Document:

EXHIBIT 4.2

                                    INDENTURE

                                     between

                  WORLD OMNI AUTO RECEIVABLES TRUST [____]-[_]

                                    as Issuer

                                       and

                        -------------------------------,
                              as Indenture Trustee

                                 (Series [____])

                               Dated as of [____]

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                                TABLE OF CONTENTS

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                                    ARTICLE I

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                    Definitions and Incorporation by Reference

Section 1.01        Definitions...................................................................................2
Section 1.02        Incorporation by Reference of Trust Indenture Act.............................................8
Section 1.03        Rules of Construction.........................................................................9

                                   ARTICLE II

                                    The Notes

Section 2.01        Form..........................................................................................9
Section 2.02        Execution, Authentication and Delivery.......................................................10
Section 2.03        Temporary Notes..............................................................................10
Section 2.04        (Reserved)...................................................................................11
Section 2.05        Registration; Registration of Transfer and Exchange..........................................11
Section 2.06        Mutilated, Destroyed, Lost or Stolen Notes...................................................12
Section 2.07        Persons Deemed Owner.........................................................................12
Section 2.08        Payment of Principal and Interest; Defaulted Interest........................................13
Section 2.09        Cancellation.................................................................................14
Section 2.10        Release of Collateral........................................................................14
Section 2.11        Book-Entry Notes.............................................................................14
Section 2.12        Notices to Clearing Agency...................................................................15
Section 2.13        Definitive Notes.............................................................................15
Section 2.14        Tax Treatment................................................................................15

                                   ARTICLE III

                                    Covenants

Section 3.01        Payment of Principal and Interest............................................................16
Section 3.02        Maintenance of Office or Agency..............................................................16
Section 3.03        Money for Payments To Be Held in Trust.......................................................16
Section 3.04        Existence....................................................................................18
Section 3.05        Protection of Trust Estate...................................................................18
Section 3.06        Opinions as to Trust Estate..................................................................18
Section 3.07        Performance of Obligations; Servicing of Receivables.........................................19
Section 3.08        Negative Covenants...........................................................................21
Section 3.09        Annual Statement as to Compliance............................................................21
Section 3.10        Issuer May Consolidate, etc., Only on Certain Terms..........................................21
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Section 3.11        Successor or Transferee......................................................................23
Section 3.12        No Other Business............................................................................23
Section 3.13        No Borrowing.................................................................................23
Section 3.14        Servicer's Obligations.......................................................................24
Section 3.15        Guarantees, Loans, Advances and Other Liabilities............................................24
Section 3.16        Capital Expenditures.........................................................................24
Section 3.17        Removal of Administrator.....................................................................24
Section 3.18        Restricted Payments..........................................................................24
Section 3.19        Notice of Events of Default..................................................................24
Section 3.20        Further Instruments and Acts.................................................................24
Section 3.21        Issuance of Additional Series of Notes.......................................................24

                                   ARTICLE IV

                           Satisfaction and Discharge

Section 4.01        Satisfaction and Discharge of Indenture......................................................25
Section 4.02        Application of Trust Money...................................................................26
Section 4.03        Repayment of Moneys Held by Paying Agent.....................................................26

                                    ARTICLE V

                                    Remedies

Section 5.01        Events of Default............................................................................27
Section 5.02        Acceleration of Maturity; Rescission and Annulment...........................................28
Section 5.03        Collection of Indebtedness and Suits for Enforcement by Indenture Trustee....................28
Section 5.04        Remedies; Priorities.........................................................................30
Section 5.05        Optional Preservation of the Receivables.....................................................32
Section 5.06        Limitation of Suits..........................................................................32
Section 5.07        Unconditional Rights of Noteholders To Receive Principal and Interest........................33
Section 5.08        Restoration of Rights and Remedies...........................................................33
Section 5.09        Rights and Remedies Cumulative...............................................................33
Section 5.10        Delay or Omission Not a Waiver...............................................................33
Section 5.11        Control by Noteholders.......................................................................34
Section 5.12        Waiver of Past Defaults......................................................................34
Section 5.13        Undertaking for Costs........................................................................34
Section 5.14        Waiver of Stay or Extension Laws.............................................................35
Section 5.15        Action on Notes..............................................................................35
Section 5.16        Performance and Enforcement of Certain Obligations...........................................35
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                                   ARTICLE VI

                              The Indenture Trustee

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Section 6.01        Duties of Indenture Trustee..................................................................36
Section 6.02        Rights of Indenture Trustee..................................................................37
Section 6.03        Individual Rights of Indenture Trustee.......................................................37
Section 6.04        Indenture Trustee's Disclaimer...............................................................38
Section 6.05        Notice of Defaults...........................................................................38
Section 6.06        Reports by Indenture Trustee to Holders......................................................38
Section 6.07        Compensation and Indemnity...................................................................38
Section 6.08        Replacement of Indenture Trustee.............................................................38
Section 6.09        Successor Indenture Trustee by Merger........................................................39
Section 6.10        Appointment of Co-Indenture Trustee or Separate Indenture Trustee............................40
Section 6.11        Eligibility; Disqualification................................................................41
Section 6.12        Preferential Collection of Claims Against Issuer.............................................41

                                   ARTICLE VII

                         Noteholders' Lists and Reports

Section 7.01        Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.......................41
Section 7.02        Preservation of Information; Communications to Noteholders...................................41
Section 7.03        Reports by Issuer............................................................................42
Section 7.04        Reports by Indenture Trustee.................................................................42

                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

Section 8.01        Collection of Money..........................................................................43
Section 8.02        Trust Accounts...............................................................................43
Section 8.03        General Provisions Regarding Accounts........................................................44
Section 8.04        Release of Trust Estate......................................................................45
Section 8.05        Opinion of Counsel...........................................................................45

                                   ARTICLE IX

                             Supplemental Indentures

Section 9.01        Supplemental Indentures Without Consent of Noteholders.......................................46
Section 9.02        Supplemental Indentures with Consent of Noteholders..........................................47
Section 9.03        Execution of Supplemental Indentures.........................................................48
Section 9.04        Effect of Supplemental Indenture.............................................................48
Section 9.05        Conformity with Trust Indenture Act..........................................................48
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Section 9.06        Reference in Notes to Supplemental Indentures................................................49

                                    ARTICLE X

                               Redemption of Notes

Section 10.01       Redemption...................................................................................49
Section 10.02       Form of Redemption Notice....................................................................49
Section 10.03       Notes Payable on Redemption Date.............................................................50

                                   ARTICLE XI

                                  Miscellaneous

Section 11.01       Compliance Certificates and Opinions, etc....................................................50
Section 11.02       Form of Documents Delivered to Indenture Trustee.............................................52
Section 11.03       Acts of Noteholders..........................................................................53
Section 11.04       Notices, etc., to Indenture Trustee, Issuer and Rating Agencies..............................53
Section 11.05       Notices to Noteholders; Waiver...............................................................54
Section 11.06       Alternate Payment and Notice Provisions......................................................54
Section 11.07       Conflict with Trust Indenture Act............................................................54
Section 11.08       Effect of Headings and Table of Contents.....................................................55
Section 11.09       Successors and Assigns.......................................................................55
Section 11.10       Separability.................................................................................55
Section 11.11       Benefits of Indenture........................................................................55
Section 11.12       Legal Holidays...............................................................................55
Section 11.13       GOVERNING LAW................................................................................55
Section 11.14       Recording of Indenture.......................................................................55
Section 11.15       Trust Obligation.............................................................................56
Section 11.16       No Petition..................................................................................56
Section 11.17       Inspection...................................................................................56

SCHEDULE A            -        Schedule of Receivables
EXHIBIT [A-1]         -        Form of Class [A-1] Note
EXHIBIT [A-2]         -        Form of Class [A-2] Note
EXHIBIT [A-3]         -        Form of Class [A-3] Note
EXHIBIT [A-4]         -        Form of Class [A-4] Note
EXHIBIT B             -        Form of Note Depository Agreement
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                                      -iv-

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                  INDENTURE dated as of ______________, [____], between WORLD
OMNI AUTO RECEIVABLES TRUST [____]-[__], a Delaware business trust (the
"Issuer"), and _________________________________, a _____________________, as
trustee and not in its individual capacity (the "Indenture Trustee"). Each party
agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Holders of the Issuer's Class [A-1] _________% Asset
Backed Notes (Series [____]-[__]) (the "Class [A-1] Notes"), Class [A-2]
________% Asset Backed Notes (Series [____]-[__]) (the "Class [A-2] Notes"),
Class [A-3] ________% Asset Backed Notes (Series [____]-[__]) (the "Class [A-3]
Notes") and Class [A-4]] ______% Asset Backed Notes (Series [____]-[__]) (the
"Class [A-4] Notes" and, together with the Class [A-1] Notes, the Class [A-2]
Notes and the Class [A-3] Notes, the "Notes"):

                                 GRANTING CLAUSE

                  The Issuer hereby Grants to the Indenture Trustee at the
Closing Date, as Indenture Trustee for the benefit of the Holders of the Notes,
all of the Issuer's right, title and interest in and to (a) the Receivables and
all moneys received thereon on and after ____________, [____]; (b) the security
interests in the Financed Vehicles granted by Obligors pursuant to the
Receivables and any other interest of the Issuer in such Financed Vehicles; (c)
any proceeds with respect to the Receivables from claims on any physical damage,
credit life or disability insurance policies covering Financed Vehicles or
Obligors; (d) any proceeds with respect to the Receivables from recourse to
Dealers thereon with respect to which the Servicer has determined in accordance
with its customary servicing procedures that eventual payment in full is
unlikely; (e) any Financed Vehicle that shall have secured a Receivable and that
shall have been acquired by or on behalf of the Seller, the Servicer or the
Issuer; (f) all funds on deposit from time to time in the Trust Accounts,
including the Reserve Account Initial Deposit, and in all investments and
proceeds thereof (including all income thereon); (g) the Sale and Servicing
Agreement (including the Issuer's right to cause the Seller to repurchase
Receivables from the Issuer under certain circumstances described therein); and
(h) all present and future claims, demands, causes of action and choses in
action in respect of any or all of the foregoing and all payments on or under
and all proceeds of every kind and nature whatsoever in respect of any or all of
the foregoing, including all proceeds of the conversion thereof, voluntary or
involuntary, into cash or other liquid property, all cash proceeds, accounts,
accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit
accounts, insurance proceeds, condemnation awards, rights to payment of any and
every kind and other forms of obligations and receivables, instruments and other
property which at any time constitute all or part of or are included in the
proceeds of any of the foregoing (collectively, the "Collateral").

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

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

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of its ability to the end that the interests of the Holders of the Notes may be
adequately and effectively protected.

                                   ARTICLE I

                   Definitions and Incorporation by Reference

                  Section 1.01 Definitions. (a) Except as otherwise specified
herein or as the context may otherwise require, the following terms have the
respective meanings set forth below for all purposes of this Indenture.

                  "Act" has the meaning specified in Section 11.03(a).

                  "Administration Agreement" means the Administration Agreement
dated as of [______________], [____], among the Administrator, the Issuer and
the Indenture Trustee.

                  "Administrator" means World Omni Financial Corp., a Florida
corporation, or any successor Administrator under the Administration Agreement.

                  "Affiliate" means, with respect to any specified Person, any
other Person controlling or controlled by or under common control with such
specified Person. For the purposes of this definition, "control" when used with
respect to any Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing. "Authorized Officer"
means, with respect to the Issuer, any officer of the Owner Trustee who is
authorized to act for the Owner Trustee in matters relating to the Issuer and
who is identified on the list of Authorized Officers delivered by the Owner
Trustee to the Indenture Trustee on the Closing Date (as such list may be
modified or supplemented from time to time thereafter) and, so long as the
Administration Agreement is in effect, any Vice President or more senior officer
of the Administrator who is authorized to act for the Administrator in matters
relating to the Issuer and to be acted upon by the Administrator pursuant to the
Administration Agreement and who is identified on the list of Authorized
Officers delivered by the Administrator to the Indenture Trustee on the Closing
Date (as such list may be modified or supplemented from time to time
thereafter).

                  "Basic Documents" means the Certificate of Trust, the Trust
Agreement, the Sale and Servicing Agreement, the Receivables Purchase Agreement,
the Administration Agreement, the Note Depository Agreement and other documents
and certificates delivered in connection therewith.

                  "Book-Entry Notes" means a beneficial interest in the Class
[A-1] Notes, Class [A-2] Notes, Class [A-3] Notes and Class [A-4] Notes,
ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.11.

                  "Business Day" means any day other than a Saturday, a Sunday
or a day on which banking institutions or trust companies in The City of New
York are authorized or obligated by law, regulation or executive order to remain
closed.

                                      -2-

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                  "Certificate of Trust" means the certificate of trust of the
Issuer substantially in the form of Exhibit B to the Trust Agreement.

                  "Class [A-1] Interest Rate" means ________% per annum
(computed on the basis of the actual number of days in the Interest Accrual
Period divided by 360).

                  "Class [A-1] Notes" means the Class [A-1] _________% Asset
Backed Notes, (Series 1999-_,) substantially in the form of Exhibit [A-1].

                  "Class [A-2] Interest Rate" means _____% per annum (computed
on the basis of a 360-day year consisting of twelve 30-day months).

                  "Class [A-2] Notes" means the Class [A-2] ______% Asset Backed
Notes, (Series 1999-_,) substantially in the form of Exhibit [A-2].

                  "Class [A-3] Interest Rate" means _____% per annum (computed
on the basis of a 360 day year consisting of twelve 30-day months).

                  "Class [A-3] Notes" means the Class [A-3] ______% Asset Backed
Notes, substantially in the form of Exhibit [A-3].

                  "Class [A-4] Interest Rate" means _____% per annum (computed
on the basis of a 360-day year consisting of twelve 30-day months).

                  "Class [A-4] Notes" means the Class [A-4] ______% Asset Backed
Notes, (Series 1999-_,) substantially in the form of Exhibit [A-4].

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

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

                  "Closing Date" means [_________________], [____].

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

                  "Collateral" has the meaning specified in the Granting Clause
of this Indenture.

                  "Corporate Trust Office" means the principal office of the
Indenture Trustee at which at any particular time its corporate trust business
shall be administered, which office at the date of execution of this Agreement
is located at _____________________________________, Attention:
__________________________, or at such other address as the Indenture Trustee
may designate from time to time by notice to the Noteholders and the Issuer, or
the principal corporate trust office of any successor Indenture Trustee at the
address designated by such successor Indenture Trustee by notice to the
Noteholders and the Issuer.

                                      -3-

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

                  "Definitive Notes" has the meaning specified in Section 2.11.

                  "Event of Default" has the meaning specified in Section 5.01.

                  "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

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

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

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

                  "Indenture Trustee" means _________________________________, a
________ __________________, as Indenture Trustee under this Indenture, or any
successor Indenture Trustee under this Indenture.

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

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

                                      -4-

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                  "Interest Accrual Period" means, with respect to any
Distribution Date and the Notes, the period from and including the sixth day of
the month preceding the month of such Distribution Date (or, in the case of the
first Distribution Date, the Closing Date) to and including the fifth day of the
month of such Distribution Date.

                  "Interest Rate" means the Class [A-1] Interest Rate, the Class
[A-2] Interest Rate, the Class [A-3] Interest Rate or the Class [A-4] Interest
Rate.

                  "Issuer" means World Omni Auto Receivables Trust 1999-_ until
a successor replaces it and, thereafter, means the successor and, for purposes
of any provision contained herein and required by the TIA, each other obligor on
the Notes. "Issuer Order" or "Issuer Request" means a written order or request
signed in the name of the Issuer by any one of its Authorized Officers and
delivered to the Indenture Trustee.

                  "Note" means a Class [A-1] Note, a Class [A-2] Note, a Class
[A-3] Note or a Class [A-4] Note.

                  "Note Depository Agreement" means the agreement dated
[____________], [____], among the Issuer, the Administrator, the Indenture
Trustee and The Depository Trust Company, as the initial Clearing Agency,
relating to the Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3] Notes
and the Class [A-4] Notes, substantially in the form of Exhibit B. "Note Owner"
means, with respect to a Book-Entry Note, the Person who is the beneficial owner
of such Book-Entry Note, as reflected on the books of the Clearing Agency or on
the books of a Person maintaining an account with such Clearing Agency (directly
as a Clearing Agency Participant or as an indirect participant, in each case in
accordance with the rules of such Clearing Agency).

                  "Note Register" and "Note Registrar" have the respective
meanings specified in Section 2.05.

                  "Officer's Certificate" means a certificate signed by any
Authorized Officer of the Issuer, under the circumstances described in, and
otherwise complying with, the applicable requirements of Section 11.01, and
delivered to the Indenture Trustee. Unless otherwise specified, any reference in
this Indenture to an Officer's Certificate shall be to an Officer's Certificate
of any Authorized Officer of the Issuer.

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

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

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

                                      -5-

<PAGE>

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

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

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

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

                  "Owner Trustee" means __________________________, not in its
individual capacity but solely as Owner Trustee under the Trust Agreement, or
any successor Owner Trustee under the Trust Agreement.

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

                  "Payment Date" means a Distribution Date.

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

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

                                      -6-

<PAGE>

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

                  "Rating Agency Condition" means, with respect to any action,
that each Rating Agency shall have been given 10 days (or such shorter period as
is acceptable to each Rating Agency) prior notice thereof and that each of the
Rating Agencies shall have notified the Seller, the Servicer and the Issuer in
writing that such action will not result in a reduction or withdrawal of the
then current rating of the Notes.

                  "Rating Agency" means Moody's Investor's Service ("Moody's")
and Standard & Poor's Ratings Services ("Standard & Poor's"). If no such
organization or successor is any longer in existence, "Rating Agency" shall be a
nationally recognized statistical rating organization or other comparable Person
designated by the Issuer, notice of which designation shall be given to the
Indenture Trustee, the Owner Trustee and the Servicer. Any notice required to be
given to a Rating Agency pursuant to this Agreement shall also be given to Fitch
IBCA, Inc. and Duff & Phelps Credit Rating Co., although, except as set forth
above, neither shall be deemed to be a Rating Agency for any purposes of this
Agreement.

                  "Record Date" means, with respect to a Distribution Date or
Redemption Date, the close of business on the day immediately preceding such
Distribution Date or Redemption Date or, if Definitive Notes have been issued
pursuant to Section 2.13, the 15th day of the preceding month.

                  "Redemption Date" means, in the case of a redemption of the
Notes pursuant to Section 10.01, the Distribution Date specified by the Servicer
or the Issuer pursuant to Section 10.01.

                  "Redemption Price" means in connection with a redemption of
the Notes pursuant to Section 10.01, an amount equal to the unpaid principal
amount of the Notes redeemed plus accrued and unpaid interest thereon at the
weighted average of the Interest Rates for each Class of Notes being so redeemed
to but excluding the Redemption Date.

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

                  "Responsible Officer" means, with respect to the Indenture
Trustee, any officer within the Corporate Trust Office of the Indenture Trustee,
including any Vice President, Assistant Vice President, Assistant Treasurer,
Assistant Secretary or any other officer of the Indenture Trustee customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

                  "Sale and Servicing Agreement" means the Sale and Servicing
Agreement dated as of [______________], [__], between the Issuer World Omni Auto
Receivables LLC, as Seller and World Omni Financial Corp., as Servicer.

                                      -7-

<PAGE>

                  "Schedule of Receivables" means the list of the Receivables
set forth in Schedule A (which Schedule may be in the form of microfiche).

                  "Securities Act" means the Securities Act of 1933, as amended.

                  "Seller" means World Omni Auto Receivables LLC, in its
capacity as seller under the Sale and Servicing Agreement, and its successor in
interest.

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

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

                  "Successor Servicer" has the meaning specified in Section
3.07(e).

                  "Telerate Page 3750" means the page so designated on the Dow
Jones Telerate Service or such other page as may replace that page on that
service, or such other service as may be nominated as the information vendor,
for the purpose of displaying London interbank offered rates of major banks.

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

                  "Trust Indenture Act" or "TIA" means the Trust Indenture Act
of 1939 as in force on the date hereof, unless otherwise specifically provided.

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

                  (b) Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used but not otherwise defined herein have
the respective meanings set forth in the Sale and Servicing Agreement for all
purposes of this Indenture.

                  Section 1.02 Incorporation by Reference of Trust Indenture
Act.

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

                  "Commission" means the Securities and Exchange Commission.
"indenture securities" means the Notes.

                  "indenture security holder" means a Noteholder.

                  "indenture to be qualified" means this Indenture.

                                      -8-

<PAGE>

                  "indenture trustee" or "institutional trustee" means the
Indenture Trustee.

                  "obligor" on the indenture securities means the Issuer and any
other obligor on the indenture securities.

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

                  Section 1.03 Rules of Construction. Unless the context
otherwise requires:

                  (i) a term has the meaning assigned to it;

                  (ii) an accounting term not otherwise defined has the meaning
         assigned to it in accordance with generally accepted accounting
         principles as in effect from time to time;

                  (iii) "or" is not exclusive;

                  (iv) "including" means including without limitation;

                  (v) words in the singular include the plural and words in the
          plural include the singular; and

                  (vi) any agreement, instrument or statute defined or referred
          to herein or in any instrument or certificate delivered in connection
          herewith means such agreement, instrument or statute as from time to
          time amended, modified or supplemented and includes (in the case of
          agreements or instruments) references to all attachments thereto and
          instruments incorporated therein; references to a Person are also to
          its permitted successors and assigns.

                                   ARTICLE II

                                    The Notes

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

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

                                      -9-

<PAGE>

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

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

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

                  The Indenture Trustee shall upon Issuer Order authenticate and
deliver Class [A-1] Notes for original issue in an aggregate principal amount of
$_____________, Class [A-2] Notes for original issue in an aggregate principal
amount of $_______________, Class [A-3] Notes for original issue in an aggregate
principal amount of $_____________, and Class [A-4] Notes for original issue in
an aggregate principal amount of $_____________. The aggregate principal amount
of Class [A-1] Notes, Class [A-2] Notes, Class [A-3] Notes and Class [A-4] Notes
outstanding at any time may not exceed such respective amounts except as
provided in Section 2.06. Each Note shall be dated the date of its
authentication. The Notes shall be issuable as registered Notes in the minimum
denomination of $1,000 and in integral multiples thereof.

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

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

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

                                      -10-

<PAGE>

                  Section 2.04 (Reserved).

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

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

                  Upon surrender for registration of transfer of any Note at the
office or agency of the Issuer to be maintained as provided in Section 3.02, if
the requirements of Section 8-401(1) of the UCC are met the Issuer shall
execute, and the Indenture Trustee shall authenticate and the Noteholder shall
obtain from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

                  At the option of the Holder, Notes may be exchanged for other
Notes of the same Class in any authorized denominations, of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office or
agency. Whenever any Notes are so surrendered for exchange, if the requirements
of Section 8-401(1) of the UCC are met the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, the Notes which the Noteholder making the exchange is
entitled to receive.

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

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

                  No service charge shall be made to a Holder for any
registration of transfer or exchange of Notes, but the Issuer may require
payment of a sum sufficient to cover any tax or other governmental charge that
may be imposed in connection with any registration of transfer or

                                      -11-

<PAGE>

exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.06 not
involving any transfer. The preceding provisions of this Section
notwithstanding, the Issuer shall not be required to make and the Note Registrar
need not register transfers or exchanges of Notes selected for redemption or of
any Note for a period of 15 days preceding the due date for any payment with
respect to the Note.

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

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

                  Every replacement Note issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost or stolen Notes.

                  Section 2.07 Persons Deemed Owner. Prior to due presentment
for registration of transfer of any Note, the Issuer, the Indenture Trustee and
any agent of the Issuer or the Indenture Trustee may treat the Person in whose
name any Note is registered (as of the day of determination) as the owner of
such Note for the purpose of receiving payments of principal of and interest, if
any, on such Note and for all other purposes whatsoever, whether or not such

                                      -12-
<PAGE>

Note be overdue, and none of the Issuer, the Indenture Trustee or any agent of
the Issuer or the Indenture Trustee shall be affected by notice to the contrary.

                  Section 2.08 Payment of Principal and Interest; Defaulted
Interest.

                  (a) The Class [A-1] Notes, the Class [A-2] Notes, the Class
[A-3] Notes and the Class [A-4] Notes shall accrue interest at the Class [A-1]
Interest Rate, the Class [A-2] Interest Rate, the Class [A-3] Interest Rate and
the Class [A-4] Interest Rate, respectively, as set forth in Exhibits A-1, A-2,
A-3 and A-4, respectively, and such interest shall be payable on each
Distribution Date as specified therein, subject to Section 3.01. Any installment
of interest or principal payable on a Note that is punctually paid or duly
provided for by the Issuer on the applicable Distribution Date shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date by check mailed first-class postage prepaid to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.13,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Distribution Date or on the applicable
class final scheduled Distribution Date (and except for the Redemption Price for
any Note called for redemption pursuant to Section 10.01) which shall be payable
as provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.03.

                  (b) The principal of each Note shall be payable in
installments on each Distribution Date as provided in the forms of the Notes set
forth in Exhibits [A-1], [A-2], [A-3] and [A-4]. Notwithstanding the foregoing,
the entire unpaid principal amount of the Notes shall be due and payable, if not
previously paid, on the date on which an Event of Default shall have occurred
and be continuing, if the Indenture Trustee or Holders of the Notes representing
not less than a majority of the Outstanding Amount of the Notes have declared
the Notes to be immediately due and payable in the manner provided in Section
5.02. All principal payments on each Class of Notes shall be made pro rata to
the Noteholders of such Class entitled thereto. The Indenture Trustee shall
notify the Person in whose name a Note is registered at the close of business on
the Record Date preceding the Distribution Date on which the Issuer expects that
the final installment of principal of and interest on such Note will be paid.
Such notice shall be mailed or transmitted by facsimile prior to such final
Distribution Date and shall specify that such final installment will be payable
only upon presentation and surrender of such Note and shall specify the place
where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
Noteholders as provided in Section 10.02.

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

                                      -13-

<PAGE>

the Issuer shall mail to each Noteholder a notice that states the special
record date, the payment date and the amount of defaulted interest to be paid.

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

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

                  Section 2.11 Book-Entry Notes. The Notes, upon original
issuance, will be issued in the form of typewritten Notes representing the
Book-Entry Notes, to be delivered to The Depository Trust Company, the initial
Clearing Agency, by, or on behalf of, the Issuer. The Book-Entry Notes shall be
registered initially on the Note Register in the name of Cede & Co., the nominee
of the initial Clearing Agency, and no Owner thereof will receive a definitive
Note representing such Note Owner's interest in such Note, except as provided in
Section 2.13. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to such Note Owners pursuant to Section
2.13:

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

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

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

                  (iv) the rights of Note Owners shall be exercised only through
         the Clearing Agency and shall be limited to those established by law
         and agreements between such Note Owners and the Clearing Agency and/or
         the Clearing Agency Participants pursuant to the Note Depository
         Agreement. Unless and until Definitive Notes are issued pursuant

                                      -14-

<PAGE>

         to Section 2.13, the initial Clearing Agency will make book-entry
         transfers among the Clearing Agency Participants and receive and
         transmit payments of principal of and interest on the Notes to such
         Clearing Agency Participants; and

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

                  Section 2.12 Notices to Clearing Agency. Whenever a notice or
other communication to the Noteholders is required under this Indenture, unless
and until Definitive Notes shall have been issued to such Note Owners pursuant
to Section 2.13, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

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

                  Section 2.14 Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for all
purposes including federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. The Issuer, by entering into this Indenture, and
each Noteholder, by its acceptance of a Note (and each Note Owner by its
acceptance of an interest in the applicable Book-Entry Note), agree to treat the
Notes for all purposes including federal, state and local income, single
business and franchise tax purposes as indebtedness of the Issuer.

                                  -15-

<PAGE>

                                   ARTICLE III

                                    Covenants

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

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

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

                  On or before the Business Day preceding each Distribution Date
and Redemption Date, the Issuer shall deposit or cause to be deposited in the
Note Distribution Account an aggregate sum sufficient to pay the amounts then
becoming due under the Notes, such sum to be held in trust for the benefit of
the Persons entitled thereto, and (unless the Paying Agent is the Indenture
Trustee) shall promptly notify the Indenture Trustee of its action or failure so
to act.

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

                                      -16-

<PAGE>

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

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

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

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

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

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

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

                                      -17-

<PAGE>

payable but not claimed is determinable from the records of the Indenture
Trustee or of any Paying Agent, at the last address of record for each such
Holder).

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

                  Section 3.05 Protection of Trust Estate. The Issuer will from
time to time execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

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

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

                  (iii) enforce any of the Collateral; or

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

The Issuer hereby designates the Indenture Trustee its agent and attorney-in-
fact to execute any financing statement, continuation statement or other
instrument required to be executed pursuant to this

                  Section 3.06 Opinions as to Trust Estate. (a) On the Closing
Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel
either stating that, in the opinion of such counsel, such action has been taken
with respect to the recording and filing of this Indenture, any indentures
supplemental hereto, and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements, as
are necessary to perfect and make effective the lien and security interest of
this Indenture and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

                  (b) On or before March 31, in each calendar year, beginning in
[______], the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and with respect to the execution and filing of any financing
statements and continuation statements as is necessary to maintain the lien and
security interest created by this

                                      -18-

<PAGE>

Indenture and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until March 31 in the following calendar year.

                  Section 3.07 Performance of Obligations; Servicing of
Receivables.

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

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

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

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

                  (e) As promptly as possible after the giving of notice of
termination to the Servicer of the Servicer's rights and powers pursuant to
Section 8.01 of the Sale and Servicing Agreement, the Issuer shall appoint a
successor servicer (the "Successor Servicer"), and such Successor Servicer shall
accept its appointment by a written assumption in a form acceptable to the
Indenture Trustee. In the event that a Successor Servicer has not been appointed
and

                                      -19-
<PAGE>

accepted its appointment at the time when the Servicer ceases to act as
Servicer, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer. The Indenture Trustee may resign as the
Servicer by giving written notice of such resignation to the Issuer and in such
event will be released from such duties and obligations, such release not to be
effective until the date a new servicer enters into a servicing agreement with
the Issuer as provided below. Upon delivery of any such notice to the Issuer,
the Issuer shall obtain a new servicer as the Successor Servicer under the Sale
and Servicing Agreement. Any Successor Servicer other than the Indenture Trustee
shall (i) be an established financial institution having a net worth of not less
than $100,000,000 and whose regular business includes the servicing of Contracts
and (ii) enter into a servicing agreement with the Issuer having substantially
the same provisions as the provisions of the Sale and Servicing Agreement
applicable to the Servicer. If within 30 days after the delivery of the notice
referred to above, the Issuer shall not have obtained such a new servicer, the
Indenture Trustee may appoint, or may petition a court of competent jurisdiction
to appoint, a Successor Servicer. In connection with any such appointment, the
Indenture Trustee may make such arrangements for the compensation of such
successor as it and such successor shall agree, subject to the limitations set
forth below and in the Sale and Servicing Agreement, and in accordance with
Section 8.02 of the Sale and Servicing Agreement, the Issuer shall enter into an
agreement with such successor for the servicing of the Receivables (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If
the Indenture Trustee shall succeed to the Servicer's duties as servicer of the
Receivables as provided herein, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article VI hereof shall be inapplicable to the Indenture Trustee in its duties
as the successor to the Servicer and the servicing of the Receivables. In case
the Indenture Trustee shall become successor to the Servicer under the Sale and
Servicing Agreement, the Indenture Trustee shall be entitled to appoint as
Servicer any one of its affiliates, provided that it shall be fully liable for
the actions and omissions of such affiliate in such capacity as Successor
Servicer.

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

                  (g) Without derogating from the absolute nature of the
assignment granted to the Indenture Trustee under this Indenture or the rights
of the Indenture Trustee hereunder, the Issuer agrees (i) that it will not,
without the prior written consent of the Indenture Trustee or the Holders of at
least a majority in Outstanding Amount of the Notes, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification,
supplement, termination, waiver or surrender of, the terms of any Collateral
(except to the extent otherwise provided in the Sale and Servicing Agreement) or
the Basic Documents, or waive timely performance or observance by the Servicer
or the Seller under the Sale and Servicing Agreement; and (ii) that any such
amendment shall not (A) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders or (B) reduce the aforesaid percentage of the
Notes that is required to consent to any such amendment, without the consent of
the Holders of all the Outstanding Notes. If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee or such
Holders, the Issuer agrees, promptly following a request by the

                                      -20-
<PAGE>

Indenture Trustee to do so, to execute and deliver, in its own name and at its
own expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances.

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

                  (i) except as expressly permitted by this Indenture or the
         Sale and Servicing Agreement, sell, transfer, exchange or otherwise
         dispose of any of the properties or assets of the Issuer, including
         those included in the Trust Estate, unless directed to do so by the
         Indenture Trustee;

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

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

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

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

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

                  Section 3.10 Issuer May Consolidate, etc., Only on Certain
Terms.

                                      -21-
<PAGE>

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

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

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

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

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

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

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

                  (b) Except as otherwise contemplated by Section 3.21, the
Issuer shall not convey or transfer any of its properties or assets, including
those included in the Trust Estate, to any Person, unless:

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

                                      -22-
<PAGE>

         expressly agrees by means of such supplemental indenture that such
         Person (or if a group of Persons, then one specified Person) shall make
         all filings with the Commission (and any other appropriate Person)
         required by the Exchange Act in connection with the Notes;

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

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

                  (iv) the Issuer shall have received an Opinion of Counsel (and
         shall have delivered copies thereof to the Indenture Trustee) to the
         effect that such transaction will not have any material adverse federal
         income or [Delaware] income or single business tax consequence to the
         Issuer, any Noteholder or any Certificateholder;

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

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

                  Section 3.11 Successor or Transferee.

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

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

                  Section 3.12 No Other Business. Except as otherwise
contemplated by Section 3.21, the Issuer shall not engage in any business other
than financing, purchasing, owning, selling and managing the Receivables in the
manner contemplated by this Indenture and the Basic Documents and activities
incidental thereto. The Issuer shall not fund the purchase of any new Contracts.

                  Section 3.13 No Borrowing. Except as otherwise contemplated by
Section 3.21, the Issuer shall not issue, incur, assume, guarantee or otherwise
become liable, directly or indirectly, for any indebtedness except for the
Notes.

                                      -23-
<PAGE>

                  Section 3.14 Servicer's Obligations. The Issuer shall cause
the Servicer to comply with Sections 4.09, 4.10, 4.11 and 5.09(b) and Article IX
of the Sale and Servicing Agreement.

                  Section 3.15 Guarantees, Loans, Advances and Other
Liabilities. Except as contemplated by the Sale and Servicing Agreement or this
Indenture (including Section 3.21), the Issuer shall not make any loan or
advance or credit to, or guarantee (directly or indirectly or by an instrument
having the effect of assuring another's payment or performance on any obligation
or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any stock, obligations, assets or securities of, or any
other interest in, or make any capital contribution to, any other Person.

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

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

                  Section 3.18 Restricted Payments. The Issuer shall not,
directly or indirectly, (i) pay any dividend or make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a
combination thereof, to the Owner Trustee or any owner of a beneficial interest
in the Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire
or otherwise acquire for value any such ownership or equity interest or security
or (iii) set aside or otherwise segregate any amounts for any such purpose;
provided, however, that the Issuer may make, or cause to be made, (x)
distributions as contemplated by, and to the extent funds are available for such
purpose under, the Sale and Servicing Agreement or the Trust Agreement and (y)
payments to the Indenture Trustee pursuant to Section 1(a)(ii) of the
Administration Agreement. The Issuer will not, directly or indirectly, make
payments to or distributions from the Collection Account except in accordance
with this Indenture and the Basic Documents.

                  Section 3.19 Notice of Events of Default. The Issuer shall
give the Indenture Trustee and the Rating Agencies prompt written notice of each
Event of Default hereunder, each default on the part of the Servicer or the
Seller of its obligations under the Sale and Servicing Agreement and each
default on the part of the Company of its obligations under the Purchase
Agreement.

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

                  Section 3.21 Issuance of Additional Series of Notes. The
Issuer may, at its election from time to time, issue one or more additional
series of notes that are secured motor vehicle retail installment sale contracts
(or securities based thereon) other than the Contracts and

                                      -24-
<PAGE>

the Receivables. The Noteholders hereby acknowledge and agree that they have no
interest in or claim on (directly or indirectly) the collateral or the trust
estate (or any asset thereof) that secures such additional series of notes.

                  The Issuer shall not issue any additional series of notes
unless:

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

                  (b) the Rating Agency Condition shall have been satisfied with
respect to such issuance;

                  (c) the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Indenture Trustee) to the effect that
such transaction will not have any material adverse federal income or [Delaware]
income or single business tax consequence to the Issuer, any Noteholder or any
Certificateholder;

                  (d) the Issuer shall have delivered to the Indenture Trustee
an Officer's Certificate and an Opinion of Counsel each stating that the
issuance of such additional series of notes satisfies the conditions of this
Section 3.21.)

                                   ARTICLE IV

                           Satisfaction and Discharge

                  Section 4.01 Satisfaction and Discharge of Indenture. This
Indenture shall cease to be of further effect with respect to the Notes except
as to (i) rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.03,
3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and
immunities of the Indenture Trustee hereunder (including the rights of the
Indenture Trustee under Section 6.07 and the obligations of the Indenture
Trustee under Section 4.02) and (vi) the rights of Noteholders as beneficiaries
hereof with respect to the property so deposited with the Indenture Trustee
payable to all or any of them, and the Indenture Trustee, on demand of and at
the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to the Notes, when

                  (a) either

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

                                      -25-
<PAGE>

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

                      (A) have become due and payable, or

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

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

                  (b) the Issuer has paid or caused to be paid all other sums
payable hereunder by the Issuer; and

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

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

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

                                      -26-
<PAGE>

                                   ARTICLE V

                                    Remedies

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

                  (i) default in the payment of any interest on any Note when
         the same becomes due and payable, and such default shall continue for a
         period of [ ]; or

                  (ii) default in the payment of the principal of or any
         installment of the principal of any Note when the same becomes due and
         payable; or

                  (iii) default in the observance or performance of any covenant
         or agreement of the Issuer made in this Indenture (other than a
         covenant or agreement, a default in the observance or performance of
         which is elsewhere in this Section specifically dealt with), or any
         representation or warranty of the Issuer made in this Indenture or in
         any certificate or other writing delivered pursuant hereto or in
         connection herewith proving to have been incorrect in any material
         respect as of the time when the same shall have been made, and such
         default shall continue or not be cured, or the circumstance or
         condition in respect of which such misrepresentation or warranty was
         incorrect shall not have been eliminated or otherwise cured, for a
         period of 60 days after there shall have been given, by registered or
         certified mail, to the Issuer by the Indenture Trustee or to the Issuer
         and the Indenture Trustee by the Holders of at least 25% of the
         Outstanding Amount of the Notes, a written notice specifying such
         default or incorrect representation or warranty and requiring it to be
         remedied and stating that such notice is a notice of Default hereunder;
         or

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

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

                                      -27-
<PAGE>

         pay its debts as such debts become due, or the taking of any action by
         the Issuer in furtherance of any of the foregoing.

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

                  Section 5.02 Acceleration of Maturity; Rescission and
Annulment. If an Event of Default should occur and be continuing, then and in
every such case the Indenture Trustee or the Holders of Notes representing not
less than a majority of the Outstanding Amount of the Notes may declare all the
Notes to be immediately due and payable, by a notice in writing to the Issuer
(and to the Indenture Trustee if given by Noteholders), and upon any such
declaration the unpaid principal amount of such Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable.

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

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

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

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

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

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

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

                  (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, the Issuer will, upon demand of the Indenture
Trustee, pay to it, for the benefit of the Holders of the Notes, the whole
amount then due and payable on such Notes for principal and interest, with
interest on the overdue

                                      -28-
<PAGE>

principal and, to the extent payment at such rate of interest shall be legally
enforceable, on overdue installments of interest at the rate borne by the Notes
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents
and counsel.

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

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

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

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

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

                                      -29-
<PAGE>

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

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

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

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

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

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

                  Section 5.04 Remedies; Priorities.

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

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

                                      -30-
<PAGE>

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

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

                  (iv) sell the Trust Estate or any portion thereof or rights or
         interest therein, at one or more public or private sales called and
         conducted in any manner permitted by law;

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

                  (b) [If the Indenture Trustee collects any money or property
pursuant to this Article V, it shall pay out the money or property in the
following order:

                  FIRST: to the Indenture Trustee for amounts due under Section
         6.07;

                  SECOND: to Holders of the Notes for amounts due and unpaid on
         the Notes for interest (including any premium), ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Notes for interest (including any premium);

                  THIRD: to the Noteholders in the following order of priority:

                  (i) to Holders of the Class [A-1] Notes for amounts due and
         unpaid on the Class [A-1] Notes for principal, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class [A-1] Notes for principal, until the Outstanding
         Amount of the Class [A-1] Notes is reduced to zero;

                  (ii) to Holders of the Class [A-2] Notes for amounts due and
         unpaid on the Class [A-2] Notes for principal, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class [A-2] Notes for principal, until the Outstanding
         Amount of the Class [A-2] Notes is reduced to zero;

                  (iii) to Holders of the Class [A-3] Notes for amounts due and
         unpaid on the Class [A-3] Notes for principal, ratably, without
         preference or priority of any kind,

                                      -31-
<PAGE>

         according to the amounts due and payable on the Class [A-3] Notes for
         principal, until the Outstanding Amount of the Class [A-3] Notes is
         reduced to zero;

                  (iv) to Holders of the Class [A-4] Notes for amounts due and
         unpaid on the Class [A-4] Notes for principal, ratably, without
         preference or priority of any kind, according to the amounts due and
         payable on the Class [A-4] Notes for principal, until the Outstanding
         Amount of the Class [A-4] Notes is reduced to zero; and

                  FOURTH: to the Issuer for distribution pursuant to the Trust
         Agreement.

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

                  (c)  Notwithstanding anything in this Indenture to the
contrary, the Indenture Trustee and the Noteholders (in their respective
capacities as such) shall not (i) have any rights in or claims on the collateral
or trust estate (or any asset thereof) (collectively, "Unavailable Collateral")
that the Issuer has Granted in order to secure any additional series of notes
issued or to be issued by the Issuer or (ii) exercise or attempt to exercise any
remedies to realize upon such Unavailable Collateral.)

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

                  Section 5.06 Limitation of Suits. No Holder of any Note shall
have any right to institute any Proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

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

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

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

                                      -32-
<PAGE>

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

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

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

                  In the event the Indenture Trustee shall receive conflicting
or inconsistent requests and indemnity from two or more groups of Holders of
Notes, each representing less than a majority of the Outstanding Amount of the
Notes, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture.

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

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

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

                  Section 5.10 Delay or Omission Not a Waiver. No delay or
omission of the Indenture Trustee or any Holder of any Note to exercise any
right or remedy accruing upon any Default or Event of Default shall impair any
such right or remedy or constitute a waiver of any

                                      -33-
<PAGE>

such Default or Event of Default or an acquiescence therein. Every right and
remedy given by this Article V or by law to the Indenture Trustee or to the
Noteholders may be exercised from time to time, and as often as may be deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

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

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

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

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

                  (iv) the Indenture Trustee may take any other action deemed
         proper by the Indenture Trustee that is not inconsistent with such
         direction. Notwithstanding the rights of Noteholders set forth in this
         Section, subject to Section 6.01, the Indenture Trustee need not take
         any action that it determines might involve it in liability or might
         materially adversely affect the rights of any Noteholders not
         consenting to such action.

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

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

                  Section 5.13 Undertaking for Costs. All parties to this
Indenture agree, and each Holder of a Note by such Holder's acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy

                                      -34-
<PAGE>

under this Indenture, or in any suit against the Indenture Trustee for any
action taken, suffered or omitted by it as Indenture Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including
reasonable attorneys' fees, against any party litigant in such suit, having due
regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to (a) any suit
instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder,
or group of Noteholders, in each case holding in the aggregate more than 10% of
the Outstanding Amount of the Notes or (c) any suit instituted by any Noteholder
for the enforcement of the payment of principal of or interest on any Note on or
after the respective due dates expressed in such Note and in this Indenture (or,
in the case of redemption, on or after the Redemption Date).

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

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

                  Section 5.16 Performance and Enforcement of Certain
Obligations.

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

                  (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone (confirmed in writing promptly thereafter)) of the Holders of
66 2/3% of the Outstanding Amount of the Notes shall, exercise all rights,
remedies, powers, privileges and claims of the Issuer against the

                                      -35-
<PAGE>

Seller or the Servicer under or in connection with the Sale and Servicing
Agreement, including the right or power to take any action to compel or secure
performance or observance by the Seller or the Servicer, of each of their
obligations to the Issuer thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under the Sale and Servicing Agreement
and any right of the Issuer to take such action shall be suspended.

                                   ARTICLE VI

                              The Indenture Trustee

                  Section 6.01 Duties of Indenture Trustee.

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

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

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

                  (ii) in the absence of bad faith on its part, the Indenture
         Trustee may conclusively rely, as to the truth of the statements and
         the correctness of the opinions expressed therein, upon certificates or
         opinions furnished to the Indenture Trustee and conforming to the
         requirements of this Indenture; however, the Indenture Trustee shall
         examine the certificates and opinions to determine whether or not they
         conform to the requirements of this Indenture.

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

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

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

                  (iii) the Indenture Trustee shall not be liable with respect
         to any action it takes or omits to take in good faith in accordance
         with a direction received by it pursuant to Section 5.11.

                  (d) Every provision of this Indenture that in any way relates
to the Indenture Trustee is subject to paragraphs (a), (b), (c) and (g) of this
Section.

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

                                      -36-
<PAGE>

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

                  (g) No provision of this Indenture shall require the Indenture
Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of
its rights or powers, if it shall have reasonable grounds to believe that
repayment of such funds or adequate indemnity against such risk or liability is
not reasonably assured to it.

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

                  Section 6.02 Rights of Indenture Trustee.

                  (a) The Indenture Trustee may rely on any document believed by
it to be genuine and to have been signed or presented by the proper person. The
Indenture Trustee need not investigate any fact or matter stated in the
document.

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

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

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

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

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

                                      -37-
<PAGE>

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

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

                  Section 6.06 Reports by Indenture Trustee to Holders. The
Indenture Trustee shall deliver to each Noteholder such information as may be
required to enable such holder to prepare its federal and state income tax
returns.

                  Section 6.07 Compensation and Indemnity. The Issuer shall, or
shall cause the Administrator to, pay to the Indenture Trustee from time to time
reasonable compensation for its services. The Indenture Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall, or shall cause the Administrator to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuer shall, or shall cause the Administrator to,
indemnify the Indenture Trustee against any and all loss, liability or expense
(including attorneys' fees) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder. The Indenture Trustee
shall notify the Issuer and the Administrator promptly of any claim for which it
may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and
the Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall, or shall cause the Administrator to,
defend any such claim, and the Indenture Trustee may have separate counsel and
the Issuer shall, or shall cause the Administrator to, pay the fees and expenses
of such counsel. Neither the Issuer nor the Administrator need reimburse any
expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee's own willful misconduct,
negligence or bad faith.

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

                  Section 6.08 Replacement of Indenture Trustee. No resignation
or removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become

                                      -38-
<PAGE>

effective until the acceptance of appointment by the successor Indenture Trustee
pursuant to this Section 6.08. The Indenture Trustee may resign at any time by
so notifying the Issuer. The Holders of a majority in Outstanding Amount of the
Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and
may appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if:

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

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

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

                  (iv) the Indenture Trustee otherwise becomes incapable of
         acting.

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

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

                  If a successor Indenture Trustee does not take office within
60 days after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount
of the Notes may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee.

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

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

                  Section 6.09 Successor Indenture Trustee by Merger. If the
Indenture Trustee consolidates with, merges or converts into, or transfers all
or substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Indenture Trustee;
provided, that such corporation or banking association shall be otherwise
qualified and eligible under Section 6.11. The Indenture Trustee shall provide
the Rating Agencies prior written notice of any such transaction.

                                      -39-
<PAGE>

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

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

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

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

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

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

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

                  (c) Any notice, request or other writing given to the
Indenture Trustee shall be deemed to have been given to each of the then
separate trustees and co-trustees, as effectively as

                                      -40-
<PAGE>

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 VI.
Each separate trustee and co-trustee, upon its acceptance of the trusts
conferred, shall be vested with the estates or property specified in its
instrument of appointment, either jointly with the Indenture Trustee or
separately, as may be provided therein, subject to all the provisions of this
Indenture, specifically including every provision of this Indenture relating to
the conduct of, affecting the liability of, or affording protection to, the
Indenture Trustee. Every such instrument shall be filed with the Indenture
Trustee.

                  (d) Any separate trustee or co-trustee may at any time
constitute the Indenture Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under
or in respect of this 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 Indenture Trustee, to the extent permitted by law,
without the appointment of a new or successor trustee.

                  Section 6.11 Eligibility; Disqualification. The Indenture
Trustee shall at all times satisfy the requirements of TIA Section 310(a). The
Indenture Trustee shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of
condition, and the time deposits of the Indenture Trustee shall be rated at
least A-1 by Standard & Poor's and P-1 by Moody's. The Indenture Trustee shall
comply with TIA Section 310(b), including the optional provision permitted by
the second sentence of TIA Section 310(b)(9); provided, however, that there
shall be excluded from the operation of TIA Section 310(b)(1) any indenture or
indentures under which other securities of the Issuer are outstanding if the
requirements for such exclusion set forth in TIA Section 310(b)(1) are met.

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

                                   ARTICLE VII

                         Noteholders' Lists and Reports

                  Section 7.01 Issuer To Furnish Indenture Trustee Names and
Addresses of Noteholders. The Issuer will furnish or cause to be furnished to
the Indenture Trustee (a) not more than five days after the earlier of (i) each
Record Date and (ii) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses
of the Holders of Notes as of such Record Date, and (b) at such other times as
the Indenture Trustee may request in writing, within 30 days after receipt by
the Issuer of any such request, a list of similar form and content as of a date
not more than 10 days prior to the time such list is furnished; provided,
however, that so long as the Indenture Trustee is the Note Registrar, no such
list shall be required to be furnished.

                  Section 7.02 Preservation of Information; Communications to
Noteholders.

                                      -41-
<PAGE>

                  (a) The Indenture Trustee shall preserve, in as current a form
as is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 and the names and addresses of Holders of Notes received by the
Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt
of a new list so furnished.

                  (b) Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders with respect to their rights under this Indenture or
under the Notes.

                  (c) The Issuer, the Indenture Trustee and the Note Registrar
shall have the protection of TIA Section 312(c).

                  Section 7.03 Reports by Issuer.

                  (a) The Issuer shall:

                  (i) file with the Indenture Trustee, within 15 days after the
         Issuer is required to file the same with the Commission, copies of the
         annual reports and of the information, documents and other reports (or
         copies of such portions of any of the foregoing as the Commission may
         from time to time by rules and regulations prescribe) that the Issuer
         may be required to file with the Commission pursuant to Section 13 or
         15(d) of the Exchange Act;

                  (ii) file with the Indenture Trustee and the Commission in
         accordance with rules and regulations prescribed from time to time by
         the Commission such additional information, documents and reports with
         respect to compliance by the Issuer with the conditions and covenants
         of this Indenture as may be required from time to time by such rules
         and regulations; and

                  (iii) supply to the Indenture Trustee (and the Indenture
         Trustee shall transmit by mail to all Noteholders described in TIA
         Section 313(c)) such summaries of any information, documents and
         reports required to be filed by the Issuer pursuant to clauses (i) and
         (ii) of this Section 7.03(a) and by rules and regulations prescribed
         from time to time by the Commission.

                  (b) Unless the Issuer otherwise determines, the fiscal year of
the Issuer shall end on December 31 of each year.

                  Section 7.04 Reports by Indenture Trustee. If required by TIA
Section 313(a), within 60 days after each [________] beginning with
[___________] the Indenture Trustee shall mail to each Noteholder as required by
TIA Section 313(c) a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

                  A copy of each report at the time of its mailing to
Noteholders shall be filed by the Indenture Trustee with the Commission and each
stock exchange, if any, on which the Notes

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<PAGE>

are listed. The Issuer shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange.

                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

                  Section 8.01 Collection of Money. Except as otherwise
expressly provided herein, the Indenture Trustee may demand payment or delivery
of, and shall receive and collect, directly and without intervention or
assistance of any fiscal agent or other intermediary, all money and other
property payable to or receivable by the Indenture Trustee pursuant to this
Indenture. The Indenture Trustee shall apply all such money received by it as
provided in this Indenture. Except as otherwise expressly provided in this
Indenture, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Trust Estate, the
Indenture Trustee may take such action as may be appropriate to enforce such
payment or performance, including the institution and prosecution of appropriate
Proceedings. Any such action shall be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

                  Section 8.02 Trust Accounts.

                  (a) On or prior to the Closing Date, the Issuer shall cause
the Servicer to establish and maintain, in the name of the Indenture Trustee,
for the benefit of the Noteholders and the Certificateholders, the Trust
Accounts as provided in Section 5.01 of the Sale and Servicing Agreement.

                  (b) On or before each Distribution Date, the Total
Distribution Amount with respect to the preceding Collection Period will be
deposited in the Collection Account as provided in Section 5.02 of the Sale and
Servicing Agreement. On or before each Distribution Date, all amounts required
to be deposited in the Note Distribution Account with respect to the preceding
Collection Period pursuant to Sections 5.06 and 5.07 of the Sale and Servicing
Agreement will be transferred from the Collection Account and/or the Reserve
Account to the Note Distribution Account.

                  (c) On each Distribution Date and Redemption Date, the
Indenture Trustee shall distribute all amounts on deposit in the Note
Distribution Account to Noteholders in respect of the Notes to the extent of
amounts due and unpaid on the Notes for principal and interest (including any
premium) in the following amounts and in the following order of priority (except
as otherwise provided in Section 5.04(b):

                  (i) accrued and unpaid interest on the Notes; provided, that
         if there are not sufficient funds in the Note Distribution Account to
         pay the entire amount of accrued and unpaid interest then due on the
         Notes, the amount in the Note Distribution Account shall be applied to
         the payment of such interest on the Notes pro rata on the basis of the
         total such interest due on the Notes;

                                      -43-
<PAGE>

                  (ii) the Noteholders' Principal Distributable Amount in the
         following order of priority:

                       (A) to the Holders of the Class [A-1] Notes on account of
                  principal until the Outstanding Amount of the Class [A-1]
                  Notes is reduced to zero;

                       (B) to the Holders of the Class [A-2] Notes on account of
                  principal until the Outstanding Amount of the Class [A-2]
                  Notes is reduced to zero;

                       (C) to the Holders of the Class [A-3] Notes on account of
                  principal until the Outstanding Amount of the Class [A-3]
                  Notes is reduced to zero; and

                       (D) to the Holders of the Class [A-4] Notes on account of
                  principal until the Outstanding Amount of the Class [A-4]
                  Notes is reduced to zero.

                  Section 8.03 General Provisions Regarding Accounts.

                  (a) So long as no Default or Event of Default shall have
occurred and be continuing, all or a portion of the funds in the Trust Accounts
shall be invested in Eligible Investments and reinvested by the Indenture
Trustee (or the investment manager referred to in clause (2) of Section 5.01(b)
of the Sale and Servicing Agreement) upon Issuer Order, subject to the
provisions of Section 5.01(b) of the Sale and Servicing Agreement. All income or
other gain from investments of moneys deposited in the Trust Accounts shall be
deposited by the Indenture Trustee in the Collection Account, and any loss
resulting from such investments shall be charged to such account. The Issuer
will not direct the Indenture Trustee to make any investment of any funds or to
sell any investment held in any of the Trust Accounts unless the security
interest Granted and perfected in such account will continue to be perfected in
such investment or the proceeds of such sale, in either case without any further
action by any Person, and, in connection with any direction to the Indenture
Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of
Counsel, acceptable to the Indenture Trustee, to such effect.

                  (b) Subject to Section 6.01(c), the Indenture Trustee shall
not in any way be held liable by reason of any insufficiency in any of the Trust
Accounts resulting from any loss on any Eligible Investment included therein
except for losses attributable to the Indenture Trustee's failure to make
payments on such Eligible Investments issued by the Indenture Trustee, in its
commercial capacity as principal obligor and not as trustee, in accordance with
their terms.

                  (c) If (i) the Issuer (or the Servicer or any investment
manager pursuant to Section 5.01(b) of the Sale and Servicing Agreement) shall
have failed to give investment directions for any funds on deposit in the Trust
Accounts to the Indenture Trustee by 11:00 a.m. Eastern Time (or such other time
as may be agreed by the Issuer and Indenture Trustee) on any Business Day or
(ii) a Default or Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable
pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and
payable following an Event of Default but amounts collected or receivable from
the Trust Estate are being applied in accordance with Section 5.05 as if there
had not been such a declaration, then the Indenture

                                      -44-
<PAGE>

Trustee shall, to the fullest extent practicable, invest and reinvest funds in
the Trust Accounts in one or more Eligible Investments.

                   Section 8.04 Release of Trust Estate.

                  (a) Subject to the payment of its fees and expenses pursuant
to Section 6.07, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien
of this Indenture, or convey the Indenture Trustee's interest in the same, in a
manner and under circumstances that are not inconsistent with the provisions of
this Indenture. No party relying upon an instrument executed by the Indenture
Trustee as provided in this Article VIII shall be bound to ascertain the
Indenture Trustee's authority, inquire into the satisfaction of any conditions
precedent or see to the application of any moneys.

                  (b) The Indenture Trustee shall, at such time as there are no
Notes Outstanding and all sums due the Indenture Trustee pursuant to Section
6.07 have been paid, release any remaining portion of the Trust Estate that
secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Trust
Accounts. The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuer
Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if
required by the TIA) Independent Certificates in accordance with TIA Section
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

                  (c) Upon the written notification from the Servicer pursuant
to Section 5.06(a)(ii)(D) or 5.06(c) of the Sale and Servicing Agreement, on the
related Distribution Date the Issuer shall deliver to the Indenture Trustee an
Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel
and (if required by the TIA) Independent Certificates in accordance with TIA
Section 314(c) and 314(d)(1) meeting the applicable requirements of Section
11.01, and upon its receipt of such items on such Distribution Date the
Indenture Trustee shall deposit the Cash Release Amount (to the extent of funds
available pursuant to Section 5.06(a)(ii)(D) of the Sale and Servicing
Agreement) in the Certificate Distribution Account and release from the lien of
this Indenture the Receivables to be so released pursuant to Section 5.06(c) of
the Sale and Servicing Agreement.

                  Section 8.05 Opinion of Counsel. The Indenture Trustee shall
receive at least seven days notice when requested by the Issuer to take any
action pursuant to Section 8.04(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require, as a condition to such
action, an Opinion of Counsel, in form and substance satisfactory to the
Indenture Trustee, stating the legal effect of any such action, outlining the
steps required to complete the same, and concluding that all conditions
precedent to the taking of such action have been complied with and such action
will not materially and adversely impair the security for the Notes or the
rights of the Noteholders in contravention of the provisions of this Indenture;
provided, however, that such Opinion of Counsel shall not be required to express
an opinion as to the fair value of the Trust Estate. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Indenture
Trustee in connection with any such action.

                                      -45-
<PAGE>

                                   ARTICLE IX

                             Supplemental Indentures

                  Section 9.01 Supplemental Indentures Without Consent of
Noteholders.

                  (a) Without the consent of the Holders of any Notes but with
prior notice to the Rating Agencies, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the
following purposes:

                  (i) to correct or amplify the description of any property at
         any time subject to the lien of this Indenture, or better to assure,
         convey and confirm unto the Indenture Trustee any property subject or
         required to be subjected to the lien of this Indenture, or to subject
         to the lien of this Indenture additional property;

                  (ii) to evidence the succession, in compliance with the
         applicable provisions hereof, of another person to the Issuer, and the
         assumption by any such successor of the covenants of the Issuer herein
         and in the Notes contained;

                  (iii) to add to the covenants of the Issuer, for the benefit
         of the Holders of the Notes, or to surrender any right or power herein
         conferred upon the Issuer;

                  (iv) to convey, transfer, assign, mortgage or pledge any
         property to or with the Indenture Trustee;

                  (v) to cure any ambiguity, to correct or supplement any
         provision herein or in any supplemental indenture that may be
         inconsistent with any other provision herein or in any supplemental
         indenture or to make any other provisions with respect to matters or
         questions arising under this Indenture or in any supplemental
         indenture; provided, that such action shall not adversely affect the
         interests of the Holders of the Notes;

                  (vi) to evidence and provide for the acceptance of the
         appointment hereunder by a successor trustee with respect to the Notes
         and to add to or change any of the provisions of this Indenture as
         shall be necessary to facilitate the administration of the trusts
         hereunder by more than one trustee, pursuant to the requirements of
         Article VI; or

                  (vii) to modify, eliminate or add to the provisions of this
         Indenture to such extent as shall be necessary to effect the
         qualification of this Indenture under the TIA or under any similar
         federal statute hereafter enacted and to add to this Indenture such
         other provisions as may be expressly required by the TIA. The Indenture
         Trustee is hereby authorized to join in the execution of any such
         supplemental indenture and to make any further appropriate agreements
         and stipulations that may be therein contained.

                  (b) The Issuer and the Indenture Trustee, when authorized by
an Issuer Order, may, also without the consent of any of the Holders of the
Notes but with prior notice to the

                                      -46-
<PAGE>

Rating Agencies, enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders of the Notes under this Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder.

                  Section 9.02 Supplemental Indentures with Consent of
Noteholders. The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, also may, with prior notice to the Rating Agencies and with the consent
of the Holders of not less than a majority of the Outstanding Amount of the
Notes, by Act of such Holders delivered to the Issuer and the Indenture Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

                  (i) change the date of payment of any installment of principal
         of or interest on any Note, or reduce the principal amount thereof, the
         interest rate thereon or the Redemption Price with respect thereto,
         change the provisions of this Indenture relating to the application of
         collections on, or the proceeds of the sale of, the Trust Estate to
         payment of principal of or interest on the Notes, or change any place
         of payment where, or the coin or currency in which, any Note or the
         interest thereon is payable, or impair the right to institute suit for
         the enforcement of the provisions of this Indenture requiring the
         application of funds available therefor, as provided in Article V, to
         the payment of any such amount due on the Notes on or after the
         respective due dates thereof (or, in the case of redemption, on or
         after the Redemption Date);

                  (ii) reduce the percentage of the Outstanding Amount of the
         Notes, the consent of the Holders of which is required for any such
         supplemental indenture, or the consent of the Holders of which is
         required for any waiver of compliance with certain provisions of this
         Indenture or certain defaults hereunder and their consequences provided
         for in this Indenture;

                  (iii) modify or alter the provisions of the proviso to the
         definition of the term "Outstanding";

                  (iv) reduce the percentage of the Outstanding Amount of the
         Notes required to direct the Indenture Trustee to direct the Issuer to
         sell or liquidate the Trust Estate pursuant to Section 5.04;

                  (v) modify any provision of this Section except to increase
         any percentage specified herein or to provide that certain additional
         provisions of this Indenture or the Basic Documents cannot be modified
         or waived without the consent of the Holder of each Outstanding Note
         affected thereby;

                  (vi) modify any of the provisions of this Indenture in such
         manner as to affect the calculation of the amount of any payment of
         interest or principal due on any Note on

                                      -47-
<PAGE>

         any Distribution Date (including the calculation of any of the
         individual components of such calculation) or to affect the rights of
         the Holders of Notes to the benefit of any provisions for the mandatory
         redemption of the Notes contained herein; or

                  (vii) permit the creation of any lien ranking prior to or on a
         parity with the lien of this Indenture with respect to any part of the
         Trust Estate or, except as otherwise permitted or contemplated herein,
         terminate the lien of this Indenture on any property at any time
         subject hereto or deprive the Holder of any Note of the security
         provided by the lien of this Indenture.

The Indenture Trustee may in its discretion determine whether or not any Notes
would be affected by any supplemental indenture and any such determination shall
be conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Indenture Trustee shall not be liable
for any such determination made in good faith.

                  It shall not be necessary for any Act of Noteholders under
this Section to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

                  Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section, the Indenture
Trustee shall mail to the Holders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

                  Section 9.03 Execution of Supplemental Indentures. In
executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modification thereby of the trusts
created by this Indenture, the Indenture Trustee shall be entitled to receive,
and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon,
an Opinion of Counsel stating that the execution of such supplemental indenture
is authorized or permitted by this Indenture. The Indenture Trustee may, but
shall not be obligated to, enter into any such supplemental indenture that
affects the Indenture Trustee's own rights, duties, liabilities or immunities
under this Indenture or otherwise.

                  Section 9.04 Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

                  Section 9.05 Conformity with Trust Indenture Act. Every
amendment of this Indenture and every supplemental indenture executed pursuant
to this Article IX shall conform to

                                      -48-
<PAGE>

the requirements of the Trust Indenture Act as then in effect so long as this
Indenture shall then be qualified under the Trust Indenture Act.

                  Section 9.06 Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and if required by the Indenture
Trustee shall, bear a notation in form approved by the Indenture Trustee as to
any matter provided for in such supplemental indenture. If the Issuer or the
Indenture Trustee shall so determine, new Notes so modified as to conform, in
the opinion of the Indenture Trustee and the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X

                               Redemption of Notes

                  Section 10.01 Redemption. The Class [A-4] Notes are subject to
redemption in whole, but not in part, at the direction of the Servicer pursuant
to Section 9.01(a) of the Sale and Servicing Agreement, on any Distribution Date
on which the Servicer exercises its option to purchase the Trust Estate pursuant
to said Section 9.01(a), for a purchase price equal to the Redemption Price;
provided that the Issuer has available funds sufficient to pay the Redemption
Price. The Servicer or the Issuer shall furnish the Rating Agencies notice of
such redemption. If the Class [A-4] Notes are to be redeemed pursuant to this
Section, the Servicer or the Issuer shall furnish notice of such election to the
Indenture Trustee not later than 20 days prior to the Redemption Date and the
Issuer shall deposit by 10:00 A.M. New York City time on the Redemption Date
with the Indenture Trustee in the Note Distribution Account the Redemption Price
of the Class [A-4] Notes to be redeemed, whereupon all such Class [A-4] Notes
shall be due and payable on the Redemption Date upon the furnishing of a notice
complying with Section 10.02 to each Holder of the Notes.

                  Section 10.02 Form of Redemption Notice. Notice of redemption
under Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than 10 days
prior to the applicable Redemption Date to each Holder of Notes, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such
Holder's address or facsimile number appearing in the Note Register.

                  All notices of redemption shall state:

                  (i) the Redemption Date;

                  (ii) the Redemption Price; and

                  (iii) the place where such Notes are to be surrendered for
         payment of the Redemption Price (which shall be the office or agency of
         the Issuer to be maintained as provided in Section 3.02).

                                      -49-
<PAGE>

Notice of redemption of the Notes shall be given by the Indenture Trustee in the
name and at the expense of the Issuer. Failure to give notice of redemption, or
any defect therein, to any Holder of any Note shall not impair or affect the
validity of the redemption of any other Note.

                  Section 10.03 Notes Payable on Redemption Date. The Notes or
portions thereof to be redeemed shall, following notice of redemption as
required by Section 10.02, on the Redemption Date become due and payable at the
Redemption Price and (unless the Issuer shall default in the payment of the
Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of
calculating the Redemption Price.

                                   ARTICLE XI

                                  Miscellaneous

                  Section 11.01 Compliance Certificates and Opinions, etc.

                  (a) Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the
Issuer shall furnish to the Indenture Trustee:

                  (i) an Officer's Certificate stating that all conditions
         precedent, if any, provided for in this Indenture relating to the
         proposed action have been complied with;

                  (ii) an Opinion of Counsel stating that in the opinion of such
         counsel all such conditions precedent, if any, have been complied with;
         and

                  (iii) (if required by the TIA) an Independent Certificate from
         a firm of certified public accountants meeting the applicable
         requirements of this Section, except that, in the case of any such
         application or request as to which the furnishing of such documents is
         specifically required by any provision of this Indenture, no additional
         certificate or opinion need be furnished.

                  Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

                      (A) a statement that each signatory of such certificate or
                  opinion has read or has caused to be read such covenant or
                  condition and the definitions herein relating thereto;

                      (B) a brief statement as to the nature and scope of the
                  examination or investigation upon which the statements or
                  opinions contained in such certificate or opinion are based;

                      (C) a statement that, in the opinion of each such
                  signatory, such signatory has made such examination or
                  investigation as is necessary to enable

                                      -50-
<PAGE>

                  such signatory to express an informed opinion as to whether or
                  not such covenant or condition has been complied with; and

                      (D) a statement as to whether, in the opinion of each such
                  signatory, such condition or covenant has been complied with.

                  (b) (i) Prior to the deposit of any Collateral or other
     property or securities with the Indenture Trustee that is to be made the
     basis for the release of any property or securities subject to the lien of
     this Indenture, the Issuer shall, in addition to any obligation imposed in
     Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture
     Trustee an Officer's Certificate certifying or stating the opinion of each
     person signing such certificate as to the fair value (within 90 days of
     such deposit) to the Issuer of the Collateral or other property or
     securities to be so deposited.

                  (ii) Whenever the Issuer is required to furnish to the
     Indenture Trustee an Officer's Certificate certifying or stating the
     opinion of any signer thereof as to the matters described in clause (i)
     above, the Issuer shall also deliver to the Indenture Trustee an
     Independent Certificate as to the same matters, if the fair value to the
     Issuer of the securities to be so deposited and of all other such
     securities made the basis of any such withdrawal or release since the
     commencement of the then-current fiscal year of the Issuer, as set forth in
     the certificates delivered pursuant to clause (i) above and this clause
     (ii), is 10% or more of the Outstanding Amount of the Notes, but such a
     certificate need not be furnished with respect to any securities so
     deposited, if the fair value thereof to the Issuer as set forth in the
     related Officer's Certificate is less than $25,000 or less than one percent
     of the Outstanding Amount of the Notes.

                  (iii) Whenever any property or securities are to be released
     from the lien of this Indenture, the Issuer shall also furnish to the
     Indenture Trustee an Officer's Certificate certifying or stating the
     opinion of each person signing such certificate as to the fair value
     (within 90 days of such release) of the property or securities proposed to
     be released and stating that in the opinion of such person the proposed
     release will not impair the security under this Indenture in contravention
     of the provisions hereof.

                  (iv) Whenever the Issuer is required to furnish to the
     Indenture Trustee an Officer's Certificate certifying or stating the
     opinion of any signer thereof as to the matters described in clause (iii)
     above, the Issuer shall also furnish to the Indenture Trustee an
     Independent Certificate as to the same matters if the fair value of the
     property or securities and of all other property, other than property as
     contemplated by clause (v) below or securities released from the lien of
     this Indenture since the commencement of the then-current calendar year, as
     set forth in the certificates required by clause (iii) above and this
     clause (iv), equals 10% or more of the Outstanding Amount of the Notes, but
     such certificate need not be furnished in the case of any release of
     property or securities if the fair value thereof as set forth in the
     related Officer's Certificate is less than $25,000 or less than one percent
     of the then Outstanding Amount of the Notes.

                  (v) Notwithstanding Section 2.10 or any other provision of
     this Section, the Issuer may, without compliance with the requirements of
     the other provisions of this

                                      -51-
<PAGE>

     Section, (A) collect, liquidate, sell or otherwise dispose of Receivables
     and Financed Vehicles as and to the extent permitted or required by the
     Basic Documents and (B) make cash payments out of the Trust Accounts as and
     to the extent permitted or required by the Basic Documents, so long as the
     Issuer shall deliver to the Indenture Trustee every six months, commencing
     [_____________], [____], an Officer's Certificate of the Issuer stating
     that all the dispositions of Collateral described in clauses (A) or (B)
     above that occurred during the preceding six calendar months were in the
     ordinary course of the Issuer's business and that the proceeds thereof were
     applied in accordance with the Basic Documents.

                  Section 11.02 Form of Documents Delivered to Indenture
Trustee. In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters, and any such Person may certify
or give an opinion as to such matters in one or several documents.

                  Any certificate or opinion of an Authorized Officer of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such officer's
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer, the Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters
is in the possession of the Servicer, the Seller, the Issuer or the
Administrator, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

                  Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument.

                  Whenever in this Indenture, in connection with any application
or certificate or report to the Indenture Trustee, it is provided that the
Issuer shall deliver any document as a condition of the granting of such
application, or as evidence of the Issuer's compliance with any term hereof, it
is intended that the truth and accuracy, at the time of the granting of such
application or at the effective date of such certificate or report (as the case
may be), of the facts and opinions stated in such document shall in such case be
conditions precedent to the right of the Issuer to have such application granted
or to the sufficiency of such certificate or report. The foregoing shall not,
however, be construed to affect the Indenture Trustee's right to rely upon the
truth and accuracy of any statement or opinion contained in any such document as
provided in Article VI.

                                      -52-
<PAGE>

                  Section 11.03 Acts of Noteholders.

                  (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Indenture Trustee and, where it is hereby expressly required,
to the Issuer. Such instrument or instruments (and the action embodied therein
and evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Indenture Trustee and the Issuer, if made in the manner provided in
this Section.

                  (b) The fact and date of the execution by any person of any
such instrument or writing may be proved in any manner that the Indenture
Trustee deems sufficient.

                  (c) The ownership of Notes shall be proved by the Note
Register.

                  (d) Any request, demand, authorization, direction, notice,
consent, waiver or other action by the Holder of any Notes shall bind the Holder
of every Note issued upon the registration thereof or in exchange therefor or in
lieu thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note.

                  Section 11.04 Notices, etc., to Indenture Trustee, Issuer and
Rating Agencies. Any request, demand, authorization, direction, notice, consent,
waiver or Act of Noteholders or other documents provided or permitted by this
Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or act of Noteholders is to be made upon,
given or furnished to or filed with:

                  (i) the Indenture Trustee by any Noteholder or by the Issuer
         shall be sufficient for every purpose hereunder if made, given,
         furnished or filed in writing to or with the Indenture Trustee at its
         Corporate Trust Office, or

                  (ii) the Issuer by the Indenture Trustee or by any Noteholder
         shall be sufficient for every purpose hereunder if in writing and
         mailed first-class, postage prepaid to the Issuer addressed to: World
         Omni Auto Receivables Trust [____]-[__], in care of
         _________________________, Attention of ____________________, or at any
         other address previously furnished in writing to the Indenture Trustee
         by the Issuer or the Administrator. The Issuer shall promptly transmit
         any notice received by it from the Noteholders to the Indenture
         Trustee.

                  Notices required to be given to the Rating Agencies by the
Issuer, the Indenture Trustee or the Owner Trustee shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, to
[(i) in the case of Moody's, at the following address: Moody's Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007, (ii) in the case of Standard & Poor's, at the following address: Standard
& Poor's

                                      -53-
<PAGE>

Ratings Services, a division of The McGraw-Hill Companies, Inc., 25 Broadway
(15th Floor), New York, New York 10004, Attention of Asset Backed Surveillance
Department, (iii) in the case of Fitch IBCA, Inc., at the following address:
One State Street Plaza, New York, N.Y. 10004, and (iv) in the case of Duff &
Phelps Credit Rating Co., at the following address: 17 State Street, 12th
Floor, New York, N.Y. 10004; or as to each of the foregoing, at such other
address as shall be designated by written notice to the other parties.]

                  Section 11.05 Notices to Noteholders; Waiver. Where this
Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at such Holder's address as it appears on the Note Register, not later
than the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

                  Where this Indenture provides for notice in any manner, such
notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

                  In case, by reason of the suspension of regular mail service
as a result of a strike, work stoppage or similar activity, it shall be
impractical to mail notice of any event to Noteholders when such notice is
required to be given pursuant to any provision of this Indenture, then any
manner of giving such notice as shall be satisfactory to the Indenture Trustee
shall be deemed to be a sufficient giving of such notice.

                  Where this Indenture provides for notice to the Rating
Agencies, failure to give such notice shall not affect any other rights or
obligations created hereunder, and shall not under any circumstance constitute a
Default or Event of Default.

                  Section 11.06 Alternate Payment and Notice Provisions.
Notwithstanding any provision of this Indenture or any of the Notes to the
contrary, the Issuer may enter into any agreement with any Holder of a Note
providing for a method of payment, or notice by the Indenture Trustee or any
Paying Agent to such Holder, that is different from the methods provided for in
this Indenture for such payments or notices. The Issuer will furnish to the
Indenture Trustee a copy of each such agreement and the Indenture Trustee will
cause payments to be made and notices to be given in accordance with such
agreements.

                  Section 11.07 Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of
the Trust Indenture Act, such required provision shall control.

                                      -54-
<PAGE>

                  The provisions of TIA Section 310 through 317 that impose
duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern
this Indenture, whether or not physically contained herein.

                  Section 11.08 Effect of Headings and Table of Contents. The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

                  Section 11.09 Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the
Indenture Trustee in this Indenture shall bind its successors, co-trustees and
agents.

                  Section 11.10 Separability. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

                  Section 11.11 Benefits of Indenture. Nothing in this Indenture
or in the Notes, express or implied, shall give to any Person, other than the
parties hereto and their successors hereunder, and the Noteholders, and any
other party secured hereunder, and any other Person with an ownership interest
in any part of the Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

                  Section 11.12 Legal Holidays. In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

                  Section 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. SECTION
11.14. Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

                  Section 11.14 Recording of Indenture. If this Indenture is
subject to recording in any appropriate public recording offices, such recording
is to be effected by the Issuer and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Indenture Trustee or any other counsel
reasonably acceptable to the Indenture Trustee) to the effect that such
recording is necessary either for the protection of the Noteholders or any other
Person secured hereunder or for the enforcement of any right or remedy granted
to the Indenture Trustee under this Indenture.

                                      -55-
<PAGE>

                  Section 11.15 Trust Obligation. No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the Owner
Trustee or the Indenture Trustee on the Notes or under this Indenture or any
certificate or other writing delivered in connection herewith or therewith,
against (i) the Indenture Trustee or the Owner Trustee in its individual
capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any
partner, owner, beneficiary, agent, officer, director, employee or agent of the
Indenture Trustee or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee
or of any successor or assign of the Indenture Trustee or the Owner Trustee in
its individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of
this Indenture, in the performance of any duties or obligations of the Issuer
hereunder, the Owner Trustee shall be subject to, and entitled to the benefits
of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

                  Section 11.16 No Petition. The Indenture Trustee, by entering
into this Indenture, and each Noteholder, by accepting a Note, hereby covenant
and agree that they will not at any time institute against the Issuer, or join
in any institution against the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any United States federal or state bankruptcy or similar law in connection with
any obligations relating to the Notes, this Indenture or any of the Basic
Documents.

                  Section 11.17 Inspection. The Issuer agrees that, on
reasonable prior notice, it will permit any representative of the Indenture
Trustee, during the Issuer's normal business hours, to examine all the books of
account, records, reports and other papers of the Issuer, to make copies and
extracts therefrom, to cause such books to be audited by Independent certified
public accountants, and to discuss the Issuer's affairs, finances and accounts
with the Issuer's officers, employees and Independent certified public
accountants, all at such reasonable times and as often as may be reasonably
requested. The Indenture Trustee shall, and shall cause its representatives to,
hold in confidence all such information except to the extent disclosure may be
required by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

                  IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers,
thereunto duly authorized and duly attested, all as of the day and year first
above written.

                                      -56-
<PAGE>

                         WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__],

                         by:  _______________________________, not in its
                         individual capacity but solely as Owner Trustee,

                         by:  _________________________________
                                 Name:
                                 Title:

                         ____________________________________, not in its
                         individual capacity but solely as Indenture Trustee,

                         by:  ________________________________
                                 Name:
                                 Title:

                                      -57-
<PAGE>

                                   SCHEDULE A

                    Provided to the Owner Trustee at Closing

                                                                 EXHIBIT A-1

                           (FORM OF CLASS [A-1] NOTE)

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

<PAGE>

REGISTERED                                                      $____________
No.  R-__                                              CUSIP NO.  ___________

                  WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__]

                              (SERIES [____]-[__])

                    CLASS [___] ________% ASSET BACKED NOTES

            World Omni Auto Receivables Trust [____]-[__], a business
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to Cede
& Co., or registered assigns, the principal sum of TWO HUNDRED MILLION DOLLARS
payable on each Distribution Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is [$________________] and the
denominator of which is [$____________] by (ii) the aggregate amount, if any,
payable from the Note Distribution Account in respect of principal on the Class
[A-1] Notes pursuant to Section 3.01 of the Indenture dated as of
[______________],[____] (the "Indenture"), between the Issuer and
_________________________________, a national banking association, as Indenture
Trustee (the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the [_______________]
[____] Distribution Date (the "Class [A-1] Final Scheduled Distribution Date").
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Distribution Date from the
sixth day of the month preceding the month of such Distribution Date (in the
case of the first Distribution Date, from the Closing Date) to and including the
fifth day of the month of such Distribution Date. Interest will be computed on
the basis of the actual number of days in the Interest Accrual Period divided by
360. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                                      -2-
<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture, or be valid
or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                            WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__]

                                 by: ___________________________________,
                                     not in its individual capacity but solely
                                     as Owner Trustee under the Trust Agreement,

                                 by: ____________________________________
                                     Authorized Signatory

                                      -3-
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-
mentioned Indenture.

Date:                           _______________________,  not in its individual
                                capacity but solely as Indenture Trustee,

                                by: ___________________________________
                                    Authorized Signatory

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class [A-1] _______% Asset (, Series [____]-[__])
Backed Notes (herein called the "Class [A-1] Notes"), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Class [A-1] Notes are subject to all terms of the Indenture.

                  The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3]
Notes and the Class [A-4] Notes (collectively, the "Notes") are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

                  Principal of the Class [A-1] Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing [____________], [____].

                  As described above, the entire unpaid principal amount of this
Note shall be due and payable on the Class [A-1] Final Scheduled Distribution
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.02 of the Indenture. All principal payments on the Class
[A-1] Notes shall be made pro rata to the Class [A-1] Noteholders entitled
thereto.

                  Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in
the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such

                                      -4-
<PAGE>

nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the name of and
on behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed
or transmitted by facsimile prior to such Distribution Date, and the amount then
due and payable shall be payable only upon presentation and surrender of this
Note at the Indenture Trustee's principal Corporate Trust Office or at the
office of the Indenture Trustee's agent appointed for such purposes located in
(The City of New York).

                  The Issuer shall pay interest on overdue installments of
interest at the Class [A-1] Interest Rate to the extent lawful.

                  As provided in the Indenture and subject to the limitations
set forth therein and on the face hereof, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder
hereof or such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

                                      -5-
<PAGE>

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

                  (Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
(in their capacities as such) shall not (i) have any rights in or claims on the
collateral or trust estate (or any asset thereof) (collectively, "Unavailable
Collateral") that the Issuer has granted in order to secure any additional
series of notes issued or to be issued by the Issuer or (ii) exercise or attempt
to exercise any remedies to realize upon such Unavailable Collateral.)

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                  The term "Issuer" as used in this Note includes any successor
to the Issuer under the Indenture.

                                      -6-
<PAGE>

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of ________________________ in
its individual capacity, _________________________________ in its individual
capacity, any owner of a beneficial interest in the Issuer, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on this Note or
performance of, or failure to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Holder of this Note by its
acceptance hereof agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the Holder
shall have no claim against any of the foregoing for any deficiency, loss or
claim therefrom; provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

                                      -7-
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:
_______________________________________________________________________________

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
_______________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________________________________________________________
_________, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated:  _____________________ ____________________________________________*/
                                          Signature Guaranteed:

                              ____________________________________________*/

------------------------
*/   NOTICE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

                                      -8-
<PAGE>

                                                                   EXHIBIT A-2

                           (FORM OF CLASS [A-2] NOTE)

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                      $____________

No.  R-__                                             CUSIP NO.  ____________

                  WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__]

                      CLASS A-2 ______% ASSET BACKED NOTES

                               (SERIES[____]-[__])

                  World Omni Auto Receivables Trust[____]-[__], a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of ________________ DOLLARS payable on
each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is $____________ and the denominator of
which is [$___________________] by (ii) the aggregate amount, if any, payable
from the Note Distribution Account in respect of principal on the Class [A-2]
Notes pursuant to Section 3.01 of the Indenture dated as of
[______________],[____] (the "Indenture"), between the Issuer and
_________________________________, a national banking association, as Indenture
Trustee (the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the __________
Distribution Date (the "Class [A-2] Final Scheduled Distribution Date"). No
payments of principal of the Class [A-2] Notes shall be made until the Class
[A-1] Notes have been paid in full. Capitalized terms used but not defined
herein are defined in Article I of the Indenture, which also contains rules as
to construction that shall be applicable herein.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on

<PAGE>

the principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in the last
sentence of Section 3.01 of the Indenture. Interest on this Note will accrue for
each Distribution Date from the sixth day of the month preceding the month of
such Distribution Date (in the case of the first Distribution Date, from the
Closing Date) to and including the fifth day of the month of such Distribution
Date. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture, or be valid
or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                            WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__]

                             by: ___________________________________,
                                 not in its individual capacity but solely as
                                 Owner Trustee under the Trust Agreement,

                             by: ___________________________________
                                 Authorized Signatory

                                      -2-
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-
mentioned Indenture.

Date:                             ____________________________, not in its
                                  individual capacity but solely as Indenture
                                  Trustee,

                                  by: ___________________________________
                                      Authorized Signatory

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class [A-2] ______% Asset Backed Notes(, Series
[____]-[__]) (herein called the "Class [A-2] Notes"), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Class [A-2] Notes are subject to all terms of the Indenture.

                  The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3]
Notes and the Class [A-4] Notes (collectively, the "Notes") are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

                  Principal of the Class [A-2] Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing [____________], [____].

                  As described above, the entire unpaid principal amount of this
Note shall be due and payable on the Class [A-2] Final Scheduled Distribution
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.02 of the Indenture. All principal payments on the Class
[A-2] Notes shall be made pro rata to the Class [A-2] Noteholders entitled
thereto.

                  Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in
the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such

                                      -3-
<PAGE>

nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the name of and
on behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed
or transmitted by facsimile prior to such Distribution Date, and the amount then
due and payable shall be payable only upon presentation and surrender of this
Note at the Indenture Trustee's principal Corporate Trust Office or at the
office of the Indenture Trustee's agent appointed for such purposes located in
(The City of New York).

                  The Issuer shall pay interest on overdue installments of
interest at the Class [A-2] Interest Rate to the extent lawful.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

                                      -4-
<PAGE>

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

                  (Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
(in their capacities as such) shall not (i) have any rights in or claims on the
collateral or trust estate (or any asset thereof) (collectively, "Unavailable
Collateral") that the Issuer has granted in order to secure any additional
series of notes issued or to be issued by the Issuer or (ii) exercise or attempt
to exercise any remedies to realize upon such Unavailable Collateral.)

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                  The term "Issuer" as used in this Note includes any successor
to the Issuer under the Indenture.

                                      -5-
<PAGE>

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of
_________________________________ in its individual capacity,
_________________________________ in its individual capacity, any owner of a
beneficial interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                                      -6-
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D.  or other identifying number of assignee:
_______________________________________________________________________________

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
_______________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _____________________________________, attorney, to transfer said
Note on _____________________________the books kept for registration thereof,
with full power of substitution in the premises.

Dated: ____________________________                ____________________________
                                                       Signature Guaranteed:

         _____________________________________________*/

------------------------

                   */ NOTICE: The signature to this assignment must correspond
with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in STAMP or such other "signature guarantee
program" as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

                                      -7-
<PAGE>

                                                                   EXHIBIT A-3

                           (FORM OF CLASS [A-3] NOTE)

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

<PAGE>

REGISTERED                                                     $____________

No.  R-__                                           CUSIP NO.  _____________

                  WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__]

                     CLASS [A-3] ______% ASSET BACKED NOTES

                              (SERIES [____]-[__])

                  World Omni Auto Receivables Trust 1999-_, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of DOLLARS payable on each Distribution
Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $____________ and the denominator of which is
$________________ by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class [A-3] Notes pursuant
to Section 3.01 of the Indenture dated as of ______________, 1999 (the
"Indenture"), between the Issuer and _________________________________, a
national banking association, as Indenture Trustee (the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the __________________ Distribution Date (the "Class [A-3]
Final Scheduled Distribution Date"). No payments of principal of the Class [A-3]
Notes shall be made until the Class [A-1] Notes and the Class [A-2] Notes have
been paid in full. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Distribution Date from the
sixth day of the month preceding the month of such Distribution Date (in the
case of the first Distribution Date, from the Closing Date) to and including the
fifth day of the month of such Distribution Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                                      -2-
<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture, or be valid
or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                             WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__]

                                 by: _________________________________________,
                                     not in its individual capacity but solely
                                     as Owner Trustee under the Trust Agreement,

                                 by: ___________________________________
                                     Authorized Signatory

                                      -3-
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-
mentioned Indenture.

Date:                                  ___________________________,  not in its
                                       individual capacity but solely as
                                       Indenture Trustee,

                                       by: ___________________________________
                                           Authorized Signatory

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class [A-3] _______% Asset Backed Notes(, Series
[____]-[__]) (herein called the "Class [A-3] Notes"), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Class [A-3] Notes are subject to all terms of the Indenture.

                  The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3]
Notes and the Class [A-4] Notes (collectively, the "Notes") are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

                  Principal of the Class [A-3] Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing [______________],[____].

                  As described above, the entire unpaid principal amount of this
Note shall be due and payable on the Class [A-3] Final Scheduled Distribution
Date. Notwithstanding the foregoing, the entire unpaid principal amount of the
Notes shall be due and payable on the date on which an Event of Default shall
have occurred and be continuing and the Indenture Trustee or the Holders of
Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.02 of the Indenture. All principal payments on the Class
[A-3] Notes shall be made pro rata to the Class [A-3] Noteholders entitled
thereto.

                  Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in
the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such

                                      -4-
<PAGE>

nominee. Such checks shall be mailed to the Person entitled thereto at the
address of such Person as it appears on the Note Register as of the applicable
Record Date without requiring that this Note be submitted for notation of
payment. Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the name of and
on behalf of the Issuer, will notify the Person who was the Registered Holder
hereof as of the Record Date preceding such Distribution Date by notice mailed
or transmitted by facsimile prior to such Distribution Date, and the amount then
due and payable shall be payable only upon presentation and surrender of this
Note at the Indenture Trustee's principal Corporate Trust Office or at the
office of the Indenture Trustee's agent appointed for such purposes located in
(The City of New York).

                  The Issuer shall pay interest on overdue installments of
interest at the Class [A-3] Interest Rate to the extent lawful.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

                                      -5-
<PAGE>

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

                  (Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
(in their capacities as such) shall not (i) have any rights in or claims on the
collateral or trust estate (or any asset thereof) (collectively, "Unavailable
Collateral") that the Issuer has granted in order to secure any additional
series of notes issued or to be issued by the Issuer or (ii) exercise or attempt
to exercise any remedies to realize upon such Unavailable Collateral.)

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                 The term "Issuer" as used in this Note includes any successor
to the Issuer under the Indenture.

                                      -6-
<PAGE>

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of
_________________________________ in its individual capacity,
_________________________________ in its individual capacity, any owner of a
beneficial interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                                      -7-
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D.  or other identifying number of assignee:
_____________________________________________________________________________
FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:
_____________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
_____________________________________________________________________________,
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:  ________________________________ ____________________________________*/
                                                       Signature Guaranteed:

         ___________________________________________*/

------------------------

                   */ NOTICE: The signature to this assignment must correspond
with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in STAMP or such other "signature guarantee
program" as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

                                      -8-
<PAGE>

                                                                  EXHIBIT A-4

                           (FORM OF CLASS [A-4] NOTE)

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

<PAGE>

REGISTERED                                                      $____________

No.  R-__                                              CUSIP NO.  ___________

                  WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__]

                     CLASS [A-4] ______% ASSET BACKED NOTES

                              (SERIES [____]-[__])

                  World Omni Auto Receivables Trust[____]-[__], a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of DOLLARS payable on each Distribution
Date in an amount equal to the result obtained by multiplying (i) a fraction the
numerator of which is $____________ and the denominator of which is
$_________________ by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class [A-4] Notes pursuant
to Section 3.01 of the Indenture dated as of [______________], [____] (the
"Indenture"), between the Issuer and _________________________________, a
national banking association, as Indenture Trustee (the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of the ______________ Distribution Date (the
"Class [A-4] Final Scheduled Distribution Date") or the Redemption Date, if any,
pursuant to Section 10.01 of the Indenture. No payments of principal of the
Class [A-4] Notes shall be made until the Class [A-1] Notes, the Class [A-2]
Notes and the Class [A-3] Notes have been paid in full. Capitalized terms used
but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

                  The Issuer will pay interest on this Note at the rate per
annum shown above on each Distribution Date until the principal of this Note is
paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), subject to
certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Distribution Date from the
sixth day of the month preceding the month of such Distribution Date (in the
case of the first Distribution Date, from the Closing Date) to and including the
fifth day of the month of such Distribution Date. Interest will be computed on
the basis of a 360-day year of twelve 30-day months. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                                      -2-
<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture, or be valid
or obligatory for any purpose.

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date:                           WORLD OMNI AUTO RECEIVABLES TRUST [____]-[__],

                                by:   _________________________________,
                                      not in its individual capacity but
                                      solely as Owner Trustee under the
                                      Trust Agreement,

                                 by:  ___________________________________
                                      Authorized Signatory

                                      -3-
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-
mentioned Indenture.

Date:                                 ________________________________,  not in
                                      its individual capacity but solely as
                                      Indenture Trustee,

                                      by:  ___________________________________
                                           Authorized Signatory

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class [A-4] _______% Asset Backed Notes(, Series
[____]-[__]) (herein called the "Class [A-4] Notes"), all issued under the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes.
The Class [A-4] Notes are subject to all terms of the Indenture.

                  The Class [A-1] Notes, the Class [A-2] Notes, the Class [A-3]
Notes and the Class [A-4] Notes (collectively, the "Notes") are and will be
equally and ratably secured by the collateral pledged as security therefor as
provided in the Indenture.

                  Principal of the Class [A-4] Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing [______________],[____].

                  As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Class [A-4] Final Scheduled
Distribution Date or the Redemption Date, if any, pursuant to Section 10.01 of
the Indenture. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the Holders
of Notes representing not less than a majority of the Outstanding Amount of the
Notes have declared the Notes to be immediately due and payable in the manner
provided in Section 5.02 of the Indenture. All principal payments on the Class
[A-4] Notes shall be made pro rata to the Class [A-4] Noteholders entitled
thereto.

                  Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on each
Record Date, except that with respect to Notes registered on the Record Date in
the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will

<PAGE>

be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment. Any reduction in the principal amount of this Note (or any
one or more Predecessor Notes) effected by any payments made on any Distribution
Date shall be binding upon all future Holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof, whether or not noted hereon. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Distribution Date, then the Indenture
Trustee, in the name of and on behalf of the Issuer, will notify the Person who
was the Registered Holder hereof as of the Record Date preceding such
Distribution Date by notice mailed or transmitted by facsimile prior to such
Distribution Date, and the amount then due and payable shall be payable only
upon presentation and surrender of this Note at the Indenture Trustee's
principal Corporate Trust Office or at the office of the Indenture Trustee's
agent appointed for such purposes located in (The City of New York).

                  The Issuer shall pay interest on overdue installments of
interest at the Class [A-4] Interest Rate to the extent lawful.

                  As provided in the Indenture, the Class [A-4] Notes may be
redeemed in whole but not in part at the option of the Servicer on any
Distribution Date on and after the date on which the Pool Balance is less than
or equal to 10% of the Original Pool Balance.

                  As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Note Register upon surrender of this Note for registration of transfer at
the office or agency designated by the Issuer pursuant to the Indenture, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or
such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
its individual capacity, (ii) any owner of a beneficial interest in the Issuer
or (iii) any partner, owner, beneficiary, agent, officer, director or employee
of the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the

                                      -2-
<PAGE>

Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the Basic Documents.

                  (Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
(in their capacities as such) shall not (i) have any rights in or claims on the
collateral or trust estate (or any asset thereof) (collectively, "Unavailable
Collateral") that the Issuer has granted in order to secure any additional
series of notes issued or to be issued by the Issuer or (ii) exercise or attempt
to exercise any remedies to realize upon such Unavailable Collateral.)

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, state and local income, single
business and franchise tax purposes, the Notes will qualify as indebtedness of
the Issuer secured by the Trust Estate. Each Noteholder, by acceptance of a Note
(and each Note Owner by acceptance of a beneficial interest in a Note), agrees
to treat the Notes for federal, state and local income, single business and
franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Holders of Notes
representing a majority of the Outstanding Amount of all Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof

                                      -3-
<PAGE>

whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                  The term "Issuer" as used in this Note includes any successor
to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Holders of Notes under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                  No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of
_________________________________ in its individual capacity,
_________________________________ in its individual capacity, any owner of a
beneficial interest in the Issuer, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                  ASSIGNMENT

                  Social Security or taxpayer I.D. or other identifying number
of assignee: FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto: (name and address of assignee)

                  the within Note and all rights thereunder, and hereby
irrevocably constitutes and appoints  ________________________________________
_________________________________________, attorney, to transfer said Note on
the books kept for registration thereof, with full power of substitution in the
premises.

                                      -4-
<PAGE>

                  Dated:                    __________________________________
  _________________________________ */ Signature Guaranteed:

                  _________________________________________*/

                  ------------------------

                   */ NOTICE: The signature to this assignment must correspond
with the name of the registered owner as it appears on the face of the within
Note in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in STAMP or such other "signature guarantee
program" as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.

                                      -5-
<PAGE>

                                                                     EXHIBIT B

                       (Form of Note Depository Agreement)

                            Letter of Representations
                     (To be Completed by Issuer and Trustee)

                        ---------------------------------
                                (Name of Issuer)

                        ---------------------------------
                                (Name of Trustee)

                                     (Date)

Attention:  General Counsel's Office
THE DEPOSITORY TRUST COMPANY
55 Water Street; 49th Floor
New York, NY 10041-0099

         Re: _________________________________________
             _________________________________________
             _________________________________________
                       (Issue Description)

Ladies and Gentlemen:

                  This letter sets forth our understanding with respect to
certain matters relating to the above-referenced issue (the "Securities").
Trustee will act as trustee with respect to the Securities pursuant to a trust
indenture dated [____________________], [____] (the "Document").
__________________ _____________________________________________________ (the
"Underwriter") is distributing the Securities through The Depository Trust
Company ("DTC"). To induce DTC to accept the Securities as eligible for deposit
at DTC, and to act in accordance with its Rules with respect to the Securities,
Issuer and Trustee make the following representations to DTC:

                  .         Prior to closing on the Securities on
[_____________________], [____], there shall be deposited with DTC one Security
certificate registered in the name of DTC's nominee, Cede & Co., for each stated
maturity of the Securities in the face amounts set forth on Schedule A hereto,
the total of which represents 100% of the principal amount of such Securities.
If, however, the aggregate principal amount of any maturity exceeds $200
million, one certificate will be issued with respect to each $200 million of
principal amount and an additional certificate will be issued with respect to
any remaining principal amount. Each Security certificate shall bear the
following legend:

                  Unless this certificate is presented by an authorized
         representative of The Depository Trust Company, a New York corporation
         ("DTC"), to Issuer or its agent for registration of transfer, exchange,
         or payment, and any certificate issued is registered in

<PAGE>

         the name of Cede & Co. or in such other name as is requested by an
         authorized representative of DTC (and any payment is made to Cede & Co.
         or to such other entity as is requested by an authorized representative
         of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
         OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered
         owner hereof, Cede & Co., has an interest herein.

                  2.    In the event of any solicitation of consents from or
voting by holders of the Securities, Issuer or Trustee shall establish a record
date for such purposes (with no provision for revocation of consents or votes by
subsequent holders) and shall, to the extent possible, send notice of such
record date to DTC not less than 15 calendar days in advance of such record
date. Notices to DTC pursuant to this Paragraph by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-6896 or (212) 709-6897, and receipt
of such notices shall be confirmed by telephoning (212) 709-6870. Notices to DTC
pursuant to this Paragraph by mail or by any other means shall be sent to DTC's
Reorganization Department as indicated in Paragraph 4.

                  3.    In the event of a full or partial redemption, Issuer
or Trustee shall send a notice to DTC specifying: (a) the amount of the
redemption or refunding; (b) in the case of a refunding, the maturity date(s)
established under the refunding; and (c) the date such notice is to be mailed to
Security holders or published (the "Publication Date"). Such notice shall be
sent to DTC by a secure means (e.g., legible telecopy, registered or certified
mail, overnight delivery) in a timely manner designed to assure that such notice
is in DTC's possession no later than the close of business on the business day
before or, if possible, two business days before the Publication Date. Issuer or
Trustee shall forward such notice either in a separate secure transmission for
each CUSIP number or in a secure transmission for multiple CUSIP numbers (if
applicable) which includes a manifest or list of each CUSIP number submitted in
that transmission. (The party sending such notice shall have a method to verify
subsequently the use of such means and the timeliness of such notice.) The
Publication Date shall be not less than 30 days nor more than 60 days prior to
the redemption date or, in the case of an advance refunding, the date that the
proceeds are deposited in escrow. Notices to DTC pursuant to this Paragraph by
telecopy shall be sent to DTC's Call Notification Department at (516) 227-4039
or (516) 227-4190. If the party sending the notice does not receive a telecopy
receipt from DTC confirming that the notice has been received, such party shall
telephone (516) 227-4070. Notices to DTC pursuant to this Paragraph by mail or
by any other means shall be sent to:

                      Manager; Call Notification Department
                      The Depository Trust Company
                      711 Stewart Avenue
                      Garden City, NY 11530-4719

                  4.    In the event of an invitation to tender the
Securities (including mandatory tenders, exchanges, and capital changes), notice
by Issuer or Trustee to Security holders specifying the terms of the tender and
the Publication Date of such notice shall be sent to DTC by a secure means in
the manner set forth in the preceding Paragraph. Notices to DTC pursuant to this
Paragraph and notices of other corporate actions by telecopy shall be sent to
DTC's Reorganization Department at (212) 709-1093 or (212) 709-1094, and receipt
of such notices

                                      -2-
<PAGE>

shall be confirmed by telephoning (212) 709-6884. Notices to DTC pursuant to the
above by mail or by any other means shall be sent to:

                       Manager; Reorganization Departmen
                       Reorganization Window
                       The Depository Trust Company
                       7 Hanover Square, 23rd Floor
                       New York, NY 10004-2695

                  5.   All notices and payment advices sent to DTC shall
contain the CUSIP number of the Securities.

                  6.   Trustee shall send DTC written notice with respect to
the dollar amount per $1,000 original face value (or other minimum authorized
denomination if less than $1,000 face value) payable on each payment date
allocated as to the interest and principal portions thereof preferably 5, but
not less than 2, business days prior to such payment date. Such notices, which
shall also contain the current pool factor, and special adjustments to
principal/interest rates (e.g., adjustments due to deferred interest or
shortfall), and Trustee contact's name and telephone number, shall be sent by
telecopy to DTC's Dividend Department at (212) 709-1723, or if by mail or by any
other means to:

                             Manager; Announcements
                             Dividend Department
                             The Depository Trust Company
                             7 Hanover Square, 22nd Floor
                             New York, NY 10004-2695

                  7.   (NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND
CROSS OUT THE OTHER:) (The interest accrual period is record date to record
date.) (The interest accrual period is payment date to payment date.)

                  8.   Trustee must provide DTC, no later than noon (Eastern
Time) on the payment date, CUSIP numbers for each issue for which payment is
being sent, as well as the dollar amount of the payment for each issue.
Notification of payment details should be sent using automated communications.
9. Interest payments and principal payments that are part of periodic
principal-and-interest payments shall be received by Cede & Co., as nominee of
DTC, or its registered assigns in same-day funds, no later than 2:30 p.m.
(Eastern Time) on each payment date (in accordance with existing arrangements
between Issuer or Trustee and DTC). Absent any other arrangements between Issuer
or Trustee and DTC, such funds shall be wired as follows:

                               [_________________]

Issuer or Trustee shall provide interest payment information to a standard
announcement service subscribed to by DTC. In the unlikely event that no such
service exists, Issuer or Trustee shall provide interest payment information
directly to DTC in advance of the interest payment date as soon as the
information is available. This information should be conveyed directly to DTC
electronically. If electronic transmission is not available, absent any other
arrangements between

                                      -3-
<PAGE>

Trustee and DTC, such information should be sent by telecopy to DTC's Dividend
Department at (212) 709-1723 or (212) 709-1686, and receipt of such notices
shall be confirmed by telephoning (212) 709-1270. Notices to DTC pursuant to the
above by mail or by any other means shall be sent to:

                             Manager, Announcements
                             Dividend Department
                             The Depository Trust Company
                             7 Hanover Square; 22nd Floor
                             New York, NY 10004-2695

                  10.   DTC shall receive maturity and redemption payments
allocated with respect to each CUSIP number on the payable date in same-day
funds by 2:30 p.m. (Eastern Time). Absent any other arrangements between Trustee
and DTC, such payments shall be wired as follows:

                               [_________________]

in accordance with existing SDFS payment procedures in the manner set forth in
DTC's SDFS Paying Agent Operating Procedures, a copy of which has previously
been furnished to Trustee.

                  11.   DTC shall receive all reorganization payments and
CUSIP-level detail resulting from corporate actions (such as tender offers,
remarketings, or mergers) on the first payable date in same-day funds by 2:30
p.m. (Eastern Time). Absent any other arrangements between Trustee and DTC, such
payments shall be wired as follows:

                              [_________________]

                  12.    DTC may direct Issuer or Trustee to use any other
number or address as the number or address to which notices or payments of
interest or principal may be sent.

                  13.    In the event of a redemption, acceleration, or any
other similar transaction (e.g., tender made and accepted in response to
Issuer's or Trustee's invitation) necessitating a reduction in the aggregate
principal amount of Securities outstanding or an advance refunding of part of
the Securities outstanding, DTC, in its discretion: (a) may request Issuer or
Trustee to issue and authenticate a new Security certificate; or (b) may make an
appropriate notation on the Security certificate indicating the date and amount
of such reduction in principal except in the case of final maturity, in which
case the certificate will be presented to Issuer or Trustee prior to payment, if
required.

                  14.    In the event that Issuer determines that beneficial
owners of Securities shall be able to obtain certificated Securities, Issuer or
Trustee shall notify DTC of the availability of certificates. In such event,
Issuer or Trustee shall issue, transfer, and exchange certificates in
appropriate amounts, as required by DTC and others.

                  15.    DTC may discontinue providing its services as
securities depository with respect to the Securities at any time by giving
reasonable notice to Issuer or Trustee (at which time DTC will confirm with
Issuer or Trustee the aggregate principal amount of Securities

                                      -4-
<PAGE>

outstanding). Under such circumstances, at DTC's request Issuer and Trustee
shall cooperate fully with DTC by taking appropriate action to make available
one or more separate certificates evidencing Securities to any DTC Participant
having Securities credited to its DTC accounts.

                  16.   Issuer: (a) understands that DTC has no obligation
to, and will not, communicate to its Participants or to any person having an
interest in the Securities any information contained in the Security
certificate(s); and (b) acknowledges that neither DTC's Participants nor any
person having an interest in the Securities shall be deemed to have notice of
the provisions of the Security certificates by virtue of submission of such
certificate(s) to DTC.

                  17.    Nothing herein shall be deemed to require Trustee to
advance funds on behalf of Issuer.

Notes:

A. If there is a Trustee (as defined in this Letter of Representations), Trustee
as well as Issuer must sign this Letter. If there is no Trustee, in signing this
Letter Issuer itself undertakes to perform all of the obligations set forth
herein.

B. Schedule B contains statements that DTC believes accurately describe DTC, the
method of effecting book-entry transfers of securities distributed through DTC,
and certain related matters.

                                            Very truly yours,

                                             __________________________________
                                                        (Issuer)

                                             By: ______________________________
                                                (Authorized Officer's Signature)

                                             __________________________________
                                                         (Trustee)

                                             By: ______________________________
                                                (Authorized Officer's Signature)

Received and Accepted:
THE DEPOSITORY TRUST COMPANY

                                      -5-
<PAGE>

By:  _____________________________

cc:      Underwriter
         Underwriter's Counsel

                                      -6-
<PAGE>

                                                                    SCHEDULE A

______________________________________
______________________________________
                   (Describe Issue)

      CUSIP           Principal Amount        Maturity Date     Interest Rate
----------------   ----------------------    ---------------   ---------------

                                      -7-
<PAGE>

                                                                   SCHEDULE B

                       SAMPLE OFFICIAL STATEMENT LANGUAGE
                       DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
         (PREPARED BY DTC--BRACKETED MATERIAL MAY BE APPLICABLE ONLY TO
                                CERTAIN ISSUES)

                  1.    The Depository Trust Company ("DTC"), New York, NY,
will act as securities depository for the securities (the "Securities"). The
Securities will be issued as fully-registered securities registered in the name
of Cede & Co. (DTC's partnership nominee). One fully-registered Security
certificate will be issued for (each issue of the Securities, (each) in the
aggregate principal amount of such issue, and will be deposited with DTC. (If,
however, the aggregate principal amount of (any) issue exceeds $200 million, one
certificate will be issued with respect to each $200 million of principal amount
and an additional certificate will be issued with respect to any remaining
principal amount of such issue.)

                  2.     DTC is a limited-purpose trust company organized
under the New York Banking Law, a "banking organization" within the meaning of
the New York Banking Law, a member of the Federal Reserve System, a "clearing
corporation" within the meaning of the New York Uniform Commercial Code, and a
"clearing agency" registered pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934. DTC holds securities that its participants
("Participants") deposit with DTC. DTC also facilitates the settlement among
Participants of securities transactions, such as transfers and pledges, in
deposited securities through electronic computerized book-entry changes in
Participants' accounts, thereby eliminating the need for physical movement of
securities certificates. Direct Participants include securities brokers and
dealers, banks, trust companies, clearing corporations, and certain other
organizations. DTC is owned by a number of its Direct Participants and by the
New York Stock Exchange, Inc., the American Stock Exchange, Inc., and the
National Association of Securities Dealers, Inc. Access to the DTC system is
also available to others such as securities brokers and dealers, banks, and
trust companies that clear through or maintain a custodial relationship with a
Direct Participant, either directly or indirectly ("Indirect Participants"). The
Rules applicable to DTC and its Participants are on file with the Securities and
Exchange Commission.

                  3.     Purchases of Securities under the DTC system must be
made by or through Direct Participants, which will receive a credit for the
Securities on DTC's records. The ownership interest of each actual purchaser of
each Security ("Beneficial Owner") is in turn to be recorded on the Direct and
Indirect Participants' records. Beneficial Owners will not receive written
confirmation from DTC of their purchase, but Beneficial Owners are expected to
receive written confirmations providing details of the transaction, as well as
periodic statements of their holdings, from the Direct or Indirect Participant
through which the Beneficial Owner entered into the transaction. Transfers of
ownership interests in the Securities are to be accomplished by entries made on
the books of Participants acting on behalf of Beneficial Owners. Beneficial
Owners will not receive certificates representing their ownership interests in
Securities, except in the event that use of the book-entry system for the
Securities is discontinued.

                                      -8-
<PAGE>

                  4.     To facilitate subsequent transfers, all Securities
deposited by Participants with DTC are registered in the name of DTC's
partnership nominee, Cede & Co. The deposit of Securities with DTC and their
registration in the name of Cede & Co. effect no change in beneficial ownership.
DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC's
records reflect only the identity of the Direct Participants to whose accounts
such Securities are credited, which may or may not be the Beneficial Owners. The
Participants will remain responsible for keeping account of their holdings on
behalf of their customers. 5. Conveyance of notices and other communications by
DTC to Direct Participants, by Direct Participants to Indirect Participants, and
by Direct Participants and Indirect Participants to Beneficial Owners will be
governed by arrangements among them, subject to any statutory or regulatory
requirements as may be in effect from time to time.

                  (6.    Redemption notices shall be sent to Cede & Co. If
less than all of the Securities within an issue are being redeemed, DTC's
practice is to determine by lot the amount of the interest of each Direct
Participant in such issue to be redeemed.)

                  7.     Neither DTC nor Cede & Co. will consent or vote with
respect to Securities. Under its usual procedures, DTC mails an Omnibus Proxy to
the Issuer as soon as possible after the record date. The Omnibus Proxy assigns
Cede & Co.'s consenting or voting rights to those Direct Participants to whose
accounts the Securities are credited on the record date (identified in a listing
attached to the Omnibus Proxy).

                  8.     Principal and interest payments on the Securities
will be made to DTC. DTC's practice is to credit Direct Participants' accounts
on payable date in accordance with their respective holdings shown on DTC's
records unless DTC has reason to believe that it will not receive payment on
payable date. Payments by Participants to Beneficial Owners will be governed by
standing instructions and customary practices, as is the case with securities
held for the accounts of customers in bearer form or registered in "street
name," and will be the responsibility of such Participant and not of DTC,
Trustee, or Issuer, subject to any statutory or regulatory requirements as may
be in effect from time to time. Payment of principal and interest to DTC is the
responsibility of the Issuer or Trustee, disbursement of such payments to Direct
Participants shall be the responsibility of DTC, and disbursement of such
payments to the Beneficial Owners shall be the responsibility of Direct and
Indirect Participants.

                  (9.    A Beneficial Owner shall give notice to elect to have
its Securities purchased or tendered, through its Participant, to Trustee (or
Tender/Remarketing Agent), and shall effect delivery of such Securities by
causing the Direct Participant to transfer the Participant's interest in the
Securities, on DTC's records, to Trustee (or Tender/Remarketing Agent). The
requirement for physical delivery of Securities in connection with an optional
tender or a mandatory purchase will be deemed satisfied when the ownership
rights in the Securities are transferred by Direct Participants on DTC's records
and followed by a book-entry credit of tendered Securities to Trustee (or
Tender/Remarketing Agent's) DTC account.)

                  10.     DTC may discontinue providing its services as
securities depository with respect to the Securities at any time by giving
reasonable notice to Issuer or Agent. Under such circumstances, in the event
that a successor securities depository is not obtained, Security certificates
are required to be printed and delivered.

                                      -9-
<PAGE>

                  11.     The Issuer may decide to discontinue use of the
system of book-entry transfers through DTC (or a successor securities
depository). In that event, Security certificates will be printed and delivered.
12. The information in this section concerning DTC and DTC's book-entry system
has been obtained from sources that Issuer believes to be reliable, but Issuer
takes no responsibility for the accuracy thereof.

                                      -10-================================================================================

                                                                    EXHIBIT 4.3

                    [FORM OF POOLING AND SERVICING AGREEMENT]

                                      among

                        WORLD OMNI AUTO RECEIVABLES LLC,
                                    as Seller

                           WORLD OMNI FINANCIAL CORP.
                                  as Servicer,

                                       and

                             [____________________]
                                   as Trustee
                       on behalf of the Certificateholders

                            Dated as of [__________]

                    WORLD OMNI AUTO RECEIVABLES TRUST ____-_

                   [___]% Asset Backed Certificates, Class [A]
                   [___]% Asset Backed Certificates, Class [B]

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               Page
                                                                                                               ----

                                    ARTICLE I

                          SPECIAL DEFINITIONS AND TERMS

<S>                                                                                                           <C>
Section 1.01        Special Definitions and Terms.................................................................1

                                   ARTICLE II

                             ESTABLISHMENT OF TRUST

Section 2.01        Creation of Trust.............................................................................5
Section 2.02        Acceptance by Trustee.........................................................................5

                                   ARTICLE III

                            CONVEYANCE OF RECEIVABLES

Section 3.01        Conveyance of Initial Standard Receivables....................................................5
Section 3.02        [Conveyance of Subsequent Standard Receivables................................................6

                                   ARTICLE IV

                 INCORPORATION OF STANDARD TERMS AND CONDITIONS

Section 4.01        Incorporation of Standard Terms and Conditions of Agreement...................................9

                                    ARTICLE V

             ADDITIONAL REPRESENTATIONS AND WARRANTIES OF THE SELLER

Section 5.01        Additional Representations and Warranties of the Seller......................................10

                                   ARTICLE VI

                   ADDITIONAL PROVISIONS RELATING TO SERVICER

Section 6.01        World Omni Financial Corp....................................................................10
Section 6.02        Additional Covenant of the Servicer..........................................................10
</TABLE>

                                      -i-

<PAGE>

SCHEDULE A            -    Schedule of Receivables
SCHEDULE B            -    Location of Receivable Files
SCHEDULE C            -    Schedule of Eligible Investment Receivables

                                      -ii-

<PAGE>

                  POOLING AND SERVICING AGREEMENT dated as of [__________],
among WORLD OMNI FINANCIAL CORP., a Florida corporation, as seller (the
"Seller") and servicer (the "Servicer"), and [____________________], a
[____________________] banking corporation, as trustee (the "Trustee").

                  WHEREAS, the Seller owns or will acquire certain receivables
arising in connection with motor vehicle retail installment sale contracts (the
"Contracts") generated by World Omni Financial Corp. in the ordinary course of
its business; and

                  WHEREAS, the Seller, the Servicer and the Trustee wish to set
forth the terms and conditions pursuant to which the Trust (as hereinafter
defined) will acquire the Contracts from the Seller, and the Servicer will
service the Contracts on behalf of the Trust;

                  NOW, THEREFORE, in consideration of the premises and the
mutual agreements hereinafter set forth, the Seller, the Servicer and the
Trustee agree as follows:

                                   ARTICLE I

                          SPECIAL DEFINITIONS AND TERMS

                 Section 1.01 Special Definitions and Terms. Capitalized terms
used and not defined herein have the meanings assigned thereto in the Standard
Terms and Conditions of Agreement. Whenever used in this Agreement and the
Standard Terms and Conditions of Agreement, the following words and phrases
shall have the following meanings:

                  "Agency Agreement" means the agreement dated as of the date
hereof among the Seller, the Servicer, the Trustee and the Agent.

                  "Agent" means [ ], or a successor thereto.

                  "Agreement" means this Pooling and Servicing Agreement,
including the Standard Terms and Conditions of Agreement of World Omni Auto
Receivables Trusts, dated as of [ ], in the form attached hereto.

                  "Certificates" means the Class [A] Certificates and the Class
[B] Certificates.

                  "Class [A] Certificate" means a [ ]% Asset Backed Certificate,
Class [A], evidencing a beneficial interest in the Trust, substantially in the
form of Exhibit A to the Standard Terms and Conditions of Agreement.

                  "Class [A] Pass-Through Rate" means [_____]%.

                  "Class [A] Percentage" means [_____]%.

                  "Class [A] Prepayment Premium" means an amount equal to the
excess, if any, discounted as described below, of (i) the amount of interest
that would accrue on the Pre-Funded

<PAGE>

Percentage with respect to the Class [A] Certificates of any remaining
Pre-Funded Amount (the "Class [A] Prepayment Amount") at the Class [A]
Pass-Through Rate during the period commencing on and including the Distribution
Date on which such Class [A] Prepayment Amount is required to be deposited in
the Distribution Account pursuant to Section 14.08(b) to but excluding
[__________], over (ii) the amount of interest that would have accrued on such
Class [A] Prepayment Amount over the same period at a per annum rate of interest
equal to the bond equivalent yield to maturity on the Determination Date
preceding such Distribution Date on the [ ]. Such excess shall be discounted on
a monthly basis to present value to such Distribution Date at the yield
described in clause (ii) above.

                  "Class [B] Certificate" means a [ ]% Asset Backed Certificate,
Class [B], evidencing a beneficial interest in the Trust, substantially in the
form of Exhibit B to the Standard Terms and Conditions of Agreement.

                  "Class [B] Pass-Through Rate" means [_____]%.

                  "Class [B] Percentage" means [_____]%.

                  "Class [B] Prepayment Premium" means an amount equal to the
excess, if any, discounted as described below, of (i) the amount of interest
that would accrue on the Pre-Funded Percentage with respect to the Class [B]
Certificates of any remaining Pre-Funded Amount (the "Class [B] Prepayment
Amount") at the Class [B] Pass-Through Rate during the period commencing on and
including the Distribution Date on which such Class [B] Prepayment Amount is
required to be deposited in the Distribution Account pursuant to Section
14.08(b) to but excluding [__________], over (ii) the amount of interest that
would have accrued on such Class [B] Prepayment Amount over the same period at a
per annum rate of interest equal to the bond equivalent yield to maturity on the
Determination Date preceding such Distribution Date on the [____________]. Such
excess shall be discounted on a monthly basis to present value to such
Distribution Date at the yield described in clause (ii) above.

                  "Closing Date" means [______________________________________].

                  "Corporate Trust Office" means the principal corporate trust
office of the Trustee, which at the time of execution of this agreement is
[______________________________], Attention: [____________________].

                  "Depository Agreement" means the agreement dated
[____________________], among the Trustee, the Administrator, and The Depository
Trust Company, as the initial Clearing Agency, substantially in the form
attached as Exhibit C to the Standard Terms and Conditions of Agreement.

                  "Distribution Date" means, with respect to each Collection
Period, the [__________] day of the following calendar month or, if such day is
not a Business Day, the immediately following Business Day, commencing on
[__________].

                  "Final Scheduled Distribution Date" means
[____________________________].

                  "Final Scheduled Maturity Date" means
[_____________________________].

                                      -2-

<PAGE>

                  "Funding Period" means the period beginning on and including
the Closing Date and ending on the first to occur of (a) the Determination Date
on which the amount on deposit in the Pre-Funding Account (after giving effect
to any transfers therefrom in connection with the transfer of Subsequent
Receivables to the Trustee on such Determination Date) is less than or equal to
$[__________], (b) the date on which an Event of Default occurs, (c) the date on
which an Insolvency Event occurs with respect to the Seller or the Servicer, and
(d) the Determination Date with respect to the Distribution Date.

                  "Initial Certificate Balance" means $[__________].

                  "Initial Class [A] Balance" means $[__________].

                  "Initial Class [B] Balance" means $[__________].

                  "Initial  Collection  Period" means the period  beginning on,
and  including,  [_________] to and including [_________].

                  "Initial Cutoff Date" means [____________] with respect to
Initial Receivables.

                  "Initial Receivable" means any Standard Receivable conveyed to
the Trustee hereunder on the Closing Date.

                  "Investment Earnings" means with respect to any Distribution
Date, the investment earnings (net of losses and investment expenses) on amounts
on deposit in the Trust Accounts to be deposited to the Distribution Account on
such Distribution Date pursuant to Section 14.01(b).

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

                  "Liquidated Receivable" means any Receivable or Eligible
Investment Receivable, as applicable, liquidated by the Servicer through sale of
a Financed Vehicle or otherwise.

                  "Liquidation Proceeds" means, with respect to a Liquidated
Receivable, the monies collected in respect thereof, from whatever source,
during the Collection Period in which such Receivable or Eligible Investment
Receivable, as applicable, became a Liquidated Receivable, net of the sum of any
amounts expended by the Servicer in connection with such liquidation, plus any
amounts required by law to be remitted to the Obligor.

                  "Moody's" means Moody's Investors Service, Inc., or its
successor.

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

                                      -3-

<PAGE>

                  "Officers' Certificate" means a certificate signed by the (a)
chairman of the board, the president, any executive vice president or any vice
president and (b) any treasurer, assistant treasurer, secretary or assistant
secretary of the Seller or the Servicer, as appropriate.

                   "Opinion of Counsel" means one or more written opinions of
counsel, who may be an employee of or counsel to the Seller or the Servicer,
which counsel shall be acceptable to the Trustee or Rating Agencies, as
applicable.

                  "Original Pool Balance" means the sum, as of any date, of the
Pool Balance as of the Initial Cutoff Date, plus the aggregate Principal Balance
of the Subsequent Receivables, if any, sold to the Trust, as of their respective
Cutoff Dates.

                  "Outstanding Simple Interest Advances" on the Simple Interest
Receivables means the sum, as of the close of business on the last day of a
Collection Period, of all Simple Interest Advances, reduced as provided in
Section 14.04(b).

                  "Person" means any individual, corporation, estate,
partnership, joint venture, association, joint stock company, trust,
unincorporated organization, or government or any agency or political
subdivision thereof

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

                  "Pool Balance" means, as of the close of business on the last
day of a Collection Period, the aggregate Principal Balance of the Receivables
as of such date (excluding Purchased Receivables and Liquidated Receivables).

                  "Pool Factor" means, as of the close of business on the last
day of a Collection Period, a seven-digit decimal figure equal to the Pool
Balance divided by the Original Pool Balance. The Pool Factor will be 1.0000000
as of the Initial Cutoff Date; thereafter, the Pool Factor will decline to
reflect reductions in the Pool Balance.

                  "Pre-Funded Amount" means, with respect to any Distribution
Date, the amount on deposit in the Pre-Funding Account, which initially shall be
$[__________].

                  "Reserve Account Initial Deposit" means, with respect to the
Closing Date and taking into account any transfer of Subsequent Receivables on
such date, an amount equal to the Specified Reserve Account Balance on the
Closing Date (which is equal to $[__________]) and, with respect to each
Subsequent Transfer Date after the Closing Date, an amount equal to [_____]% of
the Principal Balance of the Subsequent Receivables transferred to the Trust on
such Subsequent Transfer Date.

                  "Servicing Rate" means [_____]% per annum.

                  "Specified Reserve Account Balance" means [STATE FORMULA].

                                      -4-

<PAGE>

                  "Standard Terms and Conditions of Agreement" means the
Standard Terms and Conditions of Agreement of World Omni Auto Receivables
Trusts, dated as of [__________], in the form attached hereto.

                  "Subsequent Receivable" means any Subsequent Standard
Receivable conveyed to the Trustee hereunder on a Subsequent Transfer Date
conveyed to the Agent on a Subsequent Transfer Date pursuant to the Agency
Agreement.

                  "Trustee" means [____________________], a [__________] banking
corporation, its successors in interest and any successor Trustee hereunder.

                                   ARTICLE II

                             ESTABLISHMENT OF TRUST

                  Section 2.01 Creation of Trust. Upon the execution of this
Agreement by the parties hereto, there is hereby created a separate trust, which
shall be known as Premier Auto Trust (the "Trust"). The Trust shall be
administered pursuant to the provisions of this Agreement for the benefit of the
Certificateholders.

                  Section 2.02 Acceptance by Trustee. The Trustee hereby accepts
all consideration conveyed by the Seller pursuant to Section 3.01 and declares
that it will hold such consideration upon the trusts set forth herein for the
benefit of the Certificateholders, subject to the terms and provisions of this
Agreement.

                                  ARTICLE III

                            CONVEYANCE OF RECEIVABLES

                  Section 3.01 Conveyance of Initial Standard Receivables. In
consideration of the Trustee's delivery on the Closing Date to or upon the order
of the Seller of Class [A] Certificates in an initial aggregate principal amount
equal to the Initial Class [A] Balance and Class [B] Certificates in an initial
aggregate principal amount equal to the Initial Class [B] Balance, the Seller
does hereby sell, transfer, assign, set over and otherwise convey to the Trustee
for the benefit of the Certificateholders, without recourse (subject to the
obligations set forth herein), all right, title and interest of the Seller in
and to:

                  (1) the Initial Standard Receivables, and all moneys due
thereon on or after [__________];

                  (2) the security interests in the Financed Vehicles granted by
Obligors pursuant to the Initial Standard Receivables and any other interest of
the Seller in such Financed Vehicles;

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

                                      -5-
<PAGE>

                  (4) any proceeds from recourse to Dealers on Initial Standard
Receivables with respect to which the Servicer has determined in accordance with
its customary servicing procedures that eventual payment in full is unlikely;

                  (5) any Financed Vehicle that shall have secured any such
Initial Standard Receivable and shall have been acquired by or on behalf of the
Seller, the Servicer or the Trust; and

                  (6) the proceeds of any and all of the foregoing.

                  Section 3.02 [Conveyance of Subsequent Standard Receivables.
(a) Subject to the conditions set forth in paragraph (b) below, in consideration
of the Trustee's delivery on the related Subsequent Transfer Date to or upon the
order of the Seller of the amount described in Section 14.08(a), the Seller does
hereby sell, transfer, assign, set over and otherwise convey to the Trustee, for
the benefit of the Certificateholders, without recourse (subject to the
obligations set forth herein), all right, title and interest of the Seller in
and to:

                  (1) the Subsequent Standard Receivables listed on Schedule A
to the related Subsequent Transfer Assignment, and all moneys due thereon on or
after the related Subsequent Cutoff Date;

                  (2) the security interests in the Financed Vehicles granted by
Obligors pursuant to such Subsequent Standard Receivables and any other interest
of the Seller in such Financed Vehicles;

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

                  (4) any proceeds from recourse to Dealers determined in
accordance with its customary servicing procedures that eventual payment in full
is unlikely;

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

                  (6) the proceeds of any and all of the foregoing.

                  (b) (1) The Seller shall transfer to the Trustee, for the
                      benefit of the Certificateholders, the Subsequent Standard
                      Receivables and the other property and rights related
                      thereto described in paragraph (a) above only upon the
                      satisfaction of each of the following conditions precedent
                      on or prior to the related Subsequent Transfer Date:

                  (i)      the Seller shall have delivered to the Trustee a duly
                           executed Subsequent Transfer Assignment, which shall
                           include supplements to Schedule A listing the
                           Subsequent Receivables;

                                      -6-
<PAGE>

                  (ii)     the Seller shall have deposited in the Collection
                           Account, to the extent required by Section 14.02, all
                           collections in respect of the Subsequent Receivables;

                  (iii)    as of each Subsequent Transfer Date, (1) the Seller
                           shall not be insolvent and shall not become insolvent
                           as a result of the transfer of Subsequent Receivables
                           on such Subsequent Transfer Date, (2) the Seller
                           shall not intend to incur or believe that it shall
                           incur debts that would be beyond its ability to pay
                           as such debts mature, (3) such transfer shall not
                           have been made with actual intent to hinder, delay or
                           defraud any Person and (4) the assets of the Seller
                           shall not constitute unreasonably small capital to
                           carry out its business as conducted;

                  (iv)     the applicable Reserve Account Initial Deposit for
                           such Subsequent Transfer Date shall have been made
                           pursuant to Section 14.08(a);

                  (v)      the Funding Period shall not have terminated;

                  (vi)     the Subsequent Receivables transferred to the Trustee
                           pursuant hereto and to the Agent pursuant to the
                           Agency Agreement, including the Subsequent
                           Receivables to be so conveyed to the Trustee and the
                           Agent on such Subsequent Transfer Date, shall meet
                           the following criteria (based on the characteristics
                           of the Initial Receivables on the Initial Cutoff Date
                           and the Subsequent Receivables on the related
                           Subsequent Cutoff Dates): (1) not more than [_____]%
                           of the Principal Balances of the Receivables
                           transferred to the Trustee and the Agent, as
                           applicable, shall represent vehicles financed at the
                           Seller's used vehicle rates; and (2) the weighted
                           average APR of the Receivables transferred to the
                           Trustee and the Agent, as applicable, shall not be
                           less than [_____]%, unless, with the prior consent of
                           the Rating Agencies, the Seller increases the Reserve
                           Account Initial Deposit by the Additional Amount
                           solely relating thereto; and the weighted average
                           remaining term of the Receivables transferred to the
                           Trustee and the Agent, as applicable, including the
                           Subsequent Receivables to be conveyed to the Trustee
                           and the Agent on such Subsequent Transfer Date, shall
                           not be greater than [__________] months;

                  (vii)    each of the representations and warranties made by
                           the Seller pursuant to Section 12.01 with respect to
                           the Subsequent Receivables shall be true and correct
                           as of the

                                      -7-
<PAGE>

                           related Subsequent Transfer Date, and the Seller
                           shall have performed all obligations to be performed
                           by it hereunder on or prior to such Subsequent
                           Transfer Date;

                  (viii)   the Seller shall, at its own expense, on or prior to
                           the Subsequent Transfer Date indicate in its computer
                           files that the Subsequent Standard Receivables
                           identified in the Subsequent Transfer Assignment have
                           been sold to the Trustee pursuant to this Agreement;

                  (ix)     the Seller shall have taken any action required to
                           maintain the first priority perfected ownership
                           interest of the Trustee in the Trust property;

                  (x)      no selection procedures believed by the Seller to be
                           adverse to the interests of the Certificateholders
                           shall have been utilized in selecting the Subsequent
                           Receivables;

                  (xi)     the addition of any such Subsequent Receivables shall
                           not result in a material adverse tax consequence to
                           the Trust or the Certificateholders; and

                  (xii)    the Seller shall have delivered to the Trustee an
                           Officers' Certificate confirming the satisfaction of
                           each condition precedent specified in this paragraph
                           (b)(1).

                  (2) In addition, any such conveyance of Subsequent Standard
Receivables made on one or more Subsequent Transfer Dates occurring during any
Collection Period also will be subject to the satisfaction, on or before the
[_____] day of the month following the end of such Collection Period (or if such
[_____] day is not a Business Day, then on the next succeeding Business Day), of
the following conditions subsequent:

                  (i)      the Seller shall have delivered to the Trustee and
                           the Rating Agencies a statement listing the aggregate
                           Principal Balance of the Subsequent Standard
                           Receivables so transferred to the Trustee transferred
                           to the Agent during the related Collection Period,
                           and any other information reasonably requested by any
                           of the foregoing with respect to such Subsequent
                           Standard Receivables;

                  (ii)     each of the Rating Agencies shall have notified the
                           Seller in writing that, following the transfer of all
                           such Subsequent Standard Receivables to the Trustee
                           during the related Collection Period, the (Class [A])
                           Certificates continue to be rated in the highest
                           investment rating category by each such Rating
                           Agency;

                                      -8-
<PAGE>

                  (iii)    the Seller shall have delivered (1) to the Rating
                           Agencies an Opinion of Counsel with respect to the
                           transfer of such Subsequent Standard Receivables
                           substantially in the form of the Opinion of Counsel
                           delivered to the Rating Agencies on the Closing Date
                           and (2) to the Trustee the Opinion of Counsel
                           required by Section 21.02(i)(1);

                  (iv)     [the Seller shall have delivered to the Trustee a
                           letter of a firm of independent certified public
                           accountants confirming that the conditions set forth
                           in Section were satisfied with respect to those
                           Subsequent Standard Receivables conveyed to the
                           Trustee on each Subsequent Transfer Date during the
                           related Collection Period, covering substantially the
                           same matters with respect to such Subsequent
                           Receivables as are set forth on Exhibit E to the
                           Standard Terms and Conditions of Agreement]; and

                  (v)      the Seller shall have delivered to the Trustee an
                           Officers' Certificate confirming the satisfaction of
                           each condition specified in this paragraph (b)(2).

The Seller covenants that in the event any of the foregoing conditions
subsequent are not satisfied with respect to any Subsequent Standard Receivable
on the date required as specified above, the Seller will immediately repurchase
such Subsequent Standard Receivable from the Trustee, at a price equal to the
Purchase Amount thereof, in the manner specified in Section 14.05.

                  (c) The Seller covenants to transfer Subsequent Standard
Receivables to the Trustee pursuant to paragraph (a) above with an aggregate
Principal Balance equal to $[__________]. In the event that the Seller shall
fail to deliver and sell to the Trustee and/or the Agent any or all of such
Subsequent Receivables by the date on which the Funding Period ends and the
Pre-Funded Amount is greater than $[__________] on such date, the Seller shall
be obligated to deposit an amount equal to the Prepayment Premium into the
Certificate Distribution Account on the Distribution Date on which the Funding
Period ends (or, if the Funding Period does not end on a Distribution Date, on
the first Distribution Date following the end of the Funding Period); provided,
however, that the foregoing shall be the sole remedy of the Trustee, the Agent
or the Certificateholders with respect to a failure of the Seller to comply with
such covenant.]

                                   ARTICLE IV

                 INCORPORATION OF STANDARD TERMS AND CONDITIONS

                  Section 4.01 Incorporation of Standard Terms and Conditions of
Agreement. This Pooling and Servicing Agreement does hereby incorporate by
reference the Standards Terms and Conditions of Agreement for World Omni Auto
Receivables Trusts dated as of (the "Standard Terms and Conditions of
Agreement"), in the form attached hereto.

                                      -9-
<PAGE>

                                   ARTICLE V

             ADDITIONAL REPRESENTATIONS AND WARRANTIES OF THE SELLER

                  Section 5.01 Additional Representations and Warranties of the
Seller. The Seller makes the following representations and warranties on which
the Trustee relies in accepting the Standard Receivables in trust and executing
and authenticating the Certificates. Such representations and warranties speak
as of the execution and delivery of this Agreement and as of the Closing Date,
in the case of the Initial Receivables, and as of the applicable Subsequent
Transfer Date, in the case of the Subsequent Receivables, but shall survive the
sale, transfer and assignment of the Initial Standard Receivables and the
Subsequent Standard Receivables to the Trustee.

                  (a) Maturity of Receivables. Each Standard Receivable has a
final maturity date not later than [__________]; the weighted average remaining
term of the Initial Receivables is [__________] months as of the Initial Cutoff
Date.

                  (b) Financing. Approximately [_____]% of the aggregate
principal balance of the Initial Receivables, constituting [_____]% of the
number of Initial Receivables as of the Initial Cutoff Date, represent vehicles
financed at new vehicle rates; the remainder of the Initial Receivables
represent financing of used vehicles; approximately [_____]% of the aggregate
principal balance of the Initial Receivables represent financing of vehicles
manufactured or distributed by [__________]; 100% of the aggregate principal
balance of the Initial Receivables as of the Initial Cutoff Date represent
Simple Interest Receivables. The aggregate Principal Balance of the Initial
Receivables, as of the Initial Cutoff Date, is $[__________].

                                   ARTICLE VI

                   ADDITIONAL PROVISIONS RELATING TO SERVICER

                  Section 6.01 World Omni Financial Corp. Not to Resign as
Servicer. Subject to the provisions of Section 17.03 of the Standard Terms and
Conditions of Agreement, World Omni Financial Corp. shall not resign from the
obligations and duties hereby imposed on it as Servicer under this Agreement
except upon determination that the performance of its duties under this
Agreement shall no longer be permissible under applicable law. Notice of any
such determination permitting the resignation of World Omni Financial Corp.
shall be communicated to the Trustee at the earliest practicable time (and, if
such communication is not in writing, shall be confirmed in writing at the
earliest practicable time) and any such determination shall be evidenced by an
Opinion of Counsel to such effect delivered to the Trustee concurrently with or
promptly after such notice. No such resignation shall become effective until the
Trustee or a successor Servicer shall have assumed the responsibilities and
obligations of World Omni Financial Corp. in accordance with Section 18.02 of
the Standard Terms and Conditions of Agreement.

                  Section 6.02 Additional Covenant of the Servicer. If the
Servicer takes any action pursuant to Section 13.02 of the Standard Terms and
Conditions of Agreement that

                                      -10-
<PAGE>

impairs the rights of the Certificateholders in any Receivable, the Servicer
shall purchase such Receivable pursuant to Section 13.07 of the Standard Terms
and Conditions of Agreement.

                                      -11-
<PAGE>

                  IN WITNESS WHEREOF, the Seller, the Servicer and the Trustee
have caused this Pooling and Servicing Agreement to be duly executed by their
respective officers as of the day and year first above written.

                               WORLD OMNI FINANCIAL CORP.,
                               as Seller

                               By: _____________________________________________
                                   Name:
                                   Title:

                               WORLD OMNI FINANCIAL CORP.,
                               as Servicer

                               By: _____________________________________________
                                   Name:
                                   Title:

                               [______________________________],
                                   as Trustee

                               By: _____________________________________________
                                   Name:
                                   Title:

<PAGE>

                                   Schedule A

                             Schedule of Receivables

(To be delivered to the Trustee at Closing and supplemented on each Subsequent
Transfer Date on which Subsequent Standard Receivables are transferred to the
Trust)

                                       A-1

<PAGE>

                                   Schedule B

                          Location of Receivable Files

                           World Omni Financial Corp.
                              120 N.W. 12th Avenue
                         Deerfield Beach, Florida 33442

                                       B-1

<PAGE>

                                   Schedule C

                   Schedule of Eligible Investment Receivables

(To be delivered on each Subsequent Transfer Date on which Eligible Investment
Receivables are delivered to Trust)

<PAGE>

================================================================================

                       WORLD OMNI AUTO RECEIVABLES TRUSTS

                   STANDARD TERMS AND CONDITIONS OF AGREEMENT

                            Dated as of [__________]

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               Page
                                                                                                               ----

                                  ARTICLES I-X

                                    RESERVED

                                   ARTICLE XI

                                   DEFINITIONS

<S>                                                                                                           <C>
Section 11.01       Definitions...................................................................................1
Section 11.02       Other Definitional Provisions................................................................16

                                   ARTICLE XII

                                 THE RECEIVABLES

Section 12.01       Representations and Warranties of World Omni.................................................17
Section 12.02       [Reserved]...................................................................................20
Section 12.03       [Reserved]...................................................................................20
Section 12.04       Repurchase Upon Breach.......................................................................20
Section 12.05       Custody of Receivable Files..................................................................20
Section 12.06       Duties of Servicer as Custodian..............................................................20
Section 12.07       Instructions; Authority to Act...............................................................21
Section 12.08       Custodian's Indemnification..................................................................21
Section 12.09       Effective Period and Termination.............................................................21

                                  ARTICLE XIII

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

Section 13.01       Duties of Servicer...........................................................................22
Section 13.02       Collection and Allocation of Receivable Payments.............................................22
Section 13.03       Realization Upon Receivables.................................................................23
Section 13.04       Physical Damage Insurance....................................................................23
Section 13.05       Maintenance of Security Interests in Financed Vehicles.......................................23
Section 13.06       Covenants of Servicer........................................................................23
Section 13.07       Purchase of Receivables Upon Breach..........................................................23
Section 13.08       Servicing Fee................................................................................24
Section 13.09       Servicer's Certificate.......................................................................24
Section 13.10       Annual Statement as to Compliance; Notice of Default.........................................24
Section 13.11       Annual Independent Certified Public Accountant's Report......................................25
</TABLE>

                                      -i-
<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                                             <C>
Section 13.12       Access to Certain Documentation and Information Regarding Receivables........................25
Section 13.13       Servicer Expenses............................................................................25
Section 13.14       Appointment of Subservicer...................................................................25

                                   ARTICLE XIV

                         DISTRIBUTIONS; RESERVE ACCOUNT;

                        STATEMENTS TO CERTIFICATEHOLDERS

Section 14.01       Establishment of Trust Accounts..............................................................26
Section 14.02       Collections..................................................................................28
Section 14.03       Application of Collections...................................................................28
Section 14.04       Advances.....................................................................................28
Section 14.05       Additional Deposits..........................................................................29
Section 14.06       Distributions................................................................................29
Section 14.07       Reserve Account..............................................................................31
Section 14.08       Pre-Funding Account..........................................................................32
Section 14.09       Statements to Certificateholders.............................................................33
Section 14.10       Accounting and Tax Returns...................................................................34
Section 14.11       Net Deposits.................................................................................34
Section 14.12       Transfer of the Class [B] Certificates.......................................................34

                                   ARTICLE XV

                                THE CERTIFICATES

Section 15.01       The Certificates.............................................................................34
Section 15.02       Authentication of Certificates...............................................................35
Section 15.03       Registration of Transfer and Exchange of Certificates........................................35
Section 15.04       Limitations on Transfer of the Class [B] Certificates........................................36
Section 15.05       Mutilated, Destroyed, Lost, or Stolen Certificates...........................................37
Section 15.06       Persons Deemed Owners........................................................................37
Section 15.07       Access to List of Certificateholders' Names and Addresses....................................37
Section 15.08       Maintenance of Office or Agency..............................................................38
Section 15.09       Book-Entry Certificates......................................................................38
Section 15.10       Notices to Clearing Agency...................................................................39
Section 15.11       Definitive Certificates......................................................................39

                                   ARTICLE XVI

                                   THE SELLER

Section 16.01       Representations of Seller....................................................................39
Section 16.02       Existence....................................................................................41
Section 16.03       Liabilities of Seller; Indemnities...........................................................41
Section 16.04       Merger or Consolidation of, or Assumption of the Obligations of, Seller......................42
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                                             <C>
Section 16.05       Limitation on Liability of Seller and Others.................................................42
Section 16.06       Seller May Own Certificates..................................................................42

                                  ARTICLE XVII

                                  THE SERVICER

Section 17.01       Representations of Servicer..................................................................42
Section 17.02       Indemnities of Servicer......................................................................44
Section 17.03       Merger or Consolidation of, or Assumption of the Obligations of, Servicer....................44
Section 17.04       Limitation on Liability of Servicer and Others...............................................45

                                  ARTICLE XVIII

                                     DEFAULT

Section 18.01       Events of Default............................................................................45
Section 18.02       Appointment of Successor.....................................................................46
Section 18.03       Repayment of Advances........................................................................47
Section 18.04       Notification to Certificateholders...........................................................47
Section 18.05       Waiver of Past Defaults......................................................................47

                                   ARTICLE XIX

                                   THE TRUSTEE

Section 19.01       Duties of Trustee............................................................................47
Section 19.02       Certain Matters Affecting Trustee............................................................48
Section 19.03       Trustee Not Liable for Certificates or Receivables...........................................49
Section 19.04       Trustee May Own Certificates.................................................................49
Section 19.05       Trustee's Fees and Expenses..................................................................49
Section 19.06       Eligibility Requirements for Trustee.........................................................50
Section 19.07       Resignation or Removal of Trustee............................................................50
Section 19.08       Successor Trustee............................................................................50
Section 19.09       Merger or Consolidation of Trustee...........................................................51
Section 19.10       Appointment of Co-Trustee or Separate Trustee................................................51
Section 19.11       Representations and Warranties of Trustee....................................................52
Section 19.12       No Bankruptcy Petition.......................................................................53

                                   ARTICLE XX

                                   TERMINATION

Section 20.01       Termination of the Trust.....................................................................53
Section 20.02       Optional Purchase of All Receivables.........................................................54
</TABLE>

                                     -iii-

<PAGE>

<TABLE>
<CAPTION>

                                   ARTICLE XXI

                            MISCELLANEOUS PROVISIONS

<S>                                                                                                             <C>
Section 21.01       Amendment....................................................................................54
Section 21.02       Protection of Title to Trust.................................................................55
Section 21.03       Separate Counterparts........................................................................57
Section 21.04       Limitation on Rights of Certificateholders...................................................57
Section 21.05       Governing Law................................................................................58
Section 21.06       Notices......................................................................................58
Section 21.07       Severability of Provisions...................................................................58
Section 21.08       Assignment...................................................................................58
Section 21.09       Certificates Nonassessable and Fully Paid....................................................58
Section 21.10       Limitations on Rights of Others..............................................................59
Section 21.11       Headings.....................................................................................59
Section 21.12       Nonpetition Covenants........................................................................59
</TABLE>

EXHIBITS

EXHIBIT A         -   Form of Class A Certificate
EXHIBIT B         -   Form of Class B Certificate
EXHIBIT C         -   [Form of Depository Agreement]
EXHIBIT D         -   Form of Servicer's Certificate
EXHIBIT E         -   [Form of Accountants' Letter]
EXHIBIT F         -   Form of Transferor Certificate
EXHIBIT G         -   Form of Investment Letter
EXHIBIT H         -   Form of Rule 144A Letter
EXHIBIT I         -   Subsequent Transfer Assignment No.
EXHIBIT J         -   Eligible Investment Transfer Assignment No.

                                      -iv-

<PAGE>

                                  INTRODUCTION

                  These Standard Terms and Conditions of Agreement shall be
applicable to World Omni Auto Receivables Trust grantor trusts formed on or
after the date hereof with respect to which a Pooling and Servicing Agreement
incorporating by reference these Standard Terms and Conditions of Agreement
shall have been executed.

                                  ARTICLES I-X

                                    RESERVED

                                   ARTICLE XI

                                   DEFINITIONS

                  Section 11.01 Definitions. Whenever used in this Agreement,
the following words and phrases, unless the context otherwise requires, shall
have the following meanings:

                  "Additional Amount" means the aggregate of all amounts
required to be deposited to the Reserve Account in connection with any
conveyance of Subsequent Receivables pursuant to an Agreement.

                  "Advance" means a Simple Interest Advance.

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

                  "Agreement" means a pooling and servicing agreement among
World Omni, as seller and servicer, and the Trustee named in such agreement in
respect of any World Omni Auto Receivables Trust that is a grantor trust.

                  "Amount Financed" means (a) with respect to a Standard
Receivable or Eligible Investment Standard Receivable, as applicable, the amount
advanced under such Standard Receivable or Eligible Investment Standard
Receivable toward the purchase price of the Financed Vehicle and any related
costs, exclusive of any amount allocable to the premium of force-placed physical
damage insurance covering the Financed Vehicle.

                  "Annual Percentage Rate" or "APR" of a Receivable means the
annual rate of finance charges stated in the related Contract.

                  "Benefit Plan" has the meaning set forth in Section 15.04(b).

<PAGE>

                  "Book-Entry Certificates" means, unless otherwise specified in
the Agreement, a beneficial interest in the Class [A] Certificates, ownership
and transfers of which shall be registered through book entries by a Clearing
Agency as described in Section 15.09.

                  "Business Day" means any day other than a Saturday, a Sunday
or a day on which banking institutions or trust companies in The City of New
York are authorized or obligated by law, regulation or executive order to be
closed.

                  "Certificate Balance" means, as of any date, the aggregate
outstanding principal amount of the Certificates at such date.

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

                  "Certificateholder" or "Holder" means a Person in whose name a
Certificate is registered in the Certificate Register.

                  "Certificate Register" and "Certificate Registrar" mean the
register maintained and the registrar appointed pursuant to Section 15.03.

                  "Certificates" shall have the meaning set forth in the
Agreement.

                  "Class [A] Certificate Balance" means, as of any date of
determination, the Initial Class [A] Certificate Balance, as specified in the
Agreement, reduced by all amounts previously distributed to Holders of Class [A]
Certificates and allocable to principal.

                  "Class [A] Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class [A] Principal Distributable Amount and
the Class [A] Interest Distributable Amount for such date.

                  "Class [A] Interest Carryover Shortfall" means, with respect
to any Distribution Date, the excess of the sum of the Class [A] Monthly
Interest Distributable Amount for the preceding Distribution Date and any
outstanding Class [A] Interest Carryover Shortfall on such preceding
Distribution Date, over the amount in respect of interest that Holders of the
Class [A] Certificates actually received on such preceding Distribution Date,
plus 30 days' interest on such excess, to the extent permitted by law, at the
Class [A] Pass-Through Rate.

                  "Class [A] Interest Distributable Amount" means, with respect
to any Distribution Date, the sum of the Class [A] Monthly Interest
Distributable Amount for such Distribution Date and the Class [A] Interest
Carryover Shortfall for such Distribution Date. Unless otherwise specified in
the Agreement, interest with respect to the Class [A] Certificates shall be
computed on the basis of a 360-day year consisting of twelve 30-day months.

                  "Class [A] Monthly Interest Distributable Amount" means, with
respect to any Distribution Date, 30 days of interest (or, in the case of the
first Distribution Date, interest

                                      -2-

<PAGE>

accrued from and including the Closing Date to but excluding such Distribution
Date) at the Class [A] Pass-Through Rate on the Class [A] Certificate Balance on
the last day of the preceding Collection Period (or, in the case of the first
Distribution Date, on the Closing Date).

                  "Class [A] Monthly Principal Distributable Amount" means, with
respect to any Distribution Date, the Class [A] Percentage of the Principal
Distribution Amount.

                  "Class [A] Pass-Through Rate" shall have the meaning specified
in the Agreement.

                  "Class [A] Percentage" means the aggregate undivided ownership
interest in the Trust represented by the Class [A] Certificates, as specified in
the Agreement.

                  "Class [A] Principal Carryover Shortfall" means, as of the
close of any Distribution Date, the excess of the Class [A] Monthly Principal
Distributable Amount and any outstanding Class [A] Principal Carryover Shortfall
from the preceding Distribution Date, over the amount in respect of principal
that is actually distributed to Holders of the Class [A] Certificates on such
current Distribution Date.

                  "Class [A] Principal Distributable Amount" means, with respect
to any Distribution Date, the sum of the Class [A] Monthly Principal
Distributable Amount for such Distribution Date and the Class [A] Principal
Carryover Shortfall as of the closing of the preceding Distribution Date;
provided, however, that the Class [A] Principal Distributable Amount shall not
exceed the Class [A] Certificate Balance. In addition, on the Final Scheduled
Distribution Date, the principal required to be included in the Class [A]
Principal Distributable Amount will include the lesser of (a) the Class [A]
Percentage of any principal due and remaining unpaid on each Simple Interest
Receivable in the Trust as of the Final Scheduled Maturity Date or (b) the
amount that is necessary (after giving effect to the other amounts to be
deposited in the Distribution Account on such Distribution Date and allocable to
principal) to reduce the Class [A] Certificate Balance to zero.

                  "Class [B] Certificate Balance" means, as of any date of
determination, the Initial Class [B] Certificate Balance, as specified in the
Agreement, reduced by all amounts previously distributed to Holders of Class [B]
Certificates and allocable to principal.

                  "Class [B] Distributable Amount" means, with respect to any
Distribution Date, the sum of the Class [B] Principal Distributable Amount and
the Class [B] Interest Distributable Amount.

                  "Class [B] Interest Carryover Shortfall" means, with respect
to any Distribution Date, the excess of the sum of the Class [B] Interest
Distributable Amount for the preceding Distribution Date and any outstanding
Class [B] Interest Carryover Shortfall on such preceding Distribution Date, over
the amount in respect of interest that Holders of the Class [B] Certificates
actually received on such preceding Distribution Date, plus 30 days' interest on
such excess, to the extent permitted by law, at the Class [B] Pass-Through Rate.

                  "Class [B] Interest Distributable Amount" means, with respect
to any Distribution Date, the sum of the Class [B] Monthly Interest
Distributable Amount for such Distribution Date

                                      -3-

<PAGE>

and the Class [B] Interest Carryover Shortfall for such Distribution Date.
Unless otherwise specified in the Agreement, interest with respect to the Class
[B] Certificates shall be computed on the basis of a 360-day year consisting of
twelve 30-day months.

                  "Class [B] Monthly Interest Distributable Amount" means, with
respect to any Distribution Date, 30 days of interest (or, in the case of the
first Distribution Date, interest accrued from and including the Closing Date to
but excluding such Distribution Date) at the Class [B] Pass-Through Rate on the
Class [B] Certificate Balance on the last day of the preceding Collection Period
(or, in the case of the first Distribution Date, on the Closing Date).

                  "Class [B] Monthly Principal Distributable Amount" means, with
respect to any Distribution Date, the Class [B] Percentage of the Principal
Distribution Amount.

                  "Class [B] Pass-Through Rate" shall have the meaning specified
in the Agreement.

                  "Class [B] Percentage" means the aggregate undivided ownership
interest in the Trust represented by the Class [B] Certificates, as specified in
the Agreement.

                  "Class [B] Principal Carryover Shortfall" means, as of the
close of any Distribution Date, the excess of the Class [B] Monthly Principal
Distributable Amount and any outstanding Class [B] Principal Carryover Shortfall
from the preceding Distribution Date, over the amount in respect of principal
that is actually distributed to Holders of the Class [B] Certificates on such
current

                  "Class [B] Principal Distributable Amount" means, with respect
to any Distribution Date, the sum of the Class [B] Monthly Principal
Distributable Amount for such Distribution Date and the Class [B] Principal
Carryover Shortfall as of the close of the preceding Distribution Date;
provided, however, that the Class [B] Principal Distributable Amount shall not
exceed the Class [B] Certificate Balance. In addition, on the Final Scheduled
Distribution Date, the principal required to be included in the Class [B]
Principal Distributable Amount will include the lesser of (a) the Class [B]
Percentage of any principal due and remaining unpaid on each Simple Interest
Receivable in the Trust as of the Final Scheduled Maturity Date or (b) the
amount that is necessary (after giving effect to the other amounts to be
deposited in the Distribution Account on such Distribution Date and allocable to
principal) to reduce the Class [B] Certificate Balance to zero.

                  "Clearing Agency" means an organization registered as a
"clearing agency" pursuant to Section 17A of the Securities Exchange Act of
1934, as amended.

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

                  "Closing Date" with respect to each Trust shall have the
meaning set forth in the applicable Agreement.

                  "Code" means the Internal Revenue Code of 1986, as amended.

                                      -4-

<PAGE>

                  "Collection Account" means the account designated as such,
established and maintained pursuant to Section 14.01.

                  "Collection Period" means a calendar month (or in the case of
the first Distribution Date, the period from and including the Initial Cutoff
Date to and including the last day of the calendar month in which the Closing
Date occurs). Any amount stated as of the last day of a Collection Period or as
of the first day of a Collection Period shall give effect to the following
calculations as determined as of the close of business on such last day: (1) all
applications of collections, (2) all Advances and reductions of Advances and (3)
all distributions to be made on the following Distribution Date.

                  "Corporate Trust Office" means the principal office of the
Trustee at the address set forth in the related Agreement or at such other
address as the Trustee may designate from time to time by notice to
Certificateholders, the Seller and the Servicer, or the principal corporate
trust office of any successor Trustee (of which address such successor Trustee
shall notify the Certificateholders, the Seller and Servicer).

                  "Cutoff Date" means, with respect to any Receivable or
Eligible Investment Receivable, as applicable, the date as of which collections
on such Receivable or Eligible Investment Receivable will be included in a Trust
pursuant to the related Agreement.

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

                  "Definitive Certificates" shall have the meaning specified in
Section 15.11.

                  "Delivery" when used with respect to Trust Account Property
means:

                  (a) with respect to bankers' acceptances, commercial paper,
negotiable certificates of deposit and other obligations that constitute
"instruments" within the meaning of Section 9-105(1)(i) of the UCC and are
susceptible of physical delivery, transfer thereof to the Trustee or its nominee
or custodian by physical delivery to the Trustee or its nominee or custodian
endorsed to, or registered in the name of, the Trustee or its nominee or
custodian or endorsed in blank, and, with respect to a certificated security (as
defined in Section 8-102 of the UCC) transfer thereof (i) by delivery of such
certificated security endorsed to, or registered in the name of, the Trustee or
its nominee or custodian or endorsed in blank to a financial intermediary (as
defined in Section 8-313 of the UCC) and the making by such financial
intermediary of entries on its books and records identifying such certificated
securities as belonging to the Trustee or its nominee or custodian and the
sending by such financial intermediary of a confirmation of the purchase of such
certificated security by the Trustee or its nominee or custodian, or (ii) by
delivery thereof to a "clearing corporation" (as defined in Section 8-102(3) of
the UCC) and the making by such clearing corporation of appropriate entries on
its books reducing the appropriate securities account of the transferor and
increasing the appropriate securities account of a financial intermediary by the
amount of such certificated security, the identification by the clearing
corporation of the certificated securities for the sole and exclusive account of
the financial intermediary, the maintenance of such certificated securities by
such

                                      -5-

<PAGE>

clearing corporation or a "custodian bank" (as defined in Section 8-102(4)
of the UCC) or the nominee of either, subject to the clearing corporation's
exclusive control, the sending of a confirmation by the financial intermediary
of the purchase by the Trustee or its nominee or custodian of such securities
and the making by such financial intermediary of entries on its books and
records identifying such certificated securities as belonging to the Trustee or
its nominee or custodian (all of the foregoing, "Physical Property"), and, in
any event, any such Physical Property in registered form shall be in the name of
the Trustee or its nominee or custodian; and such additional or alternative
procedures as may hereafter become appropriate to effect the complete transfer
of ownership of any such Trust Account Property to the Trustee or its nominee or
custodian, consistent with changes in applicable law or regulations or the
interpretation thereof;

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

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

                  "Determination Date" means the Business Day of each calendar
month, unless a different date is identified in an Agreement as the
Determination Date for the purposes of such Agreement.

                  "Distribution Account" means the account designated as such,
established and maintained pursuant to Section 14.01.

                  "Distribution Date" with respect to each Trust shall have the
meaning set forth in the applicable Agreement.

                                      -6-

<PAGE>

                  "Duff & Phelps" means Duff & Phelps Credit Rating Company, or
its successor.

                  "Eligible Deposit Account" means either (a) a segregated
account with an Eligible Institution or (b) a segregated trust account with the
corporate trust department of a depository institution organized under the laws
of the United States of America or any one of the states thereof or the District
of Colombia (or any domestic branch of a foreign bank), having corporate trust
powers and acting as trustee for funds deposited in such account, so long as any
of the securities of such depository institution shall have a credit rating from
each Rating Agency in one of its generic rating categories that signifies
investment grade.

                  "Eligible Institution" means (a) the corporate trust
department of the Trustee or any other entity specified in the Agreement or (b)
a depository institution organized under the laws of the United States of
America or any one of the states thereof or the District of Columbia (or any
domestic branch of a foreign bank), which (i) has either (A) a long-term
unsecured debt rating of AAA or better by Standard & Poor's and A1 or better by
Moody's or (B) a certificate of deposit rating of A-1+ by Standard & Poor's and
P-1 or better by Moody's or any other long-term, short-term or certificate of
deposit rating acceptable to the Rating Agencies and (ii) whose deposits are
insured by the FDIC. If so qualified, the Trustee or any such other entity
specified in the Agreement may be considered an Eligible Institution for the
purposes of clause (b) of this definition.

                  "Eligible Investment Receivable" means (i) any Eligible
Investment Standard Receivable.

                  "Eligible Investment Standard Receivable" means any contract
that is listed on Schedule C to an Agreement (which Schedule may be in the form
of microfiche), as such Schedule shall be supplemented to reflect the transfer
of Eligible Investment Receivables to the related Trust on Subsequent Transfer
Dates.

                  "Eligible Investment Transfer Assignment" means a written
assignment substantially in the form of Exhibit K.

                  "Eligible Investments" mean book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form which evidence:

                  [(a)     direct obligations of, and obligations fully
guaranteed as to timely payment by, the United States of America;

                  (b)      demand deposits, time deposits or certificates of
deposit of any depository institution or trust company incorporated under the
laws of the United States of America or any state thereof (of any domestic
branch of a foreign bank) and subject to supervision and examination by Federal
or State banking or depository institution authorities; provided, however, that
at the time of the investment or contractual commitment to invest therein, the
commercial paper or other short-term unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other than
such depository institution or trust company) thereof shall have a credit rating
from each of the Rating Agencies in the highest investment category granted
thereby;

                                      -7-
<PAGE>

                  (c)      commercial paper having, at the time of the
investment or contractual commitment to invest therein, a rating from each of
the Rating Agencies in the highest investment category granted thereby;

                  (d)      investments in money market funds having a rating
from each of the Rating Agencies in the highest investment category granted
thereby (including funds for which the Trustee or any of its Affiliates is
investment manager or advisor);

                  (e)      bankers' acceptances issued by any depository
institution or trust company referred to in clause (b) above;

                  (f)      repurchase obligations with respect to any security
that is a direct obligation of, or fully guaranteed by, the United States of
America or any agency or instrumentality thereof the obligations of which are
backed by the full faith and credit of the United States of America, in either
case entered into with a depository institution or trust company (acting as
principal) described in clause (b);

                  (g)      repurchase obligations with respect to any security
or whole loan, entered into with (i) a depository institution or trust company
(acting as principal) described in clause (b) above (except that the rating
referred to in the provision in such clause (b) shall be A-1 or higher in the
case of Standard & Poor's)(such depository institution or trust company being
referred to in this definition as a "financial institution"), (ii) a
broker/dealer (acting as principal) registered as a broker or dealer under
Section 15 of the Exchange Act (a "broker/dealer") the unsecured short-term debt
obligations of which are rated P-1 by Moody's and at least A-1 by Standard &
Poor's at the time of entering into such repurchase obligation (a "rated
broker/dealer"), (iii) an unrated broker/dealer (an "unrated broker/dealer"),
acting as principal, that is a wholly-owned subsidiary of a non-bank holding
company the unsecured short-term debt obligations of which are rated P-1 by
Moody's and at least A-1 by Standard & Poor's at the time of entering into such
repurchase obligation (a "Rated Holding Company") or (iv) an unrated subsidiary
(a "Guaranteed Counterparty"), acting as principal, that is a wholly-owned
subsidiary of a direct or indirect parent Rated Holding Company, that guarantees
such subsidiary's obligations under such repurchase agreement; provided that the
following conditions are satisfied:

                  (1)      the aggregate amount of funds invested in repurchase
obligations of a financial institution, [____________________] a rated
broker/dealer, [____________________] an unrated broker/dealer or Guaranteed
Counterparty in respect of which Standard & Poor's unsecured short-term ratings
are A-1 (in the case of an unrated broker/dealer or Guaranteed Counterparty,
such rating being that of the Rated Holding Company) shall not exceed 20% of the
Certificate Balance (there being no limit on the amount of funds that may be
invested in repurchase obligations in respect of which such Standard & Poor's
rating is A-1+ (in the case of an unrated broker/dealer or Guaranteed
Counterparty, such rating being that of the related Rated Holding Company));

                  (2)      in the case of the Reserve Account and the
Pre-Funding Account, the rating from Standard & Poor's in respect of the
unsecured short-term debt obligations of the financial institution, rated
broker/dealer, unrated broker/dealer or Guaranteed Counterparty (in

                                      -8-
<PAGE>

the case of an unrated broker/dealer or Guaranteed Counterparty, such rating
being that of the related Rated Holding Company) shall be A-1+;

                  (3)      the repurchase obligation must mature within 30 days
of the date on which the Trustee on behalf of the Trust, enters into such
repurchase obligation;

                  (4)      the repurchase obligation shall not be subordinated
to any other obligation of the related financial institution, rated
broker/dealer, unrated broker/dealer or Guaranteed Counterparty;

                  (5)      the collateral subject to the repurchase obligation
is held, in the appropriate form, by a custodial bank on behalf of the Trustee;

                  (6)      the repurchase obligation shall require that the
collateral subject thereto shall be marked to market daily;

                  (7)      in the case of a repurchase obligation of a
Guaranteed Counterparty, the following conditions shall also be satisfied:

                           (A)      the Trustee  shall have  received an opinion
of counsel (which may be in-house counsel) to the effect that the guarantee of
the related Rated Holding Company is a legal, valid and binding agreement of the
Rated Holding Company, enforceable in accordance with its terms, subject as to
enforceability to bankruptcy, insolvency, reorganization and moratorium or other
similar laws affecting creditor's rights generally and to general equitable
principles;

                           (B)      the Trustee shall have received  (x) an
incumbency certificate for the signer of such guarantee, certified by an officer
of such Rated Holding Company, (y) a resolution, certified by an officer of the
Rated Holding Company and (z) a resolution, certified by an officer of the Rated
Holding Company, of the board of directors (or applicable committee thereof) of
the Rated Holding Company authorizing the execution, delivery and performance of
such guarantee by the Rated Holding Company;

                           (C)      the only  conditions to the obligation of
such Rated Holding Company to pay on behalf of the Guaranteed Counterparty shall
be that the Guaranteed Counterparty shall not have paid under such repurchase
obligation when required (it being understood that not notice to, demand on or
other action in respect of the Guaranteed Counterparty is necessary) and that
Trustee or the Trust shall make a demand on the Rated Holding Company to make
the payment due under such guarantee;

                           (D)      the guarantee of the Rated Holding Company
shall be irrevocable with respect to such repurchase obligation and shall not be
subordinated to any other obligation of the Rated Holding Company; and

                           (E)      each of Standard & Poor's and Moody's has
confirmed in writing to the Trustee that it has reviewed the form of the
guarantee of the Rated Holding Company and has determined that the issuance of
such guarantee will not result in the downgrade or withdrawal of the ratings
assigned to the Certificates.

                                      -9-
<PAGE>

                  (8)      the repurchase obligation shall require that the
repurchase obligation be overcollateralized and shall provide that, upon any
failure to maintain such overcollateralization, the repurchase obligation shall
become due and payable, and unless the repurchase obligation is satisfied
immediately, the collateral subject to the repurchase agreement shall be
liquidated and the proceeds applied to satisfy the unsatisfied portion of the
repurchase obligation.

                  (h)      Eligible Investment Receivables; provided that
Eligible Investment Receivables shall be Eligible Investments only for funds in
the Reserve Account and only to the extent of the portion of the Specified
Reserve Account Balance specified in the Agreement in clause (ii) of the
definition of "Specified Reserve Account Balance"; and

                  (i)      any other investment with respect to which the
Trustee or the Servicer has received written notification from the Rating
Agencies that the acquisition of such investment as an Eligible Investment will
not result in a withdrawal or downgrading of the ratings of the Certificates.]

                  "ERISA" means the Employee Retirement Income Security Act of
1974, as amended.

                  "Event of Default" means an event specified in Section 18.01.

                  "FDIC" means the Federal Deposit Insurance Corporation.

                  "Final Scheduled Distribution Date" means the date specified
in an Agreement as the final scheduled distribution date with respect to the
related Certificates.

                  "Final Scheduled Maturity Date" means the final scheduled
maturity date specified in an Agreement in respect of the Receivables
transferred to the Trust under such Agreement.

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

                  "Fitch" means Fitch IBCA, Inc., or its successor.

                  "Funding Period" with respect to each Trust shall have the
meaning set forth in the applicable Agreement.

                  "Initial Cutoff Date" means the date or dates as of which
Initial Receivables, if any, are conveyed to a Trust pursuant to the related
Agreement.

                  "Initial Receivables" means the Standard Receivables conveyed
to a Trust on the Closing Date and listed on Schedule A to the related
Agreement.

                  "Insolvency Event" means, with respect to a specified Person,
(a) the filing of a decree or order for relief by a court having jurisdiction in
the premises in respect of such Person or any substantial part of its property
in an involuntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver,

                                      -10-
<PAGE>

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

                  "Interest Distribution Amount" means, with respect to any
Distribution Date, the sum of the following amounts in respect of the preceding
Collection Period: (i) that portion of all collections on Receivables allocable
to interest, (ii) Liquidation Proceeds with respect to the Receivables to the
extent allocable to interest due thereon in accordance with the Servicer's
customary servicing procedures; (iii) all Advances made by the Servicer of
interest due on Receivables, (iv) the Purchase Amount of each Receivable that
became a Purchased Receivable during the related Collection Period to the extent
attributable to accrued interest on such Receivable (v) Recoveries for such
Collection Period, and (vi) Investment Earnings for such Collection Period;
provided, however, that in calculating the Interest Distribution Amount the
following will be excluded: (i) all payments and proceeds (including Liquidation
Proceeds) of any Purchased Receivables the Purchase Amount of which has been
included in the Interest Distribution Amount in a prior Collection Period; (ii)
the sum for all Simple Interest Receivables of collections on each such Simple
Interest Receivable received during the preceding Collection Period in excess of
the amount of interest that would be due on the aggregate Principal Balance of
the Simple Interest Receivables during such Collection Period at their
respective APRs if a payment were received on each Simple Interest Receivable
during such Collection Period on the date payment is due under the terms of the
related Contract; (iii) Liquidation Proceeds with respect to a Simple Interest
Receivable attributable to accrued and unpaid interest thereon (but not
including interest for the then current Collection Period) but only to the
extent of any unreimbursed Simple Interest Advances; and (iv) amounts released
from the Pre-Funding Account.

                  "Investment Earnings" means, with respect to any Distribution
Date, the investment earnings (net of losses and investment expenses) on amounts
on deposit in the Trust Accounts to be deposited to the Distribution Account on
such Distribution Date pursuant to Section 14.01(b).

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

                  "Liquidated Receivable" means any Receivable or Eligible
Investment Receivable, as applicable, liquidated by the Servicer through sale of
a Financed Vehicle or otherwise.

                                      -11-
<PAGE>

                  "Liquidation Proceeds" means, with respect to a Liquidated
Receivable, the monies collected in respect thereof, from whatever source,
during the Collection Period in which such Receivable or Eligible Investment
Receivable, as applicable, became a Liquidated Receivable, net of the sum of any
amounts expended by the Servicer in connection with such liquidation, plus any
amounts required by law to be remitted to the Obligor.

                  "Moody's" means Moody's Investors Service, Inc., or its
successor.

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

                  "Officers' Certificate" means a certificate signed by the (a)
chairman of the board, the president, any executive vice president or any vice
president and (b) any treasurer, assistant treasurer, secretary or assistant
secretary of the Seller or the Servicer, as appropriate.

                  "Opinion of Counsel" means one or more written opinions of
counsel, who may be an employee of or counsel to the Seller or the Servicer,
which counsel shall be acceptable to the Trustee or Rating Agencies, as
applicable.

                  "Original Pool Balance" means the sum, as of any date, of the
Pool Balance as of the Initial Cutoff Date, plus the aggregate Principal Balance
of the Subsequent Receivables, if any, sold to the Trust, as of their respective
Cutoff Dates.

                  "Outstanding Simple Interest Advances" on the Simple Interest
Receivables means the sum, as of the close of business on the last day of a
Collection Period, of all Simple Interest Advances, reduced as provided in
Section 14.04(b).

                  "Person" means any individual, corporation, estate,
partnership, joint venture, association, joint stock company, trust,
unincorporated organization, or government or any agency or political
subdivision thereof.

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

                  "Pool Balance" means, as of the close of business on the last
day of a Collection Period, the aggregate Principal Balance of the Receivables
as of such date (excluding Purchased Receivables and Liquidated Receivables).

                  "Pool Factor" means, as of the close of business on the last
day of a Collection Period, a seven-digit decimal figure equal to the Pool
Balance divided by the Original Pool Balance. The Pool Factor will be 1.0000000
as of the Initial Cutoff Date; thereafter, the Pool Factor will decline to
reflect reductions in the Pool Balance.

                  "Pre-Funded Amount" means, with respect to any Distribution
Date, the amount on deposit in the Pre-Funding Account. The amount, if any, to
be deposited initially to the Pre-Funding Account will be specified in the
Agreement.

                                      -12-
<PAGE>

                  "Pre-Funded Percentage" means, with respect to the Class [A]
Certificates and the Class [B] Certificates, the quotient (expressed as a
percentage) of (i) the initial Class [A] Certificate Balance or Class [B]
Certificate Balance, as the case may be, and (ii) the Initial Certificate
Balance.

                  "Pre-Funding Account" means the Trust Account established
pursuant to (a)(ii).

                  "Prepayment Premium" means the Class [A] Prepayment Premium or
the Class [B] Prepayment Premium, or both, as specified in the Agreement.

                  "Principal Balance" means the Amount Financed minus the sum,
as of the close of business on the last day of a Collection Period, of (a) the
portion of all payments made by or on behalf of the related Obligor on or prior
to such day and allocable to principal using the Simple Interest Method and (b)
any payment of the Purchase Amount allocable to principal.

                  "Principal Distribution Amount" means, for any Distribution
Date, the sum of the following amounts with respect to the preceding Collection
Period: (i) that portion of all collections on Receivables allocable to
principal; (ii) all Liquidation Proceeds attributable to the principal amount of
Receivables that became Liquidated Receivables during the Collection Period in
accordance with the Servicer's customary servicing procedures, plus the amount
of Realized Losses with respect to such Liquidated Receivables; (iii) to the
extent attributable to principal, the Purchase Amount received with respect to
each Receivable that became a Purchased Receivable during the related Collection
Period; (iv) partial prepayments relating to refunds of extended warranty
protection plan costs or of physical damage, credit life or disability insurance
policy premiums, but only if such costs or premiums were financed by the
respective Obligor as of the date of the original contract; and (v) on the Final
Scheduled Distribution Date, any amounts advanced by the Servicer on such Final
Scheduled Distribution Date with respect to principal on the Receivables.

                  "Purchase Amount" means the amount, as of the close of
business on the last day of a Collection Period, required to prepay in full a
Receivable or Eligible Investment Receivable, as applicable, under the terms
thereof including interest to the end of the month of purchase.

                  "Purchased Receivable" means a Receivable or Eligible
Investment Receivable, as applicable, purchased as of the close of business on
the last day of a Collection Period by the Servicer pursuant to Section 13.07 or
by the Seller pursuant to Section 12.04.

                  "Rating Agency" means Moody's and Standard & Poor's and, for
purposes of (b) of the Agreement only, Fitch and Duff & Phelps. If no such
organization or successor is any longer in existence, "Rating Agency" shall mean
any nationally recognized statistical rating organization or other comparable
Person designated by the Seller, notice of which designation shall be given to
the Trustee and the Servicer. Any notice required to be given to a Rating Agency
pursuant to this Agreement shall also be given to Fitch and Duff & Phelps,
although, except as set forth above, neither shall be deemed a Rating Agency for
any purposes of this Agreement.

                  "Rating Agency Condition" means, with respect to any action,
that each Rating Agency shall have been given 10 days' (or such shorter period
as shall be acceptable to each

                                      -13-
<PAGE>

Rating Agency) prior notice thereof and that each of the Rating Agencies shall
have notified the Seller, the Servicer and the Trustee in writing that such
action will not result in a reduction or withdrawal of the then current rating
of the Certificates.

                  "Realized Losses" means, with respect to any Receivable or
Eligible Investment Receivable, as applicable, that becomes a Liquidated
Receivable, the excess of the Principal Balance of such Liquidated Receivable
over Liquidation Proceeds to the extent allocable to principal.

                  "Receivable" means any Standard Receivable.

                  "Receivable Files" means the documents specified in Section
12.05.

                  "Record Date" with respect to each Distribution Date means the
first day of the calendar month in which such Distribution Date occurs, unless
otherwise specified in the Agreement.

                  "Recoveries" means, with respect to any Receivable or Eligible
Investment Receivable, as applicable, that becomes a Liquidated Receivable,
monies collected in respect thereof, from whatever source, during any Collection
Period following the Collection Period in which such Receivable or Eligible
Investment Receivable became a Liquidated Receivable, net of the sum of any
amounts expended by the Servicer for the account of the Obligor and any amounts
required by law to be remitted to the Obligor.

                  "Reserve Account" means the account designated as such,
established and maintained pursuant to Section 14.01(a)(iv).

                  "Reserve Account Initial Deposit" with respect to a Trust
shall have the meaning set forth in the Agreement.

                  "Seller" means World Omni Auto Receivables LLC., a Delaware
limited liability company, and its successors in interest to the extent
permitted hereunder.

                  "Servicer" means World Omni Financial Corp., a Florida
corporation, as the servicer of the Receivables, and each successor Servicer
pursuant to Section 17.03 or 18.02.

                  "Servicer's Certificate" means an Officers' Certificate of the
Servicer delivered pursuant to Section 13.09, substantially in the form of
Exhibit D.

                  "Servicing Fee" means the fee payable to the Servicer for
services rendered during each Collection Period, determined pursuant to Section
13.08.

                  "Servicing Rate" means, unless otherwise specified in the
Agreement, 1.00%

                  "Simple Interest Advance" means the amount of interest, as of
the close of business on the last day of a Collection Period, which the Servicer
is required to advance on the Simple Interest Receivables pursuant to Section
14.04(b).

                                      -14-
<PAGE>

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

                  "Simple Interest Receivable" means any Receivable or Eligible
Investment Receivable, as applicable, under which the portion of a payment
allocable to interest and the portion allocable to principal is determined in
accordance with the Simple Interest Method.

                  "Specified Reserve Account Balance" means the amount of funds
generally required to be maintained in the Reserve Account, determined as
specified in the Agreement.

                  "Standard & Poor's" means Standard & Poor's Ratings Group, or
its successor.

                  "Standard Receivable" means any contract that is listed on
Schedule A (which schedule may be in the form of microfiche), as such Schedule
shall be supplemented to reflect the transfer of Subsequent Receivables, if any,
to the Trust pursuant to the Agreement.

                  "Subsequent Cutoff Date" means any date as of which particular
Subsequent Receivables are conveyed to a Trust pursuant to the Agreement.

                  "Subsequent Receivables" means the Standard Receivables
transferred to a Trust pursuant to the Agreement, which shall be listed on
Schedule A to the related Subsequent Transfer Assignment.

                  "Subsequent Transfer Assignment" means a written assignment
substantially in the form of Exhibit J.

                  "Subsequent Transfer Date" means, with respect to Subsequent
Receivables, any date during the Funding Period on which Subsequent Receivables
are to be transferred to a Trust and a Subsequent Transfer Assignment is
executed and delivered to the related Trustee pursuant to the Agreement and,
with respect to Eligible Investment Receivables, any date on which Eligible
Investment Receivables are to be transferred to a Trust and an Eligible
Investment Transfer Assignment is executed and delivered to the related Trustee
pursuant to the Agreement.

                  "Total Distribution Amount" means, for each Distribution Date,
the sum of the Interest Distribution Amount and the Principal Distribution
Amount (other than the portion thereof attributable to Realized Losses).

                  "Trust" shall have the meaning set forth in the Agreement.

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

                  "Trust Accounts" has the meaning assigned thereto in Section
14.01.

                                      -15-
<PAGE>

                  "Trustee" with respect to each Trust shall have the meaning
assigned thereto in the Agreement.

                  "Trustee Officer" means any officer within the Corporate Trust
Office of the Trustee, including the chairman or vice-chairman of the board of
directors, the chairman or vice-chairman of the executive committee of the board
of directors, the president, any vice president, the secretary, any assistant
secretary, the treasurer, any assistant treasurer, or any other officer of the
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such
officer's knowledge of and familiarity with the particular subject.

                  "UCC" means the Uniform Commercial Code as in effect in the
State of New York on the date hereof.

                  "World Omni" means World Omni Financial Corp., a Florida
corporation.

                  Section 11.02 Other Definitional Provisions. (a) All terms
defined in this Standard Terms and Conditions of Agreement or any Agreement
shall have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto or thereto unless otherwise defined therein.

                  (b) As used herein, in any Agreement and in any certificate or
other document made or delivered pursuant hereto or thereto, accounting terms
not defined herein or in such Agreement or in any such certificate or other
document, and accounting terms partly defined herein or in such Agreement or in
any such certificate or other document to the extent not defined, shall have the
respective meanings given to them under generally accepted accounting
principles. To the extent that the definitions of accounting terms herein, in
any related Agreement or in any such certificate or other document are
inconsistent with the meanings of such terms under generally accepted accounting
principles, the definitions contained herein, in such Agreement or in any such
certificate or other document shall control.

                  (c) The words "hereof," "herein," "hereunder" and word of
similar import when used herein shall refer to these Standard Terms and
Conditions of Agreement and the Agreement as a whole and not to any particular
provision of the Standard Terms and Conditions of Agreement or the Agreement;
Article, Section, Schedule and Exhibit references contained in the Standard
Terms and Conditions of Agreement or any Agreement are references to Articles,
Sections, Schedules and Exhibits in or to the Standard Terms and Conditions of
Agreement and the Agreement, respectively; and the term "including" shall mean
"including without limitation".

                  (d) The definitions contained in these Standard Terms and
Conditions of Agreement and the Agreement are applicable to the singular as well
as the plural forms of such terms and to the masculine as well as to the
feminine and neuter genders of such terms.

                  (e) Any agreement, instrument or statute defined or referred
to herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of

                                      -16-
<PAGE>

agreements or instruments) references to all attachments thereto and instruments
incorporated therein; references to a Person are also to its permitted
successors and assigns.

                                  ARTICLE XII

                                 THE RECEIVABLES

                  Section 12.01 Representations and Warranties of World Omni.
World Omni which sold the related Receivable hereby represents and warrants to
the other parties hereto and to the Noteholders, with respect to such Receivable
as of the Closing Date:

                  (i) [Characteristics of Receivables. Each Standard Receivable
(a) shall have been originated in the United States of America by a Dealer for
the retail sale of a Financed Vehicle in the ordinary course of such Dealer's
business, shall have been fully and properly executed by the parties thereto,
shall have been purchased by the Seller from World Omni, which, in turn, shall
have purchased such Standard Receivable from such Dealer under an existing
dealer agreement with World Omni, shall have created or shall create a valid,
subsisting and enforceable first priority security interest in favor of World
Omni in the Financed Vehicle, which security interest has been assigned by World
Omni to the Seller, and shall be assignable by the Seller, (c) shall contain
customary and enforceable provisions such that the rights and remedies of the
holder thereof shall be adequate for realization against the collateral of the
benefits of the security, and (d) shall provide for level monthly payments that
fully amortize the Amount Financed by maturity and yield interest at the Annual
Percentage Rate.

                  (ii) Schedule of Receivables. The information set forth in
Schedule A to each Agreement and Schedule A to any Subsequent Transfer
Assignment shall be true and correct in all material respects as of the opening
of business on the related Cutoff Date, and no selection procedures believed to
be adverse to the Certificateholders shall have been utilized in selecting the
Standard Receivables. Each computer tape or other listing regarding the Standard
Receivables made available to the Trustee shall be true and correct in all
respects.

                  (iii) Compliance with Law. Each Standard Receivable and the
sale of the Financed Vehicle shall comply at the time of the execution of the
Agreement in all material respects with all requirements of applicable federal,
state and local laws and regulations thereunder, including, without limitation,
usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act,
the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the
Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the Federal
Reserve Board's Regulations B and Z, the Texas Consumer Credit Code, and State
adaptations of the National Consumer Act and of the Uniform Consumer Credit
Code, and other consumer credit laws and equal credit opportunity and disclosure
laws.

                  (iv) Binding Obligation. Each Standard Receivable shall
represent the genuine, legal, valid and binding payment obligation in writing of
the Obligor, enforceable by the holder thereof in accordance with its terms.

                                      -17-
<PAGE>

                  (v) No Government Obligor. None of the Standard Receivables
shall be due from the United States of America or any State or from any agency,
department or instrumentality of the United States of America or any State.

                  (vi) Security Interest in Financed Vehicle. Immediately prior
to the sale, assignment and transfer thereof, each Standard Receivable shall be
secured by a validly perfected first security interest in the Financed Vehicle
in favor of the Seller as secured party or all necessary and appropriate actions
shall have been commenced that would result in the valid perfection of a first
security interest in the Financed Vehicle in favor of the Seller as secured
party.

                  (vii) Receivables in Force. No Standard Receivable shall have
been satisfied, subordinated or rescinded, nor shall any Financed Vehicle have
been released from the lien granted by the related Standard Receivable in whole
or in part.

                  (viii) No Waiver. No provision of a Standard Receivable shall
have been waived.

                  (ix) No Amendments. No Standard Receivable shall have been
amended such that the amount of the Obligor's Scheduled Payments shall have been
increased except for increases resulting from the inclusion of any premiums for
forced placed physical damage insurance covering the Financed Vehicle.

                  (x) No Defenses. No right of rescission, setoff, counterclaim
or defense shall have been asserted or threatened with respect to any Standard
Receivable.

                  (xi) No Liens. To the best of the Seller's knowledge, no liens
or claims shall have been filed for work, labor or materials relating to a
Financed Vehicle that shall be liens prior to, or equal or coordinate with, the
security interest in the Financed Vehicle granted by the Standard Receivable.

                  (xii) No Default. No Standard Receivable has a payment that is
more than 90 days overdue as of the related Cutoff Date, and, except as
permitted in this paragraph, no default, breach, violation or event permitting
acceleration under the terms of any Standard Receivable has occurred; and no
continuing condition that with notice or the lapse of time would constitute a
default, breach, violation or event permitting acceleration under the terms of
any Standard Receivable has arisen; and the Seller has not waived and shall not
waive any of the foregoing.

                  (xiii) Insurance. The Seller, in accordance with its customary
procedures, shall have determined that the Obligor has obtained physical damage
insurance covering the Financed Vehicle and under the terms of the Standard
Receivable the Obligor is required to maintain such insurance.

                  (xiv) Title. It is the intention of the Seller that the
transfer and assignment herein contemplated constitute a sale of the Standard
Receivables from the Seller to the Trust and that the beneficial interest in and
title to the Standard Receivables not be part of the debtor's estate in the
event of the filing of a bankruptcy petition by or against the Seller under any
bankruptcy law. No Standard Receivable has been sold, transferred, assigned or
pledged by the

                                      -18-
<PAGE>

Seller to any Person other than the Trustee. Immediately prior to the transfer
and assignment herein contemplated, the Seller had good and marketable title to
each Standard Receivable free and clear of all Liens, encumbrances, security
interests and rights of others and, immediately upon the transfer thereof, the
Trustee, for the benefit of the Certificateholders, shall have good and
marketable title to each such Standard Receivable, free and clear of all Liens,
encumbrances, security interests and rights of others; and the transfer has been
perfected under the UCC.

                  (xv) Lawful Assignment. No Standard Receivable shall have been
originated in, or shall be subject to the laws of, any jurisdiction under which
the sale, transfer and assignment of such Standard Receivable under the
Agreement or any Subsequent Transfer Assignment or pursuant to transfers of the
Certificates shall be unlawful, void or voidable.

                  (xvi) All Filings Made. All filings (including UCC filings)
necessary in any jurisdiction to give the Trustee a first perfected ownership
interest in the Standard Receivables shall have been made.

                  (xvii) One Original. There shall be only one original executed
copy of each Standard Receivable.

                  (xviii) Scheduled Payments. (a) Each Standard Receivable has a
scheduled due date on or prior to the end of the month following the related
Cutoff Date and (b) no Standard Receivable has a payment that is more than 90
days overdue as of the related Cutoff Date, and has a final scheduled payment
date no later than the Final Scheduled Maturity Date.

                  (xix) Location of Receivable Files. The Receivable Files are
kept at one or more of the locations listed in Schedule B to the Agreement.

                  (xx) Remaining Maturity. The latest scheduled maturity of any
Standard Receivable shall be no later than the Final Scheduled Maturity Date.

                  (xxi) Outstanding Principal Balance. Each Standard Receivable
has an outstanding gross balance of at least $1,000.

                  (xxii) No Bankruptcies. No Obligor on any Standard Receivable
as of the related Subsequent Cutoff Date was noted in the related Receivable
File as having filed for bankruptcy.

                  (xxiii) No Repossessions. No Financed Vehicle securing any
Standard Receivable is in repossession status.

                  (xxiv) Chattel Paper. Each Standard Receivable constitutes
"chattel paper" under the UCC.

                  (xxv) Agreement. The representations and warranties contained
herein and in the Agreement shall be true and correct.

                  (xxvi) Remaining Maturity. The latest scheduled maturity of
any Standard Receivable shall be no later than the Final Scheduled Maturity
Date.]

                                      -19-
<PAGE>

                  Section 12.02 [Reserved]

                  Section 12.03 [Reserved]

                  Section 12.04 Repurchase Upon Breach. The Seller, the Servicer
or the Trustee, as the case may be, shall inform the other parties to the
Agreement promptly, in writing, upon the discovery of any breach of the Seller's
representations and warranties made pursuant to Section 12.01 or 16.01. Unless
any such breach shall have been cured by the last day of the second Collection
Period following the discovery thereof by the Trustee or receipt by the Trustee
of notice from the Seller or the Servicer of such breach, the Seller shall be
obligated to repurchase any Standard Receivable materially and adversely
affected by any such breach as of such last day (or, at the Seller's option, the
last day of the first Collection Period following such discovery or notice). In
consideration of the repurchase of any Standard Receivable, the Seller shall
remit the Purchase Amount, in the manner specified in Section 14.05. Subject to
the provisions of Section 16.03, the sole remedy of the Trustee, the Trust or
the Certificateholders with respect to a breach of representations and
warranties pursuant to Section 12.01 or 16.01 and the agreement contained in
this Section shall be to require the Seller to repurchase Standard Receivables
pursuant to this Section 12.04, subject to the conditions contained herein.

                  Section 12.05 Custody of Receivable Files. To assure uniform
quality in servicing the Receivables and to reduce administrative costs, the
Trustee, upon the execution and delivery of the Agreement, hereby revocably
appoints the Servicer, and the Servicer hereby accepts such appointment, to act
as the agent of the Trustee as custodian of the following documents or
instruments which are hereby constructively delivered to the Trustee as of the
earlier of the Initial Cutoff Date and the Closing Date (in the case of Initial
Receivables) and as of each Subsequent Transfer Date (in the case of Subsequent
Receivables) with respect to each Receivable:

                  (i) the original of the Standard Receivable;

                  (ii) the original credit application fully executed by the
Obligor;

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

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

                  Section 12.06 Duties of Servicer as Custodian.

                  (a) Safekeeping. The Servicer shall hold the Receivable Files
as custodian on behalf of the Trustee for the benefit of all present and future
Certificateholders, and shall maintain such accurate and complete accounts,
records and computer systems pertaining to each Receivable File as shall enable
the Trustee to comply with these Standard Terms and Conditions of Agreement and
the Agreement. In performing its duties as custodian the Servicer shall act with
reasonable care, using that degree of skill and attention that the Servicer
exercises with

                                      -20-
<PAGE>

respect to the receivable files relating to all comparable automotive
receivables that the Servicer services for itself or others. The Servicer shall
conduct, or cause to be conducted, periodic audits of the Receivable Files held
by it under the Agreement, and of the related accounts, records and computer
systems, in such a manner as shall enable the Trustee to verify the accuracy of
the Servicer's record keeping. The Servicer shall promptly report to the Trustee
any failure on its part to hold the Receivable Files and maintain its accounts,
records and computer systems as herein provided and shall promptly take
appropriate action to remedy any such failure. Nothing herein shall be deemed to
require an initial review or any periodic review by the Trustee of the
Receivable Files.

                  (b) Maintenance of and Access to Records. The Servicer shall
maintain each Receivable File at one of its offices specified in Schedule B to
the Agreement or at such other office as shall be specified to the Trustee by
written notice not later than 90 days after any change in location. The Servicer
shall make available to the Trustee or its duly authorized representatives,
attorneys or auditors a list of locations of the Receivable Files and the
related accounts, records and computer systems maintained by the Servicer at
such times during normal business hours as the Trustee shall instruct.

                  (c) Release of Documents. Upon instruction from the Trustee,
the Servicer shall release any Receivable File to the Trustee, the Trustee's
agent or the Trustee's designee, as the case may be, at such place or places as
the Trustee may designate, as soon as practicable.

                  Section 12.07 Instructions; Authority to Act. The Servicer
shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a Trustee
Officer.

                  Section 12.08 Custodian's Indemnification. The Servicer as
custodian shall indemnify the Trustee and each of its officers, directors,
employees and agents for any and all liabilities, obligations, losses,
compensatory damages, payments, costs, or expenses of any kind whatsoever that
may be imposed on, incurred by or asserted against the Trustee or any of its
officers, directors, employees or agents as the result of any improper act or
omission in any way relating to the maintenance and custody by the Servicer as
custodian of the Receivable Files; provided, however, that the Servicer shall
not be liable to the Trustee or any such officers, director, employee or agent
of the Trustee for any portion of any such amount resulting from the willful
misfeasance, bad faith or negligence of the Trustee or any such officer,
director, employee or agent of the Trustee. Section 12.09 Effective Period and
Termination. The Servicer's appointment as custodian shall become effective as
of the Initial Cutoff Date or, if no Initial Receivables are conveyed to the
Trustee, the Closing Date and shall continue in full force and effect until
terminated pursuant to this

                  Section 12.09. If World Omni shall resign as Servicer in
accordance with the provisions hereof or if all of the rights and obligations of
any Servicer shall have been terminated under Section 18.01, the appointment of
such Servicer as custodian shall be terminated by the Trustee, or by Holders of
the [Class [A]] Certificates evidencing not less than 25% of the [Class [A]]
Certificate Balance, in the same manner as the Trustee or such Holders may
terminate the rights and obligations of the Servicer under Section 18.01. The
Trustee may terminate the Servicer's appointment as custodian, with cause, at
any time upon written

                                      -21-
<PAGE>

notification to the Servicer, and without cause upon 30 days' prior written
notification. As soon as practicable after any termination of such appointment,
the Servicer shall deliver the Receivable Files to the Trustee or the Trustee's
agent at such place or places as the Trustee may reasonably designate.

                                  ARTICLE XIII

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

                  Section 13.01 Duties of Servicer. The Servicer, as agent for
the Trustee (to the extent provided herein), shall manage, service, administer
and make collections on the Receivables (other than Purchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable automotive receivables that it services
for itself or others. The Servicer's duties shall include collection and posting
of all payments, responding to inquiries of Obligors on such Receivables,
investigating delinquencies, sending payment coupons to Obligors, reporting tax
information to Obligors, accounting for collections, furnishing monthly and
annual statements to the Trustee with respect to distributions, and making
Advances pursuant to Section 14.04. Subject to the provisions of Section 13.02,
the Servicer shall follow its customary standards, policies and procedures in
performing its duties as Servicer. Without limiting the generality of the
foregoing, the Servicer is authorized and empowered by the Trustee to execute
and deliver, on behalf of itself, the Trust, the Certificateholders, the
Trustee, or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other comparable
instruments, with respect to such Receivables or to the Financed Vehicles
securing such Receivables. If the Servicer shall commence a legal proceeding to
enforce a Receivable, the Trustee (in the case of any Receivable other than a
Purchased Receivable) shall thereupon be deemed to have automatically assigned,
solely for the purpose of collection, such Receivable to the Servicer. If in any
enforcement suit or legal proceeding it shall be held that the Servicer may not
enforce a Receivable on the ground that it shall not be a real party in interest
or a holder entitled to enforce such Receivable, the Trustee shall, at the
Servicer's expense and direction, take steps to enforce such Receivable,
including bringing suit in its name or the name of the Certificateholders. The
Trustee shall, upon written request of the Servicer, furnish the Servicer with
any powers of attorney and other documents reasonably necessary or appropriate
to enable the Servicer to carry out its servicing and administrative duties
hereunder.

                  Section 13.02 Collection and Allocation of Receivable
Payments. The Servicer shall make reasonable efforts to collect all payments
called for under the terms and provisions of the Receivables as and when the
same shall become due and shall follow such collection procedures as it follows
with respect to all comparable automotive receivables that it services for
itself or others. The Servicer shall allocate collections between principal and
interest in accordance with the customary servicing procedures it follows with
respect to all comparable automotive receivables that it services for itself or
others. The Servicer may grant extensions, rebates or adjustments on a Standard
Receivable, which shall not, for the purposes of the Agreement, modify the
original due dates or amounts of the originally scheduled payments of interest
on Simple Interest Receivables; provided, however, that if the Servicer extends
the date for final payment by the Obligor of any Receivable beyond the Final
Scheduled Maturity Date, it

                                      -22-
<PAGE>

shall promptly repurchase the Receivable from the Trust in accordance with the
terms of Section 13.07. The Servicer may in its discretion waive any late
payment charge or any other fees that may be collected in the ordinary course of
servicing a Receivable. The Servicer shall not agree to any alteration of the
interest rate on any Receivable or of the amount of the originally scheduled
payments on Simple Interest Receivables.

                  Section 13.03 Realization Upon Receivables. On behalf of the
Trust, the Servicer shall use its best efforts, consistent with its customary
servicing procedures, to repossess or otherwise convert the ownership of the
Financed Vehicle securing any Receivable as to which the Servicer shall have
determined eventual payment in full is unlikely. The Servicer shall follow such
customary and usual practices and procedures as it shall deem necessary or
advisable in its servicing of automotive receivables, which may include
reasonable efforts to realize upon any recourse to Dealers and selling the
Financed Vehicle at public or private sale. The foregoing shall be subject to
the provision that, in any case in which the Financed Vehicle shall have
suffered damage, the Servicer shall not expend funds in connection with the
repair or the repossession of such Financed Vehicle unless it shall determine in
its discretion that such repair and/or repossession will increase the
Liquidation Proceeds by an amount greater than the amount of such expenses.

                  Section 13.04 Physical Damage Insurance. The Servicer, in
accordance with its customary servicing procedures, shall require that each
Obligor shall have obtained physical damage insurance covering the Financed
Vehicle as of the execution of the Standard Receivable.

                  Section 13.05 Maintenance of Security Interests in Financed
Vehicles. The Servicer shall, in accordance with its customary servicing
procedures, take such steps as are necessary to maintain perfection of the
security interest created by each Standard Receivable in the related Financed
Vehicle. The Trustee hereby authorizes the Servicer to take such steps as are
necessary to re-perfect such security interest on behalf of the Trust in the
event of the relocation of a Financed Vehicle or for any other reason.

                  Section 13.06 Covenants of Servicer. The Servicer shall not
release the Financed Vehicle securing any Receivable from the security interest
granted by such Receivable in whole or in part except in the event of payment in
full by the Obligor thereunder or repossession, nor shall the Servicer impair
the rights of the Trust or the Certificateholders in such Receivables, nor shall
the Servicer increase the number of scheduled payments due under a Standard
Receivable.

                  Section 13.07 Purchase of Receivables Upon Breach. The
Servicer or the Trustee shall inform the other party and the Seller promptly, in
writing, upon the discovery of any breach pursuant to Section 13.02, 13.05 or
13.06. Unless the breach shall have been cured by the last day of the second
Collection Period following such discovery (or, at the Servicer's election, the
last day of the first following Collection Period), the Servicer shall purchase
any Receivable materially and adversely affected by such breach as of such last
day. If the Servicer takes any action in any Collection Period pursuant to
Section 13.02 that impairs the right of the Trustee, the Trust or the
Certificateholders in any Receivable or as otherwise provided in Section 13.02,
the Servicer shall purchase such Receivable as of the last day of such
Collection Period. In consideration of the purchase of any such Receivable
pursuant to either of the two

                                      -23-
<PAGE>

preceding sentences, the Servicer shall remit the Purchase Amount in the manner
specified in Section 14.05. For purposes of this Section 13.07, the Purchase
Amount shall consist in part of a release by the Servicer of all rights of
reimbursement with respect to Outstanding Simple Interest Advances on the
Receivable. Subject to Section 17.02, the sole remedy of the Trustee, the Trust
or the Certificateholders with respect to a breach pursuant to Section 13.02,
13.05 or 13.06 shall be to require the Servicer to repurchase Receivables
pursuant to this Section 13.07. The Trustee shall have no duty to conduct any
affirmative investigation as to the occurrence of any condition requiring the
repurchase of any Receivable pursuant to this Section.

                  Section 13.08 Servicing Fee. The Servicing Fee for a
Distribution Date shall equal the product of (a) one twelfth, (b) the Servicing
Rate and (c) the Pool Balance as of the first day of the preceding Collection
Period. The Servicer shall also be entitled to all late fees, prepayment charges
(including, in the case of a Receivable that provides for payments according to
the "Rule of 78s" and that is prepaid in full, the difference between the
Principal Balance of such Receivable (plus accrued interest to the date of
prepayment) and the principal balance of such Receivable computed according to
the "Rule of 78s") and other administrative fees or similar charges allowed by
applicable law with respect to the Receivables, collected (from whatever source)
on the Receivables, plus any reimbursement pursuant to Section 17.02.

                  Section 13.09 Servicer's Certificate. Not later than 11:00 am
(New York time) on each Determination Date, the Servicer shall deliver to the
Trustee, the Rating Agencies and the Seller, a Servicer's Certificate containing
all information necessary to make the distributions on the related Distribution
Date pursuant to Section 14.06 for the related Collection Period. Receivables to
be purchased by the Servicer or to be repurchased by the Seller shall be
identified by the Servicer by account number with respect to such Receivable (as
specified in Schedule A).

                  Section 13.10 Annual Statement as to Compliance; Notice of
Default. (a) The Servicer shall deliver to the Trustee, on or before April 30 of
each year, an Officers' Certificate, dated as of December 31 of the preceding
year, stating that (i) a review of the activities of the Servicer during the
preceding 12-month period (or such shorter period as shall have elapsed since
the Closing Date) and of its performance hereunder and under the Agreement has
been made under such officers' supervision and (ii) to the best of such
officers' knowledge, based on such review, the Servicer has fulfilled all its
obligations hereunder and under the Agreement throughout such year or, if there
has been a default in the fulfillment of any such obligation, specifying each
such default known to such officers and the nature and status thereof. The
Trustee shall send a copy of such certificate and the report referred to in
Section 13.11 to the Rating Agencies. A copy of such certificate and the report
referred to in Section 13.11 may be obtained by any Certificateholder by a
request in writing to the Trustee addressed to the Corporate Trust Office.

                  (b) The Servicer shall deliver to the Trustee and to the
Rating Agencies, promptly after having obtained knowledge thereof, but in no
event later than 5 Business Days thereafter, written notice in an Officers'
Certificate of any event which with the giving of notice or lapse of time, or
both, would become an Event of Default under clause (iii) or (iv) of Section
18.01(a) or (b).

                                      -24-
<PAGE>

                  Section 13.11 Annual Independent Certified Public Accountant's
Report. The Servicer shall cause a firm of independent certified public
accountants, who may also render other services to the Servicer, the Seller or
their Affiliates, to deliver to the Trustee on or before April 30 of each year
beginning April 30, ______, a report addressed to the Board of Directors of the
Servicer to the effect that such firm has examined the financial statements of
World Omni and issued its report thereon and that such examination (1) was made
in accordance with generally accepted auditing standards and accordingly
included such tests of the accounting records and such other auditing procedures
as such firm considered necessary in the circumstances; (2) included tests
relating to automotive loans serviced for others in accordance with the
requirements of the Uniform Single Audit Program for Mortgage Bankers (the
"Program"), to the extent the procedures in such Program are applicable to the
servicing obligations set forth herein; and (3) except as described in the
report, disclosed no exceptions or errors in the records relating to automobile
and light truck loans serviced for others that, in the firm's opinion, paragraph
four of such Program requires such firm to report.

                  The Report will also indicate that the firm is independent of
the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants.

                  Section 13.12 Access to Certain Documentation and Information
Regarding Receivables. The Servicer shall provide to the Certificateholders
access to the Receivable Files in such cases where the Certificateholder shall
be required by applicable statutes or regulations to review such documentation.
Access shall be afforded without charge, but only upon reasonable request and
during the normal business hours at the offices of the Servicer. Nothing in this
Section shall affect the obligation of the Servicer to observe any applicable
law prohibiting disclosure of information regarding the Obligors, and the
failure of the Servicer to provide access to information as a result of such
obligation shall not constitute a breach of this Section.

                  Section 13.13 Servicer Expenses. The Servicer shall be
required to pay all expenses incurred by it in connection with its activities
hereunder, including fees and disbursements of independent accountants, taxes
imposed on the Servicer and expenses incurred in connection with distributions
and reports to Certificateholders.

                  Section 13.14 Appointment of Subservicer. The Servicer may at
any time appoint a subservicer to perform all or any portion of its obligations
as Servicer hereunder; provided that the Rating Agency Condition shall have been
satisfied in connection therewith; and, provided further that the Servicer shall
remain obligated and shall be liable to the Trustee and the Certificateholders
for the servicing and administering of the Receivables in accordance with the
provisions hereof without diminution of such obligation and liability by virtue
of the appointment of such subservicer and to the same extent and under the same
terms and conditions as if the Servicer alone were servicing and administering
the Receivables. The fees and expenses of the subservicer shall be as agreed
between the Servicer and its subservicer from time to time, and none of the
Trust, the Trustee or the Certificateholders shall have any responsibility
therefor.

                                      -25-
<PAGE>

                                  ARTICLE XIV

                         DISTRIBUTIONS; RESERVE ACCOUNT;
                        STATEMENTS TO CERTIFICATEHOLDERS

                  Section 14.01 Establishment of Trust Accounts. (a) (i) The
Servicer, for the benefit of the Certificateholders, shall establish and
maintain in the name of the Trustee an Eligible Deposit Account (the "Collection
Account"), bearing a designation clearly indicating that the funds deposited
therein are held for the benefit of the Certificateholders.

                  (ii) The Servicer, for the benefit of the Certificateholders,
shall establish and maintain in the name of the Trustee an Eligible Deposit
Account (the "Pre-Funding Account"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the
Certificateholders.

                  (iii) The Servicer, for the benefit of the Certificateholders,
shall establish and maintain in the name of the Trustee an Eligible Account (the
"Distribution Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Certificateholders.

                  (iv) The Servicer, for the benefit of the Certificateholders,
shall establish and maintain in the name of the Trustee an Eligible Deposit
Account (the "Reserve Account"), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Certificateholders.

                  (b) Funds on deposit in the Collection Account, the
Pre-Funding Account, the Distribution Account and the Reserve Account
(collectively the "Trust Accounts") shall be invested by the Trustee in Eligible
Investments selected in writing by the Servicer or an investment manager
selected by the Servicer, which investment manager shall have agreed to comply
with the terms of these Standard Terms and Conditions of Agreement and the
Agreement as they relate to investing such funds; provided, however, that it is
understood and agreed that the Trustee shall not be liable for any loss arising
from such investment in Eligible investments. All such Eligible Investments
shall be held by the Trustee for the benefit of the Certificateholders;
PROVIDED, that on each Determination Date all interest and other investment
income (net of losses and investment expenses) on funds on deposit therein shall
be deposited into the Collection Account and shall be deemed to constitute a
portion of the Interest Distribution Amount; and, provided further that any
interest and other investment income on Eligible Investment Receivables in the
Reserve Account earned in respect of a Collection Period shall be deposited in
the Collection Account on the second Determination Date following such
Collection Period and shall be deemed to constitute a portion of the Interest
Distribution Amount for the related Distribution Date. Other than as permitted
by the Rating Agencies, funds on deposit in the Collection Account, the
Pre-Funding Account, the Reserve Account and the Distribution Account shall be
invested in Eligible Investments that will mature (A) not later than the
Business Day immediately preceding the next Distribution Date or (B) on such
next Distribution Date if either (x) such investment is held in the trust
department of the institution with which the Collection Account, the Pre-Funding
Account, the Reserve Account or the Distribution Account, as applicable, is then
maintained and is invested in a time deposit of [the Trustee] rated at least A-1
by Standard & Poor's and P-1 by Moody's (such account being maintained within
the trust department of [the

                                      -26-
<PAGE>

Trustee]) or (y) the Trustee (so long as the short-term unsecured debt
obligations of the Trustee are either (i) rated at least P-1 by Moody's and A-1
by Standard & Poor's on the date such investment is made or (ii) guaranteed by
an entity whose short-term unsecured debt obligations are rated at least P-1 by
Moody's and A-1 by Standard & Poor's on the date such investment is made) has
agreed to advance funds on such Distribution Date to the Distribution Account in
the amount payable on such investment on such Distribution Date pending receipt
thereof to the extent necessary to make distributions on such Distribution Date;
provided that Eligible Investment Receivables need not satisfy such maturity
requirements. The guarantee referred to in clause (y) of the preceding sentence
shall be subject to the Rating Agency Condition. For the purpose of the
foregoing, unless the Trustee affirmatively agrees in writing to make such
advance with respect to such investment prior to the time an investment is made,
it shall not be deemed to have agreed to make such advance. Funds deposited in a
Trust Account upon the maturity of any Eligible Investments on the day
immediately preceding a Distribution Date are not required to be invested
overnight.

                  (c) (i) The Trustee shall possess all right, title and
     interest in all funds on deposit from time to time in the Trust Accounts
     and in all proceeds thereof (including all income thereon) and all such
     funds, investments, proceeds and income shall be part of the Trust Estate.
     The Trust Accounts shall be under the sole dominion and control of the
     Trustee for the benefit of the Certificateholders. If, at any time, any of
     the Trust Accounts ceases to be an Eligible Deposit Account, the Trustee
     (or the Servicer on its behalf) shall within 10 Business Days (or such
     longer period, not to exceed 30 calendar days, as to which each Rating
     Agency may consent) establish a new Trust Account as an Eligible Deposit
     Account and shall transfer any cash and/or any investments to such new
     Trust Account.

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

                  (A)      any Trust Account Property that is held in deposit
                           accounts shall be held solely in the Eligible Deposit
                           Accounts, subject to the last sentence of Section
                           14.01(c)(i); and each such Eligible Deposit Account
                           shall be subject to the exclusive custody and control
                           of the Trustee, and the Trustee shall have sole
                           signature authority with respect thereto;

                  (B)      any Trust Account Property that constitutes Physical
                           Property shall be delivered to the Trustee in
                           accordance with paragraph (a) of the definition of
                           "Delivery" and shall be held, pending maturity or
                           disposition, solely by the Trustee or a financial
                           intermediary (as such term is defined in Section
                           8-313(4) of the UCC) acting solely for the Trustee;

                  (C)      any Trust Account Property that is a book-entry
                           security held through the Federal Reserve System
                           pursuant to federal book-entry regulations shall be
                           delivered in accordance with paragraph (b) of the
                           definition of "Delivery" and shall be maintained by
                           the Trustee, pending maturity or

                                      -27-
<PAGE>

                           disposition, through continued book-entry
                           registration of such Trust Account Property as
                           described in such paragraph; and

                  (D)      (i) any Trust Account Property that is an
                           "uncertificated security" under Article VIII of the
                           UCC and that is not governed by clause (C) above
                           shall be delivered to the Trustee in accordance with
                           paragraph (c) of the definition of "Delivery" and
                           shall be maintained by the Trustee, pending maturity
                           or disposition, through continued registration of the
                           Trustee's (or its nominee's) ownership of such
                           security.

                           (ii) The Servicer shall have the power, revocable by
                           the Trustee, to instruct the Trustee to make
                           withdrawals and payments from the Trust Accounts for
                           the purpose of permitting the Servicer to carry out
                           its respective duties hereunder.

                  Section 14.02 Collections. The Servicer shall remit within two
Business Days of receipt thereof to the Collection Account all payments by or on
behalf of the Obligors with respect to the Receivables (other than Purchased
Receivables) and all Liquidation Proceeds, both as collected during the
Collection Period. Notwithstanding the foregoing, for so long as (i) World Omni
remains the Servicer, (ii) no Event of Default shall have occurred and be
continuing and (iii) (x) World Omni is a wholly-owned subsidiary of World Omni
and World Omni maintains a short-term rating of at least A-1 by Standard &
Poor's and P-1 by Moody's (and for five Business Days following a reduction in
either such rating) or (y) prior to ceasing daily remittances, the Rating Agency
Condition shall have been satisfied (and any conditions or limitations imposed
by the Rating Agencies in connection therewith are complied with), the Servicer
shall remit such collections with respect to the preceding calendar month to the
Collection Account on the Determination Date immediately preceding the related
Distribution Date. For purposes of this Article XIV the phrase "payments by or
on behalf of Obligors" shall mean payments made with respect to the Receivables
by Persons other than

                  Section 14.03 Application of Collections. All collections for
the Collection Period shall be applied by the Servicer as follows:

                           With respect to each Receivable (other than a
                  Purchased Receivable), payments by or on behalf of the Obligor
                  shall be applied first, to reduce Outstanding Simple Interest
                  Advances to the extent described in Section 14.04(b). Next,
                  any excess shall be applied to interest and principal in
                  accordance with the Simple Interest Method.

                  Section 14.04 Advances. (a) As of the close of business on the
last day of each Collection Period, if the payments by or on behalf of the
Obligor on a Precomputed Receivable (other than a Purchased Receivable) shall be
less than the Scheduled Payment, the Payahead Balance shall be applied by the
Servicer to the extent of the shortfall and such Payahead Balance shall be
reduced accordingly. Next, the Servicer shall advance any remaining shortfall
(such amount a "Precomputed Advance"), to the extent that the Servicer, at its
sole discretion, shall determine that the Precomputed Advance shall be
recoverable from the Obligor, the Purchase

                                      -28-
<PAGE>

Amount, Liquidation Proceeds or proceeds of any other Precomputed Receivables.
With respect to each Precomputed Receivable, the Precomputed Advance shall
increase Outstanding Precomputed Advances. Outstanding Precomputed Advances
shall be reduced by subsequent payments by or on behalf of the Obligor,
collections of Liquidation Proceeds in respect of Precomputed Receivables, or
payments of the Purchase Amount in respect of Precomputed Receivables.

                  (b) At the close of business on the last day of each
Collection Period, the Servicer shall advance an amount equal to the amount of
interest due on the Simple Interest Receivables at their respective APR's for
the related Collection Period (assuming the Simple Interest Receivables pay on
their respective due dates) minus the amount of interest actually received on
the Simple Interest Receivables during the related Collection Period (such
amount, a "Simple Interest Advance"). With respect to each Simple Interest
Receivable, the Simple Interest Advance shall increase Outstanding Simple
Interest Advances. If such calculation results in a negative number, an amount
equal to such negative number shall be paid to the Servicer and the amount of
Outstanding Simple Interest Advances shall be reduced by such amount. In
addition, in the event that a Simple Interest Receivable becomes a Liquidated
Receivable, Liquidation Proceeds with respect to such Simple Interest Receivable
attributable to accrued and unpaid interest thereon (but not including interest
for the then current Collection Period) shall be paid to the Servicer to reduce
Outstanding Simple Interest Advances, but only to the extent of any Outstanding
Simple Interest Advances. The Servicer shall not make any advance with respect
to principal of Simple Interest Receivables or in respect of Eligible Investment
Receivables.

                  Section 14.05 Additional Deposits. The Servicer shall deposit
in the Collection Account the aggregate Advances pursuant to Section 14.04. To
the extent that the Servicer fails to make a Simple Interest Advance pursuant to
Section 14.04(b) on the date required, the Trustee shall withdraw such amount
(or, if determinable, such portion of such amount as does not represent advances
for delinquent interest) from the Reserve Account and deposit such amount in the
Collection Account. The Servicer and the Seller shall deposit or cause to be
deposited in the Collection Account the aggregate Purchase Amount with respect
to Purchased Receivables, and the Servicer shall deposit therein all amounts to
be paid under Section 20.02. The Servicer shall deposit the aggregate Purchase
Amount with respect to Purchased Receivables when such obligations are due,
unless the Servicer shall not be required to make daily deposits pursuant to
Section 14.02.

                  Section 14.06 Distributions. (a) On each Distribution Date,
the Trustee shall cause to be transferred from the Collection Account to the
Distribution Account, in immediately available funds, the entire amount then on
deposit in the Collection Account; provided, however, that in the event that the
Servicer is required to make deposits to the Collection Account on a daily basis
pursuant to Section 14.02, the amount of the funds transferred from the
Collection Account to the Distribution Account will include only those funds
that were deposited in the Collection Account for the Collection Period related
to such Distribution Date.

                  (b) On each Distribution Date, the Trustee (based on the
information contained in the Servicer's Certificate delivered on the related
Determination Date pursuant to

                                      -29-
<PAGE>

Section 14.09) shall distribute amounts on deposit in the Distribution Account
and, if applicable, the Reserve Account in the manner and priority set forth
below:

                  (i) to the Servicer, from the Interest Distribution Amount,
         the Servicing Fee and all unpaid Servicing Fees from prior Collection
         Periods;

                  (ii) to the Class [A] Certificateholders:

                  (B)      from the Class [A] Percentage of the Interest
                           Distribution Amount (except as provided in the
                           proviso to subsection (c)(i) below) (as such Interest
                           Distribution Amount has been reduced by Servicing Fee
                           payments), the Class [A] Interest Distributable
                           Amount;

                  (C)      from the Class [A] Percentage of the Principal
                           Distribution Amount, the Class [A] Principal
                           Distributable Amount;

                  (iii)    to the Class [B] Certificateholders:

                  (A)      from the Class [B] Percentage of the Interest
                           Distribution Amount (as such Interest Distribution
                           Amount has been reduced by Servicing Fee payments),
                           the Class [B] Interest Distributable Amount; and

                  (B)      from the Class [B] Percentage of the Principal
                           Distribution Amount, the sum of the Class [B]
                           Principal Distributable Amount.

                  (c) The rights of the Class [B] Certificateholders to receive
distributions in respect of the Class [B] Certificates shall be and hereby are
subordinated to the rights of the Class [A] Certificateholders to receive
distributions in respect of the Class [A] Certificates and the rights of the
Servicer to receive the Servicing Fee (and any accrued and unpaid Servicing Fees
from prior Collection Periods) in the event of delinquency or defaults on the
Receivables. Such subordination shall be effected as follows, and all payments
shall be effected pursuant to clause (i) below prior to any payments pursuant to
clause (ii):

                  (i)      If the Class [A] Percentage of the Interest
                           Distribution Amount (as such Interest Distribution
                           Amount has been reduced by Servicing Fee payments) is
                           less than the Class [A] Interest Distributable Amount
                           on any Distribution Date, the Class [A]
                           Certificateholders shall be entitled to receive
                           distributions in respect of such deficiency first,
                           from the Class [B] Percentage of the Interest
                           Distribution Amount; second, if such amounts are
                           insufficient, from amounts on deposit in the Reserve
                           Account; and third, if such amounts are insufficient,
                           from the Class [B] Percentage of the Principal
                           Distribution Amount; provided, however, that if the
                           amount of Simple Interest Advances required to be
                           made for the Collection Period have not been paid by
                           the Servicer or withdrawn from the Reserve Account,
                           the shortfall in either such amount shall be
                           allocated pro rata between the Class [A] Certificates
                           and the Class [B] Certificates and any such shortfall
                           with respect to the Class [A] Certificates (and any
                           Class [A] Carryover Shortfalls attributable thereto)
                           shall be paid only from amounts

                                      -30-
<PAGE>

                           that are or become available in the Reserve Account
                           after giving effect to any deposit thereto on such
                           day.

                  (ii)     If the Class [A] Percentage of the Principal
                           Distribution Amount is less than the sum of the Class
                           [A] Principal Distributable Amount on any
                           Distribution Date, the Class [A] Certificateholders
                           shall be entitled to receive distributions in respect
                           of such deficiency first, from the Class [B]
                           Percentage of the Principal Distribution Amount;
                           second, if such amounts are insufficient, from
                           amounts on deposit in the Reserve Account; and third,
                           if such amounts are insufficient, from the Class [B]
                           Percentage of the Interest Distribution Amount.

                  (d) Subject to Section 20.01 respecting the final payment upon
retirement of each Certificate, the Servicer shall on each Distribution Date
instruct the Trustee to distribute to each Certificateholder of record on the
preceding Record Date either by wire transfer in immediately available funds to
the account of such Holder at a bank or other entity having appropriate
facilities therefor, if such Certificateholder shall have provided to the
Servicer appropriate instructions prior to such Distribution Date and such
Holder's Certificates of either Class in the aggregate evidence a denomination
of not less than $1,000,000, or, if not, by check mailed to such
Certificateholder at the address of such Holder appearing in the Certificate
Register, the amounts to be distributed to such Certificateholder pursuant to
such Holder's Certificates.

                  Section 14.07 Reserve Account. (a) On the Closing Date, the
Trustee will deposit, on behalf of the Seller, the Reserve Account Initial
Deposit into the Reserve Account from the net proceeds of the sale of the
Certificates.

                  (b) If the amount on deposit in the Reserve Account on any
Distribution Date (after giving effect to all deposits thereto or withdrawals
therefrom on such Distribution Date) is greater than the Specified Reserve
Account Balance for such Distribution Date, the Servicer shall instruct the
Trustee to distribute the amount of such excess to the Seller, which
distribution may include Eligible Investment Receivables; provided that no such
excess shall be distributed unless the letter from a firm of independent
certified public accountants required to be delivered under the Agreement in
respect of the Collection Period immediately following the Closing Date has been
delivered to the Trustee.

                  (c) If the Servicer determines pursuant to Section 14.04 that
it is required to make an Advance on any Distribution Date and does not do so
from its own funds, the Servicer shall instruct the Trustee to withdraw funds
from the Reserve Account and deposit them in the Collection Account to cover any
shortfall. Such payment shall be deemed to have been made by the Servicer
pursuant to Section 14.04 for purposes of making distributions pursuant to the
Agreement, but shall not otherwise satisfy the Servicer's obligation to deliver
the amount of the Advances, and the Servicer shall within two Business Days
replace any funds in the Reserve Account so used.

                  (d) (i) In the event that the Class [A] Distributable Amount
         for a Distribution Date exceeds the sum of the amounts distributed to
         Holders of the Class [A] Certificates

                                      -31-
<PAGE>

         pursuant to Section 14.06(b)(ii) on such Distribution Date, the
         Servicer shall instruct the Trustee to withdraw from the Reserve
         Account on such Distribution Date an amount equal to such excess, to
         the extent of funds available therein, and distribute such amount to
         the Holders of the Class [A] Certificates.

                           (ii) In the event that the Class [A] Principal
         Distributable Amount on the Final Scheduled Distribution Date exceeds
         the amount distributed to Holders of Class [A] Certificates pursuant to
         Section 14.06(b)(ii)(B) on such Distribution Date, the Servicer shall
         instruct the Trustee to withdraw from the Reserve Account on such
         Distribution Date an amount equal to such excess, to the extent of
         funds available therein, and distribute such amount to the Holders of
         the Class [A] Certificates.

                  (e) (i) In the event that the Class [B] Distributable Amount
         for a Distribution Date exceeds the sum of the amounts distributed to
         Holders of the Class [B] Certificates pursuant to Section 14.06(b)(iii)
         on such Distribution Date, the Servicer shall instruct the Trustee to
         withdraw from the Reserve Account on such Distribution Date an amount
         equal to such excess, to the extent of funds available therein after
         giving effect to paragraphs (c) and (d) above, and distribute such
         amount to the Holders of the Class [B] Certificates.

                           (ii) In the event that the Certificateholders'
         Principal Distributable Amount on the Final Scheduled Distribution Date
         exceeds the amount distributed to Holders of the Class [B] Certificates
         pursuant to Section (b)(iii)(B), the Servicer shall instruct the
         Trustee to withdraw from the Reserve Account on such Distribution Date
         an amount equal to such excess, to the extent of funds available
         therein after giving effect to paragraphs (d) and (e)(i) above, and
         distribute such amount to the Holders of the Class [B] Certificates.
         Following the payment in full of the Certificate Balance and of all
         other amounts owing or to be distributed under the Agreement to
         Certificateholders and the termination of the Trust, any amount
         remaining on deposit in the Reserve Account shall be distributed to the
         Seller and any Eligible Investment Receivables in the Reserve Account
         shall be transferred to the Seller.

                  Section 14.08 Pre-Funding Account. (a) On the Closing Date,
the Trustee will deposit the amount, if any, specified in the Agreement in the
Pre-Funding Account on behalf of the Seller from the net proceeds of the sale of
the Certificates. On each Subsequent Transfer Date, the Servicer shall instruct
the Trustee to withdraw from the Pre-Funding Account an amount equal to (i) the
Principal Balance of the Subsequent Receivables transferred to the Trust on such
Subsequent Transfer Date less the Reserve Account Initial Deposit for such
Subsequent Transfer Date, and to distribute such amount to or upon the order of
the Seller upon satisfaction of the conditions set forth in the Agreement with
respect to such transfer, and (ii) the Reserve Account Initial Deposit for such
Subsequent Transfer Date and, on behalf of the Seller, to deposit such amount in
the Reserve Account. If Subsequent Receivables are transferred to the Trust on
the Closing Date, the Closing Date shall also be a Subsequent Transfer Date for
the purposes of this Section.

                  (b) If (x) the Pre-Funded Amount has not been reduced to zero
on the Distribution Date on which the Funding Period ends (or, if the Funding
Period does not end on a

                                      -32-
<PAGE>

Distribution Date, on the first Distribution Date following the end of the
Funding Period) or (y) the Pre-Funded Amount has been reduced to $[__________]
or less on any Determination Date, in either case after giving effect to any
reductions in the Pre-Funded Amount on such Distribution Date or Determination
Date pursuant to paragraph (a) above, the Servicer shall instruct the Trustee to
withdraw from the Pre-Funding Account, in the case of (x), on such Distribution
Date or, in the case of (y), on the Distribution Date immediately succeeding
such Determination Date, (i) if the Pre-Funded Amount is equal to or less than
$[__________], the Pre-Funded Amount and deposit such amount in the Distribution
Account for payment as principal of the Class [A]-1 Certificates up to the Class
[A] Certificate Balance and then for payment of principal of the Class [A]-2
Certificates, and (ii) if the Pre-Funded Amount is greater than $[__________],
amounts equal to the Pre-Funded Percentage for each Class of Certificates of the
Pre-Funded Amount and deposit such amounts in the Distribution Account. In
addition, if the Pre-Funded Amount is greater than $[__________], the Seller
will deposit into the Distribution Account an amount equal to the sum of the
Class [A] Prepayment Premium and the Class [B] Prepayment Premium.

                  Section 14.09 Statements to Certificateholders. On each
Distribution Date, the Servicer shall provide to the Trustee for the Trustee to
forward to each Certificateholder of record as of the most recent Record Date, a
statement substantially in the form of Exhibit D setting forth at least the
following information as to each Class of Certificates to the extent applicable:

                  (i)      the amount of such distribution allocable to
                           principal allocable to each class of Certificates;

                  (ii)     the amount of such distribution allocable to interest
                           allocable to each class of Certificates;

                  (iii)    for the final Distribution Date with respect to the
                           Funding Period, the amount of any remaining
                           Pre-Funded Amount that has not been used to fund the
                           purchase of Subsequent Receivables;

                  (iv)     the Pool Balance as of the close of business on the
                           last day of the related Collection Period, after
                           giving effect to payments allocated to principal
                           reported under (i) above;

                  (v)      the Class [A] Certificate Balance and the Class [B]
                           Certificate Balance as of the close of business on
                           the last day of the related Collection Period, after
                           giving effect to payments allocated to principal
                           reported under (i) above;

                  (vi)     the amount of the Servicing Fee paid to the Servicer
                           with respect to the related Collection Period;

                  (vii)    the amount of the Class [A] Principal Carryover
                           Shortfall and Class [A] Interest Carryover Shortfall
                           and Class [B] Principal Carryover Shortfall and Class
                           [B] Interest Carryover Shortfall, as applicable, if
                           any, on such Distribution Date and the change in the
                           Class [A] Principal Carryover

                                      -33-
<PAGE>

                           Shortfall and Class [A] Interest Carryover Shortfall
                           and Class [B] Principal Carryover Shortfall and Class
                           [B] Interest Carryover Shortfall, as applicable, from
                           the preceding Distribution Date;

                  (viii)   the amount of Realized Losses, if any, with respect
                           to the related Collection Period;

                  (ix)     the amount otherwise distributable to the Class [B]
                           Certificateholders that is distributed to Class [A]
                           Certificateholders on such Distribution Date;

                  (x)      the balance of the Reserve Account on such
                           Distribution Date, after giving effect to deposits
                           and withdrawals made on such Distribution Date;

                  (xi)     for Distribution Dates during the Funding Period, the
                           remaining Pre-Funded Amount.

                  Each amount set forth pursuant to subclauses (i), (ii), (vi)
or (vii) above shall be expressed as a dollar amount per $1,000 of original
principal balance of a Class [A] or Class [B] Certificate, as applicable.

                  Section 14.10 Accounting and Tax Returns. The Trustee shall
(a) maintain (or cause to be maintained) the books of the Trust on a calendar
year basis and the accrual method of accounting and (b) deliver to each Holder
of a Certificate, as may be required by the Code and applicable Treasury
Regulations, such information as may be required (including Schedule K-1) to
enable each Holder to prepare its federal and state income tax returns.

                  Section 14.11 Net Deposits. As an administrative convenience,
unless the Servicer is required to remit collections daily, the Servicer will be
permitted to make the deposit of collections on the Receivables, aggregate
Advances and Purchase Amounts for or with respect to each Collection Period net
of distributions to be made to the Servicer with respect to such Collection
Period. The Servicer, however, will account to the Trustee and to the
Certificateholders as if all deposits, distributions and transfers were made
individually.

                  Section 14.12 Transfer of the Class [B] Certificates. In the
event any Holder of a Class [B] Certificate shall wish to transfer such
Certificate, the Seller shall provide to such Holder and any prospective
transferee designated by such Holder information regarding the Class [B]
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 Class [B] Certificate without registration thereof
under the Securities Act of 1933, as amended, pursuant to the exemption from
registration provided by Rule 144A.]

                                   ARTICLE XV

                                The Certificates

                  Section 15.01 The Certificates. Unless otherwise specified in
the Agreement, the Certificates shall be issued in fully registered form in
minimum denominations of $1,000.

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<PAGE>

The Certificates shall be executed on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Trustee. 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 Trust,
shall be validly issued and entitled to the benefit of the Agreement,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Certificates or did
not hold such offices at the date of authentication and delivery of such
Certificates.

                  A transferee of a 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 Certificate
duly registered in such transferee's name pursuant to Section 15.03.

                  Section 15.02 Authentication of Certificates. The Trustee
shall cause the Certificates to be executed on behalf of the Trust,
authenticated and delivered to or upon the written order of the Seller, signed
by its chairman of the board, its president, any vice president, secretary, or
assistant treasurer, without further corporate action by the Seller, in
authorized denominations, pursuant to the Agreement. No Certificate shall
entitle its Holder to any benefit under the Agreement or shall be valid for any
purpose unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A or Exhibit B to
the Agreement, as appropriate, executed by the Trustee by manual signature. Such
authentication shall constitute conclusive evidence that such Certificate shall
have been duly authenticated and delivered hereunder. All Certificates shall be
dated the date of their authentication.

                  Section 15.03 Registration of Transfer and Exchange of
Certificates. The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 15.08, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, the Trustee
shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as herein provided. Unless otherwise specified in the
Agreement, the Trustee shall be the initial Certificate Registrar.

                  Upon surrender for registration of transfer of any Certificate
at the Corporate Trust Office, the Trustee shall execute, authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Certificates in authorized denominations of a like aggregate amount dated
the date of authentication by the Trustee. At the option of a Holder,
Certificates may be exchanged for other Certificates of authorized denominations
of a like aggregate amount upon surrender at the Corporate Trust Office of the
Certificates to be exchanged.

                  Every Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer in
form satisfactory to the Trustee and the Certificate Registrar duly executed by
the Holder or such Holder's attorney duly authorized in writing. Each
Certificate surrendered for registration of transfer and exchange shall be
cancelled and subsequently disposed of by the Trustee.

                                      -35-
<PAGE>

                  No service charge shall be made for any registration of
transfer or exchange of Certificates, but the Trustee 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 Certificates.

                  [Section 15.04 Limitations on Transfer of the Class [B]
Certificates. (a) Unless otherwise set forth in the Agreement, the Class [B]
Certificates shall not have been and will not be registered under the Securities
Act and will not be listed on any exchange. No transfer of a Class [B]
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 said 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 Holder
desiring to effect such transfer and such Holder's prospective transferee shall
each certify to the Trustee in writing the facts surrounding the transfer in
substantially the forms set forth in Exhibit F (the "Transferor Certificate")
and either Exhibit G (the "Investment Letter") or Exhibit H (the "Rule 144A
Letter"). Except in the case of a transfer as to which the proposed transferee
has provided a Rule 144A Letter, there shall also be delivered to the 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 or Trustee; 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 Seller shall provide to any Holder of a Class [B] Certificate
and any prospective transferee designated by any such Holder, information
regarding the Class [B] 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 Class [B] Certificates without
registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. Each Holder of a Class [B] Certificate desiring
to effect such a transfer shall, and does hereby agree to, indemnify the Trust,
the Trustee and the Seller 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.

                  (b) No transfer of a Class [B] Certificate shall be made
unless the Trustee shall have received a representation from the transferee of
such Class [B] Certificate, acceptable to and in form and substance satisfactory
to the Trustee, to the effect that such transferee is not an employee benefit
plan, trust or account (each a "Benefit Plan") subject to the fiduciary
responsibility provisions of ERISA or Section 4975 of the Code or a Person
acting on behalf of any such Benefit Plan or using assets of a Benefit Plan to
acquire Class [B] Certificates. For purposes of the preceding sentence, such
representation shall be deemed to have been made to the Trustee by the
transferee's (including an initial acquiror's) acceptance of a Class [B]
Certificate. Notwithstanding anything else to the contrary herein, any proposed
transfer of a Class [B] Certificate to or on behalf of a Benefit Plan subject to
ERISA or to the Code without the delivery to the Trustee of an opinion of
counsel satisfactory to the Trustee as described above shall be void and of no
effect. The Trustee shall be under no liability to any Person for any
registration of transfer of any Class [B] Certificate that is in fact not
permitted by this Section 15.04 or for making any payments due on such Class [B]
Certificate to the Holder thereof or taking any other action with respect to
such Holder under the provisions of the

                                      -36-
<PAGE>

Agreement so long as the transfer was registered by the Trustee in accordance
with the foregoing requirements. The Trustee shall be entitled, but not
obligated, to recover from any Holder of any Class [B] Certificate that was in
fact a Benefit Plan subject to Section 406 of ERISA or to Section 4975 of the
Code or a Person acting on behalf of any such Benefit Plan at the time it became
a Holder or subsequently became such a Benefit Plan or Person acting on behalf
of such a Benefit Plan, all payments made on such Class [B] Certificate at and
after either such time. Any such payments so recovered by the Trustee shall be
paid and delivered by the Trustee to the last preceding Holder of such
Certificate that is not, and was not at the time it held such Certificate, such
a Benefit Plan or Person acting on behalf of a Benefit Plan.

                  (c) The Trustee shall cause each Class [B] Certificate to
contain a legend stating that transfer of the Class [B] Certificates is subject
to certain restrictions and referring prospective purchasers of the Class [B]
Certificates to this Section 15.04 with respect to such restrictions.

                  (d) Unless otherwise set forth in the Agreement, no transfer
of a Class [B] Certificate or any interest therein shall be made unless prior to
such transfer the Holder of such Class [B] Certificate delivers to the Seller
and the Trustee either a ruling of the Internal Revenue Service or an Opinion of
Counsel, to the effect that the proposed transfer will not result in the
arrangement contemplated by the Agreement being treated as an association
taxable as a corporation under either the Code or [the tax laws of the State of
New York].]

                  Section 15.05 Mutilated, Destroyed, Lost, or Stolen
Certificates. If (a) any mutilated 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 Certificate and (b)
there shall be delivered to the Certificate Registrar and the 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 Certificate has been acquired by a bona
fide purchaser, the Trustee on behalf of the Trust shall execute, and the
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor and denomination. In connection with the issuance of any new Certificate
under this Section, the Trustee and 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 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
Certificate shall be found at any time.

                  Section 15.06 Persons Deemed Owners. Prior to due presentation
of a Certificate for registration of transfer, the Trustee or the Certificate
Registrar may treat the Person in whose name any Certificate shall be registered
as the owner of such Certificate for the purpose of receiving distributions
pursuant to Section 14.06 and for all other purposes whatsoever, and neither the
Trustee nor the Certificate Registrar shall be bound by any notice to the
contrary.

                  Section 15.07 Access to List of Certificateholders' Names and
Addresses. The Trustee shall furnish or cause to be furnished to the Servicer,
within 15 days after receipt by the Trustee of a request therefor from the
Servicer in writing, a list, in such form as the Servicer may

                                      -37-
<PAGE>

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
Holders of [Class [A]] Certificates evidencing not less than 25% of the
Certificate Balance apply in writing to the Trustee, and such application states
that the applicants desire to communicate with other Certificateholders with
respect to their rights under the Agreement or under the Certificates and such
application shall be accompanied by a copy of the communication that such
applicants propose to transmit, then the Trustee shall, within five Business
Days after the receipt for such application, afford such applicants access
during normal business hours to the current list of Certificateholders. Each
Holder, by receiving and holding a Certificate, shall be deemed to have agreed
to hold neither the Servicer nor the Trustee accountable by reason of the
disclosure of its name and address, regardless of the source from which such
information was derived.

                  Section 15.08 Maintenance of Office or Agency. The Trustee
shall maintain in the Borough of Manhattan, The City of New York, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Trustee in respect of the Certificates and the Agreement may be served. The
Trustee initially designates the Corporate Trust Office as specified in the
Agreement as its office for such purposes. The Trustee shall give prompt written
notice to the Servicer and to Certificateholders of any change in the location
of the Certificate Register or any such office or agency.

                  Section 15.09 Book-Entry Certificates. The Class [A]
Certificates and, if so specified in the Agreement, the Class [B] Certificates
may be issued in the form of one or more typewritten Certificates representing
Book-Entry Certificates, to be delivered by, or on behalf of, the Seller to the
initial Clearing Agency, which, unless otherwise specified in the Agreement,
shall be The Depository Trust Company. In such case, the Certificates delivered
to the Depository Trust Company shall initially be registered on the Certificate
Register in the name of Cede & Co., the nominee of the initial Clearing Agency,
and no Certificate Owner will receive a definitive certificate representing such
Certificate Owner's interest in the Certificates, except as provided in Section
15.11. Unless and until definitive, fully registered Certificates (the
"Definitive Certificates") have been issued to such Certificate Owners pursuant
to Section 15.11:

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

                  (ii)     the Seller, the Servicer, the Certificate Registrar
                           and the Trustee may deal with the Clearing Agency for
                           all purposes (including the making of distributions
                           on such Certificates) as the sole Holder of such
                           Certificates and shall have no obligation to the
                           related Certificate Owners;

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

                  (iv)     the rights of such Certificate Owners shall be
                           exercised only through the Clearing Agency and shall
                           be limited to those established by law and agreements
                           between such Certificate Owners and the Clearing
                           Agency and/or the Clearing Agency Participants.
                           Pursuant to the Depository Agreement, unless and
                           until Definitive Certificates are issued pursuant to

                                      -38-
<PAGE>

                           Section 15.11, the initial Clearing Agency will make
                           book-entry transfers among the Clearing Agency
                           Participants and receive and transmit distributions
                           of principal and interest on such Certificates to
                           such Clearing Agency Participants; and

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

         Section 15.10 Notices to Clearing Agency. Whenever notice or other
communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to Certificate Owners
pursuant to Section 15.11, the Trustee and the Servicer shall give all such
notices and communications specified herein to be given to Certificate Owners to
the Clearing Agency.

         Section 15.11 Definitive Certificates. If (i) the Servicer advises the
Trustee in writing that the Clearing Agency is no longer willing or able to
properly discharge its responsibilities under the Depository Agreement and the
Trustee or the Seller is unable to locate a qualified successor, (ii) the Seller
at its option advises the Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency or (iii) after the occurrence of
an Event of Default, Certificate Owners representing beneficial interests
aggregating not less than a majority of the aggregate outstanding principal
amount of the Book-Entry Certificates advise the Trustee and the Clearing Agency
in writing that the continuation of a book-entry system through the Clearing
Agency is no longer in the best interests of the Certificate Owners, then the
Clearing Agency shall notify all Certificate Owners and the Trustee of the
occurrence of such event and of the availability of Definitive Certificates to
Certificate Owners requesting the same. Upon surrender to the Trustee of the
typewritten Certificates representing the Book-Entry Certificates by the
Clearing Agency, accompanied by registration instructions, the Trustee shall
execute and authenticate the Definitive Certificates in accordance with the
instructions of the Clearing Agency. None of the Seller, the Certificate
Registrar or the Trustee shall be liable for any delay in delivery of such
instructions and may conclusively rely on, and shall be protected in relying on,
such instructions. Upon the issuance of Definitive Certificates, the Trustee
shall recognize the Holders of the Definitive Certificates as Certificateholders
hereunder. The Definitive Certificates shall be printed, lithographed or
engraved or may be produced in any other manner as is reasonably acceptable to
the Trustee, as evidenced by its execution thereof.

                                  ARTICLE XVI

                                   The Seller

                  Section 16.01 Representations of Seller. The Seller makes the
following representations on which the Trustee shall be deemed to have relied in
accepting the Receivables

                                      -39-
<PAGE>

in trust and executing and authenticating the Certificates. The representations
speak as of the execution and delivery of the Agreement and as of the Closing
Date, in the case of Initial Receivables, if any, and as of the applicable
Subsequent Transfer Date, in the case of Subsequent Receivables, if any, and
shall survive the sale of the Receivables to the Trustee.

                  (i) Organization and Good Standing. The Seller is duly
organized and validly existing as a limited liability company in good standing
under the laws of the State of Florida, 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, and had at all relevant times, and
has, the power, authority and legal right to acquire and own the Standard
Receivables.

                  (ii) Due Qualification. The Seller is duly qualified to do
business as a foreign limited liability company in good standing, and has
obtained all necessary licenses and approvals in all jurisdictions in which the
ownership or lease of property or the conduct of its business shall require such
qualifications.

                  (iii) Power and Authority. The Seller has the power and
authority to execute and deliver the Agreement and to carry out its terms; the
Seller has full power and authority to sell and assign the property to be sold
and assigned to and deposited with the Trustee as part of the Trust, and the
Seller shall have duly authorized such sale and assignment to the Trustee by all
necessary action; and the execution, delivery and performance of the Agreement
and of each Subsequent Transfer Assignment or Eligible Investment Transfer
Assignment, as applicable, shall have been duly authorized by the Seller by all
necessary action.

                  (iv) Binding Obligation. The Agreement, each Subsequent
Transfer Assignment and Eligible Investment Transfer Assignment, when executed
and delivered by the Seller, shall constitute a legal, valid and binding
obligation of the Seller enforceable in accordance with its terms.

                  (v) No Violation. The consummation of the transactions
contemplated by the Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
articles of organization or operating agreement of the Seller, or any indenture,
agreement or other instrument to which the Seller is a party or by which it is
bound; or 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 Agreement); or violate any law or, to the
best of the Seller's knowledge, any order, rule or regulation applicable to the
Seller of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the Seller
or its properties.

                  (vi) No Proceedings. To the Seller's best knowledge, there are
no proceedings or investigations pending, or threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Seller or its properties: (i) asserting the
invalidity of the Agreement or the Certificates; (ii) seeking to prevent the
issuance of the Certificates or the consummation of any of the transactions
contemplated by the Agreement; (iii) seeking any determination or ruling that
might materially and adversely affect the performance by the Seller of its
obligations under, or the validity or enforceability of, the

                                      -40-
<PAGE>

Agreement or the Certificates, or (iv) that might adversely affect the federal
income tax attributes of the Certificates.

                  Section 16.02 Existence. During the term of the Agreement, the
Seller will keep in full force and effect its existence, rights and franchises
as a limited liability company under the laws of the jurisdiction of its
organization and will obtain and preserve its qualification to do business in
each jurisdiction in which such qualification is or shall be necessary to
protect the validity and enforceability of the Agreement and each other
instrument or agreement necessary or appropriate to the proper administration of
the Agreement and the transactions contemplated hereby.

                  Section 16.03 Liabilities of Seller; Indemnities. The Seller
shall be liable in accordance herewith only to the extent of the obligations
specifically undertaken by the Seller under the Agreement.

                  (i) The Seller shall indemnify, defend and hold harmless the
Trustee and the Trust from and against any taxes that may at any time be
asserted against the Trustee or the Trust with respect to the transactions
contemplated in the Agreement, including any sales, gross receipts, general
corporation, tangible personal property, privilege, or license taxes (but, in
the case of the Trust, not including any taxes asserted with respect to, and as
the date of, the sale of the Receivables to the Trust or the issuance and
original sale of the Certificates, or asserted with respect to ownership of the
Receivables or Eligible Investment Receivables, or federal or other income taxes
arising out of the distributions on the Certificates) and costs and expenses in
defending against the same.

                  (ii) The Seller shall indemnify, defend and hold harmless the
Trustee and the Certificateholders from and against any loss, liability or
expense incurred by reason of (a) the Seller's willful misfeasance, bad faith or
negligence in the performance of its duties under the Agreement, or by reason of
reckless disregard of its obligations and duties under the Agreement, and (b)
the Seller's or Trust's violation of federal or state securities laws in
connection with the offering and sale of the Certificates.

                  (iii) The Seller shall indemnify, defend and hold harmless the
Trustee and its officers, directors, employees and agents from and against all
costs, expenses, losses, claims, damages and liabilities arising out of or
incurred in connection with the acceptance or performance of the trusts and
duties herein and in the Agreement contained, except to the extent that such
cost, expense, loss, claim, damage or liabilities shall be due to the willful
misfeasance, bad faith or negligence (except for errors in judgment) of the
Trustee.

                  Indemnification under this Section 16.03 shall survive the
resignation or removal of the Trustee and the termination of the Agreement and
shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Seller shall have made any indemnity payments to the Trustee
pursuant to this Section and the Trustee thereafter shall collect any of such
amounts from others, the Trustee shall promptly repay such amounts to the
Seller, without interest.

                                      -41-
<PAGE>

                  Section 16.04 Merger or Consolidation of, or Assumption of the
Obligations of, Seller. Any Person (a) into which the Seller may be merged or
consolidated, (b) which may result from any merger or consolidation to which the
Seller shall be a party or (c) which may succeed to the properties and assets of
the Seller substantially as a whole, which Person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Seller
under the Agreement, shall be the successor to the Seller hereunder without the
execution or filing of any document or any further act by any of the parties to
the Agreement; provided, however, that (i) immediately after giving effect to
such transaction, no representation or warranty made pursuant to Section 12.01
shall have been breached and no Event of Default, and no event which, after
notice or lapse of time, or both, would become an Event of Default shall have
happened and be continuing, (ii) the Seller shall have delivered to the Trustee
an Officers' Certificate and an Opinion of Counsel each stating that such
consolidation, merger or succession and such agreement of assumption comply with
this Section and that all conditions precedent, if any, provided for in the
Agreement relating to such transaction have been complied with, (iii) the Rating
Agency Requirement shall have been satisfied with respect to such transaction
and (iv) the Seller shall have delivered to the Trustee an Opinion of Counsel
stating that, in the opinion of such Counsel, either (A) all financing
statements and continuation statements and amendments thereto have been executed
and filed that are necessary fully to preserve and protect the interest of the
Trustee in the Receivables and reciting the details of such filings or (B) no
such action shall be necessary to preserve and protect such interest.
Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv)
above shall be conditions to the consummation of the transactions referred to in
clauses (a), (b) or (c) above.

                  Section 16.05 Limitation on Liability of Seller and Others.
The Seller and any director, officer, employee or agent of the Seller may rely
in good faith on the advice of counsel or on any document of any kind, prima
facie properly executed and submitted by any Person respecting any matters
arising hereunder. The Seller shall not be under any obligation to appear in,
prosecute or defend any legal action that shall not be incidental to its
obligations under the Agreement and that in its opinion may involve it in any
expense or liability.

                  Section 16.06 Seller May Own Certificates. The Seller and any
Affiliate thereof may in its individual or any other capacity become the owner
or pledgee of Certificates with the same rights as it would have if it were not
the Seller or an Affiliate thereof, except as otherwise provided herein.

                                  ARTICLE XVII

                                  The Servicer

                  Section 17.01 Representations of Servicer. The Servicer makes
the following representations on which the Trustee shall be deemed to have
relied in accepting the Receivables in trust and executing and authenticating
the Certificates. The representations speak as of the execution and delivery of
the Agreement and as of the Closing Date, in the case of the Initial
Receivables, if any, and as of the applicable Subsequent Transfer Date, in the
case of the Subsequent Receivables or Eligible Investment Receivables, if any,
and shall survive the sale of the Receivables to the Trustee.

                                      -42-
<PAGE>

                  (a) Organization and Good Standing. The Servicer is duly
organized and validly existing as a limited liability company in good standing
under the laws of the state of its organization, 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, and had at all relevant times,
and has, the power, authority and legal right to acquire, own, sell and service
the Standard Receivables and to hold the Receivable Files as custodian.

                  (b) Due Qualification. The Servicer is duly qualified to do
business as a foreign limited liability company in good standing, and has
obtained all necessary licenses and approvals in all jurisdictions in which the
ownership or lease of property or the conduct of its business (including the
servicing of the Standard Receivables as required by the Agreement) shall
require such qualifications.

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

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

                  (e) No Violation. The consummation of the transactions
contemplated by the Agreement and the fulfillment of the terms hereof shall not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, the
articles of organization or operating agreement of the Servicer, or any
indenture, agreement or other instrument to which the Servicer is a party or by
which it is bound; or 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 the Agreement); or violate any law or, to the best
of the Servicer's knowledge, any order, rule or regulation applicable to the
Servicer of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the
Servicer or its properties.

                  (f) No Proceedings. To the Servicer's best knowledge, there
are no proceedings or investigations pending, or threatened, before any court,
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Servicer or its properties: (i) asserting the
invalidity of the Agreement or the Certificates, (ii) seeking to prevent the
issuance of the Certificates or the consummation of any of the transactions
contemplated by the Agreement, (iii) seeking any determination or ruling that
might materially and adversely affect the performance by the Servicer of its
obligations under, or the validity or enforceability of, the Agreement or the
Certificates, or (iv) relating to the Servicer and which might adversely affect
the federal income tax attributes of the Certificates.

                  (g) No Insolvent Obligors. As of the related Cutoff Date, no
Obligor on a Standard Receivable shall be shown on the Receivable Files as the
subject of a bankruptcy proceeding.

                                      -43-
<PAGE>

                  Section 17.02 Indemnities of Servicer. The Servicer shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under the Agreement.

                  (a) The Servicer shall defend, indemnify and hold harmless the
Trustee, the Trust, the Certificateholders and the Seller from and against any
and all costs, expenses, losses, damages, claims, and liabilities, arising out
of or resulting from the use, ownership or operation by the Servicer or any
Affiliate thereof of a Financed Vehicle.

                  (b) The Servicer shall indemnify, defend and hold harmless the
Trustee, the Seller, the Trust and the Certificateholders from and against any
and all costs, expenses, losses, claims, damages, and liabilities to the extent
that such cost, expense, loss, claim, damage, or liability arose out of, or was
imposed upon any such Person through, the negligence, willful misfeasance or bad
faith of the Servicer in the performance of its duties under the Agreement or by
reason of reckless disregard of its obligations and duties under the Agreement.

                  For purposes of this Section, in the event of the termination
of the rights and obligations of World Omni (or any successor thereto pursuant
to Section 17.03) as Servicer pursuant to Section 18.01, or a resignation by
such Servicer pursuant to the Agreement, such Servicer shall be deemed to be the
Servicer pending appointment of a successor Servicer (other than the Trustee)
pursuant to Section 18.02.

                  Indemnification under this Section shall survive the
resignation or removal of the Trustee or the termination of the Agreement and
shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer shall have made any indemnity payments pursuant to
this Section and the recipient thereafter collects any of such amounts from
others, such Person shall promptly repay such amounts to the Servicer, without
interest.

                  Section 17.03 Merger or Consolidation of, or Assumption of the
Obligations of, Servicer. Any Person (a) into which the Servicer may be merged
or consolidated, (b) which may result from any merger or consolidation to which
the Servicer shall be a party, (c) which may succeed to the properties and
assets of the Servicer substantially as a whole or (d) with respect to the
Servicer's obligations hereunder, which is a corporation 50% or more of the
voting stock of which is owned, directly or indirectly, by World Omni Financial
Corp., which Person executed an agreement of assumption to perform every
obligation of the Servicer hereunder shall be the successor to the Servicer
under the Agreement without further act on the part of any of the parties to the
Agreement; provided, however, that (i) immediately after giving effect to such
transaction, no Event of Default and no event which, after notice or lapse of
time, or both, would become an Event of Default shall have happened and be
continuing, (ii) the Servicer shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
and that all conditions precedent provided for in the Agreement relating to such
transaction have been complied with, (iii) the Rating Agency Condition shall
have been satisfied with respect to such transaction and (iv) the Servicer shall
have delivered to the Trustee an Opinion of Counsel stating that, in the opinion
of such counsel, either (A) all financing statements and continuation statements
and amendments thereto have been executed and filed that are necessary fully to
preserve and protect the interest of the Trustee in the Receivables and reciting
the details of such

                                      -44-
<PAGE>

filings or (B) no such action shall be necessary to preserve and protect such
interest. Notwithstanding anything herein to the contrary, the execution of the
foregoing agreement of assumption and compliance with clauses (i), (ii), (iii)
and (iv) above shall be conditions to the consummation of the transactions
referred to in clauses (a), (b) or (c) above.

                  Section 17.04 Limitation on Liability of Servicer and Others.
Neither the Servicer nor any of the directors, officers, employees or agents of
the Servicer shall be under any liability to the Trust or the
Certificateholders, except as provided under the Agreement, for any action taken
or for refraining from the taking of any action pursuant to the Agreement or for
errors in judgment; provided, however, that this provision shall not protect the
Servicer or any such Person against any liability that would otherwise be
imposed by reason of willful misfeasance, bad faith or negligence in the
performance of duties or by reason of reckless disregard of obligations and
duties under the Agreement. The Servicer and any director, officer, employee or
agent of the Servicer may rely in good faith on any document of any kind prima
facie properly executed and submitted by any Person respecting any matters
arising under the Agreement.

                  Except as provided in the Agreement, the Servicer shall not be
under any obligation to appear in, prosecute or defend any legal action that
shall not be incidental to its duties to service the Receivables in accordance
with the Agreement and that in its opinion may involve it in any expense or
liability; provided, however, that the Servicer may undertake any reasonable
action that it may deem necessary or desirable in respect of the Agreement and
the rights and duties of the parties to the Agreement and the interests of the
Certificateholders under the Agreement.

                                 ARTICLE XVIII

                                     Default

                  Section 18.01 Events of Default. If any one of the following
events ("Events of Default") shall occur and be continuing:

                  (a) Any failure by the Servicer to deliver to the Trustee for
deposit to any Trust Account any proceeds or payment required to be so delivered
under the terms of the Certificates and the Agreement that shall continue
unremedied for a period of three Business Days after written notice of such
failure is received by the Servicer from the Trustee or after discovery of such
failure by an officer of the Servicer; or

                  (b) Failure by the Servicer or the Seller, as the case may be,
duly to observe or to perform in any material respect any other covenants or
agreements of the Servicer or the Seller (as the case may be) set forth in the
Certificates or in the Agreement, which failure shall (a) materially and
adversely affect the rights of Certificateholders and (b) continue unremedied
for a period of 60 days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given (1) to the Servicer or
the Seller (as the case may be) by the Trustee or (2) to the Servicer or the
Seller (as the case may be) and to the Trustee by the Holders of [Class [A]]
Certificates evidencing not less than 25% of the [Class [A]] Certificate
Balance; or

                                      -45-
<PAGE>

                  (c) The occurrence of an Insolvency Event with respect to the
Servicer or the Seller; then, and in each and every case, so long as the Event
of Default shall not have been remedied, either the Trustee or the Holders of
[Class [A]] Certificates evidencing not less than 25% of the [Class [A]]
Certificate Balance, by notice then given in writing to the Servicer (and to the
Trustee if given by Certificateholders) may terminate all of the rights and
obligations (other than the obligations set forth in Section 17.02) of the
Servicer under the Agreement. On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer under the Agreement,
whether with respect to the Certificates or the Receivables or otherwise, shall,
without further action, pass to and be vested in the Trustee or such successor
Servicer as may be appointed under Section 18.02; and, without limitation, the
Trustee is hereby authorized and empowered to execute and deliver, on behalf of
the predecessor Servicer, as attorney-in-fact or otherwise, any and all
documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the Receivables
and related documents, or otherwise. The predecessor Servicer shall cooperate
with the successor Servicer and the Trustee in effecting the termination of the
responsibilities and rights of the predecessor Servicer under the Agreement,
including the transfer to the successor Servicer for administration by it of all
cash amounts that shall at the time be held by the predecessor Servicer for
deposit, or shall thereafter be received with respect to any Receivable. All
reasonable costs and expenses (including attorneys' fees) incurred in connection
with transferring the Receivable Files to the successor Servicer and amending
the Agreement to reflect such succession as Servicer pursuant to this Section
shall be paid by the predecessor Servicer upon presentation of reasonable
documentation of such costs and expenses. Upon receipt of notice of the
occurrence of an Event of Default, the Trustee shall give notice thereof to the
Rating Agencies.

                  Section 18.02 Appointment of Successor. (a) Upon the
Servicer's receipt of notice of termination pursuant to Section 18.01 or the
Servicer's resignation in accordance with the terms of the Agreement, the
predecessor Servicer shall continue to perform its functions as Servicer under
the Agreement, in the case of termination, only until the date specified in such
termination notice or, if no such date is specified in a notice of termination,
until receipt of such notice and, in the case of resignation, until the later of
(x) the date 45 days from the delivery to the Trustee of written notice of such
resignation (or written confirmation of such notice) in accordance with the
terms of the Agreement and (y) the date upon which the predecessor Servicer
shall become unable to act as Servicer, as specified in the notice of
resignation and accompanying Opinion of Counsel. In the event of the Servicer's
termination hereunder, the Trustee shall appoint a successor Servicer, and the
successor Servicer shall accept its appointment by a written assumption in form
acceptable to the Trustee. In the event that a successor Servicer has not been
appointed at the time when the predecessor Servicer has ceased to act as
Servicer in accordance with this Section, the Trustee without further action
shall automatically be appointed the successor Servicer and shall be entitled to
the Servicing Fee. Notwithstanding the above, the Trustee shall, if it shall be
legally unable so to act, appoint, or petition a court of competent jurisdiction
to appoint, any established institution having a net worth of not less than
$100,000,000 and whose regular business shall include the servicing of
automotive receivables as the successor to the Servicer under the Agreement.

                  (b) Upon appointment, the successor Servicer (including the
Trustee acting as successor Servicer) shall be the successor in all respects to
the predecessor Servicer and shall be

                                      -46-
<PAGE>

subject to all the responsibilities, duties and liabilities arising thereafter
relating thereto placed on the predecessor Servicer and shall be entitled to the
Servicing Fee and all of the rights granted to the predecessor Servicer by the
terms and provisions of the Agreement.

                  (c) The Servicer may not resign unless it is prohibited from
serving as such by law.

                  Section 18.03 Repayment of Advances. If the Servicer shall
change, the predecessor Servicer shall be entitled to receive reimbursement for
Outstanding Advances pursuant to Sections 14.03 and 14.04 with respect to all
Advances made by the predecessor Servicer.

                  Section 18.04 Notification to Certificateholders. Upon any
termination of, or appointment of a successor to, the Servicer pursuant to this
Article XVIII, the Trustee shall give prompt written notice thereof to
Certificateholders and to the Rating Agencies.

                  Section 18.05 Waiver of Past Defaults. The Holders of [Class
[A]] Certificates evidencing not less than a majority of the [Class [A]]
Certificate Balance may, on behalf of all Holders of Certificates, waive any
default by the Servicer in the performance of its obligations hereunder and its
consequences, except a default in making any required deposits to or payments
from the Trust Accounts in accordance with the Agreement. Upon any such waiver
of a past default, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been remedied for every purpose of the
Agreement. No such waiver shall extend to any subsequent or other default or
impair any right consequent thereon.

                                   ARTICLE XIX

                                   The Trustee

                  Section 19.01 Duties of Trustee. (a) If an Event of Default
has occurred and is continuing, the Trustee shall exercise the rights and powers
vested in it by the Agreement and use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in
the conduct of such person's own affairs; provided, however, that if the Trustee
shall assume the duties of the Servicer pursuant to Section 18.02, the Trustee
in performing such duties shall use the degree of skill and attention
customarily exercised by a servicer with respect to automobile receivables that
it services for itself or others.

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

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

                  (ii)     in the absence of bad faith on its part, the Trustee
                           may conclusively rely, as to the truth of the
                           statements and the correctness of the opinions
                           expressed therein, upon certificates or opinions
                           furnished to the Trustee and conforming to the
                           requirements of the Agreement; provided, however,

                                      -47-
<PAGE>

                           that the Trustee shall examine the certificates and
                           opinions to determine whether or not they conform to
                           the [__________].

                  (c) The Trustee shall take and maintain custody of the
Schedule of Receivables included as an exhibit to the Agreement and shall retain
all Servicer's Certificates identifying Receivables that become Purchased
Receivables and Liquidated Receivables.

                  (d) The Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken in good faith in accordance with the
Agreement or at the direction of the Holders of [Class [A]] Certificates
evidencing not less than 25% of the [Class [A]] Certificate Balance relating to
the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee
under the Agreement;

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

                  (i)      this paragraph does not limit the effect of clause
                           (d) of this Section;

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

                  (iii)    the Trustee shall not be liable with respect to any
                           action it takes or omits to take in good faith in
                           accordance with a direction received by it pursuant
                           to the Agreement.

                  (f) No provision of the Agreement shall require the Trustee to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

                  Section 19.02 Certain Matters Affecting Trustee. Except as
otherwise provided in Section 19.01:

                  (a) The Trustee may rely on any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee
need not investigate any fact or matter stated in any such document.

                  (b) The Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters or relating to the Agreement or
the Certificates shall be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it under the
Agreement in good faith and in accordance with such advice or opinion of such
counsel.

                  (c) The Trustee shall be under no obligation to exercise any
of the rights or powers vested in it by the Agreement, or to institute, conduct
or defend any litigation under the

                                      -48-
<PAGE>

Agreement at the request, order or direction of any of the Certificateholders
pursuant to the provisions of the Agreement, unless such Certificateholders
shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities that may be incurred therein or thereby.

                  (d) The Trustee shall not be liable for any action taken,
suffered or omitted by it in good faith which it believes to be authorized or
within its rights or powers conferred upon it by the Agreement; provided that
such conduct does not constitute willful misconduct, bad faith or negligence on
the part of the Trustee.

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

                  Section 19.03 Trustee Not Liable for Certificates or
Receivables. The recitals contained herein and in the Certificates (other than
the certificate of authentication on the Certificates) shall be taken as the
statements of the Seller or the Servicer, as the case may be, and the Trustee
assumes no responsibility for the correctness thereof. The Trustee shall make no
representations as to the validity or sufficiency of the Agreement or of the
Certificates (other than the certificate of authentication on the Certificates),
or of any Receivable or Eligible Investment Receivable or related document. The
Trustee shall at no time have any responsibility or liability for or with
respect to the legality, validity and enforceability of any Receivable or
Eligible Investment Receivable, or the perfection and priority of any security
interest created by any Receivable or Eligible Investment Receivable in any
Financed Vehicle or the maintenance of any such perfection and priority, or for
or with respect to the efficacy of the Trust or its ability to generate the
payments to be distributed to Certificateholders under the Agreement, 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 or Eligible Investment Receivable or
any computer or other record thereof; the validity of the assignment of any
Receivable or Eligible Investment Receivable to the Trust or of any intervening
assignment; the completeness of any Receivable or Eligible Investment
Receivable; the performance or enforcement of any Receivable or Eligible
Investment Receivable; the compliance by the Seller or the Servicer with any
warranty or representation made under the Agreement or in any related document
and the accuracy of any such warranty or representation or any action of the
Servicer taken in the name of the Trustee.

                  Section 19.04 Trustee May Own Certificates. The Trustee in its
individual or any other capacity may become the owner or pledgee of Certificates
and may deal with the Seller and the Servicer in banking transactions with the
same rights as it would have if it were not Trustee.

                  Section 19.05 Trustee's Fees and Expenses. The Servicer shall
pay to the Trustee, and the Trustee shall be entitled to receive, reasonable
compensation as shall have been separately agreed upon before the date of the
Agreement between the Seller and the Trustee (which shall not be limited by any
provision of law regarding the compensation of a trustee of an express trust)
for all services rendered by it in the execution of the trusts created by the

                                      -49-
<PAGE>

Agreement and in the exercise and performance of any of the Trustee's powers and
duties under the Agreement. The Trustee shall be entitled to be reimbursed by
the Seller for its reasonable expenses under the Agreement, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Trustee may employ in connection
with the exercise and performance of its rights and duties under the Agreement.

                  Section 19.06 Eligibility Requirements for Trustee. The
Trustee shall at all times be a corporation having an office in the same state
as the location of the Corporate Trust Office; organized and doing business
under the laws of such state or the United States of America; authorized under
such laws to exercise corporate trust powers; having a combined capital and
surplus of at least $50,000,000 and subject to supervision or examination by
federal or state authorities; and having (or having a parent that has) a rating
of at least Baa3 by Moody's. 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 Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall
resign immediately in the manner and with the effect specified in Section 19.07.

                  Section 19.07 Resignation or Removal of Trustee. The Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Servicer. Upon receiving such notice of
resignation, the Servicer shall promptly appoint a successor Trustee by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Trustee and one copy to the successor Trustee. If no successor Trustee
shall have been so appointed and have accepted appointment within 30 days after
the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

                  If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 19.06 and shall fail to resign after
written request therefor by the Servicer, or if at any time the Trustee shall be
legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver
of the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Servicer
may remove the Trustee. If the Servicer shall remove the Trustee under the
authority of the immediately preceding sentence, the Servicer shall promptly
appoint a successor Trustee by written instrument, in duplicate, one copy of
which instrument shall be delivered to the outgoing Trustee so removed and one
copy to the successor Trustee, and shall pay all fees owed to the outgoing
Trustee.

                  Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 19.08 and payment of all fees and expenses owed to the
outgoing Trustee. The Servicer shall provide notice of such resignation or
removal of the Trustee to each of the Rating Agencies.

                  Section 19.08 Successor Trustee. Any successor Trustee
appointed pursuant to Section 19.07 shall execute, acknowledge and deliver to
the Servicer and to its predecessor

                                      -50-
<PAGE>

Trustee an instrument accepting such appointment under the Agreement, and
thereupon the resignation or removal of the predecessor Trustee shall become
effective and such successor Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor under the Agreement, with like effect as if
originally named as Trustee. The predecessor Trustee shall upon payment of its
fees and expenses deliver to the successor Trustee all documents and statements
and monies held by it under the Agreement; and the Servicer and the predecessor
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 Trustee all such rights, powers, duties and obligations.

                  No successor Trustee shall accept appointment as provided in
this Section unless at the time of such acceptance such successor Trustee shall
be eligible pursuant to Section 19.06.

                  Upon acceptance of appointment by a successor Trustee pursuant
to this Section, the Servicer shall mail notice thereof to all
Certificateholders and to the Rating Agencies. If the Servicer shall fail to
mail such notice within 10 days after acceptance of appointment by the successor
Trustee, the successor Trustee shall cause such notice to be mailed at the
expense of the Servicer.

                  Section 19.09 Merger or Consolidation of Trustee. Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be eligible pursuant to Section 19.06, without the execution
or filing of any instrument or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding. The Trustee shall mail
notice of any such merger or consolidation to the Rating Agencies.

                  Section 19.10 Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of the Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust or any Financed Vehicle may at the time be located, the Servicer
and the Trustee acting jointly shall have the power and shall execute and
deliver all instruments to appoint one or more Persons approved by the Trustee
to act as co-trustee, jointly with the Trustee, or separate trustee or separate
trustees, of all or any part of the Trust, and to vest in such Person, in such
capacity and for the benefit of the Certificateholder, 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 Servicer and the Trustee
may consider necessary or desirable. If the Servicer shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
the Trustee alone shall have the power to make such appointment. No co-trustee
or separate trustee under the Agreement shall be required to meet the terms of
eligibility as a successor Trustee pursuant to Section 19.06 and no notice of
the appointment of any co-trustee or separate

                                      -51-
<PAGE>

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

                  (i)      All rights, powers, duties and obligations conferred
                           or imposed upon any such separate trustee or
                           co-trustee shall be conferred upon and exercised or
                           performed by the 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 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 Trustee shall be incompetent or
                           unqualified to perform such act or acts, in which
                           event such rights, powers, duties and obligations
                           (including the holding of title to the Trust 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 Trustee;

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

                  (iii)    The Servicer and the Trustee acting jointly may at
                           any time accept the resignation of or remove any
                           separate trustee or co-trustee.

                  Any notice, request or other writing given to the 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 the Agreement and
the conditions of this Article. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or
separately, as may be provided therein, subject to all the provisions of the
Agreement, specifically including every provision of the Agreement relating to
the conduct of, affecting the liability of, or affording protection to, the
Trustee. Each such instrument shall be filed with the Trustee and a copy thereof
given to the Servicer.

                  Any separate trustee or co-trustee may at any time appoint the
Trustee its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of the
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
Trustee, to the extent permitted by law, without the appointment of a new or
successor co-trustee or separate trustee.

                  Section 19.11 Representations and Warranties of Trustee. The
Trustee shall make the following representations and warranties on which the
Seller and Certificateholders shall be deemed to rely:

                  (i)      The Trustee is a banking corporation duly organized,
                           validly existing and in good standing under the laws
                           of its place of incorporation.

                                      -52-
<PAGE>

                  (ii)     The Trustee has full corporate power, authority and
                           legal right to execute and deliver, and to perform
                           its obligations under, the Agreement, and shall have
                           taken all necessary action to authorize the execution
                           and delivery of, and the performance of its
                           obligations under, the Agreement.

                  (iii)    The Agreement shall have been duly executed and
                           delivered by the Trustee.

                  Section 19.12 No Bankruptcy Petition. The Trustee, by entering
into the Agreement, and each Certificateholder, by accepting a Certificate,
hereby covenant and agree that they will not at any time institute against, or
join any other Person in instituting against, the Seller or the Trust any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other similar proceedings under any federal or state bankruptcy or similar
law in connection with the Certificates or the Agreement.

                                   ARTICLE XX

                                   Termination

                  Section 20.01 Termination of the Trust. (a) The respective
obligations and responsibilities of the Seller, the Servicer and the Trustee
created hereby and the Trust created by the Agreement shall terminate (i) upon
the payment to Certificateholders of all amounts required to be paid to them
pursuant to the Agreement and the disposition of all property held as part of
the Trust and (ii) at the time provided in Section 20.02; provided, however,
that in no event shall the trust created by the Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late ambassador of the United States to the Court of St.
James, living on the date of the Agreement. The Servicer shall promptly notify
the Trustee of any prospective termination pursuant to this Section.

                  (b) Except as provided in Section 20.01(a), neither the Seller
nor any Owner shall be entitled to revoke or terminate the Trust.

                  (c) Notice of any termination of the Trust, specifying the
Distribution Date upon which Certificateholders shall surrender their
Certificates to the Trustee for payment of the final distribution and
cancellation of the Certificates, shall be given by the Trustee by letter to
Certificateholders mailed not earlier than the 15th day and not later than the
25th day of the month next preceding the specified Distribution Date stating (A)
the Distribution Date upon which final payment of the Certificates shall be made
upon presentation and surrender of the Certificates at the office of the Trustee
therein designated, (B) the amount of such final payment and (C) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments
being made only upon presentation and surrender of the Certificates at the
office of the Trustee therein specified. The Trustee shall give such notice to
the Certificate Registrar (if other than the Trustee) at the time such notice is
given to Certificateholders. Upon presentation and surrender of the
Certificates, the Trustee shall cause to be distributed to Certificateholders
amounts distributable on such Distribution Date pursuant to Section 14.06.

                                      -53-
<PAGE>

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

                  Section 20.02 Optional Purchase of All Receivables. On the
last day of any Collection Period as of which the Pool Balance shall be less
than or equal to 10% of the Original Pool Balance, the Servicer shall have the
option to purchase the corpus of the Trust; provided, however, that the Servicer
may not effect any such purchase if at such time the rating of World Omni's
long-term debt obligations is less than Baa3 by Moody's, unless the Trustee
shall have received an Opinion of Counsel to the effect that such purchase would
not constitute a fraudulent conveyance. To exercise such option, the Servicer
shall deposit an amount into the Collection Account pursuant to Section 14.05
equal to the aggregate Purchase Amount for the Receivables (including defaulted
Receivables), plus the appraised value of any other property held by the Trust,
such value to be determined by an appraiser mutually agreed upon by the Servicer
and the Trustee. The Servicer thereafter shall succeed to all interests in and
to the Trust.

                                  ARTICLE XXI

                            Miscellaneous Provisions

                  Section 21.01 Amendment. The Agreement may be amended by the
Seller, the Servicer and the Trustee, without the consent of the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in the Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any provision in the Agreement or of
modifying in any manner the rights of the Certificateholders; provided, however,
that such action shall not, as evidenced by an Opinion of Counsel delivered to
the Trustee, adversely affect in any material respect the interests of any
Certificateholder.

                  The Agreement may also be amended from time to time by the
Seller, the Servicer and the Trustee with the consent of the Holders of Class
[A] Certificates and Class [B] Certificates (which consent shall be conclusive
and binding on such Holders and on all future Holders of such Certificates and
of any Certificates issued upon the transfer therefor or in exchange thereof or
in lieu thereof, whether or not notation of such consent is made upon the
Certificates), each voting as a class, evidencing not less than a majority of
the Class [A] Certificate Balance and Class [B] Certificate Balance,
respectively, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Agreement, or of modifying in
any manner the rights of 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 on any Certificate or (b) reduce
the aforesaid percentage of the Class [A] Certificate

                                      -54-
<PAGE>

Balance and Class [B] Certificate Balance required to consent to any such
amendment without the consent of the Holders of all Certificates then
outstanding.

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

                  It shall not be necessary for the consent of
Certificateholders 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) and of
evidencing the authorization of any action by Certificateholders shall be
subject to such reasonable requirements as the Trustee may prescribe.

                  Prior to the execution of any amendment to the Agreement, the
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 the Agreement
and the Opinion of Counsel referred to in Section 21.02(i)(1). The Trustee may,
but shall not be obligated to, enter into any such amendment that affects the
Trustee's own rights, duties or immunities under the Agreement or otherwise.

                  Section 21.02 Protection of Title to Trust. (a) The Seller
shall execute and file such financing statements and cause to be executed and
filed such continuation statements, all in such manner and in such places as may
be required by law fully to preserve, maintain and protect the interest of the
Certificateholders and the Trustee in the Receivables and in the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to the Trustee
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

                  (b) Neither the Seller nor the Servicer shall change its name,
identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with
paragraph (a) above seriously misleading within the meaning of ss. 9-402(7) of
the UCC, unless it shall have given the Trustee at least five days' prior
written notice thereof and shall have promptly filed appropriate amendments to
all previously filed financing statements or continuation statements.

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

                  (d) The Servicer shall maintain accounts and records as to
each Standard Receivable accurately and in sufficient detail to permit (i) the
reader thereof to know at any time the status of such Receivable, including
payments and recoveries made and payments owing (and

                                      -55-
<PAGE>

the nature of each) and (ii) reconciliation between payments or recoveries on
(or with respect to) each Receivable and the amounts from time to time deposited
in the Distribution Account in respect of such Receivable.

                  (e) The Servicer shall maintain its computer systems so that,
from and after the time of sale under the Agreement of the Standard Receivables,
the Servicer's master computer records (including any back-up archives) that
refer to a Standard Receivable shall indicate clearly the interest of the Trust
in such Standard Receivable and that such Standard Receivable is owned by the
Trustee. Indication of the Trustee's ownership of a Standard Receivable shall be
deleted from or modified on the Servicer's computer systems when, and only when,
such Receivable shall have been paid in full or repurchased.

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

                  (g) The Servicer shall permit the Trustee and its agents at
any time during normal business hours to inspect, audit and make copies of and
abstracts from the Servicer's records regarding any Receivable.

                  (h) Upon request, the Servicer shall furnish to the Trustee,
within five Business Days, a list of all Receivables (by contract number and
name of Obligor) then held as part of the Trust, together with a reconciliation
of such list to the Schedule of Receivables and to each of the Servicer's
Certificates furnished before such request indicating removal of Receivables
from the Trust.

                  (i)      The Servicer shall deliver to the Trustee:

                  (A)      promptly after the execution and delivery of the
                           Agreement and, if required pursuant to Section 21.01,
                           of each amendment hereto and on certain Distribution
                           Dates as required by Sections 3.02(b)(2)(iii)(B) and
                           12.03(b)(x)(B) of the Agreement, an Opinion of
                           Counsel stating that, in the opinion of such Counsel,
                           either (1) all financing statements and continuation
                           statements have been executed and filed that are
                           necessary fully to preserve and protect the interest
                           of the Trustee in the Receivables, and reciting the
                           details of such filings or referring to prior
                           Opinions of Counsel in which such details are given,
                           or (2) no such action shall be necessary to preserve
                           and protect such interest; and

                  (B)      within 90 days after the beginning of each calendar
                           year beginning with the first calendar year beginning
                           more than three months after the initial Cutoff Date,
                           an Opinion of Counsel, dated as of a date during such
                           90-day period, stating that, in the opinion of such
                           counsel, either (1) all financing

                                      -56-
<PAGE>

                           statements and continuation statements have been
                           executed and filed that are necessary fully to
                           preserve and protect the interest of the Trustee in
                           the Receivables, and reciting the details of such
                           filings or referring to prior Opinions of Counsel in
                           which such details are given, or (2) no such action
                           shall be necessary to preserve and protect such
                           interest.

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

                  (j) The Seller shall, to the extent required by applicable
law, cause the Certificates to be registered with the Securities and Exchange
Commission pursuant to Section 12(b) or Section 12(g) of the Securities Exchange
Act of 1934 within the time periods specified in such sections.

                  Section 21.03 Separate Counterparts. The 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 21.04 Limitation on Rights of Certificateholders. (a)
The death or incapacity of any Certificateholder shall not operate to terminate
the Agreement or the Trust, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the Trust,
nor otherwise affect the rights, obligations and liabilities of the parties to
the Agreement or any of them.

                  (b) No Certificateholder shall have any right to vote (except
as provided in Section 21.01 or 18.05) or in any manner otherwise control the
operation and management of the Trust or the obligations of the parties to the
Agreement; nor shall any provision in the Agreement or contained in the
Certificates be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any
Certificateholder be under any liability to any third person by reason of any
action taken pursuant to any provision of the Agreement.

                  (c) No Certificateholder shall have any right to institute any
suit, action or proceeding in equity or at law upon or under or with respect to
the Agreement, unless: (i) such Holder previously shall have given to the
Trustee written notice of a continuing Event of Default; (ii) the Holders of
Certificates evidencing not less than 25% of the Certificate Balance shall have
made written request upon the Trustee to institute such action, suit or
proceeding in its own name as Trustee under the Agreement and shall have offered
to the Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby; (iii) the Trustee,
for 60 days after its receipt of such notice, request and offer of indemnity
shall have neglected or refused to institute any such action, suit or
proceeding; and (iv) during such 60-day period no request or waiver inconsistent
with such written request shall have been given to the Trustee by Holders
representing a majority of the Certificate Balance. It is understood and
intended that no one or more Holders of Certificates shall have any right in any
manner whatever by virtue of, or by availing of, any provisions of the Agreement
to affect,

                                      -57-
<PAGE>

disturb or prejudice the rights of any other Holders of Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under the Agreement, except in the manner provided in
the Agreement.

                  Section 21.05 Governing Law. THE AGREEMENT SHALL BE CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES UNDER THE AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  Section 21.06 Notices. All demands, notices and communications
upon or to the Seller, the Servicer, the Trustee or the Rating Agencies under
the Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given upon
receipt (a) in the case of the Seller, to World Omni Financial Corp., 120 N.W.
12th Avenue, Deerfield Beach, Florida 33442, Attention: A. Tucker Allen ((954)
429-2200); (b) in the case of the Servicer, to World Omni Financial Corp., 120
N.W. 12th Avenue, Deerfield Beach, Florida 33442, Attention: A. Tucker Allen
((954) 429-2200); (c) in the case of the Trustee, at the Corporate Trust Office;
(d) in the case of Moody's, to Moody's Investors Service, Inc., ABS Monitoring
Department, 99 Church Street, New York, New York 10007; (e) in the case of
Standard & Poor's, to Standard & Poor's Ratings Group, 25 Broadway - 15th Floor,
New York, New York 10004, Attention: Asset Backed Surveillance Department; (f)
in the case of Duff and Phelps, to Duff & Phelps Credit Rating Company, 55 East
Monroe Street, 35th Floor, Chicago, Illinois 60603, Attention: Structured
Finance; and (g) in the case of Fitch, to Fitch Investors Service, Inc., One
State Street Plaza, New York, New York 10004, Attention: Structured Surveillance
Department. Any notice required or permitted to be mailed to a Certificateholder
shall be given by first class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in the Agreement shall be conclusively presumed to have been
duly given, whether or not the Certificateholder shall receive such notice.

                  Section 21.07 Severability of Provisions. Any provision of the
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 of the Agreement,
and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction.

                  Section 21.08 Assignment. Notwithstanding anything to the
contrary contained herein, except as provided in Sections 16.04 and 17.03 and as
provided in the provisions of the Agreement concerning the resignation of the
Servicer, the Agreement may not be assigned by the Seller or the Servicer
without the prior written consent of the Trustee and the Holders of Certificates
evidencing not less than 66% of the Certificate Balance.

                  Section 21.09 Certificates Nonassessable and Fully Paid.
Certificateholders shall not be personally liable for obligations of the Trust.
The interests represented by the Certificates shall be nonassessable for any
losses or expenses of the Trust or for any reason whatsoever.

                                      -58-
<PAGE>

                  Section 21.10 Limitations on Rights of Others. The provisions
of this Agreement are solely for the benefit of the Seller, the Servicer, the
Trustee and the Certificateholders, and nothing in this Agreement, whether
express or implied, shall be construed to give any other Person any legal or
equitable right, remedy or claim in respect of the Trust or under or in respect
of the Agreement or any covenants, conditions or provisions contained herein.

                  Section 21.11 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 21.12 Nonpetition Covenants. (a) Notwithstanding any
prior termination of this Agreement, the Servicer and the Seller shall not,
prior to the date that is one year and one day after the termination of the
Agreement with respect to the Trust, acquiesce to, petition or otherwise invoke
or cause the Trust to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Trust under any
federal or state bankruptcy, insolvency or similar law, or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator, or other
similar official of the Trust or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Trust.

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

                                      -59-
<PAGE>

                                    EXHIBIT A

                          FORM OF CLASS [A] CERTIFICATE

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS [A]
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS [B] CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

NUMBER                                         $ R-
CUSIP NO.

             WORLD OMNI AUTO RECEIVABLES TRUST [_______]-[_________]

                  [_____]% ASSET BACKED CERTIFICATE, CLASS [A]

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of retail installment sale contracts (as
defined herein) secured by new and used automobiles and light duty trucks.

(This Class [A] Certificate does not represent an interest in or obligation of
World Omni Financial Corp. or any of its affiliates, except to the extent
described below.)

THIS CERTIFIES THAT [____________________] is the registered owner of
[____________________] DOLLARS nonassessable, fully-paid, fractional undivided
interest in World Omni Auto Receivables Trust [_______]-[_________] (the
"Trust") formed pursuant to the Pooling and Servicing Agreement (the
"Agreement") dated as of [__________], among World Omni Financial Corp., a
Florida corporation, as seller (the "Seller"), World Omni Financial Corp., a
Florida corporation, as servicer (the "Servicer") and
[______________________________], a banking association, as trustee (the
"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 Agreement.

                                       A-1

<PAGE>

                  This Certificate is one of a duly authorized series of
Certificates, designated as the [_____]% Asset Backed Certificates, Class [A]
(herein called the "Class [A] Certificates"), all issued under the Agreement, to
which Agreement reference is hereby made for a statement of the respective
rights and obligations thereunder of the Seller, the Servicer, the Trustee and
Holders of the Certificates. The Class [A] Certificates are subject to all terms
of the Agreement.

                  The property of the Trust includes a pool of retail
installment sale contracts for new and used automobiles and light duty trucks
(the "Receivables"), all monies received on or after the related Cutoff Date,
security interests in the vehicles financed thereby, certain bank accounts and
the proceeds thereof, proceeds from claims on certain insurance policies and all
proceeds of the foregoing. Under the Agreement, there will be distributed on the
[_____] day of each month or, if such day is not a Business Day, the next
Business Day (each, a "Distribution Date"), commencing on [__________], to the
Person in whose name this Class [A] Certificate is registered at the close of
business on the first day of the month in which such Distribution Date occurs
(the "Record Date"), such Certificateholder's fractional undivided interest in
the amount to be distributed to Class [A] Certificateholders on such
Distribution Date.

                  It is the intent of the Seller, the Trustee and the
Certificateholders that, for purposes of federal income, state and local income
and single business tax and any other income taxes, the Trust will be treated as
a grantor trust and the Certificates will be treated as interests in a grantor
trust. The Seller, the Servicer, the Trustee and the Certificateholders, by
acceptance of a Certificate, agree to treat, and to take no action inconsistent
with the treatment of, the Certificates for such tax purposes as interests in a
grantor trust.

                  Distributions on this Class [A] Certificate will be made as
provided in the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Class [A] Certificate or the making of any notation hereon,
except that with respect to Class [A] Certificates registered on the Record Date
in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Except as otherwise provided in
the Agreement and notwithstanding the above, the final distribution on this
Class [A] Certificate will be made after due notice by the Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Class [A] Certificate at the office or agency maintained for that purpose by the
Trustee in the Borough of Manhattan, The City of New York.

                  Reference is hereby made to the further provisions of this
Class [A] 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 Trustee, by manual signature, this
Class [A] Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

                  THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES

                                      A-2
<PAGE>

OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

Date:         [__________]

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

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

                                     By:  _____________________________________
                                          Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is one of the Class [A] Certificates referred to in the within-mentioned
Agreement.

Date:

                                  [------------------------------]
                                      as Trustee

                                  By: __________________________________________
                                      Authorized Signatory

                       [REVERSE OF CLASS [A] CERTIFICATE]

                  The Class [A] Certificates do not represent an obligation of,
or an interest in, the Seller, the Servicer, the 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 Agreement. In
addition, this Class [A] 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 Agreement. A copy
of the Agreement may be examined by any Certificateholder upon written request
during normal business hours at the principal office of the Seller and at such
other places, if any, designated by the Seller.

                                      A-3
<PAGE>

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller, the Servicer and the Trustee and the rights of the
Certificateholders at any time by the Seller, the Servicer and the Trustee with
the consent of the Holders of Certificates evidencing not less than a majority
of the Certificate Balance. Any such consent by the Holder of this Class [A]
Certificate shall be conclusive and binding on such Holder and on all future
Holders of this Certificate and of any Class [A] 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 Class [A] Certificate. The Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Holders of any of the Certificates.

                  As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Class [A] Certificate is
registerable in the Certificate Register upon surrender of this Class [A]
Certificate for registration of transfer at the offices or agencies of the
Certificate Registrar maintained by the Trustee in the Borough of Manhattan, The
City of New York, accompanied by a written instrument of transfer in form
satisfactory to the Trustee and the Certificate Registrar duly executed by the
Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Class [A] 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
Agreement is [____________________].

                  Except as provided in the Agreement, the Class [A]
Certificates are issuable only as registered certificates without coupons in a
minimum denomination of $[__________]. As provided in the Agreement and subject
to certain limitations therein set forth, Class [A] Certificates are
exchangeable for new Class [A] Certificates of authorized denominations
evidencing the same aggregate denomination, as requested by the Holder
surrendering the same. No service charge will be made for any such registration
of transfer or exchange, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

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

                  The obligations and responsibilities created by the 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
Agreement and the disposition of all property held by the Trust. The Servicer of
the Receivables may at its option purchase the Trust property at a price
specified in the Agreement, and such purchase of the Receivables and other
property of the Trust will effect early retirement of the 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 Original
Pool Balance.

                                      A-4
<PAGE>

                                   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 Class [A]
Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing to

------------------------------ transfer said Class [A] 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 Class [A] 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.

                                      A-5
<PAGE>

                                    EXHIBIT B

                          FORM OF CLASS [B] CERTIFICATE

THIS CLASS [B] CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT") OR ANY STATE SECURITIES LAWS, AND MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM. THE TRANSFER OF THIS CLASS [B]
CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS AND CONDITIONS SET FORTH IN THE
AGREEMENT UNDER WHICH THIS CLASS [B] CERTIFICATE IS ISSUED (A COPY OF WHICH IS
AVAILABLE FROM THE TRUSTEE UPON REQUEST), INCLUDING RECEIPT BY THE TRUSTEE OF AN
INVESTMENT LETTER IN WHICH THE TRANSFEREE SHALL MAKE CERTAIN REPRESENTATIONS.

THIS CERTIFICATE MAY NOT BE PURCHASED BY OR TRANSFERRED TO ANY PERSON THAT IS AN
EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
ANY GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, SUBJECT TO ANY
FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE
FOREGOING PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, A "PLAN") OR ANY PERSON
INVESTING THE ASSETS OF A PLAN EXCEPT AS PROVIDED IN THE AGREEMENT REFERRED TO
HEREIN.

DISTRIBUTIONS IN REDUCTION OF THE PRINCIPAL BALANCE OF THIS CLASS [B]
CERTIFICATE WILL BE MADE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE
OUTSTANDING PRINCIPAL AMOUNT OF THIS CLASS [B] CERTIFICATE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

NUMBER                                                        $ R-
CUSIP NO.

            WORLD OMNI AUTO RECEIVABLES TRUST [_________]-[________]

                  [_____]% ASSET BACKED CERTIFICATE, CLASS [B]

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes a pool of retail installment sale contracts (as
defined herein) secured by new and used automobiles and light duty trucks.

(This Class [B] Certificate does not represent an interest in or obligation of
World Omni Financial Corp. or any of its affiliates, except to the extent
described below.)

                                      B-1
<PAGE>

                  THIS CERTIFIES THAT [______________________________] is the
registered owner of [______________________________] DOLLARS nonassessable,
fully-paid, fractional undivided interest in World Omni Auto Receivables Trust
[______]-[______] (the "Trust") formed pursuant to a Pooling and Servicing
Agreement (the "Agreement") dated as of [__________], among World Omni Financial
Corp., a Florida corporation, as seller (the "Seller"), World Omni Financial
Corp., a Florida corporation, as servicer (the "Servicer") and
[___________________], a banking association, as trustee (the "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 Agreement.

                  This Certificate is one of a duly authorized series of
Certificates, designated as the [_____]% Asset Backed Certificates, Class [B]
(herein called the "Class [B] Certificates") all, issued under the Agreement, to
which Agreement reference is hereby made for a statement of the respective
rights and obligations thereunder of the Seller, the Servicer, the Trustee and
Holders of the Certificates. The Class [B] Certificates are subject to all terms
of the Agreement.

                  The property of the Trust includes a pool of retail
installment sale contracts for new and used automobiles and light duty trucks
(the "Receivables"), all monies or received on or after the related Cutoff Date
security interests in the vehicles financed thereby, certain bank accounts and
the proceeds thereof, proceeds from claims on certain insurance policies and all
proceeds of the foregoing. Under the Agreement, there will be distributed on the
[_____] day of each month or, if such day is not a Business Day, the next
Business Day (each, a "Distribution Date"), commencing on [__________], to the
Person in whose name this Class [B] Certificate is registered at the close of
business on the first day of the month in which such Distribution Date occurs
(the "Record Date"), such Certificateholder's fractional undivided interest in
the amount to be distributed to Class [B] Certificateholders on such
Distribution Date.

                  It is the intent of the Seller, the Servicer, the Trustee and
the Certificateholders that, for purposes of federal income, state and local
income and single business tax and any other income taxes, the Trust will be
treated as a grantor trust and the Certificates will be treated as interests in
a grantor trust. The Seller, the Servicer, the Trustee and the
Certificateholders, by acceptance of a Certificate, agree to treat, and to take
no action inconsistent with the treatment of, the Certificates for such tax
purposes as interests in a grantor trust.

                  Distributions on this Class [B] Certificate will be made as
provided in the Agreement by the Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Class [B] Certificate or the making of any notation hereon,
except that with respect to Class [B] Certificates registered on the Record Date
in the name of the nominee of the Clearing Agency (initially, such nominee to be
Cede & Co.), payments will be made by wire transfer in immediately available
funds to the account designated by such nominee. Except as otherwise provided in
the Agreement and notwithstanding the above, the final distribution on this
Class [B] Certificate will be made after due notice by the Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Class [B] Certificate at the office or agency maintained for that purpose by the
Trustee in the Borough of Manhattan, The City of New York.

                                      B-2
<PAGE>

                  Reference is hereby made to the further provisions of this
Class [B] 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 Trustee, by manual signature, this
Class [B] Certificate shall not entitle the Holder hereof to any benefit under
the Agreement or be valid for any purpose.

                  THIS CLASS [B] CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

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

Date:         [__________]

                           WORLD OMNI AUTO RECEIVABLES TRUST [_________]-[_____]

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

                                 By:  __________________________________________
                                      Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is one of the Class [B] Certificates referred to in the within-mentioned
Agreement.

Date:

                                    [------------------------------]
                                        as Trustee

                                    By: _______________________________________
                                        Authorized Signatory

                                      B-3
<PAGE>

                       [REVERSE OF CLASS [B] CERTIFICATE]

                  The Class [B] Certificates do not represent an obligation of,
or an interest in, the Seller, the Servicer, the 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 Agreement. In
addition, this Class [B] 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 Agreement. A copy
of the Agreement may be examined by any Certificateholder upon written request
during normal business hours at the principal office of the Seller and at such
other places, if any, designated by the Seller.

                  The Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller, the Servicer and the Trustee and the rights of the
Certificateholders under the Agreement at any time by the Seller, the Servicer
and the Trustee with the consent of the Holders of Certificates evidencing not
less than a majority of the Certificate Balance. Any such consent by the Holder
of this Class [B] Certificate shall be conclusive and binding on such Holder and
on all future Holders of this Class [B] Certificate and of any Class [B]
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 Class [B]
Certificate. The Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the
Certificates.

                  No transfer of this Class [B] Certificate will be made unless
such transfer is exempt from the registration requirements of the Securities Act
and any applicable state securities laws or is made in accordance with said Act
and laws. In the event that the Holder hereof desires to make such a transfer,
the Holder and such Holder's transferee will be required to comply with certain
procedures set forth in the Agreement, including the delivery of certain
certificates and investment letters. The Holder hereof, by acceptance of this
Certificate, does hereby agree to indemnify the Trustee, the Seller, the
Servicer and the Certificate Registrar against any liability that may result if
any such transfer is not so exempt or is not made in accordance with federal and
state laws. In connection with any such transfer, the Trustee will also require
(i) a representation letter, in the form described in the Agreement, stating
that the transferee is not a Plan and is not acting on behalf of a Plan or using
the assets of a Plan to effect such purchase or (ii) if such transferee is a
Plan, an opinion of counsel acceptable to and in form and substance satisfactory
to the Trustee and the Depository with respect to certain matters described in
the Agreement.

                  Except as provided in the Agreement, the Class [B]
Certificates are issuable only as registered certificates without coupons in a
minimum denominations of $[__________]. As provided in the Agreement and subject
to certain limitations therein set forth, Class [B] Certificates are
exchangeable for new Class [B] Certificates of authorized denominations
evidencing the same aggregate denomination, as requested by the Holder
surrendering the same. No service charge will be made for any such registration
of transfer or exchange, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

                                      B-4
<PAGE>

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

                  The obligations and responsibilities created by the 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
Agreement and the disposition of all property by the Trust. The Servicer of the
Receivables may at its option purchase the Trust property at a price specified
in the Agreement, and such purchase of the Receivables and other property of the
Trust will effect early retirement of the Class [B] 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 Original
Pool Balance.

                                   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 Class
[B] Certificate, and all rights thereunder, hereby irrevocably constituting and
appointing

------------------------------------- to transfer said Class [B] 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 Class [B] 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.

                                      B-5
<PAGE>

                                    EXHIBIT C

                         [FORM OF DEPOSITORY AGREEMENT]

                                      C-1
<PAGE>

                                    EXHIBIT D

                         FORM OF SERVICER'S CERTIFICATE

           WORLD OMNI AUTO RECEIVABLES TRUST [________]-[____________]

                     % Asset Backed Certificates, Class [A]
                     % Asset Backed Certificates, Class [B]

Distribution Date:

Collection Period:

                  Under the Pooling and Servicing Agreement dated as
[__________] of by and among World Omni Financial Corp., a Florida corporation,
as Seller, World Omni Financial Corp., a Florida corporation, as Servicer, and
[______________________________], as Trustee, the Servicer is required to
prepare certain information each month regarding current distributions to
Certificateholders and the performance of the Trust during the previous month.
The information that is required to be prepared with respect to the Distribution
Date and Collection Period listed above is set forth below. Certain of the
information is presented on the basis of an original principal amount of $1,000
per Class [A] Certificate or Class [B] Certificate, as appropriate, and certain
other information is presented based upon the aggregate amounts for the Trust as
a whole.

<TABLE>
<CAPTION>

A.       Information Regarding the Current Monthly Distribution.
         ------------------------------------------------------

         1.       Class [A] Certificates.
                  ----------------------

<S>                                                                                     <C>
                  (a)      The aggregate amount of the distribution
                           to Class [A] Certificateholders..............................$

                  (b)      The amount of the distribution set forth in
                           paragraph A.1.(a) above in respect of interest...............$

                  (c)      The amount of the distribution set forth in
                           paragraph A.1.(a) above in respect of principal..............$

                  (d)      The amount of the distribution set forth in
                           paragraph A.1.(a) above per $1,000 interest..................$

                  (e)      The amount of the distribution set forth in
                           paragraph A.1.(b) above per $1,000 interest..................$

                  (f)      The amount of the distribution set forth in
                           paragraph A.1.(c) above per $1,000 interest..................$
</TABLE>

                                      D-1

<PAGE>

<TABLE>
<CAPTION>

         2.       Class [B] Certificates.
                  ----------------------

<S>                                                                                     <C>
                  (a)      The aggregate amount of the distribution
                           to Class [B] Certificateholders..............................$

                  (b)      The amount of the distribution set forth in
                           paragraph A.2(a) above in respect of interest................$

                  (c)      The amount of the distribution set forth in
                           paragraph A.2(a) above in respect of principal...............$

                  (d)      The amount of the distribution set forth in
                           paragraph A.2(a) above per $1,000 interest...................$

                  (e)      The amount of the distribution set forth in
                           paragraph A.2(b) above per $1,000 interest...................$

                  (f)      The amount of the distribution set forth in
                           paragraph A.2(c) above per $1,000 interest...................$

B.       Information Regarding the Performance of the Trust.
         --------------------------------------------------

         1.       Pool Balance and Certificate Balances.
                  -------------------------------------

                  (a)      The Pool Balance close of business on the last
                           day of the preceding Collection Period.......................$

                  (b)      The Class [A] Certificate Balance as of the close of
                           business on the last day of the preceding Collection
                           Period, after giving effect to payments allocated to
                           principal set forth in Paragraph A.1(c) above................$

                  (c)      The Class [B] Certificate Balance as of the close of
                           business of the last day of the preceding Collection
                           Period, after giving effect to payments allocated to
                           principal set forth in paragraph A.2(c) above................$

                  (d)      The Pool Factor as of the close of business on
                           the last day of the preceding Collection Period..............$

         2.       Servicing Fee and Advances.
                  --------------------------

                  (a)      The aggregate amount of the Servicing
                           Fee paid to the Servicer with respect
                           to the preceding Collection Period...........................$

                  (b)      The amount of such Servicing Fee per
                           $1,000 interest..............................................$
</TABLE>

                                      D-2
<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                     <C>

                  (d)      The amount of any unpaid Servicing Fee.......................$

                  (e)      The change in the amount of any unpaid Servicing
                           Fee from the previous Distribution Date......................$

                  (f)      Aggregate Advances on such
                           Distribution Date............................................$

         3.       Payment Shortfalls.
                  ------------------

                  (a)      The amount of the Class [A] Interest Carryover Shortfall
                           after giving effect to the payments
                           set forth in paragraph A.1(b) above..........................$

                  (b)      The amount of the Class [A] Principal Carryover Shortfall
                           after giving effect to the payment
                           set forth in paragraph A.1(c) above..........................$

                  (c)      The amount of the Class [B] Interest Carryover Shortfall
                           after giving effect to the payments
                           set forth in paragraph A.2(b) above..........................$

                  (d)      The amount of the Class [B] Principal Carryover Shortfall
                           after giving effect to the payments
                           set forth in paragraph A.2(c) above..........................$

                  (e)      The amount otherwise distributable to Class [B]
                           Certificateholders that is distributed
                           to Class [A] Certificateholders..............................$

         4.       Reserve Account.
                  ---------------

                  (a)      The Reserve Account balance after
                           giving effect to distributions made on
                           such Distribution Date.......................................$

                  (b)      The change in the Reserve Account
                           on such Distribution Date....................................$
</TABLE>

                                      D-3
<PAGE>

                                    EXHIBIT E

                          [FORM OF ACCOUNTANTS' LETTER]

                                      E-1
<PAGE>

                                    EXHIBIT F

                         FORM OF TRANSFEROR CERTIFICATE

                                     [DATE]

[Seller]
[Seller Address]
[Trustee]
[Trustee Address]
Re:      World Omni Auto Receivables Trust [______]-[________]
         Asset Backed Certificates, Class [B]

Ladies and Gentlemen:

                  In connection with our disposition of the above-referenced
[_____]% Asset Certificates, Class [B] (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

                                      F-1
<PAGE>

                                    EXHIBIT G

                            FORM OF INVESTMENT LETTER

                                     [DATE]

[Seller]
[Seller Address]
[Trustee]
[Trustee Address]

       Re:      World Omni Auto Receivables Trust [        ]-[          ]
                                           -- --
                Asset Backed Certificates, Class [B]

Ladies and Gentlemen:

                  In connection with our acquisition of the above-referenced
Asset Backed Certificates, Class [B] (the "Certificates") we certify that (a) we
understand that the Certificates are not being registered under the Securities
Act of 1933, as amended (the "Act"), or any state securities laws and are being
transferred to us in a transaction that is exempt from the registration
requirements of the Act and any such laws, (b) we are an "accredited investor,"
as defined in Regulation D under the Act, and have such knowledge and experience
in financial and business matters that we are capable of evaluating the merits
and risks of investments in the Certificates, (c) we have had the opportunity to
ask questions of and receive answers from the seller concerning the purchase of
the Certificates and all matters relating thereto or any additional information
deemed necessary to our decision to purchase the Certificates, (d) we are not an
employee benefit plan or trust account that is subject to the Employee
Retirement Income Security Act of 1974, as amended, or section 4975 of the
Internal Revenue Code of 1986, as amended, nor are we acting on behalf of any
such Plan or using the assets of any such Plan to acquire Class [B]
Certificates, (e) we are acquiring the Certificates for investment for our own
account and not with a view to any distribution of such Certificates (but
without prejudice to our right at all times to sell or otherwise dispose of the
Certificates in accordance with clause (g) below), (f) 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, or taken any other action that would result in a violation of Section 5
of the Act or any state securities laws and (g) we will not sell, transfer or
otherwise dispose of any Certificates unless (1) such sale, transfer or other
disposition is made pursuant to an effective registration statement under the
Act and in compliance with any relevant state securities laws or is exempt from
such registration requirements and, if requested, we will at our expense provide
an opinion of counsel satisfactory to the addressees of this certificate that
such sale, transfer or other disposition may be made pursuant to an exemption
from the Act, (2) the purchaser or transferee of such Note has executed and
delivered to you a certificate to substantially the same effect as this
certificate and (3) the purchaser or transferee has otherwise complied with any

                                      G-1
<PAGE>

conditions for transfer set forth in the Pooling and Servicing Agreement dated
as of , among World Omni Financial Corp. and .

                                 Very truly yours,

                                 [NAME OF TRANSFEREE]

                                 By: ___________________________________________
                                                      Authorized Officer

                                      G-2

<PAGE>

                                    EXHIBIT H

                            FORM OF RULE 144A LETTER

                                     [DATE]

[Seller]
[Seller Address]
[Trustee]
[Trustee Address]
         Re:      World Omni Auto Receivables Trust [       ]-[          ]
                                         -- --
                  Asset Backed Certificates, Class [B]

Ladies and Gentlemen:

                  In connection with our acquisition of the above-referenced
____ % Asset-Backed Certificates, Class [B] (the "Certificates") we certify that
(a) we understand that the Certificates are not being registered under the
Securities Act of 1933, as amended (the "Act"), or any state securities laws and
are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the seller
concerning the purchase of the Certificates and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificates, (d) we are not an employee benefit plan, trust or account that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or
section 4975 of the Internal Revenue Code of 1986, as amended, nor are we acting
on behalf of any such Plan or using the assets of any such Plan to acquire Class
[B] Certificates, (e) we have not, nor has anyone acting on our behalf, offered,
transferred, pledged, sold or otherwise disposed of the Certificates, any
interest in the Certificates or any other similar security to, or solicited any
offer to buy or accept a transfer, pledge or other disposition of the
Certificates, any interest in the Certificates or any other similar security
from or otherwise approached or negotiated with respect to the Certificates, any
interest in the Certificates or any other similar security with, any person in
any manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action that would constitute a
distribution of the Certificates under the Act or that would render the
disposition of the Certificates a violation of Section 5 of the Act or any state
securities laws or require registration pursuant thereto, and we will not act,
or authorize any person to act, in such manner with respect to the Certificates,
and (f) we are a "qualified institutional buyer" as that term is defined in Rule
144A under the Act. We are aware that the sale to us is being made in reliance
on Rule 144A. We are acquiring the Certificates for our own account or for
resale pursuant to Rule 144A and understand that such Certificates may be
resold, pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to

                                      H-1
<PAGE>

whom notice is given that the resale, pledge or transfer is being made in
reliance on Rule 144A or (ii) pursuant to another exemption from registration
under the Act.

                                     Very truly yours,

                                         [NAME OF TRANSFEREE]

                                     By: ______________________________________
                                           Authorized Officer

                                      H-2
<PAGE>

                                    EXHIBIT J

                      SUBSEQUENT TRANSFER ASSIGNMENT NO.__

                  For value received, in accordance with and subject to the
Pooling and Servicing Agreement dated as of , [_______] (the "Agreement"), among
World Omni Financial Corp., a Florida corporation (the "Seller"), World Omni
Financial Corp., a Florida corporation (the "Servicer"), and __________________,
a ________________ (the "Trustee"), the Seller does hereby sell, assign,
transfer and otherwise convey unto the Trustee, for the benefit of the
Certificateholders, without recourse (except as expressly provided in the
Agreement), all right, title and interest of the Seller in and to (i) the
Subsequent Receivables, having an aggregate Principal Balance equal to $ , set
forth on Schedule A hereto (which shall supplement Schedule A to the Agreement)
and all monies received thereon on and after the Subsequent Cutoff Date; (ii)
the security interests in the Financed Vehicles granted by the Obligors pursuant
to such Subsequent Receivable and any other interest of the Seller in such
Financed Vehicles; (iii) any proceeds with respect to such Subsequent
Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors; (iv) any proceeds
with respect to such Subsequent Receivables from recourse to Dealers thereon
with respect to which the Servicer has determined in accordance with its
customary servicing procedures that eventual payment in full is unlikely; (v)
any Financed Vehicle that shall have secured any such Subsequent Receivable and
that shall have been acquired by or on behalf of the Seller, the Servicer or the
Trust; and (vi) the proceeds of any and all of the foregoing. The foregoing sale
does not constitute and is not intended to result in any assumption by the Trust
of any obligation of the Seller to the Obligors, insurers or any other person in
connection with the Standard Receivables, Receivable Files, any insurance
policies or any agreement or instrument relating to any of them.

                  This Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the Seller contained
in the Agreement (including the Officers' Certificate of the Seller accompanying
this Assignment, in the form of Annex A hereto) and is to be governed in all
respects by the Agreement.

                  Capitalized terms used and not otherwise defined herein shall
have the meanings assigned thereto in the Agreement.

                  IN WITNESS WHEREOF, the undersigned has caused this Assignment
to be duly executed as of --------------, [---------].

                                         World Omni Financial Corp.

                                         By: __________________________________
                                               Name:

                                      J-1
<PAGE>

                                  SCHEDULE A TO

                         Subsequent Transfer Assignment

                       Schedule of Subsequent Receivables

<PAGE>

                                   ANNEX A TO
                         Subsequent Transfer Assignment
                           World Omni Financial Corp.

                              OFFICERS' CERTIFICATE

                  The undersigned, _______________ and ________________, the
duly qualified and elected __________________ and ____________________ of World
Omni Financial Corp. (the "Seller"), in connection with the conveyance of
Subsequent Receivables to World Omni Auto Receivables Trust
[_________]-[_________] (the "Trust") pursuant to Section 3.02(b) of the Pooling
and Servicing Agreement dated as of , ________________, (the "Agreement"), among
the Seller, _________________, as trustee, and World Omni Financial Corp., a
Florida corporation, as servicer, and Subsequent Transfer Assignment No. dated
as of the date hereof from the Seller, hereby certify that:

                  (a)_________% of the Principal Balances of the Receivables in
the Trust on the date hereof (including the Subsequent Receivables conveyed to
the Trust on the date hereof) represent vehicles financed at World Omni's used
vehicle rate.

                  (b)______The weighted average APR of the Receivables in the
Trust on the date hereof (including the Subsequent Receivables conveyed to the
Trust on the date hereof) is ____%.

                  (c)______The weighted average remaining term of the Subsequent
Receivables in the Trust on the date hereof (including the Subsequent
Receivables conveyed to the Trust on the date hereof) is _____ months.

                  (d)______All other conditions precedent set forth in Section
3.02(b)(1) of the Agreement relating to the conveyance of Subsequent Receivables
to the Trust have been satisfied.

                  All capitalized terms used but not otherwise defined herein
shall have the meanings assigned thereto in the Agreement.

                  IN WITNESS WHEREOF, I have hereunto set my hand as of this
____ day of ________, _____.

                                   By: _______________________________________
                                        Name:
                                        Title:

<PAGE>

                                    EXHIBIT K

                  ELIGIBLE INVESTMENT TRANSFER ASSIGNMENT NO.__

                  For value received, in accordance with and subject to the
Pooling and Servicing Agreement dated as of , __________, ______ (the
"Agreement"), among World Omni Financial Corp., a Florida corporation (the
"Seller"), World Omni Financial Corp., a Florida corporation (the "Servicer"),
and ____________________, as trustee, the Seller does hereby sell, assign,
transfer and otherwise convey unto the Issuer, without recourse (except as
expressly provided in the Agreement), all right, title and interest of the
Seller in and to (i) the Eligible Investment Receivables, having an aggregate
Principal Balance equal to $________, set forth on Schedule A hereto (which
shall supplement Schedule C to the Agreement) and all monies received thereon on
and after the Subsequent Cutoff Date, in the case of Simple Interest
Receivables; (ii) the security interests in the Financed Vehicles granted by the
Obligors pursuant to such Eligible Investment Receivables and any other interest
of the Seller in such Financed Vehicles, (iii) any proceeds with respect to such
Eligible Investment Receivables from claims on any physical damage, credit life
or disability insurance policies covering Financed Vehicles or Obligors; (iv)
any proceeds with respect to such Eligible Investment Receivables from recourse
to Dealers thereon with respect to which the Servicer has determined in
accordance with its customary servicing procedures that eventual payment in full
is unlikely, (v) any Financed Vehicle that shall have secured any such Eligible
Investment Receivable and that shall have been acquired by or on behalf of the
Seller, the Servicer or the Trust, and (vi) the proceeds of any and all of the
foregoing. The foregoing sale does not constitute and is not intended to result
in any assumption by the Trust of any obligation of the Seller to the Obligors,
insurers or any other person in connection with the Eligible Investment Standard
Receivables, Receivable File, any insurance policies or any agreement or
instrument relating to any of them.

                  This Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the Seller contained
in the Agreement (including the Officers' Certificate of the Seller accompanying
this Assignment, in the form of Annex A hereto) and is to be governed in all
respects by the Agreement.

                  Capitalized terms used and not otherwise defined herein shall
have the meanings assigned thereto in the Agreement.

                  IN WITNESS WHEREOF, the undersigned has caused this Assignment
to be duly executed as of ----------, -------.

                                    World Omni Financial Corp.

                                    By: ________________________________________

                                      K-1
<PAGE>

                                  SCHEDULE A TO

                     Eligible Investment Transfer Assignment

                   Schedule of Eligible Investment Receivables

<PAGE>

                                   ANNEX A TO

                     Eligible Investment Transfer Assignment

                           World Omni Financial Corp.

                              OFFICER'S CERTIFICATE

                  The undersigned _____________________ and
_____________________, the duly qualified and elected and _____________________
and ____________________ of World Omni Financial Corp. (the "Seller"), in
connection with the conveyance of Eligible Investment Receivables to World Omni
Auto Receivables Trust [_______]-[________] (the "Trust") pursuant to Section
12.03 of the Pooling and Servicing Agreement dated as of _____________,
_________ (the "Agreement"), among the Seller, as trustee, and World Omni
Financial Corp., as servicer, and Eligible Investment Transfer Assignment No.
__, dated as of the date hereof from the Seller, hereby certify that:

                  (a)___________ % of the Principal Balances of the Eligible
Investment Receivables in the Reserve Account on the date hereof (including the
Eligible Investment Receivables conveyed to the Reserve Account on the date
hereof) represent vehicles financed at World Omni's used vehicle rate.

                  (b)______All other conditions precedent set forth in Section
12.03 of the Agreement relating to the conveyance of Eligible Investment
Receivables to the Reserve Account have been satisfied.

                  All capitalized terms used but not otherwise defined herein
shall have the meanings assigned thereto in the Agreement.

                  IN WITNESS WHEREOF, I have hereunto set my hand as of this ___
day of __________, _________.

                              By: ______________________________________________
                                   Name:
                                   Title:

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