payable only upon presentation and surrender of this Note at
the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for
such purposes located in the City of St. Paul, Minnesota.

 

     Ex. C-4

     

    

 

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

 

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

 

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

 

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

 

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

 

     Ex. C-5

     

    

 

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

 

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

 

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

 

     Ex. C-6

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

     Ex. C-7

     

    

 

ASSIGNMENT

 

	Social Security or taxpayer I.D. or other identifying
    number of assignee:
	 	 
	 
	FOR VALUE RECEIVED, the undersigned hereby
    sells, assigns and transfers unto:
	 	 
	(name and address of assignee)	 

 

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

 

	Dated:		          	         *

 

	 	Signature Guaranteed:	 
	 
	 	_____________________________________*	 

 

 

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

 

     Ex. C-8

     

    

 

EXHIBIT D

 

SERVICING CRITERIA FOR INDENTURE TRUSTEE’S
ASSESSMENT OF COMPLIANCE

 

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

 

	Reference	Servicing
    Criteria	Applicable

    Servicing Criteria

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

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

 

     Ex. D-1

     

    

 

	Reference	Servicing
    Criteria	Applicable

                                            Servicing Criteria

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

 

     Ex. D-2

     

    

 

	Reference	Servicing
    Criteria	Applicable

                                            Servicing Criteria

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

 

     Ex. D-3

     

    

 

EXHIBIT E

 

FORM OF INDENTURE TRUSTEE’S ANNUAL
CERTIFICATION

 

		RE:	WORLD OMNI AUTO RECEIVABLES TRUST 2021-D

 

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

 

		1.	It has reviewed the report on assessment
                                            of the Indenture Trustee’s compliance provided in accordance with Rules 13a-18
                                            and 15d-18 under the Securities Exchange Act of 1934, as amended (the “Exchange
                                            Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”),
                                            and the registered public accounting firm’s attestation report provided in accordance
                                            with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of
                                            Regulation AB (the “Attestation Report”) that were delivered by the Indenture
                                            Trustee to the Depositor pursuant to the Indenture, dated as of November 3, 2021, by
                                            and between the Indenture Trustee and World Omni Auto Receivables Trust 2021-D (collectively,
                                            the “Indenture Trustee Information”);

 

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

 

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

 

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

 

	 	U.S.
    Bank National Association,

    not in its individual capacity but solely as

    Indenture Trustee
	 	 
	 	By:	                   
	 	Name:
	 	Title:

 

	Date:		 

 

     Ex. E

     

    

 

EXHIBIT F

 

FORM OF TRANSFEROR CERTIFICATE

 

[DATE]

 

U.S. Bank National Association 

190 South LaSalle Street 

7th Floor 

Chicago, IL 60603

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni Auto Receivables Trust 2021-D

c/o Wilmington Trust, National Association 

Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890-0001 

Attention: Corporate Trust Administration

 

		Re:	World Omni Auto Receivables Trust 2021-D Class [ ] Notes

 

Ladies and Gentlemen:

 

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

 

     Ex. F-1

     

    

 

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

 

     Ex. F-2

     

    

 

EXHIBIT G

 

FORM OF INVESTMENT LETTER

 

U.S. Bank National Association 

190 South LaSalle Street 

7th Floor 

Chicago, IL 60603

 

World Omni Auto Receivables LLC

250 Jim Moran Boulevard

Deerfield Beach, FL 33442

 

World Omni Auto Receivables Trust 2021-D

c/o Wilmington Trust, National Association 

Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890-0001 

Attention: Corporate Trust Administration

 

Ladies and Gentlemen:

 

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

 

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

 

    Ex. G-1

     

    

 

2.          [CHECK
ONE]

 

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

 

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

 

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

 

    Ex. G-2

     

    

 

4.         Unless
counsel satisfactory to the Indenture Trustee shall have rendered an opinion to the effect that the Class ___ Notes to be transferred
will be characterized as indebtedness for U.S. federal income tax purposes, we represent (i) that we are a United States person
(within the meaning of Section 7701(a)(30) of the Code) and (ii) that we are not acquiring the Class ___ Notes with the
assets of any Plan; and we acknowledge that unless the Indenture Trustee shall have received such an opinion, no transfer of any Class ___
Note shall be permitted to be made to any person who is not a United States person or who acquires such Class ___ Notes with the
assets of any Plan and any such purported transfer in violation of these restrictions shall be null and void.

 

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

 

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

 

    Ex. G-3

     

    

 

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

 

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

 

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

 

    Ex. G-4

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