Document:

Trust Agreement, dated as of September 20, 2006

 Exhibit 4.3 
 EXECUTION COPY 

 TRUST AGREEMENT 
 between 
 WORLD OMNI AUTO RECEIVABLES LLC,

 as Depositor, 
 and 

THE BANK OF NEW YORK (DELAWARE) 
 as Owner
Trustee 
 Dated September 20, 2006 
  

 TABLE OF CONTENTS 
  

					
	  	  	 	  	Page
	 ARTICLE I Definitions
	  	1
			
	 SECTION 1.01
	  	Capitalized Terms	  	1
		
	 ARTICLE II Organization
	  	1
			
	 SECTION 2.01
	  	Name	  	1
	 SECTION 2.02
	  	Office	  	1
	 SECTION 2.03
	  	Purposes and Powers	  	1
	 SECTION 2.04
	  	Appointment of Owner Trustee	  	2
	 SECTION 2.05
	  	Initial Capital Contribution of Owner Trust Estate	  	2
	 SECTION 2.06
	  	Declaration of Trust	  	2
	 SECTION 2.07
	  	Liability of the Depositor and the Certificateholders	  	3
	 SECTION 2.08
	  	Title to Trust Property	  	3
	 SECTION 2.09
	  	Situs of Trust	  	4
	 SECTION 2.10
	  	Representations and Warranties of the Depositor	  	4
	 SECTION 2.11
	  	Financing Statements	  	5
	 SECTION 2.12
	  	Amended and Restated Trust Agreement	  	5
		
	 ARTICLE III Trust Certificates and Transfer of Interests
	  	5
			
	 SECTION 3.01
	  	[Reserved]	  	5
	 SECTION 3.02
	  	The Trust Certificates	  	5
	 SECTION 3.03
	  	Authentication of Trust Certificates	  	6
	 SECTION 3.04
	  	Registration of Transfer and Exchange of Trust Certificates	  	6
	 SECTION 3.05
	  	Mutilated, Destroyed, Lost or Stolen Trust Certificates	  	8
	 SECTION 3.06
	  	Persons Deemed Owners	  	8
	 SECTION 3.07
	  	Access to List of Certificateholders’ Names and Addresses	  	8
	 SECTION 3.08
	  	Maintenance of Office or Agency	  	9
	 SECTION 3.09
	  	Appointment of Paying Agent	  	9
		
	 ARTICLE IV Actions by Owner Trustee
	  	9
			
	 SECTION 4.01
	  	Prior Notice to Certificateholders with Respect to Certain Matters	  	9
	 SECTION 4.02
	  	Action by Certificateholders with Respect to Certain Matters	  	10
	 SECTION 4.03
	  	Action by Certificateholders with Respect to Bankruptcy	  	10
	 SECTION 4.04
	  	Restrictions on Certificateholders’ Power	  	11
	 SECTION 4.05
	  	Majority Control	  	11
		
	 ARTICLE V Application of Trust Funds; Certain Duties
	  	11
			
	 SECTION 5.01
	  	[Reserved]	  	11
	 SECTION 5.02
	  	Application of Trust Funds	  	11
	 SECTION 5.03
	  	Method of Payment	  	11
	 SECTION 5.04
	  	No Segregation of Monies; No Interest	  	12
	 SECTION 5.05
	  	Accounting and Reports to the Certificateholders, the Internal Revenue Service and Others	  	12

  

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	 SECTION 5.06
	  	Signature on Returns	  	13
		
	 ARTICLE VI Authority and Duties of Owner Trustee
	  	13
			
	 SECTION 6.01
	  	General Authority	  	13
	 SECTION 6.02
	  	General Duties	  	13
	 SECTION 6.03
	  	Action upon Instruction	  	13
	 SECTION 6.04
	  	No Duties Except as Specified in this Agreement or in Instructions	  	14
	 SECTION 6.05
	  	No Action Except Under Specified Documents or Instructions	  	14
	 SECTION 6.06
	  	Restrictions	  	15
	 SECTION 6.07
	  	Issuance of Notes	  	15
		
	 ARTICLE VII Concerning the Owner Trustee
	  	15
			
	 SECTION 7.01
	  	Acceptance of Trusts and Duties	  	15
	 SECTION 7.02
	  	Furnishing of Documents	  	16
	 SECTION 7.03
	  	Representations and Warranties of the Owner Trustee	  	17
	 SECTION 7.04
	  	[Reserved]	  	17
	 SECTION 7.05
	  	Reliance; Advice of Counsel	  	17
	 SECTION 7.06
	  	Not Acting in Individual Capacity	  	18
	 SECTION 7.07
	  	Owner Trustee Not Liable for Trust Certificates or Receivables	  	18
	 SECTION 7.08
	  	Owner Trustee May Own Trust Certificates and Notes	  	19
	 SECTION 7.09
	  	Legal Proceedings	  	19
		
	 ARTICLE VIII Compensation of Owner Trustee
	  	19
			
	 SECTION 8.01
	  	Owner Trustee’s Fees and Expenses	  	19
	 SECTION 8.02
	  	Indemnification	  	19
	 SECTION 8.03
	  	Payments to the Owner Trustee	  	20
		
	 ARTICLE IX Termination of Trust Agreement
	  	20
			
	 SECTION 9.01
	  	Termination of Trust Agreement	  	20
		
	 ARTICLE X Successor Owner Trustees and Additional Owner Trustees
	  	21
			
	 SECTION 10.01
	  	Eligibility Requirements for Owner Trustee	  	21
	 SECTION 10.02
	  	Resignation or Removal of Owner Trustee	  	21
	 SECTION 10.03
	  	Successor Owner Trustee	  	22
	 SECTION 10.04
	  	Merger or Consolidation of the Owner Trustee	  	22
	 SECTION 10.05
	  	Appointment of Co-Trustee or Separate Trustee	  	23
		
	 ARTICLE XI Miscellaneous
	  	24
			
	 SECTION 11.01
	  	Supplements and Amendments	  	24
	 SECTION 11.02
	  	No Legal Title to Owner Trust Estate in Certificateholders	  	25
	 SECTION 11.03
	  	Limitations on Rights of Others	  	25
	 SECTION 11.04
	  	Notices	  	26
	 SECTION 11.05
	  	Severability	  	26
	 SECTION 11.06
	  	Separate Counterparts	  	26
	 SECTION 11.07
	  	Successors and Assigns	  	26
	 SECTION 11.08
	  	Covenants of the Depositor	  	26

  

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	 SECTION 11.09
	  	No Petition	  	27
	 SECTION 11.10
	  	No Recourse	  	27
	 SECTION 11.11
	  	Headings	  	27
	 SECTION 11.12
	  	GOVERNING LAW	  	27
		
	 ARTICLE XII COMPLIANCE WITH REGULATION AB
	  	28
			
	 SECTION 12.01
	  	Intent of the Parties; Reasonableness	  	28
	 SECTION 12.02
	  	Information to Be Provided by the Owner Trustee	  	28

  

			
	 EXHIBIT A
	  	Form of Trust Certificate
	 EXHIBIT B
	  	 Form of Certificate of Trust

	 EXHIBIT C
	  	 Form of Transferor Certificate

	 EXHIBIT D
	  	 Form of Investment Letter

	 EXHIBIT E
	  	 [Reserved]

	 EXHIBIT F
	  	 Forms of Receivables

  

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 TRUST AGREEMENT 
 This TRUST AGREEMENT is dated September 20, 2006, between WORLD OMNI AUTO RECEIVABLES LLC, a Delaware limited liability company, as depositor, and THE BANK OF NEW YORK (DELAWARE), a Delaware banking corporation, as
owner trustee. 
 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Capitalized Terms. Certain capitalized terms used in this Agreement shall have the
respective meanings assigned to them in Part I of Appendix A to the Sale and Servicing Agreement of even date herewith. All references herein to “the Agreement” or “this Agreement” are to this Trust Agreement
as it may be amended and supplemented from time to time, the Exhibits hereto and the capitalized terms used herein which are defined in such Appendix A, and all references herein to Articles, Sections and subsections are to Articles, Sections
and subsections of this Agreement unless otherwise specified. The rules of construction set forth in Part II of such Appendix A shall be applicable to this Agreement. 
 ARTICLE II  
 ORGANIZATION 
 SECTION 2.01 Name. The Trust shall be known as “World Omni Auto Receivables Trust 2006-B” in which name the Owner Trustee may
conduct the business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued. 
 SECTION
2.02 Office. The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor. 
 SECTION 2.03 Purposes and Powers. (a) The purpose of the Trust is to engage in the following activities and the Trust shall have the power
and authority: 
 (i) to issue and cause to be authenticated the Notes pursuant to the Indenture and the Trust Certificates
pursuant to this Agreement and to transfer the Notes and the Trust Certificates to the Depositor; 
 (ii) with the proceeds of
the sale of the Notes, to purchase the Receivables, to make deposits into and withdrawals from the Reserve Account, the Pre-Funding Account, if any, and the Negative Carry Account, if any, and to pay the organizational, start-up and transactional
expenses of the Trust; 
  

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 (iii) to assign, grant, transfer, pledge, mortgage and convey the Owner Trust Estate
pursuant to the Indenture (including the filing of financing statements in connection therewith) and to hold, manage and distribute to the Certificateholders pursuant to the terms of the Sale and Servicing Agreement any portion of the Owner Trust
Estate released from the Lien of, and remitted to the Trust pursuant to, the Indenture; 
 (iv) to enter into and perform its
obligations under the Basic Documents to which it is to be a party; 
 (v) to engage in those activities, including entering
into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; 
 (vi) to give the Issuing Entity Order (as defined in the Indenture) to the Indenture Trustee to authenticate and deliver the Notes; and 
 (vii) subject to compliance with the Basic Documents, to engage in such other activities as may be required in connection with
conservation of the Owner Trust Estate and the making of distributions to the Certificateholders and the Noteholders. 
 The Trust is hereby
authorized to engage in the foregoing activities. The Trust shall not engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents. 
 SECTION 2.04 Appointment of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein and under the Statutory Trust Act. 
 SECTION 2.05 Initial Capital
Contribution of Owner Trust Estate. The Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner Trustee, the sum of $1 previously delivered. The Owner Trustee hereby acknowledges receipt in trust from the Depositor, as of
the date hereof, of the foregoing contribution, which shall constitute the initial Owner Trust Estate. The Depositor shall pay organizational expenses of the Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse
the Owner Trustee for any such expenses paid by the Owner Trustee. 
 SECTION 2.06 Declaration of Trust. The Owner Trustee hereby
declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic Documents. It is the intention
of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. The Trust is not intended to be a business trust within the meaning
of Section 101(9)(A)(v) of the Bankruptcy Code. It is also the intention of the parties hereto that, solely for Federal, state and local income and franchise tax purposes, on and after the Closing Date, (a) so long as the Trust has only
one Certificateholder, the Trust shall be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust 
  

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will be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the
partnership being the Certificateholders, and the Notes being non-recourse debt of the partnership. The Depositor (and any future Certificateholder by the purchase of the Trust Certificate will be deemed to have agreed) and the Owner Trustee agree
to take no action inconsistent with such tax treatment. The Trust shall not elect to be treated as an association under Treasury Regulations Section 301.7701-3(a). The parties agree that, unless otherwise required by appropriate tax
authorities, the sole Certificateholder or the Trust, as applicable, will file or cause to be filed annual or other necessary returns, reports and other forms consistent with the foregoing characterization of the Trust for such tax purposes.
Effective as of the date hereof, the Owner Trustee, shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Trust. Any action taken on behalf of the Trust prior to
the date hereof with respect to the filing of financing statements, the Certificate of Trust, a qualification to do business in the State of Alabama, a sales finance company license in the states of Pennsylvania or Maryland or any similar license in
any other state or jurisdiction is hereby ratified. 
 SECTION 2.07 Liability of the Depositor and the Certificateholders.
(a) The Depositor shall be liable directly to and will indemnify any injured party for all losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent not paid out of the Owner Trust Estate) to the extent
that the Depositor would be liable if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor were a general partner; provided, however, that the Depositor shall not be liable for any
losses incurred by a Certificateholder in the capacity of an investor in the Trust Certificates, or by a Noteholder in the capacity of an investor in the Notes. In addition, any third party creditors of the Trust (other than in connection with the
obligations described in the preceding sentence for which the Depositor shall not be liable) shall be deemed third party beneficiaries of this Section 2.07. 
 (b) No Certificateholder, other than to the extent set forth in paragraph (a), shall have any personal liability for any liability or obligation of the Trust. 
 SECTION 2.08 Title to Trust Property. Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal
entity except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate
trustee, as the case may be. 
  

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 SECTION 2.09 Situs of Trust. The Trust will be located in the State of Delaware and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York. The Trust shall not have any employees in any state other than Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware. Payments will be received by the Trust only in Delaware or New York, and payments will be made
by the Trust only from Delaware or New York. The only office of the Trust shall be the principal corporate trust office of the Owner Trustee located at White Clay Center, Route 273, Newark, Delaware 19711. 
 SECTION 2.10 Representations and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that: 

(a) The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with
power and authority to own its properties and to conduct its business as such properties are currently owned and such business is presently conducted. 
 (b) The Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary material licenses and approvals, in all jurisdictions in which the ownership
or lease of property or the conduct of its business shall require such qualifications, except where the failure to be so qualified or to have obtained such licenses or approvals would not have a material adverse effect on the Depositor’s
earnings, business affairs or business prospects. 
 (c) The Depositor has the power and authority to execute and deliver this Agreement and
to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly authorized such sale and assignment and deposit to the Trust by all
necessary action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary action. 
 (d) The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice
or lapse of time) a default under, the limited liability company agreement or bylaws of the Depositor; (ii) breach, conflict with or violate any of the material terms or provisions of, or constitute (with or without notice or lapse of time) a
default under, any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; (iii) result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such
indenture, agreement or other instrument (other than pursuant to the Basic Documents); or (iv) violate any law or, to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any
federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties, except, in the case of clauses (ii), (iii) and (iv), for such breaches, defaults, conflicts,
liens or violations that would not have a material adverse effect on the Depositor’s earnings, business affairs or business prospects. 
  

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 (e) To the Depositor’s best knowledge, there are no proceedings or investigations pending or
threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties: (i) asserting the invalidity of this Agreement or any of the other Basic
Documents, (ii) seeking to prevent the issuance of the Trust Certificates or the consummation of any of the transactions contemplated by this Agreement or any of the other Basic Documents, (iii) seeking any determination or ruling that
could reasonably be expected to materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or any of the other Basic Documents or (iv) involving the Depositor
and which might materially and adversely affect the federal income tax or other federal, state or local tax attributes of the Trust Certificates. 
 SECTION 2.11 Financing Statements. The Trust hereby authorizes the filing of financing statements in connection with the grant of a security interest to the Indenture Trustee pursuant to the granting clause of the Indenture. In
addition, the Trust hereby ratifies any such financing statements filed prior to the date hereof. 
 SECTION 2.12 Amended and Restated
Trust Agreement. This Trust Agreement is the amended and restated trust agreement contemplated by the Trust Agreement dated as of June 26, 2006 between the Depositor and the Owner Trustee (the “Initial Trust Agreement”).
This Trust Agreement amends and restates in its entirety the Initial Trust Agreement. 
 ARTICLE III  
 TRUST CERTIFICATES AND TRANSFER OF INTERESTS 
 SECTION 3.01 [Reserved] 
 SECTION 3.02 The Trust Certificates. The Trust Certificates shall
represent a 100% Percentage Interest in the Trust. On the date hereof, the Depositor or its designee shall be the sole Certificateholder of each of the Trust Certificates and each of the Trust Certificates shall be registered, upon initial issuance,
in the name of the Depositor or its designee. The Trust Certificates shall be executed on behalf of the Trust by manual or facsimile signature of an authorized officer of the Owner Trustee. Trust Certificates bearing the manual or facsimile
signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign on behalf of the Owner Trustee, shall be validly issued and entitled to the benefit of this Agreement, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at the date of authentication and delivery of such Trust Certificates. 
 A transferee of a Trust Certificate shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a
Certificateholder hereunder upon such transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to Section 3.04. 
  

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 SECTION 3.03 Authentication of Trust Certificates. On the Closing Date, the Owner Trustee shall
cause the Trust Certificates to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor signed by the Depositor’s president, any vice president, secretary, treasurer or any assistant
treasurer, without further company action by the Depositor. No Trust Certificate shall entitle a Certificateholder to any benefit under this Agreement or be valid for any purpose unless there shall appear on such Trust Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or the Certificate Registrar, by manual signature; such authentication shall constitute conclusive evidence that such Trust Certificate shall
have been duly authenticated and delivered hereunder. All Trust Certificates shall be dated the date of their authentication. 
 SECTION 3.04
Registration of Transfer and Exchange of Trust Certificates. The certificate registrar (the “Certificate Registrar”) shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a
certificate register (the “Certificate Register”) in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the registration of Trust Certificates and of transfers and exchanges of
Trust Certificates as herein provided. The Owner Trustee shall be the initial Certificate Registrar. 
 The Trust Certificates have not been
and will not be registered under the Securities Act and will not be listed on any exchange. No transfer of a Trust Certificate shall be made unless such transfer is made pursuant to an effective registration statement under the Securities Act and
any applicable state securities laws or is exempt from the registration requirements under the Securities Act and such state securities laws. In the event that a transfer is to be made in reliance upon an exemption from the Securities Act and state
securities laws, in order to assure compliance with the Securities Act and such laws, the Certificateholder desiring to effect such transfer and such Holder’s prospective transferee shall each certify to the Owner Trustee and the Depositor in
writing the facts surrounding the transfer in substantially the forms set forth in Exhibit C (the “Transferor Certificate”) and Exhibit D (the “Investment Letter”). Except in the case of a transfer as
to which the proposed transferee has provided an Investment Letter with respect to a Rule 144A transaction, there shall also be delivered to the Owner Trustee an opinion of counsel that such transfer may be made pursuant to an exemption from the
Securities Act and state securities laws, which opinion of counsel shall not be an expense of the Trust, the Owner Trustee or the Indenture Trustee (unless it is the transferee from whom such opinion is to be obtained) or of the Depositor or World
Omni; provided that such opinion of counsel in respect of the applicable state securities laws may be a memorandum of law rather than an opinion if such counsel is not licensed in the applicable jurisdiction. The Depositor shall provide to
any Certificateholder and any prospective transferee designated by any such Certificateholder information regarding the Certificates and the Receivables and such other information as shall be necessary to satisfy the condition to eligibility set
forth in Rule 144A(d)(4) for transfer of any such Certificate without registration thereof under the Securities Act pursuant to the registration exemption provided by Rule 144A. Each Certificateholder desiring to effect such a transfer shall, and
does hereby agree to, indemnify the Issuing Entity, the Owner Trustee, the Indenture Trustee, the Depositor and World Omni (in any capacity) against any liability that may result if the transfer is not so exempt or is not made in accordance with
federal and state securities laws. 
  

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 No transfer of a Trust Certificate shall be made to any Person unless the Certificate Registrar has
received (A) a certificate in the form of paragraph 3 to the Investment Letter attached hereto as Exhibit D from such Person to the effect that such Person is not and is not acting on behalf of (i) an employee benefit plan (as
defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code,
(iii) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity or (iv) any plan that is subject to any federal, state or local law that is, to a material extent, similar to the prohibited
transaction provisions of ERISA or Section 4975 of the Code (“Similar Law”) (each, a “Plan”) or (B) an opinion of counsel satisfactory to the Certificate Registrar and the Depositor to the effect that the
purchase and holding of such Trust Certificate will not constitute or result in the assets of the Issuing Entity being deemed to be “plan assets” subject to the prohibited transactions provisions of ERISA, Section 4975 of the Code or
Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Certificate Registrar or the Depositor to any obligation in addition to those undertaken in the Basic Documents; provided, however, that the Certificate
Registrar will not require such certificate or opinion in the event that, as a result of a change of law or otherwise, counsel satisfactory to the Certificate Registrar has rendered an opinion to the effect that the purchase and holding of a Trust
Certificate by a Plan or a Person that is purchasing or holding such a Trust Certificate with the assets of a Plan will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law. The preparation
and delivery of the certificate and opinions referred to above shall not be an expense of the Issuing Entity, the Owner Trustee, the Certificate Registrar, the Indenture Trustee, World Omni (in any capacity) or the Depositor. Any attempted or
purported transfer in violation of these transfer restrictions will be null and void and will vest no rights in any purported transferee. 
 The Certificate Registrar shall cause each Certificate to contain a legend stating that transfer of the Certificates is subject to certain restrictions and referring prospective purchasers of the Certificates to the terms of this Agreement
with respect to such restrictions. 
 Upon surrender for registration of transfer of any Trust Certificate at the office or agency maintained
pursuant to Section 3.08, the Owner Trustee shall execute, and the Owner Trustee or the Certificate Registrar shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Trust Certificates in
authorized denominations of a like aggregate amount dated the date of authentication by the Owner Trustee or any authenticating agent. At the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates of
authorized denominations of a like aggregate amount upon surrender of the Trust Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08. 
 Every Trust Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in
form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder or such Certificateholder’s attorney duly authorized in writing. Each Trust Certificate surrendered for registration of transfer or
exchange shall be cancelled and subsequently disposed of by the Owner Trustee in accordance with its customary practice. 
  

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 No service charge shall be made for any registration of transfer or exchange of Trust Certificates, but
the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Certificates. 
 The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate Registrar shall not register transfers or
exchanges of, Trust Certificates for a period of 15 days preceding the due date for any payment with respect to the Trust Certificates. 
 SECTION 3.05 Mutilated, Destroyed, Lost or Stolen Trust Certificates. If (a) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its
satisfaction of the destruction, loss or theft of any Trust Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless,
then in the absence of notice that such Trust Certificate has been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and denomination. In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar may
require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of ownership in
the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time. 
 SECTION
3.06 Persons Deemed Owners. Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar or any Paying Agent may treat the Person in whose name any Trust Certificate is registered
in the Certificate Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any
Paying Agent shall be bound by any notice to the contrary. 
 SECTION 3.07 Access to List of Certificateholders’ Names and
Addresses. The Certificate Registrar shall furnish or cause to be furnished to the Servicer and the Depositor, within 15 days after receipt by the Certificate Registrar of a written request therefor from the Servicer or the Depositor, a
list, in such form as the Servicer or the Depositor may reasonably require, of the names and addresses of the Certificateholders as of the most recent Record Date. If three or more Certificateholders or one or more Certificateholders of Trust
Certificates evidencing not less than a 25% Percentage Interest of the Certificates apply in writing to the Certificate Registrar, and such application states that the applicants desire to communicate with other Certificateholders with respect to
their rights under this Agreement or under the Trust Certificates and such application is accompanied by a copy of the communication that such applicants propose to transmit, then the Certificate Registrar shall, within five Business Days after the
receipt of such application, afford such applicants access during normal business hours to the current list of Certificateholders. Each Certificateholder, by receiving and holding a Trust 
  

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Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such information was derived. 
 SECTION 3.08 Maintenance of
Office or Agency. The Owner Trustee shall maintain an office or offices or agency or agencies where Trust Certificates may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Owner Trustee in
respect of the Trust Certificates and the Basic Documents may be served. The Owner Trustee initially designates its Corporate Trust Office as its office for such purposes. The Owner Trustee shall give prompt written notice to the Depositor and to
the Certificateholders of any change in the location of the Certificate Register or any such office or agency. 
 SECTION 3.09 Appointment
of Paying Agent. The Paying Agent shall make distributions to Certificateholders pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable power to
withdraw funds from the Collection Account for the purpose of making the distributions referred to above. The Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying
Agent shall have failed to perform its obligations under this Agreement in any material respect. The Indenture Trustee will be the initial Paying Agent. In the event that the Indenture Trustee shall no longer be the Paying Agent, the Owner Trustee
shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver to the Owner
Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee that, as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment
to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums shall be paid to such Certificateholders. The Paying Agent shall return all unclaimed funds to the Owner Trustee and upon removal of a
Paying Agent such Paying Agent shall also return all funds in its possession to the Owner Trustee. Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise. 
 ARTICLE IV 
 ACTIONS BY OWNER
TRUSTEE 
 SECTION 4.01 Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following
matters, the Owner Trustee shall not take action unless, at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and the Certificateholders shall not have
notified the Owner Trustee in writing prior to the 30th day after such notice is given that such Certificateholders have withheld consent or provided alternative direction: 
 (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables) and the
compromise of 

  

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any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the
Receivables); 
 (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be
filed under the Statutory Trust Act); 
 (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of
any Noteholder is required; 
 (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any
Noteholder is not required and such amendment would materially adversely affect the interests of the Certificateholders; 
 (e) the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the
Certificateholders; or 
 (f) the appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or
pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Registrar of its obligations under the Indenture or this Agreement, as
applicable. 
 SECTION 4.02 Action by Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power,
except upon the written direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 1.08 thereof, (b) appoint a successor Administrator under the Administration
Agreement pursuant to Section 1.08 thereof, (c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.01 thereof or (d) except as expressly provided in the Basic Documents, sell the
Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders. 
 SECTION 4.03 Action by Certificateholders with Respect to Bankruptcy. To the fullest extent permitted by applicable law, the Owner Trustee shall
not have any power to, and shall not, (i) institute proceedings to have the Trust declared or adjudicated bankrupt or insolvent, (ii) consent to the institution of bankruptcy or insolvency proceedings against the Trust, (iii) file a
petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (iv) consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or any similar official) of the Trust or a substantial portion of the assets of the Trust, (v) make any assignment for the benefit of the Trust’s creditors, (vi) cause the Trust to admit in writing its inability to pay
its debts generally as they become due, or (vii) take any action, or cause the Trust to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”). So long as the Indenture remains in
effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust. 
  

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 SECTION 4.04 Restrictions on Certificateholders’ Power. The Certificateholders shall not
direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents or would be contrary to
Section 2.03 or contrary to applicable law, nor shall the Owner Trustee be obligated to follow any such direction, if given. 
 SECTION 4.05 Majority Control. Except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Certificateholders of Trust Certificates evidencing in the aggregate
not less than a 50% Percentage Interest. Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Certificateholders of Trust Certificates evidencing in
the aggregate not less than a 50% Percentage Interest at the time of the delivery of such notice. 
 ARTICLE V 
 APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 
 SECTION 5.01 [Reserved]. 
 SECTION 5.02 Application of Trust Funds. 
 (a) On each Payment Date, subject to Section 5.02(b) hereof, the Paying Agent shall distribute to Certificateholders, on a pro rata basis,
amounts pursuant to Section 5.06(ii)(I) or (iii)(E), or Section 5.07(d) of the Sale and Servicing Agreement with respect to such Payment Date. 
 (b) The Certificateholders of 100% Percentage Interest of the Certificates will have the right, but not the obligation, in their sole discretion, to
instruct the Indenture Trustee in writing to retain in the Collection Account all or a portion of distributions otherwise payable to them pursuant to Section 5.06(ii)(I) or (iii)(E), or Section 5.07(d) of the Sale and
Servicing Agreement. If the Certificateholders make this election, these amounts will be treated as collections during the then-current Collection Period and the Certificateholders will have no claim to such amounts (unless distributed on a
subsequent Payment Date pursuant to Section 5.06(ii)(I) of the Sale and Servicing Agreement). 
 (c) On each Payment Date, the
Paying Agent shall send to each Certificateholder copies of the statement or statements provided to the Owner Trustee by the Servicer pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date.

 SECTION 5.03 Method of Payment. Subject to Section 9.01(c), distributions required to be made to Certificateholders on
any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either (x) by wire transfer, in immediately available funds, to the account of such Certificateholder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided to the Certificate Registrar appropriate written instructions no later than the Record Date prior to such 
  

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Payment Date, or (y) if such Certificateholder does not qualify under clause (x), by check mailed to such Certificateholder at the address of such
holder appearing in the Certificate Register. 
 SECTION 5.04 No Segregation of Monies; No Interest. Subject to
Section 5.02, monies received by the Owner Trustee hereunder need not be segregated in any manner except to the extent required by law or the Sale and Servicing Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Owner Trustee shall not be liable for any interest thereon. 
 SECTION 5.05 Accounting and Reports to the
Certificateholders, the Internal Revenue Service and Others. The Administrator shall deliver to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, or as may be requested by such Certificateholder, such
information, reports or statements as may be necessary to enable each Certificateholder to prepare its federal and state income tax returns. Consistent with the Trust’s characterization for tax purposes as a disregarded entity so long as the
Depositor or any other Person is the sole Certificateholder, no federal income tax return shall be filed on behalf of the Trust unless either (i) the Owner Trustee shall be provided with an Opinion of Counsel that, based on a change in
applicable law occurring after the date hereof, or as a result of a transfer permitted by Section 3.04, the Code requires such a filing or (ii) the Internal Revenue Service shall determine that the Trust is required to file such a
return. In the event that there shall be two or more beneficial owners of the Trust, the Administrator shall inform the Indenture Trustee in writing of such event, (x) the Administrator shall prepare or shall cause to be prepared federal and,
if applicable, state or local partnership tax returns, with all such necessary information provided to it, required to be filed by the Trust and shall remit such returns to the Depositor (or if the Depositor no longer owns any Certificates, the
Certificateholder designated for such purpose by the Depositor to the Owner Trustee in writing) at least (5) days before such returns are due to be filed, and (y) capital accounts shall be maintained by the Administrator for each
Certificateholder in accordance with the Treasury Regulations under Section 704(b) of the Code reflecting each such Certificateholder’s share of the income, gains, deductions, and losses of the Trust and/or guaranteed payments made by the
Trust and contributions to, and distributions from, the Trust. The Depositor (or such designee Certificateholder, as applicable) shall promptly sign such returns and deliver such returns after signature to the Administrator and such returns shall be
filed by the Administrator with the appropriate tax authorities. In the event that a “tax matters partner” (within the meaning of Code Section 6231(a)(7)) is required to be appointed with respect to the Trust, the Depositor or its
designee is hereby designated as tax matters partner or, if the Depositor is not a Certificateholder, the Certificateholder selected by a majority of the Certificateholders (by Percentage Interest) shall be designated as tax matters partner. In no
event shall the Certificateholder or the Depositor (or such designee Certificateholder, as applicable) be liable for any liabilities, costs or expenses of the Trust or the Noteholders arising out of the application of any tax law, including federal,
state, foreign or local income or excise taxes or any other tax imposed on or measured by income (or any interest, penalty or addition with respect thereto or arising from a failure to comply therewith) except for any such liability, cost or expense
attributable to any negligent act or omission by the Owner Trustee or the Depositor (or such designee Certificateholder, as applicable), as the case may be, in breach of its obligations under this Agreement. 
  

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 SECTION 5.06 Signature on Returns. 
 The Depositor (or, if the Depositor no longer owns any of the Certificates, the Certificateholder designated for such purpose pursuant to
Section 5.05) or the Administrator shall sign the tax returns of the Trust on behalf of the Trust, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the Owner
Trustee, as required by applicable law. 
 ARTICLE VI 
 AUTHORITY AND DUTIES OF OWNER TRUSTEE 
 SECTION 6.01 General Authority. The Owner
Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to be a
party and, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the presentation of such documents for execution to the Owner Trustee by the Depositor or its counsel. In addition to the foregoing, the Owner Trustee
is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator recommends with respect to the
Basic Documents. 
 SECTION 6.02 General Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged)
all of its responsibilities pursuant to the terms of this Agreement and to administer the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement. Notwithstanding the
foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder to the extent the Administrator has agreed in the Administration Agreement to perform any act or to discharge any duty of the Owner Trustee or
the Trust hereunder or under any Basic Document, and the Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement. 
 SECTION 6.03 Action upon Instruction. 
 (a) Subject to Article IV and in accordance with the terms of the Basic Documents, the Certificateholders may by written instruction direct the Owner Trustee in the management of the Trust. Such direction may be exercised at any
time by written instruction of the Certificateholders pursuant to Article IV. 
 (b) The Owner Trustee shall not be required to
take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to
the terms hereof or of any Basic Document or is otherwise contrary to law. 
 (c) Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this Agreement or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholders
requesting instruction as to the course of 

  

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action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of the Certificateholders received,
the Owner Trustee shall not be liable on account of such action to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall
have no liability to any Person for such action or inaction. 
 (d) In the event that the Owner Trustee is unsure as to the application of
any provision of this Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination
by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall be appropriate under the
circumstances) to the Certificateholders requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in accordance with any such instruction received, the Owner Trustee shall not be liable, on account
of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate instruction within 10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be
necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem necessary, and shall have no liability to any Person for
such action or inaction. 
 SECTION 6.04 No Duties Except as Specified in this Agreement or in Instructions. The Owner Trustee shall
not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from taking any action under, or in connection with, any
document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to Section 6.03; and no
implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement in any public office at any time or to
otherwise perfect or maintain the perfection of any security interest or lien granted to it hereunder or to prepare or file any filing, including any Securities and Exchange Commission filing for the Trust or to record this Agreement or any Basic
Document. The Owner Trustee nevertheless agrees that it will promptly take all action as may be necessary to discharge any liens on any part of the Owner Trust Estate that result from actions by, or claims against, the Owner Trustee that are not
related to the ownership or the administration of the Owner Trust Estate. 
 SECTION 6.05 No Action Except Under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Owner Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents or (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.03. 
  

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 SECTION 6.06 Restrictions. The Owner Trustee shall not take any action (a) that is
inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual knowledge of the Owner Trustee, would result in the Trust’s becoming taxable as a corporation for federal income tax purposes. The
Certificateholders shall not direct the Owner Trustee to take action that would violate the provisions of this Section 6.06. 
 SECTION 6.07 Issuance of Notes. The Owner Trustee is hereby authorized and directed on behalf of the Trust to issue the Notes pursuant to the Indenture. 
 ARTICLE VII 
 CONCERNING THE OWNER TRUSTEE 
 SECTION 7.01 Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with
respect to such trusts, but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all monies actually received by it constituting part of the Owner Trust Estate upon the terms of this Agreement. The Owner Trustee shall not
be answerable or accountable hereunder or under any Basic Document under any circumstances, except (i) for its own willful misconduct or negligence (including where such willful misconduct or negligence results in non-compliance with any
covenant or agreement of the Owner Trustee herein), (ii) for liabilities arising from the failure by the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 6.04 hereof, (iii) in the
case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner Trustee or (iv) for federal or state taxes, fees or other charges, based on or measured by any fees, commissions or
compensation received by the Owner Trustee in connection with any of the transactions contemplated by this Agreement or any of the Basic Documents. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding
sentence): 
 (a) The Owner Trustee shall not be liable for any error of judgment made by a Trust Officer of the Owner Trustee; 

(b) The Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by them in accordance with the instructions of the
Administrator or any Certificateholder (provided that the instructions have been given by the requisite Percentage Interest of the Certificates pursuant to this Agreement or one of the Basic Documents, as applicable); 
 (c) No provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of their rights or powers hereunder or under any Basic Document if the Owner Trustee shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured or provided to them; 
 (d) Under no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or
arising under any of the Basic Documents, including the principal of and interest on the Notes; 
  

 15 

 (e) The Owner Trustee shall not be responsible for or in respect of the validity or sufficiency of this
Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Owner Trust Estate, or for or in respect of the validity or sufficiency of the Basic Documents, other
than the certificate of authentication on the Trust Certificates, and the Owner Trustee shall not in any event assume or incur any liability, duty or obligation to any Noteholder or to any Certificateholder, other than as expressly provided for
herein; 
 (f) The Owner Trustee shall not be liable for the default or misconduct of the Administrator, the Depositor, the Indenture Trustee
or the Servicer under any of the Basic Documents or otherwise, and the Owner Trustee shall not have any obligation or liability to perform the obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by
the Administrator under the Administration Agreement, the Indenture Trustee under the Indenture or the Servicer or the Depositor under the Sale and Servicing Agreement; 
 (g) The Owner Trustee shall not be under any obligation to exercise any of the rights or powers vested in them by this Agreement, or to institute, conduct or defend any litigation under this Agreement or otherwise or
in relation to this Agreement or any Basic Document, at the request, order or direction of any of the Certificateholders, unless such Certificateholders have offered to them reasonable security or indemnity satisfactory to the Owner Trustee against
the costs, expenses and liabilities that may be incurred by them therein or thereby. The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the
Owner Trustee shall not be answerable for other than their negligence or willful misconduct in the performance of any such act; 
 (h) The
Owner Trustee shall not be liable for any losses due to forces beyond the control of the Owner Trustee, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts
of God and interruptions, loss or malfunctions of utilities or communications services; 
 (i) In no event shall the Owner Trustee be
personally liable (i) for special, consequential or punitive damages, (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. The Owner Trustee shall have no responsibility for the accuracy of any information provided to the Certificateholders or any other Person that has been obtained from, or provided to the Owner Trustee; and 
 (j) Notwithstanding anything to the contrary herein or any Basic Document, the Owner Trustee shall not be required to execute, deliver or certify on
behalf of the Trust or any other Person, any filings, certificates, affidavits or other instruments required under the Sarbanes-Oxley Act of 2002. 
 SECTION 7.02 Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other 
  

 16 

 
instruments furnished to the Owner Trustee under the Basic Documents. The Owner Trustee shall have no responsibility for the accuracy of any information
provided to the Certificateholders or any other Person that has been obtained from, or provided to the Owner Trustee. 
 SECTION 7.03
Representations and Warranties of the Owner Trustee. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that: 
 (a) It is a banking corporation duly formed and validly existing under the laws of the State of Delaware. It has all requisite corporate power and
authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all corporate action necessary to
authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 
 (c) Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by
it with any of the terms or provisions hereof will (i) contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it,
(ii) constitute any default under its charter documents or bylaws, (iii) constitute any default under any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound or
(iv) result in the creation or imposition of any lien, charge or encumbrance on the Owner Trust Estate resulting from actions by or claims against the Owner Trustee which are unrelated to this Agreement or the other Basic Documents. 

(d) It has the power and authority to execute and deliver this Agreement and, on behalf of the Trust, the other Basic Documents to which the Trust is
a party and to carry out their respective terms; and the execution, delivery, and performance of this Agreement by it and the other Basic Documents to which the Trust is a party have been duly authorized by all necessary corporate action.

 (e) This Agreement constitutes the legal, valid, and binding obligation of the Owner Trustee, enforceable in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity, regardless of whether such
enforceability shall be considered in a proceeding in equity or at law. 
 SECTION 7.04 [Reserved] 
 SECTION 7.05 Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument,
notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper (whether in its original or facsimile form) believed by it to be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that 
  

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such resolution has been duly adopted by such body and that the same is in full force and effect. As to any fact or matter the method of determination of
which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by its president or any vice president or by the treasurer or other authorized officers, as to such fact or matter, and such
certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 
 (b) In the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through
its agents or attorneys pursuant to agreements entered into with it, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with
reasonable care, and (ii) may consult with counsel, accountants and other skilled Persons to be selected with reasonable care and employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith which
it believes to be authorized or within its rights or powers, in accordance with the opinion or advice of any such counsel, accountants or other such Persons and not to its knowledge contrary to this Agreement or any Basic Document. 
 SECTION 7.06 Not Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, The
Bank of New York (Delaware) acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner Trustee by reason of the transactions contemplated by this Agreement or any Basic Document
shall look only to the Owner Trust Estate for payment or satisfaction thereof. 
 SECTION 7.07 Owner Trustee Not Liable for Trust
Certificates or Receivables. The Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document or of the Trust Certificates (other than the signature and countersignature of the Owner Trustee
on the Trust Certificates) or the Notes, or of any Receivable or related documents. The Owner Trustee shall not at any time have any responsibility or liability for or with respect to the legality, validity and enforceability of any Receivable, or
the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and priority, or for or with respect to the sufficiency of the Owner Trust Estate or its ability to
generate the payments to be distributed to Certificateholders under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of any Financed Vehicle; the existence and
enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment; the completeness of any
Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or
representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee. 
  

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 SECTION 7.08 Owner Trustee May Own Trust Certificates and Notes. The Owner Trustee in its
individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as it would have
if it were not Owner Trustee. 
 SECTION 7.09 Legal Proceedings. As required by Regulation AB, the Owner Trustee will promptly as
practicable notify the Servicer, the Depositor and the Issuing Entity of the commencement or, if applicable, the termination of any and all legal proceedings of which any property of the Owner Trustee is the subject, that is material to the
Class A Noteholders (as defined in the Indenture) and any such proceedings known to be contemplated by governmental authorities. In addition, the Owner Trustee will furnish to the Servicer, the Depositor and the Issuing Entity, in writing, the
necessary disclosure describing such proceedings required to be disclosed under Item 1117 of Regulation AB, for inclusion in reports filed pursuant to the Exchange Act. 
 ARTICLE VIII 
 COMPENSATION OF OWNER TRUSTEE 
 SECTION 8.01 Owner Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder during the term of
this Agreement such fees as have been separately agreed upon in writing before the date hereof between the Administrator and the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Administrator pursuant to the
Administration Agreement for its other reasonable and documented expenses hereunder, including the reasonable and documented compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may
employ in connection with the exercise and performance of its rights and its duties hereunder. 
 SECTION 8.02 Indemnification.
Pursuant to the Administration Agreement, the Administrator shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its officers, directors, stockholders, employees, successors, assigns, agents and servants (collectively,
the “Indemnified Parties”) from and against, any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable and documented costs, expenses and disbursements (including reasonable
and documented legal fees and expenses) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by or asserted against any Indemnified Party in any way relating to or arising out of
this Agreement, the Basic Documents, the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of any Indemnified Party hereunder, except only that the Administrator shall not be liable for or required to
indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in clauses (i), (ii), (iii) or (iv) of the third sentence of Section 7.01. The indemnities contained in this
Section shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement. In any event of any claim, action or proceeding for which indemnity is sought pursuant to this Section, the Owner Trustee’s choice
of legal counsel shall be 
  

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subject to the approval of the Administrator, which approval shall not be unreasonably withheld or delayed. 
 SECTION 8.03 Payments to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to
be a part of the Owner Trust Estate simultaneously with such payment. 
 ARTICLE IX 
 TERMINATION OF TRUST AGREEMENT 
 SECTION 9.01 Termination of Trust Agreement. (a) This Agreement (other than Article VIII) and the Trust shall terminate and be of no further force or effect upon the final distribution by the Owner Trustee or
Paying Agent of all monies or other property or proceeds of the Owner Trust Estate in accordance with the terms of the Indenture, the Sale and Servicing Agreement and Article V. The bankruptcy, liquidation, dissolution, death or
incapacity of any Certificateholder shall not (x) operate to terminate this Agreement or the Trust or (y) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in
any court for a partition or winding up of all or any part of the Trust or Owner Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 
 (b) Except as provided in Section 9.01(a), neither the Depositor nor any Certificateholder shall be entitled to revoke or terminate the
Trust. 
 (c) Notice of any termination of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust
Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Paying Agent by letter to Certificateholders mailed within five Business Days of receipt of actual notice of such termination from the
Servicer given pursuant to Section 9.01(b) of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Trust Certificates shall be made upon presentation and surrender of the
Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, and, as a result, payments will
be made only upon presentation and surrender of the Trust Certificates by Certificateholders at the office of the Paying Agent therein specified. The Paying Agent shall give such notice to the Certificate Registrar (if other than the Owner Trustee)
and the Owner Trustee at the time such notice is given to Certificateholders. Upon presentation and surrender of the Trust Certificates, the Paying Agent shall cause to be distributed to Certificateholders amounts distributable on such Payment Date
pursuant to Section 5.02. 
 In the event that all of the Certificateholders shall not surrender their Trust Certificates for
cancellation within six months after the date specified in the above-mentioned written notice, the Paying Agent shall give a second written notice to the remaining Certificateholders to surrender their Trust Certificates for cancellation and receive
the final distribution with respect thereto. If within one year after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee or Paying Agent 

  

 20 

 
may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their
Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Owner Trust Estate after exhaustion of such remedies shall be distributed by the Owner
Trustee to the Depositor subject to applicable escheat laws. 
 (d) Upon the winding up of the Trust and its termination and receipt of written instruction
from the Administrator, the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation (as provided to it) with the Secretary of State of the State of Delaware in accordance with the provisions of
Section 3810 of the Statutory Trust Act. 
 ARTICLE X 
 SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES 
 SECTION 10.01
Eligibility Requirements for Owner Trustee. The Owner Trustee shall at all times be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Act and it shall at all times be authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authorities and having (or having a parent which has) a long-term rating of at least “A” (or the equivalent)
by each Rating Agency. If such corporation shall publish reports of condition at least annually pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Owner Trustee shall resign promptly in the manner and with the effect specified in Section 10.02. 
 SECTION 10.02 Resignation or Removal of Owner Trustee. (a) Subject to paragraph (c) of this Section, the Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof
to the Administrator. Upon receiving such notice of resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee
and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee, as applicable, may
petition (at the expense of the Depositor) any court of competent jurisdiction for the appointment of a successor Owner Trustee. 
 (b)
Subject to paragraph (c) of this Section, if at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after written request therefor by the Administrator,
or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee. If the 

  

 21 

 
Administrator or the Depositor shall remove the Owner Trustee under the authority of the immediately preceding sentences, the Administrator shall promptly
appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing
Owner Trustee and one copy to the Depositor, together with the basis for removal. 
 (c) Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each Rating Agency. 
 SECTION 10.03 Successor Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner
Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement, and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as
may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.01. 

Upon written acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice thereof to all
Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies. If the Administrator shall fail to mail such notice within 10 Business Days after acceptance of such appointment by the successor Owner Trustee, the successor Owner
Trustee shall cause such notice to be mailed at the expense of the Administrator. 
 Any successor Owner Trustee appointed hereunder shall
promptly file an amendment to the Certificate of Trust with the Secretary of State of the State of Delaware as required by the Statutory Trust Act. 
 SECTION 10.04 Merger or Consolidation of the Owner Trustee. Any corporation or other entity into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting
from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Owner 
  

 22 

 
Trustee, shall be the successor to and assume all obligations of the Owner Trustee, without the execution or filing of any assignment or other instrument or
any further act on the part of such other entity or any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such corporation shall be eligible pursuant to Section 10.01 and, provided,
further, that the Owner Trustee shall mail notice of such merger or consolidation to each Rating Agency. 
 SECTION 10.05 Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle may
at the time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee,
jointly with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in such capacity, such title to the Trust or any part thereof and, subject to the other provisions
of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt
by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee pursuant to
Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03. 
 Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 
 (a) All rights, powers, duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the
Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that, under any law
of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of
title to the Owner Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 
 (b) No trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

 (c) The Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or
co-trustee without notice to any Rating Agency or any other Person. 
 Any notice, request or other writing given to the Owner Trustee shall
be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this
Article. Each separate trustee and co-trustee, upon its 

  

 23 

 
acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner
Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the
Owner Trustee. Each such instrument shall be filed with the Owner Trustee and a copy thereof given to the Administrator. 
 Any separate
trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its
name. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law,
without the appointment of a new or successor co-trustee or separate trustee. 
 ARTICLE XI 
 MISCELLANEOUS 
 SECTION 11.01
Supplements and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, without the consent of any of the Noteholders or the Certificateholders, to cure any ambiguity, to correct or supplement any provision in this
Agreement or for the purpose of adding any provision to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders. Such amendments require:
(i) satisfaction of the Rating Agency Condition and (ii) an Officer’s Certificate of the Depositor stating that the amendment will not materially and adversely affect the interest of any Noteholder or Certificateholder. 
 This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with the consent of holders of at least 50% of the
Outstanding Amount of the Controlling Securities (unless (i) the interests of the Noteholders are not affected materially and adversely, (ii) an Officer’s Certificate to that effect is delivered to the Indenture Trustee by the
Depositor and (iii) satisfaction of the Rating Agency Condition) and the consent of the Certificateholders evidencing not less than a 50% Percentage Interest of the Trust Certificates (unless (i) the interests of the Certificateholders are
not affected materially and adversely and (ii) an Officer’s Certificate to that effect is delivered to the Owner Trustee by the Depositor), for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholders; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or
delay the timing of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the
Controlling Securities and the Percentage Interest in the Trust Certificates required to consent to any such amendment, without the consent of the holders of all the Outstanding Notes and Certificates affected thereby. 
  

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 Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written
notification of the substance of such amendment or consent to the Administrator and the Administrator shall furnish such notice to each Certificateholder, the Indenture Trustee and each Rating Agency. 
 It shall not be necessary for the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents (and any other consents of Certificateholders provided for in this Agreement or in any
other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe. 
 Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary
of State of the State of Delaware. 
 Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner
Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Owner Trustee may, but shall not be obligated to, enter into any such amendment
that affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
 In connection with the execution
of any amendment to this Agreement or any amendment of any other agreement to which the Issuing Entity is a party, the Owner Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel or certificate of the Administrator to
the effect that such amendment is authorized or permitted by the Basic Documents and that all conditions precedent in the Basic Documents for the execution and delivery thereof by the Issuing Entity or the Owner Trustee, as the case may be, have
been satisfied. 
 SECTION 11.02 No Legal Title to Owner Trust Estate in Certificateholders. The Certificateholders shall not have
legal title to any part of the Owner Trust Estate. The Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in accordance with Articles V and IX. No
transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part of the Owner Trust Estate. 
 SECTION 11.03 Limitations on
Rights of Others. Except for Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator, the Servicer and, to the extent expressly provided
herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement (other than Section 2.07 hereof), whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim
in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 
  

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 SECTION 11.04 Notices. (a) Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or on the next Business Day after delivery if delivered by a recognized overnight courier or upon receipt of written confirmation of receipt of
facsimile, if delivered by facsimile (except that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office, facsimile: (302) 283-8279; if
to the Depositor, addressed to World Omni Auto Receivables LLC, 190 Jim Moran Boulevard, Deerfield Beach, Florida 33442, telephone: (954) 429-2200, facsimile: (954) 429-2685, Attention: Patrick C. Ossenbeck; or, as to each party, at such
other address as shall be designated by such party in a written notice to each other party. 
 (b) Any notice required or permitted to be
given to a Certificateholder shall be given by first-class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively
presumed to have been duly given, whether or not the Certificateholder receives such notice. 
 SECTION 11.05 Severability. Any
provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 SECTION 11.06 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument. 
 SECTION 11.07 Successors and Assigns. All covenants and agreements contained herein
shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted assignees, the Owner Trustee and its successors, and each Certificateholder and its successors and permitted assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder. 
 SECTION 11.08 Covenants of the Depositor. In the event that any Certificateholder commences any litigation with claims in excess of $1,000,000 to which the Depositor is a party which in the judgment of counsel
to the Depositor who may be an employee of the Depositor, shall be reasonably likely to result in a material judgment against the Depositor that the Depositor will not be able to satisfy, during the period beginning nine months following the
commencement of such litigation and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment against the Depositor, such judgment has been satisfied), the Depositor shall not pay
any dividend to World Omni, or make any distribution to World Omni, or repay the principal amount of any indebtedness of the Depositor held by World Omni, unless (i) after giving effect to such dividend, distribution or repayment, the
Depositor’s liquid assets shall not be less than the amount of actual damages claimed in such litigation that are reasonably likely to equal the 

  

 26 

 
amount of the judgment, if any, against the Depositor or (ii) the Rating Agency Condition shall have been satisfied with respect to any such dividend,
distribution or repayment. The Depositor will not at any time institute against the Trust any bankruptcy proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust
Certificates, the Notes, the Trust Agreement or any of the Basic Documents. 
 SECTION 11.09 No Petition. To the fullest extent
permitted by applicable law, the Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this Agreement, hereby covenant
and agree that they will not at any time institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any involuntary bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes, this Agreement or any of the Basic Documents. 
 SECTION 11.10 No Recourse. Each Certificateholder by accepting a Trust Certificate acknowledges that such Certificateholder’s Trust
Certificates represent beneficial interests in the Trust only and do not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may
be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the Basic Documents to which such parties are a party. 
 In the event that a Certificateholder (other than the Depositor) is deemed, under applicable law by any court or other authority of competent
jurisdiction, to have an interest in any assets of the Depositor or any Affiliate of the Depositor other than the beneficial interest in the Trust (“other assets”), the parties to this Agreement and the Certificateholders acknowledge and
agree that: (i) such Certifcateholder’s Certificate represents an undivided beneficial interest in the assets of the Trust and the Trust Estate only, (ii) any such Certificateholder’s claim against any other assets shall be, and
hereby is, subject and subordinate in all respects to the rights of other Persons to whom rights in the other assets have been expressly granted (“entitled Persons”), including to the payment in full of all amounts owing to such entitled
Persons, and (iii) the covenant set forth in the preceding clause (ii) constitutes a “subordination agreement” within the meaning of, and subject to, Section 510(a) of the Bankruptcy Code. 
 SECTION 11.11 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof. 
 SECTION 11.12 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
  

 27 

 ARTICLE XII 
 COMPLIANCE WITH REGULATION AB 
 SECTION 12.01 Intent of the Parties; Reasonableness.
The Depositor and the Owner Trustee acknowledge and agree that the purpose of this Article XII is to facilitate compliance by the Depositor with the provisions of Regulation AB and the related rules and regulations of the Commission. The Depositor
shall not exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than the Depositor’s compliance with the Securities Act, the Exchange Act and the rules
and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act). The Owner Trustee agrees to cooperate in good faith with the Depositor and shall deliver (and
cause each of its Reporting Subcontractors, if any, to deliver) to the Depositor any information reasonably requested by the Depositor regarding the Owner Trustee which is required in order to enable the Depositor to comply with the provisions of
Items 1109(a), 1109(b), 1117 and 1119 of Regulation AB or any of its other Exchange Act reporting obligations as it relates to the Owner Trustee or to the Owner Trustee’s obligations under this Agreement (including with respect to any of its
successors or predecessors; provided, however, that this parenthetical shall apply only to the successors or predecessors of the Owner Trustee contemplated by Section 10.04 hereof). The obligations of the Owner Trustee to provide
such information shall survive the removal or termination of the Owner Trustee hereunder 
 SECTION 12.02 Information to Be Provided by
the Owner Trustee. The Owner Trustee shall (i) on or before the fifth Business Day following a written request of the Depositor, provide to the Depositor, in writing, such information regarding the Owner Trustee as is requested for the
purpose of compliance with Item 1117 of Regulation AB, and (ii) pursuant to Section 7.09 hereof as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the
Depositor, in writing, updated information necessary for compliance with Item 1117 of Regulation AB. 
 The Owner Trustee shall
(i) on or before the fifth Business Day following a written request of the Depositor in connection with the preparation of any required quarterly or annual report, provide to the Depositor such information regarding the Owner Trustee as is
requested for the purpose of compliance with Items 1109(a), 1109(b) and 1119 of Regulation AB, and (ii) as promptly as practicable following notice to or discovery by the Owner Trustee of any changes to such information, provide to the
Depositor, in writing, updated information. Such information shall include, at a minimum: 
 (a) the Owner Trustee’s name and form of
organization; 
 (b) a description of the extent to which the Owner Trustee has had prior experience serving as a trustee for asset-backed
securities transactions involving receivables of the same type as the Receivables; 
  

 28 

 (c) a description of any affiliation between the Owner Trustee and any of the following parties to a
Securitization Transaction, as such parties are identified to the Owner Trustee by the Depositor in writing in advance of such Securitization Transaction: 
 (i) the sponsor; 
 (ii) any depositor; 
 (iii) the issuing entity; 
 (iv) any servicer; 
 (v) any trustee; 
 (vi) any originator; 
 (vii) any significant obligor; 
 (viii) any enhancement or support provider; and 
 (ix) any other material transaction party. 
 In connection with the above-listed parties, a description of whether there is, and if so the general character of, any business relationship, agreement, arrangement, transaction or understanding that is entered into outside the ordinary
course of business or is on terms other than would be obtained in an arm’s length transaction with an unrelated third party, apart from the asset-backed securities transaction, that currently exists or that existed during the past two years and
that is material to an investor’s understanding of the asset-backed securities. 
 *    *    *    *    *    * 
  

 29 

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

			
	 WORLD OMNI AUTO RECEIVABLES LLC,
 as Depositor

		
	 By:
	 	 /s/ Cheryl Scully

	 Name:
	 	 Cheryl Scully

	 Title:
	 	 Assistant Treasurer

  

			
	 THE BANK OF NEW YORK (DELAWARE),
 not in its individual capacity but solely as
 Owner Trustee

		
	By:	 	 /s/ Kristine Kresge Gullo

	 Name:
	 	 Kristine Kresge Gullo

	 Title:
	 	 Vice President

  

			
	 ACKNOWLEDGED AND AGREED TO BY:

	
	 THE BANK OF NEW YORK (DELAWARE)

		
	 By:
	 	 /s/ Kristine Kresge Gullo

	 Name:
	 	 Kristine Kresge Gullo

	 Title:
	 	 Vice President

 DEUTSCHE BANK TRUST COMPANY AMERICAS acknowledges and accepts, as of the date first above written, its appointment
as Paying Agent in accordance with the terms of this Agreement and agrees to be bound by the terms of this Agreement applicable to the Paying Agent. 
  

			
		
	 By:
	 	 /s/ Irene Siegel

	 Name:
	 	 Irene Siegel

	 Title:
	 	 Vice President

  

			
		
	 By:
	 	 /s/ Aranka R. Paul

	 Name:
	 	 Aranka R. Paul

	 Title:
	 	 Assistant Vice President

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

 NO SALE, PLEDGE OR OTHER TRANSFER OF THIS CERTIFICATE MAY BE MADE BY ANY PERSON UNLESS EITHER (i) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE
DEPOSITOR, (ii) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO AN ACCREDITED INVESTOR THAT EXECUTES A CERTIFICATE, SUBSTANTIALLY IN THE FORM SPECIFIED IN THE TRUST AGREEMENT, TO THE EFFECT THAT IT IS AN ACCREDITED INVESTOR ACTING FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS UNLESS THE HOLDER IS A BANK ACTING IN ITS FIDUCIARY CAPACITY), (iii) SO LONG AS THIS CERTIFICATE IS ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE 1933 ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHO THE PROSPECTIVE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QUALIFIED INSTITUTIONAL BUYER, ACTING FOR ITS OWN ACCOUNT (AND NOT FOR
THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QUALIFIED INSTITUTIONAL BUYERS) TO WHOM NOTICE IS GIVEN THAT THE SALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (iv) SUCH SALE, PLEDGE OR
OTHER TRANSFER IS 

  

 A-1 

 
OTHERWISE MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE
PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE
DEPOSITOR. EXCEPT IN THE CASE OF A TRANSFER DESCRIBED IN CLAUSES (i) OR (iii) ABOVE, THE OWNER TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE DEPOSITOR, ANY AFFILIATE OF THE DEPOSITOR OR THE
OWNER TRUSTEE) SATISFACTORY TO THE DEPOSITOR AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE 1933 ACT. 
 EACH SECURITYHOLDER, BY
ITS ACCEPTANCE OF THIS SECURITY, COVENANTS AND AGREES THAT SUCH SECURITYHOLDER, SHALL NOT, PRIOR TO THE DATE THAT IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE TRUST OR THE
DEPOSITOR TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING AN INVOLUNTARY CASE AGAINST THE TRUST OR THE DEPOSITOR UNDER ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR
LAW, OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE TRUST OR THE DEPOSITOR OR ANY SUBSTANTIAL PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OF THE AFFAIRS OF THE
TRUST OR THE DEPOSITOR. 
 THIS CERTIFICATE WILL NOT BE REGISTERED FOR TRANSFER UNLESS THE OWNER TRUSTEE RECEIVES EITHER (1) A REPRESENTATION FROM THE
TRANSFEREE OF SUCH CERTIFICATE TO THE EFFECT THAT SUCH TRANSFEREE NEITHER IS NOR IS ACTING ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS, TO A MATERIAL EXTENT, SIMILAR TO THE
PROHIBITED TRANSACTION PROVISIONS OF ERISA OR SECTION 4975 OF THE CODE (EACH OF THE FOREGOING, A “PLAN”) OR (2) IF THE TRANSFEREE IS A PLAN, OR IS ACTING ON BEHALF OF A PLAN TO INVEST IN THIS CERTIFICATE, AN OPINION OF COUNSEL
SATISFACTORY TO THE OWNER TRUSTEE TO THE EFFECT THAT SUCH TRANSFER WILL NOT RESULT IN THE ASSETS OF THE TRUST BEING DEEMED TO BE “PLAN ASSETS” OR SUBJECT THE DEPOSITOR, THE SERVICER, THE OWNER TRUSTEE OR THE INDENTURE TRUSTEE TO ANY
OBLIGATION IN ADDITION TO THOSE UNDERTAKEN IN THE TRUST AGREEMENT, THE SALE AND SERVICING AGREEMENT AND THE ADMINISTRATION AGREEMENT, INCLUDING ANY LIABILITIES ASSESSED FOR “PROHIBITED TRANSACTIONS” UNDER ERISA, THE CODE OR SIMILAR LAW.
ANY PURPORTED TRANSFER OF A CERTIFICATE TO OR ON BEHALF OF A PLAN WITHOUT THE DELIVERY OF AN OPINION OF COUNSEL REFERRED TO IN CLAUSE (2) ABOVE SHALL BE VOID AND OF NO EFFECT. 
  

 A-2 

 NO.: 
 WORLD
OMNI AUTO RECEIVABLES TRUST 2006-B 
 TRUST CERTIFICATE 
 evidencing a fractional undivided interest in the Trust, as defined below, the property which consists of retail installment sale contracts for new and used automobiles and light-duty trucks (transferred to the Trust on the Closing Date
(the “Initial Receivables”) and those retail installment contracts transferred to the Trust on Subsequent Transfer Dates during the Funding Period, if any, (the “Subsequent Receivables” and, together with the
Initial Receivables, the “Receivables”), all monies received on or after the applicable Cutoff Date; any proceeds with respect to the Receivables from claims on any physical damage, credit life or disability, theft, mechanical
breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have secured a Receivable and shall have been acquired by or on behalf of the Depositor, the Servicer,
or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni to purchase Receivables under certain circumstances; the Trust Accounts; and certain other rights under the
Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). 
 THIS TRUST
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF WORLD OMNI AUTO RECEIVABLES LLC, WORLD OMNI FINANCIAL CORP. OR ANY OF THEIR RESPECTIVE AFFILIATES. 
 THIS CERTIFIES THAT                      is the registered owner of     %
nonassessable, fully-paid, fractional undivided interest in World Omni Auto Receivables Trust 2006-B (the “Trust”), formed by World Omni Auto Receivables LLC, a Delaware limited liability company (the “Depositor”).

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
 This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement. 
  

									
	 THE BANK OF NEW YORK
 (DELAWARE)
	 		 	 THE BANK OF NEW YORK
 (DELAWARE)

			
	  	 		 	  
	 not in its individual capacity but solely as
 Owner Trustee
	 	OR	 	 not in its individual capacity but solely as
 Owner Trustee

			
		 		 	 By: THE BANK OF NEW YORK, as
 Authenticating Agent

					
	By:	 	  	 		 	 By:
	 	  
		 	Authorized Officer	 		 		 	Authorized Officer

  

 A-3 

 The Trust was created pursuant to a Trust Agreement dated June 26, 2006, (as amended and restated as
of September 20, 2006 and as may be further amended, restated or supplemented from time to time, the “Trust Agreement”), between the Depositor and The Bank of New York (Delaware), as owner trustee (the “Owner
Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust Agreement or the Sale and
Servicing Agreement, dated as of September 20, 2006 (as amended and supplemented from time to time, the “Sale and Servicing Agreement”), among the Trust, the Depositor and World Omni Financial Corp., as servicer (the
“Servicer”), as applicable. 
 This Certificate is one of the duly authorized Certificates designated as “Trust
Certificates” (herein called the “Trust Certificates”). Also issued under an Indenture, dated as of September 20, 2006 (the “Indenture”), between the Trust and Deutsche Bank Trust Company Americas, as
indenture trustee, are the Notes designated as “Asset-Backed Notes” (the “Notes”). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder of this Trust Certificate by virtue of its acceptance hereof assents and by which such Certificateholder is bound. The property of the Trust consists of retail installment sale contracts for new and used automobiles
and light-duty trucks transferred to the Trust on the Closing Date (the “Initial Receivables”) and those retail installment contracts transferred to the Trust on Subsequent Transfer Dates during the Funding Period, if any, (the
“Subsequent Receivables” and, together with the Initial Receivables, the “Receivables”), all monies received after the applicable Cutoff Date; any proceeds with respect to the Receivables from claims on any physical
damage, credit life or disability, theft, mechanical breakdown or “guaranteed auto protection” insurance policies relating to Financed Vehicles or Obligors; any Financed Vehicle that shall have secured a Receivable and shall have been
acquired by or on behalf of the Depositor, the Servicer, or the Trust; the Receivables Purchase Agreement; the Sale and Servicing Agreement, including the right of the Depositor to cause World Omni to purchase Receivables under certain
circumstances; the Trust Accounts; and certain other rights under the Trust Agreement and Sale and Servicing Agreement and all proceeds of the foregoing (but excluding the Notes and Trust Certificates). The rights of the Certificateholders are
subordinated to the rights of the Noteholders, as and to the extent set forth in the Sale and Servicing Agreement. 
 Under the Trust
Agreement, there will be distributed on the 15th of each month of each year or, if such day is not a Business Day,
the immediately following Business Day (each, a “Payment Date”), commencing on November 15, 2006, to the Person in whose name this Trust Certificate is registered at the close of business on the Business Day immediately
preceding such Payment Date (the “Record Date”), such Certificateholder’s fractional undivided interest in the amount to be distributed to Certificateholders on such Payment Date. No distributions will be made on any
Certificate on any Payment Date until the full amount of interest and principal payable on the Notes on such Payment Date has been paid in full and the Reserve Account has been replenished to its required amount, if necessary. 
 The Certificateholder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of this Trust Certificate are
subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement and the Indenture. 
  

 A-4 

 It is the intention of the Depositor, the Servicer and the Certificateholders that, solely for Federal,
state and local income and franchise tax purposes, (a) so long as the Trust has only one Certificateholder, the Trust will be disregarded as a separate entity and (b) at such time as the Trust has more than one Certificateholder, the Trust
will be treated as a partnership. Neither the Servicer nor the Depositor or any Certificateholder will take any action to the contrary. 
 Each Certificateholder, by its acceptance of a Trust Certificate, covenants and agrees that such Certificateholder will not at any time institute against the Depositor, or join in any institution against the Depositor of, any involuntary
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the Trust Certificates, the Notes,
the Trust Agreement or any of the Basic Documents. 
 Distributions on this Trust Certificate will be made as provided in the Trust Agreement
by the Paying Agent by wire transfer or check mailed to the Certificateholder without the presentation or surrender of this Trust Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Trust Certificate will be made after due notice by the Owner Trustee or Paying Agent of the pendency of such distribution and only upon presentation and surrender of this Trust Certificate at
the office or agency maintained for that purpose by the Owner Trustee. 
 Reference is hereby made to the further provisions of this Trust
Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon shall have been executed by an authorized officer of the Owner Trustee, by manual signature, this Trust Certificate shall not entitle the Certificateholder hereof to any benefit under the
Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose. 
 THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

  

 A-5 

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

											
		 		 	 WORLD OMNI AUTO RECEIVABLES
 TRUST 2006-B

					
		 		 		 	 BY:
	 	 THE BANK OF NEW YORK

		 		 		 	 (DELAWARE),

		 		 		 	 not in its individual capacity but solely as
 Owner Trustee

						
	 Dated:
	 	 ________________
	 		 		 	 By:
	 	  
		 		 		 		 		 	Authorized Signatory
		 		 		 		 		 	
		 		 		 		 		 	

 [REVERSE OF TRUST CERTIFICATE] 
 The Trust Certificates do not represent an obligation of, or an interest in, the Depositor, the Servicer, the Owner Trustee, or any affiliates of any of
them and no recourse may be had against such parties or their assets, except as expressly set forth or contemplated herein or in the Trust Agreement or the Basic Documents. In addition, this Trust Certificate is not guaranteed by any governmental
agency or instrumentality and is limited in right of payment to certain collections and recoveries with respect to the Receivables (and certain other amounts), all as more specifically set forth herein and in the Sale and Servicing Agreement. A copy
of each of the Sale and Servicing Agreement and the Trust Agreement may be examined by any Certificateholder upon written request during normal business hours at the principal office of the Depositor and at such other places, if any, designated by
the Depositor. 
 The Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the
rights and obligations of the Depositor and the rights of the Certificateholders under the Trust Agreement at any time by the Depositor and the Owner Trustee with the consent of the Certificateholders of not less than a 50% Percentage Interest in
the Trust Certificates and holders of not less than 50% of the Outstanding Amount of the Controlling Securities (as defined in the Indenture). Any such consent by the Certificateholder of this Trust Certificate shall be conclusive and binding on
such Certificateholder and on all future Certificateholders of this Trust Certificate and of any Trust Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent is made upon this
Trust Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Certificateholders of any of the Trust Certificates. 
 As provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Owner Trustee, accompanied by a written instrument of transfer in form satisfactory
to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one or more new Trust Certificates of authorized denominations
evidencing the same aggregate interest in the Trust will be issued to the designated transferee. The initial Certificate Registrar appointed under the Trust Agreement is The Bank of New York (Delaware). 
 Except as provided in the Trust Agreement, the Trust Certificates shall be issued in a 100% Percentage Interest. As provided in the Trust Agreement and
subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination, as requested by the Certificateholder surrendering the same. No
service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

 The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as 

 
the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the
contrary. 
 The obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the
payment to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of the Owner Trust Estate. The Servicer may at its option
purchase the Owner Trust Estate at a price specified in the Sale and Servicing Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Notes and the Trust Certificates; however, such
right of purchase is exercisable only as of the last day of any Collection Period as of which the Pool Balance is less than or equal to 10% of the Aggregate Starting Principal Balance of all Receivables transferred to the Trust. 

 ASSIGNMENT 
 FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

 (Please print or type name and address, including postal zip code, of assignee) 
 the within Trust Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints
                                    , attorney, to transfer
said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises. 
 Dated: 
  

					
			
	   	 	   	 	 */

	 Signature Guaranteed:
	 	
			
		 	  	 	 */

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

 EXHIBIT B 
 CERTIFICATE OF TRUST OF 
 WORLD OMNI AUTO RECEIVABLES TRUST 2006-B 
 THIS Certificate of Trust of WORLD OMNI AUTO RECEIVABLES TRUST 2006-B (the “Trust”), is being duly executed and filed by the
undersigned, as trustees, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the “Act”). 
 1. Name. The name of the statutory trust formed hereby is World Omni Auto Receivables Trust 2006-B. 
 2. Delaware Trustee. The name and business address of the trustee of the Trust in the State of Delaware are The Bank of New York (Delaware), 502 White Clay Center, Route 273, Newark, Delaware 19711. 
 3. Effective Date. This Certificate of Trust shall be effective upon filing. 
  

 B-1 

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

			
	 THE BANK OF NEW YORK
 (DELAWARE)
 as Owner Trustee,

		
	 By:
	 	  
		 	 Name:

		 	 Title:

 EXHIBIT C 
 FORM OF TRANSFEROR CERTIFICATE 
 [DATE] 
 World Omni Auto Receivables LLC 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
 The Bank of New York (Delaware), 
 as Owner Trustee 
 World Omni Auto Receivables Trust 2006-B 
  

	 	Re:	World Omni Auto Receivables Trust 2006-B  

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

			
	 Very truly yours,

	
	 [NAME OF TRANSFEROR]

		
	 By:
	 	  
		 	 Authorized Officer

  

 C-1 

 EXHIBIT D 
 FORM OF INVESTMENT LETTER 
 World Omni Auto Receivables LLC 
 190 Jim Moran Boulevard 
 Deerfield Beach, FL 33442 
 The Bank of New York (Delaware), as Owner Trustee 
 World Omni Auto Receivables Trust 2006-B 
 Ladies and Gentlemen: 
 In connection with our proposed
purchase of Trust Certificates (the “Certificates”) of World Omni Auto Receivables Trust 2006-B (the “Issuing Entity”), we confirm that: 
 1. We understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “1933 Act”),
and may not be sold except as permitted in the following sentence. We understand and agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, (x) that such Certificates are being offered only in a
transaction not involving any public offering within the meaning of the 1933 Act and (y) that such Certificates may be resold, pledged or transferred only (i) to the Depositor, (ii) to an “accredited investor” as defined in
Rule 501(a)(1),(2),(3) or (7) of Regulation D under the 1933 Act (an “Accredited Investor”) acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are Accredited
Investors unless the holder is a bank acting in its fiduciary capacity) that executes a certificate substantially in the form hereof, (iii) so long as such Certificate is eligible for resale pursuant to Rule 144A under the 1933 Act (“Rule
144A”), to a person whom we reasonably believe after due inquiry is a “qualified institutional buyer” as defined in Rule 144A, acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which
others also are “qualified institutional buyers”) to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A or (iv) in a sale, pledge or other transfer made in a transaction otherwise exempt
from the registration requirements of the 1933 Act, in which case the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Depositor in writing the facts surrounding
such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Depositor. Except in the case of a transfer described in clauses (i) or (iii) above, the Owner Trustee shall require that a written
opinion of counsel (which will not be at the expense of the Depositor, any affiliate of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee be delivered to the Depositor and the Owner Trustee to the effect that
such transfer will not violate the 1933 

  

 D-1 

 
Act, and will be effected in accordance with any applicable securities laws of each state of the United States. We will notify any purchaser of the
Certificates from us of the above resale restrictions, if then applicable. We further understand that in connection with any transfer of the Certificates by us that the Depositor and the Owner Trustee may request, and if so requested we will
furnish, such certificates and other information as they may reasonably require to confirm that any such transfer complies with the foregoing restrictions. 
 2. [CHECK ONE] 
  

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

  

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

 3. We are not (i) an employee benefit plan (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”)) that is subject to the provisions of
Title I of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) a plan subject to any federal, state or local law (“Similar Law”) which is, to a material extent, similar to the foregoing
provisions of ERISA or the Code or (iv) any entity whose underlying assets include plan assets by reason of a plan’s investment in the entity (each, a “Benefit Plan”). We hereby acknowledge that no transfer of any
Certificate shall be permitted to be made to any person unless the Trustee has received (i) a certificate from such transferee to the effect of the preceding sentence or (ii) an opinion of counsel satisfactory to the Trustee to the effect
that the purchase and holding of any such Certificate will not constitute or result in the assets of the Issuing Entity being deemed to be “plan assets” and subject to the prohibited transaction provisions of ERISA, Section 4975 of
the Code or Similar Law and will not subject the Owner Trustee, the Indenture Trustee, the Servicer or the Depositor to any obligation in 

  

 D-2 

 
addition to those undertaken in the Basic Documents with respect to the Certificates (provided, however, that the Owner Trustee will not require such
certificate or opinion in the event that, as a result of change of law or otherwise, counsel satisfactory to the Owner Trustee has rendered an opinion to the effect that the purchase and holding of any such Certificate by a Benefit Plan or a Person
that is purchasing or holding any such Certificate with the assets of a Benefit Plan will not constitute or result in a prohibited transaction under ERISA, Section 4975 of the Code or Similar Law). 
 4. We understand that the Depositor, the Trust and others will rely upon the truth and accuracy of the foregoing acknowledgments,
representations and agreements, and we agree that if any of the acknowledgments, representations and warranties deemed to have been made by us by our purchase of the Certificates, for our own account or for one or more accounts as to each of which
we exercise sole investment discretion, are no longer accurate, we shall promptly notify the Depositor. 
 5. 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:
	 	  

  

 D-3 

 EXHIBIT E 
 RESERVED 

 EXHIBIT F 
 FORM OF RECEIVABLES 
 Documents on file at: 
 Kirkland & Ellis LLP 
 200 East Randolph Drive 
 Chicago, IL 60601Form of Change of Control Agreement

 Exhibit 10.1 
 CHANGE IN CONTROL AGREEMENT 
  

			
	[Name of Executive]	 	“Executive”
		
	 Electro Scientific Industries, Inc.,
 an Oregon
corporation
 13900 N.W. Science Park Dr.
 Portland, OR
97229
	 	“Company”

 Electro Scientific Industries, Inc., an Oregon corporation (the “Company”), considers
the establishment and maintenance of a sound and vital management to be essential to protecting and enhancing the best interest of the Company and its shareholders. In this connection, the Company recognizes that, as is the case with many publicly
held corporations, the possibility of a change in control may exist and that such possibility, and the uncertainty and questions which it may raise among management, may result in the departure or distraction of management personnel to the detriment
of the Company and its shareholders. Accordingly, the Board of Directors of the Company (the “Board”) has determined that appropriate steps should be taken to reinforce and encourage the continued attention and dedication of members of the
Company’s management to their assigned duties without distraction in circumstances arising from the possibility of a change in control of the Company. 
 In order to induce Executive to remain in the employ of the Company, this Agreement, the form of which has been approved by the Board, sets forth the severance benefits which the Company agrees will be provided to
Executive in the event Executive’s employment with the Company is terminated in connection with a “Change in Control” of the Company under the circumstances described below. 
 1. Employment at Will; Agreement to Provide Services; Right to Terminate. 
 (i) Except as otherwise provided in paragraph (ii) below, the Company or Executive may terminate Executive’s employment at any
time, subject to the provisions of any employment agreement between Executive and the Company and the Company’s providing the benefits in accordance with the terms of this Agreement. 
 (ii) In the event of a Potential Change in Control of the Company as defined in Section 4, Executive agrees that Executive will not
leave the employ of the Company (other than as a result of Disability or upon Retirement, as such terms are defined in Section 4), and will render the services contemplated in the recitals to this Agreement until the earliest of (A) a date
which is 270 days from the occurrence of such Potential Change in Control of the Company or (B) a termination of Executive’s employment pursuant to which Executive becomes entitled under this Agreement to receive the benefits provided
in Section 6. 
 2. Effective Date. The Effective Date of this Agreement is September 21, 2006. 
 3. Term of Agreement. This Agreement shall commence on the Effective Date and shall continue in effect until December 31, 2006; provided,
however, that commencing on the first day of the new year following the Effective Date and each January 1 thereafter, the term of this Agreement shall automatically be extended for one additional year unless at least 90 days prior to such
January 1 date, the Company or Executive shall have given notice that this Agreement shall not be extended (provided that no such notice may be given by the Company during the pendency of a Potential Change in Control); and 

 
provided, further, that this Agreement shall continue in effect for a period of 24 months beyond the term provided herein if a Change in Control of the
Company, as defined in Section 4, shall have occurred during such term. Notwithstanding anything in this Section 3 to the contrary, this Agreement shall terminate if Executive or the Company terminate Executive’s employment prior to a
Change in Control. In addition, the Company may terminate this Agreement during Executive’s employment if, prior to a Change in Control, Executive ceases to hold Executive’s current position with the Company, except by reason of a
promotion. 
 4. Definitions. The following terms shall have the following meanings for purposes of this Agreement: 
 (i) “Cause” shall mean (A) the willful and continued failure by Executive substantially to perform Executive’s
reasonably assigned duties with the Company consistent with those duties assigned to Executive prior to the Change in Control, other than a failure resulting from Executive’s incapacity due to physical or mental illness, after a written demand
for performance has been delivered to Executive by the Chief Executive Officer or the Chairman of the Board which specifically identifies the manner in which the Chairman or the CEO believes that Executive has not substantially performed
Executive’s duties, (B) the conviction of guilty or entering of a nolo contendere plea to a felony, which is materially and demonstrably injurious to the Company, or (C) the commission of an act by Executive, or the failure by
Executive to act, which constitutes gross negligence or gross misconduct. For purposes of this Section 4(i), no act, or failure to act, on Executive’s part shall be considered “willful” unless done, or omitted to be done, by
Executive in bad faith. Any act, or failure to act, expressly authorized by a resolution duly adopted by the Board or based upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by Executive in
good faith. Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause unless the Company shall have delivered to Executive a copy of a resolution duly adopted by the Board finding, after reasonable notice to
Executive and an opportunity for Executive to be heard with respect to such matter, that in the good faith opinion of the Board, Executive has engaged in the conduct set forth above in (A), (B), or (C) of this Section 4(i). Any such
determination by the Board shall be subject to de novo review in mediation or in arbitration conducted pursuant to Section 15. 
 (ii) “Change of Control” of the Company shall mean the occurrence of any of the following events: 
 (A)
any consolidation, merger, plan of share exchange, or other reorganization involving the Company (a “Merger”) as a result of which the holders of outstanding securities of the Company ordinarily having the right to vote for the election of
directors (“Voting Securities”) immediately prior to the Merger do not continue to hold at least 50% of the combined voting power of the outstanding Voting Securities of the surviving or continuing corporation immediately after the Merger,
disregarding any Voting Securities issued or retained by such holders in respect of securities of any other party to the Merger; 
 (B) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Company; 
 (C) the adoption of any plan or proposal for the liquidation or dissolution of the Company; 
  

 2 

 (D) at any time during a period of two consecutive years, individuals who at the
beginning of such period constituted the Board (“Incumbent Directors”) shall cease for any reason to constitute at least a majority thereof, unless each new director elected during such two-year period was nominated or elected by
two-thirds of the Incumbent Directors then in office and voting (with new directors nominated or elected by two-thirds of the Incumbent Directors also being deemed to be Incumbent Directors); or 
 (E) any Person (as hereinafter defined) shall have become the beneficial owner (within the meaning of Rule 13d 3 under the Securities
Exchange Act of 1934 (the “Exchange Act”)), directly or indirectly, of securities of the Company ordinarily having the right to vote for the election of directors (“Voting Securities”) representing 50% or more of the combined
voting power of the then outstanding Voting Securities. 
 Notwithstanding anything in the foregoing to the contrary, unless otherwise
determined by the board, no Change in Control shall be deemed to have occurred for purposes of this Agreement if (1) Executive acquires (other than on the same basis as all other holders of the Company shares) an equity interest in an entity
that acquires the Company in a Change in Control otherwise described under Section 4(ii)(A) or (B) above, or (2) Executive is part of group that constitutes a Person which becomes a beneficial owner of Voting Securities in a
transaction that otherwise would have resulted in a Change in Control under Section 4(ii)(E) above. 
 (iii)
“Disability” shall mean the absence of Executive from Executive’s duties with the Company on a full time basis for 180 consecutive days as a result of Executive’s incapacity due to physical or mental illness, unless, within 30
days after a Notice of Termination (as defined below) is given to Executive following such absence, Executive shall have returned to the full performance of Executive’s duties. 
 (iv) “Good Reason” shall mean: 
 (A) a diminution of Executive’s status, title, position(s), or responsibilities from Executive’s status, title, position(s), and responsibilities as in effect immediately prior to the Change of Control or
the assignment to Executive of any duties or responsibilities which are inconsistent with such status, title, position(s), or responsibilities (in either case other than isolated, insubstantial or inadvertent actions which are remedied after
notice), or any removal of Executive from such position(s), except in connection with the termination of Executive’s employment for Cause, Disability or as a result of Executive’s death or voluntarily by Executive other than for Good
Reason; 
 (B) a reduction by the Company in Executive’s rate of base salary, bonus or incentive opportunity or a
substantial reduction in benefits (other than reductions that do not impact optionee’s compensation opportunity, taken as a whole, or a reduction in benefits applicable to substantially all employees); or 
 (C) the Company’s requiring Executive to be based more than 50 miles from the principal office at in which Executive is based
immediately prior to the Change in Control, except for reasonably required travel on the Company’s business. 
  

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 (v) “Potential Change in Control” of the Company shall mean the occurrence of
any of the following: 
 (A) the Company enters into an agreement, the approval of which by the shareholders would result in
the occurrence of a Change in Control of the Company; 
 (B) any Person (including the Company) publicly announces an
intention to take or to consider taking actions which if consummated would constitute a Change in Control of the Company; or 
 (C) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control of the Company has occurred. 
 (vi) “Person” shall mean and include any individual, corporation, partnership, group, association or other “person”, as such term is used in Section 14 (d) of the Securities Exchange Act
of 1934 (the “Exchange Act”), other than the Company, any subsidiary of the Company or any employee benefit plan(s) sponsored by the Company. 
 (vii) “Retirement” shall mean termination on or after Executive’s 65th birthday. 
 5. Notice of Termination; Effective Date of Termination. Any purported termination by the Company or by
Executive following of a Change in Control shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated. The “Date of
Termination” following a Change in Control shall mean (a) if Executive’s employment is to be terminated for Disability, 30 days after Notice of Termination is given (provided that Executive shall not have returned to the performance
of Executive’s duties on a full-time basis during such 30 day period), (b) if Executive’s employment is to be terminated by the Company for Cause, the date on which a Notice of Termination is given, and (c) if Executive’s
employment is to be terminated by Executive or by the Company for any other reason, the date specified in the Notice of Termination, which shall be a date no earlier than 60 days after the date on which a Notice of Termination is given (provided
that if the termination is by Executive for Good Reason the circumstances giving rise to the Good Reason have not been fully corrected by the specified date), unless an earlier date has been agreed to by the party receiving the Notice of Termination
either in advance of, or after, receiving such Notice of Termination. Notwithstanding anything in the foregoing to the contrary, if the party receiving the Notice of Termination has not previously agreed to the termination, then within 30 days after
any Notice of Termination is given, the party receiving such Notice of Termination may notify the other party that a dispute exists concerning the termination, in which event the Date of Termination shall be the date set either by mutual written
agreement of the parties or by the arbitrators in a proceeding as provided in Section 15. 
 6. Change in Control Benefits.

 (i) If within 24 months after a Change in Control, Executive’s employment by the Company shall be terminated
(A) by the Company other than for Cause, Disability or Retirement or (B) by Executive for Good Reason based on an event occurring during such period, then, Executive shall be entitled, without regard to any contrary provisions of any plan,
to the following severance benefits: 
 (A) the Company shall pay Executive’s full base salary through the Date of
Termination at the rate in effect immediately prior to the time a Notice of Termination is given plus any benefits or awards (including both cash and stock components) which 

  

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pursuant to the terms of any plans have become payable, but which have not yet been paid to Executive; 
 (B) as severance pay and in lieu of any further salary for periods subsequent to the Date of Termination, the Company shall pay to
Executive an amount in cash (subject to applicable taxes and withholdings) equal to (a) Executive’s annual base salary at the rate in effect just prior to the time of the Notice of Termination, with one-half of such amount payable in six
monthly installments as a salary continuation at the existing rate during the six month period following the Date of Termination (with the first installment paid on the last day of the month in which the Date of Termination occurs and each later
installment paid on the last day of each successive month) and the balance paid in a lump sum on the date that is six months after the Date of Termination, plus (b) an amount equal to Executive’s target bonus under the Company’s
annual cash bonus plan for the year in which the Date of Termination occurs, with payment of this amount made on the date that is six months after the Date of Termination; and 
 (C) for a 12 month period after the Date of Termination, the Company shall arrange to provide Executive and Executive’s dependents
with medical and dental insurance benefits substantially similar to those which Executive and Executive’s dependents were receiving immediately prior to the Change in Control and with the same employee contribution rate towards the premium
applicable at the Date of Termination or at the date of the Change in Control, if greater. Notwithstanding the foregoing, the Company shall not provide any benefit otherwise receivable by Executive pursuant to this paragraph (C) to the extent
that a similar benefit is actually received by Executive from a subsequent employer during such 12 month period, and any such benefit actually received by Executive shall be reported to the Company. 
 (ii) Upon a Change in Control while Executive is employed by the Company, Executive shall be entitled to Executive’s full, unreduced
payout under the Company’s annual cash bonus plan calculated at the greater of target or performance through the date of the Change in Control. Payment of this amount shall be made within 30 days of the Change in Control. 
 (iii) If Executive is a “specified employee” within the meaning of Internal Revenue Code (the “Code”)
Section 409A(a)(2)(B)(i) and any payment required to be made pursuant to this Section 6 is subject to Section 409A of the Code and not exempt from those requirements under any applicable regulations or other guidance of general
applicability, then any such payment otherwise payable on account of Executive’s termination of employment during the period ending on the date that is six months after the Date of Termination shall be paid in a lump sum on the date that is six
months after Executive’s Date of Termination instead of the date on which it would otherwise be paid. 
 (iv) Except as
specifically provided in Section 6(i)(C) above, the amount of any payment provided for in this Section 6 shall not be reduced, offset or subject to recovery by the Company by reason of any compensation earned by Executive as the result of
employment by another employer after the Date of Termination, or otherwise. 
 (v) The treatment of any options, restricted
stock, restricted stock units or other equity awards held by Executive on a Change in Control or termination of employment shall be governed by the terms of the applicable plans and agreements. 
  

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 7. Release of Claims. The Company shall have the right to require Executive to execute a general
release of claims relating to Executive’s employment at the Company and termination of employment at the Company that could be brought by Executive under this Agreement as a condition to Executive’s receipt of any payments pursuant to
Section 6; provided that the Company and each of its affiliates shall release any and all claims that each of them may have against Executive as a condition of any such release. 
 8. Section 280G Provision. 
 (i) Notwithstanding anything contained in this Agreement to the contrary, to the extent that any and all Payments with respect to the Company or a successor, direct or indirect subsidiary or affiliate of the Company
(or any successor or affiliate of any of them, and including any benefit plan of any of them), and arising in connection with an event described in Section 280G(b)(2)(A)(i) of the Code, to or for the benefit of Executive or Executive’s
dependents, heirs or beneficiaries is, was or will be subject to the excise tax imposed by Section 4999, then the Company shall pay to Executive (or to the applicable taxing authority on Executive’s behalf) an additional cash payment
(hereinafter referred to as the “Gross-Up Payment”) equal to an amount such that after payment by Executive of all taxes, interest, penalties, additions to tax and costs imposed or incurred with respect to the Gross-Up Payment (including,
without limitation, any income and excise taxes imposed upon the Gross-Up Payment), Executive retains an amount of the Gross-Up Payment equal to the excise tax imposed upon such Payment or Payments. This provision is intended to put Executive in the
same position as Executive would have been had no excise tax been imposed upon or incurred as a result of any Payment. 
 (ii)
Except as provided in subsection (d) below, the determination that a Payment is subject to an excise tax (and the amount of such tax), the amount of any Gross-Up Payment required, or a determination that Payments are to be reduced in accordance
with the foregoing shall be made in writing by a certified public accounting firm selected by the Company (“the Company’s Accountant”). Such determination shall include the amount of any such excise tax, Gross-Up Payment, or reduction
and detailed computations thereof, including any assumptions used in such computations (the written determination of the Company’s Accountant, hereinafter, “the Company’s Determination”). The Company’s Determination may be
reviewed on behalf of Executive by a certified public accounting firm selected by Executive (the “Executive’s Accountant”). Executive shall notify the Company within 30 business days after receipt of the Company’s Determination
of any disagreement or dispute therewith, and failure to so notify within that period shall be considered an agreement by Executive of the Company’s determination. In the event of an objection by Executive to the Company’s Determination,
any amount not in dispute shall be paid within 30 days following the 30 business-day period referred to herein (or such later date to the extent required to comply with Section 409A of the Code), and with respect to the amount in dispute
Executive’s Accountant and the Company’s Accountant shall jointly select a third certified public accounting firm to resolve the dispute and the decision of such third firm shall be final, binding and conclusive upon the Executive and the
Company. In such a case, the third accounting firm’s findings shall be deemed the binding determination with respect to the amount or reduction in dispute, obligating the Company to make any payment as a result thereof within 30 days following
the receipt of such third accounting firm’s determination. All fees and expenses of each of the accounting firms referred to in this section shall be borne solely by the Company. 
 (iii) As a result of uncertainty in the application of Section 4999 that may exist at the time of any determination is made pursuant
to this Section 8, it may be possible that in making the calculations required to be made hereunder, the parties or their accountants shall determine 

  

 6 

 
that a Gross-Up Payment need not be made (or shall make no determination with respect to such a payment) that properly should be made
(“Underpayment”), or that a Gross-Up Payment not properly needed to be made should be made or that no reduction in Payments should be made when such a reduction should be made (“Overpayment”). The determination of any
Underpayment shall be made using the procedures set forth in Section 8(ii) and shall be paid to Executive as an additional Gross-Up Payment. The Company or Executive shall be entitled to use procedures similar to those available in
Section 8(ii) to determine the amount of any Overpayment (provided that the Company shall bear all costs of the accountants as provided in paragraph (c)). In the event of a determination that an Overpayment was made, Executive shall promptly
pay to the Company the amount of such Overpayment together with interest at the applicable Federal rate provided for in Section 1274(d) of the Code; provided, however, that the amount to be repaid by Executive to the Company shall be subject to
reduction to the extent necessary to put Executive in the same after-tax position as if such Overpayment were never made. 
 9.
Successors; Binding Agreement. 
 (i) Upon Executive’s written request, the Company will seek to have any Successor
(as hereinafter defined), by agreement in form and substance satisfactory to you, assent to the fulfillment by the Company of its obligations under this Agreement. Failure of the Company to obtain such assent prior to or at the time a Person becomes
a Successor shall constitute Good Reason for termination by Executive of Executive’s employment if a Change in Control of the Company has occurred. For purposes of this Agreement, “Successor” shall mean any Person that succeeds to, or
has the practical ability to control (either immediately or with the passage of time), the Company’s business directly, by merger, consolidation or purchase of assets, or indirectly, by purchase of the Company’s Voting Securities or
otherwise. 
 (ii) This Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If Executive should die while any amount would still be payable to Executive hereunder if Executive had continued to live, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee or other designee or, if there be no such designee, to Executive’s estate. 
 10. Fees and Expenses. Each party shall bear its own costs and attorney’s fees which have been incurred. The Company shall pay all legal fees
and related expenses incurred by Executive as a result of (i) Executive’s termination within 24 months following a Change in Control of the Company (including all such fees and expenses, if any, incurred in contesting or disputing any such
termination) or (ii) Executive’s seeking to obtain or enforce any right or benefit provided by this Agreement. 
 11.
Survival. The respective obligations of, and benefits afforded to, the Company and Executive as provided in Section 6, 7, 8, 10, 15 and 17 of this Agreement shall survive termination of this Agreement. 
 12. Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall
be deemed to have been duly given when (i) if delivered personally, (ii) if given by email or fax, when transmitted and evidence of confirmed transmission is received, (iii) if given by a nationally recognized overnight courier, when
received or personally delivered, or (iv) mailed by United States registered or certified mail, return receipt requested and, when delivered, and, in all case, with all charges prepaid and addressed to the address of the respective party set
forth on the first page of this Agreement, provided that all notices to the Company 

  

 7 

 
shall be directed to the attention of the Chairman of the Board or Chief Executive Officer of the Company, with a copy to the Secretary of the Company, or to
such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 13. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to
in a writing signed by Executive and the Chairman of the Board, the Chief Executive Officer of the Company or on behalf of the Board of Directors or the Compensation Committee of the Board of Directors. No waiver by either party hereto at any time
of any breach by the other party hereto of, or of compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Oregon. 
 14. Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
 15. Arbitration. Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration in
Portland, Oregon by three arbitrators in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrators’ award in any court having jurisdiction; provided, however, that Executive
shall be entitled to seek specific performance of Executive’s right to be paid until the Date of Termination during the pendency of any dispute or controversy arising under or in connection with this Agreement. The Company shall bear all costs
and expenses arising in connection with any arbitration proceeding pursuant to this Section 15. 
 16. Related Agreements. To the
extent that any provision of any other agreement between the Company or any of its subsidiaries and Executive shall limit, qualify or be inconsistent with any provision of this Agreement, then for purposes of this Agreement, while the same shall
remain in force, the provision of this Agreement shall control and such provision of such other agreement shall be deemed to have been superseded, and to be of no force or effect, as if such other agreement had been formally amended to the extent
necessary to accomplish such purpose. 
 17. Code Section 409A Compliance. Some or all of the benefits provided under this
Agreement may be subject to the requirements of Code Section 409A. In accordance with Notice 2005-1 and related proposed Treasury Regulation Section 1.409A-1 et seq., the Company and Executive acknowledge amendments to the Agreement may be
necessary to comply with Code Section 409A on or before December 31, 2006 (or such other date as may be specified in future guidance of general applicability). To the extent that Code Section 409A applies to any benefit under the
Agreement, the Agreement will be operated in good faith in accordance with the provisions of Code Section 409A, Notice 2005-1 and other guidance of general applicability. Executive agrees to execute any documents the Company considers necessary
or desirable to comply with Code Section 409A and acknowledges that benefits under the Agreement may be subject to those requirements. 
 18. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same instrument. 
  

 8 

 If this correctly sets forth our agreement on the subject matter hereof, kindly sign and return to the
Company the enclosed copy of this letter which will then constitute our agreement on this subject. 
  

			
	Electro Scientific Industries, Inc.
		
	 By:   
	 	  
	 Name:
	 	
	 Title:
	 	
	
	  
	[Name of Executive]

  

 9

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